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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS
(Exact name of Registrant as specified in charter)
(formerly, the TIAA-CREF Institutional Mutual Funds)

730 Third Avenue, New York, New York 10017-3206
(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, 2008

Item 1. Reports to Stockholders.

2008 ANNUAL REPORT

TIAA-CREF
INSTITUTIONAL MUTUAL FUNDS

SEPTEMBER 30, 2008

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

Enhanced International Equity Index

Enhanced Large-Cap Growth Index

Enhanced Large-Cap Value 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

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 period that ended September 30, 2008. The report contains five main sections:

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

• The report to investors from Edward Grzybowski, the chief investment officer of Teachers Advisors, Inc., the funds’ investment adviser, explains how returns from the major asset classes differed over 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 fund statistics at a glance, as well as detailed information about portfolio composition, expenses and risks.

• The summary portfolios of investments list the types of securities and industries in which each fund had investments as of September 30, 2008, and the largest individual holdings the fund held on that date.

• The financial statements contain 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 tiaa-cref.org, or call 800 842-2776 for the Institutional or Retirement classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

PERFORMANCE OVERVIEW AS OF SEPTEMBER 30, 2008

The performance of some of the TIAA-CREF Institutional Mutual Funds may have been adversely affected by recent market conditions subsequent to the period covered by this report. Please visit tiaa-cref.org for current performance information.

	Total return			Average annual total return
Fund Class (inception)	1 year			5 years			since fund inception
EQUITIES
Growth Equity Fund
Institutional Class (7/1/99)*		–21.00	%		4.21	%		–3.43	%
Growth & Income Fund
Institutional Class (7/1/99)*		–17.64			8.05			0.98
Retirement Class (10/1/02)*		–17.82			7.73			0.78	†
Retail Class (3/31/06)		–17.78			8.06	†		0.99	†
International Equity Fund‡
Institutional Class (7/1/99)*		–33.50			10.07			4.37
Retirement Class (10/1/02)*		–33.64			9.48			4.00	†
Retail Class (3/31/06)		–33.62			10.47	†		4.57	†
Large-Cap Growth Fund
Institutional Class (3/31/06)		–21.14			—			–1.86
Retirement Class (3/31/06)		–21.45			—			–2.15
Retail Class (3/31/06)		–21.40			—			–2.06
Large-Cap Value Fund
Institutional Class (10/1/02)*		–26.78			6.66			9.16
Retirement Class (10/1/02)*		–26.99			6.35			8.91
Retail Class (10/1/02)*		–26.87			6.48			8.96
Mid-Cap Growth Fund
Institutional Class (10/1/02)*		–24.33			6.67			11.40
Retirement Class (10/1/02)*		–24.56			6.36			11.08
Retail Class (10/1/02)*		–24.46			6.42			11.12
Mid-Cap Value Fund
Institutional Class (10/1/02)*		–22.03			11.20			14.16
Retirement Class (10/1/02)*		–22.25			10.86			13.82
Retail Class (10/1/02)*		–22.09			10.96			13.91
Small-Cap Equity Fund‡
Institutional Class (10/1/02)*		–15.23			7.20			11.39
Retirement Class (10/1/02)*		–15.39			6.91			11.08
Retail Class (10/1/02)*		–15.37			7.04			11.23
Large-Cap Growth Index Fund
Institutional Class (10/1/02)*		–20.96			3.59			6.31
Retirement Class (10/1/02)*		–21.13			3.30			5.99
Large-Cap Value Index Fund
Institutional Class (10/1/02)*		–23.58			6.99			9.03
Retirement Class (10/1/02)*		–23.77			6.69			8.71
	Total return			Average annual total return
Fund Class (inception)	1 year			5 years			since fund inception
Equity Index Fund
Institutional Class (7/1/99)*		–21.43	%		5.64	%		0.59	%
Retirement Class (3/31/06)		–21.71			5.52	†		0.53	†
Retail Class (3/31/06)		–21.53			5.59	†		0.56	†
S&P 500 Index Fund
Institutional Class (10/1/02)*		–21.93			5.09			7.34
Retirement Class (10/1/02)*		–22.11			4.77			7.02
Mid-Cap Growth Index Fund
Institutional Class (10/1/02)*		–24.41			6.45			10.83
Retirement Class (10/1/02)*		–24.55			6.14			10.50
Mid-Cap Value Index Fund
Institutional Class (10/1/02)*		–20.38			9.90			12.27
Retirement Class (10/1/02)*		–20.60			9.59			11.94
Mid-Cap Blend Index Fund
Institutional Class (10/1/02)*		–22.20			8.54			11.73
Retirement Class (10/1/02)*		–22.40			8.22			11.40
Small-Cap Growth Index Fund‡
Institutional Class (10/1/02)*		–16.66			6.63			11.53
Retirement Class (10/1/02)*		–16.82			7.55			12.27
Small-Cap Value Index Fund‡
Institutional Class (10/1/02)*		–11.82			9.48			12.54
Retirement Class (10/1/02)*		–12.08			9.22			12.27
Small-Cap Blend Index Fund‡
Institutional Class (10/1/02)*		–14.07			8.15			12.10
Retirement Class (10/1/02)*		–14.34			7.87			11.81
International Equity Index Fund‡
Institutional Class (10/1/02)*		–29.23			10.04			12.40
Retirement Class (10/1/02)*		–29.44			9.71			12.05
						Total return
						since inception
Enhanced International Equity Index Fund‡
Institutional Class (11/30/07)								–31.42	%
Enhanced Large-Cap Growth Index Fund
Institutional Class (11/30/07)								–19.95
Enhanced Large-Cap Value Index Fund
Institutional Class (11/30/07)								–19.51

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
Enhanced International Equity Index Fund	44

Enhanced Large-Cap Growth Index Fund		46
Enhanced Large-Cap Value Index Fund		48
Social Choice Equity Fund		50
Real Estate Securities Fund		52
Managed Allocation Fund II		54
Bond Fund		56
Bond Plus Fund II		58
Short-Term Bond Fund II		60
High-Yield Fund II		62
Tax-Exempt Bond Fund II		64
Inflation-Linked Bond Fund		66
Money Market Fund		68
Summary portfolios of investments		70
Financial statements
Statements of assets and liabilities		138
Statements of operations		144
Statements of changes in net assets		150
Financial highlights		161
Notes to financial statements		210
Report of independent registered public accounting firm		221
Management		222
Approval of investment management agreements		225
Important tax information		232
How to reach us	Inside back cover

	Total return			Average annual total return
Fund Class (inception)	1 year			5 years			since fund inception
Social Choice Equity Fund
Institutional Class (7/1/99)*		–18.81	%		6.06	%		0.75	%
Retirement Class (10/1/02)*		–19.02			5.70			0.52	†
Retail Class (3/31/06)		–18.81			6.01	†		0.72	†
Real Estate Securities Fund
Institutional Class (10/1/02)*		–13.54			11.56			14.60
Retirement Class (10/1/02)*		–13.76			11.36			14.43
Retail Class (10/1/02)*		–13.66			11.43			14.45
EQUITIES AND FIXED INCOME
Managed Allocation Fund II
Institutional Class (3/31/06)		–16.92			—			–1.04
Retirement Class (3/31/06)		–17.10			—			–1.30
Retail Class (3/31/06)		–16.89			—			–1.05
FIXED INCOME
Bond Fund
Institutional Class (7/1/99)*		2.06			3.29			5.55
Retirement Class (3/31/06)		1.87			3.17	†		5.48	†
Retail Class (3/31/06)		2.08			3.24	†		5.52	†
Bond Plus Fund II
Institutional Class (3/31/06)		–1.18			—			2.60
Retirement Class (3/31/06)		–1.49			—			2.38
Retail Class (3/31/06)		–1.26			—			2.52
Short-Term Bond Fund II
Institutional Class (3/31/06)		1.88			—			3.83
Retirement Class (3/31/06)		1.56			—			3.57
Retail Class (3/31/06)		1.71			—			3.72
High-Yield Fund II‡
Institutional Class (3/31/06)		–8.15			—			0.67
Retirement Class (3/31/06)		–8.45			—			0.39
Retail Class (3/31/06)		–8.28			—			0.60
Tax-Exempt Bond Fund II
Institutional Class (3/31/06)		–0.87			—			2.45
Retail Class (3/31/06)		–0.90			—			2.39
Inflation-Linked Bond Fund
Institutional Class (10/1/02)*		6.20			4.97			5.38
Retirement Class (3/31/06)		5.95			4.90	†		5.32	†
Retail Class (10/1/02)*		6.11			4.84			5.25
	Total return			Average annual total return
Fund Class (inception)	1 year			5 years			since fund inception
MONEY MARKET FUND§
Institutional Class (7/1/99)*		3.51	%		3.46	%		3.57	%
Retirement Class (3/31/06)		3.25			3.34	†		3.50	†
Retail Class (3/31/06)		3.43			3.42	†		3.54	†
Net annualized yield
(7-day period ended 9/30/08)				current			effective
Money Market Fund§ – Institutional Class					2.51	%		2.54	%
Money Market Fund§ – Retirement Class					2.26			2.29
Money Market Fund§ – Retail Class					2.42			2.44

*	The performance shown is computed from the inception date (the date on which the class became publicly available) of the Institutional, Retirement or Retail Class (as applicable). Previously, performance for these classes 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 the prospectus for details.
§	Investments in the TIAA-CREF Institutional Money Market Fund are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency (not including the fund’s participation in the U.S. Treasury Department’s Temporary Guarantee Program for Money Market Funds). Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The current yield more closely reflects current earnings than does the total return.
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

MORE INFORMATION FOR INVESTORS

PORTFOLIO HOLDINGS

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. The funds file complete portfolio listings with the SEC and they are available to the public.

          You can obtain a complete list of the TIAA-CREF Institutional Mutual Funds’ holdings (called “TIAA-CREF Institutional Mutual Funds Schedules of Investments”) as of the most recently completed fiscal quarter (currently for the period ended September 30, 2008) in the following ways:

• By visiting our website at tiaa-cref.org; or

• By calling us 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 sec.gov; or

• At the SEC’s Public Reference Room. (Call 202 551-8090 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 on our website at tiaa-cref.org or on the SEC’s website at sec.gov. You can 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 on our website or on Form N-PX at sec.gov.

CONTACTING TIAA-CREF

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

FUND MANAGEMENT

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

2 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

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

REPORT TO INVESTORS

After delivering outsized gains during the previous twelve-month period, both U.S. and foreign stocks posted losses for the twelve months ended September 30, 2008. The Russell 3000^® Index, which measures the broad U.S. market, declined 21.5%, while the MSCI EAFE^® Index, which measures 21 foreign markets, dropped 30.5% in terms of dollars.

          The decline among U.S. stocks was broad-based, with eleven of the twelve industry sectors of the Russell 3000 recording double-digit losses. The index is dominated by three sectors—financials, technology and consumer discretionary—that make up more than 40% of its total market value. During the period, these sectors fell 33.5%, 23.4% and 20.4%, respectively.

Bonds gain as investors seek safety

During the period, continued turbulence in the mortgage-backed securities market and the failure of Lehman Brothers, one of the world’s leading investment banks, sent many investors seeking the safety of investment-grade bonds.

          The Lehman Brothers U.S. Aggregate Index, which measures the performance of investment-grade bonds, returned 3.7% for the twelve months, while the Lehman Brothers U.S. Treasury Inflation-Protected Securities Index returned 6.2%.

          Three of our six fixed-income funds scored gains, with positive returns for the Institutional Class ranging from 1.9% for the Short-Term Bond Fund II to 6.2% for the Inflation-Linked Bond Fund. The Tax-Exempt Bond Fund II posted a loss of 0.9%, and the Bond Plus Fund II lost 1.2%. The High-Yield Fund II recorded a loss of 8.2%, but that was smaller than the loss of any of our funds that invest in stocks.

          Returns for the 21 equity funds that were in operation for the full period (three funds were launched on November 30, 2007) varied from –33.5% for the International Equity Fund to –13.5% for the Real Estate Securities Fund.

          The Managed Allocation Fund II posted a return of –16.9%, while the Social Choice Equity Fund, which screens investments based on certain social criteria, returned –18.8%.

Small-cap stocks hold up best

Economic growth in the United States slowed dramatically, from 4.9% in the third quarter of 2007 to –0.3% in the third quarter of 2008. In response to the economic slowdown, the Federal Reserve cut the federal funds rate six times during the period, reducing it from 4.75% to 2.00%. The Fed also addressed problems in the credit market by making more cash available in a number of ways.

          Economic downturns normally favor large-cap companies, which are generally better able to withstand them. During the first half of the period, stocks of large caps did hold up better than small- and mid-cap stocks. However, as the credit crisis deepened, large-cap stocks also underperformed.

          For the twelve months, the small-cap stocks of the Russell 2000^® Index lost 14.5%, while the Russell Midcap^® Index declined 22.4% and the Russell 1000^® Index, which measures large-cap stocks, declined 22.1%.

          Many of the large-cap companies that performed best either received the majority of their revenues from overseas, as Microsoft does (its stock lost just 8.1%), or provided staple consumer products, which sell well even in a recession. Of the five largest stocks in the Russell 3000, only Procter & Gamble and Johnson & Johnson posted gains (1.3% and 8.2%, respectively).

Government guarantees money market funds

On September 29, 2008, the U.S. Department of the Treasury established a voluntary program to guarantee eligible money market funds. Our Money Market Fund is participating in the government’s program, which insures assets held in participating funds as of the close of business on September 19, 2008. The program will exist for three months, after which the Secretary of the Treasury has the option of extending it for up to an additional nine months. Please see page 69 of this report. Further details about the program can be found at treas.gov and in the funds’ prospectus.

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

TIAA-CREF Institutional Mutual Funds § 2008 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, 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 relative forecasted growth rates and price/book ratios.

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 relative forecasted growth rates and price/book ratios.

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 relative forecasted growth rates and price/book ratios.

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 relative forecasted growth rates and price/book ratios.

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 relative forecasted growth rates and price/book ratios.

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 relative forecasted growth rates and price/book ratios.

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 market weighted, 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 total 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+, 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 whose payments are adjusted 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 Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. EAFE is a trademark of MSCI, Inc. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.

4 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

SPECIAL TERMS

Agency securities are bonds issued by U.S. government–backed 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 the 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 short-term debt obligations issued to investors by banks, corporations or other borrowers. Maturities range from 1 to 270 days.

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

Expense ratio is a measure of the annual amount that investors pay for the management of a mutual fund. It is expressed as a percentage of the fund’s average net assets and does not include front-end or back-end sales charges, if any, or trading costs.

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.

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

Price/earnings (P/E) ratio is calculated by dividing the market value of a portfolio’s assets by its earnings per share over a twelve-month 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 U.S. 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, 2008, and held for six months until September 30, 2008.

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 expenses based on the fund’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the fund’s actual return.

          This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in this fund with the costs of other funds. To do so, compare our 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 5

GROWTH EQUITY FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, growth investing risk, style risk, large-cap risk, reorganization risk and foreign investment risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol Institutional Class	TIEQX
Fund net assets	$276.88 million
Number of holdings	76
Portfolio turnover rate	224	%
Weighted median market capitalization	$31.9 billion
P/E ratio (weighted 12-month trailing average)	19.1
Dividend yield	1.04	%
PORTFOLIO COMPOSITION
	% of portfolio investments
Technology	36.1
Consumer products & services	17.9
Health care	14.5
Financial	12.7
Manufacturing & materials	12.2
Energy	6.6
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Growth Equity Fund returned –21.00% for the Institutional Class, compared with the –20.88% return of its benchmark, the Russell 1000^® Growth Index, and the –23.22% average return of the fund’s peer group, the Morningstar Large Growth category.

Large-cap growth fares better than the broad market

During the twelve-month period, the large-cap growth category held up slightly better than the broad U.S. stock market, which fell 21.52%, as measured by the Russell 3000^® Index. Large-cap value issues declined 23.56% for the twelve-month period. Large-cap growth stocks outpaced the –24.65% return of mid-cap growth issues but lagged the –17.07% return of small-cap growth stocks. (Investment-style and capitalization-size returns are based on the Russell indexes.)

          Over the last decade, large-cap growth stocks significantly lagged value issues in the same size category. For the ten years ended September 30, 2008, the Russell 1000 Growth Index posted an average annual return of 0.59%—nearly five percentage points less than the 5.55% average annual return of the Russell 1000 Value Index. The broader Russell 3000 Index posted an average annual return of 3.80% over the same period.

Declines in largest sectors drive down the benchmark

For the period, all twelve sectors of the Russell 1000 Growth Index recorded negative returns, with eleven showing double-digit declines. The benchmark’s two largest sectors in terms of market capitalization—technology and consumer discretionary—were the largest detractors from performance.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Growth Equity Fund	1 year			5 years			since inception
Institutional Class (inception: 7/1/1999)*		–21.00	%		4.21	%		–3.43	%
Russell 1000 Growth Index†		–20.88			3.73			–3.03
Morningstar Large Growth		–23.22			3.96			–1.28

Total annual fund operating expenses: Institutional Class, 0.15%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional Class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

6 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

          Technology, which made up more than 20% of the benchmark at the end of the period, fell 21.8%. The consumer discretionary and “other energy” sectors dropped 20.8% and 22.2%, respectively. Consumer staples, the best-performing sector in the index, declined 3.2%, as consumer confidence and spending pulled back over the past twelve months.

Stock selections dampen the fund’s relative return

The fund modestly underperformed its benchmark because of several stock selections that resulted in outsized losses. These included overweight positions in energy contractor Nabors Industries, drugmaker Merck and energy provider Denbury Resources. A nonbenchmark position in Norwegian solar energy company Renewable Energy also trimmed returns.

          The largest positive contributor to relative performance was an overweight position in agricultural giant Monsanto. Other favorable overweights included broker Charles Schwab and telecom company Qualcomm. A nonbenchmark position in Israel’s Teva Pharmaceuticals also aided returns.

          On September 30, 2008, foreign securities made up 9.54% 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 $7,240 as of September 30, 2008, 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, 2008
Growth Equity Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	872.00		$ 0.70
5% annual
hypothetical return
Institutional Class		1,000.00		1,024.25		0.76

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.15% for the Institutional Class. The expense charge of this fund reflects a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would have been higher and its performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	77.63
$4 billion–$15 billion	21.05
Under $4 billion	1.32
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 7

GROWTH & INCOME FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, growth investing risk, style risk, large-cap risk and foreign investment risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TIGRX
Retirement Class	TRGIX
Retail Class	TIIRX
Fund net assets	$985.41 million
Number of holdings	146
Portfolio turnover rate	132%
Weighted median market capitalization	$48.1 billion
P/E ratio (weighted 12-month trailing average)	16.4
Dividend yield	2.13%
PORTFOLIO COMPOSITION
	% of portfolio investments
Consumer products & services	20.4
Technology	19.5
Financial	16.3
Health care	14.6
Manufacturing & materials	13.5
Energy	11.6
Utilities	3.4
Short-term investments	0.7
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Growth & Income Fund returned –17.64% for the Institutional Class, compared with the –21.98% return of its benchmark, the S&P 500^® Index, and the –22.45% 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.

Large-cap stocks lag the broader market in a declining environment

During the twelve months, the large-cap stocks that made up the S&P 500 Index posted a double-digit loss that was slightly greater than the 21.52% decline of the U.S. stock market, as measured by the Russell 3000^® Index.

          For the first six months of this reporting period, the return of large-cap issues (down 12.46%) was essentially in line with that of the broad market (down 12.54%) amid a challenging environment for stocks. During the second half of the period, however, the S&P 500 fell 10.87% and lagged the Russell 3000, which shed 10.27% of its value. This disparity in returns was largely the result of stronger performance from small-cap stocks, which slipped only 0.54% in the second half and made up nearly 8% of the Russell index at the end of the period. The S&P 500 included fewer small-cap stocks.

          For the ten years ended September 30, 2008, the S&P 500 produced an average annual gain of 3.06%—less than the 3.80% average return of the Russell 3000 over the same period.

Weakness in financials and technology drives a broad sector decline

During the year, all ten of the S&P 500’s industry sectors posted negative returns, including nine that suffered double-digit losses. Continued weakness

PERFORMANCE AS OF SEPTEMBER 30, 2008

	Total return			Average annual total return
Growth & Income Fund	1 year			5 years			since fund inception
Institutional Class (inception: 7/1/1999)*		–17.64	%		8.05	%		0.98	%
S&P 500 Index†		–21.98			5.16			–0.15
Morningstar Large Blend		–22.45			4.84			0.60
Retirement Class (inception: 10/1/2002)*		–17.82			7.73			0.78	‡
Retail Class (inception: 3/31/2006)		–17.78			8.06	‡		0.99	‡

Total annual fund operating expenses: Institutional Class, 0.50%; Retirement Class, 0.75%; and Retail Class, 0.87%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

8 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

in the benchmark’s two biggest sectors—financials (down 41.4%) and information technology (down 24.0%)—contributed significantly to its poor showing. Combined, these sectors made up more than 30% of the benchmark’s total market capitalization as of September 30, 2008.

          Steep losses from the industrials and consumer discretionary sectors, which together accounted for nearly one-fifth of the benchmark at the end of the period, also detracted from performance. The consumer staples sector held up best, falling only 1.7%.

Stock selections keep the fund above its benchmark

Despite the market’s downturn, the fund outperformed its benchmark by more than four percentage points because of several nonbenchmark stock selections. These included Mosaic, one of the world’s largest fertilizer producers, First Solar, a maker of large-scale, grid-connected solar power plants, and Activision Blizzard, a video game maker. An underweight position in financial institution Wachovia also contributed to the fund’s relative outperformance.

          These positive contributions were partly offset by other holdings, including overweight positions in three financial companies: Fannie Mae, Bear Stearns and Morgan Stanley. An underweight in Chevron also trimmed returns.

          On September 30, 2008, foreign securities made up 5.32% 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 $10,947 as of September 30, 2008, 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, 2008

Growth & Income Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	896.60		$ 1.56
Retirement Class		1,000.00		896.40		2.56
Retail Class		1,000.00		896.60		2.18
5% annual hypothetical return
Institutional Class		1,000.00		1,023.35		1.67
Retirement Class		1,000.00		1,022.30		2.73
Retail Class		1,000.00		1,022.70		2.33

*

“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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.33% for the Institutional Class, 0.54% for the Retirement Class and 0.46% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver and reimbursement, one of which expired on April 30, 2008. Please see the prospectus for an explanation. Without any such waiver and reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	80.82
$4 billion–$15 billion	10.91
Under $4 billion	8.27
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 9

INTERNATIONAL EQUITY FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, foreign investment risk and small-cap risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TIIEX
Retirement Class	TRERX
Retail Class	TIERX
Fund net assets	$2.08 billion
Number of holdings	118
Portfolio turnover rate	204%
Weighted median market capitalization	$25.2 billion
P/E ratio (weighted 12-month trailing average)	11.8
Dividend yield	3.41%
PORTFOLIO COMPOSITION
	% of portfolio investments
Manufacturing & materials	30.0
Financial	26.0
Consumer products & services	18.6
Technology	8.2
Energy	5.4
Health care	4.7
Utilities	3.2
Short-term investments	3.9
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The International Equity Fund returned –33.50% for the Institutional Class, compared with the –30.50% return of its benchmark, the MSCI EAFE^® Index, and the –30.24% 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.

Global credit woes and weakening economies drive foreign stocks lower

Amid heightened market volatility, a worsening global credit crisis and signs of slower economic growth, foreign stocks posted a steep decline for the twelve-month period. The EAFE index, which tracks stocks in 21 developed nations outside North America, fell 20.56% in the third quarter of 2008 alone. For the full twelve months, the EAFE’s loss was about nine percentage points larger than the 21.52% decline of the Russell 3000^® Index, which measures the broad U.S. stock market.

          The poorer showing by foreign stocks reversed a trend in which the EAFE had fared better than the Russell 3000 in every twelve-month period ended September 30 since 2002. For the ten years ended September 30, 2008, the average annual return of the EAFE index was 5.02%, versus 3.80% for the Russell 3000 Index.

Declining European currencies magnify foreign stock losses

After rising steadily in value against the dollar from early 2006 through the second quarter of 2008, the euro and the British pound saw their relative strength plummet in the third quarter of 2008. For the twelve-month period as a whole, the eroding value of these currencies magnified European stock losses

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
International Equity Fund	1 year			5 years			since fund inception
Institutional Class (inception: 7/1/1999)*		–33.50	%		10.07	%		4.37	%
MSCI EAFE Index†		–30.50			9.68			2.91
Morningstar Foreign Large Blend		–30.24			9.24			2.52
Retirement Class (inception: 10/1/2002)*		–33.64			9.48			4.00	‡
Retail Class (inception: 3/31/2006)		–33.62			10.47	‡		4.57	‡

Total annual fund operating expenses: Institutional Class, 0.54%; Retirement Class, 0.79%; and Retail Class, 0.89%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

10        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

for U.S. investors. In contrast, the yen strengthened against the dollar during the twelve months, which helped reduce the size of losses posted by Pacific stocks when translated into dollar terms.

          The net effect of these varying currency movements was to worsen the negative return of the EAFE index for U.S. investors, from –28.84% in terms of local currencies to –30.50% in dollars.

Stock selections hurt the fund’s relative return

The fund posted a loss that was larger than its benchmark’s because several stock selections performed relatively poorly. These included overweight positions in Swiss financial services provider UBS, Italian car maker Fiat and Japanese real estate developer Urban Corporation. Underweight holdings that detracted from relative performance included British mining company Anglo American and two Swiss companies: food giant Nestlé and drugmaker Novartis.

          The negative effects of these holdings were partly offset by favorable results from other positions, including overweights in German drugmaker Bayer and French food processor Danone, as well as a position in Russian fertilizer producer Uralkali, which was not in the benchmark. Among the underweights that helped were two financial firms, the United Kingdom’s HBOS and Belgian-Dutch bank Fortis.

          As of September 30, 2008, stocks of companies in emerging markets, which are not included in the benchmark, made up about 7.1% 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 $14,856 as of September 30, 2008, 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, 2008
International Equity Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	748.90		$ 2.36
Retirement Class		1,000.00		747.90		3.45
Retail Class		1,000.00		748.50		3.02
5% annual hypothetical return
Institutional Class		1,000.00		1,022.30		2.73
Retirement Class		1,000.00		1,021.05		3.99
Retail Class		1,000.00		1,021.55		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.54% for the Institutional Class, 0.79% for the Retirement Class and 0.69% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion		61.93
$4 billion–$15 billion		24.84
Under $4 billion		13.23
Total		100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        11

LARGE-CAP GROWTH FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, large-cap risk, growth investing risk, style risk, reorganization risk and foreign investment risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TILGX
Retirement Class	TILRX
Retail Class	TIRTX
Fund net assets	$502.96 million
Number of holdings	78
Portfolio turnover rate	192%
Weighted median market capitalization	$31.9 billion
P/E ratio (weighted 12-month trailing average)	19.1
Dividend yield	1.05%

PORTFOLIO COMPOSITION
% of portfolio investments
Technology	35.5
Consumer products & services	17.7
Health care	14.3
Financial	14.0
Manufacturing & materials	12.0
Energy	6.5
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Large-Cap Growth Fund returned –21.14% for the Institutional Class, compared with the –20.88% return of its benchmark, the Russell 1000^® Growth Index, and the –23.22% 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 fares better than the broad market

During the twelve-month period, the large-cap growth category held up slightly better than the broad U.S. stock market, which fell 21.52%, as measured by the Russell 3000^® Index. Large-cap value issues declined 23.56% for the twelve-month period. Large-cap growth stocks outpaced the –24.65% return of mid-cap growth issues but lagged the –17.07% return of small-cap growth stocks. (Investment-style and capitalization-size returns are based on the Russell indexes.)

          Over the last decade, large-cap growth stocks significantly lagged value issues in the same size category. For the ten years ended September 30, 2008, the Russell 1000 Growth Index posted an average annual return of 0.59%—nearly five percentage points less than the 5.55% average annual return of the Russell 1000 Value Index. The broader Russell 3000 Index posted an average annual return of 3.80% over the same period.

Declines in largest sectors drive down the benchmark

For the period, all twelve sectors of the Russell 1000 Growth Index recorded negative returns, with eleven posting double-digit declines. The benchmark’s

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Large-Cap Growth Fund	1 year			since inception
Institutional Class (inception: 3/31/2006)		–21.14	%		–1.86	%
Retirement Class (inception: 3/31/2006)		–21.45			–2.15
Retail Class (inception: 3/31/2006)		–21.40			–2.06
Russell 1000 Growth Index*		–20.88			–2.31
Morningstar Large Growth		–23.22			–3.89

Total annual fund operating expenses: Institutional Class, 0.54%; Retirement Class, 0.78%; and Retail Class, 1.01%. For the fund’s net operating expenses, please see the current prospectus.

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

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

12        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

two largest sectors in terms of market capitalization—technology and consumer discretionary—were the largest detractors from performance.

          Technology, which made up more than 20% of the benchmark at the end of the period, fell 21.8%. The consumer discretionary and “other energy” sectors dropped 20.8% and 22.2%, respectively. Consumer staples, the best-performing sector in the index, declined 3.2%, as consumer confidence and spending pulled back over the past twelve months.

Stock selections dampen the fund’s relative return

The fund modestly underperformed its benchmark because of several stock selections that resulted in outsized losses. These included overweight positions in energy contractor Nabors Industries, drugmaker Merck and casino operator MGM Mirage. A nonbenchmark position in Norwegian solar energy company Renewable Energy also trimmed returns.

          The largest positive contributor to relative performance was an overweight position in agricultural giant Monsanto. Other favorable overweights included broker Charles Schwab and telecom company Qualcomm. A nonbenchmark position in Israel’s Teva Pharmaceuticals also aided returns.

          On September 30, 2008, foreign securities made up 9.39% 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 be worth $9,540 as of September 30, 2008, 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, 2008
Large-Cap Growth Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	871.60		$ 1.45
Retirement Class		1,000.00		870.00		2.66
Retail Class		1,000.00		869.50		2.43
5% annual hypothetical return
Institutional Class		1,000.00		1,023.45		1.57
Retirement Class		1,000.00		1,022.15		2.88
Retail Class		1,000.00		1,022.40		2.63

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.31% for the Institutional Class, 0.57% for the Retirement Class and 0.52% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver and reimbursement, one of which expired on April 30, 2008. Please see the prospectus for an explanation. Without any such waiver and reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
% of portfolio investments
Over $15 billion	76.37
$4 billion–$15 billion	22.23
Under $4 billion	1.40
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        13

LARGE-CAP VALUE FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, large-cap risk, value investing risk, style risk, reorganization risk and foreign investment risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TRLIX
Retirement Class	TRLCX
Retail Class	TCLCX
Fund net assets	$976.28 million
Number of holdings	177
Portfolio turnover rate	151	%
Weighted median market capitalization	$34.8 billion
P/E ratio (weighted 12-month trailing average)	14.2
Dividend yield	2.89	%
PORTFOLIO COMPOSITION
	% of portfolio investments
Financial	27.8
Consumer products & services	19.2
Energy	13.6
Health care	13.0
Manufacturing & materials	12.7
Technology	9.3
Utilities	4.4
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Large-Cap Value Fund returned –26.78% for the Institutional Class, compared with the –23.56% return of its benchmark, the Russell 1000^® Value Index, and the –23.87% 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 trails the broad market

During the twelve-month period, large-cap value stocks declined more than the broad U.S. stock market, which fell 21.52%, as measured by the Russell 3000^® Index.

          Large-cap value stocks trailed large-cap growth issues by almost three percentage points. For the twelve months, large-cap value stocks lagged the –20.50% return of mid-cap value issues, as well as the –12.25% return of small-cap value stocks. (Investment-style and capitalization-size returns are based on the Russell indexes.)

          Over the last decade, large-cap value issues significantly outperformed large-cap growth stocks. For the ten years ended September 30, 2008, the Russell 1000 Value Index posted an average annual return of 5.55%—nearly five percentage points greater than the 0.59% average gain of the Russell 1000 Growth Index. The broader Russell 3000 Index produced an average annual return of 3.80% over the same period.

