N-CSR/A

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

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

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

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

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

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2007

Item 1. Reports to Stockholders.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the TIAA-CREF Institutional Mututal Funds:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the Growth Equity Fund, Growth & Income Fund, International Equity Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Small-Cap Equity Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, Equity Index Fund, S&P 500 Index Fund, Mid-Cap Growth Index Fund, Mid-Cap Value Index Fund, Mid-Cap Blend Index Fund, Small-Cap Growth Index Fund, Small-Cap Value Index Fund, Small-Cap Blend Index Fund, International Equity Index Fund, Social Choice Equity Fund, Real Estate Securities Fund, Managed Allocation Fund II, Bond Fund, Bond Plus Fund II, Short-Term Bond Fund II, High-Yield Fund II, Tax-Exempt Bond Fund II, Inflation-Linked Bond Fund and Money Market Fund, (constituting the TIAA-CREF Institutional Mutual Funds, hereafter referred to as the “Funds”) at September 30, 2007, and for the year then ended and have issued our unqualified report thereon dated November 29, 2007 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of each of the Funds’ schedule of investments in securities (the “Schedules”) as of September 30, 2007 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
November 29, 2007

2007 ANNUAL REPORT

TIAA-CREF
INSTITUTIONAL MUTUAL FUNDS

INSTITUTIONAL, RETIREMENT AND RETAIL CLASSES

SEPTEMBER 30, 2007

Audited financial statements

Growth Equity

Growth & Income

International Equity

Large-Cap Growth

Large-Cap Value

Mid-Cap Growth

Mid-Cap Value

Small-Cap Equity

Large-Cap Growth Index

Large-Cap Value Index

Equity Index

S&P 500 Index

Mid-Cap Growth Index

Mid-Cap Value Index

Mid-Cap Blend Index

Small-Cap Growth Index

Small-Cap Value Index

Small-Cap Blend Index

International Equity Index

Social Choice Equity

Real Estate Securities

Managed Allocation II

Bond

Bond Plus II

Short-Term Bond II

High-Yield II

Tax-Exempt Bond II

Inflation-Linked Bond

Money Market

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PERFORMANCE OVERVIEW AS OF SEPTEMBER 30, 2007

	Average annual total return
Fund Class (inception)	1 year			5 years			since inception
EQUITIES
Growth Equity Fund
Institutional Class (7/1/99)*		25.24	%		14.24	%	–1.05	%
Growth & Income Fund
Institutional Class (7/1/99)*		26.84			16.81		3.51
Retirement Class (10/1/02)*		26.44			16.43	†	3.30	†
Retail Class (3/31/06)		26.67			16.87	†	3.54	†
International Equity Fund‡
Institutional Class (7/1/99)*		30.49			25.26		10.23
Retirement Class (10/1/02)*		30.16			24.49	†	9.82	†
Retail Class (3/31/06)		30.34			25.75	†	10.49	†
Large-Cap Growth Fund
Institutional Class (3/31/06)		24.97			—		13.52
Retirement Class (3/31/06)		24.67			—		13.26
Retail Class (3/31/06)		24.89			—		13.39
Large-Cap Value Fund
Institutional Class (10/1/02)*		15.71			—		18.24
Retirement Class (10/1/02)*		15.51			—		17.99
Retail Class (10/1/02)*		15.70			—		18.01
Mid-Cap Growth Fund
Institutional Class (10/1/02)*		25.76			—		20.37
Retirement Class (10/1/02)*		25.54			—		20.02
Retail Class (10/1/02)*		25.66			—		20.05
Mid-Cap Value Fund
Institutional Class (10/1/02)*		21.03			—		23.22
Retirement Class (10/1/02)*		20.70			—		22.84
Retail Class (10/1/02)*		20.87			—		22.91
Small-Cap Equity Fund‡
Institutional Class (10/1/02)*		7.43			—		17.65
Retirement Class (10/1/02)*		7.15			—		17.30
Retail Class (10/1/02)*		7.39			—		17.48
Large-Cap Growth Index Fund
Institutional Class (10/1/02)*		19.15			—		12.80
Retirement Class (10/1/02)*		18.91			—		12.45
Large-Cap Value Index Fund
Institutional Class (10/1/02)*		14.36			—		17.07
Retirement Class (10/1/02)*		14.17			—		16.71
Equity Index Fund
Institutional Class (7/1/99)*		16.49			16.06		3.65
Retirement Class (3/31/06)		16.29			16.01	†	3.62	†
Retail Class (3/31/06)		16.30			16.04	†	3.63	†
S&P 500 Index Fund
Institutional Class (10/1/02)*		16.35			—		14.41
Retirement Class (10/1/02)*		16.05			—		14.05
Mid-Cap Growth Index Fund
Institutional Class (10/1/02)*		20.88			—		19.66
Retirement Class (10/1/02)*		20.55			—		19.27
Mid-Cap Value Index Fund
Institutional Class (10/1/02)*		13.68			—		20.26
Retirement Class (10/1/02)*		13.41			—		19.91
Mid-Cap Blend Index Fund
Institutional Class (10/1/02)*		17.70			—		20.12
Retirement Class (10/1/02)*		17.44			—		19.76
Small-Cap Growth Index Fund‡
Institutional Class (10/1/02)*		18.92			—		18.23
Retirement Class (10/1/02)*		18.60			—		19.22
Small-Cap Value Index Fund‡
Institutional Class (10/1/02)*		6.14			—		18.17
Retirement Class (10/1/02)*		5.97			—		17.91
Small-Cap Blend Index Fund‡
Institutional Class (10/1/02)*		12.32			—		18.22
Retirement Class (10/1/02)*		12.15			—		17.93
International Equity Index Fund‡
Institutional Class (10/1/02)*		25.01			—		23.30
Retirement Class (10/1/02)*		24.75			—		22.91
Social Choice Equity Fund
Institutional Class (7/1/99)*		14.65			15.78		3.42
Retirement Class (10/1/02)*		14.36			15.36	†	3.19	†
Retail Class (3/31/06)		14.67			15.73	†	3.39	†
	Average annual total return
Fund Class (inception)	1 year			5 years			since inception
Real Estate Securities Fund
Institutional Class (10/1/02)*		4.26	%		—		21.25	%
Retirement Class (10/1/02)*		4.11			—		21.09
Retail Class (10/1/02)*		4.26			—		21.10
EQUITIES AND FIXED INCOME
Managed Allocation Fund II
Institutional Class (3/31/06)		14.68			—		11.19
Retirement Class (3/31/06)		14.27			—		10.87
Retail Class (3/31/06)		14.47			—		11.14
FIXED INCOME
Bond Fund
Institutional Class (7/1/99)*		4.74			4.05	%	5.98
Retirement Class (3/31/06)		4.43			3.96	†	5.93	†
Retail Class (3/31/06)		4.68			3.99	†	5.94	†
Bond Plus Fund II
Institutional Class (3/31/06)		4.16			—		5.21
Retirement Class (3/31/06)		4.01			—		5.06
Retail Class (3/31/06)		4.09			—		5.12
Short-Term Bond Fund II
Institutional Class (3/31/06)		4.87			—		5.16
Retirement Class (3/31/06)		4.63			—		4.94
Retail Class (3/31/06)		4.86			—		5.09
High-Yield Fund II‡
Institutional Class (3/31/06)		7.66			—		7.00
Retirement Class (3/31/06)		7.61			—		6.75
Retail Class (3/31/06)		7.76			—		7.00
Tax-Exempt Bond Fund II
Institutional Class (3/31/06)		3.21			—		4.73
Retail Class (3/31/06)		3.16			—		4.64
Inflation-Linked Bond Fund
Institutional Class (10/1/02)*		4.51			—		5.22
Retirement Class (3/31/06)		4.29			—		5.20	†
Retail Class (10/1/02)*		4.35			—		5.08
MONEY MARKET FUND§
Institutional Class (7/1/99)*		5.37			3.01		3.58
Retirement Class (3/31/06)		5.12			2.94	†	3.53	†
Retail Class (3/31/06)		5.25			2.98	†	3.56	†
Net annualized yield
(7-day period ended 9/25/07)					current		effective
Money Market Fund§ – Institutional Class					5.22	%	5.35	%
Money Market Fund§ – Retirement Class					5.17		5.31
Money Market Fund§ – Retail Class					4.82		4.94

*	The performance shown is computed from the inception date of the class (the date on which the class became publicly available). Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	The performance shown for the Retirement and Retail classes that is prior to their inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement and Retail classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.
‡	Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see prospectus for details.
§	Investments in the TIAA-CREF Institutional Money Market Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The current yield more closely reflects current earnings than does the total return. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund.
The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the taxes that a shareholder may pay on fund distributions or on the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

UNDERSTANDING YOUR REPORT FROM TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

This report contains information about the holdings and investment performance of all three share classes of the TIAA-CREF Institutional Mutual Funds for the twelve-month period that ended on September 30, 2007. The report contains five main sections:

• The performance overview on the inside front cover shows the funds’ returns in a variety of time periods.

• The letter from Edward Grzybowski, the chief investment officer of Teachers Advisors, Inc., the funds’ investment adviser, explains how returns from the major asset classes differed during the twelve-month period.

• The fund performance section compares each fund’s return with the returns of that fund’s benchmark index and peer group. This section also provides information about portfolio composition, risks and expenses.

• The summary portfolios of investments list the industries or types of securities in which each fund had investments as of September 30, 2007, and the largest individual issues the fund held on that date.

• The financial statements contain detailed information about the operations and financial condition of each fund.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at www.tiaa-cref.org, or call 800 897-9069 for the Institutional Class, 877 518-9161 for the Retirement Class or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

CONTENTS

More information for investors	2
Report to investors	3
About the funds’ benchmarks	4
Special terms	5
Important information about expenses	5
Fund performance
Growth Equity Fund	6
Growth & Income Fund	8
International Equity Fund	10
Large-Cap Growth Fund	12
Large-Cap Value Fund	14
Mid-Cap Growth Fund	16
Mid-Cap Value Fund	18
Small-Cap Equity Fund	20
Large-Cap Growth Index Fund	22
Large-Cap Value Index Fund	24
Equity Index Fund	26
S&P 500 Index Fund	28
Mid-Cap Growth Index Fund	30
Mid-Cap Value Index Fund	32
Mid-Cap Blend Index Fund	34
Small-Cap Growth Index Fund	36
Small-Cap Value Index Fund	38
Small-Cap Blend Index Fund	40
International Equity Index Fund	42
Social Choice Equity Fund	44

Real Estate Securities Fund	46
Managed Allocation Fund II	48
Bond Fund	50
Bond Plus Fund II	52
Short-Term Bond Fund II	54
High-Yield Fund II	56
Tax-Exempt Bond Fund II	58
Inflation-Linked Bond Fund	60
Money Market Fund	62
Summary portfolios of investments	64
Financial statements
Statements of assets and liabilities	126
Statements of operations	131
Statements of changes in net assets	136
Financial highlights	146
Notes to financial statements	175
Report of independent registered public
accounting firm	184
2007 special meeting	185
Management	186
Approval of investment management
agreements	189
Important tax information	196
How to reach us Inside back cover

MORE INFORMATION FOR INVESTORS

PORTFOLIO LISTINGS

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

          You can obtain a complete list of the TIAA-CREF Institutional Mutual Funds’ holdings (called “TIAA-CREF Institutional Mutual Funds Statements of Investments”) as of the most recently completed fiscal quarter (currently for the period ended September 30, 2007) in the following ways:

• by visiting the TIAA-CREF website at www.tiaa-cref.org; or

• by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Institutional Mutual Funds’ holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the SEC. (Form N-CSR lists holdings as of March 31 or September 30; Form N-Q lists holdings as of December 31 or June 30.) Copies of these forms are available:

• through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

• at the SEC’s Public Reference Room. (Call 800 SEC-0330 for more information.)

PROXY VOTING

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

CONTACTING TIAA-CREF

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

FUND MANAGEMENT

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

2 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

REPORT TO INVESTORS

Edward J. Grzybowski
Chief Investment Officer
Teachers Advisors, Inc.

Despite several periods of heightened volatility, the world’s stock markets registered strong gains for the twelve-month period covered by this report. The Russell 3000^® Index, which measures the broad U.S. market, rose 16.5%, while the MSCI EAFE^® Index, which measures stock performance in 21 developed nations outside North America, climbed 24.9%.

International Equity Fund leads the way

The 29 TIAA-CREF Institutional Mutual Funds covered in this report fared well in a turbulent market. Eighteen of our 21 equity funds achieved double-digit gains, with returns in the Institutional Class ranging from 4.3% for the Real Estate Securities Fund to 30.5% for the International Equity Fund.

          Eight of our nine active equity funds outperformed their benchmark indexes, and seven of them outpaced similar mutual funds, according to Morningstar.

          The Managed Allocation Fund II topped both its benchmark and its Morningstar peers, while the Social Choice Equity Fund lagged its Morningstar group.

          Returns for our six fixed-income funds ranged from 3.2% to 7.7%. Five of the funds posted results better than those of their Morningstar peers.

Large-cap stocks set the pace

Corporate profits peaked in late 2006, helping the Russell 3000 gain 7.1% during the fourth quarter of 2006. Stocks lost ground in February 2007 but rebounded in the second quarter, with the Russell 3000 advancing another 7.1% during the first two quarters of 2007.

          At the same time, oil prices climbed, reaching $84 a barrel in mid-September and threatening to boost inflation and crimp U.S. economic growth.

          In this environment, large companies gained an advantage, because they are generally better able to withstand an economic downturn. Many, such as General Electric and Microsoft, earn a large portion of their profits abroad, where growth remained robust. Large-cap stocks, as measured by the Russell 1000^®, advanced 16.9%, narrowly outperforming the Russell 3000. Mid caps returned 17.9% and small caps 12.3%.

          In the broader market, eleven of the twelve sectors of the Russell 3000 scored double-digit gains, with integrated oils, “other energy” and materials and processing gaining 43.7%, 42.1% and 36.5%, respectively. Other robust performance came from technology, which was up 23.2%, and producer durables, up 23.1%.

          Returns for the index as a whole were constrained by a 4% drop during the third quarter of 2007 in the financials sector, which made up more than one-fifth of the market cap of the index as of September 30, 2007. This decline trimmed the sector’s return for the twelve months to 2%.

          Foreign stocks benefited substantially from a stronger euro and pound. The 14.2% rise in the EAFE index—less than that of the Russell 3000—became 24.9% when converted to dollars.

          Rising uncertainty about the U.S. economy during the period helped to increase demand for U.S. Treasury securities, which lifted returns in the bond market. The Lehman Brothers U.S. Aggregate Index, which measures the performance of investment-grade bonds, returned 5.1%.

Diversifying your portfolio for consistent growth

In today’s financial marketplace, where more than half of the dollar value of the world’s stock markets lies overseas, opportunities are spread across national borders as well as across asset classes.

          Our goal at TIAA-CREF Institutional Mutual Funds is to provide investment choices that can be combined to create a diversified portfolio with the potential for consistent growth.

          While diversification cannot guarantee against loss, it helps to lower risk and often smoothes out returns over time. If you would like assistance in finding the mix of investments best suited to your financial needs, we invite you to visit our website or to call us.

/s/ Edward J. Grzybowski
Edward J. Grzybowski Chief Investment Officer Teachers Advisors, Inc.
TIAA-CREF Institutional Mutual Funds § 2007 Annual Report	3

ABOUT THE FUNDS’ BENCHMARKS

EQUITY INDEXES

BROAD-MARKET INDEX

The Russell 3000^® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.

LARGE-CAP INDEXES

The S&P 500^® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.

The MSCI EAFE^® (Europe, Australasia and the Far East) Index measures the performance of the leading stocks in 21 developed countries outside North America.

The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher price-to-book ratios and higher relative forecasted growth rates.

The Russell 1000 Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower price-to-book ratios and lower relative forecasted growth rates.

MID-CAP INDEXES

The Russell Midcap^® Index measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization.

The Russell Midcap Growth Index is a subset of the Russell Midcap Index, which measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher price-to-book ratios and higher relative forecasted growth rates.

The Russell Midcap Value Index is a subset of the Russell Midcap Index, which measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization. The Russell Midcap Value Index measures the performance of those stocks of the Russell Midcap Index with lower price-to-book ratios and lower relative forecasted growth rates.

SMALL-CAP INDEXES

The Russell 2000^® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization.

The Russell 2000 Growth Index is a subset of the Russell 2000 Index, which measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization. The Russell 2000 Growth Index measures the performance of those stocks of the Russell 2000 Index with higher price-to-book ratios and higher relative forecasted growth rates.

The Russell 2000 Value Index is a subset of the Russell 2000 Index, which measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization. The Russell 2000 Value Index measures the performance of those stocks of the Russell 2000 Index with lower price-to-book ratios and lower relative forecasted growth rates.

SPECIALTY EQUITY INDEX

The Dow Jones Wilshire Real Estate Securities Index measures the performance of publicly traded real estate securities such as real estate investment trusts and real estate operating companies.

FIXED-INCOME INDEXES

The Lehman Brothers U.S. Aggregate Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

The Lehman Brothers U.S. Government/Credit (1–5 Year) Index measures the performance primarily of U.S. Treasury and agency securities, and corporate bonds with 1–5 year maturities.

The Merrill Lynch BB/B Cash Pay Issuer Constrained Index measures the performance of bond securities that pay interest in cash and have a credit rating of BB or B. Merrill Lynch uses a composite of Fitch Ratings, Moody’s and Standard & Poor’s credit ratings in selecting bonds for this index. These ratings measure the risk that the bond issuer will fail to pay interest or to repay principal in full. The index is weighted by market capitalization, so that larger bond issues have a greater effect on the index’s return. However, the representation of any single bond issuer is restricted to a maximum of 2% of the index.

The Lehman Brothers 10-Year Municipal Bond Index measures the performance of long-term, tax-exempt bonds. These bonds must have a minimum credit rating of Baa3/BBB-/BBB+ and an outstanding par value of at least $7 million, and be issued as part of a transaction of at least $75 million.

The Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers (CPI-U).

You cannot invest directly in any index.

Russell 1000, Russell 2000, Russell 3000 and Russell Midcap are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. EAFE is a trademark of Morgan Stanley Capital International, Inc. S&P 500 is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.

4 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

SPECIAL TERMS

Agency securities are bonds issued by U.S. government entities such as Fannie Mae.

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

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000^® Index or S&P 500^® Index, whose performance can be used as a standard by which to judge the performance of a fund.

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

Emerging markets are nations with relatively low per capita income levels and above-average economic growth rates or prospects for growth.

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

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

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

Mortgage-backed securities are bonds that represent an interest in a pool of mortgages usually issued by Ginnie Mae, Fannie Mae or other federal entities.

Overweight holding is a security that forms a larger percentage of a fund, in terms of market capitalization, than that security’s percentage of the benchmark.

Peer groups are groupings of mutual funds with similar objectives whose performance can be compared with that of an individual mutual fund with a similar objective.

P/E ratio (price/earnings) is calculated by dividing the market value of a portfolio’s assets by its earnings per share over a twelve-month period.

Portfolio turnover rate is calculated by dividing the market value of securities bought and sold during a given period by the average value of the fund’s assets during that period.

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

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

Standard deviation measures how much the returns of a stock or a group of stocks vary from their mean return.

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

Underweight holding is a security that forms a smaller percentage of a fund, in terms of market capitalization, than that security’s percentage of the benchmark.

IMPORTANT INFORMATION ABOUT EXPENSES

The expenses paid by shareholders of a mutual fund fall into two categories. For the TIAA-CREF Institutional Mutual Funds, these expenses are as follows:

•	Transaction costs. Although shareholders do not incur sales charges (loads) on purchases, on reinvested dividends or on other distributions, they may incur redemption fees on certain transactions in some funds. Please see the prospectus for details.
•	Ongoing costs. All shareholders incur these costs, which include management fees and other fund expenses.
The examples that appear on the performance pages are intended to help you understand your ongoing costs (in dollars) of investing in each fund. The examples are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.

          The examples assume $1,000 was invested on April 1, 2007, and held for six months until September 30, 2007.

Actual expenses

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

          Simply divide your fund value by $1,000 (for example, an $8,600 fund value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee waiver and/or reimbursement. Had these not been in effect, fund expenses would have been higher.

Hypothetical example for comparison purposes

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

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

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 5

GROWTH EQUITY FUND  LARGE-CAP GROWTH STOCKS

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including growth investing risks, style risk, large-cap risk, reorganization risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TIEQX
Fund net assets	$327.74 million
Number of holdings	76
Portfolio turnover rate	218%
Weighted median market capitalization	$37.0 billion
P/E ratio (weighted 12-month trailing average)	27.8
Dividend yield	0.82%
PORTFOLIO COMPOSITION
% of portfolio investments
Manufacturing & materials	33.8
Consumer products & services	30.7
Technology	18.8
Financial	10.6
Energy	5.1
Transportation	1.0
Totala	100.0
a        Excludes $16.38 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Growth Equity Fund returned 25.24% for the Institutional Class, compared with the 19.35% gain of its benchmark, the Russell 1000^® Growth Index, and the 20.57% average return of the fund’s peer group, the Morningstar Large Growth category.

Large-cap growth stocks outperform the broader market

During the twelve-month period, the large-cap growth category surpassed the 16.52% return of the broad U.S. equity market, as measured by the Russell 3000^® Index.

          After trailing the Russell 3000 during the fourth quarter of 2006 and the first quarter of 2007, the Russell 1000 Growth Index climbed 11.35% during the second half of the reporting period—nearly four percentage points more than the 7.40% rise in the broader Russell index.

          For the twelve months, large-cap growth outpaced the 18.94% return of small-cap growth stocks but lagged the 21.22% gain of mid-cap growth issues.

          For the ten years ended September 30, 2007, the Russell 1000 Growth Index posted an average annual gain of 4.06%, while the Russell 3000 posted an average annual return of 6.82%.

Broad-based sector gains drive the benchmark’s rise

For the period, all twelve sectors of the Russell 1000 Growth Index posted positive returns, with eleven recording double-digit gains. (The lowest-performing sector, autos and transportation, came close, rising 9.2%.)

          The three largest sectors—technology, consumer discretionary and health care—rose 24.6%, 11.1% and 11.6%, respectively. Together these three sectors

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Growth Equity Fund	1 year			5 years			since inception
Institutional Class (inception: 7/1/1999)*		25.24	%		14.24	%		–1.05	%
Russell 1000 Growth Index†		19.35			13.83			–0.61
Morningstar Large Growth		20.57			14.08			1.43

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

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

6 2007 Annual Report §TIAA-CREF Institutional Mutual Funds

made up nearly three-fifths of the benchmark in terms of market capitalization as of September 30, 2007.

          The top-performing sector, materials and processing, soared 47.1%, followed by “other energy” and integrated oils, up 46.3% and 39.6%, respectively. Although these three sectors together constituted less than one-tenth of the benchmark’s market capitalization at the end of the period, the combined effect of their outsized gains contributed significantly to the benchmark’s overall return.

Stock choices propel the fund above the benchmark

The fund outpaced its benchmark by nearly six percentage points on the strength of numerous favorable stock selections. Successful overweights included Apple and agricultural giant Monsanto, which soared 99.3% and 81.1%, respectively. The fund’s return was also buoyed by positions in well-performing nonbenchmark stocks such as BlackBerry manufacturer Research in Motion; the French company Alstom, which supplies equipment for power generation and rail transportation; and Japan’s Nintendo. An underweight in Wal-Mart, whose stock price fell about 10% in the period, also helped returns.

          These contributions were partly offset by overweights in stocks that did not perform as anticipated, such as fiber-optics company Corning, video game maker Electronic Arts and Omnicom, a large advertising and public relations holding company. Also detracting slightly from returns was an underweight position in IBM.

          On September 30, 2007, foreign securities made up 6.45% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception July 1,1999)

An investment of $10,000 in this fund on July 1,1999, would be worth $9,165 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Growth Equity Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,166.70			$ 0.76
5% annual
hypothetical return
Institutional Class		1,000.00		1,024.36	†		0.71

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.14% for the Institutional Class. The expense ratio of this fund reflects a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2008. Without this reimbursement, the fund’s expenses would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
% of portfolio investments
Over $15 billion	82.69
$4 billion–$15 billion	16.49
Under $4 billion	0.82
Total	100.00

TIAA-CREF Institutional Mutual Funds §2007 Annual Report 7

GROWTH & INCOME FUND  DIVIDEND-PAYING STOCKS

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including growth investing risks, style risk, large-cap risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TIGRX
Retirement Class	TRGIX
Retail Class	TIIRX
Fund net assets	$945.23 million
Number of holdings	136
Portfolio turnover rate	84%
Weighted median market capitalization	$66.4 billion
P/E ratio (weighted 12-month trailing average)	19.2
Dividend yield	1.64%
PORTFOLIO COMPOSITION
	% of portfolio investments
Manufacturing & materials	27.7
Consumer products & services	21.9
Financial	19.4
Technology	18.8
Energy	9.0
Utilities	2.8
Transportation	0.3
Short-term investmentsa	0.1
Total	100.0
a         Excludes $129.55 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Growth & Income Fund returned 26.84% for the Institutional Class, compared with the 16.44% gain of its benchmark, the S&P 500^® Index, and the 16.48% average return of the fund’s peer group, the Morningstar Large Blend category. The table below shows returns for all share classes of the fund.

S&P 500 Index performs in line with the broader market

For the twelve months, the large-cap stocks of the S&P 500 Index posted solid gains that were on a par with the 16.52% advance of the broad U.S. stock market, as measured by the Russell 3000^® Index.

          After lagging the Russell 3000 by more than a percentage point in the first six months of the period, 7.38% to 8.49%, the S&P 500 saw its relative performance improve. In the second half of the period, the positions of the two indexes were reversed: the S&P 500 topped the Russell 3000 by more than a percentage point, 8.44% to 7.40%. The lower return of the Russell 3000 for those six months was due in part to the underperformance of small-cap stocks, which are not part of the S&P 500.

          For the ten years ended September 30, 2007, the disparity between large-cap gains and those of the broad U.S. market was narrow: the S&P 500 Index had an average annual return of 6.57%, versus 6.82% for the Russell 3000.

Widespread gains are tempered by weak financial stocks

For the period, all ten of the S&P 500’s industry sectors had positive returns, with seven scoring double-digit gains. However, the benchmark’s largest sector, financials, was up only 1.7%. This sector made up nearly one-fifth of the

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Growth & Income Fund	1 year			5 years			since inception
Institutional Class (inception: 7/1/1999)*		26.84	%		16.81	%		3.51	%
S&P 500 Index†		16.44			15.44			2.87
Morningstar Large Blend		16.48			14.72			3.64
Retirement Class (inception: 10/1/2002)*		26.44			16.43	‡		3.30	‡
Retail Class (inception: 3/31/2006)		26.67			16.87	‡		3.54	‡

*	The performance shown is computed from the inception date of the class (the date on which the class became publicly available). Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.
‡	The performance shown for the Retirement and Retail classes that is prior to their inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement and Retail classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

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

8 2007 Annual Report §TIAA-CREF Institutional Mutual Funds

S&P 500’s market capitalization on September 30, 2007, so its weakness curtailed the benchmark’s overall rise.

          The next two largest sectors, information technology and energy, soared 23.3% and 43.1%, respectively. Together these sectors constituted more than one-quarter of the benchmark’s market capitalization at the end of the period.

Stock selections power the fund’s strong outperformance

The fund beat its benchmark by more than ten percentage points on the strength of numerous favorable stock selections, including several nonbenchmark holdings that delivered strong returns. Among these were First Solar, a maker of large-scale, grid-connected solar power plants; Mosaic, one of the world’s largest fertilizer producers; and Cameron International, which provides equipment and services to the oil and gas industries. Two foreign stocks—the French company Alstom, which supplies equipment for power generation and rail transportation, and Japan’s Nintendo—also boosted the fund’s return.

          The positive effects of these results were partly offset by other stock decisions, such as the exclusion of well-performing Chevron, ConocoPhillips and Amazon.com. An overweight in student loan provider Sallie Mae and an underweight in oil and gas services company National Oilwell Varco also trimmed returns slightly.

          On September 30, 2007, foreign securities made up 7.08% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception July 1, 1999)

An investment of $10,000 in this fund on July 1, 1999, would have grown to $13,291 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Growth & Income Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,147.20			$ 0.70
Retirement Class		1,000.00		1,145.30			2.04
Retail Class		1,000.00		1,145.60			1.29
5% annual
hypothetical return
Institutional Class		1,000.00		1,024.41	†		0.66
Retirement Class		1,000.00		1,023.15	†		1.92
Retail Class		1,000.00		1,023.85	†		1.22

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.13% for the Institutional Class, 0.38% for the Retirement Class and 0.24% for the Retail Class. The expense ratios of all three share classes reflect voluntary and contractual agreements by the fund’s adviser to waive some of its fees and to reimburse the fund for certain expenses. The contractual waiver and reimbursement continue through April 30, 2008, and the voluntary reimbursement may be discontinued at any time. Without the waiver and reimbursements, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	81.66
$4 billion–$15 billion	11.66
Under $4 billion	6.68
Total	100.00

TIAA-CREF Institutional Mutual Funds §2007 Annual Report 9

INTERNATIONAL EQUITY FUND  FOREIGN STOCKS

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including foreign investment risks and small-cap risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TIIEX
Retirement Class	TRERX
Retail Class	TIERX
Fund net assets	$2.55 billion
Number of holdings	103
Portfolio turnover rate	179%
Weighted median market capitalization	$29.8 billion
P/E ratio (weighted 12-month trailing average)	18.0
Dividend yield	1.67%
PORTFOLIO COMPOSITION
% of portfolio investments
Manufacturing & materials	48.3
Consumer products & services	19.2
Financial	17.8
Energy	4.3
Transportation	3.8
Technology	3.8
Utilities	2.8
Totala	100.0

^a         Excludes $197.37 million of securities lending collateral

PERFORMANCE NOTE

The fund’s returns were affected by a misallocation of income and net capital gains among its share classes. If this misallocation had not occurred, the 1-year return would have been 30.04% for the Retirement Class. Shareholders who owned Retirement Class shares on or before May 25, 2006, and who were affected by this misallocation by more than $10, were made whole through direct payments by Teachers Advisors, Inc. For more information, please call 800 927-3059.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The International Equity Fund returned 30.49% for the Institutional Class, compared with the 24.86% gain of its benchmark, the MSCI EAFE^® Index, and the 26.18% average return of the fund’s peer group, the Morningstar Foreign Large Blend category. The table below shows returns for all share classes of the fund.

Foreign stocks maintain substantial lead over U.S. shares

Helped by a stronger euro and British pound, the EAFE index, which tracks stocks in 21 developed nations outside North America, posted a return that was more than eight percentage points greater than the 16.52% gain of the Russell 3000^® Index, which measures the broad U.S. stock market.

          The EAFE got off to a fast start with a 10.35% rise in the fourth quarter of 2006, beating the 7.12% rise of the Russell 3000 by more than three percentage points. In each of the three quarters that followed, the EAFE’s margin of outperformance was narrower. A global stock market sell-off in late February 2007 trimmed foreign stock gains, as did a worldwide decline in equity markets during the summer months. The EAFE dropped more than 3% over the course of July and August but staged a strong recovery in September.

A weaker dollar amplifies foreign stock performance

For the period, the EAFE’s relative advantage over the Russell 3000 was due entirely to the continued weakening of the dollar, which plunged in value against the euro and the pound. A weaker dollar increases foreign stock gains for U.S. investors. In terms of local currencies, the EAFE rose 14.21%—less than the 16.52% gain of the Russell 3000. The dollar’s weakness boosted the EAFE’s return by more than ten percentage points, to 24.86% in dollars.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
International Equity Fund	1 year			5 years			since inception
Institutional Class (inception: 7/1/1999)*		30.49	%		25.26	%		10.23	%
MSCI EAFE Index†		24.86			23.54			7.92
Morningstar Foreign Large Blend		26.18			22.08			7.13
Retirement Class (inception: 10/1/2002)*		30.16			24.49	‡		9.82	‡
Retail Class (inception: 3/31/2006)		30.34			25.75	‡		10.49	‡

*	The performance shown is computed from the inception date of the class (the date on which the class became publicly available). Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.
‡	The performance shown for the Retirement and Retail classes that is prior to their inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement and Retail classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

The returns above and in the graph show past performance, which is no guarantee of future results, and do not reflect any applicable redemption fees, or taxes that an Institutional or Retail Class shareholder would pay on fund distributions or the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

10 2007 Annual Report §TIAA-CREF Institutional Mutual Funds

          The benchmark’s European segment advanced 27.51% in dollar terms, propelled by German, French and British stocks, which surged 47.15%, 24.24% and 22.42%, respectively. The Pacific segment rose 19.17% in dollars. Japanese stocks—the largest component of this segment in terms of market capitalization—returned 7.07% in dollars, muting the outsized gain of 55.13% recorded by the benchmark’s other Pacific stocks.

Individual stock selections lift the fund well above the benchmark

The fund significantly outperformed its benchmark because of successful stock selections. Among the holdings that contributed the most were overweights in German drug maker Bayer and Italian auto maker Fiat. Other successful holdings included three nonbenchmark stocks: German steel company Kloeckner, which made acquisitions in Europe and the United States during the period; China Coal Energy, whose share price climbed steadily after the company’s IPO was issued in December 2006; and Russian mining company MMC Norilsk Nickel. Norilsk was held as an American Depositary Receipt, a receipt for shares of a foreign stock traded on a U.S. exchange.

          The positive effects of these holdings were partly offset by overweight positions in underperforming stocks that included Japan’s Sumitomo Osaka Cement, French retailing giant Carrefour and Swiss employment agency Adecco. Also detracting from the fund’s return were the exclusion of Finnish mobile phone manufacturer Nokia and underweights that included British wireless provider Vodafone and Australian mining company BHP Billiton.

          As of September 30, 2007, stocks of companies in emerging markets, which are not included in the benchmark, made up approximately 3% of the fund’s total portfolio investments.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception July 1, 1999)

An investment of $10,000 in this fund on July 1, 1999, would have grown to $22,341 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
InternationalEquity Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,095.80			$ 3.04
Retirement Class		1,000.00		1,094.30			4.40
Retail Class		1,000.00		1,095.10			3.93
5% annual
hypothetical return
Institutional Class		1,000.00		1,022.13	†		2.94
Retirement Class		1,000.00		1,020.82	†		4.25
Retail Class		1,000.00		1,021.27	†		3.80

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.58% for the Institutional Class, 0.84% for the Retirement Class and 0.75% for the Retail Class. The expense ratios of all three share classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2008. Without this reimbursement, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

The expenses shown above do not reflect the 2% redemption fee that may apply to certain transactions. Please see the prospectus for details about this fee, which became effective on October 16, 2007.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	64.14
$4 billion–$15 billion	21.54
Under $4 billion	14.32
Total	100.00

TIAA-CREF Institutional Mutual Funds §2007 Annual Report 11

LARGE-CAP GROWTH FUND  GROWTH STOCKS OF LARGER U.S. COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including large-cap risk, growth investing risks, style risk, reorganization risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TILGX
Retirement Class	TILRX
Retail Class	TIRTX
Fund net assets	$637.34 million
Number of holdings	75
Portfolio turnover rate	189%
Weighted median market capitalization	$37.0 billion
P/E ratio (weighted 12-month trailing average)	27.8
Dividend yield	0.82%
PORTFOLIO COMPOSITION
	% of portfolio investments
Manufacturing & materials	34.0
Consumer products & services	31.0
Technology	18.9
Financial	9.9
Energy	5.2
Transportation	1.0
Totala	100.0
a         Excludes $24.12 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Large-Cap Growth Fund returned 24.97% for the Institutional Class, compared with the 19.35% gain of its benchmark, the Russell 1000^® Growth Index, and the 20.57% average return of the fund’s peer group, the Morningstar Large Growth category. The table below shows returns for all share classes of the fund.

Large-cap growth stocks outperform the broader market

During the twelve-month period, the large-cap growth category surpassed the 16.52% return of the broad U.S. equity market, as measured by the Russell 3000^® Index.

          After trailing the Russell 3000 during the fourth quarter of 2006 and the first quarter of 2007, the Russell 1000 Growth Index climbed 11.35% during the second half of the reporting period—nearly four percentage points more than the 7.40% rise in the broader Russell index.

          For the twelve months, large-cap growth outpaced the 18.94% return of small-cap growth stocks but lagged the 21.22% gain of mid-cap growth issues.

          For the ten years ended September 30, 2007, the Russell 1000 Growth Index posted an average annual gain of 4.06%, while the Russell 3000 posted an average annual return of 6.82%.

Broad-based sector gains drive the benchmark’s rise

For the period, all twelve sectors of the Russell 1000 Growth Index posted positive returns, with eleven recording double-digit gains. (The lowest-performing sector, autos and transportation, came close, rising 9.2%.)

          The three largest sectors—technology, consumer discretionary and health care—rose 24.6%, 11.1% and 11.6%, respectively. Together these three sectors

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Large-Cap Growth Fund	1 year			since inception
Institutional Class (inception: 3/31/2006)		24.97	%		13.52	%
Retirement Class (inception: 3/31/2006)		24.67			13.26
Retail Class (inception: 3/31/2006)		24.89			13.39
Russell 1000 Growth Index*		19.35			12.42
Morningstar Large Growth		20.57			11.52

* For a description of the fund’s benchmark, please see page 4.

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

12 2007 Annual Report §TIAA-CREF Institutional Mutual Funds

made up nearly three-fifths of the benchmark in terms of market capitalization as of September 30, 2007.

          The top-performing sector, materials and processing, soared 47.1%, followed by “other energy” and integrated oils, up 46.3% and 39.6%, respectively. Although these three sectors together constituted less than one-tenth of the benchmark’s market capitalization at the end of the period, the combined effect of their outsized gains contributed significantly to the benchmark’s overall return.

Stock choices propel the fund above the benchmark

The fund outpaced its benchmark by nearly six percentage points on the strength of numerous favorable stock selections. Successful overweights included Apple and agricultural giant Monsanto, which soared 99.3% and 81.1%, respectively, for the twelve months.

          The fund’s return was also buoyed by positions in well-performing nonbenchmark stocks such as BlackBerry manufacturer Research in Motion; the French company Alstom, which supplies equipment for power generation and rail transportation; and Japan’s Nintendo. An underweight in Wal-Mart, whose stock price fell about 10% in the period, also helped returns.

          These contributions were partly offset by overweights in stocks that did not perform as anticipated, such as fiber-optics company Corning, video game maker Electronic Arts and Omnicom, a large advertising and public relations holding company. Also detracting slightly from returns was an underweight in IBM.

          On September 30, 2007, foreign securities made up 6.51% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

An investment of $10,000 in this fund on March 31, 2006, would have grown to $12,097 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Large-Cap Growth Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,164.40			$ 0.70
Retirement Class		1,000.00		1,163.90			2.06
Retail Class		1,000.00		1,164.70			1.14
5% annual
hypothetical return
Institutional Class		1,000.00		1,024.41	†		0.66
Retirement Class		1,000.00		1,023.15	†		1.92
Retail Class		1,000.00		1,024.01	†		1.06

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.13% for the Institutional Class, 0.38% for the Retirement Class and 0.21% for the Retail Class. The expense ratios of all three share classes reflect voluntary and contractual agreements by the fund’s adviser to waive some of its fees and to reimburse the fund for certain expenses. The contractual waiver and reimbursement continue through April 30, 2008, and the voluntary reimbursement may be discontinued at any time. Without the waiver and reimbursements, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	83.40
$4 billion–$15 billion	15.77
Under $4 billion	0.83
Total	100.00

TIAA-CREF Institutional Mutual Funds§2007 Annual Report 13

LARGE-CAP VALUE FUND  VALUE STOCKS OF LARGER COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including large-cap risk, value investing risks, style risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TRLIX
Retirement Class	TRLCX
Retail Class	TCLCX
Fund net assets	$1.10 billion
Number of holdings	183
Portfolio turnover rate	136%
Weighted median market capitalization	$42.3 billion
P/E ratio (weighted 12-month trailing average)	15.6
Dividend yield	2.13%

PORTFOLIO COMPOSITION
% of portfolio investments
Financial	30.2
Manufacturing & materials	18.5
Consumer products & services	17.0
Technology	15.4
Energy	11.9
Utilities	4.9
Transportation	1.8
Short-term investmentsa	0.3
Total	100.0

^a Excludes $67.18 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Large-Cap Value Fund returned 15.71% for the Institutional Class, compared with the 14.45% gain of its benchmark, the Russell 1000^® Value Index, and the 14.44% average return of the fund’s peer group, the Morningstar Large Value category. The table below shows returns for all share classes of the fund.

Large-cap value stocks fall behind the broader market

During the twelve-month period, large-cap value stocks lagged the 16.52% return of the broad U.S. equity market, as measured by the Russell 3000^® Index. The large-cap value category had outperformed the Russell 3000 in each of the three preceding twelve-month periods.

          The Russell 1000 Value Index led the broader Russell index during the fourth quarter of 2006 but trailed it during each of the first three quarters of 2007. For the twelve months, large-cap value performed better than both mid-cap and small-cap value stocks, which gained 13.75% and 6.09%, respectively.

          For the ten years ended September 30, 2007, the Russell 1000 Value Index posted an average annual gain of 8.80%—nearly two percentage points higher than the 6.82% average annual return of the Russell 3000.

Weakness in financial stocks limits the benchmark’s rise

For the period, eleven of the twelve sectors of the Russell 1000 Value Index posted positive returns, with ten recording double-digit gains. The largest sector, financials, fell 0.1%. This sector made up more than one-third of the benchmark’s market capitalization as of September 30, 2007, and its negative return was the main reason large-cap value underperformed large-cap growth and the overall equity market.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Large-Cap Value Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		15.71	%		18.24	%
Retirement Class (inception: 10/1/2002)*		15.51			17.99
Retail Class (inception: 10/1/2002)*		15.70			18.01
Russell 1000 Value Index†		14.45			17.22
Morningstar Large Value		14.44			15.39

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

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

14 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

          The next two largest sectors, utilities and integrated oils, helped compensate for the weak return of financial stocks by gaining 23.4% and 44.1%, respectively. Together these two sectors constituted nearly one-quarter of the benchmark in terms of market capitalization at the end of the period. The fourth- and fifth-largest sectors, consumer discretionary and health care, advanced 10.7% and 4.7%, respectively.

Favorable stock selections drive the fund’s outperformance

The fund topped its benchmark thanks to numerous successful stock selections. Among the nonbenchmark holdings that boosted the fund’s performance were two companies based in France: Alstom, a supplier of equipment for power generation and rail transportation, and Accor, which operates hotels in more than 90 countries. Brazilian oil company Petroleo Brasileiro also contributed to the fund’s return. This stock was held as an American Depositary Receipt (ADR), a receipt for shares of a foreign stock traded on a U.S. exchange. Other advantageous holdings included overweights in RadioShack and industrial conglomerate Honeywell International, and an underweight in Bank of America.

          These contributions were partly offset by holdings that did not perform as anticipated, including underweights in ExxonMobil and ConocoPhillips, an overweight in credit risk manager Radian Group and positions in nonbenchmark stocks HealthSouth and Accredited Home Lenders.

          On September 30, 2007, foreign securities made up 8.76% of the fund’s total portfolio investments. Many of these securities were held as ADRs.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $23,113 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007

Large-CapValue Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,038.40			$ 2.55
Retirement Class		1,000.00		1,037.90			3.72
Retail Class		1,000.00		1,038.80			2.80
5% annual
hypothetical return
Institutional Class		1,000.00		1,022.54	†		2.53
Retirement Class		1,000.00		1,021.37	†		3.70
Retail Class		1,000.00		1,022.29	†		2.78

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.50% for the Institutional Class, 0.73% for the Retirement Class and 0.55% for the Retail Class. The expense ratios of all three share classes reflect a contractual agreement to reimburse the fund for certain expenses through April 30, 2008. Without this reimbursement, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	67.55
$4 billion–$15 billion	19.91
Under $4 billion	12.54
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 15

MID-CAP GROWTH FUND  GROWTH STOCKS OF MEDIUM-SIZED COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including mid-cap risk, growth investing risks, style risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TRPWX
Retirement Class	TRGMX
Retail Class	TCMGX
Fund net assets	$449.90 million
Number of holdings	108
Portfolio turnover rate	127%
Weighted median market capitalization	$8.9 billion
P/E ratio (weighted 12-month trailing average)	32.1
Dividend yield	0.57%

PORTFOLIO COMPOSITION
	% of portfolio investments
Consumer products & services	32.2
Manufacturing & materials	27.2
Technology	17.3
Financial	10.4
Energy	7.8
Utilities	3.3
Transportation	1.8
Totala	100.0

^a Excludes $123.62 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Mid-Cap Growth Fund returned 25.76% for the Institutional Class, compared with the 21.22% gain of its benchmark, the Russell Midcap^® Growth Index, and the 24.64% average return of the fund’s peer group, the Morningstar Mid-Cap Growth category. The table below shows returns for all share classes of the fund.

Mid-cap growth stocks top the broader market

During the twelve-month period, the mid-cap growth category posted a gain that was more than four percentage points greater than the 16.52% return of the broad U.S. equity market, as measured by the Russell 3000^® Index.

          The Russell Midcap Growth Index trailed the Russell 3000 during the fourth quarter of 2006 but then outperformed the broader index in each of the first three quarters of 2007. For the twelve months, mid-cap growth outpaced both the 19.35% return of large-cap growth stocks and the 18.94% return of small-cap growth issues.

          For the ten years ended September 30, 2007, the Russell Midcap Growth Index posted an average annual gain of 7.47%—higher than the 6.82% average annual return of the Russell 3000 Index.

Exceptional sector gains fuel the benchmark’s rise

During the period, all eleven industry sectors of the Russell Midcap Growth Index posted positive returns, including ten that recorded double-digit gains. (The Russell Midcap Growth Index normally consists of twelve industry sectors, but during the latest twelve-month period it did not include any stocks in the integrated oils sector.) The top performers, the “other energy” and materials

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Mid-Cap Growth Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		25.76	%		20.37	%
Retirement Class (inception: 10/1/2002)*		25.54			20.02
Retail Class (inception: 10/1/2002)*		25.66			20.05
Russell Midcap Growth Index†		21.22			19.86
Morningstar Mid-Cap Growth		24.64			17.29

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

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

16 2007 Annual Report §TIAA-CREF Institutional Mutual Funds

and processing sectors, soared 47% and 46.1%, respectively. These two sectors constituted 16% of the benchmark in terms of market capitalization on September 30, 2007.

          Three of the benchmark’s four largest sectors—health care, technology and consumer discretionary—also contributed significantly to the index’s strong showing by advancing 19.1%, 18.8% and 14.2%, respectively. As a group, these sectors made up half of the benchmark’s market capitalization at the end of the period.

Superior stock selections drive the fund’s outperformance

The fund easily outpaced its benchmark because of numerous successful stock selections. Among the largest contributors to the fund’s outperformance were out-of-benchmark holdings in transportation company Genco Shipping and Trading, restaurant chain Chipotle Mexican Grill and Chinese solar cells maker JA Solar Holdings. Also aiding returns was an overweight position, relative to the benchmark, in construction company Jacobs Engineering Group.

          These positive contributions were partly offset by several positions that did not perform as anticipated, including out-of-benchmark holdings in real estate investment trust iStar Financial and communications equipment provider Polycom.

          On September 30, 2007, foreign securities made up 6.14% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $25,265 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007

Mid-CapGrowth Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,132.00			$ 2.93
Retirement Class		1,000.00		1,131.00			4.16
Retail Class		1,000.00		1,131.50			3.73
5% annual
hypothetical return
Institutional Class		1,000.00		1,022.29	†		2.78
Retirement Class		1,000.00		1,021.12	†		3.95
Retail Class		1,000.00		1,021.53	†		3.54

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.55% for the Institutional Class, 0.78% for the Retirement Class and 0.70% for the Retail Class. The expense ratios of all three share classes reflect voluntary and contractual agreements by the fund’s adviser to reimburse the fund for certain expenses. The contractual reimbursement continues through April 30, 2008, and the voluntary reimbursement may be discontinued at any time. Without these reimbursements, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	23.55
$4 billion–$15 billion	51.80
Under $4 billion	24.65
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 17

MID-CAP VALUE FUND  VALUE STOCKS OF MEDIUM-SIZED COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including mid-cap risk, value investing risks, style risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE

Ticker symbol
Institutional Class	TIMVX
Retirement Class	TRVRX
Retail Class	TCMVX
Fund net assets	$857.57 million
Number of holdings	209
Portfolio turnover rate	90%
Weighted median market capitalization	$8.1 billion
P/E ratio (weighted 12-month trailing average)	19.1
Dividend yield	1.68%

PORTFOLIO COMPOSITION

	% of portfolio investments
Manufacturing & materials	26.0
Financial	24.2
Consumer products & services	23.1
Utilities	14.2
Technology	6.0
Energy	3.3
Transportation	3.2
Totala	100.0

^a Excludes $92.09 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Mid-Cap Value Fund returned 21.03% for the Institutional Class, compared with the 13.75% gain of its benchmark, the Russell Midcap^® Value Index, and the 14.76% average return of the fund’s peer group, the Morningstar Mid-Cap Value category. The table below shows returns for all share classes of the fund.

Third-quarter decline dents the category’s gain

For the twelve-month period, mid-cap value stocks trailed the 16.52% return of the broad U.S. equity market, as measured by the Russell 3000^® Index.

          The Russell Midcap Value Index outperformed the overall market in the fourth quarter of 2006 and the first quarter of 2007, but lagged during the rest of the reporting period. This underperformance included a 3.55% loss in the third quarter of 2007, when the Russell 3000 gained 1.55%. For the twelve months, mid-cap value trailed the 14.45% advance of large-cap value but outperformed the 6.09% return of small-cap value stocks.

          For the ten years ended September 30, 2007, the Russell Midcap Value Index posted an average annual gain of 11.31%—a remarkable performance compared with the 6.82% average annual return of the Russell 3000 during the same period.

Weakness in financial stocks weighs on the benchmark

For the twelve-month period, eleven of the twelve industry sectors of the Russell Midcap Value Index posted positive returns, with nine generating double-digit gains. However, the benchmark’s largest sector, financials, which made up almost one-third of the index in terms of market capitalization at the end of the period, returned a lackluster 1.2% that caused the mid-cap value category to underperform the broader market. Numerous financial stocks in the index were adversely

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Mid-Cap Value Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		21.03	%		23.22	%
Retirement Class (inception: 10/1/2002)*		20.70			22.84
Retail Class (inception: 10/1/2002)*		20.87			22.91
Russell Midcap Value Index†		13.75			20.39
Morningstar Mid-Cap Value		14.76			17.51

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

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

18 2007 Annual Report §TIAA-CREF Institutional Mutual Funds

affected by escalating problems in the subprime mortgage industry and by the general slowdown in the domestic housing market.

          Outsized gains from the materials and processing and utilities sectors, which rose 38.7% and 18.5%, respectively, and which together made up one-quarter of the index, provided the largest contributions to the benchmark’s return.

          The top-performing sectors, integrated oils and “other energy,” soared 54.6% and 43.5%, respectively. However, these two sectors constituted a small percentage of the benchmark’s total market capitalization as of September 30, 2007, so their combined effect was limited.

Successful stock selections lift the fund above the benchmark

The fund outpaced its benchmark by more than seven percentage points largely because of several out-of-benchmark positions in stocks that posted strong gains. These included metal products manufacturer Precision Castparts, U.K.-based mining company Anglo American and French construction conglomerate Bouygues.

          Theses contributions were partly offset by several positions that did not perform as anticipated. The largest detractor from relative performance was an overweight position in credit risk manager Radian Group. Out-of-benchmark holdings in Accredited Home Lenders and utility Northwestern Corporation also reduced returns slightly.

          On September 30, 2007, foreign securities made up 10.08% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $28,404 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Mid-CapValue Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,050.60			$ 2.72
Retirement Class		1,000.00		1,049.30			4.00
Retail Class		1,000.00		1,049.80			3.23
5% annual
hypothetical return
Institutional Class		1,000.00		1,022.39	†		2.68
Retirement Class		1,000.00		1,021.12	†		3.95
Retail Class		1,000.00		1,021.88	†		3.19

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.53% for the Institutional Class, 0.78% for the Retirement Class and 0.63% for the Retail Class. The expense ratios of all three share classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2008. Without this reimbursement, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	25.39
$4 billion–$15 billion	44.72
Under $4 billion	29.89
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 19

SMALL-CAP EQUITY FUND  STOCKS OF SMALLER COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to small-cap risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TISEX
Retirement Class	TRSEX
Retail Class	TCSEX
Fund net assets	$517.15 million
Number of holdings	608
Portfolio turnover rate	127%
Weighted median market capitalization	$1.1 billion
P/E ratio (weighted 12-month trailing average)	18.5
Dividend yield	0.96%
PORTFOLIO COMPOSITION
	% of portfolio investments
Consumer products & services	32.6
Manufacturing & materials	25.8
Financial	19.1
Technology	11.3
Utilities	4.2
Energy	3.5
Transportation	1.4
Short-term investments	2.1
Totala	100.0

^a Excludes $143.29 million of securities lending collateral. Approximately $10.72 million of investments are serving as collateral for S&P 500 futures and thus are restricted from being sold.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Small-Cap Equity Fund returned 7.43% for the Institutional Class, compared with the 12.34% gain of its benchmark, the Russell 2000^® Index, and the 13.61% average return of the fund’s peer group, the Morningstar Small Blend category. The table below shows returns for all share classes of the fund.

Small caps post double-digit gains but lag the market

During the twelve-month period, the small-cap category trailed the broad U.S. equity market, as measured by the 16.52% return of the Russell 3000^® Index.

          For the first six months of the period, the small-cap Russell 2000 Index gained 11.02%, outpacing the 8.49% advance of the Russell 3000. In the second quarter of 2007, however, small caps trailed the overall market by more than one percentage point, and they lost 3.09% in the third quarter, when the Russell 3000 gained 1.55%.

          Within the small-cap category, investors showed a clear preference for growth stocks during the twelve-month period. The Russell 2000 Growth Index rose 18.94%, while its value counterpart gained 6.09%.

          For the ten years ended September 30, 2007, the Russell 2000 Index registered an average annual gain of 7.22%, ahead of the 6.82% average annual return of the Russell 3000 Index.

Losses in the financial sector limit the benchmark’s return

For the period, ten of the twelve industry sectors of the Russell 2000 Index produced positive results, and eight posted double-digit gains.

          Small caps trailed the broader market primarily because financials, the benchmark’s largest sector, declined 3.8%. Comprising more than one-fifth of the index’s market capitalization on September 30, 2007, this sector was hard hit by investor

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Small-Cap Equity Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		7.43	%		17.65	%
Retirement Class (inception: 10/1/2002)*		7.15			17.30
Retail Class (inception: 10/1/2002)*		7.39			17.48
Russell 2000 Index†		12.34			18.37
Morningstar Small Blend		13.61			17.83

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

The returns above and in the graph show past performance, which is no guarantee of future results, and do not reflect any applicable redemption fees, or taxes that an Institutional or Retail Class shareholder would pay on fund distributions or the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

20 2007 Annual Report §TIAA-CREF Institutional Mutual Funds

fears that declining housing prices and mounting defaults within the subprime credit markets would seriously affect small-cap institutions, which generally are less able to weather challenging conditions than large-cap companies.

          Contributing most to the benchmark’s return was the 30.6% surge in the materials and processing sector, which made up nearly one-tenth of the index. The next three largest contributors—technology, health care and consumer discretionary—rose 19%, 18.3% and 7%, respectively. The weakest performer was the tiny integrated oils sector, which fell 15.8%.

Disappointing stock choices and hedge-fund sell-offs limit the fund’s return

The fund trailed the Russell 2000 Index partly because of numerous individual stock selections that failed to perform as anticipated. Chief among these were overweight positions, relative to the benchmark, in The Pantry, an independent chain of convenience stores, and in two financial companies, PFF Bancorp and Ocwen Financial.

          During the third quarter of 2007, several hedge funds that were quantitatively managed sold their holdings in a number of poorly performing stocks, which drove down the prices of these stocks even further. The Small-Cap Equity Fund, which uses similar quantitative techniques, was hurt by this sell-off because it was overweight in some of these stocks.

          These detractors from relative performance were partly offset by overweight holdings in several well-performing stocks. These included agricultural chemicals firm CF Industries, real estate developer Amrep and Anixter International, a provider of products and services for communications networks.

          The fund continued to use proprietary mathematical models to select small-cap stocks that appeared to be attractively priced.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $22,541 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007

Small-CapEquity Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	968.60			$ 2.71
Retirement Class		1,000.00		967.60			3.84
Retail Class		1,000.00		968.70			3.40
5% annual
hypothetical return
Institutional Class		1,000.00		1,022.29	†		2.78
Retirement Class		1,000.00		1,021.12	†		3.95
Retail Class		1,000.00		1,021.58	†		3.49

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.55% for the Institutional Class, 0.78% for the Retirement Class and 0.69% for the Retail Class. The expense ratios of all three share classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2008. Without this reimbursement, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

The expenses shown above do not reflect the 2% redemption fee that may apply to certain transactions. Please see the prospectus for details about this fee, which became effective on October 16, 2007.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
$4 billion–$15 billion	1.78
Under $4 billion	98.22
Total	100.00

TIAA-CREF Institutional Mutual Funds §2007 Annual Report 21

LARGE-CAP GROWTH INDEX FUND  GROWTH STOCKS OF LARGER U.S. COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including large-cap risk, growth investing risks, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TILIX
Retirement Class	TRIRX
Fund net assets	$360.53 million
Portfolio turnover rate	53%
BENCHMARK PROFILE
Number of holdings	698
Weighted median market capitalization	$38.2 billion
P/E ratio (weighted 12-month trailing average)	21.6
Dividend yield	1.07%
PORTFOLIO COMPOSITION
% of portfolio investments
Consumer products & services	31.7
Manufacturing & materials	27.2
Technology	18.9
Financial	10.3
Energy	7.2
Transportation	2.5
Utilities	2.0
Short-term investments	0.2
Totala	100.0

^a Excludes $29.13 million of securities lending collateral. Approximately $0.86 million of investments are serving as collateral for S&P 500 futures and thus are restricted from being sold.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Large-Cap Growth Index Fund returned 19.15% for the Institutional Class, compared with the 19.35% gain of its benchmark, the Russell 1000^® Growth Index, and the 20.57% average return of the fund’s peer group, the Morningstar Large Growth category. The table below shows returns for all share classes of the fund.

Large-cap growth stocks outperform the broader market

During the twelve-month period, the large-cap growth category surpassed the 16.52% return of the broad U.S. equity market, as measured by the Russell 3000^® Index.

          After trailing the Russell 3000 during the fourth quarter of 2006 and the first quarter of 2007, the Russell 1000 Growth Index climbed 11.35% during the second half of the reporting period—nearly four percentage points more than the 7.40% rise in the broader Russell index.

          For the twelve months, large-cap growth outpaced the 18.94% return of small-cap growth stocks but lagged the 21.22% gain of mid-cap growth issues.

          For the ten years ended September 30, 2007, the Russell 1000 Growth Index posted an average annual gain of 4.06%, while the Russell 3000 posted an average annual return of 6.82%.

Broad-based sector gains drive the benchmark’s rise

For the period, all twelve sectors of the Russell 1000 Growth Index posted positive returns, with eleven recording double-digit gains. (The lowest-performing sector, autos and transportation, came close, rising 9.2%.)

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Large-Cap Growth Index Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		19.15	%		12.80	%
Retirement Class (inception: 10/1/2002)*		18.91			12.45
Russell 1000 Growth Index†		19.35			12.97
Morningstar Large Growth		20.57			13.37

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

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

22 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

          The three largest sectors—technology, consumer discretionary and health care—rose 24.6%, 11.1% and 11.6%, respectively. Together these three sectors made up nearly three-fifths of the benchmark in terms of market capitalization as of September 30, 2007.

          The top-performing sector, materials and processing, soared 47.1%, followed by “other energy” and integrated oils, up 46.3% and 39.6%, respectively. Although these three sectors together constituted less than one-tenth of the benchmark’s market capitalization at the end of the period, the combined effect of their outsized gains contributed significantly to the benchmark’s overall return during the period.

The benchmark’s largest stocks produce impressive results

Gains for the benchmark’s five largest companies, all of them in the technology sector, ranged from solid to spectacular. In descending order according to their relative weightings in the benchmark based on capitalization size, these stocks performed as follows: Microsoft, 9%; Cisco Systems, 41.1%; Intel, 27%; Hewlett-Packard, 39.4%; and Apple, 99.3%.

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

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $18,264 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
		Starting		Ending		Expenses
Large-Cap		fund		fund		paid*
Growth		value		value		(4/1/07–
Index Fund		(4/1/07)		(9/30/07)		9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,112.20		$ 0.42
Retirement Class		1,000.00		1,110.60		1.74
5% annual
hypothetical return
Institutional Class		1,000.00		1,024.66	†	0.41
Retirement Class		1,000.00		1,023.40	†	1.67

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.08% for the Institutional Class and 0.33% for the Retirement Class. The expense ratios of the Institutional and Retirement classes reflect voluntary and contractual agreements by the fund’s adviser to reimburse the fund for certain expenses. The contractual reimbursement continues through April 30, 2010, and the voluntary reimbursement may be discontinued at any time. Without these reimbursements, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	72.00
$4 billion–$15 billion	22.45
Under $4 billion	5.55
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 23

LARGE-CAP VALUE INDEX FUND  VALUE STOCKS OF LARGER U.S. COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including large-cap risk, value investing risks, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TILVX
Retirement Class	TRCVX
Fund net assets	$465.45 million
Portfolio turnover rate	60%
BENCHMARK PROFILE
Number of holdings	621
Weighted median market capitalization	$55.0 billion
P/E ratio (weighted 12-month trailing average)	14.6
Dividend yield	2.46%
PORTFOLIO COMPOSITION
% of portfolio investments
Financial	34.4
Manufacturing & materials	16.7
Technology	14.6
Energy	13.6
Consumer products & services	12.2
Utilities	6.1
Transportation	1.3
Short-term investments	1.1
Totala	100.0

^a Excludes $21.77 million of securities lending collateral. Approximately $5.52 million of investments are serving as collateral for S&P 500 futures and thus are restricted from being sold.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Large-Cap Value Index Fund returned 14.36% for the Institutional Class, compared with the 14.45% gain of its benchmark, the Russell 1000^® Value Index, and the 14.44% average return of the fund’s peer group, the Morningstar Large Value category. The table below shows returns for all share classes of the fund.

Large-cap value stocks fall behind the broader market

During the twelve-month period, large-cap value stocks lagged the 16.52% return of the broad U.S. equity market, as measured by the Russell 3000^® Index. The large-cap value category had outperformed the Russell 3000 in each of the three preceding twelve-month periods.

          The Russell 1000 Value Index led the broader Russell index during the fourth quarter of 2006 but trailed it during each of the first three quarters of 2007. For the twelve months, large-cap value performed better than both mid-cap and small-cap value stocks, which gained 13.75% and 6.09%, respectively.

          For the ten years ended September 30, 2007, the Russell 1000 Value Index posted an average annual gain of 8.80%—nearly two percentage points higher than the 6.82% average annual return of the Russell 3000.

Weakness in financial stocks limits the benchmark’s rise

For the period, eleven of the twelve sectors of the Russell 1000 Value Index posted positive returns, with ten recording double-digit gains. The largest sector, financials, fell 0.1%. This sector made up more than one-third of the

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Large-Cap Value Index Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		14.36	%		17.07	%
Retirement Class (inception: 10/1/2002)*		14.17			16.71
Russell 1000 Value Index†		14.45			17.22
Morningstar Large Value		14.44			15.39

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

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

24 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

benchmark’s market capitalization as of September 30, 2007, and its negative return was the main reason large-cap value underperformed large-cap growth and the overall equity market.

          The next two largest sectors, utilities and integrated oils, helped compensate for the weak return of financial stocks by gaining 23.4% and 44.1%, respectively. Together these two sectors constituted nearly one-quarter of the benchmark in terms of market capitalization at the end of the period. The fourth- and fifth-largest sectors, consumer discretionary and health care, advanced 10.7% and 4.7%, respectively.

Returns for the benchmark’s largest stocks vary widely

The benchmark’s five largest companies posted mixed results, generally reflecting the performance of their respective industry sectors. In descending order according to their relative weightings in the benchmark based on capitalization size, these stocks performed as follows: ExxonMobil, 39.6%; General Electric, 20.2%; AT&T, 35.8%; Citigroup, –2.6%; and Bank of America, –1.8%.

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

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $21,986 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
		Starting		Ending		Expenses
		fund		fund		paid*
Large-Cap Value		value		value		(4/1/07–
Index Fund		(4/1/07)		(9/30/07)		9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,047.10		$ 0.41
Retirement Class		1,000.00		1,046.00		1.53
5% annual
hypothetical return
Institutional Class		1,000.00		1,024.66	†	0.41
Retirement Class		1,000.00		1,023.55	†	1.52

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.08% for the Institutional Class and 0.30% for the Retirement Class. The expense ratios of the Institutional and Retirement classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2010. Without this reimbursement, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	74.61
$4 billion–$15 billion	19.05
Under $4 billion	6.34
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 25

EQUITY INDEX FUND  U.S. STOCKS

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including index risk and small-cap risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TIEIX
Retirement Class	TIQRX
Retail Class	TINRX
Fund net assets	$1.29 billion
Portfolio turnover rate	16%
BENCHMARK PROFILE
Number of holdings	2,921
Weighted median market capitalization	$36.5 billion
P/E ratio (weighted 12-month trailing average)	17.9
Dividend yield	1.70%
PORTFOLIO COMPOSITION
% of portfolio investments
Consumer products & services	23.3
Manufacturing & materials	22.9
Financial	20.8
Technology	16.6
Energy	10.1
Utilities	4.1
Transportation	2.0
Short-term investments	0.2
Totala	100.0

^a Excludes $89.71 million of securities lending collateral. Approximately $5.95 million of investments are serving as collateral for S&P 500 futures and thus are restricted from being sold.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Equity Index Fund returned 16.49% for the Institutional Class, compared with the 16.52% gain of its benchmark, the Russell 3000^® Index, and the 16.48% average return of the fund’s peer group, the Morningstar Large Blend category. The table below shows returns for all share classes of the fund.

U.S. stocks rise, but a weaker dollar gives foreign shares the edge

For the twelve months, the broad U.S. stock market posted strong returns. Stocks of all three market-capitalization sizes and both investment styles, growth and value, participated in the double-digit advance of the Russell 3000 Index.

          However, U.S. issues underperformed foreign stocks, as measured by the MSCI EAFE^® Index. For the period, the EAFE’s 24.86% gain in dollar terms was more than eight percentage points higher than the return of the Russell 3000. All of the EAFE’s relative advantage was due to the continued weakening of the dollar versus many other currencies. (A weaker dollar amplifies foreign stock gains for U.S. investors.) In terms of local currencies, the EAFE rose 14.21%—less than the 16.52% gain of the Russell 3000.

          For the ten years ended September 30, 2007, the average annual return of the Russell 3000 was 6.82%, versus 7.97%, in dollars, for the EAFE.

Stellar gains in most sectors make up for lagging financial stocks

During the period, all twelve industry sectors of the Russell 3000 Index produced positive returns, including eleven that recorded double-digit gains. Only the largest sector, financials, failed to reach double digits. This sector, which made up more than one-fifth of the benchmark in terms of market capitalization on September 30, 2007, returned just 2%.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Equity Index Fund	1 year			5 years			since inception
Institutional Class (inception: 7/1/1999)*		16.49	%		16.06	%		3.65	%
Russell 3000 Index†		16.52			16.17			3.79
Morningstar Large Blend		16.48			14.72			3.64
Retirement Class (inception: 3/31/2006)		16.29			16.01	‡		3.62	‡
Retail Class (inception: 3/31/2006)		16.30			16.04	‡		3.63	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.
‡	The performance shown for the Retirement and Retail classes that is prior to their inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement and Retail classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

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

26 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

          The next two largest sectors, consumer discretionary and technology, advanced 10.4% and 23.2%, respectively. Together these two sectors constituted more than one-quarter of the benchmark. Health care and utilities, the fourth-and fifth-largest sectors, rose 10.2% and 20.8%, respectively.

          The best-performing sectors were integrated oils and “other energy,” which soared 43.7% and 42.1%, respectively. While these sectors made up less than one-tenth of the benchmark’s market capitalization at the end of the period, their outsized gains contributed significantly to the benchmark’s overall return.

          For the twelve months, growth stocks topped value shares by more than six percentage points—19.31% to 13.73%. The mid-cap category advanced 17.87%, beating both the 16.90% gain of large caps and the 12.34% rise of small caps. (Investment-style and capitalization-size returns are based on the Russell indexes.)

Returns for the benchmark’s largest stocks vary sharply

With financial stocks suffering from subprime mortgage problems and energy stocks benefiting from rising oil prices, the benchmark’s five largest companies posted widely divergent results. In descending order according to capitalization size, these stocks performed as follows: ExxonMobil, 39.6%; General Electric, 20.2%; AT&T, 35.8%; Microsoft, 9%; and Citigroup –2.6%.

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

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception July 1, 1999)

An investment of $10,000 in this fund on July 1, 1999, would have grown to $13,439 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
		Starting		Ending		Expenses
		fund		fund		paid*
Equity		value		value		(4/1/07–
Index Fund		(4/1/07)		(9/30/07)		9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,074.00		$ 0.41
Retirement Class		1,000.00		1,072.90		1.71
Retail Class		1,000.00		1,072.90		1.14
5% annual
hypothetical return
Institutional Class		1,000.00		1,024.66	†	0.41
Retirement Class		1,000.00		1,023.40	†	1.67
Retail Class		1,000.00		1,023.96	†	1.11

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.08% for the Institutional Class, 0.33% for the Retirement Class and 0.22% for the Retail Class. The expense ratios of all three share classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2010. Without this reimbursement, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
% of portfolio investments
Over $15 billion	68.79
$4 billion–$15 billion	17.65
Under $4 billion	13.56
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 27

S&P 500 INDEX FUND  STOCKS OF LARGER U.S. COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including large-cap risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TISPX
Retirement Class	TRSPX
Fund net assets	$1.17 billion
Portfolio turnover rate	18%
BENCHMARK PROFILE
Number of holdings	500
Weighted median market capitalization	$59.2 billion
P/E ratio (weighted 12-month trailing average)	17.0
Dividend yield	1.85%
PORTFOLIO COMPOSITION
% of portfolio investments
Financial	23.2
Manufacturing & materials	21.9
Consumer products & services	20.5
Technology	16.8
Energy	10.6
Utilities	3.6
Transportation	1.9
Short-term investments	1.5
Totala	100.0

^a Excludes $9.14 million of securities lending collateral. Approximately $18.92 million of investments are serving as collateral for S&P 500 futures and thus are restricted from being sold.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The S&P 500 Index Fund returned 16.35% for the Institutional Class, compared with the 16.44% gain of its benchmark, the S&P 500^® Index, and the 16.48% average return of the fund’s peer group, the Morningstar Large Blend category. The table below shows returns for all share classes of the fund.

The S&P 500 Index performs in line with the broader market

For the twelve months, the large-cap stocks of the S&P 500 Index posted solid gains that were on a par with the 16.52% advance of the broad U.S. stock market, as measured by the Russell 3000^® Index.

          After lagging the Russell 3000 by more than a percentage point in the first six months of the period, 7.38% to 8.49%, the S&P 500 saw its relative performance improve. In the second half of the period, the positions of the two indexes were reversed: the S&P 500 topped the Russell 3000 by more than a percentage point, 8.44% to 7.40%. The lower return of the Russell 3000 for those six months was due in part to the underperformance of small-cap stocks, which are not part of the S&P 500.

          For the ten years ended September 30, 2007, the disparity between large-cap gains and those of the broad U.S. market was narrow: the S&P 500 Index had an average annual return of 6.57%, versus 6.82% for the Russell 3000. In addition, the volatility of large-cap stocks was similar to that of the broad market: the standard deviation of the S&P 500 was 14.75, while that of the Russell 3000 was 14.86. (Standard deviation is a widely used measure of how much the returns of a stock or a group of stocks vary from their mean return, over a given period of time.)

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
S&P 500 Index Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		16.35	%		14.41	%
Retirement Class (inception: 10/1/2002)*		16.05			14.05
S&P 500 Index†		16.44			14.55
Morningstar Large Blend		16.48			13.99

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

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

28 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

Widespread gains are tempered by weak financial stocks

For the period, all ten of the S&P 500’s industry sectors had positive returns, and seven scored double-digit gains. However, the benchmark’s largest sector, financials, was up only 1.7%. This sector made up nearly one-fifth of the S&P 500’s market capitalization on September 30, 2007, so its weakness curtailed the benchmark’s overall rise.

          The next two largest sectors, information technology and energy, soared 23.3% and 43.1%, respectively. Together these sectors constituted more than one-quarter of the benchmark’s market capitalization at the end of the period. Health care and industrials, the fourth- and fifth-largest sectors, rose 8.7% and 24.4%, respectively.

Returns for the benchmark’s largest stocks vary sharply

With financial stocks suffering from subprime mortgage problems and energy stocks benefiting from rising oil prices, the benchmark’s five largest companies posted widely divergent results. In descending order according to capitalization size, these stocks performed as follows: ExxonMobil, 39.6%; General Electric, 20.2%; AT&T, 35.8%; Microsoft, 9%; and Citigroup –2.6%.

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

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $19,600 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
		Starting		Ending		Expenses
		fund		fund		paid*
S&P 500		value		value		(4/1/07–
Index Fund		(4/1/07)		(9/30/07)		9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,084.10		$ 0.36
Retirement Class		1,000.00		1,082.50		1.67
5% annual
hypothetical return
Institutional Class		1,000.00		1,024.72	†	0.35
Retirement Class		1,000.00		1,023.45	†	1.62

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.07% for the Institutional Class and 0.32% for the Retirement Class. The expense ratios of the Institutional and Retirement classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2010. Without this reimbursement, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
% of portfolio investments
Over $15 billion	85.22
$4 billion–$15 billion	13.65
Under $4 billion	1.13
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 29

MID-CAP GROWTH INDEX FUND  GROWTH STOCKS OF MEDIUM-SIZED U.S. COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including mid-cap risk, growth investing risks, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class		TIMGX
Retirement Class		TRMGX
Fund net assets		$72.88 million
Portfolio turnover rate		70%
BENCHMARK PROFILE
Number of holdings		555
Weighted median market capitalization		$8.5 billion
P/E ratio (weighted 12-month trailing average)		23.4
Dividend yield		0.77%
PORTFOLIO COMPOSITION
	% of portfolio investments
Consumer products & services		32.4
Manufacturing & materials		24.2
Technology		14.9
Financial		13.4
Energy		7.4
Utilities		3.8
Transportation		2.2
Short-term investments		1.7
Totala		100.0

^a Excludes $3.06 million of securities lending collateral. Approximately $1.29 million of investments are serving as collateral for S&P 500 futures and thus are restricted from being sold.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Mid-Cap Growth Index Fund returned 20.88% for the Institutional Class, compared with the 21.22% gain of its benchmark, the Russell Midcap^® Growth Index, and the 24.64% average return of the fund’s peer group, the Morningstar Mid-Cap Growth category. The table below shows returns for all share classes of the fund.

Mid-cap growth stocks top the broader market

During the twelve-month period, the mid-cap growth category posted a gain that was more than four percentage points greater than the 16.52% return of the broad U.S. equity market, as measured by the Russell 3000^® Index.

          The Russell Midcap Growth Index trailed the Russell 3000 during the fourth quarter of 2006 but then outperformed the broader index in each of the first three quarters of 2007. For the twelve months, mid-cap growth outpaced both the 19.35% return of large-cap growth stocks and the 18.94% return of small-cap growth issues.

          For the ten years ended September 30, 2007, the Russell Midcap Growth Index posted an average annual gain of 7.47%—higher than the 6.82% average annual return of the Russell 3000 Index.

Exceptional sector gains fuel the benchmark’s rise

During the period, all eleven industry sectors of the Russell Midcap Growth Index posted positive returns, including ten that recorded double-digit gains. (The Russell Midcap Growth Index normally consists of twelve industry sectors, but during the latest twelve-month period it did not include any stocks in the

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Mid-Cap Growth Index Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		20.88	%		19.66	%
Retirement Class (inception: 10/1/2002)*		20.55			19.27
Russell Midcap Growth Index†		21.22			19.86
Morningstar Mid-Cap Growth		24.64			17.29

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

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

30 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

integrated oils sector.) The top performers, the “other energy” and materials and processing sectors, soared 47% and 46.1%, respectively. These two sectors constituted 16% of the benchmark in terms of market capitalization on September 30, 2007.

          Three of the benchmark’s four largest sectors—health care, technology and consumer discretionary—also contributed significantly to the index’s strong showing by advancing 19.1%, 18.8% and 14.2%, respectively. As a group, these sectors made up half of the benchmark’s market capitalization at the end of the period.

Largest stocks in the benchmark surge

Of the benchmark’s five largest issues, in terms of market capitalization, oil and gas drilling equipment provider National Oilwell Varco performed best during the twelve-month period with a 147% return. Returns for the others were as follows: metal products manufacturer Precision Castparts, 135.5%; computer graphics company Nvidia, 83.8%; oil and gas drilling equipment provider Weatherford International, 61.5%; and drug manufacturer Allergan, 13.5%.

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

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $24,529 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE
Six months ended September 30, 2007
Mid-Cap Growth Index Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,089.10			$ 0.42
Retirement Class		1,000.00		1,086.80			1.72
5% annual hypothetical return
Institutional Class		1,000.00		1,024.66	†		0.41
Retirement Class		1,000.00		1,023.40	†		1.67

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.08% for the Institutional Class and 0.33% for the Retirement Class. The expense ratios of the Institutional and Retirement classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2010. Without this reimbursement, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	16.22
$4 billion–$15 billion	63.42
Under $4 billion	20.36
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 31

MID-CAP VALUE INDEX FUND  VALUE STOCKS OF MEDIUM-SIZED U.S. COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including mid-cap risk, value investing risks, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TMVIX
Retirement Class	TRVUX
Fund net assets	$186.16 million
Portfolio turnover rate	58%
BENCHMARK PROFILE
Number of holdings	487
Weighted median market capitalization	$8.0 billion
P/E ratio (weighted 12-month trailing average)	17.6
Dividend yield	2.04%
PORTFOLIO COMPOSITION
	% of portfolio investments
Financial	32.5
Consumer products & services	19.5
Manufacturing & materials	16.6
Utilities	13.5
Technology	8.2
Energy	5.5
Transportation	3.2
Short-term investments	1.0
Totala	100.0

^a Excludes $35.61 million of securities lending collateral. Approximately $1.95 million of investments are serving as collateral for S&P 500 futures and thus are restricted from being sold.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Mid-Cap Value Index Fund returned 13.68% for the Institutional Class, compared with the 13.75% gain of its benchmark, the Russell Midcap^® Value Index, and the 14.76% average return of the fund’s peer group, the Morningstar Mid-Cap Value category. The table below shows returns for all share classes of the fund.

Third-quarter decline dents the category’s gain

For the twelve-month period, mid-cap value stocks trailed the 16.52% return of the broad U.S. equity market, as measured by the Russell 3000^® Index.

          The Russell Midcap Value Index outperformed the overall market in the fourth quarter of 2006 and the first quarter of 2007, but lagged during the rest of the reporting period. This underperformance included a 3.55% loss in the third quarter of 2007, when the Russell 3000 gained 1.55%. For the twelve months, mid-cap value trailed the 14.45% advance of large-cap value but outperformed the 6.09% return of small-cap value stocks.

          For the ten years ended September 30, 2007, the Russell Midcap Value Index posted an average annual gain of 11.31%—a remarkable performance compared with the 6.82% average annual return of the Russell 3000 during the same period.

Weakness in financial stocks weighs on the benchmark

For the twelve-month period, eleven of the twelve industry sectors of the Russell Midcap Value Index posted positive returns, with nine generating double-digit gains. However, the benchmark’s largest sector, financials, which made up almost

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Mid-Cap Value Index Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		13.68	%		20.26	%
Retirement Class (inception: 10/1/2002)*		13.41			19.91
Russell Midcap Value Index†		13.75			20.39
Morningstar Mid-Cap Value		14.76			17.51

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

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

32 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

one-third of the index in terms of market capitalization on September 30, 2007, returned a lackluster 1.2% that caused the mid-cap value category to underperform the broader market. Numerous financial stocks in the index were adversely affected by escalating problems in the subprime mortgage industry and by the general slowdown in the domestic housing market.

          Outsized gains from the materials and processing and utilities sectors, which rose 38.7% and 18.5%, respectively, and which together made up one-quarter of the index, provided the largest contributions to the benchmark’s return.

          The top-performing sectors, integrated oils and “other energy,” soared 54.6% and 43.5%, respectively. However, these two sectors constituted a small percentage of the benchmark’s total market capitalization at the end of the period, so their combined effect was limited.

Largest stocks post uneven performance

During the reporting period, oil and gas refining firm Hess climbed 61.5%, making it the star performer among the benchmark’s five largest issues, in terms of market capitalization. The remaining four stocks had widely divergent returns: utility companies Edison International, American Electric Power and PG&E rose 33.2%, 29.2% and 17%, respectively, while Ford gained a modest 4%.

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

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $25,158 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE
Six months ended September 30, 2007
Mid-Cap Value Index Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,000.60			$ 0.40
Retirement Class		1,000.00		999.40			1.65
5% annual hypothetical return
Institutional Class		1,000.00		1,024.66	†		0.41
Retirement Class		1,000.00		1,023.40	†		1.67

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.08% for the Institutional Class and 0.33% for the Retirement Class. The expense ratios of the Institutional and Retirement classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2010. Without this reimbursement, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	14.72
$4 billion–$15 billion	58.58
Under $4 billion	26.70
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 33

MID-CAP BLEND INDEX FUND   GROWTH AND VALUE STOCKS OF MEDIUM-SIZED U.S. COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including mid-cap risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TRBDX
Retirement Class	TRMBX
Fund net assets	$196.06 million
Portfolio turnover rate	53%
BENCHMARK PROFILE
Number of holdings	805
Weighted median market capitalization	$8.2 billion
P/E ratio (weighted 12-month trailing average)	20.5
Dividend yield	1.32%
PORTFOLIO COMPOSITION
	% of portfolio investments
Consumer products & services	27.4
Manufacturing & materials	21.4
Financial	20.7
Technology	12.2
Utilities	8.0
Energy	6.7
Transportation	2.7
Short-term investments	0.9
Totala	100.0

^a Excludes $42.97 million of securities lending collateral. Approximately $1.96 million of investments are serving as collateral for S&P 500 futures and thus are restricted from being sold.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Mid-Cap Blend Index Fund returned 17.70% for the Institutional Class, compared with the 17.87% gain of its benchmark, the Russell Midcap^® Index, and the 17.61% average return of the fund’s peer group, the Morningstar Mid-Cap Blend category. The table below shows returns for all share classes of the fund.

Mid-cap category outpaces the broader market

During the twelve-month period, the mid-cap category outperformed the 16.52% return of the broad U.S. equity market, as measured by the Russell 3000^® Index. The Russell Midcap Index led the overall market during the fourth quarter of 2006 and the first quarter of 2007. In the second and third quarters, mid-cap stocks underperformed.

          Among mid-cap stocks, growth fared much better than value during the twelve months. The Russell Midcap Growth Index climbed 21.22%, while its value counterpart gained 13.75%.

          For the ten years ended September 30, 2007, the Russell Midcap Index posted an average annual gain of 10.43%—well ahead of the 6.82% average annual return of the Russell 3000 Index during the same period.

Strong sector gains boost the benchmark’s return

During the period, all twelve industry sectors of the Russell Midcap Index registered positive returns, with eleven recording double-digit gains. Among the benchmark’s largest sectors, the top performers were technology, which climbed 18.9%, utilities, which advanced 17.8%, and consumer discretionary, which rose 13.1%. These three sectors made up almost 38% of the index in terms of market capitalization on September 30, 2007.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Mid-Cap Blend Index Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		17.70	%		20.12	%
Retirement Class (inception: 10/1/2002)*		17.44			19.76
Russell Midcap Index†		17.87			20.31
Morningstar Mid-Cap Blend		17.61			17.69

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

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

34 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

          The “other energy” and materials and processing sectors rose 46.5% and 42.7%, respectively, and also contributed substantially to the benchmark’s overall return. Together these sectors made up almost 15% of the index in terms of market capitalization at the end of the period.

          The largest sector, financials, which constituted more than one-fifth of the benchmark, posted a modest 4.8% return for the twelve months. The best-performing sector, integrated oils, soared 54.6% but had a limited effect on the overall return since it made up only a small percentage of the total index.

The benchmark’s largest stocks post impressive gains

Over the twelve-month period, all of the benchmark’s five largest issues, in terms of market capitalization, posted extraordinary returns. Oil and gas drilling equipment provider National Oilwell Varco performed best with a 147% return. Returns for the others were as follows: metal products manufacturer Precision Castparts, 135.5%; oil and gas drilling equipment provider Weatherford International, 61.5%; diversified chemical manufacturer Air Products & Chemicals, 48%; and natural gas producer Williams Companies, 44.1%.

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

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $25,013 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE
Six months ended September 30, 2007
Mid-Cap Blend Index Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,048.50			$ 0.41
Retirement Class		1,000.00		1,047.60			1.69
5% annual hypothetical return
Institutional Class		1,000.00		1,024.66	†		0.41
Retirement Class		1,000.00		1,023.40	†		1.67

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.08% for the Institutional Class and 0.33% for the Retirement Class. The expense ratios of the Institutional and Retirement classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2010. Without this reimbursement, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	15.80
$4 billion–$15 billion	62.16
Under $4 billion	22.04
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 35

SMALL-CAP GROWTH INDEX FUND   GROWTH STOCKS OF SMALLER U.S. COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including small-cap risk, growth investing risks, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TISGX
Retirement Class	TRCGX
Fund net assets	$134.67 million
Portfolio turnover rate	64%
BENCHMARK PROFILE
Number of holdings	1,229
Weighted median market capitalization	$1.3 billion
P/E ratio (weighted 12-month trailing average)	34.9
Dividend yield	0.54%
PORTFOLIO COMPOSITION
	% of portfolio investments
Consumer products & services	37.8
Manufacturing & materials	32.0
Technology	12.0
Financial	10.0
Energy	4.4
Transportation	1.8
Utilities	1.2
Short-term investments	0.8
Totala	100.0

^a Excludes $37.81 million of securities lending collateral. Approximately $1.17 million of investments are serving as collateral for S&P 500 futures and thus are restricted from being sold.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Small-Cap Growth Index Fund returned 18.92% for the Institutional Class, compared with the 18.94% gain of its benchmark, the Russell 2000^® Growth Index, and the 20.32% average return of the fund’s peer group, the Morningstar Small Growth category. The table below shows returns for all share classes of the fund.

Small-cap growth stocks outpace the broader market

For the twelve-month period, the small-cap growth category led the broad U.S. equity market, as measured by the 16.52% return of the Russell 3000^® Index.

          Small-cap growth stocks got off to a strong start in the fourth quarter of 2006: the Russell 2000 Growth Index jumped 8.77%, well ahead of the 7.12% gain of the Russell 3000. The category continued to outpace the overall market during the first two quarters of 2007 but underperformed in the third quarter. For the twelve months, small-cap growth stocks trailed the 21.22% return of their mid-cap counterparts and the 19.35% return of large-cap growth issues.

           For the ten years ended September 30, 2007, the Russell 2000 Growth Index registered an average annual gain of 3.65%, lagging the 6.82% average annual return of the Russell 3000 Index.

Three largest sectors fuel the benchmark’s rise

For the twelve-month period, eleven of the twelve industry sectors of the Russell 2000 Growth Index scored positive returns, and eight posted double-digit gains. The index benefited most from the robust performance of its three largest sectors, measured in terms of market capitalization on

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Small-Cap Growth Index Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		18.92	%		18.23	%
Retirement Class (inception: 10/1/2002)*		18.60			19.22	†
Russell 2000 Growth Index‡		18.94			18.38
Morningstar Small Growth		20.32			17.35

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	The since-inception return for this share class reflects the correction of a transaction processing error in October 2005. The since-inception return also reflects a similar correction in June 2004. These corrections resulted in gains, which increased the fund’s total return for this share class.
‡	For a description of the fund’s benchmark, please see page 4.

The returns above and in the graph show past performance, which is no guarantee of future results, and do not reflect any applicable redemption fees, or taxes that an Institutional Class shareholder would pay on fund distributions or the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

36 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

September 30, 2007. The consumer discretionary sector rose 12.9%; health care advanced 18.8%; and technology gained 24.8%. Together, these sectors made up nearly 60% of the index.

          Materials and processing, up 30%, was the benchmark’s star performer for the period. The “other energy” sector advanced an impressive 25.3%.

          Trimming the index’s return was the financial sector, which rose a modest 5.8% and made up about one-tenth of the index. Integrated oils was the only sector to drop; it slid 17.7%.

The benchmark’s largest issues score triple-digit gains

Of the five largest stocks in the Russell 2000 Growth Index, the top three posted stratospheric returns for the period. In order of capitalization size, Flir Systems, a maker of thermal imaging and broadcast cameras, soared 103.9%; Chipotle Mexican Grill skyrocketed 116.2%; and Priceline.com, an online travel service, climbed an astounding 142.8%. Rounding out the list, Hologic, a maker of diagnostic and medical imaging systems, advanced 40.3%, while Kyphon, a manufacturer of therapeutic spinal devices, jumped 76.9%.

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

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $23,103 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE
Six months ended September 30, 2007
Small-Cap Growth Index Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,067.30			$ 0.41
Retirement Class		1,000.00		1,066.20			1.70
5% annual hypothetical return
Institutional Class		1,000.00		1,024.66	†		0.41
Retirement Class		1,000.00		1,023.40	†		1.67

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.08% for the Institutional Class and 0.33% for the Retirement Class. The expense ratios of the Institutional and Retirement classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2010. Without this reimbursement, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

The expenses shown above do not reflect the 2% redemption fee that may apply to certain transactions. Please see the prospectus for details about this fee, which became effective on October 16, 2007.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	0.12
$4 billion–$15 billion	0.06
Under $4 billion	99.82
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 37

SMALL-CAP VALUE INDEX FUND   VALUE STOCKS OF SMALLER U.S. COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including small-cap risk, value investing risks, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TISVX
Retirement Class	TRSVX
Fund net assets	$152.76 million
Portfolio turnover rate	53%
BENCHMARK PROFILE
Number of holdings	1,264
Weighted median market capitalization	$1.1 billion
P/E ratio (weighted 12-month trailing average)	19.1
Dividend yield	1.87%
PORTFOLIO COMPOSITION
	% of portfolio investments
Financial	34.8
Consumer products & services	23.8
Manufacturing & materials	20.3
Technology	8.7
Utilities	5.7
Energy	3.8
Transportation	2.7
Short-term investments	0.2
Totala	100.0

^a Excludes $43.75 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Small-Cap Value Index Fund returned 6.14% for the Institutional Class, compared with the 6.09% gain of its benchmark, the Russell 2000^® Value Index, and the 9.12% average return of the fund’s peer group, the Morningstar Small Value category. The table below shows returns for all share classes of the fund.

Third-quarter losses trim gains of small-cap value

For the twelve-month period, small-cap value stocks trailed the broad U.S. equity market, as measured by the 16.52% return of the Russell 3000^® Index.

          The Russell 2000 Value Index led the overall market during the fourth quarter of 2006 and the first quarter of 2007 but lagged the broader market in the second quarter. In the third quarter, the small-cap value category posted a loss of 6.26%, while the Russell 3000 gained 1.55%. For the twelve months, small-cap value stocks trailed the 13.75% return of their mid-cap counterparts and the 14.45% return of large-cap value issues.

           For the ten years ended September 30, 2007, the Russell 2000 Value Index registered an average annual gain of 10.07%—well ahead of the 6.82% average annual return of the Russell 3000 Index.

Financial stocks limit the benchmark’s rise

For the period, nine of the twelve industry sectors of the Russell 2000 Value Index moved upward, and six scored double-digit gains.

          The benchmark failed to keep pace with its large- and mid-cap counterparts mainly because its largest sector, financials, fell 6.6%. Comprising more than one-third of the index’s market capitalization on September 30, 2007, this sector

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Small-Cap Value Index Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		6.14	%		18.17	%
Retirement Class (inception: 10/1/2002)*		5.97			17.91
Russell 2000 Value Index†		6.09			18.27
Morningstar Small Value		9.12			17.04

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

The returns above and in the graph show past performance, which is no guarantee of future results, and do not reflect any applicable redemption fees, or taxes that an Institutional Class shareholder would pay on fund distributions or the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

38 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

was hard hit by investor fears that declining housing prices and mounting defaults within the subprime credit markets would seriously affect small-cap institutions, which generally are less able to weather challenging conditions than large-cap companies. A 1.5% decline in consumer discretionary, the index’s second-largest sector, and a 4.5% loss in integrated oils also dampened the benchmark’s return.

           A 31.6% surge in the materials and processing sector, which represented about one-tenth of the benchmark, along with a 30.5% jump in consumer staples, more than offset the drag that financial and consumer discretionary stocks had on small-cap value performance. The top performing sector was the miscellaneous “other” sector, which soared 46.6% but had minimal effect on the benchmark’s performance because of its small size.

Gains of largest stocks range from solid to stellar

Among the benchmark’s top five issues in terms of market capitalization, agricultural chemicals firm CF Industries led with a meteoric 340.1% rise. The other four all posted gains of double digits: 48% for AptarGroup, a maker of dispensers for consumer products; 45.6% for Exterran Holdings, a provider of equipment for the oil and gas industry; 19.7% for Realty Income, a real estate investment trust; and 11.1% for Aspen Insurance.

          For the twelve months, the fund outperformed the Russell 2000 Value Index, despite the effects of expenses and of some cash holdings for liquidity. The fund had a risk profile similar to that of its benchmark.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $23,047 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE
Six months ended September 30, 2007
Small-Cap Value Index Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	959.90			$ 0.39
Retirement Class		1,000.00		959.10			1.62
5% annual hypothetical return
Institutional Class		1,000.00		1,024.66	†		0.41
Retirement Class		1,000.00		1,023.40	†		1.67

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.08% for the Institutional Class and 0.33% for the Retirement Class. The expense ratios of the Institutional and Retirement classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2010. Without this reimbursement, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

The expenses shown above do not reflect the 2% redemption fee that may apply to certain transactions. Please see the prospectus for details about this fee, which became effective on October 16, 2007.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
$4 billion–$15 billion	1.30
Under $4 billion	98.70
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 39

SMALL-CAP BLEND INDEX FUND  GROWTH AND VALUE STOCKS OF SMALLER U.S. COMPANIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including small-cap risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TISBX
Retirement Class	TRBIX
Fund net assets	$234.00 million
Portfolio turnover rate	69%

BENCHMARK PROFILE
Number of holdings	1,910
Weighted median market capitalization	$1.2 billion
P/E ratio (weighted 12-month trailing average)	25.1
Dividend yield	1.18%

PORTFOLIO COMPOSITION
	% of portfolio investments
Consumer products & services	29.9
Manufacturing & materials	25.4
Financial	22.8
Technology	10.0
Energy	3.9
Utilities	3.2
Transportation	2.1
Short-term investments	2.7
Totala	100.0

^a Excludes $65.65 million of securities lending collateral. Approximately $6.57 million of investments are serving as collateral for S&P 500 futures and thus are restricted from being sold.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Small-Cap Blend Index Fund returned 12.32% for the Institutional Class, compared with the 12.34% gain of its benchmark, the Russell 2000^® Index, and the 13.61% average return of the fund’s peer group, the Morningstar Small Blend category. The table below shows returns for all share classes of the fund.

Small caps post double-digit gains but lag the market

During the twelve-month period, the small-cap category trailed the broad U.S. equity market, as measured by the 16.52% return of the Russell 3000^® Index.

          For the first six months of the period, the small-cap Russell 2000 Index gained 11.02%, outpacing the 8.49% advance of the Russell 3000. In the second quarter of 2007, however, small caps trailed the overall market by more than one percentage point, and they lost 3.09% in the third quarter, when the Russell 3000 gained 1.55%.

          Within the small-cap category, investors showed a clear preference for growth stocks during the twelve-month period. The Russell 2000 Growth Index rose 18.94%, while its value counterpart gained 6.09%.

          For the ten years ended September 30, 2007, the Russell 2000 Index registered an average annual gain of 7.22%, ahead of the 6.82% average annual return of the Russell 3000 Index.

Losses in the financial sector limit the benchmark’s return

For the period, ten of the twelve industry sectors of the Russell 2000 Index produced positive results, and eight posted double-digit gains.

PERFORMANCE AS OF SEPTEMBER 30, 2007

	Average annual compound rates of total return
Small-Cap Blend Index Fund		1 year		since inception
Institutional Class (inception: 10/1/2002)*		12.32	%	18.22	%
Retirement Class (inception: 10/1/2002)*		12.15		17.93
Russell 2000 Index†		12.34		18.37
Morningstar Small Blend		13.61		17.83

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

The returns above and in the graph show past performance, which is no guarantee of future results, and do not reflect any applicable redemption fees, or taxes that an Institutional Class shareholder would pay on fund distributions or the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

40 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

          Small caps trailed the broader market primarily because financials, the benchmark’s largest sector, declined 3.8%. Comprising more than one-fifth of the index’s market capitalization on September 30, 2007, this sector was hard hit by investor fears that declining housing prices and mounting defaults within the subprime credit markets would seriously affect small-cap institutions, which generally are less able to weather challenging conditions than large-cap companies.

          Contributing most to the benchmark’s return was the 30.6% surge in the materials and processing sector, which made up nearly one-tenth of the index. The next three largest contributors—technology, health care and consumer discretionary—rose 19%, 18.3% and 7%, respectively. The weakest performer was the tiny integrated oils sector, which fell 15.8%.

The benchmark’s largest stocks provide triple-digit gains

All five of the benchmark’s largest stocks in terms of market capitalization scored exceptional results for the period, and four achieved triple-digit gains. Agricultural chemicals firm CF Industries soared 340.1%, followed by online travel service Priceline.com, which climbed 142.8%, and Chipotle Mexican Grill, which jumped 116.2%. Additional outsized results included the 103.9% gain of Flir Systems, a maker of thermal imaging and broadcast cameras, and the 45.6% return of Exterran Holdings, a provider of equipment for the oil and gas industry.

          For the twelve months, the fund’s return was comparable to that of its benchmark, minus the effects of expenses and of some cash holdings for liquidity. The fund had a risk profile similar to that of its benchmark.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $23,096 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007

Small-Cap Blend Index Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,012.10			$ 0.40
Retirement Class		1,000.00		1,012.00			1.66
5% annual hypothetical return
Institutional Class		1,000.00		1,024.66	†		0.41
Retirement Class		1,000.00		1,023.40	†		1.67

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.08% for the Institutional Class and 0.33% for the Retirement Class. The expense ratios of the Institutional and Retirement classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2010. Without this reimbursement, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

The expenses shown above do not reflect the 2% redemption fee that may apply to certain transactions. Please see the prospectus for details about this fee, which became effective on October 16, 2007.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	0.06
$4 billion–$15 billion	3.63
Under $4 billion	96.31
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 41

INTERNATIONAL EQUITY INDEX FUND  FOREIGN STOCKS

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including foreign investment risks, index risk and small-cap risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TCIEX
Retirement Class	TRIEX
Fund net assets	$794.14 million
Portfolio turnover rate	46%
BENCHMARK PROFILE
Number of holdings	1,139
Weighted median market capitalization	$44.8 billion
P/E ratio (weighted 12-month trailing average)	14.6
Dividend yield	2.64%

PORTFOLIO COMPOSITION
	% of portfolio investments
Financial	29.7
Manufacturing & materials	28.9
Consumer products & services	15.9
Technology	11.4
Energy	7.0
Utilities	4.6
Transportation	2.0
Short-term investmentsa	0.5
Total	100.0

^a Excludes $28.62 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The International Equity Index Fund returned 25.01% for the Institutional Class, compared with the 24.86% gain of its benchmark, the MSCI EAFE^® Index, and the 26.18% average return of the fund’s peer group, the Morningstar Foreign Large Blend category. The table below shows returns for all share classes of the fund.

Foreign stocks maintain substantial lead over U.S. shares

Helped by a stronger euro and British pound, the EAFE index, which tracks stocks in 21 developed nations outside North America, posted a return that was more than eight percentage points greater than the 16.52% gain of the Russell 3000^® Index, which measures the broad U.S. stock market.

          The EAFE got off to a fast start with a 10.35% rise in the fourth quarter of 2006, beating the 7.12% rise of the Russell 3000 by more than three percentage points. In each of the three quarters that followed, the EAFE’s margin of outperformance was narrower. A global stock market sell-off in late February 2007 trimmed foreign stock gains, as did a worldwide decline in equity markets during the summer months. The EAFE dropped more than 3% over the course of July and August but staged a strong recovery in September.

          The EAFE’s long-term performance also surpassed that of the Russell 3000. For the ten years ended September 30, 2007, the average annual return of the EAFE index was 7.97%, versus 6.82% for the Russell 3000.

A weaker dollar amplifies foreign stock performance

For the period, the EAFE’s relative advantage over the Russell 3000 was due entirely to the continued weakening of the dollar, which plunged in value

PERFORMANCE AS OF SEPTEMBER 30, 2007

	Average annual compound rates of total return
International Equity Index Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		25.01	%		23.30	%
Retirement Class (inception: 10/1/2002)*		24.75			22.91
MSCI EAFE Index†		24.86			23.52
Morningstar Foreign Large Blend		26.18			21.93

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.

The returns above and in the graph show past performance, which is no guarantee of future results, and do not reflect any applicable redemption fees, or taxes that an Institutional Class shareholder would pay on fund distributions or the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

42 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

against the euro and the British pound. A weaker dollar increases foreign stock gains (and cushions losses) for U.S. investors.

          In fact, foreign stocks actually lagged domestic issues during the twelve months before accounting for currency exchange rates. In terms of local currencies, the EAFE rose 14.21%. The dollar’s weakness boosted this return by more than ten percentage points, to 24.86% in dollars.

Europe’s largest markets fuel the benchmark’s gain

European stocks, which made up nearly 70% of the EAFE’s market capitalization on September 30, 2007, climbed 27.51% in dollar terms. Of the benchmark’s three largest European components, German stocks led the way, soaring 47.15% in dollars. French and British stocks followed, rising 24.24% and 22.42%, respectively, in dollars. Together these three components made up more than 40% of the EAFE in terms of market capitalization at the end of the period.

          The benchmark’s Pacific segment rose 19.17% in dollar terms. Japanese stocks, the largest component of the Pacific segment and about one-fifth of the EAFE’s total market capitalization on September 30, 2007, returned a modest 7.07% in dollars. Pacific markets outside of Japan posted an outsized gain of 55.13% in dollar terms, but these markets constituted only one-tenth of the benchmark’s market capitalization at the end of the period.

          For the period, the fund’s return and risk profile were similar to those of its benchmark.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $28,501 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007

International Equity Index Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,087.90			$ 0.78
Retirement Class		1,000.00		1,087.00			1.77
5% annual hypothetical return
Institutional Class		1,000.00		1,024.31	†		0.76
Retirement Class		1,000.00		1,023.35	†		1.72

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.15% for the Institutional Class and 0.34% for the Retirement Class. The expense ratios of the Institutional and Retirement classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2010. Without this reimbursement, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

The expenses shown above do not reflect the 2% redemption fee that may apply to certain transactions. Please see the prospectus for details about this fee, which became effective on October 16, 2007.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	76.17
$4 billion–$15 billion	19.14
Under $4 billion	4.69
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 43

SOCIAL CHOICE EQUITY FUND  SOCIALLY SCREENED STOCKS

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including the risk of socially screened investing, index risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TISCX
Retirement Class	TRSCX
Retail Class	TICRX
Fund net assets	$505.92 million
Number of holdings	1,043
Portfolio turnover rate	30%
Weighted median market capitalization	$27.8 billion
P/E ratio (weighted 12-month trailing average)	17.8
Dividend yield	1.72%

PORTFOLIO COMPOSITION
	% of portfolio investments
Manufacturing & materials	24.7
Consumer products & services	22.1
Financial	21.8
Technology	15.7
Energy	7.1
Utilities	5.1
Transportation	2.2
Short-term investments	1.3
Total	100.0

PERFORMANCE NOTE

The fund’s returns were affected by a misallocation of income and net capital gains among its share classes. If this misallocation had not occurred, the 1-year and 5-year returns would have been 14.48% and 15.73%, respectively, for the Institutional Class, and the 1-year return would have been 14.73% for the Retail Class. Teachers Advisors, Inc. made a cash infusion into the fund in August 2006 to remedy this misallocation. For more information, please call 800 927-3059.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Social Choice Equity Fund returned 14.65% for the Institutional Class, compared with the 16.52% gain of its benchmark, the Russell 3000^® Index, and the 16.48% average return of the fund’s peer group, the Morningstar Large Blend category. The table below shows returns for all share classes of the fund. Neither the benchmark nor the Morningstar category screens investments according to social criteria, as the fund does.

Exclusion of major stocks lowers the fund’s return

The Social Choice Equity Fund invests in those stocks within the Russell 3000 Index that pass two kinds of social screens. First, companies are excluded that derive revenues from alcohol, tobacco, gambling, weapons production, firearms or nuclear power. The remaining companies are then evaluated using qualitative criteria, such as environmental, social and governance practices.

          Because of its social screens, the fund did not invest in several stocks that were sizable components of the benchmark in terms of market capitalization. The exclusion of these stocks produced mixed results during the period, but the net effect was to lower the fund’s return, compared with the return of its benchmark.

          The fund failed to keep pace with the Russell 3000 mainly because it avoided the stocks of three huge oil companies: ExxonMobil, Chevron and ConocoPhillips. Integrated oils was the benchmark’s top-performing sector for the twelve months. ExxonMobil, the largest component of the index on September 30, 2007, rose 39.6% for the period, while ConocoPhillips and Chevron climbed 52.4% and 49.3%, respectively. The fund also suffered from the absence of General Electric, the benchmark’s second-largest stock.

PERFORMANCE AS OF SEPTEMBER 30, 2007

	Average annual compound rates of total return
Social Choice Equity Fund	1 year			5 years			since inception
Institutional Class (inception: 7/1/1999)*		14.65	%		15.78	%		3.42	%
Russell 3000 Index†		16.52			16.17			3.79
Morningstar Large Blend		16.48			14.72			3.64
Retirement Class (inception: 10/1/2002)*		14.36			15.36‡			3.19	‡
Retail Class (inception: 3/31/2006)		14.67			15.73‡			3.39	‡

*	The performance shown is computed from the inception date of the class (the date on which the class became publicly available). Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.
‡	The performance shown for the Retirement and Retail classes that is prior to their inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement and Retail classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

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

44 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

          Performance versus the index benefited, however, from the exclusion of other stocks, including drug company Pfizer, which fell 10%, and Wal-Mart, which declined 10.8%. Avoiding two financial stocks—Citigroup and JPMorgan Chase—also proved advantageous. Hurt by investor concerns about falling housing prices and mounting defaults within the subprime lending markets, the financial sector was the benchmark’s worst performer during the period; it returned just 2%.

Strategies help limit the fund’s risk

Because the fund’s social screens prevent it from investing in some of the stocks within the Russell 3000, the fund’s managers use quantitative techniques to ensure that the risk characteristics of the portfolio resemble those of the index. One method is to overweight or underweight certain stocks relative to each one’s percentage of capitalization within the benchmark.

          During the twelve months, the fund’s relative performance was helped by overweight positions in IBM, McDonald’s, AT&T and agricultural equipment maker Deere & Company.

          However, other overweight holdings failed to perform as anticipated and reduced the relative return slightly. These included five financial organizations: Wachovia, Merrill Lynch, National City, Washington Mutual and home mortgage provider Freddie Mac.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception July 1, 1999)

An investment of $10,000 in this fund on July 1, 1999, would have grown to $13,197 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007

Social Choice Equity Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,060.60			$ 1.03
Retirement Class		1,000.00		1,059.10			2.32
Retail Class		1,000.00		1,060.70			1.08
5% annual hypothetical return
Institutional Class		1,000.00		1,024.06	†		1.01
Retirement Class		1,000.00		1,022.79	†		2.28
Retail Class		1,000.00		1,024.01	†		1.06

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.20% for the Institutional Class, 0.45% for the Retirement Class and 0.21% for the Retail Class. The expense ratios of all three share classes reflect voluntary and contractual agreements by the fund’s adviser to reimburse the fund for certain expenses. The contractual reimbursement continues through April 30, 2008, and the voluntary reimbursement may be discontinued at any time. Without these reimbursements, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	67.24
$4 billion–$15 billion	20.83
Under $4 billion	11.93
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 45

REAL ESTATE SECURITIES FUND  REAL ESTATE SECURITIES

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including real estate investing risks, real estate securities risk, small-cap risk, foreign investment risks, interest-rate risk and income volatility risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TIREX
Retirement Class	TRRSX
Retail Class	TCREX
Fund net assets	$618.77 million
Number of holdings	48
Portfolio turnover rate	116%
Weighted median market capitalization	$6.9 billion
P/E ratio (weighted 12-month trailing average)	35.5
Dividend yield	3.21%

PORTFOLIO COMPOSITION
	% of portfolio investments
Retail REITs	28.5
Residential REITs	16.2
Office REITs	15.5
Specialized REITs	11.5
Industrial REITs	10.8
Diversified REITs	7.3
Hotels, Restaurants and Leisure	4.8
Real Estate Management and Development	3.3
Multiline Retail	0.5
Office Electronics	0.4
Mortgage REITs	0.4
Short-term investmentsa	0.8
Total	100.0

^a Excludes $3.05 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Real Estate Securities Fund returned 4.26% for the Institutional Class, compared with the 3.79% gain of its benchmark, the Dow Jones Wilshire Real Estate Securities Index, and the 6.74% average return of the fund’s peer group, the Morningstar Specialty Real Estate category. The table below shows returns for all share classes of the fund.

REITs continue to soar, then stumble

Real estate investment trusts (REITs) maintained their strength at the start of the period covered by this report; the benchmark rose 9.07% during the fourth quarter of 2006 and added another 9.12% in January 2007. However, the REIT market then posted losses for each of the next six months before rebounding with healthy gains of 5.86% and 3.96%, respectively, in August and September.

          Some market participants believed that The Blackstone Group’s acquisition of Equity Office Properties, the nation’s largest office landlord, in early February 2007 marked the top of the market. This provided a good reason for some investors to take profits after REITs’ meteoric rise: through September 2006, they had posted gains of more than 20% in each of the previous four years.

Despite recent declines, REITs post exceptional long-term gains

For the twelve-month period, REITs substantially underperformed the 16.52% return of the broad U.S. stock market, as measured by the Russell 3000^® Index, and failed to keep pace with the 5.14% return of investment-grade bonds, as measured by the Lehman Brothers U.S. Aggregate Index.

PERFORMANCE AS OF SEPTEMBER 30, 2007

	Average annual compound rates of total return
Real Estate Securities Fund		1 year		since inception
Institutional Class (inception: 10/1/2002)*		4.26	%	21.25	%
Retirement Class (inception: 10/1/2002)*		4.11		21.09
Retail Class (inception: 10/1/2002)*		4.26		21.10
Dow Jones Wilshire Real Estate Securities Index†		3.79		22.52
Morningstar Specialty Real Estate		6.74		21.30

*

This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.

†

For a description of the fund’s benchmark, please see page 4. For periods prior to July 1, 2007, the performance shown above and in the graph reflects the full market capitalization weighted version of the index, which was terminated by Dow Jones Wilshire on June 30, 2007. As of July 1, 2007, performance reflects the float adjusted market capitalization version of the index, which is based on the shares of stock that are unrestricted and available for trading.

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

46 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

          In the longer term, however, REITs performed well: for the five years ended September 30, 2007, they posted an average annual return of 22.48%—more than six percentage points greater than the 16.17% return of the Russell 3000 and more than five times the 4.13% return of the Lehman index.

Individual stock choices lift the fund’s return

The fund outperformed its benchmark because of numerous successful stock selections. The largest contribution to relative performance came from an overweight position, relative to the benchmark, in Hilton Hotels, which was acquired by The Blackstone Group in July 2007 at a share price 40% higher than the previous day’s closing price. The fund achieved a similar advantage with an overweight holding in Sunterra Corporation, which was also acquired during the period.

          Another sizable positive contribution came from a position in the China Properties Group, an initial public offering that began trading on the Hong Kong exchange on February 23, 2007.

          The positive effects of these holdings were partly offset by a number of positions that did not perform as anticipated. These included an underweight position, relative to the benchmark, in Equity Office Properties, and a position taken by the fund’s previous management team in Peoples Choice Financial, a subprime mortgage company that sought bankruptcy protection in March 2007; this position was eliminated during the period.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $26,207 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007

Real Estate Securities Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	915.70			$ 2.63
Retirement Class		1,000.00		916.30			3.83
Retail Class		1,000.00		916.70			3.11
5% annual hypothetical return
Institutional Class		1,000.00		1,022.29	†		2.78
Retirement Class		1,000.00		1,021.02	†		4.05
Retail Class		1,000.00		1,021.78	†		3.29

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.55% for the Institutional Class, 0.80% for the Retirement Class and 0.65% for the Retail Class. The expense ratios of all three share classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2008. Without this reimbursement, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	19.88
$4 billion–$15 billion	50.22
Under $4 billion	29.90
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 47

MANAGED ALLOCATION FUND II  STOCKS AND BONDS

INVESTMENT OBJECTIVE

The fund seeks favorable returns that reflect the broad investment performance of the financial markets through capital appreciation and investment income.

INVESTMENT RISKS

The fund shares the risks associated with the types of securities held by each of the underlying funds in which it invests, including market risk, company risk, foreign investment risks, interest-rate risk, credit risk, call risk, prepayment risk and extension risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TIMIX
Retirement Class	TITRX
Retail Class	TIMRX
Fund net assets	$641.90 million
Portfolio turnover rate	13%
PORTFOLIO COMPOSITION
Fund	% of portfolio investments
Bond Plus Fund II	35.4
Large-Cap Growth Fund	24.8
Large-Cap Value Fund	23.3
International Equity Fund	12.3
Small-Cap Equity Fund	4.2
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Managed Allocation Fund II returned 14.68% for the Institutional Class, compared with the 13.09% gain of its benchmark, the Managed Allocation Composite Index, and the 12.89% average return of the fund’s peer group, the Morningstar Moderate Allocation category. The table below shows returns for all share classes of the fund.

Markets post solid gains despite a rocky road

For the period, the U.S. stock market, as measured by the Russell 3000^® Index, rose 16.52%. Much of this gain occurred in the fourth quarter of 2006, when stocks climbed 7.12%, as short-term interest rates remained steady and oil prices fell. However, oil prices began to rise in the third quarter of 2007. In addition, problems within the U.S. subprime mortgage sector increasingly troubled both the world’s stock markets and the credit markets. To help stabilize the situation, the Federal Reserve trimmed the federal funds rate one half of a percentage point in September. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.) The markets stabilized, and U.S. stocks ended the first three quarters of 2007 up 8.77%.

          Internationally, U.S. investors benefited from a dollar that continued to weaken against other major currencies. The MSCI EAFE^® Index, which tracks stocks in 21 developed nations outside North America, climbed 24.86% in dollar terms but only 14.21% in terms of local currencies. Although international stocks were affected by many of the same conditions as the U.S. equity and fixed-income markets, the EAFE’s dollar-denominated return topped that of the Russell 3000 in all four quarters of the period.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Managed Allocation Fund II	1 year			since inception
Institutional Class (inception: 3/31/2006)		14.68	%		11.19	%
Retirement Class (inception: 3/31/2006)		14.27			10.87
Retail Class (inception: 3/31/2006)		14.47			11.14
Managed Allocation Composite Index*		13.09			11.00
Benchmark components (percentage of composite index):
Russell 3000 Index (48%)		16.52			12.61
Lehman Brothers
U.S. Aggregate Index (40%)		5.14			5.94
MSCI EAFE Index (12%)		24.86			19.51
Morningstar Moderate Allocation		12.89			10.11

* For a description of the fund’s benchmark, please see page 4.

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

48 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

          As measured by the Lehman Brothers U.S. Aggregate Index, the broad investment-grade bond market gained 5.14% for the twelve months. Bonds dropped 0.52% in the second quarter of 2007 amid rising inflation and dimming hopes of a rate cut. However, they rose 2.84% in the third quarter after the Fed acted. For the twelve-month period, lower-rated, high-yield bonds rose 7.39%, while short-term bonds returned 5.67%.

Stock components propel the fund above its benchmark

The Managed Allocation Fund II topped its composite index for the period because three of its four underlying stock components, representing 60% of the fund’s portfolio on September 30, 2007, outperformed their respective benchmark indexes. The International Equity Fund surged 30.49%, more than five percentage points higher than its benchmark. The fund’s largest equity component, the Large-Cap Growth Fund, soared 24.97%, also beating its benchmark by over five percentage points. Only the Small-Cap Equity Fund trailed its index.

          These contributions were partly offset by the relative performance of the fund’s largest component, the Bond Plus Fund II, which lagged its benchmark.

          During the period, the Managed Allocation Fund II maintained a target allocation ratio of 60% equity securities to 40% fixed-income investments. The weightings of the fund’s composite benchmark also remained fixed.

          On September 30, 2007, the fund’s portfolio composition, shown on the facing page, differed slightly from its target allocation ratio and composite benchmark weightings, as it did at other times during the period, because of fluctuations in the market values of the securities in which the component funds invested.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

An investment of $10,000 in this fund on March 31, 2006, would have grown to $11,726 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark components and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Managed Allocation Fund II	Institutional Class			Retirement Class			Retail Class
Actual return
Starting fund
value (4/1/07)	$	1,000.00		$	1,000.00		$	1,000.00
Ending fund
value (9/30/07)		1,062.00			1,060.30			1,060.40
Expenses paid*
(4/1/07–9/30/07)		0.00			1.29			0.00
Effective expenses paid†
(4/1/07–9/30/07)		1.75			3.04			1.75
5% annual
hypothetical return
Starting fund
value (4/1/07)	$	1,000.00		$	1,000.00		$	1,000.00
Ending fund
value (9/30/07)		1,023.35	‡		1,022.08	‡		1,023.35	‡
Expenses paid*
(4/1/07–9/30/07)		0.00			1.27			0.00
Effective expenses paid†
(4/1/07–9/30/07)		1.72			2.99			1.72

*	“Expenses paid” shows the fund’s own expense ratio for the most recent fiscal half year, multiplied by the average fund value, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month pro rata expense ratios for that period were 0.00% for the Institutional Class, 0.25% for the Retirement Class and 0.00% for the Retail Class. These expense ratios reflect a contractual agreement by the fund’s adviser to reimburse the fund for its direct expenses (except for the Retirement Class service fee) through April 30, 2008. Without this reimbursement, the fund’s expenses would have been higher.
†	“Effective expenses paid” shows the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds) for the most recent fiscal half year. For that period, the annualized, weighted, average expense ratio of the underlying funds for the Institutional Class was 0.34%; that of the underlying funds for the Retirement Class was 0.59%; and that of the underlying funds for the Retail Class was 0.34%.
‡	“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 49

BOND FUND  INTERMEDIATE-TERM BONDS

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, call risk, interest-rate risk, prepayment risk and extension risk—the fund is subject to special risks, including index risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TIBDX
Retirement Class	TIDRX
Retail Class	TIORX
Fund net assets	$1.63 billion
Number of issues	610
Portfolio turnover rate	189%
Average quality	Aa1
Option-adjusted duration	4.50 years
Average coupon	5.35%
Average yield to maturity	5.41%
Average maturity	6.69 years
PORTFOLIO COMPOSITION
	% of portfolio investments
Mortgage-backed securities and commercial mortgage-backed securities	34.8
U.S. Treasury securities	17.1
Corporate bonds	15.2
Asset-backed securities	13.4
U.S. agency securities	8.1
Foreign government and corporate bonds denominated in U.S. dollars	5.8
Short-term investmentsa	5.6
Total	100.0

^a Excludes $15.56 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Bond Fund returned 4.74% for the Institutional Class, compared with the 5.14% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the 4.24% average return of the fund’s peer group, the Morningstar Intermediate-Term Bond category. The table below shows returns for all share classes of the fund.

The Fed’s rate cut calms turbulent markets and boosts bond returns

During the first half of the reporting period, the economy grew at a moderate pace. Despite volatile oil prices, year-over-year inflation remained largely in check, and gross domestic product (GDP) rose at an annual rate of 2.5% during the fourth quarter of 2006 and 0.6% during the first quarter of 2007. With investors believing that the Federal Reserve would take no imminent action on interest rates, the broad bond market posted modest returns: 2.76% for the six-month period.

          The situation reversed, however, in the second quarter of 2007, as inflation spiked and GDP jumped 3.8%. Fearing a rate hike that would depress bond returns, investors sought higher performance elsewhere. Bond prices fell, and the Lehman index dropped 0.52%.

          The Federal Reserve had kept the federal funds rate at 5.25% since June 2006. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.) However, concerns about falling housing prices and mounting defaults within the subprime lending markets came to a head in August 2007 and rocked the financial markets.

          In an effort to limit the effects of this turmoil on the broader economy, the Fed lowered the rate to 4.75% on September 18, 2007. Bonds rallied and produced a third-quarter return of 2.84%.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Bond Fund	1 year			5 years			since inception
Institutional Class (inception: 7/1/1999)*		4.74	%		4.05	%		5.98	%
Lehman Brothers U.S. Aggregate Index†		5.14			4.13			6.02
Morningstar Intermediate-Term Bond		4.24			4.08			5.31
Retirement Class (inception: 3/31/2006)		4.43			3.96	‡		5.93	‡
Retail Class (inception: 3/31/2006)		4.68			3.99	‡		5.94	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.
‡	The performance shown for the Retirement and Retail classes that is prior to their inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement and Retail classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

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

50 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

Treasuries outpace other fixed-income securities

As concerns about credit and liquidity rose during June, July and August, bond investors flocked to the safety of U.S. Treasury notes; as a result, they were the top performers for the twelve months. As Treasury prices climbed, their yields fell. The 10-year Treasury yield dropped from 4.63% at the beginning of the period to 4.59% on September 30, 2007. The yield of the 2-year Treasury note followed suit, declining from 4.69% to 3.99%.

Sector weightings limit the fund’s return

Although the fund’s sector weightings varied frequently during the period, relative to the Lehman index, the net result was that the fund was underweighted in U.S. Treasuries and overweighted in mortgage- and asset-backed securities and corporate bonds, returns from which lagged Treasuries. The fund maintained its strategy of investing in high-quality securities—and avoiding riskier, higher-yielding bonds—but these traditionally “safe harbor” investments did not provide the usual level of protection within the extremely tumultuous environment of the third quarter because of investors’ prevailing preference for the even greater security of Treasuries.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception July 1,1999)

An investment of $10,000 in this fund on July 1, 1999, would have grown to $16,149 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Bond Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,020.90			$ 1.62
Retirement Class		1,000.00		1,019.30			2.98
Retail Class		1,000.00		1,021.10			2.12
5% annual
hypothetical return
Institutional Class		1,000.00		1,023.45	†		1.62
Retirement Class		1,000.00		1,022.08	†		2.99
Retail Class		1,000.00		1,022.94	†		2.13

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.32% for the Institutional Class, 0.59% for the Retirement Class and 0.42% for the Retail Class. The expense ratios of all three share classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2008. Without this reimbursement, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 51

BOND PLUS FUND II  INTERMEDIATE-TERM BONDS

INVESTMENT OBJECTIVE

The fund seeks a favorable long-term return, primarily through high current income consistent with preserving capital.

INVESTMENT RISKS

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, call risk, interest-rate risk, prepayment risk and extension risk—the fund is subject to special risks, including company risk, foreign investment risks, index risk and illiquid security risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TIBFX
Retirement Class	TCBRX
Retail Class	TCBPX
Fund net assets	$555.89 million
Number of issues	590
Portfolio turnover rate	137%
Average quality	Aa1
Option-adjusted duration	4.49 years
Average coupon	5.58%
Average yield to maturity	5.70%
Average maturity	6.90 years
PORTFOLIO COMPOSITION
	% of portfolio investments
Mortgage-backed securities and commercial mortgage-backed securities	40.0
Corporate bonds	21.7
Asset-backed securities	15.9
Foreign government and corporate bonds denominated in U.S. dollars	7.9
U.S. Treasury securities	5.6
U.S. agency securities	2.7
High-Yield Fund II	0.7
Preferred stock	0.1
Short-term investmentsa	5.4
Total	100.0

^a Excludes $5.96 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Bond Plus Fund II returned 4.16% for the Institutional Class, compared with the 5.14% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the 4.24% average return of the fund’s peer group, the Morningstar Intermediate-Term Bond category. The table below shows returns for all share classes of the fund.

The Fed’s rate cut calms turbulent markets and boosts bond returns

During the first half of the reporting period, the economy grew at a moderate pace. Despite volatile oil prices, year-over-year inflation remained largely in check, and gross domestic product (GDP) rose at an annual rate of 2.5% during the fourth quarter of 2006 and 0.6% during the first quarter of 2007. With investors believing that the Federal Reserve would take no imminent action on interest rates, the broad bond market posted modest returns: 2.76% for the six-month period.

          The situation reversed, however, in the second quarter of 2007, as inflation spiked and GDP jumped 3.8%. Fearing a rate hike that would depress bond returns, investors sought higher performance elsewhere. Bond prices fell, and the Lehman index dropped 0.52%.

          The Federal Reserve had kept the federal funds rate at 5.25% since June 2006. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.) However, concerns about falling housing prices and mounting defaults within the subprime lending markets came to a head in August 2007 and rocked the financial markets.

          In an effort to limit the effects of this turmoil on the broader economy, the Fed lowered the rate to 4.75% on September 18, 2007. Bonds rallied and produced a third-quarter return of 2.84%.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Bond Plus Fund II	1 year			since inception
Institutional Class (inception: 3/31/2006)		4.16	%		5.21	%
Retirement Class (inception: 3/31/2006)		4.01			5.06
Retail Class (inception: 3/31/2006)		4.09			5.12
Lehman Brothers U.S. Aggregate Index*		5.14			5.94
Morningstar Intermediate-Term Bond		4.24			5.09

* For a description of the fund’s benchmark, please see page 4.

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

52 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

Treasuries outpace other fixed-income securities

As concerns about credit and liquidity rose during June, July and August, bond investors flocked to the safety of U.S. Treasury notes; as a result, they were the top performers for the twelve months. As Treasury prices climbed, their yields fell. The 10-year Treasury yield dropped from 4.63% at the beginning of the period to 4.59% on September 30, 2007. The yield of the 2-year Treasury note followed suit, declining from 4.69% to 3.99%.

Sector weightings limit the fund’s return

Although the fund’s sector weightings varied frequently during the period, relative to the Lehman index, the net result was that the fund was underweighted in U.S. Treasuries and overweighted in mortgage- and asset-backed securities and corporate bonds, returns from which lagged Treasuries. The fund maintained its strategy of investing primarily in high-quality securities, but these traditionally “safe harbor” investments did not provide the usual level of protection within the extremely tumultuous environment of the third quarter because of investors’ prevailing preference for the even greater security of Treasuries.

          The fund was also hurt by a small position in riskier, higher-yielding securities and by an investment in two issues of Washington Mutual, which did not perform as anticipated. The fund sold these two holdings in July.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

An investment of $10,000 in this fund on March 31, 2006, would have grown to $10,793 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Bond Plus Fund II	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,014.90			$ 1.76
Retirement Class		1,000.00		1,015.00			2.77
Retail Class		1,000.00		1,014.70			2.07
5% annual
hypothetical return
Institutional Class		1,000.00		1,023.30	†		1.77
Retirement Class		1,000.00		1,022.29	†		2.78
Retail Class		1,000.00		1,022.99	†		2.08

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.35% for the Institutional Class, 0.55% for the Retirement Class and 0.41% for the Retail Class. The expense ratios of all three share classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2008. Without this reimbursement, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 53

SHORT-TERM BOND FUND II    SHORT-TERM BONDS

INVESTMENT OBJECTIVE

The fund seeks high current income consistent with preservation of capital.

INVESTMENT RISKS

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, call risk, interest-rate risk, prepayment risk and extension risk—the fund is subject to foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TISIX
Retirement Class	TISRX
Retail Class	TCTRX
Fund net assets	$276.88 million
Number of issues	188
Portfolio turnover rate	82%
Average quality	Aa1
Option-adjusted duration	2.21 years
Average coupon	5.17%
Average yield to maturity	4.97%
Average maturity	2.49 years
PORTFOLIO COMPOSITION
	% of portfolio investments
U.S. agency securities	27.7
U.S. Treasury securities	25.0
Corporate bonds	23.9
Asset-backed securities	12.6
Foreign government and corporate bonds denominated in U.S. dollars	4.9
Mortgage-backed securities and commercial mortgage-backed securities	3.6
Short-term investmentsa	2.3
Total	100.0

^a Excludes $1.65 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Short-Term Bond Fund II returned 4.87% for the Institutional Class, compared with the 5.67% gain of its benchmark, the Lehman Brothers U.S. Government/Credit (1-5 Year) Index, and the 4.35% average return of the fund’s peer group, the Morningstar Short-Term Bond category. The table below shows returns for all share classes of the fund.

The Fed’s rate cut calms turbulent markets and boosts bond returns

During the first half of the reporting period, the U.S. economy grew at a moderate pace. Gross domestic product (GDP) rose at an annual rate of 2.5% during the fourth quarter of 2006 and 0.6% during the first quarter of 2007. Despite volatile oil prices, year-over-year inflation remained largely in check. With investors believing that the Federal Reserve would take no imminent action on interest rates, the broad bond market, as measured by the Lehman Brothers U.S. Aggregate Index, posted a modest 2.76% return for the six-month period.

          The situation reversed, however, in the second quarter of 2007, as inflation spiked and GDP jumped 3.8%. Fearing an interest-rate hike that would depress bond returns, many investors sought higher performance elsewhere. Bond prices fell, and the broad Lehman index dropped 0.52%.

          The Federal Reserve had kept the federal funds rate at 5.25% since June 2006. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.) However, concerns about falling housing prices and mounting defaults within the subprime lending markets came to a head in August 2007 and rocked the financial markets.

          In an effort to limit the effects of this turmoil on the broader economy, the Fed lowered the federal funds rate to 4.75% on September 18, 2007. Bonds

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Short-Term Bond Fund II	1 year			since inception
Institutional Class (inception: 3/31/2006)		4.87	%		5.16	%
Retirement Class (inception: 3/31/2006)		4.63			4.94
Retail Class (inception: 3/31/2006)		4.86			5.09
Lehman Brothers U.S. Government/Credit (1–5 Year) Index*		5.67			5.83
Morningstar Short-Term Bond		4.35			4.59

* For a description of the fund’s benchmark, please see page 4.

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

54 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

rallied, with the broad Lehman index and the fund’s short-term benchmark producing third-quarter gains of 2.84% and 2.63%, respectively.

Longer-dated Treasuries offer investors extra payoff

As credit and liquidity concerns rose during the third quarter, many bond investors sought the relative safety of U.S. Treasury notes. As Treasury prices climbed, their yields fell. The 5-year Treasury yield dropped from 4.58% at the beginning of the period to 4.25% on September 30, 2007. The yield on the 2-year Treasury note fell from 4.69% to 3.99%.

Sector weightings limit the fund’s return

Although the fund’s sector weightings varied frequently during the period, relative to its benchmark, the net result was that the fund was underweighted in U.S. Treasuries and overweighted in mortgage- and asset-backed securities and corporate bonds, returns from which lagged Treasuries. The fund’s return was also negatively affected by a small position in riskier, higher-yielding securities, which were issued by Washington Mutual and did not perform as anticipated. These holdings were liquidated in July.

          The fund continued its strategy of investing primarily in high-quality securities. However, these traditional “safe havens” did not provide the usual level of protection within the extremely tumultuous environment of the third quarter because of investors’ prevailing preference for the even greater security of Treasuries.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

An investment of $10,000 in this fund on March 31, 2006, would have grown to $10,784 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Short-Term Bond Fund II	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,022.90			$ 1.52
Retirement Class		1,000.00		1,021.30			2.53
Retail Class		1,000.00		1,022.80			1.72
5% annual
hypothetical return
Institutional Class		1,000.00		1,023.55	†		1.52
Retirement Class		1,000.00		1,022.54	†		2.53
Retail Class		1,000.00		1,023.35	†		1.72

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.30% for the Institutional Class, 0.50% for the Retirement Class and 0.34% for the Retail Class. The expense ratios of all three share classes reflect voluntary and contractual agreements by the fund’s adviser to reimburse the fund for certain expenses. The contractual reimbursement continues through April 30, 2008, and the voluntary reimbursement may be discontinued at any time. Without these reimbursements, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 55

HIGH-YIELD FUND II  HIGH-YIELD SECURITIES

INVESTMENT OBJECTIVE

The fund seeks high current income and, when consistent with its primary objective, capital appreciation.

INVESTMENT RISKS

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, call risk, interest-rate risk, prepayment risk and extension risk—the fund is subject to special risks, including illiquid security risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TIHYX
Retirement Class	TIHRX
Retail Class	TIYRX
Fund net assets	$388.03 million
Number of issues	201
Portfolio turnover rate	43%
Average quality	B1
Option-adjusted duration	4.24 years
Average coupon	7.57%
Average yield to maturity	7.84%
Average maturity	6.90 years
HOLDINGS BY MATURITY
	% of portfolio investments
Less than 1 year	5.5
1–3 years	4.1
3–5 years	14.0
5–10 years	69.4
Greater than 10 years	7.0
Total	100.0
HOLDINGS BY CREDIT QUALITY
	% of portfolio investments
Ba/BB	38.9
B/B	51.0
Below B/B	4.6
Short-term investmentsa	5.5
Total	100.0

^a Excludes $37.86 million of securities lending collateral

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The High-Yield Fund II returned 7.66% for the Institutional Class, compared with the 7.39% gain of its benchmark, the Merrill Lynch BB/B Cash Pay Issuer Constrained Index, and the 7.08% average return of the fund’s peer group, the Morningstar High-Yield Bond category. The table below shows returns for all share classes of the fund.

Despite a drop in July, high-yield bonds post a solid return

For the twelve-month period, the return of the U.S. high-yield bond market was more than two percentage points greater than the 5.14% return of investment-grade bonds, as measured by the Lehman Brothers U.S. Aggregate Index.

          The Merrill Lynch index that serves as the fund’s benchmark returned 6.31% for the first six months of the period, but gave back part of that in a 2.64% decline during the month of July. The high-yield market then rebounded, with a 1.44% gain in the benchmark in August and another 2.24% advance in September.

          As of September 30, 2007, the benchmark produced an average annual return of 10.82% during the previous five years—more than double the 4.13% average annual return of the Lehman aggregate index but substantially less than the 16.17% average annual return of the broad U.S. stock market, as measured by the Russell 3000^® Index.

          Despite the turmoil in the credit markets during the third quarter of 2007, the default rate among U.S. high-yield issuers declined during the period, from 2.04% at the beginning of October 2006 to 1.22% at the end of September 2007.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
High-Yield Fund II	1 year			since inception
Institutional Class (inception: 3/31/2006)		7.66	%		7.00	%
Retirement Class (inception: 3/31/2006)		7.61			6.75
Retail Class (inception: 3/31/2006)		7.76			7.00
Merrill Lynch BB/B Cash Pay Issuer Constrained Index*		7.39			7.04
Morningstar High-Yield Bond		7.08			6.89

* For a description of the fund’s benchmark, please see page 4.

The returns above and in the graph show past performance, which is no guarantee of future results, and do not reflect any applicable redemption fees, or taxes that an Institutional or Retail Class shareholder would pay on fund distributions or the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

56 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

Lower-quality bonds retain market leadership

For the twelve-month period, C to CCC+ bonds, which are among the lowest rated, produced a return of 8.65%. In contrast, B-rated bonds returned 8.07%, while the higher-rated BB bonds of the fund’s benchmark returned 6.72%.

          The fund generally concentrates its holdings in B or BB bonds because they provide more attractive risk-adjusted return potential to long-term investors than do lower-rated securities. The table on the facing page shows the credit quality of the portfolio’s holdings as of September 30, 2007.

Sector and security choices lift the fund’s return

The fund outpaced its benchmark for the period on the strength of successful overweight positions in the chemicals sector, which outperformed the overall index, and in numerous individual securities. The chemicals holdings included Lyondell, Koppers, Hercules and Mosaic.

          Other security selections that succeeded included Avis and United Rentals in the support services sector and GameStop and Michaels Stores, an arts and crafts retailer, in the non-food and drug retail sector.

          Overweight positions in steel distributor Ryerson, satellite services provider Intelsat and book distributor Baker & Taylor also made positive contributions to the fund’s performance relative to the benchmark during the twelve-month period.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

An investment of $10,000 in this fund on March 31, 2006, would have grown to $11,070 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
High-Yield Fund II	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,010.90			$ 2.46
Retirement Class		1,000.00		1,011.00			3.02
Retail Class		1,000.00		1,010.50			2.36
5% annual
hypothetical return
Institutional Class		1,000.00		1,022.59	†		2.48
Retirement Class		1,000.00		1,022.03	†		3.04
Retail Class		1,000.00		1,022.69	†		2.38

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.49% for the Institutional Class, 0.60% for the Retirement Class and 0.47% for the Retail Class. The expense ratios of all three share classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2008. Without this reimbursement, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

The expenses shown above do not reflect the 2% redemption fee that may apply to certain transactions. Please see the prospectus for details about this fee, which became effective on October 16, 2007.

For more information about this expense example, please see page 5.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 57

TAX-EXEMPT BOND FUND II  TAX-EXEMPT BONDS

INVESTMENT OBJECTIVE

The fund seeks a high level of current income that is exempt from regular federal income tax, consistent with preservation of capital.

INVESTMENT RISKS

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, call risk, interest-rate risk, prepayment risk and extension risk—the fund is subject to special risks, including tax risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TITIX
Retail Class	TIXRX
Fund net assets	$255.40 million
Number of issues	208
Portfolio turnover rate	48%
Average quality	AA
Option-adjusted duration	6.32 years
Average coupon	5.29%
Average yield to maturity	4.01%
Average maturity	8.50 years
HOLDINGS BY MATURITY
	% of portfolio investments
Less than 1 year	0.3
1–3 years	2.7
3–5 years	4.8
5–10 years	66.9
Greater than 10 years	25.3
Total	100.0
HOLDINGS BY CREDIT QUALITY
	% of portfolio investments
Aaa/AAA	64.0
Aa/AA	16.8
A/A	5.7
Baa/BBB	11.5
Ba/BB	1.5
B/B	0.2
Short-term investments	0.3
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Tax-Exempt Bond Fund II returned 3.21% for the Institutional Class, compared with the 3.45% gain of its benchmark, the Lehman Brothers 10-Year Municipal Bond Index, and the 2.39% average return of the fund’s peer group, the Morningstar Municipal National Intermediate category. The table below shows returns for all share classes of the fund.

Municipal curve steepens in the wake of interest-rate cut

In response to rising default levels within the subprime mortgage market and tightening credit conditions, the Federal Reserve lowered the federal funds rate by half a percentage point on September 18, 2007, to 4.75%. The rate had remained at 5.25% since June 30, 2006. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.)

          In reaction to the Fed’s decision to cut the short-term rate, the slope of the municipal curve steepened during the third quarter of 2007. Entering the quarter, the spread between 1-year and 30-year bond yields was approximately 0.85 of a percentage point; it ended the period at 1.05 percentage points. Shorter-term rates fell between 0.25 and 0.35 of a point, while rates for maturities of 20 years or longer declined only 0.10 of a point for the period.

Municipal bond issuance increases on higher refunding activity

With tax revenues up and interest rates stable, states and municipalities issued a record $40.8 billion in bonds during the first quarter of 2007—nearly 50% higher than during the first quarter of 2006 and the largest first-quarter volume ever recorded.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Tax-Exempt Bond Fund II	1 year			since inception
Institutional Class (inception: 3/31/2006)		3.21	%		4.73	%
Retail Class (inception: 3/31/2006)		3.16			4.64
Lehman Brothers 10-Year Municipal Bond Index*		3.45			4.91
Morningstar Municipal National Intermediate		2.39			3.59

* For a description of the fund’s benchmark, please see page 4.

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

58 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

          Through the first nine months of 2007, new issuance stood at approximately $323 billion—a 21% increase over the $267 billion issued for all of 2006. This put the rate of issuance on track with that of 2005, when a record $408 billion in municipal bonds was issued. The majority of the increase during 2007 resulted from a sharp rise in refunding activity during a stable interest-rate environment. The largest issuers were California ($52 billion), Texas ($32 billion) and Florida ($24 billion).

Emphasis on higher quality helps the fund rebound in the third quarter

During the twelve-month period, the fund lagged its benchmark slightly because of the fund’s continued emphasis on higher-grade securities. These underperformed the overall tax-exempt market for most of the reporting period, while higher-yielding, lower-grade industrial, health care, resource recovery and tobacco bonds outperformed.

          Beginning in late June, bond investors fled more volatile, lower-grade issues in favor of the relative safety of higher-grade bonds in the face of an increasingly unpredictable market environment. The fund benefited from this flight to quality, and its performance improved significantly versus the benchmark during the third quarter of 2007.

          The fund also benefited from keeping a slightly shorter duration relative to the benchmark and gained enough ground versus the index to offset most of the effects of expenses.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

An investment of $10,000 in this fund on March 31, 2006, would have grown to $10,718 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Tax-Exempt Bond Fund II	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,016.20			$ 1.76
Retail Class		1,000.00		1,016.00			1.97
5% annual
hypothetical return
Institutional Class		1,000.00		1,023.30	†		1.77
Retail Class		1,000.00		1,023.10	†		1.97

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.35% for the Institutional Class and 0.39% for the Retail Class. The expense ratios of the Institutional and Retail classes reflect voluntary and contractual agreements by the fund’s adviser to reimburse the fund for certain expenses. The contractual reimbursement continues through April 30, 2008, and the voluntary reimbursement may be discontinued at any time. Without these reimbursements, the expenses of these share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 59

INFLATION-LINKED BOND FUND INFLATION-PROTECTED BONDS

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, call risk, interest-rate risk, prepayment risk and extension risk—the fund is subject to special risks, including the risks of inflation-indexed bonds and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TIILX
Retirement Class	TIKRX
Retail Class	TCILX
Fund net assets	$513.53 million
Number of issues	24
Portfolio turnover rate	26%
Average yield to maturity	4.53%
Average quality	AAA
Option-adjusted duration	7.88 years
Average coupon	2.52%
Average maturity	9.51 years
HOLDINGS BY MATURITY
% of portfolio investments
1–10-year bonds	71.1
10–20-year bonds	14.5
Over-20-year bonds	13.8
Short-term investments	0.6
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Inflation-Linked Bond Fund returned 4.51% for the Institutional Class, compared with the 4.98% gain of its benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index, and the 3.99% average return of the fund’s peer group, the Morningstar Inflation-Protected Bond category. The table below shows returns for all share classes of the fund.

The Fed cuts the short-term interest rate

After keeping the federal funds rate at 5.25% since June 2006, the Federal Reserve lowered it to 4.75% on September 18, 2007. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.) The Fed’s action came after a volatile summer in which continued fallout from the subprime lending crisis, coupled with declining home prices, sparked concern about the health of the overall U.S. economy.

          In lowering the short-term rate, the Fed concluded that tight credit conditions posed a greater threat to the U.S. economy than did inflation. Year-over-year inflation, as measured by the Consumer Price Index, increased 2% in August, compared with 2.7% in June.

TIPS endure a bumpy ride but finish strong

During the fourth quarter of 2006, TIPS struggled, losing 1.29%. Lower oil prices dampened demand for this asset class, and investors sold securities ahead of the auctions in October 2006 and January 2007. In the first quarter of 2007, demand for TIPS rebounded as rising oil prices stoked fears of higher overall inflation; the benchmark gained 2.51%.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Inflation-Linked Bond Fund	1 year			since inception
Institutional Class (inception: 10/1/2002)*		4.51	%		5.22	%
Retail Class (inception: 10/1/2002)*		4.35			5.08
Lehman Brothers U.S. Treasury Inflation-Protected Securities Index†		4.98			5.46
Morningstar Inflation-Protected Bond		3.99			4.44
Retirement Class (inception: 3/31/2006)		4.29			5.20	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	For a description of the fund’s benchmark, please see page 4.
‡	The performance shown for the Retirement Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement Class. If those higher expenses had been reflected, the performance of the Retirement Class shown for these periods would have been lower.

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

60 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

          In the second quarter of 2007, long-term interest rates rose, and bond prices fell. TIPS declined along with other U.S. fixed-income markets, losing 0.76%. In the third quarter of 2007, TIPS rallied, buoyed by a flight to quality from other credit markets and by oil prices that soared above $83 per barrel. TIPS returned 4.54% for the third quarter.

          For the twelve-month period, the solid gain for TIPS was only slightly below the 5.14% return of the broad investment-grade bond market, as measured by the Lehman Brothers U.S. Aggregate Index. For the five years ended September 30, 2007, TIPS produced an average annual return of 5.35%, topping the 4.13% average annual return of the Lehman aggregate index.

The fund outperforms its peers but lags the benchmark

The fund’s return was superior to the average return of similar inflation-linked bond funds. However, the fund underperformed the TIPS index, primarily because the fund’s return includes a deduction for expenses, while the benchmark’s return does not.

          Throughout the twelve-month period, the fund’s managers kept the fund’s duration—a measure of its sensitivity to interest-rate changes—at or slightly below the benchmark’s. This strategy was used to help the fund more closely track the performance of its benchmark.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $12,900 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Inflation-Linked Bond Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,034.30			$ 1.78
Retirement Class		1,000.00		1,033.10			2.80
Retail Class		1,000.00		1,034.10			2.44
5% annual
hypothetical return
Institutional Class		1,000.00		1,023.30	†		1.77
Retirement Class		1,000.00		1,022.29	†		2.78
Retail Class		1,000.00		1,022.64	†		2.43

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.35% for the Institutional Class, 0.55% for the Retirement Class and 0.48% for the Retail Class. The expense ratios of all three share classes reflect a contractual agreement by the fund’s adviser to reimburse the fund for certain expenses through April 30, 2008. Without this reimbursement, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 61

MONEY MARKET FUND   CASH EQUIVALENTS

INVESTMENT OBJECTIVE

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

INVESTMENT RISKS

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

FUND PROFILE
Ticker symbol
Institutional Class	TCIXX
Retirement Class	TIEXX
Retail Class	TIRXX
Fund net assets	$1.37 billion

NET ANNUALIZED YIELD (for the 7 days ended 9/25/2007)
	Current yield			Effective yield
Money Market Fund
Institutional Class		5.22	%		5.35	%
Retirement Class		5.17			5.31
Retail Class		4.82			4.94
iMoneyNet Money Fund
Report Averages—
All Taxable		4.54			4.65

The current yield more closely reflects current earnings than does the total return.

PORTFOLIO COMPOSITION
	% of portfolio investments
Commercial paper	80.4
U.S. agency securities	6.4
Certificates of deposit	5.8
Floating-rate securities	3.0
Banker’s acceptances	2.6
Bank notes	1.8
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

The Money Market Fund returned 5.37% for the Institutional Class, compared with the 4.82% gain of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The table below shows returns for all share classes of the fund.

The Fed trims the short-term interest rate

During the first half of the period, the economy grew moderately. Gross domestic product (GDP) rose at an annual rate of 2.5% during the fourth quarter of 2006 and 0.6% during the first quarter of 2007. Despite volatile oil prices, year-over-year inflation remained largely in check.

          Conditions changed in the second half of the period. GDP jumped 3.8% in the second quarter. Oil prices surpassed $70 a barrel in July, rising to nearly $84 a barrel in mid-September, and the Consumer Price Index was 2.8% higher than it had been in September 2006. At the same time, a cooling housing market and mounting defaults in subprime mortgages rattled investors, as the extent to which lenders were invested in these riskier debt securities became widely known.

          For most of the period, the federal funds rate stood at 5.25%, where it had been since June 2006. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.) On September 18, 2007, the Federal Reserve lowered the rate to 4.75% in an effort to limit the effects of the recent market turbulence on the broader economy.

LIBOR remains steady, then falls

For the first three quarters of the period, yields on the one-month LIBOR hovered around 5.32%, reflecting the belief that the Fed would leave the short-term

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Money Market Fund	1 year			5 years			since inception
Institutional Class (inception: 7/1/1999)*		5.37	%		3.01	%		3.58	%
iMoneyNet Money Fund Report Averages—All Taxable		4.82			2.48			3.07	†
Retirement Class (inception: 3/31/2006)		5.12			2.94	‡		3.53	‡
Retail Class (inception: 3/31/2006)		5.25			2.98	‡		3.56	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	Since 6/30/1999, the date closest to the inception date of the Institutional Class for which iMoneyNet returns are calculated.
‡	The performance shown for the Retirement and Retail classes that is prior to their inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement and Retail classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

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

62 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

rate unchanged in the near term. (The LIBOR, the interest rate that banks charge one another for loans on the London market, is the most widely used benchmark for short-term rates.) Yields on twelve-month issues ranged within a relatively tight 5.11% to 5.51% range.

          In August, however, as credit and liquidity concerns peaked, the yield on the one-month LIBOR rose steeply and in September reached a high of 5.82%. After the Fed rate cut, the one-month yield dropped, ending the period at 5.12%. The yield on the twelve-month LIBOR also fell, to 4.90%.

The fund benefits from its high-quality portfolio

To limit risk, the fund invests only in top-tier money market securities and did not hold any subprime issues during the twelve-month period. The fund invested heavily in the commercial paper of blue-chip companies, such as IBM and Coca-Cola. It avoided other commercial paper due to credit concerns.

          Commercial paper rose to 80.4% of the portfolio, from 74.6% twelve months earlier. U.S. agency securities dropped to 6.4% from 15.5%, and floating-rate securities fell to 3% from 4.6%. Certificates of deposit increased to 5.8% from 5.3%. The rest of the portfolio was divided between banker’s acceptances (2.6%) and bank notes (1.8%).

          On September 30, 2007, foreign securities made up 18.1% of the fund’s total portfolio investments.

          During the twelve-month period, the fund’s weighted average maturity fluctuated between 36 and 52 days. On September 25, 2007, it stood at 50 days, versus 40 days for the average iMoneyNet fund.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception July 1, 1999)

An investment of $10,000 in this fund on July 1, 1999, would have grown to $13,364 as of September 30, 2007, including reinvestment of dividends and distributions. The iMoneyNet performance shown is from June 30, 1999, the date closest to the inception of the Institutional Class for which iMoneyNet returns are calculated.

EXPENSE EXAMPLE

Six months ended September 30, 2007
Money Market Fund	Starting fund value (4/1/07)		Ending fund value (9/30/07)			Expenses paid* (4/1/07– 9/30/07)
Actual return
Institutional Class	$	1,000.00	$	1,026.60			$ 0.71
Retirement Class		1,000.00		1,025.40			1.77
Retail Class		1,000.00		1,025.90			1.27
5% annual
hypothetical return
Institutional Class		1,000.00		1,024.36	†		0.71
Retirement Class		1,000.00		1,023.30	†		1.77
Retail Class		1,000.00		1,023.80	†		1.27

*

“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. The fund’s annualized six-month expense ratio for that period is 0.14% for the Institutional Class, 0.35% for the Retirement Class and 0.25% for the Retail Class. The expense ratios of all three share classes reflect voluntary and contractual agreements by the fund’s adviser to reimburse the fund for certain expenses. The contractual reimbursement continues through April 30, 2008, and the voluntary reimbursement may be discontinued at any time. Without these reimbursements, the expenses of all three share classes would have been higher.

†

“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

For more information about this expense example, please see page 5.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 63

SUMMARY PORTFOLIO OF INVESTMENTS

GROWTH EQUITY FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	17,600		Nintendo Co Ltd	$	9,162,756		2.80	%
					9,162,756		2.80
APPAREL AND ACCESSORY STORES e					4,005,382		1.22
BUSINESS SERVICES
	154,618	*	Adobe Systems, Inc		6,750,622		2.06
	51,197	e	DST Systems, Inc		4,393,215		1.34
	133,267		eBay, Inc		5,200,078		1.59
	56,404	*	Electronic Arts, Inc		3,158,060		0.96
	443,154		Experian Group Ltd		4,687,589		1.43
	16,507	*	Google, Inc (Class A)		9,363,926		2.86
	194,068	e	Intuit, Inc		5,880,260		1.79
	124,131		Omnicom Group, Inc		5,969,460		1.82
	146,563		Oracle Corp		3,173,089		0.97
		e*	Other		5,573,316		1.70
					54,149,615		16.52
CHEMICALS AND ALLIED PRODUCTS
	86,001		Abbott Laboratories		4,611,374		1.41
	72,181		Air Products & Chemicals, Inc		7,056,415		2.15
	88,031		Colgate-Palmolive Co		6,278,371		1.92
	76,049		Genentech, Inc		5,933,343		1.81
	139,658	*	Gilead Sciences, Inc		5,707,822		1.74
	66,349		Merck & Co, Inc		3,429,580		1.05
	113,425		Monsanto Co		9,725,060		2.97
	201,776		Schering-Plough Corp		6,382,175		1.95
	142,650		Teva Pharmaceutical Industries Ltd (ADR)		6,343,645		1.93
		e*	Other		4,233,712		1.29
					59,701,497		18.22
COMMUNICATIONS
	72,063		AT&T, Inc		3,048,986		0.93
	56,234	e	NII Holdings, Inc		4,619,623		1.41
					7,668,609		2.34
EATING AND DRINKING PLACES
	55,444		McDonald’s Corp		3,020,035		0.92
					3,020,035		0.92
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	39,221	*	Apple Computer, Inc		6,021,992		1.84
	296,043	*	Cisco Systems, Inc		9,801,984		2.99
	286,940		Intel Corp		7,420,268		2.26
	185,376		Qualcomm, Inc		7,833,990		2.39
	86,333		Research In Motion Ltd		8,508,117		2.60
		e*	Other		3,815,343		1.16
					43,401,694		13.24
ENGINEERING AND MANAGEMENT SERVICES
	73,771	*	Celgene Corp		5,260,610		1.60
					5,260,610		1.60
FABRICATED METAL PRODUCTS					2,162,546		0.66

	Shares		Company	Value		% of net assets
GENERAL MERCHANDISE STORES
	143,912		TJX Cos, Inc	$	4,183,522		1.28	%
	70,481		Wal-Mart Stores, Inc		3,076,496		0.94
					7,260,018		2.22
HOLDING AND OTHER INVESTMENT OFFICES
	96,946		iShares Russell 1000 Growth Index Fund		5,984,477		1.83
					5,984,477		1.83
HOTELS AND OTHER LODGING PLACES
	54,896	*	MGM Mirage		4,909,898		1.50
			Other		2,302,607		0.70
					7,212,505		2.20
INDUSTRIAL MACHINERY AND EQUIPMENT
	100,741		Hewlett-Packard Co		5,015,894		1.53
	126,102		International Game Technology		5,434,996		1.66
		m,v*	Other		1,772,728		0.54
					12,223,618		3.73
INSTRUMENTS AND RELATED PRODUCTS
	42,614		Alcon, Inc		6,133,007		1.87
	161,535		Emerson Electric Co		8,596,893		2.62
	100,801		Medtronic, Inc		5,686,184		1.73
	52,667	*	Thermo Electron Corp		3,039,939		0.93
		e*	Other		5,038,508		1.54
					28,494,531		8.69
INSURANCE CARRIERS
	107,116		Aflac, Inc		6,109,897		1.86
			Other		1,767,682		0.54
					7,877,579		2.40
MISCELLANEOUS RETAIL
	289,976		CVS Corp		11,491,749		3.50
		e*	Other		1,698,683		0.52
					13,190,432		4.02
MOTION PICTURES
	138,590		News Corp (Class A)		3,047,594		0.93
					3,047,594		0.93
NONDEPOSITORY INSTITUTIONS					2,754,161		0.84
OIL AND GAS EXTRACTION
	33,812	e	Baker Hughes, Inc		3,055,590		0.93
	66,564		Weatherford International Ltd		4,471,770		1.37
		*	Other		3,639,660		1.11
					11,167,020		3.41
PAPER AND ALLIED PRODUCTS
	48,958		Anglo American plc		3,294,518		1.01
		*	Other		139,474		0.04
					3,433,992		1.05

64 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

GROWTH EQUITY FUND § SEPTEMBER 30, 2007

	Shares			Company		Value	% of net assets
PETROLEUM AND COAL PRODUCTS
	36,405			Devon Energy Corp	$	3,028,896	0.93	%
	36,008			Suncor Energy, Inc		3,413,918	1.04
						6,442,814	1.97
SECURITY AND COMMODITY BROKERS
	14,062			CME Group, Inc		8,259,316	2.52
	268,455			Charles Schwab Corp		5,798,628	1.77
		e*		Other		4,040,672	1.23
						18,098,616	5.52
TRANSPORTATION EQUIPMENT
	43,402			Boeing Co		4,556,776	1.39
		*		Other		3,703,249	1.13
						8,260,025	2.52
WATER TRANSPORTATION
	81,954	e		Royal Caribbean Cruises Ltd		3,198,665	0.98
						3,198,665	0.98
			TOTAL COMMON STOCKS
				(Cost $294,111,678)		327,178,791	99.83

	Shares		Company		Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	16,378,157		State Street Navigator Securities Lending
			Prime Portfolio	$	16,378,157		5.00	%
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $16,378,157)		16,378,157		5.00
		TOTAL PORTFOLIO
			(Cost $310,489,835)		343,556,948		104.83	%
			OTHER ASSETS & LIABILITIES, NET		(15,817,893	)	(4.83	)
		NET ASSETS		$	327,739,055		100.00	%

*	Non-income producing
e	All or a portion of these securities are out on loan
m	Indicates a security has been deemed illiquid.
v	Security valued at fair value.
ABBREVIATION:
ADR - American Depositary Receipt

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 65

SUMMARY PORTFOLIO OF INVESTMENTS

GROWTH & INCOME FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES e*				$	21,588,939		2.28	%
APPAREL AND ACCESSORY STORES e*					6,992,911		0.74
APPAREL AND OTHER TEXTILE PRODUCTS e*					1,278,679		0.14
BUILDING MATERIALS AND GARDEN SUPPLIES					3,724,534		0.39
BUSINESS SERVICES
	15,156	e*	Google, Inc (Class A)		8,597,544		0.91
	552,578		Microsoft Corp		16,278,948		1.72
		e*	Other		25,786,713		2.73
					50,663,205		5.36
CHEMICALS AND ALLIED PRODUCTS
	223,827		Abbott Laboratories		12,001,604		1.27
	98,473	e	Air Products & Chemicals, Inc		9,626,720		1.02
	108,742		Colgate-Palmolive Co		7,755,479		0.82
	213,390	*	Gilead Sciences, Inc		8,721,249		0.92
	310,442		Merck & Co, Inc		16,046,747		1.70
	93,403		Monsanto Co		8,008,373		0.85
	156,674		Procter & Gamble Co		11,020,449		1.17
	277,604	e	Schering-Plough Corp		8,780,615		0.93
		e*	Other		36,403,887		3.84
					118,365,123		12.52
COMMUNICATIONS
	206,286		AT&T, Inc		8,727,961		0.92
	264,829	e	Verizon Communications, Inc		11,726,628		1.24
		e*	Other		8,484,342		0.90
					28,938,931		3.06
DEPOSITORY INSTITUTIONS
	177,301		Bank of America Corp		8,912,921		0.94
	350,857		Citigroup, Inc		16,374,496		1.73
	301,689		JPMorgan Chase & Co		13,823,390		1.46
	132,562	e	Northern Trust Corp		8,784,884		0.93
	96,684		SunTrust Banks, Inc		7,316,078		0.77
	422,221		Wells Fargo & Co		15,039,512		1.59
		e	Other		7,153,908		0.77
					77,405,189		8.19
EATING AND DRINKING PLACES
	142,052		McDonald’s Corp		7,737,572		0.82
		e*	Other		7,479,492		0.79
					15,217,064		1.61
ELECTRIC, GAS, AND SANITARY SERVICES
	86,830	e	Constellation Energy Group, Inc		7,449,146		0.79
		e*	Other		19,382,493		2.05
					26,831,639		2.84

	Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	78,252	*	Apple Computer, Inc	$	12,014,812		1.27	%
	681,362	*	Cisco Systems, Inc		22,559,896		2.39
	152,075		Honeywell International, Inc		9,043,900		0.96
	563,386		Intel Corp		14,569,162		1.54
	224,387		Qualcomm, Inc		9,482,595		1.00
		e*	Other		29,554,869		3.13
					97,225,234		10.29
FOOD AND KINDRED PRODUCTS
	153,546		Coca-Cola Co		8,824,289		0.93
	193,604		PepsiCo, Inc		14,183,429		1.50
			Other		15,157,971		1.61
					38,165,689		4.04
GENERAL BUILDING CONTRACTORS					2,431,461		0.26
GENERAL MERCHANDISE STORES
	111,339	e	Target Corp		7,077,820		0.75
			Other		8,249,861		0.87
					15,327,681		1.62
HEALTH SERVICES
	85,842	*	Medco Health Solutions, Inc		7,759,258		0.82
					7,759,258		0.82
HOLDING AND OTHER INVESTMENT OFFICES
	109,669	e	SPDR Trust Series 1		16,733,296		1.77
		e	Other		4,302,061		0.46
					21,035,357		2.23
HOTELS AND OTHER LODGING PLACES e					7,728,072		0.82
INDUSTRIAL MACHINERY AND EQUIPMENT
	34,208		Alstom RGPT		6,954,376		0.74
	57,516	e	Deere & Co		8,536,525		0.90
	652,212		General Electric Co		27,001,577		2.86
	356,200		Hewlett-Packard Co		17,735,198		1.88
	88,293		International Business Machines Corp		10,400,915		1.10
		e,m,v*	Other		2,916,198		0.30
					73,544,789		7.78
INSTRUMENTS AND RELATED PRODUCTS
	211,705		Emerson Electric Co		11,266,940		1.19
	164,750		Johnson & Johnson		10,824,075		1.14
	170,507	e	Medtronic, Inc		9,618,300		1.02
		e*	Other		17,911,562		1.90
					49,620,877		5.25
INSURANCE AGENTS, BROKERS AND SERVICE					4,184,186		0.44
INSURANCE CARRIERS
	172,441		ACE Ltd		10,444,751		1.10
	137,794		Aflac, Inc		7,859,770		0.83
	203,497		American International Group, Inc		13,766,572		1.46
			Other		6,571,771		0.70
					38,642,864		4.09

66 2007 Annual Report §TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
GROWTH & INCOME FUND § SEPTEMBER 30, 2007

	Shares			Company	Value		% of net assets
MISCELLANEOUS RETAIL e					$	4,348,739		0.46	%
MOTION PICTURES e*						12,661,785		1.34
NONDEPOSITORY INSTITUTIONS
	154,368			Fannie Mae		9,387,118		0.99
				Other		9,731,385		1.03
						19,118,503		2.02
OIL AND GAS EXTRACTION
	147,474			Schlumberger Ltd		15,484,770		1.64
		e*		Other		21,278,268		2.25
						36,763,038		3.89
PAPER AND ALLIED PRODUCTS						6,729,812		0.71
PETROLEUM AND COAL PRODUCTS
	129,310			Devon Energy Corp		10,758,592		1.14
	413,982	e		Exxon Mobil Corp		38,318,174		4.05
		e		Other		11,555,602		1.22
						60,632,368		6.41
REAL ESTATE						1,686,780		0.18
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS						6,176,026		0.65
SECURITY AND COMMODITY BROKERS
	171,969	e		Morgan Stanley		10,834,047		1.15
		e		Other		9,290,756		0.98
						20,124,803		2.13
STONE, CLAY, AND GLASS PRODUCTS						2,771,185		0.29
TOBACCO PRODUCTS
	301,500			Altria Group, Inc		20,963,295		2.22
						20,963,295		2.22
TRANSPORTATION EQUIPMENT
	130,714			Boeing Co		13,723,664		1.45
	110,870			Raytheon Co		7,075,723		0.75
		e		Other		15,495,598		1.64
						36,294,985		3.84
TRUCKING AND WAREHOUSING						1,791,435		0.19
WATER TRANSPORTATION						1,366,951		0.14
WHOLESALE TRADE-NONDURABLE GOODS						2,415,517		0.26
			TOTAL COMMON STOCKS
				(Cost $739,905,058)		940,516,904		99.50

	Shares		Company	Value			% of net assets
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AGENCIES AND DISCOUNT NOTES †				$	1,229,590			0.13	%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	129,551,373		State Street Navigator Securities Lending
			Prime Portfolio		129,551,373			13.71
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $130,781,373)		130,780,963			13.84
		TOTAL PORTFOLIO
			(Cost $870,686,431)		1,071,297,867			113.34
		OTHER ASSETS & LIABILITIES, NET			(126,063,374	)		(13.34	)
		NET ASSETS		$	945,234,493			100.00	%

*	Non-income producing.
†	Notes mature 10/01/07.
e	All or a portion of these securities are out on loan.
m	Indicates a security that has been deemed illiquid
v	Security valued a fair value.

ABBREVIATION:

SPDR - Standard & Poor’s Depository Receipts

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds §2007 Annual Report 67

SUMMARY PORTFOLIO OF INVESTMENTS

INTERNATIONAL EQUITY FUND § SEPTEMBER 30, 2007

	Shares		Company		Value	% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	42,400		Nintendo Co Ltd	$	22,073,913	0.87	%
					22,073,913	0.87
AUTO REPAIR, SERVICES AND PARKING
	800,600		NOK Corp		17,146,006	0.67
					17,146,006	0.67
BUSINESS SERVICES
	803,857		Adecco S.A.		47,537,517	1.86
	1,652,716		WPP Group plc		22,385,179	0.88
			Other		1,185,670	0.05
					71,108,366	2.79
CHEMICALS AND ALLIED PRODUCTS
	2,557,400	e	Daiichi Sankyo Co Ltd		76,812,171	3.01
	837,404		Reckitt Benckiser plc		49,206,651	1.93
	113,022,000	e	Sinochem Hong Kong Holding Ltd		88,831,714	3.48
	251,470		Syngenta AG.		54,214,275	2.13
			Other		2,740,515	0.11
					271,805,326	10.66
COAL MINING
	11,931,000		China Coal Energy Co		35,452,974	1.39
					35,452,974	1.39
COMMUNICATIONS					19,463,079	0.76
DEPOSITORY INSTITUTIONS
	326,786		Julius Baer Holding AG.		24,433,516	0.96
	2,557		Mizuho Financial Group. Inc		14,580,899	0.57
	64,517		Societe Generale		10,826,278	0.42
	2,289,552		UBS A.G.		123,105,824	4.83
		e*	Other		27,992,953	1.10
					200,939,470	7.88
ELECTRIC, GAS, AND SANITARY SERVICES
	1,563,088		Fortum Oyj		57,371,252	2.25
			Other		12,231,903	0.48
					69,603,155	2.73
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	459,680		Hoya Corp		15,687,508	0.62
	245,165	*	SGL Carbon AG.		14,053,577	0.55
	558,000	e	TDK Corp		48,967,397	1.92
			Other		3,721,387	0.14
					82,429,869	3.23
ENGINEERING AND MANAGEMENT SERVICES
	483,472		GEA Group AG.		17,007,592	0.67
					17,007,592	0.67
FOOD AND KINDRED PRODUCTS
	538,031		Groupe Danone		42,349,543	1.66
					42,349,543	1.66

	Shares		Company	Value		% of net assets
FOOD STORES
	1,628,951	e	Carrefour S.A.	$	114,118,785		4.48	%
			Other		2,117,386		0.08
					116,236,171		4.56
HEAVY CONSTRUCTION, EXCEPT BUILDING
	809,336		Vinci S.A.		63,231,359		2.48
					63,231,359		2.48
HOLDING AND OTHER INVESTMENT OFFICES
	4,164,191		Ashmore Group plc		24,707,738		0.97
	3,413,000		Japan Asia Investment Co Ltd		16,877,064		0.66
	4,125,607		Man Group plc		46,720,752		1.83
			Other		1,649,504		0.07
					89,955,058		3.53
HOTELS AND OTHER LODGING PLACES
	725,838		Accor S.A.		64,439,353		2.53
					64,439,353		2.53
INDUSTRIAL MACHINERY AND EQUIPMENT
	489,392	e	Krones AG.		39,581,791		1.55
	255,808		Rheinmetall AG.		20,321,213		0.80
		e	Other		17,260,397		0.68
					77,163,401		3.03
INSTRUMENTS AND RELATED PRODUCTS
	759,027		Phonak Holding AG.		76,147,179		2.99
	235,328		Tecan Group AG.		15,159,631		0.59
					91,306,810		3.58
INSURANCE CARRIERS
	49,740		Zurich Financial Services AG.		14,920,932		0.58
					14,920,932		0.58
METAL MINING
	269,421		MMC Norilsk Nickel (ADR)		73,282,512		2.87
		e	Other		8,380,810		0.33
					81,663,322		3.20
MISCELLANEOUS RETAIL					2,048,955		0.08
NONDEPOSITORY INSTITUTIONS
	308,599		Deutsche Postbank AG.		22,657,905		0.89
	1,812,817		Tullett Prebon plc		16,004,389		0.63
					38,662,294		1.52
OIL AND GAS EXTRACTION
	34,374	*	Compagnie Generale de Geophysique S.A.		11,231,876		0.44
	448,083		Saipem S.p.A.		19,117,118		0.75
			Other		3,510,547		0.14
					33,859,541		1.33
PETROLEUM AND COAL PRODUCTS
	2,648,341		BP plc		30,749,929		1.21
	502,510		Royal Dutch Shell plc (A Shares)		20,737,431		0.81
			Other		6,075,773		0.24
					57,563,133		2.26

68 2007 Annual Report §TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
INTERNATIONAL EQUITY FUND § SEPTEMBER 30, 2007

	Shares			Company	Value		% of net assets
PRIMARY METAL INDUSTRIES					$	4,098,941		0.16	%
RAILROAD TRANSPORTATION						2,587,107		0.10
REAL ESTATE
	59,726			ORIX Corp		13,623,133		0.53
	8,345	e		Risa Partners, Inc		15,692,509		0.62
	3,031,300			Urban Corp		49,164,775		1.93
				Other		1,120,385		0.04
						79,600,802		3.12
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
	2,546,789			Bayer AG.		202,714,657		7.95
						202,714,657		7.95
SECURITY AND COMMODITY BROKERS						1,229,058		0.05
STONE, CLAY, AND GLASS PRODUCTS
	177,672			Holcim Ltd		19,625,183		0.77
	24,149,000	e		Nippon Sheet Glass Co Ltd		147,587,150		5.79
						167,212,333		6.56
TOBACCO PRODUCTS
	51,215,500			Huabao International Holdings Ltd		46,117,239		1.81
				Other		11,862,123		0.46
						57,979,362		2.27
TRANSPORTATION BY AIR
	124,880			SABMiller plc		3,556,612		0.14
TRANSPORTATION EQUIPMENT
	4,973,886			Fiat S.p.A.		150,431,522		5.90
	351,204			Siemens AG.		48,286,857		1.89
				Other		10,622,493		0.42
						209,340,872		8.21
TRUCKING AND WAREHOUSING
	3,200,135			Deutsche Post AG.		93,089,526		3.65
						93,089,526		3.65
WATER TRANSPORTATION						166,584		0.01
WHOLESALE TRADE-DURABLE GOODS
	989,884			Kloeckner & Co AG.		68,416,315		2.68
	1,070,700	e		Ulvac, Inc		34,675,523		1.36
				Other		2,651,788		0.11
						105,743,626		4.15
			TOTAL COMMON STOCKS
				(Cost $2,178,459,869)		2,507,749,102		98.36

	Shares		Company		Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	197,368,355		State Street Navigator Securities Lending
			Prime Portfolio	$	197,368,355		7.74	%
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $197,368,355)		197,368,355		7.74
		TOTAL PORTFOLIO
			(Cost $2,375,828,224)		2,705,117,457		106.10
		OTHER ASSETS & LIABILITIES, NET			(155,505,459	)	(6.10	)
		NET ASSETS		$	2,549,611,998		100.00	%

*	Non-income producing.
e	All or a portion of these securities are out on loan.

ABBREVIATION:

ADR - American Depositary Receipt

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds §2007 Annual Report 69

SUMMARY OF MARKET VALUES BY COUNTRY

INTERNATIONAL EQUITY FUND §SEPTEMBER 30, 2007

Country		Value		% of total portfolio
DOMESTIC
UNITED STATES OF AMERICA		$	197,368,355		7.30	%
	TOTAL DOMESTIC		197,368,355		7.30
FOREIGN
AUSTRALIA			22,615,255		0.84
BELGIUM			11,327,095		0.42
FINLAND			57,371,252		2.12
FRANCE			308,052,626		11.39
GERMANY			526,296,019		19.46
HONG KONG			171,343,185		6.33
INDIA			1,538,672		0.05
ITALY			175,624,412		6.49
JAPAN			543,940,876		20.11
NETHERLANDS			5,483,485		0.20
RUSSIA			74,074,239		2.74
SINGAPORE			2,814,661		0.10
SWITZERLAND			375,144,057		13.87
UNITED KINGDOM			232,123,268		8.58
	TOTAL FOREIGN		2,507,749,102		92.70
	TOTAL PORTFOLIO	$	2,705,117,457		100.00	%

70 2007 Annual Report §TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

LARGE-CAP GROWTH FUND § SEPTEMBER 30, 2007

Shares			Company			Value		% of net assets
	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES
	34,200			Nintendo Co Ltd	$		17,804,901		2.79	%
							17,804,901		2.79
	APPAREL AND ACCESSORY STORES e						7,788,039		1.22
	BUSINESS SERVICES
	300,640	*		Adobe Systems, Inc			13,125,942		2.06
	99,400	e*		DST Systems, Inc			8,529,514		1.34
	258,965	*		eBay, Inc			10,104,814		1.59
	109,745	*		Electronic Arts, Inc			6,144,623		0.96
	861,671			Experian Group Ltd			9,114,574		1.43
	32,129	*		Google, Inc (Class A)			18,225,818		2.86
	377,321	*		Intuit, Inc			11,432,826		1.79
	241,359			Omnicom Group, Inc			11,606,954		1.82
	284,865	*		Oracle Corp			6,167,327		0.97
		e*		Other			10,837,851		1.70
							105,290,243		16.52
	CHEMICALS AND ALLIED PRODUCTS
	167,198			Abbott Laboratories			8,965,157		1.41
	140,200			Air Products & Chemicals, Inc			13,705,952		2.15
	171,163			Colgate-Palmolive Co			12,207,345		1.92
	147,724	*		Genentech, Inc			11,525,426		1.81
	271,712	*		Gilead Sciences, Inc			11,104,869		1.74
	128,864			Merck & Co, Inc			6,660,980		1.05
	220,379			Monsanto Co			18,895,295		2.96
	390,191			Schering-Plough Corp			12,341,741		1.94
	277,325			Teva Pharmaceutical Industries Ltd (ADR)			12,332,643		1.94
		e*		Other			8,237,621		1.28
							115,977,029		18.20
	COMMUNICATIONS
	140,046			AT&T, Inc			5,925,346		0.93
	109,400	*		NII Holdings, Inc			8,987,210		1.41
							14,912,556		2.34
	EATING AND DRINKING PLACES						5,872,029		0.92
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	76,198	*		Apple Computer, Inc			11,699,441		1.84
	575,646	*		Cisco Systems, Inc			19,059,639		2.99
	557,759			Intel Corp			14,423,648		2.26
	360,311			Qualcomm, Inc			15,226,743		2.39
	167,811	*		Research In Motion Ltd			16,537,774		2.59
		*		Other			7,418,750		1.17
							84,365,995		13.24
	ENGINEERING AND MANAGEMENT SERVICES
	143,344	*		Celgene Corp			10,221,861		1.60
							10,221,861		1.60
	FABRICATED METAL PRODUCTS						4,205,037		0.66

Shares			Company			Value		% of net assets
	GENERAL MERCHANDISE STORES
	279,806	e		TJX Cos, Inc	$		8,133,960		1.28	%
	137,048			Wal-Mart Stores, Inc			5,982,145		0.94
							14,116,105		2.22
	HOLDING AND OTHER INVESTMENT OFFICES
	100,553			iShares Russell 1000 Growth Index Fund			6,207,137		0.97
							6,207,137		0.97
	HOTELS AND OTHER LODGING PLACES
	106,741	*		MGM Mirage			9,546,915		1.50
				Other			4,477,640		0.70
							14,024,555		2.20
	INDUSTRIAL MACHINERY AND EQUIPMENT
	195,814			Hewlett-Packard Co			9,749,579		1.53
	245,201			International Game Technology			10,568,163		1.66
		m,v*		Other			3,446,461		0.54
							23,764,203		3.73
	INSTRUMENTS AND RELATED PRODUCTS
	82,905			Alcon, Inc			11,931,688		1.87
	313,997			Emerson Electric Co			16,710,920		2.62
	195,985			Medtronic, Inc			11,055,514		1.73
	102,300	*		Thermo Electron Corp			5,904,756		0.93
		e*		Other			9,788,809		1.54
							55,391,687		8.69
	INSURANCE CARRIERS
	208,100			Aflac, Inc			11,870,024		1.86
				Other			3,433,663		0.54
							15,303,687		2.40
	MISCELLANEOUS RETAIL
	563,784			CVS Corp			22,342,760		3.51
		*		Other			3,303,099		0.51
							25,645,859		4.02
	MOTION PICTURES
	269,400			News Corp (Class A)			5,924,106		0.93
							5,924,106		0.93
	NONDEPOSITORY INSTITUTIONS						5,350,060		0.84
	OIL AND GAS EXTRACTION
	65,726			Baker Hughes, Inc			5,939,659		0.93
	129,430	*		Weatherford International Ltd			8,695,107		1.36
		*		Other			7,071,183		1.12
							21,705,949		3.41
	PAPER AND ALLIED PRODUCTS
	95,244			Anglo American plc			6,409,230		1.01
				Other			286,834		0.04
							6,696,064		1.05

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 71

SUMMARY PORTFOLIO OF INVESTMENTS concluded

LARGE-CAP GROWTH FUND § SEPTEMBER 30, 2007

Shares				Company		Value		% of net assets
	PETROLEUM AND COAL PRODUCTS
	70,800			Devon Energy Corp	$		5,890,560		0.92	%
	69,974	*		Suncor Energy, Inc			6,634,235		1.05
							12,524,795		1.97
	SECURITY AND COMMODITY BROKERS
	531,280			Charles Schwab Corp			11,475,648		1.80
	27,336			CME Group, Inc			16,055,800		2.52
		*		Other			7,856,721		1.23
							35,388,169		5.55
	TRANSPORTATION EQUIPMENT
	84,331			Boeing Co			8,853,912		1.39
		*		Other			7,203,828		1.13
							16,057,740		2.52
	WATER TRANSPORTATION
	159,355	e		Royal Caribbean Cruises Ltd			6,219,626		0.98
							6,219,626		0.98
			TOTAL COMMON STOCKS
				(Cost $546,664,691)			630,757,432		98.97

Shares			Company		Value			% of net assets
	SHORT-TERM INVESTMENTS
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	24,124,160		State Street Navigator Securities Lending
			Prime Portfolio	$		24,124,160			3.78	%
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $24,124,160)			24,124,160			3.78
		TOTAL PORTFOLIO
			(Cost $570,788,851)			654,881,592			102.75
		OTHER ASSETS & LIABILITIES, NET				(17,543,929	)		(2.75	)
		NET ASSETS		$		637,337,663			100.00	%

*	Non-income producing.
e	All or a portion of these securities are out on loan.
m	Indicates a security that has been deemed illiquid.
v	Security valued at fair value.

ABBREVIATION:

ADR - American Depositary Receipt

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

72 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

LARGE-CAP VALUE FUND § SEPTEMBER 30, 2007

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES *			$	733,204		0.07	%
APPAREL AND ACCESSORY STORES
1,359,492		Gap, Inc		25,069,032		2.27
	*	Other		3,131,371		0.29
				28,200,403		2.56
APPAREL AND OTHER TEXTILE PRODUCTS *				384,317		0.04
BUSINESS SERVICES e*				14,026,591		1.27
CHEMICALS AND ALLIED PRODUCTS
135,157		Colgate-Palmolive Co		9,639,397		0.87
367,640		Pfizer, Inc		8,981,445		0.81
164,872		PPG Industries, Inc		12,456,080		1.13
359,721		Schering-Plough Corp		11,377,975		1.03
	*	Other		24,338,444		2.22
				66,793,341		6.06
COAL MINING
127,648		Peabody Energy Corp		6,110,510		0.55
COMMUNICATIONS
327,983		AT&T, Inc		13,876,961		1.26
938,615		Sprint Nextel Corp		17,833,685		1.62
446,579		Verizon Communications, Inc		19,774,518		1.79
	e*	Other		14,411,097		1.31
				65,896,261		5.98
DEPOSITORY INSTITUTIONS
275,449		Bank of America Corp		13,846,821		1.26
371,599		Bank of New York Mellon Corp		16,402,380		1.49
853,258		Citigroup, Inc		39,821,551		3.61
298,038		JPMorgan Chase & Co		13,656,101		1.24
210,315		SunTrust Banks, Inc		15,914,536		1.44
384,575		TCF Financial Corp		10,068,174		0.91
517,758		US Bancorp		16,842,668		1.53
759,853	e	Wells Fargo & Co		27,065,964		2.45
	e	Other		20,862,638		1.89
				174,480,833		15.82
EATING AND DRINKING PLACES
1,288,664		Compass Group plc		7,962,528		0.72
307,387		Darden Restaurants, Inc		12,867,220		1.17
				20,829,748		1.89
ELECTRIC, GAS, AND SANITARY SERVICES
767,895	*	Allied Waste Industries, Inc		9,790,661		0.89
	e*	Other		44,042,873		3.99
				53,833,534		4.88
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
468,790		Motorola, Inc		8,686,679		0.79
	e,g*	Other		43,565,338		3.95
				52,252,017		4.74
ENGINEERING AND MANAGEMENT SERVICES e*				6,588,482		0.60

Shares		Company		Value	% of net assets
FABRICATED METAL PRODUCTS
232,930		Illinois Tool Works, Inc	$	13,891,945	1.26	%
				13,891,945	1.26
FOOD AND KINDRED PRODUCTS
311,055		ConAgra Foods, Inc		8,127,867	0.74
468,940		Kraft Foods, Inc (Class A)		16,183,119	1.47
158,460		PepsiCo, Inc		11,608,780	1.05
		Other		9,248,225	0.84
				45,167,991	4.10
FORESTRY
155,273		Rayonier, Inc		7,459,315	0.68
		Other		1,084,500	0.10
				8,543,815	0.78
FURNITURE AND FIXTURES				483,882	0.04
FURNITURE AND HOME FURNISHINGS STORES e				2,080,994	0.19
GENERAL BUILDING CONTRACTORS e*				4,229,192	0.38
GENERAL MERCHANDISE STORES
230,472		Macy’s, Inc		7,448,855	0.68
		Other		2,151,639	0.19
				9,600,494	0.87
HEALTH SERVICES e*				4,863,017	0.44
HOLDING AND OTHER INVESTMENT OFFICES e				6,628,305	0.60
HOTELS AND OTHER LODGING PLACES
169,491		Accor S.A.		15,047,284	1.36
		Other		1,700,757	0.16
				16,748,041	1.52
INDUSTRIAL MACHINERY AND EQUIPMENT
990,967		General Electric Co		41,026,034	3.72
	*	Other		17,155,422	1.56
				58,181,456	5.28
INSTRUMENTS AND RELATED PRODUCTS
205,683		Emerson Electric Co		10,946,449	0.99
386,373		Johnson & Johnson		25,384,706	2.30
148,387		Medtronic, Inc		8,370,511	0.76
207,281	*	Thermo Electron Corp		11,964,259	1.08
	*	Other		11,757,826	1.07
				68,423,751	6.20
INSURANCE AGENTS, BROKERS AND SERVICE
114,025		Hartford Financial Services Group, Inc		10,553,014	0.96
		Other		2,335,497	0.21
				12,888,511	1.17
INSURANCE CARRIERS
137,865		Aetna, Inc		7,481,934	0.68
136,573		American International Group, Inc		9,239,163	0.84
232,796		Travelers Cos, Inc/The		11,718,951	1.06
	e	Other		32,238,741	2.92
				60,678,789	5.50
METAL MINING				1,025,614	0.09

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 73

SUMMARY PORTFOLIO OF INVESTMENTS concluded

LARGE-CAP VALUE FUND § SEPTEMBER 30, 2007

Shares		Company	Value		% of net assets
MISCELLANEOUS RETAIL e*			$	3,195,723		0.29	%
MOTION PICTURES
340,020		News Corp (Class A)		7,477,040		0.68
		Other		5,040,903		0.45
				12,517,943		1.13
NONDEPOSITORY INSTITUTIONS
328,201		Fannie Mae		19,957,903		1.81
		Other		9,850,631		0.89
				29,808,534		2.70
OIL AND GAS EXTRACTION
206,739		Halliburton Co		7,938,778		0.72
	*	Other		17,777,724		1.61
				25,716,502		2.33
PAPER AND ALLIED PRODUCTS *				14,866,942		1.35
PETROLEUM AND COAL PRODUCTS
136,976		Apache Corp		12,336,059		1.12
194,851		Chevron Corp		18,234,157		1.65
112,564		ConocoPhillips		9,879,742		0.90
164,460		Devon Energy Corp		13,683,072		1.24
144,435		Exxon Mobil Corp		13,368,904		1.21
338,703		Occidental Petroleum Corp		21,704,088		1.97
		Other		9,526,933		0.86
				98,732,955		8.95
PIPELINES, EXCEPT NATURAL GAS				295,743		0.03
PRIMARY METAL INDUSTRIES				4,608,650		0.42
REAL ESTATE *				6,106,716		0.55
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				7,013,145		0.64
SECURITY AND COMMODITY BROKERS
323,876		Lehman Brothers Holdings, Inc		19,992,865		1.81
123,138		Morgan Stanley		7,757,694		0.70
	e	Other		14,506,136		1.32
				42,256,695		3.83
TOBACCO PRODUCTS
201,391		Altria Group, Inc		14,002,716		1.27
				14,002,716		1.27

Shares			Company		Value		% of net assets
TRANSPORTATION BY AIR e*				$	7,533,119		0.68	%
TRANSPORTATION EQUIPMENT
1,361,212	e*		Ford Motor Co		11,556,690		1.05
			Other		4,168,115		0.38
					15,724,805		1.43
TRANSPORTATION SERVICES e					7,107,346		0.64
WATER TRANSPORTATION e					4,893,191		0.44
WHOLESALE TRADE-DURABLE GOODS e*					105,169		0.01
		TOTAL COMMON STOCKS
			(Cost $1,034,074,676)		1,098,050,932		99.57
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AGENCIES AND DISCOUNT NOTES†					2,789,070		0.25
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
67,180,059			State Street Navigator Securities Lending
			Prime Portfolio		67,180,059		6.09
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $69,970,059)		69,969,129		6.34
		TOTAL PORTFOLIO
			(Cost $1,104,044,735)		1,168,020,061		105.91
		OTHER ASSETS & LIABILITIES, NET			(65,215,231	)	(5.91	)
		NET ASSETS		$	1,102,804,830		100.00	%

*	Non-income producing.
†	Notes mature 10/01/07.
e	All or a portion of these securities are out on loan.
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 September 30, 2007, the value of these securities amounted to $5,308,964 or 0.48% of net assets.

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

74 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

MID-CAP GROWTH FUND § SEPTEMBER 30, 2007

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES *			$	3,628,977		0.81	%
APPAREL AND OTHER TEXTILE PRODUCTS
95,769	e	Guess ?, Inc		4,695,554		1.04
	e	Other		4,302,502		0.96
				8,998,056		2.00
AUTOMOTIVE DEALERS AND SERVICE STATIONS
139,551	*	Copart, Inc		4,799,159		1.07
				4,799,159		1.07
BUSINESS SERVICES
124,364	*	Adobe Systems, Inc		5,429,732		1.21
109,398	*	Electronic Arts, Inc		6,125,194		1.36
	e*	Other		33,133,312		7.36
				44,688,238		9.93
CHEMICALS AND ALLIED PRODUCTS
58,696		Air Products & Chemicals, Inc		5,738,121		1.28
129,070	e	Ecolab, Inc		6,092,104		1.35
143,356	*	VCA Antech, Inc		5,985,113		1.33
	e*	Other		8,441,127		1.88
				26,256,465		5.84
COAL MINING
106,746	e	Consol Energy, Inc		4,974,364		1.11
				4,974,364		1.11
COMMUNICATIONS
144,205	e*	American Tower Corp (Class A)		6,278,686		1.40
119,478	e*	Crown Castle International Corp		4,854,391		1.08
135,832	e*	NeuStar, Inc (Class A)		4,657,679		1.04
60,959	*	NII Holdings, Inc		5,007,782		1.11
	e*	Other		3,258,500		0.72
				24,057,038		5.35
EATING AND DRINKING PLACES e*				7,340,102		1.63
ELECTRIC, GAS, AND SANITARY SERVICES
55,863		Constellation Energy Group, Inc		4,792,487		1.06
253,585	e*	Covanta Holding Corp		6,215,368		1.38
	e*	Other		3,712,639		0.83
				14,720,494		3.27
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
277,124	e*	Infineon Technologies AG. (ADR)		4,760,990		1.06
94,327	e*	JA Solar Holdings Co Ltd (ADR)		4,239,999		0.94
58,630		L-3 Communications Holdings, Inc		5,988,468		1.33
138,898	*	Nvidia Corp		5,033,664		1.12
	e*	Other		23,217,306		5.16
				43,240,427		9.61
ENGINEERING AND MANAGEMENT SERVICES
62,536	e*	Jacobs Engineering Group, Inc		4,726,471		1.05
				4,726,471		1.05

Shares		Company		Value	% of net assets
FOOD AND KINDRED PRODUCTS
77,227	e*	Hansen Natural Corp	$	4,377,226	0.97	%
131,339		McCormick & Co, Inc		4,724,264	1.05
		Other		3,845,206	0.86
				12,946,696	2.88
FURNITURE AND HOME FURNISHINGS STORES *				1,599,946	0.35
GENERAL MERCHANDISE STORES
88,815	e	JC Penney Co, Inc		5,628,207	1.25
167,088		TJX Cos, Inc		4,857,248	1.08
				10,485,455	2.33
HEALTH SERVICES
90,590	e	Manor Care, Inc		5,833,996	1.30
				5,833,996	1.30
HOLDING AND OTHER INVESTMENT OFFICES
60,368		iShares Russell Midcap Growth Index Fund		7,008,725	1.56
138,322	e	iStar Financial, Inc		4,701,565	1.04
		Other		3,362,021	0.75
				15,072,311	3.35
HOTELS AND OTHER LODGING PLACES
88,634		Starwood Hotels & Resorts Worldwide, Inc		5,384,516	1.20
				5,384,516	1.20
INDUSTRIAL MACHINERY AND EQUIPMENT
110,963	e*	Dresser-Rand Group, Inc		4,739,230	1.05
	e*	Other		13,205,454	2.94
				17,944,684	3.99
INSTRUMENTS AND RELATED PRODUCTS
128,291	e	Allergan, Inc		8,270,921	1.84
128,629	*	St. Jude Medical, Inc		5,668,680	1.26
92,927	*	Thermo Electron Corp		5,363,746	1.19
	e*	Other		20,579,270	4.57
				39,882,617	8.86
JUSTICE, PUBLIC ORDER AND SAFETY *				2,303,222	0.51
LEATHER AND LEATHER PRODUCTS
101,695	*	Coach, Inc		4,807,123	1.06
66,648	e*	CROCS, Inc		4,482,078	1.00
				9,289,201	2.06
METAL MINING				2,842,729	0.63
MISCELLANEOUS RETAIL e*				1,500	0.00	**
MOTION PICTURES e				4,026,826	0.89
NONDEPOSITORY INSTITUTIONS
93,053		Textron, Inc		5,788,827	1.29
				5,788,827	1.29

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 75

SUMMARY PORTFOLIO OF INVESTMENTS concluded

MID-CAP GROWTH FUND § SEPTEMBER 30, 2007

Shares			Company		Value	% of net assets
OIL AND GAS EXTRACTION
145,244	*		Denbury Resources, Inc	$	6,490,954	1.44	%
101,300	e		Equitable Resources, Inc		5,254,431	1.17
34,827	*		National Oilwell Varco, Inc		5,032,502	1.12
100,354			Saipem S.p.A.		4,281,526	0.95
96,442			Smith International, Inc		6,885,959	1.53
89,327	*		Weatherford International Ltd		6,000,988	1.33
87,216			XTO Energy, Inc		5,393,437	1.20
	e*		Other		6,462,948	1.44
					45,802,745	10.18
PRIMARY METAL INDUSTRIES
143,103	e*		Titanium Metals Corp		4,802,537	1.07
			Other		4,053,764	0.90
					8,856,301	1.97
REAL ESTATE
76,729	e		Forest City Enterprises, Inc (Class A)		4,232,372	0.94
	e*		Other		3,203,076	0.71
					7,435,448	1.65
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
75,281			Nike, Inc (Class B)		4,415,983	0.98
	e*		Other		3,675,353	0.82
					8,091,336	1.80
SECURITY AND COMMODITY BROKERS
94,515			T Rowe Price Group, Inc		5,263,540	1.17
	e*		Other		10,298,407	2.29
					15,561,947	3.46
SPECIAL TRADE CONTRACTORS
203,137	e*		Quanta Services, Inc		5,372,974	1.19
					5,372,974	1.19
STONE, CLAY, AND GLASS PRODUCTS					3,488,631	0.78
TRANSPORTATION EQUIPMENT					3,791,037	0.84
WATER TRANSPORTATION
122,134	e		Genco Shipping & Trading Ltd		8,003,441	1.78
					8,003,441	1.78
WHOLESALE TRADE-DURABLE GOODS
113,861	e*		Cytyc Corp		5,425,477	1.21
	e*		Other		4,324,906	0.96
					9,750,383	2.17
WHOLESALE TRADE-NONDURABLE GOODS
54,846			Wimm-Bill-Dann Foods OJSC (ADR)		5,996,862	1.33
	e*		Other		1,703,570	0.38
					7,700,432	1.71
		TOTAL COMMON STOCKS
			(Cost $382,759,093)		444,686,992	98.84

	Share		Company		Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	123,618,520		State Street Navigator Securities Lending
			Prime Portfolio	$	123,618,520		27.48	%
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $123,618,520)		123,618,520		27.48
		TOTAL PORTFOLIO
			(Cost $506,377,613)		568,305,512		126.32
		OTHER ASSETS & LIABILITIES, NET			(118,406,049	)	(26.32	)
		NET ASSETS		$	449,899,463		100.00	%

*	Non-income producing.
**	Percentage represents less than 0.01%.
e	All or a portion of these securities are out on loan.

ABBREVIATION:

ADR - American Depositary Receipt

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

76 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

MID-CAP VALUE FUND § SEPTEMBER 30, 2007

						% of net
	Shares		Company		Value	assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES *				$	2,951,000	0.34	%
APPAREL AND ACCESSORY STORES					4,702,200	0.55
APPAREL AND OTHER TEXTILE PRODUCTS e					3,707,640	0.43
AUTOMOTIVE DEALERS AND SERVICE STATIONS					1,683,850	0.20
BUSINESS SERVICES
	110,000	e*	CACI International, Inc (Class A)		5,619,900	0.65
	218,000	*	Computer Sciences Corp		12,186,200	1.42
		e*	Other		19,090,365	2.23
					36,896,465	4.30
CHEMICALS AND ALLIED PRODUCTS
	242,000		Alberto-Culver Co		5,999,180	0.70
	147,000		Cytec Industries, Inc		10,053,330	1.17
	86,000	*	Invitrogen Corp		7,028,780	0.82
	159,000		PPG Industries, Inc		12,012,450	1.40
		e*	Other		20,691,231	2.42
					55,784,971	6.51
COAL MINING e					3,551,620	0.41
COMMUNICATIONS
	55,000	*	Liberty Media Corp - Capital (Series A)		6,865,650	0.80
		e*	Other		12,884,616	1.50
					19,750,266	2.30
DEPOSITORY INSTITUTIONS
	868,000		Hudson City Bancorp, Inc		13,349,840	1.56
	367,000		TCF Financial Corp		9,608,060	1.12
		e	Other		43,244,528	5.04
					66,202,428	7.72
EATING AND DRINKING PLACES
	229,000		Darden Restaurants, Inc		9,585,940	1.12
					9,585,940	1.12
ELECTRIC, GAS, AND SANITARY SERVICES
	513,000	*	Allied Waste Industries, Inc		6,540,750	0.76
	147,000		American Electric Power Co, Inc		6,773,760	0.79
	112,000		Constellation Energy Group, Inc		9,608,480	1.12
	57,000		Entergy Corp		6,172,530	0.72
	156,600	e	Integrys Energy Group, Inc		8,022,618	0.94
	186,000	e*	NRG Energy, Inc		7,865,940	0.92
	310,300	e	NorthWestern Corp		8,430,851	0.98
	159,000		PPL Corp		7,361,700	0.86
	197,000		Progress Energy, Inc		9,229,450	1.08
	123,000		Questar Corp		6,461,190	0.75
	205,000		Southern Union Co		6,377,550	0.74
		e*	Other		38,389,426	4.48
					121,234,245	14.14
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	116,000		L-3 Communications Holdings, Inc		11,848,240	1.38
		e*	Other		18,396,516	2.15
					30,244,756	3.53
ENGINEERING AND MANAGEMENT SERVICES *					10,840,775	1.26

	Shares		Company		Value	% of net assets
FABRICATED METAL PRODUCTS
	494,000	*	Crown Holdings, Inc	$	11,243,440	1.31	%
					11,243,440	1.31
FOOD AND KINDRED PRODUCTS
	355,000	*	Smithfield Foods, Inc		11,182,500	1.30
			Other		8,978,910	1.05
					20,161,410	2.35
FOOD STORES
	292,000		Kroger Co		8,327,840	0.97
			Other		2,652,680	0.31
					10,980,520	1.28
FURNITURE AND FIXTURES					3,521,840	0.41
GENERAL MERCHANDISE STORES					3,005,760	0.35
HEALTH SERVICES e*					10,167,710	1.19
HEAVY CONSTRUCTION, EXCEPT BUILDING
	93,000		Bouygues S.A.		8,021,746	0.94
	89,000		Vinci S.A.		6,953,343	0.81
					14,975,089	1.75
HOLDING AND OTHER INVESTMENT OFFICES
	95,000	*	Archstone-Smith Trust		5,713,300	0.67
	62,000		Boston Properties, Inc		6,441,800	0.75
	70,000		iShares Russell 1000 Value Index Fund		6,016,500	0.70
	63,000		iShares Russell Midcap Value Index Fund		9,531,900	1.11
	127,000		Plum Creek Timber Co, Inc		5,684,520	0.66
	89,000		Prologis		5,905,150	0.69
	62,000		Vornado Realty Trust		6,779,700	0.79
		e,g,m,v*	Other		33,333,523	3.89
					79,406,393	9.26
HOTELS AND OTHER LODGING PLACES
	123,000		Accor S.A.		10,919,848	1.27
	146,000		Starwood Hotels & Resorts Worldwide, Inc		8,869,500	1.03
		e*	Other		6,305,750	0.74
					26,095,098	3.04
INDUSTRIAL MACHINERY AND EQUIPMENT					14,877,030	1.73
INSTRUMENTS AND RELATED PRODUCTS
	250,000	*	Thermo Electron Corp		14,430,000	1.68
	369,000	*	Xerox Corp		6,398,460	0.75
		e*	Other		18,098,315	2.11
					38,926,775	4.54
INSURANCE AGENTS, BROKERS AND SERVICE					8,026,595	0.94
INSURANCE CARRIERS
	99,300		ACE Ltd		6,014,601	0.70
	49,000		Everest Re Group Ltd		5,401,760	0.63
	258,000		Genworth Financial, Inc (Class A)		7,928,340	0.93
	80,000		XL Capital Ltd (Class A)		6,336,000	0.74
		e*	Other		20,596,560	2.40
					46,277,261	5.40

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 77

SUMMARY PORTFOLIO OF INVESTMENTS concluded

MID-CAP VALUE FUND § SEPTEMBER 30, 2007

	Shares			Company		Value	% of net assets
METAL MINING e*					$	7,293,964	0.85	%
MISCELLANEOUS RETAIL e*						7,675,448	0.90
MOTION PICTURES e*						5,833,000	0.68
OIL AND GAS EXTRACTION e*						8,863,060	1.03
PAPER AND ALLIED PRODUCTS
	209,000			Anglo American plc		14,064,183	1.64
	152,000			Greif, Inc (Class A)		9,223,360	1.07
		e		Other		5,630,800	0.66
						28,918,343	3.37
PETROLEUM AND COAL PRODUCTS
	121,000			Noble Energy, Inc		8,474,840	0.99
		*		Other		7,771,520	0.90
						16,246,360	1.89
PRIMARY METAL INDUSTRIES
	19,200			Vallourec		5,530,380	0.64
		*		Other		12,479,790	1.46
						18,010,170	2.10
PRINTING AND PUBLISHING *						11,610,750	1.35
RAILROAD TRANSPORTATION						5,287,160	0.62
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
	340,000			Newell Rubbermaid, Inc		9,798,800	1.14
						9,798,800	1.14
SECURITY AND COMMODITY BROKERS						6,310,500	0.74
TOBACCO PRODUCTS
	81,000			Loews Corp (Carolina Group)		6,660,630	0.78
		e		Other		7,042,757	0.82
						13,703,387	1.60
TRANSPORTATION BY AIR
	162,000	e*		UAL Corp		7,537,860	0.88
		e*		Other		8,275,931	0.96
						15,813,791	1.84
TRANSPORTATION EQUIPMENT
	125,000			Autoliv, Inc		7,468,750	0.87
		e*		Other		21,992,955	2.57
						29,461,705	3.44
WATER TRANSPORTATION e						5,939,940	0.69
WHOLESALE TRADE-NONDURABLE GOODS e,v						9,998,920	1.17
			TOTAL COMMON STOCKS
				(Cost $755,532,465)		855,566,375	99.77

	Shares		Company		Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	92,092,754		State Street Navigator Securities Lending
			Prime Portfolio	$	92,092,754		10.74	%
					92,092,754		10.74
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $92,092,754)			92,092,754		10.74
		TOTAL PORTFOLIO
		(Cost $847,625,219)			947,659,129		110.51
		OTHER ASSETS & LIABILITIES, NET			(90,093,943	)	(10.51	)
		NET ASSETS		$	857,565,186		100.00	%

*	Non-income producing
**	Percentage represents less than 0.01%.
e	All or a portion of these securities are out on loan.
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 September 30, 2007, the value of these securities amounted to $118,978 or 0.01% of net assets.
m	Indicates a security has been deemed illiquid.
v	Security valued at fair value.

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

78 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

SMALL-CAP EQUITY FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-LIVESTOCK e				$	2,113,547		0.41	%
AMUSEMENT AND RECREATION SERVICES e*					4,714,571		0.91
APPAREL AND ACCESSORY STORES
	132,057	*	Aeropostale, Inc		2,517,006		0.49
		e*	Other		6,480,472		1.25
					8,997,478		1.74
APPAREL AND OTHER TEXTILE PRODUCTS e*					3,519,128		0.68
AUTO REPAIR, SERVICES AND PARKING *					24,229		0.00	**
AUTOMOTIVE DEALERS AND SERVICE STATIONS					146,000		0.03
BUILDING MATERIALS AND GARDEN SUPPLIES *					2,359		0.00	**
BUSINESS SERVICES
	595,369	*	3Com Corp		2,941,123		0.57
	32,327	*	MicroStrategy, Inc (Class A)		2,564,824		0.50
	122,268	*	Sybase, Inc		2,828,059		0.55
	92,791	*	THQ, Inc		2,317,919		0.45
	136,600	*	Valueclick, Inc		3,068,036		0.59
		e*	Other		51,014,714		9.86
					64,734,675		12.52
CHEMICALS AND ALLIED PRODUCTS
	53,395		CF Industries Holdings, Inc		4,053,214		0.78
	78,986	e*	OSI Pharmaceuticals, Inc		2,684,734		0.52
		e*	Other		24,258,562		4.69
					30,996,510		5.99
COAL MINING e*					1,445,301		0.28
COMMUNICATIONS
	37,300	e*	Anixter International, Inc		3,075,385		0.59
	63,585	e	Atlantic Tele-Network, Inc		2,311,315		0.45
		e*	Other		10,852,482		2.10
					16,239,182		3.14
DEPOSITORY INSTITUTIONS
	93,096	e	Trustmark Corp		2,610,412		0.50
		e*	Other		29,829,169		5.77
					32,439,581		6.27
EATING AND DRINKING PLACES
	60,122		CBRL Group, Inc		2,452,978		0.47
	40,700	*	Jack in the Box, Inc		2,638,988		0.51
		e*	Other		6,247,162		1.21
					11,339,128		2.19
EDUCATIONAL SERVICES *					303,599		0.06
ELECTRIC, GAS, AND SANITARY SERVICES
	58,871	e	Nicor, Inc		2,525,566		0.49
	86,862		Portland General Electric Co		2,414,764		0.46
		e*	Other		16,797,127		3.25
					21,737,457		4.20

	Shares		Company		Value	% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	51,859	*	Comtech Telecommunications Corp	$	2,773,938	0.54	%
	64,210	*	Littelfuse, Inc		2,291,655	0.44
	229,509	e*	ON Semiconductor Corp		2,882,633	0.56
	378,848	e*	RF Micro Devices, Inc		2,549,647	0.49
	163,130	e*	Trident Microsystems, Inc		2,592,136	0.50
		e*	Other		26,380,829	5.10
					39,470,838	7.63
ENGINEERING AND MANAGEMENT SERVICES
	53,091		Watson Wyatt & Co Holdings (Class A)		2,385,910	0.46
		e*	Other		9,521,457	1.84
					11,907,367	2.30
FABRICATED METAL PRODUCTS
	65,492	e	Gulf Island Fabrication, Inc		2,514,238	0.49
		e*	Other		720,005	0.14
					3,234,243	0.63
FOOD AND KINDRED PRODUCTS e*					4,106,513	0.79
FOOD STORES e*					1,484,813	0.29
FURNITURE AND FIXTURES
	91,040		Herman Miller, Inc		2,470,826	0.48
		e*	Other		1,029,947	0.20
					3,500,773	0.68
FURNITURE AND HOME FURNISHINGS STORES e*					2,602,859	0.50
GENERAL BUILDING CONTRACTORS
	48,613	*	Perini Corp		2,718,925	0.53
		e*	Other		957,640	0.18
					3,676,565	0.71
GENERAL MERCHANDISE STORES e*					1,603,489	0.31
HEALTH SERVICES e*					2,974,850	0.58
HEAVY CONSTRUCTION, EXCEPT BUILDING
	44,178		Granite Construction, Inc		2,342,318	0.45
		*	Other		1,671,433	0.33
					4,013,751	0.78
HOLDING AND OTHER INVESTMENT OFFICES
	85,669		Cousins Properties, Inc		2,515,242	0.48
	141,891		DiamondRock Hospitality Co		2,470,322	0.48
	46,900		Equity Lifestyle Properties, Inc		2,429,420	0.47
	117,232		FelCor Lodging Trust, Inc		2,336,434	0.45
	51,383		Home Properties, Inc		2,681,165	0.52
	59,539	e	Potlatch Corp		2,681,041	0.52
	68,522	e	Tanger Factory Outlet Centers, Inc		2,781,308	0.54
		e*	Other		11,852,770	2.29
					29,747,702	5.75
HOTELS AND OTHER LODGING PLACES *					537,847	0.10

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 79

SUMMARY PORTFOLIO OF INVESTMENTS continued

SMALL-CAP EQUITY FUND § SEPTEMBER 30, 2007

	Shares		Company		Value	% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT
	141,400	*	Emulex Corp	$	2,710,638	0.52	%
	48,500	*	NATCO Group, Inc (Class A)		2,509,875	0.49
		e*	Other		19,788,398	3.83
					25,008,911	4.84
INSTRUMENTS AND RELATED PRODUCTS
	99,144		STERIS Corp		2,709,606	0.52
	44,319	*	Varian, Inc		2,819,132	0.55
		e*	Other		23,894,272	4.62
					29,423,010	5.69
INSURANCE AGENTS, BROKERS AND SERVICE *					1,487,498	0.29
INSURANCE CARRIERS
	77,440	*	AMERIGROUP Corp		2,670,131	0.52
	106,300		Aspen Insurance Holdings Ltd		2,966,833	0.57
	109,800	*	Centene Corp		2,361,798	0.46
	82,900		Platinum Underwriters Holdings Ltd		2,981,084	0.58
		e*	Other		11,615,595	2.24
					22,595,441	4.37
LEATHER AND LEATHER PRODUCTS e					2,516,561	0.49
LEGAL SERVICES e					1,658,587	0.32
LUMBER AND WOOD PRODUCTS e					244,529	0.05
METAL MINING e*					231,470	0.04
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					4,186,661	0.81
MISCELLANEOUS RETAIL
	26,155	*	Priceline.com, Inc		2,321,256	0.45
		e*	Other		6,722,210	1.30
					9,043,466	1.75
MOTION PICTURES e*					1,158,229	0.22
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS e*					361,211	0.07
NONDEPOSITORY INSTITUTIONS
	86,893		Advanta Corp (Class B)		2,382,606	0.46
		e*	Other		2,608,466	0.51
					4,991,072	0.97
OIL AND GAS EXTRACTION e*					14,912,376	2.88
PAPER AND ALLIED PRODUCTS
	79,073		Rock-Tenn Co (Class A)		2,285,210	0.44
		e	Other		620,404	0.12
					2,905,614	0.56
PERSONAL SERVICES e*					1,539,036	0.30
PETROLEUM AND COAL PRODUCTS e					1,881,546	0.36
PRIMARY METAL INDUSTRIES e*					6,460,725	1.25

	Shares			Company		Value	% of net assets
PRINTING AND PUBLISHING e*					$	5,707,127	1.10	%
REAL ESTATE						8	0.00	**
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
	89,700			Tupperware Corp		2,824,653	0.55
	59,229			West Pharmaceutical Services, Inc		2,467,480	0.48
		e*		Other		3,697,204	0.71
						8,989,337	1.74
SECURITY AND COMMODITY BROKERS e*						7,017,820	1.36
SOCIAL SERVICES *						41,409	0.01
SPECIAL TRADE CONTRACTORS
	83,620	*		EMCOR Group, Inc		2,622,323	0.51
		e*		Other		979,793	0.19
						3,602,116	0.70
TEXTILE MILL PRODUCTS e*						559,853	0.11
TOBACCO PRODUCTS e						1,262,910	0.24
TRANSPORTATION BY AIR e*						3,075,934	0.59
TRANSPORTATION EQUIPMENT e*						9,572,514	1.85
TRANSPORTATION SERVICES
	97,033	*		Lear Corp		3,114,759	0.60
		e*		Other		2,765,797	0.54
						5,880,556	1.14
TRUCKING AND WAREHOUSING *						45,441	0.01
WATER TRANSPORTATION						1,319,995	0.26
WHOLESALE TRADE-DURABLE GOODS
	84,599			Applied Industrial Technologies, Inc		2,608,187	0.50
		e*		Other		5,941,492	1.15
						8,549,679	1.65
WHOLESALE TRADE-NONDURABLE GOODS
	112,600	e*		Terra Industries, Inc		3,519,876	0.68
		e*		Other		6,935,048	1.34
						10,454,924	2.02
			TOTAL COMMON STOCKS
				(Cost $505,140,333)		504,299,921	97.51
	Principal			Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
				Federal Home Loan Bank, (FHLB)
$	10,720,000			d 0.000%, 10/01/07		10,716,427	2.07
						10,716,427	2.07

80 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

SMALL-CAP EQUITY FUND § SEPTEMBER 30, 2007

	Shares		Company		Value		% of net assets
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	143,285,481		State Street Navigator Securities Lending
			Prime Portfolio	$	143,285,481		27.71	%
					143,285,481		27.71
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $154,005,481)		154,001,908		29.78
		TOTAL PORTFOLIO
			(Cost $659,145,814)		658,301,829		127.29
		OTHER ASSETS & LIABILITIES, NET			(141,154,519	)	(27.29	)
		NET ASSETS		$	517,147,310		100.00	%

*	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 $10,716,427.
e	All or a portion of these securities are out on loan.

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 81

SUMMARY PORTFOLIO OF INVESTMENTS

LARGE-CAP GROWTH INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES e*				$	2,221,885		0.62	%
APPAREL AND ACCESSORY STORES e*					2,772,666		0.77
APPAREL AND OTHER TEXTILE PRODUCTS e					474,285		0.13
AUTO REPAIR, SERVICES AND PARKING *					210,251		0.06
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					844,899		0.23
BUILDING MATERIALS AND GARDEN SUPPLIES
	67,406		Lowe’s Cos, Inc		1,888,716		0.52
			Other		1,694,892		0.47
					3,583,608		0.99
BUSINESS SERVICES
	51,168	*	eBay, Inc		1,996,575		0.55
	10,263	*	Google, Inc (Class A)		5,821,892		1.62
	367,495		Microsoft Corp		10,826,403		3.00
	172,619	*	Oracle Corp		3,737,201		1.04
		e*	Other		18,094,057		5.02
					40,476,128		11.23
CHEMICALS AND ALLIED PRODUCTS
	68,956		Abbott Laboratories		3,697,421		1.03
	34,789	*	Amgen, Inc		1,968,014		0.55
	88,111		Bristol-Myers Squibb Co		2,539,359		0.70
	20,832	*	Genentech, Inc		1,625,313		0.45
	41,808	*	Gilead Sciences, Inc		1,708,693		0.47
	80,140		Merck & Co, Inc		4,142,437		1.15
	24,366		Monsanto Co		2,089,141		0.58
	55,824		Procter & Gamble Co		3,926,660		1.09
	66,683		Schering-Plough Corp		2,109,183		0.58
		e*	Other		13,869,780		3.85
					37,676,001		10.45
COAL MINING e					1,249,594		0.35
COMMUNICATIONS
	81,052	e*	Comcast Corp (Class A)		1,959,837		0.55
		e*	Other		5,993,917		1.66
					7,953,754		2.21
DEPOSITORY INSTITUTIONS					3,538,253		0.98
EATING AND DRINKING PLACES e*					3,230,024		0.90
EDUCATIONAL SERVICES e*					754,763		0.21
ELECTRIC, GAS, AND SANITARY SERVICES e*					6,719,409		1.86
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	38,725	*	Apple Computer, Inc		5,945,837		1.65
	271,822	*	Cisco Systems, Inc		9,000,026		2.50
	29,878		Honeywell International, Inc		1,776,845		0.49
	260,125		Intel Corp		6,726,833		1.87
	74,616		Qualcomm, Inc		3,153,272		0.87
	64,181		Texas Instruments, Inc		2,348,383		0.65
		e*	Other		11,143,562		3.09
					40,094,758		11.12
ENGINEERING AND MANAGEMENT SERVICES e*					5,152,624		1.43

	Shares		Company	Value		% of net assets
FABRICATED METAL PRODUCTS e*				$	1,592,633		0.44	%
FOOD AND KINDRED PRODUCTS
	68,254		Coca-Cola Co		3,922,557		1.09
	72,925		PepsiCo, Inc		5,342,486		1.48
		e*	Other		3,673,664		1.02
					12,938,707		3.59
FOOD STORES e*					948,081		0.26
FORESTRY					11,914		0.00	**
FURNITURE AND FIXTURES e					953,644		0.26
FURNITURE AND HOME FURNISHINGS STORES e*					1,037,933		0.29
GENERAL BUILDING CONTRACTORS e*					107,028		0.03
GENERAL MERCHANDISE STORES
	38,294		Target Corp		2,434,350		0.68
	79,236		Wal-Mart Stores, Inc		3,458,651		0.96
		e*	Other		2,489,219		0.69
					8,382,220		2.33
HEALTH SERVICES e*					6,634,348		1.84
HEAVY CONSTRUCTION, EXCEPT BUILDING *					416,945		0.12
HOLDING AND OTHER INVESTMENT OFFICES
	59,100		iShares Russell 1000 Growth Index Fund		3,648,243		1.02
		e*	Other		3,184,697		0.88
					6,832,940		1.90
HOTELS AND OTHER LODGING PLACES e*					3,914,888		1.09
INDUSTRIAL MACHINERY AND EQUIPMENT
	28,669		Caterpillar, Inc		2,248,510		0.62
	101,697	*	Dell, Inc		2,806,837		0.78
	93,948	*	EMC Corp		1,954,118		0.54
	51,120	d	General Electric Co		2,116,368		0.59
	119,821		Hewlett-Packard Co		5,965,888		1.66
	48,682		International Business Machines Corp		5,734,740		1.59
		e*	Other		8,834,929		2.45
					29,661,390		8.23
INSTRUMENTS AND RELATED PRODUCTS
	29,167		Baxter International, Inc		1,641,519		0.45
	29,582		Emerson Electric Co		1,574,354		0.44
	48,623		Johnson & Johnson		3,194,531		0.89
	51,444		Medtronic, Inc		2,901,956		0.81
		e*	Other		10,975,486		3.04
					20,287,846		5.63
INSURANCE AGENTS, BROKERS AND SERVICE e					154,440		0.04
INSURANCE CARRIERS
	59,997		UnitedHealth Group, Inc		2,905,655		0.81
		e*	Other		4,597,553		1.27
					7,503,208		2.08
JUSTICE, PUBLIC ORDER AND SAFETY *					148,593		0.04
LEATHER AND LEATHER PRODUCTS e*					1,041,903		0.29
METAL MINING e					2,495,841		0.69

82 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
LARGE-CAP GROWTH INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
MISCELLANEOUS MANUFACTURING INDUSTRIES				$	242,923		0.07	%
MISCELLANEOUS RETAIL
	44,656		Walgreen Co		2,109,549		0.58
		e*	Other		5,539,859		1.54
					7,649,408		2.12
MOTION PICTURES e*					3,331,152		0.92
NONDEPOSITORY INSTITUTIONS
	46,364		American Express Co		2,752,631		0.76
		e*	Other		2,620,338		0.73
					5,372,969		1.49
NONMETALLIC MINERALS, EXCEPT FUELS e					491,117		0.14
OIL AND GAS EXTRACTION
	52,763		Schlumberger Ltd		5,540,115		1.54
		e*	Other		14,225,035		3.94
					19,765,150		5.48
PAPER AND ALLIED PRODUCTS e*					792,751		0.22
PERSONAL SERVICES e					576,283		0.16
PETROLEUM AND COAL PRODUCTS
	51,447		Exxon Mobil Corp		4,761,934		1.32
		e	Other		2,452,630		0.68
					7,214,564		2.00
PRIMARY METAL INDUSTRIES
	70,416		Corning, Inc		1,735,754		0.48
		e*	Other		2,407,967		0.67
					4,143,721		1.15
PRINTING AND PUBLISHING e					1,494,840		0.41
RAILROAD TRANSPORTATION e*					2,712,852		0.75
REAL ESTATE e*					716,235		0.20
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*					1,444,796		0.40
SECURITY AND COMMODITY BROKERS
	7,995		Goldman Sachs Group, Inc		1,732,836		0.48
		e*	Other		9,144,287		2.54
					10,877,123		3.02
SPECIAL TRADE CONTRACTORS e*					198,930		0.06
STONE, CLAY, AND GLASS PRODUCTS
	30,174		3M Co		2,823,683		0.78
		e*	Other		475,857		0.13
					3,299,540		0.91
TOBACCO PRODUCTS
	53,767		Altria Group, Inc		3,738,420		1.04
		e	Other		432,933		0.12
					4,171,353		1.16
TRANSPORTATION BY AIR e*					2,214,644		0.61

	Shares			Company	Value			% of net assets
TRANSPORTATION EQUIPMENT
	35,253			Boeing Co	$	3,701,212			1.02	%
	15,760			Lockheed Martin Corp		1,709,802			0.47
	27,150			United Technologies Corp		2,185,032			0.61
		e*		Other		4,029,431			1.12
						11,625,477			3.22
TRANSPORTATION SERVICES e						1,013,162			0.28
TRUCKING AND WAREHOUSING
	30,052			United Parcel Service, Inc (Class B)		2,256,905			0.63
				Other		302,794			0.08
						2,559,699			0.71
WATER TRANSPORTATION *						607,544			0.17
WHOLESALE TRADE-DURABLE GOODS						1,350,966			0.37
WHOLESALE TRADE-NONDURABLE GOODS e*						3,038,701			0.84
			TOTAL COMMON STOCKS (Cost $312,994,145)			358,923,304			99.55
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES †d						789,737			0.22
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	29,126,448			State Street Navigator Securities Lending
				Prime Portfolio		29,126,448			8.08
			TOTAL SHORT-TERM INVESTMENTS (Cost $29,916,448)			29,916,185			8.30
			TOTAL PORTFOLIO (Cost $342,910,593)			388,839,489			107.85
			OTHER ASSETS & LIABILITIES, NET			(28,305,116	)		(7.85	)
			NET ASSETS		$	360,534,373			100.00	%

*	Non-income producing
**	Percentage represents less than 0.01%
†	Notes mature 10/01/07.
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 $855,977.
e	All or a portion of these securities are out on loan.

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 83

SUMMARY PORTFOLIO OF INVESTMENTS

LARGE-CAP VALUE INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	65,435		Walt Disney Co	$	2,250,310		0.48	%
		e	Other		509,309		0.11
					2,759,619		0.59
APPAREL AND ACCESSORY STORES *					807,034		0.17
APPAREL AND OTHER TEXTILE PRODUCTS e					778,321		0.17
AUTO REPAIR, SERVICES AND PARKING *					321,395		0.07
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					265,237		0.06
BUILDING MATERIALS AND GARDEN SUPPLIES					1,362,804		0.29
BUSINESS SERVICES e*					6,068,700		1.30
CHEMICALS AND ALLIED PRODUCTS
	55,865		Dow Chemical Co		2,405,547		0.52
	45,522		Du Pont (E.I.) de Nemours & Co		2,256,070		0.48
	412,266		Pfizer, Inc		10,071,658		2.16
	111,627		Procter & Gamble Co		7,851,843		1.69
		e*	Other		12,087,327		2.60
					34,672,445		7.45
COMMUNICATIONS
	362,049		AT&T, Inc		15,318,293		3.29
	165,156		Sprint Nextel Corp		3,137,964		0.67
	170,435		Verizon Communications, Inc		7,546,862		1.62
		e*	Other		9,152,527		1.97
					35,155,646		7.55
DEPOSITORY INSTITUTIONS
	260,730		Bank of America Corp		13,106,897		2.82
	43,401		Bank of New York Mellon Corp/The		1,915,720		0.41
	290,525		Citigroup, Inc		13,558,802		2.91
	200,634		JPMorgan Chase & Co		9,193,050		1.98
	102,139		US Bancorp		3,322,582		0.71
	112,462		Wachovia Corp		5,639,969		1.21
	51,895		Washington Mutual, Inc		1,832,412		0.39
	197,241		Wells Fargo & Co		7,025,724		1.51
		e	Other		15,963,209		3.43
					71,558,365		15.37
EATING AND DRINKING PLACES
	55,518		McDonald’s Corp		3,024,065		0.65
					3,024,065		0.65
ELECTRIC, GAS, AND SANITARY SERVICES e*					27,703,220		5.95
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	136,184		Motorola, Inc		2,523,490		0.54
		e*	Other		6,080,208		1.31
					8,603,698		1.85
ENGINEERING AND MANAGEMENT SERVICES e*					687,887		0.15
FABRICATED METAL PRODUCTS e*					2,105,067		0.45

	Shares		Company		Value	% of net assets
FOOD AND KINDRED PRODUCTS
	46,101		Coca-Cola Co	$	2,649,424	0.57	%
	94,097		Kraft Foods, Inc (Class A)		3,247,287	0.70
		e*	Other		8,773,886	1.88
					14,670,597	3.15
FOOD STORES					1,774,574	0.38
FORESTRY					1,125,836	0.24
FURNITURE AND FIXTURES e					1,108,660	0.24
FURNITURE AND HOME FURNISHINGS STORES e*					312,468	0.07
GENERAL BUILDING CONTRACTORS e*					1,152,467	0.25
GENERAL MERCHANDISE STORES e*					3,253,347	0.70
HEALTH SERVICES e*					2,781,066	0.60
HOLDING AND OTHER INVESTMENT OFFICES e*
	163,017		iShares Russell 1000 Value Index Fund		14,011,311	3.01
		e*	Other		12,426,245	2.67
					26,437,556	5.68
HOTELS AND OTHER LODGING PLACES e					455,273	0.10
INDUSTRIAL MACHINERY AND EQUIPMENT
	12,538		Deere & Co		1,860,890	0.40
	537,106	d	General Electric Co		22,236,188	4.78
	16,322		International Business Machines Corp		1,922,732	0.41
		*	Other		3,926,989	0.84
					29,946,799	6.43
INSTRUMENTS AND RELATED PRODUCTS
	106,345		Johnson & Johnson		6,986,867	1.50
		e*	Other		5,976,007	1.29
					12,962,874	2.79
INSURANCE AGENTS, BROKERS AND SERVICE
	18,608		Hartford Financial Services Group, Inc		1,722,170	0.37
		e	Other		2,003,217	0.43
					3,725,387	0.80
INSURANCE CARRIERS
	35,666		Allstate Corp		2,039,739	0.44
	122,392		American International Group, Inc		8,279,819	1.78
	27,702		Metlife, Inc		1,931,660	0.42
	20,565		Prudential Financial, Inc		2,006,733	0.43
	38,920		Travelers Cos, Inc/The		1,959,233	0.42
		e*	Other		17,195,335	3.69
					33,412,519	7.18
LOCAL AND INTERURBAN PASSENGER TRANSIT					177,438	0.04
LUMBER AND WOOD PRODUCTS e					101,328	0.02
METAL MINING					1,077,088	0.23
MISCELLANEOUS MANUFACTURING INDUSTRIES *					2,522,741	0.54
MISCELLANEOUS RETAIL e*					2,636,751	0.57

84 2007 Annual Report §TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

LARGE-CAP VALUE INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company		Value	% of net assets
MOTION PICTURES
	189,292		Time Warner, Inc	$	3,475,401	0.75	%
		e*	Other		2,433,567	0.52
					5,908,968	1.27
NONDEPOSITORY INSTITUTIONS
	57,074		Fannie Mae		3,470,670	0.75
		e*	Other		5,281,416	1.13
					8,752,086	1.88
OIL AND GAS EXTRACTION e*					4,129,868	0.89
PAPER AND ALLIED PRODUCTS *					3,187,554	0.69
PERSONAL SERVICES					289,328	0.06
PETROLEUM AND COAL PRODUCTS
	19,438		Apache Corp		1,750,586	0.37
	126,217		Chevron Corp		11,811,387	2.54
	95,996		ConocoPhillips		8,425,569	1.81
	26,112		Devon Energy Corp		2,172,518	0.47
	263,318		Exxon Mobil Corp		24,372,714	5.24
	40,203		Marathon Oil Corp		2,292,375	0.49
	48,880		Occidental Petroleum Corp		3,132,230	0.67
		e*	Other		4,703,112	1.01
					58,660,491	12.60
PIPELINES, EXCEPT NATURAL GAS					906,348	0.20
PRIMARY METAL INDUSTRIES
	50,954		Alcoa, Inc		1,993,320	0.43
			Other		1,927,713	0.41
					3,921,033	0.84
PRINTING AND PUBLISHING e*					2,159,607	0.46
RAILROAD TRANSPORTATION e*					2,329,179	0.50
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					442,746	0.09
SECURITY AND COMMODITY BROKERS
	13,451		Goldman Sachs Group, Inc		2,915,370	0.63
	31,218		Lehman Brothers Holdings, Inc		1,927,087	0.41
	38,239		Merrill Lynch & Co, Inc		2,725,676	0.59
	58,322		Morgan Stanley		3,674,286	0.79
		e*	Other		3,229,507	0.69
					14,471,926	3.11
STONE, CLAY, AND GLASS PRODUCTS e*					650,754	0.14
TOBACCO PRODUCTS
	52,910		Altria Group, Inc		3,678,832	0.79
		e	Other		1,061,576	0.23
					4,740,408	1.02
TRANSPORTATION BY AIR e*					1,195,438	0.26

	Shares			Company		Value		% of net assets
TRANSPORTATION EQUIPMENT
	20,314			General Dynamics Corp	$	1,715,924		0.37	%
	22,684			United Technologies Corp		1,825,608		0.39
		e*		Other		5,862,255		1.26
						9,403,787		2.02
TRANSPORTATION SERVICES e						71,307		0.01
TRUCKING AND WAREHOUSING e*						122,281		0.03
WATER TRANSPORTATION e						1,445,805		0.31
WHOLESALE TRADE-DURABLE GOODS *						976,632		0.21
WHOLESALE TRADE-NONDURABLE GOODS e						587,311		0.13
			TOTAL COMMON STOCKS
				(Cost $412,624,109)		459,861,129		98.80
	Principal			Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
				Federal Home Loan Bank (FHLB),
$	5,150,000	d		0.000%, 10/01/07		5,148,283		1.10
	Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	21,771,176			State Street Navigator Securities Lending
				Prime Portfolio		21,771,176		4.68
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $26,921,176)		26,919,459		5.78
			TOTAL PORTFOLIO
				(Cost $439,545,285)		486,780,588		104.58
			OTHER ASSETS & LIABILITIES, NET			(21,333,785	)	(4.58	)
			NET ASSETS		$	465,446,803		100.00	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $5,520,883.
e	All or a portion of these securities are out on loan.