Declines in largest sectors drag down the benchmark

For the period, all twelve sectors of the Russell 1000 Value Index recorded negative returns, with nine suffering double-digit declines. Financials and utilities, the two largest sectors in the index in terms of market capitalization

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Large-Cap Value Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–26.78	%		6.66	%		9.16	%
Retirement Class (inception: 10/1/2002)*		–26.99			6.35			8.91
Retail Class (inception: 10/1/2002)*		–26.87			6.48			8.96
Russell 1000 Value Index†		–23.56			7.11			9.15
Morningstar Large Value		–23.87			5.56			7.63

Total annual fund operating expenses: Institutional Class, 0.49%; Retirement Class, 0.74%; and Retail Class, 0.77%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional, Retirement and Retail classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

14        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

on September 30, 2008, fell 38.1% and 20.9%, respectively. Together, these two sectors made up over 40% of the benchmark’s market capitalization at the end of the period. The next two largest sectors, health care and integrated oils, dropped 11.6% and 9.6%, respectively.

          Among the remaining eight sectors, the “other” (miscellaneous) and technology sectors dropped 32.6% and 31.9%, respectively. Consumer staples, the best-performing sector in the index for the twelve-month period, declined just 1.7%.

Stock selections dampen the fund’s relative return

The fund lagged its benchmark because of several stock selections that resulted in outsized losses. These included overweight positions in Bear Stearns, home mortgage provider Fannie Mae and telephone company Sprint Nextel. An underweight holding in ExxonMobil also trimmed returns.

          The largest positive contributors to relative performance were underweight positions in insurer American International Group and Regions Financial. Overweight positions in U.S. Bancorp, energy company Occidental Petroleum and TCF Financial also aided returns.

          On September 30, 2008, foreign securities made up 4.74% 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 $16,924 as of September 30, 2008, 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, 2008
Large-Cap Value Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	868.50		$ 2.29
Retirement Class		1,000.00		866.70		3.45
Retail Class		1,000.00		868.20		2.99
5% annual hypothetical return
Institutional Class		1,000.00		1,022.55		2.48
Retirement Class		1,000.00		1,021.30		3.74
Retail Class		1,000.00		1,021.80		3.23

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.49% for the Institutional Class, 0.74% for the Retirement Class and 0.64% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is expected to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	68.41
$4 billion–$15 billion	17.63
Under $4 billion	13.96
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        15

MID-CAP GROWTH FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, mid-cap risk, growth investing risk, style risk and foreign investment risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TRPWX
Retirement Class	TRGMX
Retail Class	TCMGX
Fund net assets	$465.23 million
Number of holdings	119
Portfolio turnover rate	111%
Weighted median market capitalization	$5.8 billion
P/E ratio (weighted 12-month trailing average)	19.1
Dividend yield	0.62%
PORTFOLIO COMPOSITION
	% of portfolio investments
Technology	21.9
Manufacturing & materials	20.8
Consumer products & services	19.2
Health care	15.9
Financial	10.4
Energy	8.7
Utilities	3.1
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Mid-Cap Growth Fund returned –24.33% for the Institutional Class, compared with the –24.65% return of its benchmark, the Russell Midcap^® Growth Index, and the –24.84% 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 lag the broad market

For the twelve-months, the mid-cap growth category posted a double-digit loss that was more than three percentage points greater than the 21.52% decline of the U.S. stock market, as measured by the Russell 3000^® Index.

          During the first three quarters of this reporting period, mid-cap growth stocks (down 8.39%) held up better than the broad market (down 14.02%) in a weakening environment for stocks. However, mounting market pressures finally caught up with the mid-cap growth category in the third quarter of 2008, and the index fell 17.75%—more than double the 8.73% decline of the Russell 3000 Index. This marked the largest quarterly downturn for the Russell Midcap Growth Index since the second quarter of 2002 when it shed 18.26% of its value.

          Nevertheless, for the ten years ended September 30, 2008, the Russell Midcap Growth Index generated an average annual return of 5.51%—higher than the 3.80% average annual gain of the Russell 3000 Index over the same period.

Weakness in the benchmark’s two largest sectors weighs on returns

During the period, all twelve of the benchmark’s industry sectors reported negative returns, with eleven suffering double-digit losses.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Mid-Cap Growth Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–24.33	%		6.67	%		11.40	%
Retirement Class (inception: 10/1/2002)*		–24.56			6.36			11.08
Retail Class (inception: 10/1/2002)*		–24.46			6.42			11.12
Russell Midcap Growth Index†		–24.65			6.53			10.93
Morningstar Mid-Cap Growth		–24.84			5.94			8.86

Total annual fund operating expenses: Institutional Class, 0.55%; Retirement Class, 0.80%; and Retail Class, 0.87%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional, Retirement and Retail classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

16        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

          Among the biggest detractors from performance were the benchmark’s two largest sectors—technology and consumer discretionary—which fell 32.0% and 27.6%, respectively. Together, these sectors made up one-third of the index’s total market capitalization on September 30, 2008.

          Poor performance from the materials and processing (down 29.2%) and producer durables (down 26.8%) sectors also had a negative effect on returns. The consumer staples sector held up best, falling just 3.8%.

Fund’s performance is in line with its benchmark

Despite its disappointing absolute return, the fund’s performance was slightly better than its benchmark’s. Positive contributions to relative performance came from various overweight positions, including utility company Constellation Energy Group, cleaning products manufacturer Ecolab and online automotive dealer Copart. An out-of-benchmark holding in biotechnology firm Celgene also aided returns.

          The positive effects of these holdings were partly offset by several overweight positions that resulted in outsized losses and detracted from relative returns. Chief among these were Crocs, a footwear manufacturer, Peabody Energy and Titanium Metals. A nonbenchmark stake in semiconductor maker Cavium Networks also hampered performance.

          On September 30, 2008, foreign securities made up 3.94% 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 $19,119 as of September 30, 2008, 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, 2008
Mid-Cap Growth Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	850.70		$ 2.54
Retirement Class		1,000.00		849.10		3.70
Retail Class		1,000.00		849.80		3.19
5% annual hypothetical return
Institutional Class		1,000.00		1,022.25		2.78
Retirement Class		1,000.00		1,021.00		4.04
Retail Class		1,000.00		1,021.55		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 183/366. There were 183 days in the six months ended September 30, 2008. 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 0.69% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	11.02
$4 billion–$15 billion	52.40
Under $4 billion	36.58
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        17

MID-CAP VALUE FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, mid-cap risk, value investing risk, style risk and foreign investment risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TIMVX
Retirement Class	TRVRX
Retail Class	TCMVX
Fund net assets	$963.15 million
Number of holdings	260
Portfolio turnover rate	41%
Weighted median market capitalization	$5.3 billion
P/E ratio (weighted 12-month trailing average)	15.7
Dividend yield	2.29%

PORTFOLIO COMPOSITION
% of portfolio investments
Financial	32.1
Consumer products & services	18.7
Manufacturing & materials	18.0
Utilities	9.4
Technology	8.0
Energy	5.5
Health care	4.3
Short-term investments	4.0
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Mid-Cap Value Fund returned –22.03% for the Institutional Class, compared with the –20.50% return of its benchmark, the Russell Midcap^® Value Index, and the –21.33% 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.

Mid-cap value stocks fall, but hold up better than the broader market

During the twelve-month period, the mid-cap value category posted a double-digit loss, but the decline was slightly less than the 21.52% drop in the overall U.S. stock market, as measured by the Russell 3000^® Index.

          Over the first half of the reporting period, mid-cap value stocks fell 14.09% and underperformed the 12.54% decline of the broad market. During the second half of the period, however, the mid-cap value category outperformed the stocks of the Russell 3000 by almost three percentage points because the Russell 3000 had greater exposure to the nation’s troubled financial services companies.

          During the twelve months, mid-cap value stocks lagged the –12.25% return of small-cap value issues but outperformed the –23.56% return of large-cap value stocks. (Investment-style and capitalization-size returns are based on the Russell indexes.)

          Over the ten years ended September 30, 2008, the Russell Midcap Value Index produced an average annual return of 9.19%—almost two-and-a-half times the 3.80% average annual gain posted by the Russell 3000 over the same period.

Double-digit declines in largest sectors drive the benchmark lower

During the period, eleven of the benchmark’s twelve industry sectors retreated, including nine that suffered double-digit losses. The index’s three largest

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Mid-Cap Value Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–22.03	%		11.20	%		14.16	%
Retirement Class (inception: 10/1/2002)*		–22.25			10.86			13.82
Retail Class (inception: 10/1/2002)*		–22.09			10.96			13.91
Russell Midcap Value Index†		–20.50			9.96			12.34
Morningstar Mid-Cap Value		–21.33			7.39			9.69

Total annual fund operating expenses: Institutional Class, 0.51%; Retirement Class, 0.76%; and Retail Class, 0.79%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional, Retirement and Retail classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

18        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

sectors—consumer discretionary, financials and utilities—fell 30.7%, 27.9% and 14.6%, respectively, and were among the largest detractors from performance. Combined, these sectors made up more than 55% of the benchmark’s total market capitalization on September 30, 2008.

          Only the integrated oils sector registered gains, rising 69.6%. However, because it constituted less than 2.5% of the index’s total market capitalization at the end of the period, its gain had a limited effect on the benchmark’s overall performance.

Stock selections dampen the fund’s relative return

The fund trailed its benchmark because of several stock selections that resulted in outsized losses. These included overweight positions in utility company Constellation Energy Group and Smithfield Foods. Underweight holdings in Mosaic, one of the world’s largest fertilizer producers, United States Steel and Hess, an oil and gas refining firm, also trimmed returns, as did a nonbenchmark stake in Anglo American, a British mining company.

          These detractions were partially offset by more favorable results from other holdings, including out-of-benchmark positions in Greif, an industrial packaging manufacturer, and Trane, a heating and air-conditioning equipment provider. Underweights in financial institution Washington Mutual and telecom services provider Qwest Communications International also helped relative performance.

          On September 30, 2008, foreign securities made up 4.68% of the fund’s total portfolio investments. Many of these 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 $22,145 as of September 30, 2008, 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, 2008
Mid-Cap Value Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	890.90		$ 2.41
Retirement Class		1,000.00		889.20		3.59
Retail Class		1,000.00		891.10		2.93
5% annual hypothetical return
Institutional Class		1,000.00		1,022.45		2.58
Retirement Class		1,000.00		1,021.20		3.84
Retail Class		1,000.00		1,021.90		3.13

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.51% for the Institutional Class, 0.76% for the Retirement Class and 0.62% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is expected to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
% of portfolio investments
Over $15 billion	11.14
$4 billion–$15 billion	46.78
Under $4 billion	42.08
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        19

SMALL-CAP EQUITY FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk and small-cap risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TISEX
Retirement Class	TRSEX
Retail Class	TCSEX
Fund net assets	$ 527.04 million
Number of holdings	733
Portfolio turnover rate	114%
Weighted median market capitalization	$ 0.9 billion
P/E ratio (weighted 12-month trailing average)	16.6
Dividend yield	0.99%

PORTFOLIO COMPOSITION
	% of portfolio investments
Manufacturing & materials	21.1
Financial	21.0
Technology	20.0
Consumer products & services	14.4
Health care	13.4
Energy	5.4
Utilities	3.8
Short-term investments	0.9
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Small-Cap Equity Fund returned –15.23% for the Institutional Class, compared with the –14.48% return of its benchmark, the Russell 2000^® Index, and the –18.87% 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-cap stocks decline less than the broader market

For the twelve-month period, the small-cap category declined substantially less than the overall stock market, as measured by the –21.52% return of the Russell 3000^® Index.

          During the first half of the period, small-cap stocks lost 14.02%—more than the Russell 3000 Index, which fell 12.54%. In the second half of the period, however, small caps held up fairly well amid heightened market volatility, declining just 0.54%, while the broad market tumbled 10.27%.

          Within the small-cap category, value stocks fared better than their growth counterparts. The Russell 2000 Value Index returned –12.25%, versus –17.07% for the Russell 2000 Growth Index.

          For the ten years ended September 30, 2008, the Russell 2000 Index posted an average annual gain of 7.81%, significantly outperforming the 3.80% average annual return of the Russell 3000 Index.

Three largest sectors drive the benchmark’s double-digit loss

For the period, ten of the benchmark’s twelve industry sectors had negative returns, with six posting double-digit declines. The three largest sectors—financials, consumer discretionary and technology—lost 13.4%, 22.4% and

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Small-Cap Equity Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–15.23	%		7.20	%		11.39	%
Retirement Class (inception: 10/1/2002)*		–15.39			6.91			11.08
Retail Class (inception: 10/1/2002)*		–15.37			7.04			11.23
Russell 2000 Index†		–14.48			8.14			12.12
Morningstar Small Blend		–18.87			7.76			10.65

Total annual fund operating expenses: Institutional Class, 0.53%; Retirement Class, 0.78%; and Retail Class, 0.87%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional, Retirement and Retail classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

20        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

25.3%, respectively. On September 30, 2008, these three sectors made up more than one-half of the benchmark, in terms of market capitalization.

          All three sectors were negatively affected by the slowing economy and the crisis in the financial markets during the period. Due to a sharp increase in gasoline prices, consumers spent a higher percentage of disposable income on fuel and less on nonessential items. Financial services companies were hit by continuing problems related to subprime securities and a lack of liquidity in the credit markets.

Disappointing results from stock choices lower the fund’s return

The fund trailed the Russell 2000 Index partly due to individual stock selections that resulted in outsized losses. Among these were overweight positions in semiconductor maker Trident Microsystems, credit card provider Advanta and oil refiner Alon USA Energy. Underweight holdings in mining equipment manufacturer Bucyrus International and Energy Conversion Devices, a solar energy technology company, also trimmed returns.

          These detractions from relative performance were partly offset by overweight holdings in several other stocks. These included overweight positions in coal mining company Alpha Natural Resources, agricultural chemicals firm CF Industries, oil producer PetroQuest Energy and Bruker, a manufacturer of scientific and research instruments.

          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 $19,108 as of September 30, 2008, 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, 2008
Small-Cap Equity Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	979.80		$ 2.62
Retirement Class		1,000.00		978.70		3.86
Retail Class		1,000.00		979.40		3.56
5% annual hypothetical return
Institutional Class		1,000.00		1,022.35		2.68
Retirement Class		1,000.00		1,021.10		3.94
Retail Class		1,000.00		1,021.40		3.64

* “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 183/366. There were 183 days in the six months ended September 30, 2008. 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 0.72% for the Retail Class. The expense charges of one or more of the fund’s share classes re-flect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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.

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

HOLDINGS BY COMPANY SIZE
% of portfolio investments
Over $15 billion	0.10
$4 billion–$15 billion	1.79
Under $4 billion	98.11
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        21

LARGE-CAP GROWTH INDEX FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, large-cap risk, growth investing risk, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TILIX
Retirement Class	TRIRX
Fund net assets	$362.50 million
Portfolio turnover rate	28%
BENCHMARK PROFILE
Number of holdings	647
Weighted median market capitalization	$31.9 billion
P/E ratio (weighted 12-month trailing average)	16.1
Dividend yield	1.49%
PORTFOLIO COMPOSITION
	% of portfolio investments
Technology	28.2
Consumer products & services	22.5
Manufacturing & materials	18.2
Health care	13.7
Energy	9.3
Financial	6.1
Utilities	2.0
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Large-Cap Growth Index Fund returned –20.96% for the Institutional Class, compared with the –20.88% return of its benchmark, the Russell 1000^® Growth Index, and the –23.22% 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 fares better than the broad market

During the twelve-month period, the large-cap growth category held up slightly better than the broad U.S. stock market, which fell 21.52%, as measured by the Russell 3000^® Index. Large-cap value issues declined 23.56% for the twelve-month period. Large-cap growth stocks outpaced the –24.65% return of mid-cap growth issues but lagged the –17.07% return of small-cap growth stocks. (Investment-style and capitalization-size returns are based on Russell indexes.)

          Over the last decade, large-cap growth stocks significantly lagged value issues in the same size category. For the ten years ended September 30, 2008, the Russell 1000 Growth Index posted an average annual return of 0.59%—nearly five percentage points less than the 5.55% average annual return of the Russell 1000 Value Index. The broader Russell 3000 Index posted an average annual return of 3.80% over the same period.

Declines in largest sectors drive down the benchmark

For the period, all twelve sectors of the Russell 1000 Growth Index recorded negative returns, with eleven posting double-digit declines. The benchmark’s

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Large-Cap Growth Index Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–20.96	%		3.59	%		6.31	%
Retirement Class (inception: 10/1/2002)*		–21.13			3.30			5.99
Russell 1000 Growth Index†		–20.88			3.73			6.46
Morningstar Large Growth		–23.22			3.96			6.30
Total annual fund operating expenses: Institutional Class, 0.10% and Retirement Class, 0.35%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

22        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

two largest sectors in terms of market capitalization—technology and consumer discretionary—were the largest detractors from performance.

          Technology, which made up more than 20% of the benchmark at the end of the period, fell 21.8%. The consumer discretionary and “other energy” sectors dropped 20.8% and 22.2%, respectively. Consumer staples, the best-performing sector in the index, declined 3.2%, as consumer confidence and spending pulled back over the past twelve months.

Largest stocks in the benchmark post mixed results

Returns for three of the five largest stocks in the index were negative. In descending order of their relative weightings in the benchmark based on market capitalization as of September 30, 2008, the five stocks performed as follows: Microsoft, –8.1%; IBM, 0.8%; Cisco Systems, –31.9%; Hewlett-Packard, –6.5%; and Wal-Mart, 39.6%.

          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 $14,436 as of September 30, 2008, 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, 2008
Large-Cap Growth Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	887.40		$ 0.47
Retirement Class		1,000.00		887.20		1.65
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.51
Retirement Class		1,000.00		1,023.25		1.77

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.10% for the Institutional Class and 0.35% for the Retirement Class. The expense charges of one or more of the fund’s share classes reflect a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion		70.62
$4 billion–$15 billion		21.18
Under $4 billion		8.20
Total		100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        23

LARGE-CAP VALUE INDEX FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, large-cap risk, value investing risk, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TILVX
Retirement Class	TRCVX
Fund net assets	$435.37 million
Portfolio turnover rate	33%
BENCHMARK PROFILE
Number of holdings	662
Weighted median market capitalization	$38.7 billion
P/E ratio (weighted 12-month trailing average)	14.0
Dividend yield	3.17%
PORTFOLIO COMPOSITION
	% of portfolio investments
Financial	27.9
Consumer products & services	17.2
Energy	15.2
Manufacturing & materials	13.8
Health care	11.4
Technology	8.2
Utilities	6.3
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Large-Cap Value Index Fund returned –23.58% for the Institutional Class, compared with the –23.56% return of its benchmark, the Russell 1000^® Value Index, and the –23.87% 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 trails the broad market

During the twelve-month period, large-cap value stocks declined more than the broad U.S. stock market, which fell 21.52%, as measured by the Russell 3000^® Index.

          Large-cap value stocks trailed large-cap growth issues by almost three percentage points. For the twelve months, large-cap value stocks lagged the –20.50% return of mid-cap value issues, as well as the –12.25% return of small-cap value stocks. (Investment-style and capitalization-size returns are based on the Russell indexes.)

          Over the last decade, large-cap value issues significantly outperformed large-cap growth stocks. For the ten years ended September 30, 2008, the Russell 1000 Value Index posted an average annual return of 5.55%—nearly five percentage points greater than the 0.59% average gain of the Russell 1000 Growth Index. The broader Russell 3000 Index produced an average annual return of 3.80% over the same period.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Large-Cap Value Index Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–23.58	%		6.99	%		9.03	%
Retirement Class (inception: 10/1/2002)*		–23.77			6.69			8.71
Russell 1000 Value Index†		–23.56			7.11			9.15
Morningstar Large Value		–23.87			5.56			7.63
Total annual fund operating expenses: Institutional Class, 0.09% and Retirement Class, 0.34%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

24        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Declines in largest sectors drag down the benchmark

For the period, all twelve sectors of the Russell 1000 Value Index recorded negative returns, with nine suffering double-digit declines. Financials and utilities, the two largest sectors in the index in terms of market capitalization on September 30, 2008, fell 38.1% and 20.9%, respectively. Together, these two sectors made up over 40% of the benchmark’s market capitalization at the end of the period. The next two largest sectors, health care and integrated oils, dropped 11.6% and 9.6%, respectively.

          Among the remaining eight sectors, the “other” (miscellaneous) and technology sectors, dropped 32.6% and 31.9% respectively. Consumer staples, the best-performing sector in the index for the twelve-month period, declined just 1.7%.

Largest stocks in the benchmark contribute to its decline

Returns for four of the five largest stocks in the index were negative, and three of the top issues recorded double-digit losses. In descending order of their relative weightings in the benchmark at period-end, these five stocks performed as follows: ExxonMobil, –14.6%; General Electric, –35.8%; Chevron, –9.4%; AT&T, –31.3%; and JPMorgan Chase, 5.7%.

          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 $16,801 as of September 30, 2008, 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, 2008
Large-Cap Value Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	889.00		$ 0.43
Retirement Class		1,000.00		888.10		1.60
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.46
Retirement Class		1,000.00		1,023.30		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.09% for the Institutional Class and 0.34% for the Retirement Class. The expense charges of one or more of the fund’s share classes reflect a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	70.28
$4 billion–$15 billion	19.11
Under $4 billion	10.61
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        25

EQUITY INDEX FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, small-cap risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TIEIX
Retirement Class	TIQRX
Retail Class	TINRX
Fund net assets	$1.05 billion
Portfolio turnover rate	9%
BENCHMARK PROFILE
Number of holdings	2,959
Weighted median market capitalization	$29.5 billion
P/E ratio (weighted 12-month trailing average)	15.4
Dividend yield	2.26%
PORTFOLIO COMPOSITION
	% of portfolio investments
Consumer products & services	19.7
Technology	18.3
Financial	17.0
Manufacturing & materials	16.5
Health care	12.7
Energy	11.7
Utilities	4.1
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Equity Index Fund returned –21.43% for the Institutional Class, compared with the –21.52% return of its benchmark, the Russell 3000^® Index, and the –22.45% 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.

Broad stock market slump deepens

For the twelve months, the U.S. stock market suffered a double-digit loss due to deteriorating conditions in the credit and housing markets, rising unemployment and an overall weakening economic outlook.

          After falling 12.54% during the first half of the period, the broad market briefly rallied in April and May, rising 7.15%. However, market conditions worsened during the last four months of the reporting period, and stocks retreated once again—falling 16.26%—as investor confidence waned and the market sell-off intensified.

          During the twelve-month period, stocks of all market-capitalization sizes fell. Growth issues (down 20.60%) outperformed value stocks (down 22.70%) by more than two percentage points, while small-cap stocks, which fell 14.48%, held up better than mid-cap issues, which declined 22.36%. (Investment-style and capitalization-size returns are based on the Russell indexes.)

          Despite these losses, returns for domestic stocks outpaced those of foreign issues, as measured by the MSCI EAFE^® Index, by almost nine percentage points. For the period, the EAFE index fell 30.50% in dollar terms. For the ten years ended September 30, 2008, the average annual gain of the Russell 3000 was 3.80%—less than the 5.02% average return of the EAFE.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Equity Index Fund	1 year			5 years			since fund inception
Institutional Class (inception: 7/1/1999)*		–21.43	%		5.64	%		0.59	%
Russell 3000 Index†		–21.52			5.69			0.70
Morningstar Large Blend		–22.45			4.84			0.60
Retirement Class (inception: 3/31/2006)		–21.71			5.52	‡		0.53	‡
Retail Class (inception: 3/31/2006)		–21.53			5.59	‡		0.56	‡

Total annual fund operating expenses: Institutional Class, 0.07%; Retirement Class, 0.33%; and Retail Class, 0.39%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional Class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

26        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Broad-based sector decline drives the benchmark lower

During the period, all twelve of the Russell 3000’s industry sectors declined, including eleven that suffered double-digit losses. The benchmark’s largest sector, financials, which constituted nearly one-fifth of the index in terms of market capitalization on September 30, 2008, fell 33.5%. This accounted for more than one-quarter of the benchmark’s loss for the period. The next two largest detractors were the technology and consumer discretionary sectors, which dropped 23.4% and 20.4%, respectively.

          Poor performance from the utilities and materials and processing sectors also detracted from returns. The consumer staples sector held up best, falling just 2.7%.

Returns for largest stocks vary sharply

The benchmark’s five largest stocks, in terms of market capitalization, produced mixed results over the period covered by this report. In descending order of their relative weightings in the benchmark based on market capitalization as of September 30, 2008, the five stocks performed as follows: ExxonMobil, –14.6%; General Electric, –35.8%; Microsoft, –8.1%; Procter & Gamble, 1.3%; and Johnson & Johnson, 8.2%.

          For the period, the fund’s return topped that of its benchmark, 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 July 1, 1999)

An investment of $10,000 in this fund on July 1, 1999, would have grown to $10,558 as of September 30, 2008, 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, 2008
Equity Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	897.80		$ 0.33
Retirement Class		1,000.00		897.10		1.57
Retail Class		1,000.00		897.40		0.90
5% annual hypothetical return
Institutional Class		1,000.00		1,024.65		0.35
Retirement Class		1,000.00		1,023.35		1.67
Retail Class		1,000.00		1,024.05		0.96

*

“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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.07% for the Institutional Class, 0.33% for the Retirement Class and 0.19% for the Retail Class. The expense charges of one or more of the fund’s share classes re-flect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	65.01
$4 billion–$15 billion	17.98
Under $4 billion	17.01
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        27

S&P 500 INDEX FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, large-cap risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TISPX
Retirement Class	TRSPX
Fund net assets	$1.08 billion
Portfolio turnover rate	14%
BENCHMARK PROFILE
Number of holdings	499
Weighted median market capitalization	$43.8 billion
P/E ratio (weighted 12-month trailing average)	14.8
Dividend yield	2.44%
PORTFOLIO COMPOSITION
% of portfolio investments
Consumer products & services	20.4
Technology	18.7
Financial	16.1
Manufacturing & materials	15.3
Energy	12.9
Health care	12.8
Utilities	3.8
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The S&P 500 Index Fund returned –21.93% for the Institutional Class, compared with the –21.98% return of its benchmark, the S&P 500^® Index, and the –22.45% 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.

Large-cap stocks lag the broader market in a declining environment

During the twelve months, the large-cap stocks that made up the S&P 500 Index posted a double-digit loss that was greater than the 21.52% decline of the U.S. stock market, as measured by the Russell 3000^® Index.

          For the first six months of this reporting period, the return of large-cap issues (down 12.46%) was essentially in line with that of the broad market (down 12.54%) amid a challenging environment for stocks. During the second half of the period, however, the S&P 500 fell 10.87% and lagged the Russell 3000, which shed 10.27% of its value. This disparity in returns was largely the result of stronger performance from small-cap stocks, which slipped only 0.54% in the second half and made up nearly 8% of the Russell index at the end of the period. The S&P 500 included fewer small-cap stocks.

          For the ten years ended September 30, 2008, the S&P 500 produced an average annual gain of 3.06%—less than the 3.80% average return of the Russell 3000 over the same period. In addition, the volatility of large-cap stocks was comparable to that of the broad market: the standard deviation of the S&P 500 over the ten-year period was 14.37, while that of the Russell 3000 was 14.47. (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, 2008
	Total return			Average annual total return
S&P 500 Index Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–21.93	%		5.09	%		7.34	%
Retirement Class (inception: 10/1/2002)*		–22.11			4.77			7.02
S&P 500 Index†		–21.98			5.16			7.45
Morningstar Large Blend		–22.45			4.84			6.82

Total annual fund operating expenses: Institutional Class, 0.06% and Retirement Class, 0.31%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

28        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Weakness in financials and technology drives a broad sector decline

During the year, all ten of the S&P 500’s industry sectors posted negative returns, including nine that suffered double-digit losses. Continued weakness in the benchmark’s two biggest sectors—financials (down 41.4%) and information technology (down 24.0%)—contributed significantly to its poor showing. Combined, these sectors made up more than 30% of the benchmark’s total market capitalization as of September 30, 2008.

          Steep losses from the industrials and consumer discretionary sectors, which together accounted for nearly one-fifth of the benchmark at the end of the period, also detracted from performance. The consumer staples sector held up best, falling only 1.7%.

Returns for largest stocks vary sharply

The performance of the five largest stocks in the S&P 500 Index, in terms of market capitalization, varied widely over the period covered by this report. In descending order of their relative weightings in the benchmark based on market capitalization as of September 30, 2008, the five stocks performed as follows: ExxonMobil, –14.6%; General Electric, –35.8%; Procter & Gamble, 1.3%; Microsoft, –8.1%; and Johnson & Johnson, 8.2%.

          For the period, the fund’s return topped that of its benchmark, 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 $15,302 as of September 30, 2008, 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, 2008
S&P 500 Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	892.30		$ 0.28
Retirement Class		1,000.00		890.60		1.47
5% annual hypothetical return
Institutional Class		1,000.00		1,024.70		0.30
Retirement Class		1,000.00		1,023.45		1.57

*	“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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.06% for the Institutional Class and 0.31% for the Retirement Class.
For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
% of portfolio investments
Over $15 billion	79.65
$4 billion–$15 billion	17.68
Under $4 billion	2.67
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        29

MID-CAP GROWTH INDEX FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, mid-cap risk, growth investing risk, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TIMGX
Retirement Class	TRMGX
Fund net assets	$74.71 million
Portfolio turnover rate	60%
BENCHMARK PROFILE
Number of holdings	505
Weighted median market capitalization	$5.9 billion
P/E ratio (weighted 12-month trailing average)	16.7
Dividend yield	1.03%
PORTFOLIO COMPOSITION
	% of portfolio investments
Manufacturing & materials	25.7
Technology	21.0
Consumer products & services	20.5
Health care	12.7
Financial	8.2
Energy	8.0
Utilities	3.9
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Mid-Cap Growth Index Fund returned –24.41% for the Institutional Class, compared with the –24.65% return of its benchmark, the Russell Midcap^® Growth Index, and the –24.84% 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 lag the broad market

For the twelve-months, the mid-cap growth category posted a double-digit loss that was more than three percentage points greater than the 21.52% decline of the U.S. stock market, as measured by the Russell 3000^® Index.

          During the first three quarters of this reporting period, mid-cap growth stocks (down 8.39%) held up better than the broad market (down 14.02%) in a weakening environment for stocks. However, mounting market pressures finally caught up with the mid-cap growth category in the third quarter of 2008, and the index fell 17.75%—more than double the 8.73% decline of the Russell 3000 Index. This marked the largest quarterly downturn for the Russell Midcap Growth Index since the second quarter of 2002 when it shed 18.26% of its value.

          Nevertheless, for the ten years ended September 30, 2008, the Russell Midcap Growth Index generated an average annual return of 5.51%—higher than the 3.80% average annual gain of the Russell 3000 Index over the same period.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Mid-Cap Growth Index Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–24.41	%		6.45	%		10.83	%
Retirement Class (inception: 10/1/2002)*		–24.55			6.14			10.50
Russell Midcap Growth Index†		–24.65			6.53			10.93
Morningstar Mid-Cap Growth		–24.84			5.94			8.86
Total annual fund operating expenses: Institutional Class, 0.32% and Retirement Class, 0.57%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

30        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Weakness in the benchmark’s two largest sectors weighs on returns

During the period, all twelve of the benchmark’s industry sectors reported negative returns, with eleven suffering double-digit losses.

          Among the biggest detractors from performance were the benchmark’s two largest sectors—technology and consumer discretionary—which fell 32.0% and 27.6%, respectively. Together, these sectors made up one-third of the index’s total market capitalization on September 30, 2008.

          Poor performance from the materials and processing (down 29.2%) and producer durables (down 26.8%) sectors also had a negative effect on returns. The consumer staples sector held up best, falling just 3.8%.

Largest stocks generate mixed results

During the twelve months covered by this report, the benchmark’s five largest issues, in terms of market capitalization, posted widely divergent returns. On the positive side, online prescription provider Express Scripts was the top-performing stock among the index’s five largest issues, rising 32.3%. It was followed by personal products manufacturer Avon, which gained 13.0%. In contrast, medical device maker St. Jude Medical slipped 1.3%, while restaurant chain Yum Brands was down 1.9%. Lastly, drug manufacturer Allergan, the benchmark’s second-largest holding on September 30, 2008, fell 19.9%.

          For the period, the fund’s return topped that of its benchmark, 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 $18,541 as of September 30, 2008, 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, 2008
Mid-Cap Growth Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	862.60		$ 0.47
Retirement Class		1,000.00		862.50		1.63
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.51
Retirement Class		1,000.00		1,023.25		1.77

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.10% for the Institutional Class and 0.35% for the Retirement Class. The expense charges of one or more of the fund’s share classes reflect a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion		5.79
$4 billion–$15 billion		63.74
Under $4 billion		30.47
Total		100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        31

MID-CAP VALUE INDEX FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, mid-cap risk, value investing risk, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TMVIX
Retirement Class	TRVUX
Fund net assets	$208.76 million
Portfolio turnover rate	47%
BENCHMARK PROFILE
Number of holdings	543
Weighted median market capitalization	$5.4 billion
P/E ratio (weighted 12-month trailing average)	15.3
Dividend yield	2.77%
PORTFOLIO COMPOSITION
	% of portfolio investments
Financial	32.9
Consumer products & services	21.3
Manufacturing & materials	15.1
Utilities	13.3
Technology	7.6
Health care	5.0
Energy	4.8
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Mid-Cap Value Index Fund returned –20.38% for the Institutional Class, compared with the –20.50% return of its benchmark, the Russell Midcap^® Value Index, and the –21.33% 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.

Mid-cap value stocks fall, but hold up better than the broader market

During the twelve-month period, the mid-cap value category posted a double-digit loss, but the decline was slightly less than the 21.52% drop in the overall U.S. stock market, as measured by the Russell 3000^® Index.

          Over the first half of the reporting period, mid-cap value stocks fell 14.09% and underperformed the 12.54% decline of the broad market. During the second half of the period, however, the mid-cap value category outperformed the stocks of the Russell 3000 by almost three percentage points because the Russell 3000 had greater exposure to the nation’s troubled financial services companies.

          During the twelve months, mid-cap value stocks lagged the –12.25% return of small-cap value issues but outperformed the –23.56% return of large-cap value stocks. (Investment-style and capitalization-size returns are based on the Russell indexes.)

          Over the ten years ended September 30, 2008, the Russell Midcap Value Index produced an average annual return of 9.19%—almost two-and-a-half times the 3.80% average annual gain posted by the Russell 3000 over the same period.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Mid-Cap Value Index Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–20.38	%		9.90	%		12.27	%
Retirement Class (inception: 10/1/2002)*		–20.60			9.59			11.94
Russell Midcap Value Index†		–20.50			9.96			12.34
Morningstar Mid-Cap Value		–21.33			7.39			9.69
Total annual fund operating expenses: Institutional Class, 0.16% and Retirement Class, 0.40%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

32        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Double-digit declines in largest sectors drive the benchmark lower

During the period, eleven of the benchmark’s twelve industry sectors retreated, including nine that suffered double-digit losses. The index’s three largest sectors—consumer discretionary, financials and utilities—fell 30.7%, 27.9% and 14.6%, respectively, and were among the largest detractors from performance. Combined, these sectors made up more than 55% of the benchmark’s total market capitalization on September 30, 2008.

          Only the integrated oils sector registered gains, rising 69.6%. However, because it constituted less than 2.5% of the index’s total market capitalization at the end of the period, its gain had a limited effect on the benchmark’s overall performance.

Returns for the largest stocks vary widely

Insurer Marsh & McLennan registered a 28.3% return and was the top-performing stock among the benchmark’s five largest issues, in terms of market capitalization at the end of the twelve-month period. The remaining four stocks produced mixed results as Spectra Energy eked out a 0.9% return, while utility companies American Electric Power, PG&E and Edison International all posted disappointing results, falling 16.5%, 18.5% and 26.2%, respectively.

          For the period, the fund’s return topped that of its benchmark, 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 $20,030 as of September 30, 2008, 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, 2008
Mid-Cap Value Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	926.80		$ 0.48
Retirement Class		1,000.00		925.60		1.64
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.51
Retirement Class		1,000.00		1,023.30		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.10% for the Institutional Class and 0.34% for the Retirement Class. The expense charges of one or more of the fund’s share classes reflect a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	2.24
$4 billion–$15 billion	60.07
Under $4 billion	37.69
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        33

MID-CAP BLEND INDEX FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, mid-cap risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TRBDX
Retirement Class	TRMBX
Fund net assets	$180.59 million
Portfolio turnover rate	29%
BENCHMARK PROFILE
Number of holdings	804
Weighted median market capitalization	$5.8 billion
P/E ratio (weighted 12-month trailing average)	16.0
Dividend yield	1.90%
PORTFOLIO COMPOSITION
	% of portfolio investments
Consumer products & services	20.9
Manufacturing & materials	20.5
Financial	20.2
Technology	14.4
Health care	8.9
Utilities	8.6
Energy	6.5
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Mid-Cap Blend Index Fund returned –22.20% for the Institutional Class, compared with the –22.36% return of its benchmark, the Russell Midcap^® Index, and the –21.78% 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 stocks lag in a falling market environment

For the twelve-month period, mid-cap stocks posted a double-digit loss and lagged the –21.52% return of the U.S. stock market, as measured by the Russell 3000^® Index.

          After underperforming the broader market during the first six months of this reporting period, mid-cap issues rebounded in the second quarter of 2008 and outpaced the Russell 3000 by more than four percentage points (2.67% versus –1.69%). During the third quarter, however, mid caps stumbled—falling 12.91%—and lagged the 8.73% decline of the U.S. stock market, as large-cap and small-cap issues held up better than their mid-cap counterparts in an increasingly challenging investment environment. Within the mid-cap category, value stocks fell 20.50% for the twelve-month period but outperformed growth issues, which posted a 24.65% loss.

          Despite its recent decline, the Russell Midcap Index generated an average annual gain of 8.34% over the ten years ended September 30, 2008—more than double the 3.80% average return of the Russell 3000 over the same period.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Mid-Cap Blend Index Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–22.20	%		8.54	%		11.73	%
Retirement Class (inception: 10/1/2002)*		–22.40			8.22			11.40
Russell Midcap Index†		–22.36			8.61			11.84
Morningstar Mid-Cap Blend		–21.78			6.81			9.83

Total annual fund operating expenses: Institutional Class, 0.17% and Retirement Class, 0.42%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

34        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Eleven of the benchmark’s twelve sectors record double-digit losses

During the period, only one of the Russell Midcap Index’s twelve industry sectors registered a positive return, while the other eleven posted double-digit losses. Outsized declines from the benchmark’s three largest sectors—technology (down 32.5%), consumer discretionary (down 28.4%) and financials (down 24.3%)—were the biggest detractors from absolute performance. Taken together these sectors made up more than 45% of the benchmark’s total market capitalization on September 30, 2008.

          Only the integrated oils sector generated a positive return during the period, rising 13.4%. However, because this sector constituted less than 1% of the benchmark’s market capitalization at the end of the period, its overall effect on the index’s return was minimal.

Largest issues generally post stellar gains

Against a challenging equity backdrop, four of the benchmark’s five largest stocks, in terms of market capitalization, reported positive returns over the twelve-month period. Insurer Marsh & McLennan was the top performer, registering a 28.3% gain, followed by the 13.0% advance of personal products manufacturer Avon. Heinz rose 11.8%, while financial services provider Northern Trust climbed 10.6%. Only Allergan, a drug manufacturer, declined, giving back 19.9%.

          For the period, the fund’s return topped that of its benchmark, 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 $19,460 as of September 30, 2008, 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, 2008
Mid-Cap Blend Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	895.80		$ 0.47
Retirement Class		1,000.00		894.70		1.66
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.51
Retirement Class		1,000.00		1,023.25		1.77

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.10% for the Institutional Class and 0.35% for the Retirement Class. The expense charges of one or more of the fund’s share classes reflect a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	4.03
$4 billion–$15 billion	62.91
Under $4 billion	33.06
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        35

SMALL-CAP GROWTH INDEX FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, small-cap risk, growth investing risk, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TISGX
Retirement Class	TRCGX
Fund net assets	$140.42 million
Portfolio turnover rate	56%

BENCHMARK PROFILE
Number of holdings	1,207
Weighted median market capitalization	$1.0 billion
P/E ratio (weighted 12-month trailing average)	28.8
Dividend yield	0.61%

PORTFOLIO COMPOSITION
% of portfolio investments
Manufacturing & materials	24.4
Health care	22.7
Technology	22.1
Consumer products & services	14.8
Energy	7.9
Financial	7.3
Utilities	0.8
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Small-Cap Growth Index Fund returned –16.66% for the Institutional Class, compared with the –17.07% return of its benchmark, the Russell 2000^® Growth Index, and the –23.01% 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 decline less than the broader market

For the twelve-month period, the small-cap growth category lost less than the overall stock market, as measured by the –21.52% return of the Russell 3000^® Index.

          During the first half of the period, small-cap growth stocks lost 14.66%—more than the Russell 3000 Index, which fell 12.54%. In the second half of the period, however, small-cap growth shares declined just 2.83%, while the broad market tumbled 10.27%.

          For the ten years ended September 30, 2008, the Russell 2000 Growth Index posted an average annual gain of 4.67%, outperforming the 3.80% average annual return of the Russell 3000 Index.

Technology and consumer discretionary stocks weigh heavily on the benchmark

For the period, eleven of the benchmark’s twelve industry sectors recorded negative returns, with seven posting double-digit declines. Seven of the twelve sectors fared better than the benchmark as a whole.

          The benchmark was hurt most by declines in two of its largest sectors—technology and consumer discretionary—which were significantly affected by

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Small-Cap Growth Index Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–16.66	%		6.63	%		11.53	%
Retirement Class (inception: 10/1/2002)*		–16.82			7.55			12.27
Russell 2000 Growth Index†		–17.07			6.63			11.55
Morningstar Small Growth		–23.01			5.21			9.52

Total annual fund operating expenses: Institutional Class, 0.24% and Retirement Class, 0.48%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

36        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

the slowing U.S. economy and fell 26.8% and 21.4%, respectively. The benchmark’s largest sector, health care, dropped just 7.6%, but because it constituted more than one-fifth of the Russell 2000 Growth Index in terms of market capitalization at the end of the period, it was the third-largest detractor from index performance. Together, these three sectors made up close to 60% of the benchmark’s market capitalization on September 30, 2008.

          Only the benchmark’s “other” (miscellaneous) sector had a positive return for the period; it surged 98.8%. Because this sector represented less than 1% of the benchmark in terms of market capitalization, however, its outsized gain did little to help offset the declines of larger sectors.

The benchmark’s largest issues score impressive gains

Of the five largest stocks in the Russell 2000 Growth Index, the top three recorded double-digit advances for the period, and the fourth largest skyrocketed to a triple-digit gain. Listed in descending order of their relative benchmark weightings based on market capitalization, these stocks performed as follows: Alexion Pharmaceuticals, 20.6%; biotechnology company Myriad Genetics, 24.4%; OSI Pharmaceuticals, 45.0%; solar energy technology company Energy Conversion Devices, 156.4%; and electrical power transmission utility ITC Holdings, 6.8%.

          For the period, the fund’s return was slightly better than its benchmark’s, 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 $19,254 as of September 30, 2008, 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, 2008
Small-Cap Growth Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	975.50		$ 0.49
Retirement Class		1,000.00		974.90		1.68
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.51
Retirement Class		1,000.00		1,023.30		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.10% for the Institutional Class and 0.34% for the Retirement Class. The expense charges of one or more of the fund’s share classes reflect a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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.

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	0.08
Under $4 billion	99.86
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        37

SMALL-CAP VALUE INDEX FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, small-cap risk, value investing risk, style risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TISVX
Retirement Class	TRSVX
Fund net assets	$181.59 million
Portfolio turnover rate	44%

BENCHMARK PROFILE
Number of holdings	1,317
Weighted median market capitalization	$0.9 billion
P/E ratio (weighted 12-month trailing average)	17.8
Dividend yield	2.30%

PORTFOLIO COMPOSITION
% of portfolio investments
Financial	37.0
Manufacturing & materials	17.7
Consumer products & services	17.6
Technology	13.2
Utilities	6.3
Health care	5.0
Energy	3.2
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Small-Cap Value Index Fund returned –11.82% for the Institutional Class, compared with the –12.25% return of its benchmark, the Russell 2000^® Value Index, and the –15.71% 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.

Small-cap value stocks decline less than the broader market

For the twelve-month period, the small-cap value category declined substantially less than the overall stock market, as measured by the –21.52% return of the Russell 3000^® Index.

          During the first half of the period, small-cap value stocks lost 13.33%—slightly more than the Russell 3000 Index, which fell 12.54%. In the second half of the period, however, small-cap value shares rose 1.24% amid heightened market volatility, while the broad market tumbled 10.27%.

          For the ten years ended September 30, 2008, the Russell 2000 Value Index posted an average annual gain of 10.14%, significantly outperforming the 3.80% average annual return of the Russell 3000 Index.

Consumer discretionary and financial sectors pull down the benchmark

For the twelve-month period, nine of the benchmark’s twelve industry sectors had negative returns, with five posting double-digit declines. However, three sectors produced positive returns, including two that recorded double-digit gains. Seven of the twelve sectors fared better than the benchmark as a whole.

          The benchmark was hurt most by declines in its two largest sectors—financials and consumer discretionary—which fell 13.6% and 25.6%, respectively. Together,

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Small-Cap Value Index Fund		1 year			5 years		since inception
Institutional Class (inception: 10/1/2002)*		–11.82	%		9.48	%	12.54	%
Retirement Class (inception: 10/1/2002)*		–12.08			9.22		12.27
Russell 2000 Value Index†		–12.25			9.43		12.53
Morningstar Small Value		–15.71			7.95		10.45

Total annual fund operating expenses: Institutional Class, 0.21% and Retirement Class, 0.45%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

38        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

these two sectors made up more than 45% of the benchmark’s market capitalization on September 30, 2008. The third-largest sector, materials and processing, lost 9.2%. All three sectors were negatively affected by the slowing economy and the crisis in the financial markets during the period.

          On the positive side, two energy-related sectors—integrated oils and “other energy”—rose 28.6% and 3.4%, respectively. The “other” (miscellaneous) sector gained 18.6% for the period. Together, these three sectors made up only about 6% of the benchmark in terms of market capitalization—too small a portion to overcome the negative effects of the larger underperforming sectors.

The benchmark’s largest issues produce mixed results

Of the five largest stocks in the Russell 2000 Value Index based on market capitalization, the top two turned in double-digit gains for the period: packaged food company Ralcorp rose 20.7%, and Senior Housing Properties Trust, a real estate investment trust (REIT), advanced 15.2%.

          The benchmark’s other three largest issues, listed in descending order of their relative weightings based on market capitalization, performed as follows: Realty Income Corporation, a REIT, declined 2.3%; commercial lender Apollo Investments lost 7.2%; and Westar Energy edged down 1.2%.

          For the period, the fund’s return was slightly better than its benchmark’s, 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 $20,322 as of September 30, 2008, 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, 2008
Small-Cap Value Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	1,014.60		$ 0.50
Retirement Class		1,000.00		1,013.50		1.71
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.51
Retirement Class		1,000.00		1,023.30		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.10% for the Institutional Class and 0.34% for the Retirement Class. The expense charges of one or more of the fund’s share classes reflect a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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.

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

HOLDINGS BY COMPANY SIZE
% of portfolio investments
Over $15 billion	0.04
$4 billion–$15 billion	0.62
Under $4 billion	99.34
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        39

SMALL-CAP BLEND INDEX FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, small-cap risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TISBX
Retirement Class	TRBIX
Fund net assets	$216.59 million
Portfolio turnover rate	36%
BENCHMARK PROFILE
Number of holdings	1,961
Weighted median market capitalization	$0.9 billion
P/E ratio (weighted 12-month trailing average)	21.8
Dividend yield	1.49%
PORTFOLIO COMPOSITION
	% of portfolio investments
Financial	23.3
Manufacturing & materials	20.8
Technology	17.4
Consumer products & services	16.1
Health care	13.4
Energy	5.4
Utilities	3.6
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Small-Cap Blend Index Fund returned –14.07% for the Institutional Class, compared with the –14.48% return of its benchmark, the Russell 2000^® Index, and the –18.87% 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-cap stocks decline less than the broader market

For the twelve-month period, the small-cap category declined substantially less than the overall stock market, as measured by the –21.52% return of the Russell 3000^® Index.

          During the first half of the period, small-cap stocks lost 14.02%—more than the Russell 3000 Index, which fell 12.54%. In the second half of the period, however, small caps held up fairly well amid heightened market volatility, declining just 0.54%, while the broad market tumbled 10.27%.

          Within the small-cap category, value stocks fared better than their growth counterparts. The Russell 2000 Value Index returned –12.25%, versus –17.07% for the Russell 2000 Growth Index.

          For the ten years ended September 30, 2008, the Russell 2000 Index posted an average annual gain of 7.81%, significantly outperforming the 3.80% average annual return of the Russell 3000 Index.

Three largest sectors drive the benchmark’s double-digit loss

For the period, ten of the benchmark’s twelve industry sectors had negative returns, with six posting double-digit declines. The three largest sectors—financials, consumer discretionary and technology—lost 13.4%, 22.4% and

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Small-Cap Blend Index Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–14.07	%		8.15	%		12.10	%
Retirement Class (inception: 10/1/2002)*		–14.34			7.87			11.81
Russell 2000 Index†		–14.48			8.14			12.12
Morningstar Small Blend		–18.87			7.76			10.65

Total annual fund operating expenses: Institutional Class, 0.16% and Retirement Class, 0.41%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

40        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

25.3%, respectively. On September 30, 2008, these three sectors made up more than one-half of the benchmark, in terms of market capitalization.

          All three sectors were negatively affected by the slowing economy and the crisis in the financial markets during the period. Due to a sharp increase in gasoline prices, consumers spent a higher percentage of disposable income on fuel and less on nonessential items. Financial services companies were hit by continuing problems related to subprime securities and a lack of liquidity in the credit markets.

Despite a down market, the benchmark’s largest stocks rise sharply

The five largest stocks in the Russell 2000 Index produced double-digit gains for the period. In descending order of their relative weightings in the benchmark based on market capitalization, these stocks performed as follows: packaged food company Ralcorp Holdings, 20.8%; Alexion Pharmaceuticals, 20.6%; biotechnology company Myriad Genetics, 24.4%; OSI Pharmaceuticals, 45.0%; and Senior Housing Properties Trust, a real estate investment trust, 15.2%.

          For the period, the fund’s return was slightly better than its benchmark’s, 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 $19,846 as of September 30, 2008, 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, 2008
Small-Cap Blend Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	997.70		$ 0.50
Retirement Class		1,000.00		996.10		1.75
5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.51
Retirement Class		1,000.00		1,023.25		1.77

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.10% for the Institutional Class and 0.35% for the Retirement Class. The expense charges of one or more of the fund’s share classes reflect a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	0.05
$4 billion–$15 billion	2.67
Under $4 billion	97.28
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        41

INTERNATIONAL EQUITY INDEX FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, foreign investment risk, small-cap risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TCIEX
Retirement Class	TRIEX
Fund net assets	$826.33 million
Portfolio turnover rate	45%
BENCHMARK PROFILE
Number of holdings	1,022
Weighted median market capitalization	$32.9 billion
P/E ratio (weighted 12-month trailing average)	10.9
Dividend yield	4.16%
PORTFOLIO COMPOSITION
	% of portfolio investments
Financial	26.7
Manufacturing & materials	20.1
Consumer products & services	19.4
Technology	11.1
Energy	8.7
Health care	8.1
Utilities	5.9
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The International Equity Index Fund returned –29.23% for the Institutional Class, compared with the –30.50% return of its benchmark, the MSCI EAFE^® Index, and the –30.24% 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.

Global credit woes and weakening economies drive foreign stocks lower

Amid heightened market volatility, a worsening global credit crisis and signs of slower economic growth, foreign stocks posted a steep decline for the twelve-month period. The EAFE index, which tracks stocks in 21 developed nations outside North America, fell 20.56% in the third quarter of 2008 alone. For the full twelve months, the EAFE’s loss was about nine percentage points larger than the 21.52% decline of the Russell 3000^® Index, which measures the broad U.S. stock market.

          The poorer showing by foreign stocks reversed a trend in which the EAFE had fared better than the Russell 3000 in every twelve-month period ended September 30 since 2002. For the ten years ended September 30, 2008, the average annual return of the EAFE index was 5.02%, versus 3.80% for the Russell 3000 Index.

Declining European currencies magnify foreign stock losses

After rising steadily in value against the dollar from early 2006 through the second quarter of 2008, the euro and the British pound saw their relative strength plummet in the third quarter of 2008. For the twelve-month period

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
International Equity Index Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–29.23	%		10.04	%		12.40	%
Retirement Class (inception: 10/1/2002)*		–29.44			9.71			12.05
MSCI EAFE Index†		–30.50			9.68			12.22
Morningstar Foreign Large Blend		–30.24			9.24			10.93
Total annual fund operating expenses: Institutional Class, 0.11% and Retirement Class, 0.35%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

42        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

as a whole, the eroding value of these currencies magnified European stock losses for U.S. investors. In contrast, the yen strengthened against the dollar during the twelve months, which helped reduce the size of losses posted by Pacific stocks when translated into dollar terms.

          The net effect of these varying currency movements was to worsen the negative return of the EAFE index for U.S. investors, from –28.84% in terms of local currencies to –30.50% in dollars.

European and Pacific stocks see broad declines

European stocks, which made up more than two-thirds of the EAFE’s market capitalization on September 30, 2008, plunged 30.93%. British, French and German stocks—the EAFE’s three largest European components in terms of market capitalization—were down 31.53%, 28.12% and 28.10%, respectively. (All returns are in U.S. dollars.)

          The benchmark’s Pacific segment tumbled 29.61% in dollar terms. Japanese stocks, the largest component of the Pacific segment and slightly more than one-fifth of the EAFE’s total market capitalization, declined 26.93% in dollars. Pacific markets outside of Japan posted a steeper loss of 35.07% in dollar terms.

          For the period, the fund’s loss was slightly smaller than that of its benchmark, 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 $20,169 as of September 30, 2008, 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, 2008
International Equity Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	793.80		$ 0.49
Retirement Class		1,000.00		792.20		1.57
5% annual hypothetical return
Institutional Class		1,000.00		1,024.45		0.56
Retirement Class		1,000.00		1,023.25		1.77

*	“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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.11% for the Institutional Class and 0.35% for the Retirement Class. The expense charges of one or more of the fund’s share classes reflect a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would have been higher and their performance lower.
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.
For more information about this expense example, please see page 5.

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	67.54
$4 billion–$15 billion	25.13
Under $4 billion	7.33
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        43

ENHANCED INTERNATIONAL EQUITY INDEX FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, foreign investment risk, derivatives risk, quantitative analysis risk, small-cap risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol    Institutional Class	TFIIX
Fund net assets	$166.41 million
Number of holdings	433
Portfolio turnover rate	88%
Weighted median market capitalization	$30.2 billion
P/E ratio (weighted 12-month trailing average)	9.1
Dividend yield	4.44%
PORTFOLIO COMPOSITION
	% of portfolio investments
Financial	26.2
Manufacturing & materials	21.3
Consumer products & services	18.9
Technology	11.2
Energy	9.2
Health care	7.7
Utilities	5.5
Total	100.0

PERFORMANCE IN THE PERIOD ENDED SEPTEMBER 30, 2008

The Enhanced International Equity Index Fund was launched on November 30, 2007. For the ten months through September 30, 2008, the fund returned –31.42% for the Institutional Class, compared with the –30.86% return of its benchmark, the MSCI EAFE^® Index, and the –30.51% average return of the fund’s peer group, the Morningstar Foreign Large Blend category.

Foreign stocks plunge in the third quarter

Heightened market volatility, a worsening global credit crisis and signs of slower economic growth drove foreign stocks down for the ten-month period. More than two-thirds of the EAFE’s decline occurred in the third quarter of 2008, when the index tumbled 20.56% in dollar terms. (The EAFE tracks stocks in 21 developed nations outside North America.) In terms of local currencies, the EAFE fell 13.02% in the third quarter, but for U.S. investors this loss was magnified by severe weakening of the EAFE’s currencies versus the dollar.

          Both in terms of local currencies and in dollars, foreign stocks fared worse than U.S. stocks in the third quarter: the Russell 3000^® Index, which measures the broad U.S. stock market, declined 8.73%. The poorer showing by foreign stocks reversed a trend in which the EAFE had fared better than the Russell 3000 in every twelve-month period ended September 30 since 2002. For the ten years ended September 30, 2008, the average annual return of the EAFE index was 5.02%, versus 3.80% for the Russell 3000 Index.

          In the third quarter, the five largest country components of the EAFE index, in descending order according to market capitalization size, performed as follows in dollar terms: Japan, –17.65%; United Kingdom, –20.97%; France, –18.93%; Germany, –20.56%; and Switzerland, –13.23%.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return
Enhanced International Equity Index Fund	since inception
Institutional Class (inception: 11/30/2007)		–31.42	%
MSCI EAFE Index*		–30.86
Morningstar Foreign Large Blend		–30.51

Total period fund operating expenses: Institutional Class, 0.72%. For the fund’s net operating expenses, please see the current prospectus.

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

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

44        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Stock selections trim relative performance

The fund’s enhanced indexing strategy uses quantitative modeling techniques to build a portfolio that shares the risk characteristics of the fund’s benchmark index, while seeking to outperform that index. In terms of portfolio holdings, the fund diverges from its benchmark more than a fund that uses a pure indexing strategy.

          During the ten months in which the fund operated, stock selections using the enhanced indexing methodology had both negative and positive effects on performance, but the overall result was to lower the fund’s return relative to that of its benchmark. Among the holdings that detracted from the fund’s return were overweight positions, relative to the benchmark, in two British stocks: telephone company Vodafone and banking giant Lloyds TSB. Underweight positions that included British drugmaker AstraZeneca and U.K.-based financial firm HBOS also trimmed the fund’s return.

          Other holdings had a positive effect on the fund’s return. Among these were underweights in Japanese financial company Mitsui Sumitomo and Belgian-Dutch bank Fortis, and overweights in Swiss drugmaker Novartis and Spanish energy company Unión Fenosa.

          Because of the fund’s short performance history, the returns described in this report should not be taken as an indication of the way the fund is likely to perform over longer periods.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception November 30, 2007)

An investment of $10,000 in this fund on November 30, 2007, would be worth $6,858 as of September 30, 2008, 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, 2008
Enhanced International Equity Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	775.80		$ 2.04
5% annual hypothetical return
Institutional Class		1,000.00		1,022.70		2.33

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.46% for the Institutional Class. The expense charge of this fund reflects a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would have been higher and its performance lower.

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.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	64.90
$4 billion–$15 billion	26.37
Under $4 billion	8.73
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        45

ENHANCED LARGE-CAP GROWTH INDEX FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, large-cap risk, growth investing risk, style risk, reorganization risk, derivatives risk, quantitative analysis risk, foreign investment risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol
Institutional Class	TLIIX
Fund net assets	$162.18 million
Number of holdings	340
Portfolio turnover rate	111%
Weighted median market capitalization	$31.9 billion
P/E ratio (weighted 12-month trailing average)	14.8
Dividend yield	1.39%
PORTFOLIO COMPOSITION
	% of portfolio investments
Technology	27.2
Consumer products & services	21.1
Manufacturing & materials	18.1
Health care	13.3
Energy	9.7
Financial	9.4
Utilities	1.2
Total	100.0

PERFORMANCE IN THE PERIOD ENDED SEPTEMBER 30, 2008

The Enhanced Large-Cap Growth Index Fund was launched on November 30, 2007. For the ten months through September 30, 2008, it returned –19.95% for the Institutional Class, compared with the –20.56% return of its benchmark, the Russell 1000^® Growth Index, and the –22.73% average return of the fund’s peer group, the Morningstar Large Growth category.

Large-cap growth trails the broad market

Heightened market volatility, a worsening credit crisis and signs of slower economic growth drove U.S. stocks down for the ten-month period. Large-cap growth stocks trailed the broad U.S. stock market, which declined 19.30% as measured by the Russell 3000^® Index. Large-cap growth stocks also underperformed large-cap value issues, which fell 19.64%. (Investment-style and capitalization-size returns are based on the Russell indexes.)

          In line with these results, over the last decade, large-cap growth issues significantly lagged value stocks in the same size category. For the ten years ended September 30, 2008, the Russell 1000 Growth Index posted an average annual return of 0.59%—nearly five percentage points less than the 5.55% average annual return of the Russell 1000 Value Index, and more than three percentage points less than the 3.80% average annual return of the Russell 3000 Index.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return
Enhanced Large-Cap Growth Index Fund	since inception
Institutional Class (inception: 11/30/2007)		–19.95	%
Russell 1000 Growth Index*		–20.56
Morningstar Large Growth		–22.73

Total period fund operating expenses: Institutional Class, 0.55%. For the fund’s net operating expenses, please see the current prospectus.

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

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

46        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Stock selections cushion losses slightly

The fund’s enhanced indexing strategy uses quantitative modeling techniques to build a portfolio that shares the risk characteristics of the fund’s benchmark index, while seeking to outperform that index. In terms of portfolio holdings, the fund diverges from its benchmark more than a fund that uses a pure indexing strategy.

          During the ten-month period in which the fund operated, stock selections using the enhanced indexing methodology had both positive and negative effects on performance, but the overall result was to help the fund outperform its benchmark. Among the holdings that contributed to the fund’s return were overweight positions in Wal-Mart, biotechnology firm Genentech and global management services company Accenture, as well as an underweight holding in home mortgage provider Freddie Mac. Underweight positions that included McDonald’s, oil and gas producer XTO Energy and biotechnology firm Genzyme, however, trimmed the fund’s relative return. An overweight position in global engineering contractor Foster Wheeler also detracted from performance.

          Because of the fund’s short performance history, the returns described in this report should not be taken as an indication of the way the fund is likely to perform over longer periods.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception November 30, 2007)

An investment of $10,000 in this fund on November 30, 2007, would be worth $8,005 as of September 30, 2008, 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, 2008
Enhanced Large-Cap Growth Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	891.70		$ 1.56
5% annual hypothetical return
Institutional Class		1,000.00		1,023.35		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.33% for the Institutional Class. The expense charge of this fund reflects a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would have been higher and its performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	67.05
$4 billion–$15 billion	23.08
Under $4 billion	9.87
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        47

ENHANCED LARGE-CAP VALUE INDEX FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, large-cap risk, value investing risk, style risk, reorganization risk, derivatives risk, quantitative analysis risk, foreign investment risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbol    Institutional Class	TEVIX
Fund net assets	$158.44 million
Number of holdings	347
Portfolio turnover rate	70%
Weighted median market capitalization	$41.1 billion
P/E ratio (weighted 12-month trailing average)	12.4
Dividend yield	3.07%
PORTFOLIO COMPOSITION
	% of portfolio investments
Financial	29.8
Energy	15.8
Consumer products & services	15.2
Manufacturing & materials	13.7
Health care	11.8
Technology	7.7
Utilities	6.0
Total	100.0

PERFORMANCE IN THE PERIOD ENDED SEPTEMBER 30, 2008

The Enhanced Large-Cap Value Index Fund was launched on November 30, 2007. For the ten months through September 30, 2008, the fund returned –19.51% for the Institutional Class, compared with the –19.64% return of its benchmark, the Russell 1000^® Value Index, and the –20.79% average return of the fund’s peer group, the Morningstar Large Value category.

Large-cap value trails the broad market

Heightened market volatility, a worsening credit crisis and signs of slower economic growth drove U.S. stocks down for the ten-month period. During the ten months, large-cap value stocks trailed the broad U.S. stock market, which declined 19.30%, as measured by the Russell 3000^® Index. Large-cap value stocks, however, outperformed large-cap growth issues, which fell 20.56%. (Investment-style and capitalization-size returns are based on the Russell indexes.)

          In line with these results, over the last decade, large-cap value issues significantly outperformed growth stocks in the same size category. For the ten years ended September 30, 2008, the Russell 1000 Value Index posted an average annual return of 5.55%—nearly five percentage points greater than the 0.59% average annual gain of the Russell 1000 Growth Index, and 1.75 percentage points greater than the 3.80% average annual return of the Russell 3000 Index.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return
Enhanced Large-Cap Value Index Fund	since inception
Institutional Class (inception: 11/30/2007)		–19.51	%
Russell 1000 Value Index*		–19.64
Morningstar Large Value		–20.79
Total period fund operating expenses: Institutional Class, 0.58%. For the fund’s net operating expenses, please see the current prospectus.

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

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

48        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Stock selections cushion losses slightly

The fund’s enhanced indexing strategy uses quantitative modeling techniques to build a portfolio that shares the risk characteristics of the fund’s benchmark index, while seeking to outperform that index. In terms of portfolio holdings, the fund diverges from its benchmark more than a fund that uses a pure indexing strategy.