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds §2007 Annual Report 85

SUMMARY PORTFOLIO OF INVESTMENTS

EQUITY INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company		Value	% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS *				$	43,770	0.01	%
AGRICULTURAL PRODUCTION-LIVESTOCK					167,510	0.01
AGRICULTURAL SERVICES *					16,330	0.00	**
AMUSEMENT AND RECREATION SERVICES
	151,058		Walt Disney Co		5,194,885	0.40
		e*	Other		3,134,399	0.24
					8,329,284	0.64
APPAREL AND ACCESSORY STORES e*					7,311,375	0.57
APPAREL AND OTHER TEXTILE PRODUCTS e*					2,374,669	0.18
AUTO REPAIR, SERVICES AND PARKING e*					1,168,023	0.09
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					1,957,482	0.15
BUILDING MATERIALS AND GARDEN SUPPLIES e*					7,918,695	0.61
BUSINESS SERVICES
	17,489	*	Google, Inc (Class A)		9,920,985	0.77
	626,814		Microsoft Corp		18,465,968	1.43
	294,479	*	Oracle Corp		6,375,470	0.49
		e*	Other		52,864,618	4.08
					87,627,041	6.77
CHEMICALS AND ALLIED PRODUCTS
	117,455		Abbott Laboratories		6,297,937	0.49
	82,992	*	Amgen, Inc		4,694,857	0.36
	150,107		Bristol-Myers Squibb Co		4,326,084	0.34
	165,442		Merck & Co, Inc		8,551,697	0.66
	535,915		Pfizer, Inc		13,092,403	1.01
	239,752		Procter & Gamble Co		16,864,156	1.30
	102,610		Wyeth		4,571,275	0.35
		e*	Other		58,354,299	4.51
					116,752,708	9.02
COAL MINING e*					2,261,937	0.18
COMMUNICATIONS
	470,609		AT&T, Inc		19,911,467	1.54
	225,621	*	Comcast Corp (Class A)		5,455,516	0.42
	221,483		Verizon Communications, Inc		9,807,267	0.76
		e,v*	Other		27,024,410	2.09
					62,198,660	4.81
DEPOSITORY INSTITUTIONS
	338,473		Bank of America Corp		17,015,038	1.31
	377,294		Citigroup, Inc		17,608,311	1.36
	260,481		JPMorgan Chase & Co		11,935,239	0.92
	145,931		Wachovia Corp		7,318,440	0.57
	256,370		Wells Fargo & Co		9,131,899	0.71
		e*	Other		44,181,360	3.41
					107,190,287	8.28

	Shares		Company		Value	% of net assets
EATING AND DRINKING PLACES
	90,939		McDonald’s Corp	$	4,953,447	0.38	%
		e*	Other		6,392,943	0.50
					11,346,390	0.88
EDUCATIONAL SERVICES e*					1,726,710	0.13
ELECTRIC, GAS, AND SANITARY SERVICES e*					50,968,013	3.94
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	66,007	*	Apple Computer, Inc		10,134,715	0.78
	463,411	*	Cisco Systems, Inc		15,343,538	1.19
	443,617		Intel Corp		11,471,936	0.89
	127,111		Qualcomm, Inc		5,371,711	0.41
		e*	Other		44,931,603	3.47
					87,253,503	6.74
ENGINEERING AND MANAGEMENT SERVICES e*					12,300,716	0.95
ENVIRONMENTAL QUALITY AND HOUSING e*					15,631	0.00	**
FABRICATED METAL PRODUCTS e*					7,017,592	0.54
FOOD AND KINDRED PRODUCTS
	176,276		Coca-Cola Co		10,130,582	0.78
	124,401		PepsiCo, Inc		9,113,617	0.70
		e*	Other		22,961,542	1.78
					42,205,741	3.26
FOOD STORES e*					4,295,442	0.33
FORESTRY					1,457,516	0.11
FURNITURE AND FIXTURES e*					3,855,690	0.30
FURNITURE AND HOME FURNISHINGS STORES e*					2,410,986	0.19
GENERAL BUILDING CONTRACTORS e*					2,336,078	0.18
GENERAL MERCHANDISE STORES
	184,141		Wal-Mart Stores, Inc		8,037,755	0.62
		e*	Other		10,763,751	0.83
					18,801,506	1.45
HEALTH SERVICES e*					16,552,650	1.28
HEAVY CONSTRUCTION, EXCEPT BUILDING e*					960,631	0.08
HOLDING AND OTHER INVESTMENT OFFICES e*					29,127,604	2.25
HOTELS AND OTHER LODGING PLACES e*					7,817,363	0.60
INDUSTRIAL MACHINERY AND EQUIPMENT
	173,413	*	Dell, Inc		4,786,199	0.37
	785,346	d	General Electric Co		32,513,324	2.51
	204,314		Hewlett-Packard Co		10,172,794	0.79
	104,200		International Business Machines Corp		12,274,760	0.95
		e,m,v*	Other		34,457,893	2.66
					94,204,970	7.28

86 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	continued
EQUITY INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company		Value	% of net assets
INSTRUMENTS AND RELATED PRODUCTS
	220,969		Johnson & Johnson	$	14,517,728	1.12	%
	87,658		Medtronic, Inc		4,944,788	0.38
		e*	Other		38,768,025	3.00
					58,230,541	4.50
INSURANCE AGENTS, BROKERS AND SERVICE e*					5,492,554	0.43
INSURANCE CARRIERS
	170,933		American International Group, Inc		11,563,684	0.90
	102,257		UnitedHealth Group, Inc		4,952,307	0.38
		e*	Other		43,610,281	3.37
					60,126,272	4.65
JUSTICE, PUBLIC ORDER AND SAFETY e*					349,594	0.03
LEATHER AND LEATHER PRODUCTS e*					2,246,021	0.17
LEGAL SERVICES *					205,196	0.02
LOCAL AND INTERURBAN PASSENGER TRANSIT *					233,560	0.02
LUMBER AND WOOD PRODUCTS e*					296,980	0.02
METAL MINING e*					6,078,153	0.47
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					4,166,599	0.32
MISCELLANEOUS RETAIL
	112,565		CVS Corp		4,460,951	0.35
		e*	Other		13,228,909	1.02
					17,689,860	1.37
MOTION PICTURES
	287,140		Time Warner, Inc		5,271,890	0.41
		e*	Other		8,759,532	0.67
					14,031,422	1.08
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS e*					60,787	0.01
NONDEPOSITORY INSTITUTIONS e*
	78,931		American Express Co		4,686,133	0.36
	74,271		Fannie Mae		4,516,420	0.35
			Other		12,329,153	0.95
					21,531,706	1.66
NONMETALLIC MINERALS, EXCEPT FUELS e*					1,064,554	0.08
OIL AND GAS EXTRACTION
	90,044		Schlumberger Ltd		9,454,620	0.73
		e,m,v*	Other		33,582,436	2.60
					43,037,056	3.33
PAPER AND ALLIED PRODUCTS e*					6,209,467	0.48
PERSONAL SERVICES e*					1,892,487	0.15
PETROLEUM AND COAL PRODUCTS
	164,119		Chevron Corp		15,358,256	1.19
	124,825		ConocoPhillips		10,955,890	0.85
	430,034		Exxon Mobil Corp		39,803,947	3.07
		e*	Other		22,562,587	1.74
					88,680,680	6.85

	Shares			Company		Value	% of net assets
PIPELINES, EXCEPT NATURAL GAS					$	1,160,573	0.09	%
PRIMARY METAL INDUSTRIES e*						13,721,658	1.06
PRINTING AND PUBLISHING e*						6,415,098	0.50
RAILROAD TRANSPORTATION e*						7,739,291	0.60
REAL ESTATE e*						1,313,067	0.10
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*						3,697,609	0.29
SECURITY AND COMMODITY BROKERS
	31,145			Goldman Sachs Group, Inc		6,750,367	0.52
	67,884			Merrill Lynch & Co, Inc		4,838,772	0.38
	80,463			Morgan Stanley		5,069,169	0.39
		e*		Other		22,236,331	1.72
						38,894,639	3.01
SOCIAL SERVICES e*						171,232	0.01
SPECIAL TRADE CONTRACTORS e*						831,277	0.06
STONE, CLAY, AND GLASS PRODUCTS
	54,884			3M Co		5,136,045	0.40
		e*		Other		1,481,956	0.11
						6,618,001	0.51
TEXTILE MILL PRODUCTS e*						47,928	0.00	**
TOBACCO PRODUCTS
	160,526			Altria Group, Inc		11,161,373	0.86
		e		Other		2,288,500	0.18
						13,449,873	1.04
TRANSPORTATION BY AIR e*						6,103,623	0.47
TRANSPORTATION EQUIPMENT
	60,091			Boeing Co		6,308,954	0.49
	75,981			United Technologies Corp		6,114,951	0.47
		e*		Other		21,860,972	1.69
						34,284,877	2.65
TRANSPORTATION SERVICES e*						2,337,129	0.18
TRUCKING AND WAREHOUSING e*						4,920,847	0.38
WATER TRANSPORTATION e*						3,799,157	0.29
WHOLESALE TRADE-DURABLE GOODS e*						5,029,426	0.39
WHOLESALE TRADE-NONDURABLE GOODS e*						7,643,491	0.59
			TOTAL COMMON STOCKS
				(Cost $916,127,046)		1,289,774,788	99.67
MUTUAL FUNDS						18,091	0.00	**
			TOTAL MUTUAL FUNDS
				(Cost $17,993)

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 87

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
EQUITY INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company		Value		% of net assets
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES †				$	3,368,877		0.26	%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	89,710,274		State Street Navigator Securities Lending
			Prime Portfolio		89,710,274		6.93
					89,710,274		6.93
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $93,080,274)		93,079,151		7.19
		TOTAL PORTFOLIO
			(Cost $1,009,225,313)		1,382,872,030		106.86
		OTHER ASSETS & LIABILITIES, NET			(88,783,470	)	(6.86	)
		NET ASSETS		$	1,294,088,560		100.00	%

*	Non-income producing
**	Percentage represents less than 0.01%.
†	Notes mature 10/01/07.
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 $3,617,277.
e	All or a portion of these securities are out on loan.
m	Indicates a security has been deemed illiquid.
v	Security valued at fair value.

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

88 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

S&P 500 INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company		Value	% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	161,370		Walt Disney Co	$	5,549,514	0.47	%
			Other		1,323,509	0.12
					6,873,023	0.59
APPAREL AND ACCESSORY STORES					4,383,887	0.37
APPAREL AND OTHER TEXTILE PRODUCTS					1,505,309	0.13
AUTO REPAIR, SERVICES AND PARKING					250,390	0.02
AUTOMOTIVE DEALERS AND SERVICE STATIONS					688,014	0.06
BUILDING MATERIALS AND GARDEN SUPPLIES					8,007,258	0.68
BUSINESS SERVICES
	19,166	*	Google, Inc (Class A)		10,872,297	0.93
	672,158		Microsoft Corp		19,801,775	1.69
	330,102	*	Oracle Corp		7,146,708	0.61
			Other		32,910,065	2.79
					70,730,845	6.02
CHEMICALS AND ALLIED PRODUCTS
	128,934		Abbott Laboratories		6,913,441	0.59
	90,537	*	Amgen, Inc		5,121,678	0.43
	180,991		Merck & Co, Inc		9,355,425	0.80
	577,547		Pfizer, Inc		14,109,473	1.20
	260,714		Procter & Gamble Co		18,338,623	1.56
	111,337		Wyeth		4,960,063	0.42
			Other		48,002,330	4.09
					106,801,033	9.09
COAL MINING					1,762,837	0.15
COMMUNICATIONS
	507,856		AT&T, Inc		21,487,387	1.83
	256,131	*	Comcast Corp (Class A)		6,193,248	0.53
	240,534		Verizon Communications, Inc		10,650,846	0.91
		e	Other		14,056,186	1.19
					52,387,667	4.46
DEPOSITORY INSTITUTIONS
	369,047		Bank of America Corp		18,551,993	1.58
	414,632		Citigroup, Inc		19,350,875	1.65
	281,666		JPMorgan Chase & Co		12,905,936	1.10
	158,561		Wachovia Corp		7,951,834	0.68
	277,617		Wells Fargo & Co		9,888,718	0.84
		e	Other		33,784,043	2.87
					102,433,399	8.72
EATING AND DRINKING PLACES
	99,527		McDonald’s Corp		5,421,236	0.46
			Other		3,877,550	0.33
					9,298,786	0.79
EDUCATIONAL SERVICES					708,567	0.06
ELECTRIC, GAS, AND SANITARY SERVICES					41,087,702	3.50

	Shares		Company		Value	% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	72,461	*	Apple Computer, Inc	$	11,125,662	0.95	%
	507,018	*	Cisco Systems, Inc		16,787,366	1.43
	486,027		Intel Corp		12,568,658	1.07
	139,175		Qualcomm, Inc		5,881,536	0.50
		e	Other		29,840,931	2.54
					76,204,153	6.49
ENGINEERING AND MANAGEMENT SERVICES					6,151,357	0.52
FABRICATED METAL PRODUCTS					4,209,403	0.36
FOOD AND KINDRED PRODUCTS
	166,484		Coca-Cola Co		9,567,835	0.82
	135,318		PepsiCo, Inc		9,913,397	0.84
		e	Other		20,911,303	1.78
					40,392,535	3.44
FOOD STORES					4,092,916	0.35
FORESTRY					1,244,789	0.10
FURNITURE AND FIXTURES					2,917,098	0.25
FURNITURE AND HOME FURNISHINGS STORES					892,065	0.08
GENERAL BUILDING CONTRACTORS					1,205,579	0.10
GENERAL MERCHANDISE STORES
	201,520		Wal-Mart Stores, Inc		8,796,348	0.75
		e	Other		10,938,068	0.93
					19,734,416	1.68
HEALTH SERVICES					12,802,372	1.09
HOLDING AND OTHER INVESTMENT OFFICES
	222,800		SPDR Trust Series 1		33,994,824	2.89
			Other		13,680,664	1.17
					47,675,488	4.06
HOTELS AND OTHER LODGING PLACES					4,277,868	0.36
INDUSTRIAL MACHINERY AND EQUIPMENT
	187,966	*	Dell, Inc		5,187,862	0.44
	854,384	d	General Electric Co		35,371,498	3.01
	214,628		Hewlett-Packard Co		10,686,328	0.91
	112,855		International Business Machines Corp		13,294,319	1.13
			Other		22,931,351	1.96
					87,471,358	7.45
INSTRUMENTS AND RELATED PRODUCTS
	240,300		Johnson & Johnson		15,787,710	1.34
	95,212		Medtronic, Inc		5,370,909	0.46
		e	Other		30,038,364	2.56
					51,196,983	4.36
INSURANCE AGENTS, BROKERS AND SERVICE					4,714,990	0.40
INSURANCE CARRIERS
	214,928		American International Group, Inc		14,539,879	1.24
	110,283		UnitedHealth Group, Inc		5,341,006	0.46
			Other		35,859,434	3.05
					55,740,319	4.75

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 89

SUMMARY PORTFOLIO OF INVESTMENTS concluded

S&P 500 INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company		Value	% of net assets
LEATHER AND LEATHER PRODUCTS				$	1,458,090	0.12	%
METAL MINING					5,021,916	0.43
MISCELLANEOUS MANUFACTURING INDUSTRIES					3,991,268	0.34
MISCELLANEOUS RETAIL					16,101,509	1.37
MOTION PICTURES
	310,152		Time Warner, Inc		5,694,391	0.48
			Other		8,309,742	0.71
					14,004,133	1.19
NONDEPOSITORY INSTITUTIONS
	98,589		American Express Co		5,853,229	0.50
			Other		16,388,315	1.39
					22,241,544	1.89
NONMETALLIC MINERALS, EXCEPT FUELS					712,754	0.06
OIL AND GAS EXTRACTION
	99,102		Schlumberger Ltd		10,405,710	0.88
			Other		21,944,047	1.87
					32,349,757	2.75
PAPER AND ALLIED PRODUCTS					4,995,683	0.43
PERSONAL SERVICES					995,837	0.08
PETROLEUM AND COAL PRODUCTS
	178,321		Chevron Corp		16,687,279	1.42
	135,734		ConocoPhillips		11,913,373	1.01
	462,146		Exxon Mobil Corp		42,776,234	3.64
			Other		21,790,948	1.86
					93,167,834	7.93
PIPELINES, EXCEPT NATURAL GAS					1,257,415	0.11
PRIMARY METAL INDUSTRIES					11,081,105	0.94
PRINTING AND PUBLISHING					4,191,262	0.36
RAILROAD TRANSPORTATION					7,806,532	0.66
REAL ESTATE					417,600	0.04
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					3,336,858	0.28
SECURITY AND COMMODITY BROKERS
	33,981		Goldman Sachs Group, Inc		7,365,042	0.63
	72,207		Merrill Lynch & Co, Inc		5,146,915	0.44
	87,433		Morgan Stanley		5,508,279	0.47
			Other		15,406,235	1.31
					33,426,471	2.85
STONE, CLAY, AND GLASS PRODUCTS
	59,986		3M Co		5,613,490	0.48
					5,613,490	0.48
TOBACCO PRODUCTS
	174,717		Altria Group, Inc		12,148,073	1.04
		e	Other		1,547,609	0.13
					13,695,682	1.17
TRANSPORTATION BY AIR					3,627,160	0.31

	Shares			Company		Value	% of net assets
TRANSPORTATION EQUIPMENT
	65,255			Boeing Co	$	6,851,122	0.58	%
	82,341			United Technologies Corp		6,626,804	0.57
		e		Other		19,393,124	1.65
						32,871,050	2.80
TRANSPORTATION SERVICES						765,489	0.07
TRUCKING AND WAREHOUSING
	88,304			United Parcel Service, Inc (Class B)		6,631,630	0.57
						6,631,630	0.57
WATER TRANSPORTATION						1,749,049	0.15
WHOLESALE TRADE-DURABLE GOODS						1,027,224	0.09
WHOLESALE TRADE-NONDURABLE GOODS						4,454,080	0.38
			TOTAL COMMON STOCKS
				(Cost $947,454,314)		1,154,834,828	98.33
	Principal			Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
				Federal Home Loan Bank, (FHLB)
	$17,490,000	d		0.000%, 10/01/07		17,484,170	1.49
						17,484,170	1.49

	Shares		Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	9,138,221		State Street Navigator Securities Lending
			Prime Portfolio		9,138,221		0.78
					9,138,221		0.78
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $26,628,221)		26,622,391		2.27
		TOTAL PORTFOLIO - 100.59%
			(Cost $974,082,535)		1,181,457,219		100.60
		OTHER ASSETS & LIABILITIES, NET			(7,047,041	)	(0.60	)
		NET ASSETS - 100.00%		$	1,174,410,178		100.00	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $18,924,890.
e	All or a portion of these securities are out on loan.

ABBREVIATION:

SPDR - Standard & Poor’s Depository Receipts

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

90 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

MID-CAP GROWTH INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES *				$	534,086		0.73	%
APPAREL AND ACCESSORY STORES *					1,178,488		1.62
APPAREL AND OTHER TEXTILE PRODUCTS e					284,983		0.39
AUTO REPAIR, SERVICES AND PARKING *					127,232		0.17
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					516,674		0.71
BUILDING MATERIALS AND GARDEN SUPPLIES					153,259		0.21
BUSINESS SERVICES
	8,358	*	Electronic Arts, Inc		467,964		0.64
	9,923	*	Juniper Networks, Inc		363,281		0.50
	2,138		Mastercard, Inc (Class A)		316,360		0.43
		e*	Other		5,852,671		8.03
					7,000,276		9.60
CHEMICALS AND ALLIED PRODUCTS
	10,857		Avon Products, Inc		407,463		0.56
	8,581	*	Forest Laboratories, Inc		319,985		0.44
		e*	Other		3,655,769		5.01
					4,383,217		6.01
COAL MINING
	7,110		Peabody Energy Corp		340,356		0.46
			Other		405,740		0.56
					746,096		1.02
COMMUNICATIONS
	11,210	*	American Tower Corp (Class A)		488,083		0.67
	4,625	*	NII Holdings, Inc		379,944		0.52
		e*	Other		2,055,525		2.82
					2,923,552		4.01
DEPOSITORY INSTITUTIONS
	4,991		Northern Trust Corp		330,754		0.45
			Other		324,895		0.45
					655,649		0.90
EATING AND DRINKING PLACES
	14,050		Yum! Brands, Inc		475,312		0.65
		e*	Other		579,888		0.80
					1,055,200		1.45
EDUCATIONAL SERVICES *					438,733		0.60
ELECTRIC, GAS, AND SANITARY SERVICES
	17,905	*	AES Corp		358,816		0.49
	3,751		Constellation Energy Group, Inc		321,798		0.44
	7,724		PPL Corp		357,621		0.49
	13,369		Williams Cos, Inc		455,348		0.63
		e*	Other		1,295,968		1.78
					2,789,551		3.83

	Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	8,771		Analog Devices, Inc	$	317,159		0.43	%
	12,562	*	Broadcom Corp (Class A)		457,759		0.63
	3,098		Garmin Ltd		369,901		0.51
	6,014	*	MEMC Electronic Materials, Inc		353,984		0.49
	14,599	*	Nvidia Corp		529,068		0.72
		e*	Other		4,671,796		6.41
					6,699,667		9.19
ENGINEERING AND MANAGEMENT SERVICES
	2,360		Fluor Corp		339,793		0.47
	5,964	*	McDermott International, Inc		322,533		0.44
	9,097		Paychex, Inc		372,977		0.51
		*	Other		1,017,229		1.40
					2,052,532		2.82
FABRICATED METAL PRODUCTS e*					369,273		0.51
FOOD AND KINDRED PRODUCTS
	5,656		Wrigley (Wm.) Jr Co		363,285		0.50
		e*	Other		894,952		1.23
					1,258,237		1.73
FOOD STORES e*					217,962		0.30
FORESTRY					9,512		0.01
FURNITURE AND FIXTURES					78,617		0.11
FURNITURE AND HOME FURNISHINGS STORES e*					616,945		0.85
GENERAL BUILDING CONTRACTORS e*					54,373		0.08
GENERAL MERCHANDISE STORES
	6,054		JC Penney Co, Inc		383,642		0.52
	12,187		TJX Cos, Inc		354,276		0.49
		*	Other		253,212		0.35
					991,130		1.36
HEALTH SERVICES
	7,714		Cigna Corp		411,079		0.57
	5,924	*	Express Scripts, Inc		330,678		0.45
		e*	Other		1,525,960		2.09
					2,267,717		3.11
HEAVY CONSTRUCTION, EXCEPT BUILDING *					247,857		0.34
HOLDING AND OTHER INVESTMENT OFFICES
	23,570		iShares Russell Midcap Growth Index Fund		2,736,477		3.76
	6,017		Prologis		399,228		0.55
		e*	Other		1,183,909		1.62
					4,319,614		5.93
HOTELS AND OTHER LODGING PLACES
	10,451		Hilton Hotels Corp		485,867		0.67
	5,771		Starwood Hotels & Resorts Worldwide, Inc		350,588		0.48
		e	Other		460,696		0.63
					1,297,151		1.78

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 91

SUMMARY PORTFOLIO OF INVESTMENTS concluded

MID-CAP GROWTH INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT
	2,798		Cummins, Inc	$	357,836		0.49	%
	8,912		International Game Technology		384,107		0.53
		e*	Other		3,770,611		5.17
					4,512,554		6.19
INSTRUMENTS AND RELATED PRODUCTS
	10,824	*	Agilent Technologies, Inc		399,189		0.55
	8,132		Allergan, Inc		524,270		0.72
	4,485		Rockwell Collins, Inc		327,584		0.45
	9,075	*	St. Jude Medical, Inc		399,935		0.55
		e*	Other		2,428,586		3.33
					4,079,564		5.60
INSURANCE AGENTS, BROKERS AND SERVICE					98,074		0.14
INSURANCE CARRIERS *					858,837		1.18
JUSTICE, PUBLIC ORDER AND SAFETY *					86,047		0.12
LEATHER AND LEATHER PRODUCTS
	9,958	*	Coach, Inc		470,715		0.64
		e*	Other		144,319		0.20
					615,034		0.84
METAL MINING e					144,108		0.20
MISCELLANEOUS MANUFACTURING INDUSTRIES					151,817		0.21
MISCELLANEOUS RETAIL e*					798,187		1.09
MOTION PICTURES e*					203,543		0.28
NONDEPOSITORY INSTITUTIONS
	6,672		Textron, Inc		415,065		0.57
		e*	Other		178,155		0.24
					593,220		0.81
NONMETALLIC MINERALS, EXCEPT FUELS					308,988		0.42
OIL AND GAS EXTRACTION
	6,115		GlobalSantaFe Corp		464,862		0.64
	4,739	d*	National Oilwell Varco, Inc		684,786		0.94
	7,190		Noble Corp		352,670		0.48
	5,376		Smith International, Inc		383,846		0.53
	9,026	*	Weatherford International Ltd		606,367		0.83
		e*	Other		2,819,050		3.87
					5,311,581		7.29
PAPER AND ALLIED PRODUCTS *					121,369		0.17
PERSONAL SERVICES e					342,994		0.47
PETROLEUM AND COAL PRODUCTS					686,925		0.94
PRIMARY METAL INDUSTRIES
	3,683		Precision Castparts Corp		545,010		0.75
		e*	Other		793,556		1.09
					1,338,566		1.84
PRINTING AND PUBLISHING e					424,587		0.58
RAILROAD TRANSPORTATION e*					126,635		0.17
REAL ESTATE e*					421,897		0.58

	Shares			Company	Value		% of net assets
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS *					$	297,510		0.41	%
SECURITY AND COMMODITY BROKERS
	2,456	e		Nymex Holdings, Inc		319,722		0.44
	7,127			T Rowe Price Group, Inc		396,903		0.54
		e*		Other		1,691,239		2.32
						2,407,864		3.30
SPECIAL TRADE CONTRACTORS e*						113,232		0.15
STONE, CLAY, AND GLASS PRODUCTS *						292,183		0.40
TOBACCO PRODUCTS						259,349		0.36
TRANSPORTATION BY AIR e*						600,812		0.83
TRANSPORTATION EQUIPMENT
	6,907			Harley-Davidson, Inc		319,172		0.44
		e*		Other		973,296		1.33
						1,292,468		1.77
TRANSPORTATION SERVICES e						598,954		0.82
TRUCKING AND WAREHOUSING						176,555		0.24
WATER TRANSPORTATION *						127,992		0.18
WHOLESALE TRADE-DURABLE GOODS e*						791,554		1.09
WHOLESALE TRADE-NONDURABLE GOODS e*						606,184		0.83
			TOTAL COMMON STOCKS (Cost $57,807,757)			72,056,767		98.87

	Principal		Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
			Federal Home Loan Bank (FHLB)
$	1,250,000	d	0.000%, 10/01/07	1,249,583	1.72

	Shares		Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	3,064,401		State Street Navigator Securities Lending Prime Portfolio		3,064,401		4.20
		TOTAL SHORT-TERM INVESTMENTS (Cost $4,314,401)			4,313,984		5.92
		TOTAL PORTFOLIO (Cost $62,122,158)			76,370,751		104.79
		OTHER ASSETS & LIABILITIES, NET			(3,489,151	)	(4.79	)
		NET ASSETS - 100.00%		$	72,881,600		100.00	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of 1,289,321.
e	All or a portion of these securities are out on loan.

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

92 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

MID-CAP VALUE INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES e				$	773,389		0.42	%
APPAREL AND ACCESSORY STORES
	53,082		Gap, Inc		978,832		0.53
		*	Other		247,333		0.13
					1,226,165		0.66
APPAREL AND OTHER TEXTILE PRODUCTS e					1,143,388		0.61
AUTO REPAIR, SERVICES AND PARKING e*					492,730		0.27
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					340,741		0.18
BUSINESS SERVICES
	15,591	*	Computer Sciences Corp		871,537		0.47
		e*	Other		4,888,987		2.62
					5,760,524		3.09
CHEMICALS AND ALLIED PRODUCTS
	10,165		Air Products & Chemicals, Inc		993,730		0.53
	20,327		Lyondell Chemical Co		942,156		0.51
	14,533		PPG Industries, Inc		1,097,968		0.59
		e*	Other		5,030,874		2.70
					8,064,728		4.33
COMMUNICATIONS
	11,421	*	Liberty Media Corp - Capital (Series A)		1,425,683		0.77
	143,552	e*	Qwest Communications International, Inc		1,314,936		0.70
		e*	Other		5,049,315		2.71
					7,789,934		4.18
DEPOSITORY INSTITUTIONS
	34,730		Keycorp		1,122,821		0.60
	22,988		Marshall & Ilsley Corp		1,006,185		0.54
		e	Other		10,325,360		5.55
					12,454,366		6.69
ELECTRIC, GAS, AND SANITARY SERVICES
	18,352	e	Ameren Corp		963,480		0.52
	35,301		American Electric Power Co, Inc		1,626,670		0.87
	23,919	e	Consolidated Edison, Inc		1,107,450		0.60
	28,843		Edison International		1,599,344		0.86
	61,531		El Paso Corp		1,044,181		0.56
	31,115		PG&E Corp		1,487,297		0.80
	22,972		Progress Energy, Inc		1,076,238		0.58
	23,529		Sempra Energy		1,367,505		0.73
		e*	Other		13,969,422		7.50
					24,241,587		13.02
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	11,439		Eaton Corp		1,132,919		0.61
		e*	Other		5,829,509		3.13
					6,962,428		3.74
ENGINEERING AND MANAGEMENT SERVICES e*					1,002,295		0.54
FABRICATED METAL PRODUCTS
	10,229		Parker Hannifin Corp		1,143,909		0.62
		e*	Other		1,434,556		0.77
					2,578,465		1.39

	Shares		Company	Value		% of net assets
FOOD AND KINDRED PRODUCTS
	10,647		Bunge Ltd	$	1,144,020		0.61	%
	44,092		ConAgra Foods, Inc		1,152,124		0.62
		e*	Other		5,751,644		3.09
					8,047,788		4.32
FOOD STORES
	39,092		Safeway, Inc		1,294,336		0.70
			Other		725,079		0.39
					2,019,415		1.09
FORESTRY					303,228		0.16
FURNITURE AND FIXTURES					1,261,901		0.68
FURNITURE AND HOME FURNISHINGS STORES e*					492,139		0.26
GENERAL BUILDING CONTRACTORS e*					1,757,413		0.94
GENERAL MERCHANDISE STORES e*					359,412		0.19
HEALTH SERVICES e*					1,588,048		0.85
HOLDING AND OTHER INVESTMENT OFFICES
	19,607	e*	Archstone-Smith Trust		1,179,165		0.63
	7,139		AvalonBay Communities, Inc		842,830		0.45
	9,070		Boston Properties, Inc		942,373		0.51
	25,739		Equity Residential		1,090,304		0.59
	46,213		Host Marriott Corp		1,037,020		0.56
	25,915		iShares Russell Midcap Value Index Fund		3,920,940		2.10
	19,009		Kimco Realty Corp		859,397		0.46
	11,875		Vornado Realty Trust		1,298,531		0.70
		e*	Other		10,765,552		5.78
					21,936,112		11.78
HOTELS AND OTHER LODGING PLACES					632,048		0.34
INDUSTRIAL MACHINERY AND EQUIPMENT
	25,045		Ingersoll-Rand Co Ltd (Class A)		1,364,201		0.73
		e*	Other		4,572,777		2.46
					5,936,978		3.19
INSTRUMENTS AND RELATED PRODUCTS
	82,976	*	Xerox Corp		1,438,804		0.77
		e*	Other		2,427,237		1.31
					3,866,041		2.08
INSURANCE AGENTS, BROKERS AND SERVICE
	26,134		AON Corp		1,171,065		0.63
		e	Other		622,286		0.33
					1,793,351		0.96
INSURANCE CARRIERS
	38,207		Genworth Financial, Inc (Class A)		1,174,101		0.63
	22,377		Principal Financial Group		1,411,765		0.76
	14,535		XL Capital Ltd (Class A)		1,151,172		0.62
		e*	Other		13,270,178		7.13
					17,007,216		9.14
LOCAL AND INTERURBAN PASSENGER TRANSIT					262,495		0.14
LUMBER AND WOOD PRODUCTS e					166,018		0.09

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 93

SUMMARY PORTFOLIO OF INVESTMENTS concluded

MID-CAP VALUE INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
MISCELLANEOUS MANUFACTURING INDUSTRIES
	13,513		Fortune Brands, Inc	$	1,101,174		0.59	%
		*	Other		781,604		0.42
					1,882,778		1.01
MISCELLANEOUS RETAIL e*					544,855		0.29
MOTION PICTURES e*					384,349		0.21
NONDEPOSITORY INSTITUTIONS e*					1,724,634		0.93
OIL AND GAS EXTRACTION e*					4,027,967		2.16
PAPER AND ALLIED PRODUCTS *					1,958,204		1.05
PERSONAL SERVICES					453,008		0.24
PETROLEUM AND COAL PRODUCTS
	24,686		Hess Corp		1,642,360		0.88
	16,655		Murphy Oil Corp		1,164,018		0.63
	12,978		Noble Energy, Inc		908,979		0.49
		e*	Other		1,118,086		0.60
					4,833,443		2.60
PIPELINES, EXCEPT NATURAL GAS
	55,706		Spectra Energy Corp		1,363,683		0.73
					1,363,683		0.73
PRIMARY METAL INDUSTRIES
	10,473		United States Steel Corp		1,109,510		0.60
			Other		589,080		0.31
					1,698,590		0.91
PRINTING AND PUBLISHING
	20,773		Gannett Co, Inc		907,780		0.49
		e*	Other		2,302,231		1.23
					3,210,011		1.72
RAILROAD TRANSPORTATION
	32,083	d	CSX Corp		1,370,907		0.74
		e*	Other		88,017		0.05
					1,458,924		0.79
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					658,696		0.36
SECURITY AND COMMODITY BROKERS
	20,737		Ameriprise Financial, Inc		1,308,712		0.70
		e*	Other		2,271,505		1.22
					3,580,217		1.92
STONE, CLAY, AND GLASS PRODUCTS e*					533,083		0.29
TOBACCO PRODUCTS e					643,987		0.35
TRANSPORTATION BY AIR
	54,610		Southwest Airlines Co		808,228		0.44
		e*	Other		522,539		0.28
					1,330,767		0.72

	Shares			Company		Value		% of net assets
TRANSPORTATION EQUIPMENT
	178,671	e*		Ford Motor Co	$	1,516,917			0.82	%
	14,059			ITT Industries, Inc		955,028			0.51
		e*		Other		1,311,858			0.70
						3,783,803			2.03
TRANSPORTATION SERVICES e						114,228			0.06
TRUCKING AND WAREHOUSING e*						184,433			0.10
WATER TRANSPORTATION e						1,088,065			0.59
WHOLESALE TRADE-DURABLE GOODS e*						1,438,199			0.77
WHOLESALE TRADE-NONDURABLE GOODS e						855,539			0.46
			TOTAL COMMON STOCKS (Cost $167,243,631)			178,011,806			95.62
	Principal			Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
				Federal Home Loan Bank (FHLB)
$	1,820,000	d		0.000%, 10/01/07		1,819,393			0.98
	Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	35,613,701			State Street Navigator Securities Lending
				Prime Portfolio		35,613,701			19.13
			TOTAL SHORT-TERM INVESTMENTS (Cost $37,433,701)			37,433,094			20.11
			TOTAL PORTFOLIO (Cost $204,677,332)			215,444,900			115.73
			OTHER ASSETS & LIABILITIES, NET			(29,287,170	)		(15.73	)
			NET ASSETS		$	186,157,730			100.00	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $1,947,583.
e	All or a portion of these securities are out on loan.

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

94 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

MID-CAP BLEND INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	7,808		Harrah’s Entertainment, Inc	$	678,749		0.34	%
		e*	Other		523,809		0.27
					1,202,558		0.61
APPAREL AND ACCESSORY STORES e*					2,406,483		1.23
APPAREL AND OTHER TEXTILE PRODUCTS e					980,368		0.50
AUTO REPAIR, SERVICES AND PARKING *					426,743		0.22
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					982,291		0.50
BUILDING MATERIALS AND GARDEN SUPPLIES					240,401		0.12
BUSINESS SERVICES
	13,033	*	Electronic Arts, Inc		729,718		0.37
	21,681	*	Juniper Networks, Inc		793,741		0.41
		e*	Other		12,093,282		6.17
					13,616,741		6.95
CHEMICALS AND ALLIED PRODUCTS
	9,063		Air Products & Chemicals, Inc		885,999		0.45
	18,362		Avon Products, Inc		689,126		0.35
		e*	Other		9,054,626		4.62
					10,629,751		5.42
COAL MINING e					1,165,135		0.60
COMMUNICATIONS
	17,480	*	American Tower Corp (Class A)		761,079		0.39
	16,018	*	Liberty Global, Inc (Class A)		657,058		0.34
	5,391	*	Liberty Media Corp - Capital (Series A)		672,959		0.34
	67,333	e*	Qwest Communications International, Inc		616,770		0.31
		e*	Other		5,529,922		2.82
					8,237,788		4.20
DEPOSITORY INSTITUTIONS
	9,178		Northern Trust Corp		608,226		0.31
		e	Other		6,309,945		3.22
					6,918,171		3.53
EATING AND DRINKING PLACES
	21,922		Yum! Brands, Inc		741,621		0.38
		e*	Other		906,971		0.46
					1,648,592		0.84
EDUCATIONAL SERVICES e*					681,687		0.35
ELECTRIC, GAS, AND SANITARY SERVICES
	16,681		American Electric Power Co, Inc		768,660		0.39
	7,539		Constellation Energy Group, Inc		646,771		0.33
	13,633		Edison International		755,950		0.39
	14,709		PG&E Corp		703,090		0.36
	16,152		PPL Corp		747,838		0.38
	11,033		Sempra Energy		641,238		0.33
	25,056		Williams Cos, Inc		853,407		0.43
		e*	Other		10,630,167		5.42
					15,747,121		8.03

	Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	19,608	*	Broadcom Corp (Class A)	$	714,516		0.36	%
	6,132		Eaton Corp		607,313		0.31
	22,767	*	Nvidia Corp		825,076		0.42
		e*	Other		11,604,043		5.92
					13,750,948		7.01
ENGINEERING AND MANAGEMENT SERVICES e*					3,661,433		1.87
FABRICATED METAL PRODUCTS e*					1,793,423		0.92
FOOD AND KINDRED PRODUCTS
	13,595		H.J. Heinz Co		628,089		0.32
	10,026		Wrigley (Wm.) Jr Co		643,970		0.33
		e*	Other		4,493,915		2.29
					5,765,974		2.94
FOOD STORES
	18,483		Safeway, Inc		611,972		0.31
		e*	Other		682,815		0.35
					1,294,787		0.66
FORESTRY					158,484		0.08
FURNITURE AND FIXTURES e					724,487		0.37
FURNITURE AND HOME FURNISHINGS STORES e*					1,200,185		0.61
GENERAL BUILDING CONTRACTORS e*					924,963		0.47
GENERAL MERCHANDISE STORES e*					1,701,120		0.87
HEALTH SERVICES
	12,045		Cigna Corp		641,878		0.33
		e*	Other		3,639,398		1.85
					4,281,276		2.18
HEAVY CONSTRUCTION, EXCEPT BUILDING *					386,357		0.20
HOLDING AND OTHER INVESTMENT OFFICES
	10,735		Prologis		712,267		0.36
	5,583		Vornado Realty Trust		610,501		0.31
	33,600		iShares Russell Midcap Index Fund		3,635,184		1.86
		e*	Other		9,638,938		4.92
					14,596,890		7.45
HOTELS AND OTHER LODGING PLACES
	16,309		Hilton Hotels Corp		758,205		0.39
		e	Other		1,575,945		0.80
					2,334,150		1.19
INDUSTRIAL MACHINERY AND EQUIPMENT
	12,622		Ingersoll-Rand Co Ltd (Class A)		687,520		0.35
		e*	Other		9,155,304		4.67
					9,842,824		5.02
INSTRUMENTS AND RELATED PRODUCTS
	16,889	*	Agilent Technologies, Inc		622,866		0.32
	12,766		Allergan, Inc		823,024		0.42
	14,151	*	St. Jude Medical, Inc		623,635		0.32
	39,224	*	Xerox Corp		680,144		0.34
		e*	Other		5,449,613		2.78
					8,199,282		4.18

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 95

SUMMARY PORTFOLIO OF INVESTMENTS continued

MID-CAP BLEND INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
INSURANCE AGENTS, BROKERS AND SERVICE e				$	991,789		0.51	%
INSURANCE CARRIERS
	11,203		Principal Financial Group		706,797		0.36
	7,781		XL Capital Ltd (Class A)		616,255		0.31
		e*	Other		8,035,432		4.10
					9,358,484		4.77
JUSTICE, PUBLIC ORDER AND SAFETY
	5,142	*	Corrections Corp of America		134,566		0.07
					134,566		0.07
LEATHER AND LEATHER PRODUCTS
	15,529	*	Coach, Inc		734,056		0.37
		e*	Other		226,498		0.12
					960,554		0.49
LOCAL AND INTERURBAN PASSENGER TRANSIT					117,106		0.06
LUMBER AND WOOD PRODUCTS e					78,571		0.04
METAL MINING e					221,344		0.11
MISCELLANEOUS MANUFACTURING INDUSTRIES *					1,124,850		0.57
MISCELLANEOUS RETAIL e*					1,505,476		0.77
MOTION PICTURES e*					498,945		0.25
NONDEPOSITORY INSTITUTIONS
	10,420		Textron, Inc		648,228		0.33
		e*	Other		1,088,892		0.56
					1,737,120		0.89
NONMETALLIC MINERALS, EXCEPT FUELS e					485,170		0.25
OIL AND GAS EXTRACTION
	19,225	d,e	Chesapeake Energy Corp		677,873		0.35
	9,537		GlobalSantaFe Corp		725,003		0.37
	7,430	*	National Oilwell Varco, Inc		1,073,635		0.55
	14,113	*	Weatherford International Ltd		948,111		0.48
		e*	Other		6,764,028		3.45
					10,188,650		5.20
PAPER AND ALLIED PRODUCTS *					1,102,071		0.56
PERSONAL SERVICES e					741,512		0.38
PETROLEUM AND COAL PRODUCTS
	11,616		Hess Corp		772,812		0.39
		e*	Other		2,569,046		1.31
					3,341,858		1.70
PIPELINES, EXCEPT NATURAL GAS
	26,386		Spectra Energy Corp		645,929		0.33
					645,929		0.33

	Shares			Company	Value		% of net assets
PRIMARY METAL INDUSTRIES
	5,755			Precision Castparts Corp	$	851,625		0.43	%
		e *		Other		2,033,009		1.04
						2,884,634		1.47
PRINTING AND PUBLISHING e*						2,185,484		1.12
RAILROAD TRANSPORTATION
	18,287			CSX Corp		781,404		0.40
		e*		Other		106,161		0.05
						887,565		0.45
REAL ESTATE e*						656,062		0.33
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*						776,018		0.40
SECURITY AND COMMODITY BROKERS
	9,838			Ameriprise Financial, Inc		620,876		0.32
	11,115			T Rowe Price Group, Inc		618,994		0.32
		e*		Other		4,203,061		2.14
						5,442,931		2.78
SPECIAL TRADE CONTRACTORS e*						176,818		0.09
STONE, CLAY, AND GLASS PRODUCTS e*						711,504		0.36
TOBACCO PRODUCTS e						705,299		0.36
TRANSPORTATION BY AIR e*						1,567,760		0.80
TRANSPORTATION EQUIPMENT
	83,777	e*		Ford Motor Co		711,267		0.36
		e*		Other		3,093,883		1.58
						3,805,150		1.94
TRANSPORTATION SERVICES e						990,152		0.51
TRUCKING AND WAREHOUSING e*						360,285		0.18
WATER TRANSPORTATION e*						709,796		0.36
WHOLESALE TRADE-DURABLE GOODS e*						1,910,005		0.97
WHOLESALE TRADE-NONDURABLE GOODS e*						1,353,595		0.69
			TOTAL COMMON STOCKS (Cost $159,612,220)			193,857,466		98.88

96 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

MID-CAP BLEND INDEX FUND § SEPTEMBER 30, 2007

	Principal		Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
			Federal Home Loan Bank (FHLB)
$	1,830,000	d	0.000%, 10/01/07	$	1,829,390		0.93	%
					1,829,390		0.93

	Shares		Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	42,974,496		State Street Navigator Securities Lending
			Prime Portfolio		42,974,496		21.92
					42,974,496		21.92
		TOTAL SHORT-TERM INVESTMENTS (Cost $44,804,496)			44,803,886		22.85
		TOTAL PORTFOLIO (Cost $204,416,716)			238,661,352		121.73
		OTHER ASSETS & LIABILITIES, NET			(42,596,590	)	(21.73	)
		NET ASSETS		$	196,064,762		100.00	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $1,963,378.
e	All or a portion of these securities are out on loan.

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 97

SUMMARY PORTFOLIO OF INVESTMENTS

SMALL-CAP GROWTH INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-LIVESTOCK				$	11,878		0.01	%
AGRICULTURAL SERVICES e*					42,941		0.03
AMUSEMENT AND RECREATION SERVICES e*					1,514,999		1.13
APPAREL AND ACCESSORY STORES e*					2,523,654		1.87
APPAREL AND OTHER TEXTILE PRODUCTS e*					718,934		0.53
AUTO REPAIR, SERVICES AND PARKING *					385,580		0.29
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					5,272		—	**
BUILDING MATERIALS AND GARDEN SUPPLIES e*					2,620		—	**
BUSINESS SERVICES
	14,347	*	Ansys, Inc		490,237		0.36
	5,799	e*	Equinix, Inc		514,313		0.38
	14,577		Jack Henry & Associates, Inc		376,961		0.28
	24,331	e*	Nuance Communications, Inc		469,832		0.35
	12,233		Sotheby’s		584,615		0.43
	18,484	*	Valueclick, Inc		415,151		0.31
		d,e*	Other		15,886,565		11.80
					18,737,674		13.91
CHEMICALS AND ALLIED PRODUCTS
	6,741	e*	Alexion Pharmaceuticals, Inc		439,176		0.32
	17,736	e*	BioMarin Pharmaceuticals, Inc		441,626		0.33
	12,747	*	Immucor, Inc		455,705		0.34
	14,770	*	MGI Pharma, Inc		410,311		0.30
	10,121	*	Onyx Pharmaceuticals, Inc		440,466		0.33
	10,672	e*	OSI Pharmaceuticals, Inc		362,741		0.27
		e*	Other		9,936,578		7.38
					12,486,603		9.27
COAL MINING e*					338,389		0.25
COMMUNICATIONS
	4,752	e*	Anixter International, Inc		391,802		0.29
	23,257	*	Foundry Networks, Inc		413,277		0.31
		e,v*	Other		2,985,657		2.22
					3,790,736		2.82
DEPOSITORY INSTITUTIONS e*					1,848,590		1.37
EATING AND DRINKING PLACES
	6,066	e*	Chipotle Mexican Grill, Inc (Class B)		649,062		0.48
		e*	Other		2,752,808		2.05
					3,401,870		2.53
EDUCATIONAL SERVICES
	11,097		DeVry, Inc		410,700		0.31
	2,686		Strayer Education, Inc		452,940		0.34
		e*	Other		342,769		0.25
					1,206,409		0.90
ELECTRIC, GAS, AND SANITARY SERVICES
	7,866		ITC Holdings Corp		389,760		0.29
		e*	Other		1,177,465		0.87
					1,567,225		1.16

	Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	17,310	e*	Hexcel Corp	$	393,110		0.29	%
	14,120	e*	Microsemi Corp		393,666		0.29
	44,750	e*	ON Semiconductor Corp		562,060		0.42
	16,977	*	Polycom, Inc		456,002		0.34
		e*	Other		9,933,390		7.38
					11,738,228		8.72
ENGINEERING AND MANAGEMENT SERVICES
	7,967	e*	Myriad Genetics, Inc		415,479		0.31
		e*	Other		3,963,142		2.94
					4,378,621		3.25
ENVIRONMENTAL QUALITY AND HOUSING e*					5,204		—	**
FABRICATED METAL PRODUCTS e*					1,479,820		1.10
FOOD AND KINDRED PRODUCTS e*					1,223,552		0.91
FOOD STORES e*					227,584		0.17
FURNITURE AND FIXTURES
	15,360		Tempur-Pedic International, Inc		549,120		0.41
		e*	Other		763,301		0.57
					1,312,421		0.98
FURNITURE AND HOME FURNISHINGS STORES e*					469,115		0.35
GENERAL BUILDING CONTRACTORS e*					716,710		0.53
GENERAL MERCHANDISE STORES e*					148,897		0.11
HEALTH SERVICES
	10,045	*	Psychiatric Solutions, Inc		394,568		0.29
		e*	Other		2,344,059		1.74
					2,738,627		2.03
HEAVY CONSTRUCTION, EXCEPT BUILDING e*					347,693		0.26
HOLDING AND OTHER INVESTMENT OFFICES
	9,864		Digital Realty Trust, Inc		388,543		0.29
	16,600		iShares Russell 2000 Growth Index Fund		1,413,324		1.05
	14,670		Nationwide Health Properties, Inc		442,007		0.33
		e*	Other		4,364,987		3.24
					6,608,861		4.91
HOTELS AND OTHER LODGING PLACES
	5,812	e*	Vail Resorts, Inc		362,029		0.27
		e*	Other		443,563		0.33
					805,592		0.60
INDUSTRIAL MACHINERY AND EQUIPMENT
	6,915		Bucyrus International, Inc (Class A)		504,311		0.38
	7,501	*	Micros Systems, Inc		488,090		0.36
		e*	Other		5,271,545		3.91
					6,263,946		4.65

98 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

SMALL-CAP GROWTH INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
INSTRUMENTS AND RELATED PRODUCTS
	12,273	e*	Flir Systems, Inc	$	679,801		0.51	%
	8,846	e*	Formfactor, Inc		392,497		0.29
	9,972	*	Hologic, Inc		608,292		0.45
	9,926	e*	Illumina, Inc		514,961		0.38
	5,554	e*	Itron, Inc		516,911		0.38
	8,429	e*	Kyphon, Inc		590,030		0.44
	4,962	*	Ventana Medical Systems, Inc		426,285		0.32
		e*	Other		9,111,693		6.77
					12,840,470		9.54
INSURANCE AGENTS, BROKERS AND SERVICE					273,387		0.20
INSURANCE CARRIERS e*					828,872		0.62
JUSTICE, PUBLIC ORDER AND SAFETY e*					275,255		0.20
LEATHER AND LEATHER PRODUCTS e*					755,047		0.56
LEGAL SERVICES
	7,909	*	FTI Consulting, Inc		397,902		0.29
		*	Other		92,563		0.07
					490,465		0.36
LOCAL AND INTERURBAN PASSENGER TRANSIT *					53,059		0.04
LUMBER AND WOOD PRODUCTS e*					242,196		0.18
METAL MINING e*					806,972		0.60
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					286,247		0.21
MISCELLANEOUS RETAIL
	7,013	e*	Priceline.com, Inc		622,404		0.46
		e*	Other		1,966,393		1.46
					2,588,797		1.92
MOTION PICTURES
	24,778	*	Time Warner Telecom, Inc (Class A)		544,373		0.40
		e*	Other		521,372		0.39
					1,065,745		0.79
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS e*					80,165		0.06
NONDEPOSITORY INSTITUTIONS e*					900,949		0.67
NONMETALLIC MINERALS, EXCEPT FUELS e*					110,923		0.08
OIL AND GAS EXTRACTION
	5,070	*	Atwood Oceanics, Inc		388,159		0.29
	15,376	*	Hercules Offshore, Inc		401,467		0.30
	5,628	*	W-H Energy Services, Inc		415,065		0.31
		e*	Other		4,193,246		3.11
					5,397,937		4.01

	Shares			Company		Value	% of net assets
PAPER AND ALLIED PRODUCTS
	6,147			Greif, Inc (Class A)	$	373,000	0.28	%
		e*		Other		493,583	0.36
						866,583	0.64
PERSONAL SERVICES e*						527,404	0.39
PETROLEUM AND COAL PRODUCTS e*						170,718	0.13
PRIMARY METAL INDUSTRIES
	8,341			Belden CDT, Inc		391,276	0.29
		e*		Other		1,423,080	1.06
						1,814,356	1.35
PRINTING AND PUBLISHING e*						708,924	0.53
RAILROAD TRANSPORTATION e*						106,333	0.08
REAL ESTATE e*						247,174	0.18
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*						1,033,036	0.77
SECURITY AND COMMODITY BROKERS
	7,195			International Securities Exchange, Inc		478,252	0.35
		e*		Other		2,029,433	1.51
						2,507,685	1.86
SOCIAL SERVICES e*						264,773	0.20
SPECIAL TRADE CONTRACTORS e*						576,478	0.43
STONE, CLAY, AND GLASS PRODUCTS e*						500,907	0.37
TEXTILE MILL PRODUCTS *						17,411	0.01
TOBACCO PRODUCTS						82,939	0.06
TRANSPORTATION BY AIR e*						506,733	0.38
TRANSPORTATION EQUIPMENT e*						2,808,599	2.09
TRANSPORTATION SERVICES *						769,900	0.57
TRUCKING AND WAREHOUSING e*						368,481	0.27
WATER TRANSPORTATION e*						793,847	0.59
WHOLESALE TRADE-DURABLE GOODS e*						1,993,044	1.48
WHOLESALE TRADE-NONDURABLE GOODS
	10,032			Men’s Wearhouse, Inc		506,817	0.38
	17,191	*		Terra Industries, Inc		537,391	0.40
		e*		Other		1,958,958	1.45
						3,003,166	2.23
			TOTAL COMMON STOCKS (Cost $109,928,597)			133,713,222	99.29

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 99

SUMMARY PORTFOLIO OF INVESTMENTS concluded

SMALL-CAP GROWTH INDEX FUND § SEPTEMBER 30, 2007

	Principal			Issuer		Value		% of net assets
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
				Federal Home Loan Bank (FHLB)
$	1,090,000	d		0.000%, 10/01/07	$	1,089,637		0.81	%
						1,089,637		0.81
	Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	37,809,324			State Street Navigator Securities Lending
				Prime Portfolio		37,809,324		28.08
						37,809,324		28.08
			TOTAL SHORT-TERM INVESTMENTS (Cost $38,899,324)			38,898,961		28.89
			TOTAL PORTFOLIO (Cost $148,827,921)			172,612,183		128.18
			OTHER ASSETS & LIABILITIES, NET			(37,946,464	)	(28.18	)
			NET ASSETS		$	134,665,719		100.00	%

*	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 $1,174,569.
e	All or a portion of these securities are out on loan.
v	Security valued at fair value.

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

100 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

SMALL-CAP VALUE INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company		Value	% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS e*				$	154,042	0.10	%
AGRICULTURAL PRODUCTION-LIVESTOCK					548,564	0.36
AMUSEMENT AND RECREATION SERVICES e*					1,014,538	0.66
APPAREL AND ACCESSORY STORES e*					1,131,602	0.74
APPAREL AND OTHER TEXTILE PRODUCTS e*					831,501	0.54
AUTO REPAIR, SERVICES AND PARKING e*					490,032	0.32
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					630,706	0.41
BUILDING MATERIALS AND GARDEN SUPPLIES e*					174,741	0.11
BUSINESS SERVICES
	89,218	*	3Com Corp		440,737	0.29
	11,550		Brady Corp (Class A)		414,414	0.27
	11,894		Deluxe Corp		438,175	0.29
	18,733	*	Sybase, Inc		433,294	0.28
		e*	Other		7,980,764	5.23
					9,707,384	6.36
CHEMICALS AND ALLIED PRODUCTS
	11,427		CF Industries Holdings, Inc		867,424	0.57
	13,902		H.B. Fuller Co		412,611	0.27
	7,632	e*	Inverness Medical Innovations, Inc		422,202	0.27
	16,902		Olin Corp		378,267	0.25
		e*	Other		5,315,112	3.48
					7,395,616	4.84
COAL MINING e*					54,945	0.04
COMMUNICATIONS e,v*					4,026,462	2.64
DEPOSITORY INSTITUTIONS
	11,730	e	Cathay General Bancorp		377,823	0.25
	11,394	e	First Midwest Bancorp, Inc		389,219	0.26
	16,989	e	South Financial Group, Inc		386,330	0.25
	22,894	e	UCBH Holdings, Inc		400,187	0.26
		e,v*	Other		20,551,433	13.45
					22,104,992	14.47
EATING AND DRINKING PLACES e*					1,499,914	0.98
EDUCATIONAL SERVICES e*					6,911	0.01
ELECTRIC, GAS, AND SANITARY SERVICES
	10,315	e	Nicor, Inc		442,514	0.29
	17,576		PNM Resources, Inc		409,169	0.27
	17,092		Piedmont Natural Gas Co, Inc		428,838	0.28
	11,279		WGL Holdings, Inc		382,245	0.25
	20,361		Westar Energy, Inc		500,066	0.33
		e*	Other		6,449,268	4.22
					8,612,100	5.64
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	35,695	*	Andrew Corp		494,376	0.32
	23,901	*	GrafTech International Ltd		426,394	0.28
		e*	Other		8,059,806	5.28
					8,980,576	5.88

	Shares		Company	Value		% of net assets
ENGINEERING AND MANAGEMENT SERVICES
	25,987	e*	SAIC, Inc	$	498,691		0.33	%
	5,652	*	Washington Group International, Inc		496,302		0.32
		e*	Other		1,699,644		1.11
					2,694,637		1.76
ENVIRONMENTAL QUALITY AND HOUSING e*					23,564		0.02
FABRICATED METAL PRODUCTS
	14,612		Aptargroup, Inc		553,356		0.36
		e*	Other		1,938,551		1.27
					2,491,907		1.63
FOOD AND KINDRED PRODUCTS e*					1,610,302		1.05
FOOD STORES e*					815,107		0.53
FURNITURE AND FIXTURES e*					677,883		0.44
FURNITURE AND HOME FURNISHINGS STORES e*					239,104		0.16
GENERAL BUILDING CONTRACTORS e*					641,236		0.42
GENERAL MERCHANDISE STORES e*					785,244		0.51
HEALTH SERVICES e*					1,766,155		1.16
HEAVY CONSTRUCTION, EXCEPT BUILDING e*					197,290		0.13
HOLDING AND OTHER INVESTMENT OFFICES
	22,698	e	Apollo Investment Corp		472,118		0.31
	38,599		DCT Industrial Trust, Inc		404,132		0.27
	21,670		DiamondRock Hospitality Co		377,275		0.25
	25,800		iShares Russell 2000 Value Index Fund		1,978,860		1.30
	9,189		LaSalle Hotel Properties		386,673		0.25
	8,939	e	Potlatch Corp		402,523		0.26
	23,152		Realty Income Corp		647,098		0.42
	19,174	e	Senior Housing Properties Trust		422,978		0.28
		e*	Other		10,619,079		6.95
					15,710,736		10.29
HOTELS AND OTHER LODGING PLACES e*					749,840		0.49
INDUSTRIAL MACHINERY AND EQUIPMENT
	11,284	*	Oil States International, Inc		545,017		0.36
	23,711		Palm, Inc		385,778		0.25
		e*	Other		4,938,144		3.23
					5,868,939		3.84
INSTRUMENTS AND RELATED PRODUCTS
	4,281	*	Bio-Rad Laboratories, Inc (Class A)		387,431		0.25
		e*	Other		3,843,633		2.52
					4,231,064		2.77
INSURANCE AGENTS, BROKERS AND SERVICE e*					690,812		0.45

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 101

SUMMARY PORTFOLIO OF INVESTMENTS concluded

SMALL-CAP VALUE INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
INSURANCE CARRIERS
	12,088	*	AMERIGROUP Corp	$	416,794		0.27	%
	20,194		Aspen Insurance Holdings Ltd		563,615		0.37
	15,532		Assured Guaranty Ltd		422,004		0.28
	9,951		Delphi Financial Group, Inc (Class A)		402,219		0.26
	14,023		IPC Holdings Ltd		404,564		0.27
	13,822	e	Max Re Capital Ltd		387,569		0.26
	23,570		Montpelier Re Holdings Ltd		417,189		0.27
	13,719		Platinum Underwriters Holdings Ltd		493,335		0.32
	7,633	*	ProAssurance Corp		411,190		0.27
	8,487		Zenith National Insurance Corp		380,981		0.25
		e*	Other		6,115,578		4.00
					10,415,038		6.82
LEATHER AND LEATHER PRODUCTS e*					615,944		0.40
LUMBER AND WOOD PRODUCTS e*					257,859		0.17
METAL MINING e*					491,307		0.32
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					846,891		0.55
MISCELLANEOUS RETAIL e*					706,991		0.46
MOTION PICTURES e*					681,517		0.45
NONDEPOSITORY INSTITUTIONS e*					2,477,734		1.62
NONMETALLIC MINERALS, EXCEPT FUELS e					380,917		0.25
OIL AND GAS EXTRACTION
	12,173	*	Encore Acquisition Co		385,275		0.25
	13,816	*	Exterran Holdings, Inc		1,109,977		0.73
	9,635	*	Whiting Petroleum Corp		428,276		0.28
		e,m,v*	Other		3,788,826		2.48
					5,712,354		3.74
PAPER AND ALLIED PRODUCTS e*					1,089,500		0.71
PERSONAL SERVICES e*					871,065		0.57
PETROLEUM AND COAL PRODUCTS e*					244,145		0.16
PRIMARY METAL INDUSTRIES
	8,499		Quanex Corp		399,283		0.26
	15,830	e	Worthington Industries, Inc		372,955		0.24
		e*	Other		1,946,868		1.28
					2,719,106		1.78
PRINTING AND PUBLISHING e*					2,349,477		1.54
RAILROAD TRANSPORTATION *					116,831		0.08
REAL ESTATE e*					208,285		0.14
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*					838,366		0.55
SECURITY AND COMMODITY BROKERS e*					1,430,002		0.94
SOCIAL SERVICES *					184,500		0.12

	Shares			Company	Value			% of net assets
SPECIAL TRADE CONTRACTORS
	14,618	*		EMCOR Group, Inc	$	458,420			0.30	%
		e*		Other		483,361			0.32
						941,781			0.62
STONE, CLAY, AND GLASS PRODUCTS e*						128,898			0.09
TEXTILE MILL PRODUCTS						143,411			0.09
TOBACCO PRODUCTS e						365,039			0.24
TRANSPORTATION BY AIR e*						1,612,895			1.06
TRANSPORTATION EQUIPMENT e*						3,209,896			2.10
TRANSPORTATION SERVICES
	11,725	*		Lear Corp		376,372			0.25
		e*		Other		171,385			0.11
						547,757			0.36
TRUCKING AND WAREHOUSING e*						689,910			0.45
WATER TRANSPORTATION e*						1,580,043			1.03
WHOLESALE TRADE-DURABLE GOODS e*						2,111,357			1.38
WHOLESALE TRADE-NONDURABLE GOODS e*						1,520,058			1.00
		TOTAL COMMON STOCKS (Cost $149,289,367)				152,047,320			99.54
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES †						339,887			0.22
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	43,750,726			State Street Navigator Securities Lending
				Prime Portfolio		43,750,726			28.64
						43,750,726			28.64
			TOTAL SHORT-TERM INVESTMENTS (Cost $44,090,726)			44,090,613			28.86
			TOTAL PORTFOLIO (Cost $193,380,093)			196,137,933			128.40
			OTHER ASSETS & LIABILITIES, NET			(43,382,145	)		(28.40	)
			NET ASSETS		$	152,755,788			100.00	%

*	Non-income producing
†	Notes mature 10/01/07
e	All or a portion of these securities are out on loan.
m	Indicates a security has been deemed illiquid.
v	Security valued at fair value.

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

102 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

SMALL-CAP BLEND INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company		Value	% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS e*				$	113,232	0.05	%
AGRICULTURAL PRODUCTION-LIVESTOCK					410,070	0.18
AGRICULTURAL SERVICES e*					41,523	0.02
AMUSEMENT AND RECREATION SERVICES e*					2,078,418	0.89
APPAREL AND ACCESSORY STORES e*					3,084,109	1.32
APPAREL AND OTHER TEXTILE PRODUCTS e*					1,250,669	0.53
AUTO REPAIR, SERVICES AND PARKING e*					702,048	0.30
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					441,689	0.19
BUILDING MATERIALS AND GARDEN SUPPLIES e*					126,904	0.05
BUSINESS SERVICES
	12,889	*	Ansys, Inc		440,417	0.19
	5,244	e*	Equinix, Inc		465,090	0.20
	21,914	e*	Nuance Communications, Inc		423,159	0.18
	10,985		Sotheby’s		524,973	0.22
	16,604	*	Valueclick, Inc		372,926	0.16
		e*	Other		21,689,066	9.27
					23,915,631	10.22
CHEMICALS AND ALLIED PRODUCTS
	6,057	e*	Alexion Pharmaceuticals, Inc		394,614	0.17
	15,931	e*	BioMarin Pharmaceuticals, Inc		396,682	0.17
	9,207		CF Industries Holdings, Inc		698,903	0.30
	19,396		Hercules, Inc		407,704	0.17
	11,455	*	Immucor, Inc		409,516	0.18
	8,870	e*	Inverness Medical Innovations, Inc		490,688	0.21
	13,264	*	MGI Pharma, Inc		368,474	0.16
	9,099	*	Onyx Pharmaceuticals, Inc		395,988	0.17
		e*	Other		13,019,573	5.56
					16,582,142	7.09
COAL MINING e*					339,284	0.14
COMMUNICATIONS
	5,130	e*	Anixter International, Inc		422,969	0.18
	24,231	*	Foundry Networks, Inc		430,585	0.19
		e,v*	Other		5,459,907	2.33
					6,313,461	2.70
DEPOSITORY INSTITUTIONS e*					17,661,394	7.55
EATING AND DRINKING PLACES
	5,446	e*	Chipotle Mexican Grill, Inc (Class B)		582,722	0.25
		e*	Other		3,565,528	1.52
					4,148,250	1.77
EDUCATIONAL SERVICES
	9,969		DeVry, Inc		368,953	0.16
	2,414		Strayer Education, Inc		407,073	0.17
		e*	Other		326,008	0.14
					1,102,034	0.47
ELECTRIC, GAS, AND SANITARY SERVICES b,e,m,v*					7,674,041	3.28

	Shares		Company		Value	% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	40,376	e*	ON Semiconductor Corp	$	507,123	0.22	%
	15,252	*	Polycom, Inc		409,669	0.17
		e,m,v*	Other		16,165,670	6.91
					17,082,462	7.30
ENGINEERING AND MANAGEMENT SERVICES
	7,159	e*	Myriad Genetics, Inc		373,342	0.16
	4,846	*	Washington Group International, Inc		425,527	0.18
		e*	Other		5,100,634	2.18
					5,899,503	2.52
ENVIRONMENTAL QUALITY AND HOUSING e*					20,774	0.01
FABRICATED METAL PRODUCTS
	11,512		Aptargroup, Inc		435,959	0.18
		e*	Other		2,711,320	1.16
					3,147,279	1.34
FOOD AND KINDRED PRODUCTS e*					2,278,885	0.97
FOOD STORES e*					799,542	0.34
FURNITURE AND FIXTURES
	13,802	e	Tempur-Pedic International, Inc		493,421	0.21
		e*	Other		1,153,531	0.49
					1,646,952	0.70
FURNITURE AND HOME FURNISHINGS STORES e*					599,431	0.26
GENERAL BUILDING CONTRACTORS e*					1,102,155	0.47
GENERAL MERCHANDISE STORES e*					720,954	0.31
HEALTH SERVICES e*					3,746,085	1.60
HEAVY CONSTRUCTION, EXCEPT BUILDING e*					468,712	0.20
HOLDING AND OTHER INVESTMENT OFFICES
	4,898		Alexandria Real Estate Equities, Inc		471,481	0.20
	14,842		Nationwide Health Properties, Inc		447,189	0.19
	16,804		Realty Income Corp		469,672	0.20
	87,812	d	iShares Russell 2000 Index Fund		7,028,472	3.01
		e*	Other		13,246,543	5.66
					21,663,357	9.26
HOTELS AND OTHER LODGING PLACES e*					1,268,938	0.54
INDUSTRIAL MACHINERY AND EQUIPMENT
	6,217		Bucyrus International, Inc (Class A)		453,406	0.19
	6,738	*	Micros Systems, Inc		438,442	0.19
	8,190	*	Oil States International, Inc		395,577	0.17
		e*	Other		8,615,639	3.68
					9,903,064	4.23
INSTRUMENTS AND RELATED PRODUCTS
	11,025	e*	Flir Systems, Inc		610,675	0.26
	8,964	*	Hologic, Inc		546,804	0.23
	8,910	e*	Illumina, Inc		462,251	0.20
	4,985	e*	Itron, Inc		463,954	0.20
	7,575	*	Kyphon, Inc		530,250	0.23
	4,450	*	Ventana Medical Systems, Inc		382,299	0.16
		e*	Other		11,563,899	4.94
					14,560,132	6.22

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 103

concluded

SUMMARY PORTFOLIO OF INVESTMENTS

SMALL-CAP BLEND INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company		Value	% of net assets
INSURANCE AGENTS, BROKERS AND SERVICE e*				$	735,266	0.31	%
INSURANCE CARRIERS
	14,655		Aspen Insurance Holdings Ltd		409,021	0.17
		e*	Other		7,860,815	3.36
					8,269,836	3.53
JUSTICE, PUBLIC ORDER AND SAFETY e*					248,102	0.11
LEATHER AND LEATHER PRODUCTS e*					1,117,523	0.48
LEGAL SERVICES *					439,004	0.19
LOCAL AND INTERURBAN PASSENGER TRANSIT e*					47,946	0.02
LUMBER AND WOOD PRODUCTS e*					392,836	0.17
METAL MINING e*					1,069,010	0.46
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					862,028	0.37
MISCELLANEOUS RETAIL
	6,303	*	Priceline.com, Inc		559,391	0.24
		e*	Other		2,292,079	0.98
					2,851,470	1.22
MOTION PICTURES
	24,070	*	Time Warner Telecom, Inc (Class A)		528,818	0.23
		e*	Other		938,601	0.40
					1,467,419	0.63
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS e*					73,470	0.03
NONDEPOSITORY INSTITUTIONS e*					2,619,442	1.12
NONMETALLIC MINERALS, EXCEPT FUELS e*					373,896	0.16
OIL AND GAS EXTRACTION
	10,034	e*	Exterran Holdings, Inc		806,132	0.34
	28,204	*	PetroHawk Energy Corp		463,110	0.20
	5,053	*	W-H Energy Services, Inc		372,659	0.16
		e,m,v*	Other		7,354,683	3.14
					8,996,584	3.84
PAPER AND ALLIED PRODUCTS e*					1,557,797	0.67
PERSONAL SERVICES e*					1,119,207	0.48
PETROLEUM AND COAL PRODUCTS e*					333,868	0.14
PRIMARY METAL INDUSTRIES e*					3,615,373	1.54
PRINTING AND PUBLISHING e*					2,323,940	0.99
RAILROAD TRANSPORTATION e*					180,308	0.08
REAL ESTATE e*					381,193	0.16
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*					1,536,647	0.66
SECURITY AND COMMODITY BROKERS
	6,443	e	International Securities Exchange, Inc		428,266	0.18
	13,954		Waddell & Reed Financial, Inc (Class A)		377,177	0.16
		e*	Other		2,512,701	1.08
					3,318,144	1.42
SOCIAL SERVICES e*					371,685	0.16
SPECIAL TRADE CONTRACTORS e*					1,212,259	0.52

	Shares			Company		Value		% of net assets
STONE, CLAY, AND GLASS PRODUCTS e*					$	546,994		0.23	%
TEXTILE MILL PRODUCTS *						111,930		0.05
TOBACCO PRODUCTS e						343,531		0.15
TRANSPORTATION BY AIR e*						1,610,821		0.69
TRANSPORTATION EQUIPMENT e*						4,859,926		2.08
TRANSPORTATION SERVICES
	12,719	*		Lear Corp		408,280		0.17
		e*		Other		692,218		0.30
						1,100,498		0.47
TRUCKING AND WAREHOUSING e*						818,730		0.35
WATER TRANSPORTATION e*						1,867,290		0.80
WHOLESALE TRADE-DURABLE GOODS e*						3,309,747		1.41
WHOLESALE TRADE-NONDURABLE GOODS
	9,011			Men’s Wearhouse, Inc		455,236		0.19
	15,446	e*		Terra Industries, Inc		482,842		0.21
		e*		Other		2,861,136		1.22
						3,799,214		1.62
			TOTAL COMMON STOCKS
				(Cost $215,385,974)		234,776,058		100.33
Principal				Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
				Federal Home Loan Bank (FHLB)
$	6,500,000	d		0.000%, 10/01/07		6,497,833		2.78
						6,497,833		2.78
Shares				Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	65,652,364			State Street Navigator Securities Lending
				Prime Portfolio		65,652,364		28.05
						65,652,364		28.05
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $72,152,364)		72,150,197		30.83
			TOTAL PORTFOLIO
				(Cost $287,538,338)		306,926,255		131.16
			OTHER ASSETS & LIABILITIES, NET			(72,922,325	)	(31.16	)
			NET ASSETS		$	234,003,930		100.00	%

*	Non-income producing
b	In bankruptcy
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $6,569,869.
e	All or a portion of these securities are out on loan.
m	Indicates a security has been deemed illiquid.
v	Security valued at fair value.

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

104 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND § SEPTEMBER 30, 2007

	Shares			Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL SERVICES					$	323,369		0.04	%
AMUSEMENT AND RECREATION SERVICES e*						5,895,152		0.74
APPAREL AND ACCESSORY STORES						3,241,503		0.41
APPAREL AND OTHER TEXTILE PRODUCTS						819,876		0.10
AUTO REPAIR, SERVICES AND PARKING e						691,802		0.09
AUTOMOTIVE DEALERS AND SERVICE STATIONS						201,507		0.02
BUILDING MATERIALS AND GARDEN SUPPLIES						781,931		0.10
BUSINESS SERVICES e*						15,854,649		2.00
CHEMICALS AND ALLIED PRODUCTS
	75,768			AstraZeneca plc		3,796,461		0.48
	27,887			BASF AG.		3,857,233		0.48
	317,116			GlaxoSmithKline plc		8,415,162		1.06
	128,300			Novartis AG.		7,080,331		0.89
	38,856			Roche Holding AG.		7,045,310		0.89
	56,894			Sanofi-Aventis		4,817,359		0.61
		e*		Other		32,236,577		4.06
						67,248,433		8.47
COMMUNICATIONS
	101,819			France Telecom S.A.		3,410,470		0.43
	244,967			Telefonica S.A.		6,856,938		0.87
	194,738			Vodafone Group plc (ADR)		7,068,989		0.89
			*	Other		32,020,340		4.03
						49,356,737		6.22
DEPOSITORY INSTITUTIONS
	101,209			ABN AMRO Holding NV		5,332,562		0.67
	46,862			BNP Paribas		5,127,964		0.65
	208,998			Banco Bilbao Vizcaya Argentaria S.A.		4,899,438		0.62
	348,749			Banco Santander Central Hispano S.A.		6,778,150		0.85
	365,283			Barclays plc		4,450,569		0.56
	72,535			Commonwealth Bank of Australia		3,629,485		0.46
	61,050			Credit Suisse Group		4,053,395		0.51
	28,313			Deutsche Bank AG.		3,648,888		0.46
	648,657			HSBC Holdings plc		12,004,056		1.51
	104,855			ING Groep NV		4,654,474		0.59
	314,752			Lloyds TSB Group plc		3,493,595		0.44
	457	m,v		Mitsubishi UFJ Financial Group, Inc		4,018,369		0.51
	527,902			Royal Bank of Scotland Group plc		5,670,443		0.71
	20,605			Societe Generale		3,457,623		0.43
	109,206			UBS A.G.		5,871,845		0.74
	436,146			UniCredito Italiano S.p.A		3,731,518		0.47
		e*		Other		52,212,260		6.57
						133,034,634		16.75
EATING AND DRINKING PLACES						2,384,281		0.30
EDUCATIONAL SERVICES						141,732		0.02

	Shares		Company	Value		% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES
	34,159		E.ON AG.	$	6,315,584		0.80	%
	26,467		RWE AG.		3,328,708		0.42
	57,161	*	Suez S.A.		3,366,295		0.42
		e,m,v*	Other		29,711,804		3.74
					42,722,391		5.38
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	224,815		Nokia Oyj		8,546,490		1.08
		e*	Other		33,057,419		4.16
					41,603,909		5.24
ENGINEERING AND MANAGEMENT SERVICES					2,271,955		0.29
FABRICATED METAL PRODUCTS					2,112,628		0.27
FOOD AND KINDRED PRODUCTS
	21,986		Nestle S.A.		9,876,468		1.24
		e	Other		21,109,371		2.66
					30,985,839		3.90
FOOD STORES
	442,468		Tesco plc		3,976,472		0.50
		e	Other		8,539,681		1.08
					12,516,153		1.58
FURNITURE AND FIXTURES					243,178		0.03
FURNITURE AND HOME FURNISHINGS STORES					1,200,961		0.15
GENERAL BUILDING CONTRACTORS e*					6,985,870		0.88
GENERAL MERCHANDISE STORES e*					4,521,640		0.57
HEALTH SERVICES					1,639,050		0.21
HEAVY CONSTRUCTION, EXCEPT BUILDING e					5,190,317		0.65
HOLDING AND OTHER INVESTMENT OFFICES
	103,800		iShares MSCI EAFE Index Fund		8,572,842		1.08
		e*	Other		10,831,382		1.36
					19,404,224		2.44
HOTELS AND OTHER LODGING PLACES *					1,873,923		0.24
INDUSTRIAL MACHINERY AND EQUIPMENT e*					29,670,531		3.74
INSTRUMENTS AND RELATED PRODUCTS e*					8,218,712		1.03
INSURANCE AGENTS, BROKERS AND SERVICE
	209,143		HBOS plc		3,913,194		0.49
			Other		2,553,926		0.32
					6,467,120		0.81
INSURANCE CARRIERS
	87,744		AXA S.A.		3,926,203		0.49
	24,662		Allianz AG.		5,762,051		0.73
		e,m,v*	Other		27,475,959		3.46
					37,164,213		4.68
JUSTICE, PUBLIC ORDER AND SAFETY *					176,523		0.02
LEATHER AND LEATHER PRODUCTS					5,813,061		0.73
LOCAL AND INTERURBAN PASSENGER TRANSIT e					711,638		0.09

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 105

SUMMARY PORTFOLIO OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND § SEPTEMBER 30, 2007

	Shares		Company	Value		% of net assets
LUMBER AND WOOD PRODUCTS *				$	182,225		0.02	%
METAL MINING
	187,469		BHP Billiton Ltd		7,410,927		0.93
	55,881		Rio Tinto plc		4,833,965		0.61
		e*	Other		6,827,565		0.86
					19,072,457		2.40
MISCELLANEOUS MANUFACTURING INDUSTRIES e					939,942		0.12
MISCELLANEOUS RETAIL m,v*					6,968,086		0.88
MOTION PICTURES *					234,564		0.03
NONDEPOSITORY INSTITUTIONS e					2,148,579		0.27
NONMETALLIC MINERALS, EXCEPT FUELS					1,497,729		0.19
OIL AND GAS EXTRACTION
	118,405		Total S.A.		9,627,191		1.22
		*	Other		10,265,410		1.29
					19,892,601		2.51
PAPER AND ALLIED PRODUCTS
	75,038		Anglo American plc		5,049,513		0.64
		*	Other		3,500,872		0.44
					8,550,385		1.08
PERSONAL SERVICES					424,495		0.05
PETROLEUM AND COAL PRODUCTS
	314,586		BP plc		3,652,663		0.46
	120,065		BP plc (ADR)		8,326,508		1.05
	145,220		ENI S.p.A.		5,381,893		0.68
	202,251		Royal Dutch Shell plc (A Shares)		8,346,433		1.05
	151,802		Royal Dutch Shell plc (B Shares)		6,248,990		0.78
		e	Other		3,896,359		0.49
					35,852,846		4.51
PRIMARY METAL INDUSTRIES
	50,046	e	ArcelorMittal		3,949,930		0.50
	128,882		BHP Billiton plc		4,614,606		0.58
		e,m,v*	Other		10,468,939		1.32
					19,033,475		2.40
PRINTING AND PUBLISHING e					7,658,905		0.96
RAILROAD TRANSPORTATION e*					3,619,570		0.46
REAL ESTATE *					20,124,151		2.53
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					6,118,752		0.77
SECURITY AND COMMODITY BROKERS e,m,v					10,429,049		1.31
SOCIAL SERVICES					193,730		0.02
SPECIAL TRADE CONTRACTORS					560,682		0.07
STONE, CLAY, AND GLASS PRODUCTS e*					7,891,001		0.99
TOBACCO PRODUCTS					7,507,725		0.95
TRANSPORTATION BY AIR *					3,992,161		0.50

	Shares			Company	Value		% of net assets
TRANSPORTATION EQUIPMENT
	50,608			DaimlerChrysler AG.	$	5,097,676		0.64	%
	47,095			Siemens AG.		6,475,067		0.81
	150,200			Toyota Motor Corp		8,865,677		1.12
		e		Other		19,922,787		2.51
						40,361,207		5.08
TRANSPORTATION SERVICES						1,322,832		0.17
TRUCKING AND WAREHOUSING						3,274,475		0.41
WATER TRANSPORTATION e						4,039,546		0.51
WHOLESALE TRADE-DURABLE GOODS e*						10,448,755		1.32
WHOLESALE TRADE-NONDURABLE GOODS						7,702,877		0.97
			TOTAL COMMON STOCKS (Cost $592,397,480)			791,512,244		99.67
PREFERRED STOCKS
COMMUNICATIONS						132,626		0.02
TRANSPORTATION EQUIPMENT						1,036,644		0.13
			TOTAL PREFERRED STOCKS (Cost $632,722)			1,169,270		0.15
SHORT-TERM INVESTMENTS

	Principal		Issuer
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
			Federal Home Loan Bank (FHLB)
$	3,860,000		0.000%, 10/01/07		3,858,713		0.49
					3,858,713		0.49
	Shares		Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	28,623,792		State Street Navigator Securities Lending
			Prime Portfolio		28,623,792		3.60
					28,623,792		3.60
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $32,483,792)		32,482,505		4.09
		TOTAL PORTFOLIO
			(Cost $625,513,994)		825,164,019		103.91
		OTHER ASSETS & LIABILITIES, NET			(31,024,566	)	(3.91	)
		NET ASSETS		$	794,139,453		100.00	%

*	Non-income producing
e	All or a portion of these securities are out on loan
m	Indicates a security has been deemed illiquid
v	Security valued at fair value.
ABBREVIATION:
ADR - American Depositary Receipt

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

106 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY OF MARKET VALUES BY COUNTRY	concluded
INTERNATIONAL EQUITY INDEX FUND § SEPTEMBER 30, 2007

Country		Value		% of total portfolio
DOMESTIC
UNITED STATES OF AMERICA		$	41,160,958		4.99	%
	TOTAL DOMESTIC		41,160,958		4.99	%
FOREIGN
AUSTRALIA			52,508,621		6.36
AUSTRIA			4,392,628		0.53
BELGIUM			9,025,636		1.09
DENMARK			7,044,649		0.85
FINLAND			14,987,797		1.82
FRANCE			80,397,709		9.74
GERMANY			67,078,140		8.13
GREECE			6,044,948		0.73
HONG KONG			16,397,831		1.99
IRELAND			5,557,976		0.67
ITALY			29,845,775		3.62
JAPAN			161,053,905		19.52
NETHERLANDS			28,185,776		3.42
NEW ZEALAND			1,135,091		0.14
NORWAY			8,657,947		1.05
PORTUGAL			2,713,506		0.33
SINGAPORE			8,809,369		1.07
SPAIN			32,833,374		3.98
SWEDEN			20,281,026		2.46
SWITZERLAND			51,756,642		6.27
UNITED KINGDOM			175,294,715		21.24
	TOTAL FOREIGN		784,003,061		95.01
	TOTAL PORTFOLIO	$	825,164,019		100.00	%

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 107

SUMMARY PORTFOLIO OF INVESTMENTS

SOCIAL CHOICE EQUITY FUND § SEPTEMBER 30, 2007

Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS *			$	28,050		0.01	%
AMUSEMENT AND RECREATION SERVICES
109,232		Walt Disney Co		3,756,488		0.74
	*	Other		302,996		0.06
				4,059,484		0.80
APPAREL AND ACCESSORY STORES *				3,169,214		0.63
APPAREL AND OTHER TEXTILE PRODUCTS				554,114		0.11
AUTO REPAIR, SERVICES AND PARKING *				328,069		0.06
AUTOMOTIVE DEALERS AND SERVICE STATIONS *				417,719		0.08
BUILDING MATERIALS AND GARDEN SUPPLIES
101,132		Home Depot, Inc		3,280,722		0.65
		Other		1,971,428		0.39
				5,252,150		1.04
BUSINESS SERVICES
7,605	*	Google, Inc (Class A)		4,314,088		0.85
307,177		Microsoft Corp		9,049,434		1.79
	*	Other		18,246,546		3.61
				31,610,068		6.25
CHEMICALS AND ALLIED PRODUCTS
52,658	*	Amgen, Inc		2,978,863		0.59
101,144		Bristol-Myers Squibb Co		2,914,970		0.57
50,146		Eli Lilly & Co		2,854,812		0.56
101,649		Merck & Co, Inc		5,254,237		1.04
27,835		Praxair, Inc		2,331,460		0.46
122,770		Procter & Gamble Co		8,635,642		1.71
	*	Other		23,308,671		4.61
				48,278,655		9.54
COMMUNICATIONS
226,689		AT&T, Inc		9,591,211		1.90
132,725		Verizon Communications, Inc		5,877,063		1.16
	*	Other		11,758,285		2.32
				27,226,559		5.38
DEPOSITORY INSTITUTIONS
176,456		Bank of America Corp		8,870,443		1.75
55,055		Bank of New York Mellon Corp		2,430,128		0.48
121,097		US Bancorp		3,939,285		0.78
91,475		Wachovia Corp		4,587,471		0.91
148,333		Wells Fargo & Co		5,283,621		1.05
	*	Other		19,544,265		3.86
				44,655,213		8.83
EATING AND DRINKING PLACES
78,122		McDonald’s Corp		4,255,305		0.84
	*	Other		2,382,194		0.47
				6,637,499		1.31
ELECTRIC, GAS, AND SANITARY SERVICES *				25,834,568		5.11

Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
32,828	*	Apple Computer, Inc	$	5,040,411		1.00	%
231,413	*	Cisco Systems, Inc		7,662,084		1.51
256,524		Intel Corp		6,633,711		1.31
78,760		Qualcomm, Inc		3,328,398		0.66
70,544		Texas Instruments, Inc		2,581,205		0.51
	*	Other		8,540,927		1.69
				33,786,736		6.68
ENGINEERING AND MANAGEMENT SERVICES *				3,569,594		0.71
FABRICATED METAL PRODUCTS
40,415		Illinois Tool Works, Inc		2,410,351		0.48
	*	Other		1,787,713		0.35
				4,198,064		0.83
FOOD AND KINDRED PRODUCTS
71,012		Kraft Foods, Inc (Class A)		2,450,624		0.48
77,943		PepsiCo, Inc		5,710,104		1.13
	*	Other		8,855,126		1.75
				17,015,854		3.36
FOOD STORES *				1,342,232		0.27
FORESTRY				877,491		0.17
FURNITURE AND FIXTURES				3,187,313		0.63
FURNITURE AND HOME FURNISHINGS STORES *				405,844		0.08
GENERAL BUILDING CONTRACTORS *				969,556		0.19
GENERAL MERCHANDISE STORES
46,824		Target Corp		2,976,602		0.59
	*	Other		3,500,753		0.69
				6,477,355		1.28
HEALTH SERVICES
37,079	*	WellPoint, Inc		2,926,275		0.58
	*	Other		3,270,814		0.65
				6,197,089		1.23
HOLDING AND OTHER INVESTMENT OFFICES *				11,849,820		2.34
HOTELS AND OTHER LODGING PLACES *				2,810,427		0.56
INDUSTRIAL MACHINERY AND EQUIPMENT
17,179		Deere & Co		2,549,707		0.51
100,087	*	Dell, Inc		2,762,401		0.55
112,072		Hewlett-Packard Co		5,580,065		1.10
65,014		International Business Machines Corp		7,658,649		1.51
	*	Other		9,519,741		1.88
				28,070,563		5.55
INSTRUMENTS AND RELATED PRODUCTS
42,083		Baxter International, Inc		2,368,431		0.47
68,900		Emerson Electric Co		3,666,858		0.73
120,179		Johnson & Johnson		7,895,760		1.56
62,996		Medtronic, Inc		3,553,604		0.70
	*	Other		11,751,164		2.32
				29,235,817		5.78

108 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

SOCIAL CHOICE EQUITY FUND § SEPTEMBER 30, 2007

Shares		Company	Value		% of net assets
INSURANCE AGENTS, BROKERS AND SERVICE
26,361		Hartford Financial Services Group, Inc	$	2,439,711		0.48	%
	*	Other		194,144		0.04
				2,633,855		0.52
INSURANCE CARRIERS
41,023		Aflac, Inc		2,339,952		0.46
48,735		Travelers Cos, Inc		2,453,320		0.49
	*	Other		16,567,634		3.27
				21,360,906		4.22
LEATHER AND LEATHER PRODUCTS *				830,381		0.16
LUMBER AND WOOD PRODUCTS *				27,767		0.01
METAL MINING *				591,922		0.12
MISCELLANEOUS MANUFACTURING INDUSTRIES *				1,778,015		0.35
MISCELLANEOUS RETAIL *				5,717,877		1.13
MOTION PICTURES
205,387		Time Warner, Inc		3,770,905		0.75
	*	Other		1,826,465		0.36
				5,597,370		1.11
NONDEPOSITORY INSTITUTIONS
63,429		American Express Co		3,765,780		0.74
48,395		Freddie Mac		2,855,789		0.57
	*	Other		3,227,635		0.64
				9,849,204		1.95
NONMETALLIC MINERALS, EXCEPT FUELS				1,030,985		0.20
OIL AND GAS EXTRACTION *				21,120,330		4.17
PAPER AND ALLIED PRODUCTS *				4,896,481		0.97
PERSONAL SERVICES				73,116		0.01
PETROLEUM AND COAL PRODUCTS
32,966		Apache Corp		2,968,918		0.58
36,607		Devon Energy Corp		3,045,702		0.60
37,451		Valero Energy Corp		2,515,958		0.50
	*	Other		9,143,930		1.81
				17,674,508		3.49
PIPELINES, EXCEPT NATURAL GAS				1,315,800		0.26
PRIMARY METAL INDUSTRIES *				8,279,145		1.64
PRINTING AND PUBLISHING *				4,345,332		0.86
RAILROAD TRANSPORTATION *				3,484,380		0.69
REAL ESTATE *				378,965		0.07
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				2,144,446		0.42
SECURITY AND COMMODITY BROKERS
21,401		Goldman Sachs Group, Inc		4,638,453		0.91
51,624		Merrill Lynch & Co, Inc		3,679,759		0.73
	*	Other		9,052,805		1.79
				17,371,017		3.43

Shares			Company	Value		% of net assets
SOCIAL SERVICES *				$	53,046	0.01	%
SPECIAL TRADE CONTRACTORS *					215,306	0.04
STONE, CLAY, AND GLASS PRODUCTS
43,299			3M Co		4,051,920	0.80
	*		Other		429,439	0.09
					4,481,359	0.89
TRANSPORTATION BY AIR *					3,097,188	0.61
TRANSPORTATION EQUIPMENT *					6,313,822	1.25
TRANSPORTATION SERVICES					241,796	0.05
TRUCKING AND WAREHOUSING
41,880			United Parcel Service, Inc (Class B)		3,145,188	0.62
					3,145,188	0.62
WATER TRANSPORTATION *					209,490	0.04
WHOLESALE TRADE-DURABLE GOODS *					3,163,318	0.63
WHOLESALE TRADE-NONDURABLE GOODS *					2,596,071	0.51
		TOTAL COMMON STOCKS (Cost $432,102,901)			502,063,503	99.24

	Principal		Issuer
	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
			Federal Home Loan Bank (FHLB)
$	6,650,000		0.000%, 10/01/07		6,647,783		1.31
					6,647,783		1.31
		TOTAL SHORT-TERM INVESTMENTS (Cost $6,650,000)			6,647,783		1.31
		TOTAL PORTFOLIO (Cost $438,752,901)			508,711,286		100.55
		OTHER ASSETS & LIABILITIES, NET			(2,795,253	)	(0.55	)
		NET ASSETS		$	505,916,033		100.00	%

* Non-income producing

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 109

SUMMARY PORTFOLIO OF INVESTMENTS

REAL ESTATE SECURITIES FUND § SEPTEMBER 30, 2007

	Shares			Company		Value	% of netassets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	2,000,000	*		Galaxy Entertainment Group Ltd	$	2,215,119	0.36	%
	80,000	*		Penn National Gaming, Inc		4,721,600	0.76
						6,936,719	1.12
GENERAL MERCHANDISE STORES
	97,000			Macy’s, Inc		3,135,040	0.51
						3,135,040	0.51
HOLDING AND OTHER INVESTMENT OFFICES
	204,700	e		Acadia Realty Trust		5,553,511	0.90
	223,000			AMB Property Corp		13,337,630	2.16
	120,500			Associated Estates Realty Corp		1,571,320	0.25
	249,100			AvalonBay Communities, Inc		29,408,746	4.75
	35,000			BioMed Realty Trust, Inc		843,500	0.14
	334,600			Boston Properties, Inc		34,764,940	5.62
	241,700			Camden Property Trust		15,529,225	2.51
	494,900	e		Corporate Office Properties Trust		20,602,687	3.33
	102,700			DiamondRock Hospitality Co		1,788,007	0.29
	61,100			Digital Realty Trust, Inc		2,406,729	0.39
	387,900	e		EastGroup Properties, Inc		17,556,354	2.84
	568,300			Equity Residential		24,073,188	3.89
	128,100	e		Essex Property Trust, Inc		15,060,717	2.43
	298,413			Federal Realty Investment Trust		26,439,392	4.27
	186,200			General Growth Properties, Inc		9,984,044	1.61
	103,000			Gramercy Capital Corp		2,592,510	0.42
	384,149			HCP, Inc		12,742,222	2.06
	888,100			Host Marriott Corp		19,928,964	3.22
	200,000			iShares Dow Jones US Real Estate Index Fund		15,294,000	2.47
	15,000			Kilroy Realty Corp		909,450	0.15
	167,300			Kimco Realty Corp		7,563,633	1.22
	238,800			Macerich Co		20,914,104	3.38
	43,000			Maguire Properties, Inc		1,110,690	0.18
	872,204	e		Mission West Properties, Inc		10,597,278	1.71
	126,547			Nationwide Health Properties, Inc		3,812,861	0.62
	62,300			Pennsylvania Real Estate Investment Trust		2,425,962	0.39
	246,600	e		Post Properties, Inc		9,543,420	1.54
	525,500			Prologis		34,866,925	5.63
	251,400			Public Storage, Inc		19,772,610	3.20
	309,800			Regency Centers Corp		23,777,150	3.84
	547,400			Simon Property Group, Inc		54,740,000	8.85
	210,680			SL Green Realty Corp		24,601,103	3.98
	160,500	e		Strategic Hotels & Resorts, Inc		3,304,695	0.53
	133,000			Sun Communities, Inc		4,000,640	0.65
	422,300			Taubman Centers, Inc		23,120,925	3.74
	214,000			Ventas, Inc		8,859,600	1.43
	269,400			Vornado Realty Trust		29,458,890	4.76
		g,m,v*		Other		271,600	0.04
						553,129,222	89.39
HOTELS AND OTHER LODGING PLACES
	19,000			Accor S.A.		1,686,806	0.27
	154,000			Orient-Express Hotels Ltd (Class A)		7,895,580	1.28
	209,900			Starwood Hotels & Resorts Worldwide, Inc		12,751,425	2.06
						22,333,811	3.61
	Shares			Company		Value	% of netassets
JUSTICE, PUBLIC ORDER AND SAFETY
	219,000	*		Corrections Corp of America	$	5,731,230	0.93	%
						5,731,230	0.93
REAL ESTATE
	310,000	g,m,v*		Asset Capital Corp, Inc		1,677,100	0.27
	76,800	*		Brookfield Properties Corp		1,912,320	0.31
	93,100	*		CB Richard Ellis Group, Inc (Class A)		2,591,904	0.42
	350,000			City Developments Ltd		3,816,897	0.61
	519,378			Thomas Properties Group, Inc		6,232,536	1.01
						16,230,757	2.62
			TOTAL COMMON STOCKS (Cost $589,840,206)			607,496,779	98.18
	Principal			Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
				Federal Home Loan Bank (FHLB)
$	4,810,000			0.000%, 10/01/07		4,808,397	0.78
						4,808,397	0.78
	Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	3,049,719			State Street Navigator Securities Lending
				Prime Portfolio		3,049,719	0.49
						3,049,719	0.49
			TOTAL SHORT-TERM INVESTMENTS (Cost $7,859,719)			7,858,116	1.27
			TOTAL PORTFOLIO (Cost $597,699,925)			615,354,895	99.45
			OTHER ASSETS & LIABILITIES, NET			3,416,284	0.55
			NET ASSETS		$	618,771,179	100.00	%

*	Non-income producing.
e	All or a portion of these securities are out on loan.
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 September 30, 2007, the value of these securities amounted to $948,700 or 0.31% of net assets.
m	Indicates a security has been deemed illiquid
v	Security valued at fair value.

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

110 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS	concluded
MANAGED ALLOCATION FUND II § SEPTEMBER 30, 2007

	Shares			Fund		Value	% of netassets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS
	22,851,373	q		TIAA-CREF Institutional Bond Plus Fund II	$	228,513,729	35.60	%
	9,411	q		TIAA-CREF Institutional High-Yield Fund II		93,545	0.01
	5,253,725	q		TIAA-CREF Institutional International Equity Fund		78,700,800	12.26
	13,118,024	q		TIAA-CREF Institutional Large-Cap Growth Fund		157,941,008	24.61
	8,787,662	q		TIAA-CREF Institutional Large-Cap Value Fund		149,566,007	23.30
	1,085	q		TIAA-CREF Institutional Money Market Fund		1,085	0.00	*
	189	q		TIAA-CREF Institutional Real Estate Securities Fund		2,768	0.00	*
	8,953	q		TIAA-CREF Institutional Short-Term Bond Fund II		89,888	0.01
	1,736,836	q		TIAA-CREF Institutional Small-Cap Equity Fund		26,799,379	4.18
			TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
			(Cost $574,323,709)			641,708,209	99.97
			TOTAL PORTFOLIO (Cost $574,323,709 )			641,708,209	99.97
			OTHER ASSETS & LIABILITIES, NET			195,800	0.03
			NET ASSETS		$	641,904,009	100.00	%

q	Affiliated fund.
*	Percentage is less than 0.01%

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 111

SUMMARY PORTFOLIO OF INVESTMENTS

BOND FUND § SEPTEMBER 30, 2007

	Principal		Issuer	Rating†		Value	% of net assets
BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES					$	1,501,130	0.09	%
ASSET BACKED
			Chase Funding Mortgage Loan Asset-Backed
			Certificates Series 2003-6 (Class 1A7)
$	13,091,389	i	4.277%, 09/25/33	Aaa		12,270,415	0.75
			Hertz Vehicle Financing LLC
			Series 2005-1A (Class A3)
	9,000,000		5.010%, 02/25/11	Aaa		8,965,629	0.55
			Honda Auto Receivables Owner Trust
			Series 2007-1 (Class A4)
	15,000,000		5.090%, 07/18/13	NR		14,970,225	0.92
			Hyundai Auto Receivables Trust
			Series 2006-A (Class A3)
	13,378,865		5.130%, 06/15/10	Aaa		13,368,082	0.82
			Nissan Auto Lease Trust
			Series 2006-A (Class A3)
	9,200,000		5.110%, 03/15/10	Aaa		9,197,488	0.56
		i	Residential Asset Mortgage Products, Inc
			Series 2004-RS11 (Class M1)
	8,000,000		5.751%, 11/25/34	Aa1		7,795,528	0.48
			Sonic Capital LLC
			Series 2006-1A (Class A2)
	7,895,534	m,v	5.096%, 12/20/31	Aaa		7,646,331	0.47
			Volkswagen Auto Lease Trust
			Series 2006-A (Class A3)
	9,000,000	d	5.500%, 09/21/09	Aaa		9,019,935	0.55
			Volkswagen Auto Lease Trust
			Series 2006-A (Class A4)
	10,000,000	d	5.540%, 04/20/11	Aaa		10,051,830	0.62
			Wachovia Auto Loan Owner Trust
			Series 2006-2A (Class A3)
	8,000,000		5.230%, 08/22/11	Aaa		8,005,024	0.49
		d,i,v	Other			116,734,369	7.16
						218,024,856	13.37
BUILDING MATERIALS AND GARDEN SUPPLIES						3,069,965	0.19
BUSINESS SERVICES						2,322,174	0.14
CHEMICALS AND ALLIED PRODUCTS g						8,425,212	0.52
COMMUNICATIONS e,g						34,670,543	2.13
DEPOSITORY INSTITUTIONS
			Depfa ACS Bank
	15,700,000	g	5.125%, 03/16/37	Aaa		14,676,737	0.90
		e,g,h,i	Other			70,727,493	4.34
						85,404,230	5.24
ELECTRIC, GAS, AND SANITARY SERVICES e						22,531,742	1.38
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						834,384	0.05
FOOD AND KINDRED PRODUCTS						5,594,762	0.34
FOOD STORES e,h						2,855,526	0.18
GENERAL MERCHANDISE STORES						2,188,921	0.14
HEALTH SERVICES						1,163,116	0.07

	Principal			Issuer	Rating†		Value	% of net assets
HOLDING AND OTHER INVESTMENT OFFICES e						$	5,939,406	0.36	%
INDUSTRIAL MACHINERY AND EQUIPMENT g							9,066,380	0.56
INSTRUMENTS AND RELATED PRODUCTS							1,286,624	0.08
INSURANCE CARRIERS g,i							14,526,707	0.89
METAL MINING g							1,460,138	0.09
MISCELLANEOUS MANUFACTURING INDUSTRIES g							1,312,455	0.08
MISCELLANEOUS RETAIL							2,098,510	0.13
MOTION PICTURES							4,929,440	0.30
NONDEPOSITORY INSTITUTIONS
				General Electric Capital Corp
$	8,000,000			5.500%, 06/04/14	Aaa		8,035,296	0.49
		e,g,i		Other			27,226,350	1.67
							35,261,646	2.16
OIL AND GAS EXTRACTION g							10,827,502	0.66
OTHER MORTGAGE BACKED SECURITIES i							82,415,996	5.05
PAPER AND ALLIED PRODUCTS							1,883,964	0.12
PETROLEUM AND COAL PRODUCTS							1,747,563	0.11
PIPELINES, EXCEPT NATURAL GAS							6,998,156	0.43
PRINTING AND PUBLISHING							3,470,390	0.21
RAILROAD TRANSPORTATION							5,180,343	0.32
REAL ESTATE g,i							720,413	0.04
SECURITY AND COMMODITY BROKERS g,h,i,v							30,041,905	1.84
TRANSPORTATION BY AIR							1,023,917	0.06
TRANSPORTATION EQUIPMENT g							6,050,247	0.37
WHOLESALE TRADE-DURABLE GOODS							1,680,873	0.10
WHOLESALE TRADE-NONDURABLE GOODS							4,312,640	0.27
			TOTAL CORPORATE BONDS
				(Cost $625,738,312)			620,821,776	38.07
GOVERNMENT BONDS
AGENCY SECURITIES
				Federal Home Loan Mortgage Corp (FHLMC)
	8,790,000			4.375%, 11/16/07	Aaa		8,783,082	0.54
	10,000,000			5.000%, 06/11/09	Aaa		10,091,940	0.62
	13,688,000			5.875%, 03/21/11	Aa2		14,305,082	0.88
	7,500,000			5.500%, 08/20/12	Aaa		7,776,847	0.48
	7,670,000			5.125%, 10/18/16	Aaa		7,749,691	0.47
				Federal National Mortgage Association (FNMA)
	28,340,000			3.660–7.125%, 06/15/2008–07/15/37	Aaa		29,023,097	1.78
	32,260,000			5.000%, 09/15/08	Aaa		32,473,271	1.99
				Private Export Funding Corp
	13,000,000	v		5.450%, 09/15/17	Aaa		13,331,709	0.82
				Other			20,111,883	1.23
							143,646,602	8.81
FOREIGN GOVERNMENT BONDS e,g							34,929,918	2.14

112 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

BOND FUND § SEPTEMBER 30, 2007

	Principal			Issuer		Value	% of net assets
MORTGAGE BACKED SECURITIES
				Federal Home Loan Mortgage Corp (FHLMC)
$	31,746,852	i		4.500–6.133%, 09/15/16–04/01/37	$	31,838,803	1.95	%
	7,922,148	i		5.798%, 03/01/37		7,991,562	0.49
				Federal Home Loan Mortgage Corp Gold (FGLMC)
	71,721,498	d,h		4.500–8.000%, 01/01/16–09/01/37		70,149,024	4.30
	8,757,005			4.500%, 06/01/21		8,430,457	0.52
	14,331,043			4.500%, 06/01/21		13,796,639	0.85
	7,332,006			5.500%, 12/01/33		7,202,347	0.44
	9,809,662			5.500%, 04/01/37		9,605,475	0.59
	10,786,069			5.500%, 05/01/37		10,561,558	0.65
				Federal National Mortgage Association (FNMA)
	176,012,895	d,h,i		4.440–7.500%, 06/01/13–11/25/37		174,075,594	10.67
	11,417,891			5.000%, 10/01/25		11,024,146	0.68
	10,140,620			5.000%, 11/01/33		9,707,281	0.60
	8,722,072			5.000%, 03/01/34		8,349,352	0.51
	14,575,702			5.000%, 08/01/34		13,940,304	0.85
	7,834,913			5.500%, 09/01/34		7,689,921	0.47
	45,317,658			5.500%, 02/01/35		44,514,856	2.73
	10,442,406			5.000%, 02/25/35		10,319,666	0.63
	9,373,755			5.500%, 09/01/35		9,207,699	0.56
	7,932,506			6.000%, 06/01/37		7,944,374	0.49
	7,976,225	h,i		5.934%, 10/01/37		8,267,716	0.51
	21,000,000	h		6.000%, 11/25/37		21,006,552	1.29
				Government National Mortgage Association (GNMA)
	7,556,091			5.000%, 03/20/35		7,254,059	0.44
	7,546,608			5.500%, 05/20/35		7,420,369	0.46
				Other		7,068,199	0.43
						507,365,953	31.11
MUNICIPAL BONDS						652,319	0.04
U.S. TREASURY SECURITIES
				United States Treasury Bond
	38,536,000	d		8.000%, 11/15/21		50,825,362	3.12
	20,650,000	d		5.250%, 02/15/29		21,643,781	1.33
				United States Treasury Inflation Indexed Bonds
	18,032,304			0.875%, 04/15/10		17,433,577	1.07
				United States Treasury Note
	33,785,000			3.125–5.125%, 06/30/08–09/30/12		34,034,320	2.09
	24,180,000			4.875%, 10/31/08		24,391,575	1.50
	11,175,000			4.500%, 05/15/10		11,315,559	0.69
	76,430,000			4.625%, 07/31/12		77,761,563	4.77
	16,910,000			4.500%, 05/15/17		16,814,881	1.03
	18,337,000			4.750%, 08/15/17		18,583,413	1.14
				United States Treasury Strip Principal
	22,000,000	j		08/15/27		8,245,336	0.50
				Other		7,881,376	0.48
						288,930,743	17.72
			TOTAL GOVERNMENT BONDS
				(Cost $977,701,306)		975,525,535	59.82
			TOTAL BONDS
				(Cost $1,603,439,618)		1,596,347,311	97.89

	Principal		Issuer		Value		% of net assets
PREFERRED STOCKS
DEPOSITORY INSTITUTIONS e				$	590,400		0.04	%
		TOTAL PREFERRED STOCKS
			(Cost $600,000)		590,400		0.04
	Shares		Company
SHORT-TERM INVESTMENTS
COMMERICAL PAPER					2,337,132		0.14
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	15,564,860		State Street Navigator Securities Lending
			Prime Portfolio		15,564,860		0.95
					17,901,992		1.09
	Principal		Issuer
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
			Federal Home Loan Bank (FHLB)
$	67,380,000		0.000%, 10/01/07		67,357,540		4.13
	10,000,000		0.000%, 10/24/07		9,971,060		0.61
			Federal Home Loan Mortgage Corp (FHLMC)
	14,605,000		0.000%, 10/24/07		14,562,733		0.90
					91,891,333		5.64
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $109,815,294)		109,793,325		6.73
		TOTAL PORTFOLIO
			(Cost $1,713,854,912)		1,706,731,036		104.66
		OTHER ASSETS & LIABILITIES, NET			(75,987,467	)	(4.66	)
		NET ASSETS		$	1,630,743,569		100.00	%

*	Non-income producing.
†	As provided by Moody’s Investor 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.
e	All or a portion of these securities are out on loan.
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 September 30, 2007, the value of these securities amounted to $65,273,388 or 4.00% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflects the rate at September 30, 2007.
j	Zero coupon.
m	Indicates a security has been deemed illiquid.
v	Security valued at fair value.

ABBREVIATION:

NR - Not Rated

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 113

SUMMARY PORTFOLIO OF INVESTMENTS

BOND PLUS FUND II § SEPTEMBER 30, 2007

	Principal		Issuer	Rating†		Value	% of net assets
BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES					$	354,997	0.06	%
ASSET BACKED
			Citicorp Mortgage Securities, Inc
			Series 2006-1 (Class A3)
$	3,000,000	i	5.706%, 07/25/36	Aaa		2,971,212	0.53
			Countrywide Asset-Backed Certificates
			Series 2007-S2 (Class A3)
	2,500,000	i	5.813%, 05/25/37	Aaa		2,472,540	0.45
			Flagstar Home Equity Loan Trust
			Series 2007-1A (Class AF3)
	3,000,000	i	5.781%, 01/25/35	Aaa		2,961,606	0.53
			GMAC Mortgage Corporation
			Loan Trust 2006-HLTV A3
	2,650,000		5.590%, 10/25/29	Aaa		2,628,328	0.47
			GMAC Mortgage Corporation
			Loan Trust 2006-HLTV A4
	2,650,000		5.810%, 10/25/29	Aaa		2,614,776	0.47
			Hertz Vehicle Financing LLC
			Series 2005-1A (Class A3)
	4,500,000		5.010%, 02/25/11	Aaa		4,482,815	0.81
			Honda Auto Receivables Owner Trust
			Series 2007-1 (Class A4)
	4,000,000		5.090%, 07/18/13	NR		3,992,060	0.72
			Household Automotive Trust
			Series 2006-3 (Class A4)
	3,000,000		5.340%, 09/17/13	Aaa		3,014,016	0.54
			Residential Asset Mortgage Products, Inc
			Series 2004-RS11 (Class M1)
	5,000,000	d,i	5.751%, 11/25/34	Aa1		4,872,205	0.88
			Residential Funding Mortgage Securities II, Inc
			Series 2006-H12 (Class A3)
	7,000,000		5.790%, 02/25/36	Aaa		6,962,445	1.25
			Residential Funding Mortgage Securities II, Inc
			Series 2006-HSA2 (Class AI3)
	3,000,000	i	5.550%, 03/25/36	Aaa		2,948,235	0.53
			Residential Funding Mortgage Securities II, Inc
			Series 2006-HI4 (Class A3)
	3,528,000		5.440%, 09/25/36	Aaa		3,428,669	0.62
			Sonic Capital LLC, Series 2006-1A (Class A2)
	5,921,650	v	5.096%, 12/20/31	Aaa		5,734,749	1.03
			Wachovia Amortization Controlled Heloc NIM
			Series 2006-N1 (Class N1)
	2,500,000	v	5.683%, 08/12/47	A3		2,445,925	0.44
		d,i,v	Other			36,456,434	6.56
						87,986,015	15.83
BUILDING MATERIALS AND GARDEN SUPPLIES						906,088	0.16
BUSINESS SERVICES						791,080	0.14
CHEMICALS AND ALLIED PRODUCTS g						2,639,574	0.47
COMMUNICATIONS e,g						16,990,731	3.06
DEPOSITORY INSTITUTIONS
			Banco Bilbao Vizcaya Argentaria S.A.
	3,000,000	g	5.750%, 07/20/17	Aaa		3,060,726	0.55
			Depfa ACS Bank
	2,700,000	g	5.125%, 03/16/37	Aaa		2,524,025	0.45
		e,g,h,i	Other			26,762,198	4.82
						32,346,949	5.82

	Principal		Issuer	Rating†		Value	% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES e					$	14,192,108	2.55	%
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						273,161	0.05
FOOD AND KINDRED PRODUCTS e						2,968,068	0.53
FOOD STORES d,e						1,631,227	0.29
GENERAL BUILDING CONTRACTORS						496,945	0.09
GENERAL MERCHANDISE STORES						1,281,231	0.23
HEALTH SERVICES						505,703	0.09
HOLDING AND OTHER INVESTMENT OFFICES e						3,220,126	0.58
HOTELS AND OTHER LODGING PLACES						248,125	0.04
INDUSTRIAL MACHINERY AND EQUIPMENT e,g						2,662,078	0.48
INSTRUMENTS AND RELATED PRODUCTS						776,225	0.14
INSURANCE CARRIERS g,i						6,152,464	1.11
METAL MINING g						778,164	0.14
MISCELLANEOUS MANUFACTURING INDUSTRIES g						741,991	0.13
MISCELLANEOUS RETAIL						488,026	0.09
MOTION PICTURES						3,594,269	0.65
NONDEPOSITORY INSTITUTIONS
			General Electric Capital Corp
$	3,000,000		5.500%, 06/04/14	Aaa		3,013,236	0.54
		e,g,i	Other			15,155,929	2.73
						18,169,165	3.27
OIL AND GAS EXTRACTION g						7,953,123	1.43
OTHER MORTGAGE BACKED SECURITIES
			Banc of America Commercial Mortgage, Inc
			Series 2002-2 (Class A3)
	3,000,000	d	5.118%, 07/11/43	NR		2,996,205	0.54
			Chase Funding Mortgage Loan
			Asset-Backed Certificates
			Series 2002-2 (Class 1A5)
	2,664,111	i	5.833%, 04/25/32	Aaa		2,620,473	0.47
			Washington Mutual, Inc
			Series 2003-S10 (Class A1)
	4,293,272		4.500%, 10/25/18	NR		4,154,960	0.75
			Wells Fargo Mortgage Backed Securities Trust
			Series 2004-7 (Class 1A1)
	2,630,439		4.500%, 07/25/19	NR		2,516,181	0.45
		i	Other			37,295,703	6.71
						49,583,522	8.92
PAPER AND ALLIED PRODUCTS e						1,570,140	0.28
PETROLEUM AND COAL PRODUCTS v						1,871,632	0.34
PIPELINES, EXCEPT NATURAL GAS i						3,214,184	0.58
PRINTING AND PUBLISHING						2,658,600	0.48
RAILROAD TRANSPORTATION e						2,769,043	0.50
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS g						274,193	0.05
SECURITY AND COMMODITY BROKERS e,i,h,v						10,490,641	1.89
STONE, CLAY, AND GLASS PRODUCTS						500,775	0.09

114 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

BOND PLUS FUND II § SEPTEMBER 30, 2007

	Principal			Issuer	Rating†		Value	% of net assets
TRANSPORTATION BY AIR						$	536,337	0.10	%
TRANSPORTATION EQUIPMENT							2,965,483	0.53
WHOLESALE TRADE-DURABLE GOODS							608,626	0.11
WHOLESALE TRADE-NONDURABLE GOODS							1,383,698	0.25
			TOTAL CORPORATE BONDS (Cost $290,068,659)				286,574,507	51.55
GOVERNMENT BONDS
AGENCY SECURITIES
				Federal National Mortgage Association (FNMA)
$	5,421,869			5.375–6.000%, 06/25/16–07/15/37	Aaa		5,595,245	1.01
				US Department of Housing and Urban
				Development
	5,000,000			4.790%, 08/01/11	NR		5,042,345	0.91
		v		Other			8,352,665	1.50
							18,990,255	3.42
FOREIGN GOVERNMENT BONDS
	5,000,000	g		Hypothekenbank in Essen AG.
				5.000%, 01/20/12	Aaa		5,044,435	0.91
		e,d,g		Other			15,283,333	2.75
							20,327,768	3.66
MORTGAGE BACKED SECURITIES
				Federal Home Loan Mortgage Corp (FHLMC)
	15,120,102	i		4.000–6.133%, 09/15/16–04/01/37			15,070,300	2.71
	3,000,000			5.000%, 06/15/31			2,942,640	0.53
	3,225,785	i		5.798%, 03/01/37			3,254,049	0.59
				Federal Home Loan Mortgage Corp Gold (FGLMC)
	23,986,854	d,h		4.500–8.000%, 09/01/10–09/01/37			23,526,802	4.23
	4,065,807			5.500%, 12/01/33			3,993,908	0.72
	2,460,503			6.000%, 05/01/35			2,465,412	0.44
	2,583,279			5.500%, 06/01/35			2,532,622	0.46
	2,745,545			5.500%, 05/01/37			2,688,397	0.48
				Federal National Mortgage Association (FNMA)
	50,791,746	h,i,v		4.000–9.000%, 12/01/08–10/01/37			49,988,427	8.99
	2,464,769			5.000%, 02/25/35			2,435,799	0.44
	2,492,020			5.000%, 03/01/34			2,385,529	0.43
	2,598,798			4.718%, 02/01/14			2,523,808	0.45
	2,754,799			6.000%, 05/01/35			2,761,271	0.50
	2,879,178			4.640%, 11/01/14			2,781,246	0.50
	2,887,387	d		6.000%, 04/01/36			2,892,195	0.52
	3,286,109			5.500%, 07/01/33			3,227,896	0.58
	3,366,928			5.000%, 10/01/35			3,216,894	0.58
	3,613,822			5.500%, 05/01/35			3,543,981	0.64
	4,000,000	h		6.000%, 11/25/37			4,001,248	0.72
	4,116,944			5.000%, 10/01/25			3,974,971	0.71
	4,541,831			6.000%, 08/01/35			4,552,500	0.82
	4,715,955	d		5.500%, 05/01/35			4,624,815	0.83
	5,035,689			5.000%, 11/01/33			4,820,500	0.87
	5,833,126			5.000%, 08/01/34			5,578,843	1.00
	6,118,541	i		5.739%, 09/01/36			6,171,436	1.11
	13,000,000	h		6.500%, 11/25/37			13,223,444	2.38
				Government National Mortgage Association (GNMA)
	6,106,821			5.000–8.500%, 09/15/23–03/20/35			5,989,096	1.08
							185,168,029	33.31

	Principal			Issuer		Value		% of net assets
U.S. TREASURY SECURITIES
				United States Treasury Bond
$	11,198,000			8.000%, 11/15/21	$	14,769,109		2.66	%
	6,600,000	d		5.250%, 02/15/29		6,917,625		1.24
		j		Other		10,518,851		1.89
						32,205,585		5.79
			TOTAL GOVERNMENT BONDS
				(Cost $257,921,523)		256,691,637		46.18
			TOTAL BONDS
				(Cost $547,990,182)		543,266,144		97.73
	Shares			Company
PREFERRED STOCKS
DEPOSITORY INSTITUTIONS						344,400		0.06
			TOTAL PREFERRED STOCKS
				(Cost $350,000)		344,400		0.06
TIAA-CREF MUTUAL FUNDS
	402,634	q		TIAA-CREF Institutional High-Yield Fund II, Institutional Class		4,002,183		0.72
			TOTAL TIAA-CREF MUTUAL FUNDS
				(Cost $4,121,103)		4,002,183		0.72
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	5,961,086			State Street Navigator Securities Lending Prime Portfolio		5,961,086		1.07
						5,961,086		1.07
	Principal			Issuer
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
				Federal Home Loan Bank (FHLB)
$	31,240,000			0.000%, 10/01/07		31,229,587		5.62
						31,229,587		5.62
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $37,201,086)		37,190,673		6.69
			TOTAL PORTFOLIO
				(Cost $589,662,371)		584,803,400		105.20
			OTHER ASSETS & LIABILITIES, NET			(28,917,566	)	(5.20	)
			NET ASSETS		$	555,885,834		100.00	%

†	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.
e	All or a portion of these securities are out on loan.
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 September 30, 2007, the value of these securities amounted to $27,487,251 or 4.94% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflects the rate at September 30, 2007.
j	Zero coupon
q	Affiliated Fund.
v	Security valued at fair value.

ABBREVIATION:

NR - Not Rated

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 115

SUMMARY PORTFOLIO OF INVESTMENTS

SHORT-TERM BOND FUND II § SEPTEMBER 30, 2007

Principal			Issuer	Rating†	Value		% of net assets
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES					$	354,997		0.13	%
ASSET BACKED
			Centex Home Equity
			Series 2004-D (Class MF2)
$	1,500,000	i	5.560%, 09/25/34	A2		1,332,525		0.48
			CIT Equipment Collateral
			Series 2005-VT1 (Class A4)
	1,320,000		4.360%, 11/20/12	Aaa		1,315,129		0.47
			Citicorp Mortgage Securities, Inc
			Series 2006-1 (Class A3)
	5,500,000	i	5.706%, 07/25/36	Aaa		5,447,222		1.97
			Flagstar Home Equity Loan Trust
			Series 2007-1A (Class AF3)
	2,000,000	i	5.781%, 01/25/35	Aaa		1,974,404		0.71
			GMAC Mortgage Corporation Loan Trust
			2006-HLTV A3
	2,000,000		5.590%, 10/25/29	Aaa		1,983,644		0.72
			GMAC Mortgage Corporation Loan Trust
			2006-HLTV A4
	2,000,000		5.810%, 10/25/29	Aaa		1,973,416		0.71
			Marriott Vacation Club Owner Trust
			Series 2006-1A (Class A)
	2,107,735		5.737%, 04/20/28	Aaa		2,119,021		0.76
			Residential Funding Mortgage Securities II, Inc
			Series 2006-H12 (Class A3)
	4,000,000		5.790%, 02/25/36	Aaa		3,978,540		1.44
			Residential Funding Mortgage Securities II, Inc
			Series 2006-HI1 (Class A3)
	2,000,000	i	5.570%, 02/25/36	Aaa		1,956,282		0.71
			Residential Funding Mortgage Securities II, Inc
			Series 2006-HI3 (Class A2)
	2,000,000		5.950%, 02/25/36	Aaa		1,989,930		0.72
			Residential Funding Mortgage Securities II, Inc
			Series 2006-HI3 (Class A3)
	1,300,000		5.960%, 02/25/36	Aaa		1,296,001		0.47
		i,v	Other			8,130,468		2.94
			TOTAL ASSET BACKED			33,496,582		12.10
BUILDING MATERIALS AND GARDEN SUPPLIES						485,264		0.18
BUSINESS SERVICES						608,132		0.22
CHEMICALS AND ALLIED PRODUCTS
			Eli Lilly & Co
	1,250,000		2.900%, 03/15/08	Aa3		1,238,050		0.45
			Other			654,040		0.23
						1,892,090		0.68
COMMUNICATIONS
			Alamosa Delaware, Inc
	1,500,000		8.500%, 01/31/12	Baa3		1,565,902		0.56
		g	Other			1,047,056		0.38
						2,612,958		0.94
Principal			Issuer	Rating†	Value		% of net assets
DEPOSITORY INSTITUTIONS
			Banco Nacional de Comercio Exterior SNC
$	1,500,000		3.875%, 01/21/09	A1	$	1,462,500		0.53	%
			Citigroup, Inc
	4,000,000		5.250%, 02/27/12	Aa1		3,999,156		1.44
			Wells Fargo & Co
	2,900,000		4.875%, 01/12/11	Aa1		2,872,726		1.04
		e,g	Other			10,766,220		3.89
						19,100,602		6.90
EATING AND DRINKING PLACES						625,924		0.23
ELECTRIC, GAS, AND SANITARY SERVICES
			Duke Energy Carolinas LLC
	2,475,000		3.750%, 03/05/08	A2		2,459,407		0.89
			Ohio Power Co
	1,250,000		5.300%, 11/01/10	A3		1,252,120		0.45
			Other			3,079,851		1.11
						6,791,378		2.45
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						297,872		0.11
FABRICATED METAL PRODUCTS						1,001,851		0.36
FOOD AND KINDRED PRODUCTS g						2,223,489		0.80
FOOD STORES						1,250,200		0.45
GENERAL BUILDING CONTRACTORS						496,945		0.18
GENERAL MERCHANDISE STORES e						619,849		0.22
HOLDING AND OTHER INVESTMENT OFFICES						625,912		0.23
INDUSTRIAL MACHINERY AND EQUIPMENT						251,061		0.09
INSURANCE CARRIERS g						2,125,700		0.77
NONDEPOSITORY INSTITUTIONS
			American Honda Finance Corp
	1,250,000	g	5.125%, 12/15/10	Aa3		1,267,379		0.46
			HSBC Finance Corp
	1,250,000		5.250%, 01/14/11	Aa3		1,245,491		0.45
			HSBC Finance Corp
	2,000,000		5.900%, 06/19/12	Aa3		2,025,576		0.73
		e,g,i	Other			8,080,153		2.92
						12,618,599		4.56
OIL AND GAS EXTRACTION
			Weatherford International, Inc
	2,000,000	g	5.950%, 06/15/12	Baa1		2,039,136		0.74
			Other			1,172,073		0.42
						3,211,209		1.16
OTHER MORTGAGE BACKED SECURITIES
			LB-UBS Commercial Mortgage Trust
			Series 2005-C3 (Class A2)
	2,000,000		4.553%, 07/15/30	Aaa		1,978,022		0.72
		i	Other			4,351,388		1.57
						6,329,410		2.29

116 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
SHORT-TERM BOND FUND II § SEPTEMBER 30, 2007

Principal				Issuer	Rating†	Value			% of net assets
PIPELINES, EXCEPT NATURAL GAS
				Enterprise Products Operating LP
$	1,250,000			4.000%, 10/15/07	Baa3	$	1,249,355			0.45	%
				Other			2,606,336			0.94
							3,855,691			1.39
PRINTING AND PUBLISHING							991,540			0.36
RAILROAD TRANSPORTATION							500,045			0.18
REAL ESTATE
				USB Realty Corp
	1,500,000	g,i		6.091%, 12/30/49	A1		1,440,826			0.52
							1,440,826			0.52
SECURITY AND COMMODITY BROKERS i							4,824,091			1.74
TRANSPORTATION BY AIR							292,548			0.10
TRANSPORTATION EQUIPMENT
				General Dynamics Corp
	1,250,000			3.000%, 05/15/08	A2		1,234,787			0.45
				Other			509,565			0.18
							1,744,352			0.63
			TOTAL CORPORATE BONDS (Cost $111,963,844)				110,669,117			39.97
GOVERNMENT BONDS
AGENCY SECURITIES
				Federal Home Loan Bank (FHLB)
	3,000,000			5.375%, 08/19/11	Aaa		3,086,400			1.11
				Federal Home Loan Mortgage Corp (FHLMC)
	4,700,000			4.750%, 11/03/09	Aaa		4,732,684			1.71
	6,500,000			4.875%, 02/09/10	Aaa		6,566,267			2.37
	2,700,000			7.000%, 03/15/10	Aaa		2,860,493			1.03
				Federal National Mortgage Association (FNMA)
	16,000,000			6.000%, 05/15/08	Aaa		16,114,080			5.82
	9,250,000			5.000%, 09/15/08	Aaa		9,311,152			3.36
	3,000,000			5.375%, 08/15/09	Aaa		3,051,621			1.10
	3,000,000			4.625%, 12/15/09	Aaa		3,013,407			1.09
	12,900,000			7.125%, 06/15/10	Aaa		13,774,633			4.98
	3,500,000			6.250%, 02/01/11	Aa2		3,675,900			1.33
				Private Export Funding Corp
	7,000,000			4.900%, 12/15/11	Aaa		7,082,628			2.56
				Other			4,627,316			1.67
							77,896,581			28.13
FOREIGN GOVERNMENT BONDS
				Emirate of Abu Dhabi
	1,400,000	g		5.500%, 08/02/12	Aa2		1,424,455			0.52
				International Finance Corp
	1,500,000			5.125%, 05/02/11	Aaa		1,530,459			0.55
		e,g		Other			5,673,539			2.05
							8,628,453			3.12
MORTGAGE BACKED SECURITIES i							3,405,089			1.23
Principal				Issuer		Value			% of net assets
U.S. TREASURY SECURITIES
				United States Treasury Inflation Indexed Bonds
$	4,068,263			0.875%, 04/15/10		$	3,933,185			1.42	%
				United States Treasury Note
	21,211,000			4.625%, 12/31/11			21,582,193			7.80
	4,000,000			3.875%, 05/15/09			3,994,688			1.44
	2,000,000			4.000%, 08/31/09			2,001,406			0.72
	7,310,000			4.125%, 08/31/12			7,280,307			2.63
	12,545,000			4.500%, 05/15/10			12,702,791			4.59
	2,500,000			4.500%, 11/30/11			2,531,835			0.91
	7,500,000			4.625%, 03/31/08			7,517,580			2.72
	6,250,000			4.875%, 10/31/08			6,304,688			2.28
				Other			1,007,109			0.36
							68,855,782			24.87
			TOTAL GOVERNMENT BONDS (Cost $157,411,690)				158,785,905			57.35
			TOTAL BONDS (Cost $269,375,534)				269,455,022			97.32
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
				Federal Home Loan Bank (FHLB)
	6,370,000			0.000%, 10/01/07			6,367,877			2.30
							6,367,877			2.30
Shares				Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	1,646,443			State Street Navigator Securities Lending
				Prime Portfolio			1,646,443			0.59
							1,646,443			0.59
			TOTAL SHORT-TERM INVESTMENTS (Cost $8,016,443)				8,014,320			2.89
			TOTAL PORTFOLIO (Cost $277,391,977)				277,469,342			100.21
			OTHER ASSETS & LIABILITIES, NET				(590,037	)		(0.21	)
			NET ASSETS			$	276,879,305			100.00	%

†	As provide by Moody’s Investors Service (unaudited)
e	All or a portion of these securities are out on loan.
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 September 30, 2007, the value of these securities amounted to $12,413,124 or 4.48% of net assets.
i	Floating rate or variable rate securities reflects the rate at September 30, 2007.
v	Security valued at fair value.
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 117

SUMMARY PORTFOLIO OF INVESTMENTS

HIGH-YIELD FUND II § SEPTEMBER 30, 2007

Principal			Issuer	Rating†	Value		% of net assets
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES
			Pokagon Gaming Authority
$	2,333,000	g	10.375%, 06/15/14	B3	$	2,560,468		0.66	%
			Speedway Motorsports, Inc
	2,750,000		6.750%, 06/01/13	Ba2		2,708,750		0.70
		g,v	Other			4,557,068		1.17
						9,826,286		2.53
APPAREL AND OTHER TEXTILE PRODUCTS						1,172,760		0.30
AUTO REPAIR, SERVICES AND PARKING
			Hertz Corp
	2,960,000	e	10.500%, 01/01/16	B2		3,196,800		0.82
			Keystone Automotive Operations, Inc
	4,221,000	d	9.750%, 11/01/13	Caa2		3,440,115		0.89
			Other			2,309,800		0.60
						8,946,715		2.31
AUTOMOTIVE DEALERS AND SERVICE STATIONS						5,180,950		1.34
BUSINESS SERVICES
			Lamar Media Corp
	3,250,000	e	7.250%, 01/01/13	Ba3		3,266,250		0.84
		e,g,i,v	Other			10,488,556		2.70
						13,754,806		3.54
CHEMICALS AND ALLIED PRODUCTS e,g						13,943,218		3.59
COAL MINING
			Arch Western Finance LLC
	3,050,000		6.750%, 07/01/13	B1		2,989,000		0.77
			Griffin Coal Mining Co Pty Ltd
	4,456,000	e,g	9.500%, 12/01/16	Ba2		4,433,720		1.14
			Peabody Energy Corp
	2,625,000		6.875%, 03/15/13	Ba1		2,651,250		0.69
			Other			2,559,375		0.66
						12,633,345		3.26
COMMUNICATIONS
			Allbritton Communications Co
	4,402,000	d	7.750%, 12/15/12	B1		4,446,020		1.14
			Citizens Communications Co
	2,826,000		9.000%, 08/15/31	Ba2		2,868,390		0.74
			Echostar DBS Corp
	2,650,000		6.625%, 10/01/14	Ba3		2,663,250		0.69
			Intelsat Bermuda Ltd
	2,398,000		11.250%, 06/15/16	Caa1		2,568,858		0.66
			Qwest Communications International, Inc
	4,830,000	d	7.250%, 02/15/11	Ba3		4,884,338		1.26
			Windstream Corp
	3,650,000		8.125%, 08/01/13	Ba3		3,841,625		0.99
		g,h,i	Other			15,444,989		3.98
						36,717,470		9.46
EATING AND DRINKING PLACES e						938,400		0.24
Principal			Issuer	Rating†	Value		% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES
			Allied Waste North America, Inc
	$3,200,000	e	7.875%, 04/15/13	B1	$	3,304,000		0.85	%
			Dynegy Holdings, Inc
	2,531,000	e	8.750%, 02/15/12	B2		2,613,258		0.67
			Edison Mission Energy
	2,775,000		7.500%, 06/15/13	B1		2,844,375		0.73
			El Paso Performance-Linked Trust
	2,400,000	g	7.750%, 07/15/11	Ba3		2,465,496		0.64
			Intergen NV
	3,750,000	g	9.000%, 06/30/17	Ba3		3,937,500		1.01
			NRG Energy, Inc
	2,500,000		7.375%, 02/01/16	B1		2,506,250		0.65
			Reliant Energy, Inc
	4,037,000	e	7.625%, 06/15/14	B3		4,067,278		1.05
			Sierra Pacific Resources
	2,500,000		8.625%, 03/15/14	B1		2,646,305		0.68
		e,g,i	Other			16,642,806		4.29
						41,027,268		10.57
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
			Freescale Semiconductor, Inc
	3,727,000	e	10.125%, 12/15/16	B2		3,466,110		0.89
			L-3 Communications Corp
	3,500,000		7.625%, 06/15/12	Ba3		3,578,750		0.92
		g	Other			869,294		0.23
						7,914,154		2.04
FABRICATED METAL PRODUCTS						3,809,209		0.98
FOOD AND KINDRED PRODUCTS e,g						2,430,750		0.63
FOOD STORES
			Stater Brothers Holdings
	4,108,000		8.125%, 06/15/12	B2		4,185,025		1.08
			Other			421,740		0.11
						4,606,765		1.19
FURNITURE AND HOME FURNISHINGS STORES
			GSC Holdings Corp
	2,900,000		8.000%, 10/01/12	Ba3		3,016,000		0.78
						3,016,000		0.78
HEALTH SERVICES
			FMC Finance III S.A.
	3,990,000	g	6.875%, 07/15/17	Ba3		3,970,050		1.02
			HCA, Inc
	3,860,000	g	9.125%, 11/15/14	B2		4,072,300		1.05
			Other			4,316,000		1.11
						12,358,350		3.18

118 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	continued
HIGH-YIELD FUND II § SEPTEMBER 30, 2007

Principal				Issuer	Rating†	Value		% of net assets
HOTELS AND OTHER LODGING PLACES
				MGM Mirage
$	3,250,000	d		6.750%, 09/01/12	Ba2	$	3,197,187		0.82	%
		g,i		Other			3,704,125		0.96
							6,901,312		1.78
INDUSTRIAL MACHINERY AND EQUIPMENT
				Scientific Games Corp
	3,625,000			6.250%, 12/15/12	Ba3		3,493,594		0.90
							3,493,594		0.90
INSTRUMENTS AND RELATED PRODUCTS g							1,288,160		0.33
INSURANCE CARRIERS							1,671,880		0.43
JUSTICE, PUBLIC ORDER AND SAFETY							1,038,375		0.27
LEGAL SERVICES
				FTI Consulting, Inc
	2,614,000			7.750%, 10/01/16	Ba2		2,705,490		0.70
				Other			1,537,500		0.39
							4,242,990		1.09
METAL MINING
				Freeport-McMoRan Copper & Gold, Inc
	3,400,000			8.250%, 04/01/15	Ba3		3,672,000		0.95
				Other			1,862,712		0.48
							5,534,712		1.43
MISCELLANEOUS RETAIL
				Couche-Tard US LP
	3,250,000			7.500%, 12/15/13	Ba2		3,306,875		0.85
		e		Other			7,740,840		2.00
							11,047,715		2.85
NONDEPOSITORY INSTITUTIONS
				Residential Capital LLC
	3,428,000			7.375%, 06/30/10	Ba1		2,845,240		0.73
		e		Other			17,761,165		4.58
							20,606,405		5.31
OIL AND GAS EXTRACTION
				Chesapeake Energy Corp
	2,500,000			7.750%, 01/15/15	Ba2		2,571,875		0.66
	3,875,000			6.875%, 11/15/20	Ba2		3,792,656		0.98
				Complete Production Services, Inc
	3,125,000			8.000%, 12/15/16	B2		3,089,844		0.80
				Plains Exploration & Production Co
	3,000,000			7.000%, 03/15/17	B1		2,805,000		0.72
				Range Resources Corp
	3,000,000			7.500%, 10/01/17	Ba3		3,067,500		0.79
				Sabine Pass LNG LP
	3,725,000			7.250%, 11/30/13	Ba3		3,669,125		0.95
		e		Other			14,404,468		3.71
							33,400,468		8.61
Principal				Issuer	Rating†	Value		% of net assets
PAPER AND ALLIED PRODUCTS
				Cenveo Corp
$	2,985,000			7.875%, 12/01/13	B3	$	2,716,350		0.70	%
		e,g,i		Other			11,711,235		3.02
							14,427,585		3.72
PERSONAL SERVICES							2,400,000		0.62
PETROLEUM AND COAL PRODUCTS
				Lyondell Chemical Co
	4,336,000			8.000%, 09/15/14	B1		4,769,600		1.23
				Other			2,536,125		0.65
							7,305,725		1.88
PRIMARY METAL INDUSTRIES g,i,o							7,958,630		2.05
PRINTING AND PUBLISHING
				Morris Publishing Group LLC
	3,635,000			7.000%, 08/01/13	B1		2,844,388		0.73
				RH Donnelley Corp
	3,060,000	h		8.875%, 01/15/16	B3		3,117,375		0.80
		g		Other			9,458,522		2.44
							15,420,285		3.97
SECURITY AND COMMODITY BROKERS							935,000		0.24
SOCIAL SERVICES
				Knowledge Learning Corp, Inc
	2,780,000	g		7.750%, 02/01/15	B2		2,696,600		0.70
							2,696,600		0.70
STONE, CLAY, AND GLASS PRODUCTS e							2,061,250		0.53
TRANSPORTATION BY AIR
				Bristow Group, Inc
	3,278,000	g		7.500%, 09/15/17	Ba2		3,343,560		0.86
							3,343,560		0.86
TRANSPORTATION EQUIPMENT e,g							14,480,407		3.73
TRANSPORTATION SERVICES							1,316,250		0.34
WATER TRANSPORTATION
				Gulfmark Offshore, Inc
	4,021,000			7.750%, 07/15/14	B1		4,041,105		1.04
							4,041,105		1.04
WHOLESALE TRADE-DURABLE GOODS
				Baker & Taylor, Inc
	3,390,000	g		11.500%, 07/01/13	B2		3,326,437		0.86
				Ryerson, Inc
	2,607,000			8.250%, 12/15/11	B3		2,799,266		0.72
		e		Other			4,332,200		1.12
							10,457,903		2.70
WHOLESALE TRADE-NONDURABLE GOODS							4,905,575		1.26
			TOTAL CORPORATE BONDS (Cost $362,570,584)				359,251,932		92.58

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 119

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
HIGH-YIELD FUND II § SEPTEMBER 30, 2007

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
			Federal Home Loan Bank (FHLB)
$	20,760,000		0.000%, 10/01/07	$	20,753,080			5.35	%
					20,753,080			5.35
Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	37,860,905		State Street Navigator Securities Lending
			Prime Portfolio		37,860,905			9.76
					37,860,905			9.76
		TOTAL SHORT-TERM INVESTMENTS (Cost $58,620,905)			58,613,985			15.11
		TOTAL PORTFOLIO (Cost $421,191,489)			417,865,917			107.69
		OTHER ASSETS & LIABILITIES, NET			(29,834,311	)		(7.69	)
		NET ASSETS		$	388,031,606			100.00	%

†	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.
e	All or a portion of these securities are out on loan.
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 September 30, 2007, the value of these securities amounted to $69,299,725 or 17.86% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflects the rate at September 30, 2007.
v	Security valued at fair value.
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

120 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

TAX-EXEMPT BOND FUND II § SEPTEMBER 30, 2007

	Principal		Issuer	Rating†		Value	% of net assets
LONG-TERM MUNICIPAL BONDS
ALABAMA
			Courtland Industrial Development Board
$	2,400,000		5.000%, 11/01/13	Baa3	$	2,475,984	0.97	%
			Other			1,087,220	0.43
						3,563,204	1.40
ALASKA						2,497,592	0.98
ARIZONA						7,468,938	2.92
ARKANSAS						4,956,449	1.94
CALIFORNIA
			Long Beach Bond Finance Authority
2,500,000		h	5.250%, 11/15/22	Aa3		2,587,125	1.01
			San Diego Unified School District
1,900,000			5.500%, 07/01/19	Aaa		2,140,559	0.84
		i	Other			40,158	0.02
						4,767,842	1.87
COLORADO						116,998	0.05
CONNECTICUT						1,492,533	0.58
DISTRICT OF COLUMBIA
			District of Columbia
	2,300,000		5.000%, 06/01/16	Aaa		2,480,826	0.97
			Other			847,597	0.33
						3,328,423	1.30
FLORIDA
			Florida Department of Transportation
	2,500,000		5.000%, 07/01/18	Aa2		2,687,050	1.05
			Florida State Board of Education
	1,890,000		5.000%, 07/01/14	Aaa		2,035,360	0.80
			Lake County School Board
	2,000,000		5.250%, 06/01/17	Aaa		2,193,560	0.86
	1,925,000		5.250%, 06/01/18	Aaa		2,095,440	0.82
			Other			9,799,436	3.84
						18,810,846	7.37
GEORGIA						4,529,009	1.77
ILLINOIS i						7,960,039	3.12
INDIANA
			Avon Community School Building Corp
	2,500,000		5.000%, 07/15/17	Aaa		2,700,625	1.06
			Indiana Bond Bank
	2,120,000		5.250%, 04/01/19	Aaa		2,309,189	0.91
			New Albany Floyd County School Building Corp
	2,015,000		5.000%, 07/15/15	Aaa		2,176,482	0.85
			Other			4,988,254	1.95
						12,174,550	4.77
KENTUCKY						331,982	0.13
LOUISIANA
			Desoto Parish LA
	2,985,000		5.000%, 10/01/12	Baa3		3,073,953	1.20
						3,073,953	1.20
MARYLAND						1,113,790	0.44

	Principal	Issuer	Rating†		Value	% of net assets
MASSACHUSETTS
		Massachusetts St Water Pollution Abatement
$	2,825,000	5.000%, 08/01/16	Aaa	$	3,068,261	1.20	%
	2,000,000	5.250%, 08/01/17	Aaa		2,215,120	0.87
		Other			1,223,310	0.48
					6,506,691	2.55
MICHIGAN
		L’Anse Creuse Public Schools
	1,750,000	5.000%, 05/01/15	Aaa		1,891,890	0.74
		Other			10,575,267	4.14
					12,467,157	4.88
MINNESOTA					1,084,170	0.42
MISSISSIPPI
		Mississippi Development Bank Special Obligation
	2,000,000	5.000%, 07/01/17	NR		2,165,000	0.85
		Other			2,530,551	0.99
					4,695,551	1.84
MISSOURI
		Missouri State Health & Educational
		Facilities Authority
	2,100,000	6.750%, 05/15/13	#Aaa		2,428,944	0.95
		Other			4,545,531	1.78
					6,974,475	2.73
NEBRASKA					1,048,170	0.41
NEVADA					500,610	0.20
NEW JERSEY
		Garden State Preservation Trust
	2,610,000	5.125%, 11/01/18	Aaa		2,870,609	1.12
		New Jersey Economic Development Authority
	1,875,000	5.250%, 09/01/14	Aaa		2,045,963	0.80
		Other			5,462,925	2.14
					10,379,497	4.06
NEW MEXICO
		New Mexico Finance Authority
	1,895,000	5.000%, 12/15/14	Aa2		2,051,849	0.80
		Other			218,175	0.09
					2,270,024	0.89
NEW YORK
		Long Island Power Authority
	2,000,000	5.250%, 12/01/14	A3		2,182,840	0.85
		Metropolitan Transportation Authority
	2,000,000	5.500%, 11/15/13	Aaa		2,209,180	0.87
	2,650,000	5.500%, 07/01/16	NR		2,984,457	1.17
		New York State Dormitory Authority
	2,400,000	5.500%, 05/15/17	Aaa		2,709,480	1.06
		New York State Environmental Facilities Corp
	1,825,000	5.000%, 03/15/14	NR		1,957,824	0.77
		New York State Thruway Authority
	1,830,000	5.500%, 04/01/12	A1		1,969,958	0.77
		Other			7,980,689	3.12
					21,994,428	8.61
NORTH CAROLINA v					768,777	0.30

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 121

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
TAX-EXEMPT BOND FUND II § SEPTEMBER 30, 2007

	Principal		Issuer	Rating†		Value	% of net assets
OHIO
			Cincinnati City School District
$	1,820,000		5.000%, 12/01/16	Aaa	$	1,980,196	0.77	%
			State of Ohio
	1,900,000		5.000%, 11/01/16	Aa1		2,064,483	0.81
	2,000,000		5.000%, 05/01/17	Aa1		2,171,040	0.85
	2,000,000		4.950%, 09/01/20	NR		1,986,720	0.78
			Other			3,172,933	1.24
						11,375,372	4.45
OREGON
			Oregon State Department of Administrative Services
	1,850,000		5.250%, 05/01/17	Aaa		1,963,276	0.77
			Other			1,243,859	0.49
						3,207,135	1.26
PENNSYLVANIA
			Carbon County Industrial Development Authority
	1,855,000		6.650%, 05/01/10	NR		1,892,137	0.74
			Commonwealth of Pennsylvania
	1,900,000		5.375%, 07/01/17	Aa2		2,120,362	0.83
			Delaware Valley Regional Financial Authority
	1,900,000		5.500%, 07/01/12	Aa2		2,044,020	0.80
			Philadelphia School District
	2,000,000		5.000%, 06/01/24	Aaa		2,150,360	0.84
			Other			11,072,813	4.34
						19,279,692	7.55
PUERTO RICO
			Commonwealth of Puerto Rico
	2,015,000		5.500%, 07/01/15	Baa3		2,200,440	0.86
			Puerto Rico Highway & Transportation Authority
	2,300,000		5.000%, 07/01/14	Baa3		2,433,262	0.95
			Puerto Rico Public Finance Corp
	2,290,000	i	5.750%, 08/01/27	Ba1		2,437,361	0.96
			Other			6,811,256	2.67
						13,882,319	5.44
RHODE ISLAND						1,110,522	0.43
SOUTH CAROLINA						1,980,930	0.78
SOUTH DAKOTA						1,143,440	0.45
TENNESSEE
			Tennessee Energy Acquisition Corp
	5,000,000	d	5.000%, 09/01/16	Aa3		5,174,250	2.03
			Other			1,953,433	0.76
						7,127,683	2.79
TEXAS
			Alliance Airport Authority
	2,500,000		4.850%, 04/01/21	Baa2		2,461,100	0.96
			Brazos River Authority
	3,695,000		4.900%, 10/01/15	Aaa		3,951,913	1.55
			County of Fort Bend TX
	2,000,000		5.000%, 03/01/16	Aaa		2,159,380	0.85
			County of Harris TX
	2,500,000		5.250%, 08/15/19	Aaa		2,755,525	1.08
			SA Energy Acquisition Public Facility Corp
	2,000,000		5.500%, 08/01/19	Aa3		2,130,680	0.83

	Principal			Issuer	Rating†		Value	% of net assets
TEXAS—continued
				Texas Municipal Gas Acquisition & Supply Corp I
$	2,500,000			5.250%, 12/15/17	Aa3	$	2,630,950	1.03	%
		i		Other			16,682,032	6.53
							32,771,580	12.83
VIRGINIA
				Virginia College Building Authority
	2,000,000			5.000%, 09/01/14	Aa1		2,157,220	0.84
				Other			1,728,237	0.68
							3,885,457	1.52
WASHINGTON
				Port of Seattle WA
	2,925,000			5.500%, 09/01/17	Aaa		3,286,091	1.29
				State of Washington
	2,000,000			5.000%, 07/01/18	Aaa		2,129,200	0.83
				Other			3,117,494	1.22
							8,532,785	3.34
WISCONSIN
				State of Wisconsin
	2,000,000			5.250%, 05/01/15	Aaa		2,193,480	0.86
	1,900,000			5.000%, 05/01/17	Aaa		2,062,488	0.81
				Other			43,015	0.01
							4,298,983	1.68
			TOTAL LONG-TERM MUNICIPAL BONDS
				(Cost $251,917,225)			253,471,596	99.25
SHORT-TERM MUNICIPAL BONDS
NEW YORK i							520,000	0.20
TEXAS i							200,000	0.08
			TOTAL SHORT-TERM MUNICIPAL BONDS
				(Cost $720,000)			720,000	0.28
			TOTAL PORTFOLIO
				(Cost $252,637,225)			254,191,596	99.53
			OTHER ASSETS AND LIABILITIES, NET				1,204,365	0.47
			NET ASSETS			$	255,395,961	100.00	%

†	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.
h	These securities were purchased on a delayed delivery basis.
i	Variable rate demand note (VRDN).
v	Security valued at fair value.

NR - Not Rated

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

122 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

INFLATION-LINKED BOND FUND § SEPTEMBER 30, 2007

	Principal			Issuer		Value	% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
		k		United States Treasury Inflation Indexed Bonds
$	21,330,506			3.875%, 01/15/09	$	21,767,121	4.24	%
	15,432,652			4.250%, 01/15/10		16,162,092	3.15
	36,487,926			0.875%, 04/15/10		35,276,418	6.87
	15,367,171			3.500%, 01/15/11		16,037,088	3.12
	22,825,420			2.375%, 04/15/11		22,973,421	4.47
	8,528,430			3.375%, 01/15/12		8,968,173	1.75
	10,162,445			2.000%, 04/15/12		10,088,605	1.97
	29,756,425			3.000%, 07/15/12		30,969,922	6.03
	27,888,434			1.875%, 07/15/13		27,443,949	5.34
	29,462,668			2.000%, 01/15/14		29,039,142	5.66
	26,151,311			2.000%, 07/15/14		25,797,850	5.02
	25,417,810			1.625%, 01/15/15		24,317,703	4.74
	22,060,577			1.875%, 07/15/15		21,476,325	4.18
	22,055,106			2.000%, 01/15/16		21,558,867	4.20
	21,242,486			2.500%, 07/15/16		21,637,469	4.21
	19,005,495			2.375%, 01/15/17		19,142,107	3.73
	10,050,390			2.625%, 07/15/17		10,359,752	2.02
	34,069,086			2.375%, 01/15/25		34,369,848	6.69
	22,275,500			2.000%, 01/15/26		21,273,103	4.14
	17,896,153			2.375%, 01/15/27		18,114,272	3.53
	23,033,629			3.625%, 04/15/28		28,057,840	5.46
	26,545,487			3.875%, 04/15/29		33,708,628	6.56
	7,123,299			3.375%, 04/15/32		8,700,441	1.69
						507,240,136	98.77
			TOTAL GOVERNMENT BONDS
				(Cost $510,175,931)		507,240,136	98.77

	Principal		Issuer		Value	% of net assets
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	3,220,000		Federal Home Loan Bank (FHLB)
			0.000%, 10/01/07	$	3,218,927	0.63	%
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $3,220,000)		3,218,927	0.63
		TOTAL PORTFOLIO
			(Cost $513,395,931)		510,459,063	99.40
		OTHER ASSETS & LIABILITIES, NET			3,066,600	0.60
		NET ASSETS		$	513,525,663	100.00	%

k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 123

SUMMARY PORTFOLIO OF INVESTMENTS

MONEY MARKET FUND § SEPTEMBER 30, 2007

	Principal	Issuer		Value	% of net assets
SHORT-TERM INVESTMENTS
BANK NOTES
		Wells Fargo Bank NA
$	15,000,000	5.400%, 10/23/07	$	15,000,000	1.10	%
BANKERS ACCEPTANCES
		JPMorgan Chase Bank NA
	27,344,000	0.000%, 10/09/07-03/05/08		27,121,799	1.98
		Wachovia Bank NA
	9,000,000	0.000%, 03/11/08		8,798,613	0.64
				35,920,412	2.62
CERTIFICATES OF DEPOSIT
		Banco Bilbao Vizcaya Argentaria S.A.
	10,000,000	5.500%, 12/20/07		10,007,594	0.73
		UBS AG.
	10,000,000	5.550%, 12/06/07		10,000,000	0.73
		Other		59,375,791	4.34
				79,383,385	5.80
COMMERCIAL PAPER
		American Express Credit Corp
	20,900,000	10/18/07		20,848,580	1.52
		American Honda Finance Corp
	14,980,000	10/10/07-11/29/07		14,880,726	1.09
		Bank of America Corp
	26,500,000	10/02/07-11/30/07		26,333,924	1.92
		Bank of Nova Scotia
	10,000,000	12/28/07		9,879,306	0.72
		Canadian Imperial Holding, Inc
	10,000,000	12/07/07		9,896,708	0.72
		Ciesco LLC
	13,780,000	10/17/07		13,747,540	1.01
	12,000,000	10/19/07		11,967,000	0.88
	10,000,000	11/01/07		9,958,537	0.73
		Citigroup Funding, Inc
	45,200,000	10/17/07-02/04/08		44,791,235	3.27
		Coca-Cola Co
	20,935,000	10/04/07-12/06/07		20,859,265	1.53
	13,000,000	12/04/07		12,879,253	0.94
		Danske Corp
	9,500,000	10/12/07		9,484,978	0.69
	11,155,000	12/20/07		11,021,884	0.81
	10,000,000	12/21/07		9,888,819	0.72
		Edison Asset Securitization LLC
	10,000,000	10/24/07		9,966,490	0.73
		General Electric Capital Corp
	10,000,000	12/17/07		9,897,975	0.72
	10,000,000	01/17/08		9,857,500	0.72
		General Electric Co
	9,000,000	11/28/07		8,924,020	0.65
		Govco LLC
	10,325,000	10/19/07		10,297,123	0.75
	9,540,000	11/26/07		9,464,183	0.69
	11,520,000	12/03/07		11,402,064	0.83
		HBOS Treasury Services plc
	20,920,000	10/03/07-11/02/07		20,854,473	1.52
	10,000,000	10/15/07		9,979,813	0.73

	Principal	Issuer		Value	% of net assets
COMMERCIAL PAPER—continued
		IBM Capital, Inc
$	19,000,000	12/18/07	$	18,802,166	1.37	%
		IBM International Group
	14,890,000	10/30/07		14,827,388	1.08
	10,850,000	10/31/07		10,802,803	0.79
		ING US Funding LLC
	10,000,000	11/19/07		9,924,731	0.73
		Johnson & Johnson
	10,000,000	11/19/07		9,932,945	0.73
		Kitty Hawk Funding Corp
	20,413,000	10/29/07-12/13/07		20,253,826	1.48
		McGraw-Hill Cos, Inc
	17,100,000	10/10/07-11/14/07		17,037,006	1.25
	20,000,000	11/06/07		19,895,750	1.45
		Nestle Capital Corp
	21,055,000	10/09/07-03/11/08		20,822,005	1.52
		Nestle Capital Corp
	12,000,000	11/15/07		11,920,500	0.87
	9,000,000	03/13/08		8,799,920	0.64
		Paccar Financial Corp
	10,000,000	11/09/07		9,943,207	0.73
		Private Export Funding Corp
	35,075,000	10/25/07-01/29/08		34,744,079	2.54
		Procter & Gamble International
	23,770,000	10/25/07-12/12/07		23,576,073	1.72
	11,000,000	12/06/07		10,894,932	0.80
	10,000,000	12/17/07		9,898,189	0.72
		Ranger Funding Co LLC
	15,000,000	12/19/07		14,832,125	1.08
		Royal Bank of Scotland plc
	14,000,000	12/14/07		13,843,155	1.01
		Scaldis Capital LLC
	15,991,000	10/03/07-12/17/07		15,909,563	1.16
		Sedna Finance, Inc
	15,000,000	10/11/07-11/30/07		14,916,570	1.09
	10,000,000	10/25/07		9,965,067	0.73
		Societe Generale North America, Inc
	22,355,000	10/01/07-12/27/07		22,253,077	1.63
		Svensk Exportkredit AB
	18,235,000	10/11/07-01/14/08		18,101,610	1.32
	10,000,000	10/26/07		9,963,819	0.73
	10,460,000	12/05/07		10,359,526	0.76
	25,640,000	Toyota Motor Credit Corp
		10/10/07-01/16/08		25,397,674	1.86
	9,000,000	10/15/07		8,981,730	0.66
	10,000,000	12/27/07		9,884,483	0.72
		UBS Finance (Delaware) LLC
	35,035,000	10/02/07-01/11/08		34,765,217	2.54
		Wal-Mart Stores, Inc
	10,425,000	10/10/07		10,411,425	0.76
	14,620,000	10/16/07-12/18/07		14,533,834	1.06
	10,000,000	10/30/07		9,958,568	0.73
		Yorktown Capital LLC
	23,500,000	10/26/07-12/21/07		23,303,639	1.70
	9,250,000	12/11/07		9,147,839	0.67
		Other		243,815,965	17.81
				1,099,501,802	80.33

124 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
MONEY MARKET FUND § SEPTEMBER 30, 2007

	Principal			Issuer		Value	% of net assets
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES
				Federal Home Loan Bank (FHLB)
$	22,985,000			10/26/07–12/14/07	$	22,841,505	1.67	%
				Federal Home Loan Mortgage Corp (FHLMC)
	23,643,000			10/15/07–02/19/08		23,456,766	1.71
	12,950,000			11/19/07		12,862,397	0.94
				Federal National Mortgage Association (FNMA)
	10,000,000			11/07/07		9,947,743	0.73
	8,820,000			11/14/07		8,767,340	0.64
				Other		9,910,880	0.72
						87,786,631	6.41
VARIABLE NOTES
				PNC Bank NA
	12,000,000	i		5.069%, 01/02/08		11,999,236	0.88
				Suntrust Bank
	10,000,000	i		5.119%, 01/28/08		10,000,922	0.73
				US Bank NA
	8,000,000	i		5.099%, 11/30/07		8,000,059	0.59
				Wells Fargo & Co
	9,890,000	i		5.870%, 03/10/08		9,890,367	0.72
		i		Other		10,159,875	0.74
						50,050,459	3.66
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $1,367,642,689)		1,367,642,689	99.92
			TOTAL PORTFOLIO
				(Cost $1,367,642,689)		1,367,642,689	99.92
			OTHER ASSETS & LIABILITIES, NET			1,098,469	0.08
			NET ASSETS		$	1,368,741,158	100.00	%

i Floating rate or variable rate securities reflects the rate at September 30, 2007.

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

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 125

STATEMENTS OF ASSETS AND LIABILITIES

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § SEPTEMBER 30, 2007

	Growth Equity Fund			Growth & Income Fund			International Equity Fund		Large-Cap Growth Fund			Large-Cap Value Fund
ASSETS
Portfolio investments, at cost	$	310,489,835		$	870,686,431		$	2,375,828,224	$	570,788,851		$	1,104,044,735
Net unrealized appreciation (depreciation) of portfolio investments		33,067,113			200,611,436			329,289,233		84,092,741			63,975,326
Portfolio investments, at value*		343,556,948			1,071,297,867			2,705,117,457		654,881,592			1,168,020,061
Cash		—			1,490,505			—		—			6,369
Cash—foreign**		26,137			3,359,838			6,745,116		73,067			456,831
Receivable from securities transactions		4,002,056			2,064,787			70,354,892		7,716,448			19,110,266
Receivable from Fund shares sold		18,148			4,333,606			7,663,113		1,137,156			3,037,337
Dividends and interest receivable		1,392,308			1,182,632			3,571,815		305,969			1,466,435
Due from investment advisor		35,520			511,643			111,573		605,850			152,902
Reclaims receivable		8,985			49,758			773,457		32,110			19,250
Total assets		349,040,102			1,084,290,636			2,794,337,423		664,752,192			1,192,269,451
LIABILITIES
Management fees payable		20,327			59,559			969,046		39,644			392,047
Service agreement fees payable — Retirement Class		—			38,579			235,913		3,641			99,213
Due to affiliates		52,060			315,183			362,220		358,413			98,314
Due to custodian		4,049,306			—			10,539,973		237,753			—
Payable for collateral for securities on loan		16,378,157			129,551,373			197,368,355		24,124,160			67,180,059
Payable for securities transactions		795,442			6,956,843			34,562,263		1,549,294			20,941,023
Payable for Fund shares redeemed		5,755			2,134,606			687,655		1,101,624			753,965
Payable for variation margin on futures contracts		—			—			—		—			—
Total liabilities		21,301,047			139,056,143			244,725,425		27,414,529			89,464,621
NET ASSETS	$	327,739,055		$	945,234,493		$	2,549,611,998	$	637,337,663		$	1,102,804,830
NET ASSETS CONSIST OF:
Paid-in-capital	$	308,840,772		$	773,318,858		$	1,960,590,799	$	809,958,785		$	969,382,424
Undistributed (accumulated) net investment income (loss)		1,721,347			170,672			23,191,722		2,488,843			11,286,757
Accumulated net realized gain (loss) on total investments		(15,891,187	)		(28,944,155	)		236,618,365		(259,205,616	)		58,150,809
Net unrealized appreciation (depreciation) on total investments		33,068,123			200,689,118			329,211,112		84,095,651			63,984,840
NET ASSETS	$	327,739,055		$	945,234,493		$	2,549,611,998	$	637,337,663		$	1,102,804,830
INSTITUTIONAL CLASS:
Net assets	$	327,739,055		$	105,476,204		$	807,072,313	$	169,352,152		$	487,144,241
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		36,883,036			10,210,785			53,881,590		14,060,192			28,617,675
Net asset value per share	$	8.89		$	10.33		$	14.98	$	12.04		$	17.02
RETIREMENT CLASS:
Net assets		—		$	204,745,941		$	1,216,121,249	$	28,307,761		$	500,511,356
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—			19,613,368			79,356,032		2,359,410			29,517,458
Net asset value per share		—		$	10.44		$	15.32	$	12.00		$	16.96
RETAIL CLASS:
Net assets		—		$	635,012,348		$	526,418,436	$	439,677,750		$	115,149,233
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—			51,393,167			46,627,691		36,584,237			6,934,853
Net asset value per share		—		$	12.36		$	11.29	$	12.02		$	16.60
*  Includes securities loaned of:	$	16,057,012		$	126,694,987		$	189,713,867	$	23,472,292		$	64,992,702
**Cost:	$	25,582		$	3,284,960		$	6,733,991	$	71,820		$	449,852

126 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

	Mid-Cap Growth Fund			Mid-Cap Value Fund		Small-Cap Equity Fund			Large-Cap Growth Index Fund		Large-Cap Value Index Fund		Equity Index Fund		S&P 500 Index Fund
ASSETS
Portfolio investments, at cost	$	506,377,613		$	847,625,219	$	659,145,814		$	342,910,593	$	439,545,285	$	1,009,225,313	$	974,082,535
Net unrealized appreciation (depreciation) of portfolio investments		61,927,899			100,033,910		(843,985	)		45,928,896		47,235,303		373,646,717		207,374,684
Portfolio investments, at value*		568,305,512			947,659,129		658,301,829			388,839,489		486,780,588		1,382,872,030		1,181,457,219
Cash		755,725			—		—			—		5,976		157,832		—
Cash—foreign**		—			792,747		—			—		—		—		—
Receivable from securities transactions		16,618,857			10,616,583		2,213,566			282,353		207,629		801,849		760,564
Receivable from Fund shares sold		5,621,915			2,827,599		1,429,269			1,355,282		535,084		352,538		1,574,307
Dividends and interest receivable		309,438			1,060,872		362,083			243,931		717,701		1,352,584		1,404,846
Due from investment advisor		31,514			42,932		81,782			50,608		49,062		—		—
Reclaims receivable		—			17,009		—			—		—		—		—
Total assets		591,642,961			963,016,871		662,388,529			390,771,663		488,296,040		1,385,536,833		1,185,196,936
LIABILITIES
Management fees payable		164,216			322,749		200,224			11,462		14,963		41,778		37,726
Service agreement fees payable — Retirement Class		58,765			120,213		54,152			16,990		20,329		1,818		46,115
Due to affiliates		280,302			116,110		121,744			66,043		50,501		79,061		55,816
Due to custodian		—			8,573,514		479,780			260,141		—		—		874,922
Payable for collateral for securities on loan		123,618,520			92,092,754		143,285,481			29,126,448		21,771,176		89,710,274		9,138,221
Payable for securities transactions		17,605,795			3,178,770		908,534			732,170		961,096		1,415,454		546,744
Payable for Fund shares redeemed		15,900			1,047,575		120,904			20,907		12,393		186,863		15,427
Payable for variation margin on futures contracts		—			—		70,400			3,129		18,779		13,025		71,787
Total liabilities		141,743,498			105,451,685		145,241,219			30,237,290		22,849,237		91,448,273		10,786,758
NET ASSETS	$	449,899,463		$	857,565,186	$	517,147,310		$	360,534,373	$	465,446,803	$	1,294,088,560	$	1,174,410,178
NET ASSETS CONSIST OF:
Paid-in-capital	$	358,355,527		$	713,959,425	$	484,499,526		$	310,636,440	$	397,060,883	$	897,645,347	$	949,148,448
Undistributed (accumulated) net investment income (loss)		(136,486	)		5,871,365		3,248,310			2,642,558		7,382,932		13,536,189		14,541,748
Accumulated net realized gain (loss) on total investments		29,753,116			37,691,262		29,866,096			1,325,787		13,693,663		9,259,894		2,904,849
Net unrealized appreciation (depreciation) on total investments		61,927,306			100,043,134		(466,622	)		45,929,588		47,309,325		373,647,130		207,815,133
NET ASSETS	$	449,899,463		$	857,565,186	$	517,147,310		$	360,534,373	$	465,446,803	$	1,294,088,560	$	1,174,410,178
INSTITUTIONAL CLASS:
Net assets	$	51,144,525		$	58,763,142	$	181,031,682		$	272,610,082	$	363,497,737	$	844,428,824	$	942,556,241
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,515,657			2,889,188		11,732,457			19,778,216		21,523,870		73,660,498		53,750,799
Net asset value per share	$	20.33		$	20.34	$	15.43		$	13.78	$	16.89	$	11.46	$	17.54
RETIREMENT CLASS:
Net assets	$	313,908,422		$	600,103,753	$	267,272,928		$	87,924,291	$	101,949,066	$	9,479,206	$	231,853,937
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		15,605,378			29,661,411		17,544,001			6,342,235		5,976,171		816,060		13,286,894
Net asset value per share	$	20.12		$	20.23	$	15.23		$	13.86	$	17.06	$	11.62	$	17.45
RETAIL CLASS:
Net assets	$	84,846,516		$	198,698,291	$	68,842,700			—		—	$	440,180,530		—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,213,507			9,914,237		4,534,432			—		—		37,835,988		—
Net asset value per share	$	20.14		$	20.04	$	15.18			—		—	$	11.63		—
*  Includes securities loaned of:	$	120,281,410		$	89,886,031	$	138,098,987		$	28,377,105	$	21,193,417	$	86,824,466	$	8,849,754
**Cost:	$	—		$	790,020	$	—		$	—	$	—	$	—	$	—

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 127

STATEMENTS OF ASSETS AND LIABILITIES

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § SEPTEMBER 30, 2007

	Mid-Cap Growth Index Fund		Mid-Cap Value Index Fund		Mid-Cap Blend Index Fund		Small-Cap Growth Index Fund		Small-Cap Value Index Fund
ASSETS
Portfolio investments, at cost	$	62,122,158	$	204,677,332	$	204,416,716	$	148,827,921	$	193,380,093
Affiliated investments, at cost		—		—		—		—		—
Net unrealized appreciation (depreciation) of portfolio investments		14,248,593		10,767,568		34,244,636		23,784,262		2,757,840
Portfolio investments, at value*		76,370,751		215,444,900		238,661,352		172,612,183		196,137,933
Affiliated investments, at value		—		—		—		—		—
Cash		9,710		6,454		—		152,535		68,240
Cash—foreign**		—		—		—		—		—
Receivable from securities transactions		32,850		—		55,495		326,454		729,638
Receivable from Fund shares sold		205,919		6,476,946		467,638		385,255		238,753
Dividends and interest receivable		37,733		285,898		211,426		137,791		247,544
Due from investment advisor		75,736		51,813		62,106		116,430		99,949
Reclaims receivable		—		—		—		—		—
Total assets		76,732,699		222,266,011		239,458,017		173,730,648		197,522,057
LIABILITIES
Management fees payable		2,306		5,800		6,286		4,327		4,972
Service agreement fees payable — Retirement Class		4,774		11,995		16,892		6,970		11,208
Due to affiliates		63,838		57,086		57,252		64,904		71,031
Due to custodian		—		—		122,960		—		—
Payable for collateral for securities on loan		3,064,401		35,613,701		42,974,496		37,809,324		43,750,726
Payable for securities transactions		712,995		295,346		207,479		1,170,128		912,505
Payable for Fund shares redeemed		—		117,703		1,565		—		12,098
Payable for variation margin on futures contracts		2,785		6,650		6,325		9,276		3,729
Total liabilities		3,851,099		36,108,281		43,393,255		39,064,929		44,766,269
NET ASSETS	$	72,881,600	$	186,157,730	$	196,064,762	$	134,665,719	$	152,755,788
NET ASSETS CONSIST OF:
Paid-in-capital	$	54,905,144	$	162,339,970	$	154,494,811	$	104,444,168	$	137,572,046
Undistributed (accumulated) net investment income (loss)		374,137		2,392,294		1,605,741		702,284		2,097,883
Accumulated net realized gain (loss) on total investments		3,352,383		10,612,017		5,673,016		5,731,974		10,328,019
Net unrealized appreciation (depreciation) on total investments		14,249,936		10,813,449		34,291,194		23,787,293		2,757,840
NET ASSETS	$	72,881,600	$	186,157,730	$	196,064,762	$	134,665,719	$	152,755,788
INSTITUTIONAL CLASS:
Net assets	$	48,316,221	$	126,598,334	$	111,763,363	$	99,932,630	$	97,502,302
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,970,938		7,277,423		5,812,777		6,367,057		7,028,752
Net asset value per share	$	16.26	$	17.40	$	19.23	$	15.70	$	13.87
RETIREMENT CLASS:
Net assets	$	24,565,379	$	59,559,396	$	84,301,399	$	34,733,089	$	55,253,486
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,520,069		3,384,405		4,355,480		2,072,284		3,930,878
Net asset value per share	$	16.16	$	17.60	$	19.36	$	16.76	$	14.06
RETAIL CLASS:
Net assets		—		—		—		—		—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—		—		—		—		—
Net asset value per share		—		—		—		—		—
*  Includes securities loaned of:	$	2,983,065	$	34,589,988	$	41,843,824	$	36,445,842	$	41,908,319
**Cost:	$	—	$	—	$	—	$	—	$	—

128 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

continued

	Small-Cap Blend Index Fund		International Equity Index Fund		Social Choice Equity Fund		Real Estate Securities Fund			Managed Allocation Fund II			Bond Fund			Bond Plus Fund II
ASSETS
Portfolio investments, at cost	$	287,538,338	$	625,513,994	$	438,752,901	$	597,699,925		$	—		$	1,713,854,912		$	585,541,268
Affiliated investments, at cost		—		—		—		—			574,323,709			—			4,121,103
Net unrealized appreciation (depreciation) of portfolio investments		19,387,917		199,650,025		69,958,385		17,654,970			67,384,500			(7,123,876	)		(4,858,971	)
Portfolio investments, at value*		306,926,255		825,164,019		508,711,286		615,354,895			—			1,706,731,036			580,801,217
Affiliated investments, at value		—		—		—		—			641,708,209			—			4,002,183
Cash		194,760		11,063		6,882		1,562			—			3,803,755			1,680,141
Cash—foreign**		—		346,980		—		2,690,132			—			—			—
Receivable from securities transactions		1,844,595		71,978		—		32,656,357			1,520,899			54,346,333			23,835,124
Receivable from Fund shares sold		2,943,152		3,543,005		1,450,786		493,386			245,075			2,484,577			1,502,768
Dividends and interest receivable		304,904		1,919,938		463,483		2,276,773			7			12,713,652			4,315,410
Due from investment advisor		125,370		118,549		45,751		25,923			320,497			—			161,152
Reclaims receivable		—		314,182		—		—			—			—			—
Total assets		312,339,036		831,489,714		510,678,188		653,499,028			643,794,687			1,780,079,353			616,297,995
LIABILITIES
Management fees payable		7,470		24,765		60,159		247,366			—			391,288			135,773
Service agreement fees payable — Retirement Class		10,933		56,957		28,174		38,366			2,916			1,632			1,749
Due to affiliates		94,547		377,846		106,384		104,174			212,727			60,189			143,755
Due to custodian		—		—		—		—			117,225			—			—
Payable for collateral for securities on loan		65,652,364		28,623,792		—		3,049,719			—			15,564,860			5,961,086
Payable for securities transactions		7,183,531		6,268,541		4,539,903		31,154,852			1,404,899			133,133,794			53,898,293
Payable for Fund shares redeemed		5,378,050		1,998,360		27,535		133,372			152,911			184,021			271,505
Payable for variation margin on futures contracts		8,211		—		—		—			—			—			—
Total liabilities		78,335,106		37,350,261		4,762,155		34,727,849			1,890,678			149,335,784			60,412,161
NET ASSETS	$	234,003,930	$	794,139,453	$	505,916,033	$	618,771,179		$	641,904,009		$	1,630,743,569		$	555,885,834
NET ASSETS CONSIST OF:
Paid-in-capital	$	203,856,470	$	576,645,057	$	426,684,468	$	543,067,443		$	589,544,860		$	1,658,312,605		$	567,498,980
Undistributed (accumulated) net investment income (loss)		2,066,869		12,999,600		4,359,898		(8,161,152	)		—			8,342			28,954
Accumulated net realized gain (loss) on total investments		8,688,866		4,791,914		4,913,282		66,152,713			(15,025,351	)		(20,453,502	)		(6,783,129	)
Net unrealized appreciation (depreciation) on total investments		19,391,725		199,702,882		69,958,385		17,712,175			67,384,500			(7,123,876	)		(4,858,971	)
NET ASSETS	$	234,003,930	$	794,139,453	$	505,916,033	$	618,771,179		$	641,904,009		$	1,630,743,569		$	555,885,834
INSTITUTIONAL CLASS:
Net assets	$	179,670,412	$	496,974,979	$	186,561,271	$	252,163,638		$	4,718,289		$	1,615,363,360		$	282,158,566
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,269,461		21,139,750		15,232,459		17,216,759			427,906			162,553,696			28,208,079
Net asset value per share	$	15.94	$	23.51	$	12.25	$	14.65		$	11.03		$	9.94		$	10.00
RETIREMENT CLASS:
Net assets	$	54,333,518	$	297,164,474	$	145,443,972	$	191,671,069		$	16,570,308		$	8,301,717		$	8,830,250
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,400,975		12,450,924		11,757,047		12,774,067			1,502,806			822,103			881,482
Net asset value per share	$	15.98	$	23.87	$	12.37	$	15.00		$	11.03		$	10.10		$	10.02
RETAIL CLASS:
Net assets		—		—	$	173,910,790	$	174,936,472		$	620,615,412		$	7,078,492		$	264,897,018
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—		—		15,316,520		11,986,182			56,153,442			701,699			26,431,069
Net asset value per share		—		—	$	11.35	$	14.59		$	11.05		$	10.09		$	10.02
*  Includes securities loaned of:	$	63,118,075	$	27,442,084	$	—	$	2,966,725		$	—		$	15,272,869		$	5,839,573
**Cost:	$	—	$	343,973	$	—	$	2,632,927		$	—		$	—		$	—

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 129

STATEMENTS OF ASSETS AND LIABILITIES concluded

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § SEPTEMBER 30, 2007

	Short-Term Bond Fund II			High-Yield Fund II			Tax-Exempt Bond Fund II			Inflation-Linked Bond Fund			Money Market Fund
ASSETS
Portfolio investments, at cost	$	277,391,977		$	421,191,489		$	252,637,225		$	513,395,931		$	1,367,642,689
Net unrealized appreciation (depreciation) of portfolio investments		77,365			(3,325,572	)		1,554,371			(2,936,868	)		—
Portfolio investments, at value*		277,469,342			417,865,917			254,191,596			510,459,063			1,367,642,689
Cash		1,473,994			—			—			—			55,696
Receivable from securities transactions		—			3,923,517			1,170,840			—			—
Receivable from Fund shares sold		323,244			2,532,797			71,307			82,491			3,793,130
Dividends and interest receivable		3,140,952			7,514,040			3,811,693			3,377,027			663,771
Due from investment advisor		46,644			62,721			26,096			12,328			2,002
Total assets		282,454,176			431,898,992			259,271,532			513,930,909			1,372,157,288
LIABILITIES
Management fees payable		56,470			107,930			62,751			124,700			110,162
Service agreement fees payable — Retirement Class		2,560			3,082			—			3,429			19,553
Due to affiliates		77,661			105,564			69,078			72,235			334,335
Due to custodian		—			3,281,909			3,472			26,774			—
Payable for collateral for securities on loan		1,646,443			37,860,905			—			—			—
Payable for securities transactions		3,710,714			2,286,327			3,680,291			—			—
Payable for Fund shares redeemed		81,023			221,669			59,979			178,108			2,893,199
Income distribution payable		—			—			—			—			58,881
Total liabilities		5,574,871			43,867,386			3,875,571			405,246			3,416,130
NET ASSETS	$	276,879,305		$	388,031,606		$	255,395,961		$	513,525,663		$	1,368,741,158
NET ASSETS CONSIST OF:
Paid-in-capital	$	282,374,403		$	391,848,684		$	254,334,650		$	523,472,821		$	1,368,761,062
Undistributed (accumulated) net investment income (loss)		5,587			416			30,509			—			(9,047	)
Accumulated net realized gain (loss) on total investments		(5,578,050	)		(491,922	)		(523,569	)		(7,010,290	)		(10,857	)
Net unrealized appreciation (depreciation) on total investments		77,365			(3,325,572	)		1,554,371			(2,936,868	)		—
NET ASSETS	$	276,879,305		$	388,031,606		$	255,395,961		$	513,525,663		$	1,368,741,158
INSTITUTIONAL CLASS:
Net assets	$	163,035,296		$	228,833,800		$	75,789,573		$	438,861,925		$	235,421,335
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		16,235,830			23,010,243			7,482,800			43,357,837			235,422,959
Net asset value per share	$	10.04		$	9.94		$	10.13		$	10.12		$	1.00
RETIREMENT CLASS:
Net assets	$	12,784,768		$	15,869,206			—		$	17,839,904		$	98,902,792
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,271,802			1,595,403			—			1,743,662			98,902,711
Net asset value per share	$	10.05		$	9.95			—		$	10.23		$	1.00
RETAIL CLASS:
Net assets	$	101,059,241		$	143,328,600		$	179,606,388		$	56,823,834		$	1,034,417,031
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		10,056,374			14,356,284			17,710,851			5,703,170			1,034,416,867
Net asset value per share	$	10.05		$	9.98		$	10.14		$	9.96		$	1.00
* Includes securities loaned of:	$	1,617,981		$	37,034,503		$	—		$	—		$	—

130 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

STATEMENTS OF OPERATIONS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE YEAR ENDED SEPTEMBER 30, 2007

	Growth Equity Fund			Growth & Income Fund			International Equity Fund			Large-Cap Growth Fund			Large-Cap Value Fund
INVESTMENT INCOME
Dividends	$	2,098,469		$	9,087,611		$	40,742,309		$	2,872,218		$	18,631,020
Foreign taxes withheld		(39,254	)		(123,665	)		(4,884,174	)		(47,454	)		(239,563	)
Interest		112,565			91,919			979,749			46,407			553,501
Income from securities lending		22,143			192,543			1,338,997			13,980			252,483
Total income		2,193,923			9,248,408			38,176,881			2,885,151			19,197,441
EXPENSES
Investment management fees		152,280			2,234,588			8,450,484			1,216,436			3,793,790
Service agreement fees — Retirement Class		—			308,916			2,163,946			16,527			981,135
Distribution fees — Retail Class		—			532,883			459,823			364,166			240,824
Fund administration fees		70,524			70,524			70,524			70,524			70,524
Custody fees		51,585			124,903			653,551			50,588			78,603
Audit fees		49,908			45,982			45,982			45,982			45,982
Legal fees		7,346			7,346			7,346			7,346			7,346
Report printing and mailing expenses		10,443			255,723			156,112			296,175			74,168
Transfer agency fees and expenses — Institutional Class		3,158			1,570			4,685			1,570			3,251
Transfer agency fees and expenses — Retirement Class		—			1,300			1,326			926			2,205
Transfer agency fees and expenses — Retail Class		—			588,405			366,560			682,540			122,896
Trustee fees and expenses		5,503			5,493			5,552			5,493			5,493
Compliance fees		5,978			5,978			5,978			5,978			5,978
Interest expense		3,255			18,074			611,972			10,028			126,332
Registration fees		41,991			53,464			52,653			53,231			55,323
Other expenses		11,954			—			—			—			—
Total expenses before expense reimbursement and fee       waiver		413,925			4,255,149			13,056,494			2,827,510			5,613,850
Less: Expenses reimbursed by the investment advisor		(147,435	)		(632,497	)		(303,093	)		(947,193	)		(169,356	)
Fee waiver by investment advisor and TPIS		—			(2,370,210	)		(459,823	)		(1,364,348	)		(240,824	)
Net expenses		266,490			1,252,442			12,293,578			515,969			5,203,670
Net investment income		1,927,433			7,995,966			25,883,303			2,369,182			13,993,771
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		13,218,153			31,927,708			319,245,044			53,297,853			87,838,182
Futures transactions		—			—			—			—			—
Foreign currency transactions		24,797			29,551			502,060			99,526			127,552
Net realized gain on total investments		13,242,950			31,957,259			319,747,104			53,397,379			87,965,734
Change in unrealized appreciation (depreciation) on:
Portfolio investments		32,774,056			69,830,253			43,277,898			13,001,194			936,602
Futures transactions		—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(111	)		77,807			1,269,870			2,683			3,512
Net change in unrealized appreciation (depreciation) on total investments		32,773,945			69,908,060			44,547,768			13,003,877			940,114
Net realized and unrealized gain on total investments		46,016,895			101,865,319			364,294,872			66,401,256			88,905,848
Net increase in net assets resulting from operations	$	47,944,328		$	109,861,285		$	390,178,175		$	68,770,438		$	102,899,619

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 131

STATEMENTS OF OPERATIONS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE YEAR ENDED SEPTEMBER 30, 2007

	Mid-Cap Growth Fund			Mid-Cap Value Fund			Small-Cap Equity Fund			Large-Cap Growth Index Fund			Large-Cap Value Index Fund
INVESTMENT INCOME
Dividends	$	1,947,168		$	15,491,767		$	7,160,222		$	3,931,255		$	10,815,802
Foreign taxes withheld		(698	)		(213,322	)		(5,312	)		—			—
Interest		93,677			273,033			640,293			141,996			249,312
Income from securities lending		291,249			306,284			312,577			45,533			58,432
Total income		2,331,396			15,857,762			8,107,780			4,118,784			11,123,546
EXPENSES
Management fees		1,536,221			3,319,666			2,301,040			138,120			173,742
Service agreement fees — Retirement Class		512,225			1,208,243			641,387			155,596			196,291
Distribution fees — Retail Class		108,483			268,979			123,891			—			—
Fund administration fees		70,524			70,524			70,524			70,524			70,524
Custody fees		36,478			65,333			116,935			66,316			44,438
Audit fees		45,982			45,982			45,982			45,982			45,982
Legal fees		7,346			7,346			7,346			7,346			7,346
Report printing and mailing expenses		76,790			88,913			74,541			23,142			19,749
Transfer agency fees and expenses — Institutional Class		1,702			1,882			3,976			3,689			4,564
Transfer agency fees and expenses — Retirement Class		2,205			2,243			2,896			2,661			3646
Transfer agency fees and expenses — Retail Class		119,927			181,116			126,735			—			—
Trustee fees and expenses		5,493			5,493			5,493			5,493			5,493
Compliance fees		5,978			5,978			5,978			5,978			5,978
Interest expense		29,682			43,763			21,951			2,761			1,671
Registration fees		54,642			59,344			51,582			50,184			49,904
Other expenses		—			—			—			—			—
Total expenses before expense      reimbursement and fee waiver		2,613,678			5,374,805			3,600,257			577,792			629,328
Less: Expenses reimbursed by the investment       advisor		(164,490	)		—			(128,067	)		(145,958	)		(109,596	)
Fee waiver by investment advisor and TPIS		(108,483	)		(268,979	)		(123,891	)		—			—
Net expenses		2,340,705			5,105,826			3,348,299			431,834			519,732
Net investment income (loss)		(9,309	)		10,751,936			4,759,481			3,686,950			10,603,814
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		32,855,286			42,453,951			39,390,112			58,468,152			77,091,325
Futures transactions		—			—			(147,873	)		95,512			273,114
Foreign currency transactions		(29,046	)		(59,137	)		—			—			—
Net realized gain on total investments		32,826,240			42,394,814			39,242,239			58,563,664			77,364,439
Change in unrealized appreciation (depreciation) on:
Portfolio investments		38,707,878			57,931,599			(16,852,992	)		3,077,490			(28,254,665	)
Futures transactions		—			—			336,054			1,636			63,519
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(583	)		11,770			—			—			—
Net change in unrealized appreciation (depreciation) on total investments		38,707,295			57,943,369			(16,516,938	)		3,079,126			(28,191,146	)
Net realized and unrealized gain on total investments		71,533,535			100,338,183			22,725,301			61,642,790			49,173,293
Net increase in net assets resulting from operations	$	71,524,226		$	111,090,119		$	27,484,782		$	65,329,740		$	59,777,107

132 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

continued

	Equity Index Fund			S&P 500 Index Fund		Mid-Cap Growth Index Fund			Mid-Cap Value Index Fund
INVESTMENT INCOME
Dividends	$	17,210,706		$	19,825,592	$	537,955		$	3,204,810
Foreign taxes withheld		(126	)		—		—			—
Interest		504,902			493,415		19,377			81,367
Income from securities lending		262,189			30,698		23,580			61,954
Total income		17,977,671			20,349,705		580,912			3,348,131
EXPENSES
Management fees		385,070			418,386		24,456			58,763
Service agreement fees — Retirement Class		13,264			486,652		45,612			119,810
Distribution fees — Retail Class		391,910			—		—			—
Fund administration fees		70,524			70,524		70,524			70,524
Custody fees		156,473			59,248		63,776			56,457
Audit fees		45,982			45,982		45,982			45,982
Legal fees		7,346			7,346		7,346			7,346
Report printing and mailing expenses		110,617			47,166		8,179			9,258
Transfer agency fees and expenses — Institutional Class		5,914			4,824		2,435			2,536
Transfer agency fees and expenses — Retirement Class		902			2,274		2,493			2,203
Transfer agency fees and expenses — Retail Class		257,631			—		—			—
Trustee fees and expenses		5,493			5,493		5,493			5,493
Compliance fees		5,978			5,978		5,978			6,086
Interest expense		5,584			6,448		7,506			4,275
Registration fees		57,865			46,122		50,063			50,125
Other expenses		2,605			167		4,925			7,282
Total expenses before expense reimbursement and fee       waiver		1,523,158			1,206,610		344,768			446,140
Less: Expenses reimbursed by the investment advisor		(64,634	)		—		(250,247	)		(205,075	)
Fee waiver by investment advisor and TPIS		(391,910	)		—		—			—
Net expenses		1,066,614			1,206,610		94,521			241,065
Net investment income (loss)		16,911,057			19,143,095		486,391			3,107,066
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		17,975,580			32,573,135		3,599,684			10,483,366
Futures transactions		1,054,944			124,771		(13,178	)		240,498
Foreign currency transactions		—			—		—			—
Net realized gain on total investments		19,030,524			32,697,906		3,586,506			10,723,864
Change in unrealized appreciation (depreciation) on:
Portfolio investments		91,296,158			102,183,984		6,607,122			(162,756	)
Futures transactions		650			427,765		1,343			51,704
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—			—		—			—
Net change in unrealized appreciation (depreciation) on total investments		91,296,808			102,611,749		6,608,465			(111,052	)
Net realized and unrealized gain on total investments		110,327,332			135,309,655		10,194,971			10,612,812
Net increase in net assets resulting from operations	$	127,238,389		$	154,452,750	$	10,681,362		$	13,719,878

	Mid-Cap Blend Index Fund			Small-Cap Growth Index Fund			Small-Cap Value Index Fund
INVESTMENT INCOME
Dividends	$	2,291,956		$	789,869		$	2,835,034
Foreign taxes withheld		—			—			(825	)
Interest		107,623			60,451			114,564
Income from securities lending		65,150			179,125			148,723
Total income		2,464,729			1,029,445			3,097,496
EXPENSES
Management fees		63,029			46,910			58,109
Service agreement fees — Retirement Class		148,480			62,961			125,645
Distribution fees — Retail Class		—			—			—
Fund administration fees		70,524			70,524			70,524
Custody fees		65,323			92,956			108,350
Audit fees		45,982			45,982			45,982
Legal fees		7,346			7,346			7,346
Report printing and mailing expenses		34,987			22,640			9,891
Transfer agency fees and expenses — Institutional Class		2,612			1,478			1,804
Transfer agency fees and expenses — Retirement Class		2,255			2,386			2,200
Transfer agency fees and expenses — Retail Class		—			—			—
Trustee fees and expenses		5,493			5,493			5,493
Compliance fees		5,978			5,978			6,086
Interest expense		6,229			5,591			2,823
Registration fees		50,024			50,061			49,539
Other expenses		—			—			17,515
Total expenses before expense reimbursement and fee waiver		508,262			420,306			511,307
Less: Expenses reimbursed by the investment advisor		(233,723	)		(263,521	)		(269,442	)
Fee waiver by investment advisor and TPIS		—			—			—
Net expenses		274,539			156,785			241,865
Net investment income (loss)		2,190,190			872,660			2,855,631
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		5,760,501			6,408,674			10,613,278
Futures transactions		144,789			(64,056	)		137,381
Foreign currency transactions		—			—			—
Net realized gain on total investments		5,905,290			6,344,618			10,750,659
Change in unrealized appreciation (depreciation) on:
Portfolio investments		13,595,701			11,713,580			(8,053,119	)
Futures transactions		44,384			3,031			2,193
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—			—			—
Net change in unrealized appreciation (depreciation) on total investments		13,640,085			11,716,611			(8,050,926	)
Net realized and unrealized gain on total investments		19,545,375			18,061,229			2,699,733
Net increase in net assets resulting from operations	$	21,735,565		$	18,933,889		$	5,555,364

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 133

STATEMENTS OF OPERATIONS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE YEAR ENDED SEPTEMBER 30, 2007

	Small-Cap Blend Index Fund			International Equity Index Fund			Social Choice Equity Fund			Real Estate Securities Fund			Managed Allocation Fund II
INVESTMENT INCOME
Dividends — Unaffiliated issuers	$	2,722,171		$	18,135,437		$	6,025,616		$	13,692,387		$	—
Dividends — Affiliated issuers		—			—			—			—			6,028,635
Foreign taxes withheld		(607	)		(1,532,763	)		(264	)		(35,820	)		—
Interest		196,725			102,548			273,122			221,209			2,812
Income from securities lending		256,173			401,412			2,682			31,454			—
Total income		3,174,462			17,106,634			6,301,156			13,909,230			6,031,447
EXPENSES
Management fees		84,294			252,384			508,162			3,541,961			—
Service agreement fees — Retirement Class		108,099			477,478			270,604			645,344			27,152
Distribution fees — Retail Class		—			—			179,218			308,267			546,576
Fund administration fees		70,524			70,524			70,524			70,524			70,524
Custody fees		153,319			441,424			49,628			65,571			8,445
Audit fees		45,982			45,982			45,982			45,982			51,676
Legal fees		7,346			7,346			7,346			7,346			7,346
Report printing and mailing expenses		11,068			22,541			37,817			107,325			159,542
Transfer agency fees and expenses — Institutional Class		6,638			7,066			1,917			6,863			222
Transfer agency fees and expenses — Retirement Class		2,095			2,230			1,316			2,228			882
Transfer agency fees and expenses — Retail Class		—			—			89,013			214,105			368,693
Trustee fees and expenses		5,493			5,493			5,493			5,493			5,493
Compliance fees		5,978			5,978			5,978			5,978			5,978
Interest expense		2,499			18,823			740			208,465			4,867
Registration fees		50,623			49,257			52,672			52,039			53,341
Other expenses		20,088			88,964			—			—			909
Total expenses before expense       reimbursement and fee       waiver		574,046			1,495,490			1,326,410			5,287,491			1,311,646
Less: Expenses reimbursed by       the investment advisor		(297,366	)		(196,425	)		(189,338	)		(229,727	)		(739,259	)
Fee waiver by investment advisor and TPIS		—			—			(179,218	)		(308,267	)		(546,576	)
Net expenses		276,680			1,299,065			957,854			4,749,497			25,811
Net investment income		2,897,782			15,807,569			5,343,302			9,159,733			6,005,636
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		25,990,672			5,425,501			25,497,881			76,070,846			618,228
Futures transactions		494,958			(11,475	)		(583,751	)		—			—
Foreign currency transactions		—			112,561			—			(26,715	)		—
Net realized gain (loss) on total investments		26,485,630			5,526,587			24,914,130			76,044,131			618,228
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(5,932,112	)		109,975,707			6,851,107			(63,729,976	)		17,516,246
Futures transactions		—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		3,808			30,759			—			57,205			—
Net change in unrealized appreciation (depreciation) on total investments		(5,928,304	)		110,006,466			6,851,107			(63,672,771	)		17,516,246
Net realized and unrealized gain (loss) on total investments		20,557,326			115,533,053			31,765,237			12,371,360			18,134,474
Net increase in net assets resulting from operations	$	23,455,108		$	131,340,622		$	37,108,539		$	21,531,093		$	24,140,110

134 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

concluded

	Bond Fund			Bond Plus Fund II			Short-Term Bond Fund II			High-Yield Fund II			Tax-Exempt Bond Fund II			Inflation-Linked Bond Fund			Money Market Fund
INVESTMENT INCOME
Dividends — Unaffiliated issuers	$	37,224		$	13,959		$	—		$	1,680		$	—		$	—		$	—
Dividends — Affiliated issuers		—			129,051			—			—			—			—			—
Foreign taxes withheld		—			—			—			—			—			—			—
Interest		77,698,773			15,625,624			8,064,923			15,972,492			6,013,321			21,006,858			43,213,785
Income from securities lending		14,499			5,522			3,338			105,864			—			—			—
Total income		77,750,496			15,774,156			8,068,261			16,080,036			6,013,321			21,006,858			43,213,785
EXPENSES
Management fees		4,411,620			864,662			398,961			730,277			436,344			1,424,501			806,773
Service agreement fees — Retirement Class		10,911			14,180			17,795			24,208			—			27,875			161,392
Distribution fees — Retail Class		5,694			238,844			91,335			133,045			161,403			81,093			982,101
Fund administration fees		70,566			70,524			70,324			70,324			70,324			70,324			70,318
Custody fees		88,166			26,144			13,101			14,832			8,423			24,715			35,757
Audit fees		45,982			46,482			45,982			45,982			45,982			45,982			46,004
Legal fees		7,346			7,346			7,346			7,346			7,346			7,346			7,345
Report printing and mailing expenses		42,717			96,372			33,061			29,831			25,397			38,428			20,052
Transfer agency fees and expenses — Institutional Class		7,404			916			1,518			1,270			303			7,049			2,341
Transfer agency fees and expenses — Retirement Class		890			898			1,062			943			—			953			906
Transfer agency fees and expenses — Retail Class		3,150			223,230			77,504			70,230			59,615			72,175			617,730
Trustee fees and expenses		5,493			5,493			5,493			5,493			5,493			5,493			5,624
Compliance fees		5,978			5,978			5,978			5,978			5,978			5,978			5,977
Interest expense		10,784			3,655			9,233			4,940			2,527			2,206			2,979
Registration fees		55,261			52,641			52,631			54,751			52,651			53,392			58,275
Other expenses		4,601			—			—			29,983			—			—			18,711
Total expenses before expense reimbursement and fee waiver		4,776,563			1,657,365			831,324			1,229,433			881,786			1,867,510			2,842,285
Less: Expenses reimbursed by the investment advisor		—			(327,367	)		(228,136	)		(194,469	)		(178,064	)		(30,233	)		(22,801	)
Fee waiver by investment advisor and TPIS		(5,694	)		(238,844	)		(91,335	)		(133,045	)		(161,403	)		(81,093	)		(982,101	)
Net expenses		4,770,869			1,091,154			511,853			901,919			542,319			1,756,184			1,837,383
Net investment income		72,979,627			14,683,002			7,556,408			15,178,117			5,471,002			19,250,674			41,376,402
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(1,172,687	)		(1,600,696	)		(109,242	)		573,635			21,701			1,529,382			710
Futures transactions		—			—			—			—			—			—			—
Foreign currency transactions		—			—			—			—			—			—			—
Net realized gain (loss) on total investments		(1,172,687	)		(1,600,696	)		(109,242	)		573,635			21,701			1,529,382			710
Change in unrealized appreciation (depreciation) on:
Portfolio investments		155,356			(4,090,172	)		141,038			(9,807,069	)		(582,613	)		1,294,967			—
Futures transactions		—			—			—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—			—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments		155,356			(4,090,172	)		141,038			(9,807,069	)		(582,613	)		1,294,967			—
Net realized and unrealized gain (loss) on total investments		(1,017,331	)		(5,690,868	)		31,796			(9,233,434	)		(560,912	)		2,824,349			710
Net increase in net assets resulting from operations	$	71,962,296		$	8,992,134		$	7,588,204		$	5,944,683		$	4,910,090		$	22,075,023		$	41,377,112

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 135

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		Growth Equity Fund						Growth & Income Fund
		2007			2006			2007			2006(a)
OPERATIONS
Net investment income		$	1,927,433		$	1,048,737		$	7,995,966		$	2,712,942
Net realized gain (loss) on total investments			13,242,950			7,459,648			31,957,259			9,255,095
Net change in unrealized appreciation (depreciation) on total investments			32,773,945			(8,048,240	)		69,908,060			7,479,424
Net increase (decrease) from operations			47,944,328			460,145			109,861,285			19,447,461
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(1,078,879	)		(775,387	)		(1,794,692	)		(1,693,874	)
	Retirement Class		—			—			(2,122,322	)		(976,992	)
	Retail Class		—			—			(4,056,288	)		(10,738	)
From realized gains:	Institutional Class		—			—			(4,319,468	)		(12,583,348	)
	Retirement Class		—			—			(4,146,073	)		(8,057,539	)
	Retail Class		—			—			(138,432	)		—
Total distributions			(1,078,879	)		(775,387	)		(16,577,275	)		(23,322,491	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		196,387,935			80,328,100			19,048,008			9,656,103
	Retirement Class		—			—			114,798,776			34,943,023
	Retail Class		—			—			18,453,362			1,495,495
Mergers:	Institutional Class		—			—			203,927			—
	Retail Class		—			—			574,517,021			—
Reinvestments of distributions:	Institutional Class		1,018,048			664,737			5,196,300			12,593,734
	Retirement Class		—			—			6,262,374			9,033,673
	Retail Class		—			—			3,978,914			10,296
Exchanges among the funds, net:	Institutional Class		—			—			—			—
	Retirement Class		—			—			69,546			—
	Retail Class		—			—			4,355,146			1,082,615
Redemptions:	Institutional Class		(6,672,601	)		(106,462,759	)		(35,164,125	)		(63,717,020	)
	Retirement Class		—			—			(26,425,634	)		(14,076,560	)
	Retail Class		—			—			(20,387,275	)		(32,517	)
Net increase (decrease) from shareholder transactions			190,733,382			(25,469,922	)		664,906,340			(9,011,158	)
Net increase (decrease) in net assets			237,598,831			(25,785,164	)		758,190,350			(12,886,188	)
NET ASSETS
Beginning of period			90,140,224			115,925,388			187,044,143			199,930,331
End of period		$	327,739,055		$	90,140,224		$	945,234,493		$	187,044,143
Undistributed net investment income included in net assets		$	1,721,347		$	832,925		$	170,672		$	353,653
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		25,008,574			11,281,220			1,994,883			1,135,489
	Retirement Class		—			—			11,728,715			4,041,075
	Retail Class		—			—			1,584,669			150,350
Mergers:	Institutional Class		—			—			21,443			—
	Retail Class		—			—			50,573,523			—
Shares reinvested:	Institutional Class		136,835			91,185			579,894			1,531,990
	Retirement Class		—			—			683,248			1,084,585
	Retail Class		—			—			333,381			1,018
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		—			—			6,983			—
	Retail Class		—			—			379,299			108,099
Shares redeemed:	Institutional Class		(854,529	)		(15,334,230	)		(3,638,639	)		(7,021,167	)
	Retirement Class		—			—			(2,731,978	)		(1,642,306	)
	Retail Class		—			—			(1,733,908	)		(3,263	)
Net increase (decrease) from shareholder transactions			24,290,880			(3,961,825	)		59,781,513			(614,130	)

(a)	Retail Class commenced operations March 31, 2006
(b)	Fund commenced operations March 31, 2006

136 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

continued

		International Equity Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund
		2007			2006(a)			2007			2006(b)			2007			2006			2007			2006
OPERATIONS
Net investment income		$	25,883,303		$	14,653,945		$	2,369,182		$	58,118		$	13,993,771		$	10,364,293		$	(9,309	)	$	404,797
Net realized gain (loss) on total investments			319,747,104			135,874,086			53,397,379			(640,377	)		87,965,734			41,027,237			32,826,240			10,496,831
Net change in unrealized appreciation (depreciation) on total investments			44,547,768			41,155,438			13,003,877			502,862			940,114			29,724,820			38,707,295			(7,409,591	)
Net increase (decrease) from operations			390,178,175			191,683,469			68,770,438			(79,397	)		102,899,619			81,116,350			71,524,226			3,492,037
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(6,946,277	)		(11,356,516	)		(65,305	)		—			(2,098,005	)		(3,407,805	)		(106,538	)		(23,072	)
	Retirement Class		(8,247,612	)		(3,040,040	)		(14,070	)		—			(4,455,495	)		(2,824,654	)		(182,540	)		(45,233	)
	Retail Class		(442,273	)		(74	)		(14,258	)		—			(3,203,862	)		(3,457,937	)		(75,535	)		(27,161	)
From realized gains:	Institutional Class		(63,069,776	)		(44,227,288	)		—			—			(6,874,372	)		(7,695,253	)		(1,721,507	)		(564,834	)
	Retirement Class		(83,901,098	)		(18,153,995	)		—			—			(16,285,603	)		(5,512,631	)		(8,214,282	)		(4,025,746	)
	Retail Class		(4,021,259	)		—			—			—			(10,915,884	)		(5,853,266	)		(3,391,204	)		(1,769,595	)
Total distributions			(166,628,295	)		(76,777,913	)		(93,633	)		—			(43,833,221	)		(28,751,546	)		(13,691,606	)		(6,455,641	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		237,978,427			91,206,347			11,212,569			3,778,066			249,763,402			87,020,796			10,882,215			13,553,571
	Retirement Class		1.490,952,775			681,143,571			27,290,775			1,793,801			220,410,695			101,849,404			156,120,860			110,036,248
	Retail Class		45,470,070			7,903,135			11,554,351			1,092,315			32,275,381			18,867,527			11,283,542			14,612,772
Mergers:	Institutional Class		147,285,896			—			130,664,798			—			—			—			—			—
	Retail Class		427,035,498			—			401,401,895			—			—			—			—			—
Reinvestments of distributions:	Institutional Class		50,411,807			45,158,779			65,305			—			8,046,551			9,828,424			1,724,658			504,957
	Retirement Class		92,041,460			21,190,541			13,919			—			20,719,839			8,337,285			8,389,115			4,069,733
	Retail Class		4,034,134			—			11,499			—			13,788,115			9,188,701			3,331,489			1,739,369
Exchanges among the funds, net:	Institutional Class		—			—			—			—			129,263,924			—			—			—
	Retirement Class		89,030			9,603			57,617			—			(78,058	)		—			72,193			—
	Retail Class		27,423,646			6,529,732			(5,280,508	)		590,591			(125,834,065	)		4,047,145			418,756			(1,874,181	)
Redemptions:	Institutional Class		(366,172,930	)		(229,266,340	)		(4,710,568	)		(131,265	)		(130,883,155	)		(117,637,177	)		(3,306,935	)		(1,363,773	)
	Retirement Class		(995,183,453	)		(454,185,021	)		(3,232,321	)		(202,621	)		(22,974,270	)		(28,921,764	)		(52,529,686	)		(78,626,814	)
	Retail Class		(18,864,212	)		(912,453	)		(17,194,215	)		(35,748	)		(22,399,339	)		(19,628,861	)		(11,594,389	)		(7,645,621	)
Net increase (decrease) from shareholder transactions			1,142,502,148			168,777,894			551,855,116			6,885,139			372,099,020			72,951,480			124,791,818			55,006,261
Net increase (decrease) in net assets			1,366,052,028			283,683,450			620,531,921			6,805,742			431,165,418			125,316,284			182,624,438			52,042,657
NET ASSETS
Beginning of period			1,183,559,970			899,876,520			16,805,742			10,000,000			671,639,412			546,323,128			267,275,025			215,232,368
End of period		$	2,549,611,998		$	1,183,559,970		$	637,337,663		$	16,805,742		$	1,102,804,830		$	671,639,412		$	449,899,463		$	267,275,025
Undistributed net investment income included in net assets		$	23,191,722		$	11,756,810		$	2,488,843		$	59,534		$	11,286,757		$	7,037,276		$	(136,486	)	$	331,252
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		17,274,496			7,378,868			1,042,974			1,301,417			14,859,960			5,825,282			584,821			829,376
	Retirement Class		103,983,144			52,775,402			2,440,742			243,254			13,193,478			6,778,206			8,198,572			6,304,618
	Retail Class		4,258,426			778,490			1,049,123			168,076			1,988,769			1,303,298			609,667			841,297
Mergers:	Institutional Class		10,364,947			—			12,132,293			—			—			—			—			—
	Retail Class		39,835,083			—			37,339,527			—			—			—			—			—
Shares reinvested:	Institutional Class		4,010,486			3,892,999			6,466			—			504,802			684,907			99,233			29,634
	Retirement Class		7,146,076			1,779,223			1,381			—			1,302,315			581,806			486,890			240,670
	Retail Class		425,541			—			1,141			—			886,695			655,418			193,354			102,890
Shares exchange among funds, net:	Institutional Class		—			—			—			—			7,510,978			—			—			—
	Retirement Class		6,101			749			4,925			—			(4,570	)		—			3,595			—
	Retail Class		2,554,400			623,758			(485,378	)		62,857			(7,488,065	)		265,858			(9,399	)		(132,802	)
Shares redeemed:	Institutional Class		(26,060,232	)		(17,874,630	)		(409,218	)		(13,740	)		(7,965,992	)		(7,831,512	)		(172,901	)		(77,728	)
	Retirement Class		(69,665,524	)		(35,347,477	)		(309,508	)		(21,383	)		(1,384,801	)		(1,970,424	)		(2,867,455	)		(4,577,016	)
	Retail Class		(1,757,573	)		(90,435	)		(1,547,273	)		(3,837	)		(1,393,306	)		(1,333,037	)		(641,574	)		(449,643	)
Net increase (decrease) from shareholder transactions			92,375,371			13,916,947			51,267,195			1,736,644			22,010,263			4,959,802			6,484,803			3,111,296

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 137

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		Mid-Cap Value Fund						Small-Cap Equity Fund
		2007			2006			2007			2006
OPERATIONS
Net investment income		$	10,751,936		$	5,308,849		$	4,759,481		$	1,935,934
Net realized gain on total investments			42,394,814			40,795,176			39,242,239			39,029,012
Net change in unrealized appreciation (depreciation) on total investments			57,943,369			5,297,926			(16,516,938	)		(5,910,970	)
Net increase from operations			111,090,119			51,401,951			27,484,782			35,053,976
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(648,568	)		(337,653	)		(718,362	)		(808,040	)
	Retirement Class		(5,153,267	)		(3,362,979	)		(1,137,586	)		(1,198,732	)
	Retail Class		(2,090,750	)		(1,264,477	)		(500,954	)		(559,437	)
From realized gains:	Institutional Class		(3,352,773	)		(1,295,340	)		(9,703,785	)		(10,097,939	)
	Retirement Class		(30,487,029	)		(14,009,758	)		(22,012,290	)		(14,944,948	)
	Retail Class		(11,811,022	)		(5,164,414	)		(8,628,685	)		(6,166,048	)
Total distributions			(53,543,409	)		(25,434,621	)		(42,701,662	)		(33,775,144	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		16,342,724			11,857,330			67,550,891			28,817,572
	Retirement Class		271,091,639			85,956,306			69,556,509			143,101,280
	Retail Class		62,204,932			32,945,544			14,399,839			13,618,936
Mergers:	Institutional Class		—			—			—			—
	Retail Class		—			—			—			—
Reinvestments of distributions:	Institutional Class		3,544,881			1,249,270			9,467,299			8,940,408
	Retirement Class		35,608,688			17,368,312			23,135,718			16,142,021
	Retail Class		12,873,020			6,090,420			8,734,881			6,581,770
Exchanges among the funds, net:	Institutional Class		—			—			24,366,694			—
	Retirement Class		(60,607	)		—			11,000			25,000
	Retail Class		5,049,595			(1,968,870	)		(31,346,209	)		1,858,818
Redemptions:	Institutional Class		(3,664,582	)		(2,953,836	)		(30,117,811	)		(41,100,995	)
	Retirement Class		(63,343,656	)		(68,702,143	)		(33,545,141	)		(112,156,087	)
	Retail Class		(21,696,332	)		(13,577,698	)		(7,670,112	)		(7,751,145	)
Net increase (decrease) from shareholder transactions			317,950,302			68,264,635			114,543,558			58,077,578
Net increase (decrease) in net assets			375,497,012			94,231,965			99,326,678			59,356,410
NET ASSETS
Beginning of period			482,068,174			387,836,209			417,820,632			358,464,222
End of period		$	857,565,186		$	482,068,174		$	517,147,310		$	417,820,632
Undistributed net investment income included in net assets		$	5,871,365		$	3,356,870		$	3,248,310		$	1,030,923
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		828,133			675,656			4,218,796			1,859,719
	Retirement Class		13,801,524			4,881,459			4,345,913			9,139,058
	Retail Class		3,203,734			1,882,802			909,040			872,572
Mergers:	Institutional Class		—			—			—			—
	Retail Class		—			—			—			—
Shares reinvested:	Institutional Class		194,560			73,228			613,564			599,625
	Retirement Class		1,960,831			1,020,465			1,516,102			1,092,893
	Retail Class		716,355			361,626			575,420			447,755
Shares exchange among funds, net:	Institutional Class		—			—			1,468,758			—
	Retirement Class		(3,048	)		—			678			1,588
	Retail Class		252,990			(108,404	)		(1,938,569	)		94,473
Shares redeemed:	Institutional Class		(186,907	)		(167,853	)		(1,813,719	)		(2,579,301	)
	Retirement Class		(3,280,027	)		(3,921,425	)		(2,105,949	)		(7,294,102	)
	Retail Class		(1,122,627	)		(778,141	)		(485,036	)		(502,880	)
Net increase (decrease) from shareholder transactions			16,365,518			3,919,413			7,304,998			3,731,400

(a)        Retirement and Retail Class commenced operations March 31, 2006

138 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

continued

		Large-Cap Growth Index Fund						Large-Cap Value Index Fund
		2007			2006			2007			2006
OPERATIONS
Net investment income		$	3,686,950		$	6,239,534		$	10,603,814		$	12,297,366
Net realized gain on total investments			58,563,664			6,805,387			77,364,439			28,136,117
Net change in unrealized appreciation (depreciation) on total investments			3,079,126			17,044,840			(28,191,146	)		28,866,940
Net increase from operations			65,329,740			30,089,761			59,777,107			69,300,423
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(4,869,329	)		(3,857,286	)		(10,363,676	)		(9,140,901	)
	Retirement Class		(1,016,618	)		(291,428	)		(2,043,706	)		(16,402	)
	Retail Class		—			—			—			—
From realized gains:	Institutional Class		(156,104	)		(2,971,126	)		(11,579,980	)		(10,016,735	)
	Retirement Class		(35,326	)		(165,854	)		(2,339,740	)		(45,355	)
	Retail Class		—			—			—			—
Total distributions			(6,077,377	)		(7,285,694	)		(26,327,102	)		(19,219,393	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		56,312,719			142,753,720			86,709,741			54,171,808
	Retirement Class		47,733,649			25,068,695			80,003,918			126,892,825
	Retail Class		—			—			—			—
Mergers:	Institutional Class		—			—			—			—
	Retail Class		—			—			—			—
Reinvestments of distributions:	Institutional Class		4,015,902			6,475,717			16,183,779			17,436,316
	Retirement Class		1,044,117			457,282			4,317,316			61,757
	Retail Class		—			—			—			—
Exchanges among the funds, net:	Institutional Class		—			—			—			—
	Retirement Class		(20,822	)		—			—			6,887
	Retail Class		—			—			—			—
Redemptions:	Institutional Class		(390,369,073	)		(82,477,474	)		(286,940,639	)		(107,795,198	)
	Retirement Class		(13,072,138	)		(6,606,649	)		(23,568,932	)		(19,724,655	)
	Retail Class		—			—			—			—
Net increase (decrease) from shareholder transactions			(294,355,646	)		85,671,291			(123,294,817	)		71,049,740
Net increase (decrease) in net assets			(235,103,283	)		108,475,358			(89,844,812	)		121,130,770
NET ASSETS
Beginning of period			595,637,656			487,162,298			555,291,615			434,160,845
End of period		$	360,534,373		$	595,637,656		$	465,446,803		$	555,291,615
Undistributed net investment income included in net assets		$	2,642,558		$	4,850,985		$	7,382,932		$	9,247,007
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		4,453,120			12,360,739			5,281,405			8,619,308
	Retirement Class		3,675,689			2,158,197			4,820,085			3,546,280
	Retail Class		—			—			—			—
Mergers:	Institutional Class		—			—			—			—
	Retail Class		—			—			—			—
Shares reinvested:	Institutional Class		329,442			553,008			1,022,995			1,221,886
	Retirement Class		84,957			38,720			269,664			4,277
	Retail Class		—			—			—			—
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		(1,581	)		—			—			452
	Retail Class		—			—			—			—
Shares redeemed:	Institutional Class		(31,720,405	)		(7,224,324	)		(17,317,366	)		(7,183,744	)
	Retirement Class		(1,002,442	)		(565,068	)		(1,417,225	)		(1,300,935	)
	Retail Class		—			—			—			—
Net increase (decrease) from shareholder transactions			(24,181,220	)		7,321,272			(7,340,442	)		4,907,524

		Equity Index Fund						S&P 500 Index Fund
		2007			2006(a)			2007			2006
OPERATIONS
Net investment income		$	16,911,057		$	10,929,640		$	19,143,095		$	13,859,508
Net realized gain on total investments			19,030,524			40,093,583			32,697,906			18,073,414
Net change in unrealized appreciation (depreciation) on total investments			91,296,808			9,875,529			102,611,749			51,340,011
Net increase from operations			127,238,389			60,898,752			154,452,750			83,272,933
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(11,011,345	)		(10,348,360	)		(12,850,285	)		(7,482,298	)
	Retirement Class		(58,024	)		—			(2,570,986	)		(1,551,580	)
	Retail Class		(186,419	)		—			—			—
From realized gains:	Institutional Class		(6,036,747	)		(39,398,708	)		(1,523,714	)		(1,234,349	)
	Retirement Class		(32,617	)		—			(347,137	)		(223,786	)
	Retail Class		(103,523	)		—			—			—
Total distributions			(17,428,675	)		(49,747,068	)		(17,292,122	)		(10,492,013	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		188,507,133			221,354,616			161,839,715			293,865,520
	Retirement Class		9,196,623			1,933,016			97,768,819			105,669,891
	Retail Class		24,238,953			4,102,349			—			—
Mergers:	Institutional Class		1,045,122			—			—			—
	Retail Class		408,340,637			—			—			—
Reinvestments of distributions:	Institutional Class		14,876,143			41,512,043			13,102,599			8,054,074
	Retirement Class		86,898			—			2,914,035			1,774,958
	Retail Class		265,620			—			—			—
Exchanges among the funds, net:	Institutional Class		—			—			—			—
	Retirement Class		—			—			—			—
	Retail Class		4,403,533			2,770,373			—			—
Redemptions:	Institutional Class		(88,498,297	)		(246,976,469	)		(128,602,514	)		(107,205,508	)
	Retirement Class		(2,291,456	)		(101,554	)		(43,057,294	)		(67,062,680	)
	Retail Class		(17,942,536	)		(36,105	)		—			—
Net increase (decrease) from shareholder transactions			542,228,373			24,558,269			103,965,360			235,096,255
Net increase (decrease) in net assets			652,038,087			35,709,953			241,125,988			307,877,175
NET ASSETS
Beginning of period			642,050,473			606,340,520			933,284,190			625,407,015
End of period		$	1,294,088,560		$	642,050,473		$	1,174,410,178		$	933,284,190
Undistributed net investment income included in net assets		$	13,536,189		$	7,937,953		$	14,541,748		$	10,868,131
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		17,432,315			22,837,428			9,817,068			20,398,075
	Retirement Class		828,057			196,527			5,953,177			7,300,597
	Retail Class		2,166,313			416,815			—			—
Mergers:	Institutional Class		93,817			—			—			—
	Retail Class		36,104,242			—			—			—
Shares reinvested:	Institutional Class		1,419,479			4,369,690			819,425			559,699
	Retirement Class		8,167			—			182,813			123,604
	Retail Class		24,964			—			—			—
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		—			—			—			—
	Retail Class		415,133			280,894			—			—
Shares redeemed:	Institutional Class		(7,994,214	)		(25,313,685	)		(7,925,808	)		(7,346,492	)
	Retirement Class		(206,520	)		(10,171	)		(2,620,398	)		(4,646,832	)
	Retail Class		(1,568,711	)		(3,662	)		—			—
Net increase (decrease) from shareholder transactions			48,723,042			2,773,836			6,226,277			16,388,651

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 139

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		Mid-Cap Growth Index Fund						Mid-Cap Value Index Fund
		2007			2006			2007			2006
CHANGES IN NET ASSETS
Net investment income		$	486,391		$	301,356		$	3,107,066		$	1,232,675
Net realized gain on total investments			3,586,506			2,468,662			10,723,864			5,809,420
Net change in unrealized appreciation (depreciation) on total investments			6,608,465			(164,831	)		(111,052	)		135,772
Net increase from operations			10,681,362			2,605,187			13,719,878			7,177,867
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(263,150	)		(170,938	)		(1,216,526	)		(900,970	)
	Retirement Class		(78,926	)		(3,344	)		(330,386	)		(13,341	)
	Retail Class		—			—			—			—
From realized gains:	Institutional Class		(2,040,988	)		(1,965,669	)		(4,650,767	)		(5,327,412	)
	Retirement Class		(645,908	)		(158,175	)		(1,355,295	)		(480,792	)
	Retail Class		—			—			—			—
Total distributions			(3,028,972	)		(2,298,126	)		(7,552,974	)		(6,722,515	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		5,496,517			6,278,980			61,084,938			8,206,372
	Retirement Class		32,224,541			18,429,135			55,797,814			23,548,007
	Retail Class		—			—			—			—
Mergers:	Institutional Class		—			—			—			—
	Retail Class		—			—			—			—
Reinvestments of distributions:	Institutional Class		2,145,436			1,973,309			5,420,524			5,555,222
	Retirement Class		724,681			160,837			1,668,542			494,132
	Retail Class		—			—			—			—
Exchanges among the funds, net:	Institutional Class		—			—			—			—
	Retirement Class		15,208			—			(29,442	)		25,000
	Retail Class		—			—			—			—
Redemptions:	Institutional Class		(1,174,666	)		(1,686,438	)		(3,688,296	)		(1,908,815	)
	Retirement Class		(20,578,223	)		(8,963,519	)		(19,883,068	)		(4,464,064	)
	Retail Class		—			—			—			—
Net increase (decrease) from shareholder transactions			18,853,494			16,192,304			100,371,012			31,455,854
Net increase (decrease) in net assets			26,505,884			16,499,365			106,537,916			31,911,206
NET ASSETS
Beginning of period			46,375,716			29,876,351			79,619,814			47,708,608
End of period		$	72,881,600		$	46,375,716		$	186,157,730		$	79,619,814
Undistributed net investment income included in net assets		$	374,137		$	232,149		$	2,392,294		$	894,705
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		361,073			463,392			3,509,687			532,387
	Retirement Class		2,116,735			1,295,652			3,172,869			1,474,915
	Retail Class		—			—			—			—
Mergers:	Institutional Class		—			—			—			—
	Retail Class		—			—			—			—
Shares reinvested:	Institutional Class		149,508			140,649			328,716			375,353
	Retirement Class		50,712			11,480			99,853			32,920
	Retail Class		—			—			—			—
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		953			—			(1,680	)		1,540
	Retail Class		—			—			—			—
Shares redeemed:	Institutional Class		(75,074	)		(117,985	)		(214,481	)		(118,834	)
	Retirement Class		(1,358,553	)		(628,048	)		(1,132,558	)		(280,947	)
	Retail Class		—			—			—			—
Net increase (decrease) from shareholder transactions			1,245,354			1,165,140			5,762,406			2,017,334

140 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

continued

		Mid-Cap Blend Index Fund						Small-Cap Growth Index Fund
		2007			2006			2007			2006
CHANGES IN NET ASSETS
Net investment income		$	2,190,190		$	1,248,052		$	872,660		$	362,880
Net realized gain on total investments			5,905,290			5,146,582			6,344,618			8,228,216
Net change in unrealized appreciation (depreciation) on total investments			13,640,085			1,175,862			11,716,611			(5,393,088	)
Net increase from operations			21,735,565			7,570,496			18,933,889			3,198,008
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(1,031,173	)		(849,050	)		(351,504	)		(317,612	)
	Retirement Class		(400,858	)		(63,897	)		(51,146	)		(3,396	)
	Retail Class		—			—			—			—
From realized gains:	Institutional Class		(3,622,002	)		(3,638,956	)		(6,940,974	)		(4,656,209	)
	Retirement Class		(1,552,799	)		(608,673	)		(1,560,563	)		(176,583	)
	Retail Class		—			—			—			—
Total distributions			(6,606,832	)		(5,160,576	)		(8,904,187	)		(5,153,800	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		31,440,392			21,940,056			5,879,538			423,794
	Retirement Class		60,718,202			28,477,151			36,782,599			48,046,292
	Retail Class		—			—			—			—
Mergers:	Institutional Class		—			—			—			—
	Retail Class		—			—			—			—
Reinvestments of distributions:	Institutional Class		1,546,854			1,172,709			7,216,103			4,880,434
	Retirement Class		1,942,714			671,561			1,605,823			179,907
	Retail Class		—			—			—			—
Exchanges among the funds, net:	Institutional Class		—			—			—			—
	Retirement Class		112,989			—			—			(9,603	)
	Retail Class		—			—			—			—
Redemptions:	Institutional Class		(10,505,410	)		(10,404,247	)		(1,280,733	)		(1,207,925	)
	Retirement Class		(13,088,035	)		(6,532,763	)		(23,662,758	)		(30,523,304	)
	Retail Class		—			—			—			—
Net increase (decrease) from shareholder transactions			72,167,706			35,324,467			26,540,572			21,789,595
Net increase (decrease) in net assets			87,296,439			37,734,387			36,570,274			19,833,803
NET ASSETS
Beginning of period			108,768,323			71,033,936			98,095,445			78,261,642
End of period		$	196,064,762		$	108,768,323		$	134,665,719		$	98,095,445
Undistributed net investment income included in net assets		$	1,605,741		$	862,739		$	702,284		$	255,163
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,690,259			1,303,601			389,616			28,687
	Retirement Class		3,234,438			1,680,233			2,266,514			3,034,054
	Retail Class		—			—			—			—
Mergers:	Institutional Class		—			—			—			—
	Retail Class		—			—			—			—
Shares reinvested:	Institutional Class		88,341			71,946			506,393			345,395
	Retirement Class		110,006			40,800			105,369			11,954
	Retail Class		—			—			—			—
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		6,052			—			—			(620	)
	Retail Class		—			—			—			—
Shares redeemed:	Institutional Class		(564,275	)		(617,339	)		(83,395	)		(80,312	)
	Retirement Class		(700,152	)		(390,985	)		(1,471,669	)		(1,981,189	)
	Retail Class		—			—			—			—
Net increase (decrease) from shareholder transactions			3,864,669			2,088,256			1,712,828			1,357,969

		Small-Cap Value Index Fund						Small-Cap Blend Index Fund
		2007			2006(a)			2007			2006
CHANGES IN NET ASSETS
Net investment income		$	2,855,631		$	1,478,473		$	2,897,782		$	2,005,307
Net realized gain on total investments			10,750,659			10,232,443			26,485,630			22,158,547
Net change in unrealized appreciation (depreciation) on total investments			(8,050,926	)		(964,603	)		(5,928,304	)		(7,492,201	)
Net increase from operations			5,555,364			10,746,313			23,455,108			16,671,653
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(1,216,518	)		(1,035,285	)		(1,767,214	)		(1,480,123	)
	Retirement Class		(580,118	)		(19,221	)		(361,682	)		(4,320	)
	Retail Class		—			—			—			—
From realized gains:	Institutional Class		(6,955,195	)		(7,304,501	)		(11,378,450	)		(14,634,491	)
	Retirement Class		(3,522,345	)		(267,840	)		(2,585,205	)		(166,724	)
	Retail Class		—			—			—			—
Total distributions			(12,274,176	)		(8,626,847	)		(16,092,551	)		(16,285,658	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		15,651,351			981,410			45,879,130			57,193,887
	Retirement Class		46,662,798			32,488,982			50,410,134			46,418,555
	Retail Class		—			—			—			—
Mergers:	Institutional Class		—			—			—			—
	Retail Class		—			—			—			—
Reinvestments of distributions:	Institutional Class		7,718,949			7,786,235			9,749,096			13,704,516
	Retirement Class		4,086,669			282,615			2,939,985			171,045
	Retail Class		—			—			—			—
Exchanges among the funds, net:	Institutional Class		—			—			—			—
	Retirement Class		(23,000	)		(10,065	)		12,000			—
	Retail Class		—			—			—			—
Redemptions:	Institutional Class		(1,211,607	)		(2,753,834	)		(64,652,372	)		(46,030,238	)
	Retirement Class		(18,614,688	)		(9,402,927	)		(28,048,106	)		(18,244,925	)
	Retail Class		—			—			—
Net increase (decrease) from shareholder transactions			54,270,472			29,372,416			16,289,867			53,212,840
Net increase (decrease) in net assets			47,551,660			31,491,882			23,652,424			53,598,835
NET ASSETS
Beginning of period			105,204,128			73,712,246			210,351,506			156,752,671
End of period		$	152,755,788		$	105,204,128		$	234,003,930		$	210,351,506
Undistributed net investment income included in net assets		$	2,097,883		$	1,080,621		$	2,066,869		$	1,380,006
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,080,867			70,751			2,868,988			3,748,885
	Retirement Class		3,137,040			2,282,860			3,132,622			2,991,705
	Retail Class		—			—			—			—
Mergers:	Institutional Class		—			—			—			—
	Retail Class		—			—			—			—
Shares reinvested:	Institutional Class		547,832			598,481			637,196			939,953
	Retirement Class		285,981			21,410			191,530			11,683
	Retail Class		—			—			—			—
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		(1,538	)		(706	)		738			—
	Retail Class		—			—			—			—
Shares redeemed:	Institutional Class		(80,626	)		(187,296	)		(3,938,013	)		(2,959,344	)
	Retirement Class		(1,267,625	)		(660,284	)		(1,752,997	)		(1,200,427	)
	Retail Class		—			—			—			—
Net increase (decrease) from shareholder transactions			3,701,931			2,125,216			1,140,064			3,532,455

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 141

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		International Equity Index Fund						Social Choice Equity Fund
		2007			2006			2007			2006(c)
CHANGES IN NET ASSETS
Net investment income		$	15,807,569		$	8,641,507		$	5,343,302		$	3,068,273
Net realized gain (loss) on total investments			5,526,587			4,162,631			24,914,130			3,768,735
Net change in unrealized appreciation (depreciation) on total investments			110,006,466			44,072,241			6,851,107			11,331,970
Net increase from operations			131,340,622			56,876,379			37,108,539			18,168,978
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(7,945,606	)		(4,419,675	)		(1,595,253	)		(1,627,747	)
	Retirement Class		(2,469,161	)		(23,441	)		(1,223,030	)		(603,003	)
	Retail Class		—			—			(442,354	)		—
From realized gains:	Institutional Class		(2,757,516	)		(2,332,838	)		(1,106,024	)		(8,897	)
	Retirement Class		(898,433	)		(41,165	)		(972,152	)		—
	Retail Class		—			—			(311,790	)		—
Total distributions			(14,070,716	)		(6,817,119	)		(5,650,603	)		(2,239,647	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		90,172,198			129,086,792			95,601,468			15,444,751
	Retirement Class		228,559,953			95,168,360			61,166,833			33,230,624
	Retail Class		—			—			28,869,959			19,446,628
Mergers:	Institutional Class		—			—			20,777,551			—
	Retail Class		—			—			150,223,761			—
Reinvestments of distributions:	Institutional Class		8,984,270			5,733,927			2,166,373			1,497,867
	Retirement Class		3,348,950			64,606			2,192,969			602,407
	Retail Class		—			—			213,089			—
Exchanges among the funds:	Institutional Class		—			—			—			—
	Retirement Class		44,419			2,480			—			—
	Retail Class		—			—			773,436			796,192
Redemptions:	Institutional Class		(45,588,242	)		(59,686,918	)		(76,165,906	)		(11,500,557	)
	Retirement Class		(50,749,452	)		(17,431,386	)		(8,771,813	)		(10,291,350	)
	Retail Class		—			—			(32,960,955	)		(131,189	)
Net increase (decrease) from shareholder transactions			234,772,096			152,937,861			244,086,765			49,095,373
Net increase (decrease) in net assets			352,042,002			202,997,121			275,544,701			65,024,704
NET ASSETS
Beginning of period			442,097,451			239,100,330			230,371,332			165,346,628
End of period		$	794,139,453		$	442,097,451		$	505,916,033		$	230,371,332
Undistributed net investment income included in net assets		$	12,999,600		$	7,390,066		$	4,359,898		$	2,317,390
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		4,185,000			7,295,757			8,112,860			1,472,115
	Retirement Class		10,400,117			5,060,984			5,110,799			3,128,733
	Retail Class		—			—			2,643,372			1,995,848
Mergers:	Institutional Class		—			—			1,725,710			—
	Retail Class		—			—			13,460,830			—
Shares reinvested:	Institutional Class		438,043			337,886			190,702			143,888
	Retirement Class		160,621			3,741			190,859			57,155
	Retail Class		—			—			20,256			—
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		1,855			126			—			—
	Retail Class		—			—			74,273			82,162
Shares redeemed:	Institutional Class		(2,081,973	)		(3,331,325	)		(6,623,997	)		(1,091,747	)
	Retirement Class		(2,314,618	)		(936,297	)		(733,416	)		(967,067	)
	Retail Class		—			—			(2,947,206	)		(13,015	)
Net increase (decrease) from shareholder transactions			10,789,045			8,430,872			21,225,042			4,808,072