          During the ten-month period in which the fund operated, stock selections using the enhanced indexing methodology had both positive and negative effects on performance, but the overall result was to help the fund outperform its benchmark. Among the holdings that contributed to the fund’s return were overweight positions in General Electric and Wal-Mart, as well as underweights in financial companies, including Wachovia, Lehman Brothers and Merrill Lynch.

          Among the holdings that detracted from the fund’s relative return were underweight positions in energy company Apache, financial holding company BB&T and oil and gas producer EOG Resources. The fund’s return was also trimmed by an overweight position in insurer Genworth Financial.

          Because of the fund’s short performance history, the returns described in this report should not be taken as an indication of the way the fund is likely to perform over longer periods.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception November 30, 2007)

An investment of $10,000 in this fund on November 30, 2007, would be worth $8,049 as of September 30, 2008, 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, 2008
Enhanced Large-Cap Value Index Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	889.30		$ 1.56
5% annual hypothetical return
Institutional Class		1,000.00		1,023.35		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.33% for the Institutional Class. The expense charge of this fund reflects a contractual reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would have been higher and its performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion		69.20
$4 billion–$15 billion		18.34
Under $4 billion		12.46
Total		100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        49

SOCIAL CHOICE EQUITY FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, the risk of socially screened investing, foreign investment risk and index risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TISCX
Retirement Class	TRSCX
Retail Class	TICRX
Fund net assets	$610.92 million
Number of holdings	1,009
Portfolio turnover rate	15%
Weighted median market capitalization	$23.0 billion
P/E ratio (weighted 12-month trailing average)	15.3
Dividend yield	2.09%

PORTFOLIO COMPOSITION
% of portfolio investments
Consumer products & services	20.9
Technology	18.4
Financial	18.2
Manufacturing & materials	13.7
Health care	12.6
Energy	8.9
Utilities	6.0
Short-term investments	1.3
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Social Choice Equity Fund returned –18.81% for the Institutional Class, compared with the –21.52% return of its benchmark, the Russell 3000^® Index, and the –22.45% 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.

Stock exclusions help trim the fund’s losses

Because of its social screens, the fund did not invest in several stocks that were sizable components of the Russell 3000 Index in terms of market capitalization. During the period, the overall effect of these exclusions was to help the fund outperform its benchmark.

          The fund benefited primarily by avoiding the stocks of home mortgage provider Fannie Mae and insurer American International Group. Casualties of the global credit crisis, these institutions were rescued by the U.S. government during the period. The exclusions of Citigroup (down 53.6%) and General Electric (down 35.8%) also reduced the fund’s losses relative to those of its benchmark.

          Relative performance suffered, however, from the exclusion of other stocks that performed well during the period. These included Wal-Mart (up 39.6%) and JPMorgan Chase (up 5.7%).

Stock selections limit risk, as the fund enhances its screening process

Because the fund’s social screens prevent it from investing in some of the stocks in the Russell 3000, the fund’s managers use statistical techniques to

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Social Choice Equity Fund		1 year			5 years		since fund inception
Institutional Class (inception: 7/1/1999)*		–18.81	%		6.06	%	0.75	%
Russell 3000 Index†		–21.52			5.69		0.70
Morningstar Large Blend		–22.45			4.84		0.60
Retirement Class (inception: 10/1/2002)*		–19.02			5.70		0.52	‡
Retail Class (inception: 3/31/2006)		–18.81			6.01	‡	0.72	‡

Total annual fund operating expenses: Institutional Class, 0.21%; Retirement Class, 0.45%; and Retail Class, 0.49%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retirement classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

50        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

help ensure that the risk characteristics of the portfolio resemble those of the index. One such method is to overweight or underweight specific stocks relative to each one’s percentage of capitalization within the benchmark.

          During the twelve-month period, the fund’s relative return was aided by overweight positions in two financial services companies that withstood the upheavals within the financial sector: Wells Fargo, which subsequently acquired Wachovia, and U.S. Bancorp. Overweight holdings in McDonald’s and Apache, an energy company, also helped the fund’s performance. An underweight position in Apple enhanced returns as well.

          Overweight holdings that detracted from relative return included home mortgage provider Freddie Mac, which was taken over by the U.S. government, Washington Mutual, which was acquired by JPMorgan Chase, and Hartford Financial Services Group.

          In July 2008, the fund enhanced the way it screens companies for potential investment. Using specific environmental, social and governance criteria, the new evaluation process seeks out companies that are: strong stewards of the environment; devoted to serving local communities and society in general; committed to high labor standards; dedicated to producing high-quality, safe products; and managed in an ethical manner. A company’s involvement in the alcohol, tobacco, gambling, firearms, military and nuclear power industries is also reviewed and integrated into the process. Because of the negative social and environmental consequences of these products and services, companies with substantial involvement are unlikely to be included in the 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 $10,715 as of September 30, 2008, 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, 2008
Social Choice Equity Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	917.80		$ 1.01
Retirement Class		1,000.00		916.00		2.16
Retail Class		1,000.00		917.30		1.34
5% annual hypothetical return
Institutional Class		1,000.00		1,023.95		1.06
Retirement Class		1,000.00		1,022.75		2.28
Retail Class		1,000.00		1,023.60		1.42

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.21% for the Institutional Class, 0.45% for the Retirement Class and 0.28% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
% of portfolio investments
Over $15 billion	62.31
$4 billion–$15 billion	23.30
Under $4 billion	14.39
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        51

REAL ESTATE SECURITIES FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, real estate investing risk, real estate securities risk, small-cap risk, foreign investment risk, interest-rate risk and income volatility risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TIREX
Retirement Class	TRRSX
Retail Class	TCREX
Fund net assets	$533.02 million
Number of holdings	49
Portfolio turnover rate	94%
Weighted median market capitalization	$6.9 billion
P/E ratio (weighted 12-month trailing average)	35.2
Dividend yield	4.04%
PORTFOLIO COMPOSITION
	% of portfolio investments
Retail REITs	31.7
Specialized REITs	18.9
Residential REITs	16.5
Diversified REITs	7.8
Real estate management & development	7.2
Office REITs	6.9
Industrial REITs	3.8
Mortgage REITs	1.6
Office electronics	1.2
Hotels, restaurants & leisure	0.4
Short-term investments	4.0
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Real Estate Securities Fund returned –13.54% for the Institutional Class, compared with the –12.86% return of its benchmark, the Dow Jones Wilshire Real Estate Securities Index, and the –14.46% 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 decline in an uneven year

When the period covered by this report began, real estate investment trusts (REITs) had just posted an average annual return of 22.48% for the previous five years, as measured by the fund’s benchmark index. This return was well ahead of the 16.17% average annual gain of the broad U.S. stock market, during those five years, as measured by the Russell 3000^® Index.

          These exceptional results led many investors to believe that a market top had been reached, and a broad-based sell-off of REITs occurred in the fourth quarter of 2007, when the benchmark dropped 13.68%. During the first quarter of 2008, the market for REITs regained its footing, and the benchmark gained 2.12%, while the broad U.S. stock market slid 9.52%.

          REITs stumbled again in the second quarter of 2008, falling 11.09% in June alone—their poorest monthly showing in more than four years. REITs declined 5.41% during the second quarter. However, the third quarter saw a 4.51% advance.

REITs continue to outperform over the long term

For the twelve-month period, REITs held their value significantly better than the broad U.S. stock market, which lost 21.52%. Both REITs and the overall

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Real Estate Securities Fund	1 year			5 years			since inception
Institutional Class (inception: 10/1/2002)*		–13.54	%		11.56	%		14.60	%
Retirement Class (inception: 10/1/2002)*		–13.76			11.36			14.43
Retail Class (inception: 10/1/2002)*		–13.66			11.43			14.45
Dow Jones Wilshire      Real Estate Securities Index†		–12.86			13.61			15.75
Morningstar Specialty Real Estate		–14.46			11.62			13.51

Total annual fund operating expenses: Institutional Class, 0.56%; Retirement Class, 0.81%; and Retail Class, 0.85%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional, Retirement and Retail classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

52        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

economy were adversely affected by the turmoil in the credit markets. In addition, REITs were hurt by rising debt costs and a slowing global economy. At the same time, rising unemployment cut demand for new office space.

          In the longer term, REITs generated an average annual return of 12.92% for the ten-year period ended September 30, 2008—more than triple the 3.80% return of the Russell 3000 Index.

Stock selections detract from relative performance

The fund trailed the Dow Jones Wilshire Real Estate Securities Index because of individual stock selections that resulted in outsized losses. Among these were overweight positions in shopping mall operator Macerich and SL Green, an office REIT with exposure to the New York financial sector. Holdings in stocks not in the benchmark that hurt relative performance included Starwood Hotels, Gramercy Capital, a REIT specializing in real estate finance, and Greentown China Holdings.

          These negative effects were partly offset by positive contributions to relative performance. Some of these came from overweights that included multifamily REIT Essex Property Trust, retail REIT Simon Property Group, Federal Realty Investment Trust and industrial developer EastGroup Properties.

          The fund also gained by underweighting—and in some cases completely avoiding—underperforming stocks listed in the benchmark. Shopping center operator Developers Diversified Realty; General Growth Properties, one of the nation’s largest mall operators; and hotel property owner Hospitality Properties Trust all lagged the industry overall, and underweights in each of them limited losses from those holdings.

$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 $22,659 as of September 30, 2008, 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, 2008
Real Estate Securities Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	974.90		$ 2.76
Retirement Class		1,000.00		973.40		4.00
Retail Class		1,000.00		973.90		3.45
5% annual hypothetical return
Institutional Class		1,000.00		1,022.20		2.83
Retirement Class		1,000.00		1,020.95		4.09
Retail Class		1,000.00		1,021.50		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.56% for the Institutional Class, 0.81% for the Retirement Class and 0.70% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

HOLDINGS BY COMPANY SIZE
	% of portfolio investments
Over $15 billion	15.15
$4 billion–$15 billion	53.72
Under $4 billion	31.13
Total	100.00

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        53

MANAGED ALLOCATION FUND II

INVESTMENT OBJECTIVE

The fund seeks favorable returns that reflect the broad investment performance of the financial markets through capital appreciation and investment income. The fund pursues this goal through a “fund of funds” approach, whereby the fund will make investments primarily in other mutual funds.

PRINCIPAL 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 risk, 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 symbols
Institutional Class	TIMIX
Retirement Class	TITRX
Retail Class	TIMRX
Fund net assets	$504.85 million
Portfolio turnover rate	26%

PORTFOLIO COMPOSITION
Fund	% of portfolio investments
Bond Plus Fund II		38.0
Large-Cap Growth Fund		19.1
Large-Cap Value Fund		18.5
International Equity Fund		8.9
Small-Cap Equity Fund		4.5
Enhanced International Equity Index Fund		4.2
Enhanced Large-Cap Growth Index Fund		3.5
Enhanced Large-Cap Value Index Fund		2.5
Growth & Income Fund		0.6
Mid-Cap Growth Fund		0.1
Mid-Cap Value Fund		0.1
Total		100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Managed Allocation Fund II returned –16.92% for the Institutional Class, compared with the –12.94% return of its benchmark, the Managed Allocation Composite Index, and the –16.40% 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.

Global stock markets post double-digit losses; U.S. bonds gain

For the twelve months, the broad U.S. stock market, as measured by the Russell 3000^® Index, fell 21.52%. The index declined in all four quarters of the period, including a 9.52% drop in the first quarter of 2008.

          The turbulence in the stock market reflected ongoing investor concerns about falling housing prices, burgeoning defaults within the U.S. subprime mortgage sector, rising unemployment and soaring oil prices. As financial institutions were forced to write down large investments in fixed-income subprime securities, the credit markets froze.

          To jumpstart liquidity, the Federal Reserve lowered the target for the federal funds rate—the interest rate U.S. commercial banks charge one another for overnight loans—six times during the period, bringing it to 2.00%. The Fed also expanded its lending programs. Near collapse, several prominent financial institutions were either taken over by the U.S. government or by banks that were better able to weather the storm.

          Foreign stocks were not immune from the problems in the United States. The MSCI EAFE^® Index, which tracks stocks in 21 developed nations outside

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Managed Allocation Fund II	1 year			since inception
Institutional Class (inception: 3/31/2006)		–16.92	%		–1.04	%
Retirement Class (inception: 3/31/2006)		–17.10			–1.30
Retail Class (inception: 3/31/2006)		–16.89			–1.05
Managed Allocation Composite Index*		–12.94			0.73
Benchmark components (percentage of composite index):
Russell 3000 Index (45%)		–21.52			–2.53
Lehman Brothers U.S. Aggregate Index (40%)		3.65			5.02
MSCI EAFE Index (15%)		–30.50			–3.77
Morningstar Moderate Allocation		–16.40			–1.39

Total annual fund operating expenses: Institutional Class, 0.54%; Retirement Class, 0.78%; and Retail Class, 0.84%. For the fund’s net operating expenses, please see the current prospectus.

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

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

54        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

North America, fell 30.50% in dollar terms during the twelve-month period. In the third quarter of 2008, the dollar rallied against the euro and the British pound, increasing losses for U.S. investors. In terms of local currencies, the EAFE declined 28.84% for the twelve months.

          As investors sought the safety of U.S. Treasuries, bond prices rose. The broad U.S. investment-grade, fixed-rate bond market, as measured by the Lehman Brothers U.S. Aggregate Index, gained 3.65% for the period.

The fund suffers from underperformance in its major components

The fund’s absolute return was affected most strongly by the global downturn in the stock market. However, the fund’s performance relative to its benchmark was determined mainly by the fact that the fund’s largest single component, the Bond Plus Fund II, lagged its benchmark by 4.83 percentage points because of a sizable exposure to corporate bonds and a substantial underweight in U.S. Treasuries.

          The fund’s largest stock component, the Large-Cap Growth Fund, returned –21.14%, narrowly missing the return of its benchmark. The fund’s second-largest stock component, the Large-Cap Value Fund, declined 26.78%, lagging its benchmark by 3.22 percentage points. The International Equity Fund recorded the steepest decline—33.50%—and trailed its benchmark by three percentage points.

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

$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 be worth $9,742 as of September 30, 2008, 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, 2008
Managed Allocation Fund II	Institutional Class		Retirement Class		Retail Class
Actual return
Starting fund
value (4/1/08)	$	1,000.00	$	1,000.00	$	1,000.00
Ending fund
value (9/30/08)		894.30		893.10		894.50
Expenses paid*
(4/1/08–9/30/08)		0.00		1.18		0.00
Effective expenses paid†
(4/1/08–9/30/08)		2.23		3.41		2.23
5% annual hypothetical return
Starting fund
value (4/1/08)	$	1,000.00	$	1,000.00	$	1,000.00
Ending fund
value (9/30/08)		1,022.65		1,021.40		1,022.65
Expenses paid*
(4/1/08–9/30/08)		0.00		1.26		0.00
Effective expenses paid†
(4/1/08–9/30/08)		2.38		3.64		2.38

*

“Expenses paid” shows the fund’s own expense ratio for the most recent fiscal half-year, multiplied by the average fund value, multiplied by 183/366. There were 183 days in the six months ended September 30, 2008. 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. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

†

“Effective expenses paid” is based on the fund’s total expense ratio for the most recent fiscal half-year, which includes 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 total annualized, weighted, average expense ratio was 0.47% for the Institutional Class; 0.72% for the Retirement Class; and 0.47% for the Retail Class.

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

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        55

BOND FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to income volatility risk, credit risk, interest-rate risk, call risk, company risk, foreign investment risk and index risk. The fund invests in asset- and mortgage-backed securities and is subject to prepayment risk, where falling interest rates can cause security prices and income to decline due to prepayment of principal, as well as to extension risk, where rising rates can cause security prices to decline because expected prepayments of principal do not occur. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TIBDX
Retirement Class	TIDRX
Retail Class	TIORX
Fund net assets	$1.93 billion
Number of issues	647
Portfolio turnover rate	113%
Average quality	Aa1/AA+
Option-adjusted duration	4.43 years
Average coupon	5.03%
Average yield to maturity	5.99%
Average maturity	6.32 years
PORTFOLIO COMPOSITION
	% of portfolio investments
Mortgage-backed securities & commercial mortgage-backed securities	42.1
U.S. Treasury securities	19.6
Corporate bonds	14.2
U.S. agency securities	7.7
Asset-backed securities	6.8
Foreign government & corporate bonds denominated in U.S. dollars	6.0
Preferred stock	0.1
Short-term investments	3.5
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Bond Fund returned 2.06% for the Institutional Class, compared with the 3.65% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the –2.45% 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.

Bonds gain as investors seek safety

During the twelve-month period, the U.S. economy showed increasing signs of strain. Housing prices fell dramatically. Some 2.2 million people lost jobs, and the unemployment rate rose to 6.1%. Consumers reduced their spending amid surging oil prices. As banks wrote down large investments in subprime fixed-income securities, some of the most prestigious financial institutions on Wall Street faltered.

          To help reinvigorate the economy and an increasingly fragile banking system, the Federal Reserve cut its target for the federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) six times during the period, eventually bringing it to 2.00%. The Fed also expanded its lending programs, assisted in the rescue of several financial institutions and helped fashion legislation in Washington to remedy the situation.

          The Lehman Brothers U.S. Aggregate Index, which measures the broad U.S. investment-grade, fixed-rate bond market, gained 5.23% for the first half of the period. As investors fled volatile stock markets for the relative safety of U.S. Treasuries, bond prices rose, and yields fell. (Bond prices and yields move in opposite directions.) After a short-lived rally in corporate bonds and asset-backed securities fizzled in June, the index lost 1.50% for the second half of the period.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Bond Fund	1 year			5 years			since fund inception
Institutional Class (inception: 7/1/1999)*		2.06	%		3.29	%		5.55	%
Lehman Brothers U.S. Aggregate Index†		3.65			3.78			5.76
Morningstar Intermediate-Term Bond		–2.45			2.15			4.36
Retirement Class (inception: 3/31/2006)		1.87			3.17	‡		5.48	‡
Retail Class (inception: 3/31/2006)		2.08			3.24	‡		5.52	‡
Total annual fund operating expenses: Institutional Class, 0.32%; Retirement Class, 0.57%; and Retail Class, 0.56%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional Class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

56        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Treasuries outshine other fixed-income securities

With investors seeking higher quality and liquidity, the Treasury component of the Lehman index surged 8.73%; U.S. agency securities rose 6.11%. As Treasury prices climbed, the yield on 2-year Treasury notes declined from 3.97% at the beginning of the period to 2.00% at period-end. The 10-year Treasury yield slid from 4.59% to 3.85%.

          Returns from the benchmark’s other high-quality sectors suffered when demand for non-government securities dried up.

Fund trails the benchmark but surpasses its peers

For the period, the fund lagged its benchmark primarily because of underweights in U.S. Treasury and agency securities and overweights in mortgage- and asset-backed securities.

          However, the fund outperformed its peers by 4.51 percentage points because early on its managers recognized the troubling signs within the credit markets. As a defensive strategy, they steadily increased the credit quality of the fund’s portfolio, which was already of higher quality than that of the Lehman index.

          The fund’s managers strive to minimize the effects of problems at any single company through broad diversification of the fund’s portfolio. During the period, this strategy helped lessen the negative effects of holdings in distressed financial companies, such as Lehman Brothers, Washington Mutual, and home mortgage providers Fannie Mae and 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 $16,481 as of September 30, 2008, 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, 2008
Bond Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	976.80		$ 1.58
Retirement Class		1,000.00		976.10		2.82
Retail Class		1,000.00		976.80		1.93
5% annual hypothetical return
Institutional Class		1,000.00		1,023.40		1.62
Retirement Class		1,000.00		1,022.15		2.88
Retail Class		1,000.00		1,023.05		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.32% for the Institutional Class, 0.57% for the Retirement Class and 0.39% for the Retail Class. The expense charges of one or more of the fund’s share classes re-flect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is expected to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        57

BOND PLUS FUND II

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to income volatility risk, credit risk, interest-rate risk, call risk, company risk, foreign investment risk and index risk. The fund invests in asset- and mortgage-backed securities and is subject to prepayment risk, where falling interest rates can cause security prices and income to decline due to prepayment of principal, as well as to extension risk, where rising rates can cause security prices to decline because expected prepayments of principal do not occur. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TIBFX
Retirement Class	TCBRX
Retail Class	TCBPX
Fund net assets	$496.13 million
Number of issues	558
Portfolio turnover rate	92%
Average quality	Aa1/AA+
Option-adjusted duration	4.36 years
Average coupon	5.51%
Average yield to maturity	7.38%
Average maturity	6.53 years
PORTFOLIO COMPOSITION
	% of portfolio investments
Mortgage-backed securities & commercial mortgage-backed securities	46.4
Corporate bonds	19.9
U.S. Treasury securities	10.3
Asset-backed securities	8.4
Foreign government & corporate bonds denominated in U.S. dollars	8.0
U.S. agency securities	4.6
Mutual funds	0.8
Preferred stock	0.1
Short-term investments	1.5
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Bond Plus Fund II returned –1.18% for the Institutional Class, compared with the 3.65% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the –2.45% 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.

Bonds gain as investors seek safety

During the twelve-month period, the U.S. economy showed increasing signs of strain. Housing prices fell dramatically, and the unemployment rate rose to 6.1%. Consumers reduced their spending amid surging oil prices. As banks wrote down large investments in subprime fixed-income securities, some of the most prestigious financial institutions on Wall Street faltered.

          To help reinvigorate the economy and an increasingly fragile banking system, the Federal Reserve cut its target for the federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) six times during the period, eventually bringing it to 2.00%. The Fed also expanded its lending programs, assisted in the rescue of several financial institutions and helped fashion legislation in Washington to remedy the situation.

          The Lehman Brothers U.S. Aggregate Index, which measures the broad U.S. investment-grade, fixed-rate bond market, gained 5.23% for the first half of the period. As investors fled volatile stock markets for the relative safety of U.S. Treasuries, bond prices rose, and yields fell (Bond prices and yields move in opposite directions). After a short-lived rally in corporate bonds and asset-backed securities fizzled in June, the index lost 1.50% for the second half of the period.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Bond Plus Fund II	1 year			since inception
Institutional Class (inception: 3/31/2006)		–1.18	%		2.60	%
Retirement Class (inception: 3/31/2006)		–1.49			2.38
Retail Class (inception: 3/31/2006)		–1.26			2.52
Lehman Brothers U.S. Aggregate Index*		3.65			5.02
Morningstar Intermediate-Term Bond		–2.45			1.83

Total annual fund operating expenses: Institutional Class, 0.38%; Retirement Class, 0.63%; and Retail Class, 0.74%. For the fund’s net operating expenses, please see the current prospectus.

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

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

58        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

Treasuries outshine other fixed-income securities

With investors seeking higher quality and liquidity, the Treasury component of the Lehman index surged 8.73%. As Treasury prices climbed, the yield on 2-year Treasury notes declined from 3.97% at the beginning of the period to 2.00% at period-end. The 10-year Treasury yield slid from 4.59% to 3.85%. Returns from the benchmark’s other high-quality sectors suffered when demand for non-government securities dried up.

Fund trails the benchmark but outperforms its peers

For the period, the fund lagged its benchmark by 4.83 percentage points primarily because of substantial underweights in U.S. Treasury securities and overweights in mortgage- and asset-backed securities. In addition, holdings in high-yield and emerging market securities also negatively affected performance relative to the benchmark. In line with its investment objectives, the fund generally holds a larger percentage of its portfolio in securities with special features in an effort to improve total return. These securities may be less liquid than other types of fixed-income securities.

          Nevertheless, the fund outperformed its peers because early on its managers recognized the troubling signs within the credit markets. As a defensive strategy, they steadily increased the credit quality of the portfolio over the twelve-month period.

          The fund’s managers strive to minimize the effects of problems at any single company through broad diversification of the fund’s portfolio. During the period, this strategy helped lessen the negative effects of positions in distressed financial companies, such as Lehman Brothers and home mortgage providers Fannie Mae and Freddie Mac.

$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 $10,665 as of September 30, 2008, 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, 2008
Bond Plus Fund II	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	966.80		$ 1.72
Retirement Class		1,000.00		965.80		3.00
Retail Class		1,000.00		966.50		2.16
5% annual hypothetical return
Institutional Class		1,000.00		1,023.25		1.77
Retirement Class		1,000.00		1,021.95		3.08
Retail Class		1,000.00		1,022.80		2.23

*

“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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.35% for the Institutional Class, 0.61% for the Retirement Class and 0.44% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        59

SHORT-TERM BOND FUND II

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

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

FUND PROFILE
Ticker symbols
Institutional Class	TISIX
Retirement Class	TISRX
Retail Class	TCTRX
Fund net assets	$259.77 million
Number of issues	172
Portfolio turnover rate	102%
Average quality	Aa1/AA+
Option-adjusted duration	2.44 years
Average coupon	4.26%
Yield to maturity	6.02%
Average maturity	2.73 years
PORTFOLIO COMPOSITION
	% of portfolio investments
U.S. Treasury securities	35.2
U.S. agency securities	22.6
Corporate bonds	21.7
Asset-backed securities	6.8
Mortgage-backed securities & commercial mortgage-backed securities	4.4
Foreign government & corporate bonds denominated in U.S. dollars	4.4
Preferred stock	0.1
Short-term investments	4.8
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Short-Term Bond Fund II returned 1.88% for the Institutional Class, compared with the 4.05% gain of its benchmark, the Lehman Brothers U.S. Government/Credit (1–5 Year) Index, and the –1.62% 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.

Bonds gain as investors seek safety

During the twelve-month period, the U.S. economy showed increasing signs of strain. Housing prices fell dramatically. Some 2.2 million people lost jobs, and the unemployment rate rose to 6.1%. Consumers reduced their spending amid surging oil prices. As banks wrote down large investments in subprime fixed-income securities, some of the most prestigious financial institutions on Wall Street faltered.

          To help reinvigorate the economy and an increasingly fragile banking system, the Federal Reserve cut its target for the federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) six times during the period, eventually bringing it to 2.00%. The Fed also expanded its lending programs, assisted in the rescue of several financial institutions and helped fashion legislation in Washington to remedy the situation.

          In the uncertain environment, short-term bonds had a slight advantage over the broad bond market, which gained 3.65%, as measured by the Lehman Brothers U.S. Aggregate Index.

Treasuries outshine other fixed-income securities

With investors seeking liquidity as well as high quality, the return of U.S. Treasury notes topped those of all other fixed-income sectors. As Treasury

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Short-Term Bond Fund II	1 year			since inception
Institutional Class (inception: 3/31/2006)		1.88	%		3.83	%
Retirement Class (inception: 3/31/2006)		1.56			3.57
Retail Class (inception: 3/31/2006)		1.71			3.72
Lehman Brothers U.S. Government/Credit (1–5 Year) Index*		4.05			5.11
Morningstar Short-Term Bond		–1.62			1.87
Total annual fund operating expenses: Institutional Class, 0.37%; Retirement Class, 0.63%; and Retail Class, 0.67%. For the fund’s net operating expenses, please see the current prospectus.

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

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

60        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

prices climbed, their yields fell. (Bond prices and yields move in opposite directions.) The 2-year Treasury yield declined to 2.00% on September 30, 2008, from 3.97% at the beginning of the period. The 5-year Treasury yield slid to 2.98% from 4.23%.

Fund trails the benchmark but surpasses its peers

Although the fund moved upward during the twelve-month period, it trailed its benchmark by more than two percentage points primarily because of underweights in U.S. Treasury securities and overweights in corporate bonds. In addition, returns from the fund’s positions in mortgage- and asset-backed securities, which are not included in the benchmark, lagged those of Treasuries and weighed on the fund’s return.

          The fund, however, topped its peers by three-and-one-half percentage points because early on its managers recognized the troubling signs within the credit markets. As a defensive strategy, they steadily increased the credit quality of the fund’s portfolio over the twelve-month period.

          The fund’s managers strive to minimize the effects of problems at any single company through broad diversification of the fund’s portfolio. During the period, this strategy helped lessen the negative effects of holdings in distressed financial companies, such as Lehman Brothers, Washington Mutual, and home mortgage providers Fannie Mae and Freddie Mac.

$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 $10,988 as of September 30, 2008, 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, 2008
Short-Term Bond Fund II	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	987.00	$	1.54
Retirement Class		1,000.00		984.90		2.78
Retail Class		1,000.00		985.60		1.89
5% annual hypothetical return
Institutional Class		1,000.00		1,023.45		1.57
Retirement Class		1,000.00		1,022.20		2.83
Retail Class		1,000.00		1,023.10		1.92

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.31% for the Institutional Class, 0.56% for the Retirement Class and 0.38% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        61

HIGH-YIELD FUND II

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk, extension risk, illiquid security risk and foreign investment risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TIHYX
Retirement Class	TIHRX
Retail Class	TIYRX
Fund net assets	$357.77 million
Number of issues	188
Portfolio turnover rate	59%
Average quality	B1
Option-adjusted duration	3.75 years
Average coupon	7.41%
Average yield to maturity	11.03%
Average maturity	5.77 years
HOLDINGS BY MATURITY
	% of portfolio investments
Less than 1 year	8.1
1–3 years	8.3
3–5 years	25.3
5–10 years	54.0
Greater than 10 years	4.3
Total	100.0
HOLDINGS BY CREDIT QUALITY
	% of portfolio investments
A/A	0.4
Ba/BB	50.9
B/B	37.3
Below B/B	4.0
Short-term investments	7.4
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The High-Yield Fund II returned –8.15% for the Institutional Class, compared with the –9.23% return of its benchmark, the Merrill Lynch BB/B Cash Pay Issuer Constrained Index, and the –11.29% 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.

In a risk-averse climate, high-yield bonds lag the market

For the twelve-month period, the return of the U.S. high-yield bond market was significantly less than the 3.65% return of investment-grade bonds, as measured by the Lehman Brothers U.S. Aggregate Index. However, the performance of high-yield bonds as an asset class held up better than that of the broad U.S. stock market, which lost 21.52%, as measured by the Russell 3000^® Index.

          During the period, high-yield bonds suffered from widening credit spreads, with prices dropping for bonds that involved additional risk, as compared with that of U.S. Treasuries and investment-grade bonds.

Declines gradually spread across industry sectors

Credit markets became volatile in the fourth quarter of 2007, when 25 of the benchmark’s 68 sectors posted negative results. As credit tightened during the twelve-month period, losses became steeper and more broad-based. In the third quarter of 2008, losses extended to all but three of the benchmark’s sectors and ranged from 0.1% for beverages to 66.9% for mortgage banks and thrifts.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
High-Yield Fund II	1 year			since inception
Institutional Class (inception: 3/31/2006)		–8.15	%		0.67	%
Retirement Class (inception: 3/31/2006)		–8.45			0.39
Retail Class (inception: 3/31/2006)		–8.28			0.60
Merrill Lynch BB/B Cash Pay Issuer Constrained Index*		–9.23			0.21
Morningstar High-Yield Bond		–11.29			–0.87

Total annual fund operating expenses: Institutional Class, 0.43%; Retirement Class, 0.69%; and Retail Class, 0.71%. For the fund’s net operating expenses, please see the current prospectus.

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

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

62        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

          Lower-quality bonds (CCC and lower) were hit harder than others, and declines there intensified later in the period; that category dropped 3.0% in the fourth quarter of 2007 and a larger 12.3% in the third quarter of 2008.

Security selections keep the fund ahead of its benchmark

In a challenging market, the fund’s managers were able to outperform a declining benchmark. The fund held up better than the Merrill Lynch index on the strength of favorable sector allocations and security selections.

          Positive contributions to relative performance included an underweight position in the mortgage banks and thrifts sector, and, in particular, in Washington Mutual. Underweights in MGM Mirage and Harrah’s and in the gaming sector in general also helped. Overweight holdings in Chesapeake Energy and in the energy-exploration and production sector in general provided an additional boost.

          The positive effects of these holdings were partly offset by overweight positions in Morris Publishing in the printing and publishing sector and Griffin Coal in the metals and mining sector.

          The fund concentrated its holdings in B or BB bonds because they provided more attractive risk-adjusted return potential to long-term investors than did lower-rated securities. The table on the facing page shows the credit quality of the portfolio’s holdings as of September 30, 2008.

$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 $10,168 as of September 30, 2008, 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, 2008
High-Yield Fund II	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	944.40		$ 1.94
Retirement Class		1,000.00		943.30		3.16
Retail Class		1,000.00		943.30		2.33
5% annual hypothetical return
Institutional Class		1,000.00		1,023.00		2.02
Retirement Class		1,000.00		1,021.75		3.29
Retail Class		1,000.00		1,022.60		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.40% for the Institutional Class, 0.65% for the Retirement Class and 0.48% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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.

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

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        63

TAX-EXEMPT BOND FUND II

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk, extension risk and tax risk. For a detailed discussion of risk, please see the prospectus.

FUND PROFILE
Ticker symbols
Institutional Class	TITIX
Retail Class	TIXRX
Fund net assets	$245.70 million
Number of issues	245
Portfolio turnover rate	50%
Average quality	AA
Option-adjusted duration	6.04 years
Average coupon	5.27%
Average yield to maturity	4.76%
Average maturity	7.30 years

HOLDINGS BY MATURITY
	% of portfolio investments
Less than 1 year	0.2
1–3 years	2.7
3–5 years	5.6
5–10 years	62.6
Greater than 10 years	28.9
Total	100.0
HOLDINGS BY CREDIT QUALITY
	% of portfolio investments
Aaa/AAA	18.0
Aa/AA	38.2
A/A	24.2
Baa/BBB	14.5
Ba/BB	2.5
B/B	0.1
Caa/CCC	0.1
Non-rated	1.1
Short-term investments	1.3
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Tax-Exempt Bond Fund II returned –0.87% for the Institutional Class, compared with the 0.55% gain of its benchmark, the Lehman Brothers 10-Year Municipal Bond Index, and the –5.13% average return of the fund’s peer group, the Morningstar Municipal National Long category. The table below shows returns for all share classes of the fund.

Municipal curve steepens as investors seek safety

During the twelve-month period, the U.S. economy, and the credit markets in particular, showed increasing signs of strain. To help reinvigorate the economy and shore up a troubled banking system, the Federal Reserve cut its target for the federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) six times, eventually bringing it to 2.00%.

          Within this challenging environment, investors sought safety in U.S. Treasury securities and favored bonds with shorter maturities. The Lehman Brothers U.S. Treasury Index posted a return of 8.73% for the twelve months.

          Meanwhile, prices for longer-term municipal bonds fell, and the slope of their yield curve steepened. At the beginning of October 2007, the spread between 2-year and 30-year bond yields was 1.05 percentage points; at period-end, it was 2.72 percentage points. By then, prices for municipal bonds had declined to historically low levels relative to Treasuries.

          This cheapening trend was most pronounced during the first quarter of 2008, when Bear Stearns failed, and in the tumultuous month of September, when the Lehman municipal bond index fell 3.63%.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Tax-Exempt Bond Fund II	1 year			since inception
Institutional Class (inception: 3/31/2006)		–0.87	%		2.45	%
Retail Class (inception: 3/31/2006)		–0.90			2.39
Lehman Brothers
10-Year Municipal Bond Index*		0.55			3.14
Morningstar Municipal National Long†		–5.13			–0.09

Total annual fund operating expenses: Institutional Class, 0.41% and Retail Class, 0.65%. For the fund’s net operating expenses, please see the current prospectus.

*	For a description of the fund’s benchmark, please see page 4.
†	During the period covered by this report, Morningstar reclassified the Tax-Exempt Bond Fund II. Previously, it was in the Municipal National Intermediate category.

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

64 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

High-quality bonds outperform other sectors

Reflecting investors’ “flight to quality,” all sectors of the municipal bond market recorded losses for the twelve-month period. However, the highest-quality sectors held up best in this downturn. Pre-refunded/escrowed-to-maturity bonds lost the least ground because they are secured by U.S. Treasuries. The riskier hospital, industrial revenue and tobacco sectors posted the largest losses. Bonds with the shortest maturities posted better returns than those at the longer end of the maturity spectrum.

          New issuance fell during the period, as municipalities postponed capital projects to avoid rising long-term interest rates. The decline was particularly evident in September, when volume fell to $20 billion—about 39% below the level of a year earlier. The volume of insured municipal paper fell even more dramatically, as investors refused to pay steep prices for these securities.

A position in industrial revenue bonds trims returns

The fund lagged its benchmark for the period primarily because of a substantial overweight in industrial bonds, the worst-performing sector of the index. Industrial bonds are generally issued by a municipality to finance facilities that are then leased to private corporations; the corporations’ lease payments are used to service the debt.

          The negative effect of these holdings was partly offset, however, by an overweight position in pre-refunded/escrowed-to-maturity bonds. In addition, the fund’s shorter average maturity, compared with that of the benchmark, also helped relative performance.

$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 $10,625 as of September 30, 2008, 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, 2008
Tax-Exempt Bond Fund II	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	974.50		$ 1.78
Retail Class		1,000.00		974.40		1.93
5% annual hypothetical return
Institutional Class		1,000.00		1,023.20		1.82
Retail Class		1,000.00		1,023.05		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.36% for the Institutional Class and 0.39% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        65

INFLATION-LINKED BOND FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

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

FUND PROFILE
Ticker symbols
Institutional Class	TIILX
Retirement Class	TIKRX
Retail Class	TCILX
Fund net assets	$660.69 million
Number of issues	27
Portfolio turnover rate	16%
Average quality	AAA
Option-adjusted duration	7.71 years
Average coupon	2.34%
Average yield to maturity	7.60%
Average maturity	9.06 years

HOLDINGS BY MATURITY
% of portfolio investments
1–10-year bonds	71.9
10–20-year bonds	20.8
Greater than 20-year bonds	7.3
Total	100.0

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Inflation-Linked Bond Fund returned 6.20% for the Institutional Class, identical to the 6.20% gain of its benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index, and compared with the 4.06% 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 juggles slow growth and rising inflation

The growth of gross domestic product (GDP) slowed substantially during the first six months of the period. Annual GDP was 0.6% in the fourth quarter of 2007 and 0.9% in the first quarter of 2008, compared with 4.9% in the third quarter of 2007. As banks continued to write down large investments in subprime fixed-income securities and several financial companies failed, the Federal Reserve lowered its target for the federal funds rate six times, from 4.75% at the beginning of October 2007 to 2.00% by April 30, 2008. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.)

          In July 2008, however, oil prices hit $145 a barrel and year-over-year inflation, as measured by the Consumer Price Index, rose to 5.6%—up from 3.5% in October 2007. As a result, the Fed refrained from further rate cuts for the rest of the twelve-month period.

          During the period, the overall U.S. stock market, as measured by the Russell 3000^® Index, lost 21.52%. Prices for government bonds were lifted, as investors sought safety from increasingly volatile stock markets.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Inflation-Linked Bond Fund	1 year			5 years			since fund inception
Institutional Class (inception: 10/1/2002)*		6.20	%		4.97	%		5.38	%
Retail Class (inception: 10/1/2002)*		6.11			4.84			5.25
Lehman Brothers U.S. Treasury            Inflation-Protected Securities Index†		6.20			5.15			5.58
Morningstar Inflation-Protected Bond		4.06			4.01			4.37
Retirement Class (inception: 3/31/2006)		5.95			4.90	‡		5.32	‡

Total annual fund operating expenses: Institutional Class, 0.34%; Retirement Class, 0.59%; and Retail Class, 0.58%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional and Retail classes is computed from the inception date (the date on which the class became publicly available). Previously, performance for these classes 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

66        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

TIPS surge in the first half, then retreat in the second

TIPS produced positive inflation-adjusted returns for the twelve months—one of the few asset groups to do so. The broad bond market, as measured by the Lehman Brothers U.S. Aggregate Index, gained 3.65%, failing to keep pace with rising inflation.

          Amid falling interest rates and sharply rising fuel prices, TIPS surged 10.40% in the first half of the period on the expectation that inflation would increase. In the second half, TIPS lost 3.81% because interest rates held steady, the credit markets remained frozen, oil prices came down off their peak, and many investors moved into cash positions.

          For the ten years ended September 30, 2008, TIPS posted an average annual return of 7.11%, compared with 5.19% for the Lehman aggregate index and 3.80% for the Russell 3000 Index.

The fund matches its benchmark and leads its peers

Despite the effects of expenses, the fund’s return matched that of its benchmark index for the period. (Although the fund’s return includes a deduction for expenses, the benchmark’s return does not.) In addition, the fund topped the average return of similar inflation-linked bond funds by more than two percentage points.

          Throughout the period, the fund’s managers kept the fund’s duration—a measure of its sensitivity to interest-rate changes—close to that of the benchmark. This strategy helped 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 $13,700 as of September 30, 2008, 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, 2008
Inflation-Linked Bond Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	961.10		$ 1.67
Retirement Class		1,000.00		959.40		2.89
Retail Class		1,000.00		960.00		2.16
5% annual hypothetical return
Institutional Class		1,000.00		1,023.30		1.72
Retirement Class		1,000.00		1,022.05		2.98
Retail Class		1,000.00		1,022.80		2.23

* “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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.34% for the Institutional Class, 0.59% for the Retirement Class and 0.44% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        67

MONEY MARKET FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL 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 risk. An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency (not including the fund’s participation in the U.S. Treasury Department’s Temporary Guarantee Program for Money Market Funds). 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 symbols
Institutional Class			TCIXX
Retirement Class			TIEXX
Retail Class			TIRXX
Fund net assets			$1.48 billion
NET ANNUALIZED YIELD
(for the 7 days ended 9/30/2008)*
	Current yield		Effective yield
Money Market Fund
Institutional Class	2.51	%	2.54	%
Retirement Class	2.26		2.29
Retail Class	2.42		2.44
iMoneyNet Money Fund
Report Averages—All Taxable	1.62		1.63

The current yield more closely reflects current earnings than does the total return.
*	IMoneyNet reports its 7-day yields as of Tuesday of each week.

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The Money Market Fund returned 3.51% for the Institutional Class, compared with the 2.83% 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 economy weakens, and the Fed responds

During the period, the economy slowed significantly. From the third quarter of 2007 to the third quarter of 2008 gross domestic product grew at only 0.8%, not enough to keep up with the rate of the nation’s population growth, which was about 1.0%. The unemployment rate rose from 4.7% at the beginning of the period to 6.1% by the end of September 2008.

          During the reporting period, the Federal Reserve cut its target rate six times—from 4.75% to 2.00%. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.)

LIBOR falls, then rises sharply

Both one-month and twelve-month LIBOR rates declined in the last quarter of 2007 and in the first quarter of 2008 as a result of the Fed’s rate cuts and investors’ belief that financial market turmoil would keep interest rates low. (LIBOR, the interest rates that banks charge one another for loans on the London market, is the most widely used benchmark for short-term rates.) In the second quarter of 2008, one-month rates drifted downwards and twelve-month rates rose. Following the collapse of Lehman Brothers on September 15, 2008, LIBOR rates climbed sharply; the one-month rate ended the period at 3.93%, while the twelve-month rate closed at 3.96%.

PERFORMANCE AS OF SEPTEMBER 30, 2008
	Total return			Average annual total return
Money Market Fund	1 year			5 years			since fund inception
Institutional Class (inception: 7/1/1999)*		3.51	%		3.46	%		3.57	%
iMoneyNet Money Fund Report Averages—All Taxable		2.83			2.90			3.04	†
Retirement Class (inception: 3/31/2006)		3.25			3.34	‡		3.50	‡
Retail Class (inception: 3/31/2006)		3.43			3.42	‡		3.54	‡
Total annual fund operating expenses: Institutional Class, 0.14%; Retirement Class, 0.39%; and Retail Class, 0.40%. For the fund’s net operating expenses, please see the current prospectus.

*	The performance shown for the Institutional Class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect 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 tiaa-cref.org.

68        2008 Annual Report § TIAA-CREF Institutional Mutual Funds

The fund benefits from conservative management

In response to turbulent market conditions, the fund reduced its investments in securities with longer maturities to increase its flexibility. From a high of 58 days in July, the fund’s weighted average maturity declined to 44 days on September 30, 2008, near the average iMoneyNet fund’s level of 41 days.

          To further limit risk and increase liquidity, the fund greatly reduced its holdings in commercial paper, from 80.4% of its portfolio on September 30, 2007 to 57.7% at period-end. The fund also more than quadrupled its ownership of U.S. agency securities to 27.0% from 6.4%. Certificates of deposit and floating-rate securities remained proportionately low, at 6.2% and 4.5%, respectively. The remainder was invested in banker’s acceptances (3.9%) and bank notes (0.7%).

          The fund is a participant in the U.S. Treasury Department’s Temporary Guarantee Program for Money Market Funds, which provides a guarantee to the fund’s shareholders based on the number of fund shares they owned at the close of business on September 19, 2008, if the fund “breaks the buck,” i.e., its net asset value falls below $0.995 and is not immediately restored, and the fund goes into liquidation. Any increase in owned shares after this date will not be guaranteed. If a shareholder closes an account with the fund or applicable intermediary, any future investments will not be guaranteed. If the number of owned shares changes between September 19 and the date of liquidation, the shares guaranteed will be the number owned at the close of business on September 19 or the current amount, whichever is less. The program expires on December 18, 2008, unless extended by the U.S. Treasury. Please see treas.gov for more information.

$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 $13,834 as of September 30, 2008, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the average iMoneyNet fund during the same period. 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, 2008
Money Market Fund	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08– 9/30/08)
Actual return
Institutional Class	$	1,000.00	$	1,012.60		$ 0.70
Retirement Class		1,000.00		1,011.20		1.96
Retail Class		1,000.00		1,012.20		1.11
5% annual hypothetical return
Institutional Class		1,000.00		1,024.30		0.71
Retirement Class		1,000.00		1,023.05		1.97
Retail Class		1,000.00		1,023.90		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 183/366. There were 183 days in the six months ended September 30, 2008. The fund’s annualized six-month expense ratio for that period is 0.14% for the Institutional Class, 0.39% for the Retirement Class and 0.22% for the Retail Class. The expense charges of one or more of the fund’s share classes reflect a contractual waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is expected to end. Without any such waiver or reimbursement, the expenses of the affected share classes would have been higher and their performance lower.

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

PORTFOLIO COMPOSITION
	% of portfolio investments
Commercial paper	57.7
U.S. agency securities	27.0
Certificates of deposit	6.2
Floating-rate securities	4.5
Banker’s acceptances	3.9
Bank notes	0.7
Total	100.0

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report        69

SUMMARY PORTFOLIO OF INVESTMENTS

GROWTH EQUITY FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	15,700		Nintendo Co Ltd	$	6,659,528		2.41	%
					6,659,528		2.41
BUSINESS SERVICES
	109,593	*	Adobe Systems, Inc		4,325,636		1.56
	391,472	*	eBay, Inc		8,761,143		3.16
	705,399		Experian Group Ltd		4,674,973		1.69
	26,768	*	Google, Inc (Class A)		10,721,119		3.87
	185,432	*	Intuit, Inc		5,861,506		2.12
	189,356	*	Oracle Corp		3,845,820		1.39
	43,678		Visa, Inc (Class A)		2,681,392		0.97
		e*	Other		1,472,703		0.53
					42,344,292		15.29
CHEMICALS AND ALLIED PRODUCTS
	146,207		Abbott Laboratories		8,418,599		3.04
	45,692		Air Products & Chemicals, Inc		3,129,445		1.13
	48,741	*	Amgen, Inc		2,888,879		1.04
	177,939	e	Avon Products, Inc		7,396,924		2.67
	68,878	*	Celgene Corp		4,358,600		1.58
	57,572	e	Estee Lauder Cos (Class A)		2,873,419		1.04
	213,594	*	Gilead Sciences, Inc		9,735,615		3.52
	86,666		Monsanto Co		8,578,201		3.10
	178,309	e	Teva Pharmaceutical Industries Ltd (ADR)		8,164,769		2.95
		e*	Other		8,844,063		3.19
					64,388,514		23.26
COMMUNICATIONS
	119,829	e*	American Tower Corp (Class A)		4,310,249		1.56
					4,310,249		1.56
DEPOSITORY INSTITUTIONS
	90,297		Bank of New York Mellon Corp		2,941,876		1.06
	108,872		Western Union Co		2,685,872		0.97
			Other		2,968,137		1.07
					8,595,885		3.10
EDUCATIONAL SERVICES e*					2,140,078		0.77
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	39,809	*	Apple Computer, Inc		4,524,691		1.63
	289,337	*	Cisco Systems, Inc		6,527,443		2.36
	242,142	e	Intel Corp		4,535,320		1.64
	298,442	e*	Marvell Technology Group Ltd		2,775,511		1.00
	164,195		Qualcomm, Inc		7,055,459		2.55
	57,276	*	Research In Motion Ltd		3,911,951		1.41
		e*	Other		6,279,804		2.27
					35,610,179		12.86
ENGINEERING AND MANAGEMENT SERVICES
	50,055	*	Jacobs Engineering Group, Inc		2,718,487		0.98
					2,718,487		0.98

Shares			Company	Value		% of net assets
FOOD AND KINDRED PRODUCTS
	75,768		H.J. Heinz Co	$	3,786,127		1.36	%
	70,611		PepsiCo, Inc		5,032,446		1.82
					8,818,573		3.18
GENERAL MERCHANDISE STORES
	163,816	e	TJX Cos, Inc		4,999,664		1.81
	45,901		Wal-Mart Stores, Inc		2,749,011		0.99
			Other		1,362,435		0.49
					9,111,110		3.29
INDUSTRIAL MACHINERY AND EQUIPMENT
	222,539		Applied Materials, Inc		3,367,015		1.21
	138,160		Hewlett-Packard Co		6,388,518		2.31
		m,v*	Other		0		0.00
					9,755,533		3.52
INSTRUMENTS AND RELATED PRODUCTS
	125,088	e*	Agilent Technologies, Inc		3,710,110		1.34
	106,420		Emerson Electric Co		4,340,872		1.57
	49,015	e	Roper Industries, Inc		2,791,894		1.01
		e*	Other		6,291,484		2.27
					17,134,360		6.19
INSURANCE CARRIERS
	105,419		Aflac, Inc		6,193,366		2.24
					6,193,366		2.24
METAL MINING					511,086		0.19
MISCELLANEOUS RETAIL
	170,577		CVS Corp		5,741,622		2.07
	214,878		Staples, Inc		4,834,755		1.75
		*	Other		736,331		0.27
					11,312,708		4.09
MOTION PICTURES
	220,117		Time Warner, Inc		2,885,734		1.04
					2,885,734		1.04
OIL AND GAS EXTRACTION
	181,818	*	Denbury Resources, Inc		3,461,815		1.25
	67,625	*	National Oilwell Varco, Inc		3,396,804		1.22
	70,150		Schlumberger Ltd		5,478,013		1.98
		e*	Other		1,103,483		0.40
					13,440,115		4.85
PETROLEUM AND COAL PRODUCTS
	33,755		Devon Energy Corp		3,078,456		1.11
			Other		1,856,393		0.67
					4,934,849		1.78
PRIMARY METAL INDUSTRIES
	182,370		Corning, Inc		2,852,267		1.03
	41,013		Precision Castparts Corp		3,231,004		1.17
					6,083,271		2.20

70 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
GROWTH EQUITY FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
SECURITY AND COMMODITY BROKERS
	7,440		CME Group, Inc	$	2,764,034		1.00	%
	275,483	e	Charles Schwab Corp		7,162,558		2.59
		e	Other		3,368,109		1.21
					13,294,701		4.80
TRANSPORTATION EQUIPMENT					2,639,867		0.95
TRUCKING AND WAREHOUSING
	49,315		United Parcel Service, Inc (Class B)		3,101,420		1.12
					3,101,420		1.12
WATER TRANSPORTATION
	75,684	e	Carnival Corp		2,675,429		0.97
					2,675,429		0.97
			TOTAL COMMON STOCKS (Cost $315,673,740)		278,659,334		100.64

Shares		Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	52,809,272	State Street Navigator Securities Lending Prime Portfolio	$	52,809,272			19.07	%
				52,809,272			19.07
		TOTAL SHORT-TERM INVESTMENTS (Cost $52,809,272)		52,809,272			19.07
		TOTAL PORTFOLIO (Cost $368,483,012)		331,468,606			119.71
		OTHER ASSETS & LIABILITIES, NET		(54,587,169	)		(19.71	)
		NET ASSETS	$	276,881,437			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 § 2008 Annual Report        71

SUMMARY PORTFOLIO OF INVESTMENTS

GROWTH & INCOME FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	575,958	*	Activision Blizzard, Inc	$	8,887,032		0.90	%
		e*	Other		11,432,506		1.16
					20,319,538		2.06
APPAREL AND ACCESSORY STORES e					2,861,357		0.29
APPAREL AND OTHER TEXTILE PRODUCTS					5,775,753		0.59
BUILDING MATERIALS AND GARDEN SUPPLIES					5,711,904		0.58
BUSINESS SERVICES
	594,901		Microsoft Corp		15,877,908		1.61
		e*	Other		41,755,177		4.24
					57,633,085		5.85
CHEMICALS AND ALLIED PRODUCTS
	275,051		Abbott Laboratories		15,837,437		1.61
	222,258	*	Amgen, Inc		13,173,232		1.34
	435,314		Bristol-Myers Squibb Co		9,076,297		0.92
	219,200		Du Pont (E.I.) de Nemours & Co		8,833,760		0.89
	243,620	*	Gilead Sciences, Inc		11,104,200		1.13
	99,389		Monsanto Co		9,837,523		1.00
	421,915		Pfizer, Inc		7,780,113		0.79
	270,139		Procter & Gamble Co		18,825,987		1.91
		e*	Other		60,390,131		6.12
					154,858,680		15.71
COAL MINING					2,815,425		0.29
COMMUNICATIONS
	496,935		AT&T, Inc		13,874,425		1.41
	258,771		Verizon Communications, Inc		8,303,961		0.84
		e*	Other		7,113,798		0.72
					29,292,184		2.97
DEPOSITORY INSTITUTIONS
	310,496		Bank of America Corp		10,867,360		1.10
	803,865		Citigroup, Inc		16,487,271		1.68
	357,197		JPMorgan Chase & Co		16,681,100		1.69
	127,262		Northern Trust Corp		9,188,316		0.93
	272,555	e	US Bancorp		9,817,431		1.00
	241,353		Wells Fargo & Co		9,057,978		0.92
		e	Other		12,611,432		1.28
					84,710,888		8.60
EATING AND DRINKING PLACES					12,279,396		1.25
ELECTRIC, GAS, AND SANITARY SERVICES
	166,358		Exelon Corp		10,417,338		1.06
	397,345	e	Xcel Energy, Inc		7,942,927		0.80
			Other		14,467,822		1.47
					32,828,087		3.33
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	68,686	*	Apple Computer, Inc		7,806,851		0.79
	682,464	*	Cisco Systems, Inc		15,396,388		1.56
	196,077		Honeywell International, Inc		8,146,999		0.83
	545,125		Intel Corp		10,210,191		1.04
	322,173		Qualcomm, Inc		13,843,774		1.40
		e*	Other		14,447,574		1.47
					69,851,777		7.09
Shares			Company	Value		% of net assets
ENGINEERING AND MANAGEMENT SERVICES *				$	3,339,767		0.34	%
FABRICATED METAL PRODUCTS e					2,685,086		0.27
FOOD AND KINDRED PRODUCTS
	246,804	e	Coca-Cola Co		13,050,996		1.32
	150,112		General Mills, Inc		10,315,697		1.05
	146,551		PepsiCo, Inc		10,444,690		1.06
		*	Other		15,130,889		1.54
					48,942,272		4.97
FOOD STORES					2,116,455		0.21
GENERAL BUILDING CONTRACTORS e*					4,573,753		0.46
GENERAL MERCHANDISE STORES
	291,568		Wal-Mart Stores, Inc		17,462,008		1.77
		*	Other		10,337,200		1.05
					27,799,208		2.82
HEALTH SERVICES
	183,753		Cardinal Health, Inc		9,055,348		0.92
	194,528	*	Medco Health Solutions, Inc		8,753,760		0.89
		e	Other		2,845,092		0.29
					20,654,200		2.10
HOLDING AND OTHER INVESTMENT OFFICES
	78,890	e	SPDR Trust Series 1		9,150,451		0.93
					9,150,451		0.93
INDUSTRIAL MACHINERY AND EQUIPMENT
	833,227		General Electric Co		21,247,289		2.16
	336,675		Hewlett-Packard Co		15,567,852		1.58
	123,197		International Business Machines Corp		14,409,121		1.46
		m,v*	Other		16,610,786		1.68
					67,835,048		6.88
INSTRUMENTS AND RELATED PRODUCTS
	147,737		Covidien Ltd		7,942,341		0.80
	317,156		Johnson & Johnson		21,972,568		2.23
		*	Other		13,865,543		1.41
					43,780,452		4.44
INSURANCE AGENTS, BROKERS AND SERVICE
	176,773		AON Corp		7,947,714		0.81
					7,947,714		0.81
INSURANCE CARRIERS
	188,904		ACE Ltd		10,225,374		1.04
	223,714		Aetna, Inc		8,078,312		0.82
		*	Other		12,836,634		1.30
					31,140,320		3.16
LEATHER AND LEATHER PRODUCTS *					2,667,161		0.27
LEGAL SERVICES
	120,932	*	FTI Consulting, Inc		8,736,128		0.89
					8,736,128		0.89
METAL MINING *					6,529,558		0.66

72 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
GROWTH & INCOME FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value			% of net assets
MISCELLANEOUS RETAIL
	271,906		CVS Corp	$	9,152,356			0.93	%
					9,152,356			0.93
MOTION PICTURES *					7,720,109			0.78
OIL AND GAS EXTRACTION
	170,123		Schlumberger Ltd		13,284,905			1.35
	130,715		Smith International, Inc		7,665,128			0.78
		*	Other		5,338,445			0.54
					26,288,478			2.67
PETROLEUM AND COAL PRODUCTS
	183,685		Chevron Corp		15,150,339			1.54
	88,391		Devon Energy Corp		8,061,259			0.82
	422,155		Exxon Mobil Corp		32,784,557			3.33
			Other		32,684,058			3.31
					88,680,213			9.00
RAILROAD TRANSPORTATION
	134,530		Union Pacific Corp		9,573,155			0.97
					9,573,155			0.97
SECURITY AND COMMODITY BROKERS
	67,144	e	Goldman Sachs Group, Inc		8,594,432			0.87
	251,142	e	Other		21,889,028			2.22
					30,483,460			3.09
TOBACCO PRODUCTS
	341,177		Philip Morris International, Inc		16,410,614			1.67
					16,410,614			1.67
TRANSPORTATION EQUIPMENT					16,593,616			1.68
WATER TRANSPORTATION e					702,643			0.07
			TOTAL COMMON STOCKS (Cost $1,011,233,994)		972,440,291			98.68
Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
$	7,200,000		U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES	$	7,200,000			0.73	%
Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	84,652,629		State Street Navigator Securities
			Lending Prime Portfolio		84,652,629			8.59
					84,652,629			8.59
			TOTAL SHORT-TERM INVESTMENTS (Cost $91,852,629)		91,852,629			9.32
			TOTAL PORTFOLIO (Cost $1,103,086,623)		1,064,292,920			108.00
			OTHER ASSETS & LIABILITIES, NET		(78,881,086	)		(8.00	)
			NET ASSETS	$	985,411,834			100.00	%

The following abbreviations are used in portfolio descriptions: SPDR - Standard & Poor’s Depository 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.

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 § 2008 Annual Report 73

SUMMARY PORTFOLIO OF INVESTMENTS

INTERNATIONAL EQUITY FUND  §  SEPTEMBER 30, 2008

Shares		Company	Value		% of net assets
COMMON STOCKS
BUSINESS SERVICES
1,783,793	*	Autonomy Corp plc	$	33,120,073		1.59	%
	e	Other		8,458,206		0.41
				41,578,279		2.00
CHEMICALS AND ALLIED PRODUCTS
1,198,222		Lanxess AG.		32,999,187		1.58
1,582,518		Reckitt Benckiser Group plc		76,728,193		3.68
28,224,000		Sinochem Hong Kong Holding Ltd		14,228,042		0.68
	e	Other		31,704,168		1.53
				155,659,590		7.47
COMMUNICATIONS
8,852,016		BT Group plc		25,662,438		1.23
1,967,509		Deutsche Telekom AG.		29,880,999		1.43
	e	Other		9,460,154		0.46
				65,003,591		3.12
DEPOSITORY INSTITUTIONS
1,815,345		HSBC Holdings plc		29,369,129		1.41
216,678		Julius Baer Holding AG.		10,775,487		0.52
90,076	e	Komercni Banka A.S.		20,352,759		0.98
1,990,500		Mitsubishi UFJ Financial Group, Inc		17,357,657		0.83
2,445	e	Mizuho Financial Group, Inc		10,692,343		0.51
12,741,560		Royal Bank of Scotland Group plc		41,103,190		1.97
2,093	e	Sumitomo Mitsui Financial Group, Inc		13,122,397		0.63
4,991,795	*	UBS A.G.		85,321,903		4.10
	e	Other		15,267,319		0.73
				243,362,184		11.68
ELECTRIC, GAS, AND SANITARY SERVICES
5,995,947		Iberdrola S.A.		60,912,622		2.92
	e	Other		8,022,812		0.39
				68,935,434		3.31
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
14,965,950		Hon Hai Precision Industry Co, Ltd		53,603,457		2.57
2,339,583		Smiths Group plc		42,424,522		2.04
	e	Other		15,176,022		0.73
				111,204,001		5.34
ENGINEERING AND MANAGEMENT SERVICES				9,285,450		0.45
FOOD AND KINDRED PRODUCTS
1,153,400	e	Asahi Breweries Ltd		20,215,100		0.97
1,074,576	e	Groupe Danone		76,221,696		3.66
646,400	e	Yakult Honsha Co Ltd		19,918,192		0.96
		Other		642,440		0.03
				116,997,428		5.62
FOOD STORES				581,274		0.03
GENERAL BUILDING CONTRACTORS
753,826		Vinci S.A.		35,517,328		1.70
				35,517,328		1.70

Shares		Company	Value		% of net assets
HEAVY CONSTRUCTION, EXCEPT BUILDING
577,953		Saipem S.p.A	$	17,292,961		0.83	%
				17,292,961		0.83
HOLDING AND OTHER INVESTMENT OFFICES
1,062,776	e	iShares MSCI EAFE Index Fund		59,834,289		2.87
3,817,430	e	iShares MSCI Japan Index Fund		40,693,804		1.95
	e	Other		15,119,539		0.73
				115,647,632		5.55
HOTELS AND OTHER LODGING PLACES
693,964	e	Accor S.A.		37,062,204		1.78
				37,062,204		1.78
INDUSTRIAL MACHINERY AND EQUIPMENT
369,100	e	Daikin Industries Ltd		12,449,013		0.60
539,785		Krones AG.		26,843,594		1.29
230,773		Rheinmetall AG.		12,420,464		0.60
	e	Other		10,090,711		0.48
				61,803,782		2.97
INSTRUMENTS AND RELATED PRODUCTS
414,134	e	Phonak Holding AG.		27,000,408		1.30
		Other		7,146,519		0.34
				34,146,927		1.64
INSURANCE CARRIERS
102,239		Allianz AG.		14,016,787		0.67
				14,016,787		0.67
METAL MINING
614,070		Anglo American plc		20,743,076		1.00
2,421,550		MMC Norilsk Nickel (ADR)		33,827,932		1.62
		Other		1,637,755		0.08
				56,208,763		2.70
MISCELLANEOUS MANUFACTURING INDUSTRIES e				7,804,797		0.37
MISCELLANEOUS RETAIL
4,668,000		Hutchison Whampoa Ltd		35,852,768		1.72
		Other		507,954		0.03
				36,360,722		1.75
NONDEPOSITORY INSTITUTIONS
264,269		Siemens AG.		24,650,218		1.18
		Other		7,247,233		0.35
				31,897,451		1.53
OIL AND GAS EXTRACTION
2,577,447		BG Group plc		46,744,712		2.25
		Other		495,226		0.02
				47,239,938		2.27
PETROLEUM AND COAL PRODUCTS
5,354,686		BP plc		44,595,401		2.14
		Other		4,188,849		0.20
				48,784,250		2.34
PRIMARY METAL INDUSTRIES e				9,892,373		0.47