(a)	Retirement and Retail Class commenced operations March 31, 2006
(b)	Fund commenced operations March 31, 2006
(c)	Retail Class commenced operations March 31, 2006

142 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

continued

		Real Estate Securities Fund						Managed Allocation Fund II
		2007			2006			2007			2006(b)
CHANGES IN NET ASSETS
Net investment income		$	9,159,733		$	12,528,327		$	6,005,636		$	109,013
Net realized gain (loss) on total investments			76,044,131			34,716,468			618,228			(14,608	)
Net change in unrealized appreciation (depreciation) on total investments			(63,672,771	)		68,908,535			17,516,246			502,168
Net increase from operations			21,531,093			116,153,330			24,140,110			596,573
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(7,366,679	)		(8,754,841	)		(124,908	)		(22,367	)
	Retirement Class		(7,094,305	)		(5,240,165	)		(488,922	)		(43,044	)
	Retail Class		(6,090,435	)		(5,876,764	)		(5,867,454	)		(43,078	)
From realized gains:	Institutional Class		(13,051,152	)		(25,450,238	)		—			—
	Retirement Class		(13,356,263	)		(14,120,867	)		—			—
	Retail Class		(11,476,146	)		(16,655,851	)		—			—
Total distributions			(58,434,980	)		(76,098,726	)		(6,481,284	)		(108,489	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		73,546,086			59,741,779			3,064			10
	Retirement Class		179,151,177			81,872,341			9,567,670			7,898,257
	Retail Class		31,526,881			24,140,689			25,974,688			5,306,281
Mergers:	Institutional Class		—			—			2,344,004			—
	Retail Class		—			—			589,208,288			—
Reinvestments of distributions:	Institutional Class		18,449,538			30,704,109			116,906			22,368
	Retirement Class		20,395,340			19,356,953			487,693			43,044
	Retail Class		16,574,056			21,462,462			5,531,739			40,096
Exchanges among the funds:	Institutional Class		—			—			—			—
	Retirement Class		(155,524	)		(49,302	)		—			—
	Retail Class		(29,689,784	)		(6,000,907	)		(1,348,620	)		1,614,215
Redemptions:	Institutional Class		(49,143,360	)		(127,771,773	)		(45,524	)		(10	)
	Retirement Class		(187,620,326	)		(66,728,366	)		(2,745,543	)		(349,947	)
	Retail Class		(22,041,473	)		(23,505,348	)		(22,757,405	)		(154,175	)
Net increase (decrease) from shareholder transactions			50,992,611			13,222,637			606,336,960			14,420,139
Net increase (decrease) in net assets			14,088,724			53,277,241			623,995,786			14,908,223
NET ASSETS
Beginning of period			604,682,455			551,405,214			17,908,223			3,000,000
End of period		$	618,771,179		$	604,682,455		$	641,904,009		$	17,908,223
Undistributed net investment income included in net assets		$	(8,161,152	)	$	(7,588,501	)	$	—		$	707
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		4,782,010			4,248,467			72			200,001
	Retirement Class		10,565,551			5,582,523			889,281			856,432
	Retail Class		1,960,204			1,713,043			2,414,226			587,118
Mergers:	Institutional Class		—			—			218,657			—
	Retail Class		—			—			54,707,893			—
Shares reinvested:	Institutional Class		1,203,176			2,296,635			11,132			2,273
	Retirement Class		1,297,112			1,421,641			46,529			4,270
	Retail Class		1,084,427			1,615,653			508,513			4,002
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		(10,022	)		(3,300	)		—			—
	Retail Class		(2,041,242	)		(454,343	)		(113,759	)		163,540
Shares redeemed:	Institutional Class		(3,004,315	)		(8,968,127	)		(4,228	)		(1	)
	Retirement Class		(11,671,755	)		(4,663,613	)		(258,377	)		(35,329	)
	Retail Class		(1,402,796	)		(1,655,005	)		(2,102,404	)		(15,687	)
Net increase (decrease) from shareholder transactions			2,762,350			1,133,574			56,317,535			1,766,619

		Bond Fund						Bond Plus Fund II
		2007			2006(a)			2007			2006(b)
CHANGES IN NET ASSETS
Net investment income		$	72,979,627		$	74,633,703		$	14,683,002		$	1,426,814
Net realized gain (loss) on total investments			(1,172,687	)		(18,497,687	)		(1,600,696	)		(75,221	)
Net change in unrealized appreciation (depreciation) on total investments			155,356			45,843			(4,090,172	)		732,283
Net increase from operations			71,962,296			56,181,859			8,992,134			2,083,876
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(72,598,364	)		(74,738,467	)		(8,193,505	)		(1,359,303	)
	Retirement Class		(211,306	)		(15,821	)		(288,949	)		(28,583	)
	Retail Class		(161,615	)		(15,787	)		(6,173,880	)		(38,000	)
From realized gains:	Institutional Class		—			—			(5,915	)		—
	Retirement Class		—			—			(393	)		—
	Retail Class		—			—			(440	)		—
Total distributions			(72,971,285	)		(74,770,075	)		(14,663,082	)		(1,425,886	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		571,224,171			608,608,154			12,872,204			6,721,020
	Retirement Class		8,007,382			1,297,152			8,285,610			1,969,451
	Retail Class		3,524,553			979,416			10,416,721			1,919,366
Mergers:	Institutional Class		—			—			230,731,103			—
	Retail Class		—			—			264,769,923			—
Reinvestments of distributions:	Institutional Class		66,532,593			68,534,334			8,186,141			1,359,304
	Retirement Class		208,507			15,758			281,978			28,125
	Retail Class		122,820			15,032			5,434,321			32,143
Exchanges among the funds:	Institutional Class		—			—			—			—
	Retirement Class		—			—			—			—
	Retail Class		2,577,071			1,830			(2,446,066	)		165,125
Redemptions:	Institutional Class		(731,247,344	)		(404,588,356	)		(24,103,447	)		(287,210	)
	Retirement Class		(1,178,206	)		(56,882	)		(2,122,108	)		(46,311	)
	Retail Class		(168,242	)		—			(13,196,751	)		(71,850	)
Net increase (decrease) from shareholder transactions			(80,396,695	)		274,806,438			499,109,629			11,789,163
Net increase (decrease) in net assets			(81,405,684	)		256,218,222			493,438,681			12,447,153
NET ASSETS
Beginning of period			1,712,149,253			1,455,931,031			62,447,153			50,000,000
End of period		$	1,630,743,569		$	1,712,149,253		$	555,885,834		$	62,447,153
Undistributed net investment income included in net assets		$	8,342		$	—		$	28,954		$	5,206
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		57,425,545			61,392,614			1,277,961			5,576,194
	Retirement Class		793,229			129,515			821,620			246,372
	Retail Class		350,536			97,875			1,036,978			242,928
Mergers:	Institutional Class		—			—			22,844,664			—
	Retail Class		—			—			26,162,779			—
Shares reinvested:	Institutional Class		6,705,957			6,929,192			819,668			136,644
	Retirement Class		20,720			1,577			28,118			2,821
	Retail Class		12,223			1,511			544,548			3,219
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		—			—			—			—
	Retail Class		256,242			53			(248,116	)		16,224
Shares redeemed:	Institutional Class		(73,113,051	)		(40,974,119	)		(2,418,228	)		(28,824	)
	Retirement Class		(117,235	)		(5,703	)		(212,787	)		(4,662	)
	Retail Class		(16,741	)		—			(1,320,196	)		(7,295	)
Net increase (decrease) from shareholder transactions			(7,682,575	)		27,572,515			49,337,009			6,183,621

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 143

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		Short-Term Bond Fund II						High-Yield Fund II
		2007			2006(b)			2007			2006(b)
OPERATIONS
Net investment income		$	7,556,408		$	1,388,587		$	15,178,117		$	1,907,548
Net realized gain (loss) on total investments			(109,242	)		(38,919	)		573,635			(203,924	)
Net change in unrealized appreciation (depreciation) on total investments			141,038			333,324			(9,807,069	)		(136,641	)
Net increase from operations			7,588,204			1,682,992			5,944,683			1,566,983
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(4,998,792	)		(1,302,620	)		(9,569,744	)		(1,814,927	)
	Retirement Class		(343,355	)		(29,094	)		(703,234	)		(33,526	)
	Retail Class		(2,215,656	)		(46,825	)		(4,910,286	)		(57,676	)
From realized gains:	Institutional Class		(17,368	)		—			—			—
	Retirement Class		(1,417	)		—			—			—
	Retail Class		(1,241	)		—			—			—
Total distributions			(7,577,829	)		(1,378,539	)		(15,183,264	)		(1,906,129	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		33,979,837			6,322,370			59,626,843			3,084,846
	Retirement Class		11,804,377			2,226,119			16,681,270			11,047,475
	Retail Class		7,056,308			1,896,070			13,545,497			1,432,663
Mergers:	Institutional Class		84,218,827			—			131,612,524			—
	Retail Class		95,010,720			—			142,215,601			—
Reinvestments of distributions:	Institutional Class		3,991,873			1,295,326			7,342,813			1,804,841
	Retirement Class		331,140			29,041			678,729			33,444
	Retail Class		1,970,385			41,385			4,094,626			49,464
Exchanges among the funds:	Institutional Class		—			—			—			—
	Retirement Class		—			—			—			—
	Retail Class		857,314			920,637			1,138,495			825,521
Redemptions:	Institutional Class		(16,037,516	)		(16,485	)		(18,700,429	)		(36,738	)
	Retirement Class		(1,833,232	)		(297,156	)		(7,916,531	)		(4,977,134	)
	Retail Class		(7,152,262	)		(50,601	)		(15,966,209	)		(8,278	)
Net increase (decrease) from shareholder transactions			214,197,771			12,366,706			334,353,229			13,256,104
Net increase (decrease) in net assets			214,208,146			12,671,159			325,114,648			12,916,958
NET ASSETS
Beginning of period			62,671,159			50,000,000			62,916,958			50,000,000
End of period		$	276,879,305		$	62,671,159		$	388,031,606		$	62,916,958
Undistributed net investment income included in net assets		$	5,587		$	14,577		$	416		$	5,563
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		3,392,886			5,533,245			5,921,473			5,212,780
	Retirement Class		1,175,487			272,740			1,646,117			1,163,809
	Retail Class		703,894			239,992			1,341,318			195,538
Mergers:	Institutional Class		8,388,329			—			12,840,246			—
	Retail Class		9,453,711			—			13,820,618			—
Shares reinvested:	Institutional Class		398,877			129,822			735,721			183,983
	Retirement Class		33,037			2,905			67,982			3,406
	Retail Class		197,098			4,144			410,764			5,031
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		—			—			—			—
	Retail Class		85,037			92,271			98,630			83,778
Shares redeemed:	Institutional Class		(1,605,680	)		(1,649	)		(1,880,256	)		(3,704	)
	Retirement Class		(182,508	)		(29,858	)		(785,916	)		(499,995	)
	Retail Class		(714,695	)		(5,078	)		(1,598,547	)		(846	)
Net increase (decrease) from shareholder transactions			21,325,473			6,238,534			32,618,150			6,343,780

(a)	Retirement and Retail Class commenced operations March 31, 2006
(b)	Fund commenced operations March 31, 2006
(c)	Retirement Class commenced operations March 31, 2006

144 2007 Annual Report  § TIAA-CREF Institutional Mutual Funds See notes to financial statements

concluded

		Tax-Exempt Bond Fund II						Inflation-Linked Bond Fund
		2007			2006(b)			2007			2006(c)
OPERATIONS
Net investment income		$	5,471,002		$	986,763		$	19,250,674		$	22,727,324
Net realized gain (loss) on total investments			21,701			(53,120	)		1,529,382			(5,087,836	)
Net change in unrealized appreciation (depreciation) on total investments			(582,613	)		1,087,793			1,294,967			(10,630,075	)
Net increase from operations			4,910,090			2,021,436			22,075,023			7,009,413
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(2,343,634	)		(946,577	)		(16,538,159	)		(19,233,557	)
	Retirement Class		—			—			(565,036	)		(47,939	)
	Retail Class		(3,140,533	)		(40,379	)		(2,148,077	)		(3,439,792	)
From realized gains:	Institutional Class		—			—			—			(6,830,377	)
	Retirement Class		—			—			—			—
	Retail Class		—			—			—			(1,372,582	)
Total distributions			(5,484,167	)		(986,956	)		(19,251,272	)		(30,924,247	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,650,505			—			161,370,367			168,798,965
	Retirement Class		—			—			17,660,516			5,900,511
	Retail Class		12,218,561			2,184,922			5,338,188			8,132,556
Mergers:	Institutional Class		23,290,517			—			—			—
	Retail Class		168,952,214			—			—			—
Reinvestments of distributions:	Institutional Class		1,979,684			946,578			15,739,147			23,581,921
	Retirement Class		—			—			555,759			47,738
	Retail Class		2,607,507			36,693			1,967,997			4,497,959
Exchanges among the funds:	Institutional Class		—			—			—			—
	Retirement Class		—			—			—			—
	Retail Class		855,394			1,524,232			(2,983,587	)		(9,796,711	)
Redemptions:	Institutional Class		(2,187,725	)		—			(103,998,775	)		(135,016,820	)
	Retirement Class		—			—			(6,124,695	)		(317,823	)
	Retail Class		(9,112,739	)		(10,785	)		(7,029,031	)		(9,619,888	)
Net increase (decrease) from shareholder transactions			200,253,918			4,681,640			82,495,886			56,208,408
Net increase (decrease) in net assets			199,679,841			5,716,120			85,319,637			32,293,574
NET ASSETS
Beginning of period			55,716,120			50,000,000			428,206,026			395,912,452
End of period		$	255,395,961		$	55,716,120		$	513,525,663		$	428,206,026
Undistributed net investment income included in net assets		$	30,509		$	3,210		$	—		$	—
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		164,613			4,950,000			16,089,767			16,522,992
	Retirement Class		—			—			1,737,049			582,517
	Retail Class		1,210,063			267,477			539,066			802,799
Mergers:	Institutional Class		2,296,895			—			—			—
	Retail Class		16,645,433			—			—			—
Shares reinvested:	Institutional Class		195,862			94,484			1,588,251			2,340,449
	Retirement Class		—			—			55,498			4,753
	Retail Class		259,348			3,643			201,831			451,950
Shares exchange among funds, net:	Institutional Class		—			—			—			—
	Retirement Class		—			—			—			—
	Retail Class		80,431			151,523			(307,837	)		(983,706	)
Shares redeemed:	Institutional Class		(219,054	)		—			(10,347,294	)		(13,288,039	)
	Retirement Class		—			—			(604,451	)		(31,704	)
	Retail Class		(906,004	)		(1,063	)		(711,390	)		(956,822	)
Net increase (decrease) from shareholder transactions			19,727,587			5,466,064			8,240,490			5,445,189

		Money Market Fund
		2007			2006(a)
OPERATIONS
Net investment income		$	41,376,402		$	12,669,770
Net realized gain (loss) on total investments			710			—
Net change in unrealized appreciation (depreciation) on total investments			—			—
Net increase from operations			41,377,112			12,669,770
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(10,853,925	)		(10,984,901	)
	Retirement Class		(3,236,254	)		(386,577	)
	Retail Class		(27,286,223	)		(1,324,571	)
From realized gains:	Institutional Class		—			—
	Retirement Class		—			—
	Retail Class		—			—
Total distributions			(41,376,402	)		(12,696,049	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		88,284,552			146,874,382
	Retirement Class		143,021,826			54,310,210
	Retail Class		426,050,594			112,924,484
Mergers:	Institutional Class		465,262			—
	Retail Class		702,395,515			—
Reinvestments of distributions:	Institutional Class		10,696,427			10,889,072
	Retirement Class		3,236,182			386,301
	Retail Class		26,778,568			1,291,058
Exchanges among the funds:	Institutional Class		—			—
	Retirement Class		—			—
	Retail Class		42,720,503			24,322,122
Redemptions:	Institutional Class		(136,134,682	)		(86,172,837	)
	Retirement Class		(91,162,104	)		(10,889,704	)
	Retail Class		(290,854,117	)		(11,211,860	)
Net increase (decrease) from shareholder transactions			925,498,526			242,723,228
Net increase (decrease) in net assets			925,499,236			242,696,949
NET ASSETS
Beginning of period			443,241,922			200,544,973
End of period		$	1,368,741,158		$	443,241,922
Undistributed net investment income included in net assets		$	(9,047	)	$	(9,047	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		88,258,256			146,878,026
	Retirement Class		143,021,826			54,310,210
	Retail Class		426,050,594			112,924,484
Mergers:	Institutional Class		465,262			—
	Retail Class		702,395,515			—
Shares reinvested:	Institutional Class		10,696,427			10,889,072
	Retirement Class		3,236,182			386,301
	Retail Class		26,778,568			1,291,058
Shares exchange among funds, net:	Institutional Class		—			—
	Retirement Class		—			—
	Retail Class		42,720,503			24,322,122
Shares redeemed:	Institutional Class		(136,134,682	)		(86,172,837	)
	Retirement Class		(91,162,104	)		(10,889,704	)
	Retail Class		(290,854,117	)		(11,211,860	)
Net increase (decrease) from shareholder transactions			925,472,230			242,726,872

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 145

FINANCIAL HIGHLIGHTS

GROWTH EQUITY FUND

		Selected Per Share Data
				Investment Operations						Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains		Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/2007	$	7.16	$	0.08	$	1.71	$	1.79	$	(0.06	)	$	—	$	(0.06	)	$	8.89
	9/30/2006		7.00		0.06		0.14		0.20		(0.04	)		—		(0.04	)		7.16
	9/30/2005		6.31		0.07		0.69		0.76		(0.07	)		—		(0.07	)		7.00
	9/30/2004		5.91		0.06		0.40		0.46		(0.06	)		—		(0.06	)		6.31
	9/30/2003		4.82		0.05		1.14		1.19		(0.10	)		—		(0.10	)		5.91

						Ratios and Supplemental Data
	For the Years Ended		Total Return			Net Assets, End of Year (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
								Total		(b)	Net		(c)
Institutional Class		9/30/2007		25.24	%	$	327,739		0.22	%		0.14	%		1.01	%		218	%
		9/30/2006		2.91			90,140		0.22			0.14			0.89			197
		9/30/2005		12.09			115,925		0.14			0.14			1.01			119
		9/30/2004		7.72			92,576		0.15			0.15			0.93			76
		9/30/2003		25.10			94,433		0.18			0.14			0.86			105

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

146 2007 Annual Report §TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

GROWTH & INCOME FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/2007		$	8.66	$	0.17		$	2.06	$	2.23	$	(0.17	)	$	(0.39	)	$	(0.56	)	$	10.33
	9/30/2006			9.05		0.14			0.76		0.90		(0.15	)		(1.14	)		(1.29	)		8.66
	9/30/2005			8.12		0.18			0.93		1.11		(0.18	)		—			(0.18	)		9.05
	9/30/2004			7.36		0.12			0.76		0.88		(0.12	)		—			(0.12	)		8.12
	9/30/2003			6.14		0.10			1.22		1.32		(0.10	)		—			(0.10	)		7.36
Retirement Class	9/30/2007			8.76		0.15			2.08		2.23		(0.16	)		(0.39	)		(0.55	)		10.44
	9/30/2006			9.12		0.12			0.77		0.89		(0.11	)		(1.14	)		(1.25	)		8.76
	9/30/2005			8.16		0.13			0.95		1.08		(0.12	)		—			(0.12	)		9.12
	9/30/2004			7.39		0.10			0.75		0.85		(0.08	)		—			(0.08	)		8.16
	9/30/2003	(b)		6.14		0.07			1.22		1.29		(0.04	)		—			(0.04	)		7.39
Retail Class	9/30/2007			10.27		0.18			2.47		2.65		(0.17	)		(0.39	)		(0.56	)		12.36
	9/30/2006	(c)		10.00		0.08			0.24		0.32		(0.05	)		—			(0.05	)		10.27

							Ratios and Supplemental Data
	For the Periods Ended			Total Return			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
									Total		(e)	Net		(f)
Institutional Class		9/30/2007			26.84	%	$	105,476		0.55	%		0.13	%		1.81	%		84	%
		9/30/2006			10.87			97,494		0.42			0.13			1.58			133
		9/30/2005			13.70			141,199		0.15			0.15			2.04			223
		9/30/2004			11.89			625,503		0.14			0.14			1.46			77
		9/30/2003			21.62			505,404		0.15			0.14			1.48			150
Retirement Class		9/30/2007			26.44			204,746		0.81			0.38			1.52			84
		9/30/2006			10.62			86,918		0.74			0.40			1.36			133
		9/30/2005			13.32			58,731		0.46			0.46			1.43			223
		9/30/2004			11.47			35,874		0.53			0.44			1.17			77
		9/30/2003	(b)		21.14			8,027		0.48			0.47			1.02			150
Retail Class		9/30/2007			26.67			635,012		1.00			0.24			1.58			84
		9/30/2006	(c)		3.22			2,632		4.10	(d)		0.43	(d)		1.55	(d)		133

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Retirement Class commenced operations on October 1, 2002.
(c)	The Retail Class commenced operations on March 31, 2006.
(d)	The percentages shown for this period are annualized.
(e)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(f)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds §2007 Annual Report 147

FINANCIAL HIGHLIGHTS

INTERNATIONAL EQUITY FUND

				Selected Per Share Data
						Investment Operations							Distributions
	For the Periods Ended			Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Period
Institutional Class		9/30/07		$	13.45	$	0.20		$	3.49	$	3.69	$	(0.22	)	$	(1.94	)	$	(2.16	)	$	14.98
		9/30/06			12.17		0.19			2.15		2.34		(0.22	)		(0.84	)		(1.06	)		13.45
		9/30/05			10.29		0.21			2.43		2.64		(0.20	)		(0.56	)		(0.76	)		12.17
		9/30/04			8.56		0.20			1.69		1.89		(0.16	)		—			(0.16	)		10.29
		9/30/03			6.86		0.17			1.65		1.82		(0.12	)		—			(0.12	)		8.56
Retirement Class		9/30/07			13.72		0.19			3.54		3.73		(0.19	)		(1.94	)		(2.13	)		15.32
		9/30/06			12.41		0.16			2.13		2.29		(0.14	)		(0.84	)		(0.98	)		13.72
		9/30/05			10.49		0.19			2.40		2.59		(0.11	)		(0.56	)		(0.67	)		12.41
		9/30/04			8.65		0.17			1.69		1.86		(0.02	)		—			(0.02	)		10.49
		9/30/03	(b)		6.86		0.13			1.66		1.79		—			—			—			8.65
Retail Class		9/30/07			10.63		0.22			2.59		2.81		(0.21	)		(1.94	)		(2.15	)		11.29
		9/30/06	(c)		10.00		0.05			0.58		0.63		—			—			—			10.63

							Ratios and Supplemental Data
	For the Periods Ended			Total Return			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
									Total		(e)	Net		(f)
Institutional Class		9/30/07			30.49	%	$	807,072		0.58	%		0.58	%		1.47	%		179	%
		9/30/06			20.60			649,747		0.45			0.45			1.48			164
		9/30/05			26.45			668,009		0.21			0.21			1.89			147
		9/30/04			22.17			528,959		0.20			0.20			1.98			151
		9/30/03			26.90			370,026		0.27			0.20			2.20			156
Retirement Class		9/30/07			30.16			1,216,121		0.84			0.80			1.36			179
		9/30/06			19.68			519,870		0.76			0.74			1.27			164
		9/30/05			25.34			231,867		0.56			0.56			1.67			147
		9/30/04			21.45			77,400		0.58			0.55			1.63			151
		9/30/03	(b)		26.15			9,863		0.61			0.54			1.61			156
Retail Class		9/30/07			30.34			526,418		0.95			0.75			2.02			179
		9/30/06	(c)		6.30			13,943		1.36	(d)		0.80	(d)		0.94	(d)		164

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Retirement Class commenced operations on October 1, 2002.
(c)	The Retail Class commenced operations on March 31, 2006.
(d)	The percentages shown for this period are annualized.
(e)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(f)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

148 2007 Annual Report §TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

LARGE-CAP GROWTH FUND

				Selected Per Share Data
						Investment Operations									Distributions
	For the Periods Ended		(b)	Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments			Gain (Loss) from Investment Operations			From Net Investment Income			From Net Realized Gains		Total Distributions			Net Asset Value, End of Period
Institutional Class		9/30/07		$	9.68	$	0.10		$	2.31		$	2.41		$	(0.05	)	$	—	$	(0.05	)	$	12.04
		9/30/06			10.00		0.05			(0.37	)		(0.32	)		—			—		—			9.68
Retirement Class		9/30/07			9.67		0.18			2.19			2.37			(0.04	)		—		(0.04	)		12.00
		9/30/06			10.00		0.03			(0.36	)		(0.33	)		—			—		—			9.67
Retail Class		9/30/07			9.67		0.09			2.31			2.40			(0.05	)		—		(0.05	)		12.02
		9/30/06			10.00		0.03			(0.36	)		(0.33	)		—			—		—			9.67

						Ratios and Supplemental Data
	For the Periods Ended(b)		Total Return			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
								Total(e)			Net(f)
Institutional Class		9/30/07		24.97	%	$	169,352		0.65	%		0.13	%		0.95	%		189	%
		9/30/06		(3.20	) (c)		12,465		1.97	(d)		0.13	(d)		0.97	(d)		81
Retirement Class		9/30/07		24.67			28,308		0.94			0.38			1.67			189
		9/30/06		(3.30	)(c)		2,145		6.76	(d)		0.38	(d)		0.69	(d)		81
Retail Class		9/30/07		24.89			439,678		1.22			0.21			0.82			189
		9/30/06		(3.30	)(c)		2,196		5.35	(d)		0.43	(d)		0.61	(d)		81

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Fund commenced operations on March 31, 2006.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(f)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds §2007 Annual Report 149

FINANCIAL HIGHLIGHTS

LARGE-CAP VALUE FUND

		Selected Per Share Data
				Investment Operations							Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/07	$	15.73	$	0.30		$	2.10	$	2.40	$	(0.26	)	$	(0.85	)	$	(1.11	)	$	17.02
	9/30/06		14.41		0.27			1.75		2.02		(0.22	)		(0.48	)		(0.70	)		15.73
	9/30/05		13.40		0.30			1.92		2.22		(0.23	)		(0.98	)		(1.21	)		14.41
	9/30/04		11.59		0.28			2.22		2.50		(0.14	)		(0.55	)		(0.69	)		13.40
	9/30/03		9.16		0.25			2.22		2.47		(0.04	)		—			(0.04	)		11.59
Retirement Class	9/30/07		15.68		0.26			2.10		2.36		(0.23	)		(0.85	)		(1.08	)		16.96
	9/30/06		14.43		0.23			1.75		1.98		(0.25	)		(0.48	)		(0.73	)		15.68
	9/30/05		13.41		0.26			1.90		2.16		(0.16	)		(0.98	)		(1.14	)		14.43
	9/30/04		11.55		0.24			2.23		2.47		(0.06	)		(0.55	)		(0.61	)		13.41
	9/30/03		9.16		0.21			2.24		2.45		(0.06	)		—			(0.06	)		11.55
Retail Class	9/30/07		15.36		0.28			2.06		2.34		(0.25	)		(0.85	)		(1.10	)		16.60
	9/30/06		14.17		0.25			1.71		1.96		(0.29	)		(0.48	)		(0.77	)		15.36
	9/30/05		13.25		0.26			1.88		2.14		(0.24	)		(0.98	)		(1.22	)		14.17
	9/30/04		11.52		0.24			2.21		2.45		(0.17	)		(0.55	)		(0.72	)		13.25
	9/30/03		9.16		0.22			2.20		2.42		(0.06	)		—			(0.06	)		11.52

					Ratios and Supplemental Data
	For the Years Ended	Total Return			Net Assets, End of Year (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
							Total		(b)	Net		(c)
Institutional Class	9/30/07		15.71	%	$	487,144		0.52	%		0.50	%		1.78	%		136	%
	9/30/06		14.47			215,614		0.38			0.38			1.84			115
	9/30/05		16.73			216,512		0.14			0.14			2.11			113
	9/30/04		21.96			31,289		0.17			0.14			2.20			154
	9/30/03		26.98			14,822		0.21			0.14			2.31			185
Retirement Class	9/30/07		15.51			500,511		0.75			0.73			1.55			136
	9/30/06		14.21			257,287		0.68			0.67			1.54			115
	9/30/05		16.23			159,064		0.48			0.48			1.82			113
	9/30/04		21.59			69,314		0.51			0.48			1.87			154
	9/30/03		26.94			9,943		0.54			0.47			1.89			185
Retail Class	9/30/07		15.70			115,149		0.71			0.55			1.72			136
	9/30/06		14.35			198,739		0.53			0.53			1.69			115
	9/30/05		16.35			170,748		0.44			0.44			1.87			113
	9/30/04		21.67			137,166		0.49			0.44			1.89			154
	9/30/03		26.47			85,349		0.51			0.44			1.99			185

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

150     2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

MID-CAP GROWTH FUND

		Selected Per Share Data
				Investment Operations							Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/07	$	17.01	$	0.03		$	4.20	$	4.23	$	(0.05	)	$	(0.86	)	$	(0.91	)	$	20.33
	9/30/06		17.01		0.06			0.41		0.47		(0.02	)		(0.45	)		(0.47	)		17.01
	9/30/05		14.30		0.06			3.33		3.39		(0.01	)		(0.67	)		(0.68	)		17.01
	9/30/04		13.02		0.05			1.76		1.81		(0.03	)		(0.50	)		(0.53	)		14.30
	9/30/03		9.21		0.04			3.77		3.81		—			(0.00	)(b)		(0.00	)(b)		13.02
Retirement Class	9/30/07		16.84		(0.00	)(b)		4.16		4.16		(0.02	)		(0.86	)		(0.88	)		20.12
	9/30/06		16.88		0.02			0.39		0.41		(0.00	)(b)		(0.45	)		(0.45	)		16.84
	9/30/05		14.23		0.01			3.31		3.32		(0.00	)(b)		(0.67	)		(0.67	)		16.88
	9/30/04		12.97		0.00	(b)		1.76		1.76		—			(0.50	)		(0.50	)		14.23
	9/30/03		9.21		0.00	(b)		3.76		3.76		(0.00	)(b)		(0.00	)(b)		(0.00	)(b)		12.97
Retail Class	9/30/07		16.85		0.00	(b)		4.17		4.17		(0.02	)		(0.86	)		(0.88	)		20.14
	9/30/06		16.89		0.02			0.40		0.42		(0.01	)		(0.45	)		(0.46	)		16.85
	9/30/05		14.23		0.01			3.32		3.33		(0.00	)(b)		(0.67	)		(0.67	)		16.89
	9/30/04		12.98		0.00	(b)		1.75		1.75		(0.00	)(b)		(0.50	)		(0.50	)		14.23
	9/30/03		9.21		0.00	(b)		3.77		3.77		(0.00	)(b)		(0.00	)(b)		(0.00	)(b)		12.98

						Ratios and Supplemental Data
	For the Years Ended		Total Return			Net Assets, End of Year (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
								Total		(c)	Net		(d)
Institutional Class		9/30/07		25.76	%	$	51,145		0.59	%		0.55	%		0.18	%		127	%
		9/30/06		2.72			34,088		0.50			0.43			0.36			147
		9/30/05		24.12			20,808		0.15			0.15			0.39			115
		9/30/04		13.88			3,684		0.17			0.14			0.32			148
		9/30/03		41.37			1,887		0.39			0.14			0.31			162
Retirement Class		9/30/07		25.54			313,908		0.84			0.78			(0.05	)		127
		9/30/06		2.42			164,771		0.72			0.69			0.13			147
		9/30/05		23.72			131,943		0.48			0.48			0.06			115
		9/30/04		13.48			74,600		0.54			0.48			(0.01	)		148
		9/30/03		40.85			25,519		0.73			0.47			(0.02	)		162
Retail Class		9/30/07		25.66			84,847		0.90			0.70			0.03			127
		9/30/06		2.37			68,416		0.68			0.68			0.13			147
		9/30/05		23.80			62,481		0.44			0.44			0.09			115
		9/30/04		13.48			48,508		0.51			0.44			0.02			148
		9/30/03		40.96			22,004		0.69			0.44			0.01			162

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Amount represents less than $0.01 per share.
(c)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(d)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report     151

FINANCIAL HIGHLIGHTS

MID-CAP VALUE FUND

		Selected Per Share Data
				Investment Operations							Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/07	$	18.59	$	0.35		$	3.33	$	3.68	$	(0.31	)	$	(1.62	)	$	(1.93	)	$	20.34
	9/30/06		17.57		0.26			1.87		2.13		(0.23	)		(0.88	)		(1.11	)		18.59
	9/30/05		14.44		0.30			3.62		3.92		(0.22	)		(0.57	)		(0.79	)		17.57
	9/30/04		12.02		0.26			2.74		3.00		(0.13	)		(0.45	)		(0.58	)		14.44
	9/30/03		9.03		0.22			2.81		3.03		(0.04	)		—			(0.04	)		12.02
Retirement Class	9/30/07		18.51		0.29			3.32		3.61		(0.27	)		(1.62	)		(1.89	)		20.23
	9/30/06		17.52		0.21			1.87		2.08		(0.21	)		(0.88	)		(1.09	)		18.51
	9/30/05		14.38		0.25			3.60		3.85		(0.14	)		(0.57	)		(0.71	)		17.52
	9/30/04		11.95		0.21			2.73		2.94		(0.06	)		(0.45	)		(0.51	)		14.38
	9/30/03		9.03		0.18			2.80		2.98		(0.06	)		—			(0.06	)		11.95
Retail Class	9/30/07		18.34		0.32			3.29		3.61		(0.29	)		(1.62	)		(1.91	)		20.04
	9/30/06		17.36		0.22			1.85		2.07		(0.22	)		(0.87	)		(1.09	)		18.34
	9/30/05		14.27		0.25			3.57		3.82		(0.16	)		(0.57	)		(0.73	)		17.36
	9/30/04		11.97		0.22			2.71		2.93		(0.18	)		(0.45	)		(0.63	)		14.27
	9/30/03		9.03		0.19			2.80		2.99		(0.05	)		—			(0.05	)		11.97

						Ratios and Supplemental Data
	For the Years Ended		Total Return			Net Assets, End of Year (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
								Total		(b)	Net		(c)
Institutional Class		9/30/07		21.03	%	$	58,763		0.53	%		0.53	%		1.76	%		90	%
		9/30/06		12.68			38,173		0.47			0.43			1.46			131
		9/30/05		27.63			25,868		0.15			0.15			1.82			110
		9/30/04		25.36			8,042		0.17			0.14			1.88			173
		9/30/03		33.63			4,009		0.32			0.14			2.05			215
Retirement Class		9/30/07		20.70			600,104		0.78			0.78			1.47			90
		9/30/06		12.42			318,024		0.69			0.68			1.20			131
		9/30/05		27.20			266,360		0.48			0.48			1.50			110
		9/30/04		24.82			92,268		0.52			0.48			1.54			173
		9/30/03		33.27			15,669		0.65			0.47			1.52			215
Retail Class		9/30/07		20.87			198,698		0.79			0.63			1.65			90
		9/30/06		12.51			125,871		0.63			0.63			1.25			131
		9/30/05		27.23			95,608		0.44			0.44			1.53			110
		9/30/04		24.89			40,706		0.51			0.44			1.58			173
		9/30/03		33.29			9,476		0.62			0.44			1.83			215

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

152     2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

SMALL-CAP EQUITY FUND

		Selected Per Share Data
				Investment Operations							Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/07	$	15.91	$	0.19		$	0.99	$	1.18	$	(0.11	)	$	(1.55	)	$	(1.66	)	$	15.43
	9/30/06		15.84		0.10			1.41		1.51		(0.11	)		(1.33	)		(1.44	)		15.91
	9/30/05		14.29		0.17			2.20		2.37		(0.12	)		(0.70	)		(0.82	)		15.84
	9/30/04		12.68		0.14			2.48		2.62		(0.08	)		(0.93	)		(1.01	)		14.29	(b)
	9/30/03		9.27		0.14			3.29		3.43		(0.02	)		—			(0.02	)		12.68
Retirement Class	9/30/07		15.73		0.15			0.98		1.13		(0.08	)		(1.55	)		(1.63	)		15.23
	9/30/06		15.71		0.06			1.40		1.46		(0.11	)		(1.33	)		(1.44	)		15.73
	9/30/05		14.20		0.12			2.19		2.31		(0.10	)		(0.70	)		(0.80	)		15.71
	9/30/04		12.62		0.09			2.46		2.55		(0.04	)		(0.93	)		(0.97	)		14.20	(b)
	9/30/03		9.27		0.11			3.28		3.39		(0.04	)		—			(0.04	)		12.62
Retail Class	9/30/07		15.66		0.15			1.01		1.16		(0.09	)		(1.55	)		(1.64	)		15.18
	9/30/06		15.65		0.07			1.39		1.46		(0.12	)		(1.33	)		(1.45	)		15.66
	9/30/05		14.15		0.14			2.19		2.33		(0.13	)		(0.70	)		(0.83	)		15.65
	9/30/04		12.64		0.12			2.45		2.57		(0.13	)		(0.93	)		(1.06	)		14.15	(b)
	9/30/03		9.27		0.12			3.29		3.41		(0.04	)		—			(0.04	)		12.64

						Ratios and Supplemental Data
	For the Years Ended		Total Return			Net Assets, End of Year (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
								Total		(b)	Net		(c)
Institutional Class		9/30/07		7.43	%	$	181,032		0.57	%		0.55	%		1.16	%		127	%
		9/30/06		10.15			115,273		0.43			0.41			0.66			264
		9/30/05		16.69			116,652		0.15			0.15			1.11			273
		9/30/04		20.98	(b)		45,429		0.20			0.14			1.03			295
		9/30/03		37.12			18,702		0.62			0.14			1.25			328
Retirement Class		9/30/07		7.15			267,273		0.81			0.78			0.92			127
		9/30/06		9.90			216,828		0.72			0.69			0.39			264
		9/30/05		16.35			170,413		0.48			0.48			0.78			273
		9/30/04		20.53	(b)		116,445		0.54			0.48			0.68			295
		9/30/03		36.65			29,036		0.95			0.47			0.89			328
Retail Class		9/30/07		7.39			68,843		0.86			0.69			0.95			127
		9/30/06		9.97			85,719		0.61			0.61			0.48			264
		9/30/05		16.55			71,400		0.32			0.30			0.97			273
		9/30/04		20.70	(b)		61,937		0.38			0.30			0.87			295
		9/30/03		36.90			28,139		0.78			0.30			1.10			328

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	During the year ended September 30, 2004, the Small-Cap Equity Fund was reimbursed by the Adviser for an investment loss resulting from an overstatement of cash available for investment. Had the Fund not been reimbursed, the net asset value and total return for the Retirement Class would have been $14.19 and 20.44%, respectively, and the net asset value and total return for the Institutional Class would have been $14.28 and 20.86%, respectively. There was no change to the net asset value or total return for the Retail Class.
(c)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(d)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report     153

FINANCIAL HIGHLIGHTS

LARGE-CAP GROWTH INDEX FUND

		Selected Per Share Data
				Investment Operations						Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/07	$	11.84	$	0.14	$	2.09	$	2.23	$	(0.28	)	$	(0.01	)	$	(0.29	)	$	13.78
	9/30/06		11.33		0.13		0.54		0.67		(0.09	)		(0.07	)		(0.16	)		11.84
	9/30/05		10.48		0.12		1.07		1.19		(0.15	)		(0.19	)		(0.34	)		11.33
	9/30/04		11.63		0.11		0.80		0.91		(0.21	)		(1.85	)		(2.06	)		10.48
	9/30/03		9.29		0.11		2.27		2.38		(0.04	)		—			(0.04	)		11.63
Retirement Class	9/30/07		11.91		0.12		2.10		2.22		(0.26	)		(0.01	)		(0.27	)		13.86
	9/30/06		11.47		0.10		0.53		0.63		(0.12	)		(0.07	)		(0.19	)		11.91
	9/30/05		10.56		0.12		1.04		1.16		(0.06	)		(0.19	)		(0.25	)		11.47
	9/30/04		11.60		0.05		0.82		0.87		(0.06	)		(1.85	)		(1.91	)		10.56
	9/30/03		9.29		0.07		2.27		2.34		(0.03	)		—			(0.03	)		11.60

					Ratios and Supplemental Data
	For the Years Ended	Total Return			Net Assets, End of Year (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
							Total(b)			Net(c)
Institutional Class	9/30/07		19.15	%	$	272,610		0.12	%		0.08	%		1.10	%		53	%
	9/30/06		5.94			552,918		0.08			0.08			1.14			40
	9/30/05		11.41			464,761		0.08			0.08			1.08			61
	9/30/04		7.35			35,800		0.11			0.08			0.97			19
	9/30/03		25.68			34,647		0.13			0.08			1.02			19
Retirement Class	9/30/07		18.91			87,924		0.38			0.33			0.93			53
	9/30/06		5.53			42,719		0.43			0.36			0.86			40
	9/30/05		11.04			22,402		0.43			0.43			1.04			61
	9/30/04		7.03			18,405		0.52			0.42			0.46			19
	9/30/03		25.21			200		0.46			0.41			0.68			19

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

154     2007 Annual Report ¡ TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

LARGE-CAP VALUE INDEX FUND

		Selected Per Share Data
				Investment Operations						Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/07	$	15.93	$	0.41	$	1.80	$	2.21	$	(0.59	)	$	(0.66	)	$	(1.25	)	$	16.89
	9/30/06		14.50		0.36		1.68		2.04		(0.29	)		(0.32	)		(0.61	)		15.93
	9/30/05		13.05		0.34		1.77		2.11		(0.27	)		(0.39	)		(0.66	)		14.50
	9/30/04		11.41		0.29		1.99		2.28		(0.31	)		(0.33	)		(0.64	)		13.05
	9/30/03		9.26		0.26		1.97		2.23		(0.08	)		—			(0.08	)		11.41
Retirement Class	9/30/07		16.09		0.38		1.82		2.20		(0.57	)		(0.66	)		(1.23	)		17.06
	9/30/06		14.52		0.32		1.68		2.00		(0.11	)		(0.32	)		(0.43	)		16.09
	9/30/05		13.07		0.29		1.79		2.08		(0.24	)		(0.39	)		(0.63	)		14.52
	9/30/04		11.38		0.25		1.98		2.23		(0.21	)		(0.33	)		(0.54	)		13.07
	9/30/03		9.26		0.23		1.96		2.19		(0.07	)		—			(0.07	)		11.38

					Ratios and Supplemental Data
	For the Years Ended	Total Return			Net Assets, End of Year (000’s)		Ratio of Expensesto Average Net Assets						Ratio of Net Investment Income to AverageNet Assets			PortfolioTurnover Rate
							Total(b)			Net(c)
Institutional Class	9/30/07		14.36	%	$	363,498		0.11	%		0.08	%		2.48	%		60	%
	9/30/06		14.54			518,223		0.08			0.08			2.45			49
	9/30/05		16.50			433,383		0.08			0.08			2.42			65
	9/30/04		20.25			142,252		0.10			0.08			2.34			44
	9/30/03		24.20			89,164		0.16			0.08			2.49			63
Retirement Class	9/30/07		14.17			101,949		0.32			0.30			2.26			60
	9/30/06		14.14			37,069		0.51			0.35			2.10			49
	9/30/05		16.18			778		0.44			0.44			2.07			65
	9/30/04		19.82			200		0.97			0.44			1.99			44
	9/30/03		23.77			161		0.48			0.40			2.17			63

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds ¡ 2007 Annual Report     155

FINANCIAL HIGHLIGHTS

EQUITY INDEX FUND

			Selected Per Share Data
					Investment Operations						Distributions
	For the Periods Ended		Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/07		$	10.09	$	0.20	$	1.44	$	1.64	$	(0.17	)	$	(0.10	)	$	(0.27	)	$	11.46
	9/30/06			9.97		0.17		0.78		0.95		(0.17	)		(0.66	)		(0.83	)		10.09
	9/30/05			8.85		0.18		1.09		1.27		(0.15	)		—			(0.15	)		9.97
	9/30/04			8.07		0.15		0.99		1.14		(0.29	)		(0.07	)		(0.36	)		8.85
	9/30/03			6.48		0.13		1.53		1.66		(0.05	)		(0.02	)		(0.07	)		8.07
Retirement Class	9/30/07			10.24		0.17		1.48		1.65		(0.17	)		(0.10	)		(0.27	)		11.62
	9/30/06	(b)		10.00		0.07		0.17		0.24		—			—			—			10.24
Retail Class	9/30/07			10.25		0.18		1.47		1.65		(0.17	)		(0.10	)		(0.27	)		11.63
	9/30/06	(c)		10.00		0.08		0.17		0.25		—			—			—			10.25

						Ratios and Supplemental Data
	For the Periods Ended		Total Return			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
								Total(f)			Net(g)
Institutional Class	9/30/07			16.49	%	$	844,429		0.09	%		0.08	%		1.79	%		16	%
	9/30/06			10.08			633,027		0.08			0.08			1.74			32
	9/30/05			14.40			606,341		0.09			0.09			1.94			24
	9/30/04			14.17			766,707		0.08			0.08			1.67			26
	9/30/03			25.79			1,355,731		0.09			0.08			1.71			5
Retirement Class	9/30/07			16.29			9,479		0.36			0.33			1.54			16
	9/30/06	(b)		2.40	(d)		1,909		4.07	(e)		0.34	(e)		1.39	(e)		32
Retail Class	9/30/07			16.30			440,181		0.43			0.22			1.62			16
	9/30/06	(c)		2.50	(d)		7,115		1.49	(e)		0.24	(e)		1.53	(e)		32

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Retirement Class commenced operations on March 31, 2006.
(c)	The Retail Class commenced operations on March 31, 2006.
(d)	The percentages shown for this period are not annualized.
(e)	The percentages shown for this period are annualized.
(f)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(g)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

156     2007 Annual Report ¡ TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

S&P 500 INDEX FUND

		Selected Per Share Data
				Investment Operations						Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/07	$	15.36	$	0.31	$	2.17	$	2.48	$	(0.27	)	$	(0.03	)	$	(0.30	)	$	17.54
	9/30/06		14.08		0.27		1.22		1.49		(0.18	)		(0.03	)		(0.21	)		15.36
	9/30/05		12.92		0.26		1.31		1.57		(0.21	)		(0.20	)		(0.41	)		14.08
	9/30/04		11.52		0.21		1.36		1.57		(0.17	)		—			(0.17	)		12.92
	9/30/03		9.32		0.18		2.07		2.25		(0.05	)		—			(0.05	)		11.52
Retirement Class	9/30/07		15.29		0.27		2.16		2.43		(0.24	)		(0.03	)		(0.27	)		17.45
	9/30/06		14.08		0.23		1.22		1.45		(0.21	)		(0.03	)		(0.24	)		15.29
	9/30/05		12.95		0.22		1.29		1.51		(0.18	)		(0.20	)		(0.38	)		14.08
	9/30/04		11.48		0.17		1.36		1.53		(0.06	)		—			(0.06	)		12.95
	9/30/03		9.32		0.14		2.07		2.21		(0.05	)		—			(0.05	)		11.48

					Ratios and Supplemental Data
	For the Years Ended	Total Return			Net Assets, End of Year (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
							Total(b)			Net(c)
Institutional Class	9/30/07		16.35	%	$	942,556		0.07	%		0.07	%		1.88	%		18	%
	9/30/06		10.70			783,876		0.07			0.07			1.86			25
	9/30/05		12.20			526,899		0.08			0.08			1.92			38
	9/30/04		13.63			167,621		0.11			0.08			1.68			21
	9/30/03		24.23			77,569		0.17			0.08			1.68			20
Retirement Class	9/30/07		16.05			231,854		0.32			0.32			1.63			18
	9/30/06		10.39			149,408		0.37			0.37			1.56			25
	9/30/05		11.69			98,508		0.44			0.44			1.65			38
	9/30/04		13.29			54,914		0.48			0.44			1.31			21
	9/30/03		23.77			12,860		0.51			0.43			1.27			20

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds ¡ 2007 Annual Report     157

FINANCIAL HIGHLIGHTS

MID-CAP GROWTH INDEX FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class		9/30/07	$	14.30	$	0.13		$	2.73	$	2.86	$	(0.10	)	$	(0.80	)	$	(0.90	)	$	16.26
		9/30/06		14.36		0.12			0.85		0.97		(0.08	)		(0.95	)		(1.03	)		14.30
		9/30/05		12.85		0.07			2.81		2.88		(0.06	)		(1.31	)		(1.37	)		14.36
		9/30/04		12.94		0.06			1.67		1.73		(0.06	)		(1.76	)		(1.82	)		12.85
		9/30/03		9.35		0.04			3.57		3.61		(0.02	)		0.00	(b)		(0.02	)		12.94
Retirement Class		9/30/07		14.25		0.10			2.71		2.81		(0.10	)		(0.80	)		(0.90	)		16.16
		9/30/06		14.29		0.08			0.85		0.93		(0.02	)		(0.95	)		(0.97	)		14.25
		9/30/05		12.83		0.03			2.79		2.82		(0.05	)		(1.31	)		(1.36	)		14.29
		9/30/04		12.91		0.01			1.68		1.69		(0.01	)		(1.76	)		(1.77	)		12.83
		9/30/03		9.35		0.01			3.55		3.56		(0.00	)(b)		(0.00	)(b)		(0.00	)(b)		12.91

						Ratios and Supplemental Data
	For the Years		Total			Net Assets, End of Year		Ratio of Expenses to Average Net Assets					Ratio of Net Investment Income to Average			Portfolio Turnover
	Ended		Return			(000’s)			Total	(c)	Net	(d)		Net Assets			Rate
Institutional Class		9/30/07		20.88	%	$	48,316		0.48	%	0.08	%		0.86	%		70	%
		9/30/06		6.88			36,255		0.41		0.08			0.84			72
		9/30/05		23.36			29,431		0.09		0.09			0.55			42
		9/30/04		13.50			23,893		0.11		0.08			0.46			32
		9/30/03		38.64			21,450		0.15		0.08			0.38			35
Retirement Class		9/30/07		20.55			24,565		0.75		0.33			0.63			70
		9/30/06		6.60			10,121		0.94		0.35			0.54			72
		9/30/05		22.86			445		0.45		0.45			0.19			42
		9/30/04		13.15			344		0.73		0.44			0.10			32
		9/30/03		38.14			303		0.48		0.41			0.06			35

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Amount represents less than $0.01 per share.
(c)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(d)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

158 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

MID-CAP VALUE INDEX FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss on) Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class		9/30/07	$	16.20	$	0.37		$	1.79	$	2.16	$	(0.20	)	$	(0.76	)	$	(0.96	)	$	17.40
		9/30/06		16.55		0.33			1.47		1.80		(0.31	)		(1.84	)		(2.15	)		16.20
		9/30/05		14.23		0.33			3.24		3.57		(0.30	)		(0.95	)		(1.25	)		16.55
		9/30/04		11.83		0.29			2.66		2.95		(0.26	)		(0.29	)		(0.55	)		14.23
		9/30/03		9.30		0.25			2.36		2.61		(0.08	)		—			(0.08	)		11.83
Retirement Class		9/30/07		16.40		0.33			1.82		2.15		(0.19	)		(0.76	)		(0.95	)		17.60
		9/30/06		16.52		0.28			1.49		1.77		(0.05	)		(1.84	)		(1.89	)		16.40
		9/30/05		14.20		0.28			3.25		3.53		(0.26	)		(0.95	)		(1.21	)		16.52
		9/30/04		11.80		0.24			2.65		2.89		(0.20	)		(0.29	)		(0.49	)		14.20
		9/30/03		9.30		0.21			2.36		2.57		(0.07	)		—			(0.07	)		11.80

						Ratios and Supplemental Data
	For the Years		Total			Net Assets, End of Year		Ratio of Expenses to Average Net Assets					Ratio of Net Investment Income to Average			Portfolio Turnover
	Ended		Return			(000’s)			Total	(b)	Net	(c)	Net Assets			Rate
Institutional Class		9/30/07		13.68	%	$	126,598		0.22	%	0.08	%		2.13	%		58	%
		9/30/06		12.10			59,187		0.29		0.08			2.11			76
		9/30/05		26.14			47,420		0.08		0.08			2.17			43
		9/30/04		25.36			37,010		0.09		0.08			2.16			23
		9/30/03		28.21			29,797		0.16		0.08			2.38			24
Retirement Class		9/30/07		13.41			59,559		0.46		0.33			1.87			58
		9/30/06		11.77			20,433		0.71		0.35			1.79			76
		9/30/05		25.80			289		0.44		0.44			1.81			43
		9/30/04		24.92			200		1.00		0.44			1.81			23
		9/30/03		27.78			308		0.48		0.40			2.04			24

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 159

FINANCIAL HIGHLIGHTS

MID-CAP BLEND INDEX FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class		9/30/07	$	17.22	$	0.28		$	2.68	$	2.96	$	(0.21	)	$	(0.74	)	$	(0.95	)	$	19.23
		9/30/06		16.85		0.25			1.26		1.51		(0.22	)		(0.92	)		(1.14	)		17.22
		9/30/05		14.34		0.23			3.26		3.49		(0.21	)		(0.77	)		(0.98	)		16.85
		9/30/04		12.36		0.20			2.29		2.49		(0.17	)		(0.34	)		(0.51	)		14.34
		9/30/03		9.39		0.16			2.86		3.02		(0.05	)		—			(0.05	)		12.36
Retirement Class		9/30/07		17.35		0.23			2.71		2.94		(0.19	)		(0.74	)		(0.93	)		19.36
		9/30/06		16.90		0.20			1.27		1.47		(0.10	)		(0.92	)		(1.02	)		17.35
		9/30/05		14.35		0.18			3.27		3.45		(0.13	)		(0.77	)		(0.90	)		16.90
		9/30/04		12.33		0.16			2.28		2.44		(0.08	)		(0.34	)		(0.42	)		14.35
		9/30/03		9.38		0.13			2.86		2.99		(0.04	)		—			(0.04	)		12.33

						Ratios and Supplemental Data
	For the Years		Total			Net Assets, End of Year		Ratio of Expenses to Average Net Assets					Ratio of Net Investment Income to Average			Portfolio Turnover
	Ended		Return			(000’s)			Total	(b)	Net	(c)	Net Assets			Rate
Institutional Class		9/30/07		17.70	%	$	111,763		0.23	%	0.08	%		1.49	%		53	%
		9/30/06		9.34			79,185		0.27		0.08			1.48			69
		9/30/05		25.01			64,696		0.08		0.08			1.48			40
		9/30/04		20.39			49,707		0.10		0.08			1.47			19
		9/30/03		32.31			39,469		0.20		0.08			1.52			35
Retirement Class		9/30/07		17.44			84,301		0.48		0.33			1.22			53
		9/30/06		9.03			29,584		0.59		0.36			1.17			69
		9/30/05		24.62			6,338		0.44		0.44			1.15			40
		9/30/04		19.94			563		0.66		0.44			1.13			19
		9/30/03		32.02			254		0.53		0.41			1.19			35

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

160 2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

SMALL-CAP GROWTH INDEX FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss on) Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class		9/30/07	$	14.42	$	0.12		$	2.47	$	2.59	$	(0.06	)	$	(1.25	)	$	(1.31	)	$	15.70
		9/30/06		14.56		0.06			0.74		0.80		(0.06	)		(0.88	)		(0.94	)		14.42
		9/30/05		13.91		0.07			2.36		2.43		(0.04	)		(1.74	)		(1.78	)		14.56
		9/30/04		13.16		0.06			1.51		1.57		(0.08	)		(0.74	)		(0.82	)		13.91
		9/30/03		9.32		0.07			3.80		3.87		(0.03	)		—			(0.03	)		13.16
Retirement Class		9/30/07		15.34		0.09			2.62		2.71		(0.04	)		(1.25	)		(1.29	)		16.76
		9/30/06		15.31		0.02			0.91		0.93		(0.02	)		(0.88	)		(0.90	)		15.34
		9/30/05		14.54		0.03			2.52		2.55		(0.04	)		(1.74	)		(1.78	)		15.31
		9/30/04		13.13		0.01			2.17		2.18		(0.03	)		(0.74	)		(0.77	)		14.54
		9/30/03		9.32		0.04			3.79		3.83		(0.02	)		—			(0.02	)		13.13

						Ratios and Supplemental Data
	For the Years		Total			Net Assets, End of Year		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average			Portfolio Turnover
	Ended		Return			(000’s)		Total		(b)	Net		(c)	Net Assets			Rate
Institutional Class		9/30/07		18.92	%	$	99,933		0.30	%		0.08	%		0.79	%		64	%
		9/30/06		5.66			80,122		0.22			0.08			0.43			102
		9/30/05		17.73			76,610		0.10			0.08			0.49			70
		9/30/04		11.84			65,446		0.10			0.08			0.41			45
		9/30/03		41.59			60,470		0.16			0.08			0.66			52
Retirement Class		9/30/07		18.60			34,733		0.57			0.33			0.58			64
		9/30/06		6.13			17,974		0.62			0.35			0.15			102
		9/30/05		17.67			1,652		0.45			0.45			0.18			70
		9/30/04		16.86			279		0.67			0.44			0.04			45
		9/30/03		41.11			177		0.48			0.40			0.32			52

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 161

FINANCIAL HIGHLIGHTS

SMALL-CAP VALUE INDEX FUND

		Selected Per Share Data
				Investment Operations							Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/07	$	14.45	$	0.30		$	0.61	$	0.91	$	(0.22	)	$	(1.27	)	$	(1.49	)	$	13.87
	9/30/06		14.36		0.25			1.54		1.79		(0.21	)		(1.49	)		(1.70	)		14.45
	9/30/05		14.03		0.25			2.15		2.40		(0.23	)		(1.84	)		(2.07	)		14.36
	9/30/04		12.14		0.23			2.81		3.04		(0.23	)		(0.92	)		(1.15	)		14.03
	9/30/03		9.30		0.20			2.71		2.91		(0.07	)		—			(0.07	)		12.14
Retirement Class	9/30/07		14.64		0.27			0.63		0.90		(0.21	)		(1.27	)		(1.48	)		14.06
	9/30/06		14.45		0.22			1.57		1.79		(0.11	)		(1.49	)		(1.60	)		14.64
	9/30/05		14.00		0.20			2.17		2.37		(0.08	)		(1.84	)		(1.92	)		14.45
	9/30/04		12.11		0.18			2.80		2.98		(0.17	)		(0.92	)		(1.09	)		14.00
	9/30/03		9.30		0.17			2.70		2.87		(0.06	)		—			(0.06	)		12.11

					Ratios and Supplemental Data
							Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets
					Net Assets, End of Year (000’s)
	For the Years Ended															Portfolio Turnover Rate
		Total Return
							Total		(b)	Net		(c)
Institutional Class	9/30/07		6.14	%	$	97,502		0.26	%		0.08	%		2.04	%		53	%
	9/30/06		13.79			79,190		0.22			0.08			1.76			74
	9/30/05		17.62			71,779		0.08			0.08			1.80			60
	9/30/04		25.63			63,358		0.10			0.08			1.71			42
	9/30/03		31.49			51,945		0.18			0.08			1.96			56
Retirement Class	9/30/07		5.97			55,253		0.52			0.33			1.82			53
	9/30/06		13.58			26,014		0.64			0.35			1.58			74
	9/30/05		17.39			1,933		0.44			0.44			1.42			60
	9/30/04		25.18			237		0.91			0.44			1.32			42
	9/30/03		31.04			135		0.50			0.40			1.63			56

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

162     2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

SMALL-CAP BLEND INDEX FUND

		Selected Per Share Data
		Investment Operations									Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/07	$	15.54	$	0.23		$	1.63	$	1.86	$	(0.20	)	$	(1.26	)	$	(1.46	)	$	15.94
	9/30/06		15.68		0.17			1.26		1.43		(0.14	)		(1.43	)		(1.57	)		15.54
	9/30/05		14.33		0.18			2.32		2.50		(0.14	)		(1.01	)		(1.15	)		15.68
	9/30/04		12.62		0.15			2.19		2.34		(0.14	)		(0.49	)		(0.63	)		14.33
	9/30/03		9.31		0.14			3.22		3.36		(0.05	)		—			(0.05	)		12.62
Retirement Class	9/30/07		15.58		0.20			1.64		1.84		(0.18	)		(1.26	)		(1.44	)		15.98
	9/30/06		15.65		0.13			1.27		1.40		(0.04	)		(1.43	)		(1.47	)		15.58
	9/30/05		14.32		0.13			2.33		2.46		(0.12	)		(1.01	)		(1.13	)		15.65
	9/30/04		12.59		0.10			2.19		2.29		(0.07	)		(0.49	)		(0.56	)		14.32
	9/30/03		9.31		0.11			3.21		3.32		(0.04	)		—			(0.04	)		12.59

					Ratios and Supplemental Data
							Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets
					Net Assets End of Year (000’s)
	For the Years Ended															Portfolio Turnover Rate
		Total Return
							Total		(b)	Net		(c)
Institutional Class	9/30/07		12.32	%	$	179,670		0.22	%		0.08	%		1.41	%		69	%
	9/30/06		9.80			181,852		0.15			0.08			1.10			71
	9/30/05		17.74			156,344		0.08			0.08			1.22			63
	9/30/04		18.66			129,263		0.10			0.08			1.08			24
	9/30/03		36.21			103,402		0.19			0.08			1.31			52
Retirement Class	9/30/07		12.15			54,334		0.48			0.33			1.23			69
	9/30/06		9.51			28,500		0.58			0.34			0.88			71
	9/30/05		17.43			409		0.44			0.44			0.86			63
	9/30/04		18.26			330		0.77			0.44			0.71			24
	9/30/03		35.76			157		0.52			0.40			0.98			52

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds  §  2007 Annual Report 163

FINANCIAL HIGHLIGHTS

INTERNATIONAL EQUITY INDEX FUND

		Selected Per Share Data
				Investment Operations							Distributions
	For the Years Ended	Net Asset Value, Beginning of Year		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Institutional Class	9/30/07	$	19.33	$	0.55		$	4.20	$	4.75	$	(0.42	)	$	(0.15	)	$	(0.57	)	$	23.51
	9/30/06		16.64		0.47			2.64		3.11		(0.27	)		(0.15	)		(0.42	)		19.33
	9/30/05		13.70		0.41			3.05		3.46		(0.33	)		(0.19	)		(0.52	)		16.64
	9/30/04		11.54		0.31			2.21		2.52		(0.31	)		(0.05	)		(0.36	)		13.70
	9/30/03		9.21		0.25			2.12		2.37		(0.04	)		—			(0.04	)		11.54
Retirement Class	9/30/07		19.64		0.56			4.22		4.78		(0.40	)		(0.15	)		(0.55	)		23.87
	9/30/06		16.76		0.48			2.63		3.11		(0.08	)		(0.15	)		(0.23	)		19.64
	9/30/05		13.67		0.27			3.12		3.39		(0.11	)		(0.19	)		(0.30	)		16.76
	9/30/04		11.51		0.27			2.20		2.47		(0.26	)		(0.05	)		(0.31	)		13.67
	9/30/03		9.21		0.20			2.14		2.34		(0.04	)		—			(0.04	)		11.51

					Ratios and Supplemental Data
							Ratio of Expenses						Ratio of Net Investment Income to Average Net Assets
					Net Assets, End of Year (000’s)		to Average
	For the Years Ended						Net Assets									Portfolio Turnover Rate
		Total Return
							Total		(b)	Net		(c)
Institutional Class	9/30/07		25.01	%	$	496,975		0.16	%		0.15	%		2.54	%		46	%
	9/30/06		19.02			359,561		0.17			0.15			2.58			43
	9/30/05		25.63			237,853		0.16			0.16			2.67			32
	9/30/04		22.06			75,568		0.15			0.15			2.34			7
	9/30/03		25.87			64,563		0.33			0.15			2.51			9
Retirement Class	9/30/07		24.75			297,164		0.42			0.34			2.51			46
	9/30/06		18.72			82,537		0.47			0.41			2.56			43
	9/30/05		25.04			1,247		0.50			0.50			1.78			32
	9/30/04		21.68			789		0.50			0.50			2.02			7
	9/30/03		25.44			116		0.65			0.47			1.94			9

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

164 2007 Annual Report  § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

SOCIAL CHOICE EQUITY FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Periods Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/07		$	10.97	$	0.20		$	1.38	$	1.58	$	(0.18	)	$	(0.12	)	$	(0.30	)	$	12.25
	9/30/06			10.13		0.18			0.80		0.98		(0.14	)		(0.00	)(d)		(0.14	)		10.97
	9/30/05			8.96		0.18			1.16		1.34		(0.13	)		(0.04	)		(0.17	)		10.13
	9/30/04			7.96		0.14			0.99		1.13		(0.13	)		—			(0.13	)		8.96
	9/30/03			6.41		0.12			1.52		1.64		(0.09	)		—			(0.09	)		7.96
Retirement Class	9/30/07			11.08		0.17			1.40		1.57		(0.16	)		(0.12	)		(0.28	)		12.37
	9/30/06			10.23		0.15			0.81		0.96		(0.11	)		—			(0.11	)		11.08
	9/30/05			9.08		0.14			1.17		1.31		(0.12	)		(0.04	)		(0.16	)		10.23
	9/30/04			8.01		0.10			1.00		1.10		(0.03	)		—			(0.03	)		9.08
	9/30/03	(b)		6.41		0.09			1.54		1.63		(0.03	)		—			(0.03	)		8.01
Retail Class	9/30/07			10.18		0.18			1.29		1.47		(0.18	)		(0.12	)		(0.30	)		11.35
	9/30/06	(c)		10.00		0.10			0.08		0.18		—			—			—			10.18

						Ratios and Supplemental Data
								Ratio of Expenses to Average Net Assets					Ratio of Net Investment Income to Average Net Assets
						Net Assets, End of Period (000’s)
	For the Periods Ended		Total Return													Portfolio Turnover Rate
									Total	(g)	Net	(h)
Institutional Class	9/30/07			14.65	%	$	186,561		0.23	%	0.20	%		1.66	%		30	%
	9/30/06			9.77			129,712		0.19		0.17			1.69			18
	9/30/05			15.03			114,491		0.10		0.10			1.87			17
	9/30/04			14.23			82,778		0.10		0.08			1.54			7
	9/30/03			25.89			50,790		0.13		0.08			1.65			28
Retirement Class	9/30/07			14.36			145,444		0.48		0.45			1.43			30
	9/30/06			9.45			79,640		0.50		0.45			1.41			18
	9/30/05			14.41			50,855		0.44		0.44			1.46			17
	9/30/04			13.78			28,870		0.52		0.44			1.15			7
	9/30/03	(b)		25.42			8,936		0.48		0.43			1.16			28
Retail Class	9/30/07			14.67			173,911		0.51		0.21			1.63			30
	9/30/06	(c)		1.80	(e)		21,019		0.99	(f)	0.40	(f)		1.95	(f)		18

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Retirement Class commenced operations on October 1, 2002.
(c)	The Retail Class commenced operations on March 31, 2006.
(d)	Amount represents less than $0.01 per share.
(e)	The percentages shown for this period are not annualized.
(f)	The percentages shown for this period are annualized.
(g)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(h)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds  §   2007 Annual Report 165

FINANCIAL HIGHLIGHTS

REAL ESTATE SECURITIES FUND

	Selected Per Share Data
				Investment Operations							Distributions
	For the Periods Ended	Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/07	$	15.34	$	0.22		$	0.47	$	0.69	$	(0.48	)	$	(0.90	)	$	(1.38	)	$	14.65
	9/30/06		14.46		0.34			2.69		3.03		(0.57	)		(1.58	)		(2.15	)		15.34
	9/30/05		13.50		0.52			2.47		2.99		(0.57	)		(1.46	)		(2.03	)		14.46
	9/30/04		12.32		0.53			2.48		3.01		(0.49	)		(1.34	)		(1.83	)		13.50
	9/30/03		9.72		0.59			2.37		2.96		(0.35	)		(0.01	)		(0.36	)		12.32
Retirement Class	9/30/07		15.66		0.19			0.49		0.68		(0.44	)		(0.90	)		(1.34	)		15.00
	9/30/06		14.66		0.31			2.76		3.07		(0.49	)		(1.58	)		(2.07	)		15.66
	9/30/05		13.62		0.48			2.53		3.01		(0.51	)		(1.46	)		(1.97	)		14.66
	9/30/04		12.40		0.50			2.49		2.99		(0.43	)		(1.34	)		(1.77	)		13.62
	9/30/03		9.72		0.57			2.39		2.96		(0.27	)		(0.01	)		(0.28	)		12.40
Retail Class	9/30/07		15.27		0.21			0.47		0.68		(0.46	)		(0.90	)		(1.36	)		14.59
	9/30/06		14.35		0.31			2.70		3.01		(0.51	)		(1.58	)		(2.09	)		15.27
	9/30/05		13.37		0.47			2.48		2.95		(0.51	)		(1.46	)		(1.97	)		14.35
	9/30/04		12.22		0.49			2.45		2.94		(0.45	)		(1.34	)		(1.79	)		13.37
	9/30/03		9.72		0.52			2.39		2.91		(0.40	)		(0.01	)		(0.41	)		12.22

				Ratios and Supplemental Data
	For the Periods Ended	Total Return		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
						Total	(b)	Net	(c)
Institutional Class	9/30/07	4.26	%	$	252,164	0.58	%	0.55	%	1.39	%	116	%
	9/30/06	23.49			218,442	0.42		0.42		2.40		174
	9/30/05	22.87			240,806	0.17		0.17		3.66		244
	9/30/04	26.30			156,193	0.16		0.15		4.12		349
	9/30/03	30.94			99,389	0.18		0.15		5.27		317
Retirement Class	9/30/07	4.11			191,671	0.84		0.80		1.18		116
	9/30/06	23.45			197,157	0.71		0.70		2.14		174
	9/30/05	22.86			150,382	0.48		0.48		3.36		244
	9/30/04	25.81			69,980	0.50		0.47		3.88		349
	9/30/03	30.92			14,207	0.51		0.48		4.81		317
Retail Class	9/30/07	4.26			174,936	0.83		0.65		1.32		116
	9/30/06	23.50			189,084	0.62		0.62		2.21		174
	9/30/05	22.89			160,218	0.46		0.46		3.37		244
	9/30/04	25.84			107,695	0.50		0.45		3.87		349
	9/30/03	30.66			52,603	0.47		0.45		4.80		317

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(c)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

166     2007 Annual Report ¡ TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

MANAGED ALLOCATION FUND II

	Selected Per Share Data
						Investment Operations							Distributions
	For the Periods Ended		(b)	Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains		Total Distributions			Net Asset Value, End of Period
Institutional Class		9/30/07		$	10.11	$	0.33		$	1.12	$	1.45	$	(0.53	)	$	—	$	(0.53	)	$	11.03
		9/30/06			10.00		0.11			0.11		0.22		(0.11	)		—		(0.11	)		10.11
Retirement Class		9/30/07			10.13		0.35			1.06		1.41		(0.51	)		—		(0.51	)		11.03
		9/30/06			10.00		0.11			0.11		0.22		(0.09	)		—		(0.09	)		10.13
Retail Class		9/30/07			10.16		0.22			1.21		1.43		(0.54	)		—		(0.54	)		11.05
		9/30/06			10.00		0.13			0.10		0.23		(0.07	)		—		(0.07	)		10.16

							Ratios and Supplemental Data
	For the Periods Ended		(b)	Total Return			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
									Total		(e)(g)	Net		(f)(g)
Institutional Class		9/30/07			14.68	%	$	4,718		0.12	%		0.00	%		3.12	%		13	%
		9/30/06			2.25	(c)		2,046		1.50	(d)		0.00	(d)		2.26	(d)		8
Retirement Class		9/30/07			14.27			16,570		0.37			0.25			3.26			13
		9/30/06			2.17	(c)		8,358		1.59	(d)		0.25	(d)		2.14	(d)		8
Retail Class		9/30/07			14.47			620,616		0.45			0.00			1.99			13
		9/30/06			2.36	(c)		7,505		1.38	(d)		0.00	(d)		2.56	(d)		8

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Fund commenced operations on March 31, 2006.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(f)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.
(g)	The Fund’s expenses do not include the expenses of the underlying Funds.

See notes to financial statements TIAA-CREF Institutional Mutual Funds ¡ 2007 Annual Report     167

FINANCIAL HIGHLIGHTS

BOND FUND

			Selected Per Share Data
					Investment Operations								Distributions
	For the Periods Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments			Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Return of Capital			Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/07		$	9.97	$	0.49		$	(0.03	)	$	0.46	$	(0.49	)	$	—		$	—		$	(0.49	)	$	9.94
	9/30/06			10.10		0.47			(0.13	)		0.34		(0.47	)		—			—			(0.47	)		9.97
	9/30/05			10.29		0.42			(0.14	)		0.28		(0.42	)		(0.04	)		(0.01	)		(0.47	)		10.10
	9/30/04			10.81		0.41			(0.06	)		0.35		(0.42	)		(0.45	)		—			(0.87	)		10.29
	9/30/03			10.72		0.44			0.17			0.61		(0.44	)		(0.08	)		—			(0.52	)		10.81
Retirement Class	9/30/07			10.13		0.47			(0.03	)		0.44		(0.47	)		—			—			(0.47	)		10.10
	9/30/06	(b)		10.00		0.24			0.11			0.35		(0.22	)		—			—			(0.22	)		10.13
Retail Class	9/30/07			10.11		0.49			(0.03	)		0.46		(0.48	)		—			—			(0.48	)		10.09
	9/30/06	(c)		10.00		0.23			0.11			0.34		(0.23	)		—			—			(0.23	)		10.11

							Ratios and Supplemental Data
	For the Periods Ended			Total Return			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets						Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
									Total		(f)	Net		(g)
Institutional Class		9/30/07			4.74	%	$	1,615,363		0.32	%		0.32	%		4.91	%		189	%
		9/30/06			3.46			1,709,874		0.25			0.25			4.71			183
		9/30/05			2.86			1,455,931		0.14			0.14			4.10			274
		9/30/04			3.46			931,386		0.14			0.14			3.94			90
		9/30/03			5.84			1,429,288		0.14			0.14			4.08			169
Retirement Class		9/30/07			4.43			8,302		0.59			0.59			4.69			189
		9/30/06	(b)		3.52	(d)		1,270		7.70	(e)		0.55	(e)		4.69	(e)		183
Retail Class		9/30/07			4.68			7,078		0.60			0.42			4.87			189
		9/30/06	(c)		3.42	(d)		1,006		7.52	(e)		0.60	(e)		4.63	(e)		183

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Retirement Class commenced operations on March 31, 2006.
(c)	The Retail Class commenced operations on March 31, 2006.
(d)	The percentages shown for this period are not annualized.
(e)	The percentages shown for this period are annualized.
(f)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(g)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

168     2007 Annual Report ¡TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS continued

BOND PLUS FUND II

			Selected Per Share Data
					Investment Operations								Distributions
	For the Periods Ended	(b)	Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments			Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/07		$	10.10	$	0.51		$	(0.10	)	$	0.41	$	(0.51	)	$	(0.00	)(e)	$	(0.51	)	$	10.00
	9/30/06			10.00		0.26			0.10			0.36		(0.26	)		—			(0.26	)		10.10
Retirement Class	9/30/07			10.12		0.49			(0.09	)		0.40		(0.50	)		(0.00	)(e)		(0.50	)		10.02
	9/30/06			10.00		0.25			0.10			0.35		(0.23	)		—			(0.23	)		10.12
Retail Class	9/30/07			10.12		0.50			(0.10	)		0.40		(0.50	)		(0.00	)(e)		(0.50	)		10.02
	9/30/06			10.00		0.25			0.10			0.35		(0.23	)		—			(0.23	)		10.12

						Ratios and Supplemental Data
	For the Periods Ended(b)		Total Return			Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets					Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
									Total	(f)	Net	(g)
Institutional Class		9/30/07		4.16	%	$	282,159		0.42	%	0.35	%		5.12	%		137	%
		9/30/06		3.62	(c)		57,393		0.62	(d)	0.35	(d)		5.15	(d)		92
Retirement Class		9/30/07		4.01			8,830		0.72		0.55			4.92			137
		9/30/06		3.54	(c)		2,474		4.86	(d)	0.55	(d)		5.03	(d)		92
Retail Class		9/30/07		4.09			264,897		0.77		0.41			5.07			137
		9/30/06		3.55	(c)		2,581		3.73	(d)	0.50	(d)		5.06	(d)		92

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Fund commenced operations on March 31, 2006.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	Amount represents less than $0.01 per share.
(f)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(g)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds ¡ 2007 Annual Report     169

FINANCIAL HIGHLIGHTS

SHORT-TERM BOND FUND II

			Selected Per Share Data
					Investment Operations								Distributions
	For the Periods Ended	(b)	Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments			Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/07		$	10.04	$	0.48		$	0.00	(e)	$	0.48	$	(0.48	)	$	(0.00	)(e)	$	(0.48	)	$	10.04
	9/30/06			10.00		0.24			0.04			0.28		(0.24	)		—			(0.24	)		10.04
Retirement Class	9/30/07			10.06		0.46			0.00	(e)		0.46		(0.47	)		(0.00	)(e)		(0.47	)		10.05
	9/30/06			10.00		0.24			0.03			0.27		(0.21	)		—			(0.21	)		10.06
Retail Class	9/30/07			10.05		0.47			0.01			0.48		(0.48	)		(0.00	)(e)		(0.48	)		10.05
	9/30/06			10.00		0.24			0.03			0.27		(0.22	)		—			(0.22	)		10.05

				Ratios and Supplemental Data
	For the Periods Ended(b)	Total Return		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
						Total(f)		Net(g)
Institutional Class	9/30/07	4.87	%	$	163,035	0.40	%	0.30	%	4.76	%	82	%
	9/30/06	2.83	(c)		56,867	0.55	(d)	0.30	(d)	4.87	(d)	83
Retirement Class	9/30/07	4.63			12,785	0.67		0.50		4.58		82
	9/30/06	2.75	(c)		2,473	4.50	(d)	0.50	(d)	4.76	(d)	83
Retail Class	9/30/07	4.86			101,059	0.76		0.34		4.69		82
	9/30/06	2.75	(c)		3,331	2.88	(d)	0.45	(d)	4.82	(d)	83

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Fund commenced operations on March 31, 2006.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	Amount represents less than $0.01 per share.
(f)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(g)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

170     2007 Annual Report §TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
HIGH-YIELD FUND II

			Selected Per Share Data
					Investment Operations								Distributions
	For the Periods Ended	(b)	Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments			Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains		Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/07		$	9.92	$	0.72		$	0.02		$	0.74	$	(0.72	)	$	—	$	(0.72	)	$	9.94
	9/30/06			10.00		0.35			(0.08	)		0.27		(0.35	)		—		(0.35	)		9.92
Retirement Class	9/30/07			9.92		0.71			0.03			0.74		(0.71	)		—		(0.71	)		9.95
	9/30/06			10.00		0.36			(0.12	)		0.24		(0.32	)		—		(0.32	)		9.92
Retail Class	9/30/07			9.94		0.72			0.03			0.75		(0.71	)		—		(0.71	)		9.98
	9/30/06			10.00		0.35			(0.09	)		0.26		(0.32	)		—		(0.32	)		9.94

				Ratios and Supplemental Data
	For the Periods Ended(b)	Total Return		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
						Total(e)		Net(f)
Institutional Class	9/30/07	7.66	%	$	228,834	0.49	%	0.40	%	7.30	%	43	%
	9/30/06	2.82	(c)		53,478	0.67	(d)	0.40	(d)	7.16	(d)	26
Retirement Class	9/30/07	7.61			15,869	0.73		0.60		7.10		43
	9/30/06	2.51	(c)		6,620	5.28	(d)	0.60	(d)	7.19	(d)	26
Retail Class	9/30/07	7.76			143,329	0.76		0.47		7.25		43
	9/30/06	2.72	(c)		2,819	3.56	(d)	0.55	(d)	7.13	(d)	26

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Fund commenced operations on March 31, 2006.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(f)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report     171

FINANCIAL HIGHLIGHTS

TAX-EXEMPT BOND FUND II

			Selected Per Share Data
					Investment Operations								Distributions
	For the Periods Ended	(b)	Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments			Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains		Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/07		$	10.19	$	0.38		$	(0.06	)	$	0.32	$	(0.38	)	$	—	$	(0.38	)	$	10.13
	9/30/06			10.00		0.19			0.19			0.38		(0.19	)		—		(0.19	)		10.19
Retail Class	9/30/07			10.20		0.38			(0.06	)		0.32		(0.38	)		—		(0.38	)		10.14
	9/30/06			10.00		0.19			0.18			0.37		(0.17	)		—		(0.17	)		10.20

					Ratios and Supplemental Data
	For the Periods Ended		Total Return		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
		(b)					Total(e)		Net(f)
Institutional Class	9/30/07		3.21	%	$	75,790	0.46	%	0.35	%	3.76	%	48	%
	9/30/06		3.85	(c)		51,414	0.63	(d)	0.35	(d)	3.79	(d)	73
Retail Class	9/30/07		3.16			179,606	0.72		0.39		3.76		48
	9/30/06		3.77	(c)		4,302	2.93	(d)	0.50	(d)	3.77	(d)	73

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Fund commenced operations on March 31, 2006.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(f)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

172     2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
INFLATION-LINKED BOND FUND

			Selected Per Share Data
					Investment Operations								Distributions
	For the Periods Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments			Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/07		$	10.08	$	0.41		$	0.03		$	0.44	$	(0.40	)	$	—		$	(0.40	)	$	10.12
	9/30/06			10.69		0.56			(0.39	)		0.17		(0.57	)		(0.21	)		(0.78	)		10.08
	9/30/05			10.75		0.43			0.12			0.55		(0.46	)		(0.15	)		(0.61	)		10.69
	9/30/04			10.51		0.45			0.30			0.75		(0.42	)		(0.09	)		(0.51	)		10.75
	9/30/03			10.12		0.37			0.31			0.68		(0.29	)		—			(0.29	)		10.51
Retirement Class	9/30/07			10.19		0.45			(0.02	)		0.43		(0.39	)		—			(0.39	)		10.23
	9/30/06	(b)		10.00		0.31			0.09			0.40		(0.21	)		—			(0.21	)		10.19
Retail Class	9/30/07			9.93		0.38			0.04			0.42		(0.39	)		—			(0.39	)		9.96
	9/30/06			10.54		0.54			(0.39	)		0.15		(0.55	)		(0.21	)		(0.76	)		9.93
	9/30/05			10.63		0.43			0.11			0.54		(0.48	)		(0.15	)		(0.63	)		10.54
	9/30/04			10.39		0.49			0.24			0.73		(0.40	)		(0.09	)		(0.49	)		10.63
	9/30/03			10.12		0.40			0.26			0.66		(0.39	)		—			(0.39	)		10.39

					Ratios and Supplemental Data
	For the Periods Ended		Total Return		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
							Total(e)		Net(f)
Institutional Class	9/30/07		4.51	%	$	438,862	0.36	%	0.35	%	4.07	%	26	%
	9/30/06		1.70			363,157	0.28		0.28		5.46		83
	9/30/05		5.19			325,636	0.14		0.14		3.97		239
	9/30/04		7.36			382,305	0.15		0.14		4.27		151
	9/30/03		6.82			223,138	0.15		0.14		3.56		210
Retirement Class	9/30/07		4.29			17,840	0.61		0.55		4.47		26
	9/30/06	(b)	4.04	(c)		5,661	2.44	(d)	0.55	(d)	6.08	(d)	83
Retail Class	9/30/07		4.35			56,824	0.63		0.48		3.85		26
	9/30/06		1.53			59,388	0.47		0.43		5.32		83
	9/30/05		5.14			70,277	0.30		0.30		4.04		239
	9/30/04		7.20			95,536	0.33		0.30		4.67		151
	9/30/03		6.64			20,193	0.31		0.30		3.93		210

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Retirement Class commenced operations on March 31, 2006.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(f)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2007 Annual Report     173

FINANCIAL HIGHLIGHTS	concluded
MONEY MARKET FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Periods Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains		Total Distributions			Net Asset Value, End of Period
Institutional Class	9/30/07		$	1.00	$	0.05		$	—	$	0.05	$	(0.05	)	$	—	$	(0.05	)	$	1.00
	9/30/06			1.00		0.05			—		0.05		(0.05	)		—		(0.05	)		1.00
	9/30/05			1.00		0.03			—		0.03		(0.03	)		—		(0.03	)		1.00
	9/30/04			1.00		0.01			—		0.01		(0.01	)		—		(0.01	)		1.00
	9/30/03			1.00		0.01			—		0.01		(0.01	)		—		(0.01	)		1.00
Retirement Class	9/30/07			1.00		0.05			—		0.05		(0.05	)		—		(0.05	)		1.00
	9/30/06	(b)		1.00		0.03			—		0.03		(0.03	)		—		(0.03	)		1.00
Retail Class	9/30/07			1.00		0.05			—		0.05		(0.05	)		—		(0.05	)		1.00
	9/30/06	(c)		1.00		0.03			—		0.03		(0.03	)		—		(0.03	)		1.00

					Ratios and Supplemental Data
	For the Periods Ended		Total Return		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets
							Total(f)		Net(g)
Institutional Class	9/30/07		5.37	%	$	235,421	0.14	%	0.14	%	5.21	%
	9/30/06		4.70			272,119	0.14		0.13		4.65
	9/30/05		2.68			200,545	0.09		0.09		2.65
	9/30/04		1.10			179,775	0.09		0.09		1.10
	9/30/03		1.27			175,247	0.10		0.09		1.27
Retirement Class	9/30/07		5.12			98,903	0.39		0.35		5.01
	9/30/06	(b)	2.45	(d)		43,804	0.71	(e)	0.35	(e)	5.07	(e)
Retail Class	9/30/07		5.25			1,034,417	0.43		0.25		5.11
	9/30/06	(c)	2.53	(d)		127,318	0.25	(e)	0.25	(e)	5.16	(e)

(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The Retirement Class commenced operations on March 31, 2006.
(c)	The Retail Class commenced operations on March 31, 2006.
(d)	The percentages shown for this period are not annualized.
(e)	The percentages shown for this period are annualized.
(f)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(g)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

174     2007 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

NOTES TO FINANCIAL STATEMENTS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

Note 1—organization and significant accounting policies

TIAA-CREF Institutional Mutual Funds (the “Funds” or individually, the “Fund”) is a Delaware statutory trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940 as an open-end investment company. The Funds currently consist of thirty-six series. Seven Funds, known as the TIAA-CREF Lifecycle Funds, are presented in a separate shareholder report.

This report should be read in conjunction with the current prospectus, which contains more complete information about the Funds.

At the commencement of operations of each of these Funds and classes, Teachers Insurance and Annuity Association of America (“TIAA”), an affiliate, invested in each Fund and class. As of September 30, 2007, TIAA had investments in the Funds as follows:

	Value of TIAA’s investments at September 30, 2007
Fund	Institutional Class			Retirement Class			Retail Class			Total
Growth & Income
Market Value		—			—		$	653,731		$	653,731
% of Fund		—			—			0.07	%		0.07	%
International Equity
Market Value		—			—		$	692,770		$	692,770
% of Fund		—			—			0.03	%		0.03	%
Large-Cap Growth
Market Value	$	10,886,955		$	602,798		$	603,832		$	12,093,585
% of Fund		1.71	%		0.09	%		0.09	%		1.89	%
Large-Cap Growth Index
Market Value	$	980,605		$	173,481			—		$	1,154,086
% of Fund		0.27	%		0.05	%		—			0.32	%
Large-Cap Value Index
Market Value		—		$	207,897			—		$	207,897
% of Fund		—			0.04	%		—			0.04	%
Equity Index
Market Value		—		$	595,416		$	596,041		$	1,191,457
% of Fund		—			0.05	%		0.05	%		0.10	%
Mid-Cap Growth Index
Market Value	$	35,264,564		$	230,732			—		$	35,495,296
% of Fund		48.39	%		0.32	%		—			48.71	%
Mid-Cap Value Index
Market Value	$	54,178,091		$	236,724			—		$	54,414,815
% of Fund		29.10	%		0.13	%		—			29.23	%
Mid-Cap Blend Index
Market Value	$	19,077,514		$	237,012			—		$	19,314,526
% of Fund		9.73	%		0.12	%		—			9.85	%
Small-Cap Growth Index
Market Value	$	92,565,850		$	227,618			—		$	92,793,468
% of Fund		68.74	%		0.17	%		—			68.91	%
Small-Cap Value Index
Market Value	$	78,955,052		$	215,560			—		$	79,170,612
% of Fund		51.68	%		0.14	%		—			51.82	%
Small-Cap Blend Index
Market Value	$	22,104,285		$	215,577			—		$	22,319,862
% of Fund		9.45	%		0.09	%		—			9.54	%

	Value of TIAA’s investments at September 30, 2007
Fund	Institutional Class			Retirement Class			Retail Class			Total
International Equity Index
Market Value	$	15,417,635		$	260,314			—		$	15,677,949
% of Fund		1.94	%		0.03	%		—			1.97	%
Social Choice Equity
Market Value		—			—		$	583,679		$	583,679
% of Fund		—			—			0.12	%		0.12	%
Real Estate Securities
Market Value	$	250,259		$	248,751		$	19,964,764		$	20,463,774
% of Fund		0.04	%		0.04	%		3.23	%		3.31	%
Managed Allocation II
Market Value	$	2,345,200		$	583,769		$	585,883		$	3,514,852
% of Fund		0.37	%		0.09	%		0.09	%		0.55	%
Bond
Market Value		—		$	540,521		$	541,295		$	1,081,816
% of Fund		—			0.03	%		0.03	%		0.06	%
Bond Plus II
Market Value	$	52,885,638		$	538,434		$	538,922		$	53,962,994
% of Fund		9.51	%		0.10	%		0.10	%		9.71	%
Short-Term Bond II
Market Value	$	52,843,216		$	537,556		$	538,719		$	53,919,491
% of Fund		19.09	%		0.19	%		0.19	%		19.47	%
High-Yield II
Market Value	$	54,241,753		$	551,540		$	553,425		$	55,346,718
% of Fund		13.98	%		0.14	%		0.14	%		14.26	%
Tax-Exempt Bond II
Market Value	$	53,054,050			—		$	535,241		$	53,589,291
% of Fund		20.77	%		—			0.21	%		20.98	%
Inflation-Linked Bond
Market Value		—		$	542,554			—		$	542,554
% of Fund		—			0.11	%		—			0.11	%
Money Market
Market Value		—		$	538,380		$	539,496		$	1,077,876
% of Fund		—			0.04	%		0.04	%		0.08	%

TIAA-CREF Institutional Mutual Funds 2007 ¡ Annual Report 175

NOTES TO FINANCIAL STATEMENTS

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned indirect subsidiary of TIAA. The Funds may offer Institutional, Retirement and Retail classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

Teachers Advisors Inc. (“Advisors”), a wholly-owned indirect subsidiary of TIAA, which is registered with the commission as an investment adviser, provides management services for the Funds.

On April 20, 2007, each series of the TIAA-CREF Mutual Funds (the “Target Funds”) was reorganized into a corresponding series of Funds (the “Acquiring Funds”) pursuant to an Agreement and Plan of Reorganization and Termination, which was approved by the Target Funds’ shareholders on April 3, 2007. The transaction was structured to qualify as tax-free under the Internal Revenue Code of 1986. The tax-free exchange of shares by the Acquiring Funds for the assets and liabilities of the Target Funds on the date of the reorganization was as follows:

Acquiring Fund	Target Fund	Shares Issued by Acquiring Fund		Total Net Assets of the Target Funds		Unrealized Appreciation (Depreciation) Included in the Target Funds Total Net Assets			Pre-merger Total Net Assets of the Acquiring Funds		Post-merger Total Net Assets of the Acquiring Funds
Growth & Income Fund	Growth & Income Fund		50,594,966	$	574,720,948	$	108,823,774		$	236,336,007	$	811,056,955
International Equity Fund	International Equity Fund		50,200,030		574,321,394		108,588,935			1,542,353,663		2,116,675,057
Large-Cap Growth Fund	Growth Equity Fund		49,471,820		532,066,693		70,588,912			28,139,502		560,206,195
Equity Index Fund	Equity Index Fund		36,198,059		409,385,759		119,967,879			824,262,462		1,233,648,221
Social Choice Equity Fund	Social Choice Equity Fund		15,186,540		171,001,312		32,364,756			268,775,021		439,776,333
Managed Allocation Fund II	Managed Allocation Fund		54,926,552		591,552,292		49,366,086			32,935,811		624,488,103
Bond Plus Fund II	Bond Plus Fund		49,007,443		495,501,026		(1,501,082	)		79,104,306		574,605,332
Short-Term Bond Fund II	Short-Term Bond Fund		17,842,040		179,229,547		(396,997	)		89,268,507		268,498,054
High-Yield Fund II	High-Yield Bond Fund		26,660,864		273,828,126		6,618,138			97,874,440		371,702,566
Tax-Exempt Bond Fund II	Tax-Exempt Bond Fund		18,942,328		192,242,731		1,049,191			62,197,829		254,440,560
Money Market Fund	Money Market Fund		702,860,777		702,860,777		—			490,770,002		1,193,630,779

The accompanying financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

Valuation of investments: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. Debt securities will generally be valued using prices provided by a pricing service which may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Fund), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. For the Money Market Fund, all of its investments are valued using amortized cost. Investments in registered investment companies are valued at net asset value on the valuation date. Net asset value of underlying funds is calculated as of the close of business of the New York Stock Exchange (generally 4:00 pm Eastern Time). Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net assets are calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. Stock and bond index futures and options, which are traded on commodities exchanges, are valued at the last sales price as of the close of such commodities exchanges.

Portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith under the direction of the Board of Trustees.

Accounting for investments: Securities transactions and investments in underlying funds are accounted for as of the trade date. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Funds are informed of the ex-dividend date. Dividends and distributions from underlying funds are recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method.

Distributions received from Real Estate Investment Trusts (“REITs”) are recorded on the ex-dividend date. Each REIT reports annually the tax character of its distributions. Dividend income, realized gains and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain and return of capital reported by each REIT, and management’s estimates of such amounts for REIT distributions for which actual information has not been reported.

Income and expenses of the Funds are allocated on a pro rata basis to each class of shares, except for Service Agreement Fees, Distribution Fees and Transfer Agency Fees and Expenses, which are unique to each class of shares.

Mortgage dollar roll transactions: The Funds may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery and contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Funds’ policy is to record the dollar rolls using “to be announced’’ mortgage-backed securities as purchase and sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the trade date of the sale transaction. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its dollar roll commitments. In addition, the Funds

176 2007 Annual Report ¡TIAA-CREF Institutional Mutual Funds

continued

may receive compensation that is recorded as deferred income and amortized to income over the roll period. The counterparty receives all principal and interest payments, including prepayments, made in respect of a security subject to such a contract while it is the holder. Dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The Funds engage in dollar rolls for the purpose of enhancing yields.

Cash: The Funds may hold cash in its account with the custodian. The Funds, throughout the year, may have a cash overdraft balance. A fee is incurred on this overdraft.

Foreign currency transactions and translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective date of the transactions. The effects of changes in foreign currency exchange rates included in net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Forward foreign currency contracts: The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Funds are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract.

Forward foreign currency contracts can be used primarily to protect the Funds from adverse currency movements and will generally not be entered into for terms greater than one year. The use of forward foreign currency contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Statements of assets and liabilities. There were no open forward foreign currency contracts for the year ended September 30, 2007.

Securities lending: The Funds may lend portfolio securities to qualified borrowers, consisting of financial institutions and brokers. By lending such securities, the Funds attempt to increase their net investment income through the receipt of interest on collateral (after rebates and fees). Such income is reflected separately on the Statement of operations. These loans are secured by collateral equal to at least 102% of the market value of the securities loaned for U.S. securities and 105% of the market value of securities loaned for foreign securities. All cash collateral is invested in the State Street Navigator Securities Lending Prime Portfolio. The market value of the loaned securities is determined at the close of each business day, and any additional required collateral is delivered to the Funds before the end of the following business day. The value of loaned securities and the liability related to the cash collateral received are reflected on the Statements of assets and liabilities.

Futures contracts: The Funds may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sales price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions.

Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts, that a change in the value of the contract may not correlate with a change in the value of the underlying securities, or that the counterparty to a contract may default on its obligation to perform.

Securities purchased on a when-issued or delayed delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Credit risks exist on these commitments to the extent of any unrealized gains on the underlying securities purchased and any unrealized losses on the underlying securities sold. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. In addition to the normal credit and market risks, transactions with delayed settlement dates may expose the Funds to greater risk that such transactions may not be consummated.

Treasury Inflation-Protected Securities: The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”), specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation are reflected in interest income in the Statements of operations.

Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded.

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

TIAA-CREF Institutional Mutual Funds ¡ 2007 Annual Report 177

NOTES TO FINANCIAL STATEMENTS

Distributions from net investment income, if any, are declared and paid annually for each of the Funds, except for the Growth & Income, Real Estate Securities, Managed Allocation II and the Inflation-Linked Bond Funds for which distributions are declared and paid quarterly; for the Bond Plus II, Short-Term Bond II, High Yield II, Tax-Exempt Bond II and the Bond Funds where distributions are declared and paid monthly; and for the Money Market Fund where distributions are declared daily and paid monthly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds.

Accumulated undistributed net investment income and accumulated undistributed net realized gain (loss) on investments may include temporary and permanent book and tax differences. Temporary differences will reverse in subsequent periods and are generally due to differing book and tax treatments for the timing and recognition of gains and losses on securities, forwards, and futures, including Post October losses. Permanent differences will result in reclassifications among the respective components of net assets and are generally due to REITs adjustments, foreign currency transactions, distribution reclassification, and gains on certain equity securities designated and issued by “passive foreign investment companies.”

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended September 30, 2007, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, dividend reclassifications, gains and losses on redemptions in-kind and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees, pursuant to the Investment Company Act of 1940. These transactions are effected at market rates without incurring broker commissions.

Indemnification: In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred.

Also, under the Funds’ organizational documents, the trustees and officers of the TIAA-CREF Institutional Mutual Funds are indemnified against certain liabilities that may arise out of their duties to the TIAA-CREF Institutional Mutual Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

Note 2—investment adviser and affiliates

Under the terms of the Funds’ Investment Management Agreements, Advisors provides asset management services to each Fund for an annual fee, payable monthly. Under the terms of the Funds’ Service Agreement, the Retirement Class of each Fund incurs an annual fee, payable monthly, for certain administrative costs associated with offering Retirement Class shares on retirement plan or other platforms. Under the terms of a Distribution (12b-1) Plan, the Retail Class of each Fund reimburses TPIS for amounts incurred up to 0.25% of average daily net assets to distribute the Retail Class of each Fund. TPIS has agreed to waive reimbursement under the Distribution Plan. Advisors has agreed to reimburse Funds if expense ratios exceed certain percentages. For the year ended September 30, 2007, the Investment Management Fee, Service Agreement Fee, Distribution Fee and maximum expense amounts (after waivers and reimbursments) are equal to the following annual percentage of average daily net assets for each class:

	Investment Management Fee Range		Service Agreement Fee		Maximum Distribution Fee		Maximum Expense Amounts
Fund			Retire- ment Class		Retail Class		Institu- tional Class		Retire- ment Class		Retail Class
Growth Equity	0.08	%	—		—		0.14	%	—		—
Growth & Income*	0.39–0.45	†	0.25	%	0.25	%	0.13		0.38	%	0.24	%
International Equity*	0.44–0.50		0.25		0.25		0.60		0.80		0.80
Large-Cap Growth*	0.39–0.45	†	0.25		0.25		0.13		0.38		0.21
Large-Cap Value*	0.39–0.45		0.25		0.25		0.50		0.75		0.80
Mid-Cap Growth*	0.42–0.48		0.25		0.25		0.55		0.78		0.70
Mid-Cap Value*	0.42–0.48		0.25		0.25		0.55		0.78		0.85
Small-Cap Equity*	0.42–0.48		0.25		0.25		0.55		0.78		0.85
Large-Cap Growth Index	0.04		0.25		—		0.08		0.33		—
Large-Cap Value Index	0.04		0.25		—		0.08		0.33		—
Equity Index	0.04		0.25		0.25		0.08		0.33		0.24
S&P 500 Index	0.04		0.25		—		0.08		0.33		—
Mid-Cap Growth Index	0.04		0.25		—		0.08		0.33		—
Mid-Cap Value Index	0.04		0.25		—		0.08		0.33		—
Mid-Cap Blend Index	0.04		0.25		—		0.08		0.33		—
Small-Cap Growth Index	0.04		0.25		—		0.08		0.33		—
Small-Cap Value Index	0.04		0.25		—		0.08		0.33		—
Small-Cap Blend Index	0.04		0.25		—		0.08		0.33		—
International Equity Index	0.04		0.25		—		0.15		0.34		—
Social Choice Equity	0.15		0.25		0.25		0.20		0.45		0.21
Real Estate Securities*	0.44–0.50		0.25		0.25		0.55		0.80		0.90
Managed Allocation II	—		0.25		0.25		0.00		0.25		0.00
Bond*	0.27–0.30		0.25		0.25		0.35		0.60		0.60
Bond Plus II*	0.27–0.30		0.25		0.25		0.35		0.55		0.41
Short-Term Bond II*	0.22–0.25		0.25		0.25		0.30		0.50		0.34
High-Yield II*	0.32–0.35		0.25		0.25		0.40		0.60		0.47
Tax-Exempt Bond II*	0.27–0.30		—		0.25		0.35		—		0.39
Inflation-Linked Bond*	0.27–0.30		0.25		0.25		0.35		0.55		0.50
Money Market	0.10		0.25		0.25		0.15		0.35		0.30

*	These Funds are subject to a breakpoint schedule on their management fees, which reduce these fees as the Fund’s net assets increase.
†	0.08% after waiver.

Certain affiliated entities may pay fund expenses on behalf of the Funds. The Funds reimburse the affiliated entities for any such payment. Amounts owed to Fund affiliates for payment of Fund expenses are disclosed as due to affiliates on the Statement of Assets and Liabilities.

178 2007 Annual Report ¡ TIAA-CREF Institutional Mutual Funds

continued

In May 2006, Advisors discovered misallocations of income and net capital gains between share classes of the Social Choice Equity Fund, the Growth & Income Fund, and the International Equity Fund. In connection with remediating those misallocations, on August 29, 2006, Advisors made payments of approximately $125,000 and $215,000 to the Growth & Income Fund and Social Choice Equity Fund, respectively. Those payments are reflected in “Net investment income” in the respective statements of changes in net assets for those Funds for the year ending September 30, 2006. The effect on net assets per share at September 30, 2006 resulting from correcting amounts related to the prior fiscal year was to increase (decrease) net assets per share for Growth & Income Retirement and Institutional classes by $0.004 and ($0.003), respectively, and Social Choice Equity Retirement and Institutional classes by $0.008 and ($0.005), respectively, for the year ended September 30, 2006. In addition, subsequent to September 30, 2006, Advisors made payments of approximately $2.4 million directly to shareholders of the International Equity Fund.

The following shows information about the investment of the TIAA-CREF Lifecycle Funds, a group of affiliated fund-of-funds, in the Funds’ Institutional Class as of September 30, 2007:

	Value of TIAA—CREF Lifecycle Funds’ Investments
Underlying Fund	2010 Fund			2015 Fund			2020 Fund			2025 Fund			2030 Fund			2035 Fund			2040 Fund
Growth Equity
Market Value	$	48,853,219		$	43,740,356		$	43,602,271		$	38,862,141		$	38,067,407		$	31,147,214		$	43,553,864
Outstanding Shares		5,495,300			4,920,175			4,904,642			4,371,444			4,282,048			3,503,624			4,899,197
% of Fund		14.90	%		13.34	%		13.30	%		11.85	%		11.61	%		9.50	%		13.28	%
International Equity
Market Value	$	36,086,392		$	32,418,753		$	32,446,433		$	28,734,301		$	28,132,112		$	22,929,684		$	32,158,492
Outstanding Shares		2,408,971			2,164,136			2,165,983			1,918,177			1,877,978			1,530,687			2,146,762
% of Fund		4.47	%		4.02	%		4.02	%		3.56	%		3.49	%		2.84	%		3.98	%
Large-Cap Value
Market Value	$	48,056,807		$	43,712,954		$	43,448,211		$	38,419,363		$	37,892,294		$	31,192,756		$	43,592,507
Outstanding Shares		2,823,549			2,568,329			2,552,774			2,257,307			2,226,339			1,832,712			2,561,252
% of Fund		9.87	%		8.97	%		8.92	%		7.89	%		7.78	%		6.40	%		8.95	%
Small-Cap Equity
Market Value	$	8,772,411		$	8,039,166		$	8,203,787		$	7,111,365		$	6,959,666		$	5,808,659		$	8,126,399
Outstanding Shares		568,530			521,009			531,678			460,879			451,048			376,452			526,662
% of Fund		4.85	%		4.44	%		4.53	%		3.93	%		3.84	%		3.21	%		4.49	%
Bond
Market Value	$	64,336,644		$	46,887,996		$	39,957,181		$	25,103,367		$	12,229,629		$	6,447,415		$	8,494,762
Outstanding Shares		6,472,499			4,717,102			4,019,837			2,525,490			1,230,345			648,633			854,604
% of Fund		3.98	%		2.90	%		2.47	%		1.55	%		0.76	%		0.40	%		0.53	%
Short-Term Bond II
Market Value	$	14,664,931		$	6,264,130		$	1,436,080			—			—			—			—
Outstanding Shares		1,460,650			623,917			143,036			—			—			—			—
% of Fund		9.00	%		3.84	%		0.88	%		—			—			—			—
High-Yield II
Market Value	$	8,760,432		$	7,072,325		$	7,221,339		$	5,709,405		$	5,123,316		$	3,972,875		$	5,661,603
Outstanding Shares		881,331			711,501			726,493			574,387			515,424			399,686			569,578
% of Fund		3.83	%		3.09	%		3.16	%		2.50	%		2.24	%		1.74	%		2.48	%
Inflation-Linked Bond
Market Value	$	27,901,649		$	14,993,209		$	4,320,946		$	29,478		$	29		$	7,994		$	31,060
Outstanding Shares		2,757,080			1,481,542			426,971			2,913			3			790			3,069
% of Fund		6.36	%		3.42	%		0.98	%		0.01	%		0.00	%*		0.00	%*		0.01	%

The following shows information about the investment of the TIAA-CREF Institutional Managed Allocation Fund II, an affiliated fund-of-fund, in the Funds’ Institutional Class as of September 30, 2007:

Underlying Fund	Value of Managed Allocation II’s Investments
International Equity Fund
Market Value	$	78,700,800
Outstanding Shares		5,253,725
% of Fund		2.92	%
Large-Cap Growth Fund
Market Value	$	157,941,008
Outstanding Shares		13,118,024
% of Fund		24.75	%
Large-Cap Value Fund
Market Value	$	149,566,007
Outstanding Shares		8,787,662
% of Fund		0.14	%
Small-Cap Equity Fund
Market Value	$	26,799,379
Outstanding Shares		1,736,836
% of Fund		5.14	%
Real Estate Securities Fund
Market Value	$	2,768
Outstanding Shares		189
% of Fund		0.00	%*

Underlying Fund	Value of Managed Allocation II’s Investments
Bond Plus Fund II
Market Value	$	228,513,729
Outstanding Shares		22,851,373
% of Fund		41.16	%
Short-Term Bond Fund II
Market Value	$	89,888
Outstanding Shares		8,953
% of Fund		0.03	%
High-Yield Fund II
Market Value	$	93,545
Outstanding Shares		9,411
% of Fund		0.02	%
Money Market Fund
Market Value	$	1,085
Outstanding Shares		1,085
% of Fund		0.00	%*

* Amount represents less than 0.01%.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 179

NOTES TO FINANCIAL STATEMENTS

The following shows information about the investment of the TIAA-CREF Institutional Bond Plus Fund II, an affiliated fund, in the TIAA-CREF Institutional High-Yield Fund II’s Institutional Class as of September 30, 2007:

Market Value	$	4,002,183
Outstanding Shares		402,634
% of Fund		1.03	%

Note 3—investments

At September 30, 2007, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Growth Equity	$	311,245,627	$	34,388,777	$	(2,077,456	)	$	32,311,321
Growth & Income		873,511,818		202,944,444		(5,158,395	)		197,786,049
International Equity		2,389,667,282		362,497,786		(47,047,611	)		315,450,175
Large-Cap Growth		571,596,259		87,018,119		(3,732,786	)		83,285,333
Large-Cap Value		1,110,107,688		89,642,851		(31,730,478	)		57,912,373
Mid-Cap Growth		506,886,219		69,482,612		(8,063,319	)		61,419,293
Mid-Cap Value		848,837,056		124,151,253		(25,329,180	)		98,822,073
Small-Cap Equity		661,198,864		39,026,239		(41,923,274	)		(2,897,035	)
Large-Cap Growth Index		343,134,815		55,976,282		(10,271,608	)		45,704,674
Large-Cap Value Index		440,114,434		61,402,759		(14,736,605	)		46,666,154
Equity Index		1,013,510,910		397,140,440		(27,779,320	)		369,361,120
S&P 500 Index		976,609,088		227,543,447		(22,695,316	)		204,848,131
Mid-Cap Growth Index		62,544,844		15,623,504		(1,797,597	)		13,825,907
Mid-Cap Value Index		204,956,522		19,653,947		(9,165,569	)		10,488,378
Mid-Cap Blend Index		205,324,236		38,630,621		(5,293,505	)		33,337,116
Small-Cap Growth Index		149,436,664		29,706,775		(6,531,256	)		23,175,519
Small-Cap Value Index		193,904,668		16,682,685		(14,449,420	)		2,233,265
Small-Cap Blend Index		288,753,494		36,313,632		(18,140,871	)		18,172,761
International Equity Index		629,019,897		204,913,087		(8,768,965	)		196,144,122
Social Choice Equity		439,232,454		85,899,401		(16,420,569	)		69,478,832
Real Estate Securities		603,488,360		39,446,685		(27,580,150	)		11,866,535
Managed Allocation II		589,367,909		57,626,264		(5,285,964	)		52,340,300
Bond		1,714,878,905		8,363,487		(16,511,356	)		(8,147,869	)
Bond Plus II		589,831,731		2,578,551		(7,606,882	)		(5,028,331	)
Short-Term Bond II		277,445,050		1,826,008		(1,801,716	)		24,292
High-Yield II		421,195,989		4,509,346		(7,839,418	)		(3,330,072	)
Tax-Exempt Bond II		252,651,444		2,280,064		(739,912	)		1,540,152
Inflation-Linked Bond		516,503,490		1,508,295		(7,552,722	)		(6,044,427	)

At September 30, 2007, these Funds held the following open futures contracts:

Fund	Future	Number of Contracts	Market Value		Expiration Date	Unrealized Gain/ (Loss)
Large-Cap Growth Index	E-mini S&P 500 Index	6	$	461,430	December 2007	$	692
Large-Cap Value Index	E-mini S&P 500 Index	59		4,537,395	December 2007		74,022
Equity Index	E-mini S&P 500 Index	29		2,230,245	December 2007		(508	)
Equity Index	E-mini S&P Mid 400 Index	4		357,320	December 2007		1,742
Equity Index	Mini Russell	4		325,280	December 2007		(821	)
				2,912,845			413
Small-Cap Equity	Mini Russell	128		10,408,960	December 2007		377,363
S&P 500 Index	E-mini S&P 500 Index	210		16,150,050	December 2007		440,449
Mid-Cap Growth Index	E-mini S&P Mid 400 Index	8		714,640	December 2007		1,343
Mid-Cap Value Index	E-mini S&P Mid 400 Index	19		1,697,270	December 2007		45,881
Mid-Cap Blend Index	E-mini S&P Mid 400 Index	18		1,607,940	December 2007		46,558
Small-Cap Growth Index	Mini Russell	5		406,600	December 2007		3,031
Small-Cap Blend Index	Mini Russell	15		1,219,800	December 2007		3,808

Purchases and sales of securities (other than short-term money market instruments) for all of the Funds, except the Money Market Fund, for the year ended September 30, 2007, were as follows:

Fund	Non-Government Purchases		Government Purchases		Non-Government Sales		Government Sales
Growth Equity	$	605,687,293	$	—	$	414,082,998	$	—
Growth & Income		500,324,738		—		422,292,421		—
International Equity		3,469,342,804		—		3,057,252,531		—
Large-Cap Growth		543,216,941		—		525,641,579		—
Large-Cap Value		1,475,526,253		—		1,139,780,653		—
Mid-Cap Growth		513,465,858		—		408,464,592		—
Mid-Cap Value		900,818,211		—		622,151,760		—
Small-Cap Equity		663,611,876		—		592,677,925		—
Large-Cap Growth Index		185,898,969		—		482,260,398		—
Large-Cap Value Index		259,533,160		—		400,224,464		—
Equity Index		284,993,621		—		154,161,578		—
S&P 500 Index		272,356,506		—		182,618,860		—
Mid-Cap Growth Index		57,743,955		—		42,278,784		—
Mid-Cap Value Index		176,452,604		—		86,569,977		—
Mid-Cap Blend Index		149,627,379		—		82,388,658		—
Small-Cap Growth Index		91,937,269		—		74,330,509		—
Small-Cap Value Index		121,463,723		—		75,074,559		—
Small-Cap Blend Index		149,168,429		—		143,420,780		—
International Equity Index		522,344,599		—		287,158,912		—
Social Choice Equity		171,413,740		—		102,353,109		—
Real Estate Securities		812,883,887		—		806,013,450		—
Managed Allocation II		53,597,747		—		37,996,891		—
Bond		277,871,865		2,297,713,838		303,815,231		2,338,662,637
Bond Plus II		68,547,284		285,056,839		43,403,523		310,828,751
Short-Term Bond II		28,247,095		114,536,415		25,795,527		92,541,770
High-Yield II		131,023,231		—		82,572,539		—
Tax-Exempt Bond II		83,375,418		—		69,480,273		—
Inflation-Linked Bond		—		197,922,828		—		121,185,426

180 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

continued

Note 4—trustee fees

Each Fund pays the trustees, all of whom are independent, certain remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees also participate in a long-term compensation plan. Amounts deferred are retained by the Funds and may be invested in the funds selected by the trustees. Trustees’ fees, including any deferred and long-term compensation, incurred for the year ended September 30, 2007 are reflected in the Statements of Operations.

Note 5—distributions to shareholders

The Tax character of distributions paid to shareholders during the years ended September 30, 2007 and 2006 were as follows:

	2007						2006
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Growth Equity	$	1,078,879	$	—	$	1,078,879	$	775,387	$	—	$	775,387
Growth & Income		12,822,640		3,754,635		16,577,275		2,681,604		20,640,887		23,322,491
International Equity		58,454,827		108,173,468		166,628,295		26,769,165		50,008,748		76,777,913
Large-Cap Growth		93,633		—		93,633		—		—		—
Large-Cap Value		22,937,647		20,895,574		43,833,221		16,943,763		11,807,783		28,751,546
Mid-Cap Growth		435,043		13,256,563		13,691,606		95,466		6,360,175		6,455,641
Mid-Cap Value		23,353,598		30,189,811		53,543,409		17,861,858		7,572,763		25,434,621
Small-Cap Equity		22,469,052		20,232,610		42,701,662		15,663,086		18,112,058		33,775,144
Large-Cap Growth Index		6,077,377		—		6,077,377		4,147,493		3,138,201		7,285,694
Large-Cap Value Index		13,744,184		12,582,918		26,327,102		10,937,628		8,281,765		19,219,393
Equity Index		11,970,543		5,458,132		17,428,675		10,348,360		39,398,708		49,747,068
S&P 500 Index		16,064,376		1,227,746		17,292,122		9,378,860		1,113,153		10,492,013
Mid-Cap Growth Index		422,482		2,606,490		3,028,972		588,681		1,709,445		2,298,126
Mid-Cap Value Index		1,861,778		5,691,196		7,552,974		1,775,356		4,947,159		6,722,515
Mid-Cap Blend Index		1,588,345		5,018,487		6,606,832		1,620,885		3,539,691		5,160,576
Small-Cap Growth Index		891,946		8,012,241		8,904,187		321,008		4,832,792		5,153,800
Small-Cap Value Index		2,770,907		9,503,269		12,274,176		2,408,705		6,218,142		8,626,847
Small-Cap Blend Index		4,326,673		11,765,878		16,092,551		2,105,488		14,180,170		16,285,658
International Equity Index		12,155,695		1,915,021		14,070,716		4,575,005		2,242,114		6,817,119
Social Choice Equity		3,260,637		2,389,966		5,650,603		2,230,714		8,933		2,239,647
Real Estate Securities		26,593,722		31,841,258		58,434,980		65,198,393		10,900,333		76,098,726
Managed Allocation II		6,025,644		455,640		6,481,284		108,489		—		108,489
Bond		72,971,285		—		72,971,285		74,770,075		—		74,770,075
Bond Plus II		14,663,082		—		14,663,082		1,425,886		—		1,425,886
Short-Term Bond II		7,577,829		—		7,577,829		1,378,539		—		1,378,539
High-Yield II		15,183,264		—		15,183,264		1,906,129		—		1,906,129
Tax-Exempt Bond II *		5,484,167		—		5,484,167		986,956		—		986,956
Inflation-Linked Bond		19,251,272		—		19,251,272		22,785,520		8,138,727		30,924,247
Money Market		41,376,402		—		41,376,402		12,696,049		—		12,696,049

* Includes ordinary income which will not be taxable for federal income tax purposes in 2007 and 2006 of $5,411,619 and $965,230 respectively.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 181

NOTES TO FINANCIAL STATEMENTS continued

As of September 30, 2007, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income (Overdistribution)			Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)			Capital Loss Carryover			Post-October Losses			Total
Growth Equity	$	6,596,950		$	3,766,327	$	32,312,327		$	(23,777,321	)	$	—		$	18,898,283
Growth & Income		—			14,681,277		197,863,732			(40,629,374	)		—			171,915,635
International Equity		34,759,906			238,889,236		315,372,057			—			—			589,021,199
Large-Cap Growth		2,495,102			29,399,734		83,288,243			(287,804,201	)		—			(172,621,122	)
Large-Cap Value		28,472,028			47,028,490		57,921,888			—			—			133,422,406
Mid-Cap Growth		3,658,533			26,495,749		61,418,700			—			(29,046	)		91,543,936
Mid-Cap Value		18,639,443			26,186,382		98,831,294			—			(51,358	)		143,605,761
Small-Cap Equity		16,007,067			19,537,753		(2,897,036	)		—			—			32,647,784
Large-Cap Growth Index		4,427,870			—		45,704,674			—			(234,611	)		49,897,933
Large-Cap Value Index		10,169,830			11,549,935		46,666,155			—			—			68,385,920
Equity Index		15,401,742			11,680,355		369,361,116			—			—			396,443,213
S&P 500 Index		16,227,414			4,186,188		204,848,128			—			—			225,261,730
Mid-Cap Growth Index		1,181,089			2,969,455		13,825,912			—			—			17,976,456
Mid-Cap Value Index		7,294,946			6,034,437		10,488,377			—			—			23,817,760
Mid-Cap Blend Index		3,587,357			4,645,480		33,337,114			—			—			41,569,951
Small-Cap Growth Index		1,775,646			5,270,386		23,175,519			—			—			30,221,551
Small-Cap Value Index		5,727,570			7,222,911		2,233,261			—			—			15,183,742
Small-Cap Blend Index		4,987,813			6,986,886		18,172,761			—			—			30,147,460
International Equity Index		17,411,701			3,896,097		196,186,598			—			—			217,494,396
Social Choice Equity		5,774,241			3,978,487		69,478,837			—			—			79,231,565
Real Estate Securities		1,219,332			62,587,377		11,923,742			—			(26,715	)		75,703,736
Managed Allocation II		—			18,849		52,340,300			—			—			52,359,149
Bond		8,342			—		(8,147,868	)		(17,771,825	)		(1,657,685	)		(27,569,036	)
Bond Plus II		28,954			—		(5,028,331	)		(5,020,634	)		(1,593,135	)		(11,613,146	)
Short-Term Bond II		5,587			—		24,292			(5,368,782	)		(156,195	)		(5,495,098	)
High-Yield II		416			207,098		(3,330,072	)		(694,520	)		—			(3,817,078	)
Tax-Exempt Bond II		30,509			—		1,540,152			(509,350	)		—			1,061,311
Inflation-Linked Bond		—			—		(6,044,428	)		(3,764,887	)		(137,843	)		(9,947,158	)
Money Market		(9,047	)		—		—			(10,857	)		—			(19,904	)

The difference between book basis and tax basis net investment income, net realized gains and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies and the use of capital loss carryovers.

At September 30, 2007, the following Funds had capital loss carryovers, which will expire as follows:

	Date of Expiration
Fund	9/30/08		9/30/09		9/30/10		9/30/11		9/30/12		9/30/13		9/30/14		9/30/15		Total
Growth Equity	$	—	$	—	$	—	$	—	$	21,246,987	$	2,530,334	$	—	$	—	$	23,777,321
Growth & Income		—		1,286,601		39,342,773		—		—		—		—		—		40,629,374
Large-Cap Growth		86,314,346		129,325,246		60,601,952		9,870,740		1,691,917		—		—		—		287,804,201
Bond		—		—		—		—		—		—		681,137		17,090,688		17,771,825
Bond Plus II		—		—		—		—		—		4,900,372		120,262		—		5,020,634
Short-Term Bond II		—		—		—		—		2,261,136		2,605,737		501,909		—		5,368,782
High-Yield II		—		—		694,520		—		—		—		—		—		694,520
Tax-Exempt Bond II		—		—		—		—		—		439,873		—		69,477		509,350
Inflation-Linked Bond		—		—		—		—		—		—		—		3,764,887		3,764,887
Money Market		—		—		—		1,330		8,935		219		373		—		10,857

For the year ended September 30, 2007, the Growth Equity Fund, Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Growth Index Fund, Social Choice Equity Fund, Bond Plus Fund II, Short-Term Bond Fund II, High-Yield Fund II, and Money Market Fund utilized $4,479,755, $12,769,555, $23,723,548, $51,197, $30,459, $3,089, $10,031, $167,113, and $710 respectively, of their capital loss carryover available from prior years.

Due to the reorganization on April 20, 2007, involving the TIAA-CREF Mutual Funds (the “target Funds”), into a corresponding series of the Funds (the “Acquiring Funds”), the use of capital loss carryovers for the current fiscal year ending September 30, 2007 for the Growth & Income Fund, Large-Cap Growth Fund, Bond Plus Fund II, Short-Term Bond Fund II, and High-Yield Fund II were subject to limitations under the Internal Revenue Code and Regulations thereunder. The future utilization of the Growth & Income Fund’s capital loss carryovers may be subject to limitations under the Internal Revenue Code and Regulations thereunder.

Due to large shareholder activity during the prior fiscal year ended September 30, 2006, the current year utilization of the Growth Equity Fund’s capital loss carryovers were subject to limitations under the Internal Revenue Code and Regulations thereunder. The future utilization of Growth Equity Fund’s capital loss carryovers will also be subject to the aforementioned limitations.

Due to certain limitations under Section 382 of the Internal Revenue Code, the Growth Equity Fund is unable to utilize $122,734,737 of accumulated capital losses from prior years. These losses are not included in the capital loss carryforward amounts discussed above.

182 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

concluded

Note 6—line of credit

Each of the Funds, except the Bond, Short-Term Bond II, Bond Plus II and Money Market Funds, participate in a 365-day $1.5 billion committed revolving credit facility that can be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. Interest associated with any borrowing under the facility is charged to the Funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the year ended September 30, 2007, there were no borrowings under this credit facility by the Funds.

Note 7—in-kind transactions

For the year ended September 30, 2007, the Institutional Class of the following Funds had in-kind transactions consisting of marketable securities, which are included in subscriptions and redemptions in shareholder transactions in the Statement of Changes in Net Assets:

Fund	Value		Realized Gain
In-kind redemptions
Growth & Income	$	7,553,454	$	2,088,386
International Equity		229,340,671		54,837,745
Large-Cap Value		121,395,460		23,332,251
Small-Cap Equity		22,386,311		3,665,239
Large-Cap Growth Index		368,152,806		56,843,931
Large-Cap Value Index		255,053,376		63,294,946
S&P 500 Index		79,728,031		27,304,571
Small-Cap Blend Index		48,052,348		17,413,593
Social Choice Equity		63,803,664		19,465,438
Bond		527,927,171		1,397,115
In-kind subscriptions
Mid-Cap Value Index		40,377,085		—

Note 8—new accounting pronouncements

In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in the financial statements and is effective for fiscal years beginning after December 15, 2006. Management is still assessing the impact of FIN 48 on these financial statements.

In September 2006, FASB issued Statement of Accounting Standards No. 157, “Fair Value Measurement” (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measuring fair value under GAAP and expands disclosure about fair value measurements. SFAS 157 does not require a new fair value measurement but the application could change current practice in determining fair value and may require modifications to financial statement amounts and disclosures. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Management is still assessing the impact SFAS 157 on these financial statements.

Note 9—subsequent event

Effective on October 16, 2007, a 2% redemption fee applies and is payable for certain redemptions and exchanges out of fund shares held 60 calendar days or less of International Equity Fund, Small-Cap Equity Fund, Small-Cap Growth Index Fund, Small-Cap Value Index Fund, Small-Cap Blend Index Fund, International Equity Index Fund and High-Yield Fund II. Redemption fees are withheld from proceeds that shareholders receive from the sale or exchange of fund shares. The fees are paid to the fund and are recorded as an increase to paid-in-capital.

Effective on November 26, 2007, State Street Bank and Trust Company will replace JPMorgan Chase Bank N.A. as the Funds’ custodian for the following funds:

Growth Equity

Growth & Income

Large-Cap Growth

Large-Cap Value

Mid-Cap Growth

Mid-Cap Value

Small-Cap Equity

Large-Cap Growth Index

Large-Cap Value Index

Equity Index

S&P 500 Index

Mid-Cap Growth Index

Mid-Cap Value Index

Mid-Cap Blend Index

Small-Cap Growth Index

Small-Cap Value Index

Small-Cap Blend Index

Social Choice Equity

Real Estate Securities

The remainder of the Funds will replace JPMorgan Chase Bank N.A. with State Street Bank and Trust Company over the 2008 fiscal year.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 183

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of the TIAA-CREF Institutional Mutual Funds:

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Growth Equity Fund, Growth & Income Fund, International Equity Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Small-Cap Equity Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, Equity Index Fund, S&P 500 Index Fund, Mid-Cap Growth Index Fund, Mid-Cap Value Index Fund, Mid-Cap Blend Index Fund, Small-Cap Growth Index Fund, Small-Cap Value Index Fund, Small-Cap Blend Index Fund, International Equity Index Fund, Social Choice Equity Fund, Real Estate Securities Fund, Managed Allocation Fund II, Bond Fund, Bond Plus Fund II, Short-Term Bond Fund II, High-Yield Fund II, Tax-Exempt Bond Fund II, Inflation-Linked Bond Fund and Money Market Fund (constituting the TIAA-CREF Institutional Mutual Funds, hereafter referred to as the “Funds”) at September 30, 2007, the results of each of their operations for the year then ended, and the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial highlights for each of the periods in the two years ended September 30, 2004, were audited by other auditors whose report dated November 22, 2004 expressed an unqualified opinion on those financial highlights.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
New York, New York
November 29, 2007

184 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

2007 SPECIAL MEETING (UNAUDITED)

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

Trustees

The results below were certified by Broadridge Financial Solutions, Inc., independent tabulator for the TIAA-CREF Institutional Mutual Funds.

On September 17, 2007, at a special meeting of shareholders, the following persons were elected to serve on the Board:

Nominee	Dollars for		Percent		Dollars against		Percent		Dollars abstain		Percent
Forrest Berkley	$	1,963,799,937.92	96.396	%	$	31,917,378.99	1.567	%	$	41,499,821.21	2.037	%
Nancy A. Eckl		1,959,601,162.02	96.190			35,890,123.64	1.762			41,725,852.46	2.048
Eugene Flood, Jr.		1,957,785,865.21	96.101			30,677,916.26	1.506			48,753,356.65	2.393
\ E. Jackson		1,955,936,325.70	96.010			38,396,705.96	1.885			42,884,106.46	2.105
Nancy L. Jacob		1,966,062,469.51	96.507			30,110,889.68	1.478			41,043,778.93	2.015
Bridget A. Macaskill		1,960,116,925.74	96.215			35,442,649.47	1.740			41,657,562.91	2.045
James M. Poterba		1,961,865,407.27	96.301			26,495,186.37	1.301			48,856,544.48	2.398
Maceo K. Sloan		1,949,996,435.35	95.719			45,207,403.54	2.219			42,013,299.23	2.062
Laura T. Starks		1,971,144,519.16	96.757			24,896,642.67	1.222			41,175,976.29	2.021

Nancy A. Eckl was elected to office. Forrest Berkley, Eugene Flood, Jr., Howell E. Jackson, Nancy L. Jacob, Bridget A. Macaskill, James M. Poterba, Maceo K. Sloan and Laura T. Starks were re-elected to office.

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 185

MANAGEMENT (UNAUDITED)

TRUSTEES AND OFFICERS OF THE TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

Disinterested trustees

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustees
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/1954	Trustee	Indefinite term. Trustee since 2006.	Retired. Partner (1990-2005) and Head of Global Product Management (2003-2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003-2005).	55	Director and member of the Investment Committee, the Maine Coast Heritage Trust and the Boston Athaneum, and Director, Appalachain Mountain Club.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/1962	Trustee	Indefinite term. Trustee since September 2007.	Former Vice President (1990-2006), American Beacon Advisors, Inc. and Vice President of certain funds advised by American Beacon Advisors, Inc.	55	Independent Director, the Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend Income Fund, Inc. and Member of the Board of Managers of Lazard Alternative Strategies Fund, LLC.
Eugene Flood, Jr. c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/1955	Trustee	Indefinite term. Trustee since 2005.	President, and Chief Executive Officer (since 2000) and a Director (since 1994) of Smith Breeden Associates, Inc. (investment advisor).	55	None
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners (since September 2007). Formerly Chief Operating Officer, DDJ Capital Management (2003-2006); and Executive Vice President (2000-2002), Senior Vice President (1995-2000) and Vice President (1992-1995), Fidelity Investments.	55	None
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Vice Dean for Budget (2003-2006) and on the faculty (since 1989) of Harvard Law School.	55	None
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/1943	Chairman of the Board, Trustee	Indefinite term. Trustee since 1999.	President and Founder (since October 2006) of NLJ Advisors, Inc. (investment advisor). Formerly, President and Managing Principal, Windermere Investment Associates (1997-June 2006), Chairman and Chief Executive Officer, CTC Consulting, Inc. (1994-1997) and Executive Vice President, U.S. Trust Company of the Pacific Northwest (1993-1997).	55	Director and Chairman of the Investment Committee of the Okabena Company (financial services).
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Principal, BAM Consulting LLC (since 2003), Independent Consultant for Merrill Lynch (since 2003). Formerly, Chairman, Oppenheimer Funds, Inc. (2000-2001). Chief Executive Officer (1995-2001); President (1991-2000); and Chief Operating Officer (1989-1995) of that firm.	55	Director, Prudential plc, Scottish & Newcastle plc (brewer), Federal National Mortgage Association (Fannie Mae), International Advisory Board, and British-American Business Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	Head (since 2006) and Associate Head (1994-2000 and 2001-2006) Economics Department, Massachusetts Institute of Technology (MIT), Mitsui Professor of Economics, MIT (1996-present). Program Director, National Bureau of Economic Research (1990-present).	55	The Jeffrey Company and Jeflion Company (unregistered investment companies)
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, CEO and CIO, NCM Capital Management Group, Inc. (since 1991); and Chairman and CEO, NCM Capital Advisers Inc. (since 2003).	55	Director, SCANA Corporation (energy holding company) and M&F Bancorp, Inc.

186 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

MANAGEMENT (UNAUDITED) continued

TRUSTEES AND OFFICERS OF THE TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

Disinterested trustees — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustees
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002-present), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (2000-present); Professor, University of Texas at Austin (1987-present); Fellow, Financial Management Association (2002-present). Associate Dean for Research (2001-2002), Associate Director of Research, the Center for International Business Education and Research, University of Texas at Austin (2002-2003) and Director of the Bureau of Business Research, University of Texas at Austin (2001-2002).	55	None
Executive officers

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Mary (Maliz) E. Beams TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/29/56	Executive Vice President	One-year term. Executive Vice President July since 2007.	Executive Vice President, Individual Client Services of TIAA (since July 2007) and of TIAA-CREF Institutional Mutual Funds, CREF, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since September 2007). President and Chief Executive Officer, TIAA-CREF Individual & Institutional Services, LLC (since July 2007); Senior Managing Director and Head of Wealth Management Group, TIAA (since 2004). Partner and Managing Director, President of Global Business Development for the Mutual Fund Group and Head of International Mutual Fund and Offshore Business of Zurich Scudder Investments; and Head of U.S. Scudder Direct Retail Business and Chief Executive Officer of Scudder Brokerage (1997-2003).
Gary Chinery TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/28/49	Vice President	One-year term. Vice President since 2004.	Vice President and Treasurer of TIAA, CREF and TIAA Separate Account VA-1 (since 2004), Vice President (since 2004) and Treasurer (2004-2/2007) of TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds. Vice President and Treasurer of Teachers Advisors, Inc. (“Advisors”), TIAA-CREF Investment Management, LLC (“Investment Management”), TIAA-CREF Individual Institutional Services, LLC (“Services”), Teachers Personal Investors Services, Inc. (“TPIS”), TIAA-CREF Tuition Financing, Inc. (“Tuition Financing”), TIAA- CREF Life Insurance Company (“TIAA-CREF Life”) and TCT Holdings, Inc.
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/59	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since February 2007.	Principal Executive Officer and President of TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (since 2/2007); Executive Vice President (since 1999) of TIAA, CREF and TIAA Separate Account VA-1, and Head of Asset Management (since 2006). Executive Vice President of the TIAA-CREF Fund Complex (2006-2/2007). Director of TPIS (since 2006) and Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors, and Manager of Investment Management (since 2004). Formerly, Manager of TIAA Realty Capital Management, LLC (2004-2006), Chief Investment Officer of TIAA (2004-2006) and the TIAA-CREF Fund Complex (2003-2005) and Executive Vice President of CREF Investments (since 1997).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since February 2007.	Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA-CREF Life Funds, and TIAA-CREF Institutional Mutual Funds (since 2/2007). Formerly Funds Treasurer (2006-2/2007) of TIAA-CREF Fund Complex; Chief Financial Officer, Van Kampen Funds (2005-2006); and Vice President and Chief Financial Officer, Enterprise Capital Management and the Enterprise Group of Funds (1995-2005).
I. Steven Goldstein TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/24/52	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Public Affairs, of TIAA and the TIAA-CREF Fund Complex (since 2003). Formerly, Director of TIAA-CREF Life (2003-2006); Advisor for McKinsey & Company (2003); Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal (2001-2002); and Senior Vice and Chief Communications Officer for Insurance Information Institute (1993-2001).
George W. Madison TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/17/53	Executive Vice President and General Counsel	One-year term. Executive Vice President and General Counsel since 2003.	Executive Vice President and General Counsel of TIAA and the TIAA-CREF Fund Complex (since 2003). Formerly, Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated (1997-2003).

TIAA-CREF Institutional Mutual Funds § 2007 Annual Report 187

MANAGEMENT (UNAUDITED) concluded

TRUSTEES AND OFFICERS OF THE TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

Executive officers — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Erwin W. Martens TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/18/56	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Fund Complex (since 2003). Director of Advisors, TPIS, and Manager of Investment Management. Formerly, Managing Director and Chief Risk Officer, Putnam Investments (1999-2003); and Head and Deputy Head of Global Market Risk Management (1997-1999).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/66	Executive Vice President	One year term. Executive Vice President since 2003.	Executive Vice President, Human Resources of TIAA and the TIAA-CREF Fund Complex (since 2003), and head of Corporate Services (since 2007). Formerly Director, TIAA-CREF Life (2003-2006); First Vice President and Head of Human Resources, International Private Client Division, Merrill Lynch & Co. (1999-2003); and Vice President and Head of Human Resources, Japan Morgan Stanley (1998-1999)
Eric C. Oppenheim TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 7/31/48	Vice President and Acting Chief Compliance Officer	One year-term. Vice President and Acting Chief Compliance Officer since 2005.	Vice President and Acting Chief Compliance Officer of the TIAA-CREF Fund Complex (since 2005). Vice President of Investment Management and Advisors (since 2006). Formerly, Acting Chief Compliance Officer of Tuition Financing and Chief Compliance Officer, Advisors and Services (2005-2006), Vice President and Compliance Officer of TIAA (2004-2005); First Vice President and Manager of Compliance and Centralized Trust Functions, Private Banking Division Comerica Incorporated (2001-2004); and Manager of Compliance and Regulatory Affairs, Investment Bank Division, Comerica Incorporated (1993-2001).
Marjorie Pierre-Merritt TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/26/66	Vice President and Acting Corporate Secretary	One year term. Vice President and Acting Corporate Secretary since September 2007.	Vice President and Acting Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since September 2007); Assistant Corporate Secretary of TIAA (2006-2007); Assistant Corporate Secretary of The Dun & Bradstreet Corporation (2003-2006); and Counsel, The New York Times Company (2001-2003).
Bertram L. Scott TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/26/51	Executive Vice President	One-year term. Executive Vice President since 2001.	Executive Vice President, Strategy Integration and Policy of TIAA and the TIAA-CREF Fund Complex (since 2006). Director and President of TIAA-CREF Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product Management of TIAA and TIAA-CREF Fund Complex (2000-2005); President and Chief Executive Officer, Horizon Mercy (1996-2000).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, Institutional Client Services (since 2006). Director of Tuition Financing and Manager of Services. Formerly Senior Vice President, Pension Products (2003-2006), Vice President, Support Services (1998-2003), of TIAA and the TIAA-CREF Fund Complex.

Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, www.tiaa-cref.org or by telephone at 800 223-1200.

188 2007 Annual Report § TIAA-CREF Institutional Mutual Funds

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS (UNAUDITED)

BOARD APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS FOR TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

The Board of Trustees of the Funds (the “Board” or the “Trustees”) is responsible for overseeing the Funds’ corporate policies and for adhering to fiduciary standards under the Investment Company Act of 1940, as amended (the “1940 Act”), and other applicable laws. Among its duties, the Board is responsible for determining annually whether to renew the investment management agreements (the “Agreements”) between the Funds and Teachers Advisors, Inc. (“Advisors”). Under the Agreements, Advisors is responsible for providing to (or obtaining for) each Fund all of the services necessary for its ordinary operation, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services.

Section 15(c) of the 1940 Act provides that, after an initial period, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Fund, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on April 3, 2007, at which it considered the annual renewal of the Agreements. Prior to that meeting, the Board had implemented an enhanced process by which it determined to review and consider the renewal of the Agreements. As part of that process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee was asked to work with management and legal counsel to the Trustees to develop more refined guidelines relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewals, and then to help evaluate the information provided in response to those guidelines. During a series of meetings held prior to April 3, 2007, the Operations Committee helped to develop such guidelines in consultation with management representatives and input from other Trustees and legal counsel to the Trustees, and then evaluated the information produced in accordance with those guidelines.

Among other matters, the Operations Committee helped to develop guidelines regarding reports to be provided to all Trustees with respect to each Fund by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their annual advisory contract renewal processes.

As a result of instructions by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and long-term investment performance and, as applicable, brokerage commission costs and portfolio turnover rates. Lipper also compared much of this data for each Fund against a suitable universe of comparable investment companies and, in the case of the investment performance data, against a more selective peer group of mutual funds and against one or more appropriate broad-based benchmark indices. For those Funds with more than one class of shares, Lipper provided applicable data with respect to each class of shares. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15 of the 1940 Act.

Among other matters, the Operations Committee also developed a framework of factors that could be considered by the Trustees in order to evaluate the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreements. In this connection, the Operations Committee emphasized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized by Advisors.

In advance of the Board meeting held on April 3, 2007, independent legal counsel for the Trustees requested, and Advisors provided, extensive information that was designed to assist the Board in its consideration of whether to renew each Fund’s Agreement. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of each Fund’s performance relative to its applicable benchmarks and peer groups, together with an explanation of any special events that had a material impact on performance during the prior year; (2) a description of any fee waiver or expense reimbursement arrangements that were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fees under the Agreement as compared to any other comparable accounts manager by the Adviser; (4) any “fall-out” benefits that accrued to Advisors due to its relationship with the Funds aside from Advisors’ direct fee payments pursuant to the Agreements; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, disaster recovery plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interests confronted by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreements; (7) a copy of the Agreements and certain related service agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ SEC Form ADV registration statement; and (9) proposed narrative explanations of reasons why the Board should renew the Agreements.

TIAA-CREF Institutional Mutual Funds ¡ 2007 Annual Report 189

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS (UNAUDITED)

In considering whether to renew the Management Agreements, the Board, with assistance from its Operations Committee, reviewed various factors with respect to each Fund, including: (1) the nature, extent and quality of services provided by Advisors to each Fund; (2) the investment performance of each Fund; (3) the costs of the services provided to each Fund and the profits (if any) realized by Advisors and its affiliates from their relationship with the Funds; (4) the extent to which economies of scale have been realized as each Fund grows; (5) whether the fee schedules set forth in the Agreements reflect any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fees with contracts entered into by Advisors with other clients; and (7) any other benefits derived or anticipated to be derived by Advisors from its relationship with the Funds. As a general matter, the Trustees viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreements.

In reaching its decisions regarding the renewal of each Fund’s Agreement, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from Kirkpatrick & Lockhart Preston Gates Ellis LLP, its independent legal counsel, as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the Board considered the Agreements for all Funds at the same meeting on April 3, 2007, the Board received and considered Fund-specific information on a Fund-by-Fund basis and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew each Agreement, each Trustee may have accorded different weight to different factors and, thus, each individual Trustee may have had a different basis for his or her ultimate decision to vote to renew each Fund’s Agreement.

At its meeting on April 3, 2007, the Board voted unanimously to renew the particular Agreement for each Fund. Set forth below are the general factors the Board considered for all of the Funds, followed by an outline of the specific factors the Board considered for each particular Fund.

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. The investment professionals at Advisors also have managed various accounts of the College Retirement Equities Fund (“CREF”) since their inception. Under the Agreements, Advisors is responsible for: managing the assets of the Funds, including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; and reporting on the investment performance of the Funds to the Boards on a regular basis. The Board considered that Advisors has carried out these responsibilities in a professional manner.

The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In the course of its review of the quality of Advisors’ services, the Board examined the investment performance of each Fund and concluded that it was reasonable when compared with Fund benchmarks and peer groups of mutual funds, and that, in the case of underperforming Funds, Advisors represented that it had taken or was planning to implement affirmative steps to enhance the investment performance.

In addition, the Board considered the nature and quality of non-portfolio management services provided by Advisors and its affiliates. In this connection, the Board considered that it intends to work with management during the next year in an effort to develop enhanced metrics for measuring the ongoing performance of certain affiliated and unaffiliated service providers. The Board also considered that, through these metrics and other actions, it intends to monitor progress with respect to ongoing improvements in services provided by those firms or through outsourcing to other firms, including, as appropriate, further enhancements to administrative and compliance services.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each class of shares of each Fund, as applicable, over one-, two-, three-, four- and five-year periods and since inception of the Fund’s operations. The Board also considered each Fund’s performance as compared to its peer groups and benchmark indices. In this regard, the Board considered that most of the Funds achieved performance that compares favorably to their benchmarks (after considering the effect of expenses incurred to operate the Funds) and, with some exceptions, ranked in the top three performance quintiles versus their peer groups of mutual funds. (For additional detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below.) The Board considered that in those cases in which Funds had underperformed their benchmarks or peer groups of mutual funds, Advisors had taken reasonable remedial actions or represented that it was in the process of taking such actions. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable. In addition, the Board considered that it intends to work with management during the coming year to review further the best execution and portfolio turnover practices of Advisors with respect to certain Funds to assess whether those practices continue to be in the best interests of shareholders.

COST AND PROFITABILITY

The Board considered financial and profitability data relating to Advisors for the calendar year 2006. In this connection, the Board considered profit calculations both before and after taking into account the costs incurred directly or indirectly by

190 2007 Annual Report ¡ TIAA-CREF Institutional Mutual Funds

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS (UNAUDITED)

Advisors in connection with the distribution of shares of the Funds. The Board considered that Advisors consistently incurred overall losses based on its services to the Funds under the Agreements, but that relatively new fee rates adopted by most of the Funds had reduced such overall losses and caused the Agreements to be profitable to Advisors with respect to certain Funds. With respect to those Funds for which the Agreements were profitable to Advisors in 2006, the Board determined that those profits were reasonable and not excessive in light of various relevant factors. Among other considerations, the Board acknowledged the reasonableness of having fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds. In this connection, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions so as to assess whether sufficient resources continue to be devoted to these functions. The Board also considered that it would continue to review the profitability levels of Advisors annually during its yearly review of the Funds’ management arrangements to ensure that Advisors’ fees remained fair and reasonable and that its profits for managing the Funds were not excessive. Further, the Board expressed its views to Advisors regarding the factors that the Board would consider at future contract renewals if management seeks to modify current fee waiver and expense limitation agreements.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the fee rates charged to the Funds under the Agreements typically were lower or significantly lower than the fee rates charged by of many or most comparable mutual funds. Based on all factors considered, the Board determined that the fee rates under each Agreement were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

ECONOMIES OF SCALE

The Board considered whether Advisors has or would experience economies of scale in connection with the operation of each Fund. In this connection, the Board considered that Advisors had incurred operating losses with respect to its services provided to most of the Funds under advisory fee rates that were in place prior to changes made in 2006. With respect to the current fee rates, the Board also considered the extent to which the current fee “breakpoints” (that is, the Fund asset levels at which additional assets would be assessed lower fee rates) would have a material effect on a Fund’s fees. The Board determined that, although the current breakpoint discounts may be low compared to those of some competitors, the initial maximum fee rates set forth in the Agreement were already at low levels compared to peer groups of mutual funds. Thus, the Board determined that the Funds’ fee schedules are reasonable in light of current economies of scale considerations and current asset levels. In addition, the Board considered that it intends to work with management during the coming year to evaluate whether any material asset growth by the Funds has created or would create economies of scale for Advisors and, if so, to determine whether any portion of savings from such economies of scale could be passed on to Fund shareholders through additional fee schedule breakpoints.

FEE COMPARISON WITH OTHER CLIENTS OF ADVISORS

The Board considered that Advisors provides similar investment management services to other affiliated investment companies. In addition, Advisors, through its TIAA-CREF Asset Management (TCAM) division, manages large institutional client assets through unregistered commingled funds and separate accounts with similar investment strategies and investment staff. The Board considered the schedule of fees for each of the comparable funds. The Board also considered Advisors’ representation that, while management fee rates may differ for comparable funds, this is due in part to the fact that some of the comparable funds are offered through products that charge additional fees to its investors. In this connection, the Board considered Advisors’ representation that because the comparable funds target different types of investors and use different distribution channels, these factors justify different pricing schedules.

OTHER BENEFITS

The Board also considered additional benefits to the Funds and to Advisors arising from the Agreements. For example, Advisors continues to be willing to waive fees and make expense reimbursements to the Funds. In addition, Advisors and its affiliates may benefit from the advisory relationship with the Funds to the extent this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. Also, certain Funds managed by Advisors are managed in the same manner and by the same personnel as certain of the CREF Accounts, resulting in the possibility for benefits associated with economies of scale.

FUND-BY FUND FACTORS

The Funds’ Trustees considered the following specific factors (among others) during their determination to renew the Agreements for each Fund described in this Report. If a Fund is described in the following discussions as being in the “first” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific performance factors outlined below are based on the Institutional Class of each Fund. Because the Institutional Class has lower expenses than the Retirement and Retail Classes of these Funds, the performance of these Classes will be lower than the performance of the Institutional Class. All periods referenced below end as of December 31, 2006. Under the Morningstar rating system, 5 stars is the highest rating category and 1 star is the lowest rating category.

TIAA-CREF Institutional Mutual Funds ¡ 2007 Annual Report 191

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS (UNAUDITED)

GROWTH EQUITY FUND

• The Fund’s annual contractual management fee is 0.08% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).

• For the one-, two-, three- and four-year periods, the Fund was in the 3rd quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”). For the five-year period, the Fund was in the 4th quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 2 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

GROWTH & INCOME FUND

• The Fund’s annual contractual management fee is 0.45% of average daily net assets. Advisors agreed to waive this fee down to an annual rate of 0.08% of the Fund’s average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, two- and three-year periods, the Fund was in the 1st quintile of the universe of its Performance Universe. For the four- and five-year periods, the Fund was in the 2nd quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

INTERNATIONAL EQUITY FUND

• The Fund’s annual contractual management fee is 0.50% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one- and two-year periods, the Fund was in the 1st quintile of its Performance Universe. For the three-, four-and five-year periods, the Fund was in the 2nd quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• Advisors earned a net profit on the Fund for the one-year period.

LARGE-CAP GROWTH FUND

• The Fund’s annual contractual management fee is 0.45% of average daily net assets. Advisors agreed to waive this fee down to an annual rate of 0.08% of the Fund’s average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the period since inception to December 31, 2006, the Fund was in the 3rd quintile of its Performance Universe.

• The Fund has not been operational long enough to have a Morningstar ranking.

• Advisors incurred a net loss on the Fund from its inception to December 31, 2006.

LARGE-CAP VALUE FUND

• The Fund’s annual contractual management fee is 0.45% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, three- and four-year periods, the Fund was in the 1st quintile of the universe of its Performance Universe. For the two-year period, the Fund was in the 2nd quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 5 stars for the one-year period.

• Advisors earned a net profit on the Fund for the one-year period.

MID-CAP GROWTH FUND

• The Fund’s annual contractual management fee is 0.48% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one- and three-year periods, the Fund was in the 2nd quintile of its Performance Universe. For the two- and four-year periods, the Fund was in the 3rd and 1st quintile of its Performance Universe, respectively.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• Advisors earned a net profit on the Fund for the one-year period.

MID-CAP VALUE FUND

• The Fund’s annual contractual management fee is 0.48% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, two-, three- and four-year periods, the Fund was in the 1st quintile of the universe of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 5 stars for the one-year period.

• Advisors earned a net profit on the Fund for the one-year period.

SMALL-CAP EQUITY FUND

• The Fund’s annual contractual management fee is 0.48% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one- and four-year periods, the Fund was in the 2nd quintile of its Performance Universe. For the two- and three-year periods, the Fund was in the 3rd quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• Advisors earned a net profit on the Fund for the one-year period.

192 2007 Annual Report ¡ TIAA-CREF Institutional Mutual Funds

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS (UNAUDITED)

LARGE-CAP GROWTH INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 2nd quintile of its Expense Universe.

• For the one-year period, the Fund was in the 2nd quintile of its Performance Universe, while for the two- and three-year periods, the Fund was in the 3rd quintile of its Performance Universe. The four-year period of the Fund improved to the 1st quintile of the Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

LARGE-CAP VALUE INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of the group of comparable funds hand selected by Lipper for expense comparison purposes (“Expense Group”) and Expense Universe.

• For the one- and two-year periods, the Fund was in the 1st quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 5 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

EQUITY INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one- and two-year periods, the Fund was in the 2nd quintile of its Performance Universe, while for the three-, four- and five-year periods, the Fund was in the 3rd quintile of its Performance Universe. The four-year period of the Fund improved to the 1st quintile of the Performance Universe.

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

S&P 500 INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Group and Expense Universe.

• For the one-, two, three- and four-year periods, the Fund was in the 1st quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

MID-CAP GROWTH INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, two-, three- and four-year periods, the Fund was in the 1st quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

MID-CAP VALUE INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one- and two-year periods, the Fund was in the 1st quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 5 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

MID-CAP BLEND INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, two-, three- and four-year periods, the Fund was in the 1st quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

SMALL-CAP GROWTH INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, two- and three-year periods, the Fund was in the 1st, 3rd and 5th quintile of its Performance Universe, respectively.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

SMALL-CAP VALUE INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, two-, three- and four-year periods, the Fund was in the 1st quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

TIAA-CREF Institutional Mutual Funds ¡ 2007 Annual Report 193

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS (UNAUDITED)

SMALL-CAP BLEND INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one- and four-year periods, the Fund was in the 1st quintile of its Performance Universe. For the two- and three-year periods, the Fund was in the 2nd and 3rd quartile of its Performance Universe, respectively.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

INTERNATIONAL EQUITY INDEX FUND

• The Fund’s annual contractual management fee is 0.04% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, two-, three- and four-year periods, the Fund was in the 2nd quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

SOCIAL CHOICE EQUITY FUND

• The Fund’s annual contractual management fee is 0.15% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, three- and four-year periods, the Fund was in the 2nd quintile of its Performance Universe. For the two-and five-year periods, the Fund was in the 3rd quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• Advisors incurred a net loss on the Fund for the one-year period.

REAL ESTATE SECURITIES FUND

• The Fund’s annual contractual management fee is 0.50% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, two- and three-year periods, the Fund was in the 4th quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• Advisors earned a net profit on the Fund for the one-year period.

MANAGED ALLOCATION FUND II

• The Fund’s annual contractual management fee is 0.00% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the period since inception to December 31, 2006, the Fund was in the 2nd quintile of its Performance Universe.

• The Fund has not been operational long enough to have a Morningstar ranking.

• Advisors recognized no income on the Fund from its inception to December 31, 2006.

BOND FUND

• The Fund’s annual contractual management fee is 0.30% of average daily net assets.

• The Fund’s management fees are in the 2nd quintile of its Expense Universe.

• For the one-, two- and three-year periods, the Fund was in the 2nd quintile of its Performance Universe. For the four-and five-year periods, the Fund was in the 3rd and 1st quintile of its Performance Universe, respectively.

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• Advisors earned a net profit on the Fund for the one-year period.

BOND PLUS FUND II

• The Fund’s annual contractual management fee is 0.30% of average daily net assets.

• The Fund’s management fees are in the 2nd quintile of its Expense Universe.

• For the period since inception to December 31, 2006, the Fund was in the 2nd quintile of its Performance Universe.

• The Fund has not been operational long enough to have a Morningstar ranking.

• Advisors incurred a net loss on the Fund from its inception to December 31, 2006.

SHORT-TERM BOND FUND II

• The Fund’s annual contractual management fee is 0.25% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the period since inception to December 31, 2006, the Fund was in the 3rd quintile of its Performance Universe.

• The Fund has not been operational long enough to have a Morningstar ranking.

• Advisors incurred a net loss on the Fund from its inception to December 31, 2006.

HIGH-YIELD FUND II

• The Fund’s annual contractual management fee is 0.35% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the period since inception to December 31, 2006, the Fund was in the 4th quintile of its Performance Universe.

• The Fund has not been operational long enough to have a Morningstar ranking.

• Advisors earned a net profit on the Fund from its inception to December 31, 2006.

194 2007 Annual Report ¡ TIAA-CREF Institutional Mutual Funds

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS (UNAUDITED) concluded

TAX-EXEMPT BOND FUND II

• The Fund’s annual contractual management fee is 0.30% of average daily net assets.

• The Fund’s management fees are in the 2nd quintile of its Expense Universe.

• For the period since inception to December 31, 2006, the Fund was in the 1st quintile of its Performance Universe.

• The Fund has not been operational long enough to have a Morningstar ranking.

• Advisors incurred a net loss on the Fund from its inception to December 31, 2006.

INFLATION-LINKED BOND FUND

• The Fund’s annual contractual management fee is 0.30% of average daily net assets.

• The Fund’s management fees are in the 2nd quintile of its Expense Universe.

• For the one-year period, the Fund was in the 2nd quintile of its Performance Universe. For the two-, three and four-year periods, the Fund was in the 1st quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• Advisors earned a net profit on the Fund for the one-year period.

MONEY MARKET FUND

• The Fund’s annual contractual management fee is 0.10% of average daily net assets.

• The Fund’s management fees are in the 1st quintile of its Expense Universe.

• For the one-, two-, three-, four and five-year periods, the Fund was in the 1st quintile of its Performance Universe.

• Money market funds are not rated by Morningstar.

• Advisors incurred a net loss on the Fund for the one-year period.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreements.

TIAA-CREF Institutional Mutual Funds ¡ 2007 Annual Report 195

IMPORTANT TAX INFORMATION (UNAUDITED)

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

For the fiscal year ended September 30, 2007, the TIAA-CREF Institutional Mutual Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.

Fund	Section 1250 Gains		Long-Term Capital Gains		Total
Growth & Income	$	293	$	3,754,342	$	3,754,635
International Equity		—		108,173,468		108,173,468
Large-Cap Value		—		20,895,574		20,895,574
Mid-Cap Growth		—		13,256,563		13,256,563
Mid-Cap Value		30,569		30,159,242		30,189,811
Small-Cap Equity		70,788		20,161,822		20,232,610
Large-Cap Value Index		57,727		12,525,191		12,582,918
Equity Index		6,196		5,451,936		5,458,132
S&P 500 Index		22,528		1,205,218		1,227,746
Mid-Cap Growth Index		915		2,605,575		2,606,490
Mid-Cap Value Index		18,027		5,673,169		5,691,196
Mid-Cap Blend Index		13,806		5,004,681		5,018,487
Small-Cap Growth Index		—		8,012,241		8,012,241
Small-Cap Value Index		6,686		9,496,583		9,503,269
Small-Cap Blend Index		35,647		11,730,231		11,765,878
International Equity Index		—		1,915,021		1,915,021
Social Choice Equity		—		2,389,966		2,389,966
Real Estate Securities		162,891		31,678,367		31,841,258
Managed Allocation II		—		455,640		455,640

For the fiscal year ended September 30, 2007, the TIAA-CREF Institutional Mutual Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Fund	Percentage
Growth Equity		83.10	%
Growth & Income		74.71	%
International Equity		32.51	%
Large-Cap Growth		76.93	%
Large-Cap Value		54.96	%
Mid-Cap Growth		100.00	%
Mid-Cap Value		37.81	%
Small-Cap Equity		14.17	%
Large-Cap Growth Index		92.36	%
Large-Cap Value Index		83.05	%
Equity Index		88.07	%
S&P 500 Index		94.84	%
Mid-Cap Growth Index		64.59	%
Mid-Cap Value Index		35.21	%
Mid-Cap Blend Index		67.65	%
Small-Cap Growth Index		41.49	%
Small-Cap Value Index		35.80	%
Small-Cap Blend Index		32.81	%
International Equity Index		65.61	%
Social Choice Equity		93.64	%
Real Estate Securities		0.21	%
Managed Allocation II		2.76	%

For the fiscal year ended September 30, 2007, the TIAA-CREF Institutional Mutual Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Growth Equity		81.38	%
Growth & Income		69.85	%
Large-Cap Growth		79.49	%
Large-Cap Value		52.25	%
Mid-Cap Growth		100.00	%
Mid-Cap Value		35.24	%
Small-Cap Equity		14.27	%
Large-Cap Growth Index		92.47	%
Large-Cap Value Index		83.45	%
Equity Index		88.46	%
S&P 500 Index		95.02	%
Mid-Cap Growth Index		64.64	%
Mid-Cap Value Index		34.64	%
Mid-Cap Blend Index		67.82	%
Small-Cap Growth Index		41.55	%
Small-Cap Value Index		35.88	%
Small-Cap Blend Index		32.73	%
Social Choice Equity		93.86	%
Real Estate Securities		0.22	%
Managed Allocation II		1.82	%

The Institutional International Equity and International Equity Index Funds received income from foreign sources during the year ended September 30, 2007 of $39,627,740 ($0.22032 per share) and $18,489,679 ($0.55044) respectively, and paid taxes to foreign countries during the year ended September 30, 2007 of $4,861,895 ($0.02703 per share) and $1,532,763 ($0.04563 per share), respectively.

The Tax-Exempt Bond Fund II paid distributions to shareholders during the year ended September 30, 2007 totaling $5,484,167, of which $5,411,619 was exempt from federal income tax and has been designated as Exempt Interest Dividends.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2007, which will be reported in conjunction with your 2007 Form 1099-DIV.

By early 2008, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

196 2007 Annual Report ¡ TIAA-CREF Institutional Mutual Funds

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HOW TO REACH US

TIAA-CREF WEBSITE

Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

www.tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

800 842-2252

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PLANNING AND SERVICE CENTER

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800 223-1200

8 a.m. to 10 p.m. ET, Monday–Friday

INSURANCE PLANNING CENTER

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800 223-1200

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FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS

800 842-2755

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TIAA-CREF BROKERAGE SERVICES

Self-directed brokerage accounts for investing in stocks, bonds and mutual funds

800 927-3059

8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF TRUST COMPANY, FSB

Asset management, trust administration, estate planning, planned giving and endowment management

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

TIAA-CREF TUITION FINANCING, INC.

Tuition financing programs

888 381-8283

8 a.m. to 10 p.m. ET, Monday–Friday

ADVISOR SERVICES

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit www.tiaa-cref.org, or call 800 897-9069 for the Institutional Class, 877 518-9161 for the Retirement Class or 800 223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA/SIPC, distribute securities products. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Trust Company, FSB, provides trust services. TIAA-CREF Tuition Financing, Inc. (TFI) is the program manager for 529 college savings plans.

©2007 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

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2007 Annual Report ¡ TIAA-CREF Institutional Mutual Funds ¡ Institutional, Retirement and Retail Classes

2007 ANNUAL REPORT

TIAA-CREF
LIFECYCLE FUNDS

OF THE TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
RETIREMENT AND INSTITUTIONAL CLASSES

SEPTEMBER 30, 2007

Audited financial statements

Lifecycle Funds

2010 Fund

2015 Fund

2020 Fund

2025 Fund

2030 Fund

2035 Fund

2040 Fund

SIGN UP FOR ELECTRONIC DELIVERY AT
www.tiaa-cref.org

AN INTRODUCTION TO THE LIFECYCLE FUNDS

The Lifecycle Funds are designed to provide investors with a single, diversified investment portfolio managed with a target retirement date in mind. Each Lifecycle fund invests in several underlying equity (stock) and fixed-income (bond) funds offered by TIAA-CREF. Funds intended for investors retiring sooner have larger holdings in fixed-income funds and smaller positions in equity funds. Funds intended for investors retiring later are more aggressive, with larger equity allocations and smaller fixed-income ones. Each Lifecycle fund’s allocations will gradually change over time, becoming more conservative as the investor approaches retirement. We periodically assess the Lifecycle Funds’ target allocations and may alter them based on our latest research and analysis. The most recent adjustments are described in the prospectuses dated April 24, 2007.

PERFORMANCE OVERVIEW AS OF SEPTEMBER 30, 2007

			Average annual compound rates of total return
Lifecycle Fund
Class	Ticker	Inception date	1 year		since inception
2010 Fund
Retirement Class	TCLEX	10/15/2004	12.21	%	9.46	%†
Institutional Class	TCTIX	1/17/2007	12.44	*	9.54	*
2015 Fund
Retirement Class	TCLIX	10/15/2004	13.60		10.39	†
Institutional Class	TCNIX	1/17/2007	13.82	*	10.46	*
2020 Fund
Retirement Class	TCLTX	10/15/2004	14.23		11.05	†
Institutional Class	TCWIX	1/17/2007	14.33	*	11.08	*
2025 Fund
Retirement Class	TCLFX	10/15/2004	15.18		11.72	†
Institutional Class	TCYIX	1/17/2007	15.42	*	11.80	*
2030 Fund
Retirement Class	TCLNX	10/15/2004	16.07		12.29	†
Institutional Class	TCRIX	1/17/2007	16.19	*	12.33	*
2035 Fund
Retirement Class	TCLRX	10/15/2004	16.91		12.95	†
Institutional Class	TCIIX	1/17/2007	17.11	*	13.01	*
2040 Fund
Retirement Class	TCLOX	10/15/2004	17.93		13.66	†
Institutional Class	TCOIX	1/17/2007	18.12	*	13.72	*

†	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
*	The performance shown for the Institutional Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Institutional Class. If these lower expenses had been reflected, the performance of the Institutional Class shown for this period would have been higher.

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

UNDERSTANDING YOUR LIFECYCLE FUNDS REPORT

This report contains information about the investment performance and holdings of the Lifecycle Funds, an offering of TIAA-CREF Institutional Mutual Funds, for the twelve-month period that ended on September 30, 2007.

          The report includes a letter from Edward Grzybowski, the chief investment officer of Teachers Advisors, Inc., the funds’ investment adviser, that describes the key investment strategies of the Lifecycle Funds.

          The report also contains a detailed explanation of how the funds’ strategies succeeded during the twelve-month period, followed by the fund performance section, which compares each fund’s returns with those of its composite benchmark, Morningstar peer group and a broad-based market index.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at www.tiaa-cref.org, or call 877 518-9161 for the Retirement Class or 800 897-9069 for the Institutional Class. We urge you to read it carefully before investing.

CONTENTS

Report to investors	2
More information for investors	4
About the funds’ composite benchmarks	5
Important information about expenses	6
Special terms	9
Investment results of the Lifecycle Funds	10
Lifecycle Funds performance
2010 Fund	12
2015 Fund	14
2020 Fund	16
2025 Fund	18
2030 Fund	20
2035 Fund	22
2040 Fund	24

Portfolios of investments	26
Financial statements
Statements of assets and liabilities	30
Statements of operations	32
Statements of changes in net assets	34
Financial highlights	39
Notes to financial statements	46
Report of independent registered public accounting firm	52
2007 special meeting	53
Management	54
Approval of investment management agreement	60
Important tax information	68
How to reach us	Inside back cover

REPORT TO INVESTORS

For the twelve-month period ended September 30, 2007, all seven TIAA-CREF Lifecycle Funds posted substantial gains, with returns for the Retirement Class ranging from 12.2% for the 2010 Fund to 17.9% for the 2040 Fund. Each of the funds had a higher return than its composite benchmark.

          The Lifecycle Funds’ superior performance was thanks to the exceptional returns of three of the underlying funds in which the Lifecycle Funds invest:

• The Growth Equity Fund, which posted a return 5.9 percentage points greater than that of its benchmark index.

• The International Equity Fund, which outpaced its benchmark by 5.6 percentage points.

• The Large-Cap Value Fund, which outperformed its benchmark index by 1.3 percentage points.

Foreign stocks maintain their lead

Despite concerns about the growth of the U.S. economy and increased volatility, U.S. stocks posted returns for the period that were significantly higher than the historical norm. The Russell 3000^® Index, one of the most comprehensive measures of the U.S market, climbed 16.5%.

          The MSCI EAFE^® Index, which measures stock performance in 21 developed nations outside North America, rose 14.2% in terms of the local currencies in which its stocks are traded. However, foreign stocks got a boost from a euro and pound that continued to strengthen against the dollar. When converted to dollars, the gain of the EAFE index was 24.9%.

          The Lehman Brothers U.S. Aggregate Index, which measures investment-grade bonds, returned 5.1% for the twelve months.

Funds’ holdings stretch across borders and asset classes

Broad diversification is a key investment strategy of the Lifecycle Funds. Concentrating investments in a single type of security, such as large-cap stocks or corporate bonds, can expose an investor to a higher level of risk. Even U.S. Treasury bonds, widely considered a “safe” investment, can subject an investor to losses if sudden inflation erodes the value of the principal and the interest payments.

          In an effort to control risk, the holdings of the underlying funds in which the Lifecycle Funds invest are diversified by asset class (stocks/bonds), company size and investment style (growth/value). In addition, the holdings of the underlying funds stretch across geographical borders, with assets in all regions of the United States and in more than a dozen other nations.

          All the Lifecycle Funds have an allocation to the Bond Fund as a core holding. This fund divides its holdings

2 2007 Annual Report § TIAA-CREF Lifecycle Funds

Edward J. Grzybowski
Chief Investment Officer
Teachers Advisors, Inc.

among U.S. Treasury and agency securities, corporate bonds and mortgage-backed securities. Depending on its time horizon, each Lifecycle fund may also hold other bond funds. During the period covered by this report, those included the High-Yield Fund II, the Short-Term Bond Fund II and the Inflation-Linked Bond Fund.

          Of course, there is no investment strategy that can guarantee results or prevent losses. Diversification, however, is a proven method for controlling risk, because weak returns from one type of investment can often be tempered by better performance from others.

Funds benefit from being fully invested

Another key element of the funds’ investment strategy is to seek to remain fully invested. During the twelve-month period, the broad U.S. stock market, as measured by the Russell 3000 Index, posted quarterly returns that ranged from 1.3% to 7.1%. The Lifecycle Funds were able to participate fully in the market’s outsized advance that occurred during the fourth quarter of 2006 because they were fully invested at the time.

          Finally, the Lifecycle Funds use regular rebalancing to keep each fund’s asset allocation on track, despite varying returns from different types of investment.

          During the period covered by this report, we enhanced the Lifecycle Funds’ allocation “glide path”—the process of reallocating investment assets over time. These enhancements include larger allocations to stocks both prior to and during retirement. The funds’ new prospectus, which became effective on April 24, 2007, explains these changes in detail. We believe they will provide greater opportunities for investors to reach their long-term goals.

          Pages 10 and 11 of this report provide a detailed explanation of how the funds’ strategies have succeeded during the twelve-month period.

/s/ Edward J. Grzybowski

Edward J. Grzybowski

Chief Investment Officer

Teachers Advisors, Inc.

TIAA-CREF Lifecycle Funds § 2007 Annual Report 3

MORE INFORMATION FOR INVESTORS

Portfolio listings

The complete Lifecycle Funds’ portfolios of investments begin on page 26 of this report. You can also obtain complete lists of the holdings of the Lifecycle Funds and of the underlying funds in which the Lifecycle Funds invest (called “TIAA-CREF Institutional Mutual Funds Statements of Investments”) as of the most recently completed fiscal quarter (currently for the period ended September 30, 2007) in the following ways:

• by visiting the TIAA-CREF website at www.tiaa-cref.org; or

• by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the Lifecycle Funds’ and the TIAA-CREF Institutional Mutual Funds’ holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the Securities and Exchange Commission (SEC). (Form N-CSR lists holdings as of March 31 or September 30; Form N-Q lists holdings as of December 31 or June 30.) Copies of these forms are available:

• through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

• at the SEC’s Public Reference Room. (Call 800 SEC-0330 for more information.)

Proxy voting

A description of our proxy voting policies and procedures can be found at our website at www.tiaa-cref.org or on the SEC website at www.sec.gov. You may also call us at 800 842-2776 to request a free copy. A report of how the Lifecycle Funds and the underlying funds voted during the most recently completed twelve-month period ended June 30 can be found at our website or on Form N-PX at www.sec.gov.

Contacting TIAA-CREF

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

Fund management

The Lifecycle Funds are managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day operations of the funds.

4 2007 Annual Report § TIAA-CREF Lifecycle Funds

ABOUT THE FUNDS’ COMPOSITE BENCHMARKS

Each of the Lifecycle Funds uses a composite benchmark that combines the returns of the benchmarks of the fund’s underlying funds, according to that Lifecycle fund’s target allocations. The Lifecycle Funds’ underlying funds and their individual benchmarks during the period covered by this report were:

• Growth Equity Fund: The Russell 1000^® Growth Index, a subset of the Russell 1000 Index, which measures the stocks of large domestic companies. The Russell 1000 Growth Index measures those stocks of the Russell 1000 with higher price-to-book ratios and higher relative forecasted growth rates.

• Large-Cap Value Fund: The Russell 1000 Value Index, a subset of the Russell 1000 Index, which measures the stocks of large domestic companies. The Russell 1000 Value Index measures those stocks of the Russell 1000 with lower price-to-book ratios and lower relative forecasted growth rates.

• Small-Cap Equity Fund: The Russell 2000^® Index, which measures the stocks of the 2,000 smallest companies in the Russell 3000 Index.

• International Equity Fund: The MSCI EAFE^® Index, which measures the performance of leading stocks in 21 developed nations outside North America.

• Bond Fund: The Lehman Brothers U.S. Aggregate Index, which measures the performance of the U.S. investment-grade, fixed-rate bond market.

• Inflation-Linked Bond Fund: The Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index, which measures the performance of inflation-indexed securities issued by the U.S. government with at least one year to maturity.

• Short-Term Bond Fund II: The Lehman Brothers U.S. Government/Credit (1–5 Year) Index, which measures the performance primarily of U.S. Treasury and agency securities, and corporate bonds with 1–5 year maturities.

• High-Yield Fund II: The Merrill Lynch BB/B Cash Pay Issuer Constrained Index, which measures the performance of bond securities that pay interest in cash and have a credit rating of BB or B. The representation of any single bond issuer is restricted to a maximum of 2% of the index.

You cannot invest directly in any index.

Russell 1000, 2000 and 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. EAFE is a trademark of Morgan Stanley Capital International, Inc. EAFE stands for Europe, Australasia and
Far East.

TIAA-CREF Lifecycle Funds § 2007 Annual Report 5

IMPORTANT INFORMATION ABOUT EXPENSES

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

• Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.

• However, they do incur ongoing costs, including management fees and other fund expenses. These include fees for the Lifecycle Funds and fees for the underlying funds; each Lifecycle fund bears its pro rata share of fees and expenses incurred by the underlying funds.

The examples that appear on pages 7 and 8 are intended to help you understand your ongoing costs (in dollars) of investing in each fund. The examples are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.

          The examples assume $1,000 was invested on April 1, 2007, and held for six months until September 30, 2007.

Actual expenses

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

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

Hypothetical example for comparison purposes

The second line in each fund’s entry in the tables shows a hypothetical fund value and hypothetical expenses based on the fund’s actual expense ratio for the six-month period and an assumed annual rate of return of 5% before expenses, which is not the actual return of any of the individual funds.

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

6 2007 Annual Report §  TIAA-CREF Lifecycle Funds

EXPENSE EXAMPLES—FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2007

Lifecycle Funds—Retirement Class

	Starting fund value (4/1/07)	Ending fund value* (9/30/07)	Expenses paid† (4/1/07–9/30/07)	Effective expenses paid‡ (4/1/07–9/30/07)
2010 Fund actual return	$1,000.00	$1,061.22	$1.29	$3.20
5% annual hypothetical return	1,000.00	1,023.80	1.27	3.15
2015 Fund actual return	$1,000.00	$1,068.19	$1.30	$3.27
5% annual hypothetical return	1,000.00	1,023.80	1.27	3.20
2020 Fund actual return	$1,000.00	$1,071.34	$1.30	$3.27
5% annual hypothetical return	1,000.00	1,023.80	1.27	3.20
2025 Fund actual return	$1,000.00	$1,076.11	$1.30	$3.28
5% annual hypothetical return	1,000.00	1,023.80	1.27	3.20
2030 Fund actual return	$1,000.00	$1,080.57	$1.30	$3.34
5% annual hypothetical return	1,000.00	1,023.80	1.27	3.25
2035 Fund actual return	$1,000.00	$1,084.78	$1.31	$3.34
5% annual hypothetical return	1,000.00	1,023.80	1.27	3.25
2040 Fund actual return	$1,000.00	$1,089.90	$1.31	$3.35
5% annual hypothetical return	1,000.00	1,023.80	1.27	3.25

*	“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the funds’ actual returns.
†	The amounts in the “Expenses paid” column show each fund’s own expense ratio for the most recent fiscal half year, multiplied by the average fund value, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. These expense ratios reflect an agreement by the funds’ adviser to waive its fees and to reimburse the funds for all other expenses (except the Retirement Class service fee) through April 30, 2008. Without these waivers and reimbursements, the funds’ expenses would have been higher and their performance lower. The annualized expense ratio for the six-month period was 0.25% for the Retirement Class of the Lifecycle Funds.
‡	The amounts in the “Effective expenses paid” column show each fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds) for the most recent fiscal half year. For that period, the annualized, weighted, average expense ratio of the underlying funds for the 2010 Fund was 0.37%; that of the underlying funds for the 2015, 2020 and 2025 Funds was 0.38%; and that of the underlying funds for the 2030, 2035 and 2040 Funds was 0.39%.

TIAA-CREF Lifecycle Funds § 2007 Annual Report 7

IMPORTANT INFORMATION ABOUT EXPENSES concluded

EXPENSE EXAMPLES—FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2007

Lifecycle Funds—Institutional Class

	Starting fund value (4/1/07)	Ending fund value* (9/30/07)	Expenses paid† (4/1/07–9/30/07)	Effective expenses paid‡ (4/1/07–9/30/07)
2010 Fund actual return	$1,000.00	$1,041.61	$0.00	$1.89
5% annual hypothetical return	1,000.00	1,025.07	0.00	1.88
2015 Fund actual return	$1,000.00	$1,044.12	$0.00	$1.95
5% annual hypothetical return	1,000.00	1,025.07	0.00	1.93
2020 Fund actual return	$1,000.00	$1,044.62	$0.00	$1.95
5% annual hypothetical return	1,000.00	1,025.07	0.00	1.93
2025 Fund actual return	$1,000.00	$1,046.63	$0.00	$1.95
5% annual hypothetical return	1,000.00	1,025.07	0.00	1.93
2030 Fund actual return	$1,000.00	$1,048.13	$0.00	$2.00
5% annual hypothetical return	1,000.00	1,025.07	0.00	1.98
2035 Fund actual return	$1,000.00	$1,050.14	$0.00	$2.00
5% annual hypothetical return	1,000.00	1,025.07	0.00	1.98
2040 Fund actual return	$1,000.00	$1,052.14	$0.00	$2.01
5% annual hypothetical return	1,000.00	1,025.07	0.00	1.98

*	“Ending fund value” for the hypothetical example would be $1,025.07 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the funds’ actual returns.
†	The amounts in the “Expenses paid” column show each fund’s own expense ratio for the most recent fiscal half year, multiplied by the average fund value, multiplied by 183/365. There were 183 days in the six months ended September 30, 2007. These expense ratios reflect an agreement by the funds’ adviser to waive its fees and to reimburse the funds for all other expenses through April 30, 2008. Without these waivers and reimbursements, the funds’ expenses would have been higher and their performance lower. The annualized expense ratio for the six-month period was 0.00% for the Institutional Class of the Lifecycle Funds.
‡	The amounts in the “Effective expenses paid” column show each fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds) for the most recent fiscal half year. For that period, the annualized, weighted, average expense ratio of the underlying funds for the 2010 Fund was 0.37%; that of the underlying funds for the 2015, 2020 and 2025 Funds was 0.38%; and that of the underlying funds for the 2030, 2035 and 2040 Funds was 0.39%.

8 2007 Annual Report § TIAA-CREF Lifecycle Funds

SPECIAL TERMS

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000^® Index or S&P 500^® Index, whose performance can be used as a standard by which to judge the performance of a fund.

Composite benchmarks are customized combinations of other benchmarks. TIAA-CREF has created composite benchmarks, using the benchmarks of the underlying funds in which the Lifecycle Funds invest, to better measure the performance of the Lifecycle Funds.

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

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

Mortgage-backed securities are bonds that represent an interest in a pool of mortgages usually issued by Ginnie Mae, Fannie Mae or other federal entities.

Overweight holding is a security that forms a larger percentage of a fund, in terms of market capitalization, than that security’s percentage of the benchmark.

Peer groups are groupings of mutual funds with similar objectives whose performance can be compared with that of an individual mutual fund with a similar objective.

Portfolio turnover rate is calculated by dividing the market value of securities bought and sold during a given period by the average value of the fund’s assets during that period.

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

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

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

Underweight holding is a security that forms a smaller percentage of a fund, in terms of market capitalization, than that security’s percentage of the benchmark.

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

TIAA-CREF Lifecycle Funds § 2007 Annual Report 9

INVESTMENT RESULTS OF THE LIFECYCLE FUNDS

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2007

Each of the seven Retirement Class Lifecycle Funds outperformed its composite benchmark during the reporting period, with returns ranging from 12.21% for the 2010 Fund to 17.93% for the 2040 Fund. The following pages provide detailed performance information for each fund.

Despite higher volatility, global stock markets post strong gains

During the twelve-month period, the Russell 3000^® Index, which measures the broad U.S. stock market, advanced a healthy 16.52%. The ride was not particularly smooth, however. Global stock markets experienced a substantial increase in market volatility during the reporting period, especially during the third quarter of 2007.

          Much of the twelve-month return of the Russell 3000 came from the fourth quarter of 2006, when robust corporate profits and the continued strength of the global economy lifted U.S. stocks to a 7.12% rise. In contrast, the third quarter of 2007 saw stocks gain only 1.55% due to concerns about the housing industry and the credit markets.

          The MSCI EAFE^® Index, which measures stock performance in 21 developed nations outside North America, advanced 24.86% in dollar terms. It was the fifth consecutive twelve-month period in which the EAFE Index outpaced the Russell 3000.

Bond market benefits from flight to quality

The Federal Reserve kept short-term interest rates at 5.25% throughout most of the twelve-month period. Helped by stable interest rates and low inflation, the Lehman Brothers U.S. Aggregate Index, which measures investment-grade bonds, returned a solid 2.76% for the first six months of the reporting period.

          When inflation jumped in the second quarter of 2007, fears of a rate hike drove bond prices lower, and the Lehman index posted a 0.52% loss. In the third quarter, however, volatility in the world’s stock markets caused many investors to seek the safety of U.S. Treasury bonds, and bond prices moved higher.

          The Federal Reserve surprised the world’s financial markets on September 18 by cutting short-term interest rates by half a percentage point. This set off a rally in the U.S. bond market, and the Lehman index posted a return of 2.84% for the quarter.

          For the twelve-month period, the Lehman aggregate index returned 5.14%. The Lehman Brothers U.S. TIPS Index, which measures inflation-linked U.S. bonds, returned 4.98%.

10 2007 Annual Report § TIAA-CREF Lifecycle Funds

All seven Lifecycle Funds top their composite benchmarks

All of the Retirement Class Lifecycle Funds outperformed their composite benchmarks during the twelve-month period; the margin of outperformance varied from 1.14% for the 2010 Fund to 1.95% for the 2040 Fund.

          The funds’ strong results were largely due to the performance of the Growth Equity Fund and International Equity Fund, both of which topped their respective benchmarks by more than five-and-one-half percentage points.

          During the period, the Growth Equity Fund returned 25.24%, easily outpacing the 19.35% return of its benchmark, the Russell 1000^® Growth Index. The fund benefited from numerous successful overweight positions, including Apple and agricultural giant Monsanto. Out-of-benchmark holdings in BlackBerry manufacturer Research in Motion and French industrial giant Alstom also helped lift the fund’s return above that of its benchmark.

          The International Equity Fund advanced 30.49%, versus 24.86% for its benchmark, the MSCI EAFE Index. Overweight positions in German drug maker Bayer and Italian auto maker Fiat contributed significantly to the fund’s outperformance. The fund was also buoyed by successful out-of-benchmark holdings that included German steel distributor Kloeckner and China Coal Energy.

          On the fixed-income side, the Short-Term Bond Fund II, Bond Fund and Inflation-Linked Bond Fund generated returns of 4.87%, 4.74% and 4.51%, respectively, but underperformed their respective benchmarks over the twelve-month reporting period.

Stock funds continue to drive Lifecycle returns

Each Lifecycle fund’s performance differs from that of the overall U.S. stock or bond market depending upon that fund’s asset allocations. Due to the strong absolute returns of the equity markets during this period, Lifecycle Funds with target retirement dates farther into the future—those with a larger percentage in stocks—posted higher returns than those funds closer to their respective retirement dates, which have a smaller percentage in stocks.

          The Lifecycle Funds continued to be fully invested at all times, and differences between target allocations and actual underlying fund allocations did not substantially affect performance.

TIAA-CREF Lifecycle Funds § 2007 Annual Report 11

LIFECYCLE 2010 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks a high total return over time through a combination of capital appreciation and income.

INVESTMENT RISKS

The fund shares the risks associated with the types of securities held by each of the underlying funds in which it invests, including market risk, company risk, growth investing risks, value investing risks, style risk, foreign investment risks, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call risk, illiquid security risk, prepayment risk, extension risk and the special risks of inflation-indexed bonds. The fund is also subject to asset allocation risk. For a detailed discussion of risk, please see the prospectus.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual Compound rates of total return
Lifecycle 2010 Fund	1 year			since inception
Retirement Class (inception: 10/15/2004)*		12.21	%		9.46	%
2010 Fund Composite Index†		11.07			9.64
Broad-based market index:
Lehman Brothers U.S. Aggregate Index		5.14			3.73
Morningstar Target-Date 2000–2014		9.84			7.65
Institutional Class (inception: 1/17/2007)		12.44	‡		9.54	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2007, the 2010 Fund Composite Index consisted of: 24.5% Lehman Brothers U.S. Aggregate Index; 18.8% Russell 1000® Growth Index; 18.7% Russell 1000 Value Index; 13.7% MSCI EAFE® Index; 10.9% Lehman Brothers U.S. TIPS Index; 5.8% Lehman Brothers U.S. Government/Credit (1–5 Year) Index; 4.0% Merrill Lynch BB/B Cash Pay Issuer Constrained Index; and 3.6% Russell 2000® Index.
‡	The performance shown for the Institutional Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Institutional Class. If these lower expenses had been reflected, the performance of the Institutional Class shown for this period would have been higher.

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

12 2007 Annual Report §TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

An investment of $10,000 in this fund on October 15, 2004, would have grown to $13,068 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the changes in the values of a broad-based market index and the fund’s peer group during the same period.

ASSET ALLOCATION‡
Underlying funds	Target allocation			Total portfolio investments
Bond Fund		24.5	%		24.6	%
Growth Equity Fund		18.8			19.1
Large-Cap Value Fund		18.7			18.8
International Equity Fund		13.7			14.1
Inflation-Linked Bond Fund		10.9			10.9
Short-Term Bond Fund II		5.8			5.7
High-Yield Fund II		4.0			3.4
Small-Cap Equity Fund		3.6			3.4
Total		100.0			100.0

^‡ The fund’s target allocations were changed on April 24, 2007.

FUND PROFILE
Combined total expense ratio§
Retirement Class	0.57	%
Institutional Class	0.32	%
Fund net assets	$259.61 million

^§ Includes the fund’s underlying fund expenses

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2007 Annual Report 13

LIFECYCLE 2015 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks a high total return over time through a combination of capital appreciation and income.

INVESTMENT RISKS

The fund shares the risks associated with the types of securities held by each of the underlying funds in which it invests, including market risk, company risk, growth investing risks, value investing risks, style risk, foreign investment risks, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call risk, illiquid security risk, prepayment risk, extension risk and the special risks of inflation-indexed bonds. The fund is also subject to asset allocation risk. For a detailed discussion of risk, please see the prospectus.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Lifecycle 2015 Fund	1 year			since inception
Retirement Class (inception: 10/15/2004)*		13.60	%		10.39	%
2015 Fund Composite Index†		12.37			10.57
Broad-based market index:
S&P 500® Index		16.44			13.53
Morningstar Target-Date 2015–2029		14.49			11.62
Institutional Class (inception: 1/17/2007)		13.82	‡		10.46	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2007, the 2015 Fund Composite Index consisted of: 22.7% Lehman Brothers U.S. Aggregate Index; 21.6% Russell 1000® Growth Index; 21.4% Russell 1000 Value Index; 15.7% MSCI EAFE® Index; 7.4% Lehman Brothers U.S. TIPS Index; 4.1% Russell 2000® Index; 4.0% Merrill Lynch BB/B Cash Pay Issuer Constrained Index; and 3.1% Lehman Brothers U.S. Government/Credit (1–5 Year) Index.
‡	The performance shown for the Institutional Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Institutional Class. If these lower expenses had been reflected, the performance of the Institutional Class shown for this period would have been higher.

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

14 2007 Annual Report § TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

An investment of $10,000 in this fund on October 15, 2004, would have grown to $13,398 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the changes in the values of a broad-based market index and the fund’s peer group during the same period.

ASSET ALLOCATION‡
Underlying funds	Target allocation			Total portfolio investments
Bond Fund		22.7	%		22.9	%
Growth Equity Fund		21.6			21.6
Large-Cap Value Fund		21.4			21.5
International Equity Fund		15.7			16.0
Inflation-Linked Bond Fund		7.4			7.4
Small-Cap Equity Fund		4.1			4.0
High-Yield Fund II		4.0			3.5
Short-Term Bond Fund II		3.1			3.1
Total		100.0			100.0

^‡ The fund’s target allocations were changed on April 24, 2007.

FUND PROFILE
Combined total expense ratio§
Retirement Class	0.57	%
Institutional Class	0.32	%
Fund net assets	$204.77 million

^§ Includes the fund’s underlying fund expenses

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2007 Annual Report 15

LIFECYCLE 2020 FUND  EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks a high total return over time through a combination of capital appreciation and income.

INVESTMENT RISKS

The fund shares the risks associated with the types of securities held by each of the underlying funds in which it invests, including market risk, company risk, growth investing risks, value investing risks, style risk, foreign investment risks, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call risk, illiquid security risk, prepayment risk, extension risk and the special risks of inflation-indexed bonds. The fund is also subject to asset allocation risk. For a detailed discussion of risk, please see the prospectus.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Lifecycle 2020 Fund	1 year			since inception
Retirement Class (inception: 10/15/2004)*		14.23	%		11.05	%
2020 Fund Composite Index†		13.03			11.18
Broad-based market index:
S&P 500® Index		16.44			13.53
Morningstar Target-Date 2015–2029		14.49			11.62
Institutional Class (inception: 1/17/2007)		14.33	‡		11.08	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2007, the 2020 Fund Composite Index consisted of: 24.3% Russell 1000® Growth Index; 24.2% Russell 1000 Value Index; 22.0% Lehman Brothers U.S. Aggregate Index; 17.7% MSCI EAFE® Index; 4.6% Russell 2000® Index; 4.0% Merrill Lynch BB/B Cash Pay Issuer Constrained Index; 2.4% Lehman Brothers U.S. TIPS Index; and 0.8% Lehman Brothers U.S. Government/Credit (1–5 Year) Index.
‡	The performance shown for the Institutional Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Institutional Class. If these lower expenses had been reflected, the performance of the Institutional Class shown for this period would have been higher.

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

16 2007 Annual Report § TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

An investment of $10,000 in this fund on October 15, 2004, would have grown to $13,635 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the changes in the values of a broad-based market index and the fund’s peer group during the same period.

ASSET ALLOCATION^‡

Underlying funds	Target allocation			Total portfolio investments
Growth Equity Fund		24.3	%		24.3	%
Large-Cap Value Fund		24.2			24.1
Bond Fund		22.0			22.3
International Equity Fund		17.7			18.1
Small-Cap Equity Fund		4.6			4.6
High-Yield Fund II		4.0			3.4
Inflation-Linked Bond Fund		2.4			2.4
Short-Term Bond Fund II		0.8			0.8
Total		100.0			100.0

^‡ The fund’s target allocations were changed on April 24, 2007.

FUND PROFILE

Combined total expense ratio§
Retirement Class	0.58	%
Institutional Class	0.33	%
Fund net assets	$182.62 million

^§ Includes the fund’s underlying fund expenses

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2007 Annual Report 17

LIFECYCLE 2025 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks a high total return over time through a combination of capital appreciation and income.

INVESTMENT RISKS

The fund shares the risks associated with the types of securities held by each of the underlying funds in which it invests, including market risk, company risk, growth investing risks, value investing risks, style risk, foreign investment risks, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call risk, illiquid security risk, prepayment risk and extension risk. The fund is also subject to asset allocation risk. For a detailed discussion of risk, please see the prospectus.

PERFORMANCE AS OF SEPTEMBER 30, 2007

	Average annual compound rates of total return
Lifecycle 2025 Fund	1 year			since inception
Retirement Class (inception: 10/15/2004)*		15.18	%		11.72	%
2025 Fund Composite Index†		13.76			11.82
Broad-based market index:
S&P 500® Index		16.44			13.53
Morningstar Target-Date 2015–2029		14.49			11.62
Institutional Class (inception: 1/17/2007)		15.42	‡		11.80	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2007, the 2025 Fund Composite Index consisted of: 27.1% Russell 1000® Growth Index; 26.9% Russell 1000 Value Index; 19.7% MSCI EAFE® Index; 17.2% Lehman Brothers U.S. Aggregate Index; 5.1% Russell 2000® Index; and 4.0% Merrill Lynch BB/B Cash Pay Issuer Constrained Index.
‡	The performance shown for the Institutional Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Institutional Class. If these lower expenses had been reflected, the performance of the Institutional Class shown for this period would have been higher.

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

18 2007 Annual Report § TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

An investment of $10,000 in this fund on October 15, 2004, would have grown to $13,881 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the changes in the values of a broad-based market index and the fund’s peer group during the same period.

ASSET ALLOCATION^‡

Underlying funds	Target allocation		Total portfolio investments
Growth Equity Fund	27.1	%	27.1	%
Large-Cap Value Fund	26.9		26.8
International Equity Fund	19.7		20.0
Bond Fund	17.2		17.5
Small-Cap Equity Fund	5.1		4.9
High-Yield Fund II	4.0		3.7
Total	100.0		100.0

^‡ The fund’s target allocations were changed on April 24, 2007.

FUND PROFILE

Combined total expense ratio§
Retirement Class	0.57	%
Institutional Class	0.32	%
Fund net assets	$145.76 million

^§ Includes the fund’s underlying fund expenses

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2007 Annual Report 19

LIFECYCLE 2030 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks a high total return over time through a combination of capital appreciation and income.

INVESTMENT RISKS

The fund shares the risks associated with the types of securities held by each of the underlying funds in which it invests, including market risk, company risk, growth investing risks, value investing risks, style risk, foreign investment risks, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call risk, illiquid security risk, prepayment risk and extension risk. The fund is also subject to asset allocation risk. For a detailed discussion of risk, please see the prospectus.

PERFORMANCE AS OF SEPTEMBER 30, 2007

	Average annual compound rates of total return
Lifecycle 2030 Fund	1 year			since inception
Retirement Class (inception: 10/15/2004)*		16.07	%		12.29	%
2030 Fund Composite Index†		14.55			12.48
Broad-based market index:
S&P 500® Index		16.44			13.53
Morningstar Target-Date 2030+		17.34			14.46
Institutional Class (inception: 1/17/2007)		16.19	‡		12.33	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2007, the 2030 Fund Composite Index consisted of: 29.8% Russell 1000® Growth Index; 29.6% Russell 1000 Value Index; 21.7% MSCI EAFE® Index; 9.2% Lehman Brothers U.S. Aggregate Index; 5.7% Russell 2000® Index; and 4.0% Merrill Lynch BB/B Cash Pay Issuer Constrained Index.
‡	The performance shown for the Institutional Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Institutional Class. If these lower expenses had been reflected, the performance of the Institutional Class shown for this period would have been higher.

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

20 2007 Annual Report § TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

An investment of $10,000 in this fund on October 15, 2004, would have grown to $14,091 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the changes in the values of a broad-based market index and the fund’s peer group during the same period.

ASSET ALLOCATION^‡

Underlying funds	Target allocation		Total portfolio investments
Growth Equity Fund	29.8	%	29.8	%
Large-Cap Value Fund	29.6		29.6
International Equity Fund	21.7		22.0
Bond Fund	9.2		9.6
Small-Cap Equity Fund	5.7		5.4
High-Yield Fund II	4.0		3.6
Total	100.0		100.0

^‡ The fund’s target allocations were changed on April 24, 2007.

FUND PROFILE

Combined total expense ratio§
Retirement Class	0.58	%
Institutional Class	0.33	%
Fund net assets	$130.50 million

^§ Includes the fund’s underlying fund expenses

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2007 Annual Report 21

LIFECYCLE 2035 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks a high total return over time through a combination of capital appreciation and income.

INVESTMENT RISKS

The fund shares the risks associated with the types of securities held by each of the underlying funds in which it invests, including market risk, company risk, growth investing risks, value investing risks, style risk, foreign investment risks, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call risk, illiquid security risk, prepayment risk and extension risk. The fund is also subject to asset allocation risk. For a detailed discussion of risk, please see the prospectus.

PERFORMANCE AS OF SEPTEMBER 30, 2007

	Average annual compound rates of total return
Lifecycle 2035 Fund	1 year			since inception
Retirement Class (inception: 10/15/2004)*		16.91	%		12.95	%
2035 Fund Composite Index†		15.29			13.12
Broad-based market index:
S&P 500® Index		16.44			13.53
Morningstar Target-Date 2030+		17.34			14.46
Institutional Class (inception: 1/17/2007)		17.11	‡		13.01	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2007, the 2035 Fund Composite Index consisted of: 30.9% Russell 1000® Growth Index; 30.7% Russell 1000 Value Index; 22.5% MSCI EAFE® Index; 6.0% Lehman Brothers U.S. Aggregate Index; 5.9% Russell 2000® Index; and 4.0% Merrill Lynch BB/B Cash Pay Issuer Constrained Index.
‡	The performance shown for the Institutional Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Institutional Class. If these lower expenses had been reflected, the performance of the Institutional Class shown for this period would have been higher.

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

22 2007 Annual Report § TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

An investment of $10,000 in this fund on October 15, 2004, would have grown to $14,337 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the changes in the values of a broad-based market index and the fund’s peer group during the same period.

ASSET ALLOCATION‡
Underlying funds	Target allocation			Total portfolio investments
Growth Equity Fund		30.9	%		30.8	%
Large-Cap Value Fund		30.7			30.5
International Equity Fund		22.5			22.7
Bond Fund		6.0			6.4
Small-Cap Equity Fund		5.9			5.7
High-Yield Fund II		4.0			3.9
Total		100.0			100.0

^‡ The fund’s target allocations were changed on April 24, 2007.

FUND PROFILE
Combined total expense ratio§
Retirement Class	0.58%
Institutional Class	0.33%
Fund net assets	$103.45 million

^§ Includes the fund’s underlying fund expenses

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds ¡2007 Annual Report 23

LIFECYCLE 2040 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks a high total return over time through a combination of capital appreciation and income.

INVESTMENT RISKS

The fund shares the risks associated with the types of securities held by each of the underlying funds in which it invests, including market risk, company risk, growth investing risks, value investing risks, style risk, foreign investment risks, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call risk, illiquid security risk, prepayment risk and extension risk. The fund is also subject to asset allocation risk. For a detailed discussion of risk, please see the prospectus.

PERFORMANCE AS OF SEPTEMBER 30, 2007
	Average annual compound rates of total return
Lifecycle 2040 Fund	1 year			since inception
Retirement Class (inception: 10/15/2004)*		17.93	%		13.66	%
2040 Fund Composite Index†		15.98			13.74
Broad-based market index:
S&P 500® Index		16.44			13.53
Morningstar Target-Date 2030+		17.34			14.46
Institutional Class (inception: 1/17/2007)		18.12	‡		13.72	‡

*	This class of the fund began investment operations prior to its inception date (the date on which the class became publicly available). The performance shown is computed from the inception date of the class. Previously, performance for this class of the fund was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2007, the 2040 Fund Composite Index consisted of: 30.9% Russell 1000® Growth Index; 30.7% Russell 1000 Value Index; 22.5% MSCI EAFE® Index; 6.0% Lehman Brothers U.S. Aggregate Index; 5.9% Russell 2000® Index; and 4.0% Merrill Lynch BB/B Cash Pay Issuer Constrained Index.
‡	The performance shown for the Institutional Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Institutional Class. If these lower expenses had been reflected, the performance of the Institutional Class shown for this period would have been higher.

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

24 2007 Annual Report ¡ TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

An investment of $10,000 in this fund on October 15, 2004, would have grown to $14,606 as of September 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the changes in the values of a broad-based market index and the fund’s peer group during the same period.

ASSET ALLOCATION‡
Underlying funds	Target allocation			Total portfolio investments
Growth Equity Fund		30.9	%		30.9	%
Large-Cap Value Fund		30.7			30.8
International Equity Fund		22.5			22.8
Bond Fund		6.0			5.9
Small-Cap Equity Fund		5.9			5.7
High-Yield Fund II		4.0			3.9
Total		100.0			100.0

^‡ The fund’s target allocations were changed on April 24, 2007.

FUND PROFILE
Combined total expense ratio§
Retirement Class		0.58%
Institutional Class		0.33%
Fund net assets	$144.41 million

^§ Includes the fund’s underlying fund expenses

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds ¡ 2007 Annual Report 25

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2010 FUND § SEPTEMBER 30, 2007

	Shares	Company			Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
	6,472,499	TIAA-CREF Institutional Bond Fund		$	64,336,644	24.78	%
	5,495,300	TIAA-CREF Institutional Growth Equity Fund			48,853,219	18.82
	881,331	TIAA-CREF Institutional High-Yield Fund II			8,760,432	3.37
	2,757,080	TIAA-CREF Institutional Inflation-Linked Bond Fund			27,901,649	10.75
	2,408,971	TIAA-CREF Institutional International Equity Fund			36,086,392	13.90
	2,823,549	TIAA-CREF Institutional Large-Cap Value Fund			48,056,807	18.51
	1,460,650	TIAA-CREF Institutional Short-Term Bond Fund II			14,664,931	5.65
	568,530	TIAA-CREF Institutional Small-Cap Equity Fund			8,772,411	3.38
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		(Cost $245,134,920)		257,432,485	99.16
		TOTAL PORTFOLIO	(Cost $245,134,920)		257,432,485	99.16
		OTHER ASSETS & LIABILITIES, NET			2,178,064	0.84
		NET ASSETS		$	259,610,549	100.00	%

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2015 FUND § SEPTEMBER 30, 2007

	Shares	Company			Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
	4,717,102	TIAA-CREF Institutional Bond Fund		$	46,887,996	22.90	%
	4,920,175	TIAA-CREF Institutional Growth Equity Fund			43,740,356	21.36
	711,501	TIAA-CREF Institutional High-Yield Fund II			7,072,325	3.45
	1,481,542	TIAA-CREF Institutional Inflation-Linked Bond Fund			14,993,209	7.32
	2,164,136	TIAA-CREF Institutional International Equity Fund			32,418,753	15.83
	2,568,329	TIAA-CREF Institutional Large-Cap Value Fund			43,712,954	21.35
	623,917	TIAA-CREF Institutional Short-Term Bond Fund II			6,264,130	3.06
	521,009	TIAA-CREF Institutional Small-Cap Equity Fund			8,039,166	3.93
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		(Cost $191,906,775)		203,128,889	99.20
		TOTAL PORTFOLIO	(Cost $191,906,775)		203,128,889	99.20
		OTHER ASSETS & LIABILITIES, NET			1,642,437	0.80
		NET ASSETS		$	204,771,326	100.00	%

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

26 2007 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2020 FUND § SEPTEMBER 30, 2007

	Shares	Company			Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
	4,019,837	TIAA-CREF Institutional Bond Fund		$	39,957,181	21.88	%
	4,904,642	TIAA-CREF Institutional Growth Equity Fund			43,602,271	23.87
	726,493	TIAA-CREF Institutional High-Yield Fund II			7,221,339	3.95
	426,971	TIAA-CREF Institutional Inflation-Linked Bond Fund			4,320,946	2.37
	2,165,983	TIAA-CREF Institutional International Equity Fund			32,446,433	17.77
	2,552,774	TIAA-CREF Institutional Large-Cap Value Fund			43,448,211	23.79
	143,036	TIAA-CREF Institutional Short-Term Bond Fund II			1,436,080	0.79
	531,678	TIAA-CREF Institutional Small-Cap Equity Fund			8,203,787	4.49
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		(Cost $170,122,773)		180,636,248	98.91
		TOTAL PORTFOLIO	(Cost $170,122,773)		180,636,248	98.91
		OTHER ASSETS & LIABILITIES, NET			1,987,517	1.09
		NET ASSETS		$	182,623,765	100.00	%

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2025 FUND § SEPTEMBER 30, 2007

	Shares	Company			Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
	2,525,490	TIAA-CREF Institutional Bond Fund		$	25,103,367	17.22	%
	4,371,444	TIAA-CREF Institutional Growth Equity Fund			38,862,141	26.66
	574,387	TIAA-CREF Institutional High-Yield Fund II			5,709,405	3.92
	2,913	TIAA-CREF Institutional Inflation-Linked Bond Fund			29,478	0.02
	1,918,178	TIAA-CREF Institutional International Equity Fund			28,734,301	19.71
	2,257,307	TIAA-CREF Institutional Large-Cap Value Fund			38,419,363	26.36
	460,879	TIAA-CREF Institutional Small-Cap Equity Fund			7,111,365	4.88
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		(Cost $135,072,649)		143,969,420	98.77
		TOTAL PORTFOLIO	(Cost $135,072,649)		143,969,420	98.77
		OTHER ASSETS & LIABILITIES, NET			1,794,320	1.23
		NET ASSETS		$	145,763,740	100.00	%

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2007 Annual Report 27

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2030 FUND § SEPTEMBER 30, 2007

	Shares	Company			Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
	1,230,345	TIAA-CREF Institutional Bond Fund		$	12,229,629	9.37	%
	4,282,048	TIAA-CREF Institutional Growth Equity Fund			38,067,407	29.17
	515,424	TIAA-CREF Institutional High-Yield Fund II			5,123,316	3.93
	3	TIAA-CREF Institutional Inflation-Linked Bond Fund			29	0.00	**
	1,877,978	TIAA-CREF Institutional International Equity Fund			28,132,112	21.56
	2,226,339	TIAA-CREF Institutional Large-Cap Value Fund			37,892,294	29.03
	451,048	TIAA-CREF Institutional Small-Cap Equity Fund			6,959,666	5.33
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		(Cost $119,723,127)		128,404,453	98.39
		TOTAL PORTFOLIO	(Cost $119,723,127)		128,404,453	98.39
		OTHER ASSETS & LIABILITIES, NET			2,098,492	1.61
		NET ASSETS		$	130,502,945	100.00	%

(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.
**	Percentage represents less than 0.01%.

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2035 FUND § SEPTEMBER 30, 2007

	Shares	Company			Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
	648,633	TIAA-CREF Institutional Bond Fund		$	6,447,415	6.23	%
	3,503,624	TIAA-CREF Institutional Growth Equity Fund			31,147,214	30.11
	399,686	TIAA-CREF Institutional High-Yield Fund II			3,972,875	3.84
	790	TIAA-CREF Institutional Inflation-Linked Bond Fund			7,994	0.01
	1,530,687	TIAA-CREF Institutional International Equity Fund			22,929,684	22.17
	1,832,712	TIAA-CREF Institutional Large-Cap Value Fund			31,192,756	30.15
	376,452	TIAA-CREF Institutional Small-Cap Equity Fund			5,808,659	5.62
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		(Cost $94,580,917)		101,506,597	98.13
		TOTAL PORTFOLIO	(Cost $94,580,917)		101,506,597	98.13
		OTHER ASSETS & LIABILITIES, NET			1,938,964	1.87
		NET ASSETS		$	103,445,561	100.00	%

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

28 2007 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2040 FUND § SEPTEMBER 30, 2007

	Shares	Company			Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
	854,604	TIAA-CREF Institutional Bond Fund		$	8,494,762	5.88	%
	4,899,197	TIAA-CREF Institutional Growth Equity Fund			43,553,864	30.16
	569,578	TIAA-CREF Institutional High-Yield Fund II			5,661,603	3.92
	3,069	TIAA-CREF Institutional Inflation-Linked Bond Fund			31,060	0.02
	2,146,762	TIAA-CREF Institutional International Equity Fund			32,158,492	22.27
	2,561,252	TIAA-CREF Institutional Large-Cap Value Fund			43,592,507	30.19
	526,662	TIAA-CREF Institutional Small-Cap Equity Fund			8,126,399	5.63
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		(Cost $132,348,268)		141,618,687	98.07
		TOTAL PORTFOLIO	(Cost $132,348,268)		141,618,687	98.07
		OTHER ASSETS & LIABILITIES, NET			2,791,077	1.93
		NET ASSETS		$	144,409,764	100.00	%

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2007 Annual Report 29

STATEMENTS OF ASSETS AND LIABILITIES

TIAA-CREF LIFECYCLE FUNDS § SEPTEMBER 30, 2007

	Lifecycle 2010 Fund		Lifecycle 2015 Fund
ASSETS
Investment in affiliated investment companies, at cost	$	245,134,920	$	191,906,775
Net unrealized appreciation of portfolio investments		12,297,565		11,222,114
Total investment in affiliated investment companies, at value		257,432,485		203,128,889
Cash		77		—
Shares of beneficial interest sold		3,439,749		2,007,742
Due from investment advisor		15,943		15,040
Total assets		260,888,254		205,151,671
LIABILITIES
Due to bank		—		3,198
Service agreement fees payable		46,936		35,733
Due to affiliates		14,769		13,414
Investment securities purchased		1,216,000		328,000
Total liabilities		1,277,705		380,345
NET ASSETS	$	259,610,549	$	204,771,326
NET ASSETS CONSIST OF:
Paid-in-capital		242,824,587		190,175,982
Undistributed (accumulated) net investment income		3,231,727		2,033,035
Undistributed (accumulated) net realized gain on total investments		1,256,670		1,340,195
Net unrealized appreciation (depreciation) on investments in affiliated investment companies		12,297,565		11,222,114
NET ASSETS	$	259,610,549	$	204,771,326
RETIREMENT CLASS:
Net assets	$	255,875,251	$	201,246,270
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		21,260,561		16,419,527
Net asset value per share	$	12.04	$	12.26
INSTITUTIONAL CLASS:
Net assets	$	3,735,298	$	3,525,056
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		345,057		324,114
Net asset value per share	$	10.83	$	10.88

30 2007 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

	Lifecycle 2020 Fund		Lifecycle 2025 Fund		Lifecycle 2030 Fund		Lifecycle 2035 Fund		Lifecycle 2040 Fund
ASSETS
Investment in affiliated investment companies, at cost	$	170,122,773	$	135,072,649	$	119,723,127	$	94,580,917	$	132,348,268
Net unrealized appreciation of portfolio investments		10,513,475		8,896,771		8,681,326		6,925,680		9,270,419
Total investment in affiliated investment companies, at value		180,636,248		143,969,420		128,404,453		101,506,597		141,618,687
Cash		452		1,291		2,280		2,033		1,408
Shares of beneficial interest sold		3,130,184		2,252,135		2,599,582		2,331,807		3,719,472
Due from investment advisor		14,844		14,954		14,604		14,594		15,575
Total assets		183,781,728		146,237,800		131,020,919		103,855,031		145,355,142
LIABILITIES
Due to bank		—		—		—		—		—
Service agreement fees payable		31,780		24,513		21,455		16,110		23,250
Due to affiliates		13,183		13,547		13,519		13,360		14,128
Investment securities purchased		1,113,000		436,000		483,000		380,000		908,000
Total liabilities		1,157,963		474,060		517,974		409,470		945,378
NET ASSETS	$	182,623,765	$	145,763,740	$	130,502,945	$	103,445,561	$	144,409,764
NET ASSETS CONSIST OF:
Paid-in-capital		169,275,348		134,941,890		120,157,856		95,419,849		133,800,161
Undistributed (accumulated) net investment income		1,453,438		867,620		578,153		331,729		375,047
Undistributed (accumulated) net realized gain on total investments		1,381,504		1,057,459		1,085,610		768,303		964,137
Net unrealized appreciation (depreciation) on investments in affiliated investment companies		10,513,475		8,896,771		8,681,326		6,925,680		9,270,419
NET ASSETS	$	182,623,765	$	145,763,740	$	130,502,945	$	103,445,561	$	144,409,764
RETIREMENT CLASS:
Net assets	$	181,151,870	$	143,559,431	$	128,767,963	$	102,013,923	$	141,995,886
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		14,519,511		11,377,376		10,055,198		7,857,399		10,789,014
Net asset value per share	$	12.48	$	12.62	$	12.81	$	12.98	$	13.16
INSTITUTIONAL CLASS:
Net assets	$	1,471,895	$	2,204,309	$	1,734,982	$	1,431,638	$	2,413,878
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		135,121		201,700		158,258		130,141		218,624
Net asset value per share	$	10.89	$	10.93	$	10.96	$	11.00	$	11.04

See notes to financial statements TIAA-CREF Lifecycle Funds § 2007 Annual Report 31

STATEMENTS OF OPERATIONS

TIAA-CREF LIFECYCLE FUNDS § FOR YEAR ENDED SEPTEMBER 30, 2007

	Lifecycle 2010 Fund			Lifecycle 2015 Fund
INVESTMENT INCOME
Dividends from affiliated investment companies	$	4,889,705		$	3,634,204
Total Income		4,889,705			3,634,204
EXPENSES
Investment management fees		153,196			121,498
Service agreement fees - Retirement Class		380,979			301,572
Distribution fees - Retirement Class		76,196			60,314
Custody fees		5,654			4,596
Audit fees		11,001			11,001
Legal fees		7,347			7,347
Compliance fees		5,978			5,978
Registration fees		12,975			21,863
Trustee fees and expenses		3,599			3,599
Fund administration expenses		41,056			41,056
Transfer agency fees and expenses - Retirement Class		1,255			1,255
Transfer agency fees and expenses - Institutional Class		1,074			1,074
Report printing and mailing expenses		33,339			12,925
Total expenses before expense reimbursement and fees waived		733,649			594,078
Less: Expenses reimbursed by the investment advisor		(109,518	)		(98,231	)
Fees waived by the investment advisor and TPIS		(229,392	)		(181,812	)
Net expenses		394,739			314,035
Net investment income		4,494,966			3,320,169
NET REALIZED AND UNREALIZED GAIN ON INVESTMENT IN AFFILIATED INVESTMENT COMPANIES:
Realized gain from sale of investment in affiliated companies		204,019			95,499
Realized gain distributions from investment in affiliated investment companies		1,177,546			1,278,834
Net realized gain from investment in affiliated investment companies		1,381,565			1,374,333
Net change in unrealized appreciation from investment in affiliated investment companies		11,294,430			10,101,242
Net realized and unrealized gain from investment in affiliated investment companies		12,675,995			11,475,575
Net increase in net assets resulting from operations	$	17,170,961		$	14,795,744

32 2007 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

	Lifecycle 2020 Fund			Lifecycle 2025 Fund			Lifecycle 2030 Fund			Lifecycle 2035 Fund			Lifecycle 2040 Fund
INVESTMENT INCOME
Dividends from affiliated investment companies	$	2,871,414		$	1,997,694		$	1,636,743		$	1,091,090		$	1,314,397
Total Income		2,871,414			1,997,694			1,636,743			1,091,090			1,314,397
EXPENSES
Investment management fees		107,307			84,220			75,020			55,444			71,701
Service agreement fees - Retirement Class		267,077			208,623			186,235			137,447			177,569
Distribution fees - Retirement Class		53,415			41,725			37,247			27,490			35,514
Custody fees		4,307			4,591			4,592			4,311			4,468
Audit fees		11,001			11,001			11,001			11,001			11,001
Legal fees		7,347			7,347			7,347			7,347			7,347
Compliance fees		5,978			5,978			5,978			5,978			5,978
Registration fees		21,863			21,863			21,863			21,863			21,863
Trustee fees and expenses		3,599			3,599			3,599			3,599			3,599
Fund administration expenses		41,056			41,056			41,056			41,056			41,056
Transfer agency fees and expenses - Retirement Class		1,255			1,255			1,255			1,255			1,256
Transfer agency fees and expenses - Institutional Class		1,074			1,074			1,074			1,074			1,074
Report printing and mailing expenses		14,356			15,341			14,991			16,466			23,904
Total expenses before expense reimbursement and fees waived		539,635			447,673			411,258			334,331			406,330
Less: Expenses reimbursed by the investment advisor		(101,320	)		(105,337	)		(105,716	)		(109,236	)		(116,156	)
Fees waived by the investment advisor and TPIS		(160,722	)		(125,945	)		(112,267	)		(82,934	)		(107,215	)
Net expenses		277,593			216,391			193,275			142,161			182,959
Net investment income		2,593,821			1,781,303			1,443,468			948,929			1,131,438
NET REALIZED AND UNREALIZED GAIN ON INVESTMENT IN AFFILIATED INVESTMENT COMPANIES:
Realized gain from sale of investment in affiliated companies		220,326			140,558			143,421			89,072			148,059
Realized gain distributions from investment in affiliated investment companies		1,166,867			935,996			943,747			680,620			834,569
Net realized gain from investment in affiliated investment companies		1,387,193			1,076,554			1,087,168			769,692			982,628
Net change in unrealized appreciation from investment in affiliated investment companies		9,473,936			8,095,543			7,848,563			6,308,823			8,682,818
Net realized and unrealized gain from investment in affiliated investment companies		10,861,129			9,172,097			8,935,731			7,078,515			9,665,446
Net increase in net assets resulting from operations	$	13,454,950		$	10,953,400		$	10,379,199		$	8,027,444		$	10,796,884

See notes to financial statements TIAA-CREF Lifecycle Funds § 2007 Annual Report 33

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		Lifecycle 2010 Fund
		2007			2006
OPERATIONS
Net investment income		$	4,494,966		$	725,040
Net realized gain from investment in affiliated investment companies			1,381,565			192,820
Net change in unrealized appreciation from investment in affiliated investment companies			11,294,430			951,062
Net increase from operations			17,170,961			1,868,922
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		(1,898,282	)		(181,201	)
	Institutional Class (a)		—			—
From realized gains:	Retirement Class		(259,090	)		(17,514	)
	Institutional Class (a)		—			—
Total distributions			(2,157,372	)		(198,715	)
SHAREHOLDER TRANSACTIONS
Seed money subscriptions:	Institutional Class (a)		500,000			—
Subscriptions:	Retirement Class		186,601,137			58,196,601
	Institutional Class (a)		3,152,534			—
Reinvestment of distributions:	Retirement Class		2,153,427			198,715
	Institutional Class (a)		—			—
Redemptions:	Retirement Class		(7,469,477	)		(4,136,626	)
	Institutional Class (a)		(39,801	)		—
Net increase from shareholder transactions			184,897,820			54,258,690
Net increase in net assets			199,911,409			55,928,897
NET ASSETS
Beginning of period			59,699,140			3,770,243
End of year		$	259,610,549		$	59,699,140
Undistributed net investment income included in net assets		$	3,231,727		$	633,453
CHANGE IN FUND SHARES
Seed money shares sold:	Institutional Class (a)		50,000			—
Shares sold:	Retirement Class		16,295,217			5,441,743
	Institutional Class (a)		298,858			—
Shares reinvested:	Retirement Class		194,528			18,836
	Institutional Class (a)		—			—
Shares redeemed:	Retirement Class		(658,949	)		(386,260	)
	Institutional Class (a)		(3,801	)		—
Net increase (decrease) from shareholder transactions			16,175,853			5,074,319

(a) Institutional Class commenced operations on January 17, 2007.

34 2007 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

		Lifecycle 2015 Fund						Lifecycle 2020 Fund
		2007			2006			2007			2006
OPERATIONS
Net investment income		$	3,320,169		$	625,133		$	2,593,821		$	423,567
Net realized gain from investment in affiliated investment companies			1,374,333			175,524			1,387,193			116,039
Net change in unrealized appreciation from investment in affiliated investment companies			10,101,242			1,061,710			9,473,936			965,112
Net increase from operations			14,795,744			1,862,367			13,454,950			1,504,718
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		(1,817,961	)		(211,423	)		(1,510,208	)		(118,160	)
	Institutional Class (a)		—			—			—			—
From realized gains:	Retirement Class		(137,612	)		(44,989	)		(76,188	)		(13,475	)
	Institutional Class (a)		—			—			—			—
Total distributions			(1,955,573	)		(256,412	)		(1,586,396	)		(131,635	)
SHAREHOLDER TRANSACTIONS
Seed money subscriptions:	Institutional Class (a)		500,000			—			500,000			—
Subscriptions:	Retirement Class		137,550,816			47,200,970			127,997,409			41,280,700
	Institutional Class (a)		3,201,121			—			949,220			—
Reinvestment of distributions:	Retirement Class		1,946,888			251,459			1,579,715			124,198
	Institutional Class (a)		—			—			—			—
Redemptions:	Retirement Class		(4,616,812	)		(1,026,942	)		(5,417,825	)		(458,903	)
	Institutional Class (a)		(310,426	)		—			(46,804	)		—
Net increase from shareholder transactions			138,271,587			46,425,487			125,561,715			40,945,995
Net increase in net assets			151,111,758			48,031,442			137,430,269			42,319,078
NET ASSETS
Beginning of period			53,659,568			5,628,126			45,193,496			2,874,418
End of year		$	204,771,326		$	53,659,568		$	182,623,765		$	45,193,496
Undistributed net investment income included in net assets		$	2,033,035		$	529,758		$	1,453,438		$	368,268
CHANGE IN FUND SHARES
Seed money shares sold:	Institutional Class (a)		50,000			—			50,000			—
Shares sold:	Retirement Class		11,797,001			4,393,278			10,795,031			3,806,192
	Institutional Class (a)		303,407			—			89,529			—
Shares reinvested:	Retirement Class		173,829			23,723			138,937			11,629
	Institutional Class (a)		—			—			—			—
Shares redeemed:	Retirement Class		(400,943	)		(95,196	)		(458,370	)		(42,303	)
	Institutional Class (a)		(29,293	)		—			(4,408	)		—
Net increase (decrease) from shareholder transactions			11,894,001			4,321,805			10,610,719			3,775,518

See notes to financial statements TIAA-CREF Lifecycle Funds § 2007 Annual Report 35

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		Lifecycle 2025 Fund
		2007			2006
OPERATIONS
Net investment income		$	1,781,303		$	337,137
Net realized gain from investment in affiliated investment companies			1,076,554			132,508
Net change in unrealized appreciation from investment in affiliated investment companies			8,095,543			687,732
Net increase from operations			10,953,400			1,157,377
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		(1,186,405	)		(146,877	)
	Institutional Class (a)		—			—
From realized gains:	Retirement Class		(97,196	)		(16,232	)
	Institutional Class (a)		—			—
Total distributions			(1,283,601	)		(163,109	)
SHAREHOLDER TRANSACTIONS
Seed money subscriptions:	Institutional Class (a)		500,000			—
Subscriptions:	Retirement Class		102,098,028			29,608,897
	Institutional Class (a)		1,618,568			—
Reinvestment of distributions:	Retirement Class		1,282,188			162,734
	Institutional Class (a)		—			—
Exchanges among the funds:	Retirement Class		—			—
	Institutional Class (a)		—			—
Redemptions:	Retirement Class		(3,546,862	)		(697,065	)
	Institutional Class (a)		(21,481	)		—
Net increase from shareholder transactions			101,930,441			29,074,566
Net increase in net assets			111,600,240			30,068,834
NET ASSETS
Beginning of period			34,163,500			4,094,666
End of year		$	145,763,740		$	34,163,500
Undistributed net investment income included in net assets		$	867,620		$	272,470
CHANGE IN FUND SHARES
Seed money shares sold:	Institutional Class (a)		50,000			—
Shares sold:	Retirement Class		8,523,873			2,707,575
	Institutional Class (a)		153,748			—
Shares reinvested:	Retirement Class		111,982			15,152
	Institutional Class (a)		—			—
Shares exchanged among the Funds, net:
	Retirement Class		—			—
	Institutional Class (a)		—			—
Shares redeemed:	Retirement Class		(296,902	)		(65,074	)
	Institutional Class (a)		(2,049	)		—
Net increase (decrease) from shareholder transactions			8,540,652			2,657,653

(a) Institutional Class commenced operations on January 17, 2007.

36 2007 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

continued

		Lifecycle 2030 Fund						Lifecycle 2035 Fund
		2007			2006			2007			2006
OPERATIONS
Net investment income		$	1,443,468		$	228,960		$	948,929		$	147,872
Net realized gain from investment in affiliated investment companies			1,087,168			105,314			769,692			98,660
Net change in unrealized appreciation from investment in affiliated investment companies			7,848,563			725,835			6,308,823			502,107
Net increase from operations			10,379,199			1,060,109			8,027,444			748,639
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		(1,050,975	)		(101,372	)		(727,014	)		(89,835	)
	Institutional Class (a)		—			—			—			—
From realized gains:	Retirement Class		(65,183	)		(11,540	)		(60,651	)		(12,338	)
	Institutional Class (a)		—			—			—			—
Total distributions			(1,116,158	)		(112,912	)		(787,665	)		(102,173	)
SHAREHOLDER TRANSACTIONS
Seed money subscriptions:	Institutional Class (a)		500,000			—			500,000			—
Subscriptions:	Retirement Class		91,079,675			25,969,895			75,528,069			16,145,074
	Institutional Class (a)		1,207,638			—			877,238			—
Reinvestment of distributions:	Retirement Class		1,111,152			108,961			779,969			102,171
	Institutional Class (a)		—			—			—			—
Exchanges among the funds:	Retirement Class		(116,547	)		—			—			—
	Institutional Class (a)		—			—			—			—
Redemptions:	Retirement Class		(2,294,551	)		(235,861	)		(886,266	)		(181,340	)
	Institutional Class (a)		(54,696	)		—			(18,813	)		—
Net increase from shareholder transactions			91,432,671			25,842,995			76,780,197			16,065,905
Net increase in net assets			100,695,712			26,790,192			84,019,976			16,712,371
NET ASSETS
Beginning of period			29,807,233			3,017,041			19,425,585			2,713,214
End of year		$	130,502,945		$	29,807,233		$	103,445,561		$	19,425,585
Undistributed net investment income included in net assets		$	578,153		$	184,005		$	331,729		$	108,690
CHANGE IN FUND SHARES
Seed money shares sold:	Institutional Class (a)		50,000			—			50,000			—
Shares sold:	Retirement Class		7,517,887			2,368,384			6,153,683			1,463,181
	Institutional Class (a)		113,393			—			81,936			—
Shares reinvested:	Retirement Class		96,037			10,126			66,835			9,452
	Institutional Class (a)		—			—			—			—
Shares exchanged among the Funds, net:
	Retirement Class		(9,680	)		—			—			—
	Institutional Class (a)		—			—			—			—
Shares redeemed:	Retirement Class		(187,060	)		(21,492	)		(70,807	)		(16,551	)
	Institutional Class (a)		(5,135	)		—			(1,795	)		—
Net increase (decrease) from shareholder transactions			7,575,442			2,357,018			6,279,852			1,456,082

See notes to financial statements TIAA-CREF Lifecycle Funds § 2007 Annual Report 37

STATEMENTS OF CHANGES IN NET ASSETS concluded

TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		Lifecycle 2040 Fund
		2007			2006
OPERATIONS
Net investment income		$	1,131,438		$	116,042
Net realized gain from investment in affiliated investment companies			982,628			123,090
Net change in unrealized appreciation from investment in affiliated investment companies			8,682,818			492,123
Net increase from operations			10,796,884			731,255
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		(844,126	)		(68,295	)
	Institutional Class (a)		—			—
From realized gains:	Retirement Class		(108,347	)		(11,335	)
	Institutional Class (a)		—			—
Total distributions			(952,473	)		(79,630	)
SHAREHOLDER TRANSACTIONS
Seed money subscriptions:	Institutional Class (a)		500,000			—
Subscriptions:	Retirement Class		113,769,642			19,940,127
	Institutional Class (a)		1,965,989			—
Reinvestment of distributions:	Retirement Class		947,700			79,632
	Institutional Class (a)		—			—
Redemptions:	Retirement Class		(3,542,802	)		(1,644,594	)
	Institutional Class (a)		(168,437	)		—
Net increase from shareholder transactions			113,472,092			18,375,165
Net increase in net assets			123,316,503			19,026,790
NET ASSETS
Beginning of period			21,093,261			2,066,471
End of year		$	144,409,764		$	21,093,261
Undistributed net investment income included in net assets		$	375,047		$	86,438
CHANGE IN FUND SHARES
Seed money shares sold:	Institutional Class (a)		50,000			—
Shares sold:	Retirement Class		9,145,824			1,795,560
	Institutional Class (a)		184,342			—
Shares reinvested:	Retirement Class		80,518			7,333
	Institutional Class (a)		—			—
Shares redeemed:	Retirement Class		(279,618	)		(151,806	)
	Institutional Class (a)		(15,718	)		—
Net increase (decrease) from shareholder transactions			9,165,348			1,651,087

(a) Institutional Class commenced operations on January 17, 2007.