74 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

INTERNATIONAL EQUITY FUND  §  SEPTEMBER 30, 2008

Shares		Company	Value		% of net assets
RAILROAD TRANSPORTATION
1,622		Central Japan Railway Co	$	15,294,678		0.73	%
1,116,243		Firstgroup plc		10,656,520		0.51
		Other		6,212,871		0.30
				32,164,069		1.54
REAL ESTATE e				18,249,034		0.88
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
1,801,405		Bayer AG.		131,929,715		6.33
4,358,703		SSL International plc		35,144,307		1.69
				167,074,022		8.02
SECURITY AND COMMODITY BROKERS
687,691		Credit Suisse Group		32,116,512		1.54
986,710		Deutsche Boerse AG.		90,294,248		4.34
1,994,700		Hong Kong Exchanges and Clearing Ltd		24,567,552		1.18
	e	Other		8,965,000		0.43
				155,943,312		7.49
SERVICES, NOT ELSEWHERE CLASSIFIED e				910,241		0.04
STONE, CLAY, AND GLASS PRODUCTS
10,932,000	e	Nippon Sheet Glass Co Ltd		56,614,841		2.72
	*	Other		746,214		0.03
				57,361,055		2.75
TOBACCO PRODUCTS
27,977,896		Huabao International Holdings Ltd		21,505,210		1.03
		Other		7,472,109		0.36
				28,977,319		1.39
TRANSPORTATION EQUIPMENT
4,326,230	e	Fiat S.p.A.		58,135,588		2.79
	e	Other		19,368,957		0.93
				77,504,545		3.72
TRUCKING AND WAREHOUSING
2,974,411		Deutsche Post AG.		62,059,625		2.98
		TOTAL TRUCKING AND WAREHOUSING		62,059,625		2.98
WATER TRANSPORTATION e				1,737,670		0.08
WHOLESALE TRADE-DURABLE GOODS
500,010	e	Mitsubishi Corp		10,430,283		0.50
	e	Other		9,940,791		0.48
				20,371,074		0.98
WHOLESALE TRADE-NONDURABLE GOODS
13,396,612		Foster’s Group Ltd		59,853,241		2.87
				59,853,241		2.87
		TOTAL COMMON STOCK (Cost $2,611,792,032)		2,048,488,353		98.33

	Principal	Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
$	82,260,000	Federal Home Loan Bank (FHLB), 10/01/08	$	82,260,000			3.95	%
				82,260,000			3.95
	Shares	Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	348,108,847	State Street Navigator Securities
		Lending Prime Portfolio		348,108,847			16.71
				348,108,847			16.71
		TOTAL SHORT-TERM INVESTMENTS (Cost $430,368,619)		430,368,847			20.66
		TOTAL PORTFOLIO (Cost $3,042,160,651)		2,478,857,200			118.99
		OTHER ASSETS & LIABILITIES, NET		(395,561,957	)		(18.99	)
		NET ASSETS	$	2,083,295,243			100.00	%

The following abbreviations are used in portfolio descriptions:

ADR - American Depositary Receipt
plc - Public Limited Company

*	Non-income producing.
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 § 2008 Annual Report 75

SUMMARY OF MARKET VALUES BY COUNTRY

INTERNATIONAL EQUITY FUND  §  SEPTEMBER 30, 2008

Country	Value		% of total portfolio
DOMESTIC
UNITED STATES OF AMERICA	$	490,203,136		19.78	%
TOTAL DOMESTIC		490,203,136		19.78
FOREIGN
AUSTRALIA		65,210,185		2.63
CHINA		36,479,466		1.47
CZECH REPUBLIC		20,352,759		0.82
FINLAND		160,738,418		6.48
GERMANY		436,499,241		17.61
HONG KONG		60,420,320		2.44
INDIA		8,506,108		0.34
ITALY		75,428,549		3.04
JAPAN		367,808,231		14.84
RUSSIA		33,827,932		1.37
SINGAPORE		9,749,610		0.39
SPAIN		60,912,622		2.46
SWITZERLAND		172,941,537		6.98
TAIWAN		53,603,457		2.16
UNITED KINGDOM		426,175,629		17.19
TOTAL FOREIGN		1,988,654,064		80.22
TOTAL PORTFOLIO	$	2,478,857,200		100.00	%

76 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

LARGE-CAP GROWTH FUND  §  SEPTEMBER 30, 2008

	Shares		Company		Value	% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	28,700		Nintendo Co Ltd	$	12,173,786	2.42	%
					12,173,786	2.42
AUTOMOTIVE DEALERS AND SERVICE STATIONS *					522,845	0.10
BUSINESS SERVICES
	199,654	*	Adobe Systems, Inc		7,880,343	1.57
	714,369	*	eBay, Inc		15,987,578	3.18
	1,285,449		Experian Group Ltd		8,519,205	1.69
	48,791	*	Google, Inc (Class A)		19,541,771	3.89
	338,381	*	Intuit, Inc		10,696,223	2.13
	344,912	*	Oracle Corp		7,005,163	1.39
		e*	Other		7,562,116	1.50
					77,192,399	15.35
CHEMICALS AND ALLIED PRODUCTS
	266,828		Abbott Laboratories		15,363,956	3.05
	83,247		Air Products & Chemicals, Inc		5,701,587	1.13
	88,774	*	Amgen, Inc		5,261,635	1.05
	324,060		Avon Products, Inc		13,471,174	2.68
	105,060	e	Estee Lauder Cos (Class A)		5,243,545	1.04
	389,372	*	Gilead Sciences, Inc		17,747,576	3.53
	157,859		Monsanto Co		15,624,884	3.11
	324,336	e	Teva Pharmaceutical Industries Ltd (ADR)		14,851,345	2.95
		e*	Other		16,120,057	3.21
					109,385,759	21.75
COMMUNICATIONS
	219,065	*	American Tower Corp (Class A)		7,879,768	1.57
					7,879,768	1.57
DEPOSITORY INSTITUTIONS
	164,604		Bank of New York Mellon Corp		5,362,798	1.06
	198,123		Western Union Co		4,887,694	0.97
			Other		5,413,229	1.08
					15,663,721	3.11
EDUCATIONAL SERVICES e*					3,898,145	0.77
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	72,644	*	Apple Computer, Inc		8,256,717	1.64
	526,186	*	Cisco Systems, Inc		11,870,756	2.36
	445,727	e	Intel Corp		8,348,467	1.66
	544,660	e*	Marvell Technology Group Ltd		5,065,338	1.01
	299,658		Qualcomm, Inc		12,876,304	2.56
	104,529	*	Research In Motion Ltd		7,139,331	1.42
		e*	Other		11,432,139	2.27
					64,989,052	12.92
ENGINEERING AND MANAGEMENT SERVICES
	125,462	*	Celgene Corp		7,939,235	1.58
	91,393	*	Jacobs Engineering Group, Inc		4,963,554	0.99
					12,902,789	2.57
	Shares		Company		Value	% of net assets
FOOD AND KINDRED PRODUCTS
	137,766		H.J. Heinz Co	$	6,884,167	1.37	%
	128,377		PepsiCo, Inc		9,149,429	1.82
					16,033,596	3.19
GENERAL MERCHANDISE STORES
	304,613	e	TJX Cos, Inc		9,296,789	1.85
	83,554		Wal-Mart Stores, Inc		5,004,049	1.00
			Other		2,482,696	0.49
					16,783,534	3.34
HOLDING AND OTHER INVESTMENT OFFICES
	153,915		iShares Russell 1000 Growth Index Fund		7,472,573	1.49
					7,472,573	1.49
INDUSTRIAL MACHINERY AND EQUIPMENT
	404,841		Applied Materials, Inc		6,125,244	1.22
	251,559		Hewlett-Packard Co		11,632,088	2.31
		m,v*	Other		0	0.00
					17,757,332	3.53
INSTRUMENTS AND RELATED PRODUCTS
	232,079	*	Agilent Technologies, Inc		6,883,463	1.37
	193,979		Emerson Electric Co		7,912,403	1.57
	89,238	e	Roper Industries, Inc		5,082,997	1.01
		e*	Other		11,541,219	2.30
					31,420,082	6.25
INSURANCE CARRIERS
	192,022		Aflac, Inc		11,281,293	2.24
					11,281,293	2.24
METAL MINING					931,643	0.18
MISCELLANEOUS RETAIL
	310,244		CVS Corp		10,442,813	2.07
	395,232	e	Staples, Inc		8,892,720	1.77
		*	Other		1,343,659	0.27
					20,679,192	4.11
MOTION PICTURES
	400,875	e	Time Warner, Inc		5,255,471	1.04
					5,255,471	1.04
OIL AND GAS EXTRACTION
	331,386	*	Denbury Resources, Inc		6,309,589	1.26
	123,404	*	National Oilwell Varco, Inc		6,198,583	1.23
	127,729		Schlumberger Ltd		9,974,358	1.98
		*	Other		2,013,885	0.40
					24,496,415	4.87
PETROLEUM AND COAL PRODUCTS
	61,480		Devon Energy Corp		5,606,976	1.12
			Other		3,387,640	0.67
					8,994,616	1.79

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 77

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
LARGE-CAP GROWTH FUND  §  SEPTEMBER 30, 2008

	Shares			Company		Value		% of net assets
PRIMARY METAL INDUSTRIES
	332,034			Corning, Inc	$	5,193,012		1.03	%
	74,494			Precision Castparts Corp		5,868,637		1.17
						11,061,649		2.20
SECURITY AND COMMODITY BROKERS
	504,290	e		Charles Schwab Corp		13,111,540		2.61
	13,562			CME Group, Inc		5,038,419		1.00
		e		Other		6,139,968		1.22
						24,289,927		4.83
TRANSPORTATION EQUIPMENT						4,820,106		0.96
TRUCKING AND WAREHOUSING
	88,605			United Parcel Service, Inc (Class B)		5,572,369		1.11
						5,572,369		1.11
WATER TRANSPORTATION
	138,189	e		Carnival Corp		4,884,981		0.97
						4,884,981		0.97
				TOTAL COMMON STOCKS (Cost $572,430,304)		516,343,043		102.66
	Shares			Company		Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	54,720,145			State Street Navigator Securities Lending Prime Portfolio	$	54,720,145		10.88	%
						54,720,145		10.88
			TOTAL SHORT-TERM INVESTMENTS (Cost $54,720,145)			54,720,145		10.88
			TOTAL PORTFOLIO (Cost $627,150,449)			571,063,188		113.54
			OTHER ASSETS & LIABILITIES, NET			(68,104,871	)	(13.54	)
			NET ASSETS		$	502,958,317		100.00	%

The following abbreviation is used in portfolio descriptions:
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.

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 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

LARGE-CAP VALUE FUND  §  SEPTEMBER 30, 2008

Shares			Company		Value	% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES *				$	7,485,686		0.77	%
APPAREL AND ACCESSORY STORES e*					7,237,005		0.74
APPAREL AND OTHER TEXTILE PRODUCTS
	115,826		VF Corp		8,954,508		0.91
		e	Other		66,098		0.01
					9,020,606		0.92
BUILDING MATERIALS AND GARDEN SUPPLIES
	501,546		Home Depot, Inc		12,985,026		1.33
			Other		2,906,953		0.30
					15,891,979		1.63
BUSINESS SERVICES e*					5,536,075		0.57
CHEMICALS AND ALLIED PRODUCTS
	243,130	*	Amgen, Inc		14,410,315		1.47
	115,648		Clorox Co		7,249,973		0.74
	215,598		Merck & Co, Inc		6,804,273		0.70
	562,191	e*	Mylan Laboratories, Inc		6,420,221		0.66
	788,527		Pfizer, Inc		14,540,438		1.49
	250,420		Procter & Gamble Co		17,451,770		1.79
	172,774		Teva Pharmaceutical Industries Ltd (ADR)		7,911,321		0.81
	326,282		Wyeth		12,052,857		1.23
		e*	Other		28,493,169		2.92
					115,334,337		11.81
COAL MINING e*					5,416,011		0.55
COMMUNICATIONS
	835,229		AT&T, Inc		23,319,594		2.39
	437,489		Comcast Corp (Class A)		8,587,909		0.88
	385,832		Verizon Communications, Inc		12,381,349		1.27
		e, v*	Other		9,547,434		0.97
					53,836,286		5.51
DEPOSITORY INSTITUTIONS
	605,281		Bank of America Corp		21,184,835		2.17
	316,331		Bank of New York Mellon Corp		10,306,064		1.06
	1,056,134		Citigroup, Inc		21,661,308		2.22
	629,404		JPMorgan Chase & Co		29,393,167		3.01
	821,808	e	TCF Financial Corp		14,792,544		1.51
	309,390	e	US Bancorp		11,144,228		1.14
	464,699		Wells Fargo & Co		17,440,153		1.79
		e*	Other		28,197,817		2.89
					154,120,116		15.79
EATING AND DRINKING PLACES
	351,053		Darden Restaurants, Inc		10,050,647		1.03
					10,050,647		1.03
ELECTRIC, GAS, AND SANITARY SERVICES
	1,080,534	*	Allied Waste Industries, Inc		12,004,733		1.23
	185,141		PPL Corp		6,853,920		0.70
		e	Other		35,711,872		3.66
					54,570,525		5.59

Shares			Company		Value	% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	627,035		Maxim Integrated Products, Inc	$	11,349,333	1.16	%
		*	Other		18,632,713	1.91
					29,982,046	3.07
ENGINEERING AND MANAGEMENT SERVICES e*					6,123,773	0.63
FABRICATED METAL PRODUCTS e					5,965,590	0.61
FOOD AND KINDRED PRODUCTS
	169,978		Coca-Cola Co		8,988,437	0.92
	170,324	e	Hershey Co		6,734,611	0.69
		*	Other		18,500,693	1.90
					34,223,741	3.51
FOOD STORES					1,199,365	0.12
FORESTRY					5,927,415	0.61
FURNITURE AND FIXTURES e					5,002,820	0.51
GENERAL BUILDING CONTRACTORS e					2,977,347	0.30
GENERAL MERCHANDISE STORES					4,848,091	0.50
HEALTH SERVICES *					6,022,371	0.62
HEAVY CONSTRUCTION, EXCEPT BUILDING *					650	0.00	**
HOLDING AND OTHER INVESTMENT OFFICES
	422,163	e	Blackstone Group LP		6,475,980	0.66
		e	Other		6,671,463	0.69
					13,147,443	1.35
INDUSTRIAL MACHINERY AND EQUIPMENT
	1,568,183		General Electric Co		39,988,666	4.09
	174,629		Hewlett-Packard Co		8,074,845	0.83
		*	Other		12,606,791	1.29
					60,670,302	6.21
INSTRUMENTS AND RELATED PRODUCTS
	125,081		Covidien Ltd		6,724,355	0.69
	147,590		Johnson & Johnson		10,225,035	1.05
		*	Other		1,430,110	0.14
					18,379,500	1.88
INSURANCE CARRIERS
	238,648		Aetna, Inc		8,617,579	0.88
	145,082		Lincoln National Corp		6,210,960	0.64
	146,713		Prudential Financial, Inc		10,563,336	1.08
	199,262		Travelers Cos, Inc		9,006,642	0.92
	311,072		UnitedHealth Group, Inc		7,898,118	0.81
	588,355	e	XL Capital Ltd (Class A)		10,555,089	1.08
		e	Other		21,187,935	2.17
					74,039,659	7.58
METAL MINING					1,171,648	0.12
MISCELLANEOUS RETAIL
	222,624		CVS Corp		7,493,524	0.77
					7,493,524	0.77

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 79

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
LARGE-CAP VALUE FUND  §  SEPTEMBER 30, 2008

Shares				Company	Value		% of net assets
MOTION PICTURES
	1,057,023			Time Warner, Inc	$	13,857,572		1.42	%
				Other		1,375,049		0.14
						15,232,621		1.56
NONDEPOSITORY INSTITUTIONS e						4,171,822		0.43
OIL AND GAS EXTRACTION
	202,163			XTO Energy, Inc		9,404,623		0.97
		e*		Other		17,687,870		1.81
						27,092,493		2.78
PAPER AND ALLIED PRODUCTS e						16,611,119		1.70
PETROLEUM AND COAL PRODUCTS
	64,082			Apache Corp		6,682,471		0.69
	419,208			Chevron Corp		34,576,276		3.54
	97,562			ConocoPhillips		7,146,417		0.73
	308,396			Exxon Mobil Corp		23,950,033		2.45
	361,988			Marathon Oil Corp		14,432,462		1.48
		e*		Other		19,329,401		1.98
						106,117,060		10.87
PIPELINES, EXCEPT NATURAL GAS						287,528		0.03
PRINTING AND PUBLISHING e						1,382,325		0.14
REAL ESTATE *						811,730		0.08
SECURITY AND COMMODITY BROKERS
	121,316			Goldman Sachs Group, Inc		15,528,448		1.59
	194,866			Legg Mason, Inc		7,416,600		0.76
		e		Other		21,679,676		2.22
						44,624,724		4.57
TRANSPORTATION EQUIPMENT
	102,255			Northrop Grumman Corp		6,190,518		0.64
		e*		Other		1,773,642		0.18
						7,964,160		0.82
TRANSPORTATION SERVICES						4,261,995		0.44
WATER TRANSPORTATION e						3,335,127		0.34
WHOLESALE TRADE-DURABLE GOODS						2,140,209		0.22
WHOLESALE TRADE-NONDURABLE GOODS
	285,902			Cardinal Health, Inc		14,089,251		1.45
	326,746			Unilever NV		9,201,167		0.94
		*		Other		2,450,114		0.25
						25,740,532		2.64
			TOTAL COMMON STOCKS
				(Cost $1,142,169,146)		975,448,003		99.92

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	121,271,866		State Street Navigator Securities
			Lending Prime Portfolio	$	121,271,866			12.42	%
					121,271,866			12.42
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $121,271,866)		121,271,866			12.42
		TOTAL PORTFOLIO
			(Cost $1,263,441,012)		1,096,719,869			112.34
		OTHER ASSETS & LIABILITIES, NET			(120,466,608	)		(12.34	)
		NET ASSETS		$	976,253,261			100.00	%

The following abbreviations are used in portfolio descriptions:

ADR - American Depositary Receipt
LP - Limited Partnership

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

80 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

MID-CAP GROWTH FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES e				$	2,901,224		0.62	%
APPAREL AND ACCESSORY STORES
	204,636	e*	Hanesbrands, Inc		4,450,833		0.96
					4,450,833		0.96
APPAREL AND OTHER TEXTILE PRODUCTS e					8,610,164		1.85
AUTOMOTIVE DEALERS AND SERVICE STATIONS
	129,833	*	Copart, Inc		4,933,654		1.06
					4,933,654		1.06
BUSINESS SERVICES
	347,804	*	Activision Blizzard, Inc		5,366,616		1.15
	154,631	*	Amdocs Ltd		4,233,797		0.91
	244,090	*	Autonomy Corp plc		4,532,072		0.97
	198,160		Aveva Group plc		4,085,947		0.88
	130,503	*	Electronic Arts, Inc		4,827,306		1.04
	152,523	e*	Salesforce.com, Inc		7,382,113		1.59
		e*	Other		26,854,692		5.77
					57,282,543		12.31
CHEMICALS AND ALLIED PRODUCTS
	175,698		Avon Products, Inc		7,303,766		1.57
	86,408	e*	Cephalon, Inc		6,695,756		1.44
	154,640		Ecolab, Inc		7,503,133		1.61
	251,767	e*	VCA Antech, Inc		7,419,574		1.60
		e*	Other		14,487,915		3.11
					43,410,144		9.33
COAL MINING
	98,223		Consol Energy, Inc		4,507,454		0.97
		*	Other		6,455,492		1.39
					10,962,946		2.36
COMMUNICATIONS
	142,897	*	American Tower Corp (Class A)		5,140,005		1.11
		*	Other		2,202,299		0.47
					7,342,304		1.58
EATING AND DRINKING PLACES
	203,816		Yum! Brands, Inc		6,646,440		1.43
					6,646,440		1.43
ELECTRIC, GAS, AND SANITARY SERVICES
	323,318	*	Covanta Holding Corp		7,740,233		1.66
	182,922		PPL Corp		6,771,773		1.46
	87,249	*	Stericycle, Inc		5,139,839		1.10
		e*	Other		1,668,125		0.36
					21,319,970		4.58
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	174,200		Analog Devices, Inc		4,590,170		0.99
	214,672	*	Broadcom Corp (Class A)		3,999,339		0.86
	155,690		Harris Corp		7,192,878		1.55
	59,409		L-3 Communications Holdings, Inc		5,841,093		1.25
		e*	Other		21,068,434		4.53
					42,691,914		9.18

Shares			Company	Value		% of net assets
ENGINEERING AND MANAGEMENT SERVICES e*				$	12,329,058		2.65	%
FOOD AND KINDRED PRODUCTS
	66,335	e*	Ralcorp Holdings, Inc		4,471,642		0.96
		*	Other		6,143,354		1.32
					10,614,996		2.28
FURNITURE AND HOMEFURNISHINGS STORES
	116,810	*	GameStop Corp (Class A)		3,996,070		0.86
					3,996,070		0.86
GENERAL MERCHANDISE STORES
	66,502		Costco Wholesale Corp		4,317,975		0.93
	160,495		TJX Cos, Inc		4,898,307		1.05
		e*	Other		3,958,595		0.85
					13,174,877		2.83
HEALTH SERVICES
	74,423	*	DaVita, Inc		4,242,855		0.91
	72,290	*	Express Scripts, Inc		5,336,448		1.15
	124,971	e*	Psychiatric Solutions, Inc		4,742,650		1.02
			Other		3,312,574		0.71
					17,634,527		3.79
HOLDING AND OTHER INVESTMENT OFFICES
	160,565	e	Consumer Discretionary Select Sector SPDR Fund		4,479,764		0.96
	388,950	e	iShares Russell Midcap Growth Index Fund		16,892,099		3.63
					21,371,863		4.59
INDUSTRIAL MACHINERY AND EQUIPMENT
	98,144		ITT Industries, Inc		5,457,788		1.18
		e*	Other		10,105,942		2.17
					15,563,730		3.35
INSTRUMENTS AND RELATED PRODUCTS
	155,026	*	Illumina, Inc		6,283,204		1.35
	84,410	e*	NuVasive, Inc		4,163,945		0.90
	91,015		Rockwell Collins, Inc		4,376,911		0.94
	160,478	*	St. Jude Medical, Inc		6,979,188		1.50
	168,134	e*	Trimble Navigation Ltd		4,347,945		0.93
		e*	Other		11,208,565		2.41
					37,359,758		8.03
INSURANCE CARRIERS *					1,125,862		0.24
JUSTICE, PUBLIC ORDER AND SAFETY
	400,302	*	Corrections Corp of America		9,947,505		2.14
					9,947,505		2.14
LEATHER AND LEATHER PRODUCTS
	168,226	*	Coach, Inc		4,212,379		0.91
					4,212,379		0.91
LEGAL SERVICES *					3,057,775		0.66
METAL MINING					4,266,128		0.92
MISCELLANEOUS RETAIL e*					2,656,262		0.57
MOTION PICTURES e*					3,926,240		0.84

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 81

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
MID-CAP GROWTH FUND  §  SEPTEMBER 30, 2008

Shares				Company	Value		% of net assets
NONDEPOSITORY INSTITUTIONS e					$	2,391,612		0.52	%
NONMETALLIC MINERALS, EXCEPT FUELS						1,916,374		0.41
OIL AND GAS EXTRACTION
	298,579	*		Denbury Resources, Inc		5,684,944		1.22
	114,508			Noble Corp		5,026,901		1.08
	125,728			Smith International, Inc		7,372,690		1.59
	198,249	*		Southwestern Energy Co		6,054,525		1.30
	89,087	e		XTO Energy, Inc		4,144,327		0.89
		e*		Other		18,131,381		3.90
						46,414,768		9.98
PRIMARY METAL INDUSTRIES
	90,589			Precision Castparts Corp		7,136,601		1.53
						7,136,601		1.53
REAL ESTATE
	134,935	e		Forest City Enterprises, Inc (Class A)		4,138,457		0.89
						4,138,457		0.89
SECURITY AND COMMODITY BROKERS
	101,432			Lazard Ltd (Class A)		4,337,232		0.93
		e*		Other		6,137,370		1.32
						10,474,602		2.25
SPECIAL TRADE CONTRACTORS
	238,236	e*		Quanta Services, Inc		6,434,754		1.38
						6,434,754		1.38
STONE, CLAY, AND GLASS PRODUCTS
	286,145	e		Gentex Corp		4,091,874		0.88
						4,091,874		0.88
WATER TRANSPORTATION e						2,157,043		0.46
WHOLESALE TRADE-DURABLE GOODS
	319,719	e*		LKQ Corp		5,425,631		1.17
						5,425,631		1.17
WHOLESALE TRADE-NONDURABLE GOODS *						1,309,433		0.28
			TOTAL COMMON STOCKS
				(Cost $529,739,760)		463,680,315		99.67

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	123,446,519		State Street Navigator Securities
			Lending Prime Portfolio	$	123,446,519			26.53	%
					123,446,519			26.53
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $123,446,519)		123,446,519			26.53
		TOTAL PORTFOLIO
			(Cost $653,186,279)		587,126,834			126.20
		OTHER ASSETS & LIABILITIES, NET			(121,900,248	)		(26.20	)
		NET ASSETS		$	465,226,586			100.00	%

The following abbreviations are used in portfolio descriptions:
plc - Public Limited Company
SPDR - Standard & Poor’s Depository Receipt
*	Non-income producing.
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.

82 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

MID-CAP VALUE FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES *				$	2,231,880		0.23	%
APPAREL AND ACCESSORY STORES
	349,000		Gap, Inc		6,205,220		0.64
		e*	Other		9,588,847		1.00
					15,794,067		1.64
APPAREL AND OTHER TEXTILE PRODUCTS
	98,000		VF Corp		7,576,380		0.79
			Other		2,012,593		0.21
					9,588,973		1.00
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					3,487,716		0.36
BUSINESS SERVICES
	145,895	*	Affiliated Computer Services, Inc (Class A)		7,386,664		0.77
	117,000	*	CACI International, Inc (Class A)		5,861,700		0.61
	209,245	*	Computer Sciences Corp		8,409,557		0.87
	930,000	e*	Interpublic Group of Cos, Inc		7,207,500		0.75
		e*	Other		14,614,793		1.51
					43,480,214		4.51
CHEMICALS AND ALLIED PRODUCTS
	322,000		Alberto-Culver Co		8,771,280		0.91
	141,096		Cytec Industries, Inc		5,490,045		0.57
	140,000		PPG Industries, Inc		8,164,800		0.85
		e*	Other		22,678,631		2.35
					45,104,756		4.68
COAL MINING *					5,816,930		0.60
COMMUNICATIONS
	550,000	e	Frontier Communications Corp		6,325,000		0.66
		e*	Other		19,129,396		1.98
					25,454,396		2.64
DEPOSITORY INSTITUTIONS
	455,000		Hudson City Bancorp, Inc		8,394,750		0.87
	457,000	e	TCF Financial Corp		8,226,000		0.85
	336,018	e	Valley National Bancorp		7,042,937		0.73
		e	Other		49,843,840		5.18
					73,507,527		7.63
EATING AND DRINKING PLACES
	300,000		Darden Restaurants, Inc		8,589,000		0.89
					8,589,000		0.89
ELECTRIC, GAS, AND SANITARY SERVICES
	540,000	*	Allied Waste Industries, Inc		5,999,400		0.62
	149,735		American Electric Power Co, Inc		5,544,687		0.57
	150,311	e	Integrys Energy Group, Inc		7,506,531		0.78
	297,838	e	NorthWestern Corp		7,484,669		0.78
	152,614		PPL Corp		5,649,770		0.59
	189,088		Progress Energy, Inc		8,155,365		0.85
	172,000		Questar Corp		7,038,240		0.73
		e*	Other		55,779,372		5.79
					103,158,034		10.71

Shares			Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	69,500		L-3 Communications Holdings, Inc	$	6,833,240		0.71	%
		e*	Other		19,362,718		2.01
					26,195,958		2.72
ENGINEERING AND MANAGEMENT SERVICES
	150,000	*	URS Corp		5,500,500		0.57
		*	Other		2,010,190		0.21
					7,510,690		0.78
FABRICATED METAL PRODUCTS
	438,646	*	Crown Holdings, Inc		9,742,328		1.01
			Other		4,720,590		0.49
					14,462,918		1.50
FOOD AND KINDRED PRODUCTS
	121,000		H.J. Heinz Co		6,046,370		0.63
	540,000	e*	Smithfield Foods, Inc		8,575,200		0.89
		e	Other		17,124,916		1.78
					31,746,486		3.30
FOOD STORES
	270,000		Kroger Co		7,419,600		0.77
			Other		1,416,337		0.15
					8,835,937		0.92
FORESTRY					3,634,800		0.38
FURNITURE AND FIXTURES e					7,514,700		0.78
FURNITURE AND HOME FURNISHINGS STORES e,v					306,237		0.03
GENERAL BUILDING CONTRACTORS
	225,000	e	Ryland Group, Inc		5,967,000		0.62
					5,967,000		0.62
GENERAL MERCHANDISE STORES					6,868,100		0.71
	HEALTH SERVICES
	505,000	*	Healthsouth Corp		9,307,150		0.97
		*	Other		5,532,640		0.57
					14,839,790		1.54
HEAVY CONSTRUCTION, EXCEPT BUILDING *					433,320		0.04
HOLDING AND OTHER INVESTMENT OFFICES
	59,000	e	Boston Properties, Inc		5,525,940		0.57
	645,000		iShares Russell 1000 Value Index Fund		41,209,050		4.28
	1,025,000	e	iShares Russell Midcap Value Index Fund		40,200,500		4.17
	93,000	e	Vornado Realty Trust		8,458,350		0.88
		e,g,m,v*	Other		35,055,369		3.64
					130,449,209		13.54
HOTELS AND OTHER LODGING PLACES e					2,954,700		0.31
INDUSTRIAL MACHINERY AND EQUIPMENT e*					8,034,567		0.83
INSTRUMENTS AND RELATED PRODUCTS
	123,000	*	Thermo Electron Corp		6,765,000		0.70
		e*	Other		18,143,965		1.89
					24,908,965		2.59

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 83

SUMMARY PORTFOLIO OF INVESTMENTS concluded

MID-CAP VALUE FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
INSURANCE AGENTS, BROKERS AND SERVICE
	132,000		AON Corp	$	5,934,720		0.62	%
	208,000		Marsh & McLennan Cos, Inc		6,606,080		0.68
			Other		1,571,393		0.16
					14,112,193		1.46
INSURANCE CARRIERS
	124,000		ACE Ltd		6,712,120		0.70
	130,000		Lincoln National Corp		5,565,300		0.58
	111,117	e	Nationwide Financial Services, Inc (Class A)		5,481,402		0.57
	131,000		Principal Financial Group		5,697,190		0.59
	670,544	e	XL Capital Ltd (Class A)		12,029,559		1.25
		e*	Other		34,995,920		3.63
					70,481,491		7.32
METAL MINING
	224,000		Anglo American plc		7,566,644		0.78
			Other		2,656,669		0.28
					10,223,313		1.06
MISCELLANEOUS RETAIL e					2,751,164		0.29
MOTION PICTURES e*					3,636,158		0.38
NONDEPOSITORY INSTITUTIONS e*					7,324,677		0.76
OIL AND GAS EXTRACTION
	186,000	*	Pride International, Inc		5,507,460		0.57
		e*	Other		19,508,416		2.03
					25,015,876		2.60
PAPER AND ALLIED PRODUCTS
	145,895		Greif, Inc (Class A)		9,573,630		0.99
		e	Other		3,430,329		0.36
					13,003,959		1.35
PETROLEUM AND COAL PRODUCTS
	89,000		Hess Corp		7,305,120		0.76
	125,000		Noble Energy, Inc		6,948,750		0.72
		e*	Other		7,871,222		0.82
					22,125,092		2.30
PRIMARY METAL INDUSTRIES					6,910,112		0.72
PRINTING AND PUBLISHING e					10,656,196		1.11
RAILROAD TRANSPORTATION					7,104,240		0.74
REAL ESTATE *					251,709		0.03
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*					7,764,881		0.81
SECURITY AND COMMODITY BROKERS
	168,000		Ameriprise Financial, Inc		6,417,600		0.67
		e	Other		18,038,016		1.87
					24,455,616		2.54
TOBACCO PRODUCTS
	91,000		Lorillard, Inc		6,474,650		0.67
		e	Other		1,298,010		0.14
					7,772,660		0.81

Shares				Company	Value		% of net assets
TRANSPORTATION BY AIR e*					$	10,466,917		1.09	%
TRANSPORTATION EQUIPMENT
	1,645,000	e*		Ford Motor Co		8,554,000		0.89
		e*		Other		21,425,076		2.22
						29,979,076		3.11
WATER TRANSPORTATION e*						7,997,663		0.83
WHOLESALE TRADE-DURABLE GOODS						4,051,110		0.42
WHOLESALE TRADE-NONDURABLE GOODS e,v*						5,627,624		0.58
			TOTAL COMMON STOCKS
				(Cost $1,056,552,513)		922,588,597		95.79

Principal		Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	$ 38,610,000	Federal Home Loan Bank (FHLB), 10/01/08	38,610,000	4.01
			38,610,000	4.01

Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	217,823,796		State Street Navigator Securities
			Lending Prime Portfolio		217,823,796		22.61
					217,823,796		22.61
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $256,433,796)		256,433,796		26.62
		TOTAL PORTFOLIO
			(Cost $1,312,986,309)		1,179,022,393		122.41
		OTHER ASSETS & LIABILITIES, NET			(215,861,572	)	(22.41	)
		NET ASSETS		$	963,160,821		100.00	%

The following abbreviations are used in portfolio descriptions:
ADR - American Depositary Receipt
plc - Public Limited Company
*	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, 2008, the value of these securities amounted to $0 or 0.00% 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.