38 2007 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS

LIFECYCLE 2010 FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Retirement Class	9/30/2007		$	10.99	$	0.34		$	0.98	$	1.32	$	(0.24	)	$	(0.03	)	$	(0.27	)	$	12.04
	9/30/2006			10.61		0.36			0.29		0.65		(0.25	)		(0.02	)		(0.27	)		10.99
	9/30/2005	*		9.92		0.26			0.70		0.96		(0.27	)		—	(d)		(0.27	)		10.61
	9/30/2005	†		10.00		0.26			0.62		0.88		(0.27	)		—	(d)		(0.27	)		10.61
Institutional Class	9/30/2007	‡		10.00		0.22			0.61		0.83		—			—			—			10.83

					Ratios and Supplemental Data
							Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets
					Net Assets, End of Year (000’s)
	For the Years Ended												Portfolio Turnover Rate
			Total Return
							Total(e)(g)		Net(e)(h)
Retirement Class	9/30/2007		12.21	%	$	255,875	0.48	%	0.26	%	2.93	%	12	%
	9/30/2006		6.32			59,699	0.69		0.33		3.32		13
	9/30/2005	*	9.76	(b)		3,770	0.46	(c)	0.46	(c)	2.57	(c)	11	(c)
	9/30/2005	†	8.88	(b)		3,770	0.46	(c)	0.46	(c)	2.53	(c)	11	(c)
Institutional Class	9/30/2007	‡	8.30	(b)		3,735	0.31	(c)	0.00	(c)	3.04	(c)	12

*	The Retirement Class effective date of SEC registration was October 15, 2004.
†	The Retirement Class commenced operations on October 4, 2004.
‡	The Institutional Class commenced operations on January 17, 2007.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Total return for the period of less than one year is not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expenses of the Underlying Funds.
(g)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(h)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Lifecycle Funds ¡ 2007 Annual Report 39

FINANCIAL HIGHLIGHTS continued

LIFECYCLE 2015 FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Retirement Class	9/30/2007		$	11.06	$	0.32		$	1.16	$	1.48	$	(0.26	)	$	(0.02	)	$	(0.28	)	$	12.26
	9/30/2006			10.66		0.31			0.40		0.71		(0.26	)		(0.05	)		(0.31	)		11.06
	9/30/2005	*		9.90		0.26			0.79		1.05		(0.29	)		—	(d)		(0.29	)		10.66
	9/30/2005	†		10.00		0.26			0.69		0.95		(0.29	)		—	(d)		(0.29	)		10.66
Institutional Class	9/30/2007	‡		10.00		0.18			0.70		0.88		—			—			—			10.88

					Ratios and Supplemental Data
							Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets
					Net Assets, End of Year (000’s)
	For the Years Ended												Portfolio Turnover Rate
			Total Return
							Total(e)(g)		Net(e)(h)
Retirement Class	9/30/2007		13.60	%	$	201,246	0.49	%	0.26	%	2.74	%	15	%
	9/30/2006		6.80			53,660	0.61		0.33		2.91		6
	9/30/2005	*	10.64	(b)		5,628	0.46	(c)	0.46	(c)	2.57	(c)	3	(c)
	9/30/2005	†	9.54	(b)		5,628	0.46	(c)	0.46	(c)	2.54	(c)	3	(c)
Institutional Class	9/30/2007	‡	8.80	(b)		3,525	0.32	(c)	0.00	(c)	2.37	(c)	15

*	The Retirement Class effective date of SEC registration was October 15, 2004.
†	The Retirement Class commenced operations on October 4, 2004.
‡	The Institutional Class commenced operations on January 17, 2007.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Total return for the period of less than one year is not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expenses of the Underlying Funds.
(g)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(h)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

40 2007 Annual Report ¡ TIAA-CREF Lifecycle Funds See notes to financial statements

LIFECYCLE 2020 FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Retirement Class	9/30/2007		$	11.18	$	0.29		$	1.28	$	1.57	$	(0.26	)	$	(0.01	)	$	(0.27	)	$	12.48
	9/30/2006			10.71		0.29			0.48		0.77		(0.27	)		(0.03	)		(0.30	)		11.18
	9/30/2005	*		9.89		0.21			0.91		1.12		(0.30	)		—	(d)		(0.30	)		10.71
	9/30/2005	†		10.00		0.21			0.80		1.01		(0.30	)		—	(d)		(0.30	)		10.71
Institutional Class	9/30/2007	‡		10.00		0.13			0.76		0.89		—			—			—			10.89

					Ratios and Supplemental Data
							Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets
					Net Assets, End of Year (000’s)
	For the Years Ended												Portfolio Turnover Rate
			Total Return
							Total(e)(g)		Net(e)(h)
Retirement Class	9/30/2007		14.23	%	$	181,152	0.50	%	0.26	%	2.42	%	20	%
	9/30/2006		7.30			45,193	0.70		0.32		2.66		1
	9/30/2005	*	11.46	(b)		2,874	0.46	(c)	0.46	(c)	2.11	(c)	12	(c)
	9/30/2005	†	10.24	(b)		2,874	0.46	(c)	0.46	(c)	2.07	(c)	12	(c)
Institutional Class	9/30/2007	‡	8.90	(b)		1,472	0.43	(c)	0.00	(c)	1.83	(c)	20

*	The Retirement Class effective date of SEC registration was October 15, 2004.
†	The Retirement Class commenced operations on October 4, 2004.
‡	The Institutional Class commenced operations on January 17, 2007.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Total return for the period of less than one year is not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expenses of the Underlying Funds.
(g)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(h)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Lifecycle Funds ¡ 2007 Annual Report 41

FINANCIAL HIGHLIGHTS continued

LIFECYCLE 2025 FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Retirement Class	9/30/2007		$	11.24	$	0.26		$	1.42	$	1.68	$	(0.28	)	$	(0.02	)	$	(0.30	)	$	12.62
	9/30/2006			10.75		0.25			0.55		0.80		(0.28	)		(0.03	)		(0.31	)		11.24
	9/30/2005	*		9.87		0.19			1.01		1.20		(0.32	)		—	(d)		(0.32	)		10.75
	9/30/2005	†		10.00		0.19			0.88		1.07		(0.32	)		—	(d)		(0.32	)		10.75
Institutional Class	9/30/2007	‡		10.00		0.11			0.82		0.93		—			—			—			10.93

					Ratios and Supplemental Data
							Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets
					Net Assets, End of Year (000’s)
	For the Years Ended												Portfolio Turnover Rate
			Total Return
							Total(e)(g)		Net(e)(h)
Retirement Class	9/30/2007		15.18	%	$	143,559	0.53	%	0.26	%	2.12	%	25	%
	9/30/2006		7.59			34,164	0.73		0.33		2.25		3
	9/30/2005	*	12.24	(b)		4,095	0.46	(c)	0.46	(c)	1.86	(c)	2	(c)
	9/30/2005	†	10.78	(b)		4,095	0.46	(c)	0.46	(c)	1.83	(c)	2	(c)
Institutional Class	9/30/2007	‡	9.30	(b)		2,204	0.38	(c)	0.00	(c)	1.45	(c)	25

*	The Retirement Class effective date of SEC registration was October 15, 2004.
†	The Retirement Class commenced operations on October 4, 2004.
‡	The Institutional Class commenced operations on January 17, 2007.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Total return for the period of less than one year is not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expenses of the Underlying Funds.
(g)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(h)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

42 2007 Annual Report ¡ TIAA-CREF Lifecycle Funds See notes to financial statements

LIFECYCLE 2030 FUND

			Selected Per Share Data
					Investment Operations						Distributions
	For the Years Ended		Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Retirement Class	9/30/2007		$	11.30	$	0.24	$	1.55	$	1.79	$	(0.26	)	$	(0.02	)	$	(0.28	)	$	12.81
	9/30/2006			10.74		0.23		0.63		0.86		(0.27	)		(0.03	)		(0.30	)		11.30
	9/30/2005	*		9.85		0.17		1.05		1.22		(0.33	)		—	(d)		(0.33	)		10.74
	9/30/2005	†		10.00		0.17		0.90		1.07		(0.33	)		—	(d)		(0.33	)		10.74
Institutional Class	9/30/2007	‡		10.00		0.02		0.94		0.96		—			—			—			10.96

						Ratios and Supplemental Data
	For the Years Ended		Total Return			Net Assets, End of Year (000’s)		Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
								Total	(e)(g)	Net	(e)(h)
Retirement Class	9/30/2007			16.07	%	$	128,768	0.55	%	0.26	%		1.94	%		29	%
	9/30/2006			8.20			29,807	0.85		0.33			2.06			0	(f)
	9/30/2005	*		12.55	(b)		3,017	0.46	(c)	0.46	(c)		1.72	(c)		5	(c)
	9/30/2005	†		10.86	(b)		3,017	0.46	(c)	0.46	(c)		1.68	(c)		5	(c)
Institutional Class	9/30/2007	‡		9.60	(b)		1,735	0.46	(c)	0.00	(c)		0.33	(c)		29

*	The Retirement Class effective date of SEC registration was October 15, 2004.
†	The Retirement Class commenced operations on October 4, 2004.
‡	The Institutional Class commenced operations on January 17, 2007.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Total return for the period of less than one year is not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expenses of the Underlying Funds.
(f)	Percentage is less than 1%.
(g)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(h)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2007 Annual Report 43

FINANCIAL HIGHLIGHTS concluded

LIFECYCLE 2035 FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Retirement Class	9/30/2007		$	11.38	$	0.21		$	1.68	$	1.89	$	(0.27	)	$	(0.02	)	$	(0.29	)	$	12.98
	9/30/2006			10.78		0.19			0.73		0.92		(0.28	)		(0.04	)		(0.32	)		11.38
	9/30/2005	*		9.83		0.16			1.14		1.30		(0.35	)		—	(d)		(0.35	)		10.78
	9/30/2005	†		10.00		0.16			0.97		1.13		(0.35	)		—	(d)		(0.35	)		10.78
Institutional Class	9/30/2007	‡		10.00		0.07			0.93		1.00		—			—			—			11.00

						Ratios and Supplemental Data
	For the Years Ended		Total Return			Net Assets, End of Year (000’s)		Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
								Total	(e)(g)	Net	(e)(h)
Retirement Class	9/30/2007			16.91	%	$	102,014	0.60	%	0.26	%		1.72	%		24	%
	9/30/2006			8.62			19,426	1.03		0.33			1.76			1
	9/30/2005	*		13.36	(b)		2,713	0.46	(c)	0.46	(c)		1.57	(c)		5	(c)
	9/30/2005	†		11.43	(b)		2,713	0.46	(c)	0.46	(c)		1.53	(c)		5	(c)
Institutional Class	9/30/2007	‡		10.00	(b)		1,432	0.55	(c)	0.00	(c)		0.90	(c)		24

*	The Retirement Class effective date of SEC registration was October 15, 2004.
†	The Retirement Class commenced operations on October 4, 2004.
‡	The Institutional Class commenced operations on January 17, 2007.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Total return for the period of less than one year is not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expenses of the Underlying Funds.
(g)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(h)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

44 2007 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

LIFECYCLE 2040 FUND

			Selected Per Share Data
					Investment Operations							Distributions
	For the Years Ended		Net Asset Value, Beginning of Period		Net Investment Income		(a)	Net Realized and Unrealized Gain (Loss) on Investments		Gain (Loss) from Investment Operations		From Net Investment Income			From Net Realized Gains			Total Distributions			Net Asset Value, End of Year
Retirement Class	9/30/2007		$	11.45	$	0.20		$	1.82	$	2.02	$	(0.28	)	$	(0.03	)	$	(0.31	)	$	13.16
	9/30/2006			10.81		0.17			0.79		0.96		(0.27	)		(0.05	)		(0.32	)		11.45
	9/30/2005	*		9.82		0.15			1.21		1.36		(0.37	)		—	(d)		(0.37	)		10.81
	9/30/2005	†		10.00		0.15			1.03		1.18		(0.37	)		—	(d)		(0.37	)		10.81
Institutional Class	9/30/2007	‡		10.00		0.06			0.98		1.04		—			—			—			11.04

						Ratios and Supplemental Data
	For the Years Ended		Total Return			Net Assets, End of Year (000’s)		Ratio of Expenses to Average Net Assets				Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
								Total	(e)(g)	Net	(e)(h)
Retirement Class	9/30/2007			17.93	%	$	141,996	0.57	%	0.26	%		1.59	%		18	%
	9/30/2006			9.04			21,093	1.19		0.33			1.50			17
	9/30/2005	*		13.93	(b)		2,066	0.46	(c)	0.46	(c)		1.45	(c)		10	(c)
	9/30/2005	†		11.88	(b)		2,066	0.46	(c)	0.46	(c)		1.41	(c)		10	(c)
Institutional Class	9/30/2007	‡		10.40	(b)		2,414	0.44	(c)	0.00	(c)		0.78	(c)		18

*	The Retirement Class effective date of SEC registration was October 15, 2004.
†	The Retirement Class commenced operations on October 4, 2004.
‡	The Institutional Class commenced operations on January 17, 2007.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	Total return for the period of less than one year is not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expenses of the Underlying Funds.
(g)	Ratio of Total Expenses to Average Net Assets includes all expenses before fee waivers and/or reimbursements by the investment adviser and TPIS.
(h)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and TPIS, if any.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2007 Annual Report 45

NOTES TO FINANCIAL STATEMENTS

TIAA-CREF LIFECYCLE FUNDS

Note 1—significant accounting policies

The Lifecycle Funds (the “Funds,” each individually referred to as a “Fund”), comprise seven of the thirty-six funds offered by TIAA-CREF Institutional Mutual Funds, a Delaware statutory trust, that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940 as an open-end management investment company. The seven Lifecycle Funds are 2010, 2015, 2020, 2025, 2030, 2035 and 2040. Each Fund offers two classes of shares: Retirement Class and Institutional Class, which commenced operations on October 4, 2004 and January 17, 2007, respectively. The Retirement and Institutional share classes commenced operations with a seed money investment of $1,000,000 and $500,000, respectively, by Teachers Insurance and Annuity Association of America (“TIAA”). For the year ended September 30, 2007, TIAA had investments in the Retirement and Institutional share classes of the Funds as follows:

	Retirement Class					Institutional Class
Fund	TIAA Investments		Percentage of Net Assets			TIAA Investments		Percentage of Net Assets
Lifecycle 2010	$	1,298,920		0.51	%	$	541,500		14.50	%
Lifecycle 2015		1,329,033		0.66			544,000		15.43
Lifecycle 2020		1,351,229		0.75			544,500		36.99
Lifecycle 2025		1,372,820		0.96			546,500		24.79
Lifecycle 2030		1,392,224		1.08			548,000		31.59
Lifecycle 2035		1,415,081		1.39			550,000		38.42
Lifecycle 2040		1,438,649		1.01			552,000		22.87

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of certain other series of TIAA-CREF Institutional Mutual Funds (the “Underlying Funds”). The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned indirect subsidiary of TIAA. The accompanying financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies followed by the Funds.

Valuation of investments: The market value of the Underlying Funds is based on their net asset values as of the close of the New York Stock Exchange on the valuation date.

Accounting for investments: Securities transactions are accounted for as of trade date. Interest income is recorded as earned. Dividends and distributions from the affiliated investment companies are recorded on the ex-dividend date. Dividends from the affiliated investment companies are recorded as dividend income, while

46 2007 Annual Report ¡ TIAA-CREF Lifecycle Funds

continued

capital gain distributions are recorded as gain distributions from sale of investments from affiliated investment companies on the Statement of Operations. Realized gains and losses on sales from investments in affiliated investment companies are based upon the specific identification method.

Income and expenses of the Funds are allocated on a pro rata basis to each class of shares, except for Service Agreement Fees, Distribution Fees, and Transfer Agency Fees and Expenses, which are unique to each class of shares.

Distributions to shareholders: Distributions from net investment income and from realized gains, if any, are declared and paid annually for each of the Funds.

Income taxes: The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and will not be subject to income taxes to the extent that they distribute substantially all taxable income each year and comply with various other Code requirements.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended September 30, 2007, permanent book and tax differences resulting primarily from excise taxes paid were identified and reclassified among the components of the Funds’ net assets (See Note 5). Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

Indemnification: In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the TIAA-CREF Institutional Mutual Funds are indemnified against certain liabilities that may arise out of their duties to the TIAA-CREF Institutional Mutual Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

Note 2—management agreement

Under the terms of the Investment Management Agreement, each Fund pays Advisors a monthly fee based on the annual rate of 0.10% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. Advisors has contractually agreed to waive its 0.10% management fee on each Fund through at least April 30, 2008. Under the terms of the Funds’ Service Agreement, the

TIAA-CREF Lifecycle Funds ¡ 2007 Annual Report 47

NOTES TO FINANCIAL STATEMENTS

Retirement Class of each Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the offering of Retirement Class shares on retirement plan or other platforms. Under the terms of a Distribution (12b-1) Plan, the Retirement Class of each Fund reimburses TPIS for amounts incurred up to 0.05% of average daily net assets to distribute the Retirement Class of each Fund. TPIS has contractually agreed to waive reimbursement under the Distribution Plan through April 30, 2008.

For the Retirement Class, Advisors voluntarily reimbursed each Fund for all expenses which exceeded 0.31% of average daily net assets of each Fund for the period from October 1, 2006 through January 31, 2007. Effective February 1, 2007 through April 30, 2008, Advisors is voluntarily reimbursing each Fund for all expenses exceeding the 0.25% Service Agreement fee.

For the Institutional Class, Advisors is voluntarily reimbursing each Fund for all expenses from Jan. 17, 2007 (inception of the class) through April 30, 2008. The Institutional Class does not have a Service Agreement for which it is charged a fee.

Each Fund is still responsible for its proportionate amount of the Underlying Funds’ fees and expenses.

Total investment management fees, service agreement fees, distribution plan expenses and other expenses incurred for the Retirement and Institutional Classes of each Fund for the year ended September 30, 2007 are reflected in the Statements of Operations.

Note 3—investments

At September 30, 2007, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Lifecycle 2010	$	245,328,334	$	12,552,045	$	(447,894	)	$	12,104,151
Lifecycle 2015		191,988,574		11,548,600		(408,285	)		11,140,315
Lifecycle 2020		170,224,733		10,797,686		(386,171	)		10,411,515
Lifecycle 2025		135,117,553		9,209,254		(357,387	)		8,851,867
Lifecycle 2030		119,740,254		8,952,245		(288,046	)		8,664,199
Lifecycle 2035		94,588,666		7,147,363		(229,432	)		6,917,931
Lifecycle 2040		132,367,208		9,565,068		(313,589	)		9,251,479

48 2007 Annual Report ¡ TIAA-CREF Lifecycle Funds

continued

The following is information about the holdings of the TIAA-CREF Lifecycle Funds in the TIAA-CREF Institutional Mutual Funds—Institutional Class as of September 30, 2007:

Fund	Bond Fund		Growth Equity Fund		High- Yield Fund II		Inflation- Linked Bond Fund		Inter- national Equity Fund		Large- Cap Value Fund		Real Estate Securities Fund		Short- Term Bond Fund II		Small- Cap Equity Fund
Number of shares
In Affillated Investment Companies:
Lifecycle 2010	6,472,499		5,495,300		881,331		2,757,080		2,408,971		2,823,549		—		1,460,650		568,530
Lifecycle 2015	4,717,102		4,920,175		711,501		1,481,542		2,164,136		2,568,329		—		623,917		521,009
Lifecycle 2020	4,019,837		4,904,642		726,493		426,971		2,165,983		2,552,774		—		143,036		531,678
Lifecycle 2025	2,525,490		4,371,444		574,387		2,913		1,918,178		2,257,307		—		—		460,879
Lifecycle 2030	1,230,345		4,282,048		515,424		3		1,877,978		2,226,339		—		—		451,048
Lifecycle 2035	648,633		3,503,624		399,686		790		1,530,687		1,832,712		—		—		376,452
Lifecycle 2040	854,604		4,899,197		569,578		3,069		2,146,762		2,561,252		—		—		526,662
% of total shares
outstanding in the
Affiliated Investment Companies:
Lifecycle 2010	3.98	%	14.90	%	3.83	%	6.36	%	4.47	%	9.87	%	—	%	9.00	%	4.85	%
Lifecycle 2015	2.90		13.34		3.09		3.42		4.02		8.97		—		3.84		4.44
Lifecycle 2020	2.47		13.30		3.16		0.98		4.02		8.92		—		0.88		4.53
Lifecycle 2025	1.55		11.85		2.50		0.01		3.56		7.89		—		—		3.93
Lifecycle 2030	0.76		11.61		2.24		—		3.49		7.78		—		—		3.84
Lifecycle 2035	0.40		9.50		1.74		—		2.84		6.40		—		—		3.21
Lifecycle 2040	0.53		13.28		2.48		0.01		3.98		8.95		—		—		4.49

Purchases and sales of securities, excluding short-term instruments, for the Funds, for the year ended September 30, 2007, were as follows:

Fund	Purchases		Sales
Lifecycle 2010	$	205,609,887	$	18,342,153
Lifecycle 2015		158,128,804		18,282,917
Lifecycle 2020		147,815,878		21,278,170
Lifecycle 2025		123,001,626		20,778,125
Lifecycle 2030		113,163,777		21,758,732
Lifecycle 2035		89,772,697		13,482,537
Lifecycle 2040		125,417,859		12,991,666

Note 4—trustee fees

Each Fund pays the trustees, all of whom are independent, certain remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees also participate in a long-term compensation plan. Trustees’ fees incurred for the year ended September 30, 2007 are reflected in the Statements of Operations.

TIAA-CREF Lifecycle Funds § 2007 Annual Report 49

NOTES TO FINANCIAL STATEMENTS

Note 5—distributions to shareholders

The tax character of distributions paid to shareholders during the years ended September 30, 2007 and 2006 were as follows:

Fund	Ordinary Income		2007 Long-Term Capital Gains		Total		Ordinary Income		2006 Long-Term Capital Gains		Total
Lifecycle 2010	$	1,900,921	$	256,451	$	2,157,372	$	185,573	$	13,142	$	198,715
Lifecycle 2015		1,817,961		137,612		1,955,573		213,103		43,309		256,412
Lifecycle 2020		1,510,208		76,188		1,586,396		120,302		11,333		131,635
Lifecycle 2025		1,186,405		97,196		1,283,601		147,701		15,408		163,109
Lifecycle 2030		1,050,970		65,188		1,116,158		102,345		10,567		112,912
Lifecycle 2035		727,014		60,651		787,665		91,093		11,080		102,173
Lifecycle 2040		844,126		108,347		952,473		68,366		11,264		79,630

As of September 30, 2007, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income (Overdistribution)		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)		Capital Loss Carryover		Post- October Losses		Total
Lifecycle 2010	$	3,386,240	$	1,295,570	$	12,104,152	$	—	$	—	$	16,785,962
Lifecycle 2015		2,204,140		1,250,889		11,140,315		—		—		14,595,344
Lifecycle 2020		1,667,950		1,268,952		10,411,515		—		—		13,348,417
Lifecycle 2025		989,016		980,967		8,851,867		—		—		10,821,850
Lifecycle 2030		666,459		1,014,431		8,664,199		—		—		10,345,089
Lifecycle 2035		386,587		721,194		6,917,931		—		—		8,025,712
Lifecycle 2040		485,146		872,978		9,251,479		—		—		10,609,603

The difference between book basis and tax basis net investment income, net realized gains and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales.

Note 6—line of credit

Each of the Funds participates in a 365-day $1.5 billion committed revolving credit facility dated August 6, 2007 that can be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. Interest associated with any borrowing under the facility is charged to the Funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the year ended September 30, 2007 there were no borrowings under this credit facility by the Funds.

50 2007 Annual Report § TIAA-CREF Lifecycle Funds

concluded

Note 7—new accounting pronouncements

In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including what jurisdiction the entity may be taxable in), and requires certain expanded tax disclosures. FIN 48 is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the date of effectiveness. Management continues to evaluate the application of the interpretation to the Funds, and is not in a position at this time to estimate the significance of its impact, if any, on the Fund’s Financial Statements.

In September 2006, FASB issued Statement of Accounting Standards No. 157, “Fair Value Measurement” (“SFAS 157”). This new standard applies to all entities that follow U.S. GAAP, including mutual funds, and their valuation techniques for assets and liabilities. SFAS 157 defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of SFAS 157 will have on the financial statements.

TIAA-CREF Lifecycle Funds § 2007 Annual Report 51

REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of the
Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds:

In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Lifecycle 2010 Fund, Lifecycle 2015 Fund, Lifecycle 2020 Fund, Lifecycle 2025 Fund, Lifecycle 2030 Fund, Lifecycle 2035 Fund and Lifecycle 2040 Fund (constituting the Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds, hereafter referred to as the “Funds”) at September 30, 2007, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2007 by correspondence with the custodian and application of alternative auditing procedures where underlying funds purchased had not been received, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
New York, New York
November 29, 2007

52 2007 Annual Report § TIAA-CREF Lifecycle Funds

2007 SPECIAL MEETING (UNAUDITED)

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

Trustees

The results below were certified by Broadridge Financial Solutions, Inc., independent tabulator for the TIAA-CREF Institutional Mutual Funds, including TIAA-CREF Lifecycle Funds.

On September 17, 2007, at a special meeting of shareholders, the following persons were elected to serve on the Board:

Nominee	Dollars for		Percent		Dollars against		Percent		Dollars abstain		Percent
Forrest Berkley	$	1,963,799,937.92	96.396	%	$	31,917,378.99	1.567	%	$	41,499,821.21	2.037	%
Nancy A. Eckl		1,959,601,162.02	96.190			35,890,123.64	1.762			41,725,852.46	2.048
Eugene Flood, Jr.		1,957,785,865.21	96.101			30,677,916.26	1.506			48,753,356.65	2.393
Howell E. Jackson		1,955,936,325.70	96.010			38,396,705.96	1.885			42,884,106.46	2.105
Nancy L. Jacob		1,966,062,469.51	96.507			30,110,889.68	1.478			41,043,778.93	2.015
Bridget A. Macaskill		1,960,116,925.74	96.215			35,442,649.47	1.740			41,657,562.91	2.045
James M. Poterba		1,961,865,407.27	96.301			26,495,186.37	1.301			48,856,544.48	2.398
Maceo K. Sloan		1,949,996,435.35	95.719			45,207,403.54	2.219			42,013,299.23	2.062
Laura T. Starks		1,971,144,519.16	96.757			24,896,642.67	1.222			41,175,976.29	2.021

Nancy A. Eckl was elected to office. Forrest Berkley, Eugene Flood, Jr., Howell E. Jackson, Nancy L. Jacob, Bridget A. Macaskill, James M. Poterba, Maceo K. Sloan and Laura T. Starks were re-elected to office.

TIAA-CREF Lifecycle Funds § 2007 Annual Report 53

MANAGEMENT (UNAUDITED)

TIAA-CREF LIFECYCLE FUNDS

Disinterested trustees

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustees
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/1954	Trustee	Indefinite term. Trustee since 2006.	Retired. Partner (1990-2005) and Head of Global Product Management (2003-2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003-2005).	55	Director and member of the Investment Committee, the Maine Coast Heritage Trust and the Boston Athaneum, and Director, Appalachain Mountain Club.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/1962	Trustee	Indefinite term. Trustee since September 2007.	Former Vice President (1990-2006), American Beacon Advisors, Inc. and Vice President of certain funds advised by American Beacon Advisors, Inc.	55	Independent Director, the Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend Income Fund, Inc. and Member of the Board of Managers of Lazard Alternative Strategies Fund, LLC.
Eugene Flood, Jr. c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/1955	Trustee	Indefinite term. Trustee since 2005.	President, and Chief Executive Officer (since 2000) and a Director (since 1994) of Smith Breeden Associates, Inc. (investment advisor).	55	None

54 2007 Annual Report § TIAA-CREF Lifecycle Funds

Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners (since September 2007). Formerly Chief Operating Officer, DDJ Capital Management (2003-2006); and Executive Vice President (2000-2002), Senior Vice President (1995-2000) and Vice President (1992-1995), Fidelity Investments.	55	None
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Vice Dean for Budget (2003-2006) and on the faculty (since 1989) of Harvard Law School.	55	None
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/1943	Chairman of the Board, Trustee	Indefinite term. Trustee since 1999.	President and Founder (since October 2006) of NLJ Advisors, Inc. (investment advisor). Formerly, President and Managing Principal, Windermere Investment Associates (1997-June 2006), Chairman and Chief Executive Officer, CTC Consulting, Inc. (1994-1997) and Executive Vice President, U.S. Trust Company of the Pacific Northwest (1993-1997).	55	Director and Chairman of the Investment Committee of the Okabena Company (financial services).
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Principal, BAM Consulting LLC (since 2003), Independent Consultant for Merrill Lynch (since 2003). Formerly, Chairman, Oppenheimer Funds, Inc. (2000-2001). Chief Executive Officer (1995-2001); President (1991-2000); and Chief Operating Officer (1989-1995) of that firm.	55	Director, Prudential plc, Scottish & Newcastle plc (brewer), Federal National Mortgage Association (Fannie Mae), International Advisory Board, and British-American Business Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	Head (since 2006) and Associate Head (1994-2000 and 2001-2006) Economics Department, Massachusetts Institute of Technology (MIT), Mitsui Professor of Economics, MIT (1996-present). Program Director, National Bureau of Economic Research (1990-present).	55	The Jeffrey Company and Jeflion Company (unregistered investment companies)

TIAA-CREF Lifecycle Funds § 2007 Annual Report 55

MANAGEMENT (UNAUDITED)	continued
TIAA-CREF LIFECYCLE FUNDS
Disinterested trustees—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustees
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, CEO and CIO, NCM Capital Management Group, Inc. (since 1991); and Chairman and CEO, NCM Capital Advisers Inc. (since 2003).	55	Director, SCANA Corporation (energy holding company) and M&F Bancorp, Inc.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002-present), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (2000-present); Professor, University of Texas at Austin (1987-present); Fellow, Financial Management Association (2002-present). Associate Dean for Research (2001-2002), Associate Director of Research, the Center for International Business Education and Research, University of Texas at Austin (2002-2003) and Director of the Bureau of Business Research, University of Texas at Austin (2001-2002).	55	None

56 2007 Annual Report § TIAA-CREF Lifecycle Funds

Executive officers

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Mary (Maliz) E. Beams TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/29/56	Executive Vice President	One-year term. Executive Vice President July since 2007.	Executive Vice President, Individual Client Services of TIAA (since July 2007) and of TIAA-CREF Institutional Mutual Funds, CREF, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since September 2007). President and Chief Executive Officer, TIAA-CREF Individual & Institutional Services, LLC (since July 2007); Senior Managing Director and Head of Wealth Management Group, TIAA (since 2004). Partner and Managing Director, President of Global Business Development for the Mutual Fund Group and Head of International Mutual Fund and Offshore Business of Zurich Scudder Investments; and Head of U.S. Scudder Direct Retail Business and Chief Executive Officer of Scudder Brokerage (1997-2003).
Gary Chinery TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/28/49	Vice President	One-year term. Vice President since 2004.	Vice President and Treasurer of TIAA, CREF and TIAA Separate Account VA-1 (since 2004), Vice President (since 2004) and Treasurer (2004-2/2007) of TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds. Vice President and Treasurer of Teachers Advisors, Inc. (“Advisors”), TIAA-CREF Investment Management, LLC (“Investment Management”), TIAA-CREF Individual Institutional Services, LLC (“Services”), Teachers Personal Investors Services, Inc. (“TPIS”), TIAA-CREF Tuition Financing, Inc. (“Tuition Financing”), TIAA-CREF Life Insurance Company (“TIAA-CREF Life”) and TCT Holdings, Inc.
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/59	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since February 2007.	Principal Executive Officer and President of TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (since 2/2007); Executive Vice President (since 1999) of TIAA, CREF and TIAA Separate Account VA-1, and Head of Asset Management (since 2006). Executive Vice President of the TIAA-CREF Fund Complex (2006-2/2007). Director of TPIS (since 2006) and Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors, and Manager of Investment Management (since 2004). Formerly, Manager of TIAA Realty Capital Management, LLC (2004-2006), Chief Investment Officer of TIAA (2004-2006) and the TIAA-CREF Fund Complex (2003-2005) and Executive Vice President of CREF Investments (since 1997).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since February 2007.	Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA-CREF Life Funds, and TIAA-CREF Institutional Mutual Funds (since 2/2007). Formerly Funds Treasurer (2006-2/2007) of TIAA-CREF Fund Complex; Chief Financial Officer, Van Kampen Funds (2005-2006); and Vice President and Chief Financial Officer, Enterprise Capital Management and the Enterprise Group of Funds (1995-2005).

TIAA-CREF Lifecycle Funds § 2007 Annual Report 57

MANAGEMENT (UNAUDITED)	concluded
TIAA-CREF LIFECYCLE FUNDS
Executive officers—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
I. Steven Goldstein TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/24/52	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Public Affairs, of TIAA and the TIAA-CREF Fund Complex (since 2003). Formerly, Director of TIAA-CREF Life (2003-2006); Advisor for McKinsey & Company (2003); Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal (2001-2002); and Senior Vice and Chief Communications Officer for Insurance Information Institute (1993-2001).
George W. Madison TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/17/53	Executive Vice President and General Counsel	One-year term. Executive Vice President and General Counsel since 2003.	Executive Vice President and General Counsel of TIAA and the TIAA-CREF Fund Complex (since 2003). Formerly, Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated (1997-2003).
Erwin W. Martens TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/18/56	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Fund Complex (since 2003). Director of Advisors, TPIS, and Manager of Investment Management. Formerly, Managing Director and Chief Risk Officer, Putnam Investments (1999-2003); and Head and Deputy Head of Global Market Risk Management (1997-1999).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/66	Executive Vice President	One year term. Executive Vice President since 2003.	Executive Vice President, Human Resources of TIAA and the TIAA-CREF Fund Complex (since 2003), and head of Corporate Services (since 2007). Formerly Director, TIAA-CREF Life (2003-2006); First Vice President and Head of Human Resources, International Private Client Division, Merrill Lynch & Co. (1999-2003); and Vice President and Head of Human Resources, Japan Morgan Stanley (1998-1999)

58 2007 Annual Report § TIAA-CREF Lifecycle Funds

Eric C. Oppenheim TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 7/31/48	Vice President and Acting Chief Compliance Officer	One year-term. Vice President and Acting Chief Compliance Officer since 2005.	Vice President and Acting Chief Compliance Officer of the TIAA-CREF Fund Complex (since 2005). Vice President of Investment Management and Advisors (since 2006). Formerly, Acting Chief Compliance Officer of Tuition Financing and Chief Compliance Officer, Advisors and Services (2005-2006), Vice President and Compliance Officer of TIAA (2004-2005); First Vice President and Manager of Compliance and Centralized Trust Functions, Private Banking Division Comerica Incorporated (2001-2004); and Manager of Compliance and Regulatory Affairs, Investment Bank Division, Comerica Incorporated (1993-2001).
Marjorie Pierre-Merritt TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/26/66	Vice President and Acting Corporate Secretary	One year term. Vice President and Acting Corporate Secretary since September 2007.	Vice President and Acting Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since September 2007); Assistant Corporate Secretary of TIAA (2006-2007); Assistant Corporate Secretary of The Dun & Bradstreet Corporation (2003-2006); and Counsel, The New York Times Company (2001-2003).
Bertram L. Scott TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/26/51	Executive Vice President	One-year term. Executive Vice President since 2001.	Executive Vice President, Strategy Integration and Policy of TIAA and the TIAA-CREF Fund Complex (since 2006). Director and President of TIAA-CREF Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product Management of TIAA and TIAA-CREF Fund Complex (2000-2005); President and Chief Executive Officer, Horizon Mercy (1996-2000).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, Institutional Client Services (since 2006). Director of Tuition Financing and Manager of Services. Formerly Senior Vice President, Pension Products (2003-2006), Vice President, Support Services (1998-2003), of TIAA and the TIAA-CREF Fund Complex.

Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, www.tiaa-cref.org or by telephone at 877 518-9161.

TIAA-CREF Lifecycle Funds § 2007 Annual Report 59

APPROVAL OF INVESTMENT MANAGEMENT
AGREEMENT (UNAUDITED)

BOARD APPROVAL OF INVESTMENT MANAGEMENT
AGREEMENT FOR THE LIFECYCLE FUNDS OF THE
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

The Board of Trustees of TIAA-CREF Institutional Mutual Funds (the “Board” or the “Trustees”) is responsible for overseeing the Lifecycle Funds’ (the “Funds”) corporate policies and for adhering to fiduciary standards under the Investment Company Act of 1940, as amended (the “1940 Act”), and other applicable laws. Among its duties, the Board is responsible for determining annually whether to renew the investment management agreement (the “Agreement”) between the Funds and Teachers Advisors, Inc. (“Advisors”). Under the Agreement, Advisors is responsible for providing to (or obtaining for) each Fund all of the services necessary for its ordinary operation, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services.

Section 15(c) of the 1940 Act provides that, after an initial period, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Fund, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on April 3, 2007, at which it considered the annual renewal of the Agreement. Prior to that meeting, the Board had implemented an enhanced process by which it determined to review and consider the renewal of the Agreement. As part of that process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee was asked to work with management and legal counsel to the Trustees to develop more refined guidelines relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewals, and then to help evaluate the information provided in response to those guidelines. During a series of meetings held prior to April 3, 2007, the Operations Committee helped to develop such guidelines in consultation with management representatives and input from other Trustees and legal counsel to the Trustees, and then evaluated the information produced in accordance with those guidelines.

Among other matters, the Operations Committee helped to develop guidelines regarding reports to be provided to all Trustees with respect to each Fund by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their annual advisory contract renewal processes.

60 2007 Annual Report § TIAA-CREF Lifecycle Funds

continued

As a result of instructions by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios and short-term and long-term investment performance. Lipper also compared much of this data for each Fund against a suitable universe of comparable investment companies and, in the case of the investment performance data, against a more selective peer group of mutual funds and against one or more appropriate broad-based benchmark indices. For those Funds with more than one class of shares, Lipper provided applicable data with respect to each class of shares. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15 of the 1940 Act.

Among other matters, the Operations Committee also developed a framework of factors that could be considered by the Trustees in order to evaluate the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement. In this connection, the Operations Committee emphasized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized by Advisors.

In advance of the Board meeting held on April 3, 2007, independent legal counsel for the Trustees requested, and Advisors provided, extensive information that was designed to assist the Board in its consideration of whether to renew each Fund’s Agreement. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of each Fund’s performance relative to its applicable benchmarks and peer groups, together with an explanation of any special events that had a material impact on performance during the prior year; (2) a description of any fee waiver or expense reimbursement arrangements that were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fees under the Agreement as compared to any other comparable accounts manager by Advisors; (4) any “fall-out” benefits that accrued to Advisors due to its relationship with the Funds aside from Advisors’ direct fee payments pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, disaster recovery plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interests confronted by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection

TIAA-CREF Lifecycle Funds § 2007 Annual Report 61

APPROVAL OF INVESTMENT MANAGEMENT
AGREEMENT (UNAUDITED)

with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ SEC Form ADV registration statement; and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement, the Board, with assistance from its Operations Committee, reviewed various factors with respect to each Fund, including: (1) the nature, extent and quality of services provided by Advisors to each Fund; (2) the investment performance of each Fund; (3) the costs of the services provided to each Fund and the profits (if any) realized by Advisors and its affiliates from their relationship with the Funds; (4) the extent to which economies of scale have been realized as each Fund grows; (5) whether the fee schedules set forth in the Agreements reflect any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fees with contracts entered into by Advisors with other clients; and (7) any other benefits derived or anticipated to be derived by Advisors from its relationship with the Funds. As a general matter, the Trustees viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of each Fund’s Agreement, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from Kirkpatrick & Lockhart Preston Gates Ellis LLP, its independent legal counsel, as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the Board considered the Agreement for all Funds at the same meeting on April 3, 2007, the Board received and considered Fund-specific information on a Fund-by-Fund basis and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each individual Trustee may have had a different basis for his or her ultimate decision to vote to renew each Fund’s Agreement.

At its meeting on April 3, 2007, the Board voted unanimously to renew the Agreement for each Fund. Set forth below are the general factors the Board considered for all of the Funds, followed by an outline of the specific factors the Board considered for each particular Fund.

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. The investment

62 2007 Annual Report § TIAA-CREF Lifecycle Funds

continued

professionals at Advisors also have managed various accounts of the College Retirement Equities Fund (“CREF”) since their inception. Under the Agreement, Advisors is responsible for: managing the assets of the Funds, including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; and reporting on the investment performance of the Funds to the Boards on a regular basis. The Board considered that Advisors has carried out these responsibilities in a professional manner.

The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In the course of its review of the quality of Advisors’ services, the Board examined the investment performance of each Fund and concluded that it was reasonable when compared with Fund benchmarks and peer groups of mutual funds, and that, in the case of underperforming Funds, Advisors represented that it had taken or was planning to implement affirmative steps to enhance the investment performance.

In addition, the Board considered the nature and quality of management services provided by Advisors and its affiliates. In this connection, the Board considered that it intends to work with management during the next year in an effort to develop enhanced metrics for measuring the ongoing performance of certain affiliated and unaffiliated service providers. The Board also considered that, through these metrics and other actions, it intends to monitor progress with respect to ongoing improvements in services provided by those firms or through outsourcing to other firms, including, as appropriate, further enhancements to administrative and compliance services.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each class of shares of each Fund, over one- and two-year periods and since inception of the Fund’s operations. The Board also considered each Fund’s performance as compared to its peer groups and benchmark indices. (For additional detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below.) The Board considered that in those cases in which Funds had underperformed their benchmarks or peer groups of mutual funds, Advisors had taken reasonable remedial actions or represented that it was in the process of taking such actions. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable. In addition, the Board considered that it intends to work with management during the coming year to review further the best execution and portfolio turnover practices of Advisors with respect to certain Funds to assess whether those practices continue to be in the best interests of shareholders.

TIAA-CREF Lifecycle Funds § 2007 Annual Report 63

APPROVAL OF INVESTMENT MANAGEMENT
AGREEMENT (UNAUDITED)

COST AND PROFITABILITY

The Board considered financial and profitability data relating to Advisors for the calendar year 2006. In this connection, the Board considered profit calculations both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Funds. The Board considered that Advisors consistently incurred overall losses based on its services to the Funds under the Agreements, but that relatively new fee rates adopted by most of the underlying funds had reduced such overall losses. Among other considerations, the Board acknowledged the reasonableness of having fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds. In this connection, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions so as to assess whether sufficient resources continue to be devoted to these functions. The Board also considered that it would continue to review the profitability levels of Advisors annually during its yearly review of the Funds’ management arrangements to ensure that Advisors’ fees remained fair and reasonable and that its profits for managing the Funds were not excessive. Further, the Board expressed its views to Advisors regarding the factors that the Board would consider at future contract renewals if management seeks to modify current fee waiver and expense limitation agreements.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the fee rates charged to the Funds under the Agreement typically were lower or significantly lower than the fee rates charged by of many or most comparable mutual funds. Based on all factors considered, the Board determined that the fee rates under the Agreement for each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

ECONOMIES OF SCALE

The Board considered whether Advisors has or would experience economies of scale in connection with the operation of each Fund. In this connection, the Board considered that Advisors had incurred operating losses with respect to its services provided to most of the Funds under advisory fee rates that were in place prior to changes made in 2006. With respect to the current fee rates, the Board also considered that the fee rates set forth in the Agreement were at low levels compared to peer groups of mutual funds. Thus, the Board determined that the Funds’ fee schedules are reasonable in light of current economies of scale considerations and current asset levels. In addition, the Board considered that it intends to work with management during the coming year to evaluate whether any material asset growth by the Funds has created or would create economies of scale for Advisors

64 2007 Annual Report § TIAA-CREF Lifecycle Funds

continued

and, if so, to determine whether any portion of savings from such economies of scale could be passed on to Fund shareholders through fee schedule breakpoints.

FEE COMPARISON WITH OTHER CLIENTS OF ADVISORS

The Board considered that Advisors provides similar investment management services to other affiliated investment companies. The Board considered the schedule of fees for each of the comparable funds. The Board also considered Advisors’ representation that, while management fee rates may differ for comparable funds, this is due in part to the fact that some of the comparable funds are offered through products that charge additional fees to its investors. In this connection, the Board considered Advisors’ representation that because the comparable funds target different types of investors and use different distribution channels, these factors justify different pricing schedules.

OTHER BENEFITS

The Board also considered additional benefits to the Funds and to Advisors arising from the Agreement. For example, Advisors continues to be willing to waive fees and make expense reimbursements to the Funds. In addition, Advisors and its affiliates may benefit from the advisory relationship with the Funds to the extent this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. Also, certain Funds managed by Advisors are managed in the same manner and by the same personnel, resulting in the possibility for benefits associated with economies of scale.

FUND-BY-FUND FACTORS

The Funds’ Trustees considered the following specific factors (among others) during their determination to renew the Agreement for each Fund described in this shareholder report. If a Fund is described in the following discussions as being in the “first” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific performance factors outlined below are based on the Institutional Class of each Fund. Because the Institutional Class has lower expenses than the Retirement Class of these Funds, the performance of the Retirement Class will be lower than the performance of the Institutional Class. All periods referenced below end as of December 31, 2006. Under the Morningstar rating system, 5 stars is the highest rating category and 1 star is the lowest rating category.

LIFECYCLE 2010 FUND

• The Fund’s annual contractual management fee is 0.10% of average daily net assets. Advisors agreed to waive this fee entirely (down to an annual rate of 0.00% of the Fund’s average daily net assets).

TIAA-CREF Lifecycle Funds § 2007 Annual Report 65

APPROVAL OF INVESTMENT MANAGEMENT
AGREEMENT (UNAUDITED)

•	The Fund’s management fees are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one- and two-year periods, the Fund was in the 4th and 3rd quintile of its Performance Universe, respectively.
•	The Fund has not been operational long enough to have a Morningstar ranking.
•	Advisors incurred a net loss on the Fund for the one-year period.
LIFECYCLE 2015 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. Advisors agreed to waive this fee entirely (down to an annual rate of 0.00% of the Fund’s average daily net assets).
•	The Fund’s management fees are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one- and two-year periods, the Fund was in the 5th and 4th quintile of its Performance Universe, respectively.
•	The Fund has not been operational long enough to have a Morningstar ranking.
•	Advisors incurred a net loss on the Fund for the one-year period.
LIFECYCLE 2020 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. Advisors agreed to waive this fee entirely (down to an annual rate of 0.00% of the Fund’s average daily net assets).
•	The Fund’s management fees are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one- and two-year periods, the Fund was in the 4th and 3rd quintile of its Performance Universe, respectively.
•	The Fund has not been operational long enough to have a Morningstar ranking.
•	Advisors incurred a net loss on the Fund for the one-year period.
LIFECYCLE 2025 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. Advisors agreed to waive this fee entirely (down to an annual rate of 0.00% of the Fund’s average daily net assets).
•	The Fund’s management fees are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one- and two-year periods, the Fund was in the 5th quintile of its Performance Universe.
•	The Fund has not been operational long enough to have a Morningstar ranking.
•	Advisors incurred a net loss on the Fund for the one-year period.
LIFECYCLE 2030 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. Advisors agreed to waive this fee entirely (down to an annual rate of 0.00% of the Fund’s average daily net assets).

66 2007 Annual Report § TIAA-CREF Lifecycle Funds

concluded

•	The Fund’s management fees are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one- and two-year periods, the Fund was in the 5th quintile of its Performance Universe.
•	The Fund has not been operational long enough to have a Morningstar ranking.
•	Advisors incurred a net loss on the Fund for the one-year period.
LIFECYCLE 2035 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. Advisors agreed to waive this fee entirely (down to an annual rate of 0.00% of the Fund’s average daily net assets).
•	The Fund’s management fees are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one- and two-year periods, the Fund was in the 5th quintile of its Performance Universe.
•	The Fund has not been operational long enough to have a Morningstar ranking.
•	Advisors incurred a net loss on the Fund for the one-year period.
LIFECYCLE 2040 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. Advisors agreed to waive this fee entirely (down to an annual rate of 0.00% of the Fund’s average daily net assets).
•	The Fund’s management fees are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one- and two-year periods, the Fund was in the 5th quintile of its Performance Universe.
•	The Fund has not been operational long enough to have a Morningstar ranking.
•	Advisors incurred a net loss on the Fund for the one-year period.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement.

TIAA-CREF Lifecycle Funds § 2007 Annual Report 67

IMPORTANT TAX INFORMATION (UNAUDITED)

TIAA-CREF LIFECYCLE FUNDS

For the fiscal year ended September 30, 2007, the Lifecycle Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.

Fund	Section 1250 Gains		Long Term Capital Gains		Total
Lifecycle 2010	$	190	$	256,261	$	256,451
Lifecycle 2015		—		137,612		137,612
Lifecycle 2020		147		76,041		76,188
Lifecycle 2025		193		97,003		97,196
Lifecycle 2030		194		64,994		65,188
Lifecycle 2035		185		60,466		60,651
Lifecycle 2040		147		108,200		108,347

For the fiscal year ended September 30, 2007, the Lifecycle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Fund	Percentage
Lifecycle 2010		9.12	%
Lifecycle 2015		12.99	%
Lifecycle 2020		15.00	%
Lifecycle 2025		18.52	%
Lifecycle 2030		23.75	%
Lifecycle 2035		27.16	%
Lifecycle 2040		27.89	%

For the fiscal year ended September 30, 2007, the Lifecycle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Lifecycle 2010		7.48	%
Lifecycle 2015		10.36	%
Lifecycle 2020		12.08	%
Lifecycle 2025		14.84	%
Lifecycle 2030		18.85	%
Lifecycle 2035		21.82	%
Lifecycle 2040		22.47	%

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2007, which will be reported in conjunction with your 2007 Form 1099-DIV.

By early 2008, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

68 2007 Annual Report  § TIAA-CREF Lifecycle Funds

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HOW TO REACH US

TIAA-CREF WEBSITE

Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

www.tiaa-cref.org
24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

800 842-2252
24 hours a day, 7 days a week

TELEPHONE COUNSELING CENTER

Retirement saving and planning, income options and payments, and tax reporting

800 842-2776
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

PLANNING AND SERVICE CENTER

TIAA-CREF mutual funds

800 223-1200
8 a.m. to 10 p.m. ET, Monday–Friday

INSURANCE PLANNING CENTER

After-tax annuities and life insurance

800 223-1200
8 a.m. to 8 p.m. ET, Monday–Friday

FOR HEARING- OR SPEECH-IMPAIRED
PARTICIPANTS

800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

TIAA-CREF BROKERAGE SERVICES

Self-directed brokerage accounts for investing in stocks, bonds and mutual funds

800 927-3059
8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF TRUST COMPANY, FSB

Asset management, trust administration, estate planning, planned giving and endowment management

888 842-9001
9 a.m. to 6 p.m. ET, Monday–Friday

ADVISOR SERVICES

888 842-0318
8 a.m. to 7:30 p.m. ET, Monday–Friday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit www.tiaa-cref.org, or call 877 518-9161 for the Retirement Class or 800 897-9069 for the Institutional Class. Please read the prospectus carefully before investing. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA/SIPC, distribute securities products. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Trust Company, FSB, provides trust services.

©2007 Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF),
New York, NY 10017-3206

730 Third Avenue
New York, NY 10017-3206 PRST STD
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PAID
TIAA-CREF

Printed on recycled paper
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Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Institutional Mutual Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee.

3(a)(2) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

     PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PricewaterhouseCoopers for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended September 30, 2007 and September 30, 2006, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,194,600 and $1,405,800, respectively.

4(b)Audit Related Fees.

For the fiscal years ended September 30, 2007 and September 30, 2006, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $43,000 and $42,500, respectively.

For the year ended December 31, 2006, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $575,000.

4(c) Tax Fees.

For the fiscal years ended September 30, 2007 and September 30, 2006, PwC’s aggregate fees for tax services billed to the Registrant were $142,985 and $159,650.

For the year ended December 31, 2006, the Tax Fees billed by PwC to the Fund Service Providers was $0.

4(d)All Other Fees.

For the fiscal years ended September 30, 2007 and September 30, 2006, PwC’s aggregate fees for all other services to the Registrant were $0 and $0, respectively.

For the year ended December 31, 2006, the Other Fees billed by PwC to the Fund Service Providers was $0.

4(e)(1) Preapproval Policy.

The Registrant’s audit committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without

impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

     The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended September 30, 2007 and September 30, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended September 30, 2007 and September 30, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended September 30, 2007 and September 30, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended September 30, 2007 and September 30, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended September 30, 2007 and September 30, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended September 30, 2007 and September 30, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the year ended December 31, 2006 and December 31, 2005, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC was $0 and $0.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.83%
AMUSEMENT AND RECREATION SERVICES - 2.80%
17,600		Nintendo Co Ltd	$	9,162,756
		TOTAL AMUSEMENT AND RECREATION SERVICES		9,162,756
APPAREL AND ACCESSORY STORES - 1.22%
16,215	e	Abercrombie & Fitch Co (Class A)		1,308,551
57,514		Nordstrom, Inc		2,696,831
		TOTAL APPAREL AND ACCESSORY STORES		4,005,382
BUSINESS SERVICES - 16.52%
154,618	*	Adobe Systems, Inc		6,750,622
17,130	*	Cognizant Technology Solutions Corp (Class A)		1,366,460
51,197	e*	DST Systems, Inc		4,393,215
133,267	*	eBay, Inc		5,200,078
56,404	*	Electronic Arts, Inc		3,158,060
443,154		Experian Group Ltd		4,687,589
16,507	*	Google, Inc (Class A)		9,363,926
194,068	e*	Intuit, Inc		5,880,260
17,009	e	Mastercard, Inc (Class A)		2,516,822
124,131		Omnicom Group, Inc		5,969,460
146,563	*	Oracle Corp		3,173,089
62,967	*	Yahoo!, Inc		1,690,034
		TOTAL BUSINESS SERVICES		54,149,615
CHEMICALS AND ALLIED PRODUCTS - 18.22%
86,001		Abbott Laboratories		4,611,374
72,181		Air Products & Chemicals, Inc		7,056,415
27,694	*	Amgen, Inc		1,566,650
88,031		Colgate-Palmolive Co		6,278,371
76,049	*	Genentech, Inc		5,933,343
139,658	*	Gilead Sciences, Inc		5,707,822
66,349		Merck & Co, Inc		3,429,580
113,425		Monsanto Co		9,725,060
49,833	e*	Mosaic Co		2,667,062
201,776		Schering-Plough Corp		6,382,175
142,650		Teva Pharmaceutical Industries Ltd (ADR)		6,343,645
		TOTAL CHEMICALS AND ALLIED PRODUCTS		59,701,497
COMMUNICATIONS - 2.34%
72,063		AT&T, Inc		3,048,986
56,234	e*	NII Holdings, Inc		4,619,623
		TOTAL COMMUNICATIONS		7,668,609
EATING AND DRINKING PLACES - 0.92%
55,444		McDonald's Corp		3,020,035
		TOTAL EATING AND DRINKING PLACES		3,020,035

1

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 13.24%
39,221	*	Apple Computer, Inc	$	6,021,992
296,043	*	Cisco Systems, Inc		9,801,984
286,940		Intel Corp		7,420,268
93,144		Maxim Integrated Products, Inc		2,733,776
40,192	e*	Network Appliance, Inc		1,081,567
185,376		Qualcomm, Inc		7,833,990
86,333	*	Research In Motion Ltd		8,508,117
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		43,401,694
ENGINEERING AND MANAGEMENT SERVICES - 1.60%
73,771	*	Celgene Corp		5,260,610
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		5,260,610
FABRICATED METAL PRODUCTS - 0.66%
36,260		Illinois Tool Works, Inc		2,162,546
		TOTAL FABRICATED METAL PRODUCTS		2,162,546
GENERAL MERCHANDISE STORES - 2.22%
143,912		TJX Cos, Inc		4,183,522
70,481		Wal-Mart Stores, Inc		3,076,496
		TOTAL GENERAL MERCHANDISE STORES		7,260,018
HOLDING AND OTHER INVESTMENT OFFICES - 1.83%
96,946		iShares Russell 1000 Growth Index Fund		5,984,477
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,984,477
HOTELS AND OTHER LODGING PLACES - 2.20%
54,896	*	MGM Mirage		4,909,898
37,903		Starwood Hotels & Resorts Worldwide, Inc		2,302,607
		TOTAL HOTELS AND OTHER LODGING PLACES		7,212,505
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.73%
11,944		Deere & Co		1,772,728
100,741		Hewlett-Packard Co		5,015,894
126,102		International Game Technology		5,434,996
2,400	m,v*	Seagate Technology, Inc		(0	)
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		12,223,618
INSTRUMENTS AND RELATED PRODUCTS - 8.69%
42,614		Alcon, Inc		6,133,007
133,764		BAE Systems plc		1,350,612
161,535		Emerson Electric Co		8,596,893
32,733	e*	Flir Systems, Inc		1,813,081
28,536		Johnson & Johnson		1,874,815
100,801		Medtronic, Inc		5,686,184
52,667	*	Thermo Electron Corp		3,039,939
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		28,494,531
INSURANCE CARRIERS - 2.40%
32,572		Aetna, Inc		1,767,682
107,116		Aflac, Inc		6,109,897
		TOTAL INSURANCE CARRIERS		7,877,579

2

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
MISCELLANEOUS RETAIL - 4.02%
18,236	e*	Amazon.com, Inc	$	1,698,683
289,976		CVS Corp		11,491,749
		TOTAL MISCELLANEOUS RETAIL		13,190,432
MOTION PICTURES - 0.93%
138,590		News Corp (Class A)		3,047,594
		TOTAL MOTION PICTURES		3,047,594
NONDEPOSITORY INSTITUTIONS - 0.84%
44,272		Textron, Inc		2,754,161
		TOTAL NONDEPOSITORY INSTITUTIONS		2,754,161
OIL AND GAS EXTRACTION - 3.41%
33,812	e	Baker Hughes, Inc		3,055,590
5,605	*	National Oilwell Varco, Inc		809,923
66,564	*	Weatherford International Ltd		4,471,770
45,759		XTO Energy, Inc		2,829,737
		TOTAL OIL AND GAS EXTRACTION		11,167,020
PAPER AND ALLIED PRODUCTS - 1.05%
48,958		Anglo American plc		3,294,518
1	*	Mondi Ltd		10
14,659		Mondi plc		139,464
		TOTAL PAPER AND ALLIED PRODUCTS		3,433,992
PETROLEUM AND COAL PRODUCTS - 1.97%
36,405		Devon Energy Corp		3,028,896
36,008	*	Suncor Energy, Inc		3,413,918
		TOTAL PETROLEUM AND COAL PRODUCTS		6,442,814
SECURITY AND COMMODITY BROKERS - 5.52%
268,455		Charles Schwab Corp		5,798,628
14,062		CME Group, Inc		8,259,316
18,126		Deutsche Boerse AG.		2,468,355
10,351	e*	IntercontinentalExchange, Inc		1,572,317
		TOTAL SECURITY AND COMMODITY BROKERS		18,098,616
TRANSPORTATION EQUIPMENT - 2.52%
17,626	*	BE Aerospace, Inc		732,008
43,402		Boeing Co		4,556,776
36,919		United Technologies Corp		2,971,241
		TOTAL TRANSPORTATION EQUIPMENT		8,260,025
WATER TRANSPORTATION - 0.98%
81,954	e	Royal Caribbean Cruises Ltd		3,198,665
		TOTAL WATER TRANSPORTATION		3,198,665
		TOTAL COMMON STOCKS		327,178,791
		(Cost $294,111,678)

3

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
SHORT-TERM INVESTMENTS - 5.00%
		INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 5.00%
16,378,157		State Street Navigator Securities Lending Prime Portfolio	$	16,378,157
		TOTAL SHORT-TERM INVESTMENTS		16,378,157
		(Cost $16,378,157)
		TOTAL PORTFOLIO - 104.83%		343,556,948
		(Cost $310,489,835)
		OTHER ASSETS & LIABILITIES, NET - (4.83)%		(15,817,893	)
		NET ASSETS - 100.00%	$	327,739,055
		ABBREVIATION:
		ADR - American Depositary Receipt
	*	Non-income producing
	e	All or a portion of these securities are out on loan
	m	Indicates a security has been deemed illiquid.
	v	Security valued at fair value.

4

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.50%
AMUSEMENT AND RECREATION SERVICES - 2.28%
237,444	e*	Activision, Inc	$	5,126,416
12,400		Nintendo Co Ltd		6,455,578
164,336		Walt Disney Co		5,651,515
131,584	e*	WMS Industries, Inc		4,355,430
		TOTAL AMUSEMENT AND RECREATION SERVICES		21,588,939
APPAREL AND ACCESSORY STORES - 0.74%
165,158	e	Gap, Inc		3,045,514
95,118	e*	J Crew Group, Inc		3,947,397
		TOTAL APPAREL AND ACCESSORY STORES		6,992,911
APPAREL AND OTHER TEXTILE PRODUCTS - 0.14%
30,423	e*	Lululemon Athletica, Inc		1,278,679
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,278,679
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.39%
114,813		Home Depot, Inc		3,724,534
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		3,724,534
BUSINESS SERVICES - 5.36%
141,445	e*	Adobe Systems, Inc		6,175,489
179,393	*	BEA Systems, Inc		2,488,181
67,730		Ctrip.com International Ltd (ADR)		3,508,414
115,908	*	eBay, Inc		4,522,730
15,156	e*	Google, Inc (Class A)		8,597,544
552,578		Microsoft Corp		16,278,948
209,178	e*	Oracle Corp		4,528,704
11,383	e*	VMware, Inc		967,555
265,469		WPP Group plc		3,595,640
		TOTAL BUSINESS SERVICES		50,663,205
CHEMICALS AND ALLIED PRODUCTS - 12.52%
223,827		Abbott Laboratories		12,001,604
98,473	e	Air Products & Chemicals, Inc		9,626,720
70,722	*	Amgen, Inc		4,000,744
85,019	e*	Chattem, Inc		5,995,540
108,742		Colgate-Palmolive Co		7,755,479
49,581		DSM NV		2,675,984
42,751		Du Pont (E.I.) de Nemours & Co		2,118,740
137,848	*	Elan Corp plc (ADR)		2,900,322
56,252	e*	Genentech, Inc		4,388,781
69,943	*	Genzyme Corp		4,333,668
213,390	*	Gilead Sciences, Inc		8,721,249
310,442		Merck & Co, Inc		16,046,747
93,403		Monsanto Co		8,008,373

5

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
116,042	e*	Mosaic Co	$	6,210,568
50,027	e	PPG Industries, Inc		3,779,540
156,674		Procter & Gamble Co		11,020,449
277,604	e	Schering-Plough Corp		8,780,615
		TOTAL CHEMICALS AND ALLIED PRODUCTS		118,365,123
COMMUNICATIONS - 3.06%
59,543		America Movil S.A. de C.V. (ADR) (Series L)		3,810,752
75,222	e*	Aruba Networks, Inc		1,504,440
206,286		AT&T, Inc		8,727,961
65,128	e	Manitoba Telecom Services, Inc		3,169,150
264,829	e	Verizon Communications, Inc		11,726,628
		TOTAL COMMUNICATIONS		28,938,931
DEPOSITORY INSTITUTIONS - 8.19%
177,301		Bank of America Corp		8,912,921
350,857		Citigroup, Inc		16,374,496
301,689		JPMorgan Chase & Co		13,823,390
132,562	e	Northern Trust Corp		8,784,884
96,684		SunTrust Banks, Inc		7,316,078
115,814	e	US Bancorp		3,767,429
67,527		Wachovia Corp		3,386,479
422,221		Wells Fargo & Co		15,039,512
		TOTAL DEPOSITORY INSTITUTIONS		77,405,189
EATING AND DRINKING PLACES - 1.61%
29,045	e*	Chipotle Mexican Grill, Inc (Class A)		3,431,086
96,713		Darden Restaurants, Inc		4,048,406
142,052		McDonald's Corp		7,737,572
		TOTAL EATING AND DRINKING PLACES		15,217,064
ELECTRIC, GAS, AND SANITARY SERVICES - 2.84%
137,390	e*	AES Corp		2,753,296
107,297		American Electric Power Co, Inc		4,944,246
86,830	e	Constellation Energy Group, Inc		7,449,146
164,761	e	DPL, Inc		4,326,624
66,678	e*	NRG Energy, Inc		2,819,813
94,948	e	PG&E Corp		4,538,514
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		26,831,639
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.29%
78,252	*	Apple Computer, Inc		12,014,812
681,362	*	Cisco Systems, Inc		22,559,896
39,849	e*	First Solar, Inc		4,691,821
93,118		Gamesa Corp Tecnologica S.A.		3,804,176
152,075		Honeywell International, Inc		9,043,900
563,386		Intel Corp		14,569,162
54,357		L-3 Communications Holdings, Inc		5,552,024
138,712	*	Marvell Technology Group Ltd		2,270,715
131,812		Maxim Integrated Products, Inc		3,868,682
178,333	e*	Nvidia Corp		6,462,788
224,387		Qualcomm, Inc		9,482,595
29,474	*	Research In Motion Ltd		2,904,663
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		97,225,234

6

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
FOOD AND KINDRED PRODUCTS - 4.04%
153,546		Coca-Cola Co	$	8,824,289
39,137		General Mills, Inc		2,270,337
123,528		Kellogg Co		6,917,568
67,680		Kraft Foods, Inc (Class A)		2,335,637
193,604		PepsiCo, Inc		14,183,429
114,975		Unilever plc		3,634,429
		TOTAL FOOD AND KINDRED PRODUCTS		38,165,689
GENERAL BUILDING CONTRACTORS - 0.26%
160,378		Amec plc		2,431,461
		TOTAL GENERAL BUILDING CONTRACTORS		2,431,461
GENERAL MERCHANDISE STORES - 1.62%
111,339	e	Target Corp		7,077,820
199,457		TJX Cos, Inc		5,798,215
56,166		Wal-Mart Stores, Inc		2,451,646
		TOTAL GENERAL MERCHANDISE STORES		15,327,681
HEALTH SERVICES - 0.82%
85,842	*	Medco Health Solutions, Inc		7,759,258
		TOTAL HEALTH SERVICES		7,759,258
HOLDING AND OTHER INVESTMENT OFFICES - 2.23%
15,007		AvalonBay Communities, Inc		1,771,726
64,238	e	Digital Realty Trust, Inc		2,530,335
109,669	e	SPDR Trust Series 1		16,733,296
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		21,035,357
HOTELS AND OTHER LODGING PLACES - 0.82%
66,544		Accor S.A.		5,907,726
64,781	e	Ameristar Casinos, Inc		1,820,346
		TOTAL HOTELS AND OTHER LODGING PLACES		7,728,072
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.78%
34,208		Alstom		6,954,376
57,516	e	Deere & Co		8,536,525
652,212		General Electric Co		27,001,577
356,200		Hewlett-Packard Co		17,735,198
88,293		International Business Machines Corp		10,400,915
72,201	e*	Riverbed Technology, Inc		2,916,198
7,400	m,v*	Seagate Technology, Inc		0
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		73,544,789
INSTRUMENTS AND RELATED PRODUCTS - 5.25%
211,705		Emerson Electric Co		11,266,940
56,847	e*	Hologic, Inc		3,467,667
164,750		Johnson & Johnson		10,824,075
170,507	e	Medtronic, Inc		9,618,300
63,642		Mindray Medical International Ltd (ADR)		2,733,424
108,494	e*	Thermo Electron Corp		6,262,274
67,270	e*	Zimmer Holdings, Inc		5,448,197
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		49,620,877

7

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.44%
45,210		Hartford Financial Services Group, Inc	$	4,184,186
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,184,186
INSURANCE CARRIERS - 4.09%
172,441		ACE Ltd		10,444,751
121,094		Aetna, Inc		6,571,771
137,794		Aflac, Inc		7,859,770
203,497		American International Group, Inc		13,766,572
		TOTAL INSURANCE CARRIERS		38,642,864
MISCELLANEOUS RETAIL - 0.46%
47,417		Best Buy Co, Inc		2,182,130
41,387	e	Tiffany & Co		2,166,609
		TOTAL MISCELLANEOUS RETAIL		4,348,739
MOTION PICTURES - 1.34%
124,276	e*	Discovery Holding Co (Class A)		3,585,363
104,735	*	DreamWorks Animation SKG, Inc (Class A)		3,500,244
143,089		Viacom Inc		5,576,178
		TOTAL MOTION PICTURES		12,661,785
NONDEPOSITORY INSTITUTIONS - 2.02%
100,979		American Express Co		5,995,123
179,628		Discover Financial Services		3,736,262
154,368		Fannie Mae		9,387,118
		TOTAL NONDEPOSITORY INSTITUTIONS		19,118,503
OIL AND GAS EXTRACTION - 3.89%
56,553	e	Baker Hughes, Inc		5,110,695
74,484	*	Cameron International Corp		6,874,128
92,676	e*	Pride International, Inc		3,387,308
147,474		Schlumberger Ltd		15,484,770
82,719		Smith International, Inc		5,906,137
		TOTAL OIL AND GAS EXTRACTION		36,763,038
PAPER AND ALLIED PRODUCTS - 0.71%
100,008		Anglo American plc		6,729,812
		TOTAL PAPER AND ALLIED PRODUCTS		6,729,812
PETROLEUM AND COAL PRODUCTS - 6.41%
94,692	e	Cabot Oil & Gas Corp		3,329,371
129,310		Devon Energy Corp		10,758,592
413,982	e	Exxon Mobil Corp		38,318,174
86,912		Marathon Oil Corp		4,955,722
43,318		Petroleo Brasileiro S.A. (ADR)		3,270,509
		TOTAL PETROLEUM AND COAL PRODUCTS		60,632,368
REAL ESTATE - 0.18%
104,000		Urban Corp		1,686,780
		TOTAL REAL ESTATE		1,686,780

8

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.65%
77,592		Bayer AG.	$	6,176,026
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		6,176,026
SECURITY AND COMMODITY BROKERS - 2.13%
42,693	e	AllianceBernstein Holding LP		3,759,973
130,443	e	Lazard Ltd (Class A)		5,530,783
171,969	e	Morgan Stanley		10,834,047
		TOTAL SECURITY AND COMMODITY BROKERS		20,124,803
STONE, CLAY, AND GLASS PRODUCTS - 0.29%
29,613		3M Co		2,771,185
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		2,771,185
TOBACCO PRODUCTS - 2.22%
301,500		Altria Group, Inc		20,963,295
		TOTAL TOBACCO PRODUCTS		20,963,295
TRANSPORTATION EQUIPMENT - 3.84%
130,714		Boeing Co		13,723,664
64,392		Harsco Corp		3,816,515
100,662	e	ITT Industries, Inc		6,837,970
110,870		Raytheon Co		7,075,723
60,153		United Technologies Corp		4,841,113
		TOTAL TRANSPORTATION EQUIPMENT		36,294,985
TRUCKING AND WAREHOUSING - 0.19%
23,854		United Parcel Service, Inc (Class B)		1,791,435
		TOTAL TRUCKING AND WAREHOUSING		1,791,435
WATER TRANSPORTATION - 0.14%
35,086		K-Sea Transportation Partners LP		1,366,951
		TOTAL WATER TRANSPORTATION		1,366,951
WHOLESALE TRADE-NONDURABLE GOODS - 0.26%
53,135		Herbalife Ltd		2,415,517
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,415,517
		TOTAL COMMON STOCKS
		(Cost $739,905,058)	$	940,516,904
PRINCIPAL
SHORT-TERM INVESTMENTS - 13.84%
U.S. GOVERNMENT AGENCIES AND DISCOUNT NOTES - 0.13%
$      1,230,000		Federal Home Loan Bank (FHLB), 10/01/07	$	1,229,590
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 13.71%
129,551,373		State Street Navigator Securities Lending Prime Portfolio		129,551,373
		TOTAL SHORT- TERM INVESTMENTS
		(Cost $130,781,373)		130,780,963
		TOTAL PORTFOLIO - 113.34%
		(Cost $870,686,431)		1,071,297,867

9

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
				VALUE
		OTHER ASSETS & LIABILITIES, NET - (13.34)%		(126,063,374	)
		NET ASSETS - 100.00%	$	945,234,493
		ABBREVIATION:
		ADR - American Depositary Receipt
		SPDR - Standard & Poor's Depository Receipts
	*	Non-income producing.
	e	All or a portion of these securities are out on loan.
	m	Indicates a security that has been deemed illiquid.
	v	Security valued at fair value.

10

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.36%
AMUSEMENT AND RECREATION SERVICES - 0.87%
42,400		Nintendo Co Ltd	$	22,073,913
		TOTAL AMUSEMENT AND RECREATION SERVICES		22,073,913
AUTO REPAIR, SERVICES AND PARKING - 0.67%
800,600		NOK Corp		17,146,006
		TOTAL AUTO REPAIR, SERVICES AND PARKING		17,146,006
BUSINESS SERVICES - 2.79%
803,857		Adecco S.A.		47,537,517
266		NTT Data Corp		1,185,670
1,652,716		WPP Group plc		22,385,179
		TOTAL BUSINESS SERVICES		71,108,366
CHEMICALS AND ALLIED PRODUCTS - 10.66%
2,557,400	e	Daiichi Sankyo Co Ltd		76,812,171
837,404		Reckitt Benckiser plc		49,206,651
39,646		Shin-Etsu Chemical Co Ltd		2,740,515
113,022,000	e	Sinochem Hong Kong Holding Ltd		88,831,714
251,470		Syngenta AG.		54,214,275
		TOTAL CHEMICALS AND ALLIED PRODUCTS		271,805,326
COAL MINING - 1.39%
11,931,000		China Coal Energy Co		35,452,974
		TOTAL COAL MINING		35,452,974
COMMUNICATIONS - 0.76%
342		Nippon Telegraph & Telephone Corp		1,598,868
774		NTT DoCoMo, Inc		1,105,089
315,983		Royal KPN NV		5,483,485
295,000		Singapore Telecommunications Ltd		798,317
2,901,357		Vodafone Group plc		10,477,320
		TOTAL COMMUNICATIONS		19,463,079
DEPOSITORY INSTITUTIONS - 7.88%
76,474		Australia & New Zealand Banking Group Ltd		2,015,420
53,254		Commonwealth Bank of Australia		2,664,708
47,305		DBS Group Holdings Ltd		687,841
344,144	*	Fortis		1,825,515
322,681	e	Fortis		9,501,579
326,786		Julius Baer Holding AG.		24,433,516
2,557		Mizuho Financial Group. Inc		14,580,899
68,431		National Australia Bank Ltd		2,411,283
105,000		Oversea-Chinese Banking Corp		629,081
64,517		Societe Generale		10,826,278
525	e	Sumitomo Mitsui Financial Group, Inc		4,090,672

11

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
2,289,552		UBS A.G.	$	123,105,824
47,000		United Overseas Bank Ltd		699,226
76,275		Westpac Banking Corp		1,928,956
296,266	*	Yes Bank Ltd		1,538,672
		TOTAL DEPOSITORY INSTITUTIONS		200,939,470
ELECTRIC, GAS, AND SANITARY SERVICES - 2.73%
27,600		Chubu Electric Power Co, Inc		714,839
1,563,088		Fortum Oyj		57,371,252
31,900		Kansai Electric Power Co, Inc		729,008
427,300		Tokyo Electric Power Co, Inc		10,788,056
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		69,603,155
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.23%
459,680		Hoya Corp		15,687,508
20,330		Kyocera Corp		1,906,186
81,000		Matsushita Electric Industrial Co Ltd		1,519,654
4,100		Murata Manufacturing Co Ltd		295,547
245,165	*	SGL Carbon AG.		14,053,577
558,000	e	TDK Corp		48,967,397
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		82,429,869
ENGINEERING AND MANAGEMENT SERVICES - 0.67%
483,472		GEA Group AG.		17,007,592
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		17,007,592
FOOD AND KINDRED PRODUCTS - 1.66%
538,031		Groupe Danone		42,349,543
		TOTAL FOOD AND KINDRED PRODUCTS		42,349,543
FOOD STORES - 4.56%
1,628,951	e	Carrefour S.A.		114,118,785
80,316		Woolworths Ltd		2,117,386
		TOTAL FOOD STORES		116,236,171
HEAVY CONSTRUCTION, EXCEPT BUILDING - 2.48%
809,336		Vinci S.A.		63,231,359
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		63,231,359
HOLDING AND OTHER INVESTMENT OFFICES - 3.53%
4,164,191		Ashmore Group plc		24,707,738
1,197		GPT Group		5,417
3,413,000		Japan Asia Investment Co Ltd		16,877,064
23,200		JFE Holdings, Inc		1,644,087
4,125,607		Man Group plc		46,720,752
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		89,955,058
HOTELS AND OTHER LODGING PLACES - 2.53%
725,838		Accor S.A.		64,439,353
		TOTAL HOTELS AND OTHER LODGING PLACES		64,439,353
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.03%
91,450		Canon, Inc		4,991,873
48,820		FUJIFILM Holdings Corp		2,256,860

12

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
109,080		Komatsu Ltd	$	3,665,597
489,392	e	Krones AG.		39,581,791
63,000		Mitsui & Co Ltd		1,530,231
109,900	e	Modec, Inc		3,980,185
255,808		Rheinmetall AG.		20,321,213
64,900		Sumitomo Heavy Industries Ltd		835,651
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		77,163,401
INSTRUMENTS AND RELATED PRODUCTS - 3.58%
759,027		Phonak Holding AG.		76,147,179
235,328		Tecan Group AG.		15,159,631
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		91,306,810
INSURANCE CARRIERS - 0.58%
49,740		Zurich Financial Services AG.		14,920,932
		TOTAL INSURANCE CARRIERS		14,920,932
METAL MINING - 3.20%
144,835		BHP Billiton Ltd		5,725,542
269,421		MMC Norilsk Nickel (ADR)		73,282,512
17,953		Polyus Gold (ADR)		791,727
19,406	e	Rio Tinto Ltd		1,863,541
		TOTAL METAL MINING		81,663,322
MISCELLANEOUS RETAIL - 0.08%
88,000		Hutchison Whampoa Ltd		941,258
121,196		Origin Energy Ltd		1,107,697
		TOTAL MISCELLANEOUS RETAIL		2,048,955
NONDEPOSITORY INSTITUTIONS - 1.52%
308,599		Deutsche Postbank AG.		22,657,905
1,812,817		Tullett Prebon plc		16,004,389
		TOTAL NONDEPOSITORY INSTITUTIONS		38,662,294
OIL AND GAS EXTRACTION - 1.33%
34,374	*	Compagnie Generale de Geophysique S.A.		11,231,876
448,083		Saipem S.p.A.		19,117,118
22,820		Total S.A.		1,855,433
37,156		Woodside Petroleum Ltd		1,655,114
		TOTAL OIL AND GAS EXTRACTION		33,859,541
PETROLEUM AND COAL PRODUCTS - 2.26%
2,648,341		BP plc		30,749,929
163,943		ENI S.p.A.		6,075,773
502,510		Royal Dutch Shell plc (A Shares)		20,737,431
		TOTAL PETROLEUM AND COAL PRODUCTS		57,563,133
PRIMARY METAL INDUSTRIES - 0.16%
432,400		Nippon Steel Corp		3,113,175
169,000		Sumitomo Metal Industries Ltd		985,766
		TOTAL PRIMARY METAL INDUSTRIES		4,098,941
RAILROAD TRANSPORTATION - 0.10%
328		East Japan Railway Co		2,587,107
		TOTAL RAILROAD TRANSPORTATION		2,587,107

13

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
REAL ESTATE - 3.12%
18		City Developments Ltd	$	196
59,726		ORIX Corp		13,623,133
8,345	e	Risa Partners, Inc		15,692,509
3,031,300		Urban Corp		49,164,775
58,175		Westfield Group		1,120,189
		TOTAL REAL ESTATE		79,600,802
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 7.95%
2,546,789		Bayer AG.		202,714,657
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		202,714,657
SECURITY AND COMMODITY BROKERS - 0.05%
73,300		Nomura Holdings, Inc		1,229,058
		TOTAL SECURITY AND COMMODITY BROKERS		1,229,058
STONE, CLAY, AND GLASS PRODUCTS - 6.56%
177,672		Holcim Ltd		19,625,183
24,149,000	e	Nippon Sheet Glass Co Ltd		147,587,150
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		167,212,333
TOBACCO PRODUCTS - 2.27%
211,385		British American Tobacco plc		7,577,267
51,215,500		Huabao International Holdings Ltd		46,117,239
780		Japan Tobacco, Inc		4,284,856
		TOTAL TOBACCO PRODUCTS		57,979,362
TRANSPORTATION BY AIR - 0.14%
124,880		SABMiller plc		3,556,612
		TOTAL TRANSPORTATION BY AIR		3,556,612
TRANSPORTATION EQUIPMENT - 8.21%
28,660		Denso Corp		1,080,380
4,973,886		Fiat S.p.A.		150,431,522
351,204		Siemens AG.		48,286,857
161,660		Toyota Motor Corp		9,542,113
		TOTAL TRANSPORTATION EQUIPMENT		209,340,872
TRUCKING AND WAREHOUSING - 3.65%
3,200,135		Deutsche Post AG.		93,089,526
		TOTAL TRUCKING AND WAREHOUSING		93,089,526
WATER TRANSPORTATION - 0.01%
1,718		Euro-Kai KGaA		166,584
		TOTAL WATER TRANSPORTATION		166,584
WHOLESALE TRADE-DURABLE GOODS - 4.15%
989,884		Kloeckner & Co AG.		68,416,315
56,510		Mitsubishi Corp		1,790,767
44,550		Sumitomo Corp		861,021
1,070,700	e	Ulvac, Inc		34,675,523
		TOTAL WHOLESALE TRADE-DURABLE GOODS		105,743,626
		TOTAL COMMON STOCKS
		(Cost $2,178,459,869)	$	2,507,749,102

14

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
PRINCIPAL		ISSUER		VALUE
SHORT-TERM INVESTMENTS - 7.74%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 7.74%
197,368,355		State Street Navigator Securities Lending Prime Portfolio		197,368,355
		TOTAL SHORT- TERM INVESTMENTS
		(Cost $197,368,355)		197,368,355
		TOTAL PORTFOLIO - 106.10%
		(Cost $2,375,828,224)		2,705,117,457
		OTHER ASSETS & LIABILITIES, NET - (6.10)%		(155,505,459	)
		NET ASSETS - 100.00%	$	2,549,611,998
		ABBREVIATION:
		ADR - American Depositary Receipt
	*	Non-income producing.
	e	All or a portion of these securities are out on loan.

15

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SUMMARY OF MARKET VALUES BY COUNTRY
INSTITUTIONAL INTERNATIONAL EQUITY FUND
September 30, 2007
			% OF
			MARKET
COUNTRY	VALUE		VALUE
DOMESTIC
UNITED STATES OF AMERICA	$	197,368,355	7.30	%
TOTAL DOMESTIC		197,368,355	7.30
FOREIGN
AUSTRALIA		22,615,255	0.84
BELGIUM		11,327,095	0.42
FINLAND		57,371,252	2.12
FRANCE		308,052,626	11.39
GERMANY		526,296,019	19.46
HONG KONG		171,343,185	6.33
INDIA		1,538,672	0.05
ITALY		175,624,412	6.49
JAPAN		543,940,876	20.11
NETHERLANDS		5,483,485	0.20
RUSSIA		74,074,239	2.74
SINGAPORE		2,814,661	0.10
SWITZERLAND		375,144,057	13.87
UNITED KINGDOM		232,123,268	8.58
TOTAL FOREIGN		2,507,749,102	92.70
TOTAL PORTFOLIO	$	2,705,117,457	100.00	%

16

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP GROWTH FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.97%
AMUSEMENT AND RECREATION SERVICES - 2.79%
34,200		Nintendo Co Ltd	$	17,804,901
		TOTAL AMUSEMENT AND RECREATION SERVICES		17,804,901
APPAREL AND ACCESSORY STORES - 1.22%
31,530	e	Abercrombie & Fitch Co (Class A)		2,544,471
111,827		Nordstrom, Inc		5,243,568
		TOTAL APPAREL AND ACCESSORY STORES		7,788,039
BUSINESS SERVICES - 16.52%
300,640	*	Adobe Systems, Inc		13,125,942
32,546	*	Cognizant Technology Solutions Corp (Class A)		2,596,194
99,400	e*	DST Systems, Inc		8,529,514
258,965	*	eBay, Inc		10,104,814
109,745	*	Electronic Arts, Inc		6,144,623
861,671		Experian Group Ltd		9,114,574
32,129	*	Google, Inc (Class A)		18,225,818
377,321	*	Intuit, Inc		11,432,826
33,491	e	Mastercard, Inc (Class A)		4,955,663
241,359		Omnicom Group, Inc		11,606,954
284,865	*	Oracle Corp		6,167,327
122,429	*	Yahoo!, Inc		3,285,994
		TOTAL BUSINESS SERVICES		105,290,243
CHEMICALS AND ALLIED PRODUCTS - 18.20%
167,198		Abbott Laboratories		8,965,157
140,200		Air Products & Chemicals, Inc		13,705,952
53,848	*	Amgen, Inc		3,046,181
171,163		Colgate-Palmolive Co		12,207,345
147,724	*	Genentech, Inc		11,525,426
271,712	*	Gilead Sciences, Inc		11,104,869
128,864		Merck & Co, Inc		6,660,980
220,379		Monsanto Co		18,895,295
97,000	e*	Mosaic Co		5,191,440
390,191		Schering-Plough Corp		12,341,741
277,325		Teva Pharmaceutical Industries Ltd (ADR)		12,332,643
		TOTAL CHEMICALS AND ALLIED PRODUCTS		115,977,029
COMMUNICATIONS - 2.34%
140,046		AT&T, Inc		5,925,346
109,400	*	NII Holdings, Inc		8,987,210
		TOTAL COMMUNICATIONS		14,912,556
EATING AND DRINKING PLACES - 0.92%
107,803		McDonald's Corp		5,872,029
		TOTAL EATING AND DRINKING PLACES		5,872,029

17

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 13.24%
76,198	*	Apple Computer, Inc	$	11,699,441
575,646	*	Cisco Systems, Inc		19,059,639
557,759		Intel Corp		14,423,648
181,096		Maxim Integrated Products, Inc		5,315,168
78,171	*	Network Appliance, Inc		2,103,582
360,311		Qualcomm, Inc		15,226,743
167,811	*	Research In Motion Ltd		16,537,774
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		84,365,995
ENGINEERING AND MANAGEMENT SERVICES - 1.60%
143,344	*	Celgene Corp		10,221,861
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		10,221,861
FABRICATED METAL PRODUCTS - 0.66%
70,507		Illinois Tool Works, Inc		4,205,037
		TOTAL FABRICATED METAL PRODUCTS		4,205,037
GENERAL MERCHANDISE STORES - 2.22%
279,806	e	TJX Cos, Inc		8,133,960
137,048		Wal-Mart Stores, Inc		5,982,145
		TOTAL GENERAL MERCHANDISE STORES		14,116,105
HOLDING AND OTHER INVESTMENT OFFICES - 0.97%
100,553		iShares Russell 1000 Growth Index Fund		6,207,137
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,207,137
HOTELS AND OTHER LODGING PLACES - 2.20%
106,741	*	MGM Mirage		9,546,915
73,706		Starwood Hotels & Resorts Worldwide, Inc		4,477,640
		TOTAL HOTELS AND OTHER LODGING PLACES		14,024,555
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.73%
23,221		Deere & Co		3,446,461
195,814		Hewlett-Packard Co		9,749,579
245,201		International Game Technology		10,568,163
6,200	m,v*	Seagate Technology, Inc		0
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		23,764,203
INSTRUMENTS AND RELATED PRODUCTS - 8.69%
82,905		Alcon, Inc		11,931,688
260,100		BAE Systems plc		2,626,225
313,997		Emerson Electric Co		16,710,920
63,600	e*	Flir Systems, Inc		3,522,804
55,400		Johnson & Johnson		3,639,780
195,985		Medtronic, Inc		11,055,514
102,300	*	Thermo Electron Corp		5,904,756
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		55,391,687
INSURANCE CARRIERS - 2.40%
63,270		Aetna, Inc		3,433,663
208,100		Aflac, Inc		11,870,024
		TOTAL INSURANCE CARRIERS		15,303,687

18

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
SHARES		COMPANY		VALUE
MISCELLANEOUS RETAIL - 4.02%
35,460	*	Amazon.com, Inc	$	3,303,099
563,784		CVS Corp		22,342,760
		TOTAL MISCELLANEOUS RETAIL		25,645,859
MOTION PICTURES - 0.93%
269,400		News Corp (Class A)		5,924,106
		TOTAL MOTION PICTURES		5,924,106
NONDEPOSITORY INSTITUTIONS - 0.84%
86,000		Textron, Inc		5,350,060
		TOTAL NONDEPOSITORY INSTITUTIONS		5,350,060
OIL AND GAS EXTRACTION - 3.41%
65,726		Baker Hughes, Inc		5,939,659
10,899	*	National Oilwell Varco, Inc		1,574,906
129,430	*	Weatherford International Ltd		8,695,107
88,879		XTO Energy, Inc		5,496,277
		TOTAL OIL AND GAS EXTRACTION		21,705,949
PAPER AND ALLIED PRODUCTS - 1.05%
95,244		Anglo American plc		6,409,230
30,149		Mondi plc		286,834
		TOTAL PAPER AND ALLIED PRODUCTS		6,696,064
PETROLEUM AND COAL PRODUCTS - 1.97%
70,800		Devon Energy Corp		5,890,560
69,974	*	Suncor Energy, Inc		6,634,235
		TOTAL PETROLEUM AND COAL PRODUCTS		12,524,795
SECURITY AND COMMODITY BROKERS - 5.55%
531,280		Charles Schwab Corp		11,475,648
27,336		CME Group, Inc		16,055,800
35,245		Deutsche Boerse AG.		4,799,580
20,126	*	IntercontinentalExchange, Inc		3,057,141
		TOTAL SECURITY AND COMMODITY BROKERS		35,388,169
TRANSPORTATION EQUIPMENT - 2.52%
34,300	*	BE Aerospace, Inc		1,424,479
84,331		Boeing Co		8,853,912
71,811		United Technologies Corp		5,779,349
		TOTAL TRANSPORTATION EQUIPMENT		16,057,740
WATER TRANSPORTATION - 0.98%
159,355	e	Royal Caribbean Cruises Ltd		6,219,626
		TOTAL WATER TRANSPORTATION		6,219,626
		TOTAL COMMON STOCKS
		(Cost $546,664,691)	$	630,757,432

19

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
SHARES		COMPANY		VALUE
SHORT-TERM INVESTMENTS - 3.78%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.78%
$      24,124,160		State Street Navigator Securities Lending Prime Portfolio	$	24,124,160
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $24,124,160)		24,124,160
		TOTAL PORTFOLIO - 102.75%
		(Cost $570,788,851)		654,881,592
		OTHER ASSETS & LIABILITIES, NET - (2.75%)		(17,543,929	)
		NET ASSETS - 100.00%	$	637,337,663
		ABBREVIATION:
		ADR - American Depositary Receipt
	*	Non-income producing.
	e	All or a portion of these securities are out on loan.
	m	Indicates a security that has been deemed illiquid.
	v	Security valued at fair value.

20

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP VALUE FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.57%
AMUSEMENT AND RECREATION SERVICES - 0.07%
662,000	*	Galaxy Entertainment Group Ltd	$	733,204
		TOTAL AMUSEMENT AND RECREATION SERVICES		733,204
APPAREL AND ACCESSORY STORES - 2.56%
98,875	*	AnnTaylor Stores Corp		3,131,371
1,359,492		Gap, Inc		25,069,032
		TOTAL APPAREL AND ACCESSORY STORES		28,200,403
APPAREL AND OTHER TEXTILE PRODUCTS - 0.04%
4,023	e	Liz Claiborne, Inc		138,110
3,049		VF Corp		246,207
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		384,317
BUSINESS SERVICES - 1.27%
4,012	e*	athenahealth, Inc		136,047
595	*	BladeLogic, Inc		15,256
128,300	*	Computer Sciences Corp		7,171,970
793	*	Data Domain, Inc		24,543
236,739	*	Oracle Corp		5,125,399
17,008,045	e	Solomon Systech International Ltd		1,553,376
		TOTAL BUSINESS SERVICES		14,026,591
CHEMICALS AND ALLIED PRODUCTS - 6.06%
65,180	*	Amgen, Inc		3,687,233
135,157		Colgate-Palmolive Co		9,639,397
50,000		DSM NV		2,698,598
26,300		Eli Lilly & Co		1,497,259
68,926	*	Invitrogen Corp		5,633,322
127,261		Methanex Corp		3,202,476
367,640		Pfizer, Inc		8,981,445
164,872		PPG Industries, Inc		12,456,080
359,721		Schering-Plough Corp		11,377,975
90,792	*	Vertex Pharmaceuticals, Inc		3,487,321
92,755		Wyeth		4,132,235
		TOTAL CHEMICALS AND ALLIED PRODUCTS		66,793,341
COAL MINING - 0.55%
127,648		Peabody Energy Corp		6,110,510
		TOTAL COAL MINING		6,110,510
COMMUNICATIONS - 5.98%
327,983		AT&T, Inc		13,876,961
131,944	e	Manitoba Telecom Services, Inc		6,420,439
938,615		Sprint Nextel Corp		17,833,685

21

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
189,836		Telekom Austria AG.	$	4,967,261
189	*	Time Warner Cable, Inc (Class A)		6,199
15,434,995	*	True Corp PCL		3,017,198
446,579		Verizon Communications, Inc		19,774,518
		TOTAL COMMUNICATIONS		65,896,261
DEPOSITORY INSTITUTIONS - 15.82%
575,400		AMMB Holdings BHD		732,865
18,479		Astoria Financial Corp		490,248
275,449		Bank of America Corp		13,846,821
371,599		Bank of New York Mellon Corp/The		16,402,380
42,700		Bank of the Ryukyus Ltd		557,983
853,258		Citigroup, Inc		39,821,551
168,433		Colonial Bancgroup, Inc		3,641,521
73,371	e	First Horizon National Corp		1,956,071
281,594		Hudson City Bancorp, Inc		4,330,916
298,038		JPMorgan Chase & Co		13,656,101
603		National City Corp		15,129
12,547		Societe Generale		2,105,450
210,315		SunTrust Banks, Inc		15,914,536
384,575		TCF Financial Corp		10,068,174
238,709		UniCredito Italiano S.p.A		2,042,313
517,758		US Bancorp		16,842,668
45,210		Wachovia Corp		2,267,282
77,113		Washington Mutual, Inc		2,722,860
759,853	e	Wells Fargo & Co		27,065,964
		TOTAL DEPOSITORY INSTITUTIONS		174,480,833
EATING AND DRINKING PLACES - 1.89%
1,288,664		Compass Group plc		7,962,528
307,387		Darden Restaurants, Inc		12,867,220
		TOTAL EATING AND DRINKING PLACES		20,829,748
ELECTRIC, GAS, AND SANITARY SERVICES - 4.88%
767,895	*	Allied Waste Industries, Inc		9,790,661
128,703		American Electric Power Co, Inc		5,930,634
439,862		CMS Energy Corp		7,398,479
54,968		Constellation Energy Group, Inc		4,715,705
8,114		Dominion Resources, Inc		684,010
221,489	e	DPL, Inc		5,816,301
24,163		Duke Energy Corp		451,606
19,962		Entergy Corp		2,161,685
17,547		FirstEnergy Corp		1,111,427
58,363		FPL Group, Inc		3,553,139
6,133		MDU Resources Group, Inc		170,743
41,008	*	Mirant Corp		1,668,205
83,246		PG&E Corp		3,979,159
27,744		PPL Corp		1,284,547
30,260		Southern Co		1,097,833
140,000		TECO Energy, Inc		2,300,200
70,000		Westar Energy, Inc		1,719,200
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		53,833,534

22

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.74%
17,727	*	Celestica Inc	$	108,312
97,849	*	Ciena Corp		3,726,090
171,001	*	Cisco Systems, Inc		5,661,843
622,131	e*	Finisar Corp		1,741,967
236,463		Intel Corp		6,114,933
190,286		Maxim Integrated Products, Inc		5,584,894
468,790		Motorola, Inc		8,686,679
189,521		National Semiconductor Corp		5,139,810
123,335	*	Network Appliance, Inc		3,318,945
236,800	e*	Qimonda AG. (ADR)		2,675,840
99,000		Qualcomm, Inc		4,183,740
16,921	g	Samsung Electronics Co Ltd (GDR)		5,308,964
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		52,252,017
ENGINEERING AND MANAGEMENT SERVICES - 0.60%
408	e*	Affymax, Inc		11,040
5,530	*	KBR, Inc		214,398
112,720	e*	URS Corp		6,363,044
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		6,588,482
FABRICATED METAL PRODUCTS - 1.26%
232,930		Illinois Tool Works, Inc		13,891,945
		TOTAL FABRICATED METAL PRODUCTS		13,891,945
FOOD AND KINDRED PRODUCTS - 4.10%
311,055		ConAgra Foods, Inc		8,127,867
468,940		Kraft Foods, Inc (Class A)		16,183,119
60,000		McCormick & Co, Inc		2,158,200
71,135		Molson Coors Brewing Co (Class B)		7,090,025
158,460		PepsiCo, Inc		11,608,780
		TOTAL FOOD AND KINDRED PRODUCTS		45,167,991
FORESTRY - 0.78%
155,273		Rayonier, Inc		7,459,315
15,000		Weyerhaeuser Co		1,084,500
		TOTAL FORESTRY		8,543,815
FURNITURE AND FIXTURES - 0.04%
20,884		Masco Corp		483,882
		TOTAL FURNITURE AND FIXTURES		483,882
FURNITURE AND HOMEFURNISHINGS STORES - 0.19%
263,084	e	Circuit City Stores, Inc		2,080,994
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		2,080,994
GENERAL BUILDING CONTRACTORS - 0.38%
370,100		Daikyo, Inc		1,195,378
126,183	e	Standard-Pacific Corp		692,745
117,112	e*	Toll Brothers, Inc		2,341,069
		TOTAL GENERAL BUILDING CONTRACTORS		4,229,192
GENERAL MERCHANDISE STORES - 0.87%
230,472		Macy's, Inc		7,448,855
49,293		Wal-Mart Stores, Inc		2,151,639
		TOTAL GENERAL MERCHANDISE STORES		9,600,494

23

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
HEALTH SERVICES - 0.44%
277,728	e*	Healthsouth Corp	$	4,863,017
		TOTAL HEALTH SERVICES		4,863,017
HOLDING AND OTHER INVESTMENT OFFICES - 0.60%
11	e	Cross Timbers Royalty Trust		439
45,780		iShares Russell 1000 Value Index Fund		3,934,791
60,167	e	Plum Creek Timber Co, Inc		2,693,075
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,628,305
HOTELS AND OTHER LODGING PLACES - 1.52%
169,491		Accor S.A.		15,047,284
27,996		Starwood Hotels & Resorts Worldwide, Inc		1,700,757
		TOTAL HOTELS AND OTHER LODGING PLACES		16,748,041
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.28%
17,149		Alstom RGPT		3,486,337
92,667		American Standard Cos, Inc		3,300,799
567,160	*	Brocade Communications Systems, Inc		4,854,890
390		Deere & Co		57,884
990,967		General Electric Co		41,026,034
126,578		International Game Technology		5,455,512
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		58,181,456
INSTRUMENTS AND RELATED PRODUCTS - 6.20%
48,101		Applera Corp (Applied Biosystems Group)		1,666,219
35,000		Beckman Coulter, Inc		2,581,600
61,780	*	Eagle Test Systems, Inc		792,020
205,683		Emerson Electric Co		10,946,449
386,373		Johnson & Johnson		25,384,706
148,387		Medtronic, Inc		8,370,511
152,439	*	St. Jude Medical, Inc		6,717,987
207,281	*	Thermo Electron Corp		11,964,259
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		68,423,751
INSURANCE AGENTS, BROKERS AND SERVICE - 1.17%
52,120		AON Corp		2,335,497
114,025		Hartford Financial Services Group, Inc		10,553,014
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		12,888,511
INSURANCE CARRIERS - 5.50%
42,348		ACE Ltd		2,565,018
1,248		Aegon NV		23,749
137,865		Aetna, Inc		7,481,934
52,558		Allstate Corp		3,005,792
136,573		American International Group, Inc		9,239,163
14,569		Aspen Insurance Holdings Ltd		406,621
90,258		Genworth Financial, Inc (Class A)		2,773,628
80,359	e	Max Re Capital Ltd		2,253,266
100,000	e	MGIC Investment Corp		3,231,000
69,524	e	PartnerRe Ltd		5,491,701
110,555		Platinum Underwriters Holdings Ltd		3,975,558

24

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
48,097		Prudential Financial, Inc	$	4,693,305
232,796		Travelers Cos, Inc/The		11,718,951
48,221		XL Capital Ltd (Class A)		3,819,103
		TOTAL INSURANCE CARRIERS		60,678,789
METAL MINING - 0.09%
22,929		Newmont Mining Corp		1,025,614
		TOTAL METAL MINING		1,025,614
MISCELLANEOUS RETAIL - 0.29%
691,715	e*	Rite Aid Corp		3,195,723
		TOTAL MISCELLANEOUS RETAIL		3,195,723
MOTION PICTURES - 1.13%
340,020		News Corp (Class A)		7,477,040
274,559		Time Warner, Inc		5,040,903
		TOTAL MOTION PICTURES		12,517,943
NONDEPOSITORY INSTITUTIONS - 2.70%
83,185		CIT Group, Inc		3,344,037
312,817		Discover Financial Services		6,506,594
328,201		Fannie Mae		19,957,903
		TOTAL NONDEPOSITORY INSTITUTIONS		29,808,534
OIL AND GAS EXTRACTION - 2.33%
26,170		Anadarko Petroleum Corp		1,406,638
28,000		Baker Hughes, Inc		2,530,360
47,627		BJ Services Co		1,264,497
4,149		Equitable Resources, Inc		215,209
206,739		Halliburton Co		7,938,778
305,000	*	Integra Group Holdings (GDR)		4,742,750
1,745		Pogo Producing Co		92,677
124,686	*	Pride International, Inc		4,557,273
48,000		XTO Energy, Inc		2,968,320
		TOTAL OIL AND GAS EXTRACTION		25,716,502
PAPER AND ALLIED PRODUCTS - 1.35%
108,569		Anglo American plc		7,305,906
25,713		Kimberly-Clark Corp		1,806,595
11,930	*	Mondi Ltd		119,114
579,826		Mondi plc		5,516,390
10,183	*	Smurfit-Stone Container Corp		118,937
		TOTAL PAPER AND ALLIED PRODUCTS		14,866,942
PETROLEUM AND COAL PRODUCTS - 8.95%
136,976		Apache Corp		12,336,059
194,851		Chevron Corp		18,234,157
112,564		ConocoPhillips		9,879,742
164,460		Devon Energy Corp		13,683,072
73,939		EOG Resources, Inc		5,348,008
144,435		Exxon Mobil Corp		13,368,904
338,703		Occidental Petroleum Corp		21,704,088
55,350		Petroleo Brasileiro S.A. (ADR)		4,178,925
		TOTAL PETROLEUM AND COAL PRODUCTS		98,732,955

25

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
PIPELINES, EXCEPT NATURAL GAS - 0.03%
12,081		Spectra Energy Corp	$	295,743
		TOTAL PIPELINES, EXCEPT NATURAL GAS		295,743
PRIMARY METAL INDUSTRIES - 0.42%
16,000		Vallourec		4,608,650
		TOTAL PRIMARY METAL INDUSTRIES		4,608,650
REAL ESTATE - 0.55%
1,640,472	*	Unitech Corporate Parks plc		3,440,306
164,400		Urban Corp		2,666,410
		TOTAL REAL ESTATE		6,106,716
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.64%
243,343		Newell Rubbermaid, Inc		7,013,145
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		7,013,145
SECURITY AND COMMODITY BROKERS - 3.83%
44,060	e	Bear Stearns Cos, Inc		5,411,009
25,444		Goldman Sachs Group, Inc		5,514,733
323,876		Lehman Brothers Holdings, Inc		19,992,865
50,230		Merrill Lynch & Co, Inc		3,580,394
123,138		Morgan Stanley		7,757,694
		TOTAL SECURITY AND COMMODITY BROKERS		42,256,695
TOBACCO PRODUCTS - 1.27%
201,391		Altria Group, Inc		14,002,716
		TOTAL TOBACCO PRODUCTS		14,002,716
TRANSPORTATION BY AIR - 0.68%
93,778	e*	AMR Corp		2,090,312
342,511	e*	JetBlue Airways Corp		3,157,951
49,105	e*	UAL Corp		2,284,856
		TOTAL TRANSPORTATION BY AIR		7,533,119
TRANSPORTATION EQUIPMENT - 1.43%
1,361,212	e*	Ford Motor Co		11,556,690
8,330		Lockheed Martin Corp		903,722
51,150		Raytheon Co		3,264,393
		TOTAL TRANSPORTATION EQUIPMENT		15,724,805
TRANSPORTATION SERVICES - 0.64%
309,284	e	UTI Worldwide, Inc		7,107,346
		TOTAL TRANSPORTATION SERVICES		7,107,346
WATER TRANSPORTATION - 0.44%
125,370	e	Royal Caribbean Cruises Ltd		4,893,191
		TOTAL WATER TRANSPORTATION		4,893,191
WHOLESALE TRADE-DURABLE GOODS - 0.01%
5,846	e*	Solera Holdings, Inc		105,169
		TOTAL WHOLESALE TRADE-DURABLE GOODS		105,169

26

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
PRINCIPAL		COMPANY		VALUE
		TOTAL COMMON STOCKS
		(Cost $1,034,074,676)	$	1,098,050,932
SHORT-TERM INVESTMENTS - 6.34%
U.S. GOVERNMENT AGENCIES AND DISCOUNT NOTES - 0.25%
$      2,790,000		Federal Home Loan Bank (FHLB), 10/01/07		2,789,070
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 6.09%
67,180,059		State Street Navigator Securities Lending Prime Portfolio		67,180,059
		TOTAL SHORT- TERM INVESTMENTS
		(Cost $69,970,059)		69,969,129
		TOTAL PORTFOLIO - 105.91%
		(Cost $1,104,044,735)		1,168,020,061
		OTHER ASSETS & LIABILITIES, NET - (5.91)%		(65,215,231	)
		NET ASSETS - 100.00%	$	1,102,804,830
		ABBREVIATION:
		ADR - American Depositary Receipt
		GDR - Global Depositary Receipt
	*	Non-income producing.
	e	All or a portion of these securities are out on loan.
	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 September 30, 2007, the value of these securities amounted to $5,308,964 or 0.48% of net assets.

27

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.84%
AMUSEMENT AND RECREATION SERVICES - 0.81%
168,086	*	Activision, Inc	$	3,628,977
		TOTAL AMUSEMENT AND RECREATION SERVICES		3,628,977
APPAREL AND OTHER TEXTILE PRODUCTS - 2.00%
95,769	e	Guess ?, Inc		4,695,554
36,147		Phillips-Van Heusen Corp		1,896,995
30,939	e	Polo Ralph Lauren Corp		2,405,507
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		8,998,056
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 1.07%
139,551	*	Copart, Inc		4,799,159
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		4,799,159
BUSINESS SERVICES - 9.93%
124,364	*	Adobe Systems, Inc		5,429,732
91,477	e	Arbitron, Inc		4,147,567
72,619	e*	Cavium Networks, Inc		2,360,118
35,029	e*	Cerner Corp		2,095,084
57,286	*	Citrix Systems, Inc		2,309,772
44,248	e*	Cognizant Technology Solutions Corp (Class A)		3,529,663
109,398	*	Electronic Arts, Inc		6,125,194
50,701	e*	Focus Media Holding Ltd (ADR)		2,941,672
306,940		Michael Page International plc		2,590,489
63,114		Omnicom Group, Inc		3,035,152
214,716	e*	RSC Holdings, Inc		3,521,342
161,991	*	Sybase, Inc		3,746,852
54,810	e*	WebMD Health Corp (Class A)		2,855,601
		TOTAL BUSINESS SERVICES		44,688,238
CHEMICALS AND ALLIED PRODUCTS - 5.84%
58,696		Air Products & Chemicals, Inc		5,738,121
53,150	e	Church & Dwight Co, Inc		2,500,176
129,070	e	Ecolab, Inc		6,092,104
83,714	e*	Hospira, Inc		3,469,945
33,401	e	Shire plc (ADR)		2,471,006
143,356	*	VCA Antech, Inc		5,985,113
		TOTAL CHEMICALS AND ALLIED PRODUCTS		26,256,465
COAL MINING - 1.11%
106,746	e	Consol Energy, Inc		4,974,364
		TOTAL COAL MINING		4,974,364
COMMUNICATIONS - 5.35%
144,205	e*	American Tower Corp (Class A)		6,278,686
162,925	e*	Aruba Networks, Inc		3,258,500

28

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
119,478	e*	Crown Castle International Corp	$	4,854,391
135,832	e*	NeuStar, Inc (Class A)		4,657,679
60,959	*	NII Holdings, Inc		5,007,782
		TOTAL COMMUNICATIONS		24,057,038
EATING AND DRINKING PLACES - 1.63%
28,945	e*	Chipotle Mexican Grill, Inc (Class A)		3,419,273
115,898	e	Yum! Brands, Inc		3,920,829
		TOTAL EATING AND DRINKING PLACES		7,340,102
ELECTRIC, GAS, AND SANITARY SERVICES - 3.27%
55,863		Constellation Energy Group, Inc		4,792,487
253,585	e*	Covanta Holding Corp		6,215,368
87,790	e*	NRG Energy, Inc		3,712,639
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		14,720,494
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.61%
99,057	e	Analog Devices, Inc		3,581,901
113,416	e*	Broadcom Corp (Class A)		4,132,879
19,810	e*	First Solar, Inc		2,332,429
52,342		Harris Corp		3,024,844
277,124	e*	Infineon Technologies AG. (ADR)		4,760,990
94,327	e*	JA Solar Holdings Co Ltd (ADR)		4,239,999
58,630		L-3 Communications Holdings, Inc		5,988,468
107,539		Maxim Integrated Products, Inc		3,156,270
152,012	*	Network Appliance, Inc		4,090,643
138,898	*	Nvidia Corp		5,033,664
137,297	e*	Starent Networks Corp		2,898,340
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		43,240,427
ENGINEERING AND MANAGEMENT SERVICES - 1.05%
62,536	e*	Jacobs Engineering Group, Inc		4,726,471
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		4,726,471
FOOD AND KINDRED PRODUCTS - 2.88%
35,786		Bunge Ltd		3,845,206
77,227	e*	Hansen Natural Corp		4,377,226
131,339		McCormick & Co, Inc		4,724,264
		TOTAL FOOD AND KINDRED PRODUCTS		12,946,696
FURNITURE AND HOME FURNISHINGS STORES - 0.35%
28,393	*	GameStop Corp (Class A)		1,599,946
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		1,599,946
GENERAL MERCHANDISE STORES - 2.33%
88,815	e	JC Penney Co, Inc		5,628,207
167,088		TJX Cos, Inc		4,857,248
		TOTAL GENERAL MERCHANDISE STORES		10,485,455
HEALTH SERVICES - 1.30%
90,590	e	Manor Care, Inc		5,833,996
		TOTAL HEALTH SERVICES		5,833,996

29

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 3.35%
60,368		iShares Russell Midcap Growth Index Fund	$	7,008,725
138,322	e	iStar Financial, Inc		4,701,565
38,388		Macerich Co		3,362,021
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		15,072,311
HOTELS AND OTHER LODGING PLACES - 1.20%
88,634		Starwood Hotels & Resorts Worldwide, Inc		5,384,516
		TOTAL HOTELS AND OTHER LODGING PLACES		5,384,516
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.99%
129,229	e*	AuthenTec, Inc		1,292,290
110,963	e*	Dresser-Rand Group, Inc		4,739,230
45,968		Flowserve Corp		3,501,842
56,687		International Game Technology		2,443,210
188,910	*	Netezza Corp		2,363,264
89,251	e*	Riverbed Technology, Inc		3,604,848
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		17,944,684
INSTRUMENTS AND RELATED PRODUCTS - 8.86%
128,291	e	Allergan, Inc		8,270,921
41,666	e	Bard (C.R.), Inc		3,674,525
65,695	e*	Hologic, Inc		4,007,395
7,482	*	Intuitive Surgical, Inc		1,720,860
85,085	e*	Resmed, Inc		3,647,594
51,755	e	Rockwell Collins, Inc		3,780,185
128,629	*	St. Jude Medical, Inc		5,668,680
92,927	*	Thermo Electron Corp		5,363,746
95,606	*	Trimble Navigation Ltd		3,748,711
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		39,882,617
JUSTICE, PUBLIC ORDER AND SAFETY - 0.51%
88,010	*	Corrections Corp of America		2,303,222
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		2,303,222
LEATHER AND LEATHER PRODUCTS - 2.06%
101,695	*	Coach, Inc		4,807,123
66,648	e*	CROCS, Inc		4,482,078
		TOTAL LEATHER AND LEATHER PRODUCTS		9,289,201
METAL MINING - 0.63%
27,102		Freeport-McMoRan Copper & Gold, Inc (Class B)		2,842,729
		TOTAL METAL MINING		2,842,729
MISCELLANEOUS RETAIL - 0.00%**
32	e*	Nutri/System, Inc		1,500
		TOTAL MISCELLANEOUS RETAIL		1,500
MOTION PICTURES - 0.89%
179,769	e	National CineMedia, Inc		4,026,826
		TOTAL MOTION PICTURES		4,026,826
NONDEPOSITORY INSTITUTIONS - 1.29%
93,053		Textron, Inc		5,788,827
		TOTAL NONDEPOSITORY INSTITUTIONS		5,788,827

30

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
OIL AND GAS EXTRACTION - 10.18%
145,244	*	Denbury Resources, Inc	$	6,490,954
101,300	e	Equitable Resources, Inc		5,254,431
34,827	*	National Oilwell Varco, Inc		5,032,502
65,113		Noble Corp		3,193,793
100,354		Saipem S.p.A.		4,281,526
96,442		Smith International, Inc		6,885,959
78,116	e*	Southwestern Energy Co		3,269,155
89,327	*	Weatherford International Ltd		6,000,988
87,216		XTO Energy, Inc		5,393,437
		TOTAL OIL AND GAS EXTRACTION		45,802,745
PRIMARY METAL INDUSTRIES - 1.97%
27,394		Precision Castparts Corp		4,053,764
143,103	e*	Titanium Metals Corp		4,802,537
		TOTAL PRIMARY METAL INDUSTRIES		8,856,301
REAL ESTATE - 1.65%
115,053	e*	CB Richard Ellis Group, Inc (Class A)		3,203,076
76,729	e	Forest City Enterprises, Inc (Class A)		4,232,372
		TOTAL REAL ESTATE		7,435,448
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.80%
120,860	e*	Goodyear Tire & Rubber Co		3,675,353
75,281		Nike, Inc (Class B)		4,415,983
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		8,091,336
SECURITY AND COMMODITY BROKERS - 3.46%
6,817		CME Group, Inc		4,003,965
25,130	e*	IntercontinentalExchange, Inc		3,817,247
19,029	e	Nymex Holdings, Inc		2,477,195
94,515		T Rowe Price Group, Inc		5,263,540
		TOTAL SECURITY AND COMMODITY BROKERS		15,561,947
SPECIAL TRADE CONTRACTORS - 1.19%
203,137	e*	Quanta Services, Inc		5,372,974
		TOTAL SPECIAL TRADE CONTRACTORS		5,372,974
STONE, CLAY, AND GLASS PRODUCTS - 0.78%
162,716		Gentex Corp		3,488,631
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		3,488,631
TRANSPORTATION EQUIPMENT - 0.84%
55,808		ITT Industries, Inc		3,791,037
		TOTAL TRANSPORTATION EQUIPMENT		3,791,037
WATER TRANSPORTATION - 1.78%
122,134	e	Genco Shipping & Trading Ltd		8,003,441
		TOTAL WATER TRANSPORTATION		8,003,441
WHOLESALE TRADE-DURABLE GOODS - 2.17%
113,861	e*	Cytyc Corp		5,425,477
223,884	*	DemandTec, Inc		3,056,017

31

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
36,452	e*	LKQ Corp	$	1,268,889
		TOTAL WHOLESALE TRADE-DURABLE GOODS		9,750,383
WHOLESALE TRADE-NONDURABLE GOODS - 1.71%
68,499	e*	Bare Escentuals, Inc		1,703,570
54,846		Wimm-Bill-Dann Foods OJSC (ADR)		5,996,862
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		7,700,432
		TOTAL COMMON STOCKS
		(Cost $382,759,093)		444,686,992
SHORT-TERM INVESTMENTS - 27.48%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 27.48%
123,618,520		State Street Navigator Securities Lending Prime Portfolio		123,618,520
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $123,618,520)		123,618,520
		TOTAL PORTFOLIO - 126.32%
		(Cost $506,377,613)		568,305,512
		OTHER ASSETS & LIABILITIES, NET - (26.32%)		(118,406,049	)
		NET ASSETS - 100.00%	$	449,899,463
		ABBREVIATION:
		ADR - American Depositary Receipt
	*	Non-income producing.
	**	Percentage represents less than 0.01%.
	e	All or a portion of these securities are out on loan.

32

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.77%
AMUSEMENT AND RECREATION SERVICES - 0.34%
50,000	*	Penn National Gaming, Inc	$	2,951,000
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,951,000
APPAREL AND ACCESSORY STORES - 0.55%
255,000		Gap, Inc		4,702,200
		TOTAL APPAREL AND ACCESSORY STORES		4,702,200
APPAREL AND OTHER TEXTILE PRODUCTS - 0.43%
108,000	e	Liz Claiborne, Inc		3,707,640
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		3,707,640
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.20%
85,000		Asbury Automotive Group, Inc		1,683,850
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,683,850
BUSINESS SERVICES - 4.30%
90,000	*	Affiliated Computer Services, Inc (Class A)		4,521,600
41,000		Automatic Data Processing, Inc		1,883,130
110,000	e*	CACI International, Inc (Class A)		5,619,900
218,000	*	Computer Sciences Corp		12,186,200
27,000	e*	DynCorp International, Inc (Class A)		623,970
350,000	e*	Earthlink, Inc		2,772,000
133,000		Electronic Data Systems Corp		2,904,720
95,000	e*	Juniper Networks, Inc		3,477,950
264,000	*	Novell, Inc		2,016,960
10,471	e*	VMware, Inc		890,035
		TOTAL BUSINESS SERVICES		36,896,465
CHEMICALS AND ALLIED PRODUCTS - 6.51%
37,000	*	Agrium, Inc		2,015,442
242,000		Alberto-Culver Co		5,999,180
32,000		Clorox Co		1,951,680
147,000		Cytec Industries, Inc		10,053,330
65,000	*	Forest Laboratories, Inc		2,423,850
86,000	*	Invitrogen Corp		7,028,780
180,000	*	Keryx Biopharmaceuticals, Inc		1,789,200
112,000		Methanex Corp		2,818,439
159,000		PPG Industries, Inc		12,012,450
93,000		Rohm & Haas Co		5,177,310
45,000		Sigma-Aldrich Corp		2,193,300
89,000	e*	Theravance, Inc		2,322,010
		TOTAL CHEMICALS AND ALLIED PRODUCTS		55,784,971
COAL MINING - 0.41%
40,000	e	Arch Coal, Inc		1,349,600

33

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
46,000	e	Peabody Energy Corp	$	2,202,020
		TOTAL COAL MINING		3,551,620
COMMUNICATIONS - 2.30%
50,000	*	Cablevision Systems Corp (Class A)		1,747,000
55,000		CenturyTel, Inc		2,542,100
292,976	e*	Crown Media Holdings, Inc (Class A)		2,106,497
23,000	*	EchoStar Communications Corp (Class A)		1,076,630
55,000	*	Liberty Media Corp - Capital (Series A)		6,865,650
86,000	e	Manitoba Telecom Services, Inc		4,184,789
45,000	e*	MetroPCS Communications, Inc		1,227,600
		TOTAL COMMUNICATIONS		19,750,266
DEPOSITORY INSTITUTIONS - 7.72%
82,000		Astoria Financial Corp		2,175,460
56,361		Banco Bilbao Vizcaya Argentaria S.A. (ADR)		1,312,084
73,000		Bank of New York Mellon Corp/The		3,222,220
123,000	e	Colonial Bancgroup, Inc		2,659,260
35,000		Comerica, Inc		1,794,800
24,000		Cullen/Frost Bankers, Inc		1,202,880
116,000		Greater Bay Bancorp		3,201,600
868,000		Hudson City Bancorp, Inc		13,349,840
89,000		Marshall & Ilsley Corp		3,895,530
50,000		National Bank of Greece S.A.		3,186,984
172,000	e	New York Community Bancorp, Inc		3,276,600
77,000		Northern Trust Corp		5,102,790
60,000		PNC Financial Services Group, Inc		4,086,000
98,000		Sovereign Bancorp, Inc		1,669,920
367,000		TCF Financial Corp		9,608,060
225,000	e	Valley National Bancorp		4,990,500
70,000		Western Union Co		1,467,900
		TOTAL DEPOSITORY INSTITUTIONS		66,202,428
EATING AND DRINKING PLACES - 1.12%
229,000		Darden Restaurants, Inc		9,585,940
		TOTAL EATING AND DRINKING PLACES		9,585,940
ELECTRIC, GAS, AND SANITARY SERVICES - 14.14%
43,000		Allegheny Energy, Inc		2,247,180
513,000	*	Allied Waste Industries, Inc		6,540,750
147,000		American Electric Power Co, Inc		6,773,760
100,000		CMS Energy Corp		1,682,000
112,000		Constellation Energy Group, Inc		9,608,480
165,000	e	DPL, Inc		4,332,900
89,000		Edison International		4,935,050
52,000		Energen Corp		2,970,240
57,000		Entergy Corp		6,172,530
29,000		FirstEnergy Corp		1,836,860
128,000		Fortum Oyj		4,698,085
156,600	e	Integrys Energy Group, Inc		8,022,618
71,000	*	Mirant Corp		2,888,280
186,000	e*	NRG Energy, Inc		7,865,940
310,300	e	NorthWestern Corp		8,430,851
91,123	e*	Ocean Power Technologies, Inc		1,430,631

34

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
159,000		PPL Corp	$	7,361,700
195,000		Pepco Holdings, Inc		5,280,600
197,000		Progress Energy, Inc		9,229,450
123,000		Questar Corp		6,461,190
205,000		Southern Union Co		6,377,550
63,000		Williams Cos, Inc		2,145,780
183,000		Xcel Energy, Inc		3,941,820
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		121,234,245
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.53%
106,000	e*	Cree, Inc		3,296,600
239,000	*	Fairchild Semiconductor International, Inc		4,464,520
220,000	*	Gemstar-TV Guide International, Inc		1,531,200
187,000	*	Infineon Technologies AG. (ADR)		3,212,660
116,000		L-3 Communications Holdings, Inc		11,848,240
280,800	e*	LSI Logic Corp		2,083,536
400,000	*	Tellabs, Inc		3,808,000
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		30,244,756
ENGINEERING AND MANAGEMENT SERVICES - 1.26%
40,000	*	McDermott International, Inc		2,163,200
76,000	*	Shaw Group, Inc		4,415,600
75,500	*	URS Corp		4,261,975
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		10,840,775
FABRICATED METAL PRODUCTS - 1.31%
494,000	*	Crown Holdings, Inc		11,243,440
		TOTAL FABRICATED METAL PRODUCTS		11,243,440
FOOD AND KINDRED PRODUCTS - 2.35%
125,000		Del Monte Foods Co		1,312,500
48,000		Hershey Co		2,227,680
83,000		McCormick & Co, Inc		2,985,510
66,000		Pepsi Bottling Group, Inc		2,453,220
355,000	*	Smithfield Foods, Inc		11,182,500
		TOTAL FOOD AND KINDRED PRODUCTS		20,161,410
FOOD STORES - 1.28%
292,000		Kroger Co		8,327,840
68,000		Supervalu, Inc		2,652,680
		TOTAL FOOD STORES		10,980,520
FURNITURE AND FIXTURES - 0.41%
152,000		Masco Corp		3,521,840
		TOTAL FURNITURE AND FIXTURES		3,521,840
GENERAL MERCHANDISE STORES - 0.35%
93,000		Macy's, Inc		3,005,760
		TOTAL GENERAL MERCHANDISE STORES		3,005,760
HEALTH SERVICES - 1.19%
18,000	e*	Coventry Health Care, Inc		1,119,780
63,500	*	DaVita, Inc		4,011,930
220,000	e*	Healthsouth Corp		3,852,200

35

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
15,000	*	WellPoint, Inc	$	1,183,800
		TOTAL HEALTH SERVICES		10,167,710
HEAVY CONSTRUCTION, EXCEPT BUILDING - 1.75%
93,000		Bouygues S.A.		8,021,746
89,000		Vinci S.A.		6,953,343
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		14,975,089
HOLDING AND OTHER INVESTMENT OFFICES - 9.26%
95,000	*	Archstone-Smith Trust		5,713,300
62,000		Boston Properties, Inc		6,441,800
60,000		CBL & Associates Properties, Inc		2,103,000
37,000		Camden Property Trust		2,377,250
45,000	e	Douglas Emmett, Inc		1,112,850
60,000		Equity Residential		2,541,600
61,329	g,m,v*	GSC Capital Corp		118,978
90,000		General Growth Properties, Inc		4,825,800
82,000	e	Glimcher Realty Trust		1,927,000
70,000		iShares Russell 1000 Value Index Fund		6,016,500
63,000		iShares Russell Midcap Value Index Fund		9,531,900
75,000		Kimco Realty Corp		3,390,750
32,000		Mack-Cali Realty Corp		1,315,200
31,000		Pennsylvania Real Estate Investment Trust		1,207,140
127,000		Plum Creek Timber Co, Inc		5,684,520
41,000	e	Post Properties, Inc		1,586,700
76,000		Potlatch Corp		3,422,280
89,000		Prologis		5,905,150
31,500		Public Storage, Inc		2,477,475
90,000		Taubman Centers, Inc		4,927,500
62,000		Vornado Realty Trust		6,779,700
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		79,406,393
HOTELS AND OTHER LODGING PLACES - 3.04%
123,000		Accor S.A.		10,919,848
47,000	*	MGM Mirage		4,203,680
41,000	e	Orient-Express Hotels Ltd (Class A)		2,102,070
146,000		Starwood Hotels & Resorts Worldwide, Inc		8,869,500
		TOTAL HOTELS AND OTHER LODGING PLACES		26,095,098
INDUSTRIAL MACHINERY AND EQUIPMENT - 1.73%
142,000		American Standard Cos, Inc		5,058,040
52,000		Curtiss-Wright Corp		2,470,000
14,500		Deere & Co		2,152,090
102,000		Dover Corp		5,196,900
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		14,877,030
INSTRUMENTS AND RELATED PRODUCTS - 4.54%
55,000	*	Agilent Technologies, Inc		2,028,400
65,000		Applera Corp (Applied Biosystems Group)		2,251,600
240,000		BAE Systems plc		2,423,275
37,000		Beckman Coulter, Inc		2,729,120
76,000	e	Cooper Cos, Inc		3,983,920
29,500	*	Mettler-Toledo International, Inc		3,009,000
250,000	*	Thermo Electron Corp		14,430,000

36

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
25,000	*	Waters Corp	$	1,673,000
369,000	*	Xerox Corp		6,398,460
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		38,926,775
INSURANCE AGENTS, BROKERS AND SERVICE - 0.94%
112,000		AON Corp		5,018,720
32,500		Hartford Financial Services Group, Inc		3,007,875
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		8,026,595
INSURANCE CARRIERS - 5.40%
99,300		ACE Ltd		6,014,601
68,000		Aetna, Inc		3,690,360
80,000		Axis Capital Holdings Ltd		3,112,800
46,000		CNA Financial Corp		1,808,720
263,000	*	Conseco, Inc		4,208,000
49,000		Everest Re Group Ltd		5,401,760
258,000		Genworth Financial, Inc (Class A)		7,928,340
40,000		Hanover Insurance Group, Inc		1,767,600
76,000	e	Max Re Capital Ltd		2,131,040
48,000		OneBeacon Insurance Group Ltd		1,034,400
36,000	e	PartnerRe Ltd		2,843,640
80,000		XL Capital Ltd (Class A)		6,336,000
		TOTAL INSURANCE CARRIERS		46,277,261
METAL MINING - 0.85%
95,000		Cameco Corp		4,382,044
43,500		Compania de Minas Buenaventura S.A. (ADR)		2,078,430
81,000	e*	Stillwater Mining Co		833,490
		TOTAL METAL MINING		7,293,964
MISCELLANEOUS RETAIL - 0.90%
80,000		Barnes & Noble, Inc		2,820,800
46,000		Compagnie Financiere Richemont AG.		3,048,228
391,000	e*	Rite Aid Corp		1,806,420
		TOTAL MISCELLANEOUS RETAIL		7,675,448
MOTION PICTURES - 0.68%
38,000		CBS Corp (Class B)		1,197,000
112,000	*	Discovery Holding Co (Class A)		3,231,200
64,000	e	Regal Entertainment Group (Class A)		1,404,800
		TOTAL MOTION PICTURES		5,833,000
OIL AND GAS EXTRACTION - 1.03%
45,000		BJ Services Co		1,194,750
89,000	e*	Forest Oil Corp		3,830,560
105,000	*	Pride International, Inc		3,837,750
		TOTAL OIL AND GAS EXTRACTION		8,863,060
PAPER AND ALLIED PRODUCTS - 3.37%
209,000		Anglo American plc		14,064,183
110,000	e	Bowater, Inc		1,641,200
152,000		Greif, Inc (Class A)		9,223,360
45,000		Sonoco Products Co		1,358,100
50,000		Temple-Inland, Inc		2,631,500
		TOTAL PAPER AND ALLIED PRODUCTS		28,918,343

37

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
PETROLEUM AND COAL PRODUCTS - 1.89%
132,000		Cabot Oil & Gas Corp	$	4,641,120
65,000	*	Newfield Exploration Co		3,130,400
121,000		Noble Energy, Inc		8,474,840
		TOTAL PETROLEUM AND COAL PRODUCTS		16,246,360
PRIMARY METAL INDUSTRIES - 2.10%
5,000		Carpenter Technology Corp		650,050
21,000		Nucor Corp		1,248,870
28,500		Precision Castparts Corp		4,217,430
11,000	*	RTI International Metals, Inc		871,860
45,000		Steel Dynamics, Inc		2,101,500
32,000		United States Steel Corp		3,390,080
19,200		Vallourec		5,530,380
		TOTAL PRIMARY METAL INDUSTRIES		18,010,170
PRINTING AND PUBLISHING - 1.35%
71,500		Gannett Co, Inc		3,124,550
65,000		Meredith Corp		3,724,500
85,000	*	R.H. Donnelley Corp		4,761,700
		TOTAL PRINTING AND PUBLISHING		11,610,750
RAILROAD TRANSPORTATION - 0.62%
80,000		CSX Corp		3,418,400
36,000		Norfolk Southern Corp		1,868,760
		TOTAL RAILROAD TRANSPORTATION		5,287,160
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.14%
340,000		Newell Rubbermaid, Inc		9,798,800
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		9,798,800
SECURITY AND COMMODITY BROKERS - 0.74%
101,000		Charles Schwab Corp		2,181,600
93,000		Jefferies Group, Inc		2,588,190
57,000		Waddell & Reed Financial, Inc (Class A)		1,540,710
		TOTAL SECURITY AND COMMODITY BROKERS		6,310,500
TOBACCO PRODUCTS - 1.60%
81,000		Loews Corp (Carolina Group)		6,660,630
83,000	e	Reynolds American, Inc		5,277,970
78,750	e	Vector Group Ltd		1,764,787
		TOTAL TOBACCO PRODUCTS		13,703,387
TRANSPORTATION BY AIR - 1.84%
107,000	e*	AMR Corp		2,385,030
102,000	e*	Continental Airlines, Inc (Class B)		3,369,060
235,000	*	easyJet plc		2,521,841
162,000	e*	UAL Corp		7,537,860
		TOTAL TRANSPORTATION BY AIR		15,813,791
TRANSPORTATION EQUIPMENT - 3.44%
125,000		Autoliv, Inc		7,468,750

38

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
555,000	e*	Ford Motor Co	$	4,711,950
20,500		General Dynamics Corp		1,731,635
87,000	e	Group 1 Automotive, Inc		2,920,590
39,000		Harsco Corp		2,311,530
37,000		ITT Industries, Inc		2,513,410
128,000	*	Spirit Aerosystems Holdings, Inc (Class A)		4,984,320
89,000	*	TRW Automotive Holdings Corp		2,819,520
		TOTAL TRANSPORTATION EQUIPMENT		29,461,705
WATER TRANSPORTATION - 0.69%
127,000		Danaos Corp		4,584,700
68,000	e	Omega Navigation Enterprises, Inc (Class A)		1,355,240
		TOTAL WATER TRANSPORTATION		5,939,940
WHOLESALE TRADE-NONDURABLE GOODS - 1.17%
59,000	v	Akzo Nobel NV (ADR)		4,899,950
53,000		Dean Foods Co		1,355,740
97,000	e	Macquarie Infrastructure Co LLC		3,743,230
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		9,998,920
		TOTAL COMMON STOCKS		855,566,375
		(Cost $755,532,465)
SHORT-TERM INVESTMENTS - 10.74%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 10.74%
92,092,754		State Street Navigator Securities Lending Prime Portfolio		92,092,754
				92,092,754
		TOTAL SHORT-TERM INVESTMENTS		92,092,754
		(Cost $92,092,754)
		TOTAL PORTFOLIO - 110.51%		947,659,129
		(Cost $847,625,219)
		OTHER ASSETS & LIABILITIES, NET - (10.51)%		(90,093,943	)
		NET ASSETS - 100.00%	$	857,565,186
	*	Non-income producing
	**	Percentage represents less than 0.01%.
	e	All or a portion of these securities are out on loan.
	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 September 30, 2007, the value of these securities amounted to $118,978 or 0.01% of net assets.
	m	Indicates a security has been deemed illiquid.
	v	Security valued at fair value.

39

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP EQUITY FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 97.51%
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.41%
83,738	e	Cal-Maine Foods, Inc	$	2,113,547
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		2,113,547
AMUSEMENT AND RECREATION SERVICES - 0.91%
357	e	Dover Downs Gaming & Entertainment, Inc		3,709
90,800	e*	Leapfrog Enterprises, Inc		749,100
98,188	*	Live Nation, Inc		2,086,495
67,609	*	Magna Entertainment Corp		153,472
12,121	e	Speedway Motorsports, Inc		448,477
270,549	e*	Westwood One, Inc		744,010
35,100		World Wrestling Entertainment, Inc		529,308
		TOTAL AMUSEMENT AND RECREATION SERVICES		4,714,571
APPAREL AND ACCESSORY STORES - 1.74%
132,057	*	Aeropostale, Inc		2,517,006
98,098		Brown Shoe Co, Inc		1,903,101
44,828	e	Cato Corp (Class A)		916,284
61,975	*	Charlotte Russe Holding, Inc		907,314
98,119	e*	Dress Barn, Inc		1,669,004
20,000	e*	Jo-Ann Stores, Inc		422,000
4,500	e*	Under Armour, Inc (Class A)		269,190
101,700	e*	Wet Seal, Inc (Class A)		393,579
		TOTAL APPAREL AND ACCESSORY STORES		8,997,478
APPAREL AND OTHER TEXTILE PRODUCTS - 0.68%
61,063	e*	Gymboree Corp		2,151,860
86,100	*	Maidenform Brands, Inc		1,367,268
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		3,519,128
AUTO REPAIR, SERVICES AND PARKING - 0.00%**
664	*	Wright Express Corp		24,229
		TOTAL AUTO REPAIR, SERVICES AND PARKING		24,229
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.03%
7,370		Asbury Automotive Group, Inc		146,000
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		146,000
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.00%**
265	*	Central Garden & Pet Co		2,359
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,359
BUSINESS SERVICES - 12.52%
595,369	*	3Com Corp		2,941,123
98,132		ABM Industries, Inc		1,960,677
83,300	e*	AMN Healthcare Services, Inc		1,560,209

40

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
153,911	*	Actuate Corp	$	992,726
48,765		Administaff, Inc		1,770,170
8,000	*	Ansoft Corp		263,840
12,374	*	Ansys, Inc		422,820
1	*	Art Technology Group, Inc		3
10,600	e*	Aspen Technology, Inc		151,792
50,178	e	Asset Acceptance Capital Corp		582,065
4,986	e	Barrett Business Services		118,816
2,001	e*	Blue Coat Systems, Inc		157,599
11,300	*	CACI International, Inc (Class A)		577,317
422,849	e*	CMGI, Inc		575,075
58,531	e*	Commvault Systems, Inc		1,083,994
92,446	*	COMSYS IT Partners, Inc		1,554,017
99,807	*	CSG Systems International, Inc		2,120,899
13,458		Catalina Marketing Corp		435,905
39,276	*	Chordiant Software, Inc		544,365
25,716	e	Compass Diversified Trust		412,999
1,800	*	DealerTrack Holdings, Inc		75,384
52,883		Deluxe Corp		1,948,210
39,573	e*	Digital River, Inc		1,770,892
9,600	*	DynCorp International, Inc (Class A)		221,856
144,577	*	Earthlink, Inc		1,145,050
4,000	*	Gartner, Inc		97,840
21,059	*	Gerber Scientific, Inc		228,490
22,169	*	Heidrick & Struggles International, Inc		808,060
4,600		Jack Henry & Associates, Inc		118,956
89,427	*	Hudson Highland Group, Inc		1,138,406
2,603	e*	ICT Group, Inc		34,906
60,656	e*	Informatica Corp		952,299
876		Infospace, Inc		15,383
240	e	Integral Systems, Inc		5,158
500	*	Interactive Intelligence, Inc		9,500
11,075		Kelly Services, Inc (Class A)		219,396
33,875	*	Kforce, Inc		435,633
11,252	*	Korn/Ferry International		185,771
90,457	e*	Labor Ready, Inc		1,674,359
5,700	*	Lawson Software, Inc		57,057
35,675	*	LoJack Corp		676,398
128,113	*	MPS Group, Inc		1,428,460
14,544	*	Manhattan Associates, Inc		398,651
48,938	*	Mantech International Corp (Class A)		1,760,789
18,481	e*	Mentor Graphics Corp		279,063
32,327	*	MicroStrategy, Inc (Class A)		2,564,824
781	*	Ness Technologies, Inc		8,529
16,400	e*	NetFlix, Inc		339,808
31,100	*	Nuance Communications, Inc		600,541
56,592	e*	PRA International		1,663,805
24,280	*	Parametric Technology Corp		422,958
17,360	*	Progress Software Corp		526,008
3,300	e*	RSC Holdings, Inc		54,120
113,275	*	S1 Corp		1,025,139
47,209	e*	SPSS, Inc		1,942,178
10,500	e*	SRA International, Inc (Class A)		294,840
43,400	e*	SYNNEX Corp		892,304

41

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
7,400	*	Sonus Networks, Inc	$	45,140
37,712		Sotheby's		1,802,256
103,114	*	Spherion Corp		851,722
122,268	*	Sybase, Inc		2,828,059
90,390	*	SYKES Enterprises, Inc		1,501,378
92,791	*	THQ, Inc		2,317,919
157,887	*	TIBCO Software, Inc		1,166,785
33,320	*	TeleTech Holdings, Inc		796,681
40,747	e*	Travelzoo, Inc		935,144
39,400	e	United Online, Inc		591,394
136,600	*	Valueclick, Inc		3,068,036
62,549		Viad Corp		2,251,764
19,050	*	Vignette Corp		382,333
50,100	e*	Volt Information Sciences, Inc		883,764
124,838	e*	eSpeed, Inc (Class A)		1,064,868
		TOTAL BUSINESS SERVICES		64,734,675
CHEMICALS AND ALLIED PRODUCTS - 5.99%
23,868	e*	Acorda Therapeutics, Inc		437,978
7,363	e*	Adams Respiratory Therapeutics, Inc		283,770
8,800	e*	Alexion Pharmaceuticals, Inc		573,320
82,007	e*	Alkermes, Inc		1,508,929
28,620	*	Animal Health International, Inc		318,541
12,890		Arch Chemicals, Inc		604,283
12,331	*	Auxilium Pharmaceuticals, Inc		259,937
28,010	e*	Aventine Renewable Energy Holdings, Inc		296,066
200	*	Bentley Pharmaceuticals, Inc		2,496
53,395		CF Industries Holdings, Inc		4,053,214
145,600		Cambrex Corp		1,585,584
1,600	*	Cell Genesys, Inc		6,112
291	*	Chattem, Inc		20,521
107,323	e*	Cubist Pharmaceuticals, Inc		2,267,735
56,353	e*	CytRx Corp		194,981
28,300	e*	Dendreon Corp		217,627
5,500	e*	Durect Corp		30,140
3,044	e*	Elizabeth Arden, Inc		82,066
19,050	e*	Enzon Pharmaceuticals, Inc		167,830
22,746	e*	Halozyme Therapeutics, Inc		197,663
524	*	Hercules, Inc		11,014
21,798	*	Immucor, Inc		779,279
42,743	e*	Indevus Pharmaceuticals, Inc		295,354
6,782		Innospec, Inc		154,494
79,895	e*	InterMune, Inc		1,528,391
10,100	*	Inverness Medical Innovations, Inc		558,732
28,739	e*	KV Pharmaceutical Co (Class A)		821,935
18,321		Koppers Holdings, Inc		707,374
27,452	*	MGI Pharma, Inc		762,617
2,138	e*	Martek Biosciences Corp		62,066
4,200	e*	Medarex, Inc		59,472
14,453	*	Nabi Biopharmaceuticals		58,679
11,279		NewMarket Corp		556,957
7,000	e*	Noven Pharmaceuticals, Inc		111,510
78,986	e*	OSI Pharmaceuticals, Inc		2,684,734
14,100	e	Olin Corp		315,558

42

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
19,408	e*	Omrix Biopharmaceuticals, Inc	$	685,296
4,100	e*	Onyx Pharmaceuticals, Inc		178,432
15,695	e*	OraSure Technologies, Inc		157,735
2,327	e*	Pain Therapeutics, Inc		21,757
13,107	e*	Par Pharmaceutical Cos, Inc		243,266
1,003	*	Parexel International Corp		41,394
85,773		Perrigo Co		1,831,254
30,402	*	Pharmion Corp		1,402,748
70,435	*	PolyOne Corp		526,149
145,900	e*	Revlon, Inc (Class A)		167,785
34,809	e*	Sciele Pharma, Inc		905,730
9,113	e	Stepan Co		281,683
24,465	e*	USEC, Inc		250,766
22,011	e	Valeant Pharmaceuticals International		340,730
103,600	e*	Viropharma, Inc		922,040
5,143	e*	WR Grace & Co		138,141
6,900	*	Xenoport, Inc		324,645
		TOTAL CHEMICALS AND ALLIED PRODUCTS		30,996,510
COAL MINING - 0.28%
62,217	e*	Alpha Natural Resources, Inc		1,445,301
		TOTAL COAL MINING		1,445,301
COMMUNICATIONS - 3.14%
37,300	e*	Anixter International, Inc		3,075,385
63,585	e	Atlantic Tele-Network, Inc		2,311,315
10,302	*	Authorize.Net Holdings, Inc		181,624
162,955	*	Centennial Communications Corp		1,649,105
462,305	*	Cincinnati Bell, Inc		2,283,787
853	e	Citadel Broadcasting Corp		3,548
58,294	*	Foundry Networks, Inc		1,035,884
95,360	*	General Communication, Inc (Class A)		1,157,670
3,300	e*	Lodgenet Entertainment Corp		83,688
27,415	*	Nexstar Broadcasting Group, Inc (Class A)		287,583
30,456	e*	Novatel Wireless, Inc		689,828
122,877		RCN Corp		1,511,387
1,600	*	Rural Cellular Corp (Class A)		69,600
6,500	e*	TiVo, Inc		41,275
75,169		USA Mobility, Inc		1,268,101
18,008	e*	j2 Global Communications, Inc		589,402
		TOTAL COMMUNICATIONS		16,239,182
DEPOSITORY INSTITUTIONS - 6.27%
4,600	e	1st Source Corp		105,340
20,974	e	Ameris Bancorp		379,210
27,335	e	Anchor Bancorp Wisconsin, Inc		738,045
22,602	e	Bancfirst Corp		1,014,152
32,291	*	Bancorp, Inc		596,092
900	e	Bank Mutual Corp		10,611
178	e	BankUnited Financial Corp (Class A)		2,766
26,285		Banner Corp		903,941
5,874	e	Capitol Bancorp Ltd		145,851
47,618	e*	Centennial Bank Holdings, Inc		304,755
39,800	e	Center Financial Corp		553,618

43

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
13,075	e	Central Pacific Financial Corp	$	381,790
38,341	e	Chemical Financial Corp		929,769
16,238		Chittenden Corp		570,928
23,486		City Holding Co		855,125
12,862	e*	Community Bancorp		323,351
34,356	e	Community Trust Bancorp, Inc		1,032,054
54,729	e	Corus Bankshares, Inc		712,572
20,100	e*	Dollar Financial Corp		573,453
31,838	e	Downey Financial Corp		1,840,236
26,977		First Bancorp		256,281
42,529		First Financial Bancorp		543,521
565		First Financial Holdings, Inc		17,673
153,645	e	First Niagara Financial Group, Inc		2,174,077
9,937		First Place Financial Corp		175,885
14,764	e*	First Regional Bancorp		362,161
31,268	e*	FirstFed Financial Corp		1,549,329
2		Fulton Financial Corp		29
25,981	e	Hancock Holding Co		1,041,318
53,425	e	Hanmi Financial Corp		827,553
23,217	e	Independent Bank Corp		256,548
586	e	Integra Bank Corp		10,624
26,571	e	Macatawa Bank Corp		359,506
17,807	e	Nara Bancorp, Inc		278,145
34,688	e	Old National Bancorp		574,780
22,858	e	PFF Bancorp, Inc		350,642
1,050		Preferred Bank		41,307
10,327	e	Provident Financial Services, Inc		169,053
9,826	e	Renasant Corp		212,536
9,719	e	Sierra Bancorp		278,547
10,103	e	Simmons First National Corp (Class A)		266,113
64,945		Southwest Bancorp, Inc		1,222,265
3,450	e	Sterling Bancorp		48,300
78,938		Sterling Bancshares, Inc		900,683
18,339	e*	Sterling Financial Corp		314,514
9,700	e	Sterling Financial Corp		261,027
600	e	Suffolk Bancorp		19,236
955	e*	Sun Bancorp, Inc		16,712
73,128	e	Susquehanna Bancshares, Inc		1,469,873
42,024		Taylor Capital Group, Inc		1,173,730
6,688	e	TierOne Corp		177,031
1,700	e	Trico Bancshares		37,859
93,096	e	Trustmark Corp		2,610,412
64,164	e	Umpqua Holdings Corp		1,283,922
400		United Community Financial Corp		2,888
3,300	e	WesBanco, Inc		82,434
85,062	e	Wilshire Bancorp, Inc		933,130
3,895	e	Wintrust Financial Corp		166,278
		TOTAL DEPOSITORY INSTITUTIONS		32,439,581
EATING AND DRINKING PLACES - 2.19%
8,800	*	AFC Enterprises		132,440
11,184		Bob Evans Farms, Inc		337,533
60,122		CBRL Group, Inc		2,452,978
11,089	*	CEC Entertainment, Inc		297,961

44

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
30,777	e	CKE Restaurants, Inc	$	498,895
3,200	e*	Chipotle Mexican Grill, Inc (Class B)		342,400
310,090	e*	Denny's Corp		1,240,360
40,700	*	Jack in the Box, Inc		2,638,988
13,497	e*	McCormick & Schmick's Seafood Restaurants, Inc		254,149
55,150	e	O'Charleys, Inc		836,074
137	e*	PF Chang's China Bistro, Inc		4,055
88,468	e*	Papa John's International, Inc		2,162,158
7,203		Ruby Tuesday, Inc		132,103
634	e*	Ruth's Chris Steak House, Inc		9,034
		TOTAL EATING AND DRINKING PLACES		11,339,128
EDUCATIONAL SERVICES - 0.06%
5	*	Lincoln Educational Services Corp		65
1,800		Strayer Education, Inc		303,534
		TOTAL EDUCATIONAL SERVICES		303,599
ELECTRIC, GAS, AND SANITARY SERVICES - 4.20%
36,800	e	Allete, Inc		1,647,168
94,769		Avista Corp		1,928,549
47,224	e*	Clean Harbors, Inc		2,102,412
29,847	e	Laclede Group, Inc		963,461
8,900		Markwest Hydrocarbon, Inc		517,357
35,217		Metal Management, Inc		1,908,761
27,382	e	New Jersey Resources Corp		1,357,873
58,871	e	Nicor, Inc		2,525,566
13,936	e	NorthWestern Corp		378,641
86,862		Portland General Electric Co		2,414,764
15,900	e	South Jersey Industries, Inc		553,320
77,747		Southwest Gas Corp		2,199,463
55,514	e	UIL Holdings Corp		1,748,691
44,008		WGL Holdings, Inc		1,491,431
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		21,737,457
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.63%
25,000		Acuity Brands, Inc		1,262,000
105,396	*	Advanced Energy Industries, Inc		1,591,480
124,156	e*	Amkor Technology, Inc		1,430,277
62,847	*	Andrew Corp		870,431
134,019	*	Arris Group, Inc		1,655,135
13,224	*	Benchmark Electronics, Inc		315,657
20,100	e*	BigBand Networks, Inc		128,640
82,200	*	C-COR, Inc		944,478
12,666	*	Ceradyne, Inc		959,323
6,381	*	Checkpoint Systems, Inc		168,395
51,859	*	Comtech Telecommunications Corp		2,773,938
67,800	e*	Conexant Systems, Inc		81,360
43,420	*	Gemstar-TV Guide International, Inc		302,203
6,850	e*	Genlyte Group, Inc		440,181
118,500	*	GrafTech International Ltd		2,114,040
43,969	e*	Greatbatch, Inc		1,169,136
32,700		Imation Corp		802,131
7,329	e	InterDigital, Inc		152,297
5,768	*	Jarden Corp		178,462

45

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
64,210	*	Littelfuse, Inc	$	2,291,655
4,526	e*	MRV Communications, Inc		11,224
51,562	*	Mattson Technology, Inc		446,011
121,687		Methode Electronics, Inc		1,831,389
198	*	Monolithic Power Systems, Inc		5,029
900	*	Multi-Fineline Electronix, Inc		13,347
229,509	e*	ON Semiconductor Corp		2,882,633
88,702	*	Oplink Communications, Inc		1,211,669
12,100		Park Electrochemical Corp		406,318
28,828	e*	Plexus Corp		789,887
20,600	*	Polycom, Inc		553,316
378,848	e*	RF Micro Devices, Inc		2,549,647
22,833		Regal-Beloit Corp		1,093,472
66,814	*	Silicon Image, Inc		344,092
19,639	*	Silicon Storage Technology, Inc		63,238
75,838	*	Smart Modular Technologies WWH, Inc		542,242
118,760	e*	Spansion, Inc (Class A)		1,003,522
35,168	*	Stoneridge, Inc		358,714
6,200	*	TTM Technologies, Inc		71,734
60,473		Technitrol, Inc		1,629,747
25,700	e*	Techwell, Inc		272,934
6,000	*	Tessera Technologies, Inc		225,000
163,130	e*	Trident Microsystems, Inc		2,592,136
4,273	*	Triquint Semiconductor, Inc		20,980
11,800	*	Varian Semiconductor Equipment Associates, Inc		631,536
9,400	*	Viasat, Inc		289,802
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		39,470,838
ENGINEERING AND MANAGEMENT SERVICES - 2.30%
10,899	e	CDI Corp		303,864
43,774		Diamond Management & Technology Consultants, Inc		402,721
79,131	e*	Exelixis, Inc		837,997
39,600	*	Greenfield Online, Inc		603,900
37,034	*	Harris Interactive, Inc		159,617
1,926	*	Huron Consulting Group, Inc		139,866
48,391	e*	Incyte Corp		345,996
1,334	e*	LECG Corp		19,877
27,864	e*	Lifecell Corp		1,046,850
31,081	e*	Luminex Corp		468,701
7,067	e*	MTC Technologies, Inc		136,464
8,246	*	Omnicell, Inc		235,341
30,342	*	PharmaNet Development Group, Inc		880,828
26,032	e*	Regeneron Pharmaceuticals, Inc		463,370
35,300	*	Resources Connection, Inc		817,195
4,170	*	Rigel Pharmaceuticals, Inc		39,323
55,315	e*	Savient Pharmaceuticals, Inc		804,833
81,110	*	Seattle Genetics, Inc		911,676
10,284	*	Washington Group International, Inc		903,038
53,091		Watson Wyatt & Co Holdings (Class A)		2,385,910
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		11,907,367
FABRICATED METAL PRODUCTS - 0.63%
16,219		Compx International, Inc		317,568
65,492	e	Gulf Island Fabrication, Inc		2,514,238

46

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
5,300	e*	Taser International, Inc	$	83,157
10,400	e	Watts Water Technologies, Inc (Class A)		319,280
		TOTAL FABRICATED METAL PRODUCTS		3,234,243
FOOD AND KINDRED PRODUCTS - 0.79%
60,067		Flowers Foods, Inc		1,309,461
60,442	e	Imperial Sugar Co		1,579,349
13,800		National Beverage Corp		117,024
36,531	*	Performance Food Group Co		1,100,679
		TOTAL FOOD AND KINDRED PRODUCTS		4,106,513
FOOD STORES - 0.29%
5,200		Ingles Markets, Inc (Class A)		149,032
38,242	e*	Pantry, Inc		980,142
23,900	*	Pathmark Stores, Inc		304,725
1,518		Ruddick Corp		50,914
		TOTAL FOOD STORES		1,484,813
FURNITURE AND FIXTURES - 0.68%
91,040		Herman Miller, Inc		2,470,826
21,038	e	Hooker Furniture Corp		421,181
53,449	e	Kimball International, Inc (Class B)		608,250
37	*	Select Comfort Corp		516
		TOTAL FURNITURE AND FIXTURES		3,500,773
FURNITURE AND HOME FURNISHINGS STORES - 0.50%
4,800	e*	Guitar Center, Inc		284,640
110,547		Knoll, Inc		1,961,104
75,500	e	Pier 1 Imports, Inc		357,115
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		2,602,859
GENERAL BUILDING CONTRACTORS - 0.71%
48,613	*	Perini Corp		2,718,925
35,600	e	Walter Industries, Inc		957,640
		TOTAL GENERAL BUILDING CONTRACTORS		3,676,565
GENERAL MERCHANDISE STORES - 0.31%
14,300		Casey's General Stores, Inc		396,110
15,200	e*	Conn's, Inc		363,128
81,100	e*	Retail Ventures, Inc		844,251
		TOTAL GENERAL MERCHANDISE STORES		1,603,489
HEALTH SERVICES - 0.58%
9,800	*	American Dental Partners, Inc		274,498
1,147	*	Amsurg Corp		26,461
25,116	*	Apria Healthcare Group, Inc		653,267
10,735	*	Corvel Corp		248,193
14,300	e*	Healthsouth Corp		250,393
159,400	e*	Immunomedics, Inc		365,026
190	*	Kindred Healthcare, Inc		3,403
5,734	*	Magellan Health Services, Inc		232,686
27,758	*	Medcath Corp		762,235
13,000	e*	Nektar Therapeutics		114,790
3,283	*	Odyssey HealthCare, Inc		31,550

47

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
702	*	RehabCare Group, Inc	$	12,348
		TOTAL HEALTH SERVICES		2,974,850
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.78%
44,178		Granite Construction, Inc		2,342,318
79,782	*	Matrix Service Co		1,671,433
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		4,013,751
HOLDING AND OTHER INVESTMENT OFFICES - 5.75%
8,600	e	Agree Realty Corp		269,524
40,900		Anthracite Capital, Inc		372,190
19,800		Associated Estates Realty Corp		258,192
2,680	e	BRT Realty Trust		46,471
85,669		Cousins Properties, Inc		2,515,242
141,891		DiamondRock Hospitality Co		2,470,322
8,683		Equity Inns, Inc		196,062
46,900		Equity Lifestyle Properties, Inc		2,429,420
49,400	e	Extra Space Storage, Inc		760,266
117,232		FelCor Lodging Trust, Inc		2,336,434
929	e	Gladstone Capital Corp		18,134
3,682		Highwoods Properties, Inc		135,019
59,823	e*	Hilltop Holdings, Inc		702,322
51,383		Home Properties, Inc		2,681,165
19,900		LTC Properties, Inc		471,033
33,157		LaSalle Hotel Properties		1,395,247
1,731		Mid-America Apartment Communities, Inc		86,290
3,600	e	Mission West Properties, Inc		43,740
13,553	e	National Health Investors, Inc		418,923
8,151		PS Business Parks, Inc		463,384
26,647		Pennsylvania Real Estate Investment Trust		1,037,634
59,539	e	Potlatch Corp		2,681,041
35,200		Saul Centers, Inc		1,812,800
300	e*	Star Maritime Acquisition Corp		4,203
5,500		Sun Communities, Inc		165,440
34,782		Sunstone Hotel Investors, Inc		891,810
68,522	e	Tanger Factory Outlet Centers, Inc		2,781,308
30,457	e	Urstadt Biddle Properties, Inc (Class A)		471,170
22,900		iShares Russell 2000 Index Fund		1,832,916
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		29,747,702
HOTELS AND OTHER LODGING PLACES - 0.10%
18,905	*	Monarch Casino & Resort, Inc		537,847
		TOTAL HOTELS AND OTHER LODGING PLACES		537,847
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.84%
45,224	e	Ampco-Pittsburgh Corp		1,780,921
61,075	*	Asyst Technologies, Inc		323,087
838		Black Box Corp		35,833
66,534	*	Brocade Communications Systems, Inc		569,531
150,842	*	Brooks Automation, Inc		2,147,990
3,331		Curtiss-Wright Corp		158,222
12,000	*	Dril-Quip, Inc		592,200
141,400	*	Emulex Corp		2,710,638
56,075	*	EnPro Industries, Inc		2,276,645

48

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
286,719	*	Extreme Networks, Inc	$	1,101,001
112,300	*	Gateway, Inc		211,124
18,553	*	Hurco Cos, Inc		1,002,975
40,141	e*	Intevac, Inc		610,143
24,863	*	Kulicke & Soffa Industries, Inc		210,838
35,234	e	Lufkin Industries, Inc		1,938,575
27,028	*	Micros Systems, Inc		1,758,712
48,500	*	NATCO Group, Inc (Class A)		2,509,875
8,600		Nacco Industries, Inc (Class A)		889,928
11,100	*	Netgear, Inc		337,662
152,300	*	Quantum Corp		517,820
18,544	e*	Rimage Corp		416,127
36,900		Robbins & Myers, Inc		2,114,001
19,200	e*	Safeguard Scientifics, Inc		43,968
13,396	*	Super Micro Computer, Inc		130,745
32,226	e*	Tecumseh Products Co (Class A)		620,350
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		25,008,911
INSTRUMENTS AND RELATED PRODUCTS - 5.69%
7,792	*	Bio-Rad Laboratories, Inc (Class A)		705,176
236,908	*	Bruker BioSciences Corp		2,084,790
8,435	*	Coherent, Inc		270,595
4,870	*	Conmed Corp		136,311
17,700	e*	Credence Systems Corp		54,693
22,919	e*	Cutera, Inc		600,707
60,500	e*	Cynosure, Inc (Class A)		2,232,450
1,327		Datascope Corp		44,866
13,788	*	Eagle Test Systems, Inc		176,762
6,414	*	Excel Technology, Inc		160,029
6,000	e*	Flir Systems, Inc		332,340
13,932	*	Haemonetics Corp		688,519
15,969	e*	Hologic, Inc		974,109
23,337	e*	ICU Medical, Inc		904,309
7,950	e*	II-VI, Inc		274,514
37,200	e*	Illumina, Inc		1,929,936
204,187	e*	LTX Corp		728,948
23,437	*	MKS Instruments, Inc		445,772
31,066		MTS Systems Corp		1,292,346
61,817	e*	Medical Action Industries, Inc		1,462,590
1	*	Merit Medical Systems, Inc		13
68,832		Movado Group, Inc		2,197,117
43,634	e*	Palomar Medical Technologies, Inc		1,243,133
99,144		STERIS Corp		2,709,606
14,741	*	Teledyne Technologies, Inc		787,022
14,975	e	United Industrial Corp		1,127,018
44,319	*	Varian, Inc		2,819,132
5,714	*	Ventana Medical Systems, Inc		490,890
7,533		Vital Signs, Inc		392,771
81,515	*	Zoll Medical Corp		2,112,869
3,352	*	Zygo Corp		43,677
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		29,423,010
INSURANCE AGENTS, BROKERS AND SERVICE - 0.29%
474		Hilb Rogal & Hobbs Co		20,538

49

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
68,199	*	United America Indemnity Ltd (Class A)	$	1,466,960
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,487,498
INSURANCE CARRIERS - 4.37%
1,000	e*	ACA Capital Holdings, Inc		6,090
77,440	*	AMERIGROUP Corp		2,670,131
31,700	*	Amerisafe, Inc		524,318
25,395	*	Argo Group International Holdings Ltd		1,104,936
106,300		Aspen Insurance Holdings Ltd		2,966,833
109,800	*	Centene Corp		2,361,798
3,813	e	EMC Insurance Group, Inc		99,100
316	*	First Mercury Financial Corp		6,797
22,500	*	Hallmark Financial Services		316,125
700		Harleysville Group, Inc		22,386
105,528	e*	Healthspring, Inc		2,057,796
12,600	*	Meadowbrook Insurance Group, Inc		113,526
59,603	e*	Molina Healthcare, Inc		2,161,801
900	e	National Interstate Corp		27,711
61,309	e	Odyssey Re Holdings Corp		2,275,177
28,949	e*	PMA Capital Corp (Class A)		275,016
25,300		Phoenix Cos, Inc		356,983
82,900		Platinum Underwriters Holdings Ltd		2,981,084
7,731	e	Presidential Life Corp		131,118
43,510	e	Safety Insurance Group, Inc		1,563,749
2,538		Selective Insurance Group, Inc		54,009
288		State Auto Financial Corp		8,424
22,382	e*	Universal American Financial Corp		510,533
		TOTAL INSURANCE CARRIERS		22,595,441
LEATHER AND LEATHER PRODUCTS - 0.49%
56,497	e	Collective Brands, Inc		1,246,324
67,031	e	Steven Madden Ltd		1,270,237
		TOTAL LEATHER AND LEATHER PRODUCTS		2,516,561
LEGAL SERVICES - 0.32%
29,906	*	Pre-Paid Legal Services, Inc		1,658,587
		TOTAL LEGAL SERVICES		1,658,587
LUMBER AND WOOD PRODUCTS - 0.05%
9,864	e	American Woodmark Corp		244,529
		TOTAL LUMBER AND WOOD PRODUCTS		244,529
METAL MINING - 0.04%
2,000	e*	Apex Silver Mines Ltd		38,900
10,500	e*	Rosetta Resources, Inc		192,570
		TOTAL METAL MINING		231,470
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.81%
102,515		Blyth, Inc		2,096,432
70,701	e*	Jakks Pacific, Inc		1,888,424
7,288	*	RC2 Corp		201,805
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		4,186,661

50

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
MISCELLANEOUS RETAIL - 1.75%
1,102	e*	1-800-FLOWERS.COM, Inc (Class A)	$	12,772
23,336	e	Books-A-Million, Inc		308,735
155,891	*	Ezcorp, Inc (Class A)		2,096,734
7,507		Longs Drug Stores Corp		372,873
114,914	e*	Stamps.com, Inc		1,375,521
47,561	e	Systemax, Inc		972,147
38,800	e	World Fuel Services Corp		1,583,428
26,155	*	Priceline.com, Inc		2,321,256
		TOTAL MISCELLANEOUS RETAIL		9,043,466
MOTION PICTURES - 0.22%
3,000	e*	Avid Technology, Inc		81,240
130,600	e*	Blockbuster, Inc (Class A)		701,322
1,694	e*	Macrovision Corp		41,723
15,200	*	Time Warner Telecom, Inc (Class A)		333,944
		TOTAL MOTION PICTURES		1,158,229
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.07%
23,953	e*	Premier Exhibitions, Inc		361,211
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		361,211
NONDEPOSITORY INSTITUTIONS - 0.97%
140,792		Advance America Cash Advance Centers, Inc		1,502,251
86,893		Advanta Corp (Class B)		2,382,606
27,200	e*	Encore Capital Group, Inc		320,960
14,215	e	MCG Capital Corp		204,554
17,000	*	PHH Corp		446,760
10,018	e	Patriot Capital Funding, Inc		133,941
		TOTAL NONDEPOSITORY INSTITUTIONS		4,991,072
OIL AND GAS EXTRACTION - 2.88%
1,400	e	APCO Argentina, Inc		147,588
33,010		Atlas America, Inc		1,704,306
46,229	e*	Basic Energy Services, Inc		971,734
540	e*	Bill Barrett Corp		21,281
19,000	*	Callon Petroleum Co		264,480
300	*	Clayton Williams Energy, Inc		9,900
19,476	e*	Dawson Geophysical Co		1,509,585
119,677	*	Energy Partners Ltd		1,756,858
15,652	e	Exterran Holdings, Inc		1,257,482
190	*	Harvest Natural Resources, Inc		2,269
9,600	*	Hercules Offshore, Inc		250,656
52,338	*	Horizon Offshore, Inc		863,577
46,300	*	Mariner Energy, Inc		958,873
58,700	*	Meridian Resource Corp		145,576
53,900	*	Parker Drilling Co		437,668
10,991	*	PetroHawk Energy Corp		180,472
77,600	e*	Petroquest Energy, Inc		832,648
38,400	*	Stone Energy Corp		1,536,384
2,345	*	Swift Energy Co		95,957
61,867	e*	Trico Marine Services, Inc		1,843,637
995	*	Union Drilling, Inc		14,507
23,400	e*	Vaalco Energy, Inc		106,938
		TOTAL OIL AND GAS EXTRACTION		14,912,376

51

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
PAPER AND ALLIED PRODUCTS - 0.56%
18,400	e	Bowater, Inc	$	274,528
5,700		Greif, Inc (Class A)		345,876
79,073		Rock-Tenn Co (Class A)		2,285,210
		TOTAL PAPER AND ALLIED PRODUCTS		2,905,614
PERSONAL SERVICES - 0.30%
28,800		CPI Corp		1,109,376
9,900	e*	Steiner Leisure Ltd		429,660
		TOTAL PERSONAL SERVICES		1,539,036
PETROLEUM AND COAL PRODUCTS - 0.36%
55,700	e	Alon USA Energy, Inc		1,881,546
		TOTAL PETROLEUM AND COAL PRODUCTS		1,881,546
PRIMARY METAL INDUSTRIES - 1.25%
27,685	*	AK Steel Holding Corp		1,216,756
37,094	e	Belden CDT, Inc		1,740,080
8,200	e*	Brush Engineered Materials, Inc		425,498
14,000	e*	Century Aluminum Co		737,100
17,195	*	CommScope, Inc		863,877
6,171		Matthews International Corp (Class A)		270,290
15,354		Mueller Industries, Inc		554,894
6,000	*	RTI International Metals, Inc		475,560
4,739	e*	Superior Essex, Inc		176,670
		TOTAL PRIMARY METAL INDUSTRIES		6,460,725
PRINTING AND PUBLISHING - 1.10%
65,000	e*	ACCO Brands Corp		1,458,600
12,500	e	CSS Industries, Inc		449,625
34,959	*	Consolidated Graphics, Inc		2,195,076
48,800		Ennis, Inc		1,075,552
2,749	e	Primedia Inc		38,596
14,047	*	Scholastic Corp		489,678
		TOTAL PRINTING AND PUBLISHING		5,707,127
REAL ESTATE - 0.00%**
1		Stewart Enterprises, Inc (Class A)		8
		TOTAL REAL ESTATE		8
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.74%
30,802	e*	AEP Industries, Inc		1,304,157
64,154		Cooper Tire & Rubber Co		1,565,358
14,136		Schulman (A.), Inc		278,903
32,168		Spartech Corp		548,786
89,700		Tupperware Corp		2,824,653
59,229		West Pharmaceutical Services, Inc		2,467,480
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		8,989,337
SECURITY AND COMMODITY BROKERS - 1.36%
61,124		Calamos Asset Management, Inc (Class A)		1,725,531
19,900	e*	Cowen Group, Inc		275,018
574	e*	Interactive Brokers Group, Inc (Class A)		15,073

52

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
7,700	e	International Securities Exchange, Inc	$	511,819
107,110	e*	Knight Capital Group, Inc (Class A)		1,281,036
8,700	e*	Penson Worldwide, Inc		160,776
32,300	e*	Piper Jaffray Cos		1,731,280
52,300	e	SWS Group, Inc		925,187
15,000	e	optionsXpress Holdings, Inc		392,100
		TOTAL SECURITY AND COMMODITY BROKERS		7,017,820
SOCIAL SERVICES - 0.01%
1,813	*	Res-Care, Inc		41,409
		TOTAL SOCIAL SERVICES		41,409
SPECIAL TRADE CONTRACTORS - 0.70%
61,471	e*	AsiaInfo Holdings, Inc		556,927
2,000	e	Chemed Corp		124,320
10,499		Comfort Systems USA, Inc		149,086
83,620	*	EMCOR Group, Inc		2,622,323
5,836	e*	Integrated Electrical Services, Inc		149,460
		TOTAL SPECIAL TRADE CONTRACTORS		3,602,116
TEXTILE MILL PRODUCTS - 0.11%
30,300	e*	Heelys, Inc		241,491
8,814		Oxford Industries, Inc		318,362
		TOTAL TEXTILE MILL PRODUCTS		559,853
TOBACCO PRODUCTS - 0.24%
25,800	e	Universal Corp		1,262,910
		TOTAL TOBACCO PRODUCTS		1,262,910
TRANSPORTATION BY AIR - 0.59%
179,604	e*	ABX Air, Inc		1,271,596
9,000	e*	Alaska Air Group, Inc		207,810
1,020	e*	PHI, Inc		30,743
76,700	e*	Pinnacle Airlines Corp		1,228,734
13,391	e	Skywest, Inc		337,051
		TOTAL TRANSPORTATION BY AIR		3,075,934
TRANSPORTATION EQUIPMENT - 1.85%
5,614	e*	Aerovironment, Inc		129,178
34,100		American Axle & Manufacturing Holdings, Inc		861,025
13,700		American Railcar Industries, Inc		301,674
63,600	e	ArvinMeritor, Inc		1,069,752
52,247	e*	Comtech Group, Inc		951,418
13,190	e*	Force Protection, Inc		285,695
39,005		Freightcar America, Inc		1,489,991
9,100	e*	GenCorp, Inc		108,836
672	e	Group 1 Automotive, Inc		22,559
79,900	*	Hayes Lemmerz International, Inc		332,384
6,868		Kaman Corp		237,358
6,280	*	Miller Industries, Inc		107,514
43,653	*	Orbital Sciences Corp		970,843
9,152	e	Polaris Industries, Inc		399,210
10,614	e	A.O. Smith Corp		465,742
7,000	*	Tenneco, Inc		217,070

53

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
8,435	e	Triumph Group, Inc	$	689,224
181,173	e*	Visteon Corp		933,041
		TOTAL TRANSPORTATION EQUIPMENT		9,572,514
TRANSPORTATION SERVICES - 1.14%
1,100	e*	Dynamex, Inc		28,182
19,310	*	HUB Group, Inc (Class A)		579,879
97,033	*	Lear Corp		3,114,759
113,267	e	Pacer International, Inc		2,157,736
		TOTAL TRANSPORTATION SERVICES		5,880,556
TRUCKING AND WAREHOUSING - 0.01%
2,749	*	Saia, Inc		45,441
		TOTAL TRUCKING AND WAREHOUSING		45,441
WATER TRANSPORTATION - 0.26%
43,236		Horizon Lines, Inc (Class A)		1,319,995
		TOTAL WATER TRANSPORTATION		1,319,995
WHOLESALE TRADE-DURABLE GOODS - 1.65%
55,854		Agilysys, Inc		943,933
84,599		Applied Industrial Technologies, Inc		2,608,187
2,514	e	BlueLinx Holdings, Inc		17,699
1,000	*	Digi International, Inc		14,240
103,632	e*	Genesis Microchip, Inc		812,475
126,228		IKON Office Solutions, Inc		1,622,030
5,882	*	Keystone Automotive Industries, Inc		280,924
6,164	*	MWI Veterinary Supply, Inc		232,691
90,465	e*	PSS World Medical, Inc		1,730,595
21,491	*	Tyler Technologies, Inc		286,905
		TOTAL WHOLESALE TRADE-DURABLE GOODS		8,549,679
WHOLESALE TRADE-NONDURABLE GOODS - 2.02%
257,900	*	Alliance One International, Inc		1,686,666
4,000	*	Central European Distribution Corp		191,640
3,000	e*	Core-Mark Holding Co, Inc		105,690
49,600	e	K-Swiss, Inc (Class A)		1,136,336
9,889		Myers Industries, Inc		196,000
65,243	e	Spartan Stores, Inc		1,469,925
112,600	e*	Terra Industries, Inc		3,519,876
38,703	*	United Stationers, Inc		2,148,791
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		10,454,924
		TOTAL COMMON STOCKS		504,299,921
		(Cost $505,140,333)
SHORT-TERM INVESTMENTS - 29.78%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.07%
10,720,000	d	Federal Home Loan Bank, 0.000%, 10/01/07		10,716,427
				10,716,427
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 27.71%
143,285,481		State Street Navigator Securities Lending Prime Portfolio		143,285,481
				143,285,481

54

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
				VALUE
		TOTAL SHORT-TERM INVESTMENTS	$	154,001,908
		(Cost $154,005,481)
		TOTAL PORTFOLIO - 127.29%		658,301,829
		(Cost $659,145,814)
		OTHER ASSETS & LIABILITIES, NET - (27.29)%		(141,154,519	)
		NET ASSETS - 100.00%	$	517,147,310
	*	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 $10,716,427.
	e	All or a portion of these securities are out on loan.

55

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.56%
AMUSEMENT AND RECREATION SERVICES - 0.62%
12,948	*	Activision, Inc	$	279,547
4,626		Harrah's Entertainment, Inc		402,138
3,262	*	Penn National Gaming, Inc		192,523
38,944		Walt Disney Co		1,339,284
831	e	Warner Music Group Corp		8,393
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,221,885
APPAREL AND ACCESSORY STORES - 0.77%
3,949	e	Abercrombie & Fitch Co (Class A)		318,684
8,083	e	American Eagle Outfitters, Inc		212,664
2,297	*	AnnTaylor Stores Corp		72,746
7,981	e*	Chico's FAS, Inc		112,133
4,380	*	Hanesbrands, Inc		122,903
14,374	*	Kohl's Corp		824,061
14,267		Limited Brands, Inc		326,572
10,934		Nordstrom, Inc		512,695
6,335		Ross Stores, Inc		162,429
4,944	e*	Urban Outfitters, Inc		107,779
		TOTAL APPAREL AND ACCESSORY STORES		2,772,666
APPAREL AND OTHER TEXTILE PRODUCTS - 0.13%
2,579		Guess ?, Inc		126,448
223	e	Liz Claiborne, Inc		7,656
2,522		Phillips-Van Heusen Corp		132,355
2,673		Polo Ralph Lauren Corp		207,826
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		474,285
AUTO REPAIR, SERVICES AND PARKING - 0.06%
9,254	*	Hertz Global Holdings, Inc		210,251
		TOTAL AUTO REPAIR, SERVICES AND PARKING		210,251
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.23%
4,802		Advance Auto Parts		161,155
2,031	e*	Autozone, Inc		235,880
9,346	e*	Carmax, Inc		190,004
2,695	*	Copart, Inc		92,681
4,944	e*	O'Reilly Automotive, Inc		165,179
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		844,899
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.99%
5,580		Fastenal Co		253,388
44,436		Home Depot, Inc		1,441,504
67,406		Lowe's Cos, Inc		1,888,716
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		3,583,608

56

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
BUSINESS SERVICES - 11.23%
26,567		Accenture Ltd (Class A)	$	1,069,322
2,643	e	Acxiom Corp		52,305
26,320	*	Adobe Systems, Inc		1,149,131
1,687	*	Affiliated Computer Services, Inc (Class A)		84,755
1,021	e	Aircastle Ltd		34,122
7,547	e*	Akamai Technologies, Inc		216,825
3,650	*	Alliance Data Systems Corp		282,656
9,010	*	Amdocs Ltd		335,082
10,327	*	Autodesk, Inc		516,040
24,769		Automatic Data Processing, Inc		1,137,640
2,198	*	Avis Budget Group, Inc		50,312
17,266	*	BEA Systems, Inc		239,479
8,758	*	BMC Software, Inc		273,512
1,874	e	Brink's Co		104,719
11,796		CA, Inc		303,393
3,181	*	Cadence Design Systems, Inc		70,586
5,405	*	Ceridian Corp		187,770
2,868	e*	Cerner Corp		171,535
2,875	e*	Checkfree Corp		133,803
3,571	*	ChoicePoint, Inc		135,412
7,919	*	Citrix Systems, Inc		319,294
1,739	e*	Clear Channel Outdoor Holdings, Inc (Class A)		44,345
6,428	*	Cognizant Technology Solutions Corp (Class A)		512,762
10,110	*	Compuware Corp		81,082
2,329	e*	DST Systems, Inc		199,851
51,168	*	eBay, Inc		1,996,575
13,945	*	Electronic Arts, Inc		780,781
12,906		Electronic Data Systems Corp		281,867
6,771		Equifax, Inc		258,111
3,832	*	F5 Networks, Inc		142,512
1,965		Factset Research Systems, Inc		134,701
236	e	Fair Isaac Corp		8,522
7,351		Fidelity National Information Services, Inc		326,164
7,619	*	Fiserv, Inc		387,502
1,005	e*	Getty Images, Inc		27,979
10,263	*	Google, Inc (Class A)		5,821,892
8,157	e*	HLTH Corp		115,585
7,674		IMS Health, Inc		235,131
11,980	e*	Interpublic Group of Cos, Inc		124,352
15,077	*	Intuit, Inc		456,833
7,789	*	Iron Mountain, Inc		237,409
16,487	*	Juniper Networks, Inc		603,589
1,938	*	Kinetic Concepts, Inc		109,071
3,525		Lamar Advertising Co (Class A)		172,619
3,660		Manpower, Inc		235,521
3,568	e	Mastercard, Inc (Class A)		527,957
7,346	*	McAfee, Inc		256,155
367,495		Microsoft Corp		10,826,403
3,552		MoneyGram International, Inc		80,240
5,489	e*	Monster Worldwide, Inc		186,955
4,458	*	NAVTEQ Corp		347,590
975	*	NCR Corp		48,555
1,751	*	Novell, Inc		13,378
14,804		Omnicom Group, Inc		711,924

57

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
172,619	*	Oracle Corp	$	3,737,201
8,421	*	Red Hat, Inc		167,325
6,491		Robert Half International, Inc		193,821
4,089	*	Salesforce.com, Inc		209,847
40,263	*	Sun Microsystems, Inc		225,875
5,376	*	Symantec Corp		104,187
6,594	*	Synopsys, Inc		178,566
1,774	e	Total System Services, Inc		49,282
10,966	e*	VeriSign, Inc		369,993
1,390	*	VMware, Inc		118,150
12,988		Waste Management, Inc		490,167
322	e*	WebMD Health Corp (Class A)		16,776
54,148	*	Yahoo!, Inc		1,453,332
		TOTAL BUSINESS SERVICES		40,476,128
CHEMICALS AND ALLIED PRODUCTS - 10.45%
68,956		Abbott Laboratories		3,697,421
886	e*	Abraxis BioScience, Inc		20,227
4,582		Air Products & Chemicals, Inc		447,936
3,694		Albemarle Corp		163,275
709		Alberto-Culver Co		17,576
34,789	*	Amgen, Inc		1,968,014
3,986	e	Avery Dennison Corp		227,282
18,107		Avon Products, Inc		679,556
5,051	*	Barr Pharmaceuticals, Inc		287,452
2,343	*	Biogen Idec, Inc		155,411
88,111		Bristol-Myers Squibb Co		2,539,359
2,331		Cabot Corp		82,820
3,587		Celanese Corp (Series A)		139,821
2,855	e*	Cephalon, Inc		208,586
1,014	*	Charles River Laboratories International, Inc		56,936
630		Chemtura Corp		5,601
2,720		Church & Dwight Co, Inc		127,949
5,787		Clorox Co		352,949
21,106		Colgate-Palmolive Co		1,505,280
3,571		Dade Behring Holdings, Inc		272,646
6,692		Du Pont (E.I.) de Nemours & Co		331,656
7,963		Ecolab, Inc		375,854
21,740		Eli Lilly & Co		1,237,658
4,824		Estee Lauder Cos (Class A)		204,827
14,320	*	Forest Laboratories, Inc		533,993
20,832	*	Genentech, Inc		1,625,313
11,821	*	Genzyme Corp		732,429
41,808	*	Gilead Sciences, Inc		1,708,693
7,195	*	Hospira, Inc		298,233
1,490	*	Idexx Laboratories, Inc		163,289
2,868	e*	ImClone Systems, Inc		118,563
2,950	e	International Flavors & Fragrances, Inc		155,937
848	*	Invitrogen Corp		69,307
750		Lubrizol Corp		48,795
80,140		Merck & Co, Inc		4,142,437
7,710	*	Millennium Pharmaceuticals, Inc		78,257
24,366		Monsanto Co		2,089,141
3,074	*	Mosaic Co		164,520

58

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
10,674	e*	Mylan Laboratories, Inc	$	170,357
6,480		Nalco Holding Co		192,132
2,645	*	NBTY, Inc		107,387
5,010	e*	PDL BioPharma, Inc		108,266
14,267		Praxair, Inc		1,195,004
55,824		Procter & Gamble Co		3,926,660
3,714	e	Rohm & Haas Co		206,758
4,993		RPM International, Inc		119,582
66,683		Schering-Plough Corp		2,109,183
379	e	Scotts Miracle-Gro Co (Class A)		16,202
4,852	e*	Sepracor, Inc		133,430
5,026		Sherwin-Williams Co		330,258
1,732		Sigma-Aldrich Corp		84,418
502	e	Valspar Corp		13,659
3,686	*	VCA Antech, Inc		153,891
5,634	e*	Vertex Pharmaceuticals, Inc		216,402
3,741	e*	Warner Chilcott Ltd (Class A)		66,478
2,462	*	Watson Pharmaceuticals, Inc		79,769
31,676		Wyeth		1,411,166
		TOTAL CHEMICALS AND ALLIED PRODUCTS		37,676,001
COAL MINING - 0.35%
6,634	e	Arch Coal, Inc		223,831
7,870		Consol Energy, Inc		366,742
4,190	e	Massey Energy Co		91,426
11,857	e	Peabody Energy Corp		567,595
		TOTAL COAL MINING		1,249,594
COMMUNICATIONS - 2.21%
18,708	*	American Tower Corp (Class A)		814,546
4,774	*	Avaya, Inc		80,967
3,012	*	Cablevision Systems Corp (Class A)		105,239
1,440	*	Central European Media Enterprises Ltd (Class A)		132,062
2,488	e	Citizens Communications Co		35,628
4,695		Clear Channel Communications, Inc		175,781
81,052	e*	Comcast Corp (Class A)		1,959,837
8,608	*	Crown Castle International Corp		349,743
2,149	e*	CTC Media, Inc		47,192
33,751	*	DIRECTV Group, Inc		819,474
9,397	*	EchoStar Communications Corp (Class A)		439,874
3,707		Global Payments, Inc		163,924
487	*	IAC/InterActiveCorp		14,449
2,276	e*	Leap Wireless International, Inc		185,198
69,099	e*	Level 3 Communications, Inc		321,310
8,824	*	Liberty Global, Inc (Class A)		361,960
17,653	*	Liberty Media Holding Corp (Interactive A)		339,114
2,361	*	MetroPCS Communications, Inc		64,408
3,455	e*	NeuStar, Inc (Class A)		118,472
7,737	*	NII Holdings, Inc		635,595
4,624	e*	SBA Communications Corp (Class A)		163,135
2,152		Telephone & Data Systems, Inc		143,646
3,516	*	Time Warner Cable, Inc (Class A)		115,325
236	e*	US Cellular Corp		23,175
11,768	e	Windstream Corp		166,164

59

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
12,529	e*	XM Satellite Radio Holdings, Inc (Class A)	$	177,536
		TOTAL COMMUNICATIONS		7,953,754
DEPOSITORY INSTITUTIONS - 0.98%
722		Bank of Hawaii Corp		38,158
17,583		Bank of New York Mellon Corp/The		776,114
629		Capitol Federal Financial		21,512
2,274		Commerce Bancorp, Inc		88,186
8,974		Hudson City Bancorp, Inc		138,020
8,322		Northern Trust Corp		551,499
7,141		People's United Financial, Inc		123,396
14,387		State Street Corp		980,618
4,873		Synovus Financial Corp		136,688
32,621		Western Union Co		684,062
		TOTAL DEPOSITORY INSTITUTIONS		3,538,253
EATING AND DRINKING PLACES - 0.90%
4,694		Brinker International, Inc		128,803
2,557	e	Burger King Holdings, Inc		65,178
2,979	e*	Cheesecake Factory		69,917
6,152		Darden Restaurants, Inc		257,523
11,061		McDonald's Corp		602,493
33,166	*	Starbucks Corp		868,949
8,704	e	Tim Hortons, Inc		303,334
4,025	e	Wendy's International, Inc		140,513
23,450		Yum! Brands, Inc		793,314
		TOTAL EATING AND DRINKING PLACES		3,230,024
EDUCATIONAL SERVICES - 0.21%
6,534	*	Apollo Group, Inc (Class A)		393,020
4,607	*	Career Education Corp		128,950
1,913	e*	ITT Educational Services, Inc		232,793
		TOTAL EDUCATIONAL SERVICES		754,763
ELECTRIC, GAS, AND SANITARY SERVICES - 1.86%
29,880	*	AES Corp		598,795
7,468		Allegheny Energy, Inc		390,278
1,704	*	Allied Waste Industries, Inc		21,726
373		Aqua America, Inc		8,460
14,063		Centerpoint Energy, Inc		225,430
6,261		Constellation Energy Group, Inc		537,131
5,398	e*	Covanta Holding Corp		132,305
2,520	e	DPL, Inc		66,175
2,263	*	Dynegy, Inc (Class A)		20,910
13,607		Exelon Corp		1,025,424
7,985	*	Mirant Corp		324,830
8,781	e*	NRG Energy, Inc		371,348
12,886		PPL Corp		596,622
2,441		Questar Corp		128,226
6,577		Republic Services, Inc		215,134
1,332		Sierra Pacific Resources		20,952
4,204	*	Stericycle, Inc		240,301
15,060		TXU Corp		1,031,158
22,437		Williams Cos, Inc		764,204
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		6,719,409

60

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 11.12%
10,332	e*	Advanced Micro Devices, Inc	$	136,382
15,890		Altera Corp		382,631
4,583		Ametek, Inc		198,077
7,836		Amphenol Corp (Class A)		311,559
14,640		Analog Devices, Inc		529,382
38,725	*	Apple Computer, Inc		5,945,837
3,970	*	Avnet, Inc		158,244
853	e	AVX Corp		13,733
20,975	*	Broadcom Corp (Class A)		764,329
3,856	*	Ciena Corp		146,836
271,822	*	Cisco Systems, Inc		9,000,026
2,615		Cooper Industries Ltd (Class A)		133,600
0	e*	Cree, Inc		27,026
6,894	e*	Cypress Semiconductor Corp		201,374
1,564	*	Dolby Laboratories, Inc (Class A)		54,458
666		Eaton Corp		65,961
1,829	e*	Energizer Holdings, Inc		202,745
2,103	*	Fairchild Semiconductor International, Inc		39,284
1,672	e*	First Solar, Inc		196,861
5,170	e	Garmin Ltd		617,298
2,966		Harman International Industries, Inc		256,618
6,077		Harris Corp		351,190
29,878		Honeywell International, Inc		1,776,845
3,138	*	Integrated Device Technology, Inc		48,576
260,125		Intel Corp		6,726,833
681	e*	International Rectifier Corp		22,466
3,490		Intersil Corp (Class A)		116,671
1,768	e*	Jarden Corp		54,702
4,667	e*	JDS Uniphase Corp		69,818
1,845		L-3 Communications Holdings, Inc		188,448
1,229		Lincoln Electric Holdings, Inc		95,383
9,656	e	Linear Technology Corp		337,863
18,799	e*	LSI Logic Corp		139,489
21,403	*	Marvell Technology Group Ltd		350,367
14,488		Maxim Integrated Products, Inc		425,223
10,039	*	MEMC Electronic Materials, Inc		590,896
9,880		Microchip Technology, Inc		358,842
10,199	e*	Micron Technology, Inc		113,209
3,244		Molex, Inc		87,361
11,729		National Semiconductor Corp		318,090
16,625	*	Network Appliance, Inc		447,379
3,354	e*	Novellus Systems, Inc		91,430
24,369	*	Nvidia Corp		883,133
5,687	*	QLogic Corp		76,490
74,616		Qualcomm, Inc		3,153,272
3,937	e	RadioShack Corp		81,338
3,573	e*	Rambus, Inc		68,280
10,884	*	Sanmina-SCI Corp		23,074
2,560	e*	Silicon Laboratories, Inc		106,906
67,941	e*	Sirius Satellite Radio, Inc		237,114
1,129	e*	Sunpower Corp (Class A)		93,504

61

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
64,181		Texas Instruments, Inc	$	2,348,383
2,539	*	Thomas & Betts Corp		148,887
3,631	*	Varian Semiconductor Equipment Associates, Inc		194,331
1,246	*	Vishay Intertechnology, Inc		16,235
2,449	e	Whirlpool Corp		218,206
13,476	e	Xilinx, Inc		352,263
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		40,094,758
ENGINEERING AND MANAGEMENT SERVICES - 1.43%
6,048	e*	Amylin Pharmaceuticals, Inc		302,400
17,007	*	Celgene Corp		1,212,769
1,611	e	Corporate Executive Board Co		119,601
3,960		Fluor Corp		570,161
1,180	*	Genpact Ltd		20,001
2,455	*	Gen-Probe, Inc		163,454
2,461	*	Hewitt Associates, Inc (Class A)		86,258
5,366	*	Jacobs Engineering Group, Inc		405,562
9,964	*	McDermott International, Inc		538,853
10,142		Moody's Corp		511,157
15,184		Paychex, Inc		622,544
6,528	e	Quest Diagnostics, Inc		377,123
3,312	*	Shaw Group, Inc		192,427
537	*	URS Corp		30,314
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		5,152,624
FABRICATED METAL PRODUCTS - 0.44%
1,301	e*	Alliant Techsystems, Inc		142,199
4,294		Ball Corp		230,803
7,431	*	Crown Holdings, Inc		169,130
16,559		Illinois Tool Works, Inc		987,579
1,121		Stanley Works		62,922
		TOTAL FABRICATED METAL PRODUCTS		1,592,633
FOOD AND KINDRED PRODUCTS - 3.59%
21,425		Anheuser-Busch Cos, Inc		1,071,036
6,129		Campbell Soup Co		226,773
68,254		Coca-Cola Co		3,922,557
1,377		General Mills, Inc		79,880
8,078		H.J. Heinz Co		373,204
3,142	e*	Hansen Natural Corp		178,089
5,202	e	Hershey Co		241,425
7,149		Kellogg Co		400,344
4,078		McCormick & Co, Inc		146,686
1,463		Pepsi Bottling Group, Inc		54,380
72,925		PepsiCo, Inc		5,342,486
17,710		Sara Lee Corp		295,580
9,439		Wrigley (Wm.) Jr Co		606,267
		TOTAL FOOD AND KINDRED PRODUCTS		12,938,707
FOOD STORES - 0.26%
20,221		Kroger Co		576,703
1,390	e*	Panera Bread Co (Class A)		56,712
6,427	e	Whole Foods Market, Inc		314,666
		TOTAL FOOD STORES		948,081

62

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
FORESTRY - 0.00%**
248		Rayonier, Inc	$	11,914
		TOTAL FORESTRY		11,914
FURNITURE AND FIXTURES - 0.26%
438	e	Hillenbrand Industries, Inc		24,099
2,235	e	HNI Corp		80,460
7,001		Johnson Controls, Inc		826,888
958		Masco Corp		22,197
		TOTAL FURNITURE AND FIXTURES		953,644
FURNITURE AND HOME FURNISHINGS STORES - 0.29%
12,439	e*	Bed Bath & Beyond, Inc		424,419
4,291	e	Circuit City Stores, Inc		33,942
7,079	*	GameStop Corp (Class A)		398,902
2,971	e	Steelcase, Inc (Class A)		53,419
3,901	e	Williams-Sonoma, Inc		127,251
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		1,037,933
GENERAL BUILDING CONTRACTORS - 0.03%
626	e	Centex Corp		16,633
83	e*	NVR, Inc		39,031
3,774	e	Pulte Homes, Inc		51,364
		TOTAL GENERAL BUILDING CONTRACTORS		107,028
GENERAL MERCHANDISE STORES - 2.33%
4,623	e*	Big Lots, Inc		137,950
13,750		Costco Wholesale Corp		843,838
6,588		Family Dollar Stores, Inc		174,977
10,108		JC Penney Co, Inc		640,544
5,842	e	Saks, Inc		100,190
38,294		Target Corp		2,434,350
20,355		TJX Cos, Inc		591,720
79,236		Wal-Mart Stores, Inc		3,458,651
		TOTAL GENERAL MERCHANDISE STORES		8,382,220
HEALTH SERVICES - 1.84%
3,915		AmerisourceBergen Corp		177,467
381	e	Brookdale Senior Living, Inc		15,168
12,881		Cigna Corp		686,428
342	*	Community Health Systems, Inc		10,752
3,023	*	Covance, Inc		235,492
6,562	e*	Coventry Health Care, Inc		408,222
4,804	*	DaVita, Inc		303,517
2,652	e*	Edwards Lifesciences Corp		130,770
9,840	*	Express Scripts, Inc		549,269
5,272	*	Laboratory Corp of America Holdings		412,429
4,080	*	Lincare Holdings, Inc		149,532
3,317	e	Manor Care, Inc		213,615
12,264		McKesson Corp		721,001
12,540	*	Medco Health Solutions, Inc		1,133,491
610	e	Omnicare, Inc		20,209
2,088	*	Pediatrix Medical Group, Inc		136,597

63

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
4,452		Pharmaceutical Product Development, Inc	$	157,779
2,472	*	Sierra Health Services, Inc		104,294
16,709	e*	Tenet Healthcare Corp		56,142
640		Universal Health Services, Inc (Class B)		34,829
12,384	*	WellPoint, Inc		977,345
		TOTAL HEALTH SERVICES		6,634,348
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.12%
3,176	*	Foster Wheeler Ltd		416,945
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		416,945
HOLDING AND OTHER INVESTMENT OFFICES - 1.90%
1,303	e*	Affiliated Managers Group, Inc		166,146
216		Apartment Investment & Management Co (Class A)		9,748
4,619		Duke Realty Corp		156,168
474	e	Essex Property Trust, Inc		55,728
1,363		Federal Realty Investment Trust		120,762
5,340		General Growth Properties, Inc		286,331
338		Health Care REIT, Inc		14,953
59,100		iShares Russell 1000 Growth Index Fund		3,648,243
1,630	e	Kilroy Realty Corp		98,827
3,027		Macerich Co		265,105
568		Plum Creek Timber Co, Inc		25,424
10,048		Prologis		666,685
424		Public Storage, Inc		33,348
5,448		Simon Property Group, Inc		544,800
1,333		Taubman Centers, Inc		72,982
780	*	TFS Financial Corp		10,093
5,810	e	UDR, Inc		141,299
5,834		Ventas, Inc		241,528
2,785		WABCO Holdings, Inc		130,199
3,487	e	Weingarten Realty Investors		144,571
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,832,940
HOTELS AND OTHER LODGING PLACES - 1.09%
2,708		Boyd Gaming Corp		116,038
1,673	e	Choice Hotels International, Inc		63,022
17,449		Hilton Hotels Corp		811,204
4,666	e*	Las Vegas Sands Corp		622,538
14,730		Marriott International, Inc (Class A)		640,313
5,111	*	MGM Mirage		457,128
1,941	e	Orient-Express Hotels Ltd (Class A)		99,515
9,624		Starwood Hotels & Resorts Worldwide, Inc		584,658
1,263	e	Station Casinos, Inc		110,487
592		Wyndham Worldwide Corp		19,394
2,479	e	Wynn Resorts Ltd		390,591
		TOTAL HOTELS AND OTHER LODGING PLACES		3,914,888
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.23%
2,820	*	AGCO Corp		143,171
7,866		American Standard Cos, Inc		280,187
61,867		Applied Materials, Inc		1,280,647
1,410		Black & Decker Corp		117,453
18,671	*	Brocade Communications Systems, Inc		159,824

64

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
719		Carlisle Cos, Inc	$	34,943
28,669		Caterpillar, Inc		2,248,510
2,521		CDW Corp		219,831
4,663		Cummins, Inc		596,351
620		Deere & Co		92,020
101,697	*	Dell, Inc		2,806,837
2,984		Diebold, Inc		135,533
3,411	e	Donaldson Co, Inc		142,443
3,057		Dover Corp		155,754
3,913	*	Dresser-Rand Group, Inc		167,124
93,948	*	EMC Corp		1,954,118
2,345	e	Flowserve Corp		178,642
5,732	*	FMC Technologies, Inc		330,507
51,120	d	General Electric Co		2,116,368
2,893		Graco, Inc		113,145
5,543	*	Grant Prideco, Inc		302,204
119,821		Hewlett-Packard Co		5,965,888
3,581		IDEX Corp		130,313
777		Ingersoll-Rand Co Ltd (Class A)		42,323
48,682		International Business Machines Corp		5,734,740
14,879		International Game Technology		641,285
4,784	e	Jabil Circuit, Inc		109,267
4,781		Joy Global, Inc		243,162
914		Kennametal, Inc		76,758
5,671	*	Lam Research Corp		302,037
327		Lennox International, Inc		11,053
2,127	*	Lexmark International, Inc (Class A)		88,334
5,356		Manitowoc Co, Inc		237,164
5,076		Pall Corp		197,456
810	*	Riverbed Technology, Inc		32,716
7,061		Rockwell Automation, Inc		490,810
6,174	e*	SanDisk Corp		340,187
2,807	e*	Scientific Games Corp (Class A)		105,543
9,099		Seagate Technology, Inc		232,752
11,554	*	Solectron Corp		45,061
4,628	*	Terex Corp		411,985
1,778	e	Toro Co		104,600
5,588	*	Varian Medical Systems, Inc		234,081
2,991	*	VeriFone Holdings, Inc		132,591
2,740	*	Western Digital Corp		69,377
2,913	*	Zebra Technologies Corp (Class A)		106,295
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		29,661,390
INSTRUMENTS AND RELATED PRODUCTS - 5.63%
2,812	e*	Advanced Medical Optics, Inc		86,019
18,066	*	Agilent Technologies, Inc		666,274
13,658		Allergan, Inc		880,531
1,418		Applera Corp (Applied Biosystems Group)		49,120
4,760		Bard (C.R.), Inc		419,784
474		Bausch & Lomb, Inc		30,336
29,167		Baxter International, Inc		1,641,519
2,310		Beckman Coulter, Inc		170,386
10,959		Becton Dickinson & Co		899,186
802	e	Cooper Cos, Inc		42,041

65

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
11,005		Danaher Corp	$	910,224
7,044		Dentsply International, Inc		293,312
93		DRS Technologies, Inc		5,126
29,582		Emerson Electric Co		1,574,354
1,677	*	Intuitive Surgical, Inc		385,710
48,623		Johnson & Johnson		3,194,531
8,575		Kla-Tencor Corp		478,314
51,444		Medtronic, Inc		2,901,956
1,675	*	Mettler-Toledo International, Inc		170,850
2,375	e*	Millipore Corp		180,025
2,507		National Instruments Corp		86,065
1,238		PerkinElmer, Inc		36,162
8,116		Pitney Bowes, Inc		368,629
3,350	e*	Resmed, Inc		143,615
3,567	*	Respironics, Inc		171,323
7,485		Rockwell Collins, Inc		546,704
3,862		Roper Industries, Inc		252,961
15,145	*	St. Jude Medical, Inc		667,440
13,585		Stryker Corp		934,105
1,791	*	Techne Corp		112,976
651	e	Tektronix, Inc		18,059
3,975	*	Teradyne, Inc		54,855
9,387	*	Thermo Electron Corp		541,818
5,238	*	Trimble Navigation Ltd		205,382
4,637	*	Waters Corp		310,308
10,592	*	Zimmer Holdings, Inc		857,846
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		20,287,846
INSURANCE AGENTS, BROKERS AND SERVICE - 0.04%
4,958		Brown & Brown, Inc		130,395
830	e	Gallagher (Arthur J.) & Co		24,045
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		154,440
INSURANCE CARRIERS - 2.08%
847		ACE Ltd		51,303
18,550		Aetna, Inc		1,006,709
20,054		Aflac, Inc		1,143,880
7,025		American International Group, Inc		475,241
164	e	CNA Financial Corp		6,448
395	e	Erie Indemnity Co (Class A)		24,146
107		Hanover Insurance Group, Inc		4,728
2,004		HCC Insurance Holdings, Inc		57,395
5,189	*	Health Net, Inc		280,465
7,519	*	Humana, Inc		525,428
650	e	PartnerRe Ltd		51,344
1,806	*	Philadelphia Consolidated Holding Co		74,660
777		Principal Financial Group		49,021
4,995		Prudential Financial, Inc		487,412
465		Transatlantic Holdings, Inc		32,703
59,997		UnitedHealth Group, Inc		2,905,655
1,893		W.R. Berkley Corp		56,090
1,828	*	WellCare Health Plans, Inc		192,726
983		XL Capital Ltd (Class A)		77,854
		TOTAL INSURANCE CARRIERS		7,503,208

66

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
JUSTICE, PUBLIC ORDER AND SAFETY - 0.04%
5,678	*	Corrections Corp of America	$	148,593
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		148,593
LEATHER AND LEATHER PRODUCTS - 0.29%
16,614	*	Coach, Inc		785,344
3,815	e*	CROCS, Inc		256,559
		TOTAL LEATHER AND LEATHER PRODUCTS		1,041,903
METAL MINING - 0.69%
1,881	e	Cleveland-Cliffs, Inc		165,472
2,242		Foundation Coal Holdings, Inc		87,886
14,055		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,474,229
8,012		Newmont Mining Corp		358,377
3,310	e	Southern Copper Corp		409,877
		TOTAL METAL MINING		2,495,841
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.07%
2,143		Hasbro, Inc		59,747
7,808		Mattel, Inc		183,176
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		242,923
MISCELLANEOUS RETAIL - 2.12%
13,622	*	Amazon.com, Inc		1,268,889
443	e	Barnes & Noble, Inc		15,620
17,724	e	Best Buy Co, Inc		815,658
3,890	e*	Coldwater Creek, Inc		42,245
35,363		CVS Corp		1,401,436
1,820	e*	Dick's Sporting Goods, Inc		122,213
4,317	*	Dollar Tree Stores, Inc		175,011
2,180		MSC Industrial Direct Co (Class A)		110,286
1,464	e*	Nutri/System, Inc		68,647
12,748	*	Office Depot, Inc		262,864
1,729	e	OfficeMax, Inc		59,253
6,310		Petsmart, Inc		201,289
32,015		Staples, Inc		688,002
5,892		Tiffany & Co		308,446
44,656		Walgreen Co		2,109,549
		TOTAL MISCELLANEOUS RETAIL		7,649,408
MOTION PICTURES - 0.92%
6,943	*	Discovery Holding Co (Class A)		200,306
2,123	*	DreamWorks Animation SKG, Inc (Class A)		70,951
67,434		News Corp (Class A)		1,482,874
3,094	e	Regal Entertainment Group (Class A)		67,913
24,305		Time Warner, Inc		446,240
27,274	*	Viacom, Inc (Class B)		1,062,868
		TOTAL MOTION PICTURES		3,331,152
NONDEPOSITORY INSTITUTIONS - 1.49%
46,364		American Express Co		2,752,631
1,015	e*	AmeriCredit Corp		17,844
5,846		Broadridge Financial Solutions, Inc		110,782

67

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,346		CapitalSource, Inc	$	67,723
1,244		Discover Financial Services		25,875
2,912	e	First Marblehead Corp		110,452
11,504		Freddie Mac		678,851
18,420	*	SLM Corp		914,921
11,154		Textron, Inc		693,890
		TOTAL NONDEPOSITORY INSTITUTIONS		5,372,969
NONMETALLIC MINERALS, EXCEPT FUELS - 0.14%
1,980		Florida Rock Industries, Inc		123,730
4,121	e	Vulcan Materials Co		367,387
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		491,117
OIL AND GAS EXTRACTION - 5.48%
14,340		Baker Hughes, Inc		1,295,906
13,252		BJ Services Co		351,841
4,928	*	Cameron International Corp		454,805
1,925	e*	Cheniere Energy, Inc		75,402
12,059	e	Chesapeake Energy Corp		425,200
1,007	e*	CNX Gas Corp		28,971
1,450	*	Continental Resources, Inc		26,303
5,231	*	Denbury Resources, Inc		233,773
3,112	e	Diamond Offshore Drilling, Inc		352,558
6,252		ENSCO International, Inc		350,737
4,178		Equitable Resources, Inc		216,713
4,206	*	Global Industries Ltd		108,347
10,205		GlobalSantaFe Corp		775,784
40,918		Halliburton Co		1,571,251
3,378	e*	Helix Energy Solutions Group, Inc		143,430
11,211	e*	Nabors Industries Ltd		344,962
7,891	*	National Oilwell Varco, Inc		1,140,250
11,994		Noble Corp		588,306
2,355	*	Oceaneering International, Inc		178,509
5,481	*	Pride International, Inc		200,331
2,120	*	Quicksilver Resources, Inc		99,746
6,618		Range Resources Corp		269,088
3,271	e	Rowan Cos, Inc		119,653
52,763		Schlumberger Ltd		5,540,115
8,974		Smith International, Inc		640,744
7,402	*	Southwestern Energy Co		309,774
3,795	*	Superior Energy Services		134,495
3,919	e*	Tetra Technologies, Inc		82,848
1,524	e	Tidewater, Inc		95,768
12,850	*	Transocean, Inc		1,452,693
1,845	*	Unit Corp		89,298
1,404	e	W&T Offshore, Inc		34,230
15,093	*	Weatherford International Ltd		1,013,948
16,484		XTO Energy, Inc		1,019,371
		TOTAL OIL AND GAS EXTRACTION		19,765,150
PAPER AND ALLIED PRODUCTS - 0.22.%
10,830	e*	Domtar Corporation		88,806
8,492		Kimberly-Clark Corp		596,648
3,691		Packaging Corp of America		107,297
		TOTAL PAPER AND ALLIED PRODUCTS		792,751

68

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
PERSONAL SERVICES - 0.16%
4,626		Cintas Corp	$	171,625
14,453	e	H&R Block, Inc		306,115
1,712	e	Weight Watchers International, Inc		98,543
		TOTAL PERSONAL SERVICES		576,283
PETROLEUM AND COAL PRODUCTS - 2.00%
4,462		Cabot Oil & Gas Corp		156,884
51,447		Exxon Mobil Corp		4,761,934
2,606		Frontier Oil Corp		108,514
1,974	e	Holly Corp		118,104
1,004		Noble Energy, Inc		70,320
5,441		Sunoco, Inc		385,114
6,251		Tesoro Corp		287,671
19,385		Valero Energy Corp		1,302,284
585	e	Western Refining, Inc		23,739
		TOTAL PETROLEUM AND COAL PRODUCTS		7,214,564
PRIMARY METAL INDUSTRIES - 1.15%
4,964	*	AK Steel Holding Corp		218,168
4,571		Allegheny Technologies, Inc		502,581
602		Carpenter Technology Corp		78,266
2,793	e*	CommScope, Inc		140,320
70,416		Corning, Inc		1,735,754
2,388	e*	General Cable Corp		160,283
826		Hubbell, Inc (Class B)		47,181
3,026		Nucor Corp		179,956
6,151		Precision Castparts Corp		910,225
1,632		Steel Dynamics, Inc		76,214
2,824	e*	Titanium Metals Corp		94,773
		TOTAL PRIMARY METAL INDUSTRIES		4,143,721
PRINTING AND PUBLISHING - 0.41%
2,758		Dow Jones & Co, Inc		164,653
2,785		Dun & Bradstreet Corp		274,629
1,492	e	Harte-Hanks, Inc		29,363
2,252	e	John Wiley & Sons, Inc (Class A)		101,182
15,365		McGraw-Hill Cos, Inc		782,232
1,988		Meredith Corp		113,912
1,461	e	New York Times Co (Class A)		28,869
		TOTAL PRINTING AND PUBLISHING		1,494,840
RAILROAD TRANSPORTATION - 0.75%
15,030		Burlington Northern Santa Fe Corp		1,219,985
3,093		CSX Corp		132,164
1,840	e*	Kansas City Southern Industries, Inc		59,193
8,940		Norfolk Southern Corp		464,075
7,407		Union Pacific Corp		837,435
		TOTAL RAILROAD TRANSPORTATION		2,712,852
REAL ESTATE - 0.20%
9,029	e*	CB Richard Ellis Group, Inc (Class A)		251,367

69

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,211	e	Forest City Enterprises, Inc (Class A)	$	177,119
1,592		Jones Lang LaSalle, Inc		163,594
3,694	e	St. Joe Co		124,155
		TOTAL REAL ESTATE		716,235
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.40%
9,772	e*	Goodyear Tire & Rubber Co		297,167
6,521		Newell Rubbermaid, Inc		187,935
15,952		Nike, Inc (Class B)		935,744
937		Sealed Air Corp		23,950
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,444,796
SECURITY AND COMMODITY BROKERS - 3.02%
2,877		A.G. Edwards, Inc		240,949
1,573	e	BlackRock, Inc		272,774
45,349		Charles Schwab Corp		979,538
2,446		CME Group, Inc		1,436,658
7,797	*	E*Trade Financial Corp		101,829
4,874		Eaton Vance Corp		194,765
3,739		Federated Investors, Inc (Class B)		148,438
7,421		Franklin Resources, Inc		946,178
7,995		Goldman Sachs Group, Inc		1,732,836
3,158	*	IntercontinentalExchange, Inc		479,700
2,015	e*	Investment Technology Group, Inc		86,605
6,358	e	Janus Capital Group, Inc		179,804
2,428	e	Lazard Ltd (Class A)		102,947
2,448		Legg Mason, Inc		206,342
9,717		Merrill Lynch & Co, Inc		692,628
2,270	*	MF Global Ltd		65,830
2,488		Morgan Stanley		156,744
3,731	*	Nasdaq Stock Market, Inc		140,584
3,629		Nuveen Investments, Inc (Class A)		224,780
4,114	e	Nymex Holdings, Inc		535,561
11,813	e	NYSE Euronext		935,235
5,586		SEI Investments Co		152,386
11,888		T Rowe Price Group, Inc		662,043
11,085	e*	TD Ameritrade Holding Corp		201,969
		TOTAL SECURITY AND COMMODITY BROKERS		10,877,123
SPECIAL TRADE CONTRACTORS - 0.06%
7,521	e*	Quanta Services, Inc		198,930
		TOTAL SPECIAL TRADE CONTRACTORS		198,930
STONE, CLAY, AND GLASS PRODUCTS - 0.91%
30,174		3M Co		2,823,683
2,432	e	Eagle Materials, Inc		86,920
5,901		Gentex Corp		126,517
6,331	*	Owens-Illinois, Inc		262,420
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		3,299,540
TOBACCO PRODUCTS - 1.16%
53,767		Altria Group, Inc		3,738,420
2,822		Loews Corp (Carolina Group)		232,053
4,050	e	UST, Inc		200,880
		TOTAL TOBACCO PRODUCTS		4,171,353

70

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
TRANSPORTATION BY AIR - 0.61%
11,129	e*	AMR Corp	$	248,065
4,491	e*	Continental Airlines, Inc (Class B)		148,338
720	e	Copa Holdings S.A. (Class A)		28,836
10,625	e*	Delta Air Lines, Inc		190,719
11,560		FedEx Corp		1,210,910
7,891	e*	Northwest Airlines Corp		140,460
6,782	e	Southwest Airlines Co		100,374
3,158	e*	UAL Corp		146,942
		TOTAL TRANSPORTATION BY AIR		2,214,644
TRANSPORTATION EQUIPMENT - 3.22%
2,154		Autoliv, Inc		128,702
4,146	*	BE Aerospace, Inc		172,183
35,253		Boeing Co		3,701,212
2,528		General Dynamics Corp		213,540
5,639		Goodrich Corp		384,749
11,529		Harley-Davidson, Inc		532,755
3,582		Harsco Corp		212,305
966		ITT Industries, Inc		65,620
15,760		Lockheed Martin Corp		1,709,802
1,069		Northrop Grumman Corp		83,382
3,213		Oshkosh Truck Corp		199,110
11,122		Paccar, Inc		948,151
5,572	*	Pactiv Corp		159,694
10,245		Raytheon Co		653,836
2,382	*	Spirit Aerosystems Holdings, Inc (Class A)		92,755
1,524		Thor Industries, Inc		68,565
3,039	e	Trinity Industries, Inc		114,084
27,150		United Technologies Corp		2,185,032
		TOTAL TRANSPORTATION EQUIPMENT		11,625,477
TRANSPORTATION SERVICES - 0.28%
7,594		CH Robinson Worldwide, Inc		412,278
9,566		Expeditors International Washington, Inc		452,472
1,000	e	GATX Corp		42,750
4,598		UTI Worldwide, Inc		105,662
		TOTAL TRANSPORTATION SERVICES		1,013,162
TRUCKING AND WAREHOUSING - 0.71%
1,801		Con-way, Inc		82,846
4,407		J.B. Hunt Transport Services, Inc		115,904
2,479		Landstar System, Inc		104,044
30,052		United Parcel Service, Inc (Class B)		2,256,905
		TOTAL TRUCKING AND WAREHOUSING		2,559,699
WATER TRANSPORTATION - 0.17%
8,195		Carnival Corp		396,884
2,234		Frontline Ltd		107,858
2,329	*	Kirby Corp		102,802
		TOTAL WATER TRANSPORTATION		607,544

71

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
WHOLESALE TRADE-DURABLE GOODS - 0.37%
3,159	*	Arrow Electronics, Inc	$	134,321
493		BorgWarner, Inc		45,124
5,440	*	Cytyc Corp		259,216
1,889	e	Martin Marietta Materials, Inc		252,276
6,199	*	Patterson Cos, Inc		239,343
2,139	e	Pool Corp		53,432
513		Reliance Steel & Aluminum Co		29,005
2,606		W.W. Grainger, Inc		237,641
2,343	e*	WESCO International, Inc		100,608
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,350,966
WHOLESALE TRADE-NONDURABLE GOODS - 0.84%
3,375		Airgas, Inc		174,251
2,168	e*	Bare Escentuals, Inc		53,918
2,448	e	Brown-Forman Corp (Class B)		183,380
16,312		Cardinal Health, Inc		1,019,989
341		Dean Foods Co		8,723
6,265	*	Endo Pharmaceuticals Holdings, Inc		194,278
3,958	*	Henry Schein, Inc		240,805
2,486		Herbalife Ltd		113,014
27,658		Sysco Corp		984,348
1,432	e*	Tractor Supply Co		65,995
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,038,701
		TOTAL COMMON STOCKS
		(Cost $312,994,145)		358,923,304
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 8.30%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.22%
$      790,000	d	Federal Home Loan Bank (FHLB), 10/01/07		789,737
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 8.08%
29,126,448		State Street Navigator Securities Lending Prime Portfolio		29,126,448
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $29,916,448)		29,916,185
		TOTAL PORTFOLIO - 107.85%
		(Cost $342,910,593)		388,839,489
		OTHER ASSETS & LIABILITIES, NET - (7.85)%		(28,305,116	)
		NET ASSETS - 100.00%	$	360,534,373
		ABBREVIATION:
		ADR - American Depositary Receipt
	*	Non-income producing
	**	Percentage 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 $855,977.
	e	All or a portion of these securities are out on loan.