84 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

SMALL-CAP EQUITY FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS e*				$	325,686		0.06	%
AGRICULTURAL PRODUCTION-LIVESTOCK e					570,917		0.11
AMUSEMENT AND RECREATION SERVICES e*					2,124,126		0.40
APPAREL AND ACCESSORY STORES e*					7,873,974		1.49
APPAREL AND OTHER TEXTILE PRODUCTS e*					3,159,509		0.60
AUTO REPAIR, SERVICES AND PARKING e*					585,350		0.11
BUILDING MATERIALS AND GARDEN SUPPLIES e*					81,464		0.02
BUSINESS SERVICES
	899,384	*	3Com Corp		2,095,565		0.40
	237,854	*	Earthlink, Inc		2,021,759		0.38
	87,700	e*	Gartner, Inc		1,989,036		0.38
	77,268	*	Sybase, Inc		2,365,946		0.45
	135,049	e	Take-Two Interactive Software, Inc		2,214,804		0.42
		e*	Other		50,801,097		9.64
					61,488,207		11.67
CHEMICALS AND ALLIED PRODUCTS
	23,891	e*	Chattem, Inc		1,867,798		0.35
	89,523	e*	Cubist Pharmaceuticals, Inc		1,990,096		0.38
	91,200		Ferro Corp		1,833,120		0.35
	93,929	*	Medicines Co		2,181,031		0.41
	50,786	e*	OSI Pharmaceuticals, Inc		2,503,242		0.48
		e*	Other		29,932,862		5.68
					40,308,149		7.65
COAL MINING e*					540,172		0.10
COMMUNICATIONS
	31,994	e*	Anixter International, Inc		1,903,963		0.36
		e,v*	Other		10,405,842		1.98
					12,309,805		2.34
DEPOSITORY INSTITUTIONS
	128,245	e	First Niagara Financial Group, Inc		2,019,859		0.38
	68,552	e	Northwest Bancorp, Inc		1,887,922		0.36
	41,717	e	UMB Financial Corp		2,190,977		0.42
		e*	Other		35,965,650		6.82
					42,064,408		7.98
EATING AND DRINKING PLACES e*					6,671,896		1.27
EDUCATIONAL SERVICES e*					1,119,648		0.21
ELECTRIC, GAS, AND SANITARY SERVICES
	99,300	*	El Paso Electric Co		2,085,300		0.40
	98,062		Portland General Electric Co		2,320,147		0.44
	73,987		Southwest Gas Corp		2,238,847		0.42
	66,214	e	UIL Holdings Corp		2,273,127		0.43
		e*	Other		11,797,077		2.24
					20,714,498		3.93
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	44,000	e	Acuity Brands, Inc		1,837,440		0.35
	147,200	d*	GrafTech International Ltd		2,224,192		0.42
		e*	Other		31,869,782		6.05
					35,931,414		6.82

Shares			Company	Value		% of net assets
ENGINEERING AND MANAGEMENT SERVICES
	31,100	e*	Myriad Genetics, Inc	$	2,017,768		0.38	%
	46,891		Watson Wyatt & Co Holdings (Class A)		2,331,889		0.44
		e*	Other		10,726,069		2.04
					15,075,726		2.86
FABRICATED METAL PRODUCTS
	42,700		CIRCOR International, Inc		1,854,461		0.35
		e*	Other		4,847,296		0.92
					6,701,757		1.27
FOOD AND KINDRED PRODUCTS
	180,174	*	Darling International, Inc		2,001,733		0.38
	35,316	e*	Ralcorp Holdings, Inc		2,380,652		0.45
		e*	Other		1,941,080		0.37
					6,323,465		1.20
FOOD STORES
	63,795	e	Ruddick Corp		2,070,148		0.40
		e	Other		118,716		0.02
					2,188,864		0.42
FURNITURE AND FIXTURES
	74,685	e	Herman Miller, Inc		1,827,542		0.35
		e	Other		1,627,104		0.31
					3,454,646		0.66
FURNITURE AND HOME FURNISHINGS STORES e*					1,958,718		0.37
GENERAL BUILDING CONTRACTORS e*					2,721,402		0.52
GENERAL MERCHANDISE STORES e*					1,971,608		0.37
HEALTH SERVICES e*					4,497,129		0.85
HEAVY CONSTRUCTION, EXCEPT BUILDING e*					2,082,895		0.39
HOLDING AND OTHER INVESTMENT OFFICES
	214,691		DiamondRock Hospitality Co		1,953,688		0.37
	94,533	e	iShares Russell 2000 Index Fund		6,465,112		1.23
	39,573	e	Mid-America Apartment Communities, Inc		1,944,617		0.37
	37,806		PS Business Parks, Inc		2,177,626		0.42
		e	Other		23,324,685		4.41
					35,865,728		6.80
HOTELS AND OTHER LODGING PLACES e*					733,602		0.14
INDUSTRIAL MACHINERY AND EQUIPMENT
	74,800	e	Actuant Corp (Class A)		1,887,952		0.36
	49,214	e*	EnPro Industries, Inc		1,828,792		0.35
	60,900		Robbins & Myers, Inc		1,883,637		0.36
		e,v*	Other		18,520,131		3.51
					24,120,512		4.58
INSTRUMENTS AND RELATED PRODUCTS
	19,292	*	Bio-Rad Laboratories, Inc (Class A)		1,912,223		0.36
	76,071	e*	Fossil, Inc		2,147,484		0.41
	77,344		STERIS Corp		2,906,588		0.55
	43,479	*	Teledyne Technologies, Inc		2,485,260		0.47
	47,744	*	Varian, Inc		2,048,218		0.39
		e*	Other		21,003,032		3.99
					32,502,805		6.17

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 85

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
SMALL-CAP EQUITY FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
INSURANCE AGENTS, BROKERS AND SERVICE e				$	733,155		0.14	%
INSURANCE CARRIERS
	83,092		Aspen Insurance Holdings Ltd		2,285,030		0.43
	96,300	*	Centene Corp		1,975,113		0.38
	46,109	e	Odyssey Re Holdings Corp		2,019,574		0.38
	55,700		Platinum Underwriters Holdings Ltd		1,976,236		0.38
		e*	Other		17,410,108		3.30
					25,666,061		4.87
LEATHER AND LEATHER PRODUCTS e*					1,790,082		0.34
LEGAL SERVICES e*					569,636		0.11
LOCAL AND INTERURBAN PASSENGER TRANSIT e*					675,288		0.13
METAL MINING e*					1,556,714		0.29
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					3,129,017		0.59
MISCELLANEOUS RETAIL
	117,991	*	Ezcorp, Inc (Class A)		2,218,231		0.42
		e*	Other		4,253,899		0.81
					6,472,130		1.23
MOTION PICTURES e*					1,169,130		0.22
NONDEPOSITORY INSTITUTIONS e*					3,434,791		0.65
NONMETALLIC MINERALS, EXCEPT FUELS e					1,288,794		0.24
OIL AND GAS EXTRACTION e,m,v*					20,011,727		3.80
PAPER AND ALLIED PRODUCTS e*					2,017,541		0.38
PERSONAL SERVICES e*					1,623,786		0.31
PETROLEUM AND COAL PRODUCTS e*					1,328,483		0.25
PRIMARY METAL INDUSTRIES e*					5,184,988		0.98
PRINTING AND PUBLISHING e*					5,089,293		0.97
REAL ESTATE e*					1,781,580		0.34
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*					4,744,877		0.90
SECURITY AND COMMODITY BROKERS e*					7,829,408		1.49
SOCIAL SERVICES *					32,888		0.01
SPECIAL TRADE CONTRACTORS
	91,020	e*	EMCOR Group, Inc		2,395,646		0.45
		e*	Other		2,204,957		0.42
					4,600,603		0.87
STONE, CLAY, AND GLASS PRODUCTS e*					1,728,614		0.33
TEXTILE MILL PRODUCTS e					587,328		0.11
TRANSPORTATION BY AIR e*					3,290,661		0.62
TRANSPORTATION EQUIPMENT
	40,035	e	Triumph Group, Inc		1,830,000		0.35
	44,900		Westinghouse Air Brake Technologies Corp		2,300,227		0.44
		e*	Other		6,615,035		1.25
					10,745,262		2.04

Shares				Company	Value		% of net assets
TRANSPORTATION SERVICES e*					$	3,891,102		0.74	%
TRUCKING AND WAREHOUSING e*						3,388,254		0.64
WATER TRANSPORTATION e*						1,558,391		0.30
WHOLESALE TRADE-DURABLE GOODS
	77,899			Applied Industrial Technologies, Inc		2,097,820		0.40
		e*		Other		8,465,504		1.60
						10,563,324		2.00
WHOLESALE TRADE-NONDURABLE GOODS
	77,043			Spartan Stores, Inc		1,916,830		0.36
		e*		Other		4,793,738		0.91
						6,710,568		1.27
			TOTAL COMMON STOCKS
				(Cost $573,215,830)		519,261,556		98.52

Principal		Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	$ 4,820,000	Federal Home Loan Bank (FHLB), 10/01/08	4,820,000	0.92
			4,820,000	0.92

Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	148,693,566		State Street Navigator Securities
			Lending Prime Portfolio		148,693,566		28.21
					148,693,566		28.21
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $153,513,566)		153,513,566		29.13
		TOTAL PORTFOLIO
			(Cost $726,729,396)		672,775,122		127.65
		OTHER ASSETS & LIABILITIES, NET			(145,733,430	)	(27.65	)
		NET ASSETS		$	527,041,692		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 $370,951.
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.

86 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

LARGE-CAP GROWTH INDEX FUND  §  SEPTEMBER 30, 2008

	Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES e*				$	542,554		0.15	%
APPAREL AND ACCESSORY STORES e*					2,449,653		0.68
APPAREL AND OTHER TEXTILE PRODUCTS e					465,996		0.13
AUTO REPAIR, SERVICES AND PARKING e*					74,472		0.02
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					966,900		0.27
BUILDING MATERIALS AND GARDEN SUPPLIES e					499,600		0.14
BUSINESS SERVICES
	14,526	*	Google, Inc (Class A)		5,817,954		1.60
	492,410	d	Microsoft Corp		13,142,423		3.63
	238,877	*	Oracle Corp		4,851,592		1.34
	27,454		Visa, Inc (Class A)		1,685,401		0.46
		e*	Other		18,673,193		5.15
					44,170,563		12.18
CHEMICALS AND ALLIED PRODUCTS
	94,660		Abbott Laboratories		5,450,523		1.50
	110,851		Bristol-Myers Squibb Co		2,311,243		0.64
	31,147		Colgate-Palmolive Co		2,346,926		0.65
	28,494	*	Genentech, Inc		2,526,848		0.70
	56,581	*	Gilead Sciences, Inc		2,578,962		0.71
	33,659		Monsanto Co		3,331,568		0.92
	69,473		Procter & Gamble Co		4,841,573		1.34
	99,440		Schering-Plough Corp		1,836,657		0.50
		e*	Other		13,573,809		3.74
					38,798,109		10.70
COAL MINING e*					1,943,829		0.54
COMMUNICATIONS e*					6,638,802		1.83
DEPOSITORY INSTITUTIONS e*					2,724,406		0.75
EATING AND DRINKING PLACES
	63,060		McDonald’s Corp		3,890,802		1.07
		e*	Other		2,642,005		0.73
					6,532,807		1.80
EDUCATIONAL SERVICES e*					1,014,075		0.28
ELECTRIC, GAS, AND SANITARY SERVICES e*					7,658,512		2.11
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	54,075	*	Apple Computer, Inc		6,146,165		1.70
	362,321	*	Cisco Systems, Inc		8,173,962		2.25
	45,482		Honeywell International, Inc		1,889,777		0.52
	303,552	e	Intel Corp		5,685,529		1.57
	99,284		Qualcomm, Inc		4,266,233		1.18
	81,130		Texas Instruments, Inc		1,744,295		0.48
		e*	Other		9,294,026		2.56
					37,199,987		10.26
ENGINEERING AND MANAGEMENT SERVICES
	26,733	*	Celgene Corp		1,691,664		0.46
		e*	Other		3,579,820		0.99
					5,271,484		1.45
	Shares		Company		Value		% of net assets
FABRICATED METAL PRODUCTS e*				$	1,070,977		0.29	%
FOOD AND KINDRED PRODUCTS
	100,443		Coca-Cola Co		5,311,426		1.47
	91,448		PepsiCo, Inc		6,517,499		1.80
		e*	Other		4,404,373		1.21
					16,233,298		4.48
FOOD STORES e*					751,587		0.21
FORESTRY e					25,900		0.01
FURNITURE AND FIXTURES e					181,153		0.05
FURNITURE AND HOME FURNISHINGS STORES e*					768,430		0.21
GENERAL BUILDING CONTRACTORS e*					215,516		0.06
GENERAL MERCHANDISE STORES
	26,565		Costco Wholesale Corp		1,724,865		0.48
	44,790	e	Target Corp		2,196,950		0.61
	111,057		Wal-Mart Stores, Inc		6,651,204		1.83
		e*	Other		954,012		0.26
					11,527,031		3.18
HEALTH SERVICES e*					5,357,063		1.48
HEAVY CONSTRUCTION, EXCEPT BUILDING *					318,310		0.09
HOLDING AND OTHER INVESTMENT OFFICES
	58,903	e	iShares Russell 1000 Growth Index Fund		2,859,741		0.79
		e*	Other		3,057,188		0.84
					5,916,929		1.63
HOTELS AND OTHER LODGING PLACES e*					1,610,200		0.44
INDUSTRIAL MACHINERY AND EQUIPMENT
	37,730		Caterpillar, Inc		2,248,708		0.62
	111,349	*	Dell, Inc		1,835,032		0.51
	151,212		Hewlett-Packard Co		6,992,043		1.93
	84,244		International Business Machines Corp		9,853,178		2.72
		e*	Other		10,279,674		2.83
					31,208,635		8.61
INSTRUMENTS AND RELATED PRODUCTS
	38,481		Baxter International, Inc		2,525,508		0.69
	47,889		Emerson Electric Co		1,953,392		0.54
	45,461		Johnson & Johnson		3,149,538		0.87
	68,882		Medtronic, Inc		3,450,988		0.95
		e*	Other		13,366,043		3.69
					24,445,469		6.74
INSURANCE AGENTS, BROKERS AND SERVICE					41,489		0.01
INSURANCE CARRIERS
	29,311		Aflac, Inc		1,722,021		0.48
		e*	Other		2,253,621		0.62
					3,975,642		1.10
JUSTICE, PUBLIC ORDER AND SAFETY *					166,097		0.05
LEATHER AND LEATHER PRODUCTS *					524,187		0.14
LEGAL SERVICES *					216,503		0.06

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 87

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
LARGE-CAP GROWTH INDEX FUND  §  SEPTEMBER 30, 2008

	Shares		Company		Value	% of net assets
METAL MINING e*				$	1,879,332	0.52	%
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					678,361	0.19
MISCELLANEOUS RETAIL
	56,123		Walgreen Co		1,737,568	0.48
		e*	Other		5,647,105	1.56
					7,384,673	2.04
MOTION PICTURES e*					1,952,238	0.54
NONDEPOSITORY INSTITUTIONS
	51,804		American Express Co		1,835,415	0.51
		e*	Other		875,907	0.24
					2,711,322	0.75
OIL AND GAS EXTRACTION
	53,508		Halliburton Co		1,733,124	0.48
	73,179		Schlumberger Ltd		5,714,548	1.58
	19,577		Transocean, Inc		2,150,338	0.59
		e*	Other		11,048,647	3.05
					20,646,657	5.70
PAPER AND ALLIED PRODUCTS e					854,276	0.24
PERSONAL SERVICES e					519,645	0.14
PETROLEUM AND COAL PRODUCTS
	60,023		Exxon Mobil Corp		4,661,386	1.29
	50,340		Occidental Petroleum Corp		3,546,453	0.98
		e*	Other		3,848,355	1.06
					12,056,194	3.33
PRIMARY METAL INDUSTRIES e*					4,545,692	1.25
PRINTING AND PUBLISHING e*					715,893	0.20
RAILROAD TRANSPORTATION
	31,695		Union Pacific Corp		2,255,416	0.62
		e*	Other		3,605,019	1.00
					5,860,435	1.62
REAL ESTATE e*					376,706	0.10
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*					1,596,636	0.44
SECURITY AND COMMODITY BROKERS e*					6,990,498	1.93
SPECIAL TRADE CONTRACTORS e*					224,453	0.06
STONE, CLAY, AND GLASS PRODUCTS
	43,198		3M Co		2,950,855	0.81
		e*	Other		319,747	0.09
					3,270,602	0.90
TOBACCO PRODUCTS
	96,087		Altria Group, Inc		1,906,366	0.52
	129,377		Philip Morris International, Inc		6,223,034	1.72
			Other		397,729	0.11
					8,527,129	2.35
	Shares		Company		Value	% of net assets
TRANSPORTATION BY AIR e*				$	182,163	0.05	%
TRANSPORTATION EQUIPMENT
	46,091		Boeing Co		2,643,319	0.73
	20,170		Lockheed Martin Corp		2,212,044	0.61
	34,025		United Technologies Corp		2,043,542	0.56
		e*	Other		2,828,030	0.78
					9,726,935	2.68
TRANSPORTATION SERVICES e*					1,097,733	0.30
TRUCKING AND WAREHOUSING
	41,952		United Parcel Service, Inc (Class B)		2,638,361	0.73
		e	Other		329,161	0.09
					2,967,522	0.82
WATER TRANSPORTATION e*					463,537	0.13
WHOLESALE TRADE-DURABLE GOODS e*					1,333,529	0.37
WHOLESALE TRADE-NONDURABLE GOODS e*					3,489,488	0.96
		TOTAL COMMON STOCKS
			(Cost $390,818,893)		361,557,814	99.74
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	58,809,555		State Street Navigator Securities
			Lending Prime Portfolio		58,809,555	16.22
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $58,809,555)		58,809,555	16.22
		TOTAL PORTFOLIO
			(Cost $449,628,448)		420,367,369	115.96
		OTHER ASSETS & LIABILITIES, NET			(57,869,618)	(15.96	)
		NET ASSETS		$	362,497,751	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 $36,032.
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.

88 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

LARGE-CAP VALUE INDEX FUND  §  SEPTEMBER 30, 2008

	Shares		Company		Value	% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	125,807		Walt Disney Co	$	3,861,017	0.89	%
		e*	Other		155,204	0.03
					4,016,221	0.92
APPAREL AND ACCESSORY STORES e*					1,027,995	0.24
APPAREL AND OTHER TEXTILE PRODUCTS e					753,126	0.17
AUTO REPAIR, SERVICES AND PARKING *					365,649	0.08
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					303,056	0.07
BUILDING MATERIALS AND GARDEN SUPPLIES
	125,913		Home Depot, Inc		3,259,887	0.75
	103,529		Lowe’s Cos, Inc		2,452,602	0.56
					5,712,489	1.31
BUSINESS SERVICES e*					5,901,739	1.36
CHEMICALS AND ALLIED PRODUCTS
	81,237	*	Amgen, Inc		4,814,917	1.11
	69,491		Dow Chemical Co		2,208,424	0.51
	67,246		Du Pont (E.I.) de Nemours & Co		2,710,014	0.62
	67,507		Eli Lilly & Co		2,972,333	0.68
	114,449		Merck & Co, Inc		3,612,010	0.83
	505,290		Pfizer, Inc		9,317,548	2.14
	143,415		Procter & Gamble Co		9,994,591	2.30
	99,593		Wyeth		3,678,965	0.84
		e*	Other		6,244,817	1.43
					45,553,619	10.46
COMMUNICATIONS
	443,710		AT&T, Inc		12,388,383	2.85
	148,270		Comcast Corp (Class A)		2,910,540	0.67
	212,880		Verizon Communications, Inc		6,831,319	1.57
		e*	Other		5,147,801	1.18
					27,278,043	6.27
DEPOSITORY INSTITUTIONS
	340,568		Bank of America Corp		11,919,880	2.74
	85,403		Bank of New York Mellon Corp		2,782,430	0.64
	406,655		Citigroup, Inc		8,340,494	1.91
	257,816		JPMorgan Chase & Co		12,040,007	2.77
	25,862		PNC Financial Services Group, Inc		1,931,891	0.44
	129,999	e	US Bancorp		4,682,564	1.07
	246,668		Wells Fargo & Co		9,257,450	2.13
		e	Other		12,617,057	2.90
					63,571,773	14.60
EATING AND DRINKING PLACES					476,447	0.11
EDUCATIONAL SERVICES *					123,573	0.03
ELECTRIC, GAS, AND SANITARY SERVICES
	43,180	e	Dominion Resources, Inc		1,847,240	0.42
	57,237	e	Southern Co		2,157,263	0.50
		e*	Other		22,851,013	5.25
					26,855,516	6.17
	Shares		Company		Value	% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT e*				$	7,136,650	1.64	%
ENGINEERING AND MANAGEMENT SERVICES e*					1,074,023	0.25
FABRICATED METAL PRODUCTS e*					3,011,830	0.69
FOOD AND KINDRED PRODUCTS
	51,180	e	Coca-Cola Co		2,706,398	0.62
	109,799		Kraft Foods, Inc (Class A)		3,595,917	0.83
		e*	Other		12,241,227	2.81
					18,543,542	4.26
FOOD STORES e					1,871,606	0.43
FORESTRY e					1,200,305	0.27
FURNITURE AND FIXTURES e					1,992,140	0.46
FURNITURE AND HOME FURNISHINGS STORES e*					521,429	0.12
GENERAL BUILDING CONTRACTORS e*					1,492,843	0.34
GENERAL MERCHANDISE STORES
	32,377		Wal-Mart Stores, Inc		1,939,059	0.45
		e*	Other		1,829,087	0.42
					3,768,146	0.87
	HEALTH SERVICES
	35,579	*	WellPoint, Inc		1,664,030	0.38
		e*	Other		2,658,793	0.61
					4,322,823	0.99
HOLDING AND OTHER INVESTMENT OFFICES
	35,034		iShares Russell 1000 Value Index Fund		2,238,322	0.51
		e	Other		13,475,510	3.10
					15,713,832	3.61
HOTELS AND OTHER LODGING PLACES e*					302,302	0.07
INDUSTRIAL MACHINERY AND EQUIPMENT
	744,490	d	General Electric Co		18,984,495	4.36
		e*	Other		3,954,126	0.91
					22,938,621	5.27
INSTRUMENTS AND RELATED PRODUCTS
	37,295		Covidien Ltd		2,004,979	0.46
	155,103		Johnson & Johnson		10,745,536	2.47
		e*	Other		5,118,505	1.17
					17,869,020	4.10
INSURANCE AGENTS, BROKERS AND SERVICE e					3,705,448	0.85
INSURANCE CARRIERS
	41,199		Allstate Corp		1,900,098	0.44
	33,605		Metlife, Inc		1,881,880	0.43
	26,821		Prudential Financial, Inc		1,931,112	0.44
	45,121		Travelers Cos, Inc		2,039,469	0.47
		e*	Other		16,355,829	3.76
					24,108,388	5.54
JUSTICE, PUBLIC ORDER AND SAFETY *					21,595	0.00	**
METAL MINING					1,620,964	0.37

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 89

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
LARGE-CAP VALUE INDEX FUND  §  SEPTEMBER 30, 2008

	Shares			Company		Value		% of net assets
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					$	2,026,671		0.47	%
MISCELLANEOUS RETAIL e,v*						2,820,256		0.65
MOTION PICTURES
	237,564	e		Time Warner, Inc		3,114,464		0.72
		e*		Other		2,355,893		0.54
						5,470,357		1.26
NONDEPOSITORY INSTITUTIONS e*						3,585,812		0.82
NONMETALLIC MINERALS, EXCEPT FUELS e						591,679		0.14
OIL AND GAS EXTRACTION
	35,001			Anadarko Petroleum Corp		1,697,899		0.39
	36,858	e		XTO Energy, Inc		1,714,634		0.39
		e*		Other		4,831,396		1.11
						8,243,929		1.89
PAPER AND ALLIED PRODUCTS e*						3,266,551		0.75
PERSONAL SERVICES e						451,272		0.10
PETROLEUM AND COAL PRODUCTS
	24,916			Apache Corp		2,598,240		0.60
	154,440			Chevron Corp		12,738,211		2.92
	115,223			ConocoPhillips		8,440,085		1.94
	33,283	e		Devon Energy Corp		3,035,410		0.70
	321,615			Exxon Mobil Corp		24,976,621		5.74
	52,848			Marathon Oil Corp		2,107,050		0.48
		e*		Other		3,083,658		0.71
						56,979,275		13.09
PIPELINES, EXCEPT NATURAL GAS						1,116,220		0.26
PRIMARY METAL INDUSTRIES e*						1,571,192		0.36
PRINTING AND PUBLISHING e						1,666,323		0.38
RAILROAD TRANSPORTATION e*						1,374,958		0.32
REAL ESTATE e*						236,395		0.05
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*						704,233		0.16
SECURITY AND COMMODITY BROKERS
	26,268			Goldman Sachs Group, Inc		3,362,304		0.77
	113,987	e		Merrill Lynch & Co, Inc		2,883,871		0.66
	77,786	e		Morgan Stanley		1,789,078		0.41
		e*		Other		3,648,252		0.84
						11,683,505		2.68
SPECIAL TRADE CONTRACTORS e*						70,928		0.02
STONE, CLAY, AND GLASS PRODUCTS e*						462,933		0.11
TOBACCO PRODUCTS						1,983,320		0.45
TRANSPORTATION BY AIR
	23,095			FedEx Corp		1,825,429		0.42
		e*		Other		1,296,073		0.30
						3,121,502		0.72
	Shares			Company		Value		% of net assets
TRANSPORTATION EQUIPMENT
	29,696			General Dynamics Corp	$	2,186,220		0.50	%
	31,175			United Technologies Corp		1,872,371		0.43
		e*		Other		4,818,644		1.11
						8,877,235		2.04
TRANSPORTATION SERVICES *						182,488		0.04
TRUCKING AND WAREHOUSING						115,921		0.03
WATER TRANSPORTATION e						1,442,317		0.33
WHOLESALE TRADE-DURABLE GOODS e*						783,329		0.18
WHOLESALE TRADE-NONDURABLE GOODS e*						553,177		0.13
			TOTAL COMMON STOCKS (Cost $513,825,767)			432,536,531		99.35
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	71,884,795			State Street Navigator Securities
				Lending Prime Portfolio		71,884,795		16.51
			TOTAL SHORT-TERM INVESTMENTS (Cost $71,884,795)			71,884,795		16.51
			TOTAL PORTFOLIO (Cost $585,710,562)			504,421,326		115.86
			OTHER ASSETS & LIABILITIES, NET			(69,048,739	)	(15.86	)
			NET ASSETS		$	435,372,587		100.00	%

*	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 $54,825.
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.