72

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.80%
AMUSEMENT AND RECREATION SERVICES - 0.59%
4,453		Harrah's Entertainment, Inc	$	387,099
2,253		International Speedway Corp (Class A)		103,323
65,435		Walt Disney Co		2,250,310
1,870	e	Warner Music Group Corp		18,887
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,759,619
APPAREL AND ACCESSORY STORES - 0.17%
954	*	AnnTaylor Stores Corp		30,213
8,503		Foot Locker, Inc		130,351
35,058		Gap, Inc		646,470
		TOTAL APPAREL AND ACCESSORY STORES		807,034
APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
6,820	e	Jones Apparel Group, Inc		144,107
6,064		Liz Claiborne, Inc		208,177
5,276		VF Corp		426,037
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		778,321
AUTO REPAIR, SERVICES AND PARKING - 0.07%
6,852	*	Hertz Global Holdings, Inc		155,677
3,382		Ryder System, Inc		165,718
		TOTAL AUTO REPAIR, SERVICES AND PARKING		321,395
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.06%
9,733	*	Autonation, Inc		172,469
700	*	Copart, Inc		24,073
3,394	e	Penske Auto Group, Inc		68,695
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		265,237
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.29%
42,010		Home Depot, Inc		1,362,804
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,362,804
BUSINESS SERVICES - 1.30%
3,101	*	Affiliated Computer Services, Inc (Class A)		155,794
3,673	*	Avis Budget Group, Inc		84,075
8,644		CA, Inc		222,324
11,289	*	Cadence Design Systems, Inc		250,503
693	*	Ceridian Corp		24,075
959	e*	Checkfree Corp		44,632
10,119	*	Computer Sciences Corp		565,652
3,197	*	Compuware Corp		25,640
8,055	*	Convergys Corp		139,835
12,796		Electronic Data Systems Corp		279,465
11,833	e*	Expedia, Inc		377,236

73

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,890	e	Fair Isaac Corp	$	104,358
1,693		Fidelity National Information Services, Inc		75,118
1,434	*	Getty Images, Inc		39,923
1,182		IMS Health, Inc		36,216
10,055	*	Interpublic Group of Cos, Inc		104,371
9,613	*	Juniper Networks, Inc		351,932
500	*	Kinetic Concepts, Inc		28,140
9,159	*	NCR Corp		456,118
17,003	*	Novell, Inc		129,903
156,172	*	Sun Microsystems, Inc		876,125
45,274	*	Symantec Corp		877,410
19,791	*	Unisys Corp		131,016
4,856	*	United Rentals, Inc		156,218
400	*	VMware, Inc		34,000
13,212		Waste Management, Inc		498,621
		TOTAL BUSINESS SERVICES		6,068,700
CHEMICALS AND ALLIED PRODUCTS - 7.45%
6,814		Air Products & Chemicals, Inc		666,137
4,153		Alberto-Culver Co		102,953
19,298	*	Amgen, Inc		1,091,688
1,008		Avery Dennison Corp		57,476
1,914		Avon Products, Inc		71,832
13,535	*	Biogen Idec, Inc		897,777
1,012		Cabot Corp		35,956
2,640		Celanese Corp (Series A)		102,907
2,777	*	Charles River Laboratories International, Inc		155,929
14,562		Chemtura Corp		129,456
400		Church & Dwight Co, Inc		18,816
1,024		Clorox Co		62,454
2,318		Colgate-Palmolive Co		165,320
2,365		Cytec Industries, Inc		161,742
55,865		Dow Chemical Co		2,405,547
45,522		Du Pont (E.I.) de Nemours & Co		2,256,070
4,868		Eastman Chemical Co		324,842
29,816		Eli Lilly & Co		1,697,425
4,546		FMC Corp		236,483
4,996		Huntsman Corp		132,344
1,870	e	International Flavors & Fragrances, Inc		98,848
1,648	*	Invitrogen Corp		134,691
14,195	*	King Pharmaceuticals, Inc		166,365
2,861		Lubrizol Corp		186,137
13,561		Lyondell Chemical Co		628,552
22,115		Merck & Co, Inc		1,143,124
9,376	*	Millennium Pharmaceuticals, Inc		95,166
5,441	*	Mosaic Co		291,202
412,266		Pfizer, Inc		10,071,658
9,546		PPG Industries, Inc		721,200
111,627		Procter & Gamble Co		7,851,843
3,918	e	Rohm & Haas Co		218,115
941		RPM International, Inc		22,537
1,902	e	Scotts Miracle-Gro Co (Class A)		81,311
5,162		Sigma-Aldrich Corp		251,596
5,837		Valspar Corp		158,825

74

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,405	*	Watson Pharmaceuticals, Inc	$	77,922
1,412	e	Westlake Chemical Corp		35,766
37,361		Wyeth		1,664,433
		TOTAL CHEMICALS AND ALLIED PRODUCTS		34,672,445
COMMUNICATIONS - 7.55%
20,093		Alltel Corp		1,400,080
362,049		AT&T, Inc		15,318,293
19,510	*	Avaya, Inc		330,890
8,275	*	Cablevision Systems Corp (Class A)		289,129
300	*	Central European Media Enterprises Ltd (Class A)		27,513
6,615		CenturyTel, Inc		305,745
16,227		Citizens Communications Co		232,371
22,939		Clear Channel Communications, Inc		858,836
1,300	e*	Clearwire Corp (Class A)		31,772
67,209	e*	Comcast Corp (Class A)		1,625,114
2,360	*	Crown Castle International Corp		95,887
8,928		Embarq Corp		496,439
1,210		Hearst-Argyle Television, Inc		31,412
9,553	*	IAC/InterActiveCorp		283,438
11,051	*	Liberty Global, Inc (Class A)		453,312
7,522	*	Liberty Media Corp - Capital (Series A)		938,971
15,286	*	Liberty Media Holding Corp (Interactive A)		293,644
94,714	e*	Qwest Communications International, Inc		867,580
165,156		Sprint Nextel Corp		3,137,964
3,327		Telephone & Data Systems, Inc		222,077
4,013	*	Time Warner Cable, Inc (Class A)		131,626
689	*	US Cellular Corp		67,660
170,435		Verizon Communications, Inc		7,546,862
11,971		Windstream Corp		169,031
		TOTAL COMMUNICATIONS		35,155,646
DEPOSITORY INSTITUTIONS - 15.37%
7,780		Associated Banc-Corp		230,521
4,713		Astoria Financial Corp		125,036
4,435	e	Bancorpsouth, Inc		107,771
260,730		Bank of America Corp		13,106,897
1,662		Bank of Hawaii Corp		87,837
43,401		Bank of New York Mellon Corp/The		1,915,720
32,347		BB&T Corp		1,306,495
1,512		BOK Financial Corp		77,732
383		Capitol Federal Financial		13,099
290,525		Citigroup, Inc		13,558,802
2,355		City National Corp		163,696
9,511		Colonial Bancgroup, Inc		205,628
9,133		Comerica, Inc		468,340
7,637		Commerce Bancorp, Inc		296,163
4,255		Commerce Bancshares, Inc		195,262
3,588		Cullen/Frost Bankers, Inc		179,831
3,421		East West Bancorp, Inc		123,019
32,336		Fifth Third Bancorp		1,095,544
403		First Citizens Bancshares, Inc (Class A)		70,283
6,932	e	First Horizon National Corp		184,807
9,093	e	Fulton Financial Corp		130,757

75

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
19,051		Hudson City Bancorp, Inc	$	293,004
21,040	e	Huntington Bancshares, Inc		357,259
4,114	e	IndyMac Bancorp, Inc		97,132
200,634		JPMorgan Chase & Co		9,193,050
22,958		Keycorp		742,232
4,042		M&T Bank Corp		418,145
14,949		Marshall & Ilsley Corp		654,318
34,750		National City Corp		871,878
17,970	e	New York Community Bancorp, Inc		342,329
1,826		Northern Trust Corp		121,009
4,275		People's United Financial, Inc		73,872
20,209		PNC Financial Services Group, Inc		1,376,233
16,315		Popular, Inc		200,348
41,453		Regions Financial Corp		1,222,034
25,063		Sovereign Bancorp, Inc		427,074
4,553		State Street Corp		310,332
20,863		SunTrust Banks, Inc		1,578,703
10,016		Synovus Financial Corp		280,949
6,960		TCF Financial Corp		182,213
2,948		UnionBanCal Corp		172,193
102,139		US Bancorp		3,322,582
6,908	e	Valley National Bancorp		153,219
112,462		Wachovia Corp		5,639,969
5,691		Washington Federal, Inc		149,446
51,895		Washington Mutual, Inc		1,832,412
3,216		Webster Financial Corp		135,458
197,241		Wells Fargo & Co		7,025,724
2,461		Western Union Co		51,607
3,731		Whitney Holding Corp		98,424
4,176	e	Wilmington Trust Corp		162,446
6,255		Zions Bancorporation		429,531
		TOTAL DEPOSITORY INSTITUTIONS		71,558,365
EATING AND DRINKING PLACES - 0.65%
55,518		McDonald's Corp		3,024,065
		TOTAL EATING AND DRINKING PLACES		3,024,065
ELECTRIC, GAS, AND SANITARY SERVICES - 5.95%
4,501		AGL Resources, Inc		178,330
7,035		Alliant Energy Corp		269,581
14,563	*	Allied Waste Industries, Inc		185,678
12,245		Ameren Corp		642,863
23,326		American Electric Power Co, Inc		1,074,862
6,831		Aqua America, Inc		154,927
4,703		Atmos Energy Corp		133,189
13,169		CMS Energy Corp		221,503
15,825		Consolidated Edison, Inc		732,698
2,563		Constellation Energy Group, Inc		219,880
17,210		Dominion Resources, Inc		1,450,803
2,940	e	DPL, Inc		77,204
10,557		DTE Energy Co		511,381
73,919		Duke Energy Corp		1,381,546
15,872	*	Dynegy, Inc (Class A)		146,657
19,042		Edison International		1,055,879

76

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
41,138		El Paso Corp	$	698,112
4,498		Energen Corp		256,926
9,257		Energy East Corp		250,402
11,542		Entergy Corp		1,249,883
21,535		Exelon Corp		1,622,878
17,863		FirstEnergy Corp		1,131,442
23,752		FPL Group, Inc		1,446,022
5,205	e	Great Plains Energy, Inc		149,956
4,833	e	Hawaiian Electric Industries, Inc		104,924
4,446	e	Integrys Energy Group, Inc		227,769
10,375		MDU Resources Group, Inc		288,840
4,510	*	Mirant Corp		183,467
5,001	e	National Fuel Gas Co		234,097
15,629		NiSource, Inc		299,139
9,462		Northeast Utilities		270,329
2,645	e*	NRG Energy, Inc		111,857
6,642		NSTAR		231,208
5,514		OGE Energy Corp		182,513
6,360		Oneok, Inc		301,464
11,127		Pepco Holdings, Inc		301,319
20,478		PG&E Corp		978,848
5,864		Pinnacle West Capital Corp		231,687
5,989		PPL Corp		277,291
14,989		Progress Energy, Inc		702,235
14,799		Public Service Enterprise Group, Inc		1,302,164
6,766		Puget Energy, Inc		165,564
6,514		Questar Corp		342,180
19,835	*	Reliant Energy, Inc		507,776
1,372		Republic Services, Inc		44,878
6,811		SCANA Corp		263,858
15,518		Sempra Energy		901,906
12,309		Sierra Pacific Resources		193,621
44,188		Southern Co		1,603,141
6,241		Southern Union Co		194,158
11,723		TECO Energy, Inc		192,609
7,518		TXU Corp		514,757
6,471		UGI Corp		168,117
5,005	e	Vectren Corp		136,586
5,469		Williams Cos, Inc		186,274
6,837		Wisconsin Energy Corp		307,870
23,592	e	Xcel Energy, Inc		508,172
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		27,703,220
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 1.85%
6,577	*	ADC Telecommunications, Inc		128,975
19,837	e*	Advanced Micro Devices, Inc		261,848
29,107	*	Atmel Corp		150,192
3,794	*	Avnet, Inc		151,229
1,413	e	AVX Corp		22,749
7,347		Cooper Industries Ltd (Class A)		375,358
4,341	e*	Cree, Inc		135,005
7,534		Eaton Corp		746,167
827	e*	Energizer Holdings, Inc		91,673
3,767	*	Fairchild Semiconductor International, Inc		70,368

77

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
6,285		Honeywell International, Inc	$	373,769
7,105	*	Integrated Device Technology, Inc		109,985
3,087	*	International Rectifier Corp		101,840
3,501		Intersil Corp (Class A)		117,038
1,742	*	Jarden Corp		53,897
5,220	e*	JDS Uniphase Corp		78,091
4,951		L-3 Communications Holdings, Inc		505,695
839		Lincoln Electric Holdings, Inc		65,115
20,561	e*	LSI Logic Corp		152,563
30,229	*	Micron Technology, Inc		335,542
3,281		Molex, Inc		88,357
136,184		Motorola, Inc		2,523,490
3,435	*	Novellus Systems, Inc		93,638
1,600	*	QLogic Corp		21,520
2,258	e	RadioShack Corp		46,650
2,066	e*	Rambus, Inc		39,481
31,205	*	Sanmina-SCI Corp		66,155
2,226		Teleflex, Inc		173,450
25,770	*	Tellabs, Inc		245,330
29,128		Tyco Electronics Ltd		1,032,005
9,107	*	Vishay Intertechnology, Inc		118,664
1,435		Whirlpool Corp		127,859
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		8,603,698
ENGINEERING AND MANAGEMENT SERVICES - 0.15%
1,989	*	Hewitt Associates, Inc (Class A)		69,714
10,145	*	KBR, Inc		393,322
600	e	Quest Diagnostics, Inc		34,662
450	*	Shaw Group, Inc		26,145
2,906	*	URS Corp		164,044
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		687,887
FABRICATED METAL PRODUCTS - 0.45%
259	e*	Alliant Techsystems, Inc		28,309
7,302		Commercial Metals Co		231,108
3,097		Crane Co		148,563
7,050		Illinois Tool Works, Inc		420,462
6,652		Parker Hannifin Corp		743,893
5,586		Pentair, Inc		185,343
3,424		Snap-On, Inc		169,625
3,167		Stanley Works		177,764
		TOTAL FABRICATED METAL PRODUCTS		2,105,067
FOOD AND KINDRED PRODUCTS - 3.15%
16,506		Anheuser-Busch Cos, Inc		825,135
38,205		Archer Daniels Midland Co		1,263,821
7,022		Bunge Ltd		754,514
6,097		Campbell Soup Co		225,589
46,101		Coca-Cola Co		2,649,424
18,530		Coca-Cola Enterprises, Inc		448,797
29,087		ConAgra Foods, Inc		760,043
11,129	e*	Constellation Brands, Inc (Class A)		269,433
4,281		Corn Products International, Inc		196,369
11,654		Del Monte Foods Co		122,367

78

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
18,641		General Mills, Inc	$	1,081,364
8,384		H.J. Heinz Co		387,341
2,775		Hershey Co		128,788
4,639		Hormel Foods Corp		165,983
3,447		J.M. Smucker Co		184,139
4,781		Kellogg Co		267,736
94,097		Kraft Foods, Inc (Class A)		3,247,287
2,648		McCormick & Co, Inc		95,249
3,132		Molson Coors Brewing Co (Class B)		312,166
6,035		Pepsi Bottling Group, Inc		224,321
3,494		PepsiAmericas, Inc		113,345
21,276		Sara Lee Corp		355,096
6,298	*	Smithfield Foods, Inc		198,387
15,209		Tyson Foods, Inc (Class A)		271,481
1,906		Wrigley (Wm.) Jr Co		122,422
		TOTAL FOOD AND KINDRED PRODUCTS		14,670,597
FOOD STORES - 0.38%
15,275		Kroger Co		435,643
25,920		Safeway, Inc		858,211
12,323		Supervalu, Inc		480,720
		TOTAL FOOD STORES		1,774,574
FORESTRY - 0.24%
4,492		Rayonier, Inc		215,796
12,587		Weyerhaeuser Co		910,040
		TOTAL FORESTRY		1,125,836
FURNITURE AND FIXTURES - 0.24%
2,861		Hillenbrand Industries, Inc		157,412
2,288		Johnson Controls, Inc		270,236
10,366	e	Leggett & Platt, Inc		198,613
20,820		Masco Corp		482,399
		TOTAL FURNITURE AND FIXTURES		1,108,660
FURNITURE AND HOMEFURNISHINGS STORES - 0.07%
5,418	e	Circuit City Stores, Inc		42,856
3,140	e*	Mohawk Industries, Inc		255,282
797		Steelcase, Inc (Class A)		14,330
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		312,468
GENERAL BUILDING CONTRACTORS - 0.25%
6,986	e	Centex Corp		185,618
18,787		DR Horton, Inc		240,661
4,313	e	KB Home		108,084
7,592		Lennar Corp (Class A)		171,959
1,904	e	MDC Holdings, Inc		77,950
146	e*	NVR, Inc		68,657
7,892	e	Pulte Homes, Inc		107,410
2,390		Ryland Group, Inc		51,218
7,049	e*	Toll Brothers, Inc		140,910
		TOTAL GENERAL BUILDING CONTRACTORS		1,152,467

79

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
GENERAL MERCHANDISE STORES - 0.70%
4,097	*	BJ's Wholesale Club, Inc	$	135,857
8,259		Costco Wholesale Corp		506,855
3,810	e	Dillard's, Inc (Class A)		83,172
26,832		Macy's, Inc		867,210
1,101	e	Saks, Inc		18,882
37,603		Wal-Mart Stores, Inc		1,641,371
		TOTAL GENERAL MERCHANDISE STORES		3,253,347
HEALTH SERVICES - 0.60%
6,294		AmerisourceBergen Corp		285,307
1,987	e	Brookdale Senior Living, Inc		79,102
5,497	*	Community Health Systems, Inc		172,826
500	*	Coventry Health Care, Inc		31,105
15,489		Health Management Associates, Inc (Class A)		107,494
3,422	*	LifePoint Hospitals, Inc		102,694
1,298		McKesson Corp		76,309
6,585	e	Omnicare, Inc		218,161
6,789	e*	Tenet Healthcare Corp		22,811
2,213		Universal Health Services, Inc (Class B)		120,431
19,828	*	WellPoint, Inc		1,564,826
		TOTAL HEALTH SERVICES		2,781,066
HOLDING AND OTHER INVESTMENT OFFICES - 5.68%
8,800	e	Allied Capital Corp		258,632
5,832		AMB Property Corp		348,812
18,500		Annaly Mortgage Management, Inc		294,705
5,583		Apartment Investment & Management Co (Class A)		251,961
12,999	e*	Archstone-Smith Trust		781,760
4,630		AvalonBay Communities, Inc		546,618
6,035		Boston Properties, Inc		627,037
5,500		Brandywine Realty Trust		139,205
2,971	e	BRE Properties, Inc (Class A)		166,168
3,529		Camden Property Trust		226,738
3,631		CBL & Associates Properties, Inc		127,267
2,949		Colonial Properties Trust		101,151
7,222		Developers Diversified Realty Corp		403,493
5,800		Douglas Emmett, Inc		143,434
2,096		Duke Realty Corp		70,866
16,977		Equity Residential		719,146
894	e	Essex Property Trust, Inc		105,108
1,705		Federal Realty Investment Trust		151,063
5,619		General Growth Properties, Inc		301,291
11,622		HCP, Inc		385,502
4,007		Health Care REIT, Inc		177,270
5,320		Hospitality Properties Trust		216,258
30,219		Host Marriott Corp		678,114
11,903		HRPT Properties Trust		117,721
163,017		iShares Russell 1000 Value Index Fund		14,011,311
7,389		iStar Financial, Inc		251,152
12,837		Kimco Realty Corp		580,361
5,282		Liberty Property Trust		212,389
4,044		Mack-Cali Realty Corp		166,208
9,721		Plum Creek Timber Co, Inc		435,112
1,797		Prologis		119,231

80

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
6,730		Public Storage, Inc	$	529,315
3,935		Regency Centers Corp		302,011
5,673		Simon Property Group, Inc		567,300
3,443	e	SL Green Realty Corp		402,039
1,548		Taubman Centers, Inc		84,753
4,829	*	TFS Financial Corp		62,487
7,517	e	Thornburg Mortgage, Inc		96,593
16,986		Virgin Media, Inc		412,250
7,917		Vornado Realty Trust		865,724
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		26,437,556
HOTELS AND OTHER LODGING PLACES - 0.10%
500	e	Orient-Express Hotels Ltd (Class A)		25,635
1,193	e	Station Casinos, Inc		104,364
9,929		Wyndham Worldwide Corp		325,274
		TOTAL HOTELS AND OTHER LODGING PLACES		455,273
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.43%
1,777	*	AGCO Corp		90,218
1,781		Black & Decker Corp		148,357
2,714		Carlisle Cos, Inc		131,900
12,538		Deere & Co		1,860,890
7,757		Dover Corp		395,219
418		Flowserve Corp		31,843
2,964	*	Gardner Denver, Inc		115,596
537,106	d	General Electric Co		22,236,188
16,542		Ingersoll-Rand Co Ltd (Class A)		901,043
16,322		International Business Machines Corp		1,922,732
3,815		Jabil Circuit, Inc		87,135
975		Kennametal, Inc		81,881
3,721		Lennox International, Inc		125,770
2,417	*	Lexmark International, Inc (Class A)		100,378
761		Pall Corp		29,603
5,588	*	SanDisk Corp		307,899
19,807		Seagate Technology, Inc		506,663
37,400	*	Solectron Corp		145,860
3,330		SPX Corp		308,225
5,340		Timken Co		198,381
8,729	*	Western Digital Corp		221,018
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		29,946,799
INSTRUMENTS AND RELATED PRODUCTS - 2.79%
8,917		Applera Corp (Applied Biosystems Group)		308,885
2,479		Bausch & Lomb, Inc		158,656
583		Beckman Coulter, Inc		43,002
78,255	*	Boston Scientific Corp		1,091,657
1,573	e	Cooper Cos, Inc		82,457
29,028		Covidien Ltd		1,204,662
2,325		DRS Technologies, Inc		128,154
16,648	e	Eastman Kodak Co		445,500
7,743		Emerson Electric Co		412,082
106,345		Johnson & Johnson		6,986,867
5,126		PerkinElmer, Inc		149,730
2,234		Pitney Bowes, Inc		101,468

81

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,545		Tektronix, Inc	$	98,338
5,561	*	Teradyne, Inc		76,742
12,499	*	Thermo Electron Corp		721,442
54,973	*	Xerox Corp		953,232
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		12,962,874
INSURANCE AGENTS, BROKERS AND SERVICE - 0.80%
17,160		AON Corp		768,940
4,747	e	Gallagher (Arthur J.) & Co		137,521
18,608		Hartford Financial Services Group, Inc		1,722,170
32,615		Marsh & McLennan Cos, Inc		831,683
510	e	White Mountains Insurance Group Ltd		265,073
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		3,725,387
INSURANCE CARRIERS - 7.18%
18,139		ACE Ltd		1,098,679
5,920		Aetna, Inc		321,278
2,299		Aflac, Inc		131,135
344	e*	Alleghany Corp		139,664
3,385		Allied World Assurance Holdings Ltd		175,715
35,666		Allstate Corp		2,039,739
5,920	e	Ambac Financial Group, Inc		372,427
4,877		American Financial Group, Inc		139,092
122,392		American International Group, Inc		8,279,819
844		American National Insurance Co		111,028
3,148	*	Arch Capital Group Ltd		234,243
7,352	e	Assurant, Inc		393,332
9,206		Axis Capital Holdings Ltd		358,205
23,414		Chubb Corp		1,255,927
9,936		Cincinnati Financial Corp		430,328
1,657		CNA Financial Corp		65,153
11,023	*	Conseco, Inc		176,368
3,287		Endurance Specialty Holdings Ltd		136,575
2,827	e	Erie Indemnity Co (Class A)		172,815
3,836		Everest Re Group Ltd		422,881
12,645		Fidelity National Title Group, Inc (Class A)		221,035
5,677	e	First American Corp		207,892
25,538		Genworth Financial, Inc (Class A)		784,783
2,717		Hanover Insurance Group, Inc		120,064
3,784		HCC Insurance Holdings, Inc		108,374
9,358	e	Leucadia National Corp		451,243
15,859		Lincoln National Corp		1,046,218
25,379		Loews Corp		1,227,075
597	*	Markel Corp		288,948
7,725	e	MBIA, Inc		471,611
1,689		Mercury General Corp		91,088
27,702		Metlife, Inc		1,931,660
4,930	e	MGIC Investment Corp		159,288
2,963	e	Nationwide Financial Services, Inc (Class A)		159,469
12,977		Old Republic International Corp		243,189
1,774		OneBeacon Insurance Group Ltd		38,230
2,629	e	PartnerRe Ltd		207,665
646	*	Philadelphia Consolidated Holding Co		26,706
5,373		PMI Group, Inc		175,697

82

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
14,827		Principal Financial Group	$	935,435
43,107		Progressive Corp		836,707
3,867		Protective Life Corp		164,115
20,565		Prudential Financial, Inc		2,006,733
4,784		Radian Group, Inc		111,372
1,578	e	Reinsurance Group Of America, Inc		89,457
4,446		RenaissanceRe Holdings Ltd		290,813
6,156		Safeco Corp		376,870
3,182		Stancorp Financial Group, Inc		157,541
5,748		Torchmark Corp		358,215
999		Transatlantic Holdings, Inc		70,260
38,920		Travelers Cos, Inc/The		1,959,233
2,766		Unitrin, Inc		137,166
19,926		UnumProvident Corp		487,589
6,976		W.R. Berkley Corp		206,699
126		Wesco Financial Corp		50,148
9,590		XL Capital Ltd (Class A)		759,528
		TOTAL INSURANCE CARRIERS		33,412,519
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.04%
5,038		Laidlaw International, Inc		177,438
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		177,438
LUMBER AND WOOD PRODUCTS - 0.02%
5,971	e	Louisiana-Pacific Corp		101,328
		TOTAL LUMBER AND WOOD PRODUCTS		101,328
METAL MINING - 0.23%
4,081		Freeport-McMoRan Copper & Gold, Inc (Class B)		428,056
14,510		Newmont Mining Corp		649,032
		TOTAL METAL MINING		1,077,088
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.54%
1,092	*	Armstrong World Industries, Inc		44,324
8,892		Fortune Brands, Inc		724,609
5,911		Hasbro, Inc		164,799
13,058		Mattel, Inc		306,341
28,928		Tyco International Ltd		1,282,668
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		2,522,741
MISCELLANEOUS RETAIL - 0.57%
2,476		Barnes & Noble, Inc		87,304
42,393		CVS Corp		1,680,035
2,371		OfficeMax, Inc		81,254
40,754	e*	Rite Aid Corp		188,283
4,716	e*	Sears Holdings Corp		599,875
		TOTAL MISCELLANEOUS RETAIL		2,636,751
MOTION PICTURES - 1.27%
37,770		CBS Corp (Class B)		1,189,755
7,020	*	Discovery Holding Co (Class A)		202,527
682	*	DreamWorks Animation SKG, Inc (Class A)		22,792
45,318		News Corp (Class A)		996,543
1,000	e	Regal Entertainment Group (Class A)		21,950

83

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
189,292		Time Warner, Inc	$	3,475,401
		TOTAL MOTION PICTURES		5,908,968
NONDEPOSITORY INSTITUTIONS - 1.88%
9,506	e	American Capital Strategies Ltd		406,191
6,681	e*	AmeriCredit Corp		117,452
23,262		Capital One Financial Corp		1,545,295
2,977		CapitalSource, Inc		60,254
11,333		CIT Group, Inc		455,587
35,109		Countrywide Financial Corp		667,422
29,061		Discover Financial Services		604,469
57,074		Fannie Mae		3,470,670
23,588		Freddie Mac		1,391,928
182		Student Loan Corp		32,818
		TOTAL NONDEPOSITORY INSTITUTIONS		8,752,086
OIL AND GAS EXTRACTION - 0.89%
27,169		Anadarko Petroleum Corp		1,460,334
11,561	e	Chesapeake Energy Corp		407,641
4,498	e	Cimarex Energy Co		167,551
1,400	*	Continental Resources, Inc		25,396
609		ENSCO International, Inc		34,165
1,612		Equitable Resources, Inc		83,614
4,308	e*	Forest Oil Corp		185,416
1,033	e*	Helix Energy Solutions Group, Inc		43,861
6,211		Helmerich & Payne, Inc		203,907
1,865	*	Nabors Industries Ltd		57,386
9,681	e	Patterson-UTI Energy, Inc		218,500
7,239		Pioneer Natural Resources Co		325,610
4,012	e*	Plains Exploration & Production Co		177,411
3,560		Pogo Producing Co		189,072
2,815	*	Pride International, Inc		102,888
1,706		Rowan Cos, Inc		62,405
1,423	*	SEACOR Holdings, Inc		135,327
3,388		St. Mary Land & Exploration Co		120,850
1,325	e	Tidewater, Inc		83,263
482	*	Unit Corp		23,329
900	e	W&T Offshore, Inc		21,942
		TOTAL OIL AND GAS EXTRACTION		4,129,868
PAPER AND ALLIED PRODUCTS - 0.69%
5,766		Bemis Co		167,848
12,406	*	Domtar Corporation		101,729
25,586		International Paper Co		917,770
14,015		Kimberly-Clark Corp		984,694
10,817		MeadWestvaco Corp		319,426
14,858	*	Smurfit-Stone Container Corp		173,541
6,028		Sonoco Products Co		181,925
6,472		Temple-Inland, Inc		340,621
		TOTAL PAPER AND ALLIED PRODUCTS		3,187,554
PERSONAL SERVICES - 0.06%
1,697		Cintas Corp		62,959
17,548		Service Corp International		226,369
		TOTAL PERSONAL SERVICES		289,328

84

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
PETROLEUM AND COAL PRODUCTS - 12.60%
19,438		Apache Corp	$	1,750,586
3,417		Ashland, Inc		205,738
126,217		Chevron Corp		11,811,387
95,996		ConocoPhillips		8,425,569
26,112		Devon Energy Corp		2,172,518
14,338		EOG Resources, Inc		1,037,068
263,318		Exxon Mobil Corp		24,372,714
3,259		Frontier Oil Corp		135,705
16,328		Hess Corp		1,086,302
40,203		Marathon Oil Corp		2,292,375
10,931		Murphy Oil Corp		763,968
7,660	*	Newfield Exploration Co		368,906
8,603		Noble Energy, Inc		602,554
48,880		Occidental Petroleum Corp		3,132,230
6,885		Valero Energy Corp		462,534
994	e	Western Refining, Inc		40,337
		TOTAL PETROLEUM AND COAL PRODUCTS		58,660,491
PIPELINES, EXCEPT NATURAL GAS - 0.20%
37,024		Spectra Energy Corp		906,348
		TOTAL PIPELINES, EXCEPT NATURAL GAS		906,348
PRIMARY METAL INDUSTRIES - 0.84%
50,954		Alcoa, Inc		1,993,320
583		Carpenter Technology Corp		75,796
2,551		Hubbell, Inc (Class B)		145,713
13,591		Nucor Corp		808,257
3,523		Steel Dynamics, Inc		164,524
6,923		United States Steel Corp		733,423
		TOTAL PRIMARY METAL INDUSTRIES		3,921,033
PRINTING AND PUBLISHING - 0.46%
4,838	e	EW Scripps Co (Class A)		203,196
13,639		Gannett Co, Inc		596,024
900		Harte-Hanks, Inc		17,712
3,100	e	McClatchy Co (Class A)		61,938
6,970	e	New York Times Co (Class A)		137,727
4,182	*	R.H. Donnelley Corp		234,276
12,520		R.R. Donnelley & Sons Co		457,731
4,666	*	Tribune Co		127,475
403		Washington Post Co (Class B)		323,528
		TOTAL PRINTING AND PUBLISHING		2,159,607
RAILROAD TRANSPORTATION - 0.50%
1,135		Burlington Northern Santa Fe Corp		92,128
21,191		CSX Corp		905,491
1,763	e*	Kansas City Southern Industries, Inc		56,716
11,286		Norfolk Southern Corp		585,856
6,094		Union Pacific Corp		688,988
		TOTAL RAILROAD TRANSPORTATION		2,329,179

85

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.09%
7,745		Newell Rubbermaid, Inc	$	223,211
8,589		Sealed Air Corp		219,535
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		442,746
SECURITY AND COMMODITY BROKERS - 3.11%
701		A.G. Edwards, Inc		58,709
13,727		Ameriprise Financial, Inc		866,311
6,987	e	Bear Stearns Cos, Inc		858,073
1,537	e	BlackRock, Inc		266,531
16,117	*	E*Trade Financial Corp		210,488
13,451		Goldman Sachs Group, Inc		2,915,370
2,515	e	Janus Capital Group, Inc		71,124
7,237		Jefferies Group, Inc		201,406
4,637		Legg Mason, Inc		390,853
31,218		Lehman Brothers Holdings, Inc		1,927,087
38,239		Merrill Lynch & Co, Inc		2,725,676
2,600	*	MF Global Ltd		75,400
58,322		Morgan Stanley		3,674,286
1,266	*	Nasdaq Stock Market, Inc		47,703
5,568		Raymond James Financial, Inc		182,909
		TOTAL SECURITY AND COMMODITY BROKERS		14,471,926
STONE, CLAY, AND GLASS PRODUCTS - 0.14%
2,882		3M Co		269,698
6,748	e*	Owens Corning, Inc		169,037
600	*	Owens-Illinois, Inc		24,870
4,984	e*	USG Corp		187,149
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		650,754
TOBACCO PRODUCTS - 1.02%
52,910		Altria Group, Inc		3,678,832
2,470		Loews Corp (Carolina Group)		203,108
10,125	e	Reynolds American, Inc		643,849
4,327	e	UST, Inc		214,619
		TOTAL TOBACCO PRODUCTS		4,740,408
TRANSPORTATION BY AIR - 0.26%
2,773		FedEx Corp		290,472
6,046	e*	Northwest Airlines Corp		107,619
36,326		Southwest Airlines Co		537,625
2,633	e*	UAL Corp		122,513
5,227	*	US Airways Group, Inc		137,209
		TOTAL TRANSPORTATION BY AIR		1,195,438
TRANSPORTATION EQUIPMENT - 2.02%
1,817		Autoliv, Inc		108,566
5,332	e	Brunswick Corp		121,890
118,069	e*	Ford Motor Co		1,002,406
20,314		General Dynamics Corp		1,715,924
28,263		General Motors Corp		1,037,252
10,036		Genuine Parts Co		501,800
9,204		ITT Industries, Inc		625,228
18,861		Northrop Grumman Corp		1,471,158

86

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
12,422		Raytheon Co	$	792,772
1,700	*	Spirit Aerosystems Holdings, Inc (Class A)		66,198
940	e	Trinity Industries, Inc		35,288
3,147	*	TRW Automotive Holdings Corp		99,697
22,684		United Technologies Corp		1,825,608
		TOTAL TRANSPORTATION EQUIPMENT		9,403,787
TRANSPORTATION SERVICES - 0.01%
1,668	e	GATX Corp		71,307
		TOTAL TRANSPORTATION SERVICES		71,307
TRUCKING AND WAREHOUSING - 0.03%
500		Con-way, Inc		23,000
3,634	e*	YRC Worldwide, Inc		99,281
		TOTAL TRUCKING AND WAREHOUSING		122,281
WATER TRANSPORTATION - 0.31%
2,599		Alexander & Baldwin, Inc		130,288
14,871		Carnival Corp		720,203
1,930		Overseas Shipholding Group, Inc		148,282
7,453	e	Royal Caribbean Cruises Ltd		290,891
2,655	e	Teekay Corp		156,141
		TOTAL WATER TRANSPORTATION		1,445,805
WHOLESALE TRADE-DURABLE GOODS - 0.21%
3,571	*	Arrow Electronics, Inc		151,839
2,571		BorgWarner, Inc		235,324
7,933	*	Ingram Micro, Inc (Class A)		155,566
3,853		Reliance Steel & Aluminum Co		217,849
3,110	*	Tech Data Corp		124,773
1,001		W.W. Grainger, Inc		91,281
		TOTAL WHOLESALE TRADE-DURABLE GOODS		976,632
WHOLESALE TRADE-NONDURABLE GOODS - 0.13%
196		Airgas, Inc		10,119
1,487	e	Brown-Forman Corp (Class B)		111,391
7,653		Dean Foods Co		195,764
8,581	e	Idearc, Inc		270,037
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		587,311
		TOTAL COMMON STOCKS
		(Cost $412,624,109)		459,861,129
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 5.78%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.10%
$ 5,150,000	d	Federal Home Loan Bank (FHLB), 10/01/07		5,148,283
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.68%
21,771,176		State Street Navigator Securities Lending Prime Portfolio		21,771,176

87

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
				VALUE
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $26,921,176)	$	26,919,459
		TOTAL PORTFOLIO - 104.58%
		(Cost $439,545,285)		486,780,588
		OTHER ASSETS & LIABILITIES, NET - (4.58%)		(21,333,785	)
		NET ASSETS - 100.00%	$	465,446,803
	*	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 in the amount of $5,520,883.
	e	All or a portion of these securities are out on loan.

88

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
EQUITY INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.67%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
2,765	*	Chiquita Brands International, Inc	$	43,770
		TOTAL AGRICULTURAL PRODUCTION-CROPS		43,770
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
954		Cal-Maine Foods, Inc		24,079
2,719		Pilgrim's Pride Corp		94,431
25		Seaboard Corp		49,000
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		167,510
AGRICULTURAL SERVICES - 0.00% **
864	*	Cadiz, Inc		16,330
		TOTAL AGRICULTURAL SERVICES		16,330
AMUSEMENT AND RECREATION SERVICES - 0.64%
21,608	*	Activision, Inc		466,517
4,307	*	Bally Technologies, Inc		152,597
689		Churchill Downs, Inc		34,422
736		Dover Downs Gaming & Entertainment, Inc		7,647
14,034		Harrah's Entertainment, Inc		1,219,976
3,080		International Speedway Corp (Class A)		141,249
1,550	e*	Lakes Entertainment, Inc		14,771
2,221	e*	Leapfrog Enterprises, Inc		18,323
2,381	e*	Life Time Fitness, Inc		146,051
4,383	*	Live Nation, Inc		93,139
2,758	*	Magna Entertainment Corp		6,261
3,600	e*	Marvel Entertainment, Inc		84,384
1,925	*	MTR Gaming Group, Inc		18,345
2,299	*	Multimedia Games, Inc		19,587
5,447	*	Penn National Gaming, Inc		321,482
4,610	*	Pinnacle Entertainment, Inc		125,530
5,973	e*	Six Flags, Inc		20,666
1,544		Speedway Motorsports, Inc		57,128
1,184	e*	Town Sports International Holdings, Inc		18,009
151,058		Walt Disney Co		5,194,885
3,298		Warner Music Group Corp		33,310
4,672	*	Westwood One, Inc		12,848
2,932	*	WMS Industries, Inc		97,049
1,665		World Wrestling Entertainment, Inc		25,108
		TOTAL AMUSEMENT AND RECREATION SERVICES		8,329,284
APPAREL AND ACCESSORY STORES - 0.57%
6,870		Abercrombie & Fitch Co (Class A)		554,409
5,827	*	Aeropostale, Inc		111,063
14,212		American Eagle Outfitters, Inc		373,918
5,041	*	AnnTaylor Stores Corp		159,648

89

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,948	e	Bebe Stores, Inc	$	28,499
2,831		Brown Shoe Co, Inc		54,921
840	e	Buckle, Inc		31,870
793	e*	Cache, Inc		14,155
4,241	e*	Carter's, Inc		84,608
2,133	e*	Casual Male Retail Group, Inc		19,112
2,314		Cato Corp (Class A)		47,298
2,203	*	Charlotte Russe Holding, Inc		32,252
8,725	e*	Charming Shoppes, Inc		73,290
12,867	*	Chico's FAS, Inc		180,781
2,537	e*	Children's Place Retail Stores, Inc		61,598
2,342	e	Christopher & Banks Corp		28,385
1,134	e*	Citi Trends, Inc		24,676
233	e	DEB Shops, Inc		6,265
4,020	e*	Dress Barn, Inc		68,380
1,121	e*	DSW, Inc (Class A)		28,216
2,240	e*	Eddie Bauer Holdings, Inc		19,264
7,472	*	Finish Line, Inc (Class A)		32,428
11,482		Foot Locker, Inc		176,019
44,935		Gap, Inc		828,601
7,460	*	Hanesbrands, Inc		209,328
3,079	*	HOT Topic, Inc		22,970
3,580	e*	J Crew Group, Inc		148,570
1,794	e*	Jo-Ann Stores, Inc		37,854
1,448	e*	JOS A Bank Clothiers, Inc		48,392
24,800	*	Kohl's Corp		1,421,784
25,776		Limited Brands, Inc		590,013
3,344	e*	New York & Co, Inc		20,399
19,308		Nordstrom, Inc		905,352
5,259	e*	Pacific Sunwear Of California, Inc		77,833
10,114		Ross Stores, Inc		259,323
407	*	Shoe Carnival, Inc		6,423
3,326		Stage Stores, Inc		60,633
312	e	Syms Corp		4,683
1,535	e	Talbots, Inc		27,630
2,198	e*	Tween Brands, Inc		72,182
2,066	e*	Under Armour, Inc (Class A)		123,588
8,694	*	Urban Outfitters, Inc		189,529
11,688	e*	Wet Seal, Inc (Class A)		45,233
		TOTAL APPAREL AND ACCESSORY STORES		7,311,375
APPAREL AND OTHER TEXTILE PRODUCTS - 0.18%
1,043	e	Columbia Sportswear Co		57,688
963	*	G-III Apparel Group Ltd		18,962
3,935		Guess ?, Inc		192,933
2,631	e*	Gymboree Corp		92,717
8,003		Jones Apparel Group, Inc		169,103
1,667		Kellwood Co		28,422
8,804	e	Liz Claiborne, Inc		302,241
1,000	*	Lululemon Athletica, Inc		42,030
3,070	*	Maidenform Brands, Inc		48,752
4,060		Phillips-Van Heusen Corp		213,069
4,795		Polo Ralph Lauren Corp		372,811
8,850	*	Quiksilver, Inc		126,555

90

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,354	e*	True Religion Apparel, Inc	$	41,431
6,592		VF Corp		532,304
3,472	*	Warnaco Group, Inc		135,651
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		2,374,669
AUTO REPAIR, SERVICES AND PARKING - 0.09%
741	e*	Amerco, Inc		47,024
2,651	e*	Dollar Thrifty Automotive Group, Inc		91,963
8,660	e*	Exide Technologies		56,290
24,194	*	Hertz Global Holdings, Inc		549,688
1,441	e*	Midas, Inc		27,192
681	e	Monro Muffler, Inc		23,011
4,995		Ryder System, Inc		244,755
216	e*	Standard Parking Corp		8,595
3,275	*	Wright Express Corp		119,505
		TOTAL AUTO REPAIR, SERVICES AND PARKING		1,168,023
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.15%
7,687		Advance Auto Parts		257,976
1,878		Asbury Automotive Group, Inc		37,203
11,455	*	Autonation, Inc		202,983
3,618	*	Autozone, Inc		420,195
15,740	*	Carmax, Inc		319,994
5,063	*	Copart, Inc		174,117
3,416	e*	CSK Auto Corp		36,380
1,014	e	Lithia Motors, Inc (Class A)		17,299
810	e*	MarineMax, Inc		11,794
9,194	*	O'Reilly Automotive, Inc		307,172
3,796		Penske Auto Group, Inc		76,831
1,353	e*	Rush Enterprises, Inc (Class A)		34,299
2,558	e	Sonic Automotive, Inc (Class A)		61,239
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,957,482
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.61%
1,177	e*	Builders FirstSource, Inc		12,688
4,698	e*	Central Garden and Pet Co (Class A)		42,188
9,356		Fastenal Co		424,856
130,018		Home Depot, Inc		4,217,784
114,960		Lowe's Cos, Inc		3,221,179
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		7,918,695
BUSINESS SERVICES - 6.77%
26,226	*	3Com Corp		129,556
733	e*	3D Systems Corp		17,313
3,785	e	Aaron Rents, Inc		84,406
3,028		ABM Industries, Inc		60,499
1,888	e*	Acacia Research (Acacia Technologies)		27,716
45,608		Accenture Ltd (Class A)		1,835,722
2,535	e*	ACI Worldwide, Inc		56,657
3,842	*	Actuate Corp		24,781
5,011		Acxiom Corp		99,168
2,262		Administaff, Inc		82,111
45,058	*	Adobe Systems, Inc		1,967,232
1,354	e*	Advent Software, Inc		63,597

91

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,319	*	Affiliated Computer Services, Inc (Class A)	$	367,707
1,787	e	Aircastle Ltd		59,722
12,816	e*	Akamai Technologies, Inc		368,204
6,226	*	Alliance Data Systems Corp		482,141
15,234	*	Amdocs Ltd		566,552
1,752	e*	American Reprographics Co		32,797
3,535	*	AMN Healthcare Services, Inc		66,211
1,886	*	Ansoft Corp		62,200
5,613	*	Ansys, Inc		191,796
2,421		Arbitron, Inc		109,768
4,539	e*	Ariba, Inc		48,930
7,511	e*	Art Technology Group, Inc		22,683
5,821	e*	Aspen Technology, Inc		83,357
1,465	e	Asset Acceptance Capital Corp		16,994
17,505	*	Autodesk, Inc		874,725
42,433		Automatic Data Processing, Inc		1,948,948
7,403	*	Avis Budget Group, Inc		169,455
4,037	e*	Avocent Corp		117,586
659	e*	Bankrate, Inc		30,393
281		Barrett Business Services		6,696
28,510	*	BEA Systems, Inc		395,434
14,716	e*	BearingPoint, Inc		59,600
2,964		Blackbaud, Inc		74,811
2,280	e*	Blackboard, Inc		104,515
1,210	e*	Blue Coat Systems, Inc		95,300
15,886	*	BMC Software, Inc		496,120
5,914	e*	Borland Software Corp		25,726
761	*	Bottomline Technologies, Inc		9,535
3,233	e*	BPZ Energy, Inc		25,217
3,647	e	Brady Corp (Class A)		130,854
3,167		Brink's Co		176,972
31,109		CA, Inc		800,123
2,883	e*	CACI International, Inc (Class A)		147,292
20,679	*	Cadence Design Systems, Inc		458,867
794	*	Capella Education Co		44,393
3,342	*	Catalina Marketing Corp		108,247
4,380	e*	CBIZ, Inc		34,821
10,719	*	Ceridian Corp		372,378
4,790	e*	Cerner Corp		286,490
6,125	e*	Checkfree Corp		285,058
5,869	e*	ChoicePoint, Inc		222,552
2,094	*	Chordiant Software, Inc		29,023
3,178	*	Ciber, Inc		24,820
13,464	*	Citrix Systems, Inc		542,868
3,570	e*	Clear Channel Outdoor Holdings, Inc (Class A)		91,035
42,786	e*	CMGI, Inc		58,189
9,613	e*	CNET Networks, Inc		71,624
4,660	*	Cogent Communications Group, Inc		108,764
3,986	e*	Cogent, Inc		62,500
2,865		Cognex Corp		50,882
10,774	*	Cognizant Technology Solutions Corp (Class A)		859,442
2,566	*	Commvault Systems, Inc		47,522
878	e	Compass Diversified Trust		14,101
1,662	e	Computer Programs & Systems, Inc		43,810

92

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
13,146	*	Computer Sciences Corp	$	734,861
22,836	*	Compuware Corp		183,145
847	*	COMSYS IT Partners, Inc		14,238
2,722	e*	Concur Technologies, Inc		85,797
10,212	*	Convergys Corp		177,280
1,168	e*	CoStar Group, Inc		62,430
3,313	*	CSG Systems International, Inc		70,401
2,258	e*	Cybersource Corp		26,396
2,440	*	DealerTrack Holdings, Inc		102,187
3,766		Deluxe Corp		138,739
2,984	e*	Digital River, Inc		133,534
1,040	e*	DivX, Inc		15,465
4,410	*	DST Systems, Inc		378,422
1,700	e*	DynCorp International, Inc (Class A)		39,287
9,237	*	Earthlink, Inc		73,165
87,156	*	eBay, Inc		3,400,827
3,244	e*	Echelon Corp		81,132
4,098	*	Eclipsys Corp		95,565
1,211		Electro Rent Corp		16,966
24,088	*	Electronic Arts, Inc		1,348,687
38,243		Electronic Data Systems Corp		835,227
4,217	e*	Epicor Software Corp		58,068
1,373	e*	EPIQ Systems, Inc		25,840
11,140		Equifax, Inc		424,657
2,294	e*	Equinix, Inc		203,455
1,940	e*	eSpeed, Inc (Class A)		16,548
7,422	e*	Evergreen Energy, Inc		37,852
1,660	e*	ExlService Holdings, Inc		35,292
15,085	*	Expedia, Inc		480,910
6,034	*	F5 Networks, Inc		224,404
3,326		Factset Research Systems, Inc		227,997
4,520	e	Fair Isaac Corp		163,217
1,951	*	FalconStor Software, Inc		23,510
14,611		Fidelity National Information Services, Inc		648,290
12,865	*	Fiserv, Inc		654,314
1,148	*	Forrester Research, Inc		27,058
1,910		FTD Group, Inc		28,421
5,026	*	Gartner, Inc		122,936
1,509	*	Gerber Scientific, Inc		16,373
3,732	*	Getty Images, Inc		103,899
1,781		Gevity HR, Inc		18,255
3,223	e*	Global Cash Access, Inc		34,132
1,146	e*	Global Sources Ltd		25,407
17,489	*	Google, Inc (Class A)		9,920,985
1,315	e*	H&E Equipment Services, Inc		23,644
3,916		Healthcare Services Group		79,377
1,245	e	Heartland Payment Systems, Inc		31,997
1,765		Heidrick & Struggles International, Inc		64,334
12,545	e*	HLTH Corp		177,763
1,511	*	HMS Holdings Corp		37,186
2,798	*	Hudson Highland Group, Inc		35,619
3,858	e*	Hypercom Corp		17,438
989	e*	i2 Technologies, Inc		15,082
289	*	ICT Group, Inc		3,875

93

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,316	*	iGate Corp	$	11,278
2,299	*	IHS, Inc (Class A)		129,871
916	e	Imergent, Inc		20,546
15,627		IMS Health, Inc		478,811
6,087	*	Informatica Corp		95,566
2,104		Infospace, Inc		36,946
2,444		infoUSA, Inc		22,705
1,719	*	Innerworkings, Inc		29,618
605	e*	Innovative Solutions & Support, Inc		11,477
859	e	Integral Systems, Inc		18,460
3,678		Interactive Data Corp		103,720
955	e*	Interactive Intelligence, Inc		18,145
3,444	e*	Internap Network Services Corp		48,801
2,383	*	Internet Capital Group, Inc		28,596
33,888	e*	Interpublic Group of Cos, Inc		351,757
2,861	*	Interwoven, Inc		40,712
25,846	*	Intuit, Inc		783,134
1,969	*	inVentiv Health, Inc		86,282
3,293	e*	Ipass, Inc		13,831
14,464	*	Iron Mountain, Inc		440,863
6,226		Jack Henry & Associates, Inc		161,004
2,086	*	JDA Software Group, Inc		43,097
38,699	*	Juniper Networks, Inc		1,416,770
1,857		Kelly Services, Inc (Class A)		36,787
1,834	e*	Kenexa Corp		56,451
1,118	e*	Keynote Systems, Inc		15,350
2,364	*	Kforce, Inc		30,401
3,852	*	Kinetic Concepts, Inc		216,791
1,958	*	Knot, Inc		41,627
3,407	*	Korn/Ferry International		56,250
3,536	*	Labor Ready, Inc		65,451
6,111		Lamar Advertising Co (Class A)		299,256
8,318	*	Lawson Software, Inc		83,263
3,580	e*	Lionbridge Technologies		14,284
1,100	e*	Liquidity Services, Inc		12,089
2,668	*	LivePerson, Inc		16,435
1,043	*	LoJack Corp		19,775
2,806	e*	Magma Design Automation, Inc		39,481
2,138	*	Manhattan Associates, Inc		58,603
6,149		Manpower, Inc		395,688
1,255	*	Mantech International Corp (Class A)		45,155
1,255	e	Marchex, Inc (Class B)		11,935
5,985	e	Mastercard, Inc (Class A)		885,601
11,772	*	McAfee, Inc		410,490
6,972	*	Mentor Graphics Corp		105,277
626,814		Microsoft Corp		18,465,968
736	*	MicroStrategy, Inc (Class A)		58,394
3,645	e*	Midway Games, Inc		15,892
6,534		MoneyGram International, Inc		147,603
9,796	*	Monster Worldwide, Inc		333,652
17,615	*	Move, Inc		48,618
8,526	*	MPS Group, Inc		95,065
3,168	e*	MSC.Software Corp		43,148
7,434	*	NAVTEQ Corp		579,629

94

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
13,669	*	NCR Corp	$	680,716
2,508	*	Ness Technologies, Inc		27,387
3,597	e*	NetFlix, Inc		74,530
1,911	e*	Network Equipment Technologies, Inc		27,710
2,904	e	NIC, Inc		20,154
25,220	*	Novell, Inc		192,688
9,918	e*	Nuance Communications, Inc		191,517
25,644		Omnicom Group, Inc		1,233,220
2,970	*	Omniture, Inc		90,051
1,748	*	On Assignment, Inc		16,326
1,355	e*	Online Resources Corp		17,127
6,788	e*	OpenTV Corp (Class A)		10,046
294,479	*	Oracle Corp		6,375,470
2,839	e*	Packeteer, Inc		21,576
10,318	*	Parametric Technology Corp		179,740
891	e*	PDF Solutions, Inc		8,803
613		Pegasystems, Inc		7,295
1,250	e*	PeopleSupport, Inc		14,950
2,126	e*	Perficient, Inc		46,496
7,252	*	Perot Systems Corp (Class A)		122,631
4,418	*	Phase Forward, Inc		88,404
1,446	e	Portfolio Recovery Associates, Inc		76,739
1,028	e*	PRA International		30,223
4,486	*	Premiere Global Services, Inc		56,748
2,801	*	Progress Software Corp		84,870
1,388	e	QAD, Inc		12,020
1,041	e	Quality Systems, Inc		38,132
4,495	e*	Quest Software, Inc		77,134
1,378	*	Radiant Systems, Inc		21,814
1,137	e*	Radisys Corp		14,156
4,430	*	Raser Technologies, Inc		57,103
8,011	e*	RealNetworks, Inc		54,315
15,014	*	Red Hat, Inc		298,328
612	e	Renaissance Learning, Inc		7,399
5,338	e*	Rent-A-Center, Inc		96,778
840	e*	RightNow Technologies, Inc		13,516
10,841		Robert Half International, Inc		323,712
2,945	e	Rollins, Inc		78,602
1,529	e*	RSC Holdings, Inc		25,076
5,134	*	S1 Corp		46,463
6,893	*	Salesforce.com, Inc		353,749
5,380	e*	Sapient Corp		36,100
5,132	e*	Secure Computing Corp		49,934
850	*	SI International, Inc		24,285
2,460	e*	Smith Micro Software, Inc		39,508
2,533	e*	Sohu.com, Inc		95,519
4,133	*	SonicWALL, Inc		36,081
19,704	e*	Sonus Networks, Inc		120,194
4,868		Sotheby's		232,642
4,940	*	Spherion Corp		40,804
1,267	e*	SPSS, Inc		52,124
2,596	e*	SRA International, Inc (Class A)		72,896
1,182	e*	Stratasys, Inc		32,576
274,918	*	Sun Microsystems, Inc		1,542,290

95

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,019	*	Sybase, Inc	$	162,349
1,944	*	SYKES Enterprises, Inc		32,290
69,702	*	Symantec Corp		1,350,825
1,346	e*	Synchronoss Technologies, Inc		56,613
677	*	SYNNEX Corp		13,919
10,518	*	Synopsys, Inc		284,827
932	e	Syntel, Inc		38,753
6,176	e*	Take-Two Interactive Software, Inc		105,486
1,294		TAL International Group, Inc		32,441
1,175	*	Taleo Corp (Class A)		29,857
2,745	*	TeleTech Holdings, Inc		65,633
1,213	e	TheStreet.com, Inc		14,689
5,002	*	THQ, Inc		124,950
16,150	*	TIBCO Software, Inc		119,349
1,603	e	TNS, Inc		25,744
2,944	e	Total System Services, Inc		81,784
1,236	e*	TradeStation Group, Inc		14,424
247	e*	Travelzoo, Inc		5,669
2,760	*	Trizetto Group, Inc		48,328
1,793	e*	Ultimate Software Group, Inc		62,576
26,675	*	Unisys Corp		176,589
5,489	e	United Online, Inc		82,390
6,707	*	United Rentals, Inc		215,764
6,896	*	Valueclick, Inc		154,884
2,516	e*	Vasco Data Security International		88,840
18,884	*	VeriSign, Inc		637,146
1,605		Viad Corp		57,780
1,973	e*	Vignette Corp		39,598
1,114	*	Visual Sciences, Inc		16,086
2,200	*	VMware, Inc		187,000
941	*	Vocus, Inc		27,515
667	e*	Volt Information Sciences, Inc		11,766
39,970		Waste Management, Inc		1,508,468
302	e*	WebMD Health Corp (Class A)		15,734
2,968	e*	Websense, Inc		58,559
4,710	*	Wind River Systems, Inc		55,437
92,456	*	Yahoo!, Inc		2,481,519
		TOTAL BUSINESS SERVICES		87,627,041
CHEMICALS AND ALLIED PRODUCTS - 9.02%
117,455		Abbott Laboratories		6,297,937
1,899	e*	Abraxis BioScience, Inc		43,354
1,835	e*	Acadia Pharmaceuticals, Inc		27,617
3,194	e*	Acorda Therapeutics, Inc		58,610
2,780	e*	Adams Respiratory Therapeutics, Inc		107,141
16,741		Air Products & Chemicals, Inc		1,636,600
1,838	*	Albany Molecular Research, Inc		27,754
6,280	e	Albemarle Corp		277,576
6,092		Alberto-Culver Co		151,021
2,641	e*	Alexion Pharmaceuticals, Inc		172,061
1,440	e*	Alexza Pharmaceuticals, Inc		12,470
7,300	*	Alkermes, Inc		134,320
3,109	e*	Allos Therapeutics, Inc		14,768
3,382	e*	Alnylam Pharmaceuticals, Inc		110,828

96

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,044	*	Alpharma, Inc (Class A)	$	65,020
1,038	e*	AMAG Pharmaceuticals, Inc		59,374
2,965	*	American Oriental Bioengineering, Inc		33,060
854	e	American Vanguard Corp		16,670
82,992	*	Amgen, Inc		4,694,857
1,538		Arch Chemicals, Inc		72,101
4,430	e*	Arena Pharmaceuticals, Inc		48,509
2,419	*	Arqule, Inc		17,247
3,457	e*	Array Biopharma, Inc		38,822
6,310	e*	Arrowhead Research Corp		31,866
2,059	*	Auxilium Pharmaceuticals, Inc		43,404
2,040	e*	Aventine Renewable Energy Holdings, Inc		21,563
8,743		Avery Dennison Corp		498,526
34,111		Avon Products, Inc		1,280,186
1,121	e	Balchem Corp		22,880
8,389	*	Barr Pharmaceuticals, Inc		477,418
1,222	e*	Bentley Pharmaceuticals, Inc		15,251
5,670	*	Bioenvision, Inc		29,938
21,626	*	Biogen Idec, Inc		1,434,453
6,446	e*	BioMarin Pharmaceuticals, Inc		160,505
780	e*	BioMimetic Therapeutics, Inc		10,405
3,228	e*	Bionovo, Inc		12,428
580	*	Bradley Pharmaceuticals, Inc		10,556
150,107		Bristol-Myers Squibb Co		4,326,084
5,474		Cabot Corp		194,491
1,206	e*	Cadence Pharmaceuticals, Inc		16,884
4,732	e*	Calgon Carbon Corp		66,059
1,937		Cambrex Corp		21,094
1,195	e*	Caraco Pharmaceutical Laboratories Ltd		18,224
10,279		Celanese Corp (Series A)		400,675
7,425	e*	Cell Genesys, Inc		28,364
4,889	e*	Cephalon, Inc		357,190
4,083		CF Industries Holdings, Inc		309,941
5,046	e*	Charles River Laboratories International, Inc		283,333
1,668	*	Chattem, Inc		117,627
17,490		Chemtura Corp		155,486
5,483	e	Church & Dwight Co, Inc		257,920
11,534		Clorox Co		703,459
39,076		Colgate-Palmolive Co		2,786,900
3,870	e*	Cubist Pharmaceuticals, Inc		81,773
3,964	e*	Cypress Bioscience, Inc		54,267
3,635		Cytec Industries, Inc		248,598
1,097	e*	Cytokinetics, Inc		5,617
6,379	*	CytRx Corp		22,071
6,118		Dade Behring Holdings, Inc		467,109
6,977	e*	Dendreon Corp		53,653
19,164	e*	Discovery Laboratories, Inc		51,551
72,621		Dow Chemical Co		3,127,103
70,606		Du Pont (E.I.) de Nemours & Co		3,499,233
2,561	e*	Durect Corp		14,034
6,557		Eastman Chemical Co		437,549
13,411		Ecolab, Inc		632,999
75,930		Eli Lilly & Co		4,322,695
1,375	*	Elizabeth Arden, Inc		37,070

97

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
12,051	e*	Encysive Pharmaceuticals, Inc	$	18,197
2,740	e*	Enzon Pharmaceuticals, Inc		24,139
8,606		Estee Lauder Cos (Class A)		365,411
3,162		Ferro Corp		63,177
5,556		FMC Corp		289,023
24,042	*	Forest Laboratories, Inc		896,526
35,612	*	Genentech, Inc		2,778,448
4,893	e*	GenVec, Inc		11,499
20,463	*	Genzyme Corp		1,267,892
2,729	e	Georgia Gulf Corp		37,933
6,239	e*	Geron Corp		45,669
71,326	*	Gilead Sciences, Inc		2,915,094
1,380	e*	GTx, Inc		22,466
4,534		H.B. Fuller Co		134,569
4,685	e*	Halozyme Therapeutics, Inc		40,713
8,159		Hercules, Inc		171,502
12,344	*	Hospira, Inc		511,659
9,109	e*	Human Genome Sciences, Inc		93,732
7,137		Huntsman Corp		189,059
1,955	e*	Idenix Pharmaceuticals, Inc		5,650
2,447	*	Idexx Laboratories, Inc		268,167
4,456	*	ImClone Systems, Inc		184,211
5,204	*	Immucor, Inc		186,043
3,142	e*	Indevus Pharmaceuticals, Inc		21,711
1,522	e	Innophos Holdings, Inc		23,195
1,454		Innospec, Inc		33,122
418	e	Inter Parfums, Inc		9,894
2,057	e*	InterMune, Inc		39,350
7,280	e	International Flavors & Fragrances, Inc		384,821
4,195	e*	Inverness Medical Innovations, Inc		232,067
3,581	*	Invitrogen Corp		292,756
3,008	e*	Javelin Pharmaceuticals, Inc		15,100
1,096	e	Kaiser Aluminum Corp		77,345
2,764	*	Keryx Biopharmaceuticals, Inc		27,474
17,885	*	King Pharmaceuticals, Inc		209,624
1,279		Koppers Holdings, Inc		49,382
227	e	Kronos Worldwide, Inc		4,286
2,762	e*	KV Pharmaceutical Co (Class A)		78,993
1,531	e*	Landec Corp		23,669
6,598	e	Ligand Pharmaceuticals, Inc (Class B)		35,233
5,486		Lubrizol Corp		356,919
17,374		Lyondell Chemical Co		805,285
930	e	Mannatech, Inc		7,533
3,013	e*	MannKind Corp		29,166
1,963	e*	Martek Biosciences Corp		56,986
8,290	e*	Medarex, Inc		117,386
3,197	e*	Medicines Co		56,939
4,145	e	Medicis Pharmaceutical Corp (Class A)		126,464
1,542	e*	Medivation, Inc		30,917
165,442		Merck & Co, Inc		8,551,697
2,876	e	Meridian Bioscience, Inc		87,200
6,460	*	MGI Pharma, Inc		179,459
23,715	*	Millennium Pharmaceuticals, Inc		240,707
1,545	e	Minerals Technologies, Inc		103,515

98

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,507	e*	Minrad International, Inc	$	16,799
1,900	e*	Momenta Pharmaceuticals, Inc		21,641
41,536		Monsanto Co		3,561,297
11,902	*	Mosaic Co		636,995
19,349	*	Mylan Laboratories, Inc		308,810
3,926	e*	Nabi Biopharmaceuticals		15,940
10,281		Nalco Holding Co		304,832
1,756	e*	Nastech Pharmaceutical Co, Inc		23,372
4,011	*	NBTY, Inc		162,847
2,863	e*	Neurocrine Biosciences, Inc		28,630
1,171		NewMarket Corp		57,824
465	e	NL Industries, Inc		5,268
1,927	*	Noven Pharmaceuticals, Inc		30,697
5,334		Olin Corp		119,375
2,185	*	OM Group, Inc		115,390
1,002	e*	Omrix Biopharmaceuticals, Inc		35,381
3,999	e*	Onyx Pharmaceuticals, Inc		174,036
2,833	e*	OraSure Technologies, Inc		28,472
3,864	e*	OSI Pharmaceuticals, Inc		131,337
2,256	e*	Pacific Ethanol, Inc		21,703
2,404	*	Pain Therapeutics, Inc		22,477
2,342	*	Par Pharmaceutical Cos, Inc		43,468
1,847	*	Parexel International Corp		76,226
8,778	*	PDL BioPharma, Inc		189,693
1,388	e*	Penwest Pharmaceuticals Co		15,282
5,208		Perrigo Co		111,191
1,235	e*	PetMed Express, Inc		17,302
535,915		Pfizer, Inc		13,092,403
1,967	e*	PharMerica Corp		29,348
2,206	*	Pharmion Corp		101,785
5,644	*	PolyOne Corp		42,161
3,470	e*	Pozen, Inc		38,378
12,901		PPG Industries, Inc		974,671
24,504		Praxair, Inc		2,052,455
1,691	e*	Prestige Brands Holdings, Inc		18,567
239,752		Procter & Gamble Co		16,864,156
1,531	e*	Progenics Pharmaceuticals, Inc		33,850
167	e*	Protalix BioTherapeutics, Inc		5,771
2,065	*	Quidel Corp		40,391
15,023	e*	Revlon, Inc (Class A)		17,276
2,779	*	Rockwood Holdings, Inc		99,572
11,600		Rohm & Haas Co		645,772
9,617		RPM International, Inc		230,327
2,713	e*	Salix Pharmaceuticals Ltd		33,695
6,171	e*	Santarus, Inc		16,353
113,615		Schering-Plough Corp		3,593,642
2,551	*	Sciele Pharma, Inc		66,377
3,192	e	Scotts Miracle-Gro Co (Class A)		136,458
3,555		Sensient Technologies Corp		102,633
7,776	*	Sepracor, Inc		213,840
8,519		Sherwin-Williams Co		559,783
10,172		Sigma-Aldrich Corp		495,783
3,270	e*	Somaxon Pharmaceuticals, Inc		33,256
642		Stepan Co		19,844

99

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,950	e*	SuperGen, Inc	$	12,803
989	e*	SurModics, Inc		48,471
2,496	e*	Tercica, Inc		15,475
2,795		Tronox, Inc (Class B)		25,239
3,450	e	UAP Holding Corp		108,192
1,681	*	United Therapeutics Corp		111,854
1,120	e*	USANA Health Sciences, Inc		49,000
10,109	e*	USEC, Inc		103,617
6,593	*	Valeant Pharmaceuticals International		102,060
7,746		Valspar Corp		210,769
1,923	e*	Vanda Pharmaceuticals, Inc		26,749
6,446	*	VCA Antech, Inc		269,121
2,367	e*	Verasun Energy Corp		26,037
10,013	*	Vertex Pharmaceuticals, Inc		384,599
4,600	e*	Viropharma, Inc		40,940
1,000	e*	Visicu, Inc		7,580
6,606	e*	Warner Chilcott Ltd (Class A)		117,389
8,088	*	Watson Pharmaceuticals, Inc		262,051
2,076	e	Westlake Chemical Corp		52,585
5,138	e*	WR Grace & Co		138,007
102,610		Wyeth		4,571,275
1,559	e*	Xenoport, Inc		73,351
9,644	*	XOMA Ltd		32,886
2,506	e*	Zymogenetics, Inc		32,703
		TOTAL CHEMICALS AND ALLIED PRODUCTS		116,752,708
COAL MINING - 0.18%
5,170	e*	Alpha Natural Resources, Inc		120,099
10,396	e	Arch Coal, Inc		350,761
14,095		Consol Energy, Inc		656,827
9,945	e*	International Coal Group, Inc		44,156
6,055	e	Massey Energy Co		132,120
20,012		Peabody Energy Corp		957,974
		TOTAL COAL MINING		2,261,937
COMMUNICATIONS - 4.81%
2,568	e	Alaska Communications Systems Group, Inc		37,108
26,438		Alltel Corp		1,842,200
31,334	*	American Tower Corp (Class A)		1,364,282
2,386	e*	Anixter International, Inc		196,726
470,609		AT&T, Inc		19,911,467
800	e	Atlantic Tele-Network, Inc		29,080
1,395	*	Audiovox Corp (Class A)		14,355
1,834	e*	Authorize.Net Holdings, Inc		32,333
34,958	*	Avaya, Inc		592,903
3,879	*	Brightpoint, Inc		58,224
16,121	*	Cablevision Systems Corp (Class A)		563,268
1,494	*	Cbeyond Communications, Inc		60,940
1,116	*	Centennial Communications Corp		11,294
2,487	*	Central European Media Enterprises Ltd (Class A)		228,083
8,617		CenturyTel, Inc		398,278
37,646	e*	Charter Communications, Inc (Class A)		97,127
16,481	*	Cincinnati Bell, Inc		81,416
15,267	e	Citadel Broadcasting Corp		63,511

100

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
27,845		Citizens Communications Co	$	398,740
38,384		Clear Channel Communications, Inc		1,437,097
1,676	e*	Clearwire Corp (Class A)		40,961
225,621	*	Comcast Corp (Class A)		5,455,516
1,800		Consolidated Communications Holdings, Inc		35,298
2,758	*	Cox Radio, Inc (Class A)		35,992
17,890	e*	Crown Castle International Corp		726,871
1,364	e*	Crown Media Holdings, Inc (Class A)		9,807
3,769	e*	CTC Media, Inc		82,767
3,320	e*	Cumulus Media, Inc (Class A)		33,930
966	e*	DG FastChannel,Inc		22,778
56,591	*	DIRECTV Group, Inc		1,374,029
11,517	*	Dobson Communications Corp (Class A)		147,302
15,864	*	EchoStar Communications Corp (Class A)		742,594
11,497		Embarq Corp		639,264
2,087	e	Emmis Communications Corp (Class A)		10,310
2,549	e	Entercom Communications Corp (Class A)		49,272
4,266	*	Entravision Communications Corp (Class A)		39,333
2,529	e	Fairpoint Communications, Inc		47,697
8,070	e*	FiberTower Corp		30,989
523	e*	Fisher Communications, Inc		26,082
11,950	*	Foundry Networks, Inc		212,352
3,128	*	General Communication, Inc (Class A)		37,974
1,280	*	GeoEye, Inc		32,960
1,774	e*	Global Crossing Ltd		37,396
5,861		Global Payments, Inc		259,173
1,429	e*	Globalstar, Inc		10,475
1,378	*	Golden Telecom, Inc		110,915
2,720		Gray Television, Inc		23,093
1,609	e*	Harris Stratex Networks, Inc (Class A)		28,109
2,451		Hearst-Argyle Television, Inc		63,628
471	e*	Hughes Communications, Inc		24,421
13,577	*	IAC/InterActiveCorp		402,830
2,397	e	Ibasis, Inc		25,768
7,585	e*	ICO Global Communications Holdings Ltd		26,396
3,466	e	IDT Corp (Class B)		29,010
12,124	e*	InPhonic, Inc		33,341
3,362	e	Iowa Telecommunications Services, Inc		66,736
1,117		iPCS, Inc		38,414
4,182	*	j2 Global Communications, Inc		136,877
1,886	e*	Knology, Inc		31,553
3,914	*	Leap Wireless International, Inc		318,482
111,062	*	Level 3 Communications, Inc		516,438
28,803	*	Liberty Global, Inc (Class A)		1,181,499
10,037	*	Liberty Media Corp - Capital (Series A)		1,252,919
48,855	*	Liberty Media Holding Corp (Interactive A)		938,505
1,731	e*	Lin TV Corp (Class A)		22,520
1,664	e*	Lodgenet Entertainment Corp		42,199
3,498	*	Mastec, Inc		49,217
3,808	e*	Mediacom Communications Corp (Class A)		26,846
4,193	*	MetroPCS Communications, Inc		114,385
6,087	e*	NeuStar, Inc (Class A)		208,723
3,640	*	Nexstar Broadcasting Group, Inc (Class A)		38,184
1,998	e*	Nextwave Wireless, Inc		11,429

101

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
13,204	*	NII Holdings, Inc	$	1,084,709
2,705	e	North Pittsburgh Systems, Inc		64,271
2,620	e*	Novatel Wireless, Inc		59,343
2,038		NTELOS Holdings Corp		60,039
2,310	e*	Orbcomm, Inc		17,394
5,054	*	PAETEC Holding Corp		63,023
121,107	e*	Qwest Communications International, Inc		1,109,349
4,809	e*	Radio One, Inc (Class D)		17,938
1,810		RCN Corp		22,263
690	*	Rural Cellular Corp (Class A)		30,015
680		Salem Communications Corp (Class A)		5,440
2,031	e*	SAVVIS, Inc		78,762
7,079	*	SBA Communications Corp (Class A)		249,747
1,530		Shenandoah Telecom Co		33,293
2,967	e	Sinclair Broadcast Group, Inc (Class A)		35,723
2,978	e*	Spanish Broadcasting System, Inc (Class A)		7,683
214,825		Sprint Nextel Corp		4,081,675
1,132	e	SureWest Communications		28,311
910	e*	Switch & Data Facilities Co, Inc		14,824
1,077	*	Syniverse Holdings, Inc		17,124
8,085		Telephone & Data Systems, Inc		539,674
3,425	e*	Terremark Worldwide, Inc		24,557
11,188	*	Time Warner Cable, Inc (Class A)		366,966
5,517	*	TiVo, Inc		35,033
1,359	*	US Cellular Corp		133,454
1,775		USA Mobility, Inc		29,944
221,483		Verizon Communications, Inc		9,807,267
2,083	e,v*	Vonage Holdings Corp		2,145
38,551		Windstream Corp		544,340
22,044	e*	XM Satellite Radio Holdings, Inc (Class A)		312,363
		TOTAL COMMUNICATIONS		62,198,660
DEPOSITORY INSTITUTIONS - 8.28%
847		1st Source Corp		19,396
1,610		Alabama National Bancorp		125,451
2,315	e	Amcore Financial, Inc		57,690
673	e	AmericanWest Bancorp		13,205
686	e	Ameris Bancorp		12,403
1,394	e	Anchor Bancorp Wisconsin, Inc		37,638
10,303		Associated Banc-Corp		305,278
6,319		Astoria Financial Corp		167,643
744	e	Bancfirst Corp		33,383
1,982	e	Banco Latinoamericano de Exportaciones S.A.		36,033
574	*	Bancorp, Inc		10,596
6,191		Bancorpsouth, Inc		150,441
4,203		Bank Mutual Corp		49,553
338,473		Bank of America Corp		17,015,038
3,876		Bank of Hawaii Corp		204,847
86,472		Bank of New York Mellon Corp/The		3,816,874
932	e	Bank of the Ozarks, Inc		28,454
3,114	e	BankAtlantic Bancorp, Inc (Class A)		26,998
1,731	e	BankFinancial Corp		27,384
2,392	e	BankUnited Financial Corp (Class A)		37,172
932	e	Banner Corp		32,051

102

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
42,396		BB&T Corp	$	1,712,374
402	e	Berkshire Hills Bancorp, Inc		12,152
1,713	e	BOK Financial Corp		88,065
2,335		Boston Private Financial Holdings, Inc		65,006
4,247	e	Brookline Bancorp, Inc		49,223
878	e	Capital City Bank Group, Inc		27,394
640	e	Capital Corp of the West		11,789
838	e	Capitol Bancorp Ltd		20,808
2,231	e	Capitol Federal Financial		76,300
1,729	e	Cascade Bancorp		38,488
379	e	Cass Information Systems, Inc		13,557
4,114	e	Cathay General Bancorp		132,512
3,680	e*	Centennial Bank Holdings, Inc		23,552
705	e	Center Financial Corp		9,807
1,951	e	Central Pacific Financial Corp		56,969
1,721	e	Chemical Financial Corp		41,734
3,766		Chittenden Corp		132,413
377,294		Citigroup, Inc		17,608,311
6,479	e	Citizens Banking Corp		104,377
1,074	e	City Bank		30,845
1,809	e	City Holding Co		65,866
3,388		City National Corp		235,500
665	e	Clifton Savings Bancorp, Inc		7,867
851	e	CoBiz, Inc		14,569
13,091		Colonial Bancgroup, Inc		283,027
1,281		Columbia Banking System, Inc		40,761
11,906		Comerica, Inc		610,540
14,317		Commerce Bancorp, Inc		555,213
5,555		Commerce Bancshares, Inc		254,919
317	e*	Community Bancorp		7,969
2,176	e	Community Bank System, Inc		42,476
1,615	e	Community Banks, Inc		48,111
986	e	Community Trust Bancorp, Inc		29,619
2,522	e	Corus Bankshares, Inc		32,836
4,570		Cullen/Frost Bankers, Inc		229,048
4,509	e	CVB Financial Corp		52,755
1,770		Dime Community Bancshares		26,497
1,168	e*	Dollar Financial Corp		33,323
1,702	e	Downey Financial Corp		98,376
5,815		East West Bancorp, Inc		209,107
506	e	Enterprise Financial Services Corp		12,316
3,332	e*	Euronet Worldwide, Inc		99,194
42,441		Fifth Third Bancorp		1,437,901
915	e	First Bancorp		18,648
6,054		First Bancorp		57,513
2,657	e	First Busey Corp		58,215
3,135	e	First Charter Corp		94,583
531		First Citizens Bancshares, Inc (Class A)		92,606
5,866	e	First Commonwealth Financial Corp		64,878
2,001	e	First Community Bancorp, Inc		109,475
675	e	First Community Bancshares, Inc		24,455
2,395	e	First Financial Bancorp		30,608
2,018	e	First Financial Bankshares, Inc		81,083
1,067	e	First Financial Corp		32,330

103

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,050		First Financial Holdings, Inc	$	32,844
8,969	e	First Horizon National Corp		239,114
988	e	First Indiana Corp		30,944
1,232		First Merchants Corp		26,562
4,559	e	First Midwest Bancorp, Inc		155,735
9,160		First Niagara Financial Group, Inc		129,614
990		First Place Financial Corp		17,523
585	*	First Regional Bancorp		14,350
587	e	First South Bancorp, Inc		15,356
1,136	e	First State Bancorporation		22,311
1,227	e*	FirstFed Financial Corp		60,798
5,484		FirstMerit Corp		108,364
2,890	e	Flagstar Bancorp, Inc		28,120
1,422	e	Flushing Financial Corp		23,890
4,412	e	FNB Corp		72,974
1,503	e*	Franklin Bank Corp		13,828
5,019	e*	Fremont General Corp		19,574
2,472	e	Frontier Financial Corp		57,672
12,256	e	Fulton Financial Corp		176,241
3,320	e	Glacier Bancorp, Inc		74,766
796	e	Great Southern Bancorp, Inc		19,773
4,762		Greater Bay Bancorp		131,431
1,549	e	Greene County Bancshares, Inc		56,461
2,298		Hancock Holding Co		92,104
2,440	e	Hanmi Financial Corp		37,796
2,147	e	Harleysville National Corp		34,116
996		Heartland Financial USA, Inc		20,468
751		Heritage Commerce Corp		15,899
842	e	Home Bancshares, Inc		18,347
926	e	Horizon Financial Corp		18,779
42,205		Hudson City Bancorp, Inc		649,113
28,232		Huntington Bancshares, Inc		479,379
1,293	e	IBERIABANK Corp		68,076
396		Imperial Capital Bancorp, Inc		11,187
1,012		Independent Bank Corp		30,056
1,412	e	Independent Bank Corp		15,603
4,931	e	IndyMac Bancorp, Inc		116,421
1,349	e	Integra Bank Corp		24,457
3,421	e	International Bancshares Corp		74,236
3,385	*	Investors Bancorp, Inc		47,932
1,267	e	Irwin Financial Corp		13,962
260,481		JPMorgan Chase & Co		11,935,239
1,143	e	Kearny Financial Corp		14,619
30,666		Keycorp		991,432
1,910	e	KNBT Bancorp, Inc		31,591
1,137	e	Lakeland Bancorp, Inc		15,440
484	e	Lakeland Financial Corp		11,185
5,284		M&T Bank Corp		546,630
1,196	e	Macatawa Bank Corp		16,182
747	e	MainSource Financial Group, Inc		13,170
19,622		Marshall & Ilsley Corp		858,855
2,310	e	MB Financial, Inc		79,810
995	e	Midwest Banc Holdings, Inc		14,696
1,730	e	Nara Bancorp, Inc		27,023

104

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
342	e	NASB Financial, Inc	$	12,278
43,624		National City Corp		1,094,526
3,167	e	National Penn Bancshares, Inc		51,812
2,846	e	NBT Bancorp, Inc		61,872
3,239	e*	Net 1 UEPS Technologies, Inc		88,004
24,518	e	New York Community Bancorp, Inc		467,068
8,912	e	NewAlliance Bancshares, Inc		130,828
17,057		Northern Trust Corp		1,130,367
2,652	e	Northwest Bancorp, Inc		75,476
4,545	e	Old National Bancorp		75,311
950	e	Old Second Bancorp, Inc		27,075
682	e	Omega Financial Corp		18,012
1,407		Oriental Financial Group, Inc		16,180
3,392	e	Pacific Capital Bancorp		89,210
985	e	Park National Corp		85,892
3,060	e	Partners Trust Financial Group, Inc		37,240
753	e	Peoples Bancorp, Inc		19,714
15,762		People's United Financial, Inc		272,367
1,515	e	PFF Bancorp, Inc		23,240
936	e*	Pinnacle Financial Partners, Inc		26,976
26,532		PNC Financial Services Group, Inc		1,806,829
20,543		Popular, Inc		252,268
493		Preferred Bank		19,414
1,112	e	PrivateBancorp, Inc		38,742
2,331	e	Prosperity Bancshares, Inc		77,296
2,200		Provident Bankshares Corp		68,926
4,520		Provident Financial Services, Inc		73,992
2,942	e	Provident New York Bancorp		38,570
54,282		Regions Financial Corp		1,600,233
762	e	Renasant Corp		16,482
405	e	Republic Bancorp, Inc (Class A)		6,415
570	e	Royal Bancshares of Pennsylvania (Class A)		12,494
2,040		S&T Bancorp, Inc		65,464
994	e	S.Y. Bancorp, Inc		26,878
1,080	e	Sandy Spring Bancorp, Inc		32,530
501		Santander BanCorp		6,433
639		SCBT Financial Corp		22,071
930	e	Seacoast Banking Corp of Florida		17,391
1,242	e	Security Bank Corp		15,550
251	e	Sierra Bancorp		7,194
1,978	*	Signature Bank		69,685
1,157	e	Simmons First National Corp (Class A)		30,475
5,289	e	South Financial Group, Inc		120,272
814		Southside Bancshares, Inc		17,981
763		Southwest Bancorp, Inc		14,360
32,149		Sovereign Bancorp, Inc		547,819
30,455		State Street Corp		2,075,813
1,269	e	Sterling Bancorp		17,766
4,840		Sterling Bancshares, Inc		55,224
1,876	e*	Sterling Financial Corp		32,173
3,665	e	Sterling Financial Corp		98,625
699	e	Suffolk Bancorp		22,410
883	e*	Sun Bancorp, Inc		15,453
27,346		SunTrust Banks, Inc		2,069,272

105

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,466	e*	Superior Bancorp	$	21,775
3,355	e	Susquehanna Bancshares, Inc		67,436
2,738	e*	SVB Financial Group		129,672
21,463		Synovus Financial Corp		602,037
296		Taylor Capital Group, Inc		8,267
9,794		TCF Financial Corp		256,407
1,548	e*	Texas Capital Bancshares, Inc		33,654
1,554	e	TierOne Corp		41,134
549	e	Tompkins Trustco, Inc		21,795
977	e	Trico Bancshares		21,758
5,084	e	Trustco Bank Corp NY		55,568
4,119	e	Trustmark Corp		115,497
7,219	e	UCBH Holdings, Inc		126,188
2,747	e	UMB Financial Corp		117,736
4,445	e	Umpqua Holdings Corp		88,945
902	e	Union Bankshares Corp		20,484
4,013		UnionBanCal Corp		234,399
2,884	e	United Bankshares, Inc		87,789
2,690	e	United Community Banks, Inc		65,959
2,248	e	United Community Financial Corp		16,231
296	e	United Security Bancshares		5,565
793	e	Univest Corp of Pennsylvania		18,810
132,888		US Bancorp		4,322,847
987	e	USB Holding Co, Inc		22,928
9,501	e	Valley National Bancorp		210,732
820		ViewPoint Financial Group		15,154
874	e*	Virginia Commerce Bancorp		12,533
7,361	e	W Holding Co, Inc		16,489
145,931		Wachovia Corp		7,318,440
7,609		Washington Federal, Inc		199,812
67,545		Washington Mutual, Inc		2,385,014
835	e	Washington Trust Bancorp, Inc		22,520
439	e*	Wauwatosa Holdings, Inc		7,134
4,347		Webster Financial Corp		183,096
256,370		Wells Fargo & Co		9,131,899
1,413	e	WesBanco, Inc		35,297
1,165	e	West Coast Bancorp		33,098
3,002	e	Westamerica Bancorporation		149,530
888	e*	Western Alliance Bancorp		20,930
59,963		Western Union Co		1,257,424
1,692	e	Westfield Financial, Inc		16,429
5,078		Whitney Holding Corp		133,958
5,524		Wilmington Trust Corp		214,883
1,162	e	Wilshire Bancorp, Inc		12,747
1,892	e	Wintrust Financial Corp		80,769
425		WSFS Financial Corp		26,520
749	e	Yardville National Bancorp		25,189
8,365		Zions Bancorporation		574,425
		TOTAL DEPOSITORY INSTITUTIONS		107,190,287
EATING AND DRINKING PLACES - 0.88%
2,213	e*	AFC Enterprises		33,306
5,372		Applebees International, Inc		133,655
885	e*	Benihana, Inc (Class A)		15,319

106

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
685	e*	BJ's Restaurants, Inc	$	14,419
3,189	e	Bob Evans Farms, Inc		96,244
8,259		Brinker International, Inc		226,627
1,121	e*	Buffalo Wild Wings, Inc		42,284
4,117		Burger King Holdings, Inc		104,942
2,127	*	California Pizza Kitchen, Inc		37,371
2,103		CBRL Group, Inc		85,803
2,169	*	CEC Entertainment, Inc		58,281
5,222	*	Cheesecake Factory		122,560
2,786	e*	Chipotle Mexican Grill, Inc (Class B)		298,102
4,601	e	CKE Restaurants, Inc		74,582
11,193		Darden Restaurants, Inc		468,539
13,252	*	Denny's Corp		53,008
3,182	e	Domino's Pizza, Inc		52,789
1,407		IHOP Corp		89,105
2,271	*	Jack in the Box, Inc		147,252
4,091	e*	Krispy Kreme Doughnuts, Inc		16,364
1,218	e	Landry's Restaurants, Inc		32,228
788	e*	McCormick & Schmick's Seafood Restaurants, Inc		14,838
90,939		McDonald's Corp		4,953,447
421	*	Morton's Restaurant Group, Inc		6,694
1,468	e	O'Charleys, Inc		22,255
1,562	*	Papa John's International, Inc		38,175
1,800	e*	PF Chang's China Bistro, Inc		53,280
2,378	*	Rare Hospitality International, Inc		90,626
1,322	e*	Red Robin Gourmet Burgers, Inc		56,714
4,035	e	Ruby Tuesday, Inc		74,002
1,290	e*	Ruth's Chris Steak House, Inc		18,383
5,512	e*	Sonic Corp		128,981
57,052	*	Starbucks Corp		1,494,763
1,868	e*	Steak N Shake Co		28,039
3,274	e*	Texas Roadhouse, Inc (Class A)		38,306
14,715	e	Tim Hortons, Inc		512,818
4,161	e	Triarc Cos (Class B)		52,054
6,605		Wendy's International, Inc		230,581
39,304		Yum! Brands, Inc		1,329,654
		TOTAL EATING AND DRINKING PLACES		11,346,390
EDUCATIONAL SERVICES - 0.13%
10,812	*	Apollo Group, Inc (Class A)		650,342
6,895	*	Career Education Corp		192,991
5,975	e*	Corinthian Colleges, Inc		95,062
4,103		DeVry, Inc		151,852
3,315	*	ITT Educational Services, Inc		403,403
1,156		Strayer Education, Inc		194,936
2,118	e*	Universal Technical Institute, Inc		38,124
		TOTAL EDUCATIONAL SERVICES		1,726,710
ELECTRIC, GAS, AND SANITARY SERVICES - 3.94%
50,170	*	AES Corp		1,005,427
6,447		AGL Resources, Inc		255,430
12,815		Allegheny Energy, Inc		669,712
2,062		Allete, Inc		92,295
8,588		Alliant Energy Corp		329,092

107

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
22,172	*	Allied Waste Industries, Inc	$	282,693
15,680		Ameren Corp		823,200
873		American Ecology Corp		18,499
29,935		American Electric Power Co, Inc		1,379,405
1,088	e	American States Water Co		42,432
9,637		Aqua America, Inc		218,567
25,149	*	Aquila, Inc		100,847
6,808		Atmos Energy Corp		192,803
3,551		Avista Corp		72,263
2,739	e	Black Hills Corp		112,354
1,248	e	California Water Service Group		48,036
1,535	*	Casella Waste Systems, Inc (Class A)		19,249
22,485		Centerpoint Energy, Inc		360,435
732		Central Vermont Public Service Corp		26,747
1,617	e	CH Energy Group, Inc		77,293
1,101	e*	Clean Harbors, Inc		49,017
4,015		Cleco Corp		101,459
16,876		CMS Energy Corp		283,854
21,255		Consolidated Edison, Inc		984,107
1,060	e	Consolidated Water Co, Inc		31,821
13,527		Constellation Energy Group, Inc		1,160,481
8,559	*	Covanta Holding Corp		209,781
2,664	e	Crosstex Energy, Inc		100,992
22,313		Dominion Resources, Inc		1,880,986
9,751	e	DPL, Inc		256,061
13,418		DTE Energy Co		649,968
94,669		Duke Energy Corp		1,769,364
24,498	*	Dynegy, Inc (Class A)		226,362
25,163		Edison International		1,395,288
52,464		El Paso Corp		890,314
4,511	*	El Paso Electric Co		104,339
1,723		Empire District Electric Co		38,923
5,210		Energen Corp		297,595
13,002		Energy East Corp		351,704
460	e	EnergySouth, Inc		23,193
15,199		Entergy Corp		1,645,900
51,320		Exelon Corp		3,867,475
23,531		FirstEnergy Corp		1,490,454
31,163		FPL Group, Inc		1,897,203
6,961		Great Plains Energy, Inc		200,546
7,258	e	Hawaiian Electric Industries, Inc		157,571
3,419	e	Idacorp, Inc		111,938
6,094	e	Integrys Energy Group, Inc		312,196
3,079		ITC Holdings Corp		152,564
1,456	e	Laclede Group, Inc		47,000
811		Markwest Hydrocarbon, Inc		47,143
13,617		MDU Resources Group, Inc		379,097
1,728		Metal Management, Inc		93,658
1,299	e	MGE Energy, Inc		43,439
19,578	*	Mirant Corp		796,433
6,878	e	National Fuel Gas Co		321,959
2,128	e	New Jersey Resources Corp		105,528
3,204	e	Nicor, Inc		137,452
19,934		NiSource, Inc		381,554

108

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
11,220		Northeast Utilities	$	320,555
2,153	e	Northwest Natural Gas Co		98,392
3,402		NorthWestern Corp		92,432
18,615	e*	NRG Energy, Inc		787,228
8,088		NSTAR		281,543
6,920		OGE Energy Corp		229,052
8,097		Oneok, Inc		383,798
800	e	Ormat Technologies, Inc		37,072
2,406	e	Otter Tail Corp		85,774
15,328		Pepco Holdings, Inc		415,082
26,412		PG&E Corp		1,262,494
1,112	e*	Pico Holdings, Inc		46,204
5,608		Piedmont Natural Gas Co, Inc		140,705
1,280	*	Pike Electric Corp		24,013
7,548	e	Pinnacle West Capital Corp		298,221
5,546		PNM Resources, Inc		129,111
2,904	e	Portland General Electric Co		80,731
28,960		PPL Corp		1,340,848
20,270		Progress Energy, Inc		949,650
773	m,v*	Progress Energy, Inc		8
19,501		Public Service Enterprise Group, Inc		1,715,893
9,769		Puget Energy, Inc		239,047
13,328		Questar Corp		700,120
25,591	*	Reliant Energy, Inc		655,130
13,032		Republic Services, Inc		426,277
1,550	e	Resource America, Inc (Class A)		24,475
9,266		SCANA Corp		358,965
2,574	e*	SEMCO Energy, Inc		20,309
19,842		Sempra Energy		1,153,217
16,532		Sierra Pacific Resources		260,048
1,222	e	SJW Corp		41,719
2,516	e	South Jersey Industries, Inc		87,557
57,678		Southern Co		2,092,558
8,576		Southern Union Co		266,824
3,060		Southwest Gas Corp		86,567
1,337	e	Southwest Water Co		16,886
6,688	*	Stericycle, Inc		382,286
15,882		TECO Energy, Inc		260,941
35,141		TXU Corp		2,406,104
8,836		UGI Corp		229,559
1,465	e	UIL Holdings Corp		46,148
2,575		Unisource Energy Corp		76,967
5,581	e	Vectren Corp		152,305
6,048	*	Waste Connections, Inc		192,084
800		Waste Industries USA, Inc		22,896
1,264	e*	Waste Services, Inc		12,273
6,899		Westar Energy, Inc		169,439
3,922	e	WGL Holdings, Inc		132,916
44,878		Williams Cos, Inc		1,528,578
9,193		Wisconsin Energy Corp		413,961
31,177		Xcel Energy, Inc		671,553
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		50,968,013

109

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.74%
1,190	*	Acme Packet, Inc	$	18,350
2,034	*	Actel Corp		21,825
3,364		Acuity Brands, Inc		169,815
7,913	e*	Adaptec, Inc		30,228
8,023	*	ADC Telecommunications, Inc		157,331
4,569		Adtran, Inc		105,224
6,179	e*	Advanced Analogic Technologies, Inc		65,745
3,940	*	Advanced Energy Industries, Inc		59,494
42,991	e*	Advanced Micro Devices, Inc		567,481
26,236		Altera Corp		631,763
3,424	e*	American Superconductor Corp		70,124
7,886		Ametek, Inc		340,833
4,872	*	AMIS Holdings, Inc		47,307
10,337	e*	Amkor Technology, Inc		119,082
14,068		Amphenol Corp (Class A)		559,344
5,432	e*	Anadigics, Inc		98,211
24,602		Analog Devices, Inc		889,608
10,699	*	Andrew Corp		148,181
66,007	*	Apple Computer, Inc		10,134,715
27,830	e*	Applied Micro Circuits Corp		87,943
7,248	*	Arris Group, Inc		89,513
4,102	e*	Atheros Communications, Inc		122,937
33,680	*	Atmel Corp		173,789
2,319	*	ATMI, Inc		68,990
21,071	e*	Avanex Corp		34,556
11,418	*	Avnet, Inc		455,121
3,267		AVX Corp		52,599
860	e*	AZZ, Inc		30,066
3,139		Baldor Electric Co		125,403
831	e	Bel Fuse, Inc (Class B)		28,802
5,858	*	Benchmark Electronics, Inc		139,830
929	e*	BigBand Networks, Inc		5,946
35,077	*	Broadcom Corp (Class A)		1,278,206
3,579	*	C-COR, Inc		41,123
1,968	*	Ceradyne, Inc		149,056
3,547	*	Checkpoint Systems, Inc		93,605
6,915	*	Ciena Corp		263,323
463,411	*	Cisco Systems, Inc		15,343,538
1,676	e*	Comtech Telecommunications Corp		89,649
33,104	e*	Conexant Systems, Inc		39,725
13,738		Cooper Industries Ltd (Class A)		701,874
6,476	e*	Cree, Inc		201,404
2,860	e	CTS Corp		36,894
1,286	e	Cubic Corp		54,231
11,045	*	Cypress Semiconductor Corp		322,624
2,008	e*	Diodes, Inc		64,457
1,478	*	Ditech Networks, Inc		7,789
2,867	*	Dolby Laboratories, Inc (Class A)		99,829
2,395	*	DSP Group, Inc		37,913
1,298	e*	DTS, Inc		39,420
10,998		Eaton Corp		1,089,242
2,090	*	Electro Scientific Industries, Inc		50,076
1,000	*	EMS Technologies, Inc		24,530
4,097	e*	Energizer Holdings, Inc		454,261

110

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,636	e*	Energy Conversion Devices, Inc	$	59,890
3,108	*	EnerSys		55,229
9,651	e*	Evergreen Solar, Inc		86,183
2,144	e*	Exar Corp		28,001
8,660	v*	EXIDE TECHNOLOGIES RIGHTS		(0)
9,427	*	Fairchild Semiconductor International, Inc		176,096
21,254	e*	Finisar Corp		59,511
2,829	e*	First Solar, Inc		333,086
1,518	e	Franklin Electric Co, Inc		62,405
8,256	e*	FuelCell Energy, Inc		73,809
8,714	e	Garmin Ltd		1,040,452
17,281	*	Gemstar-TV Guide International, Inc		120,276
2,206	*	Genlyte Group, Inc		141,758
9,701	*	GrafTech International Ltd		173,066
1,267	e*	Greatbatch, Inc		33,690
4,995		Harman International Industries, Inc		432,167
8,009	e*	Harmonic, Inc		84,975
10,313		Harris Corp		595,988
2,217	*	Helen of Troy Ltd		42,810
7,028	e*	Hexcel Corp		159,606
1,184	*	Hittite Microwave Corp		52,274
59,422		Honeywell International, Inc		3,533,826
1,549	e*	Hutchinson Technology, Inc		38,105
2,318		Imation Corp		56,861
16,319	*	Integrated Device Technology, Inc		252,618
443,617		Intel Corp		11,471,936
3,553	e*	InterDigital, Inc		73,831
5,812	*	International Rectifier Corp		191,738
9,826		Intersil Corp (Class A)		328,483
2,611	*	InterVoice, Inc		24,517
711	*	IPG Photonics Corp		13,978
820	e*	iRobot Corp		16,302
1,213	e*	IXYS Corp		12,652
5,621	*	Jarden Corp		173,914
15,125	e*	JDS Uniphase Corp		226,270
6,433	e*	Kemet Corp		47,283
9,392		L-3 Communications Holdings, Inc		959,299
935	e	Lamson & Sessions Co		25,208
7,232	e*	Lattice Semiconductor Corp		32,472
3,217		Lincoln Electric Holdings, Inc		249,671
16,590	e	Linear Technology Corp		580,484
1,486	*	Littelfuse, Inc		53,035
765	*	Loral Space & Communications, Inc		30,409
1,191		LSI Industries, Inc		24,439
55,867	e*	LSI Logic Corp		414,533
36,769	*	Marvell Technology Group Ltd		601,909
3,972	*	Mattson Technology, Inc		34,358
24,286		Maxim Integrated Products, Inc		712,794
4,190	e*	Medis Technologies Ltd		54,470
16,808	*	MEMC Electronic Materials, Inc		989,319
1,417	e*	Mercury Computer Systems, Inc		14,567
3,008		Methode Electronics, Inc		45,270
4,803		Micrel, Inc		51,872
16,340		Microchip Technology, Inc		593,469

111

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
56,569	*	Micron Technology, Inc	$	627,916
5,525	*	Microsemi Corp		154,037
3,670	e*	Microtune, Inc		22,093
3,813	e*	MIPS Technologies, Inc		30,123
9,991		Molex, Inc		269,058
1,603	*	Monolithic Power Systems, Inc		40,716
2,916	*	Moog, Inc (Class A)		128,129
176,812		Motorola, Inc		3,276,326
15,196	e*	MRV Communications, Inc		37,686
683	*	Multi-Fineline Electronix, Inc		10,129
309		National Presto Industries, Inc		16,377
22,801		National Semiconductor Corp		618,363
1,926	e*	Netlogic Microsystems, Inc		69,548
28,520	*	Network Appliance, Inc		767,473
9,584	*	Novellus Systems, Inc		261,260
41,947	*	Nvidia Corp		1,520,159
4,385	e*	Omnivision Technologies, Inc		99,671
16,832	e*	ON Semiconductor Corp		211,410
8,251	e*	On2 Technologies, Inc		9,571
6,336		Openwave Systems, Inc		27,752
1,582	e*	Oplink Communications, Inc		21,610
1,500	e*	OpNext, Inc		17,400
4,180	e*	Optium Corp		43,388
922	e*	OSI Systems, Inc		20,754
1,256	e	Park Electrochemical Corp		42,176
1,095	*	Pericom Semiconductor Corp		12,833
3,034	*	Photronics, Inc		34,618
3,457		Plantronics, Inc		98,697
3,964	*	Plexus Corp		108,614
3,407	e*	PLX Technology, Inc		36,796
16,441	e*	PMC - Sierra, Inc		137,940
6,676	*	Polycom, Inc		179,317
350	e*	Powell Industries, Inc		13,262
4,862	e*	Power-One, Inc		24,796
11,780	*	Powerwave Technologies, Inc		72,565
11,852	*	QLogic Corp		159,409
127,111		Qualcomm, Inc		5,371,711
9,864	e	RadioShack Corp		203,790
9,506	e*	Rambus, Inc		181,660
1,106	e	Raven Industries, Inc		44,295
2,673		Regal-Beloit Corp		128,010
14,834	e*	RF Micro Devices, Inc		99,833
1,214	e*	Rogers Corp		50,005
40,403	*	Sanmina-SCI Corp		85,654
2,218	e*	Seachange International, Inc		15,349
5,307	*	Semtech Corp		108,687
8,311	*	Silicon Image, Inc		42,802
3,931	*	Silicon Laboratories, Inc		164,159
6,899	*	Silicon Storage Technology, Inc		22,215
3,276	*	Sirenza Microdevices, Inc		56,642
106,203	e*	Sirius Satellite Radio, Inc		370,648
12,128	*	Skyworks Solutions, Inc		109,637
3,650	*	Smart Modular Technologies WWH, Inc		26,098
5,780	e*	Spansion, Inc (Class A)		48,841

112

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,136	e*	Spectrum Brands, Inc	$	23,989
1,620	e*	Standard Microsystems Corp		62,240
1,067	*	Stoneridge, Inc		10,883
2,135	e*	Sunpower Corp (Class A)		176,821
885	e*	Supertex, Inc		35,294
11,962	e*	Sycamore Networks, Inc		48,685
3,492	e*	Symmetricom, Inc		16,412
1,882	e*	Synaptics, Inc		89,884
9,130	e*	Syntax-Brillian Corp		37,159
2,698		Technitrol, Inc		72,711
1,290	e*	Techwell, Inc		13,700
3,831	e*	Tekelec		46,355
2,845		Teleflex, Inc		221,682
32,326	*	Tellabs, Inc		307,744
3,366	*	Tessera Technologies, Inc		126,225
109,312		Texas Instruments, Inc		3,999,726
4,226	*	Thomas & Betts Corp		247,813
4,543	e*	Trident Microsystems, Inc		72,188
8,908	*	Triquint Semiconductor, Inc		43,738
3,103	e*	TTM Technologies, Inc		35,902
37,173		Tyco Electronics Ltd		1,317,039
1,387	*	Ultra Clean Holdings		20,389
1,534	e*	Universal Display Corp		27,182
1,021	*	Universal Electronics, Inc		33,183
10,172	e*	Utstarcom, Inc		37,230
6,832	*	Varian Semiconductor Equipment Associates, Inc		365,649
1,525	*	Viasat, Inc		47,016
1,042	e	Vicor Corp		12,629
12,884	*	Vishay Intertechnology, Inc		167,886
832	e*	Volterra Semiconductor Corp		10,217
5,963		Whirlpool Corp		531,303
23,178		Xilinx, Inc		605,873
1,860	*	Zoltek Cos, Inc		81,152
4,035	*	Zoran Corp		81,507
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		87,253,503
ENGINEERING AND MANAGEMENT SERVICES - 0.95%
1,637	*	Advisory Board Co		95,715
2,940	e*	Aecom Technology Corp		102,694
10,394	*	Amylin Pharmaceuticals, Inc		519,700
4,845	*	Applera Corp (Celera Genomics Group)		68,121
5,437	e*	Ariad Pharmaceuticals, Inc		25,173
811	e	CDI Corp		22,611
29,104	*	Celgene Corp		2,075,406
793	e*	Cornell Cos, Inc		18,675
3,019	e	Corporate Executive Board Co		224,131
1,065	e*	CRA International, Inc		51,322
4,501	e*	CV Therapeutics, Inc		40,419
1,744		Diamond Management & Technology Consultants, Inc		16,045
3,591	*	eResearch Technology, Inc		40,902
7,070	e*	Exelixis, Inc		74,871
1,038	*	Exponent, Inc		26,044
6,669		Fluor Corp		960,203
1,400	*	Genpact Ltd		23,730

113

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,049	*	Gen-Probe, Inc	$	269,582
1,576	e*	Greenfield Online, Inc		24,034
3,538	*	Harris Interactive, Inc		15,249
6,892	*	Hewitt Associates, Inc (Class A)		241,565
1,583	*	Huron Consulting Group, Inc		114,957
4,338	e*	Incyte Corp		31,017
6,424	e*	Isis Pharmaceuticals, Inc		96,167
8,928	*	Jacobs Engineering Group, Inc		674,778
13,361	*	KBR, Inc		518,006
833	*	Kendle International, Inc		34,594
3,019	e*	Kosan Biosciences, Inc		15,125
632	e	Landauer, Inc		32,207
1,618	*	LECG Corp		24,108
2,193	e*	Lifecell Corp		82,391
2,021	e*	Luminex Corp		30,477
1,528		MAXIMUS, Inc		66,590
1,732	e*	Maxygen, Inc		11,795
16,990	*	McDermott International, Inc		918,819
528	*	Michael Baker Corp		25,877
17,035		Moody's Corp		858,564
546	e*	MTC Technologies, Inc		10,543
3,130	e*	Myriad Genetics, Inc		163,230
4,194	e*	Navigant Consulting, Inc		53,096
2,350	e*	Neurogen Corp		10,434
3,287	e*	Omnicell, Inc		93,811
26,499		Paychex, Inc		1,086,459
1,251	e*	PharmaNet Development Group, Inc		36,317
11,896	e	Quest Diagnostics, Inc		687,232
2,153	e*	Regeneration Technologies, Inc		23,080
4,062	e*	Regeneron Pharmaceuticals, Inc		72,304
20,344	e*	Rentech, Inc		43,943
3,290		Resources Connection, Inc		76,164
2,184	e*	Rigel Pharmaceuticals, Inc		20,595
8,802	e*	SAIC, Inc		168,910
5,306	e*	Savient Pharmaceuticals, Inc		77,202
3,046	*	Seattle Genetics, Inc		34,237
2,432	e*	Senomyx, Inc		29,792
5,961	*	Shaw Group, Inc		346,334
1,965	e*	Symyx Technologies, Inc		17,076
1,084	e*	Tejon Ranch Co		44,878
6,868	e*	Telik, Inc		19,986
4,560	e*	Tetra Tech, Inc		96,307
4,259	*	URS Corp		240,421
6,819	e*	Verenium Corp		36,004
2,146	*	Washington Group International, Inc		188,440
3,388		Watson Wyatt & Co Holdings (Class A)		152,257
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		12,300,716
ENVIRONMENTAL QUALITY AND HOUSING - 0.00% **
4,611	e*	Home Solutions of America, Inc		15,631
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		15,631
FABRICATED METAL PRODUCTS - 0.54%
2,854	*	Alliant Techsystems, Inc		311,942

114

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
791	e	Ameron International Corp	$	83,664
5,063		Aptargroup, Inc		191,736
7,848		Ball Corp		421,830
910	*	Chart Industries, Inc		29,266
1,254	e	CIRCOR International, Inc		56,944
8,960		Commercial Metals Co		283,584
3,301	e*	Commercial Vehicle Group, Inc		42,352
3,734		Crane Co		179,120
12,346	*	Crown Holdings, Inc		280,995
1,300	e	Dynamic Materials Corp		62,257
2,117	e*	Griffon Corp		31,967
1,051		Gulf Island Fabrication, Inc		40,348
37,987		Illinois Tool Works, Inc		2,265,545
1,657	e	Insteel Industries, Inc		25,435
945	*	Ladish Co, Inc		52,429
595	e	Lifetime Brands, Inc		12,073
3,177	e*	Mobile Mini, Inc		76,756
8,222	e	Mueller Water Products, Inc (Class A)		101,870
1,525	e*	NCI Building Systems, Inc		65,895
8,721		Parker Hannifin Corp		975,380
605	e*	Park-Ohio Holdings Corp		15,700
7,584		Pentair, Inc		251,637
1,910	e*	PGT, Inc		15,146
1,793	e	Silgan Holdings, Inc		96,374
2,518	e	Simpson Manufacturing Co, Inc		80,198
3,369	e*	Smith & Wesson Holding Corp		64,314
4,219		Snap-On, Inc		209,009
6,673		Stanley Works		374,556
1,650	e*	Sturm Ruger & Co, Inc		29,551
815	e	Sun Hydraulics Corp		25,917
5,486	e*	Taser International, Inc		86,075
1,274	e	Valmont Industries, Inc		108,099
2,268		Watts Water Technologies, Inc (Class A)		69,628
		TOTAL FABRICATED METAL PRODUCTS		7,017,592
FOOD AND KINDRED PRODUCTS - 3.26%
1,509	e*	Altus Pharmaceuticals, Inc		15,829
57,962		Anheuser-Busch Cos, Inc		2,897,520
50,281		Archer Daniels Midland Co		1,663,295
717	*	Boston Beer Co, Inc (Class A)		34,889
9,113		Bunge Ltd		979,192
17,611		Campbell Soup Co		651,607
336		Coca-Cola Bottling Co Consolidated		20,261
176,276		Coca-Cola Co		10,130,582
23,956		Coca-Cola Enterprises, Inc		580,214
38,901		ConAgra Foods, Inc		1,016,509
13,958	*	Constellation Brands, Inc (Class A)		337,923
5,619		Corn Products International, Inc		257,744
8,732	*	Darling International, Inc		86,359
15,422		Del Monte Foods Co		161,931
590	e	Farmer Bros Co		14,679
6,492		Flowers Foods, Inc		141,526
26,768		General Mills, Inc		1,552,812
25,271		H.J. Heinz Co		1,167,520

115

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
5,204	*	Hansen Natural Corp	$	294,963
12,891		Hershey Co		598,271
5,632		Hormel Foods Corp		201,513
773	e	Imperial Sugar Co		20,199
1,061		J&J Snack Foods Corp		36,944
4,114		J.M. Smucker Co		219,770
1,464	e*	Jones Soda Co		17,656
18,487		Kellogg Co		1,035,272
122,251		Kraft Foods, Inc (Class A)		4,218,882
1,831	e	Lancaster Colony Corp		69,889
2,200		Lance, Inc		50,644
880	e*	M&F Worldwide Corp		44,167
9,882		McCormick & Co, Inc		355,456
624	e	MGP Ingredients, Inc		6,408
4,107		Molson Coors Brewing Co (Class B)		409,345
280		National Beverage Corp		2,374
760	e*	Peet's Coffee & Tea, Inc		21,212
11,110		Pepsi Bottling Group, Inc		412,959
4,740		PepsiAmericas, Inc		153,766
124,401		PepsiCo, Inc		9,113,617
3,223	*	Performance Food Group Co		97,109
1,934	*	Ralcorp Holdings, Inc		107,956
1,307	e	Reddy Ice Holdings, Inc		34,466
1,125	e	Sanderson Farms, Inc		46,879
57,763		Sara Lee Corp		964,064
7,945	*	Smithfield Foods, Inc		250,267
3,000	e	Tootsie Roll Industries, Inc		79,590
2,662		Topps Co, Inc		25,795
2,537	e*	TreeHouse Foods, Inc		68,626
19,085		Tyson Foods, Inc (Class A)		340,685
18,630		Wrigley (Wm.) Jr Co		1,196,605
		TOTAL FOOD AND KINDRED PRODUCTS		42,205,741
FOOD STORES - 0.33%
105	e	Arden Group, Inc (Class A)		14,651
1,099	e*	Great Atlantic & Pacific Tea Co, Inc		33,476
1,053	e	Ingles Markets, Inc (Class A)		30,179
54,609		Kroger Co		1,557,449
2,089	e*	Panera Bread Co (Class A)		85,231
1,523	e*	Pantry, Inc		39,034
3,348	*	Pathmark Stores, Inc		42,687
2,653		Ruddick Corp		88,982
34,278		Safeway, Inc		1,134,944
16,009		Supervalu, Inc		624,511
1,576		Weis Markets, Inc		67,280
10,830	e	Whole Foods Market, Inc		530,237
2,499	e*	Winn-Dixie Stores, Inc		46,781
		TOTAL FOOD STORES		4,295,442
FORESTRY - 0.11%
5,897		Rayonier, Inc		283,292
16,241		Weyerhaeuser Co		1,174,224
		TOTAL FORESTRY		1,457,516

116

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
FURNITURE AND FIXTURES - 0.30%
2,218	e	Ethan Allen Interiors, Inc	$	72,506
2,961	e	Furniture Brands International, Inc		30,025
4,756		Herman Miller, Inc		129,078
4,955		Hillenbrand Industries, Inc		272,624
3,718	e	HNI Corp		133,848
472		Hooker Furniture Corp		9,449
3,905		Interface, Inc (Class A)		70,485
15,167		Johnson Controls, Inc		1,791,374
1,541	e	Kimball International, Inc (Class B)		17,537
2,848	e	La-Z-Boy, Inc		21,018
13,454		Leggett & Platt, Inc		257,779
27,465		Masco Corp		636,364
3,423	e	Sealy Corp		48,059
3,453	e*	Select Comfort Corp		48,169
6,929		Tempur-Pedic International, Inc		247,712
2,514	*	Williams Scotsman International, Inc		69,663
		TOTAL FURNITURE AND FIXTURES		3,855,690
FURNITURE AND HOME FURNISHINGS STORES - 0.19%
20,997	*	Bed Bath & Beyond, Inc		716,418
12,474	e	Circuit City Stores, Inc		98,670
11,860	*	GameStop Corp (Class A)		668,311
2,067	e*	Guitar Center, Inc		122,573
1,389	e	Haverty Furniture Cos, Inc		12,181
3,714		Knoll, Inc		65,886
4,169	e*	Mohawk Industries, Inc		338,940
9,172	e*	Pier 1 Imports, Inc		43,383
6,361		Steelcase, Inc (Class A)		114,371
1,646	e	Tuesday Morning Corp		14,798
6,605	e	Williams-Sonoma, Inc		215,455
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		2,410,986
GENERAL BUILDING CONTRACTORS - 0.18%
200	e	Amrep Corp		5,360
788	e*	Avatar Holdings, Inc		39,345
5,590	e	Beazer Homes USA, Inc		46,118
1,171	e	Brookfield Homes Corp		21,722
10,120		Centex Corp		268,888
22,813		DR Horton, Inc		292,243
5,360	e*	Hovnanian Enterprises, Inc (Class A)		59,442
5,593	e	KB Home		140,160
11,099		Lennar Corp (Class A)		251,392
1,170	e	M/I Homes, Inc		16,251
2,384		McGrath RentCorp		79,244
2,585	e	MDC Holdings, Inc		105,830
3,698	e*	Meritage Homes Corp		52,216
322	e*	NVR, Inc		151,421
984	e*	Palm Harbor Homes, Inc		12,280
1,931	*	Perini Corp		108,001
17,229		Pulte Homes, Inc		234,487
3,725		Ryland Group, Inc		79,827
7,641	e	Standard-Pacific Corp		41,949
1,152	e*	Team, Inc		31,542

117

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
9,128	*	Toll Brothers, Inc	$	182,469
3,768	e	Walter Industries, Inc		101,359
2,426	e*	WCI Communities, Inc		14,532
		TOTAL GENERAL BUILDING CONTRACTORS		2,336,078
GENERAL MERCHANDISE STORES - 1.45%
2,769	e*	99 Cents Only Stores		28,438
8,184	e*	Big Lots, Inc		244,211
4,739	*	BJ's Wholesale Club, Inc		157,145
1,918	e	Bon-Ton Stores, Inc		43,577
3,805	e*	Cabela's, Inc		89,988
4,078		Casey's General Stores, Inc		112,961
588	e*	Conn's, Inc		14,047
34,187		Costco Wholesale Corp		2,098,056
4,799	e	Dillard's, Inc (Class A)		104,762
10,966		Family Dollar Stores, Inc		291,257
2,660	e	Fred's, Inc		28,010
16,959		JC Penney Co, Inc		1,074,692
34,478		Macy's, Inc		1,114,329
3,983	e*	Retail Ventures, Inc		41,463
10,082	e	Saks, Inc		172,906
1,431	e	Stein Mart, Inc		10,890
65,207		Target Corp		4,145,209
34,118		TJX Cos, Inc		991,810
184,141		Wal-Mart Stores, Inc		8,037,755
		TOTAL GENERAL MERCHANDISE STORES		18,801,506
HEALTH SERVICES - 1.28%
1,564	e*	Alliance Imaging, Inc		14,170
2,499	e*	Amedisys, Inc		96,012
889	*	American Dental Partners, Inc		24,901
14,553		AmerisourceBergen Corp		659,687
2,963	*	Amsurg Corp		68,356
3,023	e*	Apria Healthcare Group, Inc		78,628
4,413	e*	Assisted Living Concepts, Inc (A Shares)		40,335
839	e*	Bio-Reference Labs, Inc		28,325
2,109	e	Brookdale Senior Living, Inc		83,959
21,592		Cigna Corp		1,150,638
7,827	*	Community Health Systems, Inc		246,081
498	e*	Corvel Corp		11,514
4,755	*	Covance, Inc		370,414
11,374	*	Coventry Health Care, Inc		707,577
2,028	e*	Cross Country Healthcare, Inc		35,429
1,679	*	CryoLife, Inc		15,867
8,297	*	DaVita, Inc		524,204
4,490	*	Edwards Lifesciences Corp		221,402
884	*	eHealth, Inc		24,487
900	e*	Emeritus Corp		24,390
1,610	e*	Enzo Biochem, Inc		18,274
16,984	*	Express Scripts, Inc		948,047
1,154	e*	Genomic Health, Inc		22,145
3,149	*	Gentiva Health Services, Inc		60,492
17,357	e	Health Management Associates, Inc (Class A)		120,458
6,590	e*	Healthsouth Corp		115,391

118

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,689	e*	Healthways, Inc	$	145,125
5,320	e*	Hythiam, Inc		39,581
15,671	e*	Immunomedics, Inc		35,887
2,207	*	Kindred Healthcare, Inc		39,527
8,939	*	Laboratory Corp of America Holdings		699,298
1,585		LCA-Vision, Inc		46,583
768	e*	LHC Group, Inc		16,489
4,530	e*	LifePoint Hospitals, Inc		135,945
6,209	*	Lincare Holdings, Inc		227,560
2,682	*	Magellan Health Services, Inc		108,835
5,911	e	Manor Care, Inc		380,668
1,505	e*	Matria Healthcare, Inc		39,371
23,048		McKesson Corp		1,354,992
1,465	*	Medcath Corp		40,229
21,472	*	Medco Health Solutions, Inc		1,940,854
429	e	National Healthcare Corp		22,046
9,367	e*	Nektar Therapeutics		82,711
1,558	e*	Nighthawk Radiology Holdings, Inc		38,187
2,530	*	Odyssey HealthCare, Inc		24,313
9,147	e	Omnicare, Inc		303,040
4,063	*	Pediatrix Medical Group, Inc		265,801
7,485		Pharmaceutical Product Development, Inc		265,268
4,222	*	Psychiatric Solutions, Inc		165,840
818	e*	Radiation Therapy Services, Inc		17,031
1,135	*	RehabCare Group, Inc		19,965
3,888	*	Sierra Health Services, Inc		164,035
1,633	*	Skilled Healthcare Group, Inc (Class A)		25,720
2,010	e*	Stereotaxis, Inc		27,718
3,260	*	Sun Healthcare Group, Inc		54,475
3,447	e*	Sunrise Senior Living, Inc		121,920
35,326	*	Tenet Healthcare Corp		118,695
3,216		Universal Health Services, Inc (Class B)		175,015
46,867	*	WellPoint, Inc		3,698,743
		TOTAL HEALTH SERVICES		16,552,650
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.08%
990	e*	Comverge, Inc		32,532
5,433	*	Foster Wheeler Ltd		713,244
2,564		Granite Construction, Inc		135,943
3,510	*	Great Lakes Dredge & Dock Corp		30,748
2,299	*	Matrix Service Co		48,164
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		960,631
HOLDING AND OTHER INVESTMENT OFFICES - 2.25%
3,304	e	Acadia Realty Trust		89,638
2,209	e*	Affiliated Managers Group, Inc		281,670
783	e	Agree Realty Corp		24,539
4,709		Alesco Financial, Inc		23,168
159	e*	Alexander's, Inc		61,295
2,492		Alexandria Real Estate Equities, Inc		239,880
12,118	e	Allied Capital Corp		356,148
7,814		AMB Property Corp		467,355
1,847		American Campus Communities, Inc		54,099
8,669		American Financial Realty Trust		69,785

119

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
23,731		Annaly Mortgage Management, Inc	$	378,035
4,436		Anthracite Capital, Inc		40,368
4,167		Anworth Mortgage Asset Corp		22,460
7,162		Apartment Investment & Management Co (Class A)		323,221
8,110	e	Apollo Investment Corp		168,688
583	e	Arbor Realty Trust, Inc		11,013
16,736	*	Archstone-Smith Trust		1,006,503
6,698		Ashford Hospitality Trust, Inc		67,315
1,112		Associated Estates Realty Corp		14,500
5,956		AvalonBay Communities, Inc		703,165
5,567		BioMed Realty Trust, Inc		134,165
7,759		Boston Properties, Inc		806,160
6,374		Brandywine Realty Trust		161,326
3,781	e	BRE Properties, Inc (Class A)		211,471
514	e	BRT Realty Trust		8,913
4,080		Camden Property Trust		262,140
2,045	e	Capital Lease Funding, Inc		20,961
190	e	Capital Southwest Corp		23,324
1,313	e	Capital Trust, Inc (Class A)		46,612
4,836		CBL & Associates Properties, Inc		169,502
9,000	e	CBRE Realty Finance, Inc		53,100
2,657	e	Cedar Shopping Centers, Inc		36,188
484	e	Cherokee, Inc		18,566
3,498		Colonial Properties Trust		119,981
3,280		Corporate Office Properties Trust		136,546
2,816		Cousins Properties, Inc		82,678
4,036	e	Crystal River Capital, Inc		67,845
12,020		DCT Industrial Trust, Inc		125,849
7,878	e	Deerfield Triarc Capital Corp		71,296
9,334		Developers Diversified Realty Corp		521,491
6,775	e	DiamondRock Hospitality Co		117,953
3,858	e	Digital Realty Trust, Inc		151,967
8,477		Douglas Emmett, Inc		209,636
10,171		Duke Realty Corp		343,882
1,703	e	EastGroup Properties, Inc		77,078
1,434	e	Education Realty Trust, Inc		19,359
2,127		Entertainment Properties Trust		108,052
3,690		Equity Inns, Inc		83,320
1,768		Equity Lifestyle Properties, Inc		91,582
2,960	e	Equity One, Inc		80,512
22,303		Equity Residential		944,755
2,054	e	Essex Property Trust, Inc		241,489
4,460	e	Extra Space Storage, Inc		68,639
4,190		Federal Realty Investment Trust		371,234
4,582		FelCor Lodging Trust, Inc		91,319
3,613	e	First Industrial Realty Trust, Inc		140,437
1,281	e	First Potomac Realty Trust		27,926
4,433	e	Franklin Street Properties Corp		76,469
13,411	e	Friedman Billings Ramsey Group, Inc (Class A)		61,825
16,227	e	General Growth Properties, Inc		870,092
1,384	e	Getty Realty Corp		37,645
631	e	Gladstone Capital Corp		12,317
2,416	e	Glimcher Realty Trust		56,776
2,980	e	GMH Communities Trust		23,095

120

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,095		Gramercy Capital Corp	$	27,561
15,446		HCP, Inc		512,344
6,001		Health Care REIT, Inc		265,484
3,074	e	Healthcare Realty Trust, Inc		81,953
4,843		Hersha Hospitality Trust		47,946
2,150	*	HFF, Inc (Class A)		25,521
3,878		Highwoods Properties, Inc		142,206
4,346	e*	Hilltop Holdings, Inc		51,022
2,644		Home Properties, Inc		137,964
7,071		Hospitality Properties Trust		287,436
38,243		Host Marriott Corp		858,173
14,566		HRPT Properties Trust		144,058
7,504	e	IMPAC Mortgage Holdings, Inc		11,556
5,374	e	Inland Real Estate Corp		83,243
3,321	e	Investors Real Estate Trust		35,867
9,900		iShares Russell 3000 Index Fund		871,101
9,075		iStar Financial, Inc		308,459
3,764	e*	Jamba, Inc		26,461
1,554	e	JER Investors Trust, Inc		19,347
2,449	e	Kilroy Realty Corp		148,483
16,483		Kimco Realty Corp		745,196
2,360	e	Kite Realty Group Trust		44,368
2,948		LaSalle Hotel Properties		124,052
4,865		Lexington Corporate Properties Trust		97,349
6,696		Liberty Property Trust		269,246
1,903	e	LTC Properties, Inc		45,044
4,317	e	Luminent Mortgage Capital, Inc		7,209
5,204		Macerich Co		455,766
5,231		Mack-Cali Realty Corp		214,994
2,728		Maguire Properties, Inc		70,464
2,665	e	Medical Properties Trust, Inc		35,498
4,180	e*	Meruelo Maddux Properties, Inc		24,704
8,541		MFA Mortgage Investments, Inc		68,755
2,242		Mid-America Apartment Communities, Inc		111,764
1,462	e	Mission West Properties, Inc		17,763
1,200		MVC Capital, Inc		22,236
1,805	e	National Health Investors, Inc		55,793
4,801		National Retail Properties, Inc		117,048
6,297		Nationwide Health Properties, Inc		189,729
2,998	e	Newcastle Investment Corp		52,825
3,016	e*	NexCen Brands, Inc		20,268
5,372	e	NorthStar Realty Finance Corp		53,344
929	e	Novastar Financial, Inc		8,240
4,883		Omega Healthcare Investors, Inc		75,833
1,053		Parkway Properties, Inc		46,479
1,437	e	PennantPark Investment Corp		19,256
2,347		Pennsylvania Real Estate Investment Trust		91,392
13,740		Plum Creek Timber Co, Inc		615,002
3,291	e	Post Properties, Inc		127,362
3,023		Potlatch Corp		136,126
19,263		Prologis		1,278,100
1,446	e	Prospect Capital Corp		24,611
1,279		PS Business Parks, Inc		72,711
9,334		Public Storage, Inc		734,119

121

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,164		Quadra Realty Trust, Inc	$	11,093
4,896	e	RAIT Investment Trust		40,294
1,853		Ramco-Gershenson Properties		57,888
7,952		Realty Income Corp		222,258
2,390		Redwood Trust, Inc		79,396
5,566		Regency Centers Corp		427,191
1,640	e	Republic Property Trust		24,059
2,220	e	Resource Capital Corp		24,997
1,224		Saul Centers, Inc		63,036
5,913	e	Senior Housing Properties Trust		130,441
16,945		Simon Property Group, Inc		1,694,500
4,438	e	SL Green Realty Corp		518,225
1,893		Sovran Self Storage, Inc		86,775
1,248	e*	Star Maritime Acquisition Corp		17,484
6,370	e	Strategic Hotels & Resorts, Inc		131,158
1,120		Sun Communities, Inc		33,690
4,955		Sunstone Hotel Investors, Inc		127,046
2,345	e	Tanger Factory Outlet Centers, Inc		95,184
2,560	e*	Tarragon Corp		6,707
4,105		Taubman Centers, Inc		224,749
7,658	*	TFS Financial Corp		99,094
9,675	e	Thornburg Mortgage, Inc		124,324
9,982		UDR, Inc		242,762
1,002		Universal Health Realty Income Trust		35,601
1,403	e	Urstadt Biddle Properties, Inc (Class A)		21,704
3,138		U-Store-It Trust		41,422
9,979		Ventas, Inc		413,130
21,329		Virgin Media, Inc		517,655
10,016		Vornado Realty Trust		1,095,250
4,225		WABCO Holdings, Inc		197,519
3,821	e	Washington Real Estate Investment Trust		126,781
5,601	e	Weingarten Realty Investors		232,217
2,500		Winthrop Realty Trust		16,825
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		29,127,604
HOTELS AND OTHER LODGING PLACES - 0.60%
1,830	e	Ameristar Casinos, Inc		51,423
5,191	e*	Bluegreen Corp		40,230
4,639		Boyd Gaming Corp		198,781
2,890		Choice Hotels International, Inc		108,866
2,906	*	Gaylord Entertainment Co		154,657
3,859	e*	Great Wolf Resorts, Inc		47,697
29,235		Hilton Hotels Corp		1,359,181
2,506	e*	Isle of Capri Casinos, Inc		48,742
7,976	*	Las Vegas Sands Corp		1,064,158
1,580	*	Lodgian, Inc		18,644
1,423		Marcus Corp		27,322
24,670		Marriott International, Inc (Class A)		1,072,405
9,069	*	MGM Mirage		811,131
610	*	Monarch Casino & Resort, Inc		17,354
2,408	e*	Morgans Hotel Group Co		52,374
3,851	e	Orient-Express Hotels Ltd (Class A)		197,441
1,237	*	Riviera Holdings Corp		34,698
16,152		Starwood Hotels & Resorts Worldwide, Inc		981,234

122

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,205	e	Station Casinos, Inc	$	280,373
2,779	e*	Trump Entertainment Resorts, Inc		17,925
2,226	e*	Vail Resorts, Inc		138,658
13,259		Wyndham Worldwide Corp		434,365
4,187		Wynn Resorts Ltd		659,704
		TOTAL HOTELS AND OTHER LODGING PLACES		7,817,363
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.28%
786	e*	Aaon, Inc		15,508
2,174		Actuant Corp (Class A)		141,245
6,714	*	AGCO Corp		340,870
2,626		Albany International Corp (Class A)		98,449
1,176	*	Allis-Chalmers Energy, Inc		22,273
1,860	*	Altra Holdings, Inc		31,006
13,507		American Standard Cos, Inc		481,119
496		Ampco-Pittsburgh Corp		19,532
105,505		Applied Materials, Inc		2,183,974
1,755	*	Astec Industries, Inc		100,825
1,774	e*	ASV, Inc		24,889
6,675	*	Asyst Technologies, Inc		35,311
10,188	*	Axcelis Technologies, Inc		52,066
5,270		Black & Decker Corp		438,991
1,195		Black Box Corp		51,098
3,167	*	Blount International, Inc		35,977
3,442	e	Briggs & Stratton Corp		86,669
29,510	*	Brocade Communications Systems, Inc		252,606
5,560	*	Brooks Automation, Inc		79,174
2,667	e	Bucyrus International, Inc (Class A)		194,504
5,163		Carlisle Cos, Inc		250,922
1,107	e	Cascade Corp		72,143
48,814		Caterpillar, Inc		3,828,482
4,824		CDW Corp		420,653
6,306	*	Cirrus Logic, Inc		40,358
1,214	*	Columbus McKinnon Corp		30,216
6,439	*	Cray, Inc		46,361
7,886		Cummins, Inc		1,008,541
3,255		Curtiss-Wright Corp		154,613
2,621	*	Cymer, Inc		100,620
17,306		Deere & Co		2,568,557
173,413	*	Dell, Inc		4,786,199
5,077		Diebold, Inc		230,597
6,024		Donaldson Co, Inc		251,562
15,435		Dover Corp		786,413
6,235	*	Dresser-Rand Group, Inc		266,297
1,925	*	Dril-Quip, Inc		94,999
5,230	*	Electronics for Imaging, Inc		140,478
160,063	*	EMC Corp		3,329,310
6,226	*	Emulex Corp		119,352
2,000	*	ENGlobal Corp		22,820
1,365	e*	EnPro Industries, Inc		55,419
9,368	*	Entegris, Inc		81,314
7,219	*	Extreme Networks, Inc		27,721
1,416	*	Flotek Industries, Inc		62,516
2,741	e*	Flow International Corp		24,176

123

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,610		Flowserve Corp	$	351,190
10,192	*	FMC Technologies, Inc		587,671
1,264	e*	Fuel Tech, Inc		27,922
4,098	*	Gardner Denver, Inc		159,822
25,134	*	Gateway, Inc		47,252
647	e*	Gehl Co		14,448
785,346	d	General Electric Co		32,513,324
2,719	*	Goodman Global, Inc		64,930
591	e	Gorman-Rupp Co		19,598
5,188		Graco, Inc		202,903
10,014	*	Grant Prideco, Inc		545,963
800		Hardinge, Inc		27,864
204,314		Hewlett-Packard Co		10,172,794
397	e*	Hurco Cos, Inc		21,462
5,713		IDEX Corp		207,896
1,919	*	Immersion Corp		31,433
22,612		Ingersoll-Rand Co Ltd (Class A)		1,231,676
4,409	e*	Intermec, Inc		115,163
104,200		International Business Machines Corp		12,274,760
25,059		International Game Technology		1,080,043
2,352	*	Intevac, Inc		35,750
3,240	e*	Isilon Systems, Inc		24,948
14,281	e	Jabil Circuit, Inc		326,178
7,892		Joy Global, Inc		401,387
921	*	Kadant, Inc		25,788
1,994		Kaydon Corp		103,668
2,835		Kennametal, Inc		238,083
4,096	*	Kulicke & Soffa Industries, Inc		34,734
9,823	*	Lam Research Corp		523,173
4,105		Lennox International, Inc		138,749
6,886	*	Lexmark International, Inc (Class A)		285,976
832	e	Lindsay Manufacturing Co		36,425
1,012		Lufkin Industries, Inc		55,680
9,882		Manitowoc Co, Inc		437,575
3,235	*	Micros Systems, Inc		210,501
1,266	e*	Middleby Corp		81,708
2,202		Modine Manufacturing Co		58,617
407		Nacco Industries, Inc (Class A)		42,116
1,277	*	NATCO Group, Inc (Class A)		66,085
2,509	e*	Netgear, Inc		76,324
2,745		Nordson Corp		137,826
3,756	e*	Oil States International, Inc		181,415
9,195		Pall Corp		357,686
7,886		Palm, Inc		128,305
9,892	*	Quantum Corp		33,633
2,563	e*	Rackable Systems, Inc		33,242
2,125	*	RBC Bearings, Inc		81,494
749	e*	Rimage Corp		16,808
1,427	*	Riverbed Technology, Inc		57,637
1,027		Robbins & Myers, Inc		58,837
11,896		Rockwell Automation, Inc		826,891
8,149	e*	Safeguard Scientifics, Inc		18,661
17,151	*	SanDisk Corp		945,020
801	e	Sauer-Danfoss, Inc		21,371

124

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,906	e*	Scansource, Inc	$	53,578
4,426	e*	Scientific Games Corp (Class A)		166,418
42,435		Seagate Technology, Inc		1,085,487
2,131	m,v*	Seagate Technology, Inc		(0)
861	e*	Semitool, Inc		8,352
2,037	e*	Sigma Designs, Inc		98,265
487	e*	Silicon Graphics, Inc		9,618
64,964	*	Solectron Corp		253,360
9,117	e*	SourceForge, Inc		22,337
4,139		SPX Corp		383,106
908		Standex International Corp		18,777
2,311	e*	STEC, Inc		17,633
405	*	T-3 Energy Services, Inc		17,269
1,238	*	Tecumseh Products Co (Class A)		23,832
1,122	e	Tennant Co		54,641
7,606	*	Terex Corp		677,086
7,471		Timken Co		277,548
3,451		Toro Co		203,022
3,559	*	TurboChef Technologies, Inc		46,979
334		Twin Disc, Inc		19,439
1,844	e*	Ultratech, Inc		25,558
9,388	*	Varian Medical Systems, Inc		393,263
4,504	e*	VeriFone Holdings, Inc		199,662
1,876		Watsco, Inc		87,103
16,275	*	Western Digital Corp		412,083
2,409	e	Woodward Governor Co		150,322
5,840	*	Zebra Technologies Corp (Class A)		213,102
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		94,204,970
INSTRUMENTS AND RELATED PRODUCTS - 4.50%
1,448	e*	Abaxis, Inc		32,508
1,257	e*	Abiomed, Inc		15,625
1,460	*	Accuray, Inc		25,492
4,345	e*	Advanced Medical Optics, Inc		132,914
4,623	*	Affymetrix, Inc		117,286
30,247	*	Agilent Technologies, Inc		1,115,546
5,548	*	Align Technology, Inc		140,531
23,574		Allergan, Inc		1,519,816
5,289	e*	American Medical Systems Holdings, Inc		89,649
531	e	American Science & Engineering, Inc		33,272
1,240		Analogic Corp		79,062
1,598	e*	Anaren, Inc		22,532
2,859	*	Angiodynamics, Inc		53,892
14,705		Applera Corp (Applied Biosystems Group)		509,381
929	e*	Argon ST, Inc		18,394
2,044		Arrow International, Inc		92,982
1,986	e*	Arthrocare Corp		110,998
1,064	e*	Aspect Medical Systems, Inc		14,438
710	e	Badger Meter, Inc		22,756
7,906		Bard (C.R.), Inc		697,230
4,077	e	Bausch & Lomb, Inc		260,928
49,673		Baxter International, Inc		2,795,596
4,916		Beckman Coulter, Inc		362,604
18,904		Becton Dickinson & Co		1,551,073

125

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,659	*	Bio-Rad Laboratories, Inc (Class A)	$	150,140
99,939	*	Boston Scientific Corp		1,394,149
4,735	*	Bruker BioSciences Corp		41,668
845	*	Cantel Medical Corp		13,190
6,208	e*	Cepheid, Inc		141,542
1,956	*	Coherent, Inc		62,748
1,401	e	Cohu, Inc		26,269
2,009	*	Conmed Corp		56,232
3,217	e	Cooper Cos, Inc		168,635
38,153		Covidien Ltd		1,583,350
11,551	e*	Credence Systems Corp		35,693
985	e*	Cutera, Inc		25,817
1,364	e*	Cyberonics, Inc		19,014
565	e*	Cynosure, Inc (Class A)		20,849
18,939		Danaher Corp		1,566,445
993		Datascope Corp		33,573
12,021		Dentsply International, Inc		500,554
1,435	e*	Dionex Corp		114,025
2,224	e*	DJ Orthopedics, Inc		109,198
3,541		DRS Technologies, Inc		195,180
890	*	Eagle Test Systems, Inc		11,410
22,118	e	Eastman Kodak Co		591,878
1,328	e	EDO Corp		74,381
60,837		Emerson Electric Co		3,237,745
1,677	*	ESCO Technologies, Inc		55,743
2,236	*	Esterline Technologies Corp		127,564
1,127	e*	ev3, Inc		18,505
900	*	Excel Technology, Inc		22,455
1,082	*	FARO Technologies, Inc		47,770
2,562	e*	FEI Co		80,524
4,773	*	Flir Systems, Inc		264,376
3,441	e*	Formfactor, Inc		152,677
3,552	*	Fossil, Inc		132,703
1,142	e*	Foxhollow Technologies, Inc		30,149
2,669	*	Haemonetics Corp		131,902
3,913	*	Hologic, Inc		238,693
803	e*	ICU Medical, Inc		31,116
1,409	e*	I-Flow Corp		26,193
1,718	*	II-VI, Inc		59,323
4,350	e*	Illumina, Inc		225,678
1,167	e*	Integra LifeSciences Holdings Corp		56,693
2,761	*	Intuitive Surgical, Inc		635,030
1,833	e	Invacare Corp		42,856
2,816	e*	Ionatron, Inc		9,659
2,184	e*	Itron, Inc		203,265
2,349	*	Ixia		20,483
220,969		Johnson & Johnson		14,517,728
730	e*	Kensey Nash Corp		19,060
14,622		Kla-Tencor Corp		815,615
3,565	*	Kyphon, Inc		249,550
4,294	*	L-1 Identity Solutions, Inc		80,942
4,707	e*	LTX Corp		16,804
708	e*	Measurement Specialties, Inc		19,753
911	*	Medical Action Industries, Inc		21,554

126

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
87,658		Medtronic, Inc	$	4,944,788
3,404	e	Mentor Corp		156,754
1,974	e*	Merit Medical Systems, Inc		25,623
2,916	*	Mettler-Toledo International, Inc		297,432
1,111	*	Micrus Endovascular Corp		20,298
4,373	*	Millipore Corp		331,473
2,677	e	Mine Safety Appliances Co		126,113
3,655	*	MKS Instruments, Inc		69,518
1,160	e	Movado Group, Inc		37,027
1,493		MTS Systems Corp		62,109
4,144		National Instruments Corp		142,264
1,239	*	Natus Medical, Inc		19,750
3,159	e*	Newport Corp		48,112
1,400	e*	Northstar Neuroscience, Inc		15,624
2,232	*	NuVasive, Inc		80,196
1,473	e*	NxStage Medical, Inc		21,344
2,399		Oakley, Inc		69,643
1,201	e*	Orthofix International NV		58,813
258	e*	OYO Geospace Corp		23,919
1,095	e*	Palomar Medical Technologies, Inc		31,197
9,062		PerkinElmer, Inc		264,730
17,512		Pitney Bowes, Inc		795,395
1,814		PolyMedica Corp		95,271
6,206	e*	Resmed, Inc		266,051
5,652	*	Respironics, Inc		271,466
12,602		Rockwell Collins, Inc		920,450
1,387	*	Rofin-Sinar Technologies, Inc		97,381
6,901		Roper Industries, Inc		452,016
1,888	e*	Rudolph Technologies, Inc		26,111
4,174	e*	Sirf Technology Holdings, Inc		89,115
1,128	e*	Sirona Dental Systems, Inc		40,236
1,949	e*	Sonic Innovations, Inc		17,872
1,326	e*	Sonic Solutions, Inc		13,883
1,231	e*	SonoSite, Inc		37,570
2,046	e*	Spectranetics Corp		27,580
26,281	*	St. Jude Medical, Inc		1,158,204
5,379		STERIS Corp		147,008
23,367		Stryker Corp		1,606,715
2,328	e*	Symmetry Medical, Inc		38,878
3,374	*	Techne Corp		212,832
6,529		Tektronix, Inc		181,114
2,554	*	Teledyne Technologies, Inc		136,358
13,384	*	Teradyne, Inc		184,699
32,376	*	Thermo Electron Corp		1,868,743
3,898	e*	Thoratec Corp		80,650
9,094	*	Trimble Navigation Ltd		356,576
569	e	United Industrial Corp		42,823
2,586	*	Varian, Inc		164,495
1,843	e*	Veeco Instruments, Inc		35,717
2,151	*	Ventana Medical Systems, Inc		184,792
1,742	e*	Vital Images, Inc		34,004
832		Vital Signs, Inc		43,380
4,143	e*	Vivus, Inc		20,549
1,746	*	Volcano Corp		28,704

127

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,952	*	Waters Corp	$	532,148
2,172	*	Wright Medical Group, Inc		58,253
70,354	*	Xerox Corp		1,219,938
1,511	*	X-Rite, Inc		21,819
18,265	*	Zimmer Holdings, Inc		1,479,282
1,434	*	Zoll Medical Corp		37,169
1,229	*	Zygo Corp		16,014
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		58,230,541
INSURANCE AGENTS, BROKERS AND SERVICE - 0.43%
22,975		AON Corp		1,029,510
8,720	e	Brown & Brown, Inc		229,336
1,201	e*	Crawford & Co (Class B)		7,638
7,414	e	Gallagher (Arthur J.) & Co		214,784
24,281		Hartford Financial Services Group, Inc		2,247,207
2,857		Hilb Rogal & Hobbs Co		123,794
598	e	James River Group, Inc		19,375
41,672		Marsh & McLennan Cos, Inc		1,062,636
2,733	e	National Financial Partners Corp		144,794
1,801	*	United America Indemnity Ltd (Class A)		38,740
721	e	White Mountains Insurance Group Ltd		374,740
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		5,492,554
INSURANCE CARRIERS - 4.65%
4,550	*	ACA Capital Holdings, Inc		27,710
25,386		ACE Ltd		1,537,630
39,208		Aetna, Inc		2,127,818
37,501		Aflac, Inc		2,139,057
2,413		Alfa Corp		43,868
441	e*	Alleghany Corp		179,046
5,215		Allied World Assurance Holdings Ltd		270,711
46,415		Allstate Corp		2,654,474
8,033	e	Ambac Financial Group, Inc		505,356
3,771	e	American Equity Investment Life Holding Co		40,161
5,978		American Financial Group, Inc		170,493
170,933		American International Group, Inc		11,563,684
1,393		American National Insurance Co		183,249
1,012		American Physicians Capital, Inc		39,428
3,835	*	AMERIGROUP Corp		132,231
1,343	*	Amerisafe, Inc		22,213
1,831		Amtrust Financial Services, Inc		27,776
4,136	*	Arch Capital Group Ltd		307,760
2,387	*	Argo Group International Holdings Ltd		103,858
6,388		Aspen Insurance Holdings Ltd		178,289
9,572		Assurant, Inc		512,102
4,931		Assured Guaranty Ltd		133,975
12,255		Axis Capital Holdings Ltd		476,842
711	e	Baldwin & Lyons, Inc (Class B)		19,417
3,736	*	Centene Corp		80,361
30,976		Chubb Corp		1,661,553
12,994		Cincinnati Financial Corp		562,770
2,569	e*	Citizens, Inc		19,653
1,739		CNA Financial Corp		68,377
1,063	*	CNA Surety Corp		18,741

128

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,890	e	Commerce Group, Inc	$	114,638
13,444	*	Conseco, Inc		215,104
539	*	Darwin Professional Underwriters, Inc		11,642
3,312		Delphi Financial Group, Inc (Class A)		133,871
419	e	Donegal Group, Inc (Class A)		6,779
178		EMC Insurance Group, Inc		4,626
4,260	e	Employers Holdings, Inc		87,799
5,267		Endurance Specialty Holdings Ltd		218,844
506	e*	Enstar Group Ltd		64,136
3,673	e	Erie Indemnity Co (Class A)		224,530
4,891		Everest Re Group Ltd		539,184
1,117		FBL Financial Group, Inc (Class A)		44,110
15,770		Fidelity National Title Group, Inc (Class A)		275,660
1,688	e*	First Acceptance Corp		8,524
7,218		First American Corp		264,323
906	*	First Mercury Financial Corp		19,488
1,033	e	Flagstone Reinsurance Holdings Ltd		13,729
665	*	Fpic Insurance Group, Inc		28,628
32,705		Genworth Financial, Inc (Class A)		1,005,025
642	*	Greenlight Capital Re Ltd (Class A)		13,020
3,730		Hanover Insurance Group, Inc		164,829
1,021		Harleysville Group, Inc		32,652
9,561		HCC Insurance Holdings, Inc		273,827
8,153	*	Health Net, Inc		440,670
2,904	e*	HealthExtras, Inc		80,818
3,465	*	Healthspring, Inc		67,568
2,772		Horace Mann Educators Corp		54,636
12,904	*	Humana, Inc		901,732
477		Independence Holding Co		9,721
1,955		Infinity Property & Casualty Corp		78,630
4,642		IPC Holdings Ltd		133,922
246		Kansas City Life Insurance Co		10,844
1,241	e	LandAmerica Financial Group, Inc		48,374
12,740		Leucadia National Corp		614,323
20,370		Lincoln National Corp		1,343,809
33,500		Loews Corp		1,619,725
804	*	Markel Corp		389,136
4,401		Max Re Capital Ltd		123,404
10,168	e	MBIA, Inc		620,756
1,740	*	Meadowbrook Insurance Group, Inc		15,677
2,119		Mercury General Corp		114,278
36,101		Metlife, Inc		2,517,323
5,996		MGIC Investment Corp		193,731
655	e	Midland Co		35,999
1,647	e*	Molina Healthcare, Inc		59,737
8,145		Montpelier Re Holdings Ltd		144,167
1,070	e	National Interstate Corp		32,945
147		National Western Life Insurance Co (Class A)		37,626
3,844	e	Nationwide Financial Services, Inc (Class A)		206,884
840	*	Navigators Group, Inc		45,570
393		NYMAGIC, Inc		10,929
1,911	e	Odyssey Re Holdings Corp		70,917
18,927		Old Republic International Corp		354,692
2,079		OneBeacon Insurance Group Ltd		44,802

129

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,562	e	PartnerRe Ltd	$	360,352
4,191	*	Philadelphia Consolidated Holding Co		173,256
8,285		Phoenix Cos, Inc		116,901
4,348		Platinum Underwriters Holdings Ltd		156,354
2,758	e*	PMA Capital Corp (Class A)		26,201
6,414		PMI Group, Inc		209,738
1,376	e	Presidential Life Corp		23,337
3,319	e*	Primus Guaranty Ltd		34,916
20,800		Principal Financial Group		1,312,272
2,295	e*	ProAssurance Corp		123,632
55,262		Progressive Corp		1,072,635
5,164		Protective Life Corp		219,160
35,408		Prudential Financial, Inc		3,455,113
5,978		Radian Group, Inc		139,168
1,314	*	RAM Holdings Ltd		12,220
2,042	e	Reinsurance Group Of America, Inc		115,761
5,779		RenaissanceRe Holdings Ltd		378,004
1,621	e	RLI Corp		91,943
8,227		Safeco Corp		503,657
876		Safety Insurance Group, Inc		31,483
4,855	*	Scottish Re Group Ltd		15,487
1,144	*	SeaBright Insurance Holdings, Inc		19,528
1,745	e	Security Capital Assurance Ltd		39,856
4,248	e	Selective Insurance Group, Inc		90,397
4,232		Stancorp Financial Group, Inc		209,526
2,075	e	State Auto Financial Corp		60,694
1,175		Stewart Information Services Corp		40,267
7,429		Torchmark Corp		462,975
1,072		Tower Group, Inc		28,065
2,017		Transatlantic Holdings, Inc		141,856
50,737		Travelers Cos, Inc/The		2,554,101
737	e*	Triad Guaranty, Inc		13,981
1,260		United Fire & Casualty Co		49,253
102,257		UnitedHealth Group, Inc		4,952,307
3,532		Unitrin, Inc		175,152
2,245	e*	Universal American Financial Corp		51,208
27,599		UnumProvident Corp		675,348
12,543		W.R. Berkley Corp		371,649
3,146	*	WellCare Health Plans, Inc		331,683
117		Wesco Financial Corp		46,566
13,977		XL Capital Ltd (Class A)		1,106,978
3,038		Zenith National Insurance Corp		136,376
		TOTAL INSURANCE CARRIERS		60,126,272
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
8,912	*	Corrections Corp of America		233,227
3,930	e*	Geo Group, Inc		116,367
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		349,594
LEATHER AND LEATHER PRODUCTS - 0.17%
27,833	*	Coach, Inc		1,315,666
4,864	e*	Collective Brands, Inc		107,300
6,309	*	CROCS, Inc		424,280
1,742	e*	Genesco, Inc		80,358

130

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,936	*	Iconix Brand Group, Inc	$	93,637
1,492		Steven Madden Ltd		28,273
3,526	*	Timberland Co (Class A)		66,853
334	e	Weyco Group, Inc		10,491
4,349		Wolverine World Wide, Inc		119,163
		TOTAL LEATHER AND LEATHER PRODUCTS		2,246,021
LEGAL SERVICES - 0.02%
3,361	*	FTI Consulting, Inc		169,092
651	*	Pre-Paid Legal Services, Inc		36,104
		TOTAL LEGAL SERVICES		205,196
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
670	*	Emergency Medical Services Corp (Class A)		20,268
6,056		Laidlaw International, Inc		213,292
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		233,560
LUMBER AND WOOD PRODUCTS - 0.02%
640	e	American Woodmark Corp		15,866
6,272	e*	Champion Enterprises, Inc		68,867
793	e	Deltic Timber Corp		45,138
6,940	e	Louisiana-Pacific Corp		117,772
508	e	Skyline Corp		15,281
1,139	e	Universal Forest Products, Inc		34,056
		TOTAL LUMBER AND WOOD PRODUCTS		296,980
METAL MINING - 0.47%
4,258	e*	Apex Silver Mines Ltd		82,818
2,989	e	Cleveland-Cliffs, Inc		262,942
21,244	e*	Coeur d'Alene Mines Corp		80,515
3,072		Foundation Coal Holdings, Inc		120,422
29,074		Freeport-McMoRan Copper & Gold, Inc (Class B)		3,049,572
10,241	e*	Hecla Mining Co		91,657
32,810		Newmont Mining Corp		1,467,591
3,490	*	Rosetta Resources, Inc		64,007
2,555	e	Royal Gold, Inc		83,676
5,502	e	Southern Copper Corp		681,313
3,801	*	Stillwater Mining Co		39,112
3,518	*	Uranium Resources, Inc		33,034
3,428	*	US Gold Corp		21,494
		TOTAL METAL MINING		6,078,153
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.32%
1,767	*	Armstrong World Industries, Inc		71,723
1,955		Blyth, Inc		39,980
4,917		Callaway Golf Co		78,721
3,000	e	Daktronics, Inc		81,660
11,981		Fortune Brands, Inc		976,332
11,587		Hasbro, Inc		323,046
2,532	e*	Jakks Pacific, Inc		67,630
396	e	Marine Products Corp		3,358
29,869		Mattel, Inc		700,727
1,989	e	Nautilus, Inc		15,852
1,490	*	RC2 Corp		41,258

131

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
634	e*	Russ Berrie & Co, Inc	$	10,651
3,210	e*	Shuffle Master, Inc		47,990
569	e	Steinway Musical Instruments, Inc		16,854
38,133		Tyco International Ltd		1,690,817
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		4,166,599
MISCELLANEOUS RETAIL - 1.37%
2,238	e*	1-800-FLOWERS.COM, Inc (Class A)		25,938
973	e*	AC Moore Arts & Crafts, Inc		15,334
23,319	*	Amazon.com, Inc		2,172,165
3,469		Barnes & Noble, Inc		122,317
30,585		Best Buy Co, Inc		1,407,522
1,344	e	Big 5 Sporting Goods Corp		25,133
1,266	e*	Blue Nile, Inc		119,156
963	e	Books-A-Million, Inc		12,740
4,275	e	Borders Group, Inc		56,986
918	e*	Build-A-Bear Workshop, Inc		16,304
2,005		Cash America International, Inc		75,388
3,455	e*	CKX, Inc		42,531
4,691	e*	Coldwater Creek, Inc		50,944
112,565		CVS Corp		4,460,951
3,220	e*	Dick's Sporting Goods, Inc		216,223
7,089	*	Dollar Tree Stores, Inc		287,388
2,427	e*	Ezcorp, Inc (Class A)		32,643
2,096	*	GSI Commerce, Inc		55,754
2,889	e*	Hibbett Sports, Inc		71,647
2,385		Longs Drug Stores Corp		118,463
3,771		MSC Industrial Direct Co (Class A)		190,775
2,490	e*	Nutri/System, Inc		116,756
21,258	*	Office Depot, Inc		438,340
5,442		OfficeMax, Inc		186,497
2,357	e*	Overstock.com, Inc		67,882
9,871		Petsmart, Inc		314,885
2,748	*	Priceline.com, Inc		243,885
963		Pricesmart, Inc		22,727
55,089	e*	Rite Aid Corp		254,511
6,099	e*	Sears Holdings Corp		775,793
1,063	*	Shutterfly, Inc		33,920
1,216	e*	Stamps.com, Inc		14,556
55,396		Staples, Inc		1,190,460
1,129	e	Systemax, Inc		23,077
10,661		Tiffany & Co		558,103
1,657	e*	Valuevision International, Inc (Class A)		12,278
76,156		Walgreen Co		3,597,609
2,077	e	World Fuel Services Corp		84,762
3,965	e*	Zale Corp		91,750
1,933	e*	Zumiez, Inc		85,767
		TOTAL MISCELLANEOUS RETAIL		17,689,860
MOTION PICTURES - 1.08%
3,122	e*	Avid Technology, Inc		84,544
15,402	e*	Blockbuster, Inc (Class A)		82,709
633	e	Carmike Cinemas, Inc		11,628
49,566		CBS Corp (Class B)		1,561,329

132

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,032	e	Cinemark Holdings Inc	$	37,714
20,487	*	Discovery Holding Co (Class A)		591,050
4,801	*	DreamWorks Animation SKG, Inc (Class A)		160,449
1,062	e*	Gaiam, Inc (Class A)		25,520
3,874	e*	Macrovision Corp		95,417
3,000	e	National CineMedia, Inc		67,200
174,067		News Corp (Class A)		3,827,733
6,662	e	Regal Entertainment Group (Class A)		146,231
11,027	*	Time Warner Telecom, Inc (Class A)		242,263
287,140		Time Warner, Inc		5,271,890
46,850	*	Viacom, Inc (Class B)		1,825,745
		TOTAL MOTION PICTURES		14,031,422
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.01%
4,031	e*	Premier Exhibitions, Inc		60,787
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		60,787
NONDEPOSITORY INSTITUTIONS - 1.66%
1,451	e*	Accredited Home Lenders Holding Co		16,933
4,721		Advance America Cash Advance Centers, Inc		50,373
2,678		Advanta Corp (Class B)		73,431
14,053	e	American Capital Strategies Ltd		600,485
78,931		American Express Co		4,686,133
8,492	e*	AmeriCredit Corp		149,289
4,377	e	Ares Capital Corp		71,214
768	e	Asta Funding, Inc		29,430
10,699		Broadridge Financial Solutions, Inc		202,746
30,000		Capital One Financial Corp		1,992,900
9,368		CapitalSource, Inc		189,608
3,539	e	Centerline Holding Co		54,324
14,923		CIT Group, Inc		599,905
1,560	e*	CompuCredit Corp		33,868
44,893		Countrywide Financial Corp		853,416
639	e*	Credit Acceptance Corp		14,761
6,044	e	Delta Financial Corp		29,676
35,866		Discover Financial Services		746,013
1,148	e*	Encore Capital Group, Inc		13,546
1,662	e*	Energy Infrastructure Acquisition Corp		16,337
74,271		Fannie Mae		4,516,420
556	e	Federal Agricultural Mortgage Corp (Class C)		16,324
1,638	e	Financial Federal Corp		45,880
1,940	*	First Cash Financial Services, Inc		45,435
4,281	e	First Marblehead Corp		162,378
50,478		Freddie Mac		2,978,707
3,730	e*	Freedom Acquisition Holding, Inc		41,963
1,694	e	Hercules Technology Growth Capital, Inc		22,479
2,303	e*	Information Services Group, Inc		17,618
5,000	e*	INVESTools, Inc		60,450
1,200		Kohlberg Capital Corp		18,072
2,739	e*	Marathon Acquisition Corp		21,611
3,841	e	MCG Capital Corp		55,272
800	*	Mercadolibre, Inc		29,304
1,264	e	Nelnet, Inc (Class A)		23,055
965	e*	NewStar Financial, Inc		10,847

133

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,077	e	NGP Capital Resources Co	$	17,480
1,850	e*	NTR Acquisition Co		17,538
2,663	e*	Ocwen Financial Corp		25,112
1,325	e	Patriot Capital Funding, Inc		17,715
3,898	*	PHH Corp		102,439
31,739	*	SLM Corp		1,576,476
293		Student Loan Corp		52,834
1,553	e	Technology Investment Capital Corp		20,764
18,704		Textron, Inc		1,163,576
1,438	e*	World Acceptance Corp		47,569
		TOTAL NONDEPOSITORY INSTITUTIONS		21,531,706
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
2,631	e	AMCOL International Corp		87,060
2,169	e	Compass Minerals International, Inc		73,833
3,638		Florida Rock Industries, Inc		227,339
8,275	e*	Idaho General Mines, Inc		54,946
6,970		Vulcan Materials Co		621,376
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		1,064,554
OIL AND GAS EXTRACTION - 3.33%
35,601		Anadarko Petroleum Corp		1,913,554
169	e	APCO Argentina, Inc		17,816
982	e*	Arena Resources, Inc		64,321
1,983		Atlas America, Inc		102,382
1,404	e*	ATP Oil & Gas Corp		66,030
2,134	*	Atwood Oceanics, Inc		163,379
24,502		Baker Hughes, Inc		2,214,246
2,980	e*	Basic Energy Services, Inc		62,640
2,821	e	Berry Petroleum Co (Class A)		111,683
1,923	e*	Bill Barrett Corp		75,785
22,874		BJ Services Co		607,305
908	*	Bois d'Arc Energy, Inc		17,406
2,504	e*	Brigham Exploration Co		14,849
1,640	e*	Bronco Drilling Co, Inc		24,272
2,440	e*	Cal Dive International, Inc		36,600
1,203	e*	Callon Petroleum Co		16,746
8,393	*	Cameron International Corp		774,590
1,637	e*	Carrizo Oil & Gas, Inc		73,436
3,680	e*	Cheniere Energy, Inc		144,146
34,602	e	Chesapeake Energy Corp		1,220,067
6,300		Cimarex Energy Co		234,675
312	e*	Clayton Williams Energy, Inc		10,296
1,874	e*	CNX Gas Corp		53,915
2,861	*	Complete Production Services, Inc		58,593
3,003	*	Comstock Resources, Inc		92,613
964	*	Contango Oil & Gas Co		34,897
1,989	*	Continental Resources, Inc		36,080
616	e*	Dawson Geophysical Co		47,746
5,147	e*	Delta Petroleum Corp		92,389
9,100	*	Denbury Resources, Inc		406,679
5,113		Diamond Offshore Drilling, Inc		579,252
3,861	e*	Edge Petroleum Corp		49,575
3,566	*	Encore Acquisition Co		112,864

134

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,414	*	Energy Partners Ltd	$	35,438
11,569		ENSCO International, Inc		649,021
9,172		Equitable Resources, Inc		475,752
4,313	*	EXCO Resources, Inc		71,337
4,490	*	Exterran Holdings, Inc		360,727
5,991	e*	Forest Oil Corp		257,853
2,564	e*	FX Energy, Inc		19,102
5,057	e*	GeoGlobal Resources, Inc		18,205
504	*	Geokinetics, Inc		11,768
6,541	*	Global Industries Ltd		168,496
17,589		GlobalSantaFe Corp		1,337,116
1,138	e*	GMX Resources, Inc		36,609
1,299	e*	Goodrich Petroleum Corp		41,178
13,526	*	Grey Wolf, Inc		88,595
1,426	*	Gulfport Energy Corp		33,739
69,683		Halliburton Co		2,675,827
3,621	e*	Harvest Natural Resources, Inc		43,235
6,635	e*	Helix Energy Solutions Group, Inc		281,722
7,514	e	Helmerich & Payne, Inc		246,685
6,388	*	Hercules Offshore, Inc		166,791
2,382	*	Horizon Offshore, Inc		39,303
5,601	*	Mariner Energy, Inc		115,997
3,931	e*	McMoRan Exploration Co		52,872
9,213	*	Meridian Resource Corp		22,848
22,288	*	Nabors Industries Ltd		685,802
13,599	*	National Oilwell Varco, Inc		1,965,056
4,959	*	Newpark Resources, Inc		26,580
20,020		Noble Corp		981,981
3,977	*	Oceaneering International, Inc		301,457
14,732	e*	Oilsands Quest, Inc		65,263
2,451	e*	Parallel Petroleum Corp		41,642
8,740	e*	Parker Drilling Co		70,969
11,849		Patterson-UTI Energy, Inc		267,432
2,734		Penn Virginia Corp		120,241
416	m,v*	PetroCorp		0
12,310	*	PetroHawk Energy Corp		202,130
1,132	e*	Petroleum Development Corp		50,204
3,247	e*	Petroquest Energy, Inc		34,840
4,643	e*	Pioneer Drilling Co		56,552
9,107		Pioneer Natural Resources Co		409,633
5,383	*	Plains Exploration & Production Co		238,036
4,170		Pogo Producing Co		221,469
12,559	*	Pride International, Inc		459,031
3,651	*	Quicksilver Resources, Inc		171,780
10,984		Range Resources Corp		446,609
8,532		Rowan Cos, Inc		312,101
2,562	e	RPC, Inc		36,406
90,044		Schlumberger Ltd		9,454,620
2,107	*	SEACOR Holdings, Inc		200,376
15,094		Smith International, Inc		1,077,712
13,058	*	Southwestern Energy Co		546,477
4,851		St. Mary Land & Exploration Co		173,035
1,776	*	Stone Energy Corp		71,097

135

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,598	e*	Sulphco, Inc	$	22,862
5,918	*	Superior Energy Services		209,734
731	*	Superior Offshore International, Inc		8,224
728	*	Superior Well Services, Inc		16,547
2,664	e*	Swift Energy Co		109,011
6,751	e*	Tetra Technologies, Inc		142,716
4,184	e	Tidewater, Inc		262,923
1,946	e*	Toreador Resources Corp		23,021
22,005	*	Transocean, Inc		2,487,665
789	e*	Trico Marine Services, Inc		23,512
3,774	e*	TXCO Resources, Inc		33,815
1,041	e*	Union Drilling, Inc		15,178
3,946	*	Unit Corp		190,986
3,845	e*	Vaalco Energy, Inc		17,572
908	*	Venoco, Inc		15,572
1,968	e	W&T Offshore, Inc		47,980
5,521	e*	Warren Resources, Inc		69,233
25,827	*	Weatherford International Ltd		1,735,058
2,390	*	W-H Energy Services, Inc		176,263
3,284	*	Whiting Petroleum Corp		145,974
1,895	*	Willbros Group, Inc		64,430
28,286		XTO Energy, Inc		1,749,206
		TOTAL OIL AND GAS EXTRACTION		43,037,056
PAPER AND ALLIED PRODUCTS - 0.48%
8,629		Bemis Co		251,190
3,630	e	Bowater, Inc		54,160
2,336	*	Buckeye Technologies, Inc		35,367
3,976	*	Cenveo, Inc		86,001
1,323	e*	Chesapeake Corp		11,193
36,839	*	Domtar Corporation		302,080
3,112		Glatfelter		46,182
5,429	e*	Graphic Packaging Corp		24,539
2,411		Greif, Inc (Class A)		146,300
32,840		International Paper Co		1,178,006
32,723		Kimberly-Clark Corp		2,299,118
13,458		MeadWestvaco Corp		397,415
5,591	e*	Mercer International, Inc		52,835
1,091	e	Neenah Paper, Inc		36,101
7,368		Packaging Corp of America		214,188
3,785	*	Playtex Products, Inc		69,190
3,548		Rock-Tenn Co (Class A)		102,537
1,100		Schweitzer-Mauduit International, Inc		25,630
18,559	*	Smurfit-Stone Container Corp		216,769
7,272		Sonoco Products Co		219,469
7,697		Temple-Inland, Inc		405,093
3,238		Wausau Paper Corp		36,104
		TOTAL PAPER AND ALLIED PRODUCTS		6,209,467
PERSONAL SERVICES - 0.15%
10,956		Cintas Corp		406,468
2,141		Coinmach Service Corp (Class A)		25,671
1,726	*	Coinstar, Inc		55,525
376	e	CPI Corp		14,484

136

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,089		G & K Services, Inc (Class A)	$	83,978
24,992		H&R Block, Inc		529,331
2,460	e	Jackson Hewitt Tax Service, Inc		68,782
3,440		Regis Corp		109,770
5,487	e*	Sally Beauty Holdings, Inc		46,365
21,386		Service Corp International		275,879
1,231	e*	Steiner Leisure Ltd		53,425
1,120		Unifirst Corp		41,955
3,142	e	Weight Watchers International, Inc		180,854
		TOTAL PERSONAL SERVICES		1,892,487
PETROLEUM AND COAL PRODUCTS - 6.85%
1,047	e	Alon USA Energy, Inc		35,368
25,356		Apache Corp		2,283,561
4,084		Ashland, Inc		245,898
7,178		Cabot Oil & Gas Corp		252,378
164,119		Chevron Corp		15,358,256
124,825		ConocoPhillips		10,955,890
440		Delek US Holdings, Inc		11,035
34,000		Devon Energy Corp		2,828,800
18,879		EOG Resources, Inc		1,365,518
430,034		Exxon Mobil Corp		39,803,947
8,001		Frontier Oil Corp		333,162
3,218	e*	Headwaters, Inc		47,884
21,441		Hess Corp		1,426,470
3,201		Holly Corp		191,516
52,316		Marathon Oil Corp		2,983,058
14,185		Murphy Oil Corp		991,390
9,557	*	Newfield Exploration Co		460,265
12,925		Noble Energy, Inc		905,267
11,500	e*	Nova Biosource Fuels, Inc		32,315
63,581		Occidental Petroleum Corp		4,074,271
9,360		Sunoco, Inc		662,501
10,753		Tesoro Corp		494,853
41,860		Valero Energy Corp		2,812,155
1,308		WD-40 Co		44,655
1,978	e	Western Refining, Inc		80,267
		TOTAL PETROLEUM AND COAL PRODUCTS		88,680,680
PIPELINES, EXCEPT NATURAL GAS - 0.09%
47,409		Spectra Energy Corp		1,160,573
		TOTAL PIPELINES, EXCEPT NATURAL GAS		1,160,573
PRIMARY METAL INDUSTRIES - 1.06%
9,338	*	AK Steel Holding Corp		410,405
66,425		Alcoa, Inc		2,598,546
7,826		Allegheny Technologies, Inc		860,469
3,056	e	Belden CDT, Inc		143,357
1,752	e*	Brush Engineered Materials, Inc		90,911
1,904	e	Carpenter Technology Corp		247,539
2,429	e*	Century Aluminum Co		127,887
625	e*	Claymont Steel, Inc		12,656
637	e*	Coleman Cable, Inc		8,816
4,510	*	CommScope, Inc		226,582

137

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
119,978		Corning, Inc	$	2,957,458
1,929	e	Encore Wire Corp		48,476
3,795	e*	General Cable Corp		254,720
1,509	e	Gibraltar Industries, Inc		27,917
854	e*	Haynes International, Inc		72,906
4,335		Hubbell, Inc (Class B)		247,615
689	*	LB Foster Co (Class A)		29,944
2,004		Matthews International Corp (Class A)		87,775
2,587		Mueller Industries, Inc		93,494
639	e*	Northwest Pipe Co		24,167
22,661		Nucor Corp		1,347,650
553	e	Olympic Steel, Inc		15,019
10,322		Precision Castparts Corp		1,527,450
2,691		Quanex Corp		126,423
1,766	*	RTI International Metals, Inc		139,973
1,899	e	Schnitzer Steel Industries, Inc (Class A)		139,178
6,898		Steel Dynamics, Inc		322,137
1,275	e*	Superior Essex, Inc		47,532
2,048		Texas Industries, Inc		160,768
4,971	e*	Titanium Metals Corp		166,827
1,985	e	Tredegar Corp		34,241
8,926		United States Steel Corp		945,620
475	e*	Universal Stainless & Alloy		18,900
2,201	*	Wheeling-Pittsburgh Corp		42,479
4,916		Worthington Industries, Inc		115,821
		TOTAL PRIMARY METAL INDUSTRIES		13,721,658
PRINTING AND PUBLISHING - 0.50%
3,945	e*	ACCO Brands Corp		88,526
3,989		American Greetings Corp (Class A)		105,310
6,671		Belo (A.H.) Corp (Class A)		115,809
2,149	e	Bowne & Co, Inc		35,802
763	*	Consolidated Graphics, Inc		47,909
738		Courier Corp		25,985
509	e	CSS Industries, Inc		18,309
4,341		Dow Jones & Co, Inc		259,158
4,632		Dun & Bradstreet Corp		456,762
1,468	e	Ennis, Inc		32,355
7,522	e	EW Scripps Co (Class A)		315,924
18,597		Gannett Co, Inc		812,689
1,340	e	GateHouse Media, Inc		17,085
4,449		Harte-Hanks, Inc		87,556
4,153		John Wiley & Sons, Inc (Class A)		186,594
2,531		Journal Communications, Inc (Class A)		23,994
3,120	e	Lee Enterprises, Inc		48,578
1,457	e*	Martha Stewart Living Omnimedia, Inc (Class A)		16,974
3,476	e	McClatchy Co (Class A)		69,451
26,555		McGraw-Hill Cos, Inc		1,351,915
1,397		Media General, Inc (Class A)		38,431
4,055		Meredith Corp		232,352
612	e	Multi-Color Corp		13,966
9,887	e	New York Times Co (Class A)		195,367
1,525	*	Playboy Enterprises, Inc (Class B)		16,379
3,226	e	Primedia, Inc		45,293

138

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
5,474	*	R.H. Donnelley Corp	$	306,654
16,772		R.R. Donnelley & Sons Co		613,184
864	e	Schawk, Inc		19,500
2,978	*	Scholastic Corp		103,813
1,098	e	Standard Register Co		13,956
5,095	e*	Sun-Times Media Group, Inc (Class A)		11,566
6,063	*	Tribune Co		165,641
3,433	e*	Valassis Communications, Inc		30,622
3,125	*	VistaPrint Ltd		116,781
467		Washington Post Co (Class B)		374,908
		TOTAL PRINTING AND PUBLISHING		6,415,098
RAILROAD TRANSPORTATION - 0.60%
27,280		Burlington Northern Santa Fe Corp		2,214,318
32,855		CSX Corp		1,403,894
2,561	e*	Genesee & Wyoming, Inc (Class A)		73,859
5,583	e*	Kansas City Southern Industries, Inc		179,605
29,574		Norfolk Southern Corp		1,535,187
20,630		Union Pacific Corp		2,332,428
		TOTAL RAILROAD TRANSPORTATION		7,739,291
REAL ESTATE - 0.10%
14,234	*	CB Richard Ellis Group, Inc (Class A)		396,275
406	e	Consolidated-Tomoka Land Co		27,287
5,434	e	Forest City Enterprises, Inc (Class A)		299,740
1,167	*	Grubb & Ellis Co		10,853
2,783		Jones Lang LaSalle, Inc		285,981
1,976	e*	LoopNet, Inc		40,587
5,414	e	St. Joe Co		181,965
6,488	e	Stewart Enterprises, Inc (Class A)		49,439
1,745	e	Thomas Properties Group, Inc		20,940
		TOTAL REAL ESTATE		1,313,067
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.29%
485	*	AEP Industries, Inc		20,535
4,612		Cooper Tire & Rubber Co		112,533
928	e*	Deckers Outdoor Corp		101,894
16,727	*	Goodyear Tire & Rubber Co		508,668
1,047	e*	Metabolix, Inc		25,400
21,429		Newell Rubbermaid, Inc		617,584
26,756		Nike, Inc (Class B)		1,569,507
2,302		Schulman (A.), Inc		45,418
11,796		Sealed Air Corp		301,506
1,498	*	Skechers U.S.A., Inc (Class A)		33,106
2,697		Spartech Corp		46,011
2,058		Titan International, Inc		65,691
679	e*	Trex Co, Inc		7,550
4,822		Tupperware Corp		151,845
2,169	e	West Pharmaceutical Services, Inc		90,361
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		3,697,609
SECURITY AND COMMODITY BROKERS - 3.01%
5,948		A.G. Edwards, Inc		498,145
18,323		Ameriprise Financial, Inc		1,156,365

139

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
8,962	e	Bear Stearns Cos, Inc	$	1,100,623
4,841	e	BlackRock, Inc		839,478
1,550		Calamos Asset Management, Inc (Class A)		43,757
77,944		Charles Schwab Corp		1,683,612
4,183		CME Group, Inc		2,456,885
1,263	e	Cohen & Steers, Inc		46,769
1,181	e*	Cowen Group, Inc		16,321
33,916	e*	E*Trade Financial Corp		442,943
8,382		Eaton Vance Corp		334,945
628		Evercore Partners, Inc (Class A)		16,510
627	e*	FCStone Group, Inc		20,233
6,729		Federated Investors, Inc (Class B)		267,141
12,776		Franklin Resources, Inc		1,628,940
465	e	GAMCO Investors, Inc (Class A)		25,482
1,167	e*	GFI Group, Inc		100,502
31,145		Goldman Sachs Group, Inc		6,750,367
1,185	e	Greenhill & Co, Inc		72,344
2,928	e*	Interactive Brokers Group, Inc (Class A)		76,889
5,490	*	IntercontinentalExchange, Inc		833,931
2,825	e	International Securities Exchange, Inc		187,778
3,218	e*	Investment Technology Group, Inc		138,310
13,643		Janus Capital Group, Inc		385,824
8,994		Jefferies Group, Inc		250,303
2,123	e*	KBW, Inc		61,100
7,726	*	Knight Capital Group, Inc (Class A)		92,403
3,959	e*	LaBranche & Co, Inc		18,528
7,157	e*	Ladenburg Thalmann Financial Services, Inc		14,028
3,751	e	Lazard Ltd (Class A)		159,042
10,392		Legg Mason, Inc		875,942
40,677		Lehman Brothers Holdings, Inc		2,510,991
2,236	e*	MarketAxess Holdings, Inc		33,540
67,884		Merrill Lynch & Co, Inc		4,838,772
5,600	*	MF Global Ltd		162,400
80,463		Morgan Stanley		5,069,169
955	e*	Morningstar, Inc		58,637
8,182	*	Nasdaq Stock Market, Inc		308,298
6,005		Nuveen Investments, Inc (Class A)		371,950
6,947	e	Nymex Holdings, Inc		904,361
20,385		NYSE Euronext		1,613,880
3,186	e	optionsXpress Holdings, Inc		83,282
940	e*	Penson Worldwide, Inc		17,371
1,448	e*	Piper Jaffray Cos		77,613
6,853		Raymond James Financial, Inc		225,121
730	e	Sanders Morris Harris Group, Inc		7,410
9,408		SEI Investments Co		256,650
1,084	*	Stifel Financial Corp		62,699
1,369	e	SWS Group, Inc		24,218
20,214		T Rowe Price Group, Inc		1,125,718
18,272	*	TD Ameritrade Holding Corp		332,916
1,572	e*	Thomas Weisel Partners Group, Inc		22,810
834	e	US Global Investors, Inc (Class A)		15,863
39	e	Value Line, Inc		1,922
5,851		Waddell & Reed Financial, Inc (Class A)		158,153
1,558	e	WP Stewart & Co Ltd		15,455
		TOTAL SECURITY AND COMMODITY BROKERS		38,894,639

140

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
SOCIAL SERVICES - 0.01%
2,064	*	Bright Horizons Family Solutions, Inc	$	88,422
1,459	*	Capital Senior Living Corp		12,285
889	e*	Providence Service Corp		26,101
1,945	*	Res-Care, Inc		44,424
		TOTAL SOCIAL SERVICES		171,232
SPECIAL TRADE CONTRACTORS - 0.06%
336	e	Alico, Inc		14,562
2,239	e*	AsiaInfo Holdings, Inc		20,285
1,767	e	Chemed Corp		109,837
3,012	e	Comfort Systems USA, Inc		42,770
2,968	*	Dycom Industries, Inc		90,910
4,404	*	EMCOR Group, Inc		138,109
1,805	e*	Insituform Technologies, Inc (Class A)		27,490
1,031	e*	Integrated Electrical Services, Inc		26,404
820	*	Layne Christensen Co		45,494
11,925	e*	Quanta Services, Inc		315,416
		TOTAL SPECIAL TRADE CONTRACTORS		831,277
STONE, CLAY, AND GLASS PRODUCTS - 0.51%
54,884		3M Co		5,136,045
1,797		Apogee Enterprises, Inc		46,614
1,574	e*	Cabot Microelectronics Corp		67,331
1,376	e	CARBO Ceramics, Inc		69,805
3,422	e	Eagle Materials, Inc		122,302
10,561		Gentex Corp		226,428
1,024		Libbey, Inc		17,941
8,425	e*	Owens Corning, Inc		211,046
11,237	*	Owens-Illinois, Inc		465,774
5,438	e*	US Concrete, Inc		35,836
5,829	e*	USG Corp		218,879
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		6,618,001
TEXTILE MILL PRODUCTS - 0.00% **
838	e*	Heelys, Inc		6,679
988	e	Oxford Industries, Inc		35,687
1,030		Xerium Technologies, Inc		5,562
		TOTAL TEXTILE MILL PRODUCTS		47,928
TOBACCO PRODUCTS - 1.04%
160,526		Altria Group, Inc		11,161,373
8,611		Loews Corp (Carolina Group)		708,083
12,922	e	Reynolds American, Inc		821,710
1,903	e	Universal Corp		93,152
12,213	e	UST, Inc		605,765
2,668	e	Vector Group Ltd		59,790
		TOTAL TOBACCO PRODUCTS		13,449,873
TRANSPORTATION BY AIR - 0.47%
6,873	e*	ABX Air, Inc		48,661
708	*	Air Methods Corp		32,710

141

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,375	e*	Airtran Holdings, Inc	$	72,570
2,676	e*	Alaska Air Group, Inc		61,789
18,758	e*	AMR Corp		418,116
1,128	e*	Atlas Air Worldwide Holdings, Inc		58,239
1,954	e*	Bristow Group, Inc		85,409
7,366	e*	Continental Airlines, Inc (Class B)		243,299
1,258		Copa Holdings S.A. (Class A)		50,383
18,697	*	Delta Air Lines, Inc		335,611
4,473	e*	ExpressJet Holdings, Inc		13,822
23,542		FedEx Corp		2,466,128
12,624	e*	JetBlue Airways Corp		116,393
1,758	e*	Midwest Air Group, Inc		28,919
21,437	e*	Northwest Airlines Corp		381,579
922	e*	PHI, Inc		27,789
1,460	*	Pinnacle Airlines Corp		23,389
2,859	e*	Republic Airways Holdings, Inc		60,525
4,709	e	Skywest, Inc		118,526
58,701		Southwest Airlines Co		868,775
8,948	e*	UAL Corp		416,350
6,653	*	US Airways Group, Inc		174,641
		TOTAL TRANSPORTATION BY AIR		6,103,623
TRANSPORTATION EQUIPMENT - 2.65%
1,320		A.O. Smith Corp		57,922
2,626	e*	AAR Corp		79,673
1,900	*	Accuride Corp		23,009
1,480	*	Aerovironment, Inc		34,055
1,854	*	Aftermarket Technology Corp		58,846
3,270		American Axle & Manufacturing Holdings, Inc		82,568
668		American Railcar Industries, Inc		14,709
1,552	e*	Amerigon, Inc		26,865
1,151	e	Arctic Cat, Inc		18,830
5,173	e	ArvinMeritor, Inc		87,010
6,003		Autoliv, Inc		358,679
6,635	*	BE Aerospace, Inc		275,552
60,091		Boeing Co		6,308,954
6,439		Brunswick Corp		147,196
4,188	e	Clarcor, Inc		143,271
1,776	e*	Comtech Group, Inc		32,341
3,326	e	Federal Signal Corp		51,087
4,793	e*	Fleetwood Enterprises, Inc		40,980
6,538	e*	Force Protection, Inc		141,613
152,043	e*	Ford Motor Co		1,290,853
872		Freightcar America, Inc		33,310
4,586	e*	GenCorp, Inc		54,849
30,952		General Dynamics Corp		2,614,515
37,329	e	General Motors Corp		1,369,974
691	e*	GenTek, Inc		20,785
12,993		Genuine Parts Co		649,650
9,188		Goodrich Corp		626,897
908		Greenbrier Cos, Inc		24,253
1,661	e	Group 1 Automotive, Inc		55,760
20,160		Harley-Davidson, Inc		931,594
6,362		Harsco Corp		377,076

142

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
14,118	*	Hayes Lemmerz International, Inc	$	58,731
1,858	e	Heico Corp		91,711
13,819		ITT Industries, Inc		938,725
1,815		Kaman Corp		62,726
26,925		Lockheed Martin Corp		2,921,093
624	e*	Miller Industries, Inc		10,683
1,899	e	Monaco Coach Corp		26,643
790	e	Noble International Ltd		16,819
26,496		Northrop Grumman Corp		2,066,688
5,333	e*	Orbital Sciences Corp		118,606
5,487		Oshkosh Truck Corp		340,029
18,658		Paccar, Inc		1,590,595
9,466	*	Pactiv Corp		271,296
2,600	e	Polaris Industries, Inc		113,412
34,015		Raytheon Co		2,170,837
550	*	Sequa Corp (Class A)		91,179
2,358	e	Spartan Motors, Inc		39,685
5,413	*	Spirit Aerosystems Holdings, Inc (Class A)		210,782
1,177		Standard Motor Products, Inc		11,064
1,529	e	Superior Industries International, Inc		33,164
3,354	e*	Tenneco, Inc		104,008
2,377		Thor Industries, Inc		106,941
796	*	TransDigm Group, Inc		36,385
6,079	e	Trinity Industries, Inc		228,206
1,153	e	Triumph Group, Inc		94,212
3,080	*	TRW Automotive Holdings Corp		97,574
75,981		United Technologies Corp		6,114,951
10,912	e*	Visteon Corp		56,197
2,132	e	Wabash National Corp		24,070
3,975		Westinghouse Air Brake Technologies Corp		148,904
2,357	e	Winnebago Industries, Inc		56,285
		TOTAL TRANSPORTATION EQUIPMENT		34,284,877
TRANSPORTATION SERVICES - 0.18%
1,389		Ambassadors Group, Inc		52,921
287	e	Ambassadors International, Inc		7,040
13,060		CH Robinson Worldwide, Inc		709,028
848	e*	Dynamex, Inc		21,726
15,750		Expeditors International Washington, Inc		744,975
4,435		GATX Corp		189,596
3,009	*	HUB Group, Inc (Class A)		90,360
6,541	*	Lear Corp		209,966
2,524	e	Pacer International, Inc		48,082
2,093		Ship Finance International Ltd		54,983
9,071		UTI Worldwide, Inc		208,452
		TOTAL TRANSPORTATION SERVICES		2,337,129
TRUCKING AND WAREHOUSING - 0.38%
1,783	e	Arkansas Best Corp		58,233
1,550	*	Celadon Group, Inc		18,244
3,863		Con-way, Inc		177,698
2,398		Forward Air Corp		71,412
4,102		Heartland Express, Inc		58,577
7,060		J.B. Hunt Transport Services, Inc		185,678

143

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,818		Landstar System, Inc	$	202,212
868	e*	Marten Transport Ltd		13,376
2,240	e*	Old Dominion Freight Line		53,693
1,124	*	Saia, Inc		18,580
51,354		United Parcel Service, Inc (Class B)		3,856,686
394	e*	Universal Truckload Services, Inc		8,652
3,306	e	Werner Enterprises, Inc		56,698
5,165	e*	YRC Worldwide, Inc		141,108
		TOTAL TRUCKING AND WAREHOUSING		4,920,847
WATER TRANSPORTATION - 0.29%
3,237		Alexander & Baldwin, Inc		162,271
4,816	e*	American Commercial Lines, Inc		114,284
985	e	Arlington Tankers Ltd		24,261
33,790		Carnival Corp		1,636,450
1,583	e	Double Hull Tankers, Inc		23,571
3,050		Eagle Bulk Shipping, Inc		78,507
3,883		Frontline Ltd		187,471
1,288	e	Genco Shipping & Trading Ltd		84,403
2,091	e	General Maritime Corp		58,360
2,545		Golar LNG Ltd		56,804
1,828	e*	Gulfmark Offshore, Inc		88,950
2,450		Horizon Lines, Inc (Class A)		74,799
2,095	*	Hornbeck Offshore Services, Inc		76,887
3,881	*	Kirby Corp		171,307
1,231	e	Knightsbridge Tankers Ltd		33,114
1,957	e	Nordic American Tanker Shipping		76,793
2,912	e*	Odyssey Marine Exploration, Inc		18,025
2,409		Overseas Shipholding Group, Inc		185,083
9,683	e	Royal Caribbean Cruises Ltd		377,927
810	e*	TBS International Ltd (Class A)		33,413
3,285	e	Teekay Corp		193,191
2,606	e*	Ultrapetrol Bahamas Ltd		43,286
		TOTAL WATER TRANSPORTATION		3,799,157
WHOLESALE TRADE-DURABLE GOODS - 0.39%
2,311		Agilysys, Inc		39,056
3,078		Applied Industrial Technologies, Inc		94,895
9,621	*	Arrow Electronics, Inc		409,085
3,350	e	Barnes Group, Inc		106,932
2,934	e*	Beacon Roofing Supply, Inc		29,986
1,201	e	BlueLinx Holdings, Inc		8,455
4,282		BorgWarner, Inc		391,931
4,412	e	Building Material Holding Corp		46,679
990		Castle (A.M.) & Co		32,274
1,509	e*	Conceptus, Inc		28,641
9,349	*	Cytyc Corp		445,480
1,588	*	Digi International, Inc		22,613
1,510	e*	Drew Industries, Inc		61,427
5,529	*	Genesis Microchip, Inc		43,347
681	e*	Hansen Medical, Inc		18,462
1,040	e	Houston Wire & Cable Co		18,834
7,856		IKON Office Solutions, Inc		100,950
11,124	*	Ingram Micro, Inc (Class A)		218,142

144

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,534	*	Insight Enterprises, Inc	$	117,023
1,838	*	Interline Brands, Inc		42,256
1,095	*	Keystone Automotive Industries, Inc		52,297
4,015	e	Knight Transportation, Inc		69,098
299		Lawson Products, Inc		10,408
3,027	e*	LKQ Corp		105,370
3,102	e	Martin Marietta Materials, Inc		414,272
440	*	MWI Veterinary Supply, Inc		16,610
3,496	e	Owens & Minor, Inc		133,163
11,438	*	Patterson Cos, Inc		441,621
3,421	e	PEP Boys-Manny Moe & Jack		47,997
3,769	e	Pool Corp		94,150
4,453	e*	PSS World Medical, Inc		85,186
5,006		Reliance Steel & Aluminum Co		283,039
1,944		Ryerson Tull, Inc		65,591
1,942	e*	Solera Holdings, Inc		34,937
4,235	*	Tech Data Corp		169,908
827	e*	TomoTherapy, Inc		19,211
3,578	*	Tyler Technologies, Inc		47,766
5,606		W.W. Grainger, Inc		511,211
3,319	*	WESCO International, Inc		142,518
745	e*	West Marine, Inc		8,605
		TOTAL WHOLESALE TRADE-DURABLE GOODS		5,029,426
WHOLESALE TRADE-NONDURABLE GOODS - 0.59%
5,715		Airgas, Inc		295,065
2,989	e*	Akorn, Inc		22,388
8,136	*	Alliance One International, Inc		53,209
4,019	e*	Allscripts Healthcare Solutions, Inc		108,634
1,516		Andersons, Inc		72,798
2,715	e*	Bare Escentuals, Inc		67,522
1,986	e*	Beijing Med-Pharm Corp		23,137
6,047	e	Brown-Forman Corp (Class B)		452,981
28,025		Cardinal Health, Inc		1,752,465
2,409	*	Central European Distribution Corp		115,415
667	e*	Core-Mark Holding Co, Inc		23,498
10,979		Dean Foods Co		280,843
9,857	*	Endo Pharmaceuticals Holdings, Inc		305,666
2,084	e*	Fresh Del Monte Produce, Inc		59,915
1,092	e*	Green Mountain Coffee Roasters, Inc		36,243
2,712	*	Hain Celestial Group, Inc		87,137
7,098	*	Henry Schein, Inc		431,842
4,388		Herbalife Ltd		199,479
11,952		Idearc, Inc		376,129
669	e	Kenneth Cole Productions, Inc (Class A)		12,959
1,677	e	K-Swiss, Inc (Class A)		38,420
1,070	e*	LSB Industries, Inc		25,306
136	e*	Maui Land & Pineapple Co, Inc		4,140
4,634		Men's Wearhouse, Inc		234,110
1,840		Myers Industries, Inc		36,469
816	e	Nash Finch Co		32,501
3,720	e	Nu Skin Enterprises, Inc (Class A)		60,115
928	*	Nuco2, Inc		23,887
887	*	Perry Ellis International, Inc		24,579

145

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,699	e*	School Specialty, Inc	$	58,836
1,840	e*	Source Interlink Cos, Inc		6,477
1,321		Spartan Stores, Inc		29,762
47,550		Sysco Corp		1,692,305
6,884	e*	Terra Industries, Inc		215,194
2,710	*	Tractor Supply Co		124,904
2,765	e*	United Natural Foods, Inc		75,263
2,146	*	United Stationers, Inc		119,146
356	e	Valhi, Inc		8,455
1,324	e*	Volcom, Inc		56,297
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		7,643,491
		TOTAL COMMON STOCKS		1,289,774,788
		(Cost $916,127,046)
MUTUAL FUNDS - 0.00%**
710		Kayne Anderson Energy Development Co		18,091
		TOTAL MUTUAL FUNDS		18,091
		(Cost $17,993)
PRINCIPAL
SHORT-TERM INVESTMENTS - 7.19%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.26%
$ 3,370,000	d	Federal Home Loan Bank, 0.000% 10/01/07		3,368,877
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		3,368,877
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 6.93%
89,710,274	*	State Street Navigator Securities Lending Prime Portfolio		89,710,274
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		89,710,274
		TOTAL SHORT-TERM INVESTMENTS		93,079,151
		(Cost $93,080,274)
		TOTAL PORTFOLIO - 106.86%		1,382,872,030
		(Cost $1,009,225,313)
		OTHER ASSETS & LIABILITIES, NET - (6.86)%		(88,783,470	)
		NET ASSETS - 100.00%	$	1,294,088,560
	*	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 $3,617,277.
	m	Indicates a security has been deemed illiquid.
	v	Security valued at fair value.

146

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.33%
AMUSEMENT AND RECREATION SERVICES - 0.59%
15,225		Harrah's Entertainment, Inc	$	1,323,509
161,370		Walt Disney Co		5,549,514
		TOTAL AMUSEMENT AND RECREATION SERVICES		6,873,023
APPAREL AND ACCESSORY STORES - 0.37%
7,700		Abercrombie & Fitch Co (Class A)		621,390
44,037		Gap, Inc		812,042
26,715	*	Kohl's Corp		1,531,571
28,570		Limited Brands, Inc		653,967
16,313		Nordstrom, Inc		764,917
		TOTAL APPAREL AND ACCESSORY STORES		4,383,887
APPAREL AND OTHER TEXTILE PRODUCTS - 0.13%
8,603		Jones Apparel Group, Inc		181,781
9,026		Liz Claiborne, Inc		309,863
5,380		Polo Ralph Lauren Corp		418,295
7,373		VF Corp		595,370
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,505,309
AUTO REPAIR, SERVICES AND PARKING - 0.02%
5,110		Ryder System, Inc		250,390
		TOTAL AUTO REPAIR, SERVICES AND PARKING		250,390
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.06%
12,820	*	Autonation, Inc		227,170
3,968	*	Autozone, Inc		460,844
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		688,014
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.68%
140,749		Home Depot, Inc		4,565,898
122,818		Lowe's Cos, Inc		3,441,360
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		8,007,258
BUSINESS SERVICES - 6.02%
48,063	*	Adobe Systems, Inc		2,098,431
8,392	*	Affiliated Computer Services, Inc (Class A)		421,614
14,000	*	Akamai Technologies, Inc		402,220
19,234	*	Autodesk, Inc		961,123
46,099		Automatic Data Processing, Inc		2,117,327
16,694	*	BMC Software, Inc		521,354
33,568		CA, Inc		863,369
15,521	*	Citrix Systems, Inc		625,807
11,600	*	Cognizant Technology Solutions Corp (Class A)		925,332
14,406	*	Computer Sciences Corp		805,295
26,698	*	Compuware Corp		214,118

147

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
11,106	*	Convergys Corp	$	192,800
93,883	*	eBay, Inc		3,663,315
25,209	*	Electronic Arts, Inc		1,411,452
42,750		Electronic Data Systems Corp		933,660
12,005		Equifax, Inc		457,631
13,600		Fidelity National Information Services, Inc		603,432
13,995	*	Fiserv, Inc		711,786
19,166	*	Google, Inc (Class A)		10,872,297
15,817		IMS Health, Inc		484,633
39,401	*	Interpublic Group of Cos, Inc		408,982
27,764	*	Intuit, Inc		841,249
43,423	*	Juniper Networks, Inc		1,589,716
672,158		Microsoft Corp		19,801,775
10,892	*	Monster Worldwide, Inc		370,982
14,284	*	NCR Corp		711,343
28,550	*	Novell, Inc		218,122
27,264		Omnicom Group, Inc		1,311,126
330,102	*	Oracle Corp		7,146,708
13,785		Robert Half International, Inc		411,620
299,692	*	Sun Microsystems, Inc		1,681,272
74,315	*	Symantec Corp		1,440,225
27,943	*	Unisys Corp		184,983
20,792	*	VeriSign, Inc		701,522
43,061		Waste Management, Inc		1,625,122
111,740	*	Yahoo!, Inc		2,999,102
		TOTAL BUSINESS SERVICES		70,730,845
CHEMICALS AND ALLIED PRODUCTS - 9.09%
128,934		Abbott Laboratories		6,913,441
17,653		Air Products & Chemicals, Inc		1,725,757
90,537	*	Amgen, Inc		5,121,678
7,874		Avery Dennison Corp		448,976
36,036		Avon Products, Inc		1,352,431
8,837	*	Barr Pharmaceuticals, Inc		502,914
24,179	*	Biogen Idec, Inc		1,603,793
163,069		Bristol-Myers Squibb Co		4,699,649
12,664		Clorox Co		772,377
42,305		Colgate-Palmolive Co		3,017,193
79,423		Dow Chemical Co		3,419,954
76,473		Du Pont (E.I.) de Nemours & Co		3,790,002
7,116		Eastman Chemical Co		474,851
14,750		Ecolab, Inc		696,200
81,265		Eli Lilly & Co		4,626,417
9,127		Estee Lauder Cos (Class A)		387,532
26,436	*	Forest Laboratories, Inc		985,798
21,402	*	Genzyme Corp		1,326,068
76,944	*	Gilead Sciences, Inc		3,144,701
9,858		Hercules, Inc		207,215
13,176	*	Hospira, Inc		546,145
6,923		International Flavors & Fragrances, Inc		365,950
20,791	*	King Pharmaceuticals, Inc		243,671
180,991		Merck & Co, Inc		9,355,425
45,017		Monsanto Co		3,859,758
19,876	*	Mylan Laboratories, Inc		317,221

148

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
577,547		Pfizer, Inc	$	14,109,473
13,528		PPG Industries, Inc		1,022,040
26,121		Praxair, Inc		2,187,895
260,714		Procter & Gamble Co		18,338,623
11,372		Rohm & Haas Co		633,079
134,548		Schering-Plough Corp		4,255,753
8,885		Sherwin-Williams Co		583,833
11,000		Sigma-Aldrich Corp		536,140
8,303	*	Watson Pharmaceuticals, Inc		269,017
111,337		Wyeth		4,960,063
		TOTAL CHEMICALS AND ALLIED PRODUCTS		106,801,033
COAL MINING - 0.15%
15,435		Consol Energy, Inc		719,271
21,800		Peabody Energy Corp		1,043,566
		TOTAL COAL MINING		1,762,837
COMMUNICATIONS - 4.46%
28,562		Alltel Corp		1,990,200
507,856		AT&T, Inc		21,487,387
38,708	*	Avaya, Inc		656,488
9,191		CenturyTel, Inc		424,808
27,370		Citizens Communications Co		391,938
40,581		Clear Channel Communications, Inc		1,519,353
256,131	*	Comcast Corp (Class A)		6,193,248
63,400	*	DIRECTV Group, Inc		1,539,352
12,811		Embarq Corp		712,292
18,200	*	IAC/InterActiveCorp		539,994
130,537	e*	Qwest Communications International, Inc		1,195,719
238,924		Sprint Nextel Corp		4,539,556
240,534		Verizon Communications, Inc		10,650,846
38,703		Windstream Corp		546,486
		TOTAL COMMUNICATIONS		52,387,667
DEPOSITORY INSTITUTIONS - 8.72%
369,047		Bank of America Corp		18,551,993
93,151		Bank of New York Mellon Corp/The		4,111,685
44,609		BB&T Corp		1,801,758
414,632		Citigroup, Inc		19,350,875
13,004		Comerica, Inc		666,845
15,335		Commerce Bancorp, Inc		594,691
46,364		Fifth Third Bancorp		1,570,812
10,223	e	First Horizon National Corp		272,545
40,700		Hudson City Bancorp, Inc		625,966
29,097		Huntington Bancshares, Inc		494,067
281,666		JPMorgan Chase & Co		12,905,936
32,592		Keycorp		1,053,699
6,406		M&T Bank Corp		662,701
21,286		Marshall & Ilsley Corp		931,688
52,626		National City Corp		1,320,386
15,353		Northern Trust Corp		1,017,443
28,817		PNC Financial Services Group, Inc		1,962,438
58,863		Regions Financial Corp		1,735,281
28,872		Sovereign Bancorp, Inc		491,979

149

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
33,027		State Street Corp	$	2,251,120
29,423		SunTrust Banks, Inc		2,226,438
27,049		Synovus Financial Corp		758,724
144,727		US Bancorp		4,707,969
158,561		Wachovia Corp		7,951,834
73,578		Washington Mutual, Inc		2,598,039
277,617		Wells Fargo & Co		9,888,718
62,723		Western Union Co		1,315,301
8,919		Zions Bancorporation		612,468
		TOTAL DEPOSITORY INSTITUTIONS		102,433,399
EATING AND DRINKING PLACES - 0.79%
11,369		Darden Restaurants, Inc		475,906
99,527		McDonald's Corp		5,421,236
61,855	*	Starbucks Corp		1,620,601
8,327		Wendy's International, Inc		290,696
44,054		Yum! Brands, Inc		1,490,347
		TOTAL EATING AND DRINKING PLACES		9,298,786
EDUCATIONAL SERVICES - 0.06%
11,780	*	Apollo Group, Inc (Class A)		708,567
		TOTAL EDUCATIONAL SERVICES		708,567
ELECTRIC, GAS, AND SANITARY SERVICES - 3.50%
55,427	*	AES Corp		1,110,757
14,146		Allegheny Energy, Inc		739,270
21,713	*	Allied Waste Industries, Inc		276,841
16,933		Ameren Corp		888,983
32,912		American Electric Power Co, Inc		1,516,585
25,578		Centerpoint Energy, Inc		410,015
19,365	e	CMS Energy Corp		325,719
21,592		Consolidated Edison, Inc		999,710
14,800		Constellation Energy Group, Inc		1,269,692
24,495		Dominion Resources, Inc		2,064,929
14,301		DTE Energy Co		692,740
104,330		Duke Energy Corp		1,949,928
32,958	*	Dynegy, Inc (Class A)		304,532
27,096		Edison International		1,502,473
57,190		El Paso Corp		970,514
16,379		Entergy Corp		1,773,682
55,415		Exelon Corp		4,176,074
26,062		FirstEnergy Corp		1,650,767
33,784		FPL Group, Inc		2,056,770
5,976		Integrys Energy Group, Inc		306,150
3,070	e	Nicor, Inc		131,703
22,339		NiSource, Inc		427,568
29,086		PG&E Corp		1,390,311
8,762	e	Pinnacle West Capital Corp		346,187
31,439		PPL Corp		1,455,626
20,841		Progress Energy, Inc		976,401
20,658		Public Service Enterprise Group, Inc		1,817,697
14,200		Questar Corp		745,926
21,790		Sempra Energy		1,266,435
62,048		Southern Co		2,251,101

150

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
18,639		TECO Energy, Inc	$	306,239
38,010		TXU Corp		2,602,545
48,933		Williams Cos, Inc		1,666,658
33,295		Xcel Energy, Inc		717,174
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		41,087,702
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.49%
48,139	e*	Advanced Micro Devices, Inc		635,435
28,097		Altera Corp		676,576
27,189		Analog Devices, Inc		983,154
72,461	*	Apple Computer, Inc		11,125,662
37,780	*	Broadcom Corp (Class A)		1,376,703
6,658	*	Ciena Corp		253,537
507,018	*	Cisco Systems, Inc		16,787,366
14,560		Cooper Industries Ltd (Class A)		743,870
12,088		Eaton Corp		1,197,196
5,524		Harman International Industries, Inc		477,936
62,239		Honeywell International, Inc		3,701,353
486,027		Intel Corp		12,568,658
16,504	e*	JDS Uniphase Corp		246,900
10,067		L-3 Communications Holdings, Inc		1,028,243
18,855		Linear Technology Corp		659,736
63,144	*	LSI Logic Corp		468,528
18,700	*	MEMC Electronic Materials, Inc		1,100,682
17,800		Microchip Technology, Inc		646,496
62,264	*	Micron Technology, Inc		691,130
11,391		Molex, Inc		306,760
191,640		Motorola, Inc		3,551,089
20,800		National Semiconductor Corp		564,096
30,182	*	Network Appliance, Inc		812,198
10,132	*	Novellus Systems, Inc		276,198
44,443	*	Nvidia Corp		1,610,614
13,080	*	QLogic Corp		175,926
139,175		Qualcomm, Inc		5,881,536
12,466	e	RadioShack Corp		257,548
38,762	*	Tellabs, Inc		369,014
119,469		Texas Instruments, Inc		4,371,371
40,896		Tyco Electronics Ltd		1,448,945
6,397		Whirlpool Corp		569,973
24,473		Xilinx, Inc		639,724
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		76,204,153
ENGINEERING AND MANAGEMENT SERVICES - 0.52%
31,539	*	Celgene Corp		2,249,046
7,031		Fluor Corp		1,012,323
19,149		Moody's Corp		965,110
28,297		Paychex, Inc		1,160,177
13,237		Quest Diagnostics, Inc		764,701
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		6,151,357
FABRICATED METAL PRODUCTS - 0.36%
8,869		Ball Corp		476,709
34,260		Illinois Tool Works, Inc		2,043,266
9,483		Parker Hannifin Corp		1,060,484

151

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
4,726		Snap-On, Inc	$	234,126
7,034		Stanley Works		394,818
		TOTAL FABRICATED METAL PRODUCTS		4,209,403
FOOD AND KINDRED PRODUCTS - 3.44%
62,964		Anheuser-Busch Cos, Inc		3,147,570
54,050		Archer Daniels Midland Co		1,787,974
18,223		Campbell Soup Co		674,251
166,484		Coca-Cola Co		9,567,835
23,551		Coca-Cola Enterprises, Inc		570,405
41,401		ConAgra Foods, Inc		1,081,808
17,790	e*	Constellation Brands, Inc (Class A)		430,696
27,390		General Mills, Inc		1,588,894
26,637		H.J. Heinz Co		1,230,629
14,035		Hershey Co		651,364
20,857		Kellogg Co		1,167,992
133,526		Kraft Foods, Inc (Class A)		4,607,982
11,257		McCormick & Co, Inc		404,914
5,692		Molson Coors Brewing Co (Class B)		567,322
11,108		Pepsi Bottling Group, Inc		412,884
135,318		PepsiCo, Inc		9,913,397
60,872		Sara Lee Corp		1,015,954
21,571		Tyson Foods, Inc (Class A)		385,042
18,459		Wrigley (Wm.) Jr Co		1,185,622
		TOTAL FOOD AND KINDRED PRODUCTS		40,392,535
FOOD STORES - 0.35%
58,920		Kroger Co		1,680,398
35,957		Safeway, Inc		1,190,536
16,800		Supervalu, Inc		655,368
11,573	e	Whole Foods Market, Inc		566,614
		TOTAL FOOD STORES		4,092,916
FORESTRY - 0.10%
17,217		Weyerhaeuser Co		1,244,789
		TOTAL FORESTRY		1,244,789
FURNITURE AND FIXTURES - 0.25%
16,232		Johnson Controls, Inc		1,917,162
14,373		Leggett & Platt, Inc		275,387
31,271		Masco Corp		724,549
		TOTAL FURNITURE AND FIXTURES		2,917,098
FURNITURE AND HOME FURNISHINGS STORES - 0.08%
22,945	*	Bed Bath & Beyond, Inc		782,883
13,803		Circuit City Stores, Inc		109,182
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		892,065
GENERAL BUILDING CONTRACTORS - 0.10%
10,266		Centex Corp		272,768
22,506		DR Horton, Inc		288,302
6,200		KB Home		155,372
10,931		Lennar Corp (Class A)		247,587
17,748		Pulte Homes, Inc		241,550
		TOTAL GENERAL BUILDING CONTRACTORS		1,205,579

152

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
GENERAL MERCHANDISE STORES - 1.68%
9,215	e*	Big Lots, Inc	$	274,976
37,358		Costco Wholesale Corp		2,292,660
4,783		Dillard's, Inc (Class A)		104,413
13,353		Family Dollar Stores, Inc		354,656
18,359		JC Penney Co, Inc		1,163,410
35,787		Macy's, Inc		1,156,636
36,988		TJX Cos, Inc		1,075,241
71,041		Target Corp		4,516,076
201,520		Wal-Mart Stores, Inc		8,796,348
		TOTAL GENERAL MERCHANDISE STORES		19,734,416
HEALTH SERVICES - 1.09%
15,763		AmerisourceBergen Corp		714,537
24,120		Cigna Corp		1,285,355
13,349	e*	Coventry Health Care, Inc		830,441
21,374	*	Express Scripts, Inc		1,193,097
9,925	*	Laboratory Corp of America Holdings		776,433
6,005		Manor Care, Inc		386,722
24,738		McKesson Corp		1,454,347
22,521	*	Medco Health Solutions, Inc		2,035,673
39,198	*	Tenet Healthcare Corp		131,705
50,609	*	WellPoint, Inc		3,994,062
		TOTAL HEALTH SERVICES		12,802,372
HOLDING AND OTHER INVESTMENT OFFICES - 4.06%
8,111		Apartment Investment & Management Co (Class A)		366,049
18,337	*	Archstone-Smith Trust		1,102,787
6,300		AvalonBay Communities, Inc		743,778
10,110		Boston Properties, Inc		1,050,429
10,400		Developers Diversified Realty Corp		581,048
23,852		Equity Residential		1,010,371
19,800		General Growth Properties, Inc		1,061,676
42,700		Host Marriott Corp		958,188
21,130		Kimco Realty Corp		955,287
14,565		Plum Creek Timber Co, Inc		651,929
20,925		Prologis		1,388,374
10,206		Public Storage, Inc		802,702
222,800		SPDR Trust Series 1		33,994,824
18,415		Simon Property Group, Inc		1,841,500
10,668		Vornado Realty Trust		1,166,546
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		47,675,488
HOTELS AND OTHER LODGING PLACES - 0.36%
32,402		Hilton Hotels Corp		1,506,369
26,992		Marriott International, Inc (Class A)		1,173,342
17,604		Starwood Hotels & Resorts Worldwide, Inc		1,069,443
16,139		Wyndham Worldwide Corp		528,714
		TOTAL HOTELS AND OTHER LODGING PLACES		4,277,868
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.45%
14,541		American Standard Cos, Inc		517,950

153

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
114,096		Applied Materials, Inc	$	2,361,787
5,331		Black & Decker Corp		444,072
53,470		Caterpillar, Inc		4,193,652
8,626		Cummins, Inc		1,103,179
18,840		Deere & Co		2,796,233
187,966	*	Dell, Inc		5,187,862
16,639		Dover Corp		847,757
174,695	*	EMC Corp		3,633,656
854,384	d	General Electric Co		35,371,498
214,628		Hewlett-Packard Co		10,686,328
23,770		Ingersoll-Rand Co Ltd (Class A)		1,294,752
112,855		International Business Machines Corp		13,294,319
27,387		International Game Technology		1,180,380
14,879		Jabil Circuit, Inc		339,836
8,125	*	Lexmark International, Inc (Class A)		337,431
10,040		Pall Corp		390,556
13,726		Rockwell Automation, Inc		954,094
18,360	*	SanDisk Corp		1,011,636
85,142	*	Solectron Corp		332,054
8,500	*	Terex Corp		756,670
10,400	*	Varian Medical Systems, Inc		435,656
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		87,471,358
INSTRUMENTS AND RELATED PRODUCTS - 4.36%
33,595	*	Agilent Technologies, Inc		1,238,984
25,126		Allergan, Inc		1,619,873
14,665		Applera Corp (Applied Biosystems Group)		507,996
8,469		Bard (C.R.), Inc		746,881
4,369		Bausch & Lomb, Inc		279,616
53,802		Baxter International, Inc		3,027,977
20,358		Becton Dickinson & Co		1,670,374
110,282	*	Boston Scientific Corp		1,538,434
40,896		Covidien Ltd		1,697,184
19,792		Danaher Corp		1,636,996
23,585	e	Eastman Kodak Co		631,135
66,100		Emerson Electric Co		3,517,842
240,300		Johnson & Johnson		15,787,710
16,390		Kla-Tencor Corp		914,234
95,212		Medtronic, Inc		5,370,909
4,777	*	Millipore Corp		362,097
10,203		PerkinElmer, Inc		298,030
18,126		Pitney Bowes, Inc		823,283
13,942		Rockwell Collins, Inc		1,018,324
28,604	*	St. Jude Medical, Inc		1,260,578
19,943		Stryker Corp		1,371,281
5,791		Tektronix, Inc		160,642
15,441	*	Teradyne, Inc		213,086
34,352	*	Thermo Electron Corp		1,982,797
8,368	*	Waters Corp		559,987
78,747	*	Xerox Corp		1,365,473
19,697	*	Zimmer Holdings, Inc		1,595,260
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		51,196,983

154

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.40%
24,563		AON Corp	$	1,100,668
26,625		Hartford Financial Services Group, Inc		2,464,144
45,105		Marsh & McLennan Cos, Inc		1,150,178
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,714,990
INSURANCE CARRIERS - 4.75%
27,305		ACE Ltd		1,653,864
42,568		Aetna, Inc		2,310,165
40,754		Aflac, Inc		2,324,608
48,984		Allstate Corp		2,801,395
8,603		Ambac Financial Group, Inc		541,215
214,928		American International Group, Inc		14,539,879
8,300		Assurant, Inc		444,050
33,696		Chubb Corp		1,807,453
14,049		Cincinnati Financial Corp		608,462
36,004		Genworth Financial, Inc (Class A)		1,106,403
13,628	*	Humana, Inc		952,325
13,700		Leucadia National Corp		660,614
22,587		Lincoln National Corp		1,490,064
37,334		Loews Corp		1,805,099
11,025		MBIA, Inc		673,076
62,293		Metlife, Inc		4,343,691
6,830		MGIC Investment Corp		220,677
21,717		Principal Financial Group		1,370,126
61,103		Progressive Corp		1,186,009
38,788		Prudential Financial, Inc		3,784,933
8,975		Safeco Corp		549,450
8,211		Torchmark Corp		511,710
55,929		Travelers Cos, Inc/The		2,815,466
110,283		UnitedHealth Group, Inc		5,341,006
27,414		UnumProvident Corp		670,821
15,502		XL Capital Ltd (Class A)		1,227,758
		TOTAL INSURANCE CARRIERS		55,740,319
LEATHER AND LEATHER PRODUCTS - 0.12%
30,846	*	Coach, Inc		1,458,090
		TOTAL LEATHER AND LEATHER PRODUCTS		1,458,090
METAL MINING - 0.43%
31,606		Freeport-McMoRan Copper & Gold, Inc (Class B)		3,315,153
38,157		Newmont Mining Corp		1,706,763
		TOTAL METAL MINING		5,021,916
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.34%
12,889		Fortune Brands, Inc		1,050,325
13,266		Hasbro, Inc		369,856
32,300		Mattel, Inc		757,758
40,896		Tyco International Ltd		1,813,329
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		3,991,268
MISCELLANEOUS RETAIL - 1.37%
25,787	*	Amazon.com, Inc		2,402,059
33,076		Best Buy Co, Inc		1,522,158
123,130		CVS Corp		4,879,642

155

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
23,082	*	Office Depot, Inc	$	475,951
6,758		OfficeMax, Inc		231,597
6,481	e*	Sears Holdings Corp		824,383
59,164		Staples, Inc		1,271,434
11,087		Tiffany & Co		580,404
82,851		Walgreen Co		3,913,881
		TOTAL MISCELLANEOUS RETAIL		16,101,509
MOTION PICTURES - 1.19%
57,482		CBS Corp (Class B)		1,810,683
194,194		News Corp (Class A)		4,270,326
310,152		Time Warner, Inc		5,694,391
57,191	*	Viacom, Inc (Class B)		2,228,733
		TOTAL MOTION PICTURES		14,004,133
NONDEPOSITORY INSTITUTIONS - 1.89%
15,700		American Capital Strategies Ltd		670,861
98,589		American Express Co		5,853,229
16,090		CIT Group, Inc		646,818
34,069		Capital One Financial Corp		2,263,204
48,925		Countrywide Financial Corp		930,064
39,416		Discover Financial Services		819,853
80,099		Fannie Mae		4,870,820
55,130		Freddie Mac		3,253,221
33,534	*	SLM Corp		1,665,634
20,380		Textron, Inc		1,267,840
		TOTAL NONDEPOSITORY INSTITUTIONS		22,241,544
NONMETALLIC MINERALS, EXCEPT FUELS - 0.06%
7,995		Vulcan Materials Co		712,754
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		712,754
OIL AND GAS EXTRACTION - 2.75%
37,844		Anadarko Petroleum Corp		2,034,115
26,477		Baker Hughes, Inc		2,392,726
24,987		BJ Services Co		663,405
34,055		Chesapeake Energy Corp		1,200,779
11,800		ENSCO International, Inc		661,980
75,839		Halliburton Co		2,912,218
24,121	*	Nabors Industries Ltd		742,203
14,817	*	National Oilwell Varco, Inc		2,141,057
22,446		Noble Corp		1,100,976
9,601		Rowan Cos, Inc		351,205
99,102		Schlumberger Ltd		10,405,710
16,097		Smith International, Inc		1,149,326
24,137	*	Transocean, Inc		2,728,688
28,094	*	Weatherford International Ltd		1,887,355
31,986		XTO Energy, Inc		1,978,014
		TOTAL OIL AND GAS EXTRACTION		32,349,757
PAPER AND ALLIED PRODUCTS - 0.43%
9,361		Bemis Co		272,499
36,866		International Paper Co		1,322,383
35,561		Kimberly-Clark Corp		2,498,516

156

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
14,691		MeadWestvaco Corp	$	433,825
8,901		Temple-Inland, Inc		468,460
		TOTAL PAPER AND ALLIED PRODUCTS		4,995,683
PERSONAL SERVICES - 0.08%
11,231		Cintas Corp		416,670
27,345		H&R Block, Inc		579,167
		TOTAL PERSONAL SERVICES		995,837
PETROLEUM AND COAL PRODUCTS - 7.93%
27,406		Apache Corp		2,468,184
4,890		Ashland, Inc		294,427
178,321		Chevron Corp		16,687,279
135,734		ConocoPhillips		11,913,373
36,821		Devon Energy Corp		3,063,507
20,233		EOG Resources, Inc		1,463,453
462,146		Exxon Mobil Corp		42,776,234
21,867		Hess Corp		1,454,812
57,184		Marathon Oil Corp		3,260,632
15,581		Murphy Oil Corp		1,088,956
69,363		Occidental Petroleum Corp		4,444,781
9,765		Sunoco, Inc		691,167
11,000		Tesoro Corp		506,220
45,472		Valero Energy Corp		3,054,809
		TOTAL PETROLEUM AND COAL PRODUCTS		93,167,834
PIPELINES, EXCEPT NATURAL GAS - 0.11%
51,365		Spectra Energy Corp		1,257,415
		TOTAL PIPELINES, EXCEPT NATURAL GAS		1,257,415
PRIMARY METAL INDUSTRIES - 0.94%
71,576		Alcoa, Inc		2,800,053
8,385		Allegheny Technologies, Inc		921,931
129,215		Corning, Inc		3,185,150
24,541		Nucor Corp		1,459,453
11,300		Precision Castparts Corp		1,672,174
9,839		United States Steel Corp		1,042,344
		TOTAL PRIMARY METAL INDUSTRIES		11,081,105
PRINTING AND PUBLISHING - 0.36%
5,469		Dow Jones & Co, Inc		326,499
19,200		Gannett Co, Inc		839,040
28,962		McGraw-Hill Cos, Inc		1,474,455
2,886		Meredith Corp		165,368
11,963	e	New York Times Co (Class A)		236,389
18,395		R.R. Donnelley & Sons Co		672,521
7,255		EW Scripps Co (Class A)		304,710
6,306	*	Tribune Co		172,280
		TOTAL PRINTING AND PUBLISHING		4,191,262
RAILROAD TRANSPORTATION - 0.66%
25,229		Burlington Northern Santa Fe Corp		2,047,838
35,448		CSX Corp		1,514,693
32,900		Norfolk Southern Corp		1,707,839

157

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
22,432		Union Pacific Corp	$	2,536,162
		TOTAL RAILROAD TRANSPORTATION		7,806,532
REAL ESTATE - 0.04%
15,000	*	CB Richard Ellis Group, Inc (Class A)		417,600
		TOTAL REAL ESTATE		417,600
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.28%
17,004	*	Goodyear Tire & Rubber Co		517,092
22,187		Newell Rubbermaid, Inc		639,429
31,332		Nike, Inc (Class B)		1,837,935
13,396		Sealed Air Corp		342,402
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		3,336,858
SECURITY AND COMMODITY BROKERS - 2.85%
19,506		Ameriprise Financial, Inc		1,231,024
9,783		Bear Stearns Cos, Inc		1,201,450
78,769		Charles Schwab Corp		1,701,410
4,574		CME Group, Inc		2,686,539
35,211	*	E*Trade Financial Corp		459,856
7,516		Federated Investors, Inc (Class B)		298,385
13,674		Franklin Resources, Inc		1,743,435
33,981		Goldman Sachs Group, Inc		7,365,042
5,500	*	IntercontinentalExchange, Inc		835,450
16,086		Janus Capital Group, Inc		454,912
10,709		Legg Mason, Inc		902,662
43,574		Lehman Brothers Holdings, Inc		2,689,823
72,207		Merrill Lynch & Co, Inc		5,146,915
87,433		Morgan Stanley		5,508,279
21,571		T Rowe Price Group, Inc		1,201,289
		TOTAL SECURITY AND COMMODITY BROKERS		33,426,471
STONE, CLAY, AND GLASS PRODUCTS - 0.48%
59,986		3M Co		5,613,490
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		5,613,490
TOBACCO PRODUCTS - 1.17%
174,717		Altria Group, Inc		12,148,073
13,961	e	Reynolds American, Inc		887,780
13,303		UST, Inc		659,829
		TOTAL TOBACCO PRODUCTS		13,695,682
TRANSPORTATION BY AIR - 0.31%
25,409		FedEx Corp		2,661,593
65,241	e	Southwest Airlines Co		965,567
		TOTAL TRANSPORTATION BY AIR		3,627,160
TRANSPORTATION EQUIPMENT - 2.80%
65,255		Boeing Co		6,851,122
6,563		Brunswick Corp		150,030
170,216	e*	Ford Motor Co		1,445,134
33,619		General Dynamics Corp		2,839,797
46,071	e	General Motors Corp		1,690,806
13,384		Genuine Parts Co		669,200

158

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
10,653		Goodrich Corp	$	726,854
21,103		Harley-Davidson, Inc		975,170
15,042		ITT Industries, Inc		1,021,803
29,417		Lockheed Martin Corp		3,191,450
28,983		Northrop Grumman Corp		2,260,674
20,631		Paccar, Inc		1,758,793
12,161	*	Pactiv Corp		348,534
36,272		Raytheon Co		2,314,879
82,341		United Technologies Corp		6,626,804
		TOTAL TRANSPORTATION EQUIPMENT		32,871,050
TRANSPORTATION SERVICES - 0.07%
14,100		CH Robinson Worldwide, Inc		765,489
		TOTAL TRANSPORTATION SERVICES		765,489
TRUCKING AND WAREHOUSING - 0.57%
88,304		United Parcel Service, Inc (Class B)		6,631,630
		TOTAL TRUCKING AND WAREHOUSING		6,631,630
WATER TRANSPORTATION - 0.15%
36,115		Carnival Corp		1,749,049
		TOTAL WATER TRANSPORTATION		1,749,049
WHOLESALE TRADE-DURABLE GOODS - 0.09%
12,557	*	Patterson Cos, Inc		484,826
5,948		W.W. Grainger, Inc		542,398
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,027,224
WHOLESALE TRADE-NONDURABLE GOODS - 0.38%
6,455	e	Brown-Forman Corp (Class B)		483,544
30,273		Cardinal Health, Inc		1,892,971
11,214		Dean Foods Co		286,854
50,315		Sysco Corp		1,790,711
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		4,454,080
		TOTAL COMMON STOCKS		1,154,834,828
		(Cost $947,454,314)
PRINCIPAL
SHORT-TERM INVESTMENTS - 2.27%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.49%
$ 17,490,000	d	Federal Home Loan Bank, 0.000% 10/01/07		17,484,170
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		17,484,170
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.78%
9,138,221		State Street Navigator Securities Lending Prime Portfolio		9,138,221
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		9,138,221
		TOTAL SHORT-TERM INVESTMENTS		26,622,391
		(Cost $26,628,221)

159

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
				VALUE
		TOTAL PORTFOLIO - 100.60%	$	1,181,457,219
		(Cost $974,082,535)
		OTHER ASSETS & LIABILITIES, NET - (0.60)%		(7,047,041	)
		NET ASSETS - 100.00%	$	1,174,410,178
		ABBREVIATION:
		SPDR- Standard & Poor's Depository Receipts
	*	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 in the amount of $18,924,890.
	e	All or a portion of these securities are out on loan.

160

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.87%
AMUSEMENT AND RECREATION SERVICES - 0.73%
7,597	*	Activision, Inc	$	164,019
2,862		Harrah's Entertainment, Inc		248,794
1,967	*	Penn National Gaming, Inc		116,092
513		Warner Music Group Corp		5,181
		TOTAL AMUSEMENT AND RECREATION SERVICES		534,086
APPAREL AND ACCESSORY STORES - 1.62%
2,349		Abercrombie & Fitch Co (Class A)		189,564
4,978		American Eagle Outfitters, Inc		130,971
1,440	*	AnnTaylor Stores Corp		45,605
4,739	*	Chico's FAS, Inc		66,583
2,644	*	Hanesbrands, Inc		74,191
8,632		Limited Brands, Inc		197,586
6,604		Nordstrom, Inc		309,662
3,729		Ross Stores, Inc		95,612
3,152	*	Urban Outfitters, Inc		68,714
		TOTAL APPAREL AND ACCESSORY STORES		1,178,488
APPAREL AND OTHER TEXTILE PRODUCTS - 0.39%
1,477		Guess ?, Inc		72,417
180	e	Liz Claiborne, Inc		6,179
1,503		Phillips-Van Heusen Corp		78,877
1,640		Polo Ralph Lauren Corp		127,510
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		284,983
AUTO REPAIR, SERVICES AND PARKING - 0.17%
5,600	*	Hertz Global Holdings, Inc		127,232
		TOTAL AUTO REPAIR, SERVICES AND PARKING		127,232
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.71%
2,865		Advance Auto Parts		96,149
1,234	*	Autozone, Inc		143,317
5,784	*	Carmax, Inc		117,589
1,656	*	Copart, Inc		56,950
3,073	e*	O'Reilly Automotive, Inc		102,669
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		516,674
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.21%
3,375		Fastenal Co		153,259
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		153,259
BUSINESS SERVICES - 9.60%
1,647		Acxiom Corp		32,594
1,074	*	Affiliated Computer Services, Inc (Class A)		53,958
716		Aircastle Ltd		23,929

161

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
4,423	*	Akamai Technologies, Inc	$	127,073
2,104	*	Alliance Data Systems Corp		162,934
5,305	*	Amdocs Ltd		197,293
6,191	*	Autodesk, Inc		309,364
1,035	*	Avis Budget Group, Inc		23,691
10,507	*	BEA Systems, Inc		145,732
5,378	*	BMC Software, Inc		167,955
1,156		Brink's Co		64,597
6,899		CA, Inc		177,442
1,994	*	Cadence Design Systems, Inc		44,247
3,454	*	Ceridian Corp		119,992
1,819	e*	Cerner Corp		108,794
1,711	e*	Checkfree Corp		79,630
2,065	*	ChoicePoint, Inc		78,305
4,839	*	Citrix Systems, Inc		195,108
1,060	*	Clear Channel Outdoor Holdings, Inc (Class A)		27,030
3,853	*	Cognizant Technology Solutions Corp (Class A)		307,354
6,534	*	Compuware Corp		52,403
1,453	*	DST Systems, Inc		124,682
8,358	*	Electronic Arts, Inc		467,964
7,913		Electronic Data Systems Corp		172,820
3,940		Equifax, Inc		150,193
2,226	*	F5 Networks, Inc		82,785
1,115		Factset Research Systems, Inc		76,433
148		Fair Isaac Corp		5,344
4,348		Fidelity National Information Services, Inc		192,921
4,508	*	Fiserv, Inc		229,277
630	*	Getty Images, Inc		17,539
4,652	e*	HLTH Corp		65,919
4,701		IMS Health, Inc		144,039
7,833	e*	Interpublic Group of Cos, Inc		81,307
9,025	*	Intuit, Inc		273,458
4,737	*	Iron Mountain, Inc		144,384
9,923	*	Juniper Networks, Inc		363,281
1,209	e*	Kinetic Concepts, Inc		68,043
2,190		Lamar Advertising Co (Class A)		107,244
2,257		Manpower, Inc		145,238
2,138		Mastercard, Inc (Class A)		316,360
4,258	*	McAfee, Inc		148,476
2,166		MoneyGram International, Inc		48,930
3,449	*	Monster Worldwide, Inc		117,473
2,617	*	NAVTEQ Corp		204,047
584	*	NCR Corp		29,083
953	*	Novell, Inc		7,281
5,177	e*	Red Hat, Inc		102,867
3,926		Robert Half International, Inc		117,230
2,545	*	Salesforce.com, Inc		130,609
3,867	*	Synopsys, Inc		104,718
1,000		Total System Services, Inc		27,780
6,508	*	VeriSign, Inc		219,580
260	e*	WebMD Health Corp (Class A)		13,546
		TOTAL BUSINESS SERVICES		7,000,276

162

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
CHEMICALS AND ALLIED PRODUCTS - 6.01%
640	e*	Abraxis BioScience, Inc	$	14,611
2,730		Air Products & Chemicals, Inc		266,885
2,156		Albemarle Corp		95,295
413		Alberto-Culver Co		10,238
2,433		Avery Dennison Corp		138,730
10,857		Avon Products, Inc		407,463
2,940	*	Barr Pharmaceuticals, Inc		167,315
1,196		Cabot Corp		42,494
2,348		Celanese Corp (Series A)		91,525
1,769	e*	Cephalon, Inc		129,243
618	*	Charles River Laboratories International, Inc		34,701
390		Chemtura Corp		3,467
1,689		Church & Dwight Co, Inc		79,451
3,407		Clorox Co		207,793
2,203		Dade Behring Holdings, Inc		168,199
4,688		Ecolab, Inc		221,274
2,928		Estee Lauder Cos (Class A)		124,323
8,581	*	Forest Laboratories, Inc		319,985
4,188	*	Hospira, Inc		173,593
844	*	Idexx Laboratories, Inc		92,494
1,653	*	ImClone Systems, Inc		68,335
1,783		International Flavors & Fragrances, Inc		94,249
472	*	Invitrogen Corp		38,577
470		Lubrizol Corp		30,578
4,880	*	Millennium Pharmaceuticals, Inc		49,532
1,818	*	Mosaic Co		97,299
6,668	*	Mylan Laboratories, Inc		106,421
3,890		Nalco Holding Co		115,339
1,496	*	NBTY, Inc		60,738
3,219	e*	PDL BioPharma, Inc		69,563
2,210		Rohm & Haas Co		123,031
2,849		RPM International, Inc		68,234
212		Scotts Miracle-Gro Co (Class A)		9,063
2,854	*	Sepracor, Inc		78,485
2,973		Sherwin-Williams Co		195,356
1,109		Sigma-Aldrich Corp		54,053
291		Valspar Corp		7,918
2,347	*	VCA Antech, Inc		97,987
3,503	*	Vertex Pharmaceuticals, Inc		134,550
2,432	e*	Warner Chilcott Ltd (Class A)		43,217
1,593	*	Watson Pharmaceuticals, Inc		51,613
		TOTAL CHEMICALS AND ALLIED PRODUCTS		4,383,217
COAL MINING - 1.02%
3,824		Arch Coal, Inc		129,022
4,879		Consol Energy, Inc		227,361
2,262		Massey Energy Co		49,357
7,110		Peabody Energy Corp		340,356
		TOTAL COAL MINING		746,096
COMMUNICATIONS - 4.01%
11,210	*	American Tower Corp (Class A)		488,083
3,189	*	Avaya, Inc		54,085
1,889	*	Cablevision Systems Corp (Class A)		66,002

163

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
841	*	Central European Media Enterprises Ltd (Class A)	$	77,128
1,660		Citizens Communications Co		23,771
5,085	*	Crown Castle International Corp		206,604
1,434	e*	CTC Media, Inc		31,491
5,577	*	EchoStar Communications Corp (Class A)		261,059
2,160		Global Payments, Inc		95,515
305	*	IAC/InterActiveCorp		9,049
1,360	*	Leap Wireless International, Inc		110,663
41,043	e*	Level 3 Communications, Inc		190,850
5,187	*	Liberty Global, Inc (Class A)		212,771
10,446	*	Liberty Media Holding Corp (Interactive A)		200,668
1,562	*	MetroPCS Communications, Inc		42,611
2,026	e*	NeuStar, Inc (Class A)		69,472
4,625	*	NII Holdings, Inc		379,944
2,770	e*	SBA Communications Corp (Class A)		97,726
1,243		Telephone & Data Systems, Inc		82,970
147	*	US Cellular Corp		14,435
7,055		Windstream Corp		99,617
7,695	e*	XM Satellite Radio Holdings, Inc (Class A)		109,038
		TOTAL COMMUNICATIONS		2,923,552
DEPOSITORY INSTITUTIONS - 0.90%
434		Bank of Hawaii Corp		22,937
395		Capitol Federal Financial		13,509
1,431		Commerce Bancorp, Inc		55,494
5,653		Hudson City Bancorp, Inc		86,943
4,991		Northern Trust Corp		330,754
4,028		People's United Financial, Inc		69,604
2,724		Synovus Financial Corp		76,408
		TOTAL DEPOSITORY INSTITUTIONS		655,649
EATING AND DRINKING PLACES - 1.45%
2,820		Brinker International, Inc		77,381
1,683		Burger King Holdings, Inc		42,900
1,870	e*	Cheesecake Factory		43,889
3,782		Darden Restaurants, Inc		158,315
5,048		Tim Hortons, Inc		175,923
2,334	e	Wendy's International, Inc		81,480
14,050		Yum! Brands, Inc		475,312
		TOTAL EATING AND DRINKING PLACES		1,055,200
EDUCATIONAL SERVICES - 0.60%
3,875	*	Apollo Group, Inc (Class A)		233,081
2,578	*	Career Education Corp		72,158
1,097	*	ITT Educational Services, Inc		133,494
		TOTAL EDUCATIONAL SERVICES		438,733
ELECTRIC, GAS, AND SANITARY SERVICES - 3.83%
17,905	*	AES Corp		358,816
4,443		Allegheny Energy, Inc		232,191
1,086	*	Allied Waste Industries, Inc		13,847
233		Aqua America, Inc		5,284
8,601		Centerpoint Energy, Inc		137,874
3,751		Constellation Energy Group, Inc		321,798

164

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,237	*	Covanta Holding Corp	$	79,339
1,642	e	DPL, Inc		43,119
1,352	*	Dynegy, Inc (Class A)		12,492
4,737	*	Mirant Corp		192,701
5,225	*	NRG Energy, Inc		220,965
7,724		PPL Corp		357,621
1,531		Questar Corp		80,423
3,981		Republic Services, Inc		130,219
773		Sierra Pacific Resources		12,159
2,368	*	Stericycle, Inc		135,355
13,369		Williams Cos, Inc		455,348
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,789,551
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.19%
6,021	*	Advanced Micro Devices, Inc		79,477
9,509		Altera Corp		228,977
2,862		Ametek, Inc		123,696
4,786		Amphenol Corp (Class A)		190,291
8,771		Analog Devices, Inc		317,159
2,354	*	Avnet, Inc		93,830
500		AVX Corp		8,050
12,562	*	Broadcom Corp (Class A)		457,759
2,277	*	Ciena Corp		86,708
1,583		Cooper Industries Ltd (Class A)		80,875
545	e*	Cree, Inc		16,950
4,042	*	Cypress Semiconductor Corp		118,067
1,060	*	Dolby Laboratories, Inc (Class A)		36,909
435		Eaton Corp		43,082
1,092	e*	Energizer Holdings, Inc		121,048
1,325	*	Fairchild Semiconductor International, Inc		24,751
956	*	First Solar, Inc		112,559
3,098		Garmin Ltd		369,901
1,742		Harman International Industries, Inc		150,718
3,597		Harris Corp		207,871
1,724	*	Integrated Device Technology, Inc		26,688
425	e*	International Rectifier Corp		14,021
1,968		Intersil Corp (Class A)		65,790
964	*	Jarden Corp		29,826
2,927	e*	JDS Uniphase Corp		43,788
1,121		L-3 Communications Holdings, Inc		114,499
760		Lincoln Electric Holdings, Inc		58,984
5,941		Linear Technology Corp		207,876
12,251	*	LSI Logic Corp		90,902
12,658	*	Marvell Technology Group Ltd		207,211
8,587		Maxim Integrated Products, Inc		252,028
6,014	*	MEMC Electronic Materials, Inc		353,984
5,840		Microchip Technology, Inc		212,109
6,671	e*	Micron Technology, Inc		74,048
2,037		Molex, Inc		54,856
7,229		National Semiconductor Corp		196,050
9,946	*	Network Appliance, Inc		267,647
2,242	*	Novellus Systems, Inc		61,117
14,599	*	Nvidia Corp		529,068
3,767	*	QLogic Corp		50,666

165

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,592	e	RadioShack Corp	$	53,551
2,384	e*	Rambus, Inc		45,558
3,062	*	Sanmina-SCI Corp		6,491
1,491	e*	Silicon Laboratories, Inc		62,264
39,217	e*	Sirius Satellite Radio, Inc		136,867
625	e*	Sunpower Corp (Class A)		51,763
1,570	*	Thomas & Betts Corp		92,065
2,131	*	Varian Semiconductor Equipment Associates, Inc		114,051
1,082	*	Vishay Intertechnology, Inc		14,098
1,511		Whirlpool Corp		134,630
7,976		Xilinx, Inc		208,493
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		6,699,667
ENGINEERING AND MANAGEMENT SERVICES - 2.82%
3,515	*	Amylin Pharmaceuticals, Inc		175,750
1,031		Corporate Executive Board Co		76,541
2,360		Fluor Corp		339,793
730	*	Genpact Ltd		12,374
1,453	*	Gen-Probe, Inc		96,741
1,580	*	Hewitt Associates, Inc (Class A)		55,379
3,197	*	Jacobs Engineering Group, Inc		241,629
5,964	*	McDermott International, Inc		322,533
9,097		Paychex, Inc		372,977
3,872		Quest Diagnostics, Inc		223,685
1,977	*	Shaw Group, Inc		114,864
359	*	URS Corp		20,266
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,052,532
FABRICATED METAL PRODUCTS - 0.51%
765	e*	Alliant Techsystems, Inc		83,615
2,732		Ball Corp		146,845
4,385	*	Crown Holdings, Inc		99,803
695		Stanley Works		39,010
		TOTAL FABRICATED METAL PRODUCTS		369,273
FOOD AND KINDRED PRODUCTS - 1.73%
3,526		Campbell Soup Co		130,462
4,798		H.J. Heinz Co		221,668
1,838	e*	Hansen Natural Corp		104,178
3,189		Hershey Co		148,001
2,349		McCormick & Co, Inc		84,494
919		Pepsi Bottling Group, Inc		34,159
10,305		Sara Lee Corp		171,990
5,656		Wrigley (Wm.) Jr Co		363,285
		TOTAL FOOD AND KINDRED PRODUCTS		1,258,237
FOOD STORES - 0.30%
805	e*	Panera Bread Co (Class A)		32,844
3,781		Whole Foods Market, Inc		185,118
		TOTAL FOOD STORES		217,962
FORESTRY - 0.01%
198		Rayonier, Inc		9,512
		TOTAL FORESTRY		9,512

166

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
FURNITURE AND FIXTURES - 0.11%
273		Hillenbrand Industries, Inc	$	15,020
1,401		HNI Corp		50,436
568		Masco Corp		13,161
		TOTAL FURNITURE AND FIXTURES		78,617
FURNITURE AND HOMEFURNISHINGS STORES - 0.85%
7,417	*	Bed Bath & Beyond, Inc		253,068
1,914		Circuit City Stores, Inc		15,140
4,218	*	GameStop Corp (Class A)		237,684
1,708		Steelcase, Inc (Class A)		30,710
2,463	e	Williams-Sonoma, Inc		80,343
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		616,945
GENERAL BUILDING CONTRACTORS - 0.08%
159	e	Centex Corp		4,225
50	e*	NVR, Inc		23,513
1,957	e	Pulte Homes, Inc		26,635
		TOTAL GENERAL BUILDING CONTRACTORS		54,373
GENERAL MERCHANDISE STORES - 1.36%
3,015	*	Big Lots, Inc		89,968
4,038		Family Dollar Stores, Inc		107,249
6,054		JC Penney Co, Inc		383,642
3,265		Saks, Inc		55,995
12,187		TJX Cos, Inc		354,276
		TOTAL GENERAL MERCHANDISE STORES		991,130
HEALTH SERVICES - 3.11%
2,340		AmerisourceBergen Corp		106,072
237	e	Brookdale Senior Living, Inc		9,435
7,714		Cigna Corp		411,079
213	*	Community Health Systems, Inc		6,697
1,693	*	Covance, Inc		131,885
3,906	*	Coventry Health Care, Inc		242,992
2,877	*	DaVita, Inc		181,769
1,591	*	Edwards Lifesciences Corp		78,452
5,924	*	Express Scripts, Inc		330,678
3,143	*	Laboratory Corp of America Holdings		245,877
2,268	*	Lincare Holdings, Inc		83,122
1,960		Manor Care, Inc		126,224
382		Omnicare, Inc		12,656
1,260	*	Pediatrix Medical Group, Inc		82,429
2,852		Pharmaceutical Product Development, Inc		101,075
1,499	*	Sierra Health Services, Inc		63,243
10,072	e*	Tenet Healthcare Corp		33,842
371		Universal Health Services, Inc (Class B)		20,190
		TOTAL HEALTH SERVICES		2,267,717
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.34%
1,888	*	Foster Wheeler Ltd		247,857
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		247,857

167

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 5.93%
804	e*	Affiliated Managers Group, Inc	$	102,518
130		Apartment Investment & Management Co (Class A)		5,867
2,655		Duke Realty Corp		89,766
285		Essex Property Trust, Inc		33,507
759		Federal Realty Investment Trust		67,247
3,198		General Growth Properties, Inc		171,477
246		Health Care REIT, Inc		10,883
23,570		iShares Russell Midcap Growth Index Fund		2,736,477
865		Kilroy Realty Corp		52,445
1,911		Macerich Co		167,365
383		Plum Creek Timber Co, Inc		17,143
6,017		Prologis		399,228
250		Public Storage, Inc		19,663
753		Taubman Centers, Inc		41,227
460	*	TFS Financial Corp		5,952
3,731		UDR, Inc		90,738
3,558		Ventas, Inc		147,301
1,612		WABCO Holdings, Inc		75,361
2,061		Weingarten Realty Investors		85,449
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,319,614
HOTELS AND OTHER LODGING PLACES - 1.78%
1,505		Boyd Gaming Corp		64,489
998		Choice Hotels International, Inc		37,595
10,451		Hilton Hotels Corp		485,867
1,098		Orient-Express Hotels Ltd (Class A)		56,294
5,771		Starwood Hotels & Resorts Worldwide, Inc		350,588
667	e	Station Casinos, Inc		58,349
406		Wyndham Worldwide Corp		13,301
1,464	e	Wynn Resorts Ltd		230,668
		TOTAL HOTELS AND OTHER LODGING PLACES		1,297,151
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.19%
1,633	*	AGCO Corp		82,907
4,837		American Standard Cos, Inc		172,294
926		Black & Decker Corp		77,136
10,754	*	Brocade Communications Systems, Inc		92,054
438		Carlisle Cos, Inc		21,287
1,568		CDW Corp		136,730
2,798		Cummins, Inc		357,836
1,750		Diebold, Inc		79,485
2,109		Donaldson Co, Inc		88,072
1,710		Dover Corp		87,125
2,297	*	Dresser-Rand Group, Inc		98,105
1,365		Flowserve Corp		103,986
3,474	*	FMC Technologies, Inc		200,311
1,854	e	Graco, Inc		72,510
3,420	*	Grant Prideco, Inc		186,458
2,106		IDEX Corp		76,637
480		Ingersoll-Rand Co Ltd (Class A)		26,146
8,912		International Game Technology		384,107
3,147		Jabil Circuit, Inc		71,877
2,911		Joy Global, Inc		148,053

168

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
619		Kennametal, Inc	$	51,984
3,307	*	Lam Research Corp		176,131
200		Lennox International, Inc		6,760
1,415	*	Lexmark International, Inc (Class A)		58,765
3,338		Manitowoc Co, Inc		147,807
3,012		Pall Corp		117,167
562	*	Riverbed Technology, Inc		22,699
4,226		Rockwell Automation, Inc		293,749
3,631	*	SanDisk Corp		200,068
1,792	e*	Scientific Games Corp (Class A)		67,379
5,519		Seagate Technology, Inc		141,176
7,229	*	Solectron Corp		28,193
2,765	*	Terex Corp		246,140
1,046		Toro Co		61,536
3,410	*	Varian Medical Systems, Inc		142,845
1,660	*	VeriFone Holdings, Inc		73,588
1,718	*	Western Digital Corp		43,500
1,917	*	Zebra Technologies Corp (Class A)		69,951
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		4,512,554
INSTRUMENTS AND RELATED PRODUCTS - 5.60%
1,607	*	Advanced Medical Optics, Inc		49,158
10,824	*	Agilent Technologies, Inc		399,189
8,132		Allergan, Inc		524,270
855		Applera Corp (Applied Biosystems Group)		29,617
2,768		Bard (C.R.), Inc		244,110
333		Bausch & Lomb, Inc		21,312
1,366	e	Beckman Coulter, Inc		100,756
464	e	Cooper Cos, Inc		24,323
4,055		Dentsply International, Inc		168,850
58		DRS Technologies, Inc		3,197
1,003	*	Intuitive Surgical, Inc		230,690
5,130		Kla-Tencor Corp		286,151
1,027	*	Mettler-Toledo International, Inc		104,754
1,451	*	Millipore Corp		109,986
1,570		National Instruments Corp		53,898
779		PerkinElmer, Inc		22,755
4,803		Pitney Bowes, Inc		218,152
2,111	*	Resmed, Inc		90,499
2,060	*	Respironics, Inc		98,942
4,485		Rockwell Collins, Inc		327,584
2,320		Roper Industries, Inc		151,960
9,075	*	St. Jude Medical, Inc		399,935
1,070	*	Techne Corp		67,496
409		Tektronix, Inc		11,346
2,487	*	Teradyne, Inc		34,321
3,204	*	Trimble Navigation Ltd		125,629
2,700	*	Waters Corp		180,684
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,079,564
INSURANCE AGENTS, BROKERS AND SERVICE - 0.14%
3,045		Brown & Brown, Inc		80,084
621		Gallagher (Arthur J.) & Co		17,990
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		98,074

169

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
INSURANCE CARRIERS - 1.18%
120		CNA Financial Corp	$	4,718
247		Erie Indemnity Co (Class A)		15,099
68		Hanover Insurance Group, Inc		3,005
1,258		HCC Insurance Holdings, Inc		36,029
3,035	*	Health Net, Inc		164,042
4,504	*	Humana, Inc		314,740
378		PartnerRe Ltd		29,858
1,221	*	Philadelphia Consolidated Holding Co		50,476
402		Principal Financial Group		25,362
278		Transatlantic Holdings, Inc		19,552
1,191		W.R. Berkley Corp		35,289
1,107	*	WellCare Health Plans, Inc		116,711
555		XL Capital Ltd (Class A)		43,956
		TOTAL INSURANCE CARRIERS		858,837
JUSTICE, PUBLIC ORDER AND SAFETY - 0.12%
3,288	*	Corrections Corp of America		86,047
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		86,047
LEATHER AND LEATHER PRODUCTS - 0.84%
9,958	*	Coach, Inc		470,715
2,146	e*	CROCS, Inc		144,319
		TOTAL LEATHER AND LEATHER PRODUCTS		615,034
METAL MINING - 0.20%
1,115	e	Cleveland-Cliffs, Inc		98,087
1,174		Foundation Coal Holdings, Inc		46,021
		TOTAL METAL MINING		144,108
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
1,472		Hasbro, Inc		41,039
4,722		Mattel, Inc		110,778
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		151,817
MISCELLANEOUS RETAIL - 1.09%
157		Barnes & Noble, Inc		5,536
1,619	e*	Coldwater Creek, Inc		17,582
1,052	e*	Dick's Sporting Goods, Inc		70,642
2,599	*	Dollar Tree Stores, Inc		105,363
1,216		MSC Industrial Direct Co (Class A)		61,517
966	e*	Nutri/System, Inc		45,296
7,355	*	Office Depot, Inc		151,660
973		OfficeMax, Inc		33,345
3,640		Petsmart, Inc		116,116
3,651		Tiffany & Co		191,130
		TOTAL MISCELLANEOUS RETAIL		798,187
MOTION PICTURES - 0.28%
4,146	*	Discovery Holding Co (Class A)		119,612
1,408	*	DreamWorks Animation SKG, Inc (Class A)		47,055
1,680	e	Regal Entertainment Group (Class A)		36,876
		TOTAL MOTION PICTURES		203,543

170

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
NONDEPOSITORY INSTITUTIONS - 0.81%
207	e*	AmeriCredit Corp	$	3,639
3,717		Broadridge Financial Solutions, Inc		70,437
2,007	e	CapitalSource, Inc		40,622
1,673	e	First Marblehead Corp		63,457
6,672		Textron, Inc		415,065
		TOTAL NONDEPOSITORY INSTITUTIONS		593,220
NONMETALLIC MINERALS, EXCEPT FUELS - 0.42%
1,301		Florida Rock Industries, Inc		81,299
2,554		Vulcan Materials Co		227,689
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		308,988
OIL AND GAS EXTRACTION - 7.29%
7,866		BJ Services Co		208,842
2,950	*	Cameron International Corp		272,256
1,144	e*	Cheniere Energy, Inc		44,810
7,213		Chesapeake Energy Corp		254,330
762	*	CNX Gas Corp		21,923
370	*	Continental Resources, Inc		6,712
3,270	*	Denbury Resources, Inc		146,136
1,845		Diamond Offshore Drilling, Inc		209,020
3,699		ENSCO International, Inc		207,514
2,480		Equitable Resources, Inc		128,638
2,479	*	Global Industries Ltd		63,859
6,115		GlobalSantaFe Corp		464,862
1,982	*	Helix Energy Solutions Group, Inc		84,156
6,657	*	Nabors Industries Ltd		204,836
4,739	d*	National Oilwell Varco, Inc		684,786
7,190		Noble Corp		352,670
1,425	*	Oceaneering International, Inc		108,015
3,292	*	Pride International, Inc		120,323
1,302	*	Quicksilver Resources, Inc		61,259
3,963		Range Resources Corp		161,136
2,132	e	Rowan Cos, Inc		77,989
5,376		Smith International, Inc		383,846
4,551	*	Southwestern Energy Co		190,459
2,185	*	Superior Energy Services		77,436
2,005	e*	Tetra Technologies, Inc		42,386
1,033		Tidewater, Inc		64,914
1,002	*	Unit Corp		48,497
558	e	W&T Offshore, Inc		13,604
9,026	*	Weatherford International Ltd		606,367
		TOTAL OIL AND GAS EXTRACTION		5,311,581
PAPER AND ALLIED PRODUCTS - 0.17%
6,190	*	Domtar Corporation		50,758
2,429		Packaging Corp of America		70,611
		TOTAL PAPER AND ALLIED PRODUCTS		121,369
PERSONAL SERVICES - 0.47%
2,781		Cintas Corp		103,175
8,665	e	H&R Block, Inc		183,525

171

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
978	e	Weight Watchers International, Inc	$	56,294
		TOTAL PERSONAL SERVICES		342,994
PETROLEUM AND COAL PRODUCTS - 0.94%
2,592		Cabot Oil & Gas Corp		91,135
1,520		Frontier Oil Corp		63,293
1,224		Holly Corp		73,232
656		Noble Energy, Inc		45,946
3,253		Sunoco, Inc		230,247
3,658		Tesoro Corp		168,341
363		Western Refining, Inc		14,731
		TOTAL PETROLEUM AND COAL PRODUCTS		686,925
PRIMARY METAL INDUSTRIES - 1.84%
2,985	*	AK Steel Holding Corp		131,191
2,733		Allegheny Technologies, Inc		300,493
408		Carpenter Technology Corp		53,044
1,640	*	CommScope, Inc		82,394
1,403	*	General Cable Corp		94,169
540		Hubbell, Inc (Class B)		30,845
3,683		Precision Castparts Corp		545,010
820		Steel Dynamics, Inc		38,294
1,881	e*	Titanium Metals Corp		63,126
		TOTAL PRIMARY METAL INDUSTRIES		1,338,566
PRINTING AND PUBLISHING - 0.58%
1,620		Dow Jones & Co, Inc		96,714
1,592		Dun & Bradstreet Corp		156,987
906		Harte-Hanks, Inc		17,830
1,386		John Wiley & Sons, Inc (Class A)		62,273
1,285		Meredith Corp		73,631
868	e	New York Times Co (Class A)		17,152
		TOTAL PRINTING AND PUBLISHING		424,587
RAILROAD TRANSPORTATION - 0.17%
2,015		CSX Corp		86,101
1,260	e*	Kansas City Southern Industries, Inc		40,534
		TOTAL RAILROAD TRANSPORTATION		126,635
REAL ESTATE - 0.58%
5,240	*	CB Richard Ellis Group, Inc (Class A)		145,882
1,930	e	Forest City Enterprises, Inc (Class A)		106,459
989		Jones Lang LaSalle, Inc		101,630
2,021		St. Joe Co		67,926
		TOTAL REAL ESTATE		421,897
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.41%
5,626	*	Goodyear Tire & Rubber Co		171,087
3,874		Newell Rubbermaid, Inc		111,649
578		Sealed Air Corp		14,774
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		297,510
SECURITY AND COMMODITY BROKERS - 3.30%
1,760		A.G. Edwards, Inc		147,400

172

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
971		BlackRock, Inc	$	168,381
4,328	*	E*Trade Financial Corp		56,524
2,955		Eaton Vance Corp		118,082
2,352		Federated Investors, Inc (Class B)		93,374
1,887	*	IntercontinentalExchange, Inc		286,635
1,188	e*	Investment Technology Group, Inc		51,060
3,852		Janus Capital Group, Inc		108,935
1,415	e	Lazard Ltd (Class A)		59,996
1,450		Legg Mason, Inc		122,221
1,320	*	MF Global Ltd		38,280
2,451	*	Nasdaq Stock Market, Inc		92,354
2,123		Nuveen Investments, Inc (Class A)		131,499
2,456	e	Nymex Holdings, Inc		319,722
3,488		SEI Investments Co		95,153
7,127		T Rowe Price Group, Inc		396,903
6,660	*	TD Ameritrade Holding Corp		121,345
		TOTAL SECURITY AND COMMODITY BROKERS		2,407,864
SPECIAL TRADE CONTRACTORS - 0.15%
4,281	e*	Quanta Services, Inc		113,232
		TOTAL SPECIAL TRADE CONTRACTORS		113,232
STONE, CLAY, AND GLASS PRODUCTS - 0.40%
1,327		Eagle Materials, Inc		47,427
3,905		Gentex Corp		83,723
3,885	*	Owens-Illinois, Inc		161,033
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		292,183
TOBACCO PRODUCTS - 0.36%
1,725		Loews Corp (Carolina Group)		141,847
2,369		UST, Inc		117,502
		TOTAL TOBACCO PRODUCTS		259,349
TRANSPORTATION BY AIR - 0.83%
6,456	*	AMR Corp		143,904
2,627	e*	Continental Airlines, Inc (Class B)		86,770
451		Copa Holdings S.A. (Class A)		18,063
6,439	*	Delta Air Lines, Inc		115,580
4,700	e*	Northwest Airlines Corp		83,660
4,479		Southwest Airlines Co		66,289
1,860	*	UAL Corp		86,546
		TOTAL TRANSPORTATION BY AIR		600,812
TRANSPORTATION EQUIPMENT - 1.77%
1,280		Autoliv, Inc		76,480
2,472	*	BE Aerospace, Inc		102,662
3,354		Goodrich Corp		228,843
6,907		Harley-Davidson, Inc		319,172
2,255		Harsco Corp		133,654
590		ITT Industries, Inc		40,079
1,983		Oshkosh Truck Corp		122,887
3,506	*	Pactiv Corp		100,482
1,540	*	Spirit Aerosystems Holdings, Inc (Class A)		59,968
818		Thor Industries, Inc		36,802

173

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,903	e	Trinity Industries, Inc	$	71,439
		TOTAL TRANSPORTATION EQUIPMENT		1,292,468
TRANSPORTATION SERVICES - 0.82%
4,535		CH Robinson Worldwide, Inc		246,205
5,704		Expeditors International Washington, Inc		269,799
518	e	GATX Corp		22,145
2,646		UTI Worldwide, Inc		60,805
		TOTAL TRANSPORTATION SERVICES		598,954
TRUCKING AND WAREHOUSING - 0.24%
924		Con-way, Inc		42,504
2,649		J.B. Hunt Transport Services, Inc		69,669
1,534		Landstar System, Inc		64,382
		TOTAL TRUCKING AND WAREHOUSING		176,555
WATER TRANSPORTATION - 0.18%
1,340		Frontline Ltd		64,695
1,434	*	Kirby Corp		63,297
		TOTAL WATER TRANSPORTATION		127,992
WHOLESALE TRADE-DURABLE GOODS - 1.09%
1,848	*	Arrow Electronics, Inc		78,577
339		BorgWarner, Inc		31,029
3,083	*	Cytyc Corp		146,905
1,137		Martin Marietta Materials, Inc		151,846
3,713	*	Patterson Cos, Inc		143,359
1,281	e	Pool Corp		31,999
170		Reliance Steel & Aluminum Co		9,612
1,588		W.W. Grainger, Inc		144,810
1,244	*	WESCO International, Inc		53,417
		TOTAL WHOLESALE TRADE-DURABLE GOODS		791,554
WHOLESALE TRADE-NONDURABLE GOODS - 0.83%
1,966		Airgas, Inc		101,505
1,089	e*	Bare Escentuals, Inc		27,083
1,472	e	Brown-Forman Corp (Class B)		110,268
230		Dean Foods Co		5,883
3,584	*	Endo Pharmaceuticals Holdings, Inc		111,140
2,377	*	Henry Schein, Inc		144,617
1,370		Herbalife Ltd		62,280
942	e*	Tractor Supply Co		43,408
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		606,184
		TOTAL COMMON STOCKS
		(Cost $57,807,757)		72,056,767
PRINCIPAL
SHORT-TERM INVESTMENTS - 5.92%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.72%
$      1,250,000	d	Federal Home Loan Bank (FHLB), 10/01/07		1,249,583
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.20%
3,064,401		State Street Navigator Securities Lending Prime Portfolio		3,064,401

174

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
				VALUE
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $4,314,401)	$	4,313,984
		TOTAL PORTFOLIO - 104.79%
		(Cost $62,122,158)		76,370,751
		OTHER ASSETS & LIABILITIES, NET - (4.79%)		(3,489,151	)
		NET ASSETS - 100.00%	$	72,881,600
	*	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 in the amount of $1,289,321.
	e	All or a portion of these securities are out on loan.

175

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 95.62%
AMUSEMENT AND RECREATION SERVICES - 0.42%
7,041		Harrah's Entertainment, Inc	$	612,074
3,146		International Speedway Corp (Class A)		144,276
1,687	e	Warner Music Group Corp		17,039
		TOTAL AMUSEMENT AND RECREATION SERVICES		773,389
APPAREL AND ACCESSORY STORES - 0.66%
1,229	*	AnnTaylor Stores Corp		38,922
13,595		Foot Locker, Inc		208,411
53,082		Gap, Inc		978,832
		TOTAL APPAREL AND ACCESSORY STORES		1,226,165
APPAREL AND OTHER TEXTILE PRODUCTS - 0.61%
9,641	e	Jones Apparel Group, Inc		203,714
8,625	e	Liz Claiborne, Inc		296,096
7,970		VF Corp		643,578
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,143,388
AUTO REPAIR, SERVICES AND PARKING - 0.27%
9,739	e*	Hertz Global Holdings, Inc		221,270
5,540		Ryder System, Inc		271,460
		TOTAL AUTO REPAIR, SERVICES AND PARKING		492,730
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
14,288	e*	Autonation, Inc		253,183
4,326	e	Penske Auto Group, Inc		87,558
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		340,741
BUSINESS SERVICES - 3.09%
4,979	*	Affiliated Computer Services, Inc (Class A)		250,145
5,226	*	Avis Budget Group, Inc		119,623
13,666		CA, Inc		351,490
17,838	*	Cadence Design Systems, Inc		395,825
1,171	*	Ceridian Corp		40,681
1,511	e*	Checkfree Corp		70,322
15,591	*	Computer Sciences Corp		871,537
5,345	*	Compuware Corp		42,867
12,023	*	Convergys Corp		208,719
18,922		Electronic Data Systems Corp		413,256
17,896	e*	Expedia, Inc		570,524
4,573	e	Fair Isaac Corp		165,131
2,678		Fidelity National Information Services, Inc		118,823
2,260	e*	Getty Images, Inc		62,918
1,856		IMS Health, Inc		56,868
15,897	e*	Interpublic Group of Cos, Inc		165,011
13,013	*	Juniper Networks, Inc		476,406

176

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
859	*	Kinetic Concepts, Inc	$	48,345
13,808	*	NCR Corp		687,638
26,900	*	Novell, Inc		205,516
31,152	*	Unisys Corp		206,226
7,232	*	United Rentals, Inc		232,653
		TOTAL BUSINESS SERVICES		5,760,524
CHEMICALS AND ALLIED PRODUCTS - 4.33%
10,165		Air Products & Chemicals, Inc		993,730
5,830		Alberto-Culver Co		144,526
1,377		Avery Dennison Corp		78,517
3,031		Avon Products, Inc		113,753
1,598		Cabot Corp		56,777
4,104		Celanese Corp (Series A)		159,974
3,925	*	Charles River Laboratories International, Inc		220,389
20,126		Chemtura Corp		178,920
1,037		Clorox Co		63,247
3,758		Cytec Industries, Inc		257,010
7,418		Eastman Chemical Co		495,003
6,702		FMC Corp		348,638
7,892		Huntsman Corp		209,059
2,089	e	International Flavors & Fragrances, Inc		110,425
2,541	*	Invitrogen Corp		207,676
21,994	e*	King Pharmaceuticals, Inc		257,770
4,520		Lubrizol Corp		294,071
20,327		Lyondell Chemical Co		942,156
13,290	*	Millennium Pharmaceuticals, Inc		134,894
7,821	*	Mosaic Co		418,580
14,533		PPG Industries, Inc		1,097,968
6,192	e	Rohm & Haas Co		344,709
1,501		RPM International, Inc		35,949
3,137	e	Scotts Miracle-Gro Co (Class A)		134,107
8,115		Sigma-Aldrich Corp		395,525
8,006		Valspar Corp		217,843
3,803	*	Watson Pharmaceuticals, Inc		123,217
1,196	e	Westlake Chemical Corp		30,295
		TOTAL CHEMICALS AND ALLIED PRODUCTS		8,064,728
COMMUNICATIONS - 4.18%
29,713	*	Avaya, Inc		503,932
13,080	*	Cablevision Systems Corp (Class A)		457,015
278	*	Central European Media Enterprises Ltd (Class A)		25,495
9,733		CenturyTel, Inc		449,859
25,058	e	Citizens Communications Co		358,831
2,057	e*	Clearwire Corp (Class A)		50,273
3,735	*	Crown Castle International Corp		151,753
13,524		Embarq Corp		751,934
2,230		Hearst-Argyle Television, Inc		57,891
14,357	e*	IAC/InterActiveCorp		425,972
16,688	*	Liberty Global, Inc (Class A)		684,542
11,421	*	Liberty Media Corp - Capital (Series A)		1,425,683
23,135	*	Liberty Media Holding Corp (Interactive A)		444,423
143,552	e*	Qwest Communications International, Inc		1,314,936
4,938		Telephone & Data Systems, Inc		329,612

177

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
999	*	US Cellular Corp	$	98,102
18,391		Windstream Corp		259,681
		TOTAL COMMUNICATIONS		7,789,934
DEPOSITORY INSTITUTIONS - 6.69%
11,287		Associated Banc-Corp		334,434
7,712		Astoria Financial Corp		204,599
7,292	e	Bancorpsouth, Inc		177,196
2,753		Bank of Hawaii Corp		145,496
1,940		BOK Financial Corp		99,735
600	e	Capitol Federal Financial		20,520
3,782		City National Corp		262,887
14,042	e	Colonial Bancgroup, Inc		303,588
13,806		Comerica, Inc		707,972
12,080	e	Commerce Bancorp, Inc		468,462
6,369	e	Commerce Bancshares, Inc		292,273
5,246	e	Cullen/Frost Bankers, Inc		262,930
5,406	e	East West Bancorp, Inc		194,400
541		First Citizens Bancshares, Inc (Class A)		94,350
11,192	e	First Horizon National Corp		298,379
15,766	e	Fulton Financial Corp		226,715
29,069		Hudson City Bancorp, Inc		447,081
32,467	e	Huntington Bancshares, Inc		551,290
6,254	e	IndyMac Bancorp, Inc		147,657
34,730		Keycorp		1,122,821
6,075		M&T Bank Corp		628,459
22,988		Marshall & Ilsley Corp		1,006,185
27,841	e	New York Community Bancorp, Inc		530,371
2,952		Northern Trust Corp		195,629
5,770		People's United Financial, Inc		99,706
25,517		Popular, Inc		313,349
37,542		Sovereign Bancorp, Inc		639,716
15,250		Synovus Financial Corp		427,763
10,973		TCF Financial Corp		287,273
4,234		UnionBanCal Corp		247,308
11,141	e	Valley National Bancorp		247,107
1		Wachovia Corp		50
8,046		Washington Federal, Inc		211,288
4,818		Webster Financial Corp		202,934
5,770		Whitney Holding Corp		152,213
6,192	e	Wilmington Trust Corp		240,869
9,631		Zions Bancorporation		661,361
		TOTAL DEPOSITORY INSTITUTIONS		12,454,366
ELECTRIC, GAS, AND SANITARY SERVICES - 13.02%
7,073		AGL Resources, Inc		280,232
10,070		Alliant Energy Corp		385,882
21,400	*	Allied Waste Industries, Inc		272,850
18,352	e	Ameren Corp		963,480
35,301		American Electric Power Co, Inc		1,626,670
10,487		Aqua America, Inc		237,845
7,916		Atmos Energy Corp		224,181
20,087	e	CMS Energy Corp		337,863
23,919	e	Consolidated Edison, Inc		1,107,450

178

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,575		Constellation Energy Group, Inc	$	306,699
4,645	e	DPL, Inc		121,978
15,585		DTE Energy Co		754,937
25,092	*	Dynegy, Inc (Class A)		231,850
28,843		Edison International		1,599,344
61,531		El Paso Corp		1,044,181
6,349		Energen Corp		362,655
14,348		Energy East Corp		388,113
7,797	e	Great Plains Energy, Inc		224,632
7,460	e	Hawaiian Electric Industries, Inc		161,957
6,778	e	Integrys Energy Group, Inc		347,237
16,340		MDU Resources Group, Inc		454,906
7,133	*	Mirant Corp		290,170
7,624	e	National Fuel Gas Co		356,879
24,764		NiSource, Inc		473,983
13,944		Northeast Utilities		398,380
4,182	e*	NRG Energy, Inc		176,857
9,695	e	NSTAR		337,483
8,244		OGE Energy Corp		272,876
9,207		Oneok, Inc		436,412
17,286		Pepco Holdings, Inc		468,105
31,115		PG&E Corp		1,487,297
9,010		Pinnacle West Capital Corp		355,985
8,678		PPL Corp		401,791
22,972		Progress Energy, Inc		1,076,238
10,539	e	Puget Energy, Inc		257,889
10,073		Questar Corp		529,135
30,816	*	Reliant Energy, Inc		788,890
1,322		Republic Services, Inc		43,243
10,481		SCANA Corp		406,034
23,529		Sempra Energy		1,367,505
16,723		Sierra Pacific Resources		263,053
9,675	e	Southern Union Co		300,989
18,962		TECO Energy, Inc		311,546
9,564		UGI Corp		248,473
7,012	e	Vectren Corp		191,357
8,643		Williams Cos, Inc		294,381
10,623		Wisconsin Energy Corp		478,354
36,831	e	Xcel Energy, Inc		793,340
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		24,241,587
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.74%
10,384	*	ADC Telecommunications, Inc		203,630
29,010	e*	Advanced Micro Devices, Inc		382,932
43,281	*	Atmel Corp		223,330
5,462	*	Avnet, Inc		217,715
3,504	e	AVX Corp		56,414
10,988		Cooper Industries Ltd (Class A)		561,377
5,600	e*	Cree, Inc		174,160
11,439		Eaton Corp		1,132,919
1,408	*	Energizer Holdings, Inc		156,077
6,441	*	Fairchild Semiconductor International, Inc		120,318
11,633	*	Integrated Device Technology, Inc		180,079
4,968	e*	International Rectifier Corp		163,894

179

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
5,529		Intersil Corp (Class A)	$	184,834
2,978	*	Jarden Corp		92,139
8,239	e*	JDS Uniphase Corp		123,255
7,356		L-3 Communications Holdings, Inc		751,342
1,161		Lincoln Electric Holdings, Inc		90,105
27,743	e*	LSI Logic Corp		205,853
45,131	e*	Micron Technology, Inc		500,954
5,239		Molex, Inc		141,086
4,071	e*	Novellus Systems, Inc		110,975
1,432	*	QLogic Corp		19,260
3,577	e	RadioShack Corp		73,901
1,158	e*	Rambus, Inc		22,129
36,380	*	Sanmina-SCI Corp		77,126
3,452		Teleflex, Inc		268,980
39,293	*	Tellabs, Inc		374,069
13,432	*	Vishay Intertechnology, Inc		175,019
2,004		Whirlpool Corp		178,556
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		6,962,428
ENGINEERING AND MANAGEMENT SERVICES - 0.54%
3,248	*	Hewitt Associates, Inc (Class A)		113,842
14,942	*	KBR, Inc		579,301
1,011	e	Quest Diagnostics, Inc		58,405
682	*	Shaw Group, Inc		39,624
3,740	e*	URS Corp		211,123
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,002,295
FABRICATED METAL PRODUCTS - 1.39%
408	e*	Alliant Techsystems, Inc		44,594
10,925		Commercial Metals Co		345,776
4,509		Crane Co		216,297
10,229		Parker Hannifin Corp		1,143,909
8,834		Pentair, Inc		293,112
5,115		Snap-On, Inc		253,397
5,013		Stanley Works		281,380
		TOTAL FABRICATED METAL PRODUCTS		2,578,465
FOOD AND KINDRED PRODUCTS - 4.32%
10,647		Bunge Ltd		1,144,020
8,720		Campbell Soup Co		322,640
27,732		Coca-Cola Enterprises, Inc		671,669
44,092		ConAgra Foods, Inc		1,152,124
16,759	*	Constellation Brands, Inc (Class A)		405,735
6,730		Corn Products International, Inc		308,705
18,231		Del Monte Foods Co		191,426
13,140		H.J. Heinz Co		607,068
4,320		Hershey Co		200,491
6,687		Hormel Foods Corp		239,261
4,982		J.M. Smucker Co		266,138
3,932		McCormick & Co, Inc		141,434
4,793		Molson Coors Brewing Co (Class B)		477,718
9,308		Pepsi Bottling Group, Inc		345,978
5,191		PepsiAmericas, Inc		168,396
31,016		Sara Lee Corp		517,657

180

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
9,826	e*	Smithfield Foods, Inc	$	309,519
23,396		Tyson Foods, Inc (Class A)		417,619
2,494		Wrigley (Wm.) Jr Co		160,190
		TOTAL FOOD AND KINDRED PRODUCTS		8,047,788
FOOD STORES - 1.09%
39,092		Safeway, Inc		1,294,336
18,587		Supervalu, Inc		725,079
		TOTAL FOOD STORES		2,019,415
FORESTRY - 0.16%
6,312		Rayonier, Inc		303,228
		TOTAL FORESTRY		303,228
FURNITURE AND FIXTURES - 0.68%
4,424		Hillenbrand Industries, Inc		243,408
15,067		Leggett & Platt, Inc		288,684
31,498		Masco Corp		729,809
		TOTAL FURNITURE AND FIXTURES		1,261,901
FURNITURE AND HOMEFURNISHINGS STORES - 0.26%
8,578	e	Circuit City Stores, Inc		67,852
4,874	e*	Mohawk Industries, Inc		396,256
1,559	e	Steelcase, Inc (Class A)		28,031
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		492,139
GENERAL BUILDING CONTRACTORS - 0.94%
10,002	e	Centex Corp		265,753
27,614	e	DR Horton, Inc		353,735
6,760	e	KB Home		169,406
11,998		Lennar Corp (Class A)		271,755
2,967	e	MDC Holdings, Inc		121,469
231	e*	NVR, Inc		108,628
12,044	e	Pulte Homes, Inc		163,919
3,720	e	Ryland Group, Inc		79,720
11,157	e*	Toll Brothers, Inc		223,028
		TOTAL GENERAL BUILDING CONTRACTORS		1,757,413
GENERAL MERCHANDISE STORES - 0.19%
6,151	*	BJ's Wholesale Club, Inc		203,967
5,749	e	Dillard's, Inc (Class A)		125,501
1,746	e	Saks, Inc		29,944
		TOTAL GENERAL MERCHANDISE STORES		359,412
HEALTH SERVICES - 0.85%
8,669		AmerisourceBergen Corp		392,966
2,279	e	Brookdale Senior Living, Inc		90,727
7,748	*	Community Health Systems, Inc		243,597
899	*	Coventry Health Care, Inc		55,927
20,183	e	Health Management Associates, Inc (Class A)		140,070
5,109	e*	LifePoint Hospitals, Inc		153,321
9,456	e	Omnicare, Inc		313,277
10,226	e*	Tenet Healthcare Corp		34,359
3,010		Universal Health Services, Inc (Class B)		163,804
		TOTAL HEALTH SERVICES		1,588,048

181

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 11.78%
13,500	e	Allied Capital Corp	$	396,765
8,986		AMB Property Corp		537,453
27,690		Annaly Mortgage Management, Inc		441,102
8,136		Apartment Investment & Management Co (Class A)		367,178
19,607	e*	Archstone-Smith Trust		1,179,165
7,139		AvalonBay Communities, Inc		842,830
9,070		Boston Properties, Inc		942,373
8,248		Brandywine Realty Trust		208,757
4,660	e	BRE Properties, Inc (Class A)		260,634
5,116		Camden Property Trust		328,703
5,837		CBL & Associates Properties, Inc		204,587
4,174		Colonial Properties Trust		143,168
11,071		Developers Diversified Realty Corp		618,537
9,216		Douglas Emmett, Inc		227,912
3,306		Duke Realty Corp		111,776
25,739		Equity Residential		1,090,304
1,152	e	Essex Property Trust, Inc		135,441
2,463		Federal Realty Investment Trust		218,222
8,408		General Growth Properties, Inc		450,837
18,010		HCP, Inc		597,392
6,238		Health Care REIT, Inc		275,969
8,453		Hospitality Properties Trust		343,614
46,213		Host Marriott Corp		1,037,020
19,089		HRPT Properties Trust		188,790
25,915		iShares Russell Midcap Value Index Fund		3,920,940
11,463		iStar Financial, Inc		389,627
19,009		Kimco Realty Corp		859,397
8,098		Liberty Property Trust		325,621
6,155		Mack-Cali Realty Corp		252,971
14,427		Plum Creek Timber Co, Inc		645,753
2,840		Prologis		188,434
10,196		Public Storage, Inc		801,915
6,225		Regency Centers Corp		477,769
5,260	e	SL Green Realty Corp		614,210
2,266		Taubman Centers, Inc		124,064
7,659	*	TFS Financial Corp		99,107
11,535	e	Thornburg Mortgage, Inc		148,225
26,412		Virgin Media, Inc		641,019
11,875		Vornado Realty Trust		1,298,531
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		21,936,112
HOTELS AND OTHER LODGING PLACES - 0.34%
1,628		Station Casinos, Inc		142,417
14,946		Wyndham Worldwide Corp		489,631
		TOTAL HOTELS AND OTHER LODGING PLACES		632,048
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.19%
2,817	*	AGCO Corp		143,019
2,820		Black & Decker Corp		234,906
3,985		Carlisle Cos, Inc		193,671
12,267		Dover Corp		625,004

182

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
574		Flowserve Corp	$	43,727
4,680	*	Gardner Denver, Inc		182,520
25,045		Ingersoll-Rand Co Ltd (Class A)		1,364,201
6,027		Jabil Circuit, Inc		137,657
1,448		Kennametal, Inc		121,603
4,422		Lennox International, Inc		149,464
3,816	*	Lexmark International, Inc (Class A)		158,478
1,034		Pall Corp		40,223
8,201	e*	SanDisk Corp		451,875
29,886		Seagate Technology, Inc		764,484
54,321	*	Solectron Corp		211,852
5,038		SPX Corp		466,317
8,083		Timken Co		300,283
13,732	*	Western Digital Corp		347,694
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,936,978
INSTRUMENTS AND RELATED PRODUCTS - 2.08%
13,488		Applera Corp (Applied Biosystems Group)		467,224
3,770	e	Bausch & Lomb, Inc		241,280
1,009		Beckman Coulter, Inc		74,424
2,364	e	Cooper Cos, Inc		123,921
3,210		DRS Technologies, Inc		176,935
25,742	e	Eastman Kodak Co		688,856
7,774		PerkinElmer, Inc		227,079
3,539		Pitney Bowes, Inc		160,741
5,482		Tektronix, Inc		152,071
8,312	*	Teradyne, Inc		114,706
82,976	*	Xerox Corp		1,438,804
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,866,041
INSURANCE AGENTS, BROKERS AND SERVICE - 0.96%
26,134		AON Corp		1,171,065
7,002	e	Gallagher (Arthur J.) & Co		202,848
807	e	White Mountains Insurance Group Ltd		419,438
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,793,351
INSURANCE CARRIERS - 9.14%
447	e*	Alleghany Corp		181,482
5,346		Allied World Assurance Holdings Ltd		277,511
9,023		Ambac Financial Group, Inc		567,637
7,746		American Financial Group, Inc		220,916
1,287		American National Insurance Co		169,305
4,503	*	Arch Capital Group Ltd		335,068
10,759	e	Assurant, Inc		575,607
13,610		Axis Capital Holdings Ltd		529,565
15,228		Cincinnati Financial Corp		659,525
2,430	e	CNA Financial Corp		95,548
16,406	*	Conseco, Inc		262,496
5,069		Endurance Specialty Holdings Ltd		210,617
3,445	e	Erie Indemnity Co (Class A)		210,593
5,592		Everest Re Group Ltd		616,462
19,466	e	Fidelity National Title Group, Inc (Class A)		340,266
8,553	e	First American Corp		313,211
38,207		Genworth Financial, Inc (Class A)		1,174,101

183

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
4,133		Hanover Insurance Group, Inc	$	182,637
5,637		HCC Insurance Holdings, Inc		161,444
14,826	e	Leucadia National Corp		714,910
881	*	Markel Corp		426,404
11,578		MBIA, Inc		706,837
2,300		Mercury General Corp		124,039
7,536	e	MGIC Investment Corp		243,488
4,741	e	Nationwide Financial Services, Inc (Class A)		255,161
20,871		Old Republic International Corp		391,123
1,995		OneBeacon Insurance Group Ltd		42,992
3,896	e	PartnerRe Ltd		307,745
930	*	Philadelphia Consolidated Holding Co		38,446
7,875	e	PMI Group, Inc		257,513
22,377		Principal Financial Group		1,411,765
6,341		Protective Life Corp		269,112
7,258		Radian Group, Inc		168,966
2,680		Reinsurance Group Of America, Inc		151,929
6,397		RenaissanceRe Holdings Ltd		418,428
9,560		Safeco Corp		585,263
4,968		Stancorp Financial Group, Inc		245,966
8,454		Torchmark Corp		526,853
1,560		Transatlantic Holdings, Inc		109,715
4,325		Unitrin, Inc		214,477
31,747		UnumProvident Corp		776,849
11,028		W.R. Berkley Corp		326,760
144		Wesco Financial Corp		57,312
14,535		XL Capital Ltd (Class A)		1,151,172
		TOTAL INSURANCE CARRIERS		17,007,216
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.14%
7,453		Laidlaw International, Inc		262,495
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		262,495
LUMBER AND WOOD PRODUCTS - 0.09%
9,783	e	Louisiana-Pacific Corp		166,018
		TOTAL LUMBER AND WOOD PRODUCTS		166,018
MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.01%
1,720	*	Armstrong World Industries, Inc		69,815
13,513		Fortune Brands, Inc		1,101,174
9,355		Hasbro, Inc		260,817
19,223		Mattel, Inc		450,972
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,882,778
MISCELLANEOUS RETAIL - 0.29%
4,151		Barnes & Noble, Inc		146,364
3,613		OfficeMax, Inc		123,818
59,453	e*	Rite Aid Corp		274,673
		TOTAL MISCELLANEOUS RETAIL		544,855
MOTION PICTURES - 0.21%
11,119	*	Discovery Holding Co (Class A)		320,783
1,416	*	DreamWorks Animation SKG, Inc (Class A)		47,323
740	e	Regal Entertainment Group (Class A)		16,243
		TOTAL MOTION PICTURES		384,349

184

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
NONDEPOSITORY INSTITUTIONS - 0.93%
16,571	e	American Capital Strategies Ltd	$	708,079
9,729	e*	AmeriCredit Corp		171,036
4,581	e	CapitalSource, Inc		92,719
16,977		CIT Group, Inc		682,475
390		Student Loan Corp		70,325
		TOTAL NONDEPOSITORY INSTITUTIONS		1,724,634
OIL AND GAS EXTRACTION - 2.16%
17,007	e	Chesapeake Energy Corp		599,667
7,496	e	Cimarex Energy Co		279,226
1,274	*	Continental Resources, Inc		23,110
964		ENSCO International, Inc		54,080
2,456		Equitable Resources, Inc		127,393
7,084	e*	Forest Oil Corp		304,895
1,633	e*	Helix Energy Solutions Group, Inc		69,337
9,148		Helmerich & Payne, Inc		300,329
2,937	*	Nabors Industries Ltd		90,371
13,872	e	Patterson-UTI Energy, Inc		313,091
11,135		Pioneer Natural Resources Co		500,852
6,331	*	Plains Exploration & Production Co		279,957
5,259		Pogo Producing Co		279,305
3,803	*	Pride International, Inc		139,000
2,800	e	Rowan Cos, Inc		102,424
2,093	e*	SEACOR Holdings, Inc		199,044
5,312		St. Mary Land & Exploration Co		189,479
1,773	e	Tidewater, Inc		111,415
895	*	Unit Corp		43,318
889	e	W&T Offshore, Inc		21,674
		TOTAL OIL AND GAS EXTRACTION		4,027,967
PAPER AND ALLIED PRODUCTS - 1.05%
9,517		Bemis Co		277,040
19,637	*	Domtar Corporation		161,023
16,452		MeadWestvaco Corp		485,828
23,105	*	Smurfit-Stone Container Corp		269,866
8,993		Sonoco Products Co		271,409
9,368		Temple-Inland, Inc		493,038
		TOTAL PAPER AND ALLIED PRODUCTS		1,958,204
PERSONAL SERVICES - 0.24%
2,871		Cintas Corp		106,514
26,860		Service Corp International		346,494
		TOTAL PERSONAL SERVICES		453,008
PETROLEUM AND COAL PRODUCTS - 2.60%
5,166		Ashland, Inc		311,045
4,744		Frontier Oil Corp		197,540
24,686		Hess Corp		1,642,360
16,655		Murphy Oil Corp		1,164,018
11,680	*	Newfield Exploration Co		562,509
12,978		Noble Energy, Inc		908,979

185

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,158	e	Western Refining, Inc	$	46,992
		TOTAL PETROLEUM AND COAL PRODUCTS		4,833,443
PIPELINES, EXCEPT NATURAL GAS - 0.73%
55,706		Spectra Energy Corp		1,363,683
		TOTAL PIPELINES, EXCEPT NATURAL GAS		1,363,683
PRIMARY METAL INDUSTRIES - 0.91%
987		Carpenter Technology Corp		128,320
3,511		Hubbell, Inc (Class B)		200,548
5,572		Steel Dynamics, Inc		260,212
10,473		United States Steel Corp		1,109,510
		TOTAL PRIMARY METAL INDUSTRIES		1,698,590
PRINTING AND PUBLISHING - 1.72%
7,974	e	EW Scripps Co (Class A)		334,908
20,773		Gannett Co, Inc		907,780
800		Harte-Hanks, Inc		15,744
4,586	e	McClatchy Co (Class A)		91,628
9,473	e	New York Times Co (Class A)		187,186
6,145	*	R.H. Donnelley Corp		344,243
19,629		R.R. Donnelley & Sons Co		717,636
7,374	e*	Tribune Co		201,458
510		Washington Post Co (Class B)		409,428
		TOTAL PRINTING AND PUBLISHING		3,210,011
RAILROAD TRANSPORTATION - 0.79%
32,083	d	CSX Corp		1,370,907
2,736	e*	Kansas City Southern Industries, Inc		88,017
		TOTAL RAILROAD TRANSPORTATION		1,458,924
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.36%
11,922		Newell Rubbermaid, Inc		343,592
12,328		Sealed Air Corp		315,104
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		658,696
SECURITY AND COMMODITY BROKERS - 1.92%
961		A.G. Edwards, Inc		80,484
20,737		Ameriprise Financial, Inc		1,308,712
2,430	e	BlackRock, Inc		421,386
23,582	*	E*Trade Financial Corp		307,981
3,811	e	Janus Capital Group, Inc		107,775
11,387		Jefferies Group, Inc		316,900
6,861		Legg Mason, Inc		578,314
3,900	*	MF Global Ltd		113,100
1,996	*	Nasdaq Stock Market, Inc		75,209
8,230		Raymond James Financial, Inc		270,356
		TOTAL SECURITY AND COMMODITY BROKERS		3,580,217
STONE, CLAY, AND GLASS PRODUCTS - 0.29%
9,568	e*	Owens Corning, Inc		239,678
652	*	Owens-Illinois, Inc		27,025
7,094	e*	USG Corp		266,380
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		533,083

186

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
TOBACCO PRODUCTS - 0.35%
3,906		Loews Corp (Carolina Group)	$	321,190
6,508	e	UST, Inc		322,797
		TOTAL TOBACCO PRODUCTS		643,987
TRANSPORTATION BY AIR - 0.72%
7,850	e*	Northwest Airlines Corp		139,730
54,610		Southwest Airlines Co		808,228
4,163	e*	UAL Corp		193,704
7,204	*	US Airways Group, Inc		189,105
		TOTAL TRANSPORTATION BY AIR		1,330,767
TRANSPORTATION EQUIPMENT - 2.03%
2,876		Autoliv, Inc		171,841
7,816	e	Brunswick Corp		178,674
178,671	e*	Ford Motor Co		1,516,917
15,082		Genuine Parts Co		754,100
14,059		ITT Industries, Inc		955,028
1,350	*	Spirit Aerosystems Holdings, Inc (Class A)		52,569
894	e	Trinity Industries, Inc		33,561
3,823	*	TRW Automotive Holdings Corp		121,113
		TOTAL TRANSPORTATION EQUIPMENT		3,783,803
TRANSPORTATION SERVICES - 0.06%
2,672	e	GATX Corp		114,228
		TOTAL TRANSPORTATION SERVICES		114,228
TRUCKING AND WAREHOUSING - 0.10%
889		Con-way, Inc		40,894
5,254	e*	YRC Worldwide, Inc		143,539
		TOTAL TRUCKING AND WAREHOUSING		184,433
WATER TRANSPORTATION - 0.59%
4,036		Alexander & Baldwin, Inc		202,325
2,855		Overseas Shipholding Group, Inc		219,350
11,794	e	Royal Caribbean Cruises Ltd		460,320
3,504	e	Teekay Corp		206,070
		TOTAL WATER TRANSPORTATION		1,088,065
WHOLESALE TRADE-DURABLE GOODS - 0.77%
4,934	*	Arrow Electronics, Inc		209,794
4,077		BorgWarner, Inc		373,168
12,709	*	Ingram Micro, Inc (Class A)		249,223
5,247		Reliance Steel & Aluminum Co		296,665
5,149	e*	Tech Data Corp		206,578
1,127		W.W. Grainger, Inc		102,771
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,438,199
WHOLESALE TRADE-NONDURABLE GOODS - 0.46%
493		Airgas, Inc		25,454
1,953	e	Brown-Forman Corp (Class B)		146,299
10,749		Dean Foods Co		274,959

187

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
12,991	e	Idearc, Inc	$	408,827
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		855,539
		TOTAL COMMON STOCKS
		(Cost $167,243,631)		178,011,806
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 20.11%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.98%
$      1,820,000	d	Federal Home Loan Bank (FHLB), 10/01/07		1,819,393
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 19.13%
35,613,701		State Street Navigator Securities Lending Prime Portfolio		35,613,701
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $37,433,701)		37,433,094
		TOTAL PORTFOLIO - 115.73%
		(Cost $204,677,332)		215,444,900
		OTHER ASSETS & LIABILITIES, NET - (15.73%)		(29,287,170	)
		NET ASSETS - 100.00%	$	186,157,730
	*	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 in the amount of 1,947,583.
	e	All or a portion of these securities are out on loan.

188

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP BLEND INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.88%
AMUSEMENT AND RECREATION SERVICES - 0.61%
11,855	*	Activision, Inc	$	255,949
7,808		Harrah's Entertainment, Inc		678,749
1,480		International Speedway Corp (Class A)		67,873
3,032	*	Penn National Gaming, Inc		178,949
2,083	e	Warner Music Group Corp		21,038
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,202,558
APPAREL AND ACCESSORY STORES - 1.23%
3,675	e	Abercrombie & Fitch Co (Class A)		296,573
7,442	e	American Eagle Outfitters, Inc		195,799
2,950	*	AnnTaylor Stores Corp		93,427
7,245	e*	Chico's FAS, Inc		101,792
6,502	e	Foot Locker, Inc		99,676
25,096		Gap, Inc		462,770
4,011	*	Hanesbrands, Inc		112,549
13,317		Limited Brands, Inc		304,826
10,286		Nordstrom, Inc		482,311
5,819		Ross Stores, Inc		149,199
4,934	*	Urban Outfitters, Inc		107,561
		TOTAL APPAREL AND ACCESSORY STORES		2,406,483
APPAREL AND OTHER TEXTILE PRODUCTS - 0.50%
2,243		Guess ?, Inc		109,974
4,566	e	Jones Apparel Group, Inc		96,480
4,370	e	Liz Claiborne, Inc		150,022
2,341		Phillips-Van Heusen Corp		122,856
2,563		Polo Ralph Lauren Corp		199,273
3,737		VF Corp		301,763
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		980,368
AUTO REPAIR, SERVICES AND PARKING - 0.22%
13,419	*	Hertz Global Holdings, Inc		304,880
2,487		Ryder System, Inc		121,863
		TOTAL AUTO REPAIR, SERVICES AND PARKING		426,743
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.50%
4,457		Advance Auto Parts		149,577
6,503	*	Autonation, Inc		115,233
1,940	e*	Autozone, Inc		225,312
9,050	e*	Carmax, Inc		183,987
2,952	*	Copart, Inc		101,519
4,779	e*	O'Reilly Automotive, Inc		159,666
2,322	e	Penske Auto Group, Inc		46,997
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		982,291

189

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.12%
5,294		Fastenal Co	$	240,401
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		240,401
BUSINESS SERVICES - 6.95%
1,090	e	Aircastle Ltd		36,428
2,655		Acxiom Corp		52,542
3,870	*	Affiliated Computer Services, Inc (Class A)		194,429
6,897	e*	Akamai Technologies, Inc		198,151
3,292	*	Alliance Data Systems Corp		254,932
8,276	*	Amdocs Ltd		307,784
9,654	*	Autodesk, Inc		482,410
4,085	*	Avis Budget Group, Inc		93,506
16,418	*	BEA Systems, Inc		227,718
8,395	*	BMC Software, Inc		262,176
1,824	e	Brink's Co		101,925
17,233		CA, Inc		443,233
11,650	*	Cadence Design Systems, Inc		258,514
6,007	*	Ceridian Corp		208,683
2,754	e*	Cerner Corp		164,717
3,322	e*	Checkfree Corp		154,606
3,159	*	ChoicePoint, Inc		119,789
7,559	*	Citrix Systems, Inc		304,779
1,670	e*	Clear Channel Outdoor Holdings, Inc (Class A)		42,585
6,010	*	Cognizant Technology Solutions Corp (Class A)		479,418
7,248	*	Computer Sciences Corp		405,163
12,596	*	Compuware Corp		101,020
5,732	*	Convergys Corp		99,508
2,262	e*	DST Systems, Inc		194,102
13,033	*	Electronic Arts, Inc		729,718
21,298		Electronic Data Systems Corp		465,148
6,082		Equifax, Inc		231,846
8,152	e*	Expedia, Inc		259,886
3,550	*	F5 Networks, Inc		132,025
1,795		Factset Research Systems, Inc		123,047
2,401	e	Fair Isaac Corp		86,700
8,056		Fidelity National Information Services, Inc		357,445
7,033	*	Fiserv, Inc		357,698
2,035	e*	Getty Images, Inc		56,654
7,217	e*	HLTH Corp		102,265
8,208		IMS Health, Inc		251,493
19,629	e*	Interpublic Group of Cos, Inc		203,749
14,089	*	Intuit, Inc		426,897
7,408	*	Iron Mountain, Inc		225,796
21,681	*	Juniper Networks, Inc		793,741
2,227	*	Kinetic Concepts, Inc		125,336
3,464		Lamar Advertising Co (Class A)		169,632
3,533		Manpower, Inc		227,349
3,328	e	Mastercard, Inc (Class A)		492,444
6,680	*	McAfee, Inc		232,932
3,313		MoneyGram International, Inc		74,841
5,266	e*	Monster Worldwide, Inc		179,360
4,087	*	NAVTEQ Corp		318,663
7,522	*	NCR Corp		374,596

190

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
14,319	*	Novell, Inc	$	109,397
8,088	e*	Red Hat, Inc		160,709
6,152		Robert Half International, Inc		183,699
3,991	*	Salesforce.com, Inc		204,818
6,060	*	Synopsys, Inc		164,105
1,640	e	Total System Services, Inc		45,559
14,573	e*	Unisys Corp		96,473
3,278	*	United Rentals, Inc		105,453
10,169	*	VeriSign, Inc		343,102
308	e*	WebMD Health Corp (Class A)		16,047
		TOTAL BUSINESS SERVICES		13,616,741
CHEMICALS AND ALLIED PRODUCTS - 5.42%
1,097	e*	Abraxis BioScience, Inc		25,045
9,063		Air Products & Chemicals, Inc		885,999
3,335		Albemarle Corp		147,407
3,444		Alberto-Culver Co		85,377
4,458	e	Avery Dennison Corp		254,195
18,362		Avon Products, Inc		689,126
4,636	*	Barr Pharmaceuticals, Inc		263,835
2,590		Cabot Corp		92,023
5,333		Celanese Corp (Series A)		207,880
2,770	e*	Cephalon, Inc		202,376
2,814	*	Charles River Laboratories International, Inc		158,006
9,378		Chemtura Corp		83,370
2,856		Church & Dwight Co, Inc		134,346
5,745		Clorox Co		350,388
1,764		Cytec Industries, Inc		120,640
3,433		Dade Behring Holdings, Inc		262,110
3,520		Eastman Chemical Co		234,890
7,317		Ecolab, Inc		345,362
4,573		Estee Lauder Cos (Class A)		194,170
3,198		FMC Corp		166,360
13,389	*	Forest Laboratories, Inc		499,276
6,549	*	Hospira, Inc		271,456
3,764		Huntsman Corp		99,708
1,299	*	Idexx Laboratories, Inc		142,357
2,577	e*	ImClone Systems, Inc		106,533
3,734	e	International Flavors & Fragrances, Inc		197,379
1,952	*	Invitrogen Corp		159,537
10,200	*	King Pharmaceuticals, Inc		119,544
2,960		Lubrizol Corp		192,578
9,678	e	Lyondell Chemical Co		448,575
13,446	*	Millennium Pharmaceuticals, Inc		136,477
6,470	*	Mosaic Co		346,274
10,443	e*	Mylan Laboratories, Inc		166,670
2,313	*	NBTY, Inc		93,908
6,041		Nalco Holding Co		179,116
4,882	e*	PDL BioPharma, Inc		105,500
6,869		PPG Industries, Inc		518,953
5,070		RPM International, Inc		121,427
6,378	e	Rohm & Haas Co		355,063
1,821	e	Scotts Miracle-Gro Co (Class A)		77,848
4,512	*	Sepracor, Inc		124,080

191

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,643		Sherwin-Williams Co	$	305,092
5,497		Sigma-Aldrich Corp		267,924
3,394	*	VCA Antech, Inc		141,699
4,293	e	Valspar Corp		116,813
5,482	e*	Vertex Pharmaceuticals, Inc		210,564
3,803	e*	Warner Chilcott Ltd (Class A)		67,579
4,170	*	Watson Pharmaceuticals, Inc		135,108
782	e	Westlake Chemical Corp		19,808
		TOTAL CHEMICALS AND ALLIED PRODUCTS		10,629,751
COAL MINING - 0.60%
5,965	e	Arch Coal, Inc		201,259
7,618		Consol Energy, Inc		354,999
3,579	e	Massey Energy Co		78,094
11,088		Peabody Energy Corp		530,783
		TOTAL COAL MINING		1,165,135
COMMUNICATIONS - 4.20%
17,480	*	American Tower Corp (Class A)		761,079
18,825	*	Avaya, Inc		319,272
1,139	e*	Clearwire Corp (Class A)		27,837
2,081	e*	CTC Media, Inc		45,699
9,229	*	Cablevision Systems Corp (Class A)		322,461
1,481	*	Central European Media Enterprises Ltd (Class A)		135,823
4,583		CenturyTel, Inc		211,826
14,334		Citizens Communications Co		205,263
9,704	*	Crown Castle International Corp		394,274
8,710	*	EchoStar Communications Corp (Class A)		407,715
6,317		Embarq Corp		351,225
3,376		Global Payments, Inc		149,287
1,041	e	Hearst-Argyle Television, Inc		27,024
7,314	*	IAC/InterActiveCorp		217,006
2,095	e*	Leap Wireless International, Inc		170,470
64,050	e*	Level 3 Communications, Inc		297,832
16,018	*	Liberty Global, Inc (Class A)		657,058
27,268	*	Liberty Media Holding Corp (Interactive A)		523,818
5,391	*	Liberty Media Corp - Capital (Series A)		672,959
2,443	*	MetroPCS Communications, Inc		66,645
7,242	*	NII Holdings, Inc		594,930
3,014	e*	NeuStar, Inc (Class A)		103,350
67,333	e*	Qwest Communications International, Inc		616,770
4,298	e*	SBA Communications Corp (Class A)		151,633
4,292		Telephone & Data Systems, Inc		286,491
721	*	US Cellular Corp		70,802
19,976	e	Windstream Corp		282,061
11,798	e*	XM Satellite Radio Holdings, Inc (Class A)		167,178
		TOTAL COMMUNICATIONS		8,237,788
DEPOSITORY INSTITUTIONS - 3.53%
5,204		Associated Banc-Corp		154,195
3,639		Astoria Financial Corp		96,543
914		BOK Financial Corp		46,989
3,245	e	Bancorpsouth, Inc		78,853
2,102		Bank of Hawaii Corp		111,091

192

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
920	e	Capitol Federal Financial	$	31,464
1,711	e	City National Corp		118,932
6,650		Colonial Bancgroup, Inc		143,773
6,524		Comerica, Inc		334,551
8,012		Commerce Bancorp, Inc		310,705
3,012	e	Commerce Bancshares, Inc		138,221
2,510	e	Cullen/Frost Bankers, Inc		125,801
2,637	e	East West Bancorp, Inc		94,827
260		First Citizens Bancshares, Inc (Class A)		45,344
5,264	e	First Horizon National Corp		140,338
7,021	e	Fulton Financial Corp		100,962
22,792		Hudson City Bancorp, Inc		350,541
15,291	e	Huntington Bancshares, Inc		259,641
3,241	e	IndyMac Bancorp, Inc		76,520
16,415		Keycorp		530,697
2,864		M&T Bank Corp		296,281
10,843		Marshall & Ilsley Corp		474,598
13,123	e	New York Community Bancorp, Inc		249,993
9,178		Northern Trust Corp		608,226
9,089		People's United Financial, Inc		157,058
11,701		Popular, Inc		143,688
17,942		Sovereign Bancorp, Inc		305,732
11,602		Synovus Financial Corp		325,436
5,410		TCF Financial Corp		141,634
2,016		UnionBanCal Corp		117,755
5,250	e	Valley National Bancorp		116,445
3,500		Washington Federal, Inc		91,910
2,365		Webster Financial Corp		99,614
2,821		Whitney Holding Corp		74,418
2,960	e	Wilmington Trust Corp		115,144
4,518		Zions Bancorporation		310,251
		TOTAL DEPOSITORY INSTITUTIONS		6,918,171
EATING AND DRINKING PLACES - 0.84%
2,549	e	Burger King Holdings, Inc		64,974
4,354		Brinker International, Inc		119,474
5,919		Darden Restaurants, Inc		247,769
3,018	e*	Cheesecake Factory		70,832
7,926	e	Tim Hortons, Inc		276,221
3,658	e	Wendy's International, Inc		127,701
21,922		Yum! Brands, Inc		741,621
		TOTAL EATING AND DRINKING PLACES		1,648,592
EDUCATIONAL SERVICES - 0.35%
6,048	*	Apollo Group, Inc (Class A)		363,787
3,958	*	Career Education Corp		110,784
1,702	e*	ITT Educational Services, Inc		207,116
		TOTAL EDUCATIONAL SERVICES		681,687
ELECTRIC, GAS, AND SANITARY SERVICES - 8.03%
27,939	*	AES Corp		559,898
3,310		AGL Resources, Inc		131,142
6,929		Allegheny Energy, Inc		362,110
4,755		Alliant Energy Corp		182,212

193

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
11,973	*	Allied Waste Industries, Inc	$	152,656
8,665		Ameren Corp		454,912
16,681		American Electric Power Co, Inc		768,660
5,650		Aqua America, Inc		128,142
3,722		Atmos Energy Corp		105,407
9,527	e	CMS Energy Corp		160,244
13,425		Centerpoint Energy, Inc		215,203
11,321	e	Consolidated Edison, Inc		524,162
7,539		Constellation Energy Group, Inc		646,771
4,864	e*	Covanta Holding Corp		119,217
4,712	e	DPL, Inc		123,737
7,366		DTE Energy Co		356,809
13,981	e*	Dynegy, Inc (Class A)		129,184
13,633		Edison International		755,950
29,306		El Paso Corp		497,323
2,932		Energen Corp		167,476
6,611	e	Energy East Corp		178,828
3,649	e	Great Plains Energy, Inc		105,128
3,583	e	Hawaiian Electric Industries, Inc		77,787
3,206	e	Integrys Energy Group, Inc		164,243
7,615		MDU Resources Group, Inc		212,002
10,709	*	Mirant Corp		435,642
10,140	e*	NRG Energy, Inc		428,821
4,569	e	NSTAR		159,047
3,492	e	National Fuel Gas Co		163,461
11,476		NiSource, Inc		219,651
6,470		Northeast Utilities		184,848
3,840		OGE Energy Corp		127,104
4,349		Oneok, Inc		206,143
14,709		PG&E Corp		703,090
16,152		PPL Corp		747,838
8,080		Pepco Holdings, Inc		218,806
4,198	e	Pinnacle West Capital Corp		165,863
10,784	e	Progress Energy, Inc		505,230
4,800	e	Puget Energy, Inc		117,456
7,217		Questar Corp		379,109
14,298	*	Reliant Energy, Inc		366,029
6,989		Republic Services, Inc		228,610
4,878		SCANA Corp		188,974
11,033		Sempra Energy		641,238
9,264		Sierra Pacific Resources		145,723
4,355	e	Southern Union Co		135,484
3,673	*	Stericycle, Inc		209,949
8,781		TECO Energy, Inc		144,272
4,449		UGI Corp		115,585
3,200	e	Vectren Corp		87,328
25,056		Williams Cos, Inc		853,407
4,896		Wisconsin Energy Corp		220,467
17,119	e	Xcel Energy, Inc		368,743
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		15,747,121
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.01%
4,909	*	ADC Telecommunications, Inc		96,265
1,931	e	AVX Corp		31,089

194

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
23,140	e*	Advanced Micro Devices, Inc	$	305,448
14,861		Altera Corp		357,853
4,466		Ametek, Inc		193,021
7,487		Amphenol Corp (Class A)		297,683
13,682		Analog Devices, Inc		494,741
20,647	*	Atmel Corp		106,539
6,259	*	Avnet, Inc		249,484
19,608	*	Broadcom Corp (Class A)		714,516
3,567	*	Ciena Corp		135,831
7,663		Cooper Industries Ltd (Class A)		391,503
3,540	e*	Cree, Inc		110,094
6,290	e*	Cypress Semiconductor Corp		183,731
1,536	*	Dolby Laboratories, Inc (Class A)		53,484
6,132		Eaton Corp		607,313
2,356	e*	Energizer Holdings, Inc		261,163
5,046	*	Fairchild Semiconductor International, Inc		94,259
1,535	e*	First Solar, Inc		180,731
4,832	e	Garmin Ltd		576,941
2,720		Harman International Industries, Inc		235,334
5,622		Harris Corp		324,895
8,284	*	Integrated Device Technology, Inc		128,236
3,031	e*	International Rectifier Corp		99,993
5,654		Intersil Corp (Class A)		189,013
8,566	e*	JDS Uniphase Corp		128,147
2,864	e*	Jarden Corp		88,612
5,232		L-3 Communications Holdings, Inc		534,396
29,957	e*	LSI Logic Corp		222,281
1,786		Lincoln Electric Holdings, Inc		138,611
9,419	e	Linear Technology Corp		329,571
9,391	*	MEMC Electronic Materials, Inc		552,754
19,763	*	Marvell Technology Group Ltd		323,520
13,416		Maxim Integrated Products, Inc		393,760
9,140		Microchip Technology, Inc		331,965
31,660	e*	Micron Technology, Inc		351,426
5,820		Molex, Inc		156,733
11,618		National Semiconductor Corp		315,080
15,515	*	Network Appliance, Inc		417,509
5,197	*	Novellus Systems, Inc		141,670
22,767	*	Nvidia Corp		825,076
6,432	*	QLogic Corp		86,510
5,674	e	RadioShack Corp		117,225
4,617	e*	Rambus, Inc		88,231
23,487	*	Sanmina-SCI Corp		49,792
2,435	*	Silicon Laboratories, Inc		101,686
62,660	e*	Sirius Satellite Radio, Inc		218,683
968	e*	Sunpower Corp (Class A)		80,170
1,633		Teleflex, Inc		127,243
18,335	*	Tellabs, Inc		174,549
2,436	*	Thomas & Betts Corp		142,847
3,251	*	Varian Semiconductor Equipment Associates, Inc		173,994
7,743	*	Vishay Intertechnology, Inc		100,891
3,296	e	Whirlpool Corp		293,674
12,440	e	Xilinx, Inc		325,182
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		13,750,948

195

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
ENGINEERING AND MANAGEMENT SERVICES - 1.87%
5,506	e*	Amylin Pharmaceuticals, Inc	$	275,300
1,584	e	Corporate Executive Board Co		117,596
3,683		Fluor Corp		530,278
2,197	*	Gen-Probe, Inc		146,276
1,200	*	Genpact Ltd		20,340
3,967	*	Hewitt Associates, Inc (Class A)		139,043
4,986	*	Jacobs Engineering Group, Inc		376,842
7,060	*	KBR, Inc		273,716
9,300	*	McDermott International, Inc		502,944
14,194		Paychex, Inc		581,954
6,538	e	Quest Diagnostics, Inc		377,700
3,383	*	Shaw Group, Inc		196,552
2,177	e*	URS Corp		122,892
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,661,433
FABRICATED METAL PRODUCTS - 0.92%
1,421	e*	Alliant Techsystems, Inc		155,315
4,268		Ball Corp		229,405
5,045		Commercial Metals Co		159,674
2,076		Crane Co		99,586
6,844	*	Crown Holdings, Inc		155,769
4,846		Parker Hannifin Corp		541,928
4,099	e	Pentair, Inc		136,005
2,426		Snap-On, Inc		120,184
3,484		Stanley Works		195,557
		TOTAL FABRICATED METAL PRODUCTS		1,793,423
FOOD AND KINDRED PRODUCTS - 2.94%
5,044		Bunge Ltd		541,978
9,674		Campbell Soup Co		357,938
13,047		Coca-Cola Enterprises, Inc		315,998
20,841		ConAgra Foods, Inc		544,575
8,027	e*	Constellation Brands, Inc (Class A)		194,334
3,113		Corn Products International, Inc		142,793
8,173		Del Monte Foods Co		85,816
13,595		H.J. Heinz Co		628,089
2,854	e*	Hansen Natural Corp		161,765
7,046		Hershey Co		327,005
3,104		Hormel Foods Corp		111,061
2,372		J.M. Smucker Co		126,712
5,463		McCormick & Co, Inc		196,504
2,328	e	Molson Coors Brewing Co (Class B)		232,032
5,893		Pepsi Bottling Group, Inc		219,043
2,675		PepsiAmericas, Inc		86,777
30,741		Sara Lee Corp		513,067
4,418	e*	Smithfield Foods, Inc		139,167
11,056		Tyson Foods, Inc (Class A)		197,350
10,026		Wrigley (Wm.) Jr Co		643,970
		TOTAL FOOD AND KINDRED PRODUCTS		5,765,974
FOOD STORES - 0.66%
1,240	e*	Panera Bread Co (Class A)		50,592

196

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
18,483		Safeway, Inc	$	611,972
8,783		Supervalu, Inc		342,625
5,915	e	Whole Foods Market, Inc		289,598
		TOTAL FOOD STORES		1,294,787
FORESTRY - 0.08%
3,299		Rayonier, Inc		158,484
		TOTAL FORESTRY		158,484
FURNITURE AND FIXTURES - 0.37%
2,008	e	HNI Corp		72,288
2,617		Hillenbrand Industries, Inc		143,987
7,413	e	Leggett & Platt, Inc		142,033
15,804		Masco Corp		366,179
		TOTAL FURNITURE AND FIXTURES		724,487
FURNITURE AND HOME FURNISHINGS STORES - 0.61%
11,595	e*	Bed Bath & Beyond, Inc		395,621
7,252	e	Circuit City Stores, Inc		57,363
6,583	*	GameStop Corp (Class A)		370,952
2,300	e*	Mohawk Industries, Inc		186,990
3,612	e	Steelcase, Inc (Class A)		64,944
3,811	e	Williams-Sonoma, Inc		124,315
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		1,200,185
GENERAL BUILDING CONTRACTORS - 0.47%
5,031	e	Centex Corp		133,674
12,654	e	DR Horton, Inc		162,098
3,247	e	KB Home		81,370
5,679	e	Lennar Corp (Class A)		128,629
1,403		MDC Holdings, Inc		57,439
194	e*	NVR, Inc		91,228
8,871	e	Pulte Homes, Inc		120,734
1,892	e	Ryland Group, Inc		40,546
5,465	e*	Toll Brothers, Inc		109,245
		TOTAL GENERAL BUILDING CONTRACTORS		924,963
GENERAL MERCHANDISE STORES - 0.87%
2,734	*	BJ's Wholesale Club, Inc		90,659
4,517	e*	Big Lots, Inc		134,787
2,449	e	Dillard's, Inc (Class A)		53,462
6,326	e	Family Dollar Stores, Inc		168,019
9,444		JC Penney Co, Inc		598,466
5,990	e	Saks, Inc		102,728
19,023		TJX Cos, Inc		552,999
		TOTAL GENERAL MERCHANDISE STORES		1,701,120
HEALTH SERVICES - 2.18%
7,491		AmerisourceBergen Corp		339,567
1,513	e	Brookdale Senior Living, Inc		60,233
12,045		Cigna Corp		641,878
4,085	*	Community Health Systems, Inc		128,432
2,658	*	Covance, Inc		207,058
6,538	e*	Coventry Health Care, Inc		406,729

197

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,402	*	DaVita, Inc	$	278,118
2,422	e*	Edwards Lifesciences Corp		119,429
9,312	*	Express Scripts, Inc		519,796
10,173	e	Health Management Associates, Inc (Class A)		70,601
4,922	*	Laboratory Corp of America Holdings		385,048
2,528	e*	LifePoint Hospitals, Inc		75,865
3,469	*	Lincare Holdings, Inc		127,139
3,057	e	Manor Care, Inc		196,871
5,085	e	Omnicare, Inc		168,466
1,978	*	Pediatrix Medical Group, Inc		129,401
4,328		Pharmaceutical Product Development, Inc		153,384
2,418	*	Sierra Health Services, Inc		102,015
19,221	e*	Tenet Healthcare Corp		64,583
1,960		Universal Health Services, Inc (Class B)		106,663
		TOTAL HEALTH SERVICES		4,281,276
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.20%
2,943	*	Foster Wheeler Ltd		386,357
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		386,357
HOLDING AND OTHER INVESTMENT OFFICES - 7.45%
4,163		AMB Property Corp		248,989
1,250	e*	Affiliated Managers Group, Inc		159,387
6,370	e	Allied Capital Corp		187,214
13,370		Annaly Mortgage Management, Inc		212,984
4,069		Apartment Investment & Management Co (Class A)		183,634
9,326	e*	Archstone-Smith Trust		560,866
3,326		AvalonBay Communities, Inc		392,668
2,125	e	BRE Properties, Inc (Class A)		118,851
4,283		Boston Properties, Inc		445,004
3,648	e	Brandywine Realty Trust		92,331
2,625	e	CBL & Associates Properties, Inc		92,006
2,379	e	Camden Property Trust		152,851
1,984		Colonial Properties Trust		68,051
5,229		Developers Diversified Realty Corp		292,144
4,360		Douglas Emmett, Inc		107,823
5,813		Duke Realty Corp		196,538
12,167		Equity Residential		515,394
1,027	e	Essex Property Trust, Inc		120,744
2,352		Federal Realty Investment Trust		208,387
9,056		General Growth Properties, Inc		485,583
8,620		HCP, Inc		285,925
8,440		HRPT Properties Trust		83,472
3,390		Health Care REIT, Inc		149,974
3,931		Hospitality Properties Trust		159,795
21,847		Host Marriott Corp		490,247
1,403	e	Kilroy Realty Corp		85,064
8,980	e	Kimco Realty Corp		405,986
3,849		Liberty Property Trust		154,768
3,001		Macerich Co		262,828
2,839		Mack-Cali Realty Corp		116,683
7,393	e	Plum Creek Timber Co, Inc		330,911
10,735		Prologis		712,267
5,218		Public Storage, Inc		410,396

198

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,907		Regency Centers Corp	$	223,112
2,480	e	SL Green Realty Corp		289,590
4,688	*	TFS Financial Corp		60,663
2,237		Taubman Centers, Inc		122,476
5,274	e	Thornburg Mortgage, Inc		67,771
5,597		UDR, Inc		136,119
5,579		Ventas, Inc		230,971
12,269		Virgin Media, Inc		297,769
5,583		Vornado Realty Trust		610,501
2,411		WABCO Holdings, Inc		112,714
3,331	e	Weingarten Realty Investors		138,103
33,600		iShares Russell Midcap Index Fund		3,635,184
5,359		iStar Financial, Inc		182,152
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		14,596,890
HOTELS AND OTHER LODGING PLACES - 1.19%
2,391		Boyd Gaming Corp		102,454
1,534	e	Choice Hotels International, Inc		57,786
16,309		Hilton Hotels Corp		758,205
1,775	e	Orient-Express Hotels Ltd (Class A)		91,004
9,001		Starwood Hotels & Resorts Worldwide, Inc		546,811
1,842	e	Station Casinos, Inc		161,138
7,625		Wyndham Worldwide Corp		249,795
2,329	e	Wynn Resorts Ltd		366,957
		TOTAL HOTELS AND OTHER LODGING PLACES		2,334,150
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.02%
3,923	*	AGCO Corp		199,171
7,555		American Standard Cos, Inc		269,109
2,761	e	Black & Decker Corp		229,991
16,316	*	Brocade Communications Systems, Inc		139,665
2,442		CDW Corp		212,942
2,626		Carlisle Cos, Inc		127,624
4,361		Cummins, Inc		557,728
2,716		Diebold, Inc		123,361
3,420		Donaldson Co, Inc		142,819
8,554		Dover Corp		435,826
3,593	*	Dresser-Rand Group, Inc		153,457
5,422	e*	FMC Technologies, Inc		312,633
2,410		Flowserve Corp		183,594
2,259	*	Gardner Denver, Inc		88,101
2,811		Graco, Inc		109,938
5,332	*	Grant Prideco, Inc		290,701
3,327		IDEX Corp		121,070
12,622		Ingersoll-Rand Co Ltd (Class A)		687,520
13,915		International Game Technology		599,736
7,597	e	Jabil Circuit, Inc		173,515
4,540		Joy Global, Inc		230,904
1,622		Kennametal, Inc		136,216
5,155	e*	Lam Research Corp		274,555
2,452		Lennox International, Inc		82,878
3,989	*	Lexmark International, Inc (Class A)		165,663
5,214		Manitowoc Co, Inc		230,876
5,148		Pall Corp		200,257

199

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
800	*	Riverbed Technology, Inc	$	32,312
6,597		Rockwell Automation, Inc		458,557
2,375		SPX Corp		219,830
9,549	e*	SanDisk Corp		526,150
2,589	e*	Scientific Games Corp (Class A)		97,346
22,749		Seagate Technology, Inc		581,919
36,870	*	Solectron Corp		143,793
4,311	*	Terex Corp		383,765
3,971		Timken Co		147,523
1,717	e	Toro Co		101,011
5,330	*	Varian Medical Systems, Inc		223,274
2,507	*	VeriFone Holdings, Inc		111,135
9,288	*	Western Digital Corp		235,172
2,773	*	Zebra Technologies Corp (Class A)		101,187
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,842,824
INSTRUMENTS AND RELATED PRODUCTS - 4.18%
2,466	*	Advanced Medical Optics, Inc		75,435
16,889	*	Agilent Technologies, Inc		622,866
12,766		Allergan, Inc		823,024
7,737		Applera Corp (Applied Biosystems Group)		268,010
4,331		Bard (C.R.), Inc		381,951
2,276	e	Bausch & Lomb, Inc		145,664
2,607		Beckman Coulter, Inc		192,292
1,848	e	Cooper Cos, Inc		96,872
1,704		DRS Technologies, Inc		93,924
6,359		Dentsply International, Inc		264,789
12,042	e	Eastman Kodak Co		322,244
1,567	*	Intuitive Surgical, Inc		360,410
8,015		Kla-Tencor Corp		447,077
1,579	*	Mettler-Toledo International, Inc		161,058
2,201	e*	Millipore Corp		166,836
2,400		National Instruments Corp		82,392
5,016		PerkinElmer, Inc		146,517
9,190		Pitney Bowes, Inc		417,410
3,260	e*	Resmed, Inc		139,756
3,080	*	Respironics, Inc		147,932
7,003		Rockwell Collins, Inc		511,499
3,694		Roper Industries, Inc		241,957
14,151	*	St. Jude Medical, Inc		623,635
1,693	*	Techne Corp		106,794
3,270	e	Tektronix, Inc		90,710
7,946	*	Teradyne, Inc		109,655
4,996	*	Trimble Navigation Ltd		195,893
4,222	*	Waters Corp		282,536
39,224	*	Xerox Corp		680,144
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		8,199,282
INSURANCE AGENTS, BROKERS AND SERVICE - 0.51%
12,287		AON Corp		550,580
4,684		Brown & Brown, Inc		123,189
4,160	e	Gallagher (Arthur J.) & Co		120,515
380	e	White Mountains Insurance Group Ltd		197,505
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		991,789

200

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
INSURANCE CARRIERS - 4.77%
202	e*	Alleghany Corp	$	82,012
2,628		Allied World Assurance Holdings Ltd		136,419
4,261	e	Ambac Financial Group, Inc		268,060
3,447		American Financial Group, Inc		98,308
685		American National Insurance Co		90,112
2,172	*	Arch Capital Group Ltd		161,619
5,063		Assurant, Inc		270,870
6,429		Axis Capital Holdings Ltd		250,152
7,131		W.R. Berkley Corp		211,292
1,370	e	CNA Financial Corp		53,868
7,179		Cincinnati Financial Corp		310,922
7,903	*	Conseco, Inc		126,448
2,450		Endurance Specialty Holdings Ltd		101,797
2,028	e	Erie Indemnity Co (Class A)		123,972
2,644		Everest Re Group Ltd		291,475
9,278		Fidelity National Title Group, Inc (Class A)		162,179
4,040	e	First American Corp		147,945
18,195		Genworth Financial, Inc (Class A)		559,132
4,610		HCC Insurance Holdings, Inc		132,030
2,154		Hanover Insurance Group, Inc		95,185
4,697	*	Health Net, Inc		253,873
7,029	*	Humana, Inc		491,187
6,861	e	Leucadia National Corp		330,837
5,474	e	MBIA, Inc		334,188
3,368	e	MGIC Investment Corp		108,820
435	*	Markel Corp		210,540
1,100	e	Mercury General Corp		59,323
2,223	e	Nationwide Financial Services, Inc (Class A)		119,642
9,687		Old Republic International Corp		181,534
1,290		OneBeacon Insurance Group Ltd		27,799
3,334	e	PMI Group, Inc		109,022
2,380	e	PartnerRe Ltd		187,996
2,478	*	Philadelphia Consolidated Holding Co		102,441
11,203		Principal Financial Group		706,797
2,850		Protective Life Corp		120,954
3,501	e	Radian Group, Inc		81,503
1,240		Reinsurance Group Of America, Inc		70,296
3,021		RenaissanceRe Holdings Ltd		197,604
4,444		Safeco Corp		272,062
2,140		Stancorp Financial Group, Inc		105,951
3,995		Torchmark Corp		248,968
1,119		Transatlantic Holdings, Inc		78,699
1,910		Unitrin, Inc		94,717
15,048		UnumProvident Corp		368,225
1,726	*	WellCare Health Plans, Inc		181,972
59		Wesco Financial Corp		23,482
7,781		XL Capital Ltd (Class A)		616,255
		TOTAL INSURANCE CARRIERS		9,358,484
JUSTICE, PUBLIC ORDER AND SAFETY - 0.07%
5,142	*	Corrections Corp of America		134,566
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		134,566

201

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
LEATHER AND LEATHER PRODUCTS - 0.49%
3,368	e*	CROCS, Inc	$	226,498
15,529	*	Coach, Inc		734,056
		TOTAL LEATHER AND LEATHER PRODUCTS		960,554
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.06%
3,325		Laidlaw International, Inc		117,106
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		117,106
LUMBER AND WOOD PRODUCTS - 0.04%
4,630	e	Louisiana-Pacific Corp		78,571
		TOTAL LUMBER AND WOOD PRODUCTS		78,571
METAL MINING - 0.11%
1,743	e	Cleveland-Cliffs, Inc		153,332
1,735		Foundation Coal Holdings, Inc		68,012
		TOTAL METAL MINING		221,344
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.57%
777	*	Armstrong World Industries, Inc		31,538
6,394		Fortune Brands, Inc		521,047
6,673		Hasbro, Inc		186,043
16,463		Mattel, Inc		386,222
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,124,850
MISCELLANEOUS RETAIL - 0.77%
2,154		Barnes & Noble, Inc		75,950
2,887	e*	Coldwater Creek, Inc		31,353
1,633	e*	Dick's Sporting Goods, Inc		109,656
4,081	*	Dollar Tree Stores, Inc		165,444
1,844		MSC Industrial Direct Co (Class A)		93,288
1,504	e*	Nutri/System, Inc		70,523
11,504	*	Office Depot, Inc		237,212
3,225		OfficeMax, Inc		110,521
5,688		Petsmart, Inc		181,447
28,515	e*	Rite Aid Corp		131,739
5,699		Tiffany & Co		298,343
		TOTAL MISCELLANEOUS RETAIL		1,505,476
MOTION PICTURES - 0.25%
11,728	*	Discovery Holding Co (Class A)		338,353
2,651	*	DreamWorks Animation SKG, Inc (Class A)		88,596
3,280	e	Regal Entertainment Group (Class A)		71,996
		TOTAL MOTION PICTURES		498,945
NONDEPOSITORY INSTITUTIONS - 0.89%
4,932	e*	AmeriCredit Corp		86,705
7,746	e	American Capital Strategies Ltd		330,987
5,585		Broadridge Financial Solutions, Inc		105,836
8,021		CIT Group, Inc		322,444
5,319		CapitalSource, Inc		107,657
2,563	e	First Marblehead Corp		97,215
211		Student Loan Corp		38,048

202

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
10,420		Textron, Inc	$	648,228
		TOTAL NONDEPOSITORY INSTITUTIONS		1,737,120
NONMETALLIC MINERALS, EXCEPT FUELS - 0.25%
2,076		Florida Rock Industries, Inc		129,729
3,987	e	Vulcan Materials Co		355,441
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		485,170
OIL AND GAS EXTRACTION - 5.20%
12,276		BJ Services Co		325,928
1,334	e*	CNX Gas Corp		38,379
4,607	*	Cameron International Corp		425,180
1,733	e*	Cheniere Energy, Inc		67,882
19,225	d,e	Chesapeake Energy Corp		677,873
3,597	e	Cimarex Energy Co		133,988
1,190	*	Continental Resources, Inc		21,587
5,067	*	Denbury Resources, Inc		226,444
2,850	e	Diamond Offshore Drilling, Inc		322,876
6,233		ENSCO International, Inc		349,671
5,087		Equitable Resources, Inc		263,863
3,396	*	Forest Oil Corp		146,164
3,781	*	Global Industries Ltd		97,399
9,537		GlobalSantaFe Corp		725,003
3,825	e*	Helix Energy Solutions Group, Inc		162,409
4,323	e	Helmerich & Payne, Inc		141,924
11,776	e*	Nabors Industries Ltd		362,348
7,430	*	National Oilwell Varco, Inc		1,073,635
11,204		Noble Corp		549,556
2,280	*	Oceaneering International, Inc		172,824
6,643		Patterson-UTI Energy, Inc		149,933
5,165		Pioneer Natural Resources Co		232,322
2,829	e*	Plains Exploration & Production Co		125,098
2,451	e	Pogo Producing Co		130,173
6,944	*	Pride International, Inc		253,803
2,143	*	Quicksilver Resources, Inc		100,828
6,193		Range Resources Corp		251,807
4,526		Rowan Cos, Inc		165,561
1,012	e*	SEACOR Holdings, Inc		96,241
8,389		Smith International, Inc		598,975
7,108	*	Southwestern Energy Co		297,470
2,556		St. Mary Land & Exploration Co		91,173
3,378	*	Superior Energy Services		119,716
3,009	*	Tetra Technologies, Inc		63,610
2,433	e	Tidewater, Inc		152,890
2,004	*	Unit Corp		96,994
1,190	e	W&T Offshore, Inc		29,012
14,113	*	Weatherford International Ltd		948,111
		TOTAL OIL AND GAS EXTRACTION		10,188,650
PAPER AND ALLIED PRODUCTS - 0.56%
4,486		Bemis Co		130,587
18,490	*	Domtar Corporation		151,618
7,720		MeadWestvaco Corp		227,972
3,711		Packaging Corp of America		107,879

203

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
10,680	*	Smurfit-Stone Container Corp	$	124,742
4,186		Sonoco Products Co		126,333
4,426		Temple-Inland, Inc		232,940
		TOTAL PAPER AND ALLIED PRODUCTS		1,102,071
PERSONAL SERVICES - 0.38%
5,676		Cintas Corp		210,580
13,514		H&R Block, Inc		286,227
12,312		Service Corp International		158,825
1,492	e	Weight Watchers International, Inc		85,880
		TOTAL PERSONAL SERVICES		741,512
PETROLEUM AND COAL PRODUCTS - 1.70%
2,314		Ashland, Inc		139,326
4,058		Cabot Oil & Gas Corp		142,679
4,612		Frontier Oil Corp		192,044
11,616		Hess Corp		772,812
1,885		Holly Corp		112,780
7,869		Murphy Oil Corp		549,964
5,439	*	Newfield Exploration Co		261,942
7,143		Noble Energy, Inc		500,296
5,075		Sunoco, Inc		359,208
5,715		Tesoro Corp		263,004
1,178	e	Western Refining, Inc		47,803
		TOTAL PETROLEUM AND COAL PRODUCTS		3,341,858
PIPELINES, EXCEPT NATURAL GAS - 0.33%
26,386		Spectra Energy Corp		645,929
		TOTAL PIPELINES, EXCEPT NATURAL GAS		645,929
PRIMARY METAL INDUSTRIES - 1.47%
4,661	*	AK Steel Holding Corp		204,851
4,267		Allegheny Technologies, Inc		469,157
1,051		Carpenter Technology Corp		136,641
2,565	e*	CommScope, Inc		128,866
2,134	e*	General Cable Corp		143,234
2,490		Hubbell, Inc (Class B)		142,229
5,755		Precision Castparts Corp		851,625
3,955		Steel Dynamics, Inc		184,698
2,951	e*	Titanium Metals Corp		99,036
4,949		United States Steel Corp		524,297
		TOTAL PRIMARY METAL INDUSTRIES		2,884,634
PRINTING AND PUBLISHING - 1.12%
2,497		Dow Jones & Co, Inc		149,071
2,480		Dun & Bradstreet Corp		244,553
9,818		Gannett Co, Inc		429,047
2,308		Harte-Hanks, Inc		45,421
2,116	e	McClatchy Co (Class A)		42,278
1,930		Meredith Corp		110,589
5,994	e	New York Times Co (Class A)		118,441
2,966	e*	R.H. Donnelley Corp		166,155
9,209		R.R. Donnelley & Sons Co		336,681
3,679	e	EW Scripps Co (Class A)		154,518

204

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,538	e*	Tribune Co	$	96,658
245		Washington Post Co (Class B)		196,686
2,123	e	John Wiley & Sons, Inc (Class A)		95,386
		TOTAL PRINTING AND PUBLISHING		2,185,484
RAILROAD TRANSPORTATION - 0.45%
18,287		CSX Corp		781,404
3,300	e*	Kansas City Southern Industries, Inc		106,161
		TOTAL RAILROAD TRANSPORTATION		887,565
REAL ESTATE - 0.33%
8,170	e*	CB Richard Ellis Group, Inc (Class A)		227,453
3,012	e	Forest City Enterprises, Inc (Class A)		166,142
1,536	e	Jones Lang LaSalle, Inc		157,839
3,113	e	St. Joe Co		104,628
		TOTAL REAL ESTATE		656,062
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.40%
8,773	e*	Goodyear Tire & Rubber Co		266,787
11,674		Newell Rubbermaid, Inc		336,445
6,760		Sealed Air Corp		172,786
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		776,018
SECURITY AND COMMODITY BROKERS - 2.78%
3,172		A.G. Edwards, Inc		265,655
9,838		Ameriprise Financial, Inc		620,876
2,694	e	BlackRock, Inc		467,167
17,907	*	E*Trade Financial Corp		233,865
4,638		Eaton Vance Corp		185,334
3,752		Federated Investors, Inc (Class B)		148,954
2,937	*	IntercontinentalExchange, Inc		446,130
1,968	e*	Investment Technology Group, Inc		84,585
7,355	e	Janus Capital Group, Inc		207,999
5,252		Jefferies Group, Inc		146,163
2,157	e	Lazard Ltd (Class A)		91,457
5,512	e	Legg Mason, Inc		464,606
3,900	*	MF Global Ltd		113,100
4,720	*	Nasdaq Stock Market, Inc		177,850
3,320		Nuveen Investments, Inc (Class A)		205,641
3,848	e	Nymex Holdings, Inc		500,933
3,935		Raymond James Financial, Inc		129,265
5,416		SEI Investments Co		147,748
11,115		T Rowe Price Group, Inc		618,994
10,242	e*	TD Ameritrade Holding Corp		186,609
		TOTAL SECURITY AND COMMODITY BROKERS		5,442,931
SPECIAL TRADE CONTRACTORS - 0.09%
6,685	e*	Quanta Services, Inc		176,818
		TOTAL SPECIAL TRADE CONTRACTORS		176,818
STONE, CLAY, AND GLASS PRODUCTS - 0.36%
2,049	e	Eagle Materials, Inc		73,231
5,972		Gentex Corp		128,040
4,630	e*	Owens Corning, Inc		115,981

205

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
6,474	*	Owens-Illinois, Inc	$	268,347
3,353	e*	USG Corp		125,905
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		711,504
TOBACCO PRODUCTS - 0.36%
4,537		Loews Corp (Carolina Group)		373,078
6,698	e	UST, Inc		332,221
		TOTAL TOBACCO PRODUCTS		705,299
TRANSPORTATION BY AIR - 0.80%
10,072	e*	AMR Corp		224,505
4,068	e*	Continental Airlines, Inc (Class B)		134,366
817	e	Copa Holdings S.A. (Class A)		32,721
10,053	*	Delta Air Lines, Inc		180,451
11,019	e*	Northwest Airlines Corp		196,138
32,819		Southwest Airlines Co		485,721
4,839	e*	UAL Corp		225,159
3,379	e*	US Airways Group, Inc		88,699
		TOTAL TRANSPORTATION BY AIR		1,567,760
TRANSPORTATION EQUIPMENT - 1.94%
3,325		Autoliv, Inc		198,669
3,855	*	BE Aerospace, Inc		160,098
3,787	e	Brunswick Corp		86,571
83,777	e*	Ford Motor Co		711,267
7,128		Genuine Parts Co		356,400
5,233		Goodrich Corp		357,048
10,771		Harley-Davidson, Inc		497,728
3,518		Harsco Corp		208,512
7,604		ITT Industries, Inc		516,540
3,102		Oshkosh Truck Corp		192,231
5,453	*	Pactiv Corp		156,283
2,830	*	Spirit Aerosystems Holdings, Inc (Class A)		110,200
1,794	*	TRW Automotive Holdings Corp		56,834
1,555		Thor Industries, Inc		69,959
3,378	e	Trinity Industries, Inc		126,810
		TOTAL TRANSPORTATION EQUIPMENT		3,805,150
TRANSPORTATION SERVICES - 0.51%
7,084		CH Robinson Worldwide, Inc		384,590
8,919		Expeditors International Washington, Inc		421,869
2,165	e	GATX Corp		92,554
3,966		UTI Worldwide, Inc		91,139
		TOTAL TRANSPORTATION SERVICES		990,152
TRUCKING AND WAREHOUSING - 0.18%
1,911		Con-way, Inc		87,906
4,076		J.B. Hunt Transport Services, Inc		107,199
2,322		Landstar System, Inc		97,454
2,479	e*	YRC Worldwide, Inc		67,726
		TOTAL TRUCKING AND WAREHOUSING		360,285
WATER TRANSPORTATION - 0.36%
1,748		Alexander & Baldwin, Inc		87,627

206

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,060		Frontline Ltd	$	99,457
2,215	*	Kirby Corp		97,770
1,408	e	Overseas Shipholding Group, Inc		108,177
5,574		Royal Caribbean Cruises Ltd		217,553
1,687	e	Teekay Corp		99,212
		TOTAL WATER TRANSPORTATION		709,796
WHOLESALE TRADE-DURABLE GOODS - 0.97%
5,197	*	Arrow Electronics, Inc		220,976
2,426		BorgWarner, Inc		222,052
4,820	*	Cytyc Corp		229,673
6,076	*	Ingram Micro, Inc (Class A)		119,150
1,783	e	Martin Marietta Materials, Inc		238,120
5,819	*	Patterson Cos, Inc		224,672
2,063	e	Pool Corp		51,534
2,820		Reliance Steel & Aluminum Co		159,443
2,302	*	Tech Data Corp		92,356
2,961		W.W. Grainger, Inc		270,014
1,910	e*	WESCO International, Inc		82,015
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,910,005
WHOLESALE TRADE-NONDURABLE GOODS - 0.69%
3,291		Airgas, Inc		169,914
1,562	e*	Bare Escentuals, Inc		38,847
3,251	e	Brown-Forman Corp (Class B)		243,532
5,445		Dean Foods Co		139,283
5,594	*	Endo Pharmaceuticals Holdings, Inc		173,470
3,720	*	Henry Schein, Inc		226,325
2,171		Herbalife Ltd		98,694
6,142	e	Idearc, Inc		193,289
1,524	e*	Tractor Supply Co		70,241
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,353,595
		TOTAL COMMON STOCKS		193,857,466
		(Cost $159,612,220)
PRINCIPAL
SHORT TERM INVESTMENTS - 22.85%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.93%
$      1,830,000	d	Federal Home Loan Bank (FHLB) , 10/01/07		1,829,390
				1,829,390
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 21.92%
42,974,496		State Street Navigator Securities Lending Prime Portfolio		42,974,496
				42,974,496
		TOTAL SHORT TERM INVESTMENTS		44,803,886
		(Cost $44,804,496)
		TOTAL PORTFOLIO - 121.73%		238,661,352
		(Cost $204,416,716)
		OTHER ASSETS & LIABILITIES, NET - (21.73)%		(42,596,590	)
		NET ASSETS - 100.00%	$	196,064,762

207

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
	*	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 in the amount of $1,963,378.
	e	All or a portion of these securities are out on loan.

208

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.29%
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
160		Cal-Maine Foods, Inc	$	4,038
4		Seaboard Corp		7,840
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		11,878
AGRICULTURAL SERVICES - 0.03%
2,272	e*	Cadiz, Inc		42,941
		TOTAL AGRICULTURAL SERVICES		42,941
AMUSEMENT AND RECREATION SERVICES - 1.13%
9,858	*	Bally Technologies, Inc		349,269
2,779		Dover Downs Gaming & Entertainment, Inc		28,874
1,528	e*	Lakes Entertainment, Inc		14,562
5,870	e*	Life Time Fitness, Inc		360,066
882	e*	Live Nation, Inc		18,743
6,708	e*	Marvel Entertainment, Inc		157,236
3,911	e*	MTR Gaming Group, Inc		37,272
5,948	*	Pinnacle Entertainment, Inc		161,964
2,813	*	Town Sports International Holdings, Inc		42,786
13,191	e*	Westwood One, Inc		36,275
7,536	e*	WMS Industries, Inc		249,442
3,880		World Wrestling Entertainment, Inc		58,510
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,514,999
APPAREL AND ACCESSORY STORES - 1.87%
14,353	*	Aeropostale, Inc		273,568
4,616		Bebe Stores, Inc		67,532
3,665		Brown Shoe Co, Inc		71,111
2,619		Buckle, Inc		99,365
1,500	e*	Cache, Inc		26,775
10,832	*	Carter's, Inc		216,098
6,169	*	Casual Male Retail Group, Inc		55,274
1,303		Cato Corp (Class A)		26,633
4,715	*	Charlotte Russe Holding, Inc		69,028
4,129	*	Children's Place Retail Stores, Inc		100,252
6,853		Christopher & Banks Corp		83,058
2,468	*	Citi Trends, Inc		53,704
914		DEB Shops, Inc		24,577
6,720	*	Dress Barn, Inc		114,307
3,034	e*	DSW, Inc (Class A)		76,366
3,750	*	HOT Topic, Inc		27,975
7,211	e*	J Crew Group, Inc		299,256
385	e*	Jo-Ann Stores, Inc		8,124
3,375	e*	JOS A Bank Clothiers, Inc		112,792
3,868	e*	New York & Co, Inc		23,595
10,786	e*	Pacific Sunwear Of California, Inc		159,633

209

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
730	*	Shoe Carnival, Inc	$	11,519
5,737	e*	Tween Brands, Inc		188,403
4,583	e*	Under Armour, Inc (Class A)		274,155
15,647	e*	Wet Seal, Inc (Class A)		60,554
		TOTAL APPAREL AND ACCESSORY STORES		2,523,654
APPAREL AND OTHER TEXTILE PRODUCTS - 0.53%
590		Columbia Sportswear Co		32,633
2,451	*	G-III Apparel Group Ltd		48,260
5,694	*	Gymboree Corp		200,656
1,880	*	Lululemon Athletica, Inc		79,016
2,603	*	Maidenform Brands, Inc		41,336
7,162	e*	Quiksilver, Inc		102,417
2,582	*	True Religion Apparel, Inc		45,443
4,330	*	Warnaco Group, Inc		169,173
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		718,934
AUTO REPAIR, SERVICES AND PARKING - 0.29%
2,586	*	Midas, Inc		48,798
2,035		Monro Muffler, Inc		68,762
520	*	Standard Parking Corp		20,691
6,778	*	Wright Express Corp		247,329
		TOTAL AUTO REPAIR, SERVICES AND PARKING		385,580
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.00% **
495	e*	CSK Auto Corp		5,272
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		5,272
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.00% **
243	e*	Builders FirstSource, Inc		2,620
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,620
BUSINESS SERVICES - 13.91%
3,265	e*	3D Systems Corp		77,119
5,206		Aaron Rents, Inc		116,094
480		ABM Industries, Inc		9,590
5,343	*	Acacia Research (Acacia Technologies)		78,435
6,910	*	ACI Worldwide, Inc		154,439
11,012	*	Actuate Corp		71,027
4,322		Administaff, Inc		156,889
3,198	e*	Advent Software, Inc		150,210
5,461	e*	American Reprographics Co		102,230
6,281	e*	AMN Healthcare Services, Inc		117,643
3,120	*	Ansoft Corp		102,898
14,347	*	Ansys, Inc		490,237
5,543		Arbitron, Inc		251,320
23,937	e*	Art Technology Group, Inc		72,290
16,346	*	Aspen Technology, Inc		234,075
2,056	e*	Bankrate, Inc		94,823
887		Barrett Business Services		21,137
6,896		Blackbaud, Inc		174,055
5,296	*	Blackboard, Inc		242,769
750	*	BladeLogic, Inc		19,230
2,553	*	Blue Coat Systems, Inc		201,074

210

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
10,025	e*	BPZ Energy, Inc	$	78,195
438	*	CACI International, Inc (Class A)		22,377
2,017	*	Capella Education Co		112,770
5,708	*	Catalina Marketing Corp		184,882
706	e*	Cavium Networks, Inc		22,945
2,387	e*	CBIZ, Inc		18,977
6,096	*	Chordiant Software, Inc		84,491
368	*	Clayton Holdings, Inc		2,948
28,080	e*	CNET Networks, Inc		209,196
9,251	*	Cogent Communications Group, Inc		215,918
7,879	e*	Cogent, Inc		123,543
6,483		Cognex Corp		115,138
6,540	e*	Commvault Systems, Inc		121,121
1,086		Computer Programs & Systems, Inc		28,627
3,056	*	COMSYS IT Partners, Inc		51,371
7,021	e*	Concur Technologies, Inc		221,302
3,576	*	CoStar Group, Inc		191,137
3,396	*	CSG Systems International, Inc		72,165
5,909	e*	Cybersource Corp		69,076
660	*	Data Domain, Inc		20,427
6,181	*	DealerTrack Holdings, Inc		258,860
1,960	*	Dice Holdings, Inc		20,149
7,654	e*	Digital River, Inc		342,517
4,325	e*	DivX, Inc		64,313
1,654	*	Double-Take Software, Inc		31,608
616	*	DynCorp International, Inc (Class A)		14,236
5,595	*	Echelon Corp		139,931
8,507	e*	Eclipsys Corp		198,383
10,763	e*	Epicor Software Corp		148,207
4,706	e*	EPIQ Systems, Inc		88,567
5,799	e*	Equinix, Inc		514,313
6,105	e*	Evergreen Energy, Inc		31,136
3,307	e*	ExlService Holdings, Inc		70,307
5,934	*	FalconStor Software, Inc		71,505
867	*	First Advantage Corp (Class A)		15,320
2,566	*	Forrester Research, Inc		60,481
12,767	*	Gartner, Inc		312,281
1,628		Gevity HR, Inc		16,687
7,730	*	Global Cash Access, Inc		81,861
2,990	e*	Global Sources Ltd		66,288
630	*	Guidance Software, Inc		7,982
3,154	*	H&E Equipment Services, Inc		56,709
7,700		Healthcare Services Group		156,079
3,053		Heartland Payment Systems, Inc		78,462
3,092		Heidrick & Struggles International, Inc		112,703
3,772	e*	HMS Holdings Corp		92,829
4,442	*	Hudson Highland Group, Inc		56,547
5,159	e*	Hypercom Corp		23,319
1,062	e*	ICT Group, Inc		14,241
3,953	*	iGate Corp		33,877
5,820	*	IHS, Inc (Class A)		328,772
2,308		Imergent, Inc		51,768
16,202	*	Informatica Corp		254,371
2,998		Infospace, Inc		52,645

211

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,954		infoUSA, Inc	$	18,153
4,254	e*	Innerworkings, Inc		73,296
2,419	e*	Innovative Solutions & Support, Inc		45,888
1,309		Integral Systems, Inc		28,130
2,320		Interactive Data Corp		65,424
2,529	*	Interactive Intelligence, Inc		48,051
9,060	e*	Internap Network Services Corp		128,380
6,304	*	Interwoven, Inc		89,706
5,775	*	inVentiv Health, Inc		253,061
4,509	e*	Ipass, Inc		18,938
14,577		Jack Henry & Associates, Inc		376,961
1,531	*	JDA Software Group, Inc		31,630
954		Kelly Services, Inc (Class A)		18,899
4,595	*	Kenexa Corp		141,434
4,752	*	Kforce, Inc		61,111
4,945	e*	Knot, Inc		105,131
7,045	*	Korn/Ferry International		116,313
8,648	*	Labor Ready, Inc		160,074
2,360	*	Limelight Networks, Inc		20,721
9,851	*	Lionbridge Technologies		39,305
1,985	*	Liquidity Services, Inc		21,815
7,311	*	LivePerson, Inc		45,036
3,515	e*	LoJack Corp		66,644
7,526	e*	Magma Design Automation, Inc		105,891
4,096	*	Manhattan Associates, Inc		112,271
604	*	Mantech International Corp (Class A)		21,732
4,253		Marchex, Inc (Class B)		40,446
10,041	*	Mentor Graphics Corp		151,619
1,533	*	MicroStrategy, Inc (Class A)		121,628
3,956	e*	Midway Games, Inc		17,248
1,420	*	Monotype Imaging Holdings, Inc		17,864
19,840	e*	Move, Inc		54,758
1,763	*	MPS Group, Inc		19,657
2,236	*	Ness Technologies, Inc		24,417
8,589	e*	NetFlix, Inc		177,964
4,830	*	Network Equipment Technologies, Inc		70,035
7,290		NIC, Inc		50,593
24,331	e*	Nuance Communications, Inc		469,832
6,064	*	Omniture, Inc		183,860
1,290	*	On Assignment, Inc		12,049
4,795	e*	Online Resources Corp		60,609
12,646	e*	OpenTV Corp (Class A)		18,716
5,935	e*	Packeteer, Inc		45,106
9,549	*	Parametric Technology Corp		166,344
1,999	*	PDF Solutions, Inc		19,750
2,054	e*	PeopleSupport, Inc		24,566
5,404	e*	Perficient, Inc		118,185
7,620	*	Phase Forward, Inc		152,476
2,935		Portfolio Recovery Associates, Inc		155,760
2,446	*	PRA International		71,912
1,322	*	Premiere Global Services, Inc		16,723
7,594	*	Progress Software Corp		230,098
1,020	*	PROS Holdings, Inc		12,311
837	e*	Protection One, Inc		11,233

212

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,713		QAD, Inc	$	14,835
3,140		Quality Systems, Inc		115,018
10,883	e*	Quest Software, Inc		186,752
4,907	*	Radiant Systems, Inc		77,678
1,083	e*	Radisys Corp		13,483
5,570	*	Raser Technologies, Inc		71,797
1,390		Renaissance Learning, Inc		16,805
3,271	e*	RightNow Technologies, Inc		52,630
5,323		Rollins, Inc		142,071
2,200	e*	RSC Holdings, Inc		36,080
14,797	*	Sapient Corp		99,288
483	e*	Secure Computing Corp		4,700
5,377	e*	Smith Micro Software, Inc		86,355
5,016	e*	Sohu.com, Inc		189,153
3,176	*	SonicWALL, Inc		27,726
46,763	e*	Sonus Networks, Inc		285,254
12,233		Sotheby's		584,615
1,069	*	Sourcefire, Inc		9,707
4,839	*	Spherion Corp		39,970
3,401	*	SPSS, Inc		139,917
4,278	e*	SRA International, Inc (Class A)		120,126
3,780	*	Stratasys, Inc		104,177
1,807	*	Sybase, Inc		41,796
6,069	*	SYKES Enterprises, Inc		100,806
3,453	e*	Synchronoss Technologies, Inc		145,233
2,303		Syntel, Inc		95,759
11,982	e*	Take-Two Interactive Software, Inc		204,653
245		TAL International Group, Inc		6,142
3,148	*	Taleo Corp (Class A)		79,991
818	*	TechTarget, Inc		13,824
7,775	*	TeleTech Holdings, Inc		185,900
3,638		TheStreet.com, Inc		44,056
12,390	d*	THQ, Inc		309,502
920	*	Tiens Biotech Group USA, Inc		3,082
5,223	e*	TradeStation Group, Inc		60,952
1,554	*	Travelzoo, Inc		35,664
8,382	*	Trizetto Group, Inc		146,769
4,596	*	Ultimate Software Group, Inc		160,400
1,617	e*	Unica Corp		18,159
3,518		United Online, Inc		52,805
18,484	*	Valueclick, Inc		415,151
4,882	e*	Vasco Data Security International		172,383
1,425	e*	Veraz Networks, Inc		10,004
2,911	*	Vignette Corp		58,424
570	*	Virtusa Corp		8,550
3,731	e*	Visual Sciences, Inc		53,876
2,396	*	Vocus, Inc		70,059
8,191	e*	Websense, Inc		161,608
13,831	*	Wind River Systems, Inc		162,791
		TOTAL BUSINESS SERVICES		18,737,674
CHEMICALS AND ALLIED PRODUCTS - 9.27%
5,615	e*	Acadia Pharmaceuticals, Inc		84,506
4,752	e*	Acorda Therapeutics, Inc		87,199

213

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
6,596	e*	Adams Respiratory Therapeutics, Inc	$	254,210
1,910	*	Albany Molecular Research, Inc		28,841
6,741	e*	Alexion Pharmaceuticals, Inc		439,176
4,000	e*	Alexza Pharmaceuticals, Inc		34,640
18,615	*	Alkermes, Inc		342,516
7,976	*	Allos Therapeutics, Inc		37,886
6,028	e*	Alnylam Pharmaceuticals, Inc		197,537
3,113	e*	AMAG Pharmaceuticals, Inc		178,064
9,685	*	American Oriental Bioengineering, Inc		107,988
3,303		American Vanguard Corp		64,474
649	*	Amicus Therapeutics, Inc		10,845
1,540	*	Animal Health International, Inc		17,140
6,925	e*	Arqule, Inc		49,375
8,750	*	Array Biopharma, Inc		98,262
6,960	e*	Arrowhead Research Corp		35,148
5,657	*	Auxilium Pharmaceuticals, Inc		119,250
3,519	e*	Aventine Renewable Energy Holdings, Inc		37,196
3,264		Balchem Corp		66,618
1,589	*	Bentley Pharmaceuticals, Inc		19,831
794	e*	Biodel, Inc		13,530
17,736	e*	BioMarin Pharmaceuticals, Inc		441,626
1,792	*	BioMimetic Therapeutics, Inc		23,905
6,478	*	Bionovo, Inc		24,940
583	e*	Bradley Pharmaceuticals, Inc		10,610
3,105	e*	Cadence Pharmaceuticals, Inc		43,470
1,949	*	Caraco Pharmaceutical Laboratories Ltd		29,722
13,759	e*	Cell Genesys, Inc		52,559
1,019		CF Industries Holdings, Inc		77,352
2,826	*	Chattem, Inc		199,290
10,246	*	Cubist Pharmaceuticals, Inc		216,498
6,702	e*	Cypress Bioscience, Inc		91,750
4,004	*	Cytokinetics, Inc		20,500
16,237	e*	CytRx Corp		56,180
15,499	e*	Dendreon Corp		119,187
16,917	e*	Discovery Laboratories, Inc		45,507
13,070	e*	Durect Corp		71,623
11,990	e*	Encysive Pharmaceuticals, Inc		18,105
7,020	e*	Enzon Pharmaceuticals, Inc		61,846
13,790	e*	GenVec, Inc		32,407
13,727	e*	Geron Corp		100,482
3,092	e*	GTx, Inc		50,338
12,037	e*	Halozyme Therapeutics, Inc		104,601
10,231		Hercules, Inc		215,056
24,869	e*	Human Genome Sciences, Inc		255,902
4,978	e*	Idenix Pharmaceuticals, Inc		14,386
12,747	*	Immucor, Inc		455,705
10,338	e*	Indevus Pharmaceuticals, Inc		71,435
1,970		Innophos Holdings, Inc		30,023
1,464		Inter Parfums, Inc		34,653
4,734	e*	InterMune, Inc		90,561
3,594	*	Inverness Medical Innovations, Inc		198,820
7,977	e*	Javelin Pharmaceuticals, Inc		40,044
1,010	*	Jazz Pharmaceuticals, Inc		11,312
2,814		Kaiser Aluminum Corp		198,584

214

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
7,723	*	Keryx Biopharmaceuticals, Inc	$	76,767
1,781		Koppers Holdings, Inc		68,764
517		Kronos Worldwide, Inc		9,761
6,621	e*	KV Pharmaceutical Co (Class A)		189,361
4,045	*	Landec Corp		62,536
16,712		Ligand Pharmaceuticals, Inc (Class B)		89,242
2,670		Mannatech, Inc		21,627
23,317	e*	Medarex, Inc		330,169
9,476	e*	Medicines Co		168,768
10,338		Medicis Pharmaceutical Corp (Class A)		315,412
3,920	e*	Medivation, Inc		78,596
7,365		Meridian Bioscience, Inc		223,307
14,770	*	MGI Pharma, Inc		410,311
8,859	e*	Minrad International, Inc		42,435
1,330	e*	Molecular Insight Pharmaceuticals, Inc		9,031
1,760	e*	Momenta Pharmaceuticals, Inc		20,046
4,051	e*	Nabi Biopharmaceuticals		16,447
4,670	e*	Nastech Pharmaceutical Co, Inc		62,158
3,354	e*	Neurocrine Biosciences, Inc		33,540
546		NewMarket Corp		26,961
1,101	*	Novacea, Inc		8,819
4,670	*	Noven Pharmaceuticals, Inc		74,393
1,100	*	Obagi Medical Products, Inc		20,317
2,512	e*	Omrix Biopharmaceuticals, Inc		88,699
10,121	*	Onyx Pharmaceuticals, Inc		440,466
8,250	e*	OraSure Technologies, Inc		82,913
1,007	e*	Orexigen Therapeutics, Inc		13,302
10,672	e*	OSI Pharmaceuticals, Inc		362,741
2,494	e*	Osiris Therapeutics, Inc		32,123
4,393	e*	Pacific Ethanol, Inc		42,261
6,495	*	Pain Therapeutics, Inc		60,728
5,921	*	Par Pharmaceutical Cos, Inc		109,894
5,160	*	Parexel International Corp		212,953
4,298	e*	Penwest Pharmaceuticals Co		47,321
7,358		Perrigo Co		157,093
4,038	*	PetMed Express, Inc		56,572
1,440	e*	PharMerica Corp		21,485
4,864	*	Pharmion Corp		224,425
4,804	e*	Poniard Pharmaceuticals, Inc		27,239
4,720	e*	Pozen, Inc		52,203
4,689	e*	Progenics Pharmaceuticals, Inc		103,674
360	*	Protalix BioTherapeutics, Inc		12,442
5,312	*	Quidel Corp		103,903
7,629	e*	Salix Pharmaceuticals Ltd		94,752
8,452	e*	Santarus, Inc		22,398
5,520	*	Sciele Pharma, Inc		143,630
2,206	*	Somaxon Pharmaceuticals, Inc		22,435
9,310	e*	SuperGen, Inc		40,405
2,816	e*	SurModics, Inc		138,012
717	e*	Synta Pharmaceuticals Corp		4,732
6,641	e*	Tercica, Inc		41,174
1,400	e*	Trubion Pharmaceuticals, Inc		16,982
5,384		UAP Holding Corp		168,842
3,844	*	United Therapeutics Corp		255,780

215

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,220	e*	US BioEnergy Corp	$	9,406
1,625	e*	USANA Health Sciences, Inc		71,094
17,597	e*	Valeant Pharmaceuticals International		272,402
4,770	e*	Vanda Pharmaceuticals, Inc		66,351
5,199	e*	Verasun Energy Corp		57,189
11,442	*	Viropharma, Inc		101,834
3,140	e*	Visicu, Inc		23,801
4,977	e*	WR Grace & Co		133,682
4,032	e*	Xenoport, Inc		189,706
21,907	*	XOMA Ltd		74,703
7,117	e*	Zymogenetics, Inc		92,877
		TOTAL CHEMICALS AND ALLIED PRODUCTS		12,486,603
COAL MINING - 0.25%
12,138	e*	Alpha Natural Resources, Inc		281,966
12,708	e*	International Coal Group, Inc		56,423
		TOTAL COAL MINING		338,389
COMMUNICATIONS - 2.82%
4,752	e*	Anixter International, Inc		391,802
762	e*	Aruba Networks, Inc		15,240
4,630	*	Authorize.Net Holdings, Inc		81,627
8,518	*	Brightpoint, Inc		127,855
3,803	*	Cbeyond Communications, Inc		155,124
4,511	*	Centennial Communications Corp		45,651
12,218		Citadel Broadcasting Corp		50,827
1,837		Consolidated Communications Holdings, Inc		36,024
2,165	e*	Crown Media Holdings, Inc (Class A)		15,566
2,755	e*	Cumulus Media, Inc (Class A)		28,156
27,059	*	Dobson Communications Corp (Class A)		346,085
5,435	*	Entravision Communications Corp (Class A)		50,111
639		Fairpoint Communications, Inc		12,052
23,257	*	Foundry Networks, Inc		413,277
1,262	*	General Communication, Inc (Class A)		15,321
2,337	e*	GeoEye, Inc		60,178
2,021	e*	Global Crossing Ltd		42,603
3,675	e*	Globalstar, Inc		26,938
1,223	*	Golden Telecom, Inc		98,439
4,562	e*	Harris Stratex Networks, Inc (Class A)		79,698
1,184	*	Hughes Communications, Inc		61,390
330	e*	Hungarian Telephone & Cable		6,488
6,107		Ibasis, Inc		65,650
8,446	e*	ICO Global Communications Holdings Ltd		29,392
2,159	e*	InPhonic, Inc		5,937
2,305		iPCS, Inc		79,269
9,134	e*	j2 Global Communications, Inc		298,956
2,544	e*	Knology, Inc		42,561
2,979	e*	Lodgenet Entertainment Corp		75,547
6,659	*	Mastec, Inc		93,692
497	*	Nexstar Broadcasting Group, Inc (Class A)		5,214
2,469		North Pittsburgh Systems, Inc		58,663
5,978	*	Novatel Wireless, Inc		135,402
5,135		NTELOS Holdings Corp		151,277
4,747	e*	Orbcomm, Inc		35,745

216

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
5,860	e*	PAETEC Holding Corp	$	73,074
1,020	*	Rural Cellular Corp (Class A)		44,370
3,544	e*	SAVVIS, Inc		137,436
600		Shenandoah Telecom Co		13,056
3,996		Sinclair Broadcast Group, Inc (Class A)		48,112
3,764	e*	Spanish Broadcasting System, Inc (Class A)		9,711
2,380	e*	Switch & Data Facilities Co, Inc		38,770
9,135	e*	Terremark Worldwide, Inc		65,498
18,140	e*	TiVo, Inc		115,189
7,537	v*	Vonage Holdings Corp		7,763
		TOTAL COMMUNICATIONS		3,790,736
DEPOSITORY INSTITUTIONS - 1.37%
720		Abington Bancorp, Inc		7,020
1,702		Bank of the Ozarks, Inc		51,962
610	*	Beneficial Mutual Bancorp, Inc		5,948
442		Cascade Bancorp		9,839
1,090		Cass Information Systems, Inc		38,989
338		City Bank		9,707
1,647		CoBiz, Inc		28,197
2,902	e*	Dollar Financial Corp		82,794
1,292		Enterprise Financial Services Corp		31,447
8,483	e*	Euronet Worldwide, Inc		252,539
327		First Busey Corp		7,165
210		First Financial Bankshares, Inc		8,438
1,716		First South Bancorp, Inc		44,891
495		Frontier Financial Corp		11,548
1,027		K-Fed Bancorp		13,526
7,817	e*	Net 1 UEPS Technologies, Inc		212,388
9,839		NewAlliance Bancshares, Inc		144,437
1,070	e*	Oritani Financial Corp		16,949
1,504	e*	Pinnacle Financial Partners, Inc		43,345
267		Preferred Bank		10,504
2,211		PrivateBancorp, Inc		77,031
1,389		QC Holdings, Inc		20,071
1,367		Sierra Bancorp		39,178
5,142	*	Signature Bank		181,152
280		Southside Bancshares, Inc		6,185
1,639		Suffolk Bancorp		52,546
3,113	e*	Superior Bancorp		27,488
1,233	e*	SVB Financial Group		58,395
517	*	Texas Capital Bancshares, Inc		11,240
13,600		Trustco Bank Corp NY		148,648
300		United Bankshares, Inc		9,132
1,563		United Security Bancshares		29,384
2,512	e*	Virginia Commerce Bancorp		36,022
252	e*	Wauwatosa Holdings, Inc		4,095
1,477		Westamerica Bancorporation		73,569
1,598	e*	Western Alliance Bancorp		37,665
470		Wilshire Bancorp, Inc		5,156
		TOTAL DEPOSITORY INSTITUTIONS		1,848,590
EATING AND DRINKING PLACES - 2.53%
3,245	*	AFC Enterprises		48,837

217

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
12,161		Applebees International, Inc	$	302,566
2,130	e*	Benihana, Inc (Class A)		36,870
3,188	e*	BJ's Restaurants, Inc		67,107
2,830	e*	Buffalo Wild Wings, Inc		106,748
5,282	*	California Pizza Kitchen, Inc		92,805
1,999	e*	Carrols Restaurant Group, Inc		22,389
2,740		CBRL Group, Inc		111,792
2,460	*	CEC Entertainment, Inc		66,100
6,066	e*	Chipotle Mexican Grill, Inc (Class B)		649,062
10,542		CKE Restaurants, Inc		170,886
17,495	*	Denny's Corp		69,980
1,407		IHOP Corp		89,105
3,174	*	Jack in the Box, Inc		205,802
11,407	e*	Krispy Kreme Doughnuts, Inc		45,628
2,489	*	McCormick & Schmick's Seafood Restaurants, Inc		46,868
1,033	e*	Morton's Restaurant Group, Inc		16,425
2,513	*	Papa John's International, Inc		61,418
4,711	e*	PF Chang's China Bistro, Inc		139,446
4,590	*	Rare Hospitality International, Inc		174,925
3,057	e*	Red Robin Gourmet Burgers, Inc		131,145
8,148		Ruby Tuesday, Inc		149,434
3,501	e*	Ruth's Chris Steak House, Inc		49,889
12,359	e*	Sonic Corp		289,201
9,531	e*	Texas Roadhouse, Inc (Class A)		111,513
11,665		Triarc Cos (Class B)		145,929
		TOTAL EATING AND DRINKING PLACES		3,401,870
EDUCATIONAL SERVICES - 0.90%
16,039	*	Corinthian Colleges, Inc		255,180
11,097		DeVry, Inc		410,700
595	e*	Lincoln Educational Services Corp		7,759
2,686		Strayer Education, Inc		452,940
4,435	e*	Universal Technical Institute, Inc		79,830
		TOTAL EDUCATIONAL SERVICES		1,206,409
ELECTRIC, GAS, AND SANITARY SERVICES - 1.16%
2,888		American Ecology Corp		61,197
1,636	e*	Clean Energy Fuels Corp		24,769
3,121	*	Clean Harbors, Inc		138,947
2,567		Consolidated Water Co, Inc		77,061
6,763		Crosstex Energy, Inc		256,385
434		EnergySouth, Inc		21,882
486	e*	EnerNOC, Inc		18,555
7,866		ITC Holdings Corp		389,760
1,145		Markwest Hydrocarbon, Inc		66,559
430		Metal Management, Inc		23,306
2,485		Ormat Technologies, Inc		115,155
2,603	e*	Pike Electric Corp		48,832
200		SJW Corp		6,828
9,094	*	Waste Connections, Inc		288,825
1,019		Waste Industries USA, Inc		29,164
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,567,225

218

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.72%
4,126	e*	Acme Packet, Inc	$	63,623
5,725		Acuity Brands, Inc		288,998
5,638		Adtran, Inc		129,843
6,932	e*	Advanced Analogic Technologies, Inc		73,756
6,647	*	Advanced Energy Industries, Inc		100,370
850	*	Airvana, Inc		5,143
7,610	e*	American Superconductor Corp		155,853
12,278	*	AMIS Holdings, Inc		119,219
19,402	e*	Amkor Technology, Inc		223,511
10,802	e*	Anadigics, Inc		195,300
20,135	e*	Applied Micro Circuits Corp		63,627
18,635	*	Arris Group, Inc		230,142
10,171	*	Atheros Communications, Inc		304,825
5,414	*	ATMI, Inc		161,067
33,977	e*	Avanex Corp		55,722
2,183	*	AZZ, Inc		76,318
8,472		Baldor Electric Co		338,456
2,582	*	Benchmark Electronics, Inc		61,632
2,014	*	BigBand Networks, Inc		12,890
9,232	*	C-COR, Inc		106,076
3,562	e*	Ceradyne, Inc		269,786
4,324	*	Comtech Telecommunications Corp		231,291
27,151	e*	Conexant Systems, Inc		32,581
1,435	*	CPI International, Inc		27,279
1,830		Cubic Corp		77,171
5,518	e*	Diodes, Inc		177,128
2,005	*	Ditech Networks, Inc		10,566
279	*	DSP Group, Inc		4,417
3,245	e*	DTS, Inc		98,551
1,336	*	EMS Technologies, Inc		32,772
7,379	e*	Energy Conversion Devices, Inc		167,651
15,730	e*	Evergreen Solar, Inc		140,469
3,622	*	Exar Corp		47,303
49,710	e*	Finisar Corp		139,188
3,543		Franklin Electric Co, Inc		145,653
12,312	e*	FuelCell Energy, Inc		110,069
42,077	*	Gemstar-TV Guide International, Inc		292,856
5,264	*	Genlyte Group, Inc		338,265
3,617	e*	Greatbatch, Inc		96,176
14,605	*	Harmonic, Inc		154,959
17,310	e*	Hexcel Corp		393,110
3,032	*	Hittite Microwave Corp		133,863
1,780	*	Infinera Corp		35,867
8,712	e*	InterDigital, Inc		181,035
7,140	*	InterVoice, Inc		67,045
1,987	*	IPG Photonics Corp		39,064
2,820	e*	iRobot Corp		56,062
2,609	e*	IXYS Corp		27,212
344		Lamson & Sessions Co		9,274
1,174	*	Littelfuse, Inc		41,900
8,268	*	Mattson Technology, Inc		71,518
4,339	e*	Medis Technologies Ltd		56,407
10,319		Micrel, Inc		111,445
14,120	e*	Microsemi Corp		393,666

219

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
9,859	e*	Microtune, Inc	$	59,351
7,923	e*	MIPS Technologies, Inc		62,592
4,408	e*	Monolithic Power Systems, Inc		111,963
1,807	*	Moog, Inc (Class A)		79,400
646	e*	Multi-Fineline Electronix, Inc		9,580
2,944	e*	Netlogic Microsystems, Inc		106,308
2,838	e*	Omnivision Technologies, Inc		64,508
44,750	e*	ON Semiconductor Corp		562,060
22,592	e*	On2 Technologies, Inc		26,207
1,539	*	Oplink Communications, Inc		21,023
3,591	*	OpNext, Inc		41,656
1,010	e*	Optium Corp		10,484
1,144	e*	OSI Systems, Inc		25,751
1,421	*	Pericom Semiconductor Corp		16,654
5,195	*	Plexus Corp		142,343
5,319	*	PLX Technology, Inc		57,445
36,762	e*	PMC - Sierra, Inc		308,433
16,977	*	Polycom, Inc		456,002
1,040	*	Polypore International, Inc		14,622
1,024	*	Powell Industries, Inc		38,799
2,899		Raven Industries, Inc		116,105
17,170	e*	RF Micro Devices, Inc		115,554
2,818	*	Seachange International, Inc		19,501
9,374	*	Semtech Corp		191,980
1,010	*	ShoreTel, Inc		14,463
14,123	*	Silicon Image, Inc		72,733
7,396	e*	Sirenza Microdevices, Inc		127,877
3,704	*	Skyworks Solutions, Inc		33,484
8,842	*	Smart Modular Technologies WWH, Inc		63,220
1,447	e*	Standard Microsystems Corp		55,594
1,340	*	Starent Networks Corp		28,287
2,110	e*	Supertex, Inc		84,147
12,990	*	Sycamore Networks, Inc		52,869
3,781	*	Symmetricom, Inc		17,771
4,806	e*	Synaptics, Inc		229,535
9,921	e*	Syntax-Brillian Corp		40,378
2,716		Technitrol, Inc		73,196
2,946	*	Techwell, Inc		31,287
8,875	*	Tessera Technologies, Inc		332,813
10,363	e*	Trident Microsystems, Inc		164,668
865	*	TTM Technologies, Inc		10,008
470	*	Ultra Clean Holdings		6,909
3,171	e*	Universal Display Corp		56,190
2,575	*	Universal Electronics, Inc		83,688
8,943	e*	Utstarcom, Inc		32,731
4,487	*	Viasat, Inc		138,334
3,290		Vicor Corp		39,875
4,043	e*	Volterra Semiconductor Corp		49,648
4,620	*	Zoltek Cos, Inc		201,571
3,003	*	Zoran Corp		60,661
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		11,738,228
ENGINEERING AND MANAGEMENT SERVICES - 3.25%
3,369	*	Advisory Board Co		196,985

220

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
6,144	*	Aecom Technology Corp	$	214,610
830	*	Affymax, Inc		22,460
7,378	e*	Ariad Pharmaceuticals, Inc		34,160
449		CDI Corp		12,518
760	*	comScore, Inc		20,520
1,931	e*	CRA International, Inc		93,055
11,001	*	CV Therapeutics, Inc		98,789
5,289		Diamond Management & Technology Consultants, Inc		48,659
7,260	*	eResearch Technology, Inc		82,691
18,021	*	Exelixis, Inc		190,842
2,059	*	Exponent, Inc		51,660
4,025	*	Greenfield Online, Inc		61,381
5,954	*	Harris Interactive, Inc		25,662
3,448	*	Huron Consulting Group, Inc		250,394
9,341	e*	Incyte Corp		66,788
7,734	e*	Isis Pharmaceuticals, Inc		115,778
2,327	*	Kendle International, Inc		96,640
8,002	e*	Kosan Biosciences, Inc		40,090
910		Landauer, Inc		46,374
1,919	*	LECG Corp		28,593
6,284	e*	Lifecell Corp		236,090
6,415	e*	Luminex Corp		96,738
284		MAXIMUS, Inc		12,377
1,353	*	Michael Baker Corp		66,311
440	e*	MTC Technologies, Inc		8,496
7,967	e*	Myriad Genetics, Inc		415,479
6,087	e*	Navigant Consulting, Inc		77,061
6,320	e*	Neurogen Corp		28,061
6,189	*	Omnicell, Inc		176,634
1,725	*	PharmaNet Development Group, Inc		50,077
5,514	*	Regeneration Technologies, Inc		59,110
11,780	e*	Regeneron Pharmaceuticals, Inc		209,684
30,960	e*	Rentech, Inc		66,874
9,070		Resources Connection, Inc		209,971
4,993	e*	Rigel Pharmaceuticals, Inc		47,084
9,760	e*	Savient Pharmaceuticals, Inc		142,008
9,035	*	Seattle Genetics, Inc		101,553
5,621	e*	Senomyx, Inc		68,857
1,513	*	Stanley, Inc		41,683
3,028	e*	Symyx Technologies, Inc		26,313
2,002	e*	Tejon Ranch Co		82,883
9,705	e*	Telik, Inc		28,242
6,274	*	Tetra Tech, Inc		132,507
7,267	e*	Verenium Corp		38,370
828	*	Washington Group International, Inc		72,707
1,887		Watson Wyatt & Co Holdings (Class A)		84,802
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		4,378,621
ENVIRONMENTAL QUALITY AND HOUSING - 0.00% **
1,535	e*	Home Solutions of America, Inc		5,204
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		5,204
FABRICATED METAL PRODUCTS - 1.10%
171		Ameron International Corp		18,087

221

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,013		Aptargroup, Inc	$	38,362
1,620	*	Chart Industries, Inc		52,099
2,245		Dynamic Materials Corp		107,513
1,770		Gulf Island Fabrication, Inc		67,950
1,473		Insteel Industries, Inc		22,611
1,054	*	Ladish Co, Inc		58,476
443		Lifetime Brands, Inc		8,988
5,309	e*	Mobile Mini, Inc		128,265
499	*	NCI Building Systems, Inc		21,562
594	e*	PGT, Inc		4,710
2,526		Silgan Holdings, Inc		135,773
3,152		Simpson Manufacturing Co, Inc		100,391
5,377	e*	Smith & Wesson Holding Corp		102,647
4,140	e*	Sturm Ruger & Co, Inc		74,147
2,151		Sun Hydraulics Corp		68,402
11,331	e*	Taser International, Inc		177,783
3,442		Valmont Industries, Inc		292,054
		TOTAL FABRICATED METAL PRODUCTS		1,479,820
FOOD AND KINDRED PRODUCTS - 0.91%
3,984	e*	Altus Pharmaceuticals, Inc		41,792
1,379	e*	American Dairy, Inc		26,904
1,407	*	Boston Beer Co, Inc (Class A)		68,465
1,097		Coca-Cola Bottling Co Consolidated		66,149
15,247	*	Darling International, Inc		150,793
6,100		Flowers Foods, Inc		132,980
1,711		J&J Snack Foods Corp		59,577
4,625	e*	Jones Soda Co		55,778
3,846		Lancaster Colony Corp		146,802
1,520		Lance, Inc		34,990
2,260	e*	M&F Worldwide Corp		113,429
149		MGP Ingredients, Inc		1,530
2,107		National Beverage Corp		17,867
2,480	e*	Peet's Coffee & Tea, Inc		69,217
1,266	*	Ralcorp Holdings, Inc		70,668
1,935		Reddy Ice Holdings, Inc		51,026
1,850		Sanderson Farms, Inc		77,090
1,451		Tootsie Roll Industries, Inc		38,495
		TOTAL FOOD AND KINDRED PRODUCTS		1,223,552
FOOD STORES - 0.17%
198		Arden Group, Inc (Class A)		27,627
632	e*	Great Atlantic & Pacific Tea Co, Inc		19,251
1,963		Ingles Markets, Inc (Class A)		56,260
1,761	e*	Pantry, Inc		45,134
5,808	*	Pathmark Stores, Inc		74,052
281	e*	Winn-Dixie Stores, Inc		5,260
		TOTAL FOOD STORES		227,584
FURNITURE AND FIXTURES - 0.98%
422		Ethan Allen Interiors, Inc		13,795
11,751		Herman Miller, Inc		318,922
9,978		Interface, Inc (Class A)		180,103
2,744		Kimball International, Inc (Class B)		31,227

222

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
5,802		Sealy Corp	$	81,460
8,668	e*	Select Comfort Corp		120,919
15,360		Tempur-Pedic International, Inc		549,120
609	*	Williams Scotsman International, Inc		16,875
		TOTAL FURNITURE AND FIXTURES		1,312,421
FURNITURE AND HOME FURNISHINGS STORES - 0.35%
5,129	e*	Guitar Center, Inc		304,150
490	*	hhgregg, Inc		5,145
9,009		Knoll, Inc		159,820
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		469,115
GENERAL BUILDING CONTRACTORS - 0.53%
213		Amrep Corp		5,708
4,758		McGrath RentCorp		158,156
3,805	*	Perini Corp		212,814
2,948	e*	Team, Inc		80,716
9,640		Walter Industries, Inc		259,316
		TOTAL GENERAL BUILDING CONTRACTORS		716,710
GENERAL MERCHANDISE STORES - 0.11%
4,841	e*	99 Cents Only Stores		49,717
535		Bon-Ton Stores, Inc		12,155
1,033	e*	Cabela's, Inc		24,430
158	e*	Conn's, Inc		3,775
5,143	e*	Retail Ventures, Inc		53,539
694		Stein Mart, Inc		5,281
		TOTAL GENERAL MERCHANDISE STORES		148,897
HEALTH SERVICES - 2.03%
2,988	e*	Alliance Imaging, Inc		27,071
4,474	e*	Amedisys, Inc		171,891
2,237	*	American Dental Partners, Inc		62,658
3,354	*	Apria Healthcare Group, Inc		87,238
3,336	e*	Assisted Living Concepts, Inc (A Shares)		30,491
2,021	e*	Bio-Reference Labs, Inc		68,229
1,506	*	Corvel Corp		34,819
461	*	Cross Country Healthcare, Inc		8,054
4,510	e*	CryoLife, Inc		42,620
2,363	*	eHealth, Inc		65,455
1,193	e*	Emeritus Corp		32,330
5,684	e*	Enzo Biochem, Inc		64,513
2,402	e*	Genomic Health, Inc		46,094
1,505	*	Gentiva Health Services, Inc		28,911
6,489	e*	Healthways, Inc		350,211
6,007	e*	Hythiam, Inc		44,692
8,225	e*	Immunomedics, Inc		18,835
3,710		LCA-Vision, Inc		109,037
2,632	e*	LHC Group, Inc		56,509
1,260	*	Magellan Health Services, Inc		51,131
3,142	e*	Matria Healthcare, Inc		82,195
572	*	Medcath Corp		15,707
914		National Healthcare Corp		46,970
16,785	e*	Nektar Therapeutics		148,212

223

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,824	e*	Nighthawk Radiology Holdings, Inc	$	93,726
430	*	Odyssey HealthCare, Inc		4,132
10,045	*	Psychiatric Solutions, Inc		394,568
2,464	*	Radiation Therapy Services, Inc		51,300
853	e*	Sirtris Pharmaceuticals, Inc		14,569
2,375	e*	Skilled Healthcare Group, Inc (Class A)		37,406
4,848	e*	Stereotaxis, Inc		66,854
7,954	*	Sun Healthcare Group, Inc		132,911
7,048	e*	Sunrise Senior Living, Inc		249,288
		TOTAL HEALTH SERVICES		2,738,627
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.26%
807	e*	Comverge, Inc		26,518
3,842		Granite Construction, Inc		203,703
1,890	*	Great Lakes Dredge & Dock Corp		16,556
4,817	*	Matrix Service Co		100,916
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		347,693
HOLDING AND OTHER INVESTMENT OFFICES - 4.91%
5,886		Acadia Realty Trust		159,687
373	e*	Alexander's, Inc		143,792
2,734		Alexandria Real Estate Equities, Inc		263,175
2,952		Associated Estates Realty Corp		38,494
1,134		Cherokee, Inc		43,500
764		Corporate Office Properties Trust		31,805
7,336		Cousins Properties, Inc		215,385
9,864		Digital Realty Trust, Inc		388,543
3,532		EastGroup Properties, Inc		159,858
10,187		Equity Inns, Inc		230,022
3,748		Equity Lifestyle Properties, Inc		194,146
11,551		FelCor Lodging Trust, Inc		230,211
5,139		First Industrial Realty Trust, Inc		199,753
3,268		Getty Realty Corp		88,890
6,875		Glimcher Realty Trust		161,563
7,447		Highwoods Properties, Inc		273,081
4,742		Home Properties, Inc		247,438
1,988		Inland Real Estate Corp		30,794
16,600		iShares Russell 2000 Growth Index Fund		1,413,324
2,743		JER Investors Trust, Inc		34,150
2,809		Maguire Properties, Inc		72,556
4,709		Mid-America Apartment Communities, Inc		234,744
389		National Health Investors, Inc		12,024
14,670		Nationwide Health Properties, Inc		442,007
7,622	e*	NexCen Brands, Inc		51,220
12,173		Omega Healthcare Investors, Inc		189,047
2,382		PennantPark Investment Corp		31,919
1,419		Post Properties, Inc		54,915
2,996		PS Business Parks, Inc		170,323
1,230		Quadra Realty Trust, Inc		11,722
2,098		Ramco-Gershenson Properties		65,542
1,994		Saul Centers, Inc		102,691
2,840		Sun Communities, Inc		85,427
5,804		Tanger Factory Outlet Centers, Inc		235,584
701		Universal Health Realty Income Trust		24,907

224

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
8,337		Washington Real Estate Investment Trust	$	276,622
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,608,861
HOTELS AND OTHER LODGING PLACES - 0.60%
2,064		Ameristar Casinos, Inc		57,998
3,214	*	Gaylord Entertainment Co		171,049
341	e*	Isle of Capri Casinos, Inc		6,632
1,488		Marcus Corp		28,570
2,190	e*	Monarch Casino & Resort, Inc		62,306
4,090	e*	Morgans Hotel Group Co		88,958
1,000	*	Riviera Holdings Corp		28,050
5,812	e*	Vail Resorts, Inc		362,029
		TOTAL HOTELS AND OTHER LODGING PLACES		805,592
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.65%
2,370	e*	Aaon, Inc		46,760
4,440		Actuant Corp (Class A)		288,467
2,079	*	Altra Holdings, Inc		34,657
140		Ampco-Pittsburgh Corp		5,513
3,453	*	Astec Industries, Inc		198,375
2,062	*	ASV, Inc		28,930
8,214	*	Asyst Technologies, Inc		43,452
920	*	AuthenTec, Inc		9,200
1,166	*	Brooks Automation, Inc		16,604
6,915		Bucyrus International, Inc (Class A)		504,311
444		Cascade Corp		28,935
9,252	*	Cirrus Logic, Inc		59,213
2,026	e*	Columbus McKinnon Corp		50,427
3,683	*	Cray, Inc		26,518
3,894		Curtiss-Wright Corp		184,965
4,517	*	Cymer, Inc		173,408
4,932	*	Dril-Quip, Inc		243,394
9,472	*	Emulex Corp		181,578
3,058	*	ENGlobal Corp		34,892
3,006	*	Entegris, Inc		26,092
1,610	*	Extreme Networks, Inc		6,182
3,402	*	Flotek Industries, Inc		150,198
6,655	e*	Flow International Corp		58,697
3,275	e*	Fuel Tech, Inc		72,345
5,638	e*	Goodman Global, Inc		134,635
2,098		Gorman-Rupp Co		69,570
1,037	e*	Hurco Cos, Inc		56,060
11,217	e*	Intermec, Inc		292,988
3,764	*	Intevac, Inc		57,213
1,377	e*	Isilon Systems, Inc		10,603
210	*	Kadant, Inc		5,880
4,317		Kaydon Corp		224,441
9,342	*	Kulicke & Soffa Industries, Inc		79,220
863		Lindsay Manufacturing Co		37,782
2,784		Lufkin Industries, Inc		153,176
7,501	*	Micros Systems, Inc		488,090
2,524	e*	Middleby Corp		162,899
3,193	*	NATCO Group, Inc (Class A)		165,238
1,290	*	Netezza Corp		16,138

225

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
6,452	*	Netgear, Inc	$	196,270
4,741		Nordson Corp		238,046
472	*	Rackable Systems, Inc		6,122
3,841	*	RBC Bearings, Inc		147,302
1,563	e*	Rimage Corp		35,074
1,063		Sauer-Danfoss, Inc		28,361
4,175	e*	Scansource, Inc		117,359
1,173	e*	Semitool, Inc		11,378
4,483	e*	Sigma Designs, Inc		216,260
13,098	e*	SourceForge, Inc		32,090
1,729	e*	STEC, Inc		13,192
1,456	*	Super Micro Computer, Inc		14,211
1,061	*	T-3 Energy Services, Inc		45,241
1,574		Tennant Co		76,654
3,724	*	TurboChef Technologies, Inc		49,157
890		Twin Disc, Inc		51,798
2,065	e*	Ultratech, Inc		28,621
3,955		Watsco, Inc		183,631
5,547		Woodward Governor Co		346,133
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		6,263,946
INSTRUMENTS AND RELATED PRODUCTS - 9.54%
3,815	*	Abaxis, Inc		85,647
5,418	e*	Abiomed, Inc		67,346
2,870	*	Accuray, Inc		50,110
12,706	e*	Affymetrix, Inc		322,351
10,955	*	Align Technology, Inc		277,490
13,346	e*	American Medical Systems Holdings, Inc		226,215
1,735		American Science & Engineering, Inc		108,715
382	*	Anaren, Inc		5,386
1,844	e*	Angiodynamics, Inc		34,759
871	e*	Argon ST, Inc		17,246
4,716		Arrow International, Inc		214,531
5,090	e*	Arthrocare Corp		284,480
3,074	e*	Aspect Medical Systems, Inc		41,714
2,265		Badger Meter, Inc		72,593
12,204	*	Bruker BioSciences Corp		107,395
10,250	e*	Cepheid, Inc		233,700
1,934	*	Coherent, Inc		62,043
1,981		Cohu, Inc		37,144
2,545	e*	Cutera, Inc		66,704
3,935	e*	Cyberonics, Inc		54,854
1,480	*	Cynosure, Inc (Class A)		54,612
3,519	*	Dionex Corp		279,620
4,371	e*	DJ Orthopedics, Inc		214,616
2,245	*	Eagle Test Systems, Inc		28,781
264		EDO Corp		14,787
4,728	e*	ESCO Technologies, Inc		157,159
884	*	Esterline Technologies Corp		50,432
3,316	e*	ev3, Inc		54,449
425	*	Excel Technology, Inc		10,604
3,069	*	FARO Technologies, Inc		135,496
7,245	e*	FEI Co		227,710
12,273	e*	Flir Systems, Inc		679,801

226

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
8,846	e*	Formfactor, Inc	$	392,497
8,074	*	Fossil, Inc		301,645
3,593	*	Foxhollow Technologies, Inc		94,855
4,560	*	Haemonetics Corp		225,355
9,972	*	Hologic, Inc		608,292
1,547	e*	ICU Medical, Inc		59,946
3,795	e*	I-Flow Corp		70,549
4,289	*	II-VI, Inc		148,099
9,926	e*	Illumina, Inc		514,961
1,262	e*	Insulet Corp		27,449
3,335	*	Integra LifeSciences Holdings Corp		162,014
12,889	e*	ION Geophysical Corp		178,255
6,305	e*	Ionatron, Inc		21,626
5,554	e*	Itron, Inc		516,911
5,706	*	Ixia		49,756
1,654	*	Kensey Nash Corp		43,186
8,429	e*	Kyphon, Inc		590,030
5,723	*	L-1 Identity Solutions, Inc		107,879
12,134	e*	LTX Corp		43,318
2,220	*	Masimo Corp		56,965
973	*	Measurement Specialties, Inc		27,147
2,195	*	Medical Action Industries, Inc		51,934
6,306		Mentor Corp		290,391
521	e*	Merit Medical Systems, Inc		6,763
2,763	*	Micrus Endovascular Corp		50,480
1,954		Mine Safety Appliances Co		92,053
401	*	MKS Instruments, Inc		7,627
2,009		MTS Systems Corp		83,574
3,964	*	Natus Medical, Inc		63,186
3,779	e*	Northstar Neuroscience, Inc		42,174
6,385	*	NuVasive, Inc		229,413
3,798	e*	NxStage Medical, Inc		55,033
4,529		Oakley, Inc		131,477
1,744	e*	Orthofix International NV		85,404
739	*	OYO Geospace Corp		68,513
3,406	e*	Palomar Medical Technologies, Inc		97,037
4,260		PolyMedica Corp		223,735
2,559	*	Rofin-Sinar Technologies, Inc		179,667
2,809	*	Rudolph Technologies, Inc		38,848
9,877	e*	Sirf Technology Holdings, Inc		210,874
3,174	e*	Sirona Dental Systems, Inc		113,217
5,121	e*	Sonic Innovations, Inc		46,960
1,020	e*	Sonic Solutions, Inc		10,679
3,090	*	SonoSite, Inc		94,307
5,919	e*	Spectranetics Corp		79,788
5,641		STERIS Corp		154,169
555	e*	Symmetry Medical, Inc		9,269
5,474	*	Teledyne Technologies, Inc		292,257
9,891	e*	Thoratec Corp		204,645
1,543		United Industrial Corp		116,126
3,321	*	Varian, Inc		211,249
723	*	Veeco Instruments, Inc		14,012
4,962	*	Ventana Medical Systems, Inc		426,285
3,069	e*	Vital Images, Inc		59,907

227

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,861		Vital Signs, Inc	$	97,033
10,874	e*	Vivus, Inc		53,935
4,320	*	Volcano Corp		71,021
6,209	*	Wright Medical Group, Inc		166,525
1,339	*	X-Rite, Inc		19,335
2,791	*	Zoll Medical Corp		72,343
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		12,840,470
INSURANCE AGENTS, BROKERS AND SERVICE - 0.20%
435		Hilb Rogal & Hobbs Co		18,849
210		James River Group, Inc		6,804
4,676		National Financial Partners Corp		247,734
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		273,387
INSURANCE CARRIERS - 0.62%
3,627		Amtrust Financial Services, Inc		55,022
5,499	*	Centene Corp		118,283
930	e*	Citizens, Inc		7,115
910	*	Darwin Professional Underwriters, Inc		19,656
1,282	e*	Enstar Group Ltd		162,494
1,312	*	First Mercury Financial Corp		28,221
290	*	Greenlight Capital Re Ltd (Class A)		5,881
5,643	*	HealthExtras, Inc		157,045
5,527	*	Healthspring, Inc		107,777
288		National Interstate Corp		8,868
1,384	e*	Primus Guaranty Ltd		14,560
3,687		Tower Group, Inc		96,526
1,739	e*	Universal American Financial Corp		39,667
320	*	Validus Holdings Ltd		7,757
		TOTAL INSURANCE CARRIERS		828,872
JUSTICE, PUBLIC ORDER AND SAFETY - 0.20%
9,296	e*	Geo Group, Inc		275,255
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		275,255
LEATHER AND LEATHER PRODUCTS - 0.56%
5,370	e*	Collective Brands, Inc		118,462
3,554	e*	Genesco, Inc		163,946
9,405	*	Iconix Brand Group, Inc		223,745
1,965		Steven Madden Ltd		37,237
3,202	*	Timberland Co (Class A)		60,710
5,509		Wolverine World Wide, Inc		150,947
		TOTAL LEATHER AND LEATHER PRODUCTS		755,047
LEGAL SERVICES - 0.36%
7,909	*	FTI Consulting, Inc		397,902
1,669	*	Pre-Paid Legal Services, Inc		92,563
		TOTAL LEGAL SERVICES		490,465
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.04%
1,754	*	Emergency Medical Services Corp (Class A)		53,059
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		53,059

228

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
LUMBER AND WOOD PRODUCTS - 0.18%
12,001	e*	Champion Enterprises, Inc	$	131,771
1,940		Deltic Timber Corp		110,425
		TOTAL LUMBER AND WOOD PRODUCTS		242,196
METAL MINING - 0.60%
10,879	*	Apex Silver Mines Ltd		211,597
26,124	e*	Coeur d'Alene Mines Corp		99,010
22,545	e*	Hecla Mining Co		201,778
5,133	*	Rosetta Resources, Inc		94,139
1,672		Royal Gold, Inc		54,758
5,698	e*	ShengdaTech, Inc		34,359
447	*	Stillwater Mining Co		4,600
4,820	e*	Uranium Resources, Inc		45,260
9,804	*	US Gold Corp		61,471
		TOTAL METAL MINING		806,972
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
533		Blyth, Inc		10,900
5,938		Daktronics, Inc		161,632
429		Marine Products Corp		3,638
1,994		Nautilus, Inc		15,892
6,300	e*	Shuffle Master, Inc		94,185
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		286,247
MISCELLANEOUS RETAIL - 1.92%
4,660	e*	1-800-FLOWERS.COM, Inc (Class A)		54,009
3,175	e*	AC Moore Arts & Crafts, Inc		50,038
4,249		Big 5 Sporting Goods Corp		79,456
2,521	e*	Blue Nile, Inc		237,277
2,807	e*	Build-A-Bear Workshop, Inc		49,852
5,252		Cash America International, Inc		197,475
6,419	e*	CKX, Inc		79,018
6,866	*	Ezcorp, Inc (Class A)		92,348
1,041	*	Gander Mountain Co		5,632
3,637	*	GSI Commerce, Inc		96,744
5,853	e*	Hibbett Sports, Inc		145,154
5,763		Longs Drug Stores Corp		286,248
3,044	e*	Overstock.com, Inc		87,667
500	e*	PC Connection, Inc		6,250
7,013	e*	Priceline.com, Inc		622,404
697		Pricesmart, Inc		16,449
2,638	*	Shutterfly, Inc		84,179
3,071	e*	Stamps.com, Inc		36,760
1,041		Systemax, Inc		21,278
5,161	e*	Valuevision International, Inc (Class A)		38,243
3,932		World Fuel Services Corp		160,465
3,197	e*	Zumiez, Inc		141,851
		TOTAL MISCELLANEOUS RETAIL		2,588,797
MOTION PICTURES - 0.79%
2,391		Cinemark Holdings Inc		44,377
2,500	e*	Gaiam, Inc (Class A)		60,075
9,819	e*	Macrovision Corp		241,842
7,816		National CineMedia, Inc		175,078

229

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
24,778	*	Time Warner Telecom, Inc (Class A)	$	544,373
		TOTAL MOTION PICTURES		1,065,745
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.06%
5,316	e*	Premier Exhibitions, Inc		80,165
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		80,165
NONDEPOSITORY INSTITUTIONS - 0.67%
11,223		Advance America Cash Advance Centers, Inc		119,749
3,378		Advanta Corp (Class B)		92,625
3,060	*	Aldabra 2 Acquisition Corp		28,121
3,060	*	Alternative Asset Management Acquisition Corp		26,989
1,425		Asta Funding, Inc		54,606
520		BlackRock Kelso Capital Corp		7,540
5,021		Centerline Holding Co		77,072
2,325	*	CompuCredit Corp		50,476
895	e*	Credit Acceptance Corp		20,675
530	e*	Encore Capital Group, Inc		6,254
4,771	*	First Cash Financial Services, Inc		111,737
2,450	e*	Information Services Group, Inc		18,743
7,292	e*	INVESTools, Inc		88,160
2,060	*	Mercadolibre, Inc		75,458
172		Nelnet, Inc (Class A)		3,137
1,244	e*	NewStar Financial, Inc		13,983
3,193	e*	World Acceptance Corp		105,624
		TOTAL NONDEPOSITORY INSTITUTIONS		900,949
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
1,497		AMCOL International Corp		49,536
9,245	e*	Idaho General Mines, Inc		61,387
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		110,923
OIL AND GAS EXTRACTION - 4.01%
412		APCO Argentina, Inc		43,433
2,833	e*	Arena Resources, Inc		185,562
4,231		Atlas America, Inc		218,447
4,004	*	ATP Oil & Gas Corp		188,308
5,070	*	Atwood Oceanics, Inc		388,159
5,502	e*	Basic Energy Services, Inc		115,652
2,880		Berry Petroleum Co (Class A)		114,019
4,432	e*	Bill Barrett Corp		174,665
2,976	e*	Bois d'Arc Energy, Inc		57,050
4,104	e*	Cal Dive International, Inc		61,560
4,490	e*	Carrizo Oil & Gas, Inc		201,421
7,964	e*	Complete Production Services, Inc		163,103
6,118	*	Comstock Resources, Inc		188,679
3,430	*	Concho Resources, Inc		50,798
2,375	*	Contango Oil & Gas Co		85,975
1,335	*	Dawson Geophysical Co		103,476
12,208	e*	Delta Petroleum Corp		219,134
6,692	e*	FX Energy, Inc		49,855
6,069	e*	GeoGlobal Resources, Inc		21,848
1,348	*	Geokinetics, Inc		31,476
2,104	e*	GMX Resources, Inc		67,686

230

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,875	e*	Goodrich Petroleum Corp	$	91,138
2,603	*	Grey Wolf, Inc		17,050
3,613	*	Gulfport Energy Corp		85,484
15,376	*	Hercules Offshore, Inc		401,467
8,718	*	Mariner Energy, Inc		180,550
2,561	e*	McMoRan Exploration Co		34,445
14,605	*	Newpark Resources, Inc		78,283
6,981	*	Parallel Petroleum Corp		118,607
16,266	e*	Parker Drilling Co		132,080
3,160		Penn Virginia Corp		138,977
16,158	*	PetroHawk Energy Corp		265,314
385	e*	Petroleum Development Corp		17,075
7,775	*	Petroquest Energy, Inc		83,426
880	*	Rex Energy Corp		7,084
5,988		RPC, Inc		85,089
5,022	e*	Sulphco, Inc		44,194
1,021	*	Superior Offshore International, Inc		11,486
2,220	e*	Superior Well Services, Inc		50,461
6,123	*	TXCO Resources, Inc		54,862
2,582	*	Venoco, Inc		44,281
10,228	*	Warren Resources, Inc		128,259
5,628	*	W-H Energy Services, Inc		415,065
5,381	*	Willbros Group, Inc		182,954
		TOTAL OIL AND GAS EXTRACTION		5,397,937
PAPER AND ALLIED PRODUCTS - 0.64%
9,984	e*	Cenveo, Inc		215,954
12,793	e*	Graphic Packaging Corp		57,824
6,147		Greif, Inc (Class A)		373,000
1,900		Neenah Paper, Inc		62,871
8,585	*	Playtex Products, Inc		156,934
		TOTAL PAPER AND ALLIED PRODUCTS		866,583
PERSONAL SERVICES - 0.39%
5,299		Coinmach Service Corp (Class A)		63,535
1,462	*	Coinstar, Inc		47,033
989		CPI Corp		38,096
4,685		Jackson Hewitt Tax Service, Inc		130,993
17,121	e*	Sally Beauty Holdings, Inc		144,672
2,375	e*	Steiner Leisure Ltd		103,075
		TOTAL PERSONAL SERVICES		527,404
PETROLEUM AND COAL PRODUCTS - 0.13%
2,447		Alon USA Energy, Inc		82,660
1,186		Delek US Holdings, Inc		29,745
5,723	e*	Nova Biosource Fuels, Inc		16,082
1,237		WD-40 Co		42,231
		TOTAL PETROLEUM AND COAL PRODUCTS		170,718
PRIMARY METAL INDUSTRIES - 1.35%
8,341		Belden CDT, Inc		391,276
3,696	e*	Brush Engineered Materials, Inc		191,785
2,888	e*	Century Aluminum Co		152,053
1,369	e*	Coleman Cable, Inc		18,947

231

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,121	*	Haynes International, Inc	$	181,070
540	*	Horsehead Holding Corp		12,107
1,786	e*	LB Foster Co (Class A)		77,620
5,847		Matthews International Corp (Class A)		256,099
4,268	*	RTI International Metals, Inc		338,282
2,112		Texas Industries, Inc		165,792
737	*	Universal Stainless & Alloy		29,325
		TOTAL PRIMARY METAL INDUSTRIES		1,814,356
PRINTING AND PUBLISHING - 0.53%
2,640	e*	ACCO Brands Corp		59,242
1,655	*	Consolidated Graphics, Inc		103,917
1,368		Courier Corp		48,167
1,130	*	Dolan Media Co		27,459
4,861	*	Martha Stewart Living Omnimedia, Inc (Class A)		56,631
1,437		Multi-Color Corp		32,792
490		Schawk, Inc		11,059
1,106		Standard Register Co		14,057
7,461	e*	Sun-Times Media Group, Inc (Class A)		16,936
4,493	e*	Valassis Communications, Inc		40,078
7,990	*	VistaPrint Ltd		298,586
		TOTAL PRINTING AND PUBLISHING		708,924
RAILROAD TRANSPORTATION - 0.08%
3,687	e*	Genesee & Wyoming, Inc (Class A)		106,333
		TOTAL RAILROAD TRANSPORTATION		106,333
REAL ESTATE - 0.18%
1,016		Consolidated-Tomoka Land Co		68,285
2,621	*	Grubb & Ellis Co		24,375
5,018	e*	LoopNet, Inc		103,070
4,287		Thomas Properties Group, Inc		51,444
		TOTAL REAL ESTATE		247,174
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.77%
1,041	e*	AEP Industries, Inc		44,076
2,375	*	Deckers Outdoor Corp		260,775
2,638	e*	Metabolix, Inc		63,998
3,863	*	Skechers U.S.A., Inc (Class A)		85,372
4,466		Titan International, Inc		142,555
253	e*	Trex Co, Inc		2,813
5,680		Tupperware Corp		178,863
6,111		West Pharmaceutical Services, Inc		254,584
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,033,036
SECURITY AND COMMODITY BROKERS - 1.86%
291		Calamos Asset Management, Inc (Class A)		8,215
3,235		Cohen & Steers, Inc		119,792
1,455	e*	Epoch Holding Corp		20,486
220		Evercore Partners, Inc (Class A)		5,784
1,650	*	FBR Capital Markets Corp		21,252
1,666	e*	FCStone Group, Inc		53,762
224		GAMCO Investors, Inc (Class A)		12,275
2,970	e*	GFI Group, Inc		255,776

232

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,530		Greenhill & Co, Inc	$	215,507
3,391	e*	Interactive Brokers Group, Inc (Class A)		89,048
7,195		International Securities Exchange, Inc		478,252
341	e*	KBW, Inc		9,814
7,960	*	Knight Capital Group, Inc (Class A)		95,202
19,096	e*	Ladenburg Thalmann Financial Services, Inc		37,428
5,845	e*	MarketAxess Holdings, Inc		87,675
2,306	e*	Morningstar, Inc		141,588
8,119		optionsXpress Holdings, Inc		212,231
2,623	e*	Penson Worldwide, Inc		48,473
2,739	e*	Stifel Financial Corp		158,424
446		SWS Group, Inc		7,890
2,243		US Global Investors, Inc (Class A)		42,662
316		Value Line, Inc		15,569
12,984		Waddell & Reed Financial, Inc (Class A)		350,958
1,978		WP Stewart & Co Ltd		19,622
		TOTAL SECURITY AND COMMODITY BROKERS		2,507,685
SOCIAL SERVICES - 0.20%
4,865	*	Bright Horizons Family Solutions, Inc		208,417
877	*	Capital Senior Living Corp		7,384
1,668	e*	Providence Service Corp		48,972
		TOTAL SOCIAL SERVICES		264,773
SPECIAL TRADE CONTRACTORS - 0.43%
632		Alico, Inc		27,391
4,096		Chemed Corp		254,607
834		Comfort Systems USA, Inc		11,843
3,630	*	Dycom Industries, Inc		111,187
1,138	e*	Integrated Electrical Services, Inc		29,144
2,565	*	Layne Christensen Co		142,306
		TOTAL SPECIAL TRADE CONTRACTORS		576,478
STONE, CLAY, AND GLASS PRODUCTS - 0.37%
5,260		Apogee Enterprises, Inc		136,444
3,517	e*	Cabot Microelectronics Corp		150,352
3,821		CARBO Ceramics, Inc		193,839
310		Libbey, Inc		5,431
2,252	*	US Concrete, Inc		14,841
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		500,907
TEXTILE MILL PRODUCTS - 0.01%
1,049	*	Heelys, Inc		8,361
1,676		Xerium Technologies, Inc		9,050
		TOTAL TEXTILE MILL PRODUCTS		17,411
TOBACCO PRODUCTS - 0.06%
3,701		Vector Group Ltd		82,939
		TOTAL TOBACCO PRODUCTS		82,939
TRANSPORTATION BY AIR - 0.38%
1,886	*	Air Methods Corp		87,133
17,044	e*	Airtran Holdings, Inc		167,713
1,010	*	Allegiant Travel Co		30,623

233

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,009	e*	ExpressJet Holdings, Inc	$	3,118
4,680	e*	JetBlue Airways Corp		43,150
4,541	*	Midwest Air Group, Inc		74,699
1,410	*	PHI, Inc		42,497
3,608	e*	Pinnacle Airlines Corp		57,800
		TOTAL TRANSPORTATION BY AIR		506,733
TRANSPORTATION EQUIPMENT - 2.09%
6,430	e*	AAR Corp		195,086
1,347	*	Aerovironment, Inc		30,994
1,835		American Railcar Industries, Inc		40,407
3,978	*	Amerigon, Inc		68,859
4,752		Clarcor, Inc		162,566
3,647	e*	Comtech Group, Inc		66,412
11,599	e*	Fleetwood Enterprises, Inc		99,171
12,634	e*	Force Protection, Inc		273,652
133		Freightcar America, Inc		5,081
10,445	e*	GenCorp, Inc		124,922
1,700	e*	GenTek, Inc		51,136
17,635	e*	Hayes Lemmerz International, Inc		73,362
4,739		Heico Corp		233,917
1,530		Kaman Corp		52,877
494	*	Miller Industries, Inc		8,457
2,077		Noble International Ltd		44,219
9,323	*	Orbital Sciences Corp		207,344
5,572		Polaris Industries, Inc		243,051
6,101		Spartan Motors, Inc		102,680
1,925	*	Tenneco, Inc		59,694
1,834	*	TransDigm Group, Inc		83,832
655		Triumph Group, Inc		53,520
11,895	e*	Visteon Corp		61,259
9,013		Westinghouse Air Brake Technologies Corp		337,627
5,380		Winnebago Industries, Inc		128,474
		TOTAL TRANSPORTATION EQUIPMENT		2,808,599
TRANSPORTATION SERVICES - 0.57%
2,854		Ambassadors Group, Inc		108,737
535		Ambassadors International, Inc		13,124
1,913	*	Dynamex, Inc		49,011
7,181	*	HUB Group, Inc (Class A)		215,645
4,729	*	Lear Corp		151,801
3,830	*	Orbitz Worldwide, Inc		43,241
1,956		Pacer International, Inc		37,262
5,751		Ship Finance International Ltd		151,079
		TOTAL TRANSPORTATION SERVICES		769,900
TRUCKING AND WAREHOUSING - 0.27%
4,372	*	Celadon Group, Inc		51,458
4,308		Forward Air Corp		128,292
3,598		Heartland Express, Inc		51,379
5,113	e*	Old Dominion Freight Line		122,559
220	*	Saia, Inc		3,637
508	e*	Universal Truckload Services, Inc		11,156
		TOTAL TRUCKING AND WAREHOUSING		368,481

234

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
WATER TRANSPORTATION - 0.59%
9,968	*	American Commercial Lines, Inc	$	236,541
2,350		Arlington Tankers Ltd		57,881
3,807		Double Hull Tankers, Inc		56,686
2,311		Eagle Bulk Shipping, Inc		59,485
162		Genco Shipping & Trading Ltd		10,616
1,571		Golar LNG Ltd		35,065
6,289		Horizon Lines, Inc (Class A)		192,003
3,075		Knightsbridge Tankers Ltd		82,718
7,940	e*	Odyssey Marine Exploration, Inc		49,149
825	*	Ultrapetrol Bahamas Ltd		13,703
		TOTAL WATER TRANSPORTATION		793,847
WHOLESALE TRADE-DURABLE GOODS - 1.48%
1,308		Applied Industrial Technologies, Inc		40,326
7,752		Barnes Group, Inc		247,444
7,286	*	Beacon Roofing Supply, Inc		74,463
804		Castle (A.M.) & Co		26,210
5,505	e*	Conceptus, Inc		104,485
687	*	Digi International, Inc		9,783
3,420	*	Drew Industries, Inc		139,126
1,517	e*	Genesis Microchip, Inc		11,893
1,191	e*	Glu Mobile, Inc		10,802
1,390	e*	Hansen Medical, Inc		37,683
3,022		Houston Wire & Cable Co		54,728
2,117	*	Interline Brands, Inc		48,670
3,069	*	Keystone Automotive Industries, Inc		146,575
10,645		Knight Transportation, Inc		183,200
8,409	*	LKQ Corp		292,717
1,541	*	MWI Veterinary Supply, Inc		58,173
1,337		Owens & Minor, Inc		50,926
1,223		PEP Boys-Manny Moe & Jack		17,159
12,441	e*	PSS World Medical, Inc		237,996
3,371	*	Solera Holdings, Inc		60,644
1,943	*	TomoTherapy, Inc		45,136
7,109	e*	Tyler Technologies, Inc		94,905
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,993,044
WHOLESALE TRADE-NONDURABLE GOODS - 2.23%
10,276	e*	Akorn, Inc		76,967
17,538	*	Alliance One International, Inc		114,699
10,252	e*	Allscripts Healthcare Solutions, Inc		277,112
5,111	e*	Beijing Med-Pharm Corp		59,543
5,576	*	Central European Distribution Corp		267,146
3,200	e*	Green Mountain Coffee Roasters, Inc		106,208
1,445		K-Swiss, Inc (Class A)		33,105
2,758	e*	LSB Industries, Inc		65,227
303	e*	Maui Land & Pineapple Co, Inc		9,223
10,032		Men's Wearhouse, Inc		506,817
5,209		Myers Industries, Inc		103,242
1,151		Nash Finch Co		45,844
6,177		Nu Skin Enterprises, Inc (Class A)		99,820
2,206	e*	Nuco2, Inc		56,782

235

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
827	e*	School Specialty, Inc	$	28,639
2,435	e*	Source Interlink Cos, Inc		8,571
1,496		Spartan Stores, Inc		33,705
897	e*	Synutra International, Inc		26,775
17,191	*	Terra Industries, Inc		537,391
7,956	e*	United Natural Foods, Inc		216,562
3,286	*	United Stationers, Inc		182,439
1,313		Valhi, Inc		31,184
2,732	e*	Volcom, Inc		116,165
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,003,166
		TOTAL COMMON STOCKS		133,713,222
		(Cost $109,928,597)
PRINCIPAL
SHORT-TERM INVESTMENTS - 28.89%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.81%
$      1,090,000	d	Federal Home Loan Bank (FHLB) 0.000%, 10/01/07		1,089,637
				1,089,637
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 28.08%
37,809,324	*	State Street Navigator Securities Lending Prime Portfolio		37,809,324
				37,809,324
		TOTAL SHORT-TERM INVESTMENTS		38,898,961
		(Cost $38,899,324)
		TOTAL PORTFOLIO - 128.18%		172,612,183
		(Cost $148,827,921)
		OTHER ASSETS & LIABILITIES, NET - (28.18)%		(37,946,464	)
		NET ASSETS - 100.00%	$	134,665,719
	*	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 $1,174,569.
	e	All or a portion of these securities are out on loan.

236

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.54%
AGRICULTURAL PRODUCTION-CROPS - 0.10%
9,731	e*	Chiquita Brands International, Inc	$	154,042
		TOTAL AGRICULTURAL PRODUCTION-CROPS		154,042
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.36%
2,784		Cal-Maine Foods, Inc		70,268
9,257		Pilgrim's Pride Corp		321,496
80		Seaboard Corp		156,800
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		548,564
AMUSEMENT AND RECREATION SERVICES - 0.66%
2,219		Churchill Downs, Inc		110,861
1,979	*	Lakes Entertainment, Inc		18,860
7,596	e*	Leapfrog Enterprises, Inc		62,667
13,895	*	Live Nation, Inc		295,269
11,650	*	Magna Entertainment Corp		26,446
3,987	e*	Marvel Entertainment, Inc		93,455
5,353	e*	Multimedia Games, Inc		45,608
6,332	e*	Pinnacle Entertainment, Inc		172,420
16,924	e*	Six Flags, Inc		58,557
3,247		Speedway Motorsports, Inc		120,139
351	*	Town Sports International Holdings, Inc		5,339
1,788	*	Westwood One, Inc		4,917
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,014,538
APPAREL AND ACCESSORY STORES - 0.74%
5,339		Brown Shoe Co, Inc		103,577
760	e*	Cache, Inc		13,566
690	*	Casual Male Retail Group, Inc		6,182
4,999	e	Cato Corp (Class A)		102,180
28,365	e*	Charming Shoppes, Inc		238,266
270		DEB Shops, Inc		7,260
2,262	*	Dress Barn, Inc		38,477
7,224	e*	Eddie Bauer Holdings, Inc		62,126
9,457	*	Finish Line, Inc (Class A)		41,043
4,611	e*	HOT Topic, Inc		34,398
5,090	e*	Jo-Ann Stores, Inc		107,399
3,168	e*	Pacific Sunwear Of California, Inc		46,886
1,508	*	Shoe Carnival, Inc		23,796
10,060		Stage Stores, Inc		183,394
1,618	e	Syms Corp		24,286
5,487	e	Talbots, Inc		98,766
		TOTAL APPAREL AND ACCESSORY STORES		1,131,602
APPAREL AND OTHER TEXTILE PRODUCTS - 0.54%
2,419	e	Columbia Sportswear Co		133,795

237

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
420	*	G-III Apparel Group Ltd	$	8,270
5,721		Kellwood Co		97,543
1,810	*	Lululemon Athletica, Inc		76,074
1,881	*	Maidenform Brands, Inc		29,870
19,726	*	Quiksilver, Inc		282,082
5,218	*	Warnaco Group, Inc		203,867
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		831,501
AUTO REPAIR, SERVICES AND PARKING - 0.32%
2,333	e*	Amerco, Inc		148,052
5,473	e*	Dollar Thrifty Automotive Group, Inc		189,858
13,621	e*	Exide Technologies		88,537
308		Monro Muffler, Inc		10,407
623	*	Standard Parking Corp		24,789
778	*	Wright Express Corp		28,389
		TOTAL AUTO REPAIR, SERVICES AND PARKING		490,032
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.41%
5,961		Asbury Automotive Group, Inc		118,087
9,724	*	CSK Auto Corp		103,561
3,497	e	Lithia Motors, Inc (Class A)		59,659
3,601	e*	MarineMax, Inc		52,431
5,003	*	Rush Enterprises, Inc (Class A)		126,826
7,107		Sonic Automotive, Inc (Class A)		170,142
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		630,706
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.11%
2,963	e*	Builders FirstSource, Inc		31,941
15,902	e*	Central Garden and Pet Co (Class A)		142,800
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		174,741
BUSINESS SERVICES - 6.36%
89,218	*	3Com Corp		440,737
9,190		ABM Industries, Inc		183,616
4,058		Aaron Rents, Inc		90,493
17,980	e*	Ariba, Inc		193,824
3,536	e	Asset Acceptance Capital Corp		41,018
11,568	*	Avocent Corp		336,860
495		Barrett Business Services		11,796
45,938	e*	BearingPoint, Inc		186,049
1,666	e	Blackbaud, Inc		42,050
400	*	BladeLogic, Inc		10,256
15,703	e*	Borland Software Corp		68,308
4,723	*	Bottomline Technologies, Inc		59,179
11,550		Brady Corp (Class A)		414,414
6,495	e*	CACI International, Inc (Class A)		331,830
468	e*	Cavium Networks, Inc		15,210
7,542	e*	CBIZ, Inc		59,959
112,068	e*	CMGI, Inc		152,412
5,754	*	CSG Systems International, Inc		122,273
1,290	*	Catalina Marketing Corp		41,783
11,976	*	Ciber, Inc		93,533
2,824	e*	Clayton Holdings, Inc		22,620
1,882		Cognex Corp		33,424

238

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
4,902	e	Compass Diversified Trust	$	78,726
556	e	Computer Programs & Systems, Inc		14,656
1,120	*	Data Domain, Inc		34,664
11,894		Deluxe Corp		438,175
1,440	*	Dice Holdings, Inc		14,803
4,881	*	DynCorp International, Inc (Class A)		112,800
28,274	*	Earthlink, Inc		223,930
4,180		Electro Rent Corp		58,562
13,025	e*	Evergreen Energy, Inc		66,428
944	e*	ExlService Holdings, Inc		20,069
4,375	e	FTD Group, Inc		65,100
900	e*	First Advantage Corp (Class A)		15,903
276	*	Forrester Research, Inc		6,505
4,875	*	Gerber Scientific, Inc		52,894
3,130		Gevity HR, Inc		32,083
696	*	Global Cash Access, Inc		7,371
274		Heidrick & Struggles International, Inc		9,987
4,774	e*	Hypercom Corp		21,578
688	e*	ICT Group, Inc		9,226
3,531		Infospace, Inc		62,004
507	e	Integral Systems, Inc		10,895
5,510		Interactive Data Corp		155,382
8,566	*	Internet Capital Group, Inc		102,792
1,961	*	Interwoven, Inc		27,905
5,433	e*	Ipass, Inc		22,819
4,176	*	JDA Software Group, Inc		86,276
4,028		Kelly Services, Inc (Class A)		79,795
3,274	*	Keynote Systems, Inc		44,952
1,423	*	Kforce, Inc		18,300
1,835	e*	Korn/Ferry International		30,296
28,129	*	Lawson Software, Inc		281,571
1,270	*	Limelight Networks, Inc		11,151
2,096	*	Lionbridge Technologies		8,363
21,203	*	MPS Group, Inc		236,413
9,735	e*	MSC.Software Corp		132,591
1,098	*	Manhattan Associates, Inc		30,096
3,601	*	Mantech International Corp (Class A)		129,564
1,296	e	Marchex, Inc (Class B)		12,325
7,623	*	Mentor Graphics Corp		115,107
275	e*	MicroStrategy, Inc (Class A)		21,819
740	*	Monotype Imaging Holdings, Inc		9,309
5,214	e*	Ness Technologies, Inc		56,937
6,546	*	On Assignment, Inc		61,140
11,967	e*	OpenTV Corp (Class A)		17,711
2,315	*	PDF Solutions, Inc		22,872
1,366	*	PRA International		40,160
2,221	e*	Packeteer, Inc		16,880
14,297	*	Parametric Technology Corp		249,054
2,914	e	Pegasystems, Inc		34,677
2,421	e*	PeopleSupport, Inc		28,955
20,009	*	Perot Systems Corp (Class A)		338,352
12,415	*	Premiere Global Services, Inc		157,050
540	*	Protection One, Inc		7,247
910	e	QAD, Inc		7,881

239

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,859	e*	Quest Software, Inc	$	31,900
2,342	*	RSC Holdings, Inc		38,409
3,908	e*	Radisys Corp		48,655
23,630	e*	RealNetworks, Inc		160,211
15,927	e*	Rent-A-Center, Inc		288,757
12,581	*	S1 Corp		113,858
3,018	e*	SI International, Inc		86,224
3,962	*	SRA International, Inc (Class A)		111,253
3,746	e*	SYNNEX Corp		77,018
10,059	e*	Secure Computing Corp		97,874
10,550	*	SonicWALL, Inc		92,102
6,306	*	Spherion Corp		52,088
18,733	*	Sybase, Inc		433,294
3,419	e	TAL International Group, Inc		85,714
47,791	*	TIBCO Software, Inc		353,175
5,552	e	TNS, Inc		89,165
1,881	e*	Take-Two Interactive Software, Inc		32,127
540	*	TechTarget, Inc		9,126
1,820	e*	Tiens Biotech Group USA, Inc		6,097
11,034		United Online, Inc		165,620
4,706		Viad Corp		169,416
2,875	*	Vignette Corp		57,701
3,352	e*	Volt Information Sciences, Inc		59,129
4,647	e*	eSpeed, Inc (Class A)		39,639
3,733	e*	i2 Technologies, Inc		56,928
5,184		infoUSA, Inc		48,159
		TOTAL BUSINESS SERVICES		9,707,384
CHEMICALS AND ALLIED PRODUCTS - 4.84%
3,521	*	Albany Molecular Research, Inc		53,167
9,874	*	Alpharma, Inc (Class A)		210,909
520	*	Amicus Therapeutics, Inc		8,689
988	*	Animal Health International, Inc		10,996
5,572		Arch Chemicals, Inc		261,215
13,977	e*	Arena Pharmaceuticals, Inc		153,048
2,439	e*	Aventine Renewable Energy Holdings, Inc		25,780
2,083	*	Bentley Pharmaceuticals, Inc		25,996
2,080	*	Bionovo, Inc		8,008
1,984	e*	Bradley Pharmaceuticals, Inc		36,109
11,427		CF Industries Holdings, Inc		867,424
8,990	e*	Calgon Carbon Corp		125,500
6,323		Cambrex Corp		68,857
412	*	Chattem, Inc		29,054
3,220	*	Cytokinetics, Inc		16,486
5,587	e*	Elizabeth Arden, Inc		150,626
1,184	*	Emergent Biosolutions, Inc		10,514
1,145	e*	Enzon Pharmaceuticals, Inc		10,087
9,946		Ferro Corp		198,721
7,662	e	Georgia Gulf Corp		106,502
13,902		H.B. Fuller Co		412,611
13,952		Hercules, Inc		293,271
1,718	e*	Indevus Pharmaceuticals, Inc		11,871
2,215		Innophos Holdings, Inc		33,757
5,374		Innospec, Inc		122,420

240

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
176		Inter Parfums, Inc	$	4,166
773	e*	InterMune, Inc		14,787
7,632	e*	Inverness Medical Innovations, Inc		422,202
1,733		Koppers Holdings, Inc		66,911
9,371	e*	MannKind Corp		90,711
7,393	e*	Martek Biosciences Corp		214,619
4,369		Minerals Technologies, Inc		292,723
870	e*	Molecular Insight Pharmaceuticals, Inc		5,907
2,786	e*	Momenta Pharmaceuticals, Inc		31,733
1,383		NL Industries, Inc		15,669
9,384	e*	Nabi Biopharmaceuticals		38,099
3,762	e*	Neurocrine Biosciences, Inc		37,620
2,849	e	NewMarket Corp		140,684
6,826	*	OM Group, Inc		360,481
16,902		Olin Corp		378,267
470	e*	Orexigen Therapeutics, Inc		6,209
2,643	e*	Pacific Ethanol, Inc		25,426
849	e*	Par Pharmaceutical Cos, Inc		15,757
8,351		Perrigo Co		178,294
4,577	e*	PharMerica Corp		68,289
21,164	*	PolyOne Corp		158,095
7,395	*	Prestige Brands Holdings, Inc		81,197
45,638	e*	Revlon, Inc (Class A)		52,484
7,954	*	Rockwood Holdings, Inc		284,992
1,088	e*	Salix Pharmaceuticals Ltd		13,513
1,204	*	Sciele Pharma, Inc		31,328
10,774		Sensient Technologies Corp		311,045
1,470		Stepan Co		45,438
9,319		Tronox, Inc (Class B)		84,151
4,990		UAP Holding Corp		156,486
863	e*	US BioEnergy Corp		6,654
20,038	e*	USEC, Inc		205,390
1,024	e*	Verasun Energy Corp		11,264
1,769	e*	Viropharma, Inc		15,744
9,855	e*	WR Grace & Co		264,705
3,800	*	XOMA Ltd		12,958
		TOTAL CHEMICALS AND ALLIED PRODUCTS		7,395,616
COAL MINING - 0.04%
12,375	e*	International Coal Group, Inc		54,945
		TOTAL COAL MINING		54,945
COMMUNICATIONS - 2.64%
9,927	e	Alaska Communications Systems Group, Inc		143,445
1,223	e*	Anixter International, Inc		100,836
660	e*	Aruba Networks, Inc		13,200
2,170		Atlantic Tele-Network, Inc		78,880
4,028	*	Audiovox Corp (Class A)		41,448
610	*	Authorize.Net Holdings, Inc		10,754
1,102	*	Brightpoint, Inc		16,541
93,691	e*	Charter Communications, Inc (Class A)		241,723
56,775	*	Cincinnati Bell, Inc		280,469
25,841	e	Citadel Broadcasting Corp		107,499
1,915		Consolidated Communications Holdings, Inc		37,553

241

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
7,659	e*	Cox Radio, Inc (Class A)	$	99,950
1,637	e*	Crown Media Holdings, Inc (Class A)		11,770
3,391	e*	Cumulus Media, Inc (Class A)		34,656
3,416	*	DG FastChannel,Inc		80,549
7,346		Emmis Communications Corp (Class A)		36,289
7,498	e	Entercom Communications Corp (Class A)		144,936
8,466	*	Entravision Communications Corp (Class A)		78,057
7,226	e	Fairpoint Communications, Inc		136,282
23,484	e*	FiberTower Corp		90,179
1,522	*	Fisher Communications, Inc		75,902
4,459	*	Foundry Networks, Inc		79,236
10,915	*	General Communication, Inc (Class A)		132,508
1,354	e*	GeoEye, Inc		34,866
3,311	e*	Global Crossing Ltd		69,796
2,059	*	Golden Telecom, Inc		165,729
9,358	e	Gray Television, Inc		79,449
437	e*	Hungarian Telephone & Cable		8,591
14,584	e*	ICO Global Communications Holdings Ltd		50,752
10,914	e	IDT Corp (Class B)		91,350
5,922	e*	InPhonic, Inc		16,286
7,273	e	Iowa Telecommunications Services, Inc		144,369
3,089	e*	Knology, Inc		51,679
6,006	e*	Lin TV Corp (Class A)		78,138
1,373	e*	Lodgenet Entertainment Corp		34,819
1,629	*	Mastec, Inc		22,920
12,009	e*	Mediacom Communications Corp (Class A)		84,663
1,582	*	Nexstar Broadcasting Group, Inc (Class A)		16,595
6,833	e*	Nextwave Wireless, Inc		39,085
367	e	North Pittsburgh Systems, Inc		8,720
9,860	*	PAETEC Holding Corp		122,954
509		Preformed Line Products Co		26,478
6,728	e	RCN Corp		82,754
17,004	e*	Radio One, Inc (Class D)		63,425
1,641	*	Rural Cellular Corp (Class A)		71,384
1,957	e*	SAVVIS, Inc		75,892
2,112		Salem Communications Corp (Class A)		16,896
4,929	e	Shenandoah Telecom Co		107,255
5,840	e	Sinclair Broadcast Group, Inc (Class A)		70,314
4,444	e*	Spanish Broadcasting System, Inc (Class A)		11,466
3,319	e	SureWest Communications		83,008
6,188	*	Syniverse Holdings, Inc		98,389
5,200		USA Mobility, Inc		87,724
7,197	e,v*	Vonage Holdings Corp		7,413
891		iPCS, Inc		30,641
		TOTAL COMMUNICATIONS		4,026,462
DEPOSITORY INSTITUTIONS - 14.47%
3,160	e	1st Source Corp		72,364
2,013		Abington Bancorp, Inc		19,627
3,899		Alabama National Bancorp		303,810
5,354	e	Amcore Financial, Inc		133,422
3,945	e	AmericanWest Bancorp		77,361
3,150	e	Ameris Bancorp		56,952
4,390	e	Anchor Bancorp Wisconsin, Inc		118,530

242

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,902	e	Bancfirst Corp	$	85,343
6,050		Banco Latinoamericano de Exportaciones S.A.		109,989
2,506	e*	Bancorp, Inc		46,261
12,687		Bank Mutual Corp		149,580
639	e	Bank of the Ozarks, Inc		19,509
10,524	e	BankAtlantic Bancorp, Inc (Class A)		91,243
5,363	e	BankFinancial Corp		84,843
7,426	e	BankUnited Financial Corp (Class A)		115,400
3,543		Banner Corp		121,844
7,570	*	Beneficial Mutual Bancorp, Inc		73,808
1,920	e	Berkshire Hills Bancorp, Inc		58,042
8,492		Boston Private Financial Holdings, Inc		236,417
14,482	e	Brookline Bancorp, Inc		167,846
15,205	e	CVB Financial Corp		177,899
3,056	e	Capital City Bank Group, Inc		95,347
2,361	e	Capital Corp of the West		43,490
3,262	e	Capitol Bancorp Ltd		80,995
4,507	e	Cascade Bancorp		100,326
11,730	e	Cathay General Bancorp		377,823
12,316	e*	Centennial Bank Holdings, Inc		78,822
2,096	e	Center Financial Corp		29,155
7,046	e	Central Pacific Financial Corp		205,743
5,688	e	Chemical Financial Corp		137,934
10,563		Chittenden Corp		371,395
17,349	e	Citizens Banking Corp		279,492
2,729	e	City Bank		78,377
3,970		City Holding Co		144,548
2,723	e	Clifton Savings Bancorp, Inc		32,213
2,195	e	CoBiz, Inc		37,578
4,103		Columbia Banking System, Inc		130,557
2,501	e*	Community Bancorp		62,875
6,761	e	Community Bank System, Inc		131,975
5,726	e	Community Banks, Inc		170,578
3,393	e	Community Trust Bancorp, Inc		101,926
9,135	e	Corus Bankshares, Inc		118,938
5,950		Dime Community Bancshares		89,072
4,836	e	Downey Financial Corp		279,521
568	e	Enterprise Financial Services Corp		13,825
13,886	e	FNB Corp		229,674
2,862	e	First Bancorp		58,328
19,088		First Bancorp		181,336
5,417	e	First Busey Corp		118,686
8,056	e	First Charter Corp		243,050
16,969	e	First Commonwealth Financial Corp		187,677
5,924	e	First Community Bancorp, Inc		324,102
2,252	e	First Community Bancshares, Inc		81,590
7,360	e	First Financial Bancorp		94,061
4,479	e	First Financial Bankshares, Inc		179,966
2,960	e	First Financial Corp		89,688
2,671		First Financial Holdings, Inc		83,549
2,893		First Indiana Corp		90,609
4,085		First Merchants Corp		88,073
11,394	e	First Midwest Bancorp, Inc		389,219
24,691	e	First Niagara Financial Group, Inc		349,378

243

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,930		First Place Financial Corp	$	69,561
2,026	*	First Regional Bancorp		49,698
210	v	First Republic Bank		11,502
4,690		First State Bancorporation		92,112
3,337	e*	FirstFed Financial Corp		165,348
18,440	e	FirstMerit Corp		364,374
10,284	e	Flagstar Bancorp, Inc		100,063
4,688	e	Flushing Financial Corp		78,758
5,551	e*	Franklin Bank Corp		51,069
15,292	e*	Fremont General Corp		59,639
8,389	e	Frontier Financial Corp		195,715
12,077	e	Glacier Bancorp, Inc		271,974
2,322	e	Great Southern Bancorp, Inc		57,678
11,716		Greater Bay Bancorp		323,362
2,621		Greene County Bancshares, Inc		95,535
6,128	e	Hancock Holding Co		245,610
9,105	e	Hanmi Financial Corp		141,036
6,773	e	Harleysville National Corp		107,623
2,874	e	Heartland Financial USA, Inc		59,061
3,071		Heritage Commerce Corp		65,013
2,550	e	Home Bancshares, Inc		55,565
2,746	e	Horizon Financial Corp		55,689
2,698	e	IBERIABANK Corp		142,050
1,210		Imperial Capital Bancorp, Inc		34,183
3,377		Independent Bank Corp		100,297
5,035	e	Independent Bank Corp		55,637
4,663	e	Integra Bank Corp		84,540
11,739		International Bancshares Corp		254,736
11,728	*	Investors Bancorp, Inc		166,068
4,051		Irwin Financial Corp		44,642
6,084	e	KNBT Bancorp, Inc		100,629
4,634	e	Kearny Financial Corp		59,269
4,221	e	Lakeland Bancorp, Inc		57,321
2,818	e	Lakeland Financial Corp		65,124
8,362	e	MB Financial, Inc		288,907
3,745	e	Macatawa Bank Corp		50,670
4,443	e	MainSource Financial Group, Inc		78,330
4,514	e	Midwest Banc Holdings, Inc		66,672
945	e	NASB Financial, Inc		33,926
7,797	e	NBT Bancorp, Inc		169,507
5,130	e	Nara Bancorp, Inc		80,131
11,248	e	National Penn Bancshares, Inc		184,017
13,617	e	NewAlliance Bancshares, Inc		199,898
4,206	e	Northwest Bancorp, Inc		119,703
15,221	e	Old National Bancorp		252,212
2,890	e	Old Second Bancorp, Inc		82,365
2,853	e	Omega Financial Corp		75,348
4,683		Oriental Financial Group, Inc		53,855
1,620	e*	Oritani Financial Corp		25,661
5,407	e	PFF Bancorp, Inc		82,943
10,656		Pacific Capital Bancorp		280,253
2,773	e	Park National Corp		241,806
9,768		Partners Trust Financial Group, Inc		118,877
2,363		Peoples Bancorp, Inc		61,863

244

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,673	e*	Pinnacle Financial Partners, Inc	$	48,216
1,799		Preferred Bank		70,773
1,622	e	PrivateBancorp, Inc		56,510
8,142	e	Prosperity Bancshares, Inc		269,989
7,402		Provident Bankshares Corp		231,905
15,116	e	Provident Financial Services, Inc		247,449
9,810	e	Provident New York Bancorp		128,609
527	e	QC Holdings, Inc		7,615
4,860	e	Renasant Corp		105,122
2,106	e	Republic Bancorp, Inc (Class A)		33,359
2,190	e	Rockville Financial, Inc		31,229
2,140	e	Roma Financial Corp		36,594
1,235	e	Royal Bancshares of Pennsylvania (Class A)		27,071
5,687	e	S&T Bancorp, Inc		182,496
2,812	e	S.Y. Bancorp, Inc		76,036
2,080	e	SCBT Financial Corp		71,843
6,381	e*	SVB Financial Group		302,204
3,694	e	Sandy Spring Bancorp, Inc		111,263
1,200		Santander BanCorp		15,408
3,439	e	Seacoast Banking Corp of Florida		64,309
3,859	e	Security Bank Corp		48,315
271	e*	Signature Bank		9,547
3,150	e	Simmons First National Corp (Class A)		82,971
16,989	e	South Financial Group, Inc		386,330
2,283	e	Southside Bancshares, Inc		50,431
3,276		Southwest Bancorp, Inc		61,654
4,440	e	Sterling Bancorp		62,160
17,062		Sterling Bancshares, Inc		194,677
5,924	e*	Sterling Financial Corp		101,597
11,746		Sterling Financial Corp		316,085
322	e	Suffolk Bancorp		10,323
3,510	e*	Sun Bancorp, Inc		61,425
3,529	e*	Superior Bancorp		31,161
11,951	e	Susquehanna Bancshares, Inc		240,215
1,407		Taylor Capital Group, Inc		39,298
4,657	*	Texas Capital Bancshares, Inc		101,243
4,142	e	TierOne Corp		109,639
1,531	e	Tompkins Trustco, Inc		60,781
3,218	e	Trico Bancshares		71,665
11,212	e	Trustmark Corp		314,384
2,587	e	USB Holding Co, Inc		60,096
22,894	e	UCBH Holdings, Inc		400,187
7,095		UMB Financial Corp		304,092
14,044	e	Umpqua Holdings Corp		281,020
3,105	e	Union Bankshares Corp		70,515
8,259	e	United Bankshares, Inc		251,404
9,520	e	United Community Banks, Inc		233,430
5,810	e	United Community Financial Corp		41,948
2,876	e	Univest Corp of Pennsylvania		68,219
2,670		ViewPoint Financial Group		49,342
467	e*	Virginia Commerce Bancorp		6,697
26,363	e	W Holding Co, Inc		59,053
1,476		WSFS Financial Corp		92,102
2,755	e	Washington Trust Bancorp, Inc		74,302

245

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,017	e*	Wauwatosa Holdings, Inc	$	32,776
4,668	e	WesBanco, Inc		116,607
3,491		West Coast Bancorp		99,179
5,070	e	Westamerica Bancorporation		252,537
1,733	e*	Western Alliance Bancorp		40,847
2,445		Westfield Financial, Inc		23,741
3,163	e	Wilshire Bancorp, Inc		34,698
5,536	e	Wintrust Financial Corp		236,332
2,229		Yardville National Bancorp		74,961
		TOTAL DEPOSITORY INSTITUTIONS		22,104,992
EATING AND DRINKING PLACES - 0.98%
2,612	*	AFC Enterprises		39,311
1,983		Applebees International, Inc		49,337
360	e*	Benihana, Inc (Class A)		6,232
8,201	e	Bob Evans Farms, Inc		247,506
2,292		CBRL Group, Inc		93,514
3,443	*	CEC Entertainment, Inc		92,513
9,934		Domino's Pizza, Inc		164,805
2,260		IHOP Corp		143,126
3,264	*	Jack in the Box, Inc		211,638
3,421	e	Landry's Restaurants, Inc		90,520
313	*	McCormick & Schmick's Seafood Restaurants, Inc		5,894
1,720	*	Morton's Restaurant Group, Inc		27,348
5,507		O'Charleys, Inc		83,486
1,986	*	Papa John's International, Inc		48,538
1,363	*	Rare Hospitality International, Inc		51,944
2,448	e	Ruby Tuesday, Inc		44,896
6,616	e*	Steak N Shake Co		99,306
		TOTAL EATING AND DRINKING PLACES		1,499,914
EDUCATIONAL SERVICES - 0.01%
530	e*	Lincoln Educational Services Corp		6,911
		TOTAL EDUCATIONAL SERVICES		6,911
ELECTRIC, GAS, AND SANITARY SERVICES - 5.64%
5,870		Allete, Inc		262,741
340	e	American Ecology Corp		7,205
3,884	e	American States Water Co		151,476
85,895	e*	Aquila, Inc		344,439
12,112		Avista Corp		246,479
8,632	e	Black Hills Corp		354,085
3,634	e	CH Energy Group, Inc		173,705
4,480	e	California Water Service Group		172,435
5,392	*	Casella Waste Systems, Inc (Class A)		67,616
2,257		Central Vermont Public Service Corp		82,471
13,681		Cleco Corp		345,719
10,494	*	El Paso Electric Co		242,726
6,997		Empire District Electric Co		158,062
190	e*	EnerNOC, Inc		7,254
1,139	e	EnergySouth, Inc		57,428
10,084	e	Idacorp, Inc		330,150
4,996		Laclede Group, Inc		161,271
4,879	e	MGE Energy, Inc		163,154

246

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
5,406		Metal Management, Inc	$	293,005
6,413	e	New Jersey Resources Corp		318,021
10,315	e	Nicor, Inc		442,514
8,226	e	NorthWestern Corp		223,500
6,181		Northwest Natural Gas Co		282,472
6,814	e	Otter Tail Corp		242,919
17,576		PNM Resources, Inc		409,169
3,523	e*	Pico Holdings, Inc		146,381
17,092		Piedmont Natural Gas Co, Inc		428,838
839	*	Pike Electric Corp		15,740
6,988		Portland General Electric Co		194,266
2,897	e	Resource America, Inc (Class A)		45,744
8,174	e*	SEMCO Energy, Inc		64,493
3,209	e	SJW Corp		109,555
6,757	e	South Jersey Industries, Inc		235,144
9,658		Southwest Gas Corp		273,225
5,580	e	Southwest Water Co		70,475
5,760		UIL Holdings Corp		181,440
8,079		Unisource Energy Corp		241,481
11,279		WGL Holdings, Inc		382,245
4,451	*	Waste Connections, Inc		141,364
4,287	e*	Waste Services, Inc		41,627
20,361		Westar Energy, Inc		500,066
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		8,612,100
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.88%
1,053	*	ATMI, Inc		31,327
5,744	*	Actel Corp		61,633
2,897		Acuity Brands, Inc		146,241
27,180	e*	Adaptec, Inc		103,828
6,546		Adtran, Inc		150,754
35,695	*	Andrew Corp		494,376
40,153	e*	Applied Micro Circuits Corp		126,883
1,679	*	Arris Group, Inc		20,736
2,718	e	Bel Fuse, Inc (Class B)		94,206
13,419	*	Benchmark Electronics, Inc		320,312
8,234	e	CTS Corp		106,219
1,854	e*	Ceradyne, Inc		140,422
9,034	*	Checkpoint Systems, Inc		238,407
81,468	e*	Conexant Systems, Inc		97,762
1,260		Cubic Corp		53,134
5,946	*	DSP Group, Inc		94,125
4,544	*	Ditech Networks, Inc		23,947
1,593	*	EMS Technologies, Inc		39,076
6,740	*	Electro Scientific Industries, Inc		161,490
4,649	*	EnerSys		82,613
5,041	*	Exar Corp		65,835
5,063	*	Gemstar-TV Guide International, Inc		35,238
23,901	*	GrafTech International Ltd		426,394
650	e*	Greatbatch, Inc		17,284
7,028	*	Helen of Troy Ltd		135,711
5,965	e*	Hutchinson Technology, Inc		146,739
1,460	*	Infinera Corp		29,419
2,380	*	IXYS Corp		24,823

247

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
8,063	e	Imation Corp	$	197,785
19,256	e*	Kemet Corp		141,532
4,049		LSI Industries, Inc		83,085
2,882		Lamson & Sessions Co		77,699
26,326	e*	Lattice Semiconductor Corp		118,204
3,425	*	Littelfuse, Inc		122,238
2,592	*	Loral Space & Communications, Inc		103,032
29,646	e*	MRV Communications, Inc		73,522
1,800	*	Mattson Technology, Inc		15,570
5,320	*	Mercury Computer Systems, Inc		54,690
8,386		Methode Electronics, Inc		126,209
6,513	*	Moog, Inc (Class A)		286,181
971	*	Multi-Fineline Electronix, Inc		14,400
997	e	National Presto Industries, Inc		52,841
1,827	e*	OSI Systems, Inc		41,126
9,241	e*	Omnivision Technologies, Inc		210,048
18,771		Openwave Systems, Inc		82,217
2,823	*	Oplink Communications, Inc		38,562
1,710	e*	Optium Corp		17,750
3,149	e*	PMC - Sierra, Inc		26,420
4,452		Park Electrochemical Corp		149,498
3,774	*	Pericom Semiconductor Corp		44,231
9,212	*	Photronics, Inc		105,109
11,016		Plantronics, Inc		314,507
4,139	*	Plexus Corp		113,409
2,100	*	Polypore International, Inc		29,526
647	e*	Powell Industries, Inc		24,515
16,562	e*	Power-One, Inc		84,466
29,875	e*	Powerwave Technologies, Inc		184,030
23,836	e*	RF Micro Devices, Inc		160,416
7,320		Regal-Beloit Corp		350,555
4,095	e*	Rogers Corp		168,673
3,611	*	Seachange International, Inc		24,988
2,734	*	Semtech Corp		55,992
810	*	ShoreTel, Inc		11,599
3,003	*	Silicon Image, Inc		15,465
21,035	*	Silicon Storage Technology, Inc		67,733
31,701	*	Skyworks Solutions, Inc		286,577
20,679	e*	Spansion, Inc (Class A)		174,738
9,424	e*	Spectrum Brands, Inc		54,659
3,455	e*	Standard Microsystems Corp		132,741
1,100	*	Starent Networks Corp		23,221
3,623	*	Stoneridge, Inc		36,955
24,675	e*	Sycamore Networks, Inc		100,427
5,137	e*	Symmetricom, Inc		24,144
1,200	e*	Syntax-Brillian Corp		4,884
8,387	*	TTM Technologies, Inc		97,038
5,758		Technitrol, Inc		155,178
14,040	*	Tekelec		169,884
31,322	e*	Triquint Semiconductor, Inc		153,791
4,018	*	Ultra Clean Holdings		59,065
2,314	e*	Universal Display Corp		41,004
14,410	e*	Utstarcom, Inc		52,741
7,761	*	Zoran Corp		156,772
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		8,980,576

248

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
ENGINEERING AND MANAGEMENT SERVICES - 1.76%
2,149	*	Aecom Technology Corp	$	75,065
18,074	*	Applera Corp (Celera Genomics Group)		254,120
6,382	e*	Ariad Pharmaceuticals, Inc		29,549
2,305	e	CDI Corp		64,263
254	*	CRA International, Inc		12,240
2,315	e*	Cornell Cos, Inc		54,518
966	*	Exponent, Inc		24,237
5,395	*	Harris Interactive, Inc		23,252
7,500	e*	Incyte Corp		53,625
9,198	e*	Isis Pharmaceuticals, Inc		137,694
2,956	e*	LECG Corp		44,044
940		Landauer, Inc		47,902
4,601		MAXIMUS, Inc		200,512
1,808	e*	MTC Technologies, Inc		34,912
5,630	e*	Maxygen, Inc		38,340
3,661	e*	Navigant Consulting, Inc		46,348
2,075	*	PharmaNet Development Group, Inc		60,237
1,007	e*	Rigel Pharmaceuticals, Inc		9,496
25,987	e*	SAIC, Inc		498,691
3,194	e*	Symyx Technologies, Inc		27,756
2,380	e*	Telik, Inc		6,926
5,208	*	Tetra Tech, Inc		109,993
5,652	*	Washington Group International, Inc		496,302
7,422		Watson Wyatt & Co Holdings (Class A)		333,545
410	*	comScore, Inc		11,070
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,694,637
ENVIRONMENTAL QUALITY AND HOUSING - 0.02%
6,951	e*	Home Solutions of America, Inc		23,564
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		23,564
FABRICATED METAL PRODUCTS - 1.63%
1,956	e	Ameron International Corp		206,886
14,612		Aptargroup, Inc		553,356
3,750		CIRCOR International, Inc		170,288
1,041	*	Chart Industries, Inc		33,479
5,234	e*	Commercial Vehicle Group, Inc		67,152
458		Compx International, Inc		8,968
6,690	e*	Griffon Corp		101,019
292		Gulf Island Fabrication, Inc		11,210
2,048	e	Insteel Industries, Inc		31,437
2,013	e*	Ladish Co, Inc		111,681
2,138	e	Lifetime Brands, Inc		43,380
1,764	e*	Mobile Mini, Inc		42,618
26,311	e	Mueller Water Products, Inc (Class A)		325,993
3,956	*	NCI Building Systems, Inc		170,939
1,925	*	Park-Ohio Holdings Corp		49,954
1,516	*	PGT, Inc		12,022
2,654		Silgan Holdings, Inc		142,653
4,508	e	Simpson Manufacturing Co, Inc		143,580
3,344	e*	Trimas Corp		44,375

249

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
7,196	e	Watts Water Technologies, Inc (Class A)	$	220,917
		TOTAL FABRICATED METAL PRODUCTS		2,491,907
FOOD AND KINDRED PRODUCTS - 1.05%
290	*	Boston Beer Co, Inc (Class A)		14,111
1,577	e	Farmer Bros Co		39,236
10,170		Flowers Foods, Inc		221,706
2,781	e	Imperial Sugar Co		72,668
1,013		J&J Snack Foods Corp		35,273
461	e	Lancaster Colony Corp		17,596
5,207		Lance, Inc		119,865
1,902	e	MGP Ingredients, Inc		19,534
8,099	*	Performance Food Group Co		244,023
4,604	*	Ralcorp Holdings, Inc		256,995
2,892	e	Reddy Ice Holdings, Inc		76,262
1,420	e	Sanderson Farms, Inc		59,171
6,296	e	Tootsie Roll Industries, Inc		167,033
7,577		Topps Co, Inc		73,421
7,150	*	TreeHouse Foods, Inc		193,408
		TOTAL FOOD AND KINDRED PRODUCTS		1,610,302
FOOD STORES - 0.53%
3,564	e*	Great Atlantic & Pacific Tea Co, Inc		108,559
425		Ingles Markets, Inc (Class A)		12,181
3,053	e*	Pantry, Inc		78,248
9,422		Ruddick Corp		316,014
699	e	Village Super Market (Class A)		36,348
2,901	e	Weis Markets, Inc		123,844
7,474	e*	Winn-Dixie Stores, Inc		139,913
		TOTAL FOOD STORES		815,107
FURNITURE AND FIXTURES - 0.44%
5,574	e	Ethan Allen Interiors, Inc		182,214
10,702	e	Furniture Brands International, Inc		108,518
2,755	e	Hooker Furniture Corp		55,155
2,831	e	Kimball International, Inc (Class B)		32,217
11,787	e	La-Z-Boy, Inc		86,988
3,030	e	Sealy Corp		42,541
6,144	*	Williams Scotsman International, Inc		170,250
		TOTAL FURNITURE AND FIXTURES		677,883
FURNITURE AND HOME FURNISHINGS STORES - 0.16%
468	e*	Guitar Center, Inc		27,752
4,365	e	Haverty Furniture Cos, Inc		38,281
20,256	e*	Pier 1 Imports, Inc		95,811
6,807	e	Tuesday Morning Corp		61,195
1,530	*	hhgregg, Inc		16,065
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		239,104
GENERAL BUILDING CONTRACTORS - 0.42%
260	e	Amrep Corp		6,968
1,377	e*	Avatar Holdings, Inc		68,754
8,678	e	Beazer Homes USA, Inc		71,594
2,685	e	Brookfield Homes Corp		49,807

250

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
8,444	e*	Hovnanian Enterprises, Inc (Class A)	$	93,644
2,532	e	M/I Homes, Inc		35,169
5,886	e*	Meritage Homes Corp		83,110
2,045	e*	Palm Harbor Homes, Inc		25,522
1,418	*	Perini Corp		79,309
15,011	e	Standard-Pacific Corp		82,410
7,504	e*	WCI Communities, Inc		44,949
		TOTAL GENERAL BUILDING CONTRACTORS		641,236
GENERAL MERCHANDISE STORES - 0.51%
4,495	e*	99 Cents Only Stores		46,164
1,532	e	Bon-Ton Stores, Inc		34,807
7,743	e*	Cabela's, Inc		183,122
11,583		Casey's General Stores, Inc		320,849
2,650	e*	Conn's, Inc		63,309
8,863	e	Fred's, Inc		93,327
5,738	e	Stein Mart, Inc		43,666
		TOTAL GENERAL MERCHANDISE STORES		785,244
HEALTH SERVICES - 1.16%
9,836	*	Assisted Living Concepts, Inc (A Shares)		89,901
2,115	e*	Alliance Imaging, Inc		19,162
293	e*	Amedisys, Inc		11,257
310	*	American Dental Partners, Inc		8,683
7,039	*	Amsurg Corp		162,390
5,764	*	Apria Healthcare Group, Inc		149,922
6,633	e*	Cross Country Healthcare, Inc		115,879
1,289	*	Emeritus Corp		34,932
4,325	*	Gentiva Health Services, Inc		83,083
18,050	e*	Healthsouth Corp		316,056
4,762	e*	Immunomedics, Inc		10,905
7,068	e*	Kindred Healthcare, Inc		126,588
7,534	*	Magellan Health Services, Inc		305,730
848	e*	Matria Healthcare, Inc		22,184
1,693	*	Medcath Corp		46,490
629	e	National Healthcare Corp		32,324
7,208	*	Odyssey HealthCare, Inc		69,269
3,870	e*	RehabCare Group, Inc		68,073
2,667	e*	Skilled Healthcare Group, Inc (Class A)		42,005
1,451	e*	Sunrise Senior Living, Inc		51,322
		TOTAL HEALTH SERVICES		1,766,155
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.13%
347	e*	Comverge, Inc		11,402
3,506		Granite Construction, Inc		185,888
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		197,290
HOLDING AND OTHER INVESTMENT OFFICES - 10.29%
1,730	e	Agree Realty Corp		54,218
13,994	e	Alesco Financial, Inc		68,850
3,367		Alexandria Real Estate Equities, Inc		324,107
5,140		American Campus Communities, Inc		150,551
29,863		American Financial Realty Trust		240,397
3,636	e*	Ampal American Israel (Class A)		20,434

251

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
14,703		Anthracite Capital, Inc	$	133,797
9,971		Anworth Mortgage Asset Corp		53,744
22,698	e	Apollo Investment Corp		472,118
3,099	e	Arbor Realty Trust, Inc		58,540
24,279		Ashford Hospitality Trust, Inc		244,004
1,718	e	BRT Realty Trust		29,790
14,997		BioMed Realty Trust, Inc		361,428
5,982	e	CBRE Realty Finance, Inc		35,294
9,980	e	Capital Lease Funding, Inc		102,295
691	e	Capital Southwest Corp		84,827
3,214	e	Capital Trust, Inc (Class A)		114,097
9,742	e	Cedar Shopping Centers, Inc		132,686
586		Cherokee, Inc		22,479
8,047		Corporate Office Properties Trust		334,997
5,505	e	Crystal River Capital, Inc		92,539
38,599		DCT Industrial Trust, Inc		404,132
11,981	e	Deerfield Triarc Capital Corp		108,428
21,670		DiamondRock Hospitality Co		377,275
1,154	e	EastGroup Properties, Inc		52,230
6,168		Education Realty Trust, Inc		83,268
6,109		Entertainment Properties Trust		310,337
8,402	e	Equity One, Inc		228,534
14,755		Extra Space Storage, Inc		227,079
4,017	e	First Industrial Realty Trust, Inc		156,141
5,266	e	First Potomac Realty Trust		114,799
13,644	e	Franklin Street Properties Corp		235,359
36,955	e	Friedman Billings Ramsey Group, Inc (Class A)		170,363
7,054	e	GMH Communities Trust		54,669
3,304	e	Gladstone Capital Corp		64,494
4,282	e	Gramercy Capital Corp		107,778
4,051	*	HFF, Inc (Class A)		48,085
10,956	e	Healthcare Realty Trust, Inc		292,087
9,354	e	Hersha Hospitality Trust		92,605
3,798		Highwoods Properties, Inc		139,273
11,088	e*	Hilltop Holdings, Inc		130,173
1,836		Home Properties, Inc		95,802
20,481	e	IMPAC Mortgage Holdings, Inc		31,541
10,865	e	Inland Real Estate Corp		168,299
11,289		Investors Real Estate Trust		121,921
2,925	e	JER Investors Trust, Inc		36,416
11,833	e*	Jamba, Inc		83,186
4,447		Kite Realty Group Trust		83,604
5,520		LTC Properties, Inc		130,658
9,189		LaSalle Hotel Properties		386,673
15,166		Lexington Corporate Properties Trust		303,472
10,329	e	Luminent Mortgage Capital, Inc		17,249
9,628	*	Meruelo Maddux Properties, Inc		56,901
18,610		MFA Mortgage Investments, Inc		149,811
5,490		MVC Capital, Inc		101,730
4,915		Maguire Properties, Inc		126,954
11,095	e	Medical Properties Trust, Inc		147,785
4,476	e	Mission West Properties, Inc		54,383
4,996	e	National Health Investors, Inc		154,426
15,294		National Retail Properties, Inc		372,868

252

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,207		Nationwide Health Properties, Inc	$	66,497
9,266	e	Newcastle Investment Corp		163,267
13,578		NorthStar Realty Finance Corp		134,830
2,840	e	Novastar Financial, Inc		25,191
3,660		Parkway Properties, Inc		161,552
1,130	e	PennantPark Investment Corp		15,142
7,364		Pennsylvania Real Estate Investment Trust		286,754
8,323	e	Post Properties, Inc		322,100
8,939	e	Potlatch Corp		402,523
4,558	e	Prospect Capital Corp		77,577
1,830	e	Quadra Realty Trust, Inc		17,440
14,683	e	RAIT Investment Trust		120,841
1,566		Ramco-Gershenson Properties		48,922
23,152		Realty Income Corp		647,098
4,844		Redwood Trust, Inc		160,918
5,829	e	Republic Property Trust		85,511
5,054	e	Resource Capital Corp		56,908
19,174	e	Senior Housing Properties Trust		422,978
4,715		Sovran Self Storage, Inc		216,136
4,460	e*	Star Maritime Acquisition Corp		62,485
17,040	e	Strategic Hotels & Resorts, Inc		350,854
14,316		Sunstone Hotel Investors, Inc		367,062
3,114	e*	Tarragon Corp		8,159
10,620		U-Store-It Trust		140,184
1,938	e	Universal Health Realty Income Trust		68,857
4,850		Urstadt Biddle Properties, Inc (Class A)		75,030
11,156		Winthrop Realty Trust		75,080
25,800		iShares Russell 2000 Value Index Fund		1,978,860
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		15,710,736
HOTELS AND OTHER LODGING PLACES - 0.49%
3,383		Ameristar Casinos, Inc		95,062
4,633	e*	Bluegreen Corp		35,906
5,334	*	Gaylord Entertainment Co		283,875
6,761	e*	Great Wolf Resorts, Inc		83,566
3,408	e*	Isle of Capri Casinos, Inc		66,286
4,208	*	Lodgian, Inc		49,654
3,029		Marcus Corp		58,157
1,037	*	Riviera Holdings Corp		29,088
7,480	e*	Trump Entertainment Resorts, Inc		48,246
		TOTAL HOTELS AND OTHER LODGING PLACES		749,840
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.84%
1,726	*	ASV, Inc		24,216
798	e	Actuant Corp (Class A)		51,846
6,718		Albany International Corp (Class A)		251,858
5,581	e*	Allis-Chalmers Energy, Inc		105,704
1,463		Ampco-Pittsburgh Corp		57,613
1,302	*	Asyst Technologies, Inc		6,888
22,417	e*	Axcelis Technologies, Inc		114,551
3,979	e	Black Box Corp		170,142
8,579	*	Blount International, Inc		97,457
11,335	e	Briggs & Stratton Corp		285,415
14,505	*	Brooks Automation, Inc		206,551

253

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,141	e	Cascade Corp	$	139,529
8,165	*	Cirrus Logic, Inc		52,256
2,014	*	Columbus McKinnon Corp		50,128
3,213	e*	Cray, Inc		23,134
5,358		Curtiss-Wright Corp		254,505
1,692	*	Cymer, Inc		64,956
13,018	*	Electronics for Imaging, Inc		349,663
7,732	*	Emulex Corp		148,222
4,912	*	EnPro Industries, Inc		199,427
22,338	e*	Entegris, Inc		193,894
25,643	*	Extreme Networks, Inc		98,469
69,185	*	Gateway, Inc		130,068
2,429	e*	Gehl Co		54,240
1,566	*	Goodman Global, Inc		37,396
2,554		Hardinge, Inc		88,956
6,418	e*	Immersion Corp		105,127
3,062	*	Kadant, Inc		85,736
1,127		Kaydon Corp		58,593
1,243	*	Kulicke & Soffa Industries, Inc		10,541
1,565		Lindsay Manufacturing Co		68,516
7,427		Modine Manufacturing Co		197,707
1,301		Nacco Industries, Inc (Class A)		134,627
680	*	Netezza Corp		8,507
1,929		Nordson Corp		96,855
11,284	*	Oil States International, Inc		545,017
23,711	d	Palm, Inc		385,778
44,165	e*	Quantum Corp		150,161
6,054	e*	Rackable Systems, Inc		78,520
359	e*	Rimage Corp		8,056
3,240		Robbins & Myers, Inc		185,620
4,611	e*	STEC, Inc		35,182
25,959	e*	Safeguard Scientifics, Inc		59,446
1,232		Sauer-Danfoss, Inc		32,870
515	e*	Scansource, Inc		14,477
4,504	e*	Semitool, Inc		43,689
1,273	e*	Silicon Graphics, Inc		25,142
2,900		Standex International Corp		59,972
230	*	T-3 Energy Services, Inc		9,807
3,680	e*	Tecumseh Products Co (Class A)		70,840
1,955		Tennant Co		95,209
2,334	e*	Ultratech, Inc		32,349
291		Watsco, Inc		13,511
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,868,939
INSTRUMENTS AND RELATED PRODUCTS - 2.77%
3,194		Analogic Corp		203,649
3,875	e*	Anaren, Inc		54,638
2,440	*	Angiodynamics, Inc		45,994
2,010	e*	Argon ST, Inc		39,798
559	e	Badger Meter, Inc		17,916
4,281	*	Bio-Rad Laboratories, Inc (Class A)		387,431
2,806	*	Cantel Medical Corp		43,802
4,642	*	Coherent, Inc		148,915
2,708		Cohu, Inc		50,775

254

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
6,487	*	Conmed Corp	$	181,571
23,533	e*	Credence Systems Corp		72,717
2,829	e	Datascope Corp		95,648
3,802	e	EDO Corp		212,950
329	*	Eagle Test Systems, Inc		4,218
4,695	*	Esterline Technologies Corp		267,850
2,322	*	Excel Technology, Inc		57,934
475	*	Haemonetics Corp		23,475
959	e*	ICU Medical, Inc		37,161
490	e*	Insulet Corp		10,658
6,599		Invacare Corp		154,285
2,777	*	Ixia		24,215
738	*	Kensey Nash Corp		19,269
6,205	e*	L-1 Identity Solutions, Inc		116,964
10,960	*	MKS Instruments, Inc		208,459
1,577		MTS Systems Corp		65,603
370	*	Masimo Corp		9,494
2,085	*	Measurement Specialties, Inc		58,172
580	*	Medical Action Industries, Inc		13,723
5,504	*	Merit Medical Systems, Inc		71,442
4,022	e	Mine Safety Appliances Co		189,476
3,948		Movado Group, Inc		126,020
488	*	Wright Medical Group, Inc		13,088
8,023	e*	Newport Corp		122,190
1,560	*	Orthofix International NV		76,393
431	*	Rofin-Sinar Technologies, Inc		30,261
3,128	*	Rudolph Technologies, Inc		43,260
4,390	e*	Sonic Solutions, Inc		45,963
8,062		STERIS Corp		220,334
7,190	*	Symmetry Medical, Inc		120,073
1,230	*	Teledyne Technologies, Inc		65,670
2,970	*	Varian, Inc		188,922
6,020	e*	Veeco Instruments, Inc		116,668
360	e*	Vital Images, Inc		7,027
273		Vital Signs, Inc		14,234
4,971	e*	X-Rite, Inc		71,781
1,142	*	Zoll Medical Corp		29,601
3,943	*	Zygo Corp		51,377
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,231,064
INSURANCE AGENTS, BROKERS AND SERVICE - 0.45%
6,097	e*	Crawford & Co (Class B)		38,777
7,881		Hilb Rogal & Hobbs Co		341,484
1,270	e	James River Group, Inc		41,148
2,867	e	National Financial Partners Corp		151,894
5,463	*	United America Indemnity Ltd (Class A)		117,509
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		690,812
INSURANCE CARRIERS - 6.82%
2,700	e*	ACA Capital Holdings, Inc		16,443
12,088	*	AMERIGROUP Corp		416,794
7,610		Alfa Corp		138,350
13,281	e	American Equity Investment Life Holding Co		141,443
2,130		American Physicians Capital, Inc		82,985

255

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
4,364	*	Amerisafe, Inc	$	72,181
1,428		Amtrust Financial Services, Inc		21,663
6,721	*	Argo Group International Holdings Ltd		292,431
20,194		Aspen Insurance Holdings Ltd		563,615
15,532		Assured Guaranty Ltd		422,004
1,930		Baldwin & Lyons, Inc (Class B)		52,708
3,850	*	CNA Surety Corp		67,876
1,628	e	Castlepoint Holdings Ltd		18,722
3,109	*	Centene Corp		66,875
7,622	e*	Citizens, Inc		58,308
12,214	e	Commerce Group, Inc		359,947
509	*	Darwin Professional Underwriters, Inc		10,994
9,951		Delphi Financial Group, Inc (Class A)		402,219
2,910	e	Donegal Group, Inc (Class A)		47,084
1,250	e	EMC Insurance Group, Inc		32,488
12,268		Employers Holdings, Inc		252,843
3,350		FBL Financial Group, Inc (Class A)		132,292
2,298	*	Fpic Insurance Group, Inc		98,929
3,569	e*	First Acceptance Corp		18,023
1,324	*	First Mercury Financial Corp		28,479
3,324	e	Flagstone Reinsurance Holdings Ltd		44,176
2,164	e*	Greenlight Capital Re Ltd (Class A)		43,886
924	*	Hallmark Financial Services		12,982
3,659		Harleysville Group, Inc		117,015
4,100	*	Healthspring, Inc		79,950
9,899		Horace Mann Educators Corp		195,109
14,023		IPC Holdings Ltd		404,564
1,300	e	Independence Holding Co		26,494
4,496		Infinity Property & Casualty Corp		180,829
1,184		Kansas City Life Insurance Co		52,191
3,932	e	LandAmerica Financial Group, Inc		153,269
13,822	e	Max Re Capital Ltd		387,569
7,362	*	Meadowbrook Insurance Group, Inc		66,332
2,285	e	Midland Co		125,584
3,126	*	Molina Healthcare, Inc		113,380
23,570		Montpelier Re Holdings Ltd		417,189
1,357		NYMAGIC, Inc		37,738
974	e	National Interstate Corp		29,989
515		National Western Life Insurance Co (Class A)		131,819
3,012	*	Navigators Group, Inc		163,401
6,495		Odyssey Re Holdings Corp		241,029
7,177	e*	PMA Capital Corp (Class A)		68,182
8,412	e*	Primus Guaranty Ltd		88,494
26,149		Phoenix Cos, Inc		368,962
13,719		Platinum Underwriters Holdings Ltd		493,335
4,781		Presidential Life Corp		81,086
7,633	*	ProAssurance Corp		411,190
3,798	*	RAM Holdings Ltd		35,321
4,822		RLI Corp		273,504
3,782		Safety Insurance Group, Inc		135,925
16,387	*	Scottish Re Group Ltd		52,275
4,772	*	SeaBright Insurance Holdings, Inc		81,458
5,598	e	Security Capital Assurance Ltd		127,858
12,569		Selective Insurance Group, Inc		267,468

256

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,338		State Auto Financial Corp	$	97,637
3,833		Stewart Information Services Corp		131,357
2,554	e*	Triad Guaranty, Inc		48,449
5,016	e	United Fire & Casualty Co		196,075
6,904	e*	Universal American Financial Corp		157,480
3,210	*	Validus Holdings Ltd		77,810
8,487		Zenith National Insurance Corp		380,981
		TOTAL INSURANCE CARRIERS		10,415,038
LEATHER AND LEATHER PRODUCTS - 0.40%
8,272	e*	Collective Brands, Inc		182,480
838	e*	Genesco, Inc		38,657
2,526		Steven Madden Ltd		47,868
6,968	*	Timberland Co (Class A)		132,113
1,820	e	Weyco Group, Inc		57,166
5,754		Wolverine World Wide, Inc		157,660
		TOTAL LEATHER AND LEATHER PRODUCTS		615,944
LUMBER AND WOOD PRODUCTS - 0.17%
2,755	e	American Woodmark Corp		68,296
2,521	*	Champion Enterprises, Inc		27,681
1,510	e	Skyline Corp		45,421
3,895	e	Universal Forest Products, Inc		116,461
		TOTAL LUMBER AND WOOD PRODUCTS		257,859
METAL MINING - 0.32%
32,149	e*	Coeur d'Alene Mines Corp		121,845
5,386	*	Rosetta Resources, Inc		98,779
3,504	e	Royal Gold, Inc		114,756
9,063	*	Stillwater Mining Co		93,258
6,674	e*	Uranium Resources, Inc		62,669
		TOTAL METAL MINING		491,307
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.55%
5,057		Blyth, Inc		103,416
16,540	e	Callaway Golf Co		264,805
6,496	e*	Jakks Pacific, Inc		173,508
2,109	e	Marine Products Corp		17,884
4,160	e	Nautilus, Inc		33,155
4,897	*	RC2 Corp		135,598
3,915	*	Russ Berrie & Co, Inc		65,772
1,781	e	Steinway Musical Instruments, Inc		52,753
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		846,891
MISCELLANEOUS RETAIL - 0.46%
746	*	AC Moore Arts & Crafts, Inc		11,757
3,698	e	Books-A-Million, Inc		48,925
13,422	e	Borders Group, Inc		178,915
641	e*	CKX, Inc		7,891
389		Cash America International, Inc		14,626
640	*	Gander Mountain Co		3,462
400		Longs Drug Stores Corp		19,868
1,506	*	PC Connection, Inc		18,825
2,105	e	Pricesmart, Inc		49,678

257

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
957	e	Systemax, Inc	$	19,561
1,184	e*	Valuevision International, Inc (Class A)		8,773
1,593		World Fuel Services Corp		65,010
11,223	e*	Zale Corp		259,700
		TOTAL MISCELLANEOUS RETAIL		706,991
MOTION PICTURES - 0.45%
9,459	e*	Avid Technology, Inc		256,150
44,032	e*	Blockbuster, Inc (Class A)		236,452
2,796	e	Carmike Cinemas, Inc		51,363
3,499	e	Cinemark Holdings Inc		64,941
885	*	Gaiam, Inc (Class A)		21,267
2,337	*	Time Warner Telecom, Inc (Class A)		51,344
		TOTAL MOTION PICTURES		681,517
NONDEPOSITORY INSTITUTIONS - 1.62%
5,600	*	Aldabra 2 Acquisition Corp		51,464
5,600	*	Alternative Asset Management Acquisition Corp		49,392
5,153	e*	Accredited Home Lenders Holding Co		60,136
1,020		Advance America Cash Advance Centers, Inc		10,883
4,366		Advanta Corp (Class B)		119,716
15,928	e	Ares Capital Corp		259,149
773	e	Asta Funding, Inc		29,621
1,600		BlackRock Kelso Capital Corp		23,200
5,351	e	Centerline Holding Co		82,138
1,999	*	CompuCredit Corp		43,398
4,789	e	Delta Financial Corp		23,514
2,836	e*	Encore Capital Group, Inc		33,465
5,369	e*	Energy Infrastructure Acquisition Corp		52,777
2,354	e	Federal Agricultural Mortgage Corp (Class C)		69,113
6,207	e	Financial Federal Corp		173,858
12,373	e*	Freedom Acquisition Holding, Inc		139,196
7,422	e	Hercules Technology Growth Capital, Inc		98,490
2,711	e*	INVESTools, Inc		32,776
4,430	e*	Information Services Group, Inc		33,890
2,997		Kohlberg Capital Corp		45,135
8,792	e*	Marathon Acquisition Corp		69,369
14,319	e	MCG Capital Corp		206,050
1,100	*	Mercadolibre, Inc		40,293
1,420	e*	NewStar Financial, Inc		15,961
3,886	e	NGP Capital Resources Co		63,070
5,903	e*	NTR Acquisition Co		55,960
3,753	e	Nelnet, Inc (Class A)		68,455
8,397	e*	Ocwen Financial Corp		79,184
12,266	*	PHH Corp		322,350
4,293	e	Patriot Capital Funding, Inc		57,397
5,111	e	Technology Investment Capital Corp		68,334
		TOTAL NONDEPOSITORY INSTITUTIONS		2,477,734
NONMETALLIC MINERALS, EXCEPT FUELS - 0.25%
4,003	e	AMCOL International Corp		132,459
7,299	e	Compass Minerals International, Inc		248,458
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		380,917

258

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
OIL AND GAS EXTRACTION - 3.74%
2,628	e*	Basic Energy Services, Inc	$	55,241
5,445	e	Berry Petroleum Co (Class A)		215,568
1,404	e*	Bill Barrett Corp		55,332
778	e*	Bois d'Arc Energy, Inc		14,914
10,841	e*	Brigham Exploration Co		64,287
5,969	e*	Bronco Drilling Co, Inc		88,341
4,874	e*	Callon Petroleum Co		67,846
1,153	*	Clayton Williams Energy, Inc		38,049
2,713	*	Comstock Resources, Inc		83,669
970	*	Concho Resources, Inc		14,366
172	e*	Dawson Geophysical Co		13,332
14,128	e*	EXCO Resources, Inc		233,677
6,340	e*	Edge Petroleum Corp		81,406
12,173	*	Encore Acquisition Co		385,275
6,354	e*	Energy Partners Ltd		93,277
13,816	*	Exterran Holdings, Inc		1,109,977
3,778	*	Geomet, Inc		19,230
39,030	e*	Grey Wolf, Inc		255,647
8,520	e*	Harvest Natural Resources, Inc		101,729
7,671	*	Horizon Offshore, Inc		126,572
2,358		Kayne Anderson Energy Development Co		60,082
9,288	*	Mariner Energy, Inc		192,354
3,309	e*	McMoRan Exploration Co		44,506
20,078	*	Meridian Resource Corp		49,793
2,796	*	Newpark Resources, Inc		14,987
28,695	e*	Oilsands Quest, Inc		127,119
4,903	*	Parker Drilling Co		39,812
4,753		Penn Virginia Corp		209,037
18,815	e*	PetroHawk Energy Corp		308,942
2,857	e*	Petroleum Development Corp		126,708
11,542	*	Pioneer Drilling Co		140,582
1,090	*	Rex Energy Corp		8,775
6,421	*	Stone Energy Corp		256,904
4,556	e*	Sulphco, Inc		40,093
801	e*	Superior Offshore International, Inc		9,011
870	e*	Superior Well Services, Inc		19,775
6,854	*	Swift Energy Co		280,466
3,188	e*	Toreador Resources Corp		37,714
2,630	e*	Trico Marine Services, Inc		78,374
3,304	*	Union Drilling, Inc		48,172
800	m,v*	PetroCorp		-
13,976	e*	Vaalco Energy, Inc		63,870
739	e*	Warren Resources, Inc		9,267
9,635	*	Whiting Petroleum Corp		428,276
		TOTAL OIL AND GAS EXTRACTION		5,712,354
PAPER AND ALLIED PRODUCTS - 0.71%
12,830	e	Bowater, Inc		191,424
8,662	*	Buckeye Technologies, Inc		131,143
4,900	e*	Chesapeake Corp		41,454
10,394	e	Glatfelter		154,247
7,513	e*	Mercer International, Inc		70,998
1,176		Neenah Paper, Inc		38,914

259

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,106	*	Playtex Products, Inc	$	38,498
8,050		Rock-Tenn Co (Class A)		232,645
3,470		Schweitzer-Mauduit International, Inc		80,851
9,805		Wausau Paper Corp		109,326
		TOTAL PAPER AND ALLIED PRODUCTS		1,089,500
PERSONAL SERVICES - 0.57%
4,571	*	Coinstar, Inc		147,049
4,932		G & K Services, Inc (Class A)		198,266
1,134	e	Jackson Hewitt Tax Service, Inc		31,707
10,152		Regis Corp		323,950
1,032	e*	Steiner Leisure Ltd		44,789
3,345		Unifirst Corp		125,304
		TOTAL PERSONAL SERVICES		871,065
PETROLEUM AND COAL PRODUCTS - 0.16%
1,045	e	Delek US Holdings, Inc		26,209
8,775	e*	Headwaters, Inc		130,572
2,559		WD-40 Co		87,364
		TOTAL PETROLEUM AND COAL PRODUCTS		244,145
PRIMARY METAL INDUSTRIES - 1.78%
3,013	*	Century Aluminum Co		158,634
1,838	*	Claymont Steel, Inc		37,220
5,447	e	Encore Wire Corp		136,883
240	e*	LB Foster Co (Class A)		10,430
5,860		Gibraltar Industries, Inc		108,410
600	*	Horsehead Holding Corp		13,452
8,491		Mueller Industries, Inc		306,865
2,098	e*	Northwest Pipe Co		79,346
1,936	e	Olympic Steel, Inc		52,582
8,499		Quanex Corp		399,283
5,008	e	Schnitzer Steel Industries, Inc (Class A)		367,036
4,714	e*	Superior Essex, Inc		175,738
3,696	e	Texas Industries, Inc		290,136
7,211		Tredegar Corp		124,390
645	*	Universal Stainless & Alloy		25,665
3,113	*	Wheeling-Pittsburgh Corp		60,081
15,830	e	Worthington Industries, Inc		372,955
		TOTAL PRIMARY METAL INDUSTRIES		2,719,106
PRINTING AND PUBLISHING - 1.54%
9,133	e*	ACCO Brands Corp		204,945
12,691		American Greetings Corp (Class A)		335,042
19,406		Belo (A.H.) Corp (Class A)		336,888
6,323	e	Bowne & Co, Inc		105,341
1,842	e	CSS Industries, Inc		66,257
353	*	Consolidated Graphics, Inc		22,165
659	e	Courier Corp		23,203
1,150	*	Dolan Media Co		27,945
5,930		Ennis, Inc		130,697
5,127	e	GateHouse Media, Inc		65,369
10,383		Journal Communications, Inc (Class A)		98,431
10,483	e	Lee Enterprises, Inc		163,220

260

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
5,123		Media General, Inc (Class A)	$	140,934
270		Multi-Color Corp		6,161
5,180	*	Playboy Enterprises, Inc (Class B)		55,633
10,215	e	Primedia, Inc		143,419
2,896		Schawk, Inc		65,363
7,078	*	Scholastic Corp		246,739
3,384	e	Standard Register Co		43,011
7,259	e*	Sun-Times Media Group, Inc (Class A)		16,478
5,856	e*	Valassis Communications, Inc		52,236
		TOTAL PRINTING AND PUBLISHING		2,349,477
RAILROAD TRANSPORTATION - 0.08%
4,051	*	Genesee & Wyoming, Inc (Class A)		116,831
		TOTAL RAILROAD TRANSPORTATION		116,831
REAL ESTATE - 0.14%
1,227	e*	Stratus Properties, Inc		43,350
21,645	e	Stewart Enterprises, Inc (Class A)		164,935
		TOTAL REAL ESTATE		208,285
RUBBER AND MISCELLANEOUS PLASTIC PRODUCT - 0.55%
14,131		Cooper Tire & Rubber Co		344,796
6,242		Schulman (A.), Inc		123,155
7,146		Spartech Corp		121,911
2,216	e*	Trex Co, Inc		24,642
7,109		Tupperware Corp		223,862
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCT		838,366
SECURITY AND COMMODITY BROKERS - 0.94%
4,856		Calamos Asset Management, Inc (Class A)		137,085
3,813	e*	Cowen Group, Inc		52,696
2,025		Evercore Partners, Inc (Class A)		53,237
5,020	*	FBR Capital Markets Corp		64,658
920	e	GAMCO Investors, Inc (Class A)		50,416
4,975	e*	Interactive Brokers Group, Inc (Class A)		130,643
6,314	e*	KBW, Inc		181,717
14,092	*	Knight Capital Group, Inc (Class A)		168,540
11,582	e*	LaBranche & Co, Inc		54,204
4,360	e*	Piper Jaffray Cos		233,696
4,575	e	SWS Group, Inc		80,932
4,338	e	Sanders Morris Harris Group, Inc		44,031
5,023	*	Thomas Weisel Partners Group, Inc		72,884
2,464	e	WP Stewart & Co Ltd		24,443
2,990		Waddell & Reed Financial, Inc (Class A)		80,820
		TOTAL SECURITY AND COMMODITY BROKERS		1,430,002
SOCIAL SERVICES - 0.12%
4,239	*	Capital Senior Living Corp		35,692
852	*	Providence Service Corp		25,015
5,420	*	Res-Care, Inc		123,793
		TOTAL SOCIAL SERVICES		184,500
SPECIAL TRADE CONTRACTORS - 0.62%
7,539	*	AsiaInfo Holdings, Inc		68,303

261

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
362		Chemed Corp	$	22,502
8,171		Comfort Systems USA, Inc		116,028
4,799	e*	Dycom Industries, Inc		146,993
14,618	*	EMCOR Group, Inc		458,420
6,104	e*	Insituform Technologies, Inc (Class A)		92,964
1,428	e*	Integrated Electrical Services, Inc		36,571
		TOTAL SPECIAL TRADE CONTRACTORS		941,781
STONE, CLAY, AND GLASS PRODUCTS - 0.09%
1,018	e*	Cabot Microelectronics Corp		43,519
3,205		Libbey, Inc		56,152
4,435	e*	US Concrete, Inc		29,227
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		128,898
TEXTILE MILL PRODUCTS - 0.09%
3,604		Oxford Industries, Inc		130,176
2,451		Xerium Technologies, Inc		13,235
		TOTAL TEXTILE MILL PRODUCTS		143,411
TOBACCO PRODUCTS - 0.24%
6,192	e	Universal Corp		303,098
2,764	e	Vector Group Ltd		61,941
		TOTAL TOBACCO PRODUCTS		365,039
TRANSPORTATION BY AIR - 1.06%
13,326	*	ABX Air, Inc		94,348
9,392	*	Alaska Air Group, Inc		216,861
3,052	e*	Atlas Air Worldwide Holdings, Inc		157,575
4,642	e*	Bristow Group, Inc		202,902
10,968	e*	ExpressJet Holdings, Inc		33,891
35,283	e*	JetBlue Airways Corp		325,309
1,557	e*	PHI, Inc		46,928
7,685	*	Republic Airways Holdings, Inc		162,691
14,795		Skywest, Inc		372,390
		TOTAL TRANSPORTATION BY AIR		1,612,895
TRANSPORTATION EQUIPMENT - 2.10%
578	*	AAR Corp		17,537
5,409	*	Accuride Corp		65,503
5,035	*	Aftermarket Technology Corp		159,811
10,250		American Axle & Manufacturing Holdings, Inc		258,812
2,601	e	Arctic Cat, Inc		42,552
16,370	e	ArvinMeritor, Inc		275,343
5,911		Clarcor, Inc		202,215
11,112		Federal Signal Corp		170,680
2,569		Freightcar America, Inc		98,136
3,592	e	Greenbrier Cos, Inc		95,942
5,563	e	Group 1 Automotive, Inc		186,750
3,700		Kaman Corp		127,872
1,901	*	Miller Industries, Inc		32,545
6,734	e	Monaco Coach Corp		94,478
2,007	*	Orbital Sciences Corp		44,636
1,247	e	Polaris Industries, Inc		54,394
1,640	*	Sequa Corp (Class A)		271,879

262

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
4,717		A.O. Smith Corp	$	206,982
3,934		Standard Motor Products, Inc		36,980
5,041	e	Superior Industries International, Inc		109,339
8,110	*	Tenneco, Inc		251,491
2,944		Triumph Group, Inc		240,554
14,434	e*	Visteon Corp		74,335
6,735	e	Wabash National Corp		76,038
632	e	Winnebago Industries, Inc		15,092
		TOTAL TRANSPORTATION EQUIPMENT		3,209,896
TRANSPORTATION SERVICES - 0.36%
1,243		Ambassadors International, Inc		30,491
11,725	*	Lear Corp		376,372
2,990	*	Orbitz Worldwide, Inc		33,757
5,624	e	Pacer International, Inc		107,137
		TOTAL TRANSPORTATION SERVICES		547,757
TRUCKING AND WAREHOUSING - 0.45%
5,170	e	Arkansas Best Corp		168,852
1,409	e	Forward Air Corp		41,960
9,100		Heartland Express, Inc		129,948
3,662	e*	Marten Transport Ltd		56,431
395	*	Old Dominion Freight Line		9,468
390	e*	Patriot Transportation Holding, Inc		38,353
2,785	*	Saia, Inc		46,036
729	e*	Universal Truckload Services, Inc		16,009
10,662	e	Werner Enterprises, Inc		182,853
		TOTAL TRUCKING AND WAREHOUSING		689,910
WATER TRANSPORTATION - 1.03%
7,776		Eagle Bulk Shipping, Inc		200,154
3,830	e	Genco Shipping & Trading Ltd		250,980
6,575	e	General Maritime Corp		183,508
6,114		Golar LNG Ltd		136,464
5,238	*	Gulfmark Offshore, Inc		254,881
5,268	e*	Hornbeck Offshore Services, Inc		193,336
250	e	Knightsbridge Tankers Ltd		6,725
6,865	e	Nordic American Tanker Shipping		269,383
1,204	e*	TBS International Ltd (Class A)		49,665
2,104	e*	Ultrapetrol Bahamas Ltd		34,947
		TOTAL WATER TRANSPORTATION		1,580,043
WHOLESALE TRADE-DURABLE GOODS - 1.38%
7,089		Agilysys, Inc		119,804
8,161		Applied Industrial Technologies, Inc		251,604
942		Barnes Group, Inc		30,069
841	*	Beacon Roofing Supply, Inc		8,595
2,910	e	BlueLinx Holdings, Inc		20,486
6,747	e	Building Material Holding Corp		71,383
2,006		Castle (A.M.) & Co		65,396
5,017	*	Digi International, Inc		71,442
6,860	e*	Genesis Microchip, Inc		53,782
630	e*	Hansen Medical, Inc		17,079
24,648		IKON Office Solutions, Inc		316,727

263

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
11,075	*	Insight Enterprises, Inc	$	285,846
3,758	*	Interline Brands, Inc		86,396
931		Lawson Products, Inc		32,408
7,625		Owens & Minor, Inc		290,436
7,760	e	PEP Boys-Manny Moe & Jack		108,873
6,080		Ryerson Tull, Inc		205,139
1,625	*	Solera Holdings, Inc		29,234
320	e*	TomoTherapy, Inc		7,434
3,396	e*	West Marine, Inc		39,224
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,111,357
WHOLESALE TRADE-NONDURABLE GOODS - 1.00%
3,580		Andersons, Inc		171,912
1,250	*	Central European Distribution Corp		59,887
2,219	e*	Core-Mark Holding Co, Inc		78,175
6,520	e*	Fresh Del Monte Produce, Inc		187,450
9,097	e*	Hain Celestial Group, Inc		292,287
3,926	e	K-Swiss, Inc (Class A)		89,945
2,196	e	Kenneth Cole Productions, Inc (Class A)		42,537
580	e*	Maui Land & Pineapple Co, Inc		17,655
1,759	e	Nash Finch Co		70,061
3,666		Nu Skin Enterprises, Inc (Class A)		59,243
722	*	Nuco2, Inc		18,584
2,655	*	Perry Ellis International, Inc		73,570
3,915	e*	School Specialty, Inc		135,576
6,449	e*	Source Interlink Cos, Inc		22,700
3,218	e	Spartan Stores, Inc		72,502
2,305	*	United Stationers, Inc		127,974
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,520,058
		TOTAL COMMON STOCKS		152,047,320
		(Cost $149,289,367)
PRINCIPAL		ISSUER
SHORT- TERM INVESTMENTS - 28.86%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.22%
340,000	d	Federal Home Loan Bank (FHLB) 10/01/07		339,887
				339,887
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 28.64%
43,750,726		State Street Navigator Securities Lending Prime Portfolio		43,750,726
				43,750,726
		TOTAL SHORT-TERM INVESTMENTS		44,090,613
		(Cost $44,090,726)
		TOTAL PORTFOLIO - 128.40%		196,137,933
		(Cost $193,380,093)
		OTHER ASSETS & LIABILITIES, NET - (28.40)%		(43,382,145	)
		NET ASSETS - 100.00%	$	152,755,788

264

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
	*	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 $369,173.
	e	All or a portion of these securities are out on loan.
	m	Indicates a security has been deemed illiquid.
	v	Security valued at fair value.

265

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP BLEND INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 100.33%
AGRICULTURAL PRODUCTION-CROPS - 0.05%
7,153	e*	Chiquita Brands International, Inc	$	113,232
		TOTAL AGRICULTURAL PRODUCTION-CROPS		113,232
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.18%
2,266		Cal-Maine Foods, Inc		57,194
6,718		Pilgrim's Pride Corp		233,316
61		Seaboard Corp		119,560
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		410,070
AGRICULTURAL SERVICES - 0.02%
2,197	e*	Cadiz, Inc		41,523
		TOTAL AGRICULTURAL SERVICES		41,523
AMUSEMENT AND RECREATION SERVICES - 0.89%
8,854	*	Bally Technologies, Inc		313,697
1,527		Churchill Downs, Inc		76,289
2,800	e	Dover Downs Gaming & Entertainment, Inc		29,092
3,453	*	Lakes Entertainment, Inc		32,907
5,059	e*	Leapfrog Enterprises, Inc		41,737
5,279	e*	Life Time Fitness, Inc		323,814
11,005	*	Live Nation, Inc		233,856
2,941	e*	MTR Gaming Group, Inc		28,028
7,057	*	Magna Entertainment Corp		16,019
9,176	e*	Marvel Entertainment, Inc		215,085
3,537	e*	Multimedia Games, Inc		30,135
9,922	*	Pinnacle Entertainment, Inc		270,176
10,071	e*	Six Flags, Inc		34,846
2,279		Speedway Motorsports, Inc		84,323
2,302	*	Town Sports International Holdings, Inc		35,013
6,753	e*	WMS Industries, Inc		223,524
14,795	*	Westwood One, Inc		40,686
3,262		World Wrestling Entertainment, Inc		49,191
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,078,418
APPAREL AND ACCESSORY STORES - 1.32%
12,888	*	Aeropostale, Inc		245,645
4,189	e	Bebe Stores, Inc		61,285
7,535		Brown Shoe Co, Inc		146,179
2,319	e	Buckle, Inc		87,983
1,755	e*	Cache, Inc		31,327
9,426	e*	Carter's, Inc		188,049
6,292	e*	Casual Male Retail Group, Inc		56,376
4,794		Cato Corp (Class A)		97,989
4,009	*	Charlotte Russe Holding, Inc		58,692
20,577	e*	Charming Shoppes, Inc		172,847

266

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,822	e*	Children's Place Retail Stores, Inc	$	92,798
5,809	e	Christopher & Banks Corp		70,405
2,440	e*	Citi Trends, Inc		53,094
2,689	e*	DSW, Inc (Class A)		67,682
1,120	e	DEB Shops, Inc		30,117
7,871	*	Dress Barn, Inc		133,886
5,578	e*	Eddie Bauer Holdings, Inc		47,971
6,304	*	Finish Line, Inc (Class A)		27,359
6,740	*	HOT Topic, Inc		50,280
6,473	e*	J Crew Group, Inc		268,630
2,995	e*	JOS A Bank Clothiers, Inc		100,093
4,060	e*	Jo-Ann Stores, Inc		85,666
2,891	e*	New York & Co, Inc		17,635
11,445	e*	Pacific Sunwear Of California, Inc		169,386
1,662	*	Shoe Carnival, Inc		26,226
7,277		Stage Stores, Inc		132,660
1,560	e	Syms Corp		23,416
4,057	e	Talbots, Inc		73,026
5,030	e*	Tween Brands, Inc		165,185
4,118	e*	Under Armour, Inc (Class A)		246,339
14,440	*	Wet Seal, Inc (Class A)		55,883
		TOTAL APPAREL AND ACCESSORY STORES		3,084,109
APPAREL AND OTHER TEXTILE PRODUCTS - 0.53%
2,383	e	Columbia Sportswear Co		131,804
2,368	*	G-III Apparel Group Ltd		46,626
4,999	*	Gymboree Corp		176,165
4,201		Kellwood Co		71,627
3,020	*	Lululemon Athletica, Inc		126,931
3,783	*	Maidenform Brands, Inc		60,074
20,682	*	Quiksilver, Inc		295,753
2,321	*	True Religion Apparel, Inc		40,850
7,700	*	Warnaco Group, Inc		300,839
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,250,669
AUTO REPAIR, SERVICES AND PARKING - 0.30%
1,666	e*	Amerco, Inc		105,724
4,014	*	Dollar Thrifty Automotive Group, Inc		139,246
9,864	e*	Exide Technologies		64,116
2,652	*	Midas, Inc		50,043
2,046		Monro Muffler, Inc		69,134
763	*	Standard Parking Corp		30,360
6,671	*	Wright Express Corp		243,425
		TOTAL AUTO REPAIR, SERVICES AND PARKING		702,048
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.19%
4,019		Asbury Automotive Group, Inc		79,616
7,210	e*	CSK Auto Corp		76,787
2,266	e	Lithia Motors, Inc (Class A)		38,658
2,468	e*	MarineMax, Inc		35,934
3,649	e*	Rush Enterprises, Inc (Class A)		92,502
4,937		Sonic Automotive, Inc (Class A)		118,192
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		441,689

267

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.05%
2,030	e*	Builders FirstSource, Inc	$	21,883
11,695	e*	Central Garden and Pet Co (Class A)		105,021
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		126,904
BUSINESS SERVICES - 10.22%
65,033	*	3Com Corp		321,263
2,889	e*	3D Systems Corp		68,238
7,205		ABM Industries, Inc		143,956
6,174	e*	ACI Worldwide, Inc		137,989
5,453	*	AMN Healthcare Services, Inc		102,135
7,862		Aaron Rents, Inc		175,323
4,946	e*	Acacia Research (Acacia Technologies)		72,607
10,135	*	Actuate Corp		65,371
3,936		Administaff, Inc		142,877
2,920	e*	Advent Software, Inc		137,152
4,608	e*	American Reprographics Co		86,262
2,731	*	Ansoft Corp		90,068
12,889	*	Ansys, Inc		440,417
5,004		Arbitron, Inc		226,881
13,029	e*	Ariba, Inc		140,453
19,234	e*	Art Technology Group, Inc		58,087
14,287	e*	Aspen Technology, Inc		204,590
2,804	e	Asset Acceptance Capital Corp		32,526
8,434	*	Avocent Corp		245,598
8,237	e*	BPZ Energy, Inc		64,249
1,808	e*	Bankrate, Inc		83,385
1,114		Barrett Business Services		26,547
33,535	e*	BearingPoint, Inc		135,817
7,306		Blackbaud, Inc		184,403
4,748	*	Blackboard, Inc		217,648
960	*	BladeLogic, Inc		24,614
2,300	e*	Blue Coat Systems, Inc		181,148
12,041	e*	Borland Software Corp		52,378
3,745	*	Bottomline Technologies, Inc		46,925
8,384		Brady Corp (Class A)		300,818
5,132	*	CACI International, Inc (Class A)		262,194
963	*	Cavium Networks, Inc		31,298
7,403	e*	CBIZ, Inc		58,854
77,860	*	CMGI, Inc		105,890
25,147	e*	CNET Networks, Inc		187,345
5,656	*	Commvault Systems, Inc		104,749
2,545	*	COMSYS IT Partners, Inc		42,781
7,211	*	CSG Systems International, Inc		153,234
1,744	*	Capella Education Co		97,507
6,031	*	Catalina Marketing Corp		195,344
5,395	*	Chordiant Software, Inc		74,775
8,522	*	Ciber, Inc		66,557
2,421	e*	Clayton Holdings, Inc		19,392
3,191	*	CoStar Group, Inc		170,559
8,443	*	Cogent Communications Group, Inc		197,060
7,127	e*	Cogent, Inc		111,751
7,414		Cognex Corp		131,673
3,722		Compass Diversified Trust		59,775

268

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,684	e	Computer Programs & Systems, Inc	$	44,390
6,281	*	Concur Technologies, Inc		197,977
5,490	e*	Cybersource Corp		64,178
1,780	*	Double-Take Software, Inc		34,016
1,420	*	Data Domain, Inc		43,949
5,647	*	DealerTrack Holdings, Inc		236,496
8,630		Deluxe Corp		317,929
2,810	*	Dice Holdings, Inc		28,887
6,877	e*	Digital River, Inc		307,746
3,996	e*	DivX, Inc		59,421
4,024	e*	DynCorp International, Inc (Class A)		92,995
4,235	e*	EPIQ Systems, Inc		79,703
20,580	*	Earthlink, Inc		162,994
5,162	e*	Echelon Corp		129,102
7,598	*	Eclipsys Corp		177,185
2,479		Electro Rent Corp		34,731
9,261	e*	Epicor Software Corp		127,524
5,244	e*	Equinix, Inc		465,090
13,615	e*	Evergreen Energy, Inc		69,437
3,796	e*	ExlService Holdings, Inc		80,703
3,293	e	FTD Group, Inc		49,000
5,522	*	FalconStor Software, Inc		66,540
1,246	*	First Advantage Corp (Class A)		22,017
2,442	*	Forrester Research, Inc		57,558
11,474	*	Gartner, Inc		280,654
3,326	*	Gerber Scientific, Inc		36,087
3,612		Gevity HR, Inc		37,023
6,997	*	Global Cash Access, Inc		74,098
2,773	e*	Global Sources Ltd		61,477
790	*	Guidance Software, Inc		10,009
3,020	*	H&E Equipment Services, Inc		54,300
3,405	e*	HMS Holdings Corp		83,797
7,007	e	Healthcare Services Group		142,032
2,671	e	Heartland Payment Systems, Inc		68,645
2,879		Heidrick & Struggles International, Inc		104,940
13,097		Jack Henry & Associates, Inc		338,688
4,427	*	Hudson Highland Group, Inc		56,356
8,310	*	Hypercom Corp		37,561
1,549	e*	ICT Group, Inc		20,772
5,231	*	IHS, Inc (Class A)		295,499
2,119	e	Imergent, Inc		47,529
14,107	*	Informatica Corp		221,480
5,197		Infospace, Inc		91,259
3,997	e*	Innerworkings, Inc		68,868
1,950	e*	Innovative Solutions & Support, Inc		36,992
1,649	e	Integral Systems, Inc		35,437
5,995		Interactive Data Corp		169,059
1,860	*	Interactive Intelligence, Inc		35,340
7,805	e*	Internap Network Services Corp		110,597
6,472	*	Internet Capital Group, Inc		77,664
7,246	*	Interwoven, Inc		103,111
9,282	e*	Ipass, Inc		38,984
4,179	*	JDA Software Group, Inc		86,338
3,766		Kelly Services, Inc (Class A)		74,604

269

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,288	*	Kenexa Corp	$	131,985
2,240	*	Keynote Systems, Inc		30,755
5,206	*	Kforce, Inc		66,949
4,423	e*	Knot, Inc		94,033
7,594	*	Korn/Ferry International		125,377
7,718	*	Labor Ready, Inc		142,860
20,485	*	Lawson Software, Inc		205,055
3,060	*	Limelight Networks, Inc		26,867
11,752	*	Lionbridge Technologies		46,890
1,515	*	Liquidity Services, Inc		16,650
7,280	*	LivePerson, Inc		44,845
2,837	*	LoJack Corp		53,790
17,259	*	MPS Group, Inc		192,438
7,065	e*	MSC.Software Corp		96,225
7,100	e*	Magma Design Automation, Inc		99,897
4,288	*	Manhattan Associates, Inc		117,534
3,108	*	Mantech International Corp (Class A)		111,826
5,085	e	Marchex, Inc (Class B)		48,358
14,855	*	Mentor Graphics Corp		224,311
1,635	*	MicroStrategy, Inc (Class A)		129,721
3,332	e*	Midway Games, Inc		14,528
1,820	*	Monotype Imaging Holdings, Inc		22,896
15,884	*	Move, Inc		43,840
6,598	e	NIC, Inc		45,790
5,423	e*	Ness Technologies, Inc		59,219
7,566	e*	NetFlix, Inc		156,768
4,554	*	Network Equipment Technologies, Inc		66,033
21,914	e*	Nuance Communications, Inc		423,159
5,535	e*	Omniture, Inc		167,821
5,691	*	On Assignment, Inc		53,154
4,544	e*	Online Resources Corp		57,436
18,565	e*	OpenTV Corp (Class A)		27,476
3,657	*	PDF Solutions, Inc		36,131
2,967	e*	PRA International		87,230
1,300	*	PROS Holdings, Inc		15,691
6,048	e*	Packeteer, Inc		45,965
19,099	*	Parametric Technology Corp		332,705
2,294	e	Pegasystems, Inc		27,299
4,304	e*	PeopleSupport, Inc		51,476
4,723	e*	Perficient, Inc		103,292
14,604	*	Perot Systems Corp (Class A)		246,954
6,521	*	Phase Forward, Inc		130,485
2,700	e	Portfolio Recovery Associates, Inc		143,289
10,986	*	Premiere Global Services, Inc		138,973
6,937	*	Progress Software Corp		210,191
1,692	e*	Protection One, Inc		22,707
2,069	e	QAD, Inc		17,918
2,665	e	Quality Systems, Inc		97,619
11,341	*	Quest Software, Inc		194,612
3,472	e*	RSC Holdings, Inc		56,941
3,981	*	Radiant Systems, Inc		63,019
4,264	e*	Radisys Corp		53,087
5,624	e*	Raser Technologies, Inc		72,493
16,340	e*	RealNetworks, Inc		110,785

270

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,898	e	Renaissance Learning, Inc	$	22,947
11,835	e*	Rent-A-Center, Inc		214,569
3,158	e*	RightNow Technologies, Inc		50,812
4,910		Rollins, Inc		131,048
9,169	*	S1 Corp		82,979
2,271	e*	SI International, Inc		64,882
3,060	*	SPSS, Inc		125,888
6,866	*	SRA International, Inc (Class A)		192,797
2,326	*	SYNNEX Corp		47,823
13,483	*	Sapient Corp		90,471
7,929	e*	Secure Computing Corp		77,149
5,133	e*	Smith Micro Software, Inc		82,436
4,583	e*	Sohu.com, Inc		172,825
10,460	*	SonicWALL, Inc		91,316
42,121	e*	Sonus Networks, Inc		256,938
10,985		Sotheby's		524,973
946	*	Sourcefire, Inc		8,590
9,585	*	Spherion Corp		79,172
3,436	*	Stratasys, Inc		94,696
15,189	*	Sybase, Inc		351,322
5,130	*	SYKES Enterprises, Inc		85,209
3,019	e*	Synchronoss Technologies, Inc		126,979
2,078		Syntel, Inc		86,403
2,807	e	TAL International Group, Inc		70,371
11,128	*	THQ, Inc		277,977
34,677	*	TIBCO Software, Inc		256,263
4,050	e	TNS, Inc		65,043
12,132	e*	Take-Two Interactive Software, Inc		207,215
2,618	*	Taleo Corp (Class A)		66,523
1,098	*	TechTarget, Inc		18,556
7,136	*	TeleTech Holdings, Inc		170,622
3,922	e	TheStreet.com, Inc		47,495
918	*	Tiens Biotech Group USA, Inc		3,075
4,878	e*	TradeStation Group, Inc		56,926
1,073	e*	Travelzoo, Inc		24,625
7,681	*	Trizetto Group, Inc		134,494
3,907	*	Ultimate Software Group, Inc		136,354
1,400	*	Unica Corp		15,722
11,096		United Online, Inc		166,551
1,293	*	Veraz Networks, Inc		9,077
16,604	*	Valueclick, Inc		372,926
4,473	*	Vasco Data Security International		157,942
3,579		Viad Corp		128,844
4,871	*	Vignette Corp		97,761
730	*	Virtusa Corp		10,950
3,483	*	Visual Sciences, Inc		50,295
2,230	*	Vocus, Inc		65,205
2,363	*	Volt Information Sciences, Inc		41,683
7,500	*	Websense, Inc		147,975
12,728	*	Wind River Systems, Inc		149,809
3,125	e*	eSpeed, Inc (Class A)		26,656
2,302	e*	i2 Technologies, Inc		35,106
3,941	*	iGate Corp		33,774
5,263	*	inVentiv Health, Inc		230,625

271

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,778		infoUSA, Inc	$	44,388
		TOTAL BUSINESS SERVICES		23,915,631
CHEMICALS AND ALLIED PRODUCTS - 7.09%
2,860	e*	AMAG Pharmaceuticals, Inc		163,592
5,102	e*	Acadia Pharmaceuticals, Inc		76,785
3,901	*	Acorda Therapeutics, Inc		71,583
5,986	e*	Adams Respiratory Therapeutics, Inc		230,700
3,849	*	Albany Molecular Research, Inc		58,120
6,057	e*	Alexion Pharmaceuticals, Inc		394,614
2,897	e*	Alexza Pharmaceuticals, Inc		25,088
16,721	*	Alkermes, Inc		307,666
5,964	e*	Allos Therapeutics, Inc		28,329
5,446	e*	Alnylam Pharmaceuticals, Inc		178,465
7,380	*	Alpharma, Inc (Class A)		157,637
8,516	*	American Oriental Bioengineering, Inc		94,953
3,154		American Vanguard Corp		61,566
714	*	Amicus Therapeutics, Inc		11,931
2,390	*	Animal Health International, Inc		26,601
4,041		Arch Chemicals, Inc		189,442
9,646	e*	Arena Pharmaceuticals, Inc		105,624
6,142	e*	Arqule, Inc		43,792
7,620	e*	Array Biopharma, Inc		85,573
6,913	e*	Arrowhead Research Corp		34,911
5,407	e*	Auxilium Pharmaceuticals, Inc		113,980
4,627	e*	Aventine Renewable Energy Holdings, Inc		48,907
2,753		Balchem Corp		56,189
2,749	*	Bentley Pharmaceuticals, Inc		34,308
15,931	e*	BioMarin Pharmaceuticals, Inc		396,682
1,531	e*	BioMimetic Therapeutics, Inc		20,424
715	e*	Biodel, Inc		12,184
9,168	e*	Bionovo, Inc		35,297
1,989	e*	Bradley Pharmaceuticals, Inc		36,200
2,308	e*	Cadence Pharmaceuticals, Inc		32,312
9,207		CF Industries Holdings, Inc		698,903
6,601	e*	Calgon Carbon Corp		92,150
4,276		Cambrex Corp		46,566
1,725	*	Caraco Pharmaceutical Laboratories Ltd		26,306
13,646	*	Cell Genesys, Inc		52,128
2,822	*	Chattem, Inc		199,007
9,202	e*	Cubist Pharmaceuticals, Inc		194,438
6,456	*	Cypress Bioscience, Inc		88,383
15,064	e*	CytRx Corp		52,121
6,459	e*	Cytokinetics, Inc		33,070
13,674	e*	Dendreon Corp		105,153
15,867	e*	Discovery Laboratories, Inc		42,682
12,638	e*	Durect Corp		69,256
3,892	*	Elizabeth Arden, Inc		104,928
770	*	Emergent Biosolutions, Inc		6,838
14,783	*	Encysive Pharmaceuticals, Inc		22,322
6,810	e*	Enzon Pharmaceuticals, Inc		59,996
7,215		Ferro Corp		144,156
2,751	e*	GTx, Inc		44,786
9,458	e*	GenVec, Inc		22,226

272

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
5,531	e	Georgia Gulf Corp	$	76,881
12,494	e*	Geron Corp		91,456
10,090		H.B. Fuller Co		299,471
10,413	e*	Halozyme Therapeutics, Inc		90,489
19,396		Hercules, Inc		407,704
22,337	e*	Human Genome Sciences, Inc		229,848
6,731	e*	Idenix Pharmaceuticals, Inc		19,453
11,455	*	Immucor, Inc		409,516
10,133	e*	Indevus Pharmaceuticals, Inc		70,019
3,645	e	Innophos Holdings, Inc		55,550
4,024		Innospec, Inc		91,667
1,228		Inter Parfums, Inc		29,067
4,444	e*	InterMune, Inc		85,014
8,870	e*	Inverness Medical Innovations, Inc		490,688
8,079	e*	Javelin Pharmaceuticals, Inc		40,557
990	*	Jazz Pharmaceuticals, Inc		11,088
5,879	e*	KV Pharmaceutical Co (Class A)		168,139
2,468	e	Kaiser Aluminum Corp		174,167
7,187	*	Keryx Biopharmaceuticals, Inc		71,439
2,808		Koppers Holdings, Inc		108,417
417	e	Kronos Worldwide, Inc		7,873
3,817	e*	Landec Corp		59,011
14,425	e	Ligand Pharmaceuticals, Inc (Class B)		77,030
13,264	*	MGI Pharma, Inc		368,474
7,064	e*	MannKind Corp		68,380
2,535	e	Mannatech, Inc		20,534
5,136	e*	Martek Biosciences Corp		149,098
20,946	e*	Medarex, Inc		296,595
8,192	*	Medicines Co		145,900
9,283	e	Medicis Pharmaceutical Corp (Class A)		283,224
3,586	e*	Medivation, Inc		71,899
6,601		Meridian Bioscience, Inc		200,142
3,235		Minerals Technologies, Inc		216,745
8,684	*	Minrad International, Inc		41,596
830	*	Molecular Insight Pharmaceuticals, Inc		5,636
3,428	e*	Momenta Pharmaceuticals, Inc		39,045
1,246	e	NL Industries, Inc		14,117
10,196	e*	Nabi Biopharmaceuticals		41,396
4,303	e*	Nastech Pharmaceutical Co, Inc		57,273
6,383	e*	Neurocrine Biosciences, Inc		63,830
2,643		NewMarket Corp		130,511
943	*	Novacea, Inc		7,553
3,892	*	Noven Pharmaceuticals, Inc		62,000
5,006	*	OM Group, Inc		264,367
9,586	*	OSI Pharmaceuticals, Inc		325,828
790	*	Obagi Medical Products, Inc		14,591
12,258		Olin Corp		274,334
2,276	e*	Omrix Biopharmaceuticals, Inc		80,366
9,099	*	Onyx Pharmaceuticals, Inc		395,988
7,206	e*	OraSure Technologies, Inc		72,420
1,041	e*	Orexigen Therapeutics, Inc		13,752
2,594	e*	Osiris Therapeutics, Inc		33,411
5,939	e*	Pacific Ethanol, Inc		57,133
5,895	e*	Pain Therapeutics, Inc		55,118

273

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
5,740	*	Par Pharmaceutical Cos, Inc	$	106,534
4,477	*	Parexel International Corp		184,766
4,016	e*	Penwest Pharmaceuticals Co		44,216
12,782		Perrigo Co		272,896
3,751	*	PetMed Express, Inc		52,552
4,397	e*	PharMerica Corp		65,603
4,345	*	Pharmion Corp		200,478
14,826	*	PolyOne Corp		110,750
5,000	e*	Poniard Pharmaceuticals, Inc		28,350
4,511	e*	Pozen, Inc		49,892
6,061	*	Prestige Brands Holdings, Inc		66,550
4,234	e*	Progenics Pharmaceuticals, Inc		93,614
333	*	Protalix BioTherapeutics, Inc		11,508
4,723	*	Quidel Corp		92,382
31,604	e*	Revlon, Inc (Class A)		36,345
5,995	*	Rockwood Holdings, Inc		214,801
7,502	e*	Salix Pharmaceuticals Ltd		93,175
9,181	e*	Santarus, Inc		24,330
5,860	*	Sciele Pharma, Inc		152,477
7,552		Sensient Technologies Corp		218,026
2,360	*	Somaxon Pharmaceuticals, Inc		24,001
1,007		Stepan Co		31,126
7,631	e*	SuperGen, Inc		33,119
2,483	e*	SurModics, Inc		121,692
714	e*	Synta Pharmaceuticals Corp		4,712
6,632		Tronox, Inc (Class B)		59,887
6,865	e*	Tercica, Inc		42,563
1,240	e*	Trubion Pharmaceuticals, Inc		15,041
8,559		UAP Holding Corp		268,410
1,470	e*	US BioEnergy Corp		11,334
1,522	e*	USANA Health Sciences, Inc		66,588
14,070	e*	USEC, Inc		144,218
3,487	*	United Therapeutics Corp		232,025
15,807	*	Valeant Pharmaceuticals International		244,692
4,325	e*	Vanda Pharmaceuticals, Inc		60,161
5,340	e*	Verasun Energy Corp		58,740
11,965	*	Viropharma, Inc		106,489
3,387	e*	Visicu, Inc		25,673
11,656	e*	WR Grace & Co		313,080
22,032	*	XOMA Ltd		75,129
3,577	e*	Xenoport, Inc		168,298
6,226	e*	Zymogenetics, Inc		81,249
		TOTAL CHEMICALS AND ALLIED PRODUCTS		16,582,142
COAL MINING - 0.14%
10,894	*	Alpha Natural Resources, Inc		253,068
19,418	e*	International Coal Group, Inc		86,216
		TOTAL COAL MINING		339,284
COMMUNICATIONS - 2.70%
6,899	e	Alaska Communications Systems Group, Inc		99,691
5,130	e*	Anixter International, Inc		422,969
1,137	e*	Aruba Networks, Inc		22,740
1,654		Atlantic Tele-Network, Inc		60,123

274

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,540	*	Audiovox Corp (Class A)	$	36,427
4,546	*	Authorize.Net Holdings, Inc		80,146
8,851	*	Brightpoint, Inc		132,854
3,527	e*	Cbeyond Communications, Inc		143,866
4,241	*	Centennial Communications Corp		42,919
66,178	e*	Charter Communications, Inc (Class A)		170,739
42,050	*	Cincinnati Bell, Inc		207,727
30,300	e	Citadel Broadcasting Corp		126,048
3,452		Consolidated Communications Holdings, Inc		67,694
5,527	e*	Cox Radio, Inc (Class A)		72,127
2,322	e*	Crown Media Holdings, Inc (Class A)		16,695
5,014	e*	Cumulus Media, Inc (Class A)		51,243
2,419	e*	DG FastChannel,Inc		57,040
24,307	*	Dobson Communications Corp (Class A)		310,887
6,203	e	Emmis Communications Corp (Class A)		30,643
5,311	e	Entercom Communications Corp (Class A)		102,662
11,498	*	Entravision Communications Corp (Class A)		106,012
5,601	e	Fairpoint Communications, Inc		105,635
17,247	e*	FiberTower Corp		66,228
1,113	*	Fisher Communications, Inc		55,505
24,231	*	Foundry Networks, Inc		430,585
8,542	*	General Communication, Inc (Class A)		103,700
3,008	e*	GeoEye, Inc		77,456
4,020	e*	Global Crossing Ltd		84,742
3,460	e*	Globalstar, Inc		25,362
2,615	*	Golden Telecom, Inc		210,481
7,157	e	Gray Television, Inc		60,763
4,154	*	Harris Stratex Networks, Inc (Class A)		72,570
1,138	*	Hughes Communications, Inc		59,005
514	e*	Hungarian Telephone & Cable		10,105
18,015	e*	ICO Global Communications Holdings Ltd		62,692
8,078	e	IDT Corp (Class B)		67,613
5,796		Ibasis, Inc		62,307
5,613	e*	InPhonic, Inc		15,436
5,087	e	Iowa Telecommunications Services, Inc		100,977
4,407	e*	Knology, Inc		73,729
4,040	*	Lin TV Corp (Class A)		52,560
3,572	e*	Lodgenet Entertainment Corp		90,586
6,760	*	Mastec, Inc		95,113
8,933	e*	Mediacom Communications Corp (Class A)		62,978
4,422		NTELOS Holdings Corp		130,272
1,504	*	Nexstar Broadcasting Group, Inc (Class A)		15,777
5,361	e*	Nextwave Wireless, Inc		30,665
2,667	e	North Pittsburgh Systems, Inc		63,368
5,367	e*	Novatel Wireless, Inc		121,563
3,745	e*	Orbcomm, Inc		28,200
12,410	*	PAETEC Holding Corp		154,753
353		Preformed Line Products Co		18,363
5,209		RCN Corp		64,071
11,146	*	Radio One, Inc (Class D)		41,575
2,001	*	Rural Cellular Corp (Class A)		87,044
4,455	*	SAVVIS, Inc		172,765
2,281		Salem Communications Corp (Class A)		18,248
3,537	e	Shenandoah Telecom Co		76,965

275

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
7,884	e	Sinclair Broadcast Group, Inc (Class A)	$	94,923
8,253	e*	Spanish Broadcasting System, Inc (Class A)		21,293
2,183	e	SureWest Communications		54,597
2,280	e*	Switch & Data Facilities Co, Inc		37,141
4,352	*	Syniverse Holdings, Inc		69,197
8,437	e*	Terremark Worldwide, Inc		60,493
15,847	e*	TiVo, Inc		100,628
3,958		USA Mobility, Inc		66,771
13,802	e,v*	Vonage Holdings Corp		14,216
2,753		iPCS, Inc		94,676
8,204	*	j2 Global Communications, Inc		268,517
		TOTAL COMMUNICATIONS		6,313,461
DEPOSITORY INSTITUTIONS - 7.55%
2,256	e	1st Source Corp		51,662
2,281		Abington Bancorp, Inc		22,240
2,830		Alabama National Bancorp		220,514
3,928	e	Amcore Financial, Inc		97,886
2,954	e	AmericanWest Bancorp		57,928
1,997	e	Ameris Bancorp		36,106
3,255	e	Anchor Bancorp Wisconsin, Inc		87,885
1,139	e	Bancfirst Corp		51,107
4,475	e	Banco Latinoamericano de Exportaciones S.A.		81,356
2,010	e*	Bancorp, Inc		37,105
8,816		Bank Mutual Corp		103,941
2,067	e	Bank of the Ozarks, Inc		63,106
7,731	e	BankAtlantic Bancorp, Inc (Class A)		67,028
4,040	e	BankFinancial Corp		63,913
5,035	e	BankUnited Financial Corp (Class A)		78,244
2,567		Banner Corp		88,279
6,040	*	Beneficial Mutual Bancorp, Inc		58,890
1,640	e	Berkshire Hills Bancorp, Inc		49,577
6,156		Boston Private Financial Holdings, Inc		171,383
9,783		Brookline Bancorp, Inc		113,385
10,574	e	CVB Financial Corp		123,716
2,188	e	Capital City Bank Group, Inc		68,266
1,532	e	Capital Corp of the West		28,219
2,177	e	Capitol Bancorp Ltd		54,055
3,628	e	Cascade Bancorp		80,759
1,120	e	Cass Information Systems, Inc		40,062
8,508	e	Cathay General Bancorp		274,043
9,014	e*	Centennial Bank Holdings, Inc		57,690
1,574		Center Financial Corp		21,894
5,122	e	Central Pacific Financial Corp		149,562
3,949	e	Chemical Financial Corp		95,763
7,645		Chittenden Corp		268,798
12,720	e	Citizens Banking Corp		204,919
2,184	e	City Bank		62,724
2,845		City Holding Co		103,586
2,707	e	Clifton Savings Bancorp, Inc		32,024
3,191	e	CoBiz, Inc		54,630
2,972		Columbia Banking System, Inc		94,569
1,888	e*	Community Bancorp		47,464
4,794		Community Bank System, Inc		93,579

276

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,778	e	Community Banks, Inc	$	112,547
2,476		Community Trust Bancorp, Inc		74,379
6,660	e	Corus Bankshares, Inc		86,713
4,406		Dime Community Bancshares		65,958
2,712	e*	Dollar Financial Corp		77,373
3,594	e	Downey Financial Corp		207,733
1,455	e	Enterprise Financial Services Corp		35,415
7,376	e*	Euronet Worldwide, Inc		219,584
10,038	e	FNB Corp		166,029
2,286	e	First Bancorp		46,589
13,634		First Bancorp		129,523
4,359	e	First Busey Corp		95,506
5,717	e	First Charter Corp		172,482
12,305	e	First Commonwealth Financial Corp		136,093
4,324	e	First Community Bancorp, Inc		236,566
1,552	e	First Community Bancshares, Inc		56,229
5,724		First Financial Bancorp		73,153
3,537	e	First Financial Bankshares, Inc		142,117
2,305	e	First Financial Corp		69,841
2,037	e	First Financial Holdings, Inc		63,717
2,012		First Indiana Corp		63,016
3,079		First Merchants Corp		66,383
8,263	e	First Midwest Bancorp, Inc		282,264
17,918		First Niagara Financial Group, Inc		253,540
3,145		First Place Financial Corp		55,666
1,195	*	First Regional Bancorp		29,313
1,625	e	First South Bancorp, Inc		42,510
2,972	e	First State Bancorporation		58,370
2,426	e*	FirstFed Financial Corp		120,208
13,384	e	FirstMerit Corp		264,468
7,093	e	Flagstar Bancorp, Inc		69,015
3,629		Flushing Financial Corp		60,967
4,401	*	Franklin Bank Corp		40,489
10,644	e*	Fremont General Corp		41,512
6,530	e	Frontier Financial Corp		152,345
8,498	e	Glacier Bancorp, Inc		191,375
1,518	e	Great Southern Bancorp, Inc		37,707
8,168		Greater Bay Bancorp		225,437
1,822		Greene County Bancshares, Inc		66,412
4,444	e	Hancock Holding Co		178,116
6,499	e	Hanmi Financial Corp		100,670
4,817	e	Harleysville National Corp		76,542
1,816	e	Heartland Financial USA, Inc		37,319
2,258		Heritage Commerce Corp		47,802
2,094	e	Home Bancshares, Inc		45,628
2,291	e	Horizon Financial Corp		46,461
1,890	e	IBERIABANK Corp		99,508
872		Imperial Capital Bancorp, Inc		24,634
2,177		Independent Bank Corp		64,657
4,170	e	Independent Bank Corp		46,078
3,535	e	Integra Bank Corp		64,090
8,715		International Bancshares Corp		189,116
8,140	*	Investors Bancorp, Inc		115,262
2,907		Irwin Financial Corp		32,035

277

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,460	e	K-Fed Bancorp	$	19,228
4,696	e	KNBT Bancorp, Inc		77,672
3,061	e	Kearny Financial Corp		39,150
3,510	e	Lakeland Bancorp, Inc		47,666
2,165	e	Lakeland Financial Corp		50,033
6,149	e	MB Financial, Inc		212,448
2,788	e	Macatawa Bank Corp		37,722
2,858	e	MainSource Financial Group, Inc		50,387
3,457	e	Midwest Banc Holdings, Inc		51,060
636	e	NASB Financial, Inc		22,832
5,476	e	NBT Bancorp, Inc		119,048
3,668		Nara Bancorp, Inc		57,294
7,821	e	National Penn Bancshares, Inc		127,952
6,953	e*	Net 1 UEPS Technologies, Inc		188,913
18,868	e	NewAlliance Bancshares, Inc		276,982
3,034	e	Northwest Bancorp, Inc		86,348
11,043	e	Old National Bancorp		182,983
2,255	e	Old Second Bancorp, Inc		64,267
2,281	e	Omega Financial Corp		60,241
3,286		Oriental Financial Group, Inc		37,789
1,590	e*	Oritani Financial Corp		25,186
3,564	e	PFF Bancorp, Inc		54,672
7,588		Pacific Capital Bancorp		199,564
1,996	e	Park National Corp		174,051
7,296		Partners Trust Financial Group, Inc		88,792
1,971	e	Peoples Bancorp, Inc		51,601
2,330	e*	Pinnacle Financial Partners, Inc		67,151
1,597	e	Preferred Bank		62,826
3,020	e	PrivateBancorp, Inc		105,217
6,031		Prosperity Bancshares, Inc		199,988
5,363		Provident Bankshares Corp		168,023
10,965	e	Provident Financial Services, Inc		179,497
6,781	e	Provident New York Bancorp		88,899
1,554	e	QC Holdings, Inc		22,455
3,524	e	Renasant Corp		76,224
1,736	e	Republic Bancorp, Inc (Class A)		27,498
1,149	e	Rockville Financial, Inc		16,385
1,425		Roma Financial Corp		24,367
1,143	e	Royal Bancshares of Pennsylvania (Class A)		25,055
4,196	e	S&T Bancorp, Inc		134,650
2,147	e	S.Y. Bancorp, Inc		58,055
1,381		SCBT Financial Corp		47,700
5,694	e*	SVB Financial Group		269,668
2,719	e	Sandy Spring Bancorp, Inc		81,896
541		Santander BanCorp		6,946
2,324	e	Seacoast Banking Corp of Florida		43,459
2,474	e	Security Bank Corp		30,974
1,243	e	Sierra Bancorp		35,624
4,936	e*	Signature Bank		173,895
2,402	e	Simmons First National Corp (Class A)		63,269
12,327	e	South Financial Group, Inc		280,316
2,220		Southside Bancshares, Inc		49,040
2,135		Southwest Bancorp, Inc		40,181
2,921	e	Sterling Bancorp		40,894

278

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
12,504		Sterling Bancshares, Inc	$	142,671
4,648	e*	Sterling Financial Corp		79,713
8,603	e	Sterling Financial Corp		231,507
1,766	e	Suffolk Bancorp		56,618
2,537	e*	Sun Bancorp, Inc		44,397
5,661	e*	Superior Bancorp		49,987
8,672	e	Susquehanna Bancshares, Inc		174,307
1,089		Taylor Capital Group, Inc		30,416
3,718	*	Texas Capital Bancshares, Inc		80,829
3,030	e	TierOne Corp		80,204
941	e	Tompkins Trustco, Inc		37,358
2,179		Trico Bancshares		48,526
11,975	e	Trustco Bank Corp NY		130,887
8,205	e	Trustmark Corp		230,068
2,047	e	USB Holding Co, Inc		47,552
16,614	e	UCBH Holdings, Inc		290,413
5,194		UMB Financial Corp		222,615
10,286	e	Umpqua Holdings Corp		205,823
2,441	e	Union Bankshares Corp		55,435
6,449		United Bankshares, Inc		196,308
7,028	e	United Community Banks, Inc		172,327
5,459	e	United Community Financial Corp		39,414
1,204	e	United Security Bancshares		22,635
2,288	e	Univest Corp of Pennsylvania		54,271
1,720		ViewPoint Financial Group		31,786
2,576	e*	Virginia Commerce Bancorp		36,940
19,911	e	W Holding Co, Inc		44,601
1,041		WSFS Financial Corp		64,958
2,082	e	Washington Trust Bancorp, Inc		56,152
1,389	e*	Wauwatosa Holdings, Inc		22,571
3,560	e	WesBanco, Inc		88,929
2,586		West Coast Bancorp		73,468
5,007	e	Westamerica Bancorporation		249,399
2,726	e*	Western Alliance Bancorp		64,252
1,676		Westfield Financial, Inc		16,274
2,516		Wilshire Bancorp, Inc		27,601
4,017	e	Wintrust Financial Corp		171,486
1,497		Yardville National Bancorp		50,344
		TOTAL DEPOSITORY INSTITUTIONS		17,661,394
EATING AND DRINKING PLACES - 1.77%
4,804	*	AFC Enterprises		72,300
12,378		Applebees International, Inc		307,965
2,781	e*	BJ's Restaurants, Inc		58,540
2,306	*	Benihana, Inc (Class A)		39,917
6,099		Bob Evans Farms, Inc		184,068
2,438	e*	Buffalo Wild Wings, Inc		91,961
4,098		CBRL Group, Inc		167,198
4,927	*	CEC Entertainment, Inc		132,388
9,501	e	CKE Restaurants, Inc		154,011
4,719	*	California Pizza Kitchen, Inc		82,913
1,990	e*	Carrols Restaurant Group, Inc		22,288
5,446	e*	Chipotle Mexican Grill, Inc (Class B)		582,722
15,693	e*	Denny's Corp		62,772

279

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
7,281		Domino's Pizza, Inc	$	120,792
2,894		IHOP Corp		183,277
5,200	*	Jack in the Box, Inc		337,168
10,460	e*	Krispy Kreme Doughnuts, Inc		41,840
2,805	e	Landry's Restaurants, Inc		74,220
2,531	*	McCormick & Schmick's Seafood Restaurants, Inc		47,659
1,988	*	Morton's Restaurant Group, Inc		31,609
4,080		O'Charleys, Inc		61,853
4,105	*	PF Chang's China Bistro, Inc		121,508
3,465	*	Papa John's International, Inc		84,685
5,171	*	Rare Hospitality International, Inc		197,067
2,632	e*	Red Robin Gourmet Burgers, Inc		112,913
9,233		Ruby Tuesday, Inc		169,333
3,394	e*	Ruth's Chris Steak House, Inc		48,365
11,096	e*	Sonic Corp		259,646
8,367	e*	Texas Roadhouse, Inc (Class A)		97,894
4,556	e*	Steak N Shake Co		68,386
10,471		Triarc Cos (Class B)		130,992
		TOTAL EATING AND DRINKING PLACES		4,148,250
EDUCATIONAL SERVICES - 0.47%
14,632	e*	Corinthian Colleges, Inc		232,795
9,969		DeVry, Inc		368,953
1,457	*	Lincoln Educational Services Corp		18,999
2,414		Strayer Education, Inc		407,073
4,123	*	Universal Technical Institute, Inc		74,214
		TOTAL EDUCATIONAL SERVICES		1,102,034
ELECTRIC, GAS, AND SANITARY SERVICES - 3.28%
4,391	e	Allete, Inc		196,541
2,930		American Ecology Corp		62,087
2,979	e	American States Water Co		116,181
62,475	*	Aquila, Inc		250,525
8,772		Avista Corp		178,510
6,258	e	Black Hills Corp		256,703
2,720	e	CH Energy Group, Inc		130,016
3,148	e	California Water Service Group		121,167
3,827	*	Casella Waste Systems, Inc (Class A)		47,991
1,754		Central Vermont Public Service Corp		64,091
1,666	e*	Clean Energy Fuels Corp		25,223
2,837	*	Clean Harbors, Inc		126,303
9,988		Cleco Corp		252,397
2,401	e	Consolidated Water Co, Inc		72,078
6,126	e	Crosstex Energy, Inc		232,237
7,437	*	El Paso Electric Co		172,018
4,839		Empire District Electric Co		109,313
534	e*	EnerNOC, Inc		20,388
1,223	e	EnergySouth, Inc		61,664
7,062		ITC Holdings Corp		349,922
7,350	e	Idacorp, Inc		240,639
3,390		Laclede Group, Inc		109,429
3,410	e	MGE Energy, Inc		114,030
1,120		Markwest Hydrocarbon, Inc		65,106
4,377		Metal Management, Inc		237,233

280

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,697	e	New Jersey Resources Corp	$	232,924
7,488	e	Nicor, Inc		321,235
5,947		NorthWestern Corp		161,580
4,573		Northwest Natural Gas Co		208,986
2,409	e	Ormat Technologies, Inc		111,633
5,028	e	Otter Tail Corp		179,248
12,749		PNM Resources, Inc		296,797
2,426	*	Pico Holdings, Inc		100,800
12,401		Piedmont Natural Gas Co, Inc		311,141
3,111	e*	Pike Electric Corp		58,362
5,067		Portland General Electric Co		140,863
1,891	e	Resource America, Inc (Class A)		29,859
5,047	e*	SEMCO Energy, Inc		39,821
2,534	e	SJW Corp		86,511
4,948		South Jersey Industries, Inc		172,190
7,133		Southwest Gas Corp		201,793
4,186	e	Southwest Water Co		52,869
68	b,m,v*	Touch America Holdings, Inc		-
4,251		UIL Holdings Corp		133,906
5,726		Unisource Energy Corp		171,150
8,188		WGL Holdings, Inc		277,491
11,416	*	Waste Connections, Inc		362,572
722		Waste Industries USA, Inc		20,664
2,776	e*	Waste Services, Inc		26,955
14,776		Westar Energy, Inc		362,899
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		7,674,041
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.30%
10,653	*	AMIS Holdings, Inc		103,441
5,735	*	ATMI, Inc		170,616
1,948	*	AZZ, Inc		68,102
3,883	e*	Acme Packet, Inc		59,876
4,575	*	Actel Corp		49,090
7,222		Acuity Brands, Inc		364,567
18,732	e*	Adaptec, Inc		71,556
9,802		Adtran, Inc		225,740
6,628	*	Advanced Analogic Technologies, Inc		70,522
5,774	*	Advanced Energy Industries, Inc		87,187
6,471	e*	American Superconductor Corp		132,526
16,845	*	Amkor Technology, Inc		194,054
9,803	e*	Anadigics, Inc		177,238
25,833	*	Andrew Corp		357,787
45,154	e*	Applied Micro Circuits Corp		142,687
18,135	*	Arris Group, Inc		223,967
9,191	*	Atheros Communications, Inc		275,454
32,085	e*	Avanex Corp		52,619
7,604	e	Baldor Electric Co		303,780
2,007	e	Bel Fuse, Inc (Class B)		69,563
12,078	*	Benchmark Electronics, Inc		288,302
1,760	*	BigBand Networks, Inc		11,264
8,389	*	C-COR, Inc		96,390
1,346	*	CPI International, Inc		25,587
5,728	e	CTS Corp		73,891
4,523	e*	Ceradyne, Inc		342,572

281

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
6,552	*	Checkpoint Systems, Inc	$	172,907
16	m,v*	China Energy Savings Technology, Inc		1
3,776	*	Comtech Telecommunications Corp		201,978
85,367	e*	Conexant Systems, Inc		102,440
2,634		Cubic Corp		111,076
4,893	*	DSP Group, Inc		77,456
3,017	e*	DTS, Inc		91,626
5,002	e*	Diodes, Inc		160,564
5,321	*	Ditech Networks, Inc		28,042
2,649	*	EMS Technologies, Inc		64,980
4,651	*	Electro Scientific Industries, Inc		111,438
3,624	*	EnerSys		64,398
6,754	e*	Energy Conversion Devices, Inc		153,451
14,765	e*	Evergreen Solar, Inc		131,851
7,603	e*	Exar Corp		99,295
44,858	e*	Finisar Corp		125,602
3,269	e	Franklin Electric Co, Inc		134,389
10,689	e*	FuelCell Energy, Inc		95,560
41,873	*	Gemstar-TV Guide International, Inc		291,436
4,723	*	Genlyte Group, Inc		303,500
17,339	*	GrafTech International Ltd		309,328
3,868	e*	Greatbatch, Inc		102,850
13,196	e*	Harmonic, Inc		140,010
5,235	*	Helen of Troy Ltd		101,088
15,686	e*	Hexcel Corp		356,229
2,607	e*	Hittite Microwave Corp		115,099
4,144	e*	Hutchinson Technology, Inc		101,942
2,680	*	Infinera Corp		54,002
1,900	*	IPG Photonics Corp		37,354
4,946	*	IXYS Corp		51,587
5,844		Imation Corp		143,353
7,577	e*	InterDigital, Inc		157,450
6,072	*	InterVoice, Inc		57,016
13,963	*	Kemet Corp		102,628
3,142		LSI Industries, Inc		64,474
2,501	e	Lamson & Sessions Co		67,427
18,487	e*	Lattice Semiconductor Corp		83,007
3,538	*	Littelfuse, Inc		126,271
1,981	*	Loral Space & Communications, Inc		78,745
7,685	e*	MIPS Technologies, Inc		60,711
19,205	e*	MRV Communications, Inc		47,628
8,886	*	Mattson Technology, Inc		76,864
3,458	e*	Medis Technologies Ltd		44,954
3,353	*	Mercury Computer Systems, Inc		34,469
5,946		Methode Electronics, Inc		89,487
8,994		Micrel, Inc		97,135
12,686	e*	Microsemi Corp		353,686
9,109	*	Microtune, Inc		54,836
3,896	e*	Monolithic Power Systems, Inc		98,958
6,299	*	Moog, Inc (Class A)		276,778
1,701	*	Multi-Fineline Electronix, Inc		25,226
829		National Presto Industries, Inc		43,937
2,667	e*	Netlogic Microsystems, Inc		96,305
40,376	e*	ON Semiconductor Corp		507,123

282

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,620	e*	OpNext, Inc	$	30,392
2,662	*	OSI Systems, Inc		59,922
9,280	e*	Omnivision Technologies, Inc		210,934
19,017	e*	On2 Technologies, Inc		22,060
13,953		Openwave Systems, Inc		61,114
3,930	*	Oplink Communications, Inc		53,684
1,748	e*	Optium Corp		18,144
5,103	*	PLX Technology, Inc		55,112
35,536	e*	PMC - Sierra, Inc		298,147
3,262		Park Electrochemical Corp		109,538
4,018	*	Pericom Semiconductor Corp		47,091
6,787	*	Photronics, Inc		77,440
8,075		Plantronics, Inc		230,541
7,707	*	Plexus Corp		211,172
15,252	*	Polycom, Inc		409,669
2,480	*	Polypore International, Inc		34,869
1,404	e*	Powell Industries, Inc		53,198
13,081	e*	Power-One, Inc		66,713
20,767	e*	Powerwave Technologies, Inc		127,925
32,651	e*	RF Micro Devices, Inc		219,741
2,586	e	Raven Industries, Inc		103,569
5,315		Regal-Beloit Corp		254,535
2,814	*	Rogers Corp		115,909
4,205	*	Seachange International, Inc		29,099
10,436	*	Semtech Corp		213,729
1,500	*	ShoreTel, Inc		21,480
15,094	*	Silicon Image, Inc		77,734
16,092	e*	Silicon Storage Technology, Inc		51,816
6,265	e*	Sirenza Microdevices, Inc		108,322
26,591	*	Skyworks Solutions, Inc		240,383
7,861	*	Smart Modular Technologies WWH, Inc		56,206
14,969	e*	Spansion, Inc (Class A)		126,488
7,269	e*	Spectrum Brands, Inc		42,160
3,818	*	Standard Microsystems Corp		146,688
2,020	*	Starent Networks Corp		42,642
2,904	*	Stoneridge, Inc		29,621
1,937	*	Supertex, Inc		77,248
29,380	*	Sycamore Networks, Inc		119,577
7,183	e*	Symmetricom, Inc		33,760
4,159	e*	Synaptics, Inc		198,634
9,566	e*	Syntax-Brillian Corp		38,934
6,743	*	TTM Technologies, Inc		78,017
6,782		Technitrol, Inc		182,775
2,935	*	Techwell, Inc		31,170
10,389	*	Tekelec		125,707
7,966	*	Tessera Technologies, Inc		298,725
9,638	e*	Trident Microsystems, Inc		153,148
22,262	*	Triquint Semiconductor, Inc		109,306
2,663	*	Ultra Clean Holdings		39,146
4,494	e*	Universal Display Corp		79,634
2,476	*	Universal Electronics, Inc		80,470
18,780	e*	Utstarcom, Inc		68,735
3,864	*	Viasat, Inc		119,127
3,309	e	Vicor Corp		40,105

283

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,023	e*	Volterra Semiconductor Corp	$	37,122
4,146	*	Zoltek Cos, Inc		180,890
7,988	*	Zoran Corp		161,358
2,654	e*	iRobot Corp		52,762
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		17,082,462
ENGINEERING AND MANAGEMENT SERVICES - 2.52%
7,128	*	Aecom Technology Corp		248,981
3,060	*	Advisory Board Co		178,918
540	*	Affymax, Inc		14,612
13,117	*	Applera Corp (Celera Genomics Group)		184,425
11,476	e*	Ariad Pharmaceuticals, Inc		53,134
1,241	*	Michael Baker Corp		60,821
1,964	e	CDI Corp		54,756
1,866	e*	CRA International, Inc		89,923
9,401	e*	CV Therapeutics, Inc		84,421
1,705	e*	Cornell Cos, Inc		40,153
4,311	e	Diamond Management & Technology Consultants, Inc		39,661
16,093	e*	Exelixis, Inc		170,425
2,514	*	Exponent, Inc		63,076
3,799	*	Greenfield Online, Inc		57,935
8,204	*	Harris Interactive, Inc		35,359
3,162	*	Huron Consulting Group, Inc		229,624
13,807	e*	Incyte Corp		98,720
13,860	e*	Isis Pharmaceuticals, Inc		207,484
2,096	*	Kendle International, Inc		87,047
8,242	e*	Kosan Biosciences, Inc		41,292
4,429	e*	LECG Corp		65,992
1,490	e	Landauer, Inc		75,930
5,632	e*	Lifecell Corp		211,594
5,895	e*	Luminex Corp		88,897
3,637		MAXIMUS, Inc		158,500
1,431	e*	MTC Technologies, Inc		27,633
3,492	e*	Maxygen, Inc		23,781
7,159	e*	Myriad Genetics, Inc		373,342
7,883	e*	Navigant Consulting, Inc		99,799
6,208	e*	Neurogen Corp		27,564
5,741	*	Omnicell, Inc		163,848
3,100	*	PharmaNet Development Group, Inc		89,993
5,161	*	Regeneration Technologies, Inc		55,326
10,818	e*	Regeneron Pharmaceuticals, Inc		192,560
27,535	e*	Rentech, Inc		59,476
8,168		Resources Connection, Inc		189,089
5,552	e*	Rigel Pharmaceuticals, Inc		52,355
18,857	e*	SAIC, Inc		361,866
8,326	e*	Savient Pharmaceuticals, Inc		121,143
8,108	*	Seattle Genetics, Inc		91,134
5,228	e*	Senomyx, Inc		64,043
1,142	*	Stanley, Inc		31,462
5,185	e*	Symyx Technologies, Inc		45,058
1,670	e*	Tejon Ranch Co		69,138
10,312	e*	Telik, Inc		30,008
9,888	*	Tetra Tech, Inc		208,835
6,520	e*	Verenium Corp		34,426

284

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,846	*	Washington Group International, Inc	$	425,527
7,105		Watson Wyatt & Co Holdings (Class A)		319,299
990	*	comScore, Inc		26,730
6,531	*	eResearch Technology, Inc		74,388
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		5,899,503
ENVIRONMENTAL QUALITY AND HOUSING - 0.01%
6,128	e*	Home Solutions of America, Inc		20,774
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		20,774
FABRICATED METAL PRODUCTS - 1.34%
1,506		Ameron International Corp		159,290
11,512		Aptargroup, Inc		435,959
2,717		CIRCOR International, Inc		123,379
2,325	*	Chart Industries, Inc		74,772
3,652	e*	Commercial Vehicle Group, Inc		46,855
254		Compx International, Inc		4,973
1,994		Dynamic Materials Corp		95,493
4,918	e*	Griffon Corp		74,262
1,821		Gulf Island Fabrication, Inc		69,908
2,932	e	Insteel Industries, Inc		45,006
2,496	*	Ladish Co, Inc		138,478
2,104	e	Lifetime Brands, Inc		42,690
5,964	*	Mobile Mini, Inc		144,090
18,959	e	Mueller Water Products, Inc (Class A)		234,902
3,349	*	NCI Building Systems, Inc		144,710
1,592	e*	Park-Ohio Holdings Corp		41,312
2,158	e*	PGT, Inc		17,113
4,197		Silgan Holdings, Inc		225,589
6,209	e	Simpson Manufacturing Co, Inc		197,757
4,818	e*	Smith & Wesson Holding Corp		91,976
3,762	e*	Sturm Ruger & Co, Inc		67,377
1,956	e	Sun Hydraulics Corp		62,201
10,572	e*	Taser International, Inc		165,875
1,883	*	Trimas Corp		24,987
3,086	e	Valmont Industries, Inc		261,847
5,097	e	Watts Water Technologies, Inc (Class A)		156,478
		TOTAL FABRICATED METAL PRODUCTS		3,147,279
FOOD AND KINDRED PRODUCTS - 0.97%
3,980	e*	Altus Pharmaceuticals, Inc		41,750
1,523	e*	American Dairy, Inc		29,714
1,524	*	Boston Beer Co, Inc (Class A)		74,158
1,078		Coca-Cola Bottling Co Consolidated		65,003
13,113	*	Darling International, Inc		129,688
1,402	e	Farmer Bros Co		34,882
12,762		Flowers Foods, Inc		278,212
1,761	e	Imperial Sugar Co		46,015
2,397		J&J Snack Foods Corp		83,464
4,911	e*	Jones Soda Co		59,227
3,727		Lancaster Colony Corp		142,260
5,283		Lance, Inc		121,615
2,105	e*	M&F Worldwide Corp		105,650
1,303	e	MGP Ingredients, Inc		13,382

285

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,353		National Beverage Corp	$	11,473
2,330	e*	Peet's Coffee & Tea, Inc		65,030
5,869	*	Performance Food Group Co		176,833
4,490	*	Ralcorp Holdings, Inc		250,632
3,473	e	Reddy Ice Holdings, Inc		91,583
2,689	e	Sanderson Farms, Inc		112,051
5,931	e	Tootsie Roll Industries, Inc		157,349
4,843		Topps Co, Inc		46,929
5,249	*	TreeHouse Foods, Inc		141,985
		TOTAL FOOD AND KINDRED PRODUCTS		2,278,885
FOOD STORES - 0.34%
223	e	Arden Group, Inc (Class A)		31,115
3,123	e*	Great Atlantic & Pacific Tea Co, Inc		95,127
2,050		Ingles Markets, Inc (Class A)		58,753
3,818	e*	Pantry, Inc		97,855
4,582	*	Pathmark Stores, Inc		58,420
6,918		Ruddick Corp		232,030
668		Village Super Market (Class A)		34,736
2,036		Weis Markets, Inc		86,917
5,587	e*	Winn-Dixie Stores, Inc		104,589
		TOTAL FOOD STORES		799,542
FURNITURE AND FIXTURES - 0.70%
4,409	e	Ethan Allen Interiors, Inc		144,130
7,608	e	Furniture Brands International, Inc		77,145
10,558		Herman Miller, Inc		286,544
1,733	e	Hooker Furniture Corp		34,695
8,722		Interface, Inc (Class A)		157,432
4,433	e	Kimball International, Inc (Class B)		50,448
8,462	e	La-Z-Boy, Inc		62,450
7,038	e	Sealy Corp		98,814
7,788	e*	Select Comfort Corp		108,643
13,802	e	Tempur-Pedic International, Inc		493,421
4,808	e*	Williams Scotsman International, Inc		133,230
		TOTAL FURNITURE AND FIXTURES		1,646,952
FURNITURE AND HOME FURNISHINGS STORES - 0.26%
4,898	e*	Guitar Center, Inc		290,451
3,769	e	Haverty Furniture Cos, Inc		33,054
8,259		Knoll, Inc		146,515
13,969	e*	Pier 1 Imports, Inc		66,073
5,235	e	Tuesday Morning Corp		47,063
1,550	*	hhgregg, Inc		16,275
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		599,431
GENERAL BUILDING CONTRACTORS - 0.47%
276	e	Amrep Corp		7,397
987	e*	Avatar Holdings, Inc		49,281
5,970	e	Beazer Homes USA, Inc		49,253
1,612	e	Brookfield Homes Corp		29,903
6,195	e*	Hovnanian Enterprises, Inc (Class A)		68,703
2,015	e	M/I Homes, Inc		27,988
4,016		McGrath RentCorp		133,492

286

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,560	e*	Meritage Homes Corp	$	64,387
1,880	e*	Palm Harbor Homes, Inc		23,462
4,451	*	Perini Corp		248,944
11,108	e	Standard-Pacific Corp		60,983
2,800	e*	Team, Inc		76,664
4,408	e*	WCI Communities, Inc		26,404
8,747	e	Walter Industries, Inc		235,294
		TOTAL GENERAL BUILDING CONTRACTORS		1,102,155
GENERAL MERCHANDISE STORES - 0.31%
8,010	*	99 Cents Only Stores		82,263
1,859	e	Bon-Ton Stores, Inc		42,236
6,466	e*	Cabela's, Inc		152,921
8,423		Casey's General Stores, Inc		233,317
2,149	e*	Conn's, Inc		51,340
6,690		Fred's, Inc		70,446
4,885	e*	Retail Ventures, Inc		50,853
4,938	e	Stein Mart, Inc		37,578
		TOTAL GENERAL MERCHANDISE STORES		720,954
HEALTH SERVICES - 1.60%
9,755	*	Assisted Living Concepts, Inc (A Shares)		89,161
4,738	*	Alliance Imaging, Inc		42,926
4,310	*	Amedisys, Inc		165,590
2,200	*	American Dental Partners, Inc		61,622
4,976	*	Amsurg Corp		114,796
7,061	*	Apria Healthcare Group, Inc		183,657
1,894	e*	Bio-Reference Labs, Inc		63,941
1,109	*	Corvel Corp		25,640
5,144	e*	Cross Country Healthcare, Inc		89,866
4,352	*	CryoLife, Inc		41,126
2,022	e*	Emeritus Corp		54,796
4,708	e*	Enzo Biochem, Inc		53,436
2,317	e*	Genomic Health, Inc		44,463
4,507	*	Gentiva Health Services, Inc		86,579
13,140	e*	Healthsouth Corp		230,081
5,827	e*	Healthways, Inc		314,483
5,640	e*	Hythiam, Inc		41,962
12,859	e*	Immunomedics, Inc		29,447
5,189	*	Kindred Healthcare, Inc		92,935
3,458	e	LCA-Vision, Inc		101,631
2,591	e*	LHC Group, Inc		55,629
6,503	*	Magellan Health Services, Inc		263,892
3,494	e*	Matria Healthcare, Inc		91,403
1,716	*	Medcath Corp		47,121
1,194	e	National Healthcare Corp		61,360
14,852	e*	Nektar Therapeutics		131,143
3,457	e*	Nighthawk Radiology Holdings, Inc		84,731
5,968	*	Odyssey HealthCare, Inc		57,352
9,031	*	Psychiatric Solutions, Inc		354,738
2,303	*	Radiation Therapy Services, Inc		47,948
2,746	*	RehabCare Group, Inc		48,302
865	e*	Sirtris Pharmaceuticals, Inc		14,774
3,898	e*	Skilled Healthcare Group, Inc (Class A)		61,393

287

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,995	e*	Stereotaxis, Inc	$	55,091
6,883	*	Sun Healthcare Group, Inc		115,015
7,433	e*	Sunrise Senior Living, Inc		262,905
2,352	*	eHealth, Inc		65,150
		TOTAL HEALTH SERVICES		3,746,085
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.20%
1,151	e*	Comverge, Inc		37,822
5,993		Granite Construction, Inc		317,749
2,357	*	Great Lakes Dredge & Dock Corp		20,647
4,415	*	Matrix Service Co		92,494
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		468,712
HOLDING AND OTHER INVESTMENT OFFICES - 9.26%
5,407		Acadia Realty Trust		146,692
1,160	e	Agree Realty Corp		36,354
9,602	e	Alesco Financial, Inc		47,242
348	e*	Alexander's, Inc		134,154
4,898		Alexandria Real Estate Equities, Inc		471,481
3,849		American Campus Communities, Inc		112,737
21,670		American Financial Realty Trust		174,443
2,494	e*	Ampal American Israel (Class A)		14,016
10,219		Anthracite Capital, Inc		92,993
6,215		Anworth Mortgage Asset Corp		33,499
16,648		Apollo Investment Corp		346,278
2,169	e	Arbor Realty Trust, Inc		40,972
17,613		Ashford Hospitality Trust, Inc		177,011
2,246		Associated Estates Realty Corp		29,288
1,422	e	BRT Realty Trust		24,657
10,885		BioMed Realty Trust, Inc		262,328
6,095	e	CBRE Realty Finance, Inc		35,960
7,211		Capital Lease Funding, Inc		73,913
504		Capital Southwest Corp		61,871
2,241	e	Capital Trust, Inc (Class A)		79,555
7,349		Cedar Shopping Centers, Inc		100,093
1,385	e	Cherokee, Inc		53,129
6,486		Corporate Office Properties Trust		270,012
6,948		Cousins Properties, Inc		203,993
3,980	e	Crystal River Capital, Inc		66,904
28,015		DCT Industrial Trust, Inc		293,317
8,485	e	Deerfield Triarc Capital Corp		76,789
15,720		DiamondRock Hospitality Co		273,685
8,857		Digital Realty Trust, Inc		348,877
4,091	e	EastGroup Properties, Inc		185,159
3,994		Education Realty Trust, Inc		53,919
4,485		Entertainment Properties Trust		227,838
9,309		Equity Inns, Inc		210,197
3,398		Equity Lifestyle Properties, Inc		176,016
6,016	e	Equity One, Inc		163,635
10,703		Extra Space Storage, Inc		164,719
10,467		FelCor Lodging Trust, Inc		208,607
7,550	e	First Industrial Realty Trust, Inc		293,468
3,766	e	First Potomac Realty Trust		82,099
9,893	e	Franklin Street Properties Corp		170,654

288

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
26,806	e	Friedman Billings Ramsey Group, Inc (Class A)	$	123,576
5,794	e	GMH Communities Trust		44,903
3,016	e	Getty Realty Corp		82,035
2,327	e	Gladstone Capital Corp		45,423
6,207	e	Glimcher Realty Trust		145,864
3,047	e	Gramercy Capital Corp		76,693
3,247	*	HFF, Inc (Class A)		38,542
7,718		Healthcare Realty Trust, Inc		205,762
6,162		Hersha Hospitality Trust		61,004
9,460		Highwoods Properties, Inc		346,898
7,926	e*	Hilltop Holdings, Inc		93,051
5,561		Home Properties, Inc		290,173
17,263	e	IMPAC Mortgage Holdings, Inc		26,585
9,664	e	Inland Real Estate Corp		149,695
8,014		Investors Real Estate Trust		86,551
4,456	e	JER Investors Trust, Inc		55,477
8,947	e*	Jamba, Inc		62,897
2,977		Kite Realty Group Trust		55,968
3,813		LTC Properties, Inc		90,254
6,666		LaSalle Hotel Properties		280,505
11,077		Lexington Corporate Properties Trust		221,651
6,291	e	Luminent Mortgage Capital, Inc		10,506
7,970	*	Meruelo Maddux Properties, Inc		47,103
13,355		MFA Mortgage Investments, Inc		107,508
3,835		MVC Capital, Inc		71,063
6,228		Maguire Properties, Inc		160,869
7,898	e	Medical Properties Trust, Inc		105,201
4,304		Mid-America Apartment Communities, Inc		214,554
3,634		Mission West Properties, Inc		44,153
4,021	e	National Health Investors, Inc		124,289
11,097		National Retail Properties, Inc		270,545
14,842		Nationwide Health Properties, Inc		447,189
6,909	e	Newcastle Investment Corp		121,737
7,802	e*	NexCen Brands, Inc		52,429
9,838		NorthStar Realty Finance Corp		97,691
1,621	e	Novastar Financial, Inc		14,378
11,179		Omega Healthcare Investors, Inc		173,610
2,664		PS Business Parks, Inc		151,448
2,529		Parkway Properties, Inc		111,630
3,625		PennantPark Investment Corp		48,575
5,438		Pennsylvania Real Estate Investment Trust		211,756
7,251	e	Post Properties, Inc		280,614
6,491	e	Potlatch Corp		292,290
3,488	e	Prospect Capital Corp		59,366
2,210		Quadra Realty Trust, Inc		21,061
10,798	e	RAIT Investment Trust		88,868
2,941		Ramco-Gershenson Properties		91,877
16,804		Realty Income Corp		469,672
3,575		Redwood Trust, Inc		118,761
4,324	e	Republic Property Trust		63,433
3,115	e	Resource Capital Corp		35,075
1,753		Saul Centers, Inc		90,279
13,908		Senior Housing Properties Trust		306,810
3,419		Sovran Self Storage, Inc		156,727

289

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,600	e*	Star Maritime Acquisition Corp	$	36,426
12,365	e	Strategic Hotels & Resorts, Inc		254,595
2,676		Sun Communities, Inc		80,494
10,385		Sunstone Hotel Investors, Inc		266,271
5,317	e	Tanger Factory Outlet Centers, Inc		215,817
3,172	e*	Tarragon Corp		8,311
7,702		U-Store-It Trust		101,666
1,795		Universal Health Realty Income Trust		63,776
3,033	e	Urstadt Biddle Properties, Inc (Class A)		46,921
7,501	e	Washington Real Estate Investment Trust		248,883
7,221		Winthrop Realty Trust		48,597
87,812	d	iShares Russell 2000 Index Fund		7,028,472
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		21,663,357
HOTELS AND OTHER LODGING PLACES - 0.54%
4,299	e	Ameristar Casinos, Inc		120,802
3,732	e*	Bluegreen Corp		28,923
6,808	*	Gaylord Entertainment Co		362,322
5,090	e*	Great Wolf Resorts, Inc		62,912
2,849	e*	Isle of Capri Casinos, Inc		55,413
2,688	*	Lodgian, Inc		31,718
3,433		Marcus Corp		65,914
2,064	*	Monarch Casino & Resort, Inc		58,721
3,828	e*	Morgans Hotel Group Co		83,259
1,452	e*	Riviera Holdings Corp		40,729
5,079	e*	Trump Entertainment Resorts, Inc		32,760
5,225	e*	Vail Resorts, Inc		325,465
		TOTAL HOTELS AND OTHER LODGING PLACES		1,268,938
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.23%
1,930	*	Altra Holdings, Inc		32,173
3,088	e*	ASV, Inc		43,325
1,280	*	AuthenTec, Inc		12,800
2,110	e*	Aaon, Inc		41,630
4,553	e	Actuant Corp (Class A)		295,808
5,007		Albany International Corp (Class A)		187,712
4,066	e*	Allis-Chalmers Energy, Inc		77,010
1,233		Ampco-Pittsburgh Corp		48,556
3,136	*	Astec Industries, Inc		180,163
7,200	*	Asyst Technologies, Inc		38,088
16,706	*	Axcelis Technologies, Inc		85,368
2,760		Black Box Corp		118,018
6,188	*	Blount International, Inc		70,296
8,291	e	Briggs & Stratton Corp		208,767
11,586	*	Brooks Automation, Inc		164,985
6,217		Bucyrus International, Inc (Class A)		453,406
1,996	e	Cascade Corp		130,079
14,042	*	Cirrus Logic, Inc		89,869
2,960	*	Columbus McKinnon Corp		73,674
6,015	*	Cray, Inc		43,308
7,364		Curtiss-Wright Corp		349,790
5,310	*	Cymer, Inc		203,851
4,507	*	Dril-Quip, Inc		222,420
2,428	*	ENGlobal Corp		27,703

290

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
9,472	*	Electronics for Imaging, Inc	$	254,418
14,195	*	Emulex Corp		272,118
3,607	*	EnPro Industries, Inc		146,444
19,217	*	Entegris, Inc		166,804
20,140	*	Extreme Networks, Inc		77,338
2,960	e*	Flotek Industries, Inc		130,684
6,511	e*	Flow International Corp		57,427
2,822	e*	Fuel Tech, Inc		62,338
48,751	*	Gateway, Inc		91,652
1,642	e*	Gehl Co		36,666
6,290	e*	Goodman Global, Inc		150,205
1,968	e	Gorman-Rupp Co		65,259
1,875		Hardinge, Inc		65,306
999	*	Hurco Cos, Inc		54,006
4,532	*	Immersion Corp		74,234
10,092	e*	Intermec, Inc		263,603
3,730	e*	Intevac, Inc		56,696
1,060	e*	Isilon Systems, Inc		8,162
2,148	*	Kadant, Inc		60,144
4,729	e	Kaydon Corp		245,861
9,560	*	Kulicke & Soffa Industries, Inc		81,069
1,942	e	Lindsay Manufacturing Co		85,021
2,527		Lufkin Industries, Inc		139,036
6,738	*	Micros Systems, Inc		438,442
2,330	e*	Middleby Corp		150,378
5,548		Modine Manufacturing Co		147,688
2,896	*	NATCO Group, Inc (Class A)		149,868
1,021		Nacco Industries, Inc (Class A)		105,653
1,680	*	Netezza Corp		21,017
5,628	*	Netgear, Inc		171,204
5,599		Nordson Corp		281,126
8,190	*	Oil States International, Inc		395,577
17,158		Palm, Inc		279,161
32,722	e*	Quantum Corp		111,255
3,385	*	RBC Bearings, Inc		129,815
4,588	e*	Rackable Systems, Inc		59,506
1,792	*	Rimage Corp		40,212
2,229		Robbins & Myers, Inc		127,699
6,000	e*	STEC, Inc		45,780
20,402	e*	Safeguard Scientifics, Inc		46,721
1,966	e	Sauer-Danfoss, Inc		52,453
4,186	e*	Scansource, Inc		117,668
4,089	e*	Semitool, Inc		39,663
4,040	e*	Sigma Designs, Inc		194,890
931	e*	Silicon Graphics, Inc		18,387
14,728	e*	SourceForge, Inc		36,084
1,910		Standex International Corp		39,499
1,318	e*	Super Micro Computer, Inc		12,864
1,073	*	T-3 Energy Services, Inc		45,753
2,228	e*	Tecumseh Products Co (Class A)		42,889
2,741		Tennant Co		133,487
3,647	*	TurboChef Technologies, Inc		48,140
649		Twin Disc, Inc		37,772
4,051	e*	Ultratech, Inc		56,147

291

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,708		Watsco, Inc	$	172,162
4,981		Woodward Governor Co		310,814
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,903,064
INSTRUMENTS AND RELATED PRODUCTS - 6.22%
3,443	e*	Abaxis, Inc		77,295
4,323	e*	Abiomed, Inc		53,735
2,590	*	Accuray, Inc		45,221
11,408	*	Affymetrix, Inc		289,421
9,864	*	Align Technology, Inc		249,855
12,128	e*	American Medical Systems Holdings, Inc		205,570
1,523	e	American Science & Engineering, Inc		95,431
2,320		Analogic Corp		147,923
2,495	e*	Anaren, Inc		35,179
3,446	*	Angiodynamics, Inc		64,957
2,008	e*	Argon ST, Inc		39,758
4,084		Arrow International, Inc		185,781
4,567	e*	Arthrocare Corp		255,250
3,161	e*	Aspect Medical Systems, Inc		42,895
2,399	e	Badger Meter, Inc		76,888
3,107	*	Bio-Rad Laboratories, Inc (Class A)		281,183
10,506	*	Bruker BioSciences Corp		92,453
1,645	*	Cantel Medical Corp		25,678
9,243	*	Cepheid, Inc		210,740
5,218	*	Coherent, Inc		167,393
3,426	e	Cohu, Inc		64,237
4,814	*	Conmed Corp		134,744
17,575	e*	Credence Systems Corp		54,307
2,365	e*	Cutera, Inc		61,987
3,692	e*	Cyberonics, Inc		51,466
1,424	e*	Cynosure, Inc (Class A)		52,546
3,904	e*	DJ Orthopedics, Inc		191,686
2,160		Datascope Corp		73,030
3,185	e*	Dionex Corp		253,080
2,943	e	EDO Corp		164,837
4,133	e*	ESCO Technologies, Inc		137,381
1,750	*	Eagle Test Systems, Inc		22,435
4,313	*	Esterline Technologies Corp		246,057
1,783	*	Excel Technology, Inc		44,486
2,756	*	FARO Technologies, Inc		121,677
6,507	e*	FEI Co		204,515
11,025	e*	Flir Systems, Inc		610,675
7,940	*	Formfactor, Inc		352,298
7,251	*	Fossil, Inc		270,897
3,249	*	Foxhollow Technologies, Inc		85,774
4,472	*	Haemonetics Corp		221,006
8,964	*	Hologic, Inc		546,804
3,512	e*	I-Flow Corp		65,288
2,122	e*	ICU Medical, Inc		82,227
11,823	e*	ION Geophysical Corp		163,512
3,772	*	II-VI, Inc		130,247
8,910	e*	Illumina, Inc		462,251
1,120	*	Insulet Corp		24,360
3,029	e*	Integra LifeSciences Holdings Corp		147,149

292

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,586	e	Invacare Corp	$	107,221
5,234	e*	Ionatron, Inc		17,953
4,985	e*	Itron, Inc		463,954
7,307	*	Ixia		63,717
1,798	e*	Kensey Nash Corp		46,946
7,575	*	Kyphon, Inc		530,250
9,845	*	L-1 Identity Solutions, Inc		185,578
9,001	e*	LTX Corp		32,134
8,176	*	MKS Instruments, Inc		155,508
2,848		MTS Systems Corp		118,477
2,270	*	Masimo Corp		58,248
2,476	*	Measurement Specialties, Inc		69,080
2,233	*	Medical Action Industries, Inc		52,833
5,663	e	Mentor Corp		260,781
4,678	*	Merit Medical Systems, Inc		60,720
2,582	*	Micrus Endovascular Corp		47,173
4,726	e	Mine Safety Appliances Co		222,642
2,801		Movado Group, Inc		89,408
6,012	*	Wright Medical Group, Inc		161,242
3,265	*	Natus Medical, Inc		52,044
5,758	e*	Newport Corp		87,694
2,788	e*	Northstar Neuroscience, Inc		31,114
5,796	*	NuVasive, Inc		208,250
3,604	e*	NxStage Medical, Inc		52,222
691	*	OYO Geospace Corp		64,063
4,287		Oakley, Inc		124,452
2,841	*	Orthofix International NV		139,124
2,927	e*	Palomar Medical Technologies, Inc		83,390
3,784		PolyMedica Corp		198,736
2,547	*	Rofin-Sinar Technologies, Inc		178,825
4,923	*	Rudolph Technologies, Inc		68,085
8,825	e*	Sirf Technology Holdings, Inc		188,414
2,691	e*	Sirona Dental Systems, Inc		95,988
5,016	*	Sonic Innovations, Inc		45,997
4,530	e*	Sonic Solutions, Inc		47,429
2,625	e*	SonoSite, Inc		80,115
5,408	e*	Spectranetics Corp		72,900
10,835		STERIS Corp		296,121
5,813	*	Symmetry Medical, Inc		97,077
5,811	*	Teledyne Technologies, Inc		310,249
8,845	e*	Thoratec Corp		183,003
1,396	e	United Industrial Corp		105,063
5,101	*	Varian, Inc		324,475
5,312	e*	Veeco Instruments, Inc		102,947
4,450	*	Ventana Medical Systems, Inc		382,299
3,011	e*	Vital Images, Inc		58,775
1,747		Vital Signs, Inc		91,089
10,362	e*	Vivus, Inc		51,396
3,993	*	Volcano Corp		65,645
5,028	e*	X-Rite, Inc		72,604
3,476	*	Zoll Medical Corp		90,098
2,393	*	Zygo Corp		31,181
3,157	e*	ev3, Inc		51,838
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		14,560,132

293

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.31%
4,214	e*	Crawford & Co (Class B)	$	26,801
6,110		Hilb Rogal & Hobbs Co		264,746
834	e	James River Group, Inc		27,022
6,257	e	National Financial Partners Corp		331,496
3,961	*	United America Indemnity Ltd (Class A)		85,201
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		735,266
INSURANCE CARRIERS - 3.53%
1,156	e*	ACA Capital Holdings, Inc		7,040
8,773	*	AMERIGROUP Corp		302,493
5,817		Alfa Corp		105,753
9,802	e	American Equity Investment Life Holding Co		104,391
1,631		American Physicians Capital, Inc		63,544
3,295	*	Amerisafe, Inc		54,499
4,590		Amtrust Financial Services, Inc		69,630
4,881	*	Argo Group International Holdings Ltd		212,372
14,655		Aspen Insurance Holdings Ltd		409,021
11,274		Assured Guaranty Ltd		306,315
1,592	e	Baldwin & Lyons, Inc (Class B)		43,478
2,387	*	CNA Surety Corp		42,083
1,131		Castlepoint Holdings Ltd		13,006
7,247	*	Centene Corp		155,883
4,937	e*	Citizens, Inc		37,768
8,857	e	Commerce Group, Inc		261,016
1,096	*	Darwin Professional Underwriters, Inc		23,674
7,219		Delphi Financial Group, Inc (Class A)		291,792
1,924		Donegal Group, Inc (Class A)		31,130
791	e	EMC Insurance Group, Inc		20,558
8,782		Employers Holdings, Inc		180,997
1,190	e*	Enstar Group Ltd		150,832
2,334		FBL Financial Group, Inc (Class A)		92,170
1,639	*	Fpic Insurance Group, Inc		70,559
2,176	e*	First Acceptance Corp		10,989
2,245	*	First Mercury Financial Corp		48,290
1,943	e	Flagstone Reinsurance Holdings Ltd		25,822
1,814	*	Greenlight Capital Re Ltd (Class A)		36,788
655	*	Hallmark Financial Services		9,203
2,588		Harleysville Group, Inc		82,764
5,174	*	HealthExtras, Inc		143,992
7,953	*	Healthspring, Inc		155,083
7,276		Horace Mann Educators Corp		143,410
10,142		IPC Holdings Ltd		292,597
918		Independence Holding Co		18,709
3,238		Infinity Property & Casualty Corp		130,232
845		Kansas City Life Insurance Co		37,248
2,792	e	LandAmerica Financial Group, Inc		108,832
10,027		Max Re Capital Ltd		281,157
5,485	*	Meadowbrook Insurance Group, Inc		49,420
1,598	e	Midland Co		87,826
2,220	e*	Molina Healthcare, Inc		80,519
17,070		Montpelier Re Holdings Ltd		302,139
1,035	e	NYMAGIC, Inc		28,783

294

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
761		National Interstate Corp	$	23,431
372		National Western Life Insurance Co (Class A)		95,217
2,318	*	Navigators Group, Inc		125,751
4,603	e	Odyssey Re Holdings Corp		170,817
4,635	*	PMA Capital Corp (Class A)		44,032
7,468	e*	Primus Guaranty Ltd		78,563
18,974		Phoenix Cos, Inc		267,723
9,953		Platinum Underwriters Holdings Ltd		357,910
3,646		Presidential Life Corp		61,836
5,540	*	ProAssurance Corp		298,440
3,687	*	RAM Holdings Ltd		34,289
3,567		RLI Corp		202,320
2,521		Safety Insurance Group, Inc		90,605
13,012	*	Scottish Re Group Ltd		41,508
3,534	*	SeaBright Insurance Holdings, Inc		60,325
3,721	e	Security Capital Assurance Ltd		84,988
8,872		Selective Insurance Group, Inc		188,796
2,538		State Auto Financial Corp		74,236
2,737		Stewart Information Services Corp		93,797
3,332		Tower Group, Inc		87,232
1,687	e*	Triad Guaranty, Inc		32,002
3,667		United Fire & Casualty Co		143,343
6,527	e*	Universal American Financial Corp		148,881
2,620	*	Validus Holdings Ltd		63,509
6,159		Zenith National Insurance Corp		276,478
		TOTAL INSURANCE CARRIERS		8,269,836
JUSTICE, PUBLIC ORDER AND SAFETY - 0.11%
8,379	e*	Geo Group, Inc		248,102
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		248,102
LEATHER AND LEATHER PRODUCTS - 0.48%
10,880	e*	Collective Brands, Inc		240,013
3,670	e*	Genesco, Inc		169,297
8,432	*	Iconix Brand Group, Inc		200,597
3,346		Steven Madden Ltd		63,407
7,848	*	Timberland Co (Class A)		148,798
1,479	e	Weyco Group, Inc		46,455
9,086		Wolverine World Wide, Inc		248,956
		TOTAL LEATHER AND LEATHER PRODUCTS		1,117,523
LEGAL SERVICES - 0.19%
7,100	*	FTI Consulting, Inc		357,201
1,475	*	Pre-Paid Legal Services, Inc		81,803
		TOTAL LEGAL SERVICES		439,004
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
1,585	e*	Emergency Medical Services Corp (Class A)		47,946
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		47,946
LUMBER AND WOOD PRODUCTS - 0.17%
1,688	e	American Woodmark Corp		41,846
13,133	e*	Champion Enterprises, Inc		144,200
1,704	e	Deltic Timber Corp		96,992

295

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,023	e	Skyline Corp	$	30,772
2,643	e	Universal Forest Products, Inc		79,026
		TOTAL LUMBER AND WOOD PRODUCTS		392,836
METAL MINING - 0.46%
9,535	e*	Apex Silver Mines Ltd		185,456
46,320	e*	Coeur d'Alene Mines Corp		175,553
20,220	*	Hecla Mining Co		180,969
8,439	e*	Rosetta Resources, Inc		154,771
4,256	e	Royal Gold, Inc		139,384
4,082	e*	ShengdaTech, Inc		24,614
7,224	*	Stillwater Mining Co		74,335
8,683	*	US Gold Corp		54,442
8,465	e*	Uranium Resources, Inc		79,486
		TOTAL METAL MINING		1,069,010
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.37%
4,161		Blyth, Inc		85,092
11,622		Callaway Golf Co		186,068
5,429		Daktronics, Inc		147,777
4,409	e*	Jakks Pacific, Inc		117,764
2,305	e	Marine Products Corp		19,546
5,734	e	Nautilus, Inc		45,700
3,519	*	RC2 Corp		97,441
2,374	e*	Russ Berrie & Co, Inc		39,883
5,689	e*	Shuffle Master, Inc		85,051
1,273	e	Steinway Musical Instruments, Inc		37,706
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		862,028
MISCELLANEOUS RETAIL - 1.22%
4,652	e*	1-800-FLOWERS.COM, Inc (Class A)		53,917
3,479	*	AC Moore Arts & Crafts, Inc		54,829
3,876	e	Big 5 Sporting Goods Corp		72,481
2,255	e*	Blue Nile, Inc		212,241
2,769	e	Books-A-Million, Inc		36,634
9,742	e	Borders Group, Inc		129,861
2,761	e*	Build-A-Bear Workshop, Inc		49,035
6,224	e*	CKX, Inc		76,617
4,800		Cash America International, Inc		180,480
6,283	*	Ezcorp, Inc (Class A)		84,506
3,337	*	GSI Commerce, Inc		88,764
1,691	*	Gander Mountain Co		9,148
5,097	e*	Hibbett Sports, Inc		126,406
5,474		Longs Drug Stores Corp		271,894
2,810	e*	Overstock.com, Inc		80,928
1,313	e*	PC Connection, Inc		16,412
2,354	e	Pricesmart, Inc		55,554
2,494	*	Shutterfly, Inc		79,584
2,841	e*	Stamps.com, Inc		34,007
1,577	e	Systemax, Inc		32,234
6,000	e*	Valuevision International, Inc (Class A)		44,460
4,806		World Fuel Services Corp		196,133
7,922	e*	Zale Corp		183,315
2,764	e*	Zumiez, Inc		122,639

296

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
6,303	*	Priceline.com, Inc	$	559,391
		TOTAL MISCELLANEOUS RETAIL		2,851,470
MOTION PICTURES - 0.63%
7,015	e*	Avid Technology, Inc		189,966
31,938	e*	Blockbuster, Inc (Class A)		171,507
2,483	e	Carmike Cinemas, Inc		45,613
4,513	e	Cinemark Holdings Inc		83,761
2,911	e*	Gaiam, Inc (Class A)		69,951
8,992	e*	Macrovision Corp		221,473
6,979		National CineMedia, Inc		156,330
24,070	*	Time Warner Telecom, Inc (Class A)		528,818
		TOTAL MOTION PICTURES		1,467,419
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.03%
4,872	e*	Premier Exhibitions, Inc		73,470
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		73,470
NONDEPOSITORY INSTITUTIONS - 1.12%
6,620	*	Aldabra 2 Acquisition Corp		60,838
6,870	*	Alternative Asset Management Acquisition Corp		60,593
4,667	e*	Accredited Home Lenders Holding Co		54,464
11,094	e	Advance America Cash Advance Centers, Inc		118,373
6,052		Advanta Corp (Class B)		165,946
11,884	e	Ares Capital Corp		193,353
1,901	e	Asta Funding, Inc		72,846
1,650		BlackRock Kelso Capital Corp		23,925
8,530	e	Centerline Holding Co		130,936
3,224	*	CompuCredit Corp		69,993
735	e*	Credit Acceptance Corp		16,978
4,520	e	Delta Financial Corp		22,193
2,295	e*	Encore Capital Group, Inc		27,081
4,313	e*	Energy Infrastructure Acquisition Corp		42,397
1,507	e	Federal Agricultural Mortgage Corp (Class C)		44,246
4,300		Financial Federal Corp		120,443
4,242	e*	First Cash Financial Services, Inc		99,348
8,552	e*	Freedom Acquisition Holding, Inc		96,210
5,368	e	Hercules Technology Growth Capital, Inc		71,233
8,359	e*	INVESTools, Inc		101,060
5,750	e*	Information Services Group, Inc		43,987
2,380		Kohlberg Capital Corp		35,843
6,789	e*	Marathon Acquisition Corp		53,565
10,386	e	MCG Capital Corp		149,455
2,660	*	Mercadolibre, Inc		97,436
1,840	*	NewStar Financial, Inc		20,682
3,151	e	NGP Capital Resources Co		51,141
4,420	e*	NTR Acquisition Co		41,902
3,050	e	Nelnet, Inc (Class A)		55,632
5,764	e*	Ocwen Financial Corp		54,355
8,969	*	PHH Corp		235,705
3,346	e	Patriot Capital Funding, Inc		44,736
3,776	e	Technology Investment Capital Corp		50,485
2,783	e*	World Acceptance Corp		92,062
		TOTAL NONDEPOSITORY INSTITUTIONS		2,619,442

297

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
NONMETALLIC MINERALS, EXCEPT FUELS - 0.16%
4,083	e	AMCOL International Corp	$	135,106
5,346	e	Compass Minerals International, Inc		181,978
8,556	e*	Idaho General Mines, Inc		56,812
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		373,896
OIL AND GAS EXTRACTION - 3.84%
436	e	APCO Argentina, Inc		45,963
3,474	*	ATP Oil & Gas Corp		163,382
2,586	e*	Arena Resources, Inc		169,383
3,702		Atlas America, Inc		191,134
4,555	*	Atwood Oceanics, Inc		348,731
6,791	e*	Basic Energy Services, Inc		142,747
6,612		Berry Petroleum Co (Class A)		261,769
5,135	e*	Bill Barrett Corp		202,370
3,109	*	Bois d'Arc Energy, Inc		59,600
7,332	e*	Brigham Exploration Co		43,479
4,357	e*	Bronco Drilling Co, Inc		64,484
3,810	e*	Cal Dive International, Inc		57,150
3,238	e*	Callon Petroleum Co		45,073
4,047	e*	Carrizo Oil & Gas, Inc		181,548
931	*	Clayton Williams Energy, Inc		30,723
7,106	*	Complete Production Services, Inc		145,531
7,460	*	Comstock Resources, Inc		230,066
3,820	*	Concho Resources, Inc		56,574
2,150	e*	Contango Oil & Gas Co		77,830
1,238	*	Dawson Geophysical Co		95,957
10,708	e*	Delta Petroleum Corp		192,209
10,250	e*	EXCO Resources, Inc		169,535
4,688	e*	Edge Petroleum Corp		60,194
8,835	*	Encore Acquisition Co		279,628
4,724	*	Energy Partners Ltd		69,348
10,034	e*	Exterran Holdings, Inc		806,132
5,084	e*	FX Energy, Inc		37,876
1,966	e*	GMX Resources, Inc		63,246
4,329	e*	GeoGlobal Resources, Inc		15,584
3,573	*	Geomet, Inc		18,187
975	*	Geokinetics, Inc		22,766
2,604	e*	Goodrich Petroleum Corp		82,547
31,354	e*	Grey Wolf, Inc		205,369
3,368	e*	Gulfport Energy Corp		79,687
6,360	e*	Harvest Natural Resources, Inc		75,938
13,809	*	Hercules Offshore, Inc		360,553
5,199	*	Horizon Offshore, Inc		85,783
1,860		Kayne Anderson Energy Development Co		47,393
14,493	*	Mariner Energy, Inc		300,150
4,575	e*	McMoRan Exploration Co		61,534
14,097	*	Meridian Resource Corp		34,961
14,296	e*	Newpark Resources, Inc		76,627
20,814	e*	Oilsands Quest, Inc		92,206
6,432	*	Parallel Petroleum Corp		109,280
18,567	e*	Parker Drilling Co		150,764
6,246		Penn Virginia Corp		274,699

298

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
28,204	*	PetroHawk Energy Corp	$	463,110
2,409	*	Petroleum Development Corp		106,839
7,291	*	Petroquest Energy, Inc		78,232
8,568	*	Pioneer Drilling Co		104,358
5,280	e	RPC, Inc		75,029
1,590	*	Rex Energy Corp		12,799
4,662	*	Stone Energy Corp		186,527
8,278	e*	Sulphco, Inc		72,846
1,415	*	Superior Offshore International, Inc		15,919
2,690	e*	Superior Well Services, Inc		61,144
5,098	*	Swift Energy Co		208,610
5,606	*	TXCO Resources, Inc		50,230
2,543	e*	Toreador Resources Corp		30,084
2,051	e*	Trico Marine Services, Inc		61,120
1,968	*	Union Drilling, Inc		28,693
800	m,v*	PetroCorp		-
10,333	e*	Vaalco Energy, Inc		47,222
2,270	*	Venoco, Inc		38,930
5,053	*	W-H Energy Services, Inc		372,659
9,674	e*	Warren Resources, Inc		121,312
6,990	*	Whiting Petroleum Corp		310,705
4,839	*	Willbros Group, Inc		164,526
		TOTAL OIL AND GAS EXTRACTION		8,996,584
PAPER AND ALLIED PRODUCTS - 0.67%
9,146	e	Bowater, Inc		136,458
6,233	*	Buckeye Technologies, Inc		94,368
8,925	e*	Cenveo, Inc		193,048
3,578	e*	Chesapeake Corp		30,270
7,178	e	Glatfelter		106,522
10,216	e*	Graphic Packaging Corp		46,176
5,519		Greif, Inc (Class A)		334,893
5,701	e*	Mercer International, Inc		53,874
2,395		Neenah Paper, Inc		79,251
9,346	*	Playtex Products, Inc		170,845
5,732		Rock-Tenn Co (Class A)		165,655
2,747		Schweitzer-Mauduit International, Inc		64,005
7,393		Wausau Paper Corp		82,432
		TOTAL PAPER AND ALLIED PRODUCTS		1,557,797
PERSONAL SERVICES - 0.48%
978		CPI Corp		37,673
4,912		Coinmach Service Corp (Class A)		58,895
4,666	*	Coinstar, Inc		150,105
3,680		G & K Services, Inc (Class A)		147,936
5,117		Jackson Hewitt Tax Service, Inc		143,071
7,405		Regis Corp		236,294
15,741	e*	Sally Beauty Holdings, Inc		133,011
2,928	*	Steiner Leisure Ltd		127,075
2,273		Unifirst Corp		85,147
		TOTAL PERSONAL SERVICES		1,119,207
PETROLEUM AND COAL PRODUCTS - 0.14%
2,141	e	Alon USA Energy, Inc		72,323

299

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,015	e	Delek US Holdings, Inc	$	50,536
6,277	e*	Headwaters, Inc		93,402
4,457	e*	Nova Biosource Fuels, Inc		12,524
3,078		WD-40 Co		105,083
		TOTAL PETROLEUM AND COAL PRODUCTS		333,868
PRIMARY METAL INDUSTRIES - 1.54%
7,491	e	Belden CDT, Inc		351,403
3,443	e*	Brush Engineered Materials, Inc		178,657
4,882	*	Century Aluminum Co		257,037
1,610	*	Claymont Steel, Inc		32,602
1,198	e*	Coleman Cable, Inc		16,580
3,704	e	Encore Wire Corp		93,082
1,786	e*	LB Foster Co (Class A)		77,620
3,877	e	Gibraltar Industries, Inc		71,724
1,938	e*	Haynes International, Inc		165,447
920	*	Horsehead Holding Corp		20,626
5,313		Matthews International Corp (Class A)		232,709
6,159		Mueller Industries, Inc		222,586
1,559	e*	Northwest Pipe Co		58,961
1,444	e	Olympic Steel, Inc		39,219
6,167		Quanex Corp		289,726
3,833	*	RTI International Metals, Inc		303,804
3,713	e	Schnitzer Steel Industries, Inc (Class A)		272,126
3,208	e*	Superior Essex, Inc		119,594
4,539	e	Texas Industries, Inc		356,311
5,058		Tredegar Corp		87,250
1,257	*	Universal Stainless & Alloy		50,016
2,412	*	Wheeling-Pittsburgh Corp		46,552
11,534	e	Worthington Industries, Inc		271,741
		TOTAL PRIMARY METAL INDUSTRIES		3,615,373
PRINTING AND PUBLISHING - 0.99%
9,130	e*	ACCO Brands Corp		204,877
9,289		American Greetings Corp (Class A)		245,230
14,098		Belo (A.H.) Corp (Class A)		244,741
4,618	e	Bowne & Co, Inc		76,936
1,419		CSS Industries, Inc		51,041
1,674	*	Consolidated Graphics, Inc		105,110
1,705	e	Courier Corp		60,033
1,850	*	Dolan Media Co		44,955
4,138		Ennis, Inc		91,202
3,560	e	GateHouse Media, Inc		45,390
7,629		Journal Communications, Inc (Class A)		72,323
7,775	e	Lee Enterprises, Inc		121,057
3,972	e*	Martha Stewart Living Omnimedia, Inc (Class A)		46,274
3,607		Media General, Inc (Class A)		99,229
1,611		Multi-Color Corp		36,763
3,745	*	Playboy Enterprises, Inc (Class B)		40,221
6,934	e	Primedia, Inc		97,353
2,574		Schawk, Inc		58,095
5,104	*	Scholastic Corp		177,925
2,812	e	Standard Register Co		35,741
12,713	e*	Sun-Times Media Group, Inc (Class A)		28,859

300

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
8,060	e*	Valassis Communications, Inc	$	71,895
7,190	*	VistaPrint Ltd		268,690
		TOTAL PRINTING AND PUBLISHING		2,323,940
RAILROAD TRANSPORTATION - 0.08%
6,252	e*	Genesee & Wyoming, Inc (Class A)		180,308
		TOTAL RAILROAD TRANSPORTATION		180,308
REAL ESTATE - 0.16%
954	e	Consolidated-Tomoka Land Co		64,118
2,256	*	Grubb & Ellis Co		20,981
4,390	e*	LoopNet, Inc		90,171
1,006	e*	Stratus Properties, Inc		35,542
15,966	e	Stewart Enterprises, Inc (Class A)		121,661
4,060		Thomas Properties Group, Inc		48,720
		TOTAL REAL ESTATE		381,193
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.66%
968	*	AEP Industries, Inc		40,985
10,266		Cooper Tire & Rubber Co		250,490
2,165	*	Deckers Outdoor Corp		237,717
2,492	e*	Metabolix, Inc		60,456
4,313		Schulman (A.), Inc		85,095
3,196	*	Skechers U.S.A., Inc (Class A)		70,632
5,080		Spartech Corp		86,665
4,184		Titan International, Inc		133,553
1,590	e*	Trex Co, Inc		17,681
10,216		Tupperware Corp		321,702
5,561		West Pharmaceutical Services, Inc		231,671
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,536,647
SECURITY AND COMMODITY BROKERS - 1.42%
3,772		Calamos Asset Management, Inc (Class A)		106,484
3,067	e	Cohen & Steers, Inc		113,571
2,256	*	Cowen Group, Inc		31,178
1,242	e*	Epoch Holding Corp		17,487
1,732		Evercore Partners, Inc (Class A)		45,534
5,150	*	FBR Capital Markets Corp		66,332
1,587	e*	FCStone Group, Inc		51,212
988	e	GAMCO Investors, Inc (Class A)		54,142
2,728	e*	GFI Group, Inc		234,935
3,253	e	Greenhill & Co, Inc		198,596
6,879	e*	Interactive Brokers Group, Inc (Class A)		180,643
6,443	e	International Securities Exchange, Inc		428,266
4,922	e*	KBW, Inc		141,655
17,378	*	Knight Capital Group, Inc (Class A)		207,841
7,828	e*	LaBranche & Co, Inc		36,635
13,983	e*	Ladenburg Thalmann Financial Services, Inc		27,407
5,036	e*	MarketAxess Holdings, Inc		75,540
1,954	*	Morningstar, Inc		119,976
2,686	e*	Penson Worldwide, Inc		49,637
3,086	*	Piper Jaffray Cos		165,410
3,717	e	SWS Group, Inc		65,754
2,900	e	Sanders Morris Harris Group, Inc		29,435

301

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,541	*	Stifel Financial Corp	$	146,971
3,799	e*	Thomas Weisel Partners Group, Inc		55,123
2,197	e	US Global Investors, Inc (Class A)		41,787
373		Value Line, Inc		18,378
4,141	e	WP Stewart & Co Ltd		41,079
13,954		Waddell & Reed Financial, Inc (Class A)		377,177
7,267	e	optionsXpress Holdings, Inc		189,959
		TOTAL SECURITY AND COMMODITY BROKERS		3,318,144
SOCIAL SERVICES - 0.16%
4,350	e*	Bright Horizons Family Solutions, Inc		186,354
4,525	*	Capital Senior Living Corp		38,100
2,022	*	Providence Service Corp		59,366
3,847	*	Res-Care, Inc		87,865
		TOTAL SOCIAL SERVICES		371,685
SPECIAL TRADE CONTRACTORS - 0.52%
736	e	Alico, Inc		31,898
5,792	e*	AsiaInfo Holdings, Inc		52,476
4,032		Chemed Corp		250,629
6,568		Comfort Systems USA, Inc		93,266
6,649	*	Dycom Industries, Inc		203,659
10,606	*	EMCOR Group, Inc		332,604
4,349	e*	Insituform Technologies, Inc (Class A)		66,235
2,310	e*	Integrated Electrical Services, Inc		59,159
2,205	*	Layne Christensen Co		122,333
		TOTAL SPECIAL TRADE CONTRACTORS		1,212,259
STONE, CLAY, AND GLASS PRODUCTS - 0.23%
4,932		Apogee Enterprises, Inc		127,936
3,366	e	CARBO Ceramics, Inc		170,757
3,969	e*	Cabot Microelectronics Corp		169,675
2,662		Libbey, Inc		46,638
4,854	e*	US Concrete, Inc		31,988
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		546,994
TEXTILE MILL PRODUCTS - 0.05%
840	*	Heelys, Inc		6,695
2,424		Oxford Industries, Inc		87,555
3,274		Xerium Technologies, Inc		17,680
		TOTAL TEXTILE MILL PRODUCTS		111,930
TOBACCO PRODUCTS - 0.15%
4,560		Universal Corp		223,212
5,369	e	Vector Group Ltd		120,319
		TOTAL TOBACCO PRODUCTS		343,531
TRANSPORTATION BY AIR - 0.69%
9,058	*	ABX Air, Inc		64,131
1,721	*	Air Methods Corp		79,510
15,213	e*	Airtran Holdings, Inc		149,696
6,919	*	Alaska Air Group, Inc		159,760
990	*	Allegiant Travel Co		30,017
2,105	e*	Atlas Air Worldwide Holdings, Inc		108,681

302

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,359	e*	Bristow Group, Inc	$	146,822
9,154	e*	ExpressJet Holdings, Inc		28,286
29,703	e*	JetBlue Airways Corp		273,862
4,107	e*	Midwest Air Group, Inc		67,560
2,293	e*	PHI, Inc		69,111
2,785	e*	Pinnacle Airlines Corp		44,616
5,602	*	Republic Airways Holdings, Inc		118,594
10,734		Skywest, Inc		270,175
		TOTAL TRANSPORTATION BY AIR		1,610,821
TRANSPORTATION EQUIPMENT - 2.08%
6,025	*	AAR Corp		182,798
4,183	*	Accuride Corp		50,656
1,001	*	Aerovironment, Inc		23,033
3,537	*	Aftermarket Technology Corp		112,264
7,438		American Axle & Manufacturing Holdings, Inc		187,809
1,420		American Railcar Industries, Inc		31,268
3,754	*	Amerigon, Inc		64,982
2,264	e	Arctic Cat, Inc		37,039
11,495	e	ArvinMeritor, Inc		193,346
8,528		Clarcor, Inc		291,743
3,406	e*	Comtech Group, Inc		62,023
11,649	e*	Force Protection, Inc		252,317
7,636		Federal Signal Corp		117,289
10,488	e*	Fleetwood Enterprises, Inc		89,672
1,980		Freightcar America, Inc		75,636
9,329	e*	GenCorp, Inc		111,575
1,546	e*	GenTek, Inc		46,504
2,609	e	Greenbrier Cos, Inc		69,686
4,036	e	Group 1 Automotive, Inc		135,489
15,525	*	Hayes Lemmerz International, Inc		64,584
4,128	e	Heico Corp		203,758
3,942		Kaman Corp		136,236
1,808	*	Miller Industries, Inc		30,953
5,060	e	Monaco Coach Corp		70,992
2,186	e	Noble International Ltd		46,540
10,002	*	Orbital Sciences Corp		222,444
5,946	e	Polaris Industries, Inc		259,365
1,191	*	Sequa Corp (Class A)		197,444
3,419		A.O. Smith Corp		150,026
5,164	e	Spartan Motors, Inc		86,910
3,285		Standard Motor Products, Inc		30,879
3,706	e	Superior Industries International, Inc		80,383
7,729	*	Tenneco, Inc		239,676
1,599	*	TransDigm Group, Inc		73,090
2,785		Triumph Group, Inc		227,562
22,119	e*	Visteon Corp		113,913
5,228	e	Wabash National Corp		59,024
8,093		Westinghouse Air Brake Technologies Corp		303,164
5,354	e	Winnebago Industries, Inc		127,854
		TOTAL TRANSPORTATION EQUIPMENT		4,859,926
TRANSPORTATION SERVICES - 0.47%
2,512	e	Ambassadors Group, Inc		95,707

303

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,685	e	Ambassadors International, Inc	$	41,333
1,934	*	Dynamex, Inc		49,549
6,556	*	HUB Group, Inc (Class A)		196,877
12,719	*	Lear Corp		408,280
5,630	*	Orbitz Worldwide, Inc		63,563
5,729	e	Pacer International, Inc		109,137
5,179		Ship Finance International Ltd		136,052
		TOTAL TRANSPORTATION SERVICES		1,100,498
TRUCKING AND WAREHOUSING - 0.35%
3,590	e	Arkansas Best Corp		117,249
3,662	*	Celadon Group, Inc		43,102
5,013		Forward Air Corp		149,287
9,932		Heartland Express, Inc		141,829
2,364	e*	Marten Transport Ltd		36,429
4,707	*	Old Dominion Freight Line		112,827
246	e*	Patriot Transportation Holding, Inc		24,192
2,220	*	Saia, Inc		36,697
1,367	e*	Universal Truckload Services, Inc		30,019
7,411	e	Werner Enterprises, Inc		127,099
		TOTAL TRUCKING AND WAREHOUSING		818,730
WATER TRANSPORTATION - 0.80%
9,028	*	American Commercial Lines, Inc		214,234
2,294	e	Arlington Tankers Ltd		56,501
3,718	e	Double Hull Tankers, Inc		55,361
7,746		Eagle Bulk Shipping, Inc		199,382
2,967	e	Genco Shipping & Trading Ltd		194,428
4,769	e	General Maritime Corp		133,103
6,002		Golar LNG Ltd		133,965
3,704	e*	Gulfmark Offshore, Inc		180,237
5,587		Horizon Lines, Inc (Class A)		170,571
3,866	*	Hornbeck Offshore Services, Inc		141,882
2,829	e	Knightsbridge Tankers Ltd		76,100
4,982	e	Nordic American Tanker Shipping		195,494
7,539	e*	Odyssey Marine Exploration, Inc		46,666
807	e*	TBS International Ltd (Class A)		33,289
2,172	e*	Ultrapetrol Bahamas Ltd		36,077
		TOTAL WATER TRANSPORTATION		1,867,290
WHOLESALE TRADE-DURABLE GOODS - 1.41%
4,983		Agilysys, Inc		84,213
6,899		Applied Industrial Technologies, Inc		212,696
7,675	e	Barnes Group, Inc		244,986
7,262	e*	Beacon Roofing Supply, Inc		74,218
2,674	e	BlueLinx Holdings, Inc		18,825
4,906	e	Building Material Holding Corp		51,905
2,343		Castle (A.M.) & Co		76,382
4,808	e*	Conceptus, Inc		91,256
4,204	*	Digi International, Inc		59,865
2,886	*	Drew Industries, Inc		117,402
5,408	*	Genesis Microchip, Inc		42,399
1,057	e*	Glu Mobile, Inc		9,587
1,777	e*	Hansen Medical, Inc		48,174

304

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,912	e	Houston Wire & Cable Co	$	52,736
17,932		IKON Office Solutions, Inc		230,426
7,812	*	Insight Enterprises, Inc		201,628
4,665	*	Interline Brands, Inc		107,248
2,603	*	Keystone Automotive Industries, Inc		124,319
9,515	e	Knight Transportation, Inc		163,753
7,590	e*	LKQ Corp		264,208
584		Lawson Products, Inc		20,329
1,486	*	MWI Veterinary Supply, Inc		56,096
6,733		Owens & Minor, Inc		256,460
11,374	e*	PSS World Medical, Inc		217,585
6,554	e	PEP Boys-Manny Moe & Jack		91,953
4,406		Ryerson Tull, Inc		148,658
4,298	*	Solera Holdings, Inc		77,321
2,077	e*	TomoTherapy, Inc		48,249
6,273	*	Tyler Technologies, Inc		83,745
2,868	e*	West Marine, Inc		33,125
		TOTAL WHOLESALE TRADE-DURABLE GOODS		3,309,747
WHOLESALE TRADE-NONDURABLE GOODS - 1.62%
9,007	e*	Akorn, Inc		67,462
16,249	*	Alliance One International, Inc		106,268
9,287	e*	Allscripts Healthcare Solutions, Inc		251,028
2,656	e	Andersons, Inc		127,541
4,874	e*	Beijing Med-Pharm Corp		56,782
5,876	*	Central European Distribution Corp		281,519
1,609	e*	Core-Mark Holding Co, Inc		56,685
4,838	e*	Fresh Del Monte Produce, Inc		139,092
2,808	e*	Green Mountain Coffee Roasters, Inc		93,198
6,415	e*	Hain Celestial Group, Inc		206,114
4,190	e	K-Swiss, Inc (Class A)		95,993
1,726		Kenneth Cole Productions, Inc (Class A)		33,433
2,584	e*	LSB Industries, Inc		61,112
718	e*	Maui Land & Pineapple Co, Inc		21,856
9,011		Men's Wearhouse, Inc		455,236
4,201		Myers Industries, Inc		83,264
2,302	e	Nash Finch Co		91,689
8,655		Nu Skin Enterprises, Inc (Class A)		139,865
2,312	*	Nuco2, Inc		59,511
1,735	e*	Perry Ellis International, Inc		48,077
910	e*	Synutra International, Inc		27,163
3,623	e*	School Specialty, Inc		125,464
7,269	e*	Source Interlink Cos, Inc		25,587
3,784		Spartan Stores, Inc		85,254
15,446	e*	Terra Industries, Inc		482,842
6,912	e*	United Natural Foods, Inc		188,145
4,626	*	United Stationers, Inc		256,836
1,393	e	Valhi, Inc		33,084
2,331	e*	Volcom, Inc		99,114
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,799,214
		TOTAL COMMON STOCKS		234,776,058
		(Cost $215,385,974)

305

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
PRINCIPAL		ISSUER		VALUE
SHORT-TERM INVESTMENTS - 30.83%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.78%
6,500,000	d	Federal Home Loan Bank (FHLB) 10/01/07	$	6,497,833
				6,497,833
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 28.05%
65,652,364		State Street Navigator Securities Lending Prime Portfolio		65,652,364
				65,652,364
		TOTAL SHORT-TERM INVESTMENTS		72,150,197
		(Cost $72,152,364)
		TOTAL PORTFOLIO - 131.16%		306,926,255
		(Cost $287,538,338)
		OTHER ASSETS & LIABILITIES, NET - (31.16)%		(72,922,325	)
		NET ASSETS - 100.00%	$	234,003,930
	*	Non-income producing
	b	In bankruptcy
	d	All or a portion of these securities have been segregated by the custodian to cover margin or other
		requirements on open futures contracts in the amount of $6,569,869.
	e	All or a portion of these securities are out on loan.
	m	Indicates a security has been deemed illiquid.
	v	Security valued at fair value.

306

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.67%
AGRICULTURAL SERVICES - 0.04%
10,225		Yara International ASA	$	323,369
		TOTAL AGRICULTURAL SERVICES		323,369
AMUSEMENT AND RECREATION SERVICES - 0.74%
18,727	e	Aristocrat Leisure Ltd		230,982
1,334	e*	bwin Interactive Entertainment		31,767
33,771		Ladbrokes plc		298,319
3,611	e	Lottomatica S.p.A.		130,529
5,500		Nintendo Co Ltd		2,863,361
11,847		OPAP S.A.		459,494
2,700		Oriental Land Co Ltd		156,549
2,436		Paddy Power plc		85,451
58,225		PartyGaming plc		32,760
24,955		Publishing & Broadcasting Ltd		436,234
20,597		Rank Group plc		68,164
19		Round One Corp		42,015
10,500		Sega Sammy Holdings, Inc		139,860
23,985		Sky City Entertainment Group Ltd		94,878
28,362	e	TABCORP Holdings Ltd		381,281
55,380		Tattersall's Ltd		195,092
18,868		William Hill plc		248,416
		TOTAL AMUSEMENT AND RECREATION SERVICES		5,895,152
APPAREL AND ACCESSORY STORES - 0.41%
2,900		Aoyama Trading Co Ltd		73,721
110,000		Belle International Holdings Ltd		144,613
23,469		Burberry Group plc		315,475
2,900		Fast Retailing Co Ltd		167,388
89,000		Giordano International Ltd		43,734
26,466		Hennes & Mauritz AB (B Shares)		1,677,715
12,151		Inditex S.A.		818,857
		TOTAL APPAREL AND ACCESSORY STORES		3,241,503
APPAREL AND OTHER TEXTILE PRODUCTS - 0.10%
9,000		Asics Corp		139,311
9,000		Gunze Ltd		44,348
29,000		Mitsubishi Rayon Co Ltd		205,511
8,000		Nisshinbo Industries, Inc		111,226
7,000		Onward Kashiyama Co Ltd		70,814
1,200		Shimamura Co Ltd		112,306
32,000		Toyobo Co Ltd		74,940
5,000		Wacoal Holdings Corp		61,420
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		819,876

307

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
AUTO REPAIR, SERVICES AND PARKING - 0.09%
10,100		Aisin Seiki Co Ltd	$	403,596
6,100		NOK Corp		130,640
4,800	e	Park24 Co Ltd		43,167
9,100		Sumitomo Rubber Industries, Inc		114,399
		TOTAL AUTO REPAIR, SERVICES AND PARKING		691,802
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.02%
23,394		Inchcape plc		201,507
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		201,507
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.10%
11,724		Grafton Group plc		131,301
124,936		Kingfisher plc		457,046
6,128		Travis Perkins plc		193,584
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		781,931
BUSINESS SERVICES - 2.00%
13	*	Access Co Ltd		43,007
1,509		Acciona S.A.		410,339
7,058		Adecco S.A.		417,387
45,199		Aegis Group plc		115,596
13,421		Aggreko plc		158,715
1,300		Asatsu-DK, Inc		41,875
3,672	*	Atos Origin S.A.		213,631
14,207		Autostrade S.p.A.		479,921
5,191	*	Business Objects S.A.		231,685
10,950		Cintra Concesiones de Infraestructuras de Transporte S.A.		166,758
26,206		Computershare Ltd		216,029
3,300		CSK Holdings Corp		128,995
3,102		Dassault Systemes S.A.		203,559
101		Dentsu, Inc		286,650
66		eAccess Ltd		36,659
5,100	*	Elpida Memory, Inc		187,368
57,038		Experian Group Ltd		603,336
1,500		FUJI SOFT, Inc		30,688
100,000		Fujitsu Ltd		706,917
10,385		GN Store Nord		105,282
54		Goodwill Group, Inc		10,126
60,996		Group 4 Securicor plc		252,091
1,160		Hakuhodo DY Holdings, Inc		81,396
77,121		Hays plc		209,860
6,093		Indra Sistemas S.A.		164,817
9,500		JSR Corp		232,817
56	*	KK DaVinci Advisors		42,074
4,800	e	Konami Corp		130,797
82,081		LogicaCMG plc		254,005
1,400		Meitec Corp		41,074
17,588		Michael Page International plc		148,438
26,597		Misys plc		120,262
2,050		Mitsubishi UFJ Lease & Finance Co Ltd		67,997
114,000		NEC Corp		553,798
5,500		Nomura Research Institute Ltd		187,220
65		NTT Data Corp		289,731
300		Obic Co Ltd		58,190

308

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
1,900		Oracle Corp Japan	$	86,841
1,000		Otsuka Corp		98,115
3,755		Promotora de Informaciones S.A.		74,159
5,393		Public Power Corp		213,785
7,412		Publicis Groupe S.A.		304,813
333		Rakuten, Inc		130,603
2,683		Randstad Holdings NV		145,036
69,551		Sage Group plc		354,685
48,884		SAP AG.		2,861,424
11,200		Secom Co Ltd		539,207
16,514		Securitas AB (B Shares)		217,826
249		SGS S.A.		284,449
70,000		Singapore Post Ltd		57,489
1,185		Societe Des Autoroutes Paris-Rhin-Rhone		124,534
41,400	e	Softbank Corp		764,097
46,000		Tencent Holdings Ltd		297,047
3,771		Tietoenator Oyj		84,638
2,000		TIS, Inc		39,002
6,500		Trend Micro, Inc		281,243
1,280		USS Co Ltd		84,134
64,820		WPP Group plc		877,953
804		Yahoo! Japan Corp		304,479
		TOTAL BUSINESS SERVICES		15,854,649
CHEMICALS AND ALLIED PRODUCTS - 8.47%
13,488		Air Liquide		1,805,221
15,160		Akzo Nobel NV		1,249,480
1,500		Alfresa Holdings Corp		95,721
63,000		Asahi Kasei Corp		508,980
30,500		Astellas Pharma, Inc		1,463,065
75,768		AstraZeneca plc		3,796,461
6,000	e	AstraZeneca plc (ADR)		300,420
27,887		BASF AG.		3,857,233
4,915		Beiersdorf AG.		368,087
14,800		Chugai Pharmaceutical Co Ltd		244,423
3,878		Ciba Specialty Chemicals AG.		197,689
12,319		Clariant AG.		151,415
10,204		CSL Ltd		971,551
15,000		Daicel Chemical Industries Ltd		118,705
38,900		Daiichi Sankyo Co Ltd		1,168,372
34,000		Dainippon Ink and Chemicals, Inc		150,664
7,909		DSM NV		426,864
13,600		Eisai Co Ltd		642,911
22,972	*	Elan Corp plc		482,835
1,900	*	Elan Corp plc (ADR)		39,976
317,116		GlaxoSmithKline plc		8,415,162
2,726		H Lundbeck A/S		74,044
6,449		Haw Par Corp Ltd		35,165
9,547		Henkel KGaA		491,311
66,683		Imperial Chemical Industries plc		889,543
11,000		Kansai Paint Co Ltd		84,369
30,000		Kao Corp		895,834
31,500		Kingboard Chemical Holdings Ltd		200,576
1,700		Kose Corp		45,140

309

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
20,000		Kuraray Co Ltd	$	253,341
16,000		Kyowa Hakko Kogyo Co Ltd		164,785
6,734		Linde AG.		836,265
2,326		Lonza Group AG.		253,727
13,977		L'Oreal S.A.		1,833,598
8,500		Mediceo Paltac Holdings Co Ltd		129,944
3,456		Merck KGaA		416,914
62,500		Mitsubishi Chemical Holdings Corp		544,117
19,000		Mitsubishi Gas Chemical Co, Inc		176,163
7,000		Nippon Kayaku Co Ltd		58,260
5,000		Nippon Shokubai Co Ltd		48,666
8,000		Nissan Chemical Industries Ltd		98,759
128,300		Novartis AG.		7,080,331
13,422		Novo Nordisk A/S (Class B)		1,620,016
2,419		Novozymes A/S (B Shares)		304,000
962		Omega Pharma S.A.		84,363
4,399		Orion Oyj (Class B)		111,780
34,025		Reckitt Benckiser plc		1,999,341
38,856		Roche Holding AG.		7,045,310
56,894		Sanofi-Aventis		4,817,359
4,000		Santen Pharmaceutical Co Ltd		100,118
23,400		Shin-Etsu Chemical Co Ltd		1,617,516
15,000		Shionogi & Co Ltd		231,271
18,000		Shiseido Co Ltd		399,600
58,000		Showa Denko KK		219,649
9,238		SSL International plc		80,329
84,000		Sumitomo Chemical Co Ltd		720,324
31,894		Symbion Health Ltd		118,016
5,804		Syngenta AG.		1,251,281
9,000		Taisho Pharmaceutical Co Ltd		177,077
14,000		Taiyo Nippon Sanso Corp		125,782
47,300	e	Takeda Pharmaceutical Co Ltd		3,327,245
12,000		Tanabe Seiyaku Co Ltd		151,482
45,000		Teijin Ltd		219,780
13,000		Tokuyama Corp		197,266
72,000	e	Toray Industries, Inc		571,662
26,000		Tosoh Corp		168,633
5,859		UCB S.A.		345,714
8,156		Zeltia S.A.		88,737
9,000		Zeon Corp		88,695
		TOTAL CHEMICALS AND ALLIED PRODUCTS		67,248,433
COMMUNICATIONS - 6.22%
4,331		Antena 3 de Television S.A.		79,914
9,412		Belgacom S.A.		436,719
63,583		British Sky Broadcasting plc		904,129
457,003		BT Group plc		2,870,528
132,165		Cable & Wireless plc		497,552
20,742		Carphone Warehouse Group plc		147,896
6,000		Cosmote Mobile Telecommunications S.A.		206,191
158,197		Deutsche Telekom AG.		3,108,492
8,028		Elisa Oyj		249,555
101,819		France Telecom S.A.		3,410,470
23		Fuji Television Network, Inc		46,254

310

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
5,441		Gestevision Telecinco S.A.	$	142,835
20,339		Hellenic Telecommunications Organization S.A.		754,059
1,600		Hikari Tsushin, Inc		43,878
73,000		Hutchison Telecommunications International Ltd		101,417
206,569		ITV plc		433,628
113	*	Jupiter Telecommunications Co		87,752
140		KDDI Corp		1,038,436
3,384		M6-Metropole Television		98,197
41,086		Mediaset S.p.A.		424,165
1,668		Mobistar S.A.		145,919
2,677		Modern Times Group AB (B Shares)		172,814
292		Nippon Telegraph & Telephone Corp		1,365,116
898		NTT DoCoMo, Inc		1,282,131
42,664		Portugal Telecom SGPS S.A.		598,022
5,541		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		82,488
107,558		Royal KPN NV		1,866,533
210,071		Seat Pagine Gialle S.p.A.		117,124
443,403		Singapore Telecommunications Ltd		1,199,919
9,530		Sky Network Television Ltd		41,598
6,136		Societe Television Francaise 1		164,930
2,451	*	Sogecable S.A.		88,913
1,218		Swisscom AG.		463,191
16,165		Tele2 AB (B Shares)		349,308
96,534		Telecom Corp of New Zealand Ltd		326,996
597,453		Telecom Italia S.p.A.		1,816,750
336,437		Telecom Italia S.p.A.		811,241
244,967		Telefonica S.A.		6,856,938
20,048		Telekom Austria AG.		524,577
46,854		Telenor ASA		938,601
16,000		Television Broadcasts Ltd		96,117
125,104		TeliaSonera AB		1,130,850
209,163		Telstra Corp Ltd		809,220
1,700		Tokyo Broadcasting System, Inc		47,656
64,487		Vivendi Universal S.A.		2,721,863
882,500		Vodafone Group plc		3,186,866
194,738		Vodafone Group plc (ADR)		7,068,989
		TOTAL COMMUNICATIONS		49,356,737
DEPOSITORY INSTITUTIONS - 16.75%
18,000		77 Bank Ltd		121,134
101,209		ABN AMRO Holding NV		5,332,562
48,943		Allied Irish Banks plc		1,186,429
20,689		Alpha Bank S.A.		721,013
103,202		Australia & New Zealand Banking Group Ltd		2,719,818
429,830		Banca Intesa S.p.A.		3,318,926
49,899		Banca Intesa S.p.A.		365,372
59,338	e	Banca Monte dei Paschi di Siena S.p.A.		364,046
22,396		Banca Popolare di Milano		330,851
33,874		Banche Popolari Unite Scpa		910,501
208,998		Banco Bilbao Vizcaya Argentaria S.A.		4,899,438
13,306		Banco BPI S.A.		111,944
114,894	e	Banco Comercial Portugues S.A.		476,752
11,404		Banco Espirito Santo S.A.		258,557
37,297	*	Banco Popolare Scarl		835,512

311

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
47,283	e	Banco Popular Espanol S.A.	$	812,446
348,749		Banco Santander Central Hispano S.A.		6,778,150
75,824		Bank of East Asia Ltd		425,262
1,341		Bank of Ireland		24,858
53,690		Bank of Ireland		999,094
15,000		Bank of Kyoto Ltd		181,909
65,000		Bank of Yokohama Ltd		448,744
365,283		Barclays plc		4,450,569
46,862		BNP Paribas		5,127,964
201,000		BOC Hong Kong Holdings Ltd		509,362
94,236		Capitalia S.p.A.		900,314
39,000		Chiba Bank Ltd		301,502
7,082		Close Brothers Group plc		117,802
34,840		Commerzbank AG.		1,410,412
72,535		Commonwealth Bank of Australia		3,629,485
36,540		Credit Agricole S.A.		1,409,413
61,050		Credit Suisse Group		4,053,395
25,135		Danske Bank A/S		1,020,468
65,000		DBS Group Holdings Ltd		945,136
17,980		Depfa Bank plc		372,271
28,313		Deutsche Bank AG.		3,648,888
28,759		Dexia		871,025
40,963		DNB NOR Holding ASA		628,359
16,662		EFG Eurobank Ergasias S.A.		585,899
10,543		Erste Bank der Oesterreichischen Sparkassen AG.		803,553
69,138	*	Fortis		366,743
69,138		Fortis		2,035,819
33,000		Fukuoka Financial Group, Inc		193,349
19,000		Gunma Bank Ltd		126,705
20,000		Hachijuni Bank Ltd/The		143,995
43,300		Hang Seng Bank Ltd		769,211
26,000		Hiroshima Bank Ltd/The		141,923
63,000		Hokuhoku Financial Group, Inc		178,253
648,657		HSBC Holdings plc		12,004,056
104,855		ING Groep NV		4,654,474
20,917		Investec plc		219,116
35,000		Joyo Bank Ltd		195,316
3,136	*	Jyske Bank		243,842
314,752		Lloyds TSB Group plc		3,493,595
27,440		Mediobanca S.p.A.		600,222
457	m,v	Mitsubishi UFJ Financial Group, Inc		4,018,369
39,000		Mitsui Trust Holdings, Inc		304,218
553		Mizuho Financial Group. Inc		3,153,398
91,036		National Australia Bank Ltd		3,207,808
22,287		National Bank of Greece S.A.		1,420,566
35,000		Nishi-Nippon City Bank Ltd		98,420
115,578		Nordea Bank AB		2,014,154
4,892		OKO Bank (Class A)		101,148
139,520		Oversea-Chinese Banking Corp		835,899
19,768		Piraeus Bank S.A.		706,393
1,918		Raiffeisen International Bank Holding AG.		280,333
324	e	Resona Holdings, Inc		555,678
527,902		Royal Bank of Scotland Group plc		5,670,443
17		Sapporo Hokuyo Holdings, Inc		168,720

312

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
74,000		Shinsei Bank Ltd	$	233,213
34,000		Shizuoka Bank Ltd		330,336
25,859		Skandinaviska Enskilda Banken AB (Class A)		840,685
20,605		Societe Generale		3,457,623
368	e	Sumitomo Mitsui Financial Group, Inc		2,867,366
68,000		Sumitomo Trust & Banking Co Ltd		514,447
11,000		Suruga Bank Ltd		134,358
27,384		Svenska Handelsbanken (A Shares)		849,894
3,370		Sydbank A/S		146,651
109,206		UBS A.G.		5,871,845
436,146		UniCredito Italiano S.p.A		3,731,518
69,000		United Overseas Bank Ltd		1,026,523
103,190		Westpac Banking Corp		2,609,623
9,500		Wing Hang Bank Ltd		109,251
		TOTAL DEPOSITORY INSTITUTIONS		133,034,634
EATING AND DRINKING PLACES - 0.30%
5,529		Autogrill S.p.A.		106,513
107,994		Compass Group plc		667,284
29,426		Enterprise Inns plc		356,416
21,411		Mitchells & Butlers plc		267,659
14,102		Punch Taverns plc		284,487
5,123		Sodexho Alliance S.A.		354,298
10,475		Whitbread plc		347,624
		TOTAL EATING AND DRINKING PLACES		2,384,281
EDUCATIONAL SERVICES - 0.02%
3,700		Benesse Corp		141,732
		TOTAL EDUCATIONAL SERVICES		141,732
ELECTRIC, GAS, AND SANITARY SERVICES - 5.38%
23,957		AGL Energy Ltd		337,369
25,311	m,v	Alinta Ltd		323,869
54,840		British Energy Group plc		599,721
7,311		Caltex Australia Ltd		152,714
204,705		Centrica plc		1,593,630
37,700		Chubu Electric Power Co, Inc		976,429
72,500		CLP Holdings Ltd		501,746
14,967		Contact Energy Ltd		104,233
34,159		E.ON AG.		6,315,584
7,800		Electric Power Development Co		303,539
35,376		Endesa S.A.		2,022,307
238,886	e	Enel S.p.A.		2,704,665
111,392		Energias de Portugal S.A.		651,239
24,824		Fortum Oyj		911,135
7,573		Gas Natural SDG S.A.		427,627
9,600		Hokkaido Electric Power Co, Inc		207,687
197,100		Hong Kong & China Gas Ltd		458,912
78,500		Hong Kong Electric Holdings Ltd		407,957
52,204	*	Iberdrola S.A.		3,066,926
83,690		International Power plc		772,672
43,000		Kansai Electric Power Co, Inc		982,675
14,491		Kelda Group plc		255,570
20,700		Kyushu Electric Power Co, Inc		547,843

313

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
150,479		National Grid plc	$	2,413,772
3,954		Oest Elektrizitatswirts AG. (Class A)		227,895
108,000		Osaka Gas Co Ltd		378,915
342		Puma AG. Rudolf Dassler Sport		146,965
26,467		RWE AG.		3,328,708
48,037		Scottish & Southern Energy plc		1,485,062
44,460		SembCorp Industries Ltd		193,044
12,360		Severn Trent plc		356,568
48,288		Snam Rete Gas S.p.A.		300,384
3,113		Sociedad General de Aguas de Barcelona S.A. (Class A)		118,298
50,000		Sojitz Holdings Corp		217,647
57,161	*	Suez S.A.		3,366,295
23,800		Tohoku Electric Power Co, Inc		508,675
69,200		Tokyo Electric Power Co, Inc		1,747,095
121,000		Tokyo Gas Co Ltd		563,575
5,955		Union Fenosa S.A.		352,312
48,983		United Utilities plc		701,533
13,162		Vector Ltd		24,437
19,337		Veolia Environnement		1,665,162
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		42,722,391
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.24%
117,193		ABB Ltd		3,086,225
8,700	e	Advantest Corp		271,153
128,909		Alcatel S.A.		1,323,482
9,000		Alps Electric Co Ltd		108,284
71,499		ARM Holdings plc		225,281
539	e	Bang & Olufsen A/S (B Shares)		60,829
552		Barco NV		47,550
52,000	*	Chartered Semiconductor Manufacturing Ltd		38,156
6,914	*	CSR plc		91,030
12,000	e	Dainippon Screen Manufacturing Co Ltd		72,294
826,337		Ericsson (LM) (B Shares)		3,308,374
10,700		Fanuc Ltd		1,090,820
15,000		Fisher & Paykel Appliances Holdings Ltd		40,467
25,900		Fisher & Paykel Healthcare Corp		64,769
111,000	*	Foxconn International Holdings Ltd		304,135
28,000		Fuji Electric Holdings Co Ltd		124,807
9,051		Gamesa Corp Tecnologica S.A.		369,763
1,800		Hirose Electric Co Ltd		218,918
5,700		Hitachi Chemical Co Ltd		117,856
3,600		Hitachi High-Technologies Corp		82,427
190,000		Hitachi Ltd		1,265,399
22,400		Hoya Corp		764,445
7,200		Ibiden Co Ltd		606,138
41,805	*	Infineon Technologies AG.		720,704
77,500		Johnson Electric Holdings Ltd		40,475
63,757		Koninklijke Philips Electronics NV		2,877,425
1,806		Kudelski S.A.		51,066
9,100		Kyocera Corp		853,236
1,400		Mabuchi Motor Co Ltd		91,290
110,000		Matsushita Electric Industrial Co Ltd		2,063,727
20,000		Matsushita Electric Works Ltd		241,153
20,000		Minebea Co Ltd		136,856

314

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
109,000		Mitsubishi Electric Corp	$	1,366,474
11,900		Murata Manufacturing Co Ltd		857,807
2,000	*	NEC Electronics Corp		57,459
9,000		NGK Spark Plug Co Ltd		139,860
5,900		Nidec Corp		412,458
8,900		Nitto Denko Corp		413,755
1,177		NKT Holding A/S		131,931
224,815		Nokia Oyj		8,546,490
11,200		Omron Corp		296,418
7,600		Pioneer Corp		93,226
36,000		Ricoh Co Ltd		761,590
2,300		Rinnai Corp		68,681
5,700		Rohm Co Ltd		503,678
6,000		Sanken Electric Co Ltd		29,408
85,000	*	Sanyo Electric Co Ltd		139,860
2,619		Schindler Holding AG.		165,339
54,000	e	Sharp Corp		980,194
3,500		Shinko Electric Industries		77,700
56,000		Sony Corp		2,715,536
8,100		Stanley Electric Co Ltd		195,334
38,135		STMicroelectronics NV		641,121
5,800		Sumco Corp		236,312
6,000		Taiyo Yuden Co Ltd		118,835
6,062		Tandberg ASA		145,893
6,800		TDK Corp		596,735
65,142		Terna Rete Elettrica Nazionale S.p.A.		240,814
13,239		Thomson		201,618
3,500		Toyota Boshoku Corp		118,226
5,500		Ushio, Inc		100,074
3,770		Valeo S.A.		209,764
12,000		Venture Corp Ltd		133,288
12,000		Yaskawa Electric Corp		149,497
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		41,603,909
ENGINEERING AND MANAGEMENT SERVICES - 0.29%
7,311		Cap Gemini S.A.		450,572
31,770		Capita Group plc		470,609
15,725		Downer EDI Ltd		87,349
3,097		Fugro NV		251,411
11,000		JGC Corp		212,119
7,347		SBM Offshore NV		288,835
25,251		Serco Group plc		214,403
7,883		WorleyParsons Ltd		296,657
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,271,955
FABRICATED METAL PRODUCTS - 0.27%
46,466		Amcor Ltd		304,290
2,113		Geberit AG.		276,410
9,000		Hitachi Cable Ltd		55,787
14,300		JS Group Corp		248,739
34,441		Rexam plc		388,620
12,000		Sanwa Shutter Corp		67,279
11,187		Ssab Svenskt Stal AB (Series A)		414,038
5,281		Ssab Svenskt Stal AB (Series B)		180,292

315

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
9,400		Toyo Seikan Kaisha Ltd	$	177,173
		TOTAL FABRICATED METAL PRODUCTS		2,112,628
FOOD AND KINDRED PRODUCTS - 3.90%
33,000		Ajinomoto Co, Inc		413,703
22,000		Asahi Breweries Ltd		335,176
117,413		Cadbury Schweppes plc		1,362,083
239		Carlsberg A/S (Class A)		31,041
1,512		Carlsberg A/S (Class B)		206,501
5,812		Coca Cola Hellenic Bottling Co S.A.		335,647
27,077		Coca-Cola Amatil Ltd		216,241
3,000		Coca-Cola West Japan Co Ltd		70,518
44,649		CSR Ltd		123,216
2,632		Danisco A/S		204,653
148,534		Diageo plc		3,263,882
799		East Asiatic Co Ltd A.S.		59,682
4,713		Ebro Puleva S.A.		96,640
345		Givaudan S.A.		318,849
8,078		Greencore Group plc		52,526
24,331		Groupe Danone		1,915,144
13,660		Heineken NV		896,396
3,600		House Foods Corp		62,839
6,482		Iaws Group plc		144,098
10,227		InBev NV		926,903
3,000	e	Ito En Ltd		73,129
900	e	Ito En Ltd		17,904
87,180		J Sainsbury plc		1,030,085
17,000		Kaneka Corp		142,968
7,589		Kerry Group plc (Class A)		225,087
8,000		Kikkoman Corp		120,768
43,000		Kirin Brewery Co Ltd		569,016
16,637		Lion Nathan Ltd		136,261
12,000	e	Meiji Dairies Corp		67,801
17,000	e	Meiji Seika Kaisha Ltd		85,544
21,986		Nestle S.A.		9,876,468
14,000		Nichirei Corp		64,232
10,000		Nippon Meat Packers, Inc		111,087
11,000		Nisshin Seifun Group, Inc		103,522
4,900	e	Nissin Food Products Co Ltd		174,901
28,000		Olam International Ltd		59,185
83,260		Parmalat S.p.A.		295,623
4,836		Pernod-Ricard S.A.		1,055,274
5,500		Q.P. Corp		50,324
9,563	e	Royal Numico NV		741,815
24,117		Sampo Oyj (A Shares)		736,279
13,000	e	Sapporo Holdings Ltd		85,901
43,091		Scottish & Newcastle plc		539,122
3,483		Suedzucker AG.		69,979
45,500		Swire Pacific Ltd (Class A)		551,641
10,000		Takara Holdings, Inc		58,765
26,155		Tate & Lyle plc		215,390
84,000		Tingyi Cayman Islands Holding Corp		131,178
5,000		Toyo Suisan Kaisha Ltd		94,023
73,106		Unilever plc		2,310,925

316

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
5,200		Yakult Honsha Co Ltd	$	118,382
5,000		Yamazaki Baking Co Ltd		37,522
		TOTAL FOOD AND KINDRED PRODUCTS		30,985,839
FOOD STORES - 1.58%
33,435	e	Carrefour S.A.		2,342,343
63,506		Coles Myer Ltd		867,822
835		Colruyt S.A.		176,397
4,149		Delhaize Group		397,571
3,300		FamilyMart Co Ltd		86,044
57,824		Goodman Fielder Ltd		132,380
13,265		Jeronimo Martins SGPS S.A.		81,524
3,474		Kesko Oyj (B Shares)		230,794
70,413		Koninklijke Ahold NV		1,064,293
3,200		Lawson, Inc		101,127
45,800		Seven & I Holdings Co Ltd		1,178,244
41,262		Sonae SPGS S.A.		107,084
442,468		Tesco plc		3,976,472
67,293		Woolworths Ltd		1,774,058
		TOTAL FOOD STORES		12,516,153
FURNITURE AND FIXTURES - 0.03%
1,724		Neopost S.A.		243,178
		TOTAL FURNITURE AND FIXTURES		243,178
FURNITURE AND HOME FURNISHINGS STORES - 0.15%
98,262		DSG International plc		271,409
28,637		Harvey Norman Holdings Ltd		151,450
28,938		Kesa Electricals plc		162,967
2,100		Nitori Co Ltd		99,273
2,100		Shimachu Co Ltd		55,578
4,650		Yamada Denki Co Ltd		460,284
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		1,200,961
GENERAL BUILDING CONTRACTORS - 0.88%
17,819		Amec plc		270,151
22,954		Balfour Beatty plc		222,843
15,654		Barratt Developments plc		239,569
6,112		Bellway plc		128,928
4,433		Berkeley Group Holdings plc		130,062
1,981		Bilfinger Berger AG.		154,827
26,000		Cheung Kong Infrastructure Holdings Ltd		97,661
25,095		CRH plc		989,071
4,100		Daito Trust Construction Co Ltd		197,745
28,000		Daiwa House Industry Co Ltd		365,403
26,359		Fletcher Building Ltd		253,481
54,500	*	Haseko Corp		130,479
6,231		Hellenic Technodomiki Tev S.A.		83,342
2,233		Hochtief AG.		270,874
1,719		Imerys S.A.		156,901
45,000		Kajima Corp		154,747
7,734		Leighton Holdings Ltd		353,433
19,518		Lend Lease Corp Ltd		327,335
33,000		Obayashi Corp		152,840

317

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
15,181		Persimmon plc	$	299,421
25,000		Sekisui Chemical Co Ltd		183,476
27,000		Sekisui House Ltd		339,895
32,000		Shimizu Corp		174,117
19,965		Skanska AB (B Shares)		395,793
48,000	e	Taisei Corp		139,155
60,927		Taylor Woodrow plc		343,740
3,338		Titan Cement Co S.A.		172,495
11,000		Toda Corp		58,033
6,732		YIT OYJ		200,053
		TOTAL GENERAL BUILDING CONTRACTORS		6,985,870
GENERAL MERCHANDISE STORES - 0.57%
34,300		Aeon Co Ltd		484,646
8,000	e	Hankyu Department Stores, Inc		66,095
9,700		Isetan Co Ltd		130,808
25,400	*	J Front Retailing Co Ltd		249,876
30,000		Keio Corp		187,002
94,000	e	Kintetsu Corp		292,152
94,879		Marks & Spencer Group plc		1,194,820
15,600	e	Marui Co Ltd		172,209
22,000	e	Mitsukoshi Ltd		99,787
4,301		PPR		809,186
16,000		Takashimaya Co Ltd		177,600
44,000	e	Tobu Railway Co Ltd		206,852
57,000		Tokyu Corp		372,176
9,000		UNY Co Ltd		78,431
		TOTAL GENERAL MERCHANDISE STORES		4,521,640
HEALTH SERVICES - 0.21%
1,278		Coloplast A/S (Class B)		121,495
43,000		Fraser and Neave Ltd		164,995
10,122		Fresenius Medical Care AG.		537,933
8,714		Getinge AB (B Shares)		210,950
8,050		Intertek Group plc		155,973
32,550		Parkway Holdings Ltd		92,906
17,251		Sonic Healthcare Ltd		238,800
413		Straumann Holding AG.		115,998
		TOTAL HEALTH SERVICES		1,639,050
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.65%
12,708	e	Abertis Infraestructuras S.A.		397,391
12,350		ACS Actividades Cons y Servicios S.A.		681,523
17,369		Biffa plc		78,714
12,401		Bouygues S.A.		1,069,652
8,000		Chiyoda Corp		144,169
2,421		Fomento de Construcciones y Contratas S.A.		195,913
3,324	e	Grupo Ferrovial S.A.		281,309
33,147		Multiplex Group		147,359
11,000		Nishimatsu Construction Co Ltd		33,230
8,000	e	Okumura Corp		40,743
58,281		Transurban Group		377,525
22,307		Vinci S.A.		1,742,789
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		5,190,317

318

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 2.44%
21,003		3i Group plc	$	428,431
44,616		Amvescap plc		603,844
49,000		CapitaCommercial Trust		93,679
53,700		CapitaMall Trust		140,983
70,843		CFS Gandel Retail Trust		150,242
87,010		Commonwealth Property Office Fund		128,552
110,765		GPT Group		501,266
8,692		Great Portland Estates plc		106,258
4,326		Groupe Bruxelles Lambert S.A.		524,704
372	*	Groupe Bruxelles Lambert S.A.		11
21,379	*	Immoeast AG		232,907
58,897		ING Industrial Fund		147,902
103,800		iShares MSCI EAFE Index Fund		8,572,842
1,700		Jafco Co Ltd		63,048
29		Japan Prime Realty Investment Corp		120,933
20		Japan Real Estate Investment Corp		240,282
18		Japan Retail Fund Investment Corp		156,706
33,400		JFE Holdings, Inc		2,366,918
63,975		Kiwi Income Property Trust		70,296
26,246		Land Securities Group plc		903,220
113,500		Link Real Estate Investment Trust		249,664
26,708		Macquarie Communications Infrastructure Group		144,329
142,485		Macquarie Infrastructure Group		394,475
115,499		Macquarie Office Trust		160,394
100,826		Man Group plc		1,141,812
38,000		Melco International Development		70,976
24		Nippon Building Fund, Inc		348,931
1,266		Nobel Biocare Holding AG.		342,801
44,000		Noble Group Ltd		64,275
12		Nomura Real Estate Office Fund, Inc		125,365
59		NTT Urban Development Corp		122,248
2,462		PSP Swiss Property AG.		130,686
4,714	e	Sacyr Vallehermoso S.A.		164,955
54,000		Suntec Real Estate Investment Trust		70,885
65,000		Wharf Holdings Ltd		319,404
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		19,404,224
HOTELS AND OTHER LODGING PLACES - 0.24%
10,665		Accor S.A.		946,831
15,804		Intercontinental Hotels Group plc		313,810
67,947		Shangri-La Asia Ltd		229,000
26,031	*	Thomas Cook Group plc		148,327
26,754	*	TUI Travel plc		137,941
28,000		United Overseas Land Ltd		98,014
		TOTAL HOTELS AND OTHER LODGING PLACES		1,873,923
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.74%
5,017		Alfa Laval AB		322,706
5,801		Alstom RGPT		1,179,325
19,000		Amada Co Ltd		212,388
2,081		Andritz AG.		143,770
10,500		ASM Pacific Technology		92,859

319

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
25,714		ASML Holding NV	$	852,501
37,370		Atlas Copco AB (A Shares)		646,600
22,244		Atlas Copco AB (B Shares)		355,539
82,157		Brambles Ltd		1,076,035
60,200		Canon, Inc		3,286,066
1,937		Cargotec Corp (B Shares)		95,180
12,700	e	Casio Computer Co Ltd		181,989
8,907	*	Charter plc		215,586
18,100	e	Citizen Watch Co Ltd		182,158
5,000		Daifuku Co Ltd		57,111
14,700		Daikin Industries Ltd		707,709
18,000	e	Ebara Corp		83,211
13,500		Electrolux AB (Series B)		285,959
29,950		FKI plc		55,763
27,300		FUJIFILM Holdings Corp		1,262,029
4,000		Glory Ltd		127,106
2,974		Heidelberger Druckmaschinen		130,106
6,900		Hitachi Construction Machinery Co Ltd		275,724
3,708		Husqvarna AB (A Shares)		47,327
14,489		Husqvarna AB (B Shares)		187,180
18,123		IMI plc		198,190
70,000		Ishikawajima-Harima Heavy Industries Co Ltd		219,997
1,600		Itochu Techno-Science Corp		56,414
20,000		Japan Steel Works Ltd		332,042
51,100		Komatsu Ltd		1,717,198
3,300		Komori Corp		80,873
26,000		Konica Minolta Holdings, Inc		440,709
59,000	e	Kubota Corp		485,910
5,700		Kurita Water Industries Ltd		193,532
8,775	*	Logitech International S.A.		261,234
6,100		Makita Corp		267,653
38,238		Meggitt plc		248,200
180,000		Mitsubishi Heavy Industries Ltd		1,176,860
95,000		Mitsui & Co Ltd		2,307,491
40,000		Mitsui Engineering & Shipbuilding Co Ltd		226,701
5,500		Mitsumi Electric Co Ltd		224,568
21,000		NTN Corp		187,394
4,251		OCE NV		89,349
9,099	*	Ocean RIG ASA		67,172
29,000	e	Oki Electric Industry Co Ltd		49,989
8,000		Okuma Holdings, Inc		116,728
4,300	e	OSG Corp		44,773
1,834		Rheinmetall AG.		145,692
4,873,521		Rolls-Royce Group plc (B Shares)		10,220
8,915		Safran S.A.		215,219
52,335		Sandvik AB		1,122,781
6,300		Seiko Epson Corp		156,040
21,742		SKF AB (B Shares)		458,012
3,300		SMC Corp		451,913
4,310		Solarworld AG.		248,107
173		Sulzer AG.		248,151
31,000		Sumitomo Heavy Industries Ltd		399,156
5,384		Technip S.A.		481,365
56,500		Techtronic Industries Co		64,394

320

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
6,700		THK Co Ltd	$	141,449
10,000		Tokyo Electron Ltd		633,787
2,000	e	Tokyo Seimitsu Co Ltd		41,614
45,443		Tomkins plc		211,288
8,251	e	Tomra Systems ASA		59,687
173,000	e	Toshiba Corp		1,616,062
11,000		Toyota Tsusho Corp		292,082
326	*	Unaxis Holding AG.		119,634
10,285	*	Vestas Wind Systems A/S		812,507
3,307		Wartsila Oyj (B Shares)		226,584
1,687		Wincor Nixdorf AG.		139,523
11,600		Yokogawa Electric Corp		141,181
5,772		Zardoya Otis S.A.		179,179
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		29,670,531
INSTRUMENTS AND RELATED PRODUCTS - 1.03%
6,565		AGFA-Gevaert NV		126,378
188,130		BAE Systems plc		1,899,545
59,721		Cobham plc		237,046
2,926		Cochlear Ltd		202,414
4,394		Elekta AB		71,596
15,807		Finmeccanica S.p.A.		460,518
42,509	*	Invensys plc		269,834
1,900		Keyence Corp		421,800
7,279	e	Luxottica Group S.p.A.		247,757
18,000		Nikon Corp		618,988
17,000		Nippon Electric Glass Co Ltd		273,800
12,000		Olympus Corp		493,101
211,000		PCCW Ltd		139,511
2,492		Phonak Holding AG.		250,003
9,548	*	Qiagen NV		184,346
50,152		Smith & Nephew plc		613,099
1,924		Swatch Group AG.		631,280
2,290		Swatch Group AG.		146,635
3,179		Synthes, Inc		355,786
9,200		Terumo Corp		464,545
1,253	*	William Demant Holding		110,730
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		8,218,712
INSURANCE AGENTS, BROKERS AND SERVICE - 0.81%
209,143		HBOS plc		3,913,194
2,671		MLP AG.		35,649
48,073		QBE Insurance Group Ltd		1,441,827
51,582		Suncorp-Metway Ltd		929,158
46,952		Unipol S.p.A.		147,292
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		6,467,120
INSURANCE CARRIERS - 4.68%
18,445	e	ABC Learning Centres Ltd		107,532
81,483		Aegon NV		1,560,434
23,517		Alleanza Assicurazioni S.p.A		313,039
24,662		Allianz AG.		5,762,051
104,597		AMP Ltd		978,262
58,869	e	Assicurazioni Generali S.p.A.		2,590,508

321

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
144,886		Aviva plc	$	2,181,768
46,723		AXA Asia Pacific Holdings Ltd		323,386
87,744		AXA S.A.		3,926,203
2,369		CNP Assurances		303,046
606	m,v	Codan A/S		68,970
28,853		Corp Mapfre S.A.		130,423
3,956		Fondiaria-Sai S.p.A		185,759
97,882		Friends Provident plc		344,457
99,969		Insurance Australia Group Ltd		465,715
14,842		Irish Life & Permanent plc		329,098
10,122		KBC Groep NV		1,392,535
13,561	e	Mediolanum S.p.A.		95,913
41,100		Millea Holdings, Inc		1,653,088
65,000		Mitsui Sumitomo Insurance Co Ltd		763,374
11,660		Muenchener Rueckver AG.		2,240,754
291,745		Old Mutual plc		956,844
137,344		Prudential plc		2,111,753
36,605		Resolution plc		511,149
168,593		Royal & Sun Alliance Insurance Group plc		532,933
9,422		SCOR		252,448
44,000		Sompo Japan Insurance, Inc		504,871
117,705		Standard Life plc		694,776
11,979		Storebrand ASA		186,198
1,809		Swiss Life Holding		469,245
19,845		Swiss Reinsurance Co		1,767,598
10,550		T&D Holdings, Inc		649,358
926	*	Topdanmark A/S		152,329
1,426		TrygVesta A.S.		114,289
1,627		Wiener Staedtische Allgemeine Versicherung AG.		113,681
8,102		Zurich Financial Services AG.		2,430,426
		TOTAL INSURANCE CARRIERS		37,164,213
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
138,729	*	PAN Fish ASA		176,523
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		176,523
LEATHER AND LEATHER PRODUCTS - 0.73%
11,347		Adidas-Salomon AG.		744,288
7,368		Continental AG.		1,018,906
12,398		Deutsche Lufthansa AG.		356,582
5,800		Henkel KGaA		274,662
3,715		Hermes International		418,069
13,676		LVMH Moet Hennessy Louis Vuitton S.A.		1,639,466
20,058		ThyssenKrupp AG.		1,277,346
28,000		Yue Yuen Industrial Holdings		83,742
		TOTAL LEATHER AND LEATHER PRODUCTS		5,813,061
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.09%
15,865		Brisa-Auto Estradas de Portugal S.A.		208,128
100,000		ComfortDelgro Corp Ltd		130,596
20,000	e	Keihin Electric Express Railway Co Ltd		129,717
14,000		Keisei Electric Railway Co Ltd		77,639
30,000		SMRT Corp Ltd		34,534
28,180		Stagecoach Group plc		131,024
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		711,638

322

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
LUMBER AND WOOD PRODUCTS - 0.02%
30,812	*	MFI Furniture plc	$	69,345
7,792		Nobia AB		74,968
3,374	*	Sonae Industria SGPS S.A.		37,912
		TOTAL LUMBER AND WOOD PRODUCTS		182,225
METAL MINING - 2.40%
60,834		Alumina Ltd		385,425
187,469		BHP Billiton Ltd		7,410,927
15,475		Boliden AB		329,595
13,315		Iluka Resources Ltd		65,219
29,398		Newcrest Mining Ltd		730,418
16,878		Orica Ltd		450,799
29,802	*	Paladin Resources Ltd		204,683
15,937	e	Rio Tinto Ltd		1,530,416
55,881		Rio Tinto plc		4,833,965
800	e	Sumitomo Titanium Corp		69,717
1,310		Umicore		313,074
35,242		Xstrata plc		2,339,084
26,020		Zinifex Ltd		409,135
		TOTAL METAL MINING		19,072,457
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.12%
1,300		Aderans Co Ltd		27,219
3,892	e	Amer Sports Oyj		90,184
8,171		Bulgari S.p.A.		128,631
31,491		Futuris Corp Ltd		59,520
11,100		Namco Bandai Holdings, Inc		161,381
3,300		Sankyo Co Ltd		133,592
1,475		Societe BIC S.A.		126,448
9,500		Yamaha Corp		212,967
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		939,942
MISCELLANEOUS RETAIL - 0.88%
2,400		Circle K Sunkus Co Ltd		37,296
29,111		Compagnie Financiere Richemont AG.		1,929,065
4,244		DCC plc		125,270
1,735		Douglas Holding AG.		108,386
4,300		EDION Corp		47,880
1,116		Folli-Follie S.A.		45,513
47,072		Home Retail Group		358,992
121,000		Hutchison Whampoa Ltd		1,294,230
3,353	*	KarstadtQuelle AG.		112,262
2,400	m,v	Matsumotokiyoshi Co Ltd		44,400
15,557	*	Meinl European Land Ltd		221,834
9,042		Metro AG.		816,667
12,190		Next plc		489,835
48,100		Nippon Mining Holdings, Inc		483,240
47,759		Origin Energy Ltd		436,504
23,344		Pacific Brands Ltd		64,214
1,100		Ryohin Keikaku Co Ltd		63,300
4,243		Sanoma-WSOY Oyj		131,957

323

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
91,765		Signet Group plc	$	157,241
		TOTAL MISCELLANEOUS RETAIL		6,968,086
MOTION PICTURES - 0.03%
4,915	*	Premiere AG.		106,109
6,500		Toho Co Ltd		128,455
		TOTAL MOTION PICTURES		234,564
NONDEPOSITORY INSTITUTIONS - 0.27%
3,570		Acom Co Ltd		79,565
4,200		Aeon Credit Service Co Ltd		45,157
3,850	e	Aiful Corp		60,332
19,182		Cattles plc		136,969
17,030		Challenger Financial Services Group Ltd		93,692
8,200		Credit Saison Co Ltd		211,309
3,273		D Carnegie AB		68,821
4,421		Deutsche Postbank AG.		324,598
2,300		Hitachi Capital Corp		28,934
7,192		Hypo Real Estate Holding AG.		408,985
26,651		ICAP plc		287,361
1,902		Perpetual Trustees Australia Ltd		123,323
3,900		Promise Co Ltd		95,068
5,510	e	Takefuji Corp		109,370
8,506		Tullett Prebon plc		75,095
		TOTAL NONDEPOSITORY INSTITUTIONS		2,148,579
NONMETALLIC MINERALS, EXCEPT FUELS - 0.19%
81,000		Itochu Corp		983,720
3,542		Solvay S.A.		514,009
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		1,497,729
OIL AND GAS EXTRACTION - 2.51%
10,306		Acergy S.A.		306,336
8,725		Aker Kvaerner ASA		277,954
189,430		BG Group plc		3,278,864
40,497	*	DET Norske Oljeselskap		84,130
10,507		Gaz de France		545,958
1,000		Idemitsu Kosan Co Ltd		112,567
44		Inpex Holdings, Inc		452,009
2,000		Japan Petroleum Exploration Co		148,696
12,574	*	Lundin Petroleum AB		144,880
6,832		Neste Oil Oyj		250,078
39,415		Norsk Hydro ASA		1,714,411
9,082		Petroleum Geo-Services ASA		261,952
10,384		ProSafe ASA		185,289
9,208	*	Renewable Energy Corp A.S.		424,426
32,071		Santos Ltd		428,296
13,303	*	SeaDrill Ltd		299,186
11,000		Singapore Petroleum Co Ltd		50,353
5,654	*	TGS Nopec Geophysical Co ASA		115,885
118,405		Total S.A.		9,627,191
26,583		Woodside Petroleum Ltd		1,184,140
		TOTAL OIL AND GAS EXTRACTION		19,892,601

324

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
PAPER AND ALLIED PRODUCTS - 1.08%
75,038		Anglo American plc	$	5,049,513
1,426		Billerud AB		19,141
2,769		Holmen AB (B Shares)		106,135
4,400		Kokuyo Co Ltd		45,737
478		Mayr-Melnhof Karton AG.		52,824
6,767		Metso Oyj		466,064
7,604	*	Mondi Ltd		75,922
19,010		Mondi plc		180,859
45		Nippon Paper Group, Inc		139,076
7,727		Norske Skogindustrier ASA		82,698
44,000		OJI Paper Co Ltd		212,980
23,523		PaperlinX Ltd		63,454
32,412		Stora Enso Oyj (R Shares)		631,334
31,169		Svenska Cellulosa AB (B shares)		581,629
2,100		Uni-Charm Corp		128,890
29,529		UPM-Kymmene Oyj		714,129
		TOTAL PAPER AND ALLIED PRODUCTS		8,550,385
PERSONAL SERVICES - 0.05%
8,726		Davis Service Group plc		95,605
96,314		Rentokil Initial plc		328,890
		TOTAL PERSONAL SERVICES		424,495
PETROLEUM AND COAL PRODUCTS - 4.51%
314,586		BP plc		3,652,663
120,065		BP plc (ADR)		8,326,508
145,220		ENI S.p.A.		5,381,893
5,665		Hellenic Petroleum S.A.		90,473
2,260		Motor Oil Hellas Corinth Refineries S.A.		59,941
8,884		OMV AG.		593,246
19,356		Premier Farnell plc		62,671
44,193		Repsol YPF S.A.		1,578,569
202,251		Royal Dutch Shell plc (A Shares)		8,346,433
151,802		Royal Dutch Shell plc (B Shares)		6,248,990
10,600		Showa Shell Sekiyu KK		136,301
36,217	e	Statoil ASA		1,234,384
14,000		TonenGeneral Sekiyu KK		140,774
		TOTAL PETROLEUM AND COAL PRODUCTS		35,852,846
PRIMARY METAL INDUSTRIES - 2.40%
8,682	e	Acerinox S.A.		261,219
50,046	e	ArcelorMittal		3,949,930
622		Bekaert S.A.		83,381
128,882		BHP Billiton plc		4,614,606
39,079		BlueScope Steel Ltd		372,775
17,000		Daido Steel Co Ltd		144,892
14,000		DOWA HOLDINGS CO Ltd		177,339
8,000	m,v*	Dowa Mining Co Ltd		70
18,000		Fujikura Ltd		113,925
35,000		Furukawa Electric Co Ltd		171,245
1,272		Hoganas AB (Class B)		33,754
11,650		Johnson Matthey plc		397,343
142,000		Kobe Steel Ltd		530,344

325

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES			COMPANY		VALUE
59,000			Mitsubishi Materials Corp	$	366,744
29,000			Mitsui Mining & Smelting Co Ltd		124,973
26,000			Nippon Light Metal Co Ltd		57,267
326,000			Nippon Steel Corp		2,347,121
42,000	e		Nisshin Steel Co Ltd		189,405
39,856	e		OneSteel Ltd		244,027
6,036			Outokumpu Oyj		216,810
2,206			Salzgitter AG.		433,279
40,600			Sumitomo Electric Industries Ltd		646,829
229,000			Sumitomo Metal Industries Ltd		1,335,742
29,000			Sumitomo Metal Mining Co Ltd		704,392
1,500			Toho Titanium Co Ltd		55,108
5,800			Tokyo Steel Manufacturing Co Ltd		90,081
2,661			Vallourec		766,476
5,647			Viohalco S.A.		92,924
5,919			Voestalpine AG.		511,474
			TOTAL PRIMARY METAL INDUSTRIES		19,033,475
PRINTING AND PUBLISHING - 0.96%
13,593			APN News & Media Ltd		62,962
5,391			Arnoldo Mondadori Editore S.p.A.		52,158
34,000			Dai Nippon Printing Co Ltd		486,031
15,278			Daily Mail & General Trust		196,930
7,695			De La Rue plc		114,931
11,168			Emap plc		200,849
9,364			Eniro AB		114,069
26,329			Independent News & Media plc		97,989
63,298			John Fairfax Holdings Ltd		265,111
46,836			Orkla ASA		836,598
5,820			PagesJaunes Groupe S.A.		119,588
45,063			Pearson plc		698,405
39,974			Reed Elsevier NV		759,249
71,467			Reed Elsevier plc		903,646
70,211			Reuters Group plc		923,678
2,326			Schibsted ASA		122,529
82,000			Singapore Press Holdings Ltd		238,465
30,000	e		Toppan Printing Co Ltd		308,971
14,880			Trinity Mirror plc		125,431
13,030			United Business Media plc		184,616
16,344			Wolters Kluwer NV		485,223
41,183			Yell Group plc		361,476
			TOTAL PRINTING AND PUBLISHING		7,658,905
RAILROAD TRANSPORTATION - 0.46%
28,905		*	Asciano Group		230,070
88			Central Japan Railway Co		934,662
190			East Japan Railway Co		1,498,629
22,287			Firstgroup plc		313,950
33,000	e		Odakyu Electric Railway Co Ltd		212,885
90			West Japan Railway Co		429,374
			TOTAL RAILROAD TRANSPORTATION		3,619,570
REAL ESTATE - 2.53%
3,000			Aeon Mall Co Ltd		91,673

326

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
41,500		Allgreen Properties Ltd	$	53,639
50,275		Ascendas Real Estate Investment Trust		92,394
6,383		Bovis Homes Group plc		85,410
29,098		British Land Co plc		697,742
13,969		Brixton plc		103,533
83,000		CapitaLand Ltd		455,369
7,908		Castellum AB		98,480
44,462		Centro Properties Group		290,772
113		Centro Retail Group		163
86,000		Cheung Kong Holdings Ltd		1,418,242
27,400		City Developments Ltd		298,808
498		Cofinimmo		88,097
2,171		Corio NV		185,434
150,986		DB RREEF Trust		269,295
7,090		Fabege AB		84,443
671		Gecina S.A.		113,860
15,240		Hammerson plc		365,441
115,000		Hang Lung Properties Ltd		514,803
47,000		Henderson Land Development Co Ltd		372,730
32,000		Hopewell Holdings		152,717
33,179		Hysan Development Co Ltd		91,976
1,718		Icade		125,183
23,944		IMMOFINANZ Immobilien Anlagen AG.		298,749
4,957		IVG Immobilien AG.		184,768
19,000		Keppel Land Ltd		106,160
29,478		Kerry Properties Ltd		226,379
3,540		Klepierre		203,075
6,988		Kungsleden AB		90,005
6,600		Leopalace21 Corp		216,620
13,582		Liberty International plc		317,069
80,073		Macquarie Goodman Group		490,975
52,559		Mirvac Group		254,179
66,000		Mitsubishi Estate Co Ltd		1,890,393
47,000		Mitsui Fudosan Co Ltd		1,305,271
136,410		New World Development Ltd		377,267
2,600		Nomura Real Estate Holdings, Inc		76,055
5,110		ORIX Corp		1,165,560
23,504		Segro plc		240,205
100,000		Shui On Land Ltd		121,690
7,000		Singapore Land Ltd		48,065
68,972		Sino Land Co		171,590
2,035	*	Stockland		16,089
76,726		Stockland Trust Group		612,746
22,000		Sumitomo Realty & Development Co Ltd		773,778
77,000		Sun Hung Kai Properties Ltd		1,297,555
16,000		Tokyo Tatemono Co Ltd		204,066
23,000		Tokyu Land Corp		230,871
4,146		Unibail		1,067,050
1,059		Wereldhave NV		127,526
97,444		Westfield Group		1,876,334
1,089		Wihlborgs Fastigheter AB		20,195
24,500		Wing Tai Holdings Ltd		63,662
		TOTAL REAL ESTATE		20,124,151

327

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.77%
8,357		Ansell Ltd	$	92,695
39,914		Bayer AG.		3,177,002
34,200		Bridgestone Corp		756,262
25,000		Denki Kagaku Kogyo KK		140,382
8,015		Michelin (C.G.D.E.) (Class B)		1,077,520
34,000		Mitsui Chemicals, Inc		337,736
5,559		Nokian Renkaat Oyj		217,670
146,181		Pirelli & C S.p.A.		176,137
10,000		Sumitomo Bakelite Co Ltd		57,546
2,764		Uponor Oyj		85,802
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		6,118,752
SECURITY AND COMMODITY BROKERS - 1.31%
9,084		Australian Stock Exchange Ltd		433,262
12,191		Babcock & Brown Ltd		297,162
72,000		Daiwa Securities Group, Inc		685,744
11,161		Deutsche Boerse AG.		1,519,878
70		E*Trade Securities Co Ltd		66,426
3,030		Hellenic Exchanges S.A.		97,214
60,500		Hong Kong Exchanges and Clearing Ltd		1,849,122
365,263		Legal & General Group plc		998,427
8,339		London Stock Exchange Group plc		280,321
14,691	e	Macquarie Bank Ltd		1,100,244
6,400	e	Matsui Securities Co Ltd		49,031
14,000	m,v	Mitsubishi Securities Co		122,614
21,000		Nikko Cordial Corp		263,814
98,900		Nomura Holdings, Inc		1,658,307
4,355		OMX AB		188,889
497		SBI Holdings, Inc		130,454
6,072		Schroders plc		172,311
27,000		Shinko Securities Co Ltd		125,051
45,000		Singapore Exchange Ltd		390,778
		TOTAL SECURITY AND COMMODITY BROKERS		10,429,049
SOCIAL SERVICES - 0.02%
8,805		Vedior NV		193,730
		TOTAL SOCIAL SERVICES		193,730
SPECIAL TRADE CONTRACTORS - 0.07%
7,000		COMSYS Holdings Corp		76,786
3,157		KCI Konecranes Oyj		126,993
7,000		Kinden Corp		63,988
4,016		Kone Oyj (Class B)		292,915
		TOTAL SPECIAL TRADE CONTRACTORS		560,682
STONE, CLAY, AND GLASS PRODUCTS - 0.99%
51,000	e	Asahi Glass Co Ltd		685,979
32,131		Boral Ltd		204,997
10,000		Central Glass Co Ltd		50,407
12,053		Cimpor Cimentos de Portugal S.A.		99,856
18,581		Compagnie de Saint-Gobain		1,939,203
10,271		Cookson Group plc		160,340
5,323		CRH plc		211,390

328

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
2,955		FLSmidth & Co A/S	$	314,272
11,193		Holcim Ltd		1,236,349
3,789		Italcementi S.p.A.		83,961
23,904		James Hardie Industries NV		151,236
8,363	e	Lafarge S.A.		1,295,669
14,000		NGK Insulators Ltd		450,964
31,000		Nippon Sheet Glass Co Ltd		189,457
1,281	*	RHI AG.		58,964
21,000		Sumitomo Osaka Cement Co Ltd		51,739
48,000		Taiheiyo Cement Corp		182,614
15,000	e	Toto Ltd		108,780
50,000		UBE Industries Ltd		177,165
3,800		Wienerberger AG.		237,659
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		7,891,001
TOBACCO PRODUCTS - 0.95%
14,272		Altadis S.A.		1,004,122
85,687		British American Tobacco plc		3,071,520
37,798		Imperial Tobacco Group plc		1,733,066
252		Japan Tobacco, Inc		1,384,338
15,133		Swedish Match AB		314,679
		TOTAL TOBACCO PRODUCTS		7,507,725
TRANSPORTATION BY AIR - 0.50%
1,781		Aeroports de Paris		205,200
6,551		Air France-KLM		240,727
32,000		All Nippon Airways Co Ltd		124,807
48,036		Auckland International Airport Ltd		113,937
21,959		BBA Aviation plc		102,660
30,867	*	British Airways plc		242,037
70,000		Cathay Pacific Airways Ltd		191,347
575		Flughafen Wien AG.		59,395
25,139		Iberia Lineas Aereas de Espana		122,596
47,000		Japan Airlines Corp		101,885
36,546		Macquarie Airports		141,067
50,072		Qantas Airways Ltd		247,927
20,424	*	Ryanair Holdings plc		145,617
50,319		SABMiller plc		1,433,097
3,865	*	SAS AB		69,274
50,000		Shun TAK Holdings Ltd		80,526
28,933	*	Singapore Airlines Ltd		370,062
		TOTAL TRANSPORTATION BY AIR		3,992,161
TRANSPORTATION EQUIPMENT - 5.08%
38,000		Cosco Corp Singapore Ltd		152,205
50,608		DaimlerChrysler AG.		5,097,676
1,054		DaimlerChrysler AG.		105,611
27,300		Denso Corp		1,029,112
131		D'ieteren S.A.		58,466
17,412		European Aeronautic Defence and Space Co		535,303
39,585		Fiat S.p.A.		1,197,219
37,553		GKN plc		271,990
65,000		Hankyu Hanshin Holdings, Inc		332,173
14,000		Hino Motors Ltd		107,013

329

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
87,500		Honda Motor Co Ltd	$	2,940,408
8,009		Jardine Cycle & Carriage Ltd		99,742
10,300		JTEKT Corp		181,583
72,000		Kawasaki Heavy Industries Ltd		282,070
61,000		Keppel Corp Ltd		591,316
7,112		Lagardere S.C.A.		605,335
6,327		MAN AG.		920,690
6,000		NHK Spring Co Ltd		45,758
24,000		NSK Ltd		210,612
8,192		Peugeot S.A.		676,115
10,198		Renault S.A.		1,477,735
245		Rieter Holding AG.		132,575
100,814		Rolls-Royce Group plc		1,077,734
19,304		Scania AB (B Shares)		470,311
40,600		SembCorp Marine Ltd		125,722
3,400		Shimano, Inc		118,992
47,095		Siemens AG.		6,475,067
67,000		Singapore Technologies Engineering Ltd		175,900
21,464		Smiths Group plc		469,454
4,729		Thales S.A.		277,217
2,800		Tokai Rika Co Ltd		78,005
3,300		Toyoda Gosei Co Ltd		119,514
9,600		Toyota Industries Corp		413,703
150,200		Toyota Motor Corp		8,865,677
4,339		Trelleborg AB (B Shares)		102,346
12,423		Volkswagen AG.		2,807,748
25,040		Volvo AB (A Shares)		435,201
60,160	e	Volvo AB (B Shares)		1,047,929
9,800		Yamaha Motor Co Ltd		249,980
		TOTAL TRANSPORTATION EQUIPMENT		40,361,207
TRANSPORTATION SERVICES - 0.17%
10,491		Arriva plc		165,813
140		Kuoni Reisen Holding		66,137
74,065		MTR Corp		220,561
6,669		National Express Group plc		168,785
1,768		Stolt-Nielsen S.A.		52,470
29,639		Toll Holdings Ltd		344,796
11,326		TUI AG.		304,270
		TOTAL TRANSPORTATION SERVICES		1,322,832
TRUCKING AND WAREHOUSING - 0.41%
43,464		Deutsche Post AG.		1,264,335
10,278		DSV AS		242,308
12,000		Kamigumi Co Ltd		100,814
5,000		Mitsubishi Logistics Corp		70,431
43,000		Nippon Express Co Ltd		213,755
10,000		Seino Holdings Corp		92,369
23,268		TNT NV		975,458
21,000		Yamato Transport Co Ltd		315,005
		TOTAL TRUCKING AND WAREHOUSING		3,274,475
WATER TRANSPORTATION - 0.51%
61		AP Moller - Maersk A/S		837,774

330

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
9,139		Carnival plc	$	436,419
719		Compagnie Maritime Belge S.A.		53,313
1,498	e	D/S Torm AS		61,033
1,175		Euronav NV		36,944
2,724		Frontline Ltd		133,895
32,000		Kawasaki Kisen Kaisha Ltd		469,978
2,831		Kuehne & Nagel International AG.		278,662
59,000		Mitsui OSK Lines Ltd		955,896
23,000		Neptune Orient Lines Ltd		82,060
60,000		Nippon Yusen Kabushiki Kaisha		586,079
11,300		Orient Overseas International Ltd		107,493
		TOTAL WATER TRANSPORTATION		4,039,546
WHOLESALE TRADE-DURABLE GOODS - 1.32%
16,678		Assa Abloy AB (Class B)		346,159
1,600		Autobacs Seven Co Ltd		41,579
7,426		Buhrmann NV		80,900
18,079		Bunzl plc		259,112
3,800		Canon Marketing Japan Inc		76,089
10,571		Compagnie Generale d'Optique Essilor International S.A.		663,241
23,391		Electrocomponents plc		121,918
6,645	*	Fortescue Metals Group Ltd		281,202
27,619		Hagemeyer NV		127,601
6,775		Kingspan Group plc		148,776
75,500		Mitsubishi Corp		2,392,548
127,000	e	Nissan Motor Co Ltd		1,272,598
4,460		Rautaruukki Oyj		270,224
12,126		Schneider Electric S.A.		1,531,982
16,143	*	Securitas Direct AB (B Shares)		47,346
16,143		Securitas Systems AB (B Shares)		59,621
59,400		Sumitomo Corp		1,148,026
21,626		Wesfarmers Ltd		805,974
36,913		Wolseley plc		624,204
2,089		Zodiac S.A.		149,655
		TOTAL WHOLESALE TRADE-DURABLE GOODS		10,448,755
WHOLESALE TRADE-NONDURABLE GOODS - 0.97%
3,728		Altana AG.		89,839
1,383		Axfood AB		46,679
9,276		Billabong International Ltd		123,301
16,820		C&C Group plc		139,109
2,331		Casino Guichard Perrachon S.A.		244,438
4,475		Celesio AG.		282,427
58,500		Esprit Holdings Ltd		929,366
109,474		Foster's Group Ltd		634,336
127,300		Li & Fung Ltd		540,389
93,000		Marubeni Corp		853,367
67,000		Nippon Oil Corp		622,374
2,078		Oriflame Cosmetics S.A.		126,084
3,500		Suzuken Co Ltd		117,921
95,662		Unilever NV		2,953,247
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		7,702,877
		TOTAL COMMON STOCKS		791,512,244
		(Cost $592,397,480)

331

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
PREFERRED STOCKS - 0.15%
COMMUNICATIONS - 0.02%
4,220		ProSiebenSat.1 Media AG.	$	132,626
		TOTAL COMMUNICATIONS		132,626
TRANSPORTATION EQUIPMENT - 0.13%
488		Porsche AG.		1,036,644
		TOTAL TRANSPORTATION EQUIPMENT		1,036,644
		TOTAL PREFERRED STOCKS		1,169,270
		(Cost $632,722)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 4.09%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.49%
$     3,860,000		Federal Home Loan Bank (FHLB), 10/01/07		3,858,713
				3,858,713
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.60%
28,623,792		State Street Navigator Securities Lending Prime Portfolio		28,623,792
				28,623,792
		TOTAL SHORT-TERM INVESTMENTS		32,482,505
		(Cost $32,483,792)
		TOTAL PORTFOLIO - 103.91%		825,164,019
		(Cost $625,513,994)
		OTHER ASSETS & LIABILITIES, NET - (3.91)%		(31,024,566	)
		NET ASSETS - 100.00%	$	794,139,453
		ABBREVIATION:
		ADR - American Depositary Receipt
	*	Non-income producing.
	e	All or a portion of these securities are out on loan.
	m	Indicates a security has been deemed illiquid.
	v	Security valued at fair value.

332

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SUMMARY OF MARKET VALUES BY COUNTRY
INTERNATIONAL EQUITY INDEX FUND
September 30, 2007
			% OF
			MARKET
COUNTRY	VALUE		VALUE
DOMESTIC
UNITED STATES OF AMERICA	$	41,160,958	4.99	%
TOTAL DOMESTIC		41,160,958	4.99	%
FOREIGN
AUSTRALIA		52,508,621	6.36
AUSTRIA		4,392,628	0.53
BELGIUM		9,025,636	1.09
DENMARK		7,044,649	0.85
FINLAND		14,987,797	1.82
FRANCE		80,397,709	9.74
GERMANY		67,078,140	8.13
GREECE		6,044,948	0.73
HONG KONG		16,397,831	1.99
IRELAND		5,557,976	0.67
ITALY		29,845,775	3.62
JAPAN		161,053,905	19.52
NETHERLANDS		28,185,776	3.42
NEW ZEALAND		1,135,091	0.14
NORWAY		8,657,947	1.05
PORTUGAL		2,713,506	0.33
SINGAPORE		8,809,369	1.07
SPAIN		32,833,374	3.98
SWEDEN		20,281,026	2.46
SWITZERLAND		51,756,642	6.27
UNITED KINGDOM		175,294,715	21.24
TOTAL FOREIGN		784,003,061	95.01
TOTAL PORTFOLIO	$	825,164,019	100.00	%

333

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.24%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
1,772	*	Chiquita Brands International, Inc	$	28,050
		TOTAL AGRICULTURAL PRODUCTION-CROPS		28,050
AMUSEMENT AND RECREATION SERVICES - 0.80%
11,723	*	Activision, Inc		253,100
1,088		International Speedway Corp (Class A)		49,896
109,232		Walt Disney Co		3,756,488
		TOTAL AMUSEMENT AND RECREATION SERVICES		4,059,484
APPAREL AND ACCESSORY STORES - 0.63%
9,163		American Eagle Outfitters, Inc		241,079
933	*	AnnTaylor Stores Corp		29,548
1,535		Bebe Stores, Inc		22,457
1,936	*	Charming Shoppes, Inc		16,262
7,029	*	Chico's FAS, Inc		98,757
5,580		Foot Locker, Inc		85,541
35,971		Gap, Inc		663,305
14,233	*	Kohl's Corp		815,978
23,465		Limited Brands, Inc		537,114
10,292		Nordstrom, Inc		482,592
1,000	*	Pacific Sunwear Of California, Inc		14,800
4,978		Ross Stores, Inc		127,636
1,873		Stage Stores, Inc		34,145
		TOTAL APPAREL AND ACCESSORY STORES		3,169,214
APPAREL AND OTHER TEXTILE PRODUCTS - 0.11%
77		Columbia Sportswear Co		4,259
1,241		Kellwood Co		21,159
3,798		Liz Claiborne, Inc		130,385
77		Phillips-Van Heusen Corp		4,041
1,841		Polo Ralph Lauren Corp		143,138
3,110		VF Corp		251,132
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		554,114
AUTO REPAIR, SERVICES AND PARKING - 0.06%
8,449	*	Hertz Global Holdings, Inc		191,961
1,721		Ryder System, Inc		84,329
1,419	*	Wright Express Corp		51,779
		TOTAL AUTO REPAIR, SERVICES AND PARKING		328,069
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.08%
533		Advance Auto Parts		17,887
761		Asbury Automotive Group, Inc		15,075
1,958	*	Autozone, Inc		227,402
4,248	*	Carmax, Inc		86,362

334

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
781	*	Copart, Inc	$	26,859
1,741	*	Rush Enterprises, Inc (Class A)		44,134
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		417,719
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.04%
1,537		Fastenal Co		69,795
101,132		Home Depot, Inc		3,280,722
67,867		Lowe's Cos, Inc		1,901,633
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		5,252,150
BUSINESS SERVICES - 6.25%
10,136	*	3Com Corp		50,072
764	*	3D Systems Corp		18,046
22,599		Accenture Ltd (Class A)		909,610
626		Administaff, Inc		22,724
21,380	*	Adobe Systems, Inc		933,451
2,493	*	Alliance Data Systems Corp		193,058
3,154	*	Ariba, Inc		34,000
22,140	*	Art Technology Group, Inc		66,863
7,978	*	Autodesk, Inc		398,661
41,495		Automatic Data Processing, Inc		1,905,865
49	*	Avocent Corp		1,427
13,349	*	BEA Systems, Inc		185,151
6,444	*	BearingPoint, Inc		26,098
1,800	*	Blackboard, Inc		82,512
1,085	*	Blue Coat Systems, Inc		85,455
1,978	*	Bottomline Technologies, Inc		24,784
305		Brink's Co		17,043
54,139	*	CMGI, Inc		73,629
5,009	*	CNET Networks, Inc		37,317
253	*	CSG Systems International, Inc		5,376
1,713	*	Cerner Corp		102,455
2,189	*	Checkfree Corp		101,876
4,688	*	Ciber, Inc		36,613
6,132	*	Cogent Communications Group, Inc		143,121
4,284	*	Cogent, Inc		67,173
600		Cognex Corp		10,656
9,926	*	Compuware Corp		79,607
6,572	*	Convergys Corp		114,090
5,347	*	DST Systems, Inc		458,826
1,527		Deluxe Corp		56,255
551	*	Digital River, Inc		24,657
4,140	*	Earthlink, Inc		32,789
196	*	Eclipsys Corp		4,571
12,198	*	Electronic Arts, Inc		682,966
1,398	*	Equinix, Inc		123,989
9,940	*	Expedia, Inc		316,887
2,285		Fair Isaac Corp		82,511
705	*	First Advantage Corp (Class A)		12,457
9,249	*	Fiserv, Inc		470,404
149	*	Gartner, Inc		3,645
989	*	Gerber Scientific, Inc		10,731
2,062	*	Getty Images, Inc		57,406
7,605	*	Google, Inc (Class A)		4,314,088

335

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
2,143		Jack Henry & Associates, Inc	$	55,418
295	*	Hudson Highland Group, Inc		3,755
10,879		IMS Health, Inc		333,332
5,819	*	Informatica Corp		91,358
24,769	*	Innovative Solutions & Support, Inc		469,868
1,537		Interactive Data Corp		43,343
5,595	*	Internap Network Services Corp		79,281
2,420	*	Interwoven, Inc		34,437
11,014	*	Intuit, Inc		333,724
3,346	*	Ipass, Inc		14,053
5,165	*	Iron Mountain, Inc		157,429
3,356	*	Kinetic Concepts, Inc		188,876
3,512		Lamar Advertising Co (Class A)		171,983
4,517	*	Lawson Software, Inc		45,215
2,066	*	Lionbridge Technologies		8,243
700	*	Liquidity Services, Inc		7,693
685	*	MPS Group, Inc		7,638
2,659		Manpower, Inc		171,107
1,737		Marchex, Inc (Class B)		16,519
4,552		Mastercard, Inc (Class A)		673,559
1,620	*	Mentor Graphics Corp		24,462
307,177		Microsoft Corp		9,049,434
3,102	*	Midway Games, Inc		13,525
4,769		MoneyGram International, Inc		107,732
4,251	*	Monster Worldwide, Inc		144,789
17,582		NIC, Inc		122,019
1,141	*	Ness Technologies, Inc		12,460
16,929	*	Novell, Inc		129,337
25,620		Omnicom Group, Inc		1,232,066
1,376	*	Parametric Technology Corp		23,970
926	*	PeopleSupport, Inc		11,075
381		Portfolio Recovery Associates, Inc		20,220
3,000	*	Premiere Global Services, Inc		37,950
1,100		QAD, Inc		9,526
2,786	*	Quest Software, Inc		47,808
3,252	*	RealNetworks, Inc		22,049
7,004		Robert Half International, Inc		209,139
3,512	*	Salesforce.com, Inc		180,236
12,320	*	Sapient Corp		82,667
3,796	*	Smith Micro Software, Inc		60,964
1,666	*	Sohu.com, Inc		62,825
3,590	*	SonicWALL, Inc		31,341
24,577	*	Sonus Networks, Inc		149,920
2,784	*	Spherion Corp		22,996
142,632	*	Sun Microsystems, Inc		800,165
1,913	*	SYKES Enterprises, Inc		31,775
41,322	*	Symantec Corp		800,820
8,575	*	TIBCO Software, Inc		63,369
1,481	*	TeleTech Holdings, Inc		35,411
5,869	*	Tiens Biotech Group USA, Inc		19,661
8,584		Total System Services, Inc		238,463
480	*	Travelzoo, Inc		11,016
882	*	Trizetto Group, Inc		15,444
11,298	*	Unisys Corp		74,793

336

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
2,536		United Online, Inc	$	38,065
2,006	*	United Rentals, Inc		64,533
2,095	*	Vasco Data Security International		73,974
10,947	*	VeriSign, Inc		369,352
457		Viad Corp		16,452
46,609	*	eBay, Inc		1,818,683
1,420	*	iGate Corp		12,169
400	*	inVentiv Health, Inc		17,528
1,522		infoUSA, Inc		14,139
		TOTAL BUSINESS SERVICES		31,610,068
CHEMICALS AND ALLIED PRODUCTS - 9.54%
5,201	*	Abraxis BioScience, Inc		118,739
837	*	Adams Respiratory Therapeutics, Inc		32,258
21,803		Air Products & Chemicals, Inc		2,131,461
1,000		Alberto-Culver Co		24,790
541	*	Alexion Pharmaceuticals, Inc		35,246
1,038	*	Alkermes, Inc		19,099
52,658	*	Amgen, Inc		2,978,863
1,775	*	Arena Pharmaceuticals, Inc		19,436
828	*	Array Biopharma, Inc		9,298
2,400	*	Auxilium Pharmaceuticals, Inc		50,592
12,507		Avery Dennison Corp		713,149
19,263		Avon Products, Inc		722,940
675		Balchem Corp		13,777
7,092	*	Barr Pharmaceuticals, Inc		403,606
3,820	*	Bentley Pharmaceuticals, Inc		47,674
4,801	*	BioMarin Pharmaceuticals, Inc		119,545
7,991	*	Biogen Idec, Inc		530,043
2,778	*	Bradley Pharmaceuticals, Inc		50,560
101,144		Bristol-Myers Squibb Co		2,914,970
4,932		Cabot Corp		175,234
4,139	*	Calgon Carbon Corp		57,780
2,700	*	Caraco Pharmaceutical Laboratories Ltd		41,175
3,549	*	Cell Genesys, Inc		13,557
1,507	*	Cephalon, Inc		110,101
6,107		Clorox Co		372,466
27,419		Colgate-Palmolive Co		1,955,523
305	*	Cypress Bioscience, Inc		4,175
2,313		Dade Behring Holdings, Inc		176,598
6,260	*	Dendreon Corp		48,139
24,026	*	Durect Corp		131,662
20,945		Ecolab, Inc		988,604
1,257	*	Encysive Pharmaceuticals, Inc		1,898
2,629	*	Enzon Pharmaceuticals, Inc		23,161
533		Estee Lauder Cos (Class A)		22,631
21,947	*	Forest Laboratories, Inc		818,404
26,341	*	Genentech, Inc		2,055,125
13,654	*	Genzyme Corp		846,002
1,241	*	Geron Corp		9,084
43,878	*	Gilead Sciences, Inc		1,793,294
4,493		H.B. Fuller Co		133,352
3,929	*	Human Genome Sciences, Inc		40,429
595	*	Idenix Pharmaceuticals, Inc		1,720

337

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
1,589	*	Idexx Laboratories, Inc	$	174,139
861	*	Immucor, Inc		30,781
3,336	*	Inverness Medical Innovations, Inc		184,548
1,261	*	Invitrogen Corp		103,062
16,659	*	King Pharmaceuticals, Inc		195,243
50,146		Eli Lilly & Co		2,854,812
4,651		Lubrizol Corp		302,594
2,675	*	MGI Pharma, Inc		74,312
3,834		Mannatech, Inc		31,055
1,642	*	Medarex, Inc		23,251
5,250		Medicis Pharmaceutical Corp (Class A)		160,178
101,649		Merck & Co, Inc		5,254,237
7,816	*	Millennium Pharmaceuticals, Inc		79,332
850		Minerals Technologies, Inc		56,950
21,350	*	Mylan Laboratories, Inc		340,746
1,486	*	Nabi Biopharmaceuticals		6,033
700		Nalco Holding Co		20,755
3,519	*	Nastech Pharmaceutical Co, Inc		46,838
3,988	*	Neurocrine Biosciences, Inc		39,880
5,199	*	Noven Pharmaceuticals, Inc		82,820
419	*	OraSure Technologies, Inc		4,211
2,607	*	PDL BioPharma, Inc		56,337
10,301		PPG Industries, Inc		778,241
1,544	*	Pacific Ethanol, Inc		14,853
2,802	*	Par Pharmaceutical Cos, Inc		52,005
3,532	*	Penwest Pharmaceuticals Co		38,887
3,135	*	Pharmion Corp		144,649
5,265	*	Pozen, Inc		58,231
27,835		Praxair, Inc		2,331,460
4,086	*	Prestige Brands Holdings, Inc		44,864
122,770		Procter & Gamble Co		8,635,642
1,394	*	Progenics Pharmaceuticals, Inc		30,821
5,415		RPM International, Inc		129,689
16,750		Rohm & Haas Co		932,472
3,561	*	Salix Pharmaceuticals Ltd		44,228
72,792		Schering-Plough Corp		2,302,411
2,174	*	Sciele Pharma, Inc		56,567
1,840		Sensient Technologies Corp		53,121
4,262	*	Sepracor, Inc		117,205
14,724		Sigma-Aldrich Corp		717,648
1,509	*	Somaxon Pharmaceuticals, Inc		15,347
1,886	*	SuperGen, Inc		8,185
1,881	*	USANA Health Sciences, Inc		82,294
655	*	United Therapeutics Corp		43,584
2,516	*	VCA Antech, Inc		105,043
3,265		Valspar Corp		88,841
2,300	*	Vertex Pharmaceuticals, Inc		88,343
10,400	*	Warner Chilcott Ltd (Class A)		184,808
8,544	*	Watson Pharmaceuticals, Inc		276,826
1,848	*	Zymogenetics, Inc		24,116
		TOTAL CHEMICALS AND ALLIED PRODUCTS		48,278,655
COMMUNICATIONS - 5.38%
226,689		AT&T, Inc		9,591,211

338

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
17,600		Alltel Corp	$	1,226,368
13,627	*	American Tower Corp (Class A)		593,320
381	*	Anixter International, Inc		31,413
900	*	Authorize.Net Holdings, Inc		15,867
12,788	*	Cablevision Systems Corp (Class A)		446,813
1,400		CenturyTel, Inc		64,708
22,738		Citadel Broadcasting Corp		94,590
8,959		Citizens Communications Co		128,293
2,113	*	Cox Radio, Inc (Class A)		27,575
2,565	*	Crown Castle International Corp		104,216
10,421	*	Crown Media Holdings, Inc (Class A)		74,927
703	*	Dobson Communications Corp (Class A)		8,991
6,348		Embarq Corp		352,974
5,670		Entercom Communications Corp (Class A)		109,601
2,970	*	Entravision Communications Corp (Class A)		27,383
1,390	*	FiberTower Corp		5,338
400	*	Fisher Communications, Inc		19,948
4,482		Gray Television, Inc		38,052
761		Hearst-Argyle Television, Inc		19,756
16,342	*	IAC/InterActiveCorp		484,867
40,466	*	Level 3 Communications, Inc		188,167
24,215	*	Liberty Global, Inc (Class A)		993,299
42,859	*	Liberty Media Holding Corp (Interactive A)		823,321
11,483	*	Liberty Media Corp - Capital (Series A)		1,433,423
6,436	*	Lin TV Corp (Class A)		83,732
1,600	*	Mediacom Communications Corp (Class A)		11,280
5,002	*	NII Holdings, Inc		410,914
708	*	NeuStar, Inc (Class A)		24,277
5,734	*	Novatel Wireless, Inc		129,875
4,752	*	Radio One, Inc (Class D)		17,725
3,009	*	SAVVIS, Inc		116,689
1,428	*	SBA Communications Corp (Class A)		50,380
813		Salem Communications Corp (Class A)		6,504
4,944	*	Spanish Broadcasting System, Inc (Class A)		12,756
110,889		Sprint Nextel Corp		2,106,891
2,670		Telephone & Data Systems, Inc		178,223
350	*	Terremark Worldwide, Inc		2,510
23,423	*	Time Warner Cable, Inc (Class A)		768,274
5,545	*	TiVo, Inc		35,211
208		USA Mobility, Inc		3,509
132,725		Verizon Communications, Inc		5,877,063
19,340		Windstream Corp		273,081
15,049	*	XM Satellite Radio Holdings, Inc (Class A)		213,244
		TOTAL COMMUNICATIONS		27,226,559
DEPOSITORY INSTITUTIONS - 8.83%
1,460		Astoria Financial Corp		38,734
46,416		BB&T Corp		1,874,742
176,456		Bank of America Corp		8,870,443
1,720		Bank of Hawaii Corp		90,902
55,055		Bank of New York Mellon Corp/The		2,430,128
2,750		City National Corp		191,153
10,260		Comerica, Inc		526,133
2,333		Commerce Bancorp, Inc		90,474

339

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
55,187		Fifth Third Bancorp	$	1,869,736
2,580		First Horizon National Corp		68,783
7,540	*	Fremont General Corp		29,406
4,792		Hudson City Bancorp, Inc		73,701
4,245		IndyMac Bancorp, Inc		100,224
29,650		Keycorp		958,585
9,284		M&T Bank Corp		960,430
11,568		Marshall & Ilsley Corp		506,331
51,473		National City Corp		1,291,458
5,583		New York Community Bancorp, Inc		106,356
12,115		Northern Trust Corp		802,861
22,718		PNC Financial Services Group, Inc		1,547,096
2,210		People's United Financial, Inc		38,189
8,275		Popular, Inc		101,617
2,490		Provident Financial Services, Inc		40,761
49,834		Regions Financial Corp		1,469,106
680	*	SVB Financial Group		32,205
12,295		Sovereign Bancorp, Inc		209,507
17,530		State Street Corp		1,194,845
28,003		SunTrust Banks, Inc		2,118,987
100	*	Superior Bancorp		883
12,541		Synovus Financial Corp		351,775
121,097		US Bancorp		3,939,285
5,800		UnionBanCal Corp		338,778
1,790		Valley National Bancorp		39,702
91,475		Wachovia Corp		4,587,471
840		Washington Federal, Inc		22,058
65,013		Washington Mutual, Inc		2,295,609
650		Webster Financial Corp		27,378
148,333		Wells Fargo & Co		5,283,621
1,977		Zions Bancorporation		135,760
		TOTAL DEPOSITORY INSTITUTIONS		44,655,213
EATING AND DRINKING PLACES - 1.31%
6,027	*	AFC Enterprises		90,706
2,027		Applebees International, Inc		50,432
609		Bob Evans Farms, Inc		18,380
11,827		Darden Restaurants, Inc		495,078
78,122		McDonald's Corp		4,255,305
700		O'Charleys, Inc		10,612
200		Ruby Tuesday, Inc		3,668
42,321	*	Starbucks Corp		1,108,810
900	*	Cheesecake Factory		21,123
10,990		Tim Hortons, Inc		383,002
5,740		Wendy's International, Inc		200,383
		TOTAL EATING AND DRINKING PLACES		6,637,499
ELECTRIC, GAS, AND SANITARY SERVICES - 5.11%
52,123	*	AES Corp		1,044,545
16,385		AGL Resources, Inc		649,174
12,523		Alliant Energy Corp		479,881
3,623		Aqua America, Inc		82,170
15,469		Atmos Energy Corp		438,082
24,660		Avista Corp		501,831

340

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
3,626		CH Energy Group, Inc	$	173,323
13,995		CMS Energy Corp		235,396
24,090		Centerpoint Energy, Inc		386,163
2,370		Central Vermont Public Service Corp		86,600
25,293		Cleco Corp		639,154
36,811		Consolidated Edison, Inc		1,704,349
9,189		Crosstex Energy, Inc		348,355
49,783		El Paso Corp		844,817
30,000		Empire District Electric Co		677,700
5,034		Energen Corp		287,542
20,612		Energy East Corp		557,555
1,347		EnergySouth, Inc		67,916
32,110		Hawaiian Electric Industries, Inc		697,108
1,741		ITC Holdings Corp		86,266
27,950		Idacorp, Inc		915,083
933		Laclede Group, Inc		30,117
7,127		MGE Energy, Inc		238,327
2,156		Markwest Hydrocarbon, Inc		125,328
4,454		Metal Management, Inc		241,407
12,586		NSTAR		438,119
19,963		National Fuel Gas Co		934,468
1,003		New Jersey Resources Corp		49,739
54,035		NiSource, Inc		1,034,230
8,811		Nicor, Inc		377,992
10,914		Northeast Utilities		311,813
2,030		Northwest Natural Gas Co		92,771
37,512		OGE Energy Corp		1,241,647
10,934		Oneok, Inc		518,272
59,554		Pepco Holdings, Inc		1,612,722
8,170		Piedmont Natural Gas Co, Inc		204,985
8,819		Pinnacle West Capital Corp		348,439
54,991		Puget Energy, Inc		1,345,630
23,360		Questar Corp		1,227,101
1,955		Resource America, Inc (Class A)		30,869
2,450		SJW Corp		83,643
11,071		Sempra Energy		643,446
26,442		Sierra Pacific Resources		415,933
6,830		South Jersey Industries, Inc		237,684
23,402		TECO Energy, Inc		384,495
5,867		UGI Corp		152,424
3,154		UIL Holdings Corp		99,351
15,195		Unisource Energy Corp		454,179
3,955		Vectren Corp		107,932
7,455		WGL Holdings, Inc		252,650
3,746	*	Waste Services, Inc		36,374
48,722		Williams Cos, Inc		1,659,471
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		25,834,568
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.68%
20,596	*	Advanced Micro Devices, Inc		271,867
17,750		Ametek, Inc		767,155
2,880	*	Anadigics, Inc		52,070
32,828	*	Apple Computer, Inc		5,040,411
5,054	*	Arris Group, Inc		62,417

341

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
2,948	*	Atheros Communications, Inc	$	88,352
2,132		Baldor Electric Co		85,173
614	*	Benchmark Electronics, Inc		14,656
1,173	*	C-COR, Inc		13,478
1,600		CTS Corp		20,640
231,413	*	Cisco Systems, Inc		7,662,084
31,864	*	Conexant Systems, Inc		38,237
2,012	*	Cree, Inc		62,573
4,267	*	Ditech Networks, Inc		22,487
300	*	Dolby Laboratories, Inc (Class A)		10,446
605	*	Energizer Holdings, Inc		67,064
743	*	Energy Conversion Devices, Inc		16,881
1,135	*	Evergreen Solar, Inc		10,136
17,759	*	Finisar Corp		49,725
1,511	*	FuelCell Energy, Inc		13,508
3,603	*	GrafTech International Ltd		64,278
529	*	Greatbatch, Inc		14,066
1,965		Harman International Industries, Inc		170,012
4,802	*	Harmonic, Inc		50,949
256,524		Intel Corp		6,633,711
2,305	*	InterDigital, Inc		47,898
6,306	*	InterVoice, Inc		59,213
556		LSI Industries, Inc		11,409
35,038	*	LSI Logic Corp		259,982
1,197		Lincoln Electric Holdings, Inc		92,899
1,157	*	Loral Space & Communications, Inc		45,991
12,187	*	MRV Communications, Inc		30,224
1,544	*	Medis Technologies Ltd		20,072
31,330	*	Micron Technology, Inc		347,763
1,197	*	Microtune, Inc		7,206
9,264		Molex, Inc		249,480
115,919		Motorola, Inc		2,147,979
4,852	*	Novellus Systems, Inc		132,266
13,593	*	ON Semiconductor Corp		170,728
183	*	PLX Technology, Inc		1,976
685		Park Electrochemical Corp		23,002
2,968		Plantronics, Inc		84,736
1,283	*	Plexus Corp		35,154
3,021	*	Polycom, Inc		81,144
2,828	*	Power-One, Inc		14,423
6,111	*	Powerwave Technologies, Inc		37,644
3,708	*	QLogic Corp		49,873
78,760		Qualcomm, Inc		3,328,398
6,764	*	RF Micro Devices, Inc		45,522
3,393		RadioShack Corp		70,099
11,454	*	Silicon Storage Technology, Inc		36,882
91,507	*	Sirius Satellite Radio, Inc		319,359
7,773	*	Sycamore Networks, Inc		31,636
2,634	*	Symmetricom, Inc		12,380
2,358	*	TTM Technologies, Inc		27,282
1,509		Technitrol, Inc		40,668
2,450	*	Tekelec		29,645
4,571		Teleflex, Inc		356,172
18,477	*	Tellabs, Inc		175,901

342

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
16	*	Tessera Technologies, Inc	$	600
70,544		Texas Instruments, Inc		2,581,205
4,827	*	Thomas & Betts Corp		283,055
12,188	*	Triquint Semiconductor, Inc		59,843
17,138		Tyco Electronics Ltd		607,199
1,000		Vicor Corp		12,120
1,385		Whirlpool Corp		123,403
12,976		Xilinx, Inc		339,193
786	*	Zoltek Cos, Inc		34,293
913	*	Zoran Corp		18,443
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		33,786,736
ENGINEERING AND MANAGEMENT SERVICES - 0.71%
2,593	*	Amylin Pharmaceuticals, Inc		129,650
2,164	*	Applera Corp (Celera Genomics Group)		30,426
1,040	*	Ariad Pharmaceuticals, Inc		4,815
908	*	CV Therapeutics, Inc		8,154
14,152	*	Celgene Corp		1,009,179
505		Corporate Executive Board Co		37,491
353	*	Gen-Probe, Inc		23,503
2,878	*	Harris Interactive, Inc		12,404
1,773	*	Hewitt Associates, Inc (Class A)		62,144
3,789	*	Incyte Corp		27,091
4,159	*	Isis Pharmaceuticals, Inc		62,260
473	*	Lifecell Corp		17,771
400	*	Maxygen, Inc		2,724
13,461		Moody's Corp		678,434
19,274		Paychex, Inc		790,234
9,112		Quest Diagnostics, Inc		526,400
1,345	*	Regeneron Pharmaceuticals, Inc		23,941
7,529	*	Rentech, Inc		16,263
1,573	*	Savient Pharmaceuticals, Inc		22,887
19	*	Symyx Technologies, Inc		165
153	*	Telik, Inc		445
3,940	*	Tetra Tech, Inc		83,213
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,569,594
FABRICATED METAL PRODUCTS - 0.83%
400		Ameron International Corp		42,308
10,682		Commercial Metals Co		338,085
837	*	Commercial Vehicle Group, Inc		10,739
4,038		Dynamic Materials Corp		193,380
2,418		Gulf Island Fabrication, Inc		92,827
1,400		Insteel Industries, Inc		21,490
40,415		Illinois Tool Works, Inc		2,410,351
3,970		Pentair, Inc		131,724
3,830		Silgan Holdings, Inc		205,862
2,125		Snap-On, Inc		105,272
9,248		Stanley Works		519,090
1,496		Valmont Industries, Inc		126,936
		TOTAL FABRICATED METAL PRODUCTS		4,198,064
FOOD AND KINDRED PRODUCTS - 3.36%
22,527		Campbell Soup Co		833,499

343

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
700		Corn Products International, Inc	$	32,109
35,266		General Mills, Inc		2,045,781
25,755		H.J. Heinz Co		1,189,881
1,337	*	Hansen Natural Corp		75,781
13,005		Hershey Co		603,562
911		Imperial Sugar Co		23,804
2,120		J.M. Smucker Co		113,250
2,700	*	Jones Soda Co		32,562
33,394		Kellogg Co		1,870,064
71,012		Kraft Foods, Inc (Class A)		2,450,624
1,522		McCormick & Co, Inc		54,746
4,847		Pepsi Bottling Group, Inc		180,163
2,760		PepsiAmericas, Inc		89,534
77,943		PepsiCo, Inc		5,710,104
23,853		Sara Lee Corp		398,107
20,431		Wrigley (Wm.) Jr Co		1,312,283
		TOTAL FOOD AND KINDRED PRODUCTS		17,015,854
FOOD STORES - 0.27%
16		Arden Group, Inc (Class A)		2,232
2,434	*	Pathmark Stores, Inc		31,034
24,133		Safeway, Inc		799,044
7,356		Supervalu, Inc		286,958
4,554		Whole Foods Market, Inc		222,964
		TOTAL FOOD STORES		1,342,232
FORESTRY - 0.17%
3,100		Rayonier, Inc		148,924
10,077		Weyerhaeuser Co		728,567
		TOTAL FORESTRY		877,491
FURNITURE AND FIXTURES - 0.63%
5,118		Hillenbrand Industries, Inc		281,592
17,299		Johnson Controls, Inc		2,043,185
7,032		Leggett & Platt, Inc		134,733
29,762		Masco Corp		689,586
1,069		Tempur-Pedic International, Inc		38,217
		TOTAL FURNITURE AND FIXTURES		3,187,313
FURNITURE AND HOME FURNISHINGS STORES - 0.08%
10,325	*	Bed Bath & Beyond, Inc		352,289
2,561		Circuit City Stores, Inc		20,258
229	*	Mohawk Industries, Inc		18,618
1,000	*	Pier 1 Imports, Inc		4,730
305		Williams-Sonoma, Inc		9,949
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		405,844
GENERAL BUILDING CONTRACTORS - 0.19%
100		Amrep Corp		2,680
121	*	Avatar Holdings, Inc		6,042
4,810		Centex Corp		127,802
14,817		DR Horton, Inc		189,806
2,209	*	Hovnanian Enterprises, Inc (Class A)		24,498
6,515		Lennar Corp (Class A)		147,565

344

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
110		Lennar Corp (B Shares)	$	2,338
1,209		MDC Holdings, Inc		49,496
391	*	Meritage Homes Corp		5,521
91	*	NVR, Inc		42,793
16,434		Pulte Homes, Inc		223,667
1,133		Ryland Group, Inc		24,280
2,113		Standard-Pacific Corp		11,600
5,302	*	Toll Brothers, Inc		105,987
915	*	WCI Communities, Inc		5,481
		TOTAL GENERAL BUILDING CONTRACTORS		969,556
GENERAL MERCHANDISE STORES - 1.28%
457	*	99 Cents Only Stores		4,693
424		Bon-Ton Stores, Inc		9,633
28,338		Costco Wholesale Corp		1,739,103
7,748		Family Dollar Stores, Inc		205,787
12,633		JC Penney Co, Inc		800,553
457	*	Retail Ventures, Inc		4,757
25,326		TJX Cos, Inc		736,227
46,824		Target Corp		2,976,602
		TOTAL GENERAL MERCHANDISE STORES		6,477,355
HEALTH SERVICES - 1.23%
6,616	*	Alliance Imaging, Inc		59,941
761	*	Amsurg Corp		17,556
1,129	*	Bio-Reference Labs, Inc		38,115
2,338		Brookdale Senior Living, Inc		93,076
6,762	*	Community Health Systems, Inc		212,597
1,680	*	Corvel Corp		38,842
4,214	*	DaVita, Inc		266,241
2,587	*	Edwards Lifesciences Corp		127,565
13,474	*	Express Scripts, Inc		752,119
16,979		Health Management Associates, Inc (Class A)		117,834
1,386	*	Healthways, Inc		74,802
3,645	*	Hythiam, Inc		27,119
900	*	LHC Group, Inc		19,323
7,869	*	Laboratory Corp of America Holdings		615,592
1,449	*	LifePoint Hospitals, Inc		43,484
4,341	*	Lincare Holdings, Inc		159,098
1,737	*	Medcath Corp		47,698
100		National Healthcare Corp		5,139
6,025	*	Nektar Therapeutics		53,201
6,291		Omnicare, Inc		208,421
1,012	*	Pediatrix Medical Group, Inc		66,205
1,884	*	Psychiatric Solutions, Inc		74,004
2,170	*	RehabCare Group, Inc		38,170
2,718	*	Sierra Health Services, Inc		114,672
37,079	*	WellPoint, Inc		2,926,275
		TOTAL HEALTH SERVICES		6,197,089
HOLDING AND OTHER INVESTMENT OFFICES - 2.34%
813		AMB Property Corp		48,626
23,340		Allied Capital Corp		685,963
3,017		American Financial Realty Trust		24,287

345

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
3,306		Annaly Mortgage Management, Inc	$	52,665
14,854	*	Archstone-Smith Trust		893,320
2,707		AvalonBay Communities, Inc		319,588
5,277		Boston Properties, Inc		548,280
300		Capital Southwest Corp		36,828
2,455		Cherokee, Inc		94,174
2,500		Colonial Properties Trust		85,750
2,600		Developers Diversified Realty Corp		145,262
8,466		Duke Realty Corp		286,235
24,151		Equity Residential		1,023,036
300		Essex Property Trust, Inc		35,271
153		FelCor Lodging Trust, Inc		3,049
12,365		General Growth Properties, Inc		663,011
700		Gladstone Capital Corp		13,664
4,421		HCP, Inc		146,645
4,602		HRPT Properties Trust		45,514
1,300		Health Care REIT, Inc		57,512
153		Highwoods Properties, Inc		5,611
2,713		Hospitality Properties Trust		110,283
28,161		Host Marriott Corp		631,933
13,516		Kimco Realty Corp		611,058
153		Liberty Property Trust		6,152
10,962		Luminent Mortgage Capital, Inc		18,307
2,365		MFA Mortgage Investments, Inc		19,038
900		Mack-Cali Realty Corp		36,990
1,300		Mid-America Apartment Communities, Inc		64,805
800		NorthStar Realty Finance Corp		7,944
1,000		Post Properties, Inc		38,700
817		Potlatch Corp		36,790
14,359		Prologis		952,720
5,782		Public Storage, Inc		454,754
15,378		Simon Property Group, Inc		1,537,800
913	*	Tarragon Corp		2,392
15,866		Virgin Media, Inc		385,068
8,598		Vornado Realty Trust		940,191
3,243		WABCO Holdings, Inc		151,610
9,361		Weingarten Realty Investors		388,107
7,087		iStar Financial, Inc		240,887
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		11,849,820
HOTELS AND OTHER LODGING PLACES - 0.56%
8,819		Choice Hotels International, Inc		332,212
6,175	*	Gaylord Entertainment Co		328,634
15,105	*	Great Wolf Resorts, Inc		186,698
23,462		Hilton Hotels Corp		1,090,748
8,627	*	Lodgian, Inc		101,799
4,234		Marcus Corp		81,293
15,851		Marriott International, Inc (Class A)		689,043
		TOTAL HOTELS AND OTHER LODGING PLACES		2,810,427
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.55%
5,780	*	AGCO Corp		293,451
9,729		American Standard Cos, Inc		346,547
1,565		Ampco-Pittsburgh Corp		61,630

346

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
69,608		Applied Materials, Inc	$	1,440,886
1,445	*	Astec Industries, Inc		83,015
8,648	*	Axcelis Technologies, Inc		44,191
4,025		Black & Decker Corp		335,283
1,585		Briggs & Stratton Corp		39,910
1,852	*	Brooks Automation, Inc		26,372
699		CDW Corp		60,953
757		Cascade Corp		49,334
1,693	*	Columbus McKinnon Corp		42,139
6,914		Cummins, Inc		884,231
17,179		Deere & Co		2,549,707
100,087	*	Dell, Inc		2,762,401
985		Donaldson Co, Inc		41,134
761	*	Dril-Quip, Inc		37,555
88,866	*	EMC Corp		1,848,413
5,176	*	ENGlobal Corp		59,058
844	*	Emulex Corp		16,179
652	*	Entegris, Inc		5,659
233	*	Extreme Networks, Inc		895
4,082	*	FMC Technologies, Inc		235,368
605		Flowserve Corp		46,089
400	*	Gardner Denver, Inc		15,600
1,756	*	Gehl Co		39,211
4,645		Graco, Inc		181,666
12,135	*	Grant Prideco, Inc		661,600
112,072		Hewlett-Packard Co		5,580,065
229	*	Intermec, Inc		5,981
65,014		International Business Machines Corp		7,658,649
832	*	Intevac, Inc		12,646
5,029	*	Lam Research Corp		267,845
837		Lennox International, Inc		28,291
3,804	*	Lexmark International, Inc (Class A)		157,980
1,117		Lufkin Industries, Inc		61,457
6,926		Manitowoc Co, Inc		306,683
1,905		Modine Manufacturing Co		50,711
2,884		Nordson Corp		144,806
1,537	*	Oil States International, Inc		74,237
4,326		Pall Corp		168,281
634	*	Rackable Systems, Inc		8,223
2,241		SPX Corp		207,427
305		Sauer-Danfoss, Inc		8,137
4,004	*	Semitool, Inc		38,839
3,602	*	Sigma Designs, Inc		173,760
47,050	*	Solectron Corp		183,495
7,205	*	SourceForge, Inc		17,652
6,075		Tennant Co		295,853
2,350	*	Terex Corp		209,197
1,235	*	TurboChef Technologies, Inc		16,302
840	*	Ultratech, Inc		11,642
4,152	*	Varian Medical Systems, Inc		173,927
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		28,070,563
INSTRUMENTS AND RELATED PRODUCTS - 5.78%
724	*	Advanced Medical Optics, Inc		22,147

347

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
1,715	*	Affymetrix, Inc	$	43,510
377		Analogic Corp		24,038
4,250		Bard (C.R.), Inc		374,808
42,083		Baxter International, Inc		2,368,431
4,987		Beckman Coulter, Inc		367,841
19,324		Becton Dickinson & Co		1,585,534
55,682	*	Boston Scientific Corp		776,764
1,350	*	Bruker BioSciences Corp		11,880
1,436	*	Cepheid, Inc		32,741
529		Cooper Cos, Inc		27,730
17,138		Covidien Ltd		711,227
17,723	*	Credence Systems Corp		54,764
577	*	DJ Orthopedics, Inc		28,331
10,269		Dentsply International, Inc		427,601
68,900		Emerson Electric Co		3,666,858
533	*	Flir Systems, Inc		29,523
553	*	Formfactor, Inc		24,537
653	*	Hologic, Inc		39,833
4,451	*	ION Geophysical Corp		61,557
551	*	Illumina, Inc		28,586
898	*	Intuitive Surgical, Inc		206,540
3,346	*	Ixia		29,177
120,179		Johnson & Johnson		7,895,760
7,190		Kla-Tencor Corp		401,058
82	*	L-1 Identity Solutions, Inc		1,546
4,280	*	LTX Corp		15,280
1,550	*	MKS Instruments, Inc		29,481
62,996		Medtronic, Inc		3,553,604
1,678	*	Millipore Corp		127,192
606	*	OYO Geospace Corp		56,182
19,311		Pitney Bowes, Inc		877,106
381	*	Resmed, Inc		16,333
305	*	Rofin-Sinar Technologies, Inc		21,414
1,913		Roper Industries, Inc		125,302
16,981	*	St. Jude Medical, Inc		748,353
2,810		STERIS Corp		76,797
17,118		Stryker Corp		1,177,034
447	*	Techne Corp		28,197
3,270		Tektronix, Inc		90,710
20,555	*	Thermo Electron Corp		1,186,435
4,125	*	Waters Corp		276,045
1,902	*	X-Rite, Inc		27,465
36,347	*	Xerox Corp		630,257
11,358	*	Zimmer Holdings, Inc		919,884
800	*	Zygo Corp		10,424
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		29,235,817
INSURANCE AGENTS, BROKERS AND SERVICE - 0.52%
5,671		Brown & Brown, Inc		149,147
7,075	*	Crawford & Co (Class B)		44,997
26,361		Hartford Financial Services Group, Inc		2,439,711
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,633,855

348

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
INSURANCE CARRIERS - 4.22%
3,040	*	AMERIGROUP Corp	$	104,819
31,451		Aetna, Inc		1,706,846
41,023		Aflac, Inc		2,339,952
8,189		Ambac Financial Group, Inc		515,170
3,447		American Financial Group, Inc		98,308
5,951		Assurant, Inc		318,379
7,465		Axis Capital Holdings Ltd		290,463
7,492		W.R. Berkley Corp		221,988
1,565	*	Centene Corp		33,663
39,398		Chubb Corp		2,113,309
20,852		Cincinnati Financial Corp		903,100
2,093		Commerce Group, Inc		61,681
6,428		Endurance Specialty Holdings Ltd		267,083
2,085		Erie Indemnity Co (Class A)		127,456
3,844		Everest Re Group Ltd		423,763
29,381		Genworth Financial, Inc (Class A)		902,878
2,922		HCC Insurance Holdings, Inc		83,686
1,217		Hanover Insurance Group, Inc		53,779
1,192	*	HealthExtras, Inc		33,173
500		LandAmerica Financial Group, Inc		19,490
26,062		Lincoln National Corp		1,719,310
9,643		MBIA, Inc		588,705
5,539		MGIC Investment Corp		178,965
293	*	Markel Corp		141,812
3,725		Mercury General Corp		200,889
1,311	*	Molina Healthcare, Inc		47,550
5,800		Nationwide Financial Services, Inc (Class A)		312,156
457		Odyssey Re Holdings Corp		16,959
3,089		PMI Group, Inc		101,010
2,574		Phoenix Cos, Inc		36,319
20,189		Principal Financial Group		1,273,724
51,405		Progressive Corp		997,771
985		Protective Life Corp		41,803
3,750		Radian Group, Inc		87,300
900		RenaissanceRe Holdings Ltd		58,869
13,874		Safeco Corp		849,366
381		Stancorp Financial Group, Inc		18,863
1,100		Tower Group, Inc		28,798
48,735		Travelers Cos, Inc/The		2,453,320
1,750		Unitrin, Inc		86,783
14,209		UnumProvident Corp		347,694
2,422	*	WellCare Health Plans, Inc		255,351
11,346		XL Capital Ltd (Class A)		898,603
		TOTAL INSURANCE CARRIERS		21,360,906
LEATHER AND LEATHER PRODUCTS - 0.16%
151	*	Collective Brands, Inc		3,331
15,962	*	Coach, Inc		754,524
2,309		Weyco Group, Inc		72,526
		TOTAL LEATHER AND LEATHER PRODUCTS		830,381
LUMBER AND WOOD PRODUCTS - 0.01%
1,707	*	Champion Enterprises, Inc		18,743

349

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
300		Skyline Corp	$	9,024
		TOTAL LUMBER AND WOOD PRODUCTS		27,767
METAL MINING - 0.12%
6,475	*	Apex Silver Mines Ltd		125,939
2,358	*	Rosetta Resources, Inc		43,246
12,908		Royal Gold, Inc		422,737
		TOTAL METAL MINING		591,922
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.35%
1,840		Callaway Golf Co		29,458
1,145		Daktronics, Inc		31,167
2,536		Marine Products Corp		21,505
37,400		Mattel, Inc		877,404
390		Nautilus, Inc		3,108
3,302	*	Russ Berrie & Co, Inc		55,474
17,138		Tyco International Ltd		759,899
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,778,015
MISCELLANEOUS RETAIL - 1.13%
13,440	*	Amazon.com, Inc		1,251,936
14,577		Best Buy Co, Inc		670,834
658	*	Coldwater Creek, Inc		7,146
432	*	Dollar Tree Stores, Inc		17,513
3,824	*	GSI Commerce, Inc		101,718
315	*	Nutri/System, Inc		14,770
7,939	*	Office Depot, Inc		163,702
130	*	Overstock.com, Inc		3,744
1,100		Petsmart, Inc		35,090
33,065		Staples, Inc		710,567
2,200		Systemax, Inc		44,968
3,347		Tiffany & Co		175,215
46,202		Walgreen Co		2,182,582
8,004		World Fuel Services Corp		326,643
129	*	Priceline.com, Inc		11,449
		TOTAL MISCELLANEOUS RETAIL		5,717,877
MOTION PICTURES - 1.11%
457	*	Avid Technology, Inc		12,376
16,076	*	Discovery Holding Co (Class A)		463,793
4,621	*	DreamWorks Animation SKG, Inc (Class A)		154,434
2,881		Regal Entertainment Group (Class A)		63,238
205,387		Time Warner, Inc		3,770,905
29,064	*	Viacom, Inc (Class B)		1,132,624
		TOTAL MOTION PICTURES		5,597,370
NONDEPOSITORY INSTITUTIONS - 1.95%
3,413		Advanta Corp (Class A)		83,175
7,241	*	AmeriCredit Corp		127,297
15,417		American Capital Strategies Ltd		658,768
63,429		American Express Co		3,765,780
1,500		Asta Funding, Inc		57,480
22,695		Capital One Financial Corp		1,507,629
5,096		CapitalSource, Inc		103,143
1,937		Centerline Holding Co		29,733

350

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
3,035	*	Credit Acceptance Corp	$	70,109
2,741		Federal Agricultural Mortgage Corp (Class C)		80,476
4,709		First Marblehead Corp		178,612
48,395		Freddie Mac		2,855,789
1,200	*	INVESTools, Inc		14,508
12,645		MCG Capital Corp		181,962
2,737		Nelnet, Inc (Class A)		49,923
1,600	*	PHH Corp		42,048
1,293	*	World Acceptance Corp		42,772
		TOTAL NONDEPOSITORY INSTITUTIONS		9,849,204
NONMETALLIC MINERALS, EXCEPT FUELS - 0.20%
7,943		AMCOL International Corp		262,834
1,771		Florida Rock Industries, Inc		110,670
7,375		Vulcan Materials Co		657,481
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		1,030,985
OIL AND GAS EXTRACTION - 4.17%
1,916	*	ATP Oil & Gas Corp		90,109
3,418		Atlas America, Inc		176,471
5,254		Berry Petroleum Co (Class A)		208,006
900	*	Bronco Drilling Co, Inc		13,320
4,802	*	Callon Petroleum Co		66,844
4,606	*	Cameron International Corp		425,088
837	*	Carrizo Oil & Gas, Inc		37,548
6,191	*	Cheniere Energy, Inc		242,501
40,666		Chesapeake Energy Corp		1,433,883
8,707		Cimarex Energy Co		324,336
1,030	*	Complete Production Services, Inc		21,094
2,924	*	Contango Oil & Gas Co		105,849
2,149	*	Delta Petroleum Corp		38,575
15,502	*	Denbury Resources, Inc		692,784
14,427		ENSCO International, Inc		809,355
1,370	*	EXCO Resources, Inc		22,660
4,054	*	Edge Petroleum Corp		52,053
2,970	*	Encore Acquisition Co		94,001
28,084		Equitable Resources, Inc		1,456,717
533	*	Exterran Holdings, Inc		42,821
6,238	*	Forest Oil Corp		268,484
533	*	GMX Resources, Inc		17,147
11,751	*	GeoGlobal Resources, Inc		42,304
5,515	*	Global Industries Ltd		142,066
19,693		GlobalSantaFe Corp		1,497,062
2,151	*	Goodrich Petroleum Corp		68,187
8,031	*	Grey Wolf, Inc		52,603
3,467	*	Helix Energy Solutions Group, Inc		147,209
13,813		Helmerich & Payne, Inc		453,481
4,062	*	McMoRan Exploration Co		54,634
38,009	*	Meridian Resource Corp		94,262
13,435	*	Nabors Industries Ltd		413,395
9,477	*	National Oilwell Varco, Inc		1,369,427
12,820		Noble Corp		628,821
657	*	Oceaneering International, Inc		49,801
3,912	*	Parallel Petroleum Corp		66,465

351

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
12,280	*	PetroHawk Energy Corp	$	201,638
1,416	*	Petroleum Development Corp		62,800
4,283	*	Petroquest Energy, Inc		45,957
11,693		Pioneer Natural Resources Co		525,951
5,220	*	Plains Exploration & Production Co		230,828
7,516		Pogo Producing Co		399,175
10,979	*	Pride International, Inc		401,282
5,615	*	Quicksilver Resources, Inc		264,186
300		RPC, Inc		4,263
8,714		Range Resources Corp		354,311
5,615		Rowan Cos, Inc		205,397
12,737		Smith International, Inc		909,422
5,899	*	Southwestern Energy Co		246,873
3,978		St. Mary Land & Exploration Co		141,895
3,305	*	Stone Energy Corp		132,233
1,765	*	Superior Energy Services		62,552
4,066	*	Swift Energy Co		166,381
3,817	*	TXCO Resources, Inc		34,200
6,942		Tidewater, Inc		436,235
4,765	*	Toreador Resources Corp		56,370
17,194	*	Transocean, Inc		1,943,782
2,413	*	Unit Corp		116,789
1,310	*	Venoco, Inc		22,467
3,098		W&T Offshore, Inc		75,529
1,141	*	Warren Resources, Inc		14,308
2,141	*	Whiting Petroleum Corp		95,167
36,400		XTO Energy, Inc		2,250,976
		TOTAL OIL AND GAS EXTRACTION		21,120,330
PAPER AND ALLIED PRODUCTS - 0.97%
8,656		Bemis Co		251,976
3,274		Bowater, Inc		48,848
6,951	*	Buckeye Technologies, Inc		105,238
3,850	*	Chesapeake Corp		32,571
2,495	*	Domtar Corporation		20,459
800		Glatfelter		11,872
20,460		International Paper Co		733,900
32,293		Kimberly-Clark Corp		2,268,906
20,361		MeadWestvaco Corp		601,260
4,468		Packaging Corp of America		129,885
2,117		Rock-Tenn Co (Class A)		61,181
108	*	Smurfit-Stone Container Corp		1,261
10,915		Sonoco Products Co		329,415
5,340		Temple-Inland, Inc		281,044
1,674		Wausau Paper Corp		18,665
		TOTAL PAPER AND ALLIED PRODUCTS		4,896,481
PERSONAL SERVICES - 0.01%
1,200		Regis Corp		38,292
605		Weight Watchers International, Inc		34,824
		TOTAL PERSONAL SERVICES		73,116
PETROLEUM AND COAL PRODUCTS - 3.49%
4,065		Alon USA Energy, Inc		137,316

352

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
32,966		Apache Corp	$	2,968,918
1,950		Ashland, Inc		117,410
7,400		Cabot Oil & Gas Corp		260,184
36,607		Devon Energy Corp		3,045,702
23,351		EOG Resources, Inc		1,688,978
15,844		Frontier Oil Corp		659,744
1,595	*	Headwaters, Inc		23,734
21,988		Hess Corp		1,462,862
5,307		Holly Corp		317,518
16,396		Murphy Oil Corp		1,145,916
9,512	*	Newfield Exploration Co		458,098
23,879		Noble Energy, Inc		1,672,485
12,614		Sunoco, Inc		892,819
37,451		Valero Energy Corp		2,515,958
7,562		Western Refining, Inc		306,866
		TOTAL PETROLEUM AND COAL PRODUCTS		17,674,508
PIPELINES, EXCEPT NATURAL GAS - 0.26%
53,750		Spectra Energy Corp		1,315,800
		TOTAL PIPELINES, EXCEPT NATURAL GAS		1,315,800
PRIMARY METAL INDUSTRIES - 1.64%
24,222		Alcoa, Inc		947,565
1,542		Allegheny Technologies, Inc		169,543
1,663	*	Brush Engineered Materials, Inc		86,293
8,219	*	Century Aluminum Co		432,730
1,741	*	CommScope, Inc		87,468
65,244		Corning, Inc		1,608,265
457		Encore Wire Corp		11,484
3,678	*	LB Foster Co (Class A)		159,846
5,633		Gibraltar Industries, Inc		104,211
3,906		Hubbell, Inc (Class B)		223,111
5,488		Mueller Industries, Inc		198,336
26,108		Nucor Corp		1,552,643
4,390		Olympic Steel, Inc		119,232
3,667		Quanex Corp		172,276
10,360		Steel Dynamics, Inc		483,812
6,210		Tredegar Corp		107,123
10,669		United States Steel Corp		1,130,274
11,803	*	Wheeling-Pittsburgh Corp		227,798
19,403		Worthington Industries, Inc		457,135
		TOTAL PRIMARY METAL INDUSTRIES		8,279,145
PRINTING AND PUBLISHING - 0.86%
761	*	ACCO Brands Corp		17,077
2,926		Dow Jones & Co, Inc		174,682
5,369		Dun & Bradstreet Corp		529,437
1,737		Harte-Hanks, Inc		34,184
26,610		McGraw-Hill Cos, Inc		1,354,715
3,580		Meredith Corp		205,134
21,505		New York Times Co (Class A)		424,939
2,170	*	R.H. Donnelley Corp		121,563
10,799		EW Scripps Co (Class A)		453,558
614		Standard Register Co		7,804

353

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
16,021	*	Tribune Co	$	437,694
822	*	Valassis Communications, Inc		7,332
719		Washington Post Co (Class B)		577,213
		TOTAL PRINTING AND PUBLISHING		4,345,332
RAILROAD TRANSPORTATION - 0.69%
29,458		CSX Corp		1,258,740
533	*	Genesee & Wyoming, Inc (Class A)		15,372
3,987	*	Kansas City Southern Industries, Inc		128,262
40,108		Norfolk Southern Corp		2,082,006
		TOTAL RAILROAD TRANSPORTATION		3,484,380
REAL ESTATE - 0.07%
7,388	*	CB Richard Ellis Group, Inc (Class A)		205,682
1,693		Forest City Enterprises, Inc (Class A)		93,386
229		Jones Lang LaSalle, Inc		23,532
7,397		Stewart Enterprises, Inc (Class A)		56,365
		TOTAL REAL ESTATE		378,965
RUBBER AND MISCELLANEOUS PLASTIC PRODUCT - 0.42%
32,476		Nike, Inc (Class B)		1,905,042
6,090		Sealed Air Corp		155,660
1,937		Spartech Corp		33,045
1,610		Tupperware Corp		50,699
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCT		2,144,446
SECURITY AND COMMODITY BROKERS - 3.43%
3,487		A.G. Edwards, Inc		292,036
8,078		Ameriprise Financial, Inc		509,803
2,193		BlackRock, Inc		380,288
2,045		CME Group, Inc		1,201,131
57,397		Charles Schwab Corp		1,239,775
13,920	*	E*Trade Financial Corp		181,795
1,433		Eaton Vance Corp		57,263
2,216		Federated Investors, Inc (Class B)		87,975
15,747		Franklin Resources, Inc		2,007,743
21,401		Goldman Sachs Group, Inc		4,638,453
2,751	*	IntercontinentalExchange, Inc		417,877
153	*	Investment Technology Group, Inc		6,576
6,129		Janus Capital Group, Inc		173,328
4,264		Legg Mason, Inc		359,413
51,624		Merrill Lynch & Co, Inc		3,679,759
8,200		NYSE Euronext		649,194
2,480	*	Nasdaq Stock Market, Inc		93,446
2,465		Nymex Holdings, Inc		320,894
6,886		SEI Investments Co		187,850
15,917		T Rowe Price Group, Inc		886,418
		TOTAL SECURITY AND COMMODITY BROKERS		17,371,017
SOCIAL SERVICES - 0.01%
6,300	*	Capital Senior Living Corp		53,046
		TOTAL SOCIAL SERVICES		53,046

354

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
SPECIAL TRADE CONTRACTORS - 0.04%
1,785	*	Layne Christensen Co	$	99,032
4,396	*	Quanta Services, Inc		116,274
		TOTAL SPECIAL TRADE CONTRACTORS		215,306
STONE, CLAY, AND GLASS PRODUCTS - 0.89%
43,299		3M Co		4,051,920
241		Apogee Enterprises, Inc		6,252
2,629		CARBO Ceramics, Inc		133,369
180	*	Cabot Microelectronics Corp		7,695
1,975		Eagle Materials, Inc		70,587
7,296		Gentex Corp		156,426
2,200	*	Owens Corning, Inc		55,110
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		4,481,359
TRANSPORTATION BY AIR - 0.61%
8,842	*	AMR Corp		197,088
1,560	*	Air Methods Corp		72,072
5,465	*	Airtran Holdings, Inc		53,776
1,694	*	Alaska Air Group, Inc		39,114
7,778	*	Continental Airlines, Inc (Class B)		256,907
10,259	*	ExpressJet Holdings, Inc		31,700
13,755		FedEx Corp		1,440,836
8,660	*	JetBlue Airways Corp		79,845
800	*	PHI, Inc		24,112
4,790		Skywest, Inc		120,564
52,782		Southwest Airlines Co		781,174
		TOTAL TRANSPORTATION BY AIR		3,097,188
TRANSPORTATION EQUIPMENT - 1.25%
1,141	*	Accuride Corp		13,818
381	*	Aftermarket Technology Corp		12,093
3,706		American Axle & Manufacturing Holdings, Inc		93,576
4,001		ArvinMeritor, Inc		67,297
12,311		Autoliv, Inc		735,582
22,662	*	BE Aerospace, Inc		941,153
429		Federal Signal Corp		6,589
21,908		Genuine Parts Co		1,095,400
18,333		Harley-Davidson, Inc		847,168
8,970		Harsco Corp		531,652
1,838		Noble International Ltd		39,131
11,884		Paccar, Inc		1,013,111
15,285	*	Spirit Aerosystems Holdings, Inc (Class A)		595,198
3,350		Superior Industries International, Inc		72,662
2,552	*	Tenneco, Inc		79,138
985		Thor Industries, Inc		44,315
7,979	*	Visteon Corp		41,092
2,265		Westinghouse Air Brake Technologies Corp		84,847
		TOTAL TRANSPORTATION EQUIPMENT		6,313,822
TRANSPORTATION SERVICES - 0.05%
1,793		CH Robinson Worldwide, Inc		97,342
3,054		Expeditors International Washington, Inc		144,454
		TOTAL TRANSPORTATION SERVICES		241,796

355

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
TRUCKING AND WAREHOUSING - 0.62%
41,880		United Parcel Service, Inc (Class B)	$	3,145,188
		TOTAL TRUCKING AND WAREHOUSING		3,145,188
WATER TRANSPORTATION - 0.04%
2,259	*	Gulfmark Offshore, Inc		109,923
2,713	*	Hornbeck Offshore Services, Inc		99,567
		TOTAL WATER TRANSPORTATION		209,490
WHOLESALE TRADE-DURABLE GOODS - 0.63%
900		Agilysys, Inc		15,210
11,600		Barnes Group, Inc		370,272
2,820		BorgWarner, Inc		258,115
3,816		Castle (A.M.) & Co		124,402
1,318	*	Cytyc Corp		62,803
7,276		IKON Office Solutions, Inc		93,497
1,841	*	MWI Veterinary Supply, Inc		69,498
743		Martin Marietta Materials, Inc		99,228
7,790	*	Patterson Cos, Inc		300,772
8,244		Reliance Steel & Aluminum Co		466,116
13,171		Ryerson Tull, Inc		444,390
153	*	Tech Data Corp		6,138
8,532		W.W. Grainger, Inc		778,033
1,743	*	WESCO International, Inc		74,844
		TOTAL WHOLESALE TRADE-DURABLE GOODS		3,163,318
WHOLESALE TRADE-NONDURABLE GOODS - 0.51%
681		Airgas, Inc		35,160
6,350	*	Akorn, Inc		47,562
971	*	Allscripts Healthcare Solutions, Inc		26,246
1,522		Dean Foods Co		38,933
7,460	*	Endo Pharmaceuticals Holdings, Inc		231,335
1,247	*	Henry Schein, Inc		75,867
6,731		Idearc, Inc		211,825
300		Men's Wearhouse, Inc		15,156
1,817		Nash Finch Co		72,371
2,716		Spartan Stores, Inc		61,191
50,026		Sysco Corp		1,780,425
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,596,071
		TOTAL COMMON STOCKS		502,063,503
		(Cost $432,102,901)
SHORT-TERM INVESTMENTS - 1.31%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.31%
$      6,650,000		Federal Home Loan Bank (FHLB), 10/01/07		6,647,783
				6,647,783
		TOTAL SHORT-TERM INVESTMENTS		6,647,783
		(Cost $6,650,000)
		TOTAL PORTFOLIO - 100.55%		508,711,286
		(Cost $438,752,901)

356

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
		OTHER ASSETS & LIABILITIES, NET - (0.55)%	$	(2,795,253	)
		NET ASSETS - 100.00%	$	505,916,033
		ABBREVIATION:
		ADR - American Depositary Receipt
	*	Non-income producing

357

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
REAL ESTATE SECURITIES FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.18%
AMUSEMENT AND RECREATION SERVICES - 1.12%
2,000,000	*	Galaxy Entertainment Group Ltd	$	2,215,119
80,000	*	Penn National Gaming, Inc		4,721,600
		TOTAL AMUSEMENT AND RECREATION SERVICES		6,936,719
GENERAL MERCHANDISE STORES - 0.51%
97,000		Macy's, Inc		3,135,040
		TOTAL GENERAL MERCHANDISE STORES		3,135,040
HOLDING AND OTHER INVESTMENT OFFICES - 89.39%
204,700	e	Acadia Realty Trust		5,553,511
223,000		AMB Property Corp		13,337,630
120,500		Associated Estates Realty Corp		1,571,320
249,100		AvalonBay Communities, Inc		29,408,746
35,000		BioMed Realty Trust, Inc		843,500
334,600		Boston Properties, Inc		34,764,940
241,700		Camden Property Trust		15,529,225
494,900	e	Corporate Office Properties Trust		20,602,687
102,700		DiamondRock Hospitality Co		1,788,007
61,100		Digital Realty Trust, Inc		2,406,729
387,900	e	EastGroup Properties, Inc		17,556,354
568,300		Equity Residential		24,073,188
128,100	e	Essex Property Trust, Inc		15,060,717
298,413		Federal Realty Investment Trust		26,439,392
186,200		General Growth Properties, Inc		9,984,044
103,000		Gramercy Capital Corp		2,592,510
140,000	g,m,v*	GSC Capital Corp		271,600
384,149		HCP, Inc		12,742,222
888,100		Host Marriott Corp		19,928,964
200,000		iShares Dow Jones US Real Estate Index Fund		15,294,000
15,000		Kilroy Realty Corp		909,450
167,300		Kimco Realty Corp		7,563,633
238,800		Macerich Co		20,914,104
43,000		Maguire Properties, Inc		1,110,690
872,204	e	Mission West Properties, Inc		10,597,278
126,547		Nationwide Health Properties, Inc		3,812,861
62,300		Pennsylvania Real Estate Investment Trust		2,425,962
211,200	m,v*	People's Choice Financial Corp		(0	)
246,600	e	Post Properties, Inc		9,543,420
525,500		Prologis		34,866,925
251,400		Public Storage, Inc		19,772,610
309,800		Regency Centers Corp		23,777,150
547,400		Simon Property Group, Inc		54,740,000
210,680		SL Green Realty Corp		24,601,103
160,500	e	Strategic Hotels & Resorts, Inc		3,304,695
133,000		Sun Communities, Inc		4,000,640

358

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund
SHARES		COMPANY		VALUE
422,300		Taubman Centers, Inc	$	23,120,925
214,000		Ventas, Inc		8,859,600
269,400		Vornado Realty Trust		29,458,890
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		553,129,222
HOTELS AND OTHER LODGING PLACES - 3.61%
19,000		Accor S.A.		1,686,806
154,000		Orient-Express Hotels Ltd (Class A)		7,895,580
209,900		Starwood Hotels & Resorts Worldwide, Inc		12,751,425
		TOTAL HOTELS AND OTHER LODGING PLACES		22,333,811
JUSTICE, PUBLIC ORDER AND SAFETY - 0.93%
219,000	*	Corrections Corp of America		5,731,230
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		5,731,230
REAL ESTATE - 2.62%
310,000	g,m,v*	Asset Capital Corp, Inc		1,677,100
76,800	*	Brookfield Properties Corp		1,912,320
93,100	*	CB Richard Ellis Group, Inc (Class A)		2,591,904
350,000		City Developments Ltd		3,816,897
519,378		Thomas Properties Group, Inc		6,232,536
		TOTAL REAL ESTATE		16,230,757
		TOTAL COMMON STOCKS		607,496,779
		(Cost $589,840,206)
PRINCIPAL
SHORT-TERM INVESTMENTS - 1.27%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.78%
$      4,810,000		Federal Home Loan Bank (FHLB), 10/01/07		4,808,397
				4,808,397
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.49%
3,049,718		State Street Navigator Securities Lending Prime Portfolio		3,049,719
				3,049,719
		TOTAL SHORT-TERM INVESTMENTS		7,858,116
		(Cost $7,859,719)
		TOTAL PORTFOLIO - 99.45%		615,354,895
		(Cost $597,699,925)
		OTHER ASSETS & LIABILITIES, NET - 0.55%		3,416,284
		NET ASSETS - 100.00%	$	618,771,179
	*	Non-income producing
	e	All or a portion of these securities are out on loan.
	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 September 30, 2007, the value of these securities amounted to $1,948,700 or 0.31% of net assets.
	m	Indicates a security has been deemed illiquid
	v	Security valued at fair value.

359

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Managed Allocation Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MANAGED ALLOCATION FUND II
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES		COMPANY		VALUE
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 99.97%
22,851,373	q	TIAA-CREF Institutional Bond Plus Fund II	$	228,513,729
9,411	q	TIAA-CREF Institutional High-Yield Fund II		93,545
5,253,725	q	TIAA-CREF Institutional International Equity Fund		78,700,800
13,118,024	q	TIAA-CREF Institutional Large-Cap Growth Fund		157,941,008
8,787,662	q	TIAA-CREF Institutional Large-Cap Value Fund		149,566,007
1,085	q	TIAA-CREF Institutional Money Market Fund		1,085
189	q	TIAA-CREF Institutional Real Estate Securities Fund		2,768
8,953	q	TIAA-CREF Institutional Short-Term Bond Fund II		89,888
1,736,836	q	TIAA-CREF Institutional Small-Cap Equity Fund		26,799,379
		TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		641,708,209
		(Cost $574,323,709)
		TOTAL PORTFOLIO - 99.97%		641,708,209
		(Cost $574,323,709)
		OTHER ASSETS & LIABILITIES, NET - 0.03%		195,800
		NET ASSETS - 100.00%	$	641,904,009
	q	Affiliated fund.

360

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
BOND FUND
STATEMENT OF INVESTMENTS
September 30, 2007
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 97.89%
CORPORATE BONDS - 38.07%
AMUSEMENT AND RECREATION SERVICES - 0.09%
$     1,480,000		Walt Disney Co	5.700%	07/15/11	A2	$	1,501,130
		TOTAL AMUSEMENT AND RECREATION SERVICES					1,501,130
ASSET BACKED - 13.37%
5,000,000		AmeriCredit Automobile Receivables Trust
		Series 2006-AF (Class A4)	5.640	09/06/13	Aaa		5,046,210
5,000,000		AmeriCredit Automobile Receivables Trust
		Series 2007-BF (Class A3A)	5.160	04/06/12	Aaa		5,002,400
186,349	i	AQ Finance NIM Trust Series 2004-RN2	5.331	04/25/09	Aaa		183,556
124,444	i,v	AQ Finance NIM Trust Series 2004-RN3	5.311	05/25/09	Aaa		124,426
55,677		Asset Backed Funding Corp NIM Trust Series
		2005-WMC1 (Class N1)	5.900	07/26/35	NR		2,532
4,000,000		Capital One Auto Finance Trust Series 2007-A
		(Class A3A)	5.250	08/15/11	Aaa		4,005,728
2,500,000		Capital One Auto Finance Trust Series 2007-B
		(Class A3A)	5.030	04/15/12	Aaa		2,497,195
400,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		396,009
13,091,389	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2003-6 (Class 1A7)	4.277	09/25/33	Aaa		12,270,415
883,119	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		597,593
883,119	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M1)	5.700	02/25/35	Aa2		778,348
747,847		Chase Manhattan Auto Owner Trust Series
		2004-A (Class A4)	2.830	09/15/10	Aaa		741,231
1,010,000		CIT Equipment Collateral Series 2005-VT1
		(Class A4)	4.360	11/20/12	Aaa		1,006,273
1,286,892	i	CIT Group Home Equity Loan Trust Series
		2002-1 (Class AF6)	6.200	02/25/30	Aaa		1,286,536
4,000,000	i	Citicorp Mortgage Securities, Inc Series 2006-1
		(Class A3)	5.706	07/25/36	Aaa		3,961,616
6,000,000	d,i	Citicorp Mortgage Securities, Inc Series 2006-2
		(Class A3)	5.563	09/25/36	Aaa		5,939,238
4,000,000	i	Countrywide Asset-Backed Certificates Series
		2007-S2 (Class A3)	5.813	05/25/37	Aaa		3,956,064
188,415	i	Countrywide Home Equity Loan Trust Series
		2004-B (Class 1A)	5.973	02/15/29	Aaa		185,809
2,179,911	i	Credit-Based Asset Servicing and
		Securitization LLC Series 2007-MX1 (Class
		A1)	6.159	12/25/36	Aaa		2,172,600

361

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     2,700,000	i	Credit-Based Asset Servicing and
		Securitization LLC Series 2007-MX1 (Class
		A2)	5.763%	12/25/36	Aaa	$	2,653,139
139,728		Detroit Edison Securitization Funding LLC
		Series 2001-1 (Class A3)	5.875	03/01/10	Aaa		140,158
7,000,000	i	Flagstar Home Equity Loan Trust Series 2007-
		1A (Class AF3)	5.781	01/25/35	Aaa		6,910,414
307,158	i	GMAC Mortgage Corporation Loan Trust 2005-
		HE2 A3	4.622	11/25/35	Aaa		303,615
1,435,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A3	5.590	10/25/29	Aaa		1,423,265
1,350,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A4	5.810	10/25/29	Aaa		1,332,056
954,205	i	Golden Securities Corp Series 2003-A (Class
		A1)	5.428	12/02/13	Aaa		953,051
9,000,000		Hertz Vehicle Financing LLC Series 2005-1A
		(Class A3)	5.010	02/25/11	Aaa		8,965,629
2,000,000		Hertz Vehicle Financing LLC Series 2005-1A
		(Class A5)	5.080	11/25/11	Aaa		1,986,104
3,000,000		Hertz Vehicle Financing LLC Series 2005-2A
		(Class A2)	4.930	02/25/10	Aaa		2,991,756
2,324,629		HFC Home Equity Loan Asset Backed
		Certificates Series 2006-4 (Class A1F)	5.790	03/20/36	Aaa		2,314,699
2,371,167	i	HFC Home Equity Loan Asset Backed
		Certificates Series 2007-1 (Class A1F)	5.910	03/20/36	Aaa		2,361,763
5,000,000	i	HFC Home Equity Loan Asset Backed
		Certificates Series 2007-1 (Class A3F)	5.730	03/20/36	Aaa		4,955,900
15,000,000		Honda Auto Receivables Owner Trust Series
		2007-1 (Class A4)	5.090	07/18/13	NR		14,970,225
2,020,000		Household Automotive Trust Series 2006-2
		(Class A3)	5.610	08/17/11	Aaa		2,027,276
6,760,000		Household Credit Card Master Note Trust I
		Series 2006-1 (Class A)	5.100	06/15/12	Aaa		6,796,234
13,378,865		Hyundai Auto Receivables Trust Series 2006-A
		(Class A3)	5.130	06/15/10	Aaa		13,368,082
3,000,000		JPMorgan Auto Receivables Trust Series 2007-
		A (Class A3)	5.190	02/15/11	Aaa		3,003,732
2,173,978		Marriott Vacation Club Owner Trust Series
		2006-1A (Class A)	5.737	04/20/28	Aaa		2,185,619
2,571,161		Marriott Vacation Club Owner Trust Series
		2007-1A (Class A)	5.518	05/20/29	Aaa		2,566,236
9,200,000		Nissan Auto Lease Trust Series 2006-A (Class
		A3)	5.110	03/15/10	Aaa		9,197,488
3,800,000		Nissan Auto Lease Trust Series 2006-A (Class
		A4)	5.100	07/16/12	Aaa		3,800,771
5,000,000		Nissan Auto Receivables Owner Trust Series
		2007-A (Class A3)	5.100	11/15/10	Aaa		5,002,885
237,271		Peco Energy Transition Trust Series 1999-A
		(Class A7)	6.130	03/01/09	Aaa		238,971
215,471		Public Service New Hampshire Funding LLC
		Series 2001-1 (Class A2)	5.730	11/01/10	Aaa		216,173
8,000,000	i	Residential Asset Mortgage Products, Inc
		Series 2004-RS11 (Class M1)	5.751	11/25/34	Aa1		7,795,528

362

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     413,611	i	Residential Asset Securities Corp Series 2001-
		KS2 (Class AI6)	6.489%	10/25/30	Aaa	$	412,243
1,350,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-H12 (Class A2)	5.750	02/25/36	Aaa		1,341,158
1,600,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class A3)	5.570	02/25/36	Aaa		1,565,026
200,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		159,406
2,020,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A3)	5.960	02/25/36	Aaa		2,013,786
6,760,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A3)	5.440	09/25/36	Aaa		6,569,672
1,400,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A2)	5.520	04/25/21	Aaa		1,375,585
2,500,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A3)	5.500	08/25/25	Aaa		2,423,390
2,020,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		1,985,145
977,935	v	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	Aaa		988,028
7,895,534	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		7,646,331
5,000,000		Triad Auto Receivables Owner Trust Series
		2005-A (Class A4)	4.220	06/12/12	Aaa		4,941,475
9,000,000	d	Volkswagen Auto Lease Trust Series 2006-A
		(Class A3)	5.500	09/21/09	Aaa		9,019,935
10,000,000	d	Volkswagen Auto Lease Trust Series 2006-A
		(Class A4)	5.540	04/20/11	Aaa		10,051,830
8,000,000		Wachovia Auto Loan Owner Trust Series 2006-
		2A (Class A3)	5.230	08/22/11	Aaa		8,005,024
941,645	i	Wachovia Loan Trust Series 2005-SD1 (Class
		A)	5.491	05/25/35	NR		912,274
		TOTAL ASSET BACKED					218,024,856
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.19%
1,720,000		Home Depot, Inc	5.400	03/01/16	Baa1		1,611,475
1,350,000		Lowe's Cos, Inc	8.250	06/01/10	A1		1,458,490
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					3,069,965
BUSINESS SERVICES - 0.14%
670,000		Daimler Finance North America LLC	5.875	03/15/11	A3		679,651
1,350,000		Daimler Finance North America LLC	5.750	09/08/11	A3		1,362,554
270,000		Daimler Finance North America LLC	6.500	11/15/13	A3		279,969
		TOTAL BUSINESS SERVICES					2,322,174
CHEMICALS AND ALLIED PRODUCTS - 0.52%
1,620,000		Abbott Laboratories	5.600	05/15/11	A1		1,650,043
2,250,000	g	Amgen, Inc	5.850	06/01/17	A2		2,228,553
740,000		Ecolab, Inc	6.875	02/01/11	A2		773,844
280,000		EI Du Pont de Nemours & Co	3.375	11/15/07	A2		279,317
1,105,000		EI Du Pont de Nemours & Co	4.125	03/06/13	A2		1,040,861
2,150,000		Johnson & Johnson	5.950	08/15/37	Aaa		2,204,636
250,000		Lubrizol Corp	4.625	10/01/09	Baa3		247,958
		TOTAL CHEMICALS AND ALLIED PRODUCTS					8,425,212

363

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
COMMUNICATIONS - 2.13%
$     670,000		America Movil S.A. de C.V.	6.375%	03/01/35	A3	$	657,785
16,000		AT&T Corp	6.000	03/15/09	WR		16,207
2,500,000		AT&T, Inc	5.100	09/15/14	A2		2,419,138
940,000		AT&T, Inc	6.150	09/15/34	A2		929,232
700,000		AT&T, Inc	6.500	09/01/37	A2		721,768
180,000		BellSouth Corp	6.875	10/15/31	A2		188,416
1,000,000		Comcast Corp	6.300	11/15/17	Baa2		1,016,434
4,000,000		Comcast Corp	5.875	02/15/18	Baa2		3,934,564
1,180,000		Comcast Corp	5.650	06/15/35	Baa2		1,053,458
270,000		Comcast Corp	6.500	11/15/35	Baa2		266,611
900,000		Comcast Corp	6.950	08/15/37	Baa2		944,649
950,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		1,162,955
330,000		France Telecom S.A.	7.750	03/01/11	A3		354,724
1,330,000		New Cingular Wireless Services, Inc	7.875	03/01/11	A3		1,439,073
370,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A3		468,438
750,000	e	Rogers Wireless, Inc	7.500	03/15/15	Baa3		803,790
2,530,000		Sprint Capital Corp	8.375	03/15/12	Baa3		2,785,619
1,650,000		Sprint Capital Corp	8.750	03/15/32	Baa3		1,892,119
1,400,000		Telefonica Emisiones SAU	6.221	07/03/17	Baa1		1,414,301
1,700,000	g	Time Warner Cable, Inc	5.400	07/02/12	Baa2		1,679,093
2,300,000	g	Time Warner Cable, Inc	5.850	05/01/17	Baa2		2,236,078
500,000	g	Time Warner Cable, Inc	6.550	05/01/37	Baa2		490,491
430,000		Verizon Communications, Inc	5.850	09/15/35	A3		410,772
670,000	e	Verizon New England, Inc	4.750	10/01/13	Baa1		637,112
1,120,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		1,139,292
500,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		482,655
1,790,000		Viacom, Inc	5.750	04/30/11	Baa3		1,807,316
670,000		Viacom, Inc	6.875	04/30/36	Baa3		667,209
1,000,000		Vodafone Group plc	5.625	02/27/17	Baa1		971,961
1,750,000		Vodafone Group plc	6.150	02/27/37	Baa1		1,679,283
		TOTAL COMMUNICATIONS					34,670,543
DEPOSITORY INSTITUTIONS - 5.24%
5,700,000	g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		5,848,713
6,000,000	g	Banco Bilbao Vizcaya Argentaria S.A.	5.750	07/20/17	Aaa		6,121,452
1,000,000		Banco Nacional de Comercio Exterior SNC	3.875	01/21/09	A1		975,000
500,000		Bank of America Corp	6.250	04/15/12	Aa1		518,046
2,000,000		Bank of America Corp	4.875	09/15/12	Aa1		1,957,298
1,400,000		Bank of America NA	5.300	03/15/17	Aa1		1,358,013
1,350,000		Bank of America NA	6.000	10/15/36	Aa1		1,324,499
1,350,000		Bank One Corp	2.625	06/30/08	Aa2		1,324,040
2,225,000		Bank One Corp	5.250	01/30/13	Aa3		2,205,825
700,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		676,780
840,000	g,i	BOI Capital Funding No. 2 LP	5.571	12/30/49	A1		751,496
500,000		Capital One Bank	5.125	02/15/14	A2		479,820
750,000		Citigroup, Inc	5.100	09/29/11	Aa1		748,106
1,100,000		Citigroup, Inc	5.250	02/27/12	Aa1		1,099,768
2,570,000		Citigroup, Inc	5.125	05/05/14	Aa1		2,503,072
1,000,000		Citigroup, Inc	6.000	08/15/17	Aa1		1,023,223
1,720,000		Citigroup, Inc	5.850	12/11/34	Aa1		1,658,673
750,000	g,i	Credit Agricole S.A.	6.637	12/31/49	Aa3		704,646

364

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      15,700,000	g	Depfa ACS Bank	5.125%	03/16/37	Aaa	$	14,676,737
410,000		FIA Card Services NA	5.375	01/15/08	Aaa		410,425
650,000		FIA Card Services NA	4.625	08/03/09	Aaa		646,426
270,000		Golden West Financial Corp	4.750	10/01/12	Aa3		263,761
270,000		Greenpoint Financial Corp	3.200	06/06/08	A3		266,446
1,050,000	i	Huntington Capital III	6.650	05/15/37	Baa1		994,431
2,000,000	h,g	ICICI Bank Ltd	6.625	10/03/12	Baa2		2,001,480
670,000	i	ING Groep NV	5.775	12/30/49	A1		633,042
370,000		JPMorgan Chase & Co	7.875	06/15/10	Aa3		394,851
250,000		JPMorgan Chase & Co	4.500	01/15/12	Aa2		241,266
1,690,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		1,666,617
500,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A2		479,248
370,000		Mellon Funding Corp	6.400	05/14/11	Aa3		383,662
370,000		National Westminster Bank plc	7.375	10/01/09	Aa1		389,769
4,000,000	g	Nationwide Building Society	5.500	07/18/12	Aaa		4,098,160
670,000		Popular North America, Inc	3.875	10/01/08	A2		657,874
840,000		Popular North America, Inc	5.650	04/15/09	A2		846,660
330,000	g,i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		303,689
810,000		Regions Financial Corp	6.375	05/15/12	A2		835,976
3,300,000	g,h	Royal Bank of Scotland Group plc	6.990	12/30/49	Aa3		3,361,743
500,000	g,i	Societe Generale	5.922	12/30/49	A1		473,650
1,010,000		Union Bank of California NA	5.950	05/11/16	A1		1,002,559
940,000		US Bank NA	5.700	12/15/08	Aa2		944,460
1,010,000		Wachovia Bank NA	4.800	11/01/14	Aa2		961,482
1,900,000		Wachovia Bank NA	4.875	02/01/15	Aa2		1,797,275
2,000,000		Wachovia Bank NA	5.850	02/01/37	Aa2		1,910,922
1,350,000		Wachovia Corp	5.300	10/15/11	Aa3		1,356,265
1,040,000		Wachovia Corp	4.875	02/15/14	A1		1,001,713
1,350,000	e	Washington Mutual, Inc	5.500	08/24/11	A2		1,332,785
2,530,000	e	Wells Fargo & Co	5.300	08/26/11	Aa1		2,543,983
2,190,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		2,272,725
4,550,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		4,320,921
670,000	e	Wells Fargo Bank NA	5.950	08/26/36	Aa1		654,757
		TOTAL DEPOSITORY INSTITUTIONS					85,404,230
ELECTRIC, GAS, AND SANITARY SERVICES - 1.38%
770,000		Atmos Energy Corp	4.000	10/15/09	Baa3		755,857
330,000	e	Carolina Power & Light Co	5.700	04/01/35	A2		308,023
270,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		294,993
1,000,000		CenterPoint Energy Resources Corp	6.250	02/01/37	Baa3		981,703
1,000,000		Centerpoint Energy, Inc	5.950	02/01/17	Ba1		976,934
1,000,000		Commonwealth Edison Co	3.700	02/01/08	Baa2		993,255
939,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa2		965,500
330,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa2		312,295
500,000		Consumers Energy Co	4.400	08/15/09	Baa1		493,292
1,915,000		FirstEnergy Corp	6.450	11/15/11	Baa3		1,979,851
1,010,000		Florida Power & Light Co	4.850	02/01/13	Aa3		989,115
670,000		Florida Power Corp	4.500	06/01/10	A2		661,905
270,000		National Fuel Gas Co	5.250	03/01/13	Baa1		271,145
560,000		National Rural Utilities Cooperative Finance
		Corp	5.750	08/28/09	A2		566,406
2,020,000		Nisource Finance Corp	5.400	07/15/14	Baa3		1,963,317
1,350,000		Northern States Power Co	6.250	06/01/36	A2		1,379,345
670,000		Northern States Power-Minnesota	5.250	07/15/35	A2		595,138

365

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     330,000		Ohio Power Co	5.300%	11/01/10	A3	$	330,560
220,000		Oncor Electric Delivery Co	7.250	01/15/33	Baa2		228,096
670,000		ONEOK Partners LP	5.900	04/01/12	Baa2		677,966
2,020,000		Pacific Gas & Electric Co	4.200	03/01/11	Baa1		1,953,421
270,000		Public Service Co of Colorado	5.500	04/01/14	A3		266,685
330,000	e	Puget Sound Energy, Inc	6.274	03/15/37	Baa2		322,880
250,000	e	Southern California Edison Co	6.000	01/15/34	A2		246,140
770,000		Southern California Edison Co	5.350	07/15/35	A2		691,382
1,000,000		Southern California Edison Co	5.550	01/15/37	A2		922,954
1,100,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		1,172,623
1,280,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		1,230,961
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					22,531,742
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.05%
840,000		Cisco Systems, Inc	5.500	02/22/16	A1		834,384
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					834,384
FOOD AND KINDRED PRODUCTS - 0.34%
1,101,000		Archer-Daniels-Midland Co	7.125	03/01/13	A2		1,179,903
270,000		Bottling Group LLC	4.625	11/15/12	Aa2		264,313
600,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		558,805
670,000		Companhia Brasileira de Bebidas	8.750	09/15/13	Baa1		767,988
1,500,000		Diageo Capital plc	5.125	01/30/12	A3		1,484,333
370,000		Kellogg Co	6.600	04/01/11	A3		386,209
330,000		Kraft Foods, Inc	6.500	11/01/31	Baa2		324,463
670,000		WM Wrigley Jr Co	4.650	07/15/15	A1		628,748
		TOTAL FOOD AND KINDRED PRODUCTS					5,594,762
FOOD STORES - 0.18%
740,000		Kroger Co	6.800	04/01/11	Baa2		774,450
1,000,000	h	Kroger Co	6.400	08/15/17	Baa2		1,019,676
670,000		Safeway, Inc	4.125	11/01/08	Baa2		664,864
370,000	e	Safeway, Inc	7.250	02/01/31	Baa2		396,536
		TOTAL FOOD STORES					2,855,526
GENERAL MERCHANDISE STORES - 0.14%
500,000		Target Corp	5.375	05/01/17	A1		479,564
930,000		Wal-Mart Stores, Inc	6.875	08/10/09	Aa2		961,333
770,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		748,024
		TOTAL GENERAL MERCHANDISE STORES					2,188,921
HEALTH SERVICES - 0.07%
1,150,000		Quest Diagnostics, Inc	6.400	07/01/17	Baa3		1,163,116
		TOTAL HEALTH SERVICES					1,163,116
HOLDING AND OTHER INVESTMENT OFFICES - 0.36%
670,000		Archstone-Smith Trust	5.750	03/15/16	Baa1		661,267
1,100,000		BHP Billiton Finance Ltd	5.400	03/29/17	A1		1,072,525
500,000		Colonial Properties Trust	6.250	06/15/14	Baa3		499,136
1,350,000	e	iStar Financial, Inc	5.150	03/01/12	Baa2		1,249,155
500,000		iStar Financial, Inc	5.700	03/01/14	Baa2		459,283
1,500,000	e	iStar Financial, Inc	5.850	03/15/17	Baa2		1,327,062

366

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     670,000		Simon Property Group LP	5.600%	09/01/11	A3	$	670,978
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					5,939,406
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.56%
1,500,000	g	Atlas Copco AB	5.600	05/22/17	A3		1,480,253
870,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		853,847
1,690,000		Caterpillar, Inc	6.050	08/15/36	A2		1,692,148
935,000		Dover Corp	6.500	02/15/11	A2		979,893
2,000,000		Hewlett-Packard Co	5.250	03/01/12	A2		2,008,488
1,000,000		Hewlett-Packard Co	5.400	03/01/17	A2		971,950
1,010,000		John Deere Capital Corp	7.000	03/15/12	A2		1,079,801
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					9,066,380
INSTRUMENTS AND RELATED PRODUCTS - 0.08%
270,000		Johnson & Johnson	3.800	05/15/13	Aaa		256,559
600,000		Medtronic, Inc	4.750	09/15/15	A1		563,126
500,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		466,939
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					1,286,624
INSURANCE CARRIERS - 0.89%
1,350,000		Aetna, Inc	6.625	06/15/36	A3		1,373,165
330,000		Allstate Corp	5.000	08/15/14	A1		319,460
1,350,000		American International Group, Inc	5.050	10/01/15	Aa2		1,288,414
2,200,000	i	Chubb Corp	6.375	03/29/37	A3		2,187,022
750,000		Chubb Corp	6.000	05/11/37	A2		716,058
670,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa2		611,205
500,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		498,619
770,000		Metlife, Inc	5.000	06/15/15	A2		734,093
500,000		Metlife, Inc	5.700	06/15/35	A2		462,013
1,010,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		993,489
1,700,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		1,667,197
1,600,000	g	Prudential Funding LLC	6.750	09/15/23	A1		1,655,614
670,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		673,111
750,000		WellPoint, Inc	5.875	06/15/17	Baa1		744,723
655,000		WellPoint, Inc	5.850	01/15/36	Baa1		602,524
		TOTAL INSURANCE CARRIERS					14,526,707
METAL MINING - 0.09%
330,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		316,313
670,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		640,325
500,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		503,500
		TOTAL METAL MINING					1,460,138
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.08%
770,000	g	Controladora Mabe S.A. C.V.	6.500	12/15/15	NR		756,525
560,000		Harsco Corp	5.125	09/15/13	A3		555,930
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					1,312,455
MISCELLANEOUS RETAIL - 0.13%
2,150,000		CVS Caremark Corp	5.750	06/01/17	Baa2		2,098,510
		TOTAL MISCELLANEOUS RETAIL					2,098,510
MOTION PICTURES - 0.30%
1,310,000		Historic TW, Inc	6.625	05/15/29	Baa2		1,282,941

367

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     330,000		News America, Inc	7.625%	11/30/28	Baa2	$	360,190
2,500,000		News America, Inc	6.150	03/01/37	Baa2		2,331,463
910,000		Time Warner, Inc	6.875	05/01/12	Baa2		954,846
		TOTAL MOTION PICTURES					4,929,440
NONDEPOSITORY INSTITUTIONS - 2.16%
1,350,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		1,368,769
1,900,000		Boeing Capital Corp Ltd	6.100	03/01/11	A3		1,961,241
1,480,000		Capital One Financial Corp	5.700	09/15/11	A3		1,482,457
1,010,000		Capital One Financial Corp	5.500	06/01/15	A3		962,301
900,000		CIT Group Funding Co of Canada	5.200	06/01/15	A2		817,179
950,000		CIT Group, Inc	5.400	02/13/12	A2		916,472
1,800,000		CIT Group, Inc	5.850	09/15/16	A2		1,695,485
400,000		Countrywide Home Loans, Inc	3.250	05/21/08	Baa3		385,500
8,000,000		General Electric Capital Corp	5.500	06/04/14	Aaa		8,035,296
250,000		General Electric Capital Corp	6.150	08/07/37	Aaa		256,565
330,000	g,i	HSBC Capital Funding LP	4.610	12/30/49	A1		309,976
1,520,000	e	HSBC Finance Corp	5.250	01/14/11	Aa3		1,514,517
750,000		HSBC Finance Corp	5.900	06/19/12	Aa3		759,591
7,250,000		HSBC Finance Corp	4.750	07/15/13	Aa3		6,900,013
1,520,000		International Lease Finance Corp	5.450	03/24/11	A1		1,519,121
1,900,000		International Lease Finance Corp	5.650	06/01/14	A1		1,878,830
300,000	g	Lukoil International Finance BV	6.356	06/07/17	Baa2		288,000
1,077,000		MBNA Corp	6.125	03/01/13	Aa1		1,109,474
430,000		Residential Capital LLC	7.125	11/21/08	Ba1		384,850
1,000,000		Residential Capital LLC	7.500	06/01/12	Ba1		810,000
1,420,000		Residential Capital LLC	7.500	04/17/13	Ba1		1,146,650
330,000		SLM Corp	5.400	10/25/11	Baa1		308,099
460,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		451,260
		TOTAL NONDEPOSITORY INSTITUTIONS					35,261,646
OIL AND GAS EXTRACTION - 0.66%
1,900,000		Apache Corp	6.000	01/15/37	A3		1,828,925
1,110,000		Baker Hughes, Inc	6.875	01/15/29	A2		1,220,066
600,000		BJ Services Co	5.750	06/01/11	Baa1		612,512
740,000		Devon OEI Operating, Inc	4.375	10/01/07	Baa1		740,000
500,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		525,303
270,000		Equitable Resources, Inc	5.150	11/15/12	A2		267,392
330,000		Nexen, Inc	5.050	11/20/13	Baa2		319,357
1,500,000		Nexen, Inc	5.650	05/15/17	Baa2		1,449,312
770,000		Nexen, Inc	6.400	05/15/37	Baa2		748,251
330,000		PC Financial Partnership	5.000	11/15/14	Baa2		314,615
500,000	g	Weatherford International, Inc	5.950	06/15/12	Baa1		509,784
2,230,000		XTO Energy, Inc	6.250	04/15/13	Baa2		2,291,985
		TOTAL OIL AND GAS EXTRACTION					10,827,502
OTHER MORTGAGE BACKED SECURITIES - 5.05%
2,230,000		Banc of America Commercial Mortgage, Inc
		Series 2002-2 (Class A3)	5.118	07/11/43	NR		2,227,179
2,000,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-1 (Class B)	5.143	11/10/42	NR		1,921,156

368

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     650,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-6 (Class AJ)	5.353%	09/10/47	Aaa	$	622,384
670,000	i	Banc of America Commercial Mortgage, Inc
		Series 2006-2 (Class A4)	5.930	05/10/45	NR		682,878
2,000,000		Banc of America Commercial Mortgage, Inc
		Series 2006-4 (Class A4)	5.634	07/10/46	Aaa		2,012,716
670,000		Banc of America Commercial Mortgage, Inc
		Series 2006-5 (Class A4)	5.414	09/10/47	Aaa		663,975
1,974,804		Banc of America Mortgage Securities Series
		2006-1 (Class A8)	6.000	05/01/36	Aaa		1,983,112
411,067		Bank of America Alternative Loan Trust Series
		2004-8 (Class 3A1)	5.500	09/25/19	Aaa		411,460
2,000,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2005-PW10 (Class AJ)	5.615	12/11/40	Aaa		1,949,182
2,075,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-PW11 (Class A4)	5.624	03/11/39	NR		2,079,478
1,500,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-PW12 (Class A4)	5.895	09/11/38	Aaa		1,527,704
2,000,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-PW14 (Class A4)	5.201	12/11/38	NR		1,949,468
1,000,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-T22 (Class A4)	5.632	04/12/38	Aaa		1,006,765
1,465,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-T24 (Class A4)	5.537	10/12/41	Aaa		1,465,917
2,020,000		Citigroup/Deutsche Bank Commercial
		Mortgage Trust Series 2006-CD3 (Class A5)	5.617	10/15/48	Aaa		2,029,458
3,783,958		Citimortgage Alternative Loan Trust Series
		2006-A1 (Class 2A1)	5.250	03/25/21	Aaa		3,729,568
1,565,900		Countrywide Home Loan Mortgage Pass
		Through Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	NR		1,558,965
1,480,000	i	Credit Suisse Mortgage Capital Certificates
		Series 2006-C1 (Class A4)	5.609	02/15/39	NR		1,484,558
1,620,000		Credit Suisse Mortgage Capital Certificates
		Series 2006-C4 (Class A3)	5.467	09/15/39	Aaa		1,608,479
2,000,000		Credit Suisse Mortgage Capital Certificates
		Series 2006-C5 (Class A3)	5.311	12/15/39	Aaa		1,962,802
3,000,000	i	Credit Suisse/Morgan Stanley Commercial
		Mortgage Certificate Series HC1A (Class A1)	5.943	05/15/23	Aaa		2,989,494
1,120,000		GE Capital Commercial Mortgage Corp Series
		2003-C2 (Class A4)	5.145	07/10/37	Aaa		1,110,056
1,350,000	i	Greenwich Capital Commercial Funding Corp
		Series 2004-GG1 (Class A7)	5.317	06/10/36	Aaa		1,340,693
1,350,000		GS Mortgage Securities Corp II Series 2006-
		GG8 (Class A4)	5.560	11/10/39	Aaa		1,351,011
2,000,000	i	GS Mortgage Securities Corp II Series 2007-
		GG10 (Class A2)	5.778	08/10/45	Aaa		2,032,674
1,490,000	i	JP Morgan Chase Commercial Mortgage
		Securities Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		1,484,132
2,000,000		JP Morgan Chase Commercial Mortgage
		Securities Corp Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		1,972,500
2,500,000	i	JP Morgan Chase Commercial Mortgage
		Securities Corp Series 2007-LD11 (Class AJ)	6.007	06/15/49	Aaa		2,455,885

369

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     6,760,000	i	LB-UBS Commercial Mortgage Trust Series
		2004-C7 (Class A6)	4.786%	10/15/29	Aaa	$	6,502,397
870,000		LB-UBS Commercial Mortgage Trust Series
		2005-C3 (Class A2)	4.553	07/15/30	Aaa		860,440
1,350,000	i	LB-UBS Commercial Mortgage Trust Series
		2005-C5 (Class AJ)	5.057	09/15/40	NR		1,276,602
1,000,000	i	LB-UBS Commercial Mortgage Trust Series
		2006-C4 (Class A4)	6.081	06/15/38	Aaa		1,029,308
870,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1
		(Class A4)	5.291	01/12/44	Aaa		860,442
700,000	i	Merrill Lynch Mortgage Trust Series 2006-C1
		(Class A4)	5.843	05/12/39	NR		710,620
1,400,000	i	Merrill Lynch/Countrywide Commercial
		Mortgage Trust Series 2006-1 (Class A4)	5.607	02/12/39	NR		1,399,504
3,380,000		Morgan Stanley Capital I Series 2005-HQ5
		(Class A2)	4.809	01/14/42	NR		3,364,624
2,000,000	i	Morgan Stanley Capital I Series 2006-HE1
		(Class A2)	5.251	01/25/36	Aaa		1,987,512
2,000,000	i	Morgan Stanley Capital I Series 2006-HQ8
		(Class AJ)	5.641	03/12/44	Aaa		1,948,780
670,000	i	Morgan Stanley Capital I Series 2006-HQ9
		(Class A4)	5.731	07/12/44	NR		678,716
300,000	i	Morgan Stanley Capital I Series 2006-IQ11
		(Class AJ)	5.948	10/15/42	NR		295,173
675,000	i	Morgan Stanley Capital I Series 2006-T21
		(Class AJ)	5.273	10/12/52	Aaa		644,546
2,000,000		Morgan Stanley Capital I Series 2007-HQ11
		(Class A31)	5.439	02/12/44	Aaa		1,978,868
1,350,000	i	Wachovia Bank Commercial Mortgage Trust
		Series 2005-C20 (Class A7)	5.118	07/15/42	Aaa		1,319,877
540,000	i	Wachovia Bank Commercial Mortgage Trust
		Series 2006-C24 (Class A3)	5.558	03/15/45	Aaa		540,970
1,500,000		Wachovia Bank Commercial Mortgage Trust
		Series 2007-C31 (Class A2)	5.421	04/15/47	Aaa		1,501,446
5,802,050		Washington Mutual, Inc Series 2003-S10
		(Class A1)	4.500	10/25/18	NR		5,615,132
2,327,625		Wells Fargo Mortgage Backed Securities Trust
		Series 2005-1 (Class 2A1)	5.000	01/25/20	Aaa		2,287,390
		TOTAL OTHER MORTGAGE BACKED SECURITIES					82,415,996
PAPER AND ALLIED PRODUCTS - 0.12%
670,000		Bemis Co, Inc	4.875	04/01/12	Baa1		658,217
1,150,000		Kimberly-Clark Corp	6.625	08/01/37	A2		1,225,747
		TOTAL PAPER AND ALLIED PRODUCTS					1,883,964
PETROLEUM AND COAL PRODUCTS - 0.11%
285,000		Conoco Funding Co	6.350	10/15/11	A1		297,096
385,000		ConocoPhillips	4.750	10/15/12	A1		376,700
370,000		ConocoPhillips	5.900	10/15/32	A1		363,347
700,000		Valero Energy Corp	6.625	06/15/37	Baa3		710,420
		TOTAL PETROLEUM AND COAL PRODUCTS					1,747,563

370

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
PIPELINES, EXCEPT NATURAL GAS - 0.43%
$     670,000		Enbridge Energy Partners LP	4.000%	01/15/09	Baa2	$	661,991
270,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		269,861
330,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		328,659
500,000		Enterprise Products Operating LP	5.600	10/15/14	Baa3		489,770
370,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		367,168
670,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		667,455
370,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		343,150
2,900,000		TransCanada Pipelines Ltd	7.690	06/30/16	A2		3,297,111
600,000		TransCanada Pipelines Ltd	5.850	03/15/36	A2		572,991
		TOTAL PIPELINES, EXCEPT NATURAL GAS					6,998,156
PRINTING AND PUBLISHING - 0.21%
3,500,000		Thomson Corp	5.700	10/01/14	Baa1		3,470,390
		TOTAL PRINTING AND PUBLISHING					3,470,390
RAILROAD TRANSPORTATION - 0.32%
670,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		706,256
750,000		Burlington Northern Santa Fe Corp	5.650	05/01/17	Baa1		734,770
750,000		Burlington Northern Santa Fe Corp	6.150	05/01/37	Baa1		724,226
370,000		Canadian National Railway Co	4.400	03/15/13	A3		351,063
710,000		Canadian National Railway Co	6.200	06/01/36	A3		694,300
500,000		CSX Corp	6.000	10/01/36	Baa3		468,172
1,263,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		1,159,466
330,000		Union Pacific Corp	6.500	04/15/12	Baa2		342,090
		TOTAL RAILROAD TRANSPORTATION					5,180,343
REAL ESTATE - 0.04%
750,000	g,i	USB Realty Corp	6.091	12/30/49	A1		720,413
		TOTAL REAL ESTATE					720,413
SECURITY AND COMMODITY BROKERS - 1.84%
1,500,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		1,468,546
3,000,000		Bear Stearns Cos, Inc	6.400	10/02/17	A1		2,986,671
930,000		Burlington Resources Finance Co	6.400	08/15/11	A2		970,169
1,110,000		Burlington Resources Finance Co	7.200	08/15/31	A2		1,253,238
1,450,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa1		1,464,735
1,000,000	v	Eaton Vance Corp	6.500	10/02/17	A3		1,006,420
1,000,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		946,249
430,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		426,946
1,500,000		Goldman Sachs Group, Inc	5.300	02/14/12	Aa3		1,490,878
670,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		639,494
530,000		Goldman Sachs Group, Inc	5.150	01/15/14	Aa3		514,222
800,000		Goldman Sachs Group, Inc	5.625	01/15/17	A1		776,199
500,000	h	Goldman Sachs Group, Inc	6.750	10/01/37	A1		502,516
750,000	i	Lehman Brothers Holdings Capital Trust V	5.857	12/30/49	A3		714,536
1,700,000		Lehman Brothers Holdings, Inc	5.250	02/06/12	A1		1,664,807
550,000	i	Lehman Brothers Holdings, Inc	6.000	05/03/32	A2		503,389
670,000		Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		642,044
750,000		Merrill Lynch & Co, Inc	5.700	05/02/17	A1		729,175
2,360,000		Morgan Stanley	3.625	04/01/08	Aa3		2,344,268
1,190,000		Morgan Stanley	5.750	10/18/16	Aa3		1,173,902
1,250,000		Morgan Stanley	5.450	01/09/17	Aa3		1,205,364
1,250,000		Morgan Stanley	6.250	08/28/17	Aa3		1,276,499

371

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     840,000		Morgan Stanley	6.250%	08/09/26	Aa3	$	827,220
4,280,570	g	Morgan Stanley Tracers	6.789	06/15/12	Baa2		4,514,418
		TOTAL SECURITY AND COMMODITY BROKERS					30,041,905
TRANSPORTATION BY AIR - 0.06%
1,050,000		FedEx Corp	3.500	04/01/09	Baa2		1,023,917
		TOTAL TRANSPORTATION BY AIR					1,023,917
TRANSPORTATION EQUIPMENT - 0.37%
2,020,000	g	BAE Systems Holdings, Inc	6.400	12/15/11	Baa2		2,093,269
330,000		General Dynamics Corp	3.000	05/15/08	A2		325,984
1,600,000		Honeywell International, Inc	5.700	03/15/37	A2		1,525,486
270,000		Northrop Grumman Corp	7.750	02/15/31	Baa1		316,786
740,000		United Technologies Corp	6.350	03/01/11	A2		774,707
1,010,000		United Technologies Corp	6.050	06/01/36	A2		1,014,015
		TOTAL TRANSPORTATION EQUIPMENT					6,050,247
WHOLESALE TRADE-DURABLE GOODS - 0.10%
1,000,000		Vale Overseas Ltd	6.250	01/23/17	Baa3		1,011,199
650,000		Vale Overseas Ltd	6.875	11/21/36	Baa3		669,674
		TOTAL WHOLESALE TRADE-DURABLE GOODS					1,680,873
WHOLESALE TRADE-NONDURABLE GOODS - 0.27%
180,000		Colgate-Palmolive Co	6.450	06/16/28	Aa3		189,795
1,960,000		Procter & Gamble Co	4.950	08/15/14	Aa3		1,925,494
2,300,000		Procter & Gamble Co	5.550	03/05/37	Aa3		2,197,351
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					4,312,640
		TOTAL CORPORATE BONDS					620,821,776
		(Cost $625,738,312)
GOVERNMENT BONDS - 59.82%
AGENCY SECURITIES - 8.81%
1,605,956		Cal Dive I- Title XI, Inc	4.930	02/01/27	NR		1,562,355
1,690,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		1,672,748
1,690,000		FFCB	4.125	04/15/09	Aaa		1,682,028
8,790,000		Federal Home Loan Mortgage Corp (FHLMC)	4.375	11/16/07	Aaa		8,783,082
1,010,000		FHLMC	3.750	02/27/09	Aaa		1,000,149
10,000,000		FHLMC	5.000	06/11/09	Aaa		10,091,940
3,500,000		FHLMC	4.875	02/09/10	Aaa		3,535,682
13,688,000		FHLMC	5.875	03/21/11	Aa2		14,305,082
7,500,000		FHLMC	5.500	08/20/12	Aaa		7,776,847
7,670,000		FHLMC	5.125	10/18/16	Aaa		7,749,691
3,380,000		Federal National Mortgage Association (FNMA)	5.250	06/15/08	Aaa		3,391,076
32,260,000		FNMA	5.000	09/15/08	Aaa		32,473,271
6,760,000		FNMA	3.660	02/25/09	Aaa		6,686,025
4,200,000		FNMA	7.125	06/15/10	Aaa		4,484,764
4,000,000		FNMA	5.000	10/15/11	Aaa		4,062,292
5,000,000		FNMA	5.375	06/12/17	Aaa		5,141,820
5,000,000		FNMA	5.625	07/15/37	Aaa		5,257,120
1,651,166		Overseas Private Investment Corp	3.420	01/15/15	NR		1,593,920

372

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     670,000		Private Export Funding Corp	5.870%	07/31/08	Aaa	$	676,503
5,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		5,059,020
300,000		Private Export Funding Corp	4.950	11/15/15	Aaa		301,194
2,000,000		Private Export Funding Corp	5.000	12/15/16	Aaa		2,001,830
13,000,000		Private Export Funding Corp	5.450	09/15/17	Aaa		13,331,709
1,054,687		Totem Ocean Trailer Express, Inc	4.514	12/18/19	NR		1,026,454
		TOTAL AGENCY SECURITIES					143,646,602
FOREIGN GOVERNMENT BONDS - 2.14%
330,000		African Development Bank	3.250	08/01/08	Aaa		326,495
1,010,000		Asian Development Bank/Pasig	4.125	09/15/10	Aaa		1,002,704
1,690,000	e	Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		1,704,240
270,000		Chile Government International Bond	5.500	01/15/13	A2		274,536
1,110,000	e	China Development Bank	5.000	10/15/15	A1		1,072,300
600,000		Development Bank of Japan	4.250	06/09/15	Aaa		564,997
840,000		Eksportfinans A/S	5.000	02/14/12	Aaa		849,559
600,000		European Investment Bank	4.875	02/15/36	Aaa		555,478
1,690,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		1,664,248
2,020,000		International Finance Corp	5.125	05/02/11	Aaa		2,061,018
1,620,000		Israel Government International Bond	5.500	11/09/16	A2		1,613,147
1,275,000		Italy Government International Bond	5.375	06/12/17	NR		1,298,617
270,000		Korea Development Bank	5.750	09/10/13	Aa3		271,104
670,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		678,490
775,000		Landwirtschaftliche Rentenbank	5.250	07/02/12	Aaa		792,327
3,000,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		2,998,899
242,000		Mexico Government International Bond	6.375	01/16/13	Baa1		254,463
646,000		Mexico Government International Bond	5.875	01/15/14	Baa1		665,057
1,650,000		Mexico Government International Bond	6.750	09/27/34	Baa1		1,794,375
1,150,000	e	Oesterreichische Kontrollbank AG.	5.000	04/25/17	Aaa		1,143,147
3,380,000	e	Province of Manitoba Canada	4.450	04/12/10	Aa1		3,361,089
1,500,000		Province of Manitoba Canada	5.000	02/15/12	Aa1		1,513,546
370,000		Province of Ontario	5.500	10/01/08	Aa1		373,494
1,010,000		Province of Ontario	4.750	01/19/16	Aa1		986,327
2,600,000	e	Province of Quebec Canada	5.125	11/14/16	Aa2		2,600,978
930,000		Province of Quebec Canada	7.500	09/15/29	Aa2		1,157,359
1,350,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		1,527,876
1,845,000		Svensk Exportkredit AB	5.125	03/01/17	Aa1		1,824,048
		TOTAL FOREIGN GOVERNMENT BONDS					34,929,918
MORTGAGE BACKED SECURITIES - 31.11%
1,352,923		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			1,382,855
2,020,000		FHLMC	5.000	06/15/29			2,009,324
744,526		FHLMC	6.000	12/15/30			750,521
4,050,000		FHLMC	5.000	06/15/31			3,972,564
1,010,000		FHLMC	5.500	05/15/33			993,844
1,758,000		FHLMC	4.500	09/15/35			1,689,939
2,203,531	i	FHLMC	5.090	02/01/36			2,202,575
2,496,324	i	FHLMC	5.013	09/01/36			2,540,819
4,015,655	i	FHLMC	6.133	09/01/36			4,056,900
6,289,373	i	FHLMC	5.650	03/01/37			6,447,539
7,922,148	i	FHLMC	5.798	03/01/37			7,991,562
5,806,520	i	FHLMC	5.881	04/01/37			5,791,923

373

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     77,897		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.500%	01/01/16	$	81,005
5,260		FGLMC	7.500	05/01/16		5,470
7,789		FGLMC	7.500	06/01/16		8,104
2,723,608		FGLMC	4.500	09/01/18		2,628,552
2,682,386		FGLMC	4.500	01/01/19		2,584,453
4,735,588		FGLMC	4.500	05/01/19		4,562,692
3,504,292		FGLMC	5.000	05/01/20		3,435,917
545,413		FGLMC	4.500	07/01/20		525,075
81,097		FGLMC	7.000	10/01/20		84,486
8,757,005		FGLMC	4.500	06/01/21		8,430,457
14,331,043		FGLMC	4.500	06/01/21		13,796,639
8,905		FGLMC	6.500	10/01/28		9,146
129,395	d	FGLMC	6.500	01/01/29		132,890
20,623		FGLMC	6.500	03/01/29		21,180
63,662		FGLMC	6.500	07/01/29		65,325
24,412		FGLMC	8.000	01/01/31		25,868
141,037	d	FGLMC	6.500	09/01/31		144,531
139,590		FGLMC	8.000	09/01/31		147,941
24,858		FGLMC	7.000	10/01/31		25,808
863,664		FGLMC	7.000	12/01/31		898,142
3,559,957		FGLMC	6.000	03/01/33		3,579,986
1,044,144		FGLMC	6.000	03/01/33		1,050,018
565,233		FGLMC	6.000	03/01/33		567,914
3,904,893		FGLMC	5.000	09/01/33		3,737,795
1,898,197		FGLMC	5.500	09/01/33		1,864,022
1,814,784		FGLMC	5.500	09/01/33		1,782,111
1,504,796		FGLMC	5.500	09/01/33		1,477,704
2,259,993		FGLMC	5.500	10/01/33		2,219,304
7,332,006		FGLMC	5.500	12/01/33		7,202,347
6,230,236		FGLMC	5.000	01/01/34		5,963,632
1,050,961		FGLMC	5.500	12/01/34		1,031,226
4,986,824		FGLMC	4.500	04/01/35		4,633,748
2,328,514		FGLMC	6.000	05/01/35		2,333,160
1,595,880		FGLMC	6.000	07/01/35		1,599,065
376,457		FGLMC	5.500	08/01/35		369,076
768,454		FGLMC	6.000	08/01/35		769,988
1,082,466		FGLMC	5.000	10/01/35		1,034,261
3,076,014		FGLMC	5.000	11/01/35		2,939,031
1,098,058		FGLMC	6.000	01/01/36		1,099,560
984,773		FGLMC	7.000	01/01/36		1,019,141
3,523,883		FGLMC	5.500	04/01/36		3,450,996
879,276		FGLMC	6.500	05/01/36		895,214
2,642,108		FGLMC	6.500	10/01/36		2,690,000
809,797		FGLMC	6.500	12/01/36		818,247
5,876,324		FGLMC	5.500	01/01/37		5,754,779
9,809,662		FGLMC	5.500	04/01/37		9,605,475
10,786,069		FGLMC	5.500	05/01/37		10,561,558
2,080,000	h	FGLMC	6.000	09/01/37		2,082,461
100,726		Federal National Mortgage Association (FNMA)	5.000	06/01/13		100,508
1,897,979		FNMA	4.440	07/01/13		1,832,994
48,678		FNMA	6.000	09/01/13		49,404

374

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     2,150,956		FNMA	4.739%	10/01/13	$	2,090,076
38,214		FNMA	6.500	12/01/13		39,262
1,754,189		FNMA	4.718	02/01/14		1,703,570
32,647		FNMA	6.000	06/01/14		33,139
3,214		FNMA	6.500	07/01/14		3,304
4,539,505		FNMA	4.640	11/01/14		4,385,098
5,372,482		FNMA	4.869	03/01/16		5,324,033
2,402,960		FNMA	6.000	06/25/16		2,426,281
94,277		FNMA	6.500	10/01/16		96,742
439,191	d	FNMA	6.500	11/01/16		450,671
338,304	d	FNMA	6.500	04/01/17		346,689
386,090		FNMA	5.500	04/01/18		386,042
162,150		FNMA	5.500	05/01/18		162,130
1,689,669		FNMA	4.500	10/01/18		1,631,240
3,710,606	d	FNMA	5.000	11/01/18		3,647,444
232,635		FNMA	6.000	01/01/19		235,693
410,104		FNMA	4.500	05/01/19		395,255
806,657		FNMA	5.000	11/01/23		780,366
687,693		FNMA	5.500	02/01/24		680,546
396,691		FNMA	5.500	07/01/24		392,245
5,121		FNMA	8.000	07/01/24		5,417
5,151,023		FNMA	5.000	03/01/25		4,973,391
11,417,891		FNMA	5.000	10/01/25		11,024,146
2,918		FNMA	7.500	01/01/29		3,064
12,097		FNMA	6.500	04/01/29		12,416
17,589		FNMA	7.500	07/01/29		18,440
3,751		FNMA	7.500	07/01/29		3,933
3,817		FNMA	7.500	02/01/31		3,995
20,775		FNMA	7.500	03/01/31		21,746
9,784		FNMA	7.500	05/01/31		10,241
21,834		FNMA	6.500	09/01/31		22,381
13,279		FNMA	6.500	10/01/31		13,612
122,611		FNMA	6.500	11/01/31		125,680
275,790		FNMA	6.000	01/01/32		277,779
471,790		FNMA	5.000	02/01/33		451,629
2,663,263		FNMA	5.000	02/01/33		2,552,895
2,452,155		FNMA	4.500	03/25/33		2,375,938
1,388,043		FNMA	4.500	08/01/33		1,290,557
1,095,170		FNMA	5.000	08/01/33		1,048,370
1,010,000		FNMA	5.500	08/25/33		1,002,419
860,466		FNMA	5.500	09/01/33		845,223
1,162,935		FNMA	5.500	09/01/33		1,142,334
2,386,231		FNMA	4.500	10/01/33		2,218,639
1,256,826		FNMA	5.000	10/01/33		1,203,119
1,214,977		FNMA	5.000	10/01/33		1,163,058
4,550,280		FNMA	5.500	10/01/33		4,469,672
2,846,485		FNMA	5.500	10/01/33		2,796,060
10,140,620		FNMA	5.000	11/01/33		9,707,281
3,317,896		FNMA	5.500	12/01/33		3,259,120
4,990,867		FNMA	6.000	02/01/34		5,016,071
457,872		FNMA	5.000	03/01/34		438,306
8,722,072		FNMA	5.000	03/01/34		8,349,352
406,492		FNMA	5.000	03/01/34		389,122

375

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     619,060		FNMA	5.000%	03/01/34	$	592,607
1,243,459		FNMA	5.000	03/01/34		1,190,323
3,529,354		FNMA	5.000	04/01/34		3,375,499
14,575,702		FNMA	5.000	08/01/34		13,940,304
2,064,627		FNMA	5.500	09/01/34		2,026,419
7,834,913		FNMA	5.500	09/01/34		7,689,921
400,000		FNMA	5.500	10/25/34		390,426
1,152,314		FNMA	6.000	11/01/34		1,156,533
965,921		FNMA	5.500	01/01/35		948,046
45,317,658		FNMA	5.500	02/01/35		44,514,856
10,442,406		FNMA	5.000	02/25/35		10,319,666
7,134,923		FNMA	5.500	04/01/35		7,002,884
3,750,627		FNMA	5.500	04/01/35		3,678,143
1,007,332		FNMA	5.500	05/01/35		987,865
2,327,805		FNMA	6.000	05/01/35		2,333,274
153,825		FNMA	7.500	06/01/35		159,415
9,373,755		FNMA	5.500	09/01/35		9,207,699
2,832,704		FNMA	5.000	10/01/35		2,706,477
3,012,068		FNMA	5.500	10/01/35		2,953,858
995,902		FNMA	5.000	11/01/35		946,232
5,624,067		FNMA	5.500	11/01/35		5,515,376
620,715		FNMA	5.500	12/01/35		608,719
2,840,093		FNMA	6.000	12/01/35		2,846,765
919,060		FNMA	5.000	02/01/36		864,628
543,571		FNMA	5.000	02/01/36		511,377
4,911,171	i	FNMA	5.736	02/01/36		4,959,520
2,912,267		FNMA	6.500	02/01/36		2,968,783
6,064,962		FNMA	6.000	03/01/36		6,075,060
2,576,162		FNMA	5.500	04/01/36		2,526,376
614,792		FNMA	6.000	06/01/36		615,816
6,177,790	d	FNMA	6.000	06/01/36		6,188,077
3,500,375	i	FNMA	5.971	07/01/36		3,586,082
4,546,244		FNMA	6.000	10/01/36		4,553,814
2,975,366		FNMA	6.500	12/01/36		3,007,345
759,400		FNMA	7.000	02/01/37		783,794
1,726,929		FNMA	6.500	03/01/37		1,758,442
3,215,810		FNMA	7.000	04/01/37		3,319,105
7,932,506		FNMA	6.000	06/01/37		7,944,374
5,943,226		FNMA	6.000	08/01/37		5,903,977
3,122,956	h	FNMA	6.000	08/01/37		3,127,628
4,875,674	h	FNMA	6.500	08/01/37		4,964,646
1,141,925	h	FNMA	6.000	09/01/37		1,143,634
1,807,305	h	FNMA	6.000	09/01/37		1,810,009
1,914,389	h	FNMA	6.000	09/01/37		1,917,253
1,431,641	h	FNMA	6.000	09/01/37		1,433,783
3,676,980	h	FNMA	6.500	09/01/37		3,744,078
7,976,225	h,i	FNMA	5.934	10/01/37		8,267,716
1,492,350	h	FNMA	6.000	10/01/37		1,494,583
21,000,000	h	FNMA	6.000	11/25/37		21,006,552
3,000,000	h	FNMA	6.500	11/25/37		3,051,564
585		Government National Mortgage Association (GNMA)	7.000	01/15/28		614
2,150		GNMA	7.000	02/15/28		2,254

376

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE			VALUE
$     16,448		GNMA	6.500%	05/15/28		$	16,879
2,181		GNMA	7.000	06/15/28			2,286
3,132		GNMA	7.000	06/15/28			3,284
80,785		GNMA	6.500	09/15/28			82,899
15,062		GNMA	6.500	09/15/28			15,456
41,407		GNMA	6.500	11/15/28			42,491
10,320		GNMA	7.500	11/15/28			10,838
22,597		GNMA	7.500	07/15/29			23,720
5,698		GNMA	8.500	07/15/30			6,139
2,477		GNMA	8.500	07/15/30			2,668
50,424		GNMA	8.500	10/15/30			54,316
42,029		GNMA	8.500	10/20/30			45,106
6,232		GNMA	8.500	12/15/30			6,714
9,504		GNMA	7.000	06/20/31			9,921
17,020		GNMA	6.500	07/15/31			17,445
36,080		GNMA	7.000	07/15/31			37,773
38,911		GNMA	7.000	07/15/31			40,738
55,177		GNMA	7.500	02/15/32			57,810
3,612		GNMA	6.500	03/15/33			3,699
2,498,861		GNMA	5.500	09/15/33			2,467,490
1,057,072		GNMA	5.500	02/20/35			1,039,389
7,556,091		GNMA	5.000	03/20/35			7,254,059
7,546,608		GNMA	5.500	05/20/35			7,420,369
3,132,235		GNMA	5.500	02/20/36			3,078,270
		TOTAL MORTGAGE BACKED SECURITIES					507,365,953
MUNICIPAL BONDS - 0.04%
670,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15	Aaa		652,319
		TOTAL MUNICIPAL BONDS					652,319
U.S. TREASURY SECURITIES - 17.72%
38,536,000	d	United States Treasury Bond	8.000	11/15/21			50,825,362
20,650,000	d	United States Treasury Bond	5.250	02/15/29			21,643,781
194,000		United States Treasury Bond	5.375	02/15/31			207,671
101,000		United States Treasury Bond	4.500	02/15/36			95,753
2,427,000		United States Treasury Bond	4.750	02/15/37			2,393,439
5,080,519		United States Treasury Inflation Indexed Bonds	3.875	01/15/09			5,184,513
18,032,304		United States Treasury Inflation Indexed Bonds	0.875	04/15/10			17,433,577
5,410,000		United States Treasury Note	5.125	06/30/08			5,448,460
2,700,000		United States Treasury Note	3.125	09/15/08			2,676,586
24,180,000		United States Treasury Note	4.875	10/31/08			24,391,575
2,000,000		United States Treasury Note	4.000	08/31/09			2,001,406
11,175,000		United States Treasury Note	4.500	05/15/10			11,315,559
3,950,000		United States Treasury Note	4.750	01/31/12			4,040,419
7,000,000		United States Treasury Note	4.750	05/31/12			7,159,138
76,430,000		United States Treasury Note	4.625	07/31/12			77,761,563
5,725,000		United States Treasury Note	4.125	08/31/12			5,701,745
7,000,000		United States Treasury Note	4.250	09/30/12			7,006,566
16,910,000		United States Treasury Note	4.500	05/15/17			16,814,881
18,337,000		United States Treasury Note	4.750	08/15/17			18,583,413
22,000,000	j	United States Treasury Strip Principal		08/15/27			8,245,336
		TOTAL U.S. TREASURY SECURITIES					288,930,743

377

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
		TOTAL GOVERNMENT BONDS				$	975,525,535
		(Cost $977,701,306)
		TOTAL BONDS					1,596,347,311
		(Cost $1,603,439,618)
PREFERRED STOCKS - 0.04%
DEPOSITORY INSTITUTIONS - 0.04%
$     24,000	e	Bank of America Corp	6.204%	12/30/49	Aa3		590,400
		TOTAL DEPOSITORY INSTITUTIONS					590,400
		TOTAL PREFERRED STOCKS					590,400
		(Cost $600,000)
SHORT-TERM INVESTMENTS - 6.73%
COMMERICAL PAPER - 0.14%
2,345,000		McGraw-Hill Cos, Inc		10/22/07			2,337,132
							2,337,132
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.95%
15,564,860		State Street Navigator Securities Lending Prime Portfolio					15,564,860
							15,564,860
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 5.64%
67,380,000		Federal Home Loan Bank (FHLB)		10/01/07			67,357,540
10,000,000		FHLB		10/24/07			9,971,060
14,605,000		Federal Home Loan Mortgage Corp (FHLMC)		10/24/07			14,562,733
							91,891,333
		TOTAL SHORT-TERM INVESTMENTS					109,793,325
		(Cost $109,815,294)
		TOTAL PORTFOLIO - 104.66%					1,706,731,036
		(Cost $1,713,854,912)
		OTHER ASSETS & LIABILITIES, NET - (4.66)%					(75,987,467	)
		NET ASSETS - 100.00%				$	1,630,743,569
		ABBREVIATION:
		NR - Not Rated
	+	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.
	e	All or a portion of these securities are out on loan.
	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 September 30, 2007, the value of these securities amounted to $65,273,388 or 4.00% of net assets.
	h	These securities were purchased on a delayed delivery basis.
	i	Floating rate or variable rate securities reflects the rate at September 30, 2007.
	j	Zero coupon.
	v	Security valued at fair value.

378

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
BOND PLUS FUND II
STATEMENT OF INVESTMENTS
September 30, 2007
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 97.73%
CORPORATE BONDS - 51.55%
AMUSEMENT AND RECREATION SERVICES - 0.06%
$     350,000		Walt Disney Co	5.700%	07/15/11	A2	$	354,997
		TOTAL AMUSEMENT AND RECREATION SERVICES					354,997
ASSET BACKED - 15.83%
500,000		AmeriCredit Automobile Receivables Trust Series
		2007-BF (Class A3A)	5.160	04/06/12	Aaa		500,240
186,349	i	AQ Finance NIM Trust Series 2004-RN2	5.331	04/25/09	Aaa		183,556
74,669	i,v	AQ Finance NIM Trust Series 2004-RN3	5.311	05/25/09	Aaa		74,658
2,000,000		Capital One Auto Finance Trust Series 2007-B (Class
		A3A)	5.030	04/15/12	Aaa		1,997,756
2,196,659		Centex Home Equity Series 2002-A (Class AF6)	5.540	01/25/32	Aaa		2,176,844
705,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		697,966
883,119	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		597,593
883,119	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M1)	5.700	02/25/35	Aa2		778,348
1,000,000		CIT Equipment Collateral Series 2005-VT1 (Class
		A4)	4.360	11/20/12	Aaa		996,310
738,984	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class MF2)	6.390	12/25/30	A3		696,154
3,000,000	i	Citicorp Mortgage Securities, Inc Series 2006-1
		(Class A3)	5.706	07/25/36	Aaa		2,971,212
1,700,000	i	Citicorp Mortgage Securities, Inc Series 2006-2
		(Class A3)	5.563	09/25/36	Aaa		1,682,784
2,500,000	i	Countrywide Asset-Backed Certificates Series 2007-
		S2 (Class A3)	5.813	05/25/37	Aaa		2,472,540
188,415	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	5.973	02/15/29	Aaa		185,809
261,589	i	Credit-Based Asset Servicing and Securitization LLC
		Series 2007-MX1 (Class A1)	6.159	12/25/36	Aaa		260,712
1,100,000	i	Credit-Based Asset Servicing and Securitization LLC
		Series 2007-MX1 (Class A2)	5.763	12/25/36	Aaa		1,080,908
94,408		Detroit Edison Securitization Funding LLC Series
		2001-1 (Class A3)	5.875	03/01/10	Aaa		94,699
3,000,000	i	Flagstar Home Equity Loan Trust Series 2007-1A
		(Class AF3)	5.781	01/25/35	Aaa		2,961,606
2,650,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A3	5.590	10/25/29	Aaa		2,628,328
2,650,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A4	5.810	10/25/29	Aaa		2,614,776
636,136	i	Golden Securities Corp Series 2003-A (Class A1)	5.428	12/02/13	Aaa		635,367
4,500,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A3)	5.010	02/25/11	Aaa		4,482,815

379

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     400,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A5)	5.080%	11/25/11	Aaa	$	397,221
707,496		HFC Home Equity Loan Asset Backed Certificates
		Series 2006-4 (Class A1F)	5.790	03/20/36	Aaa		704,474
1,580,778	i	HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A1F)	5.910	03/20/36	Aaa		1,574,509
4,000,000		Honda Auto Receivables Owner Trust Series 2007-1
		(Class A4)	5.090	07/18/13	NR		3,992,060
1,000,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		1,003,602
3,000,000		Household Automotive Trust Series 2006-3 (Class A4)	5.340	09/17/13	Aaa		3,014,016
2,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1
		(Class A2)	5.271	03/25/36	Aaa		1,991,442
2,250,000		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A3)	5.190	02/15/11	Aaa		2,252,799
1,505,525		Marriott Vacation Club Owner Trust Series 2006-1A
		(Class A)	5.737	04/20/28	Aaa		1,513,587
1,428,713		Marriott Vacation Club Owner Trust Series 2006-2A
		(Class A)	5.362	10/20/28	Aaa		1,436,534
428,527		Marriott Vacation Club Owner Trust Series 2007-1A
		(Class A)	5.518	05/20/29	Aaa		427,706
469,355	v	New York City Tax Lien Series 2006-AA (Class A)	5.930	11/10/19	Aaa		468,842
200,000		Nissan Auto Lease Trust Series 2006-A (Class A4)	5.100	07/16/12	Aaa		200,041
641,273		Peco Energy Transition Trust Series 1999-A (Class	6.130	03/01/09	Aaa		645,868
258,634		Public Service New Hampshire Funding LLC Series
		2001-1 (Class A2)	5.730	11/01/10	Aaa		259,476
1,000,000	i	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		991,687
964,512	i	Residential Asset Mortgage Products, Inc Series 2003-
		RZ5 (Class A7)	4.970	09/25/33	Aaa		957,632
5,000,000	d,i	Residential Asset Mortgage Products, Inc Series 2004-
		RS11 (Class M1)	5.751	11/25/34	Aa1		4,872,205
558,934	i	Residential Asset Securities Corp Series 2001-KS2
		(Class AI6)	6.489	10/25/30	Aaa		557,085
7,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-H12 (Class A3)	5.790	02/25/36	Aaa		6,962,445
500,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M1)	6.010	02/25/36	Aa1		412,793
1,500,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		1,195,545
1,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A3)	5.960	02/25/36	Aaa		996,924
3,528,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A3)	5.440	09/25/36	Aaa		3,428,669
250,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A2)	5.520	04/25/21	Aaa		245,640
3,000,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		2,948,235
1,000,000	i	Saxon Asset Securities Trust Series 2002-2 (Class	6.120	11/25/30	Aaa		994,457
2,178,568	v	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	Aaa		2,201,053
5,921,650	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		5,734,749

380

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     2,500,000	v	Wachovia Amortization Controlled Heloc NIM
		Series 2006-N1 (Class N1)	5.683%	08/12/47	A3	$	2,445,925
2,000,000		Wachovia Auto Loan Owner Trust Series 2006-2A
		(Class A3)	5.230	08/22/11	Aaa		2,001,256
399,002	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.491	05/25/35	NR		386,557
		TOTAL ASSET BACKED					87,986,015
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.16%
650,000		Home Depot, Inc	5.400	03/01/16	Baa1		608,988
275,000		Lowe's Cos, Inc	8.250	06/01/10	A1		297,100
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					906,088
BUSINESS SERVICES - 0.14%
250,000		Daimler Finance North America LLC	5.875	03/15/11	Baa1		253,601
250,000		Daimler Finance North America LLC	5.750	09/08/11	Baa1		252,325
275,000		Daimler Finance North America LLC	6.500	11/15/13	Baa1		285,154
		TOTAL BUSINESS SERVICES					791,080
CHEMICALS AND ALLIED PRODUCTS - 0.47%
600,000		Abbott Laboratories	5.600	05/15/11	A1		611,127
500,000	g	Amgen, Inc	5.850	06/01/17	A2		495,234
500,000		Chemtura Corp	6.875	06/01/16	Ba2		475,000
500,000		Johnson & Johnson	5.950	08/15/37	Aaa		512,706
550,000		Lubrizol Corp	4.625	10/01/09	Baa3		545,507
		TOTAL CHEMICALS AND ALLIED PRODUCTS					2,639,574
COMMUNICATIONS - 3.06%
500,000		Alamosa Delaware, Inc	8.500	01/31/12	Baa3		521,968
275,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		269,986
800,000		AT&T, Inc	5.100	09/15/14	A2		774,124
275,000		AT&T, Inc	6.150	09/15/34	A2		271,850
400,000		AT&T, Inc	6.500	09/01/37	A2		412,439
825,000		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		924,691
250,000		Comcast Corp	6.300	11/15/17	Baa2		254,109
950,000		Comcast Corp	5.875	02/15/18	Baa2		934,459
275,000	e	Comcast Corp	5.650	06/15/35	Baa2		245,509
550,000		Comcast Corp	6.500	11/15/35	Baa2		543,096
250,000		Comcast Corp	6.950	08/15/37	Baa2		262,403
275,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		336,645
275,000		France Telecom S.A.	7.750	03/01/11	A3		295,604
275,000		New Cingular Wireless Services, Inc	7.875	03/01/11	A3		297,553
275,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A3		348,163
550,000		Rogers Cable, Inc	6.750	03/15/15	Baa3		565,201
550,000		Rogers Wireless, Inc	7.500	03/15/15	Baa3		589,446
1,925,000		Sprint Capital Corp	8.375	03/15/12	Baa3		2,119,492
250,000		Sprint Capital Corp	8.750	03/15/32	Baa3		286,685
250,000		Telefonica Emisiones SAU	6.221	07/03/17	Baa1		252,554
500,000	g	Time Warner Cable, Inc	5.400	07/02/12	Baa2		493,851
1,000,000	g	Time Warner Cable, Inc	5.850	05/01/17	Baa2		972,208
750,000	g	Time Warner Cable, Inc	6.550	05/01/37	Baa2		735,736
275,000		Verizon Communications, Inc	5.850	09/15/35	A3		262,703
2,200,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		2,237,895
275,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		265,460

381

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     250,000		Viacom, Inc	5.750%	04/30/11	Baa3	$	252,419
350,000		Viacom, Inc	6.875	04/30/36	Baa3		348,542
350,000		Vodafone Group plc	5.625	02/27/17	Baa1		340,186
600,000		Vodafone Group plc	6.150	02/27/37	Baa1		575,754
		TOTAL COMMUNICATIONS					16,990,731
DEPOSITORY INSTITUTIONS - 5.82%
2,100,000	g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		2,154,789
3,000,000	g	Banco Bilbao Vizcaya Argentaria S.A.	5.750	07/20/17	Aaa		3,060,726
1,500,000		Banco Nacional de Comercio Exterior SNC	3.875	01/21/09	A1		1,462,500
275,000	e	Bank of America Corp	6.250	04/15/12	Aa1		284,925
100,000		Bank of America Corp	4.875	09/15/12	Aa1		97,865
650,000		Bank of America NA	5.300	03/15/17	Aa1		630,506
1,050,000		Bank of America NA	6.000	10/15/36	Aa1		1,030,166
550,000		Bank One Corp	5.250	01/30/13	Aa3		545,260
250,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		241,707
550,000	g,i	BOI Capital Funding No. 2 LP	5.571	12/30/49	A1		492,051
275,000		Capital One Bank	5.125	02/15/14	A2		263,901
300,000		Citigroup, Inc	5.100	09/29/11	Aa1		299,242
1,050,000		Citigroup, Inc	5.250	02/27/12	Aa1		1,049,778
750,000		Citigroup, Inc	5.125	05/05/14	Aa1		730,469
550,000		Citigroup, Inc	5.850	12/11/34	Aa1		530,390
250,000	g,i	Credit Agricole S.A.	6.637	12/31/49	Aa3		234,882
2,700,000	g	Depfa ACS Bank	5.125	03/16/37	Aaa		2,524,025
275,000		FIA Card Services NA	5.375	01/15/08	Aaa		275,285
250,000		Golden West Financial Corp	4.750	10/01/12	Aa3		244,223
250,000		Greenpoint Financial Corp	3.200	06/06/08	A3		246,709
250,000	i	Huntington Capital III	6.650	05/15/37	Baa1		236,769
1,000,000	g,h	ICICI Bank Ltd	6.625	10/03/12	Baa2		1,000,740
275,000	i	ING Groep NV	5.775	12/30/49	A1		259,831
550,000		JPMorgan Chase & Co	7.875	06/15/10	Aa3		586,941
275,000	e	JPMorgan Chase & Co	4.500	01/15/12	Aa2		265,393
550,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		542,390
250,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A2		239,624
1,100,000		Mellon Funding Corp	6.400	05/14/11	Aa3		1,140,615
1,450,000	g	Nationwide Building Society	5.500	07/18/12	Aaa		1,485,583
250,000		Popular North America, Inc	5.650	04/15/09	A2		251,982
275,000	g,i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		253,074
550,000		Regions Financial Corp	6.375	05/15/12	A2		567,638
1,100,000	g,h	Royal Bank of Scotland Group plc	6.990	12/30/49	Aa3		1,120,581
250,000	g,i	Societe Generale	5.922	12/30/49	A1		236,825
100,000		Union Bank of California NA	5.950	05/11/16	A1		99,263
550,000		US Bank NA	5.700	12/15/08	Aa2		552,610
825,000		Wachovia Bank NA	4.800	11/01/14	Aa2		785,369
500,000		Wachovia Bank NA	4.875	02/01/15	Aa2		472,967
350,000		Wachovia Bank NA	5.850	02/01/37	Aa2		334,411
75,000		Wachovia Corp	5.300	10/15/11	Aa3		75,348
825,000		Wachovia Corp	4.875	02/15/14	A1		794,628
100,000	e	Washington Mutual, Inc	5.500	08/24/11	A2		98,725
2,000,000		Wells Fargo & Co	5.300	08/26/11	Aa1		2,011,054
750,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		778,331
1,850,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		1,756,858
		TOTAL DEPOSITORY INSTITUTIONS					32,346,949

382

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 2.55%
$     550,000		Atmos Energy Corp	4.000%	10/15/09	Baa3	$	539,898
190,000		Carolina Power & Light Co	5.125	09/15/13	A2		186,053
275,000	e	Carolina Power & Light Co	5.700	04/01/35	A2		256,686
550,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		600,911
300,000		CenterPoint Energy Resources Corp	6.250	02/01/37	Baa3		294,511
550,000		Centerpoint Energy, Inc	5.950	02/01/17	Ba1		537,314
750,000		Commonwealth Edison Co	3.700	02/01/08	Baa2		744,941
825,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa2		848,282
275,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa2		260,245
525,000		Consumers Energy Co	4.400	08/15/09	Baa1		517,957
1,100,000		FirstEnergy Corp	6.450	11/15/11	Baa3		1,137,252
550,000	e	Florida Power & Light Co	4.850	02/01/13	Aa3		538,627
550,000		Florida Power Corp	4.500	06/01/10	A2		543,355
250,000		National Fuel Gas Co	5.250	03/01/13	Baa1		251,060
550,000		National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		556,292
250,000		Nevada Power Co	6.650	04/01/36	Ba1		248,167
1,250,000		Nevada Power Co	6.750	07/01/37	Ba1		1,256,553
450,000		Northern States Power Co	6.250	06/01/36	A2		459,782
500,000		Northern States Power-Minnesota	5.250	07/15/35	A2		444,133
50,000		ONEOK Partners LP	5.900	04/01/12	Baa2		50,595
1,100,000		Pacific Gas & Electric Co	4.200	03/01/11	Baa1		1,063,744
275,000		Public Service Co of Colorado	5.500	04/01/14	A3		271,623
250,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		244,606
275,000	e	Southern California Edison Co	5.350	07/15/35	A2		246,922
350,000		Southern California Edison Co	5.550	01/15/37	A2		323,034
600,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		639,613
275,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		264,464
275,000		Waste Management, Inc	7.750	05/15/32	Baa3		308,836
550,000		Westar Energy, Inc	6.000	07/01/14	Baa2		556,652
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					14,192,108
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.05%
275,000		Cisco Systems, Inc	5.500	02/22/16	A1		273,161
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					273,161
FOOD AND KINDRED PRODUCTS - 0.53%
328,000		Archer-Daniels-Midland Co	7.125	03/01/13	A2		351,506
275,000		Bottling Group LLC	4.625	11/15/12	Aa2		269,208
250,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		247,776
250,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		232,836
500,000		Companhia Brasileira de Bebidas	8.750	09/15/13	Baa1		573,125
500,000		Diageo Capital plc	5.125	01/30/12	A3		494,778
550,000	e	Kraft Foods, Inc	6.500	11/01/31	Baa2		540,771
275,000		WM Wrigley Jr Co	4.650	07/15/15	A1		258,068
		TOTAL FOOD AND KINDRED PRODUCTS					2,968,068
FOOD STORES - 0.29%
550,000	d,e	Kroger Co	6.800	04/01/11	Baa2		575,605
500,000		Kroger Co	6.400	08/15/17	Baa2		509,838
550,000		Safeway, Inc	4.125	11/01/08	Baa2		545,784
		TOTAL FOOD STORES					1,631,227

383

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
GENERAL BUILDING CONTRACTORS - 0.09%
$     500,000		DR Horton, Inc	9.750%	09/15/10	Ba1	$	496,945
		TOTAL GENERAL BUILDING CONTRACTORS					496,945
GENERAL MERCHANDISE STORES - 0.23%
250,000		JC Penney Corp, Inc	5.750	02/15/18	Baa3		239,994
250,000		Target Corp	5.375	05/01/17	A1		239,782
825,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		801,455
		TOTAL GENERAL MERCHANDISE STORES					1,281,231
HEALTH SERVICES - 0.09%
500,000		Quest Diagnostics, Inc	6.400	07/01/17	Baa3		505,703
		TOTAL HEALTH SERVICES					505,703
HOLDING AND OTHER INVESTMENT OFFICES - 0.58%
275,000		Archstone-Smith Trust	5.750	03/15/16	Baa1		271,416
300,000		BHP Billiton Finance Ltd	5.400	03/29/17	A1		292,507
275,000		Colonial Properties Trust	6.250	06/15/14	Baa3		274,525
550,000	e	iStar Financial, Inc	5.150	03/01/12	Baa2		508,915
275,000	e	iStar Financial, Inc	5.700	03/01/14	Baa2		252,606
500,000	e	iStar Financial, Inc	5.850	03/15/17	Baa2		442,354
550,000		Simon Property Group LP	5.600	09/01/11	A3		550,803
600,000	e	Sungard Data Systems, Inc	10.250	08/15/15	Caa1		627,000
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					3,220,126
HOTELS AND OTHER LODGING PLACES - 0.04%
250,000		MGM Mirage	6.000	10/01/09	Ba2		248,125
		TOTAL HOTELS AND OTHER LODGING PLACES					248,125
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.48%
500,000	g	Atlas Copco AB	5.600	05/22/17	A3		493,418
550,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		539,788
500,000		Caterpillar, Inc	6.050	08/15/36	A2		500,636
250,000		Hewlett-Packard Co	5.250	03/01/12	A2		251,061
600,000	e	Hewlett-Packard Co	5.400	03/01/17	A2		583,170
275,000		John Deere Capital Corp	7.000	03/15/12	A2		294,005
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					2,662,078
INSTRUMENTS AND RELATED PRODUCTS - 0.14%
275,000		Johnson & Johnson	3.800	05/15/13	Aaa		261,310
275,000		Medtronic, Inc	4.750	09/15/15	A1		258,099
275,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		256,816
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					776,225
INSURANCE CARRIERS - 1.11%
550,000		Aetna, Inc	6.625	06/15/36	A3		559,437
275,000		Allstate Corp	5.000	08/15/14	A1		266,217
550,000		American International Group, Inc	5.050	10/01/15	Aa2		524,910
600,000	i	Chubb Corp	6.375	03/29/37	A3		596,461
400,000		Chubb Corp	6.000	05/11/37	A2		381,898
275,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa2		250,868
250,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		249,310
550,000		Metlife, Inc	5.000	06/15/15	A2		524,352

384

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     275,000		Metlife, Inc	5.700%	06/15/35	A2	$	254,107
500,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		491,826
600,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		588,422
300,000	g	Prudential Funding LLC	6.750	09/15/23	A1		310,428
650,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		653,019
250,000		WellPoint, Inc	5.875	06/15/17	Baa1		248,241
275,000		WellPoint, Inc	5.850	01/15/36	Baa1		252,968
		TOTAL INSURANCE CARRIERS					6,152,464
METAL MINING - 0.14%
275,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		263,594
275,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		262,820
250,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		251,750
		TOTAL METAL MINING					778,164
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.13%
250,000	g	Controladora Mabe S.A. C.V.	6.500	12/15/15	NR		245,625
500,000		Harsco Corp	5.125	09/15/13	A3		496,366
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					741,991
MISCELLANEOUS RETAIL - 0.09%
500,000		CVS Caremark Corp	5.750	06/01/17	Baa2		488,026
		TOTAL MISCELLANEOUS RETAIL					488,026
MOTION PICTURES - 0.65%
275,000		Historic TW, Inc	6.625	05/15/29	Baa2		269,320
1,000,000		News America Holdings, Inc	8.250	08/10/18	Baa2		1,143,024
250,000		News America, Inc	7.625	11/30/28	Baa2		272,871
500,000		News America, Inc	6.150	03/01/37	Baa2		466,293
1,375,000		Time Warner, Inc	6.875	05/01/12	Baa2		1,442,761
		TOTAL MOTION PICTURES					3,594,269
NONDEPOSITORY INSTITUTIONS - 3.27%
550,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		557,647
350,000		Boeing Capital Corp Ltd	6.100	03/01/11	A2		361,281
550,000		Capital One Financial Corp	5.700	09/15/11	A3		550,913
550,000		Capital One Financial Corp	5.500	06/01/15	A3		524,025
350,000		CIT Group Funding Co of Canada	5.200	06/01/15	A2		317,792
500,000	e	CIT Group, Inc	5.400	02/13/12	A2		482,354
600,000		CIT Group, Inc	5.850	09/15/16	A2		565,162
250,000		Countrywide Home Loans, Inc	3.250	05/21/08	Baa3		240,938
500,000		Ford Motor Credit Co	5.700	01/15/10	B1		470,202
600,000		Ford Motor Credit Co	9.875	08/10/11	B1		607,721
1,000,000		Ford Motor Credit Co	7.800	06/01/12	B1		951,300
3,000,000		General Electric Capital Corp	5.500	06/04/14	Aaa		3,013,236
1,000,000		General Motors Acceptance Corp LLC	6.625	05/15/12	Ba1		933,105
275,000	g,i	HSBC Capital Funding LP	4.610	12/30/49	A1		258,313
650,000	e	HSBC Finance Corp	5.250	01/14/11	Aa3		647,655
1,500,000		HSBC Finance Corp	5.900	06/19/12	Aa3		1,519,182
2,500,000		HSBC Finance Corp	4.750	07/15/13	Aa3		2,379,315
500,000		International Lease Finance Corp	5.450	03/24/11	A1		499,711
500,000		International Lease Finance Corp	5.650	06/01/14	A1		494,429
200,000	g	Lukoil International Finance BV	6.356	06/07/17	Baa2		192,000

385

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     275,000		MBNA Corp	6.125%	03/01/13	Aa1	$	283,292
550,000		Residential Capital LLC	7.125	11/21/08	Ba1		492,250
250,000		Residential Capital LLC	7.500	06/01/12	Ba1		202,500
1,100,000		Residential Capital LLC	7.500	04/17/13	Ba1		888,250
500,000		SLM Corp	5.400	10/25/11	Baa1		466,817
275,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		269,775
		TOTAL NONDEPOSITORY INSTITUTIONS					18,169,165
OIL AND GAS EXTRACTION - 1.43%
600,000		Apache Corp	6.000	01/15/37	A3		577,555
250,000		Baker Hughes, Inc	6.875	01/15/29	A2		274,790
300,000		BJ Services Co	5.750	06/01/11	Baa1		306,256
1,100,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		1,069,750
825,000		Devon OEI Operating, Inc	4.375	10/01/07	Baa1		825,000
250,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		262,652
250,000		Equitable Resources, Inc	5.150	11/15/12	A2		247,585
275,000		Nexen, Inc	5.050	11/20/13	Baa2		266,131
1,000,000		Nexen, Inc	5.650	05/15/17	Baa2		966,208
550,000		Nexen, Inc	6.400	05/15/37	Baa2		534,465
275,000		PC Financial Partnership	5.000	11/15/14	Baa2		262,179
500,000	g	TNK-BP Finance S.A.	6.625	03/20/17	Baa2		465,650
750,000	g	Weatherford International, Inc	5.950	06/15/12	Baa1		764,676
500,000	g	Weatherford International, Inc	6.800	06/15/37	Baa1		513,548
600,000		XTO Energy, Inc	6.250	04/15/13	Baa2		616,678
		TOTAL OIL AND GAS EXTRACTION					7,953,123
OTHER MORTGAGE BACKED SECURITIES - 8.92%
3,000,000	d	Banc of America Commercial Mortgage, Inc Series
		2002-2 (Class A3)	5.118	07/11/43	NR		2,996,205
1,000,000	i	Banc of America Commercial Mortgage, Inc Series
		2005-1 (Class B)	5.143	11/10/42	NR		960,578
225,000	i	Banc of America Commercial Mortgage, Inc Series
		2005-6 (Class AJ)	5.353	09/10/47	Aaa		215,441
80,000		Banc of America Commercial Mortgage, Inc Series
		2006-4 (Class A4)	5.634	07/10/46	Aaa		80,509
550,000		Banc of America Commercial Mortgage, Inc Series
		2006-5 (Class A4)	5.414	09/10/47	Aaa		545,054
877,690		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		881,383
202,996		Bank of America Alternative Loan Trust Series 2004-
		8 (Class 3A1)	5.500	09/25/19	Aaa		203,190
700,000	i	Bear Stearns Commercial Mortgage Securities Series
		2005-PW10 (Class AJ)	5.615	12/11/40	Aaa		682,214
500,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-PW11 (Class A4)	5.624	03/11/39	NR		501,079
200,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-PW12 (Class A4)	5.895	09/11/38	Aaa		203,694
1,175,000		Bear Stearns Commercial Mortgage Securities Series
		2006-PW13 (Class A4)	5.540	09/11/41	NR		1,175,510
700,000		Bear Stearns Commercial Mortgage Securities Series
		2006-PW14 (Class A4)	5.201	12/11/38	NR		682,314

386

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,450,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-T22 (Class A4)	5.632%	04/12/38	Aaa	$	1,459,809
600,000		Bear Stearns Commercial Mortgage Securities Series
		2006-T24 (Class A4)	5.537	10/12/41	Aaa		600,376
2,664,111	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2002-2 (Class 1A5)	5.833	04/25/32	Aaa		2,620,473
499,176	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class BF)	6.830	06/25/33	Ba1		328,417
1,300,000		Citicorp Mortgage Securities, Inc Series 2005-4
		(Class 1A7)	5.500	07/25/35	Aa1		1,220,298
1,100,000		Citigroup/Deutsche Bank Commercial Mortgage
		Trust Series 2006-CD3 (Class A5)	5.617	10/15/48	Aaa		1,105,150
1,599,982		Citimortgage Alternative Loan Trust Series 2006-A1
		(Class 2A1)	5.250	03/25/21	Aaa		1,576,984
1,800,000		Countrywide Alternative Loan Trust Series 2005-
		42CB (Class A12)	5.500	10/25/35	Aa1		1,670,728
775,198		Countrywide Home Loan Mortgage Pass Through
		Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	NR		771,765
750,000		Credit Suisse Mortgage Capital Certificates Series
		2006-C4 (Class A3)	5.467	09/15/39	Aaa		744,666
1,250,000		Credit Suisse Mortgage Capital Certificates Series
		2006-C5 (Class A3)	5.311	12/15/39	Aaa		1,226,751
2,000,000	i	Credit Suisse/Morgan Stanley Commercial Mortgage
		Certificate Series HC1A (Class A1)	5.943	05/15/23	Aaa		1,992,996
1,000,000		GE Capital Commercial Mortgage Corp Series 2003-
		C2 (Class A4)	5.145	07/10/37	Aaa		991,121
500,000		GS Mortgage Securities Corp II Series 2006-GG8
		(Class A4)	5.560	11/10/39	Aaa		500,374
750,000	i	GS Mortgage Securities Corp II Series 2007-GG10
		(Class A2)	5.778	08/10/45	Aaa		762,253
1,000,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		996,062
1,100,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		1,084,875
1,000,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-LD11 (Class AJ)	6.007	06/15/49	Aaa		982,354
700,000		LB-UBS Commercial Mortgage Trust Series 2005-
		C3 (Class A2)	4.553	07/15/30	Aaa		692,308
1,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-
		C5 (Class AJ)	5.057	09/15/40	NR		945,631
100,000	i	LB-UBS Commercial Mortgage Trust Series 2006-
		C4 (Class A4)	6.081	06/15/38	Aaa		102,931
214,981		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.000	10/25/20	Aaa		212,439
1,000,000	i	Merrill Lynch Mortgage Trust Series 2003-KEY1
		(Class A4)	5.236	11/12/35	NR		992,157
1,000,000	i	Merrill Lynch Mortgage Trust Series 2004-BPC1
		(Class AJ)	4.922	10/12/41	A		940,492
425,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1
		(Class A4)	5.291	01/12/44	Aaa		420,331
275,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class
		A4)	5.843	05/12/39	NR		279,172

387

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     250,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2006-1 (Class A4)	5.607%	02/12/39	NR	$	249,912
1,200,000		Morgan Stanley Capital I Series 2005-HQ5 (Class
		A2)	4.809	01/14/42	NR		1,194,541
1,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class
		A2)	5.251	01/25/36	Aaa		993,756
550,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class
		AJ)	5.641	03/12/44	Aaa		535,914
100,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class
		A4)	5.731	07/12/44	NR		101,301
250,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class
		AJ)	5.948	10/15/42	NR		245,978
500,000		Morgan Stanley Capital I Series 2007-HQ11 (Class
		A31)	5.439	02/12/44	Aaa		494,717
940,000		Residential Accredit Loans, Inc Series 2005-QS6
		(Class A7)	5.750	05/25/35	Aa1		892,899
1,000,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2005-C20 (Class A7)	5.118	07/15/42	Aaa		977,687
100,000		Wachovia Bank Commercial Mortgage Trust Series
		2007-C30 (Class AM)	5.383	12/15/43	Aaa		96,641
750,000		Wachovia Bank Commercial Mortgage Trust Series
		2007-C31 (Class A2)	5.421	04/15/47	Aaa		750,723
4,293,272		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500	10/25/18	NR		4,154,960
2,630,439		Wells Fargo Mortgage Backed Securities Trust Series
		2004-7 (Class 1A1)	4.500	07/25/19	NR		2,516,181
2,065,939		Wells Fargo Mortgage Backed Securities Trust Series
		2005-1 (Class 2A1)	5.000	01/25/20	Aaa		2,030,228
		TOTAL OTHER MORTGAGE BACKED SECURITIES					49,583,522
PAPER AND ALLIED PRODUCTS - 0.28%
500,000	e	Bemis Co, Inc	4.875	04/01/12	Baa1		491,207
600,000		Cenveo Corp	7.875	12/01/13	B3		546,000
500,000		Kimberly-Clark Corp	6.625	08/01/37	A2		532,933
		TOTAL PAPER AND ALLIED PRODUCTS					1,570,140
PETROLEUM AND COAL PRODUCTS - 0.34%
475,000		Conoco Funding Co	6.350	10/15/11	A1		495,160
625,000		ConocoPhillips	4.750	10/15/12	A1		611,526
500,000	v	Marathon Oil Corp	6.600	10/01/37	Baa1		511,224
250,000		Valero Energy Corp	6.625	06/15/37	Baa3		253,722
		TOTAL PETROLEUM AND COAL PRODUCTS					1,871,632
PIPELINES, EXCEPT NATURAL GAS - 0.58%
250,000		Enbridge Energy Partners LP	4.000	01/15/09	Baa2		247,012
275,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		274,858
550,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		547,765
275,000		Enterprise Products Operating LP	5.600	10/15/14	Baa3		269,373
550,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		545,790
550,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		547,911
275,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		255,044
300,000		TransCanada Pipelines Ltd	5.850	03/15/36	A2		286,495

388

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     250,000	i	TransCanada Pipelines Ltd	6.350%	05/15/67	A3	$	239,936
		TOTAL PIPELINES, EXCEPT NATURAL GAS					3,214,184
PRINTING AND PUBLISHING - 0.48%
600,000		Idearc, Inc	8.000	11/15/16	B2		598,500
732,000		Morris Publishing Group LLC	7.000	08/01/13	B1		572,790
1,500,000		Thomson Corp	5.700	10/01/14	Baa1		1,487,310
		TOTAL PRINTING AND PUBLISHING					2,658,600
RAILROAD TRANSPORTATION - 0.50%
275,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		289,881
350,000		Burlington Northern Santa Fe Corp	5.650	05/01/17	Baa1		342,893
250,000		Burlington Northern Santa Fe Corp	6.150	05/01/37	Baa1		241,409
550,000		Canadian National Railway Co	4.400	03/15/13	A3		521,851
300,000		Canadian National Railway Co	6.200	06/01/36	A3		293,366
250,000		CSX Corp	6.000	10/01/36	Baa3		234,086
300,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		275,407
550,000	e	Union Pacific Corp	6.500	04/15/12	Baa2		570,150
		TOTAL RAILROAD TRANSPORTATION					2,769,043
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
275,000	g	Sealed Air Corp	5.375	04/15/08	Baa3		274,193
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					274,193
SECURITY AND COMMODITY BROKERS - 1.89%
275,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		269,234
250,000		Bear Stearns Cos, Inc	6.400	10/02/17	A1		248,889
550,000	e	Burlington Resources Finance Co	6.400	08/15/11	A2		573,756
275,000		Burlington Resources Finance Co	7.200	08/15/31	A2		310,487
600,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa1		606,097
750,000	v	Eaton Vance Corp	6.500	10/02/17	A3		754,815
500,000		Franklin Resources, Inc	3.700	04/15/08	A1		496,366
500,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		473,124
275,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		273,047
600,000		Goldman Sachs Group, Inc	5.300	02/14/12	Aa3		596,351
275,000		Goldman Sachs Group, Inc	5.150	01/15/14	Aa3		266,813
100,000		Goldman Sachs Group, Inc	5.625	01/15/17	A1		97,025
500,000	h	Goldman Sachs Group, Inc	6.750	10/01/37	A1		502,516
500,000	i	Lehman Brothers Holdings Capital Trust V	5.857	12/30/49	A3		476,357
600,000		Lehman Brothers Holdings, Inc	5.250	02/06/12	A1		587,579
250,000	i	Lehman Brothers Holdings, Inc	6.000	05/03/32	A2		228,813
275,000	e	Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		263,525
500,000		Merrill Lynch & Co, Inc	5.700	05/02/17	A1		486,117
1,375,000		Morgan Stanley	3.625	04/01/08	Aa3		1,365,834
500,000		Morgan Stanley	5.375	10/15/15	Aa3		479,875
900,000		Morgan Stanley	5.750	10/18/16	Aa3		887,825
250,000		Morgan Stanley	6.250	08/09/26	Aa3		246,196
		TOTAL SECURITY AND COMMODITY BROKERS					10,490,641
STONE, CLAY, AND GLASS PRODUCTS - 0.09%
500,000		USG Corp	7.750	01/15/18	Baa3		500,775
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					500,775

389

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
TRANSPORTATION BY AIR - 0.10%
$     550,000		FedEx Corp	3.500%	04/01/09	Baa2	$	536,337
		TOTAL TRANSPORTATION BY AIR					536,337
TRANSPORTATION EQUIPMENT - 0.53%
275,000		General Dynamics Corp	3.000	05/15/08	A2		271,653
700,000		Honeywell International, Inc	5.700	03/15/37	A2		667,400
275,000		Northrop Grumman Corp	7.750	02/15/31	Baa1		322,652
1,100,000		United Technologies Corp	6.350	03/01/11	A2		1,151,592
550,000		United Technologies Corp	6.050	06/01/36	A2		552,186
		TOTAL TRANSPORTATION EQUIPMENT					2,965,483
WHOLESALE TRADE-DURABLE GOODS - 0.11%
500,000		Vale Overseas Ltd	6.250	01/23/17	Baa3		505,599
100,000		Vale Overseas Ltd	6.875	11/21/36	Baa3		103,027
		TOTAL WHOLESALE TRADE-DURABLE GOODS					608,626
WHOLESALE TRADE-NONDURABLE GOODS - 0.25%
825,000		Procter & Gamble Co	4.950	08/15/14	Aa3		810,476
600,000		Procter & Gamble Co	5.550	03/05/37	Aa3		573,222
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					1,383,698
		TOTAL CORPORATE BONDS					286,574,507
		(Cost $290,068,659)
GOVERNMENT BONDS - 46.18%
AGENCY SECURITIES - 3.42%
1,889,361		Cal Dive I- Title XI, Inc	4.930	02/01/27	NR		1,838,065
2,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.500	05/21/08	Aaa		1,983,676
200,000		FHLMC	5.750	06/27/16	Aa2		208,165
1,200,000		FHLMC	5.125	10/18/16	Aaa		1,212,468
1,421,869		Federal National Mortgage Association (FNMA)	6.000	06/25/16	Aaa		1,435,669
2,000,000		FNMA	5.375	06/12/17	Aaa		2,056,728
2,000,000		FNMA	5.625	07/15/37	Aaa		2,102,848
1,000,000		Private Export Funding Corp	7.200	01/15/10	Aaa		1,059,259
2,000,000	v	Private Export Funding Corp	5.450	09/15/17	Aaa		2,051,032
5,000,000		US Department of Housing and Urban Development	4.790	08/01/11	NR		5,042,345
		TOTAL AGENCY SECURITIES					18,990,255
FOREIGN GOVERNMENT BONDS - 3.66%
500,000		African Development Bank	3.250	08/01/08	Aaa		494,689
275,000		Chile Government International Bond	5.500	01/15/13	A2		279,620
500,000	e	China Development Bank	5.000	10/15/15	A1		483,018
250,000		Development Bank of Japan	4.250	06/09/15	Aaa		235,415
500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		485,000
350,000		Eksportfinans A/S	5.000	02/14/12	Aaa		353,983
500,000	g	Emirate of Abu Dhabi	5.500	08/02/12	Aa2		508,734
275,000		European Investment Bank	4.875	02/15/36	Aaa		254,594
500,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		492,381
5,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		5,044,435
500,000		International Finance Corp	5.125	05/02/11	Aaa		510,153
750,000		Israel Government International Bond	5.500	11/09/16	A2		746,827

390

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     225,000		Italy Government International Bond	5.375%	06/12/17	NR	$	229,168
1,100,000		Italy Government International Bond	6.875	09/27/23	Aa2		1,229,704
275,000		Korea Development Bank	5.750	09/10/13	Aa3		276,125
275,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		278,485
300,000		Kreditanstalt fuer Wiederaufbau	4.875	01/17/17	Aaa		296,364
500,000		Landwirtschaftliche Rentenbank	5.250	07/02/12	Aaa		511,179
550,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		549,798
173,000		Mexico Government International Bond	6.375	01/16/13	Baa1		181,909
979,000		Mexico Government International Bond	5.875	01/15/14	Baa1		1,007,880
600,000	d	Mexico Government International Bond	6.750	09/27/34	Baa1		652,500
50,000	e	Oesterreichische Kontrollbank AG.	5.000	04/25/17	Aaa		49,702
500,000	e	Province of Manitoba Canada	4.450	04/12/10	Aa1		497,202
600,000		Province of Manitoba Canada	5.000	02/15/12	Aa1		605,419
550,000		Province of Ontario	4.750	01/19/16	Aa1		537,109
1,500,000		Province of Quebec Canada	5.750	02/15/09	Aa2		1,526,286
300,000		Province of Quebec Canada	5.125	11/14/16	Aa2		300,113
550,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		622,468
1,100,000	e	Svensk Exportkredit AB	5.125	03/01/17	Aa1		1,087,508
		TOTAL FOREIGN GOVERNMENT BONDS					20,327,768
MORTGAGE BACKED SECURITIES - 33.31%
2,074,481		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			2,120,378
1,500,000		FHLMC	4.000	09/15/19			1,386,691
2,000,000		FHLMC	5.000	06/15/29			1,989,430
377,982		FHLMC	6.000	12/15/30			381,026
3,000,000		FHLMC	5.000	06/15/31			2,942,640
1,500,000		FHLMC	5.500	05/15/33			1,476,006
870,297		FHLMC	4.500	09/15/35			836,604
1,211,942	i	FHLMC	5.090	02/01/36			1,211,416
956,924	i	FHLMC	5.013	09/01/36			973,980
1,574,766	i	FHLMC	6.133	09/01/36			1,590,941
1,014,809	i	FHLMC	5.719	02/01/37			1,020,344
1,796,963	i	FHLMC	5.650	03/01/37			1,842,154
3,225,785	i	FHLMC	5.798	03/01/37			3,254,049
241,938	i	FHLMC	5.881	04/01/37			241,330
45,898		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10			46,992
122,140		FGLMC	6.500	12/01/16			125,282
1,214,754		FGLMC	5.500	01/01/19			1,213,791
2,064,779		FGLMC	4.500	07/01/20			1,987,784
788,176		FGLMC	4.500	09/01/20			758,785
747,654		FGLMC	5.000	10/01/20			733,066
1,541,665	d	FGLMC	5.500	10/01/20			1,537,708
90,328		FGLMC	7.000	10/01/20			94,104
626,983		FGLMC	4.500	06/01/21			603,603
1,589,302		FGLMC	5.500	08/01/21			1,584,858
286,732		FGLMC	6.500	01/01/29			294,476
25,248		FGLMC	8.000	01/01/31			26,754
4,065,807		FGLMC	5.500	12/01/33			3,993,908
2,304,650		FGLMC	5.000	01/01/34			2,206,030
1,066,387		FGLMC	4.500	10/01/34			992,536
778,490		FGLMC	5.500	12/01/34			763,871
1,776,585		FGLMC	5.500	03/01/35			1,741,746
2,460,503		FGLMC	6.000	05/01/35			2,465,412

391

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     1,264,276		FGLMC	5.500%	06/01/35	$	1,239,484
2,583,279		FGLMC	5.500	06/01/35		2,532,622
410,228		FGLMC	5.000	10/01/35		391,960
826,987		FGLMC	5.000	11/01/35		790,159
975,022		FGLMC	7.000	01/01/36		1,009,050
880,971		FGLMC	5.500	04/01/36		862,749
172,679		FGLMC	6.500	05/01/36		175,809
880,703		FGLMC	6.500	10/01/36		896,667
404,898		FGLMC	6.500	12/01/36		409,124
979,387		FGLMC	5.500	01/01/37		959,130
1,961,932		FGLMC	5.500	04/01/37		1,921,095
2,745,545		FGLMC	5.500	05/01/37		2,688,397
160,000	h	FGLMC	6.000	09/01/37		160,189
845,686		Federal National Mortgage Association (FNMA)	6.366	12/01/08		848,670
67,151		FNMA	5.000	06/01/13		67,006
2,598,798		FNMA	4.718	02/01/14		2,523,808
2,879,178		FNMA	4.640	11/01/14		2,781,246
435,545		FNMA	4.556	01/01/15		417,301
284,399		FNMA	6.500	10/01/16		291,834
103,946		FNMA	6.500	11/01/16		106,664
189,791		FNMA	6.500	02/01/18		194,253
430,319		FNMA	5.500	04/01/18		430,265
153,751		FNMA	5.500	05/01/18		153,732
208,744		FNMA	6.000	01/01/19		211,487
1,000,000		FNMA	4.000	02/25/19		912,573
1,479,351		FNMA	4.500	04/01/19		1,425,784
176,386		FNMA	4.500	12/01/20		169,877
42,571		FNMA	8.000	03/01/23		44,971
764,103		FNMA	5.500	02/01/24		756,162
1,776,230		FNMA	5.500	07/01/24		1,756,320
4,116,944		FNMA	5.000	10/01/25		3,974,971
25,064		FNMA	9.000	11/01/25		27,229
24,695		FNMA	7.500	01/01/29		25,924
445,136		FNMA	7.000	07/01/32		463,160
200,761		FNMA	5.000	02/01/33		192,183
908,206		FNMA	4.500	03/25/33		879,977
1,223,656		FNMA	5.500	06/01/33		1,201,979
513,595		FNMA	5.000	07/01/33		491,648
3,286,109		FNMA	5.500	07/01/33		3,227,896
1,374,300		FNMA	4.500	08/01/33		1,277,779
940,235		FNMA	5.000	08/01/33		900,057
1,500,000		FNMA	5.500	08/25/33		1,488,741
1,411,971		FNMA	4.500	10/01/33		1,312,804
622,191		FNMA	5.000	10/01/33		595,603
601,473		FNMA	5.000	10/01/33		575,771
1,209,056		FNMA	5.000	11/01/33		1,157,390
1,218,621		FNMA	5.000	11/01/33		1,166,546
5,035,689		FNMA	5.000	11/01/33		4,820,500
518,526		FNMA	5.500	12/01/33		509,341
473,798		FNMA	5.500	12/01/33		465,405
941,257		FNMA	5.500	12/01/33		924,583
620,813		FNMA	5.500	01/01/34		609,816
247,498		FNMA	5.000	03/01/34		236,922

392

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     2,492,020		FNMA	5.000%	03/01/34	$	2,385,529
303,212		FNMA	5.000	03/01/34		290,255
303,206		FNMA	5.000	03/01/34		290,249
1,231,148		FNMA	5.000	03/01/34		1,178,538
1,957,128		FNMA	5.000	04/01/34		1,871,811
5,833,126		FNMA	5.000	08/01/34		5,578,843
600,000		FNMA	5.500	10/25/34		585,639
715,497		FNMA	5.500	01/01/35		702,256
1,679,615		FNMA	5.500	02/01/35		1,649,861
2,464,769		FNMA	5.000	02/25/35		2,435,799
1,902,646		FNMA	5.500	04/01/35		1,867,436
4,715,955	d	FNMA	5.500	05/01/35		4,624,815
3,613,822		FNMA	5.500	05/01/35		3,543,981
2,754,799		FNMA	6.000	05/01/35		2,761,271
139,841		FNMA	7.500	06/01/35		144,923
673,251		FNMA	6.000	07/01/35		674,833
4,541,831		FNMA	6.000	08/01/35		4,552,500
1,278,239		FNMA	5.500	09/01/35		1,255,595
3,366,928		FNMA	5.000	10/01/35		3,216,894
268,079		FNMA	5.000	10/01/35		256,133
1,168,707		FNMA	5.500	12/01/35		1,146,122
1,717,100		FNMA	6.000	03/01/36		1,719,959
2,887,387	d	FNMA	6.000	04/01/36		2,892,195
756,354		FNMA	6.500	04/01/36		770,233
2,187,734	i	FNMA	5.971	07/01/36		2,241,301
6,118,541	i	FNMA	5.739	09/01/36		6,171,436
909,248		FNMA	6.000	10/01/36		910,763
1,140,557		FNMA	6.500	12/01/36		1,152,816
493,610		FNMA	7.000	02/01/37		509,466
97,699		FNMA	7.000	04/01/37		100,838
1,983,126		FNMA	6.000	06/01/37		1,986,094
240,227	h	FNMA	6.000	08/01/37		240,587
325,048	h	FNMA	6.500	08/01/37		330,980
87,839	h	FNMA	6.000	09/01/37		87,971
110,126	h	FNMA	6.000	09/01/37		110,291
139,024	h	FNMA	6.000	09/01/37		139,232
147,261	h	FNMA	6.000	09/01/37		147,481
1,104,977	v	FNMA	6.000	09/01/37		1,101,248
245,132	h	FNMA	6.500	09/01/37		249,605
1,400,000	h	FNMA	6.500	09/01/37		1,425,547
651,345	h	FNMA	6.500	09/01/37		663,231
1,222,699	h	FNMA	6.500	09/01/37		1,245,011
518,450	h,i	FNMA	5.934	10/01/37		537,397
114,796	h	FNMA	6.000	10/01/37		114,968
4,000,000	h	FNMA	6.000	11/25/37		4,001,248
13,000,000	h	FNMA	6.500	11/25/37		13,223,444
16,063		Government National Mortgage Association
		(GNMA)	6.500	09/15/23		16,479
54,846		GNMA	7.500	11/15/23		57,575
6,278		GNMA	7.500	08/15/28		6,593
83,759		GNMA	6.500	12/15/28		85,950
149,648		GNMA	6.500	03/15/29		153,476
50,669		GNMA	8.500	10/20/30		54,379

393

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY	MOODY'S
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     17,203		GNMA	7.000%	06/20/31		$	17,957
323,628		GNMA	5.000	02/15/33			313,634
2,233,840		GNMA	5.000	09/15/33			2,164,855
473,533		GNMA	5.500	11/20/33			465,964
1,999,678		GNMA	5.500	02/20/35			1,966,228
697,676		GNMA	5.500	03/20/35			686,006
		TOTAL MORTGAGE BACKED SECURITIES					185,168,029
U.S. TREASURY SECURITIES - 5.79%
11,198,000		United States Treasury Bond	8.000	11/15/21			14,769,109
6,600,000	d	United States Treasury Bond	5.250	02/15/29			6,917,625
330,000		United States Treasury Bond	5.375	02/15/31			353,255
507,000		United States Treasury Bond	4.500	02/15/36			480,660
641,000		United States Treasury Bond	4.750	02/15/37			632,136
635,065		United States Treasury Inflation Indexed Bonds	3.875	01/15/09			648,064
2,363,990		United States Treasury Inflation Indexed Bonds	0.875	04/15/10			2,285,499
1,000,000		United States Treasury Note	4.000	08/31/09			1,000,703
2,000,000		United States Treasury Note	4.500	05/15/10			2,025,156
1,575,000		United States Treasury Note	4.125	08/31/12			1,568,602
270,000		United States Treasury Note	4.500	05/15/17			268,481
500,000		United States Treasury Note	4.750	08/15/17			506,719
2,000,000	j	United States Treasury Strip Principal	0.000	08/15/27			749,576
		TOTAL U.S. TREASURY SECURITIES					32,205,585
		TOTAL GOVERNMENT BONDS					256,691,637
		(Cost $257,921,523)
		TOTAL BONDS					543,266,144
		(Cost $547,990,182)
SHARES		COMPANY
PREFERRED STOCKS - 0.06%
DEPOSITORY INSTITUTIONS - 0.06%
14,000		Bank of America Corp	6.204	12/30/49	Aa3		344,400
		TOTAL DEPOSITORY INSTITUTIONS					344,400
		TOTAL PREFERRED STOCKS					344,400
		(Cost $350,000)
TIAA-CREF MUTUAL FUNDS - 0.72%
402,634	q	TIAA-CREF Institutional High Yield Fund II					4,002,183
		TOTAL TIAA-CREF MUTUAL FUNDS					4,002,183
		(Cost $4,121,103)
SHORT-TERM INVESTMENTS - 6.69%
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.07%
5,961,086	*	State Street Navigator Securities Lending Prime Portfolio					5,961,086
							5,961,086

394

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
PRINCIPAL		ISSUER		VALUE
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 5.62%
$     31,240,000		Federal Home Loan Bank (FHLB), 0.000% 10/01/07	$	31,229,587
				31,229,587
		TOTAL SHORT-TERM INVESTMENTS		37,190,673
		(Cost $37,201,086)
		TOTAL PORTFOLIO - 105.20%		584,803,400
		(Cost $589,662,371)
		OTHER ASSETS & LIABILITIES, NET - (5.20)%		(28,917,566	)
		NET ASSETS - 100.00%	$	555,885,834
		ABBREVIATION:
		NR - Not Rated
	+	As provided by Moody's Investors Service (unaudited).
	*	Non-income producing.
	d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on
		a delayed delivery basis.
	e	All or a portion of these securities are out on loan
	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 September 30, 2007, the value of these securities amounted to $27,487,251 or 4.94% of net assets.
	h	These securities were purchased on a delayed delivery basis.
	i	Floating rate or variable rate securities reflects the rate at September 30, 2007.
	j	Zero coupon
	q	Affiliated fund.
	v	Security valued at fair value.

395

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SHORT-TERM BOND FUND II
STATEMENT OF INVESTMENTS
September 30, 2007
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
CORPORATE BONDS - 39.97%
AMUSEMENT AND RECREATION SERVICES - 0.13%
$     350,000		Walt Disney Co	5.700%	07/15/11	A2	$	354,997
		TOTAL AMUSEMENT AND RECREATION SERVICES					354,997
ASSET BACKED - 12.10%
286,675	i	Aames Mortgage Trust Series 2002-1 (Class A3)	6.896	06/25/32	Aaa		292,019
1,000,000		AmeriCredit Automobile Receivables Trust Series
		2006-AF (Class A4)	5.640	09/06/13	Aaa		1,009,242
55,677		Asset Backed Funding Corp NIM Trust Series 2005-
		WMC1 (Class N1)	5.900	07/26/35	NR		2,532
1,000,000		Capital One Auto Finance Trust Series 2007-A
		(Class A3A)	5.250	08/15/11	Aaa		1,001,432
292,888		Centex Home Equity Series 2002-A (Class AF6)	5.540	01/25/32	Aaa		290,246
1,500,000	i	Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	A2		1,332,525
441,559	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		298,797
441,559	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M2)	5.700	02/25/35	A2		368,594
276,980		Chase Manhattan Auto Owner Trust Series 2004-A
		(Class A4)	2.830	09/15/10	Aaa		274,530
1,320,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		1,315,129
738,984	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class MF2)	6.390	12/25/30	A3		696,154
5,500,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706	07/25/36	Aaa		5,447,222
854,846	i	Countrywide Asset-Backed Certificates Series 2006-
		S3 (Class A1)	5.241	06/25/21	Aaa		843,868
2,000,000	i	Flagstar Home Equity Loan Trust Series 2007-1A
		(Class AF3)	5.781	01/25/35	Aaa		1,974,404
275,067	i	GMAC Mortgage Corporation Loan Trust 2005-HE2 A3	4.622	11/25/35	Aaa		271,894
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	10/25/29	Aaa		1,983,644
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	10/25/29	Aaa		1,973,416
250,000		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A3)	5.190	02/15/11	Aaa		250,311
2,107,735		Marriott Vacation Club Owner Trust Series 2006-
		1A (Class A)	5.737	04/20/28	Aaa		2,119,021
414,137	v	New York City Tax Lien Series 2006-AA (Class A)	5.930	11/10/19	Aaa		413,684
500,000	i	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		495,843
4,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-H12 (Class A3)	5.790	02/25/36	Aaa		3,978,540
2,000,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class A3)	5.570	02/25/36	Aaa		1,956,282
500,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		398,515
2,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A2)	5.950	02/25/36	Aaa		1,989,930

396

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,300,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A3)	5.960%	02/25/36	Aaa	$	1,296,001
1,210,315	v	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	Aaa		1,222,807
		TOTAL ASSET BACKED					33,496,582
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.18%
500,000		Home Depot, Inc	3.750	09/15/09	Baa1		485,264
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					485,264
BUSINESS SERVICES - 0.22%
500,000		Daimler Finance North America LLC	5.875	03/15/11	Baa1		507,202
100,000		Daimler Finance North America LLC	5.750	09/08/11	Baa1		100,930
		TOTAL BUSINESS SERVICES					608,132
CHEMICALS AND ALLIED PRODUCTS - 0.68%
350,000		Abbott Laboratories	5.600	05/15/11	A1		356,491
1,250,000		Eli Lilly & Co	2.900	03/15/08	Aa3		1,238,050
300,000		Lubrizol Corp	4.625	10/01/09	Baa3		297,549
		TOTAL CHEMICALS AND ALLIED PRODUCTS					1,892,090
COMMUNICATIONS - 0.94%
1,500,000		Alamosa Delaware, Inc	8.500	01/31/12	Baa3		1,565,902
250,000		Allbritton Communications Co	7.750	12/15/12	B1		252,500
600,000	g	Time Warner Cable, Inc	5.400	07/02/12	Baa2		592,621
200,000		Viacom, Inc	5.750	04/30/11	Baa3		201,935
		TOTAL COMMUNICATIONS					2,612,958
DEPOSITORY INSTITUTIONS - 6.90%
1,000,000	g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		1,026,090
1,500,000		Banco Nacional de Comercio Exterior SNC	3.875	01/21/09	A1		1,462,500
350,000		Bank of America Corp	4.875	09/15/12	Aa1		342,527
600,000		Citigroup, Inc	5.100	09/29/11	Aa1		598,484
4,000,000		Citigroup, Inc	5.250	02/27/12	Aa1		3,999,156
165,000	e	FIA Card Services NA	5.375	01/15/08	Aaa		165,171
500,000		FIA Card Services NA	7.125	11/15/12	Baa2		537,994
750,000	g	ICICI Bank Ltd	6.625	10/03/12	Baa2		750,555
1,250,000		JPMorgan Chase & Co	3.500	03/15/09	Aa2		1,223,029
750,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		739,623
1,000,000	g	Nationwide Building Society	5.500	07/18/12	Aaa		1,024,540
250,000		Popular North America, Inc	3.875	10/01/08	A2		245,475
250,000		Popular North America, Inc	5.650	04/15/09	A2		251,982
625,000		US Bank NA	5.700	12/15/08	Aa2		627,966
625,000		Wachovia Corp	5.300	10/15/11	Aa3		627,901
500,000	e	Washington Mutual, Inc	5.500	08/24/11	A2		493,624
2,900,000		Wells Fargo & Co	4.875	01/12/11	Aa1		2,872,726
1,000,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		1,037,774
1,000,000		Western Financial Bank	9.625	05/15/12	Aa2		1,073,485
		TOTAL DEPOSITORY INSTITUTIONS					19,100,602
EATING AND DRINKING PLACES - 0.23%
625,000		McDonald's Corp	5.950	01/15/08	A3		625,924
		TOTAL EATING AND DRINKING PLACES					625,924

397

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 2.45%
$     625,000		Atmos Energy Corp	4.000%	10/15/09	Baa3	$	613,520
300,000		Commonwealth Edison Co	3.700	02/01/08	Baa2		297,976
275,000		Consumers Energy Co	4.400	08/15/09	Baa1		271,311
2,475,000		Duke Energy Carolinas LLC	3.750	03/05/08	A2		2,459,407
625,000		Midamerican Energy Holdings Co	4.625	10/01/07	Baa1		625,000
1,250,000		Ohio Power Co	5.300	11/01/10	A3		1,252,120
625,000		ONEOK Partners LP	5.900	04/01/12	Baa2		632,431
600,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		639,613
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					6,791,378
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.11%
300,000		Hewlett-Packard Co	3.625	03/15/08	A2		297,872
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					297,872
FABRICATED METAL PRODUCTS - 0.36%
1,000,000		Stanley Works	5.000	03/15/10	A2		1,001,851
		TOTAL FABRICATED METAL PRODUCTS					1,001,851
FOOD AND KINDRED PRODUCTS - 0.80%
625,000	g	Cadbury Schweppes US Finance LLC	3.875	10/01/08	Baa2		616,238
1,000,000		Diageo Capital plc	5.125	01/30/12	A3		989,555
625,000		Kraft Foods, Inc	4.000	10/01/08	Baa2		617,696
		TOTAL FOOD AND KINDRED PRODUCTS					2,223,489
FOOD STORES - 0.45%
625,000		Fred Meyer, Inc	7.450	03/01/08	Baa2		629,991
625,000		Safeway, Inc	4.125	11/01/08	Baa2		620,209
		TOTAL FOOD STORES					1,250,200
GENERAL BUILDING CONTRACTORS - 0.18%
500,000		DR Horton, Inc	9.750	09/15/10	Ba1		496,945
		TOTAL GENERAL BUILDING CONTRACTORS					496,945
GENERAL MERCHANDISE STORES - 0.22%
625,000	e	Target Corp	3.375	03/01/08	A1		619,849
		TOTAL GENERAL MERCHANDISE STORES					619,849
HOLDING AND OTHER INVESTMENT OFFICES - 0.23%
625,000		Simon Property Group LP	5.600	09/01/11	A3		625,912
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					625,912
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.09%
250,000		Hewlett-Packard Co	5.250	03/01/12	A2		251,061
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					251,061
INSURANCE CARRIERS - 0.77%
250,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		249,310
1,000,000		Prudential Financial, Inc	5.800	06/15/12	A3		1,022,443
850,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		853,947
		TOTAL INSURANCE CARRIERS					2,125,700
NONDEPOSITORY INSTITUTIONS - 4.56%
300,000		American General Finance Corp	2.750	06/15/08	A1		294,844

398

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,250,000	g	American Honda Finance Corp	5.125%	12/15/10	Aa3	$	1,267,379
600,000		Boeing Capital Corp Ltd	6.100	03/01/11	A3		619,339
100,000		Capital One Financial Corp	5.700	09/15/11	A3		100,166
1,250,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		1,226,791
350,000		CIT Group, Inc	5.400	02/13/12	A2		337,647
1,000,000	i	Countrywide Financial Corp	5.800	05/07/12	Baa3		930,982
150,000		Countrywide Home Loans, Inc	3.250	05/21/08	Baa3		144,563
500,000		Ford Motor Credit Co	5.700	01/15/10	B1		470,202
300,000		Ford Motor Credit Co	9.875	08/10/11	B1		303,861
500,000		General Motors Acceptance Corp LLC	6.625	05/15/12	Ba1		466,552
1,250,000		HSBC Finance Corp	5.250	01/14/11	Aa3		1,245,491
2,000,000		HSBC Finance Corp	5.900	06/19/12	Aa3		2,025,576
1,000,000	g	IBM Canada Credit Services Co	3.750	11/30/07	A1		997,212
500,000		International Lease Finance Corp	5.450	03/24/11	A1		499,711
625,000		Residential Capital LLC	7.125	11/21/08	Ba1		559,375
500,000		Residential Capital LLC	7.500	06/01/12	Ba1		405,000
250,000	e	SLM Corp	5.400	10/25/11	Baa1		233,408
500,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		490,500
		TOTAL NONDEPOSITORY INSTITUTIONS					12,618,599
OIL AND GAS EXTRACTION - 1.16%
625,000		Anadarko Petroleum Corp	3.250	05/01/08	Baa3		616,860
250,000		BJ Services Co	5.750	06/01/11	Baa1		255,213
300,000		Devon OEI Operating, Inc	4.375	10/01/07	Baa1		300,000
2,000,000	g	Weatherford International, Inc	5.950	06/15/12	Baa1		2,039,136
		TOTAL OIL AND GAS EXTRACTION					3,211,209
OTHER MORTGAGE BACKED SECURITIES - 2.29%
566,842		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		569,227
499,176	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class BF)	6.830	06/25/33	Ba1		328,417
405,730		First Horizon Asset Securities, Inc Series 2003-9
		(Class 1A4)	5.500	11/25/33	NR		406,240
500,000	i	GS Mortgage Securities Corp II Series 2007-GG10
		(Class A2)	5.778	08/10/45	Aaa		508,169
2,000,000		LB-UBS Commercial Mortgage Trust Series 2005-
		C3 (Class A2)	4.553	07/15/30	Aaa		1,978,022
1,200,000		Morgan Stanley Capital I Series 2005-HQ5 (Class
		A2)	4.809	01/14/42	NR		1,194,541
1,000,000	i	Saxon Asset Securities Trust Series 2002-2 (Class
		AF6)	6.120	11/25/30	Aaa		994,457
350,000		Wachovia Bank Commercial Mortgage Trust Series
		2007-C31 (Class A2)	5.421	04/15/47	Aaa		350,337
		TOTAL OTHER MORTGAGE BACKED SECURITIES					6,329,410
PIPELINES, EXCEPT NATURAL GAS - 1.39%
750,000		Enbridge Energy Partners LP	4.000	01/15/09	Baa2		741,035
1,250,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		1,249,355
625,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		622,460
625,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		620,216

399

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     625,000		Plains All American Pipeline LP	4.750%	08/15/09	Baa3	$	622,625
		TOTAL PIPELINES, EXCEPT NATURAL GAS					3,855,691
PRINTING AND PUBLISHING - 0.36%
1,000,000		Thomson Corp	5.700	10/01/14	Baa1		991,540
		TOTAL PRINTING AND PUBLISHING					991,540
RAILROAD TRANSPORTATION - 0.18%
500,000		Union Pacific Corp	5.750	10/15/07	Baa2		500,045
		TOTAL RAILROAD TRANSPORTATION					500,045
REAL ESTATE - 0.52%
1,500,000	g,i	USB Realty Corp	6.091	12/30/49	A1		1,440,826
		TOTAL REAL ESTATE					1,440,826
SECURITY AND COMMODITY BROKERS - 1.74%
500,000		Franklin Resources, Inc	3.700	04/15/08	A1		496,366
650,000		Goldman Sachs Group, Inc	5.300	02/14/12	Aa3		646,047
500,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		473,124
600,000		Lehman Brothers Holdings, Inc	5.250	02/06/12	A1		587,579
500,000	i	Lehman Brothers Holdings Capital Trust V	5.857	12/30/49	A3e		476,358
1,250,000		Merrill Lynch & Co, Inc	4.125	09/10/09	Aa3		1,225,783
925,000		Morgan Stanley	3.625	04/01/08	Aa3		918,834
		TOTAL SECURITY AND COMMODITY BROKERS					4,824,091
TRANSPORTATION BY AIR - 0.10%
300,000		FedEx Corp	3.500	04/01/09	Baa2		292,548
		TOTAL TRANSPORTATION BY AIR					292,548
TRANSPORTATION EQUIPMENT - 0.63%
1,250,000		General Dynamics Corp	3.000	05/15/08	A2		1,234,787
500,000		Honeywell International, Inc	5.625	08/01/12	A2		509,565
		TOTAL TRANSPORTATION EQUIPMENT					1,744,352
		TOTAL CORPORATE BONDS					110,669,117
		(Cost $111,963,844)
GOVERNMENT BONDS - 57.35%
AGENCY SECURITIES - 28.13%
750,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		742,344
750,000		Federal Farm Credit Bank (FFCB)	4.125	04/15/09	Aaa		746,462
3,000,000		Federal Home Loan Bank (FHLB)	5.375	08/19/11	Aaa		3,086,400
500,000		Federal Home Loan Mortgage Corp (FHLMC)	3.750	02/27/09	Aaa		495,124
4,700,000		Federal Home Loan Mortgage Corp (FHLMC)	4.750	11/03/09	Aaa		4,732,684
6,500,000		Federal Home Loan Mortgage Corp (FHLMC)	4.875	02/09/10	Aaa		6,566,267
2,700,000		Federal Home Loan Mortgage Corp (FHLMC)	7.000	03/15/10	Aaa		2,860,493
693,007		Federal Home Loan Mortgage Corp (FHLMC)	5.125	10/15/15	NR		690,758
676,461		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16	NR		691,428
16,000,000		Federal National Mortgage Association (FNMA)	6.000	05/15/08	Aaa		16,114,080
9,250,000		Federal National Mortgage Association (FNMA)	5.000	09/15/08	Aaa		9,311,152
3,000,000		Federal National Mortgage Association (FNMA)	5.375	08/15/09	Aaa		3,051,621
3,000,000		Federal National Mortgage Association (FNMA)	4.625	12/15/09	Aaa		3,013,407

400

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     12,900,000		Federal National Mortgage Association (FNMA)	7.125%	06/15/10	Aaa	$	13,774,633
3,500,000		Federal National Mortgage Association (FNMA)	6.250	02/01/11	Aa2		3,675,900
200,000		Private Export Funding Corp	5.870	07/31/08	Aaa		201,941
1,000,000		Private Export Funding Corp	7.200	01/15/10	Aaa		1,059,259
7,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		7,082,628
		TOTAL AGENCY SECURITIES					77,896,581
FOREIGN GOVERNMENT BONDS - 3.12%
250,000	e	Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		252,106
1,100,000		Eksportfinans A/S	5.000	02/14/12	Aaa		1,112,518
1,400,000	g	Emirate of Abu Dhabi	5.500	08/02/12	Aa2		1,424,455
1,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		984,762
1,500,000		International Finance Corp	5.125	05/02/11	Aaa		1,530,459
1,550,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		1,569,642
250,000		Landwirtschaftliche Rentenbank	5.250	07/02/12	Aaa		255,590
1,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		994,405
500,000		Province of Manitoba Canada	5.000	02/15/12	Aa1		504,516
		TOTAL FOREIGN GOVERNMENT BONDS					8,628,453
MORTGAGE BACKED SECURITIES - 1.23%
181,212		Federal Home Loan Mortgage Corp (FHLMC)	6.000	12/15/30			182,671
125,110		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	12/01/17			126,968
564,370		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	01/01/19			563,923
485,901		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	01/01/19			485,516
545,204		Federal National Mortgage Association (FNMA)	6.143	02/01/08			543,260
845,686		Federal National Mortgage Association (FNMA)	6.366	12/01/08			848,670
100,726		Federal National Mortgage Association (FNMA)	5.000	06/01/13			100,509
492,954		Federal National Mortgage Association (FNMA)	5.000	02/25/35			487,160
66,135 i		Government National Mortgage Association
		(GNMA)	6.223	06/16/21			66,412
		TOTAL MORTGAGE BACKED SECURITIES					3,405,089
U.S. TREASURY SECURITIES - 24.87%
4,068,263		United States Treasury Inflation Indexed Bonds	0.875	04/15/10			3,933,185
21,211,000		United States Treasury Note	4.625	12/31/11			21,582,193
4,000,000		United States Treasury Note	3.875	05/15/09			3,994,688
2,000,000		United States Treasury Note	4.000	08/31/09			2,001,406
7,310,000		United States Treasury Note	4.125	08/31/12			7,280,307
12,545,000		United States Treasury Note	4.500	05/15/10			12,702,791
2,500,000		United States Treasury Note	4.500	11/30/11			2,531,835
7,500,000		United States Treasury Note	4.625	03/31/08			7,517,580
6,250,000		United States Treasury Note	4.875	10/31/08			6,304,688
1,000,000		United States Treasury Note/Bond	5.125	06/30/08			1,007,109
		TOTAL U.S. TREASURY SECURITIES					68,855,782
		TOTAL GOVERNMENT BONDS					158,785,905
		(Cost $157,411,690)
		TOTAL BONDS					269,455,022
		(Cost $269,375,534)

401

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
PRINCIPAL		ISSUER		VALUE
SHORT-TERM INVESTMENTS - 2.89%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.30%
$     6,370,000		Federal Home Loan Bank (FHLB)	$	6,367,877
				6,367,877
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.59%
1,646,443		State Street Navigator Securities Lending Prime Portfolio		1,646,443
				1,646,443
		TOTAL SHORT-TERM INVESTMENTS		8,014,320
		(Cost $8,016,443)
		TOTAL PORTFOLIO - 100.21%		277,469,342
		(Cost $277,391,977)
		OTHER ASSETS & LIABILITIES, NET - (0.21)%		(590,037	)
		NET ASSETS - 100.00%	$	276,879,305
		ABBREVIATION:
		NR - Not Rated
	+	As provide by Moody's Investors Service (unaudited)
	*	Non-income producing.
	e	All or a portion of these securities are out on loan.
	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 September 30, 2007, the value of these securities amounted to $12,413,124 or 4.48% of net assets.
	i	Floating rate or variable rate securities reflects the rate at September 30, 2007.
	v	Security valued at fair value.

402

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
HIGH-YIELD FUND II
STATEMENT OF INVESTMENTS
September 30, 2007
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
CORPORATE BONDS - 92.58%
AMUSEMENT AND RECREATION SERVICES - 2.53%
$     2,100,000	g	Buffalo Thunder Development Authority	9.375%	12/15/14	B2	$	1,974,000
1,125,000		Mohegan Tribal Gaming Authority	6.125	02/15/13	Baa3		1,071,563
2,333,000	g	Pokagon Gaming Authority	10.375	06/15/14	B3		2,560,468
1,500,000	g, v	Seminole Indian Tribe of Florida	7.804	10/01/20	Ba1		1,511,505
2,750,000		Speedway Motorsports, Inc	6.750	06/01/13	Ba2		2,708,750
		TOTAL AMUSEMENT AND RECREATION SERVICES					9,826,286
APPAREL AND OTHER TEXTILE PRODUCTS - 0.30%
1,348,000		Broder Brothers	11.250	10/15/10	B3		1,172,760
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS					1,172,760
AUTO REPAIR, SERVICES AND PARKING - 2.31%
1,680,000		Avis Budget Car Rental LLC	7.625	05/15/14	Ba3		1,650,600
640,000		Hertz Corp	8.875	01/01/14	B1		659,200
2,960,000	e	Hertz Corp	10.500	01/01/16	B2		3,196,800
4,221,000		Keystone Automotive Operations, Inc	9.750	11/01/13	Caa2		3,440,115
		TOTAL AUTO REPAIR, SERVICES AND PARKING					8,946,715
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 1.34%
2,155,000		Asbury Automotive Group, Inc	8.000	03/15/14	B3		2,079,575
1,500,000		Autonation, Inc	7.000	04/15/14	Ba2		1,432,500
1,690,000		Sonic Automotive, Inc	8.625	08/15/13	B1		1,668,875
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					5,180,950
BUSINESS SERVICES - 3.54%
1,700,000		Activant Solutions, Inc	9.500	05/01/16	Caa1		1,496,000
1,513,000	i,v	Advanstar Communications, Inc	10.360	11/30/14	Caa2		1,444,915
1,275,000		Deluxe Corp	7.375	06/01/15	Ba2		1,259,063
3,250,000	e	Lamar Media Corp	7.250	01/01/13	Ba3		3,266,250
852,000		Lamar Media Corp	6.625	08/15/15	Ba3		822,180
1,259,000	g	Open Solutions, Inc	9.750	02/01/15	Caa1		1,211,788
1,750,000		Sungard Data Systems, Inc	9.125	08/15/13	Caa1		1,820,000
1,490,000	e	Sungard Data Systems, Inc	10.250	08/15/15	Caa1		1,557,050
852,000		United Rentals North America, Inc	7.750	11/15/13	B3		877,560
		TOTAL BUSINESS SERVICES					13,754,806
CHEMICALS AND ALLIED PRODUCTS - 3.59%
1,880,000		Chemtura Corp	6.875	06/01/16	Ba2		1,786,000
1,250,000		Hercules, Inc	6.750	10/15/29	Ba3		1,240,625
1,375,000		Huntsman International LLC	7.875	11/15/14	B2		1,464,375
1,353,000	e,g	Ineos Group Holdings plc	8.500	02/15/16	B3		1,295,498
2,350,000		Koppers Holdings, Inc (Step Bond 0.000% until
		11/15/09, 9.875% until 11/15/14)		11/15/14	B3		2,009,250
1,272,000		Koppers, Inc	9.875	10/15/13	B2		1,345,140
1,500,000	g	Mosaic Co	7.375	12/01/14	B1		1,575,000
1,250,000		Nalco Co	7.750	11/15/11	B1		1,275,000

403

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,933,000	g	Reichhold Industries, Inc	9.000%	08/15/14	B2	$	1,952,330
		TOTAL CHEMICALS AND ALLIED PRODUCTS					13,943,218
COAL MINING - 3.26%
3,050,000		Arch Western Finance LLC	6.750	07/01/13	B1		2,989,000
1,750,000		Consol Energy, Inc	7.875	03/01/12	Ba1		1,824,375
750,000		Foundation PA Coal Co	7.250	08/01/14	Ba3		735,000
4,456,000	e,g	Griffin Coal Mining Co Pty Ltd	9.500	12/01/16	Ba2		4,433,720
2,625,000		Peabody Energy Corp	6.875	03/15/13	Ba1		2,651,250
		TOTAL COAL MINING					12,633,345
COMMUNICATIONS - 9.46%
4,402,000		Allbritton Communications Co	7.750	12/15/12	B1		4,446,020
667,000		American Cellular Corp	10.000	08/01/11	B3		697,015
1,250,000	g	Charter Communications Operating LLC	8.000	04/30/12	B3		1,243,750
250,000		Citizens Communications Co	9.250	05/15/11	Ba2		271,250
1,530,000		Citizens Communications Co	7.125	03/15/19	Ba2		1,507,050
2,826,000		Citizens Communications Co	9.000	08/15/31	Ba2		2,868,390
1,812,000		CSC Holdings, Inc	7.625	04/01/11	B2		1,816,530
1,700,000		Echostar DBS Corp	6.375	10/01/11	Ba3		1,708,500
2,650,000		Echostar DBS Corp	6.625	10/01/14	Ba3		2,663,250
2,398,000		Intelsat Bermuda Ltd	11.250	06/15/16	Caa1		2,568,858
1,690,000		Intelsat Corp	9.000	08/15/14	B2		1,740,700
1,260,000		Intelsat Subsidiary Holding Co Ltd	8.250	01/15/13	B2		1,278,900
2,340,000	g,i	iPCS, Inc	7.481	05/01/13	B1		2,269,800
165,000		Quebecor Media, Inc	7.750	03/15/16	B2		157,369
1,600,000	g,h	Quebecor Media, Inc	7.750	03/15/16	B2		1,526,000
4,830,000		Qwest Communications International, Inc	7.250	02/15/11	Ba3		4,884,338
1,250,000		Videotron Ltd	6.875	01/15/14	Ba1		1,228,125
3,650,000		Windstream Corp	8.125	08/01/13	Ba3		3,841,625
		TOTAL COMMUNICATIONS					36,717,470
EATING AND DRINKING PLACES - 0.24%
920,000	e	ARAMARK Corp	8.500	02/01/15	B3		938,400
		TOTAL EATING AND DRINKING PLACES					938,400
ELECTRIC, GAS, AND SANITARY SERVICES - 10.57%
375,000		AES Corp	9.375	09/15/10	B1		395,625
1,000,000		AES Corp	8.875	02/15/11	B1		1,043,750
500,000	g	AES Corp	9.000	05/15/15	Ba3		525,000
250,000		Allied Waste North America, Inc	6.500	11/15/10	B1		251,875
1,000,000		Allied Waste North America, Inc	5.750	02/15/11	B1		982,500
500,000	e	Allied Waste North America, Inc	6.375	04/15/11	B1		501,250
3,200,000	e	Allied Waste North America, Inc	7.875	04/15/13	B1		3,304,000
1,750,000	i	CMS Energy Corp	6.310	01/15/13	Ba1		1,688,750
2,531,000	e	Dynegy Holdings, Inc	8.750	02/15/12	B2		2,613,258
2,775,000		Edison Mission Energy	7.500	06/15/13	B1		2,844,375
1,275,000	g	Edison Mission Energy	7.000	05/15/17	B1		1,255,875
2,400,000	g	El Paso Performance-Linked Trust	7.750	07/15/11	Ba3		2,465,496
3,750,000	g	Intergen NV	9.000	06/30/17	Ba3		3,937,500
2,062,938		Midwest Generation LLC	8.300	07/02/09	Ba2		2,099,040
2,315,000		Mirant North America LLC	7.375	12/31/13	B2		2,349,725
250,000		NRG Energy, Inc	7.250	02/01/14	B1		250,625

404

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     2,500,000		NRG Energy, Inc	7.375%	02/01/16	B1	$	2,506,250
250,000		Orion Power Holdings, Inc	12.000	05/01/10	B2		273,750
4,037,000	e	Reliant Energy, Inc	7.625	06/15/14	B3		4,067,278
1,075,000		Reliant Energy, Inc	6.750	12/15/14	B2		1,085,750
2,500,000		Sierra Pacific Resources	8.625	03/15/14	B1		2,646,305
1,250,000		Southern Natural Gas Co	8.000	03/01/32	Baa3		1,413,042
1,125,000	e	Williams Cos, Inc	8.125	03/15/12	Ba2		1,212,187
1,250,000		Williams Cos, Inc	7.750	06/15/31	Ba2		1,314,062
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					41,027,268
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.04%
3,727,000	e	Freescale Semiconductor, Inc	10.125	12/15/16	B2		3,466,110
3,500,000		L-3 Communications Corp	7.625	06/15/12	Ba3		3,578,750
845,000	g	Nortel Networks Ltd	10.125	07/15/13	B3		869,294
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					7,914,154
FABRICATED METAL PRODUCTS - 0.98%
1,250,000		Ball Corp	6.875	12/15/12	Ba1		1,265,625
2,227,000		Crown Americas LLC	7.625	11/15/13	B1		2,285,459
250,000		Crown Americas LLC	7.750	11/15/15	B1		258,125
		TOTAL FABRICATED METAL PRODUCTS					3,809,209
FOOD AND KINDRED PRODUCTS - 0.63%
637,000	g	Constellation Brands, Inc	7.250	05/15/17	Ba3		637,000
1,750,000	e	Smithfield Foods, Inc	7.750	07/01/17	Ba3		1,793,750
		TOTAL FOOD AND KINDRED PRODUCTS					2,430,750
FOOD STORES - 1.19%
4,108,000		Stater Brothers Holdings	8.125	06/15/12	B2		4,185,025
426,000		Stater Brothers Holdings	7.750	04/15/15	B2		421,740
		TOTAL FOOD STORES					4,606,765
FURNITURE AND HOME FURNISHINGS STORES - 0.78%
2,900,000		GSC Holdings Corp	8.000	10/01/12	Ba3		3,016,000
		TOTAL FURNITURE AND HOME FURNISHINGS STORES					3,016,000
HEALTH SERVICES - 3.18%
1,750,000		DaVita, Inc	6.625	03/15/13	B1		1,736,875
1,850,000		DaVita, Inc	7.250	03/15/15	B2		1,854,625
3,990,000	g	FMC Finance III S.A.	6.875	07/15/17	Ba3		3,970,050
3,860,000	g	HCA, Inc	9.125	11/15/14	B2		4,072,300
900,000		HCA, Inc	7.500	11/06/33	Caa1		724,500
		TOTAL HEALTH SERVICES					12,358,350
HOTELS AND OTHER LODGING PLACES - 1.78%
300,000		MGM Mirage	8.500	09/15/10	Ba2		313,500
3,250,000		MGM Mirage	6.750	09/01/12	Ba2		3,197,187

405

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     2,500,000	g,i	Seminole Hard Rock Entertainment, Inc	8.194%	03/15/14	B1	$	2,440,625
1,000,000		Station Casinos, Inc	6.000	04/01/12	Ba2		950,000
		TOTAL HOTELS AND OTHER LODGING PLACES					6,901,312
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.90%
3,625,000		Scientific Games Corp	6.250	12/15/12	Ba3		3,493,594
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					3,493,594
INSTRUMENTS AND RELATED PRODUCTS - 0.33%
1,328,000	g	LVB Acquisition Merger Sub, Inc	11.625	10/15/17	Caa1		1,288,160
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					1,288,160
INSURANCE CARRIERS - 0.43%
1,706,000		Centene Corp	7.250	04/01/14	Ba3		1,671,880
		TOTAL INSURANCE CARRIERS					1,671,880
JUSTICE, PUBLIC ORDER AND SAFETY - 0.27%
750,000		Corrections Corp of America	6.250	03/15/13	Ba2		738,750
300,000		Corrections Corp of America	6.750	01/31/14	Ba2		299,625
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY					1,038,375
LEGAL SERVICES - 1.09%
1,500,000		FTI Consulting, Inc	7.625	06/15/13	Ba2		1,537,500
2,614,000		FTI Consulting, Inc	7.750	10/01/16	Ba2		2,705,490
		TOTAL LEGAL SERVICES					4,242,990
METAL MINING - 1.43%
3,400,000		Freeport-McMoRan Copper & Gold, Inc	8.250	04/01/15	Ba3		3,672,000
1,705,000		Freeport-McMoRan Copper & Gold, Inc	8.375	04/01/17	Ba3		1,862,712
		TOTAL METAL MINING					5,534,712
MISCELLANEOUS RETAIL - 2.85%
1,500,000		AmeriGas Partners LP	7.125	05/20/16	B1		1,458,750
3,250,000		Couche-Tard US LP	7.500	12/15/13	Ba2		3,306,875
1,194,000		FTD, Inc	7.750	02/15/14	B3		1,134,300
850,000		Inergy LP	6.875	12/15/14	B1		820,250
1,250,000		Rite Aid Corp	7.500	01/15/15	B3		1,181,250
1,357,000	e	Sally Holdings LLC	9.250	11/15/14	B2		1,370,570
1,724,000		Susser Holdings LLC	10.625	12/15/13	B2		1,775,720
		TOTAL MISCELLANEOUS RETAIL					11,047,715
NONDEPOSITORY INSTITUTIONS - 5.31%
1,475,000		Ford Motor Credit Co	5.700	01/15/10	B1		1,387,094
1,550,000		Ford Motor Credit Co	7.875	06/15/10	B1		1,515,162
1,230,000		Ford Motor Credit Co	9.750	09/15/10	B1		1,254,829
1,704,000		Ford Motor Credit Co	9.875	08/10/11	B1		1,725,929
2,000,000		Ford Motor Credit Co	7.800	06/01/12	B1		1,902,600
1,500,000		Ford Motor Credit Co	7.000	10/01/13	B1		1,355,550
850,000		Ford Motor Credit Co	8.000	12/15/16	B1		795,179
1,650,000		General Motors Acceptance Corp LLC	5.625	05/15/09	Ba1		1,606,359
850,000		General Motors Acceptance Corp LLC	7.750	01/19/10	Ba1		843,084
1,850,000		General Motors Acceptance Corp LLC	7.250	03/02/11	Ba1		1,793,418

406

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,912,500		General Motors Acceptance Corp LLC	6.875%	09/15/11	Ba1	$	1,820,057
800,000		General Motors Acceptance Corp LLC	6.625	05/15/12	Ba1		746,484
1,035,000	e	General Motors Acceptance Corp LLC	8.000	11/01/31	Ba1		1,015,420
3,428,000		Residential Capital LLC	7.375	06/30/10	Ba1		2,845,240
		TOTAL NONDEPOSITORY INSTITUTIONS					20,606,405
OIL AND GAS EXTRACTION - 8.61%
1,265,000	e	Chesapeake Energy Corp	7.625	07/15/13	Ba2		1,321,925
1,000,000		Chesapeake Energy Corp	7.500	09/15/13	Ba2		1,027,500
2,500,000		Chesapeake Energy Corp	7.750	01/15/15	Ba2		2,571,875
1,040,000	e	Chesapeake Energy Corp	6.500	08/15/17	Ba2		1,011,400
3,875,000		Chesapeake Energy Corp	6.875	11/15/20	Ba2		3,792,656
1,660,000	e	Chesapeake Energy Corp	2.750	11/15/35	Ba2		1,823,078
2,276,000		Cimarex Energy Co	7.125	05/01/17	B1		2,258,930
3,125,000		Complete Production Services, Inc	8.000	12/15/16	B2		3,089,844
2,410,000		Denbury Resources, Inc	7.500	04/01/13	B1		2,464,225
1,150,000		Denbury Resources, Inc	7.500	12/15/15	B1		1,178,750
1,575,000		Encore Acquisition Co	6.000	07/15/15	B1		1,421,438
675,000	e	Encore Acquisition Co	7.250	12/01/17	B1		639,562
3,000,000		Plains Exploration & Production Co	7.000	03/15/17	B1		2,805,000
1,233,000		Range Resources Corp	7.500	05/15/16	Ba3		1,257,660
3,000,000		Range Resources Corp	7.500	10/01/17	Ba3		3,067,500
3,725,000		Sabine Pass LNG LP	7.250	11/30/13	Ba3		3,669,125
		TOTAL OIL AND GAS EXTRACTION					33,400,468
PAPER AND ALLIED PRODUCTS - 3.72%
1,182,000		Abitibi-Consolidated Co of Canada	6.000	06/20/13	B3		827,400
2,059,000		Abitibi-Consolidated, Inc	8.550	08/01/10	B3		1,698,675
2,985,000		Cenveo Corp	7.875	12/01/13	B3		2,716,350
1,700,000	g,i	Clondalkin Acquisition BV	7.694	12/15/13	Ba3		1,632,000
846,000		Domtar, Inc	7.875	10/15/11	B2		869,265
1,060,000	e	Domtar, Inc	7.125	08/15/15	B2		1,017,600
1,680,000	g	Georgia-Pacific Corp	7.000	01/15/15	Ba3		1,638,000
1,260,000	e	Greif, Inc	6.750	02/01/17	Ba2		1,256,850
1,950,000	e	Jefferson Smurfit Corp US	8.250	10/01/12	B3		1,954,875
844,000		Jefferson Smurfit Corp US	7.500	06/01/13	B3		816,570
		TOTAL PAPER AND ALLIED PRODUCTS					14,427,585
PERSONAL SERVICES - 0.62%
2,400,000		Mac-Gray Corp	7.625	08/15/15	B2		2,400,000
		TOTAL PERSONAL SERVICES					2,400,000
PETROLEUM AND COAL PRODUCTS - 1.88%
250,000		Equistar Chemicals LP	8.750	02/15/09	B1		258,438
4,336,000		Lyondell Chemical Co	8.000	09/15/14	B1		4,769,600
1,530,000	g	Petroplus Finance Ltd	6.750	05/01/14	B1		1,468,800
815,000	g	Tesoro Corp	6.500	06/01/17	Ba1		808,887
		TOTAL PETROLEUM AND COAL PRODUCTS					7,305,725
PRIMARY METAL INDUSTRIES - 2.05%
1,500,000	g	Belden, Inc	7.000	03/15/17	Ba2		1,485,000
2,346,000		General Cable Corp	7.125	04/01/17	B1		2,299,080
1,700,000	g,i,o	Noranda Aluminium Acquisition Corp	9.360	05/15/15	B3		1,598,000

407

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     2,030,000		Novelis, Inc	7.250%	02/15/15	B3	$	1,958,950
640,000	g	Steel Dynamics, Inc	6.750	04/01/15	Ba2		617,600
		TOTAL PRIMARY METAL INDUSTRIES					7,958,630
PRINTING AND PUBLISHING - 3.97%
1,500,000		American Achievement Corp	8.250	04/01/12	B1		1,492,500
2,130,000		Idearc, Inc	8.000	11/15/16	B2		2,124,675
1,680,000		Medianews Group, Inc	6.875	10/01/13	B2		1,276,800
1,680,000		Medianews Group, Inc	6.375	04/01/14	B2		1,243,200
3,635,000		Morris Publishing Group LLC	7.000	08/01/13	B1		2,844,388
803,000	g	Quebecor World Capital Corp	8.750	03/15/16	B3		728,722
3,060,000	h	RH Donnelley Corp	8.875	01/15/16	B3		3,117,375
800,000	g	RH Donnelley Corp	8.875	10/15/17	B3		812,000
1,750,000		Visant Corp	7.625	10/01/12	B1		1,780,625
		TOTAL PRINTING AND PUBLISHING					15,420,285
SECURITY AND COMMODITY BROKERS - 0.24%
1,000,000		E*Trade Financial Corp	7.375	09/15/13	Ba2		935,000
		TOTAL SECURITY AND COMMODITY BROKERS					935,000
SOCIAL SERVICES - 0.70%
2,780,000	g	Knowledge Learning Corp, Inc	7.750	02/01/15	B2		2,696,600
		TOTAL SOCIAL SERVICES					2,696,600
STONE, CLAY, AND GLASS PRODUCTS - 0.53%
1,000,000		Owens Brockway Glass Container, Inc	8.875	02/15/09	Ba2		1,015,000
1,000,000	e	Owens Brockway Glass Container, Inc	8.750	11/15/12	Ba2		1,046,250
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					2,061,250
TRANSPORTATION BY AIR - 0.86%
3,278,000	g	Bristow Group, Inc	7.500	09/15/17	Ba2		3,343,560
		TOTAL TRANSPORTATION BY AIR					3,343,560
TRANSPORTATION EQUIPMENT - 3.73%
250,000		American Railcar Industries, Inc	7.500	03/01/14	B1		248,750
2,452,000	g	Bombardier, Inc	6.750	05/01/12	Ba2		2,458,130
1,109,000	e,g	Bombardier, Inc	8.000	11/15/14	Ba2		1,161,677
500,000		General Motors Corp	7.200	01/15/11	Caa1		477,500
1,700,000	e	General Motors Corp	7.125	07/15/13	Baa1		1,559,750
650,000	e	General Motors Corp	7.700	04/15/16	Caa1		583,375
1,475,000		General Motors Corp	9.400	07/15/21	Caa1		1,401,250
2,670,000	e	General Motors Corp	8.375	07/15/33	Caa1		2,339,587
1,917,000	e,g	Hawker Beechcraft Acquisition Co LLC	9.750	04/01/17	Caa1		1,960,133
850,000	e	Lear Corp	8.500	12/01/13	B3		813,875
966,000		Trinity Industries, Inc	6.500	03/15/14	Ba1		927,360
566,000	g	TRW Automotive, Inc	7.000	03/15/14	Ba3		549,020
		TOTAL TRANSPORTATION EQUIPMENT					14,480,407
TRANSPORTATION SERVICES - 0.34%
1,300,000		United Rentals North America, Inc	6.500	02/15/12	B1		1,316,250
		TOTAL TRANSPORTATION SERVICES					1,316,250

408

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
WATER TRANSPORTATION - 1.04%
$     4,021,000		Gulfmark Offshore, Inc	7.750%	07/15/14	B1	$	4,041,105
		TOTAL WATER TRANSPORTATION					4,041,105
WHOLESALE TRADE-DURABLE GOODS - 2.70%
3,390,000	g	Baker & Taylor, Inc	11.500	07/01/13	B2		3,326,437
1,900,000	e	IKON Office Solutions, Inc	7.750	09/15/15	Ba3		1,909,500
1,504,000		Interline Brands, Inc	8.125	06/15/14	B3		1,485,200
1,000,000	e	Russel Metals, Inc	6.375	03/01/14	Ba2		937,500
2,607,000		Ryerson, Inc	8.250	12/15/11	B3		2,799,266
		TOTAL WHOLESALE TRADE-DURABLE GOODS					10,457,903
WHOLESALE TRADE-NONDURABLE GOODS - 1.26%
1,441,000		Dean Foods Co	7.000	06/01/16	B1		1,368,950
1,750,000		Inergy LP	8.250	03/01/16	B1		1,806,875
1,700,000		Supervalu, Inc	7.500	11/15/14	B1		1,729,750
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					4,905,575
		TOTAL CORPORATE BONDS					359,251,932
		(Cost $362,570,584)
SHORT-TERM INVESTMENTS - 15.11%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 5.35%
20,760,000		Federal Home Loan Bank (FHLB)	0.000	10/01/07			20,753,080
							20,753,080
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 9.76%
37,860,905		State Street Navigator Securities Lending Prime Portfolio					37,860,905
							37,860,905
		TOTAL SHORT-TERM INVESTMENTS					58,613,985
		(Cost $58,620,905)
		TOTAL PORTFOLIO - 107.69%					417,865,917
		(Cost $421,191,489)
		OTHER ASSETS & LIABILITIES, NET - (7.69)%					(29,834,311	)
		NET ASSETS - 100.00%				$	388,031,606
	+	As provided by Moody's Investors Service (unaudited)
	e	All or a portion of these securities are out on loan.
	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 September 30, 2007, the value of these securities amounted to $69,299,725 or 17.86% of net assets.
	h	These securities were purchased on a delayed delivery basis.
	i	Floating rate or variable rate securities reflects the rate at September 30, 2007.

409

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
TAX-EXEMPT BOND FUND II
STATEMENT OF INVESTMENTS
September 30, 2007
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
LONG -TERM MUNICIPAL BONDS - 99.25%
ALABAMA - 1.40%
$     1,000,000		City of Birmingham AL	5.000%	12/01/16	Aaa	$	1,087,220
2,400,000		Courtland Industrial Development Board	5.000	11/01/13	Baa3		2,475,984
		TOTAL ALABAMA					3,563,204
ALASKA - 0.98%
1,410,000		Alaska Railroad Corp	5.250	08/01/16	Aaa		1,555,371
980,000		Northern TOB Securitization Corp	4.625	06/01/23	Baa3		942,221
		TOTAL ALASKA					2,497,592
ARIZONA - 2.92%
650,000		Arizona Health Facilities Authority	5.625	12/01/15	Aaa		692,757
1,000,000		Arizona Health Facilities Authority	6.375	12/01/37	NR		1,132,850
515,000		Arizona State Transportation Board	5.000	07/01/14	Aa3		553,975
1,185,000		Arizona Water Infrastructure Finance Authority	5.000	10/01/16	Aaa		1,291,532
1,670,000		Greater Arizona Development Authority	5.000	08/01/14	Aaa		1,802,982
570,000		Mesa AZ	5.000	07/01/19	Aaa		620,736
1,260,000		Tucson AZ	5.250	07/01/14	Aaa		1,374,106
		TOTAL ARIZONA					7,468,938
ARKANSAS - 1.94%
1,185,000		Arkansas Development Finance Authority	5.000	11/01/14	Aaa		1,277,063
1,600,000		Arkansas Development Finance Authority	5.500	12/01/18	NR		1,797,392
290,000		Arkansas Housing Development Agency	8.375	07/01/10	NR		310,570
650,000		Fayetteville AR	5.000	11/01/16	Aaa		707,831
765,000		North Little Rock AR	6.500	07/01/15	Aaa		863,593
		TOTAL ARKANSAS					4,956,449
CALIFORNIA - 1.87%
40,000	i	Delta Counties Home Mortgage Finance Authority	6.700	06/01/24	Aaa		40,158
2,500,000	h	Long Beach Bond Finance Authority	5.250	11/15/22	Aa3		2,587,125
1,900,000		San Diego Unified School District	5.500	07/01/19	Aaa		2,140,559
		TOTAL CALIFORNIA					4,767,842
COLORADO - 0.05%
120,000		Vista Ridge Metropolitan District	4.125	12/01/16	Aa3		116,998
		TOTAL COLORADO					116,998
CONNECTICUT - 0.58%
1,260,000		Connecticut Municipal Electric Energy Cooperative	7.000	01/01/15	#Aaa		1,492,533
		TOTAL CONNECTICUT					1,492,533
DISTRICT OF COLUMBIA - 1.30%
100,000		District of Columbia	6.000	08/15/10	Aaa		106,701
2,300,000		District of Columbia	5.000	06/01/16	Aaa		2,480,826

410

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     685,000		District of Columbia	5.250%	01/01/14	Aaa	$	740,896
		TOTAL DISTRICT OF COLUMBIA					3,328,423
FLORIDA - 7.37%
1,500,000		Broward County School Board	5.250	07/01/15	Aaa		1,625,805
1,485,000		Broward County School Board	5.250	07/01/16	Aaa		1,612,755
1,150,000		Charlotte County FL	5.000	10/01/14	Aaa		1,241,391
1,600,000		First Governmental Financing Commission	5.500	07/01/15	Aaa		1,784,320
2,500,000		Florida Department of Transportation	5.000	07/01/18	Aa2		2,687,050
1,890,000		Florida State Board of Education	5.000	07/01/14	Aaa		2,035,360
725,000		Florida State Board of Education	5.000	07/01/18	Aaa		765,252
2,000,000		Lake County School Board	5.250	06/01/17	Aaa		2,193,560
1,925,000		Lake County School Board	5.250	06/01/18	Aaa		2,095,440
1,440,000		Orange County Health Facilities Authority	6.250	10/01/10	Aaa		1,550,794
100,000		Orange County Health Facilities Authority	5.700	10/01/12	#Aaa		109,044
1,015,000		Pinellas County Health Facility Authority	5.500	11/15/33	Aa3		1,110,075
		TOTAL FLORIDA					18,810,846
GEORGIA - 1.77%
100,000		Cherokee County Water & Sewer Authority	5.500	08/01/18	Aaa		111,008
270,000		City of Atlanta GA	5.500	11/01/10	Aa3		283,927
200,000		City of Atlanta GA	5.500	11/01/13	Aaa		218,404
1,560,000		City of Atlanta GA	5.500	11/01/14	Aaa		1,718,090
115,000		City of Atlanta GA	5.500	11/01/17	Aaa		128,580
695,000		Metropolitan Atlanta Rapid Transit Authority	6.250	07/01/18	Aaa		793,905
480,000		Municipal Electric Authority of Georgia	6.500	01/01/17	A1		555,408
670,000		State of Georgia	5.000	07/01/13	Aaa		719,687
		TOTAL GEORGIA					4,529,009
ILLINOIS - 3.12%
940,000		Chicago Metropolitan Water Reclamation District-
		Greater Chicago	7.000	01/01/11	#Aaa		1,003,525
1,000,000		Chicago Public Building Commission Building	5.000	03/01/15	Aaa		1,077,510
1,000,000		City of Chicago IL	5.000	12/01/15	Aaa		1,082,750
655,000		Cook County Community Consolidated School
		District No 64	5.500	12/01/14	Aaa		727,233
225,000	i	Illinois Finance Authority	5.500	03/01/14	Ba1		223,670
1,000,000		Illinois Municipal Electric Agency	5.250	02/01/17	Aaa		1,102,190
1,175,000		Kendall-Grundy Etc Counties High School District
		No 18	5.000	10/01/14	Aaa		1,266,121
100,000		Madison-Bond Etc Counties Community Unit School
		District No 5	5.000	02/01/19	Aaa		107,521
1,260,000		Metropolitan Pier & Exposition Authority	5.375	06/01/13	Aaa		1,369,519
		TOTAL ILLINOIS					7,960,039
INDIANA - 4.77%
2,500,000		Avon Community School Building Corp	5.000	07/15/17	Aaa		2,700,625
1,200,000		Center Grove School Building Corp	5.000	07/15/14	Aaa		1,291,272
1,000,000		Griffith Multi-School Building Corp	5.000	07/15/15	Aaa		1,080,140
1,520,000		Hammond Multi-School Building Corp	5.000	07/15/17	Aaa		1,648,379
2,120,000		Indiana Bond Bank	5.250	04/01/19	Aaa		2,309,189
900,000		Indiana State Finance Authority Revenue	5.000	02/01/15	Aaa		968,463
2,015,000		New Albany Floyd County School Building Corp	5.000	07/15/15	Aaa		2,176,482
		TOTAL INDIANA					12,174,550

411

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE	RATING+		VALUE
KENTUCKY - 0.13%
$     315,000	Kentucky Turnpike Authority	6.000%	07/01/11	#Aaa	$	331,982
	TOTAL KENTUCKY					331,982
LOUISIANA - 1.20%
2,985,000	Desoto Parish LA	5.000	10/01/12	Baa3		3,073,953
	TOTAL LOUISIANA					3,073,953
MARYLAND - 0.44%
1,000,000	State of Maryland	5.250	03/01/17	Aaa		1,113,790
	TOTAL MARYLAND					1,113,790
MASSACHUSETTS - 2.55%
2,825,000	Massachusetts St Water Pollution Abatement	5.000	08/01/16	Aaa		3,068,261
2,000,000	Massachusetts St Water Pollution Abatement	5.250	08/01/17	Aaa		2,215,120
1,000,000	Massachusetts State College Building Authority	7.000	05/01/16	Aaa		1,223,310
	TOTAL MASSACHUSETTS					6,506,691
MICHIGAN - 4.88%
1,175,000	Ann Arbor School District	5.000	05/01/15	Aaa		1,270,269
1,135,000	Bedford Public School District	5.000	05/01/14	Aaa		1,220,420
1,505,000	Caledonia Community Schools	5.000	05/01/15	Aaa		1,627,025
1,400,000	Detroit MI	5.000	07/01/14	Aaa		1,503,348
650,000	Forest Hills Public Schools	5.000	05/01/15	Aaa		702,702
1,750,000	L'Anse Creuse Public Schools	5.000	05/01/15	Aaa		1,891,890
850,000	New Haven Community Schools	5.250	05/01/16	Aaa		937,516
1,325,000	State of Michigan	5.500	11/01/16	Aa3		1,486,796
225,000	State of Michigan	5.250	05/15/18	Aaa		249,125
1,395,000	State of Michigan	5.500	11/01/18	Aaa		1,578,066
	TOTAL MICHIGAN					12,467,157
MINNESOTA - 0.42%
1,000,000	Minnesota Public Facilities Authority	5.000	03/01/16	Aaa		1,084,170
	TOTAL MINNESOTA					1,084,170
MISSISSIPPI - 1.84%
1,120,000	Harrison County Wasterwater Management District	5.000	02/01/15	Baa1		1,189,798
2,000,000	Mississippi Development Bank Special Obligation	5.000	07/01/17	NR		2,165,000
250,000	Mississippi Development Bank Special Obligation	5.000	11/01/18	Aaa		266,343
1,000,000	State of Mississippi	5.000	12/01/13	Aaa		1,074,410
	TOTAL MISSISSIPPI					4,695,551
MISSOURI - 2.73%
1,555,000	City of Sikeston MO	5.000	06/01/22	Aaa		1,557,395
1,425,000	Missouri State Board of Public Buildings	5.000	10/01/16	Aa1		1,553,108
1,325,000	Missouri State Environmental Improvement & Energy
	Resources Authority	5.500	07/01/12	Aaa		1,435,028
2,100,000	Missouri State Health & Educational Facilities
	Authority	6.750	05/15/13	#Aaa		2,428,944
	TOTAL MISSOURI					6,974,475

412

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
NEBRASKA - 0.41%
$     1,000,000		Central Plains Energy Project	5.250%	12/01/18	Aa3	$	1,048,170
		TOTAL NEBRASKA					1,048,170
NEVADA - 0.20%
500,000		County of Clark NV	5.300	10/01/11	NR		500,610
		TOTAL NEVADA					500,610
NEW JERSEY - 4.06%
2,610,000		Garden State Preservation Trust	5.125	11/01/18	Aaa		2,870,609
865,000		New Jersey Economic Development Authority	5.375	06/15/14	NR		922,721
1,875,000		New Jersey Economic Development Authority	5.250	09/01/14	Aaa		2,045,963
550,000		New Jersey State Turnpike Authority	5.700	05/01/13	#Aaa		577,885
20,000		New Jersey State Turnpike Authority	6.500	01/01/16	A3		22,964
230,000		New Jersey State Turnpike Authority	6.500	01/01/16	A3		264,104
55,000		New Jersey State Turnpike Authority	6.500	01/01/16	Aaa		63,155
500,000		New Jersey Transportation Trust Fund Authority	5.750	12/15/14	#Aaa		565,590
260,000		New Jersey Transportation Trust Fund Authority	5.500	12/15/15	Aaa		291,070
1,000,000		New Jersey Transportation Trust Fund Authority	5.500	12/15/17	Baa2		1,128,140
1,000,000		New Jersey Transportation Trust Fund Authority	5.250	12/15/19	A1		1,099,370
350,000		State of New Jersey	5.500	07/15/16	Aaa		392,949
120,000		Tobacco Settlement Financing Corp	6.375	06/01/32	Baa2		134,977
		TOTAL NEW JERSEY					10,379,497
NEW MEXICO - 0.89%
1,895,000		New Mexico Finance Authority	5.000	12/15/14	Aa2		2,051,849
205,000		New Mexico Mortgage Finance Authority	6.000	07/01/10	#Aaa		218,175
		TOTAL NEW MEXICO					2,270,024
NEW YORK - 8.61%
100,000		Dutchess County Resource Recovery Agency	5.000	01/01/10	Aaa		101,225
195,000		Lackawanna Housing Authority	5.000	09/01/16	NR		205,452
2,000,000		Long Island Power Authority	5.250	12/01/14	A3		2,182,840
500,000		Metropolitan Transportation Authority	5.125	07/01/13	Aaa		507,170
2,000,000		Metropolitan Transportation Authority	5.500	11/15/13	Aaa		2,209,180
2,650,000		Metropolitan Transportation Authority	5.500	07/01/16	NR		2,984,457
250,000		Metropolitan Transportation Authority	5.750	01/01/18	Aaa		286,913
1,000,000		New York State Dormitory Authority	5.000	07/01/16	Ba2		1,028,460
2,400,000		New York State Dormitory Authority	5.500	05/15/17	Aaa		2,709,480
1,825,000		New York State Environmental Facilities Corp	5.000	03/15/14	NR		1,957,824
1,500,000		New York State Environmental Facilities Corp	5.250	06/15/15	Aaa		1,657,635
1,600,000		New York State Environmental Facilities Corp	5.250	06/15/18	Aaa		1,703,152
1,000,000		New York State Environmental Facilities Corp	5.250	12/15/18	NR		1,118,610
1,830,000		New York State Thruway Authority	5.500	04/01/12	A1		1,969,958
1,300,000		Tobacco Settlement Financing Authority	5.500	06/01/16	A1		1,372,072
		TOTAL NEW YORK					21,994,428
NORTH CAROLINA - 0.30%
40,000		North Carolina Municipal Power Agency No 1
		Catawba	6.000	01/01/11	Aaa		42,887
250,000		North Carolina Municipal Power Agency No 1
		Catawba	5.500	01/01/15	Aaa		277,515
425,000	v	Pitt County NC	5.250	12/01/21	#Aaa		448,375
		TOTAL NORTH CAROLINA					768,777

413

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE	RATING+		VALUE
OHIO - 4.45%
$     1,820,000	Cincinnati City School District	5.000%	12/01/16	Aaa	$	1,980,196
200,000	Dayton OH	6.050	10/01/09	NR		208,682
265,000	Medina County Library District	5.250	12/01/19	Aaa		283,213
75,000	Ohio State Water Development Authority	6.000	12/01/16	#Aaa		82,448
1,000,000	Olentangy Local School District	5.500	12/01/19	Aaa		1,092,400
1,400,000	State of Ohio	5.000	06/15/14	Aa1		1,506,190
1,900,000	State of Ohio	5.000	11/01/16	Aa1		2,064,483
2,000,000	State of Ohio	5.000	05/01/17	Aa1		2,171,040
2,000,000	State of Ohio	4.950	09/01/20	NR		1,986,720
	TOTAL OHIO					11,375,372
OREGON - 1.26%
1,165,000	Oregon State Department of Administrative Services	5.000	04/01/13	Aaa		1,243,859
1,850,000	Oregon State Department of Administrative Services	5.250	05/01/17	Aaa		1,963,276
	TOTAL OREGON					3,207,135
PENNSYLVANIA - 7.55%
240,000	Allegheny County Hospital Development Authority	5.300	07/01/26	Aaa		262,217
1,580,000	Carbon County Hospital Authority	5.400	11/15/14	Aaa		1,682,526
1,855,000	Carbon County Industrial Development Authority	6.650	05/01/10	NR		1,892,137
500,000	City of Philadelphia PA	5.000	07/01/15	Aaa		540,945
1,000,000	City of Philadelphia PA	5.000	08/01/16	Aaa		1,082,210
1,075,000	City of Pittsburgh PA	5.000	09/01/13	Aaa		1,148,551
900,000	Commonwealth of Pennsylvania	5.000	01/01/16	Baa2		973,791
1,900,000	Commonwealth of Pennsylvania	5.375	07/01/17	Aa2		2,120,362
1,900,000	Delaware Valley Regional Financial Authority	5.500	07/01/12	Aa2		2,044,020
1,030,000	Pennsylvania Economic Development Financing
	Authority	6.000	11/01/09	A2		1,065,236
115,000	Pennsylvania Economic Development Financing
	Authority	6.000	11/01/11	A2		120,745
1,250,000	Pennsylvania Economic Development Financing
	Authority	6.500	11/01/16	A2		1,333,400
285,000	Pennsylvania Economic Development Financing
	Authority	5.250	12/01/16	NR		291,276
280,000	Pennsylvania Economic Development Financing
	Authority	6.250	11/01/31	A2		292,639
235,000	Pennsylvania Economic Development Financing
	Authority	6.375	11/01/41	A2		246,087
500,000	Philadelphia Authority for Industrial Development	4.250	09/01/19	NR		474,815
2,000,000	Philadelphia School District	5.000	06/01/24	Aaa		2,150,360
1,370,000	Pittsburgh Urban Redevelopment Authority	6.000	09/01/16	#Aaa		1,558,375
	TOTAL PENNSYLVANIA					19,279,692
PUERTO RICO - 5.44%
1,200,000	Commonwealth of Puerto Rico	5.250	07/01/12	Baa3		1,268,940
560,000	Commonwealth of Puerto Rico	5.000	07/01/13	Baa3		590,509
2,015,000	Commonwealth of Puerto Rico	5.500	07/01/15	Baa3		2,200,440
1,000,000	Commonwealth of Puerto Rico	5.250	07/01/16	Baa3		1,076,120
1,000,000	Government Development Bank for Puerto Rico	5.000	12/01/16	Baa3		1,058,700
2,300,000	Puerto Rico Highway & Transportation Authority	5.000	07/01/14	Baa3		2,433,262
1,000,000	Puerto Rico Public Buildings Authority	5.500	07/01/13	Baa3		1,079,970

414

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,670,000		Puerto Rico Public Buildings Authority	5.000%	07/01/28	Baa3	$	1,737,017
2,290,000	i	Puerto Rico Public Finance Corp	5.750	08/01/27	Ba1		2,437,361
		TOTAL PUERTO RICO					13,882,319
RHODE ISLAND - 0.43%
1,015,000		Rhode Island State & Providence Plantations	5.250	10/01/14	Aaa		1,110,522
		TOTAL RHODE ISLAND					1,110,522
SOUTH CAROLINA - 0.78%
385,000		County of Greenville SC	5.000	04/01/17	Aaa		395,291
150,000		Georgetown County SC	5.700	04/01/14	Baa3		160,039
1,320,000		Scago Educational Facilities Corp for Colleton
		School District	5.000	12/01/16	Aaa		1,425,600
		TOTAL SOUTH CAROLINA					1,980,930
SOUTH DAKOTA - 0.45%
1,000,000		Sioux Falls SD	6.750	11/15/33	NR		1,143,440
		TOTAL SOUTH DAKOTA					1,143,440
TENNESSEE - 2.79%
700,000		City of Memphis TN	5.000	10/01/15	Aaa		758,450
100,000		Clarksville Natural Gas Acquisition Corp	5.000	12/15/16	Aa3		103,574
990,000		Memphis-Shelby County Airport Authority	5.000	09/01/09	Baa2		1,008,374
75,000		Shelby County Health Educational & Housing
		Facilities Board	5.500	08/15/19	Aaa		83,035
5,000,000	d	Tennessee Energy Acquisition Corp	5.000	09/01/16	Aa3		5,174,250
		TOTAL TENNESSEE					7,127,683
TEXAS - 12.83%
2,500,000		Alliance Airport Authority	4.850	04/01/21	Baa2		2,461,100
3,695,000		Brazos River Authority	4.900	10/01/15	Aaa		3,951,913
490,000		Brazos River Authority	5.125	05/01/19	Aaa		502,877
500,000		Brazos River Authority	5.125	11/01/20	Aaa		515,820
135,000	i	Brazos River Authority	6.300	07/01/32	Baa2		137,429
1,390,000		City of Corpus Christi TX	5.000	07/15/15	Aaa		1,499,462
260,000		City of Houston TX	5.800	07/01/10	#Aaa		267,683
1,425,000		City of Houston TX	5.000	11/15/14	Aaa		1,534,383
2,000,000		County of Fort Bend TX	5.000	03/01/16	Aaa		2,159,380
1,500,000		County of Harris TX	5.000	08/15/16	Aaa		1,623,780
2,500,000		County of Harris TX	5.250	08/15/19	Aaa		2,755,525
400,000		Cypress-Fairbanks Independent School District	5.000	02/15/16	Aaa		431,728
500,000		Guadalupe-Blanco River Authority	5.250	04/15/19	Aaa		530,995
35,000		Harris County Flood Control District	5.000	10/01/14	Aa1		37,603
1,005,000		Lower Colorado River Authority	6.000	01/01/17	Aaa		1,167,418
1,505,000		Lower Colorado River Authority	5.000	05/15/17	Aaa		1,586,947
235,000		North Central Texas Health Facility Development	5.500	06/01/21	#Aaa		259,811
1,000,000		SA Energy Acquisition Public Facility Corp	5.250	08/01/16	Aa3		1,052,590
500,000		SA Energy Acquisition Public Facility Corp	5.250	08/01/18	Aa3		523,525
2,000,000		SA Energy Acquisition Public Facility Corp	5.500	08/01/19	Aa3		2,130,680
1,105,000	i	Sabine River Authority	5.800	07/01/22	Baa2		1,099,475
1,735,000		Sabine River Authority	6.150	08/01/22	Baa2		1,763,784
600,000		San Felipe-Del Rio Consolidated Independent School
		District	5.500	08/15/19	Aaa		632,100

415

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     2,500,000		Texas Municipal Gas Acquisition & Supply Corp I	5.250%	12/15/17	Aa3	$	2,630,950
1,410,000		Texas Public Building Authority	7.125	08/01/11	Aaa		1,514,622
		TOTAL TEXAS					32,771,580
VIRGINIA - 1.52%
1,700,000		City of Hopewell VA	5.000	07/15/09	A2		1,728,237
2,000,000		Virginia College Building Authority	5.000	09/01/14	Aa1		2,157,220
		TOTAL VIRGINIA					3,885,457
WASHINGTON - 3.34%
75,000		Cowlitz County Public Utility District No 1	5.000	09/01/11	Aaa		78,936
125,000		Cowlitz County Public Utility District No 1	5.000	09/01/11	Aaa		131,234
1,040,000		King County School District No 401 Highline	5.125	12/01/20	Aaa		1,083,857
690,000		Port of Seattle WA	5.000	03/01/15	Aaa		742,557
2,925,000		Port of Seattle WA	5.500	09/01/17	Aaa		3,286,091
2,000,000		State of Washington	5.000	07/01/18	Aaa		2,129,200
1,000,000		Washington Economic Development Finance
		Authority	5.000	06/01/16	Aaa		1,080,910
		TOTAL WASHINGTON					8,532,785
WISCONSIN - 1.68%
40,000		State of Wisconsin	6.875	06/01/11	Aa1		43,015
2,000,000		State of Wisconsin	5.250	05/01/15	Aaa		2,193,480
1,900,000		State of Wisconsin	5.000	05/01/17	Aaa		2,062,488
		TOTAL WISCONSIN					4,298,983
		TOTAL LONG-TERM MUNICIPAL BONDS					253,471,596
		(Cost $251,917,225)
SHORT -TERM MUNICIPAL BONDS - 0.28%
NEW YORK - 0.20%
300,000	i	Jay Street Development Corp	3.600	05/01/20	Aaa		300,000
220,000	i	New York City Municipal Water Finance Authority	3.640	06/15/35	Aa2		220,000
		TOTAL NEW YORK					520,000
TEXAS - 0.08%
200,000	i	Gulf Coast Waste Disposal Authority	3.740	10/01/24	Aaa		200,000
		TOTAL TEXAS					200,000
		TOTAL SHORT-TERM MUNICIPAL BONDS					720,000
		(Cost $720,000)
		TOTAL PORTFOLIO - 99.53%					254,191,596
		(Cost $252,637,225)
		OTHER ASSETS AND LIABILITIES, NET - 0.47%					1,204,365
		NET ASSETS - 100.00%				$	255,395,961

416

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
		ABBREVIATION:
		AMT - Alternative Minimum Tax
		COP - Certificate of Participation
		ETM - Escrowed to Maturity
		GO - General Obligation
		NR - Not Rated
	+	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.
	e	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.
	i	Variable rate demand note (VRDN)

417

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Inflation-Linked Bond Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INFLATION-LINKED BOND FUND
STATEMENT OF INVESTMENTS
September 30, 2007
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
GOVERNMENT BONDS - 98.77%
U.S. TREASURY SECURITIES - 98.77%
$     21,330,506	k	United States Treasury Inflation Indexed Bonds	3.875%	01/15/09	$	21,767,121
15,432,652	k	United States Treasury Inflation Indexed Bonds	4.250	01/15/10		16,162,092
36,487,926	k	United States Treasury Inflation Indexed Bonds	0.875	04/15/10		35,276,418
15,367,171	k	United States Treasury Inflation Indexed Bonds	3.500	01/15/11		16,037,088
22,825,420	k	United States Treasury Inflation Indexed Bonds	2.375	04/15/11		22,973,421
8,528,430	k	United States Treasury Inflation Indexed Bonds	3.375	01/15/12		8,968,173
10,162,445	k	United States Treasury Inflation Indexed Bonds	2.000	04/15/12		10,088,605
29,756,425	k	United States Treasury Inflation Indexed Bonds	3.000	07/15/12		30,969,922
27,888,434	k	United States Treasury Inflation Indexed Bonds	1.875	07/15/13		27,443,949
29,462,668	k	United States Treasury Inflation Indexed Bonds	2.000	01/15/14		29,039,142
26,151,311	k	United States Treasury Inflation Indexed Bonds	2.000	07/15/14		25,797,850
25,417,810	k	United States Treasury Inflation Indexed Bonds	1.625	01/15/15		24,317,703
22,060,577	k	United States Treasury Inflation Indexed Bonds	1.875	07/15/15		21,476,325
22,055,106	k	United States Treasury Inflation Indexed Bonds	2.000	01/15/16		21,558,867
21,242,486	k	United States Treasury Inflation Indexed Bonds	2.500	07/15/16		21,637,469
19,005,495	k	United States Treasury Inflation Indexed Bonds	2.375	01/15/17		19,142,107
10,050,390	k	United States Treasury Inflation Indexed Bonds	2.625	07/15/17		10,359,752
34,069,086	k	United States Treasury Inflation Indexed Bonds	2.375	01/15/25		34,369,848
22,275,500	k	United States Treasury Inflation Indexed Bonds	2.000	01/15/26		21,273,103
17,896,153	k	United States Treasury Inflation Indexed Bonds	2.375	01/15/27		18,114,272
23,033,629	k	United States Treasury Inflation Indexed Bonds	3.625	04/15/28		28,057,840
26,545,487	k	United States Treasury Inflation Indexed Bonds	3.875	04/15/29		33,708,628
7,123,299	k	United States Treasury Inflation Indexed Bonds	3.375	04/15/32		8,700,441
		TOTAL U.S. TREASURY SECURITIES				507,240,136
		TOTAL GOVERNMENT BONDS
		(Cost $510,175,931)				507,240,136
SHORT-TERM INVESTMENTS - 0.63%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.63%
3,220,000		Federal Home Loan Bank (FHLB)		10/01/07		3,218,927
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $3,220,000)				3,218,927
		TOTAL PORTFOLIO - 99.40%
		(Cost $513,395,931)				510,459,063
		OTHER ASSETS & LIABILITIES, NET - 0.60%				3,066,600
		NET ASSETS - 100.00%			$	513,525,663
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the
		Consumer Price Index.

418

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
September 30, 2007
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE		VALUE
SHORT-TERM INVESTMENTS - 99.92%
BANK NOTES - 1.10%
$    15,000,000	Wells Fargo Bank NA	5.400	10/23/07	$	15,000,000
	TOTAL BANK NOTES				15,000,000
BANKERS ACCEPTANCES - 2.62%
2,696,000	JPMorgan Chase Bank NA	0.000%	10/09/07		2,692,876
1,800,000	JPMorgan Chase Bank NA	0.000	10/11/07		1,797,375
1,344,000	JPMorgan Chase Bank NA	0.000	10/12/07		1,341,852
1,124,000	JPMorgan Chase Bank NA	0.000	10/15/07		1,121,714
2,536,000	JPMorgan Chase Bank NA	0.000	10/22/07		2,528,837
1,036,000	JPMorgan Chase Bank NA	0.000	10/29/07		1,031,778
1,092,000	JPMorgan Chase Bank NA	0.000	10/30/07		1,087,391
1,343,000	JPMorgan Chase Bank NA	0.000	11/02/07		1,336,851
1,221,000	JPMorgan Chase Bank NA	0.000	11/08/07		1,214,272
1,122,000	JPMorgan Chase Bank NA	0.000	11/13/07		1,115,083
1,320,000	JPMorgan Chase Bank NA	0.000	11/26/07		1,309,624
1,361,000	JPMorgan Chase Bank NA	0.000	12/20/07		1,345,614
1,850,000	JPMorgan Chase Bank NA	0.000	12/24/07		1,828,002
1,663,000	JPMorgan Chase Bank NA	0.000	01/02/08		1,640,617
1,346,000	JPMorgan Chase Bank NA	0.000	01/08/08		1,326,752
1,105,000	JPMorgan Chase Bank NA	0.000	01/22/08		1,088,147
1,095,000	JPMorgan Chase Bank NA	0.000	02/26/08		1,073,085
1,178,000	JPMorgan Chase Bank NA	0.000	02/27/08		1,154,263
1,112,000	JPMorgan Chase Bank NA	0.000	03/05/08		1,087,666
9,000,000	Wachovia Bank NA	0.000	03/11/08		8,798,613
	TOTAL BANKERS ACCEPTANCES				35,920,412
CERTIFICATES OF DEPOSIT - 5.80%
7,000,000	American Express Bank FSB	5.780	10/03/07		7,000,004
3,400,000	American Express Bank FSB	5.060	11/02/07		3,400,030
10,000,000	Banco Bilbao Vizcaya Argentaria S.A.	5.500	12/20/07		10,007,594
3,800,000	Banco Bilbao Vizcaya Argentaria S.A.	5.400	06/04/08		3,810,417
5,895,000	Bank of Montreal	5.500	11/26/07		5,895,090
5,000,000	Canadian Imperial Bank of Commerce	5.440	10/29/07		5,000,000
5,000,000	Deutsche Bank	5.290	10/16/07		5,000,021
6,035,000	Deutsche Bank	5.390	12/17/07		6,035,127
7,135,000	Dexia Banque	5.070	11/05/07		7,135,069
5,000,000	Royal Bank of Canada	5.310	10/09/07		5,000,011
1,100,000	Royal Bank of Canada	5.600	12/12/07		1,100,022
5,000,000	Royal Bank of Scotland plc	5.410	11/05/07		5,000,000
10,000,000	UBS AG.	5.550	12/06/07		10,000,000
5,000,000	Wachovia Bank NA	5.350	10/16/07		5,000,000
	TOTAL CERTIFICATES OF DEPOSIT				79,383,385
COMMERCIAL PAPER - 80.33%
5,751,000	Abbey National North America LLC		10/04/07		5,748,496
3,000,000	Alcon Capital Corp		10/04/07		2,998,700

419

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
		MATURITY
PRINCIPAL	ISSUER	DATE		VALUE
$     20,900,000	American Express Credit Corp	10/18/07	$	20,848,580
4,346,000	American Express Credit Corp	12/18/07		4,300,990
3,585,000	American Honda Finance Corp	10/10/07		3,580,322
6,500,000	American Honda Finance Corp	11/27/07		6,445,866
1,895,000	American Honda Finance Corp	11/28/07		1,880,498
3,000,000	American Honda Finance Corp	11/29/07		2,974,040
5,315,000	Atlantis One Funding Corp	10/18/07		5,301,823
2,500,000	Bank of America Corp	10/02/07		2,499,638
4,600,000	Bank of America Corp	11/07/07		4,574,681
3,100,000	Bank of America Corp	11/08/07		3,084,876
4,300,000	Bank of America Corp	11/16/07		4,271,926
5,000,000	Bank of America Corp	11/20/07		4,962,639
7,000,000	Bank of America Corp	11/30/07		6,940,164
10,000,000	Bank of Nova Scotia	12/28/07		9,879,306
5,000,000	Barclays U.S. Funding Corp	10/05/07		4,997,078
5,790,000	Barclays U.S. Funding Corp	11/13/07		5,752,343
8,000,000	Beta Finance, Inc	10/22/07		7,975,800
430,000	Beta Finance, Inc	10/23/07		428,620
3,000,000	Beta Finance, Inc	11/26/07		2,975,617
5,000,000	BMW US Capital Corp	10/11/07		4,992,764
3,000,000	BMW US Capital Corp	10/12/07		2,995,224
4,800,000	Canadian Imperial Holding, Inc	11/13/07		4,769,126
1,635,000	Canadian Imperial Holding, Inc	11/14/07		1,624,315
10,000,000	Canadian Imperial Holding, Inc	12/07/07		9,896,708
5,000,000	CC (USA), Inc	10/23/07		4,984,124
5,000,000	CC (USA), Inc	11/01/07		4,977,852
13,780,000	Ciesco LLC	10/17/07		13,747,540
12,000,000	Ciesco LLC	10/19/07		11,967,000
10,000,000	Ciesco LLC	11/01/07		9,958,537
2,400,000	Ciesco LLC	11/08/07		2,387,430
6,755,000	Ciesco LLC	01/15/08		6,653,562
4,000,000	Citigroup Funding, Inc	10/17/07		3,990,676
8,000,000	Citigroup Funding, Inc	10/22/07		7,975,033
7,000,000	Citigroup Funding, Inc	10/31/07		6,969,550
5,000,000	Citigroup Funding, Inc	11/01/07		4,977,439
6,000,000	Citigroup Funding, Inc	12/13/07		5,934,300
6,000,000	Citigroup Funding, Inc	01/24/08		5,897,458
7,000,000	Citigroup Funding, Inc	01/25/08		6,883,839
2,200,000	Citigroup Funding, Inc	02/04/08		2,162,940
4,000,000	Coca-Cola Co	10/04/07		3,998,257
5,000,000	Coca-Cola Co	10/10/07		4,993,525
7,000,000	Coca-Cola Co	10/29/07		6,971,471
2,190,000	Coca-Cola Co	11/13/07		2,177,080
13,000,000	Coca-Cola Co	12/04/07		12,879,253
2,745,000	Coca-Cola Co	12/06/07		2,718,932
6,195,000	Colgate-Palmolive Co	11/08/07		6,160,931
4,000,000	Corporate Asset Funding Corp	10/26/07		3,986,599
7,165,000	Corporate Asset Funding Corp	11/02/07		7,131,277
9,500,000	Danske Corp	10/12/07		9,484,978
4,200,000	Danske Corp	10/30/07		4,182,254
1,500,000	Danske Corp	12/19/07		1,483,511
11,155,000	Danske Corp	12/20/07		11,021,884
10,000,000	Danske Corp	12/21/07		9,888,819

420

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
		MATURITY
PRINCIPAL	ISSUER	DATE		VALUE
$     5,000,000	Dorada Finance, Inc	10/22/07	$	4,984,688
3,875,000	Edison Asset Securitization LLC	10/02/07		3,874,436
1,887,000	Edison Asset Securitization LLC	10/09/07		1,884,799
10,000,000	Edison Asset Securitization LLC	10/24/07		9,966,490
1,000,000	Edison Asset Securitization LLC	12/03/07		990,883
3,961,000	General Electric Capital Corp	11/06/07		3,940,365
10,000,000	General Electric Capital Corp	12/17/07		9,897,975
10,000,000	General Electric Capital Corp	01/17/08		9,857,500
5,000,000	General Electric Capital Corp	01/18/08		4,928,242
9,000,000	General Electric Co	11/28/07		8,924,020
4,000,000	General Electric Co	11/29/07		3,965,649
1,050,000	Govco LLC	10/17/07		1,047,552
10,325,000	Govco LLC	10/19/07		10,297,123
7,000,000	Govco LLC	10/23/07		6,977,786
5,570,000	Govco LLC	11/20/07		5,524,357
9,540,000	Govco LLC	11/26/07		9,464,183
11,520,000	Govco LLC	12/03/07		11,402,064
3,015,000	Grampian Funding LLC	10/05/07		3,013,261
5,000,000	Grampian Funding LLC	12/14/07		4,946,650
5,000,000	Greenwich Capital Holdings, Inc	11/21/07		4,961,644
5,000,000	Greenwich Capital Holdings, Inc	12/13/07		4,947,278
5,000,000	Harley-Davidson Funding Corp	10/11/07		4,992,816
2,380,000	Harley-Davidson Funding Corp	10/15/07		2,375,226
3,000,000	HBOS Treasury Services plc	10/03/07		2,999,126
5,000,000	HBOS Treasury Services plc	10/10/07		4,993,444
10,000,000	HBOS Treasury Services plc	10/15/07		9,979,813
5,000,000	HBOS Treasury Services plc	10/29/07		4,979,817
3,000,000	HBOS Treasury Services plc	11/01/07		2,985,921
4,920,000	HBOS Treasury Services plc	11/02/07		4,896,165
19,000,000	IBM Capital, Inc	12/18/07		18,802,166
14,890,000	IBM International Group	10/30/07		14,827,388
10,850,000	IBM International Group	10/31/07		10,802,803
1,548,000	ING US Funding LLC	10/09/07		1,546,192
5,000,000	ING US Funding LLC	10/16/07		4,989,197
5,000,000	ING US Funding LLC	10/24/07		4,983,293
10,000,000	ING US Funding LLC	11/19/07		9,924,731
10,000,000	Johnson & Johnson	11/19/07		9,932,945
5,000,000	Kimberly-Clark Wordwide	10/11/07		4,992,822
5,340,000	Kitty Hawk Funding Corp	10/29/07		5,318,195
5,000,000	Kitty Hawk Funding Corp	11/26/07		4,954,500
7,550,000	Kitty Hawk Funding Corp	11/28/07		7,488,572
2,523,000	Kitty Hawk Funding Corp	12/13/07		2,492,559
5,000,000	McGraw-Hill Cos, Inc	10/10/07		4,993,462
5,000,000	McGraw-Hill Cos, Inc	10/22/07		4,984,804
2,100,000	McGraw-Hill Cos, Inc	11/01/07		2,090,579
20,000,000	McGraw-Hill Cos, Inc	11/06/07		19,895,750
5,000,000	McGraw-Hill Cos, Inc	11/14/07		4,968,161
7,955,000	Nestle Capital Corp	10/09/07		7,945,808
12,000,000	Nestle Capital Corp	11/15/07		11,920,500
3,100,000	Nestle Capital Corp	12/12/07		3,069,124
3,000,000	Nestle Capital Corp	12/19/07		2,965,438
6,000,000	Nestle Capital Corp	03/05/08		5,864,540
1,000,000	Nestle Capital Corp	03/11/08		977,095

421

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
		MATURITY
PRINCIPAL	ISSUER	DATE		VALUE
$     9,000,000	Nestle Capital Corp	03/13/08	$	8,799,920
422,000	Old Line Funding LLC	10/05/07		421,757
2,325,000	Paccar Financial Corp	10/18/07		2,319,280
4,100,000	Paccar Financial Corp	10/19/07		4,089,319
10,000,000	Paccar Financial Corp	11/09/07		9,943,207
1,890,000	Paccar Financial Corp	11/13/07		1,878,035
5,000,000	Paccar Financial Corp	11/15/07		4,967,235
4,000,000	Park Avenue Receivables Corp	10/12/07		3,993,583
2,840,000	Private Export Funding Corp	10/25/07		2,830,117
5,000,000	Private Export Funding Corp	11/09/07		4,971,617
8,000,000	Private Export Funding Corp	11/13/07		7,950,120
2,235,000	Private Export Funding Corp	11/28/07		2,216,348
7,000,000	Private Export Funding Corp	12/11/07		6,927,935
5,000,000	Private Export Funding Corp	01/14/08		4,926,646
5,000,000	Private Export Funding Corp	01/29/08		4,921,296
4,770,000	Procter & Gamble International	10/25/07		4,753,416
1,000,000	Procter & Gamble International	11/29/07		992,307
8,000,000	Procter & Gamble International	12/04/07		7,925,902
11,000,000	Procter & Gamble International	12/06/07		10,894,932
7,000,000	Procter & Gamble International	12/11/07		6,934,148
3,000,000	Procter & Gamble International	12/12/07		2,970,300
10,000,000	Procter & Gamble International	12/17/07		9,898,189
5,000,000	Rabobank USA Financial Corp	12/12/07		4,948,200
1,257,000	Ranger Funding Co LLC	10/25/07		1,252,768
2,352,000	Ranger Funding Co LLC	10/31/07		2,342,137
6,460,000	Ranger Funding Co LLC	11/27/07		6,397,403
2,525,000	Ranger Funding Co LLC	12/14/07		2,496,521
15,000,000	Ranger Funding Co LLC	12/19/07		14,832,125
1,000,000	Royal Bank of Scotland plc	11/16/07		993,249
14,000,000	Royal Bank of Scotland plc	12/14/07		13,843,155
3,325,000	Scaldis Capital LLC	10/03/07		3,324,036
3,000,000	Scaldis Capital LLC	10/23/07		2,990,699
4,666,000	Scaldis Capital LLC	10/24/07		4,650,600
5,000,000	Scaldis Capital LLC	12/17/07		4,944,228
4,600,000	Sedna Finance, Inc	10/11/07		4,593,374
10,000,000	Sedna Finance, Inc	10/25/07		9,965,067
3,000,000	Sedna Finance, Inc	10/30/07		2,987,313
7,400,000	Sedna Finance, Inc	11/30/07		7,335,883
5,000,000	Sigma Finance, Inc	11/29/07		4,957,389
4,205,000	Societe Generale North America, Inc	10/01/07		4,205,000
6,950,000	Societe Generale North America, Inc	10/09/07		6,941,924
4,700,000	Societe Generale North America, Inc	11/05/07		4,676,276
1,500,000	Societe Generale North America, Inc	11/13/07		1,490,705
5,000,000	Societe Generale North America, Inc	12/27/07		4,939,172
6,000,000	Svensk Exportkredit AB	10/11/07		5,991,292
10,000,000	Svensk Exportkredit AB	10/26/07		9,963,819
10,460,000	Svensk Exportkredit AB	12/05/07		10,359,526
7,000,000	Svensk Exportkredit AB	12/10/07		6,931,224
5,000,000	Svensk Exportkredit AB	12/12/07		4,947,350
235,000	Svensk Exportkredit AB	01/14/08		231,744
3,715,000	Toronto-Dominion Holdings	10/17/07		3,706,371
5,000,000	Toronto-Dominion Holdings	10/18/07		4,987,651
5,000,000	Toyota Motor Credit Corp	10/10/07		4,993,469

422

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
		MATURITY
PRINCIPAL	ISSUER	DATE		VALUE
$     9,000,000	Toyota Motor Credit Corp	10/15/07	$	8,981,730
5,500,000	Toyota Motor Credit Corp	10/17/07		5,487,216
10,000,000	Toyota Motor Credit Corp	12/27/07		9,884,483
7,950,000	Toyota Motor Credit Corp	01/14/08		7,828,498
7,190,000	Toyota Motor Credit Corp	01/16/08		7,088,491
2,000,000	UBS Finance (Delaware) LLC	10/02/07		1,999,708
5,300,000	UBS Finance (Delaware) LLC	10/12/07		5,291,528
2,400,000	UBS Finance (Delaware) LLC	10/23/07		2,392,373
2,900,000	UBS Finance (Delaware) LLC	11/02/07		2,886,460
5,000,000	UBS Finance (Delaware) LLC	11/05/07		4,972,753
2,500,000	UBS Finance (Delaware) LLC	11/26/07		2,478,883
5,890,000	UBS Finance (Delaware) LLC	12/12/07		5,827,330
2,000,000	UBS Finance (Delaware) LLC	12/17/07		1,977,071
2,045,000	UBS Finance (Delaware) LLC	12/31/07		2,016,957
5,000,000	UBS Finance (Delaware) LLC	01/11/08		4,922,154
5,430,000	Unilever Capital Corp	11/16/07		5,393,435
3,000,000	Variable Funding Capital Corp	10/01/07		3,000,000
6,210,000	Variable Funding Capital Corp	10/16/07		6,196,429
10,425,000	Wal-Mart Stores, Inc	10/10/07		10,411,425
3,540,000	Wal-Mart Stores, Inc	10/16/07		3,532,330
1,480,000	Wal-Mart Stores, Inc	10/23/07		1,475,288
10,000,000	Wal-Mart Stores, Inc	10/30/07		9,958,568
5,000,000	Wal-Mart Stores, Inc	11/13/07		4,973,733
4,600,000	Wal-Mart Stores, Inc	12/18/07		4,552,483
2,800,000	Washington Gas Light Co	10/02/07		2,799,631
3,000,000	Yorktown Capital LLC	10/26/07		2,989,423
5,000,000	Yorktown Capital LLC	11/08/07		4,968,861
5,000,000	Yorktown Capital LLC	11/16/07		4,967,417
3,000,000	Yorktown Capital LLC	12/03/07		2,971,387
9,250,000	Yorktown Capital LLC	12/11/07		9,147,839
3,000,000	Yorktown Capital LLC	12/19/07		2,966,491
4,500,000	Yorktown Capital LLC	12/21/07		4,440,060
	TOTAL COMMERCIAL PAPER			1,099,501,802
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 6.41%
4,640,000	Federal Home Loan Bank (FHLB)	10/26/07		4,624,147
5,000,000	Federal Home Loan Bank (FHLB)	11/07/07		4,974,871
5,000,000	Federal Home Loan Bank (FHLB)	11/20/07		4,967,834
4,845,000	Federal Home Loan Bank (FHLB)	11/23/07		4,809,478
3,500,000	Federal Home Loan Bank (FHLB)	12/14/07		3,465,175
6,968,000	Federal Home Loan Mortgage Corp (FHLMC)	10/15/07		6,954,180
675,000	Federal Home Loan Mortgage Corp (FHLMC)	10/16/07		673,594
4,000,000	Federal Home Loan Mortgage Corp (FHLMC)	10/29/07		3,984,756
12,950,000	Federal Home Loan Mortgage Corp (FHLMC)	11/19/07		12,862,397
7,000,000	Federal Home Loan Mortgage Corp (FHLMC)	12/07/07		6,938,248
5,000,000	Federal Home Loan Mortgage Corp (FHLMC)	02/19/08		4,905,988
2,625,000	Federal National Mortgage Association (FNMA)	10/26/07		2,615,885
789,000	Federal National Mortgage Association (FNMA)	10/31/07		785,637
10,000,000	Federal National Mortgage Association (FNMA)	11/07/07		9,947,743
8,820,000	Federal National Mortgage Association (FNMA)	11/14/07		8,767,340
2,000,000	Federal National Mortgage Association (FNMA)	12/14/07		1,979,238
4,590,000	Federal National Mortgage Association (FNMA)	01/02/08		4,530,120
	TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES			87,786,631

423

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
VARIABLE NOTES - 3.66% ( i )
$     12,000,000		PNC Bank NA	5.069%	01/02/08	$	11,999,236
10,000,000		Suntrust Bank	5.119	01/28/08		10,000,922
8,000,000		US Bank NA	5.099	11/30/07		8,000,059
6,000,000		US Bank NA	5.735	12/05/07		6,000,179
4,160,000		US Bank NA	5.755	02/08/08		4,159,696
9,890,000		Wells Fargo & Co	5.870	03/10/08		9,890,367
		TOTAL VARIABLE NOTES				50,050,459
		TOTAL SHORT-TERM INVESTMENTS				1,367,642,689
		(Cost $1,367,642,689)
		TOTAL PORTFOLIO - 99.92%				1,367,642,689
		(Cost $1,367,642,689)
		OTHER ASSETS & LIABILITIES, NET - 0.08%				1,098,469
		NET ASSETS - 100.00%			$	1,368,741,158
	i	Floating rate or variable rate securities reflects the rate at September 30, 2007.

424

TIAA-CREF LIFECYCLE FUNDS - 2010 Fund
TIAA-CREF LIFECYCLE FUNDS
2010 FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES	COMPANY		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 99.16% (a)
6,472,499	TIAA-CREF Institutional Bond Fund	$	64,336,644
5,495,300	TIAA-CREF Institutional Growth Equity Fund		48,853,219
881,331	TIAA-CREF Institutional High-Yield Fund II		8,760,432
2,757,080	TIAA-CREF Institutional Inflation-Linked Bond Fund		27,901,649
2,408,971	TIAA-CREF Institutional International Equity Fund		36,086,392
2,823,549	TIAA-CREF Institutional Large-Cap Value Fund		48,056,807
1,460,650	TIAA-CREF Institutional Short-Term Bond Fund II		14,664,931
568,530	TIAA-CREF Institutional Small-Cap Equity Fund		8,772,411
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		257,432,485
	(Cost $245,134,920)
	TOTAL PORTFOLIO - 99.16%		257,432,485
	(Cost $245,134,920)
	OTHER ASSETS & LIABILITIES, NET - 0.84%		2,178,064
	NET ASSETS - 100.00%	$	259,610,549

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

1

TIAA-CREF LIFECYCLE FUNDS - 2015 Fund
TIAA-CREF LIFECYCLE FUNDS
2015 FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES	COMPANY		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 99.20% (a)
4,717,102	TIAA-CREF Institutional Bond Fund	$	46,887,996
4,920,175	TIAA-CREF Institutional Growth Equity Fund		43,740,356
711,501	TIAA-CREF Institutional High-Yield Fund II		7,072,325
1,481,542	TIAA-CREF Institutional Inflation-Linked Bond Fund		14,993,209
2,164,136	TIAA-CREF Institutional International Equity Fund		32,418,753
2,568,329	TIAA-CREF Institutional Large-Cap Value Fund		43,712,954
623,917	TIAA-CREF Institutional Short-Term Bond Fund II		6,264,130
521,009	TIAA-CREF Institutional Small-Cap Equity Fund		8,039,166
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		203,128,889
	(Cost $191,906,775)
	TOTAL PORTFOLIO - 99.20%		203,128,889
	(Cost $191,906,775)
	OTHER ASSETS & LIABILITIES, NET - 0.80%		1,642,437
	NET ASSETS - 100.00%	$	204,771,326

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

2

TIAA-CREF LIFECYCLE FUNDS - 2020 Fund
TIAA-CREF LIFECYCLE FUNDS
2020 FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES	COMPANY		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 98.91% (a)
4,019,837	TIAA-CREF Institutional Bond Fund	$	39,957,181
4,904,642	TIAA-CREF Institutional Growth Equity Fund		43,602,271
726,493	TIAA-CREF Institutional High-Yield Fund II		7,221,339
426,971	TIAA-CREF Institutional Inflation-Linked Bond Fund		4,320,946
2,165,983	TIAA-CREF Institutional International Equity Fund		32,446,433
2,552,774	TIAA-CREF Institutional Large-Cap Value Fund		43,448,211
143,036	TIAA-CREF Institutional Short-Term Bond Fund II		1,436,080
531,678	TIAA-CREF Institutional Small-Cap Equity Fund		8,203,787
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		180,636,248
	(Cost $170,122,773)
	TOTAL PORTFOLIO - 98.91%		180,636,248
	(Cost $170,122,773)
	OTHER ASSETS & LIABILITIES, NET - 1.09%		1,987,517
	NET ASSETS - 100.00%	$	182,623,765

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

3

TIAA-CREF LIFECYCLE FUNDS - 2025 Fund
TIAA-CREF LIFECYCLE FUNDS
2025 FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES	COMPANY		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 98.77% (a)
2,525,490	TIAA-CREF Institutional Bond Fund	$	25,103,367
4,371,444	TIAA-CREF Institutional Growth Equity Fund		38,862,141
574,387	TIAA-CREF Institutional High-Yield Fund II		5,709,405
2,913	TIAA-CREF Institutional Inflation-Linked Bond Fund		29,478
1,918,178	TIAA-CREF Institutional International Equity Fund		28,734,301
2,257,307	TIAA-CREF Institutional Large-Cap Value Fund		38,419,363
460,879	TIAA-CREF Institutional Small-Cap Equity Fund		7,111,365
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		143,969,420
	(Cost $135,072,649)
	TOTAL PORTFOLIO - 98.77%		143,969,420
	(Cost $135,072,649)
	OTHER ASSETS & LIABILITIES, NET - 1.23%		1,794,320
	NET ASSETS - 100.00%	$	145,763,740

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

4

TIAA-CREF LIFECYCLE FUNDS - 2030 Fund
TIAA-CREF LIFECYCLE FUNDS
2030 FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES	COMPANY		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 98.39% (a)
1,230,345	TIAA-CREF Institutional Bond Fund	$	12,229,629
4,282,048	TIAA-CREF Institutional Growth Equity Fund		38,067,407
515,424	TIAA-CREF Institutional High-Yield Fund II		5,123,316
3	TIAA-CREF Institutional Inflation-Linked Bond Fund		29
1,877,978	TIAA-CREF Institutional International Equity Fund		28,132,112
2,226,339	TIAA-CREF Institutional Large-Cap Value Fund		37,892,294
451,048	TIAA-CREF Institutional Small-Cap Equity Fund		6,959,666
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		128,404,453
	(Cost $119,723,127)
	TOTAL PORTFOLIO - 98.39%		128,404,453
	(Cost $119,723,127)
	OTHER ASSETS & LIABILITIES, NET - 1.61%		2,098,492
	NET ASSETS - 100.00%	$	130,502,945

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

5

TIAA-CREF LIFECYCLE FUNDS - 2035 Fund
TIAA-CREF LIFECYCLE FUNDS
2035 FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES	COMPANY		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 98.13% (a)
648,633	TIAA-CREF Institutional Bond Fund	$	6,447,415
3,503,624	TIAA-CREF Institutional Growth Equity Fund		31,147,214
399,686	TIAA-CREF Institutional High-Yield Fund II		3,972,875
790	TIAA-CREF Institutional Inflation-Linked Bond Fund		7,994
1,530,687	TIAA-CREF Institutional International Equity Fund		22,929,684
1,832,712	TIAA-CREF Institutional Large-Cap Value Fund		31,192,756
376,452	TIAA-CREF Institutional Small-Cap Equity Fund		5,808,659
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		101,506,597
	(Cost $94,580,917)
	TOTAL PORTFOLIO - 98.13%		101,506,597
	(Cost $94,580,917)
	OTHER ASSETS & LIABILITIES, NET - 1.87%		1,938,964
	NET ASSETS - 100.00%	$	103,445,561

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

6

TIAA-CREF LIFECYCLE FUNDS - 2040 Fund
TIAA-CREF LIFECYCLE FUNDS
2040 FUND
STATEMENT OF INVESTMENTS
September 30, 2007
SHARES	COMPANY		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 98.07% (a)
854,604	TIAA-CREF Institutional Bond Fund	$	8,494,762
4,899,197	TIAA-CREF Institutional Growth Equity Fund		43,553,864
569,578	TIAA-CREF Institutional High-Yield Fund II		5,661,603
3,069	TIAA-CREF Institutional Inflation-Linked Bond Fund		31,060
2,146,762	TIAA-CREF Institutional International Equity Fund		32,158,492
2,561,252	TIAA-CREF Institutional Large-Cap Value Fund		43,592,507
526,662	TIAA-CREF Institutional Small-Cap Equity Fund		8,126,399
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		141,618,687
	(Cost $132,348,268)
	TOTAL PORTFOLIO - 98.07%		141,618,687
	(Cost $132,348,268)
	OTHER ASSETS & LIABILITIES, NET - 1.93%		2,791,077
	NET ASSETS - 100.00%	$	144,409,764

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

7

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

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

     (b) There were no changes in the Registrant’s internal controls over financial reporting that occurred during the Registrant's second fiscal half-year that materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

12(a)(i) Copy of current SOX code of ethics
12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

		TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
Date:	May 28, 2008	By: /s/ Scott C. Evans
		Scott C. Evans
		Principal Executive Officer and 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:	May 28, 2008	By: /s/ Scott C. Evans
		Scott C. Evans
		Principal Executive Officer and President
		(principal executive officer)

Date:	May 28, 2008	By: /s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics
12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer

EX-99.CODE ETH

Untitled Document

EX-99.CERT

Exhibit 99.(302)Cert 12(a)(2)(i)

CERTIFICATION

I, Scott C. Evans, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

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

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

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

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

Date:	May 28, 2008	By:	/s/ Scott C. Evans
			Scott C. Evans
			Principal Executive Officer and President
			(principal executive officer)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Phillip G. Goff, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

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

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

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

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

Date:	May 28, 2008	By:	/s/ Phillip G. Goff
			Phillip G. Goff
			Principal Financial Officer, Principal Accounting
			Officer and Treasurer
			(principal financial officer)

EX-99.906CERT

Exhibit 99.906 Cert 12(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

     Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the TIAA-CREF Institutional Mutual Funds does hereby certify, to such officer’s knowledge, that:

The annual report on Form N-CSR of the TIAA-CREF Institutional Mutual Funds (the “Funds”) for the twelve months ended September 30, 2007 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Funds.

Dated:  May 28, 2008	By:	/s/Scott C. Evans
		Scott C. Evans
		Principal Executive Officer and President
		(principal executive officer)

Dated:  May 28, 2008	By:	/s/Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)