90 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

EQUITY INDEX FUND  §  SEPTEMBER 30, 2008

	Shares		Company		Value	% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS e*				$	60,157	0.01	%
AGRICULTURAL PRODUCTION-LIVESTOCK e					66,783	0.01
AGRICULTURAL SERVICES e*					26,594	0.00	**
AMUSEMENT AND RECREATION SERVICES
	159,219	e	Walt Disney Co		4,886,431	0.47
		e,v*	Other		1,093,269	0.10
					5,979,700	0.57
APPAREL AND ACCESSORY STORES e*					5,874,566	0.56
APPAREL AND OTHER TEXTILE PRODUCTS e*					1,929,654	0.18
AUTO REPAIR, SERVICES AND PARKING e*					736,922	0.07
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					1,722,204	0.16
BUILDING MATERIALS AND GARDEN SUPPLIES
	138,713	e	Home Depot, Inc		3,591,280	0.34
		e*	Other		3,386,787	0.33
					6,978,067	0.67
BUSINESS SERVICES
	19,489	e*	Google, Inc (Class A)		7,805,734	0.75
	662,343	d	Microsoft Corp		17,677,935	1.69
	319,837	*	Oracle Corp		6,495,889	0.62
		e,v*	Other		42,730,862	4.08
					74,710,420	7.14
CHEMICALS AND ALLIED PRODUCTS
	126,368		Abbott Laboratories		7,276,269	0.70
	89,762	*	Amgen, Inc		5,320,194	0.51
	82,860	e	Eli Lilly & Co		3,648,326	0.35
	76,025	e*	Gilead Sciences, Inc		3,465,219	0.33
	175,983		Merck & Co, Inc		5,554,023	0.53
	45,126	e	Monsanto Co		4,466,571	0.43
	558,425		Pfizer, Inc		10,297,357	0.98
	250,778		Procter & Gamble Co		17,476,719	1.67
	109,993		Wyeth		4,063,141	0.39
		e*	Other		47,100,379	4.50
					108,668,198	10.39
COAL MINING e*					2,742,867	0.26
COMMUNICATIONS
	488,821		AT&T, Inc		13,647,882	1.31
	231,749		Comcast Corp (Class A)		4,549,233	0.44
	235,711	e	Verizon Communications, Inc		7,563,966	0.72
		e,v*	Other		15,110,288	1.44
					40,871,369	3.91
	Shares		Company		Value	% of net assets
DEPOSITORY INSTITUTIONS
	376,428		Bank of America Corp	$	13,174,980	1.26	%
	450,175		Citigroup, Inc		9,233,089	0.88
	283,022		JPMorgan Chase & Co		13,217,127	1.27
	142,442	e	US Bancorp		5,130,761	0.49
	272,868		Wells Fargo & Co		10,240,736	0.98
		e,v*	Other		29,930,810	2.86
					80,927,503	7.74
EATING AND DRINKING PLACES
	92,861		McDonald’s Corp		5,729,524	0.55
		e*	Other		4,564,392	0.43
					10,293,916	0.98
EDUCATIONAL SERVICES e*					1,687,026	0.16
ELECTRIC, GAS, AND SANITARY SERVICES e,m,v*					43,506,750	4.16
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	72,534	*	Apple Computer, Inc		8,244,214	0.79
	486,515	e*	Cisco Systems, Inc		10,975,778	1.05
	470,665		Intel Corp		8,815,555	0.84
	133,525		Qualcomm, Inc		5,737,569	0.55
		e,v*	Other		30,030,110	2.87
					63,803,226	6.10
ENGINEERING AND MANAGEMENT SERVICES e*					10,784,422	1.03
FABRICATED METAL PRODUCTS e*					5,699,174	0.55
FOOD AND KINDRED PRODUCTS
	59,092		Anheuser-Busch Cos, Inc		3,833,889	0.37
	191,056		Coca-Cola Co		10,103,041	0.96
	121,769		Kraft Foods, Inc (Class A)		3,987,935	0.38
	130,623		PepsiCo, Inc		9,309,501	0.89
		e*	Other		16,076,175	1.54
					43,310,541	4.14
FOOD STORES e*					3,388,518	0.32
FORESTRY e					1,349,743	0.13
FURNITURE AND FIXTURES e					3,001,603	0.29
FURNITURE AND HOME FURNISHINGS STORES e,v*					1,775,226	0.17
GENERAL BUILDING CONTRACTORS e*					2,349,361	0.22
GENERAL MERCHANDISE STORES
	184,610	e	Wal-Mart Stores, Inc		11,056,293	1.06
		e*	Other		8,832,902	0.84
					19,889,195	1.90
HEALTH SERVICES e*					13,468,960	1.29
HEAVY CONSTRUCTION, EXCEPT BUILDING e*					662,312	0.06
HOLDING AND OTHER INVESTMENT OFFICES e*					26,551,378	2.54
HOTELS AND OTHER LODGING PLACES e*					2,842,411	0.27

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 91

SUMMARY PORTFOLIO OF INVESTMENTS	continued
EQUITY INDEX FUND  §  SEPTEMBER 30, 2008

	Shares			Company		Value	% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT
	819,699			General Electric Co	$	20,902,325	2.00	%
	201,434			Hewlett-Packard Co		9,314,308	0.89
	113,043			International Business Machines Corp		13,221,509	1.26
		e,v*		Other		27,469,862	2.63
						70,908,004	6.78
INSTRUMENTS AND RELATED PRODUCTS
	231,764			Johnson & Johnson		16,056,610	1.54
	92,331	e		Medtronic, Inc		4,625,783	0.44
		e*		Other		36,724,305	3.51
						57,406,698	5.49
INSURANCE AGENTS, BROKERS AND SERVICE e*						4,407,391	0.42
INSURANCE CARRIERS e*						35,595,402	3.40
JUSTICE, PUBLIC ORDER AND SAFETY *						345,121	0.03
LEATHER AND LEATHER PRODUCTS e*						1,071,925	0.10
LEGAL SERVICES e*						323,839	0.03
LOCAL AND INTERURBAN PASSENGER TRANSIT e*						20,020	0.00	**
LUMBER AND WOOD PRODUCTS e*						232,410	0.02
METAL MINING e*						4,676,764	0.45
MISCELLANEOUS MANUFACTURING INDUSTRIES e*						3,437,220	0.33
MISCELLANEOUS RETAIL - 1.33%
	116,659	e		CVS Corp		3,926,742	0.37
		e,v*		Other		9,998,496	0.96
						13,925,238	1.33
MOTION PICTURES
	292,201	e		Time Warner, Inc		3,830,755	0.37
		e*		Other		5,185,620	0.49
						9,016,375	0.86
NONDEPOSITORY INSTITUTIONS e*						8,232,778	0.79
NONMETALLIC MINERALS, EXCEPT FUELS e*						933,575	0.09
OIL AND GAS EXTRACTION
	98,156			Schlumberger Ltd		7,665,002	0.74
		e,m,v*		Other		32,559,252	3.11
						40,224,254	3.85
PAPER AND ALLIED PRODUCTS e*						5,151,321	0.49
PERSONAL SERVICES e*						1,649,714	0.16
PETROLEUM AND COAL PRODUCTS
	170,166			Chevron Corp		14,035,292	1.34
	126,816			ConocoPhillips		9,289,272	0.89
	434,601			Exxon Mobil Corp		33,751,114	3.23
	67,515			Occidental Petroleum Corp		4,756,432	0.45
		e*		Other		17,193,449	1.64
						79,025,559	7.55
	Shares			Company		Value	% of net assets
PIPELINES, EXCEPT NATURAL GAS e					$	1,237,814	0.12	%
PRIMARY METAL INDUSTRIES e*						8,601,906	0.82
PRINTING AND PUBLISHING e,v*						3,532,351	0.34
RAILROAD TRANSPORTATION e*						9,459,401	0.90
REAL ESTATE e*						998,565	0.10
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*						3,601,924	0.34
SECURITY AND COMMODITY BROKERS
	32,559			Goldman Sachs Group, Inc		4,167,552	0.40
		e*		Other		19,131,450	1.83
						23,299,002	2.23
SOCIAL SERVICES e*						55,083	0.01
SPECIAL TRADE CONTRACTORS						813,671	0.08
STONE, CLAY, AND GLASS PRODUCTS
	57,630			3M Co		3,936,705	0.38
		e*		Other		1,165,411	0.11
						5,102,116	0.49
TEXTILE MILL PRODUCTS e						32,153	0.00	**
TOBACCO PRODUCTS
	173,232			Philip Morris International, Inc		8,332,459	0.79
		e		Other		5,411,875	0.52
						13,744,334	1.31
TRANSPORTATION BY AIR e*						4,306,716	0.41
TRANSPORTATION EQUIPMENT
	61,890			Boeing Co		3,549,391	0.34
	79,520			United Technologies Corp		4,775,971	0.45
		e,v*		Other		16,291,661	1.56
						24,617,023	2.35
TRANSPORTATION SERVICES e*						2,013,750	0.19
TRUCKING AND WAREHOUSING
	56,624	e		United Parcel Service, Inc (Class B)		3,561,083	0.34
		e*		Other		1,044,593	0.10
						4,605,676	0.44
WATER TRANSPORTATION e*						2,842,682	0.27
WHOLESALE TRADE-DURABLE GOODS e*						4,064,033	0.39
WHOLESALE TRADE-NONDURABLE GOODS e*						6,554,429	0.63
			TOTAL COMMON STOCKS (Cost $961,943,087)			1,041,725,003	99.57

92 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
EQUITY INDEX FUND  §  SEPTEMBER 30, 2008

	Shares		Company		Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	262,014,961		State Street Navigator Securities
			Lending Prime Portfolio	$	262,014,961		25.04	%
					262,014,961		25.04
		TOTAL SHORT-TERM INVESTMENTS (Cost $262,014,961)			262,014,961		25.04
		TOTAL PORTFOLIO (Cost $1,223,958,048)			1,303,739,964		124.61
		OTHER ASSETS & LIABILITIES, NET			(257,524,927	)	(24.61	)
		NET ASSETS		$	1,046,215,037		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 $165,478.
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.

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 § 2008 Annual Report 93

SUMMARY PORTFOLIO OF INVESTMENTS

S&P 500 INDEX FUND  §  SEPTEMBER 30, 2008

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
197,770	e	Walt Disney Co	$	6,069,561		0.56	%
				6,069,561		0.56
APPAREL AND ACCESSORY STORES e*				3,746,763		0.35
APPAREL AND OTHER TEXTILE PRODUCTS e				1,434,251		0.13
AUTO REPAIR, SERVICES AND PARKING				360,220		0.03
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*				682,846		0.06
BUILDING MATERIALS AND GARDEN SUPPLIES
176,849	e	Home Depot, Inc		4,578,621		0.42
	e	Other		4,274,284		0.40
				8,852,905		0.82
BUSINESS SERVICES
25,166	e*	Google, Inc (Class A)		10,079,486		0.94
827,658	d	Microsoft Corp		22,090,192		2.05
416,602	*	Oracle Corp		8,461,187		0.79
	e*	Other		29,876,894		2.78
				70,507,759		6.56
CHEMICALS AND ALLIED PRODUCTS
161,934		Abbott Laboratories		9,324,160		0.87
111,537	*	Amgen, Inc		6,610,798		0.62
105,465		Eli Lilly & Co		4,643,624		0.43
96,144	*	Gilead Sciences, Inc		4,382,243		0.41
225,591		Merck & Co, Inc		7,119,652		0.66
57,717	e	Monsanto Co		5,712,829		0.53
708,647		Pfizer, Inc		13,067,451		1.22
319,914		Procter & Gamble Co		22,294,807		2.07
140,537		Wyeth		5,191,437		0.48
	e*	Other		38,827,135		3.61
				117,174,136		10.90
COAL MINING e				2,508,908		0.23
COMMUNICATIONS
622,680		AT&T, Inc		17,385,226		1.62
308,631		Comcast Corp (Class A)		6,058,426		0.57
298,934		Verizon Communications, Inc		9,592,792		0.89
	e*	Other		7,667,369		0.71
				40,703,813		3.79
DEPOSITORY INSTITUTIONS
480,574		Bank of America Corp		16,820,090		1.56
573,930		Citigroup, Inc		11,771,304		1.10
386,755		JPMorgan Chase & Co		18,061,459		1.68
181,427	e	US Bancorp		6,535,001		0.61
348,717		Wells Fargo & Co		13,087,349		1.22
	e	Other		23,561,221		2.19
				89,836,424		8.36
EATING AND DRINKING PLACES
119,127		McDonald’s Corp		7,350,136		0.69
	*	Other		3,360,214		0.31
				10,710,350		1.00

Shares		Company	Value		% of net assets
EDUCATIONAL SERVICES e*			$	668,904		0.06	%
ELECTRIC, GAS, AND SANITARY SERVICES e*				40,620,405		3.78
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
93,361	*	Apple Computer, Inc		10,611,411		0.99
619,118	e*	Cisco Systems, Inc		13,967,302		1.30
592,627		Intel Corp		11,099,904		1.03
172,875		Qualcomm, Inc		7,428,439		0.69
	e*	Other		23,522,509		2.19
				66,629,565		6.20
ENGINEERING AND MANAGEMENT SERVICES e*				7,489,617		0.70
FABRICATED METAL PRODUCTS e				3,845,032		0.36
FOOD AND KINDRED PRODUCTS
75,264		Anheuser-Busch Cos, Inc		4,883,128		0.45
209,384		Coca-Cola Co		11,072,226		1.03
157,899		Kraft Foods, Inc (Class A)		5,171,192		0.48
165,118		PepsiCo, Inc		11,767,960		1.10
	e*	Other		16,149,965		1.50
				49,044,471		4.56
FOOD STORES e				3,767,514		0.35
FORESTRY				1,285,326		0.12
FURNITURE AND FIXTURES e				2,907,715		0.27
FURNITURE AND HOME FURNISHINGS STORES *				1,445,857		0.13
GENERAL BUILDING CONTRACTORS e				1,345,522		0.13
GENERAL MERCHANDISE STORES
236,446		Wal-Mart Stores, Inc		14,160,751		1.32
	e*	Other		10,477,087		0.97
				24,637,838		2.29
HEALTH SERVICES e*				12,417,758		1.15
HOLDING AND OTHER INVESTMENT OFFICES e				14,306,616		1.33
HOTELS AND OTHER LODGING PLACES e				1,656,352		0.15
INDUSTRIAL MACHINERY AND EQUIPMENT
1,048,484		General Electric Co		26,736,342		2.49
258,428		Hewlett-Packard Co		11,949,711		1.11
142,855		International Business Machines Corp		16,708,321		1.55
	e*	Other		22,164,121		2.06
				77,558,495		7.21
INSTRUMENTS AND RELATED PRODUCTS
295,300		Johnson & Johnson		20,458,384		1.90
118,212	e	Medtronic, Inc		5,922,421		0.55
	e*	Other		33,977,340		3.16
				60,358,145		5.61
INSURANCE AGENTS, BROKERS AND SERVICE				4,317,634		0.40
INSURANCE CARRIERS e				34,371,533		3.20
LEATHER AND LEATHER PRODUCTS *				925,128		0.09

94 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

S&P 500 INDEX FUND  §  SEPTEMBER 30, 2008

Shares		Company	Value		% of net assets
METAL MINING			$	4,144,524		0.39	%
MISCELLANEOUS MANUFACTURING INDUSTRIES e				3,851,945		0.36
MISCELLANEOUS RETAIL
151,230		CVS Corp		5,090,402		0.47
	e*	Other		9,878,288		0.92
				14,968,690		1.39
MOTION PICTURES
372,952		Time Warner, Inc		4,889,401		0.46
	e*	Other		5,608,644		0.52
				10,498,045		0.98
NONDEPOSITORY INSTITUTIONS e*				9,123,018		0.85
NONMETALLIC MINERALS, EXCEPT FUELS e				834,028		0.08
OIL AND GAS EXTRACTION
126,402		Schlumberger Ltd		9,870,732		0.92
	e*	Other		28,029,931		2.60
				37,900,663		3.52
PAPER AND ALLIED PRODUCTS e				4,729,888		0.44
PERSONAL SERVICES				1,147,074		0.11
PETROLEUM AND COAL PRODUCTS
216,721		Chevron Corp		17,875,148		1.66
160,268		ConocoPhillips		11,739,631		1.09
547,522		Exxon Mobil Corp		42,520,559		3.96
86,063		Occidental Petroleum Corp		6,063,138		0.56
	e	Other		20,837,369		1.94
				99,035,845		9.21
PIPELINES, EXCEPT NATURAL GAS e				1,548,547		0.14
PRIMARY METAL INDUSTRIES e				8,651,380		0.80
PRINTING AND PUBLISHING e				2,645,386		0.25
RAILROAD TRANSPORTATION e				11,599,975		1.08
REAL ESTATE e*				299,488		0.03
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*				3,998,401		0.37
SECURITY AND COMMODITY BROKERS
45,731		Goldman Sachs Group, Inc		5,853,568		0.55
	e*	Other		19,602,154		1.82
				25,455,722		2.37
STONE, CLAY, AND GLASS PRODUCTS
74,286		3M Co		5,074,477		0.47
				5,074,477		0.47
TOBACCO PRODUCTS
217,317		Philip Morris International, Inc		10,452,948		0.97
	e	Other		6,678,405		0.62
				17,131,353		1.59
TRANSPORTATION BY AIR				3,674,317		0.34

Shares			Company	Value			% of net assets
TRANSPORTATION EQUIPMENT
78,255			Boeing Co	$	4,487,924			0.42	%
101,441			United Technologies Corp		6,092,546			0.56
	e		Other		17,288,752			1.61
					27,869,222			2.59
TRANSPORTATION SERVICES					1,716,988			0.16
TRUCKING AND WAREHOUSING
107,304			e United Parcel Service, Inc (Class B)		6,748,349			0.63
					6,748,349			0.63
WATER TRANSPORTATION					1,637,235			0.15
WHOLESALE TRADE-DURABLE GOODS *					880,543			0.08
WHOLESALE TRADE-NONDURABLE GOODS *					4,842,370			0.45
		TOTAL COMMON STOCKS (Cost $1,149,076,226)			1,072,194,836			99.71
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
167,708,591			State Street Navigator Securities
			Lending Prime Portfolio		167,708,591			15.60
		TOTAL SHORT-TERM INVESTMENTS (Cost $167,708,591)			167,708,591			15.60
		TOTAL PORTFOLIO (Cost $1,316,784,817)			1,239,903,427			115.31
		OTHER ASSETS & LIABILITIES, NET			(164,658,989	)		(15.31	)
		NET ASSETS		$	1,075,244,438			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 $25,835.
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 § 2008 Annual Report 95

SUMMARY PORTFOLIO OF INVESTMENTS

MID-CAP GROWTH INDEX FUND  §  SEPTEMBER 30, 2008

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES e*			$	95,047		0.13	%
APPAREL AND ACCESSORY STORES
10,381	e*	Kohl’s Corp		478,356		0.64
	e*	Other		1,275,676		1.71
				1,754,032		2.35
APPAREL AND OTHER TEXTILE PRODUCTS e				331,721		0.44
AUTO REPAIR, SERVICES AND PARKING e*				58,261		0.08
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*				675,898		0.90
BUILDING MATERIALS AND GARDEN SUPPLIES e				282,906		0.38
BUSINESS SERVICES
26,192	*	Activision Blizzard, Inc		404,143		0.54
9,842	e*	Autodesk, Inc		330,199		0.44
14,035	*	Electronic Arts, Inc		519,155		0.69
7,229	*	Fiserv, Inc		342,076		0.46
14,154	*	Intuit, Inc		447,408		0.60
23,131	e*	Juniper Networks, Inc		487,370		0.65
	e*	Other		4,540,541		6.08
				7,070,892		9.46
CHEMICALS AND ALLIED PRODUCTS
18,816		Avon Products, Inc		782,181		1.05
7,681	e	Ecolab, Inc		372,682		0.50
4,921		Rohm & Haas Co		344,470		0.46
	e*	Other		3,550,700		4.75
				5,050,033		6.76
COAL MINING
8,058		Consol Energy, Inc		369,782		0.50
	e*	Other		494,809		0.66
				864,591		1.16
COMMUNICATIONS
17,482	*	American Tower Corp (Class A)		628,828		0.84
22,776	*	Liberty Media Corp - Entertainment (Series A)		568,717		0.76
	e*	Other		2,093,489		2.81
				3,291,034		4.41
DEPOSITORY INSTITUTIONS
8,741		Northern Trust Corp		631,100		0.85
	e*	Other		239,768		0.32
				870,868		1.17
EATING AND DRINKING PLACES
32,093	*	Starbucks Corp		477,223		0.64
20,914		Yum! Brands, Inc		682,006		0.91
	e*	Other		738,274		0.99
				1,897,503		2.54
EDUCATIONAL SERVICES
5,615	*	Apollo Group, Inc (Class A)		332,970		0.45
	e*	Other		392,637		0.52
				725,607		0.97

Shares		Company	Value		% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES
29,618	e*	AES Corp	$	346,234		0.46	%
16,474	d	PPL Corp		609,867		0.82
	e*	Other		1,786,772		2.39
				2,742,873		3.67
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
12,783	e	Analog Devices, Inc		336,832		0.45
22,657	e*	Broadcom Corp (Class A)		422,100		0.57
4,185		L-3 Communications Holdings, Inc		411,469		0.55
	e*	Other		5,113,405		6.84
				6,283,806		8.41
ENGINEERING AND MANAGEMENT SERVICES
7,822		Fluor Corp		435,685		0.58
14,264		Paychex, Inc		471,140		0.63
	e*	Other		1,681,211		2.25
				2,588,036		3.46
FABRICATED METAL PRODUCTS
7,393		Parker Hannifin Corp		391,829		0.52
	e*	Other		327,275		0.44
				719,104		0.96
FOOD AND KINDRED PRODUCTS
7,717		H.J. Heinz Co		385,618		0.52
	e*	Other		515,288		0.69
				900,906		1.21
FOOD STORES e*				181,886		0.24
FORESTRY e				19,319		0.03
FURNITURE AND FIXTURES e				12,821		0.02
FURNITURE AND HOME FURNISHINGS STORES e*				550,925		0.74
GENERAL BUILDING CONTRACTORS e*				42,446		0.06
GENERAL MERCHANDISE STORES
18,747		TJX Cos, Inc		572,158		0.77
	e*	Other		114,286		0.15
				686,444		0.92
HEALTH SERVICES
9,277	*	Express Scripts, Inc		684,828		0.92
4,904	e*	Laboratory Corp of America Holdings		340,828		0.46
	e*	Other		1,257,108		1.68
				2,282,764		3.06
HEAVY CONSTRUCTION, EXCEPT BUILDING *				229,696		0.31
HOLDING AND OTHER INVESTMENT OFFICES
24,710		iShares Russell Midcap Growth Index Fund		1,073,155		1.44
	e*	Other		1,221,642		1.63
				2,294,797		3.07
HOTELS AND OTHER LODGING PLACES
12,999	e	Marriott International, Inc (Class A)		339,144		0.45
	e*	Other		641,935		0.86
				981,079		1.31

96 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

MID-CAP GROWTH INDEX FUND  §  SEPTEMBER 30, 2008

	Shares		Company	Value		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT
	8,956		Cummins, Inc	$	391,556		0.53	%
	6,066		ITT Industries, Inc		337,330		0.45
		e*	Other		4,036,083		5.40
					4,764,969		6.38
INSTRUMENTS AND RELATED PRODUCTS
	16,078	*	Agilent Technologies, Inc		476,873		0.64
	13,451	e	Allergan, Inc		692,727		0.93
	4,376		Bard (C.R.), Inc		415,151		0.56
	1,700	e*	Intuitive Surgical, Inc		409,666		0.55
	7,076		Rockwell Collins, Inc		340,285		0.45
	14,976	*	St. Jude Medical, Inc		651,306		0.87
		e*	Other		3,504,390		4.69
					6,490,398		8.69
INSURANCE AGENTS, BROKERS AND SERVICE e					22,982		0.03
INSURANCE CARRIERS e*					380,890		0.51
JUSTICE, PUBLIC ORDER AND SAFETY e*					122,958		0.16
LEATHER AND LEATHER PRODUCTS
	15,040	*	Coach, Inc		376,602		0.50
					376,602		0.50
LEGAL SERVICES *					164,563		0.22
METAL MINING e*					419,244		0.56
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					112,208		0.15
MISCELLANEOUS RETAIL e*					767,927		1.03
MOTION PICTURES *					112,402		0.15
NONDEPOSITORY INSTITUTIONS e*					592,341		0.79
OIL AND GAS EXTRACTION
	9,553	*	Cameron International Corp		368,173		0.49
	5,939		ENSCO International, Inc		342,265		0.46
	11,856	e	Noble Corp		520,478		0.70
	9,511		Smith International, Inc		557,725		0.75
	15,084	*	Southwestern Energy Co		460,665		0.62
		e*	Other		2,723,971		3.64
					4,973,277		6.66
PAPER AND ALLIED PRODUCTS					122,439		0.16
PERSONAL SERVICES e					378,267		0.51
PETROLEUM AND COAL PRODUCTS
	8,384		Murphy Oil Corp		537,750		0.72
		e*	Other		580,177		0.78
					1,117,927		1.50
PRIMARY METAL INDUSTRIES
	6,136		Precision Castparts Corp		483,394		0.65
		e*	Other		565,543		0.75
					1,048,937		1.40
PRINTING AND PUBLISHING e*					506,194		0.68

	Shares			Company		Value		% of net assets
RAILROAD TRANSPORTATION e*					$	148,473		0.20	%
REAL ESTATE e*						270,357		0.36
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*						104,384		0.14
SECURITY AND COMMODITY BROKERS
	11,430	e		T Rowe Price Group, Inc		613,905		0.82
		e*		Other		1,576,334		2.11
						2,190,239		2.93
SPECIAL TRADE CONTRACTORS e*						159,008		0.21
STONE, CLAY, AND GLASS PRODUCTS e*						232,287		0.31
TOBACCO PRODUCTS						287,802		0.39
TRANSPORTATION BY AIR e*						138,904		0.19
TRANSPORTATION EQUIPMENT
	9,243	e		Harley-Davidson, Inc		344,764		0.46
		e*		Other		475,164		0.64
						819,928		1.10
TRANSPORTATION SERVICES
	7,510			CH Robinson Worldwide, Inc		382,710		0.51
		*		Other		408,837		0.55
						791,547		1.06
TRUCKING AND WAREHOUSING e						234,131		0.31
WATER TRANSPORTATION e*						196,652		0.26
WHOLESALE TRADE-DURABLE GOODS e*						959,132		1.28
WHOLESALE TRADE-NONDURABLE GOODS e*						1,129,046		1.51
			TOTAL COMMON STOCKS (Cost $81,155,913)			73,621,710		98.55
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	22,030,041			State Street Navigator Securities
				Lending Prime Portfolio		22,030,041		29.49
						22,030,041		29.49
			TOTAL SHORT-TERM INVESTMENTS (Cost $22,030,041)			22,030,041		29.49
			TOTAL PORTFOLIO (Cost $103,185,954)			95,651,751		128.04
			OTHER ASSETS & LIABILITIES, NET			(20,945,781	)	(28.04	)
			NET ASSETS		$	74,705,970		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 $6,830.
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 § 2008 Annual Report 97

SUMMARY PORTFOLIO OF INVESTMENTS

MID-CAP VALUE INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
CCOMMON STOCKS
AMUSEMENT AND RECREATION SERVICES e*				$	222,805		0.11	%
APPAREL AND ACCESSORY STORES e*					1,661,555		0.80
APPAREL AND OTHER TEXTILE PRODUCTS e					1,249,056		0.60
AUTO REPAIR, SERVICES AND PARKING e*					601,823		0.29
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					507,930		0.24
BUSINESS SERVICES e*					6,218,428		2.98
CHEMICALS AND ALLIED PRODUCTS
	34,444	*	Forest Laboratories, Inc		974,076		0.47
	18,006		PPG Industries, Inc		1,050,110		0.50
		e*	Other		7,927,062		3.80
					9,951,248		4.77
COMMUNICATIONS
	73,493	*	Liberty Media Holding Corp (Interactive A)		948,795		0.45
		e*	Other		5,333,397		2.56
					6,282,192		3.01
DEPOSITORY INSTITUTIONS e					13,243,453		6.34
EDUCATIONAL SERVICES *					183,136		0.09
ELECTRIC, GAS, AND SANITARY SERVICES
	25,930		Ameren Corp		1,012,048		0.48
	49,655		American Electric Power Co, Inc		1,838,725		0.88
	33,683	e	Consolidated Edison, Inc		1,447,022		0.69
	40,296		Edison International		1,607,810		0.77
	68,258		El Paso Corp		870,972		0.42
	44,218		PG&E Corp		1,655,964		0.79
	32,295		Progress Energy, Inc		1,392,883		0.67
	30,932		Sempra Energy		1,561,138		0.75
	53,315		Xcel Energy, Inc		1,065,767		0.51
		e*	Other		14,398,229		6.90
					26,850,558		12.86
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT e*					6,383,448		3.06
ENGINEERING AND MANAGEMENT SERVICES e*					1,798,832		0.86
FABRICATED METAL PRODUCTS e*					2,526,401		1.21
FOOD AND KINDRED PRODUCTS
	15,040	e	Bunge Ltd		950,227		0.46
	56,046		ConAgra Foods, Inc		1,090,655		0.52
	87,407		Sara Lee Corp		1,103,950		0.53
		e*	Other		7,143,304		3.42
					10,288,136		4.93
FOOD STORES
	54,350	e	Safeway, Inc		1,289,182		0.62
			Other		565,480		0.27
					1,854,662		0.89
FORESTRY
	26,066		Weyerhaeuser Co		1,579,078		0.76
		e	Other		408,915		0.19
					1,987,993		0.95
Shares			Company	Value		% of net assets
FURNITURE AND FIXTURES e				$	1,450,747		0.70	%
FURNITURE AND HOME FURNISHINGS STORES e*					873,166		0.42
GENERAL BUILDING CONTRACTORS e*					2,335,489		1.12
GENERAL MERCHANDISE STORES
	27,436		JC Penney Co, Inc		914,716		0.44
	52,114		Macy’s, Inc		937,010		0.45
		e*	Other		830,397		0.39
					2,682,123		1.28
HEALTH SERVICES
	29,853		Cigna Corp		1,014,405		0.49
		e*	Other		2,808,176		1.34
					3,822,581		1.83
HOLDING AND OTHER INVESTMENT OFFICES
	66,479		Annaly Mortgage Management, Inc		894,143		0.43
	9,472	e	AvalonBay Communities, Inc		932,234		0.45
	14,727	e	Boston Properties, Inc		1,379,331		0.66
	33,388	e	Equity Residential		1,482,761		0.71
	27,446	e	HCP, Inc		1,101,408		0.53
	38,298		iShares Russell Midcap Value Index Fund		1,502,048		0.72
	26,697	e	Kimco Realty Corp		986,187		0.47
	32,385	e	Prologis		1,336,529		0.64
	15,596	e	Public Storage, Inc		1,544,160		0.74
	16,840		Vornado Realty Trust		1,531,598		0.73
		e	Other		11,188,847		5.36
					23,879,246		11.44
HOTELS AND OTHER LODGING PLACES e*					522,497		0.25
INDUSTRIAL MACHINERY AND EQUIPMENT
	31,922		Ingersoll-Rand Co Ltd (Class A)		995,009		0.48
		e*	Other		4,591,964		2.20
					5,586,973		2.68
INSTRUMENTS AND RELATED PRODUCTS
	111,241		Xerox Corp		1,282,609		0.61
		e*	Other		1,941,478		0.93
					3,224,087		1.54
INSURANCE AGENTS, BROKERS AND SERVICE
	34,314		AON Corp		1,542,757		0.74
	63,293		Marsh & McLennan Cos, Inc		2,010,186		0.96
		e	Other		1,048,785		0.50
					4,601,728		2.20
INSURANCE CARRIERS
	21,754	e	Leucadia National Corp		988,502		0.47
	32,037		Lincoln National Corp		1,371,504		0.66
	32,027		Principal Financial Group		1,392,854		0.67
	83,788		Progressive Corp		1,457,911		0.70
	42,868		UnumProvident Corp		1,075,987		0.51
		e*	Other		12,767,709		6.12
					19,054,467		9.13
JUSTICE, PUBLIC ORDER AND SAFETY *					39,487		0.02

98 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
MID-CAP VALUE INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value			% of net assets
MISCELLANEOUS MANUFACTURING INDUSTRIES
	18,970		Fortune Brands, Inc	$	1,088,119			0.52	%
		e*	Other		1,238,231			0.59
					2,326,350			1.11
MISCELLANEOUS RETAIL e,v*					1,435,878			0.69
MOTION PICTURES
	72,991	e	CBS Corp (Class B)		1,064,209			0.51
		e*	Other		687,405			0.33
					1,751,614			0.84
NONDEPOSITORY INSTITUTIONS e*					2,568,637			1.23
NONMETALLIC MINERALS, EXCEPT FUELS
	13,483	e	Vulcan Materials Co		1,004,484			0.48
					1,004,484			0.48
OIL AND GAS EXTRACTION e*					6,461,876			3.10
PAPER AND ALLIED PRODUCTS
	52,916		International Paper Co		1,385,341			0.66
		e*	Other		2,033,399			0.98
					3,418,740			1.64
PERSONAL SERVICES e					755,731			0.36
PETROLEUM AND COAL PRODUCTS
	19,898		Noble Energy, Inc		1,106,130			0.53
		e*	Other		1,405,657			0.67
					2,511,787			1.20
PIPELINES, EXCEPT NATURAL GAS
	78,349	e	Spectra Energy Corp		1,864,706			0.89
					1,864,706			0.89
PRIMARY METAL INDUSTRIES e*					791,984			0.38
PRINTING AND PUBLISHING e					2,803,988			1.34
RAILROAD TRANSPORTATION e*					86,280			0.04
REAL ESTATE e*					433,321			0.21
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS *					1,197,917			0.57
SECURITY AND COMMODITY BROKERS
	27,464		Ameriprise Financial, Inc		1,049,125			0.50
	41,898	e	Invesco Ltd		879,020			0.42
		e*	Other		1,831,077			0.88
					3,759,222			1.80
SPECIAL TRADE CONTRACTORS e*					133,159			0.06
STONE, CLAY, AND GLASS PRODUCTS e*					765,796			0.37
TOBACCO PRODUCTS
	18,285		UST, Inc		1,216,684			0.58
		e	Other		730,853			0.35
					1,947,537			0.93
Shares			Company	Value			% of net assets
TRANSPORTATION BY AIR
	89,732	d	Southwest Airlines Co	$	1,302,011			0.62	%
		e*	Other		831,246			0.40
					2,133,257			1.02
TRANSPORTATION EQUIPMENT
	268,296	e*	Ford Motor Co		1,395,139			0.67
		e*	Other		2,909,280			1.39
					4,304,419			2.06
TRANSPORTATION SERVICES *					288,456			0.14
TRUCKING AND WAREHOUSING e					206,920			0.10
WATER TRANSPORTATION e					908,147			0.44
WHOLESALE TRADE-DURABLE GOODS e*					1,300,098			0.62
WHOLESALE TRADE-NONDURABLE GOODS e*					363,336			0.17
			TOTAL COMMON STOCKS (Cost $240,721,527)		205,407,887			98.39
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	61,712,699		State Street Navigator Securities
			Lending Prime Portfolio		61,712,699			29.56
			TOTAL SHORT-TERM INVESTMENTS (Cost $61,712,699)		61,712,699			29.56
			TOTAL PORTFOLIO (Cost $302,434,226)		267,120,586			127.95
			OTHER ASSETS & LIABILITIES, NET		(58,357,673	)		(27.95	)
			NET ASSETS	$	208,762,913			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 $51,511.
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 § 2008 Annual Report 99

SUMMARY PORTFOLIO OF INVESTMENTS

MID-CAP BLEND INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES e*				$	199,930		0.11	%
APPAREL AND ACCESSORY STORES
	16,472	*	Kohl’s Corp		759,030		0.42
		e*	Other		2,117,044		1.17
					2,876,074		1.59
APPAREL AND OTHER TEXTILE PRODUCTS e					952,172		0.53
AUTO REPAIR, SERVICES AND PARKING e*					354,665		0.20
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					1,081,868		0.60
BUILDING MATERIALS AND GARDEN SUPPLIES e					339,507		0.19
BUSINESS SERVICES
	17,221	*	Electronic Arts, Inc		637,005		0.35
	17,377	*	Intuit, Inc		549,287		0.31
	27,475	*	Juniper Networks, Inc		578,898		0.32
		e*	Other		9,535,089		5.28
					11,300,279		6.26
CHEMICALS AND ALLIED PRODUCTS
	22,984		Avon Products, Inc		955,445		0.53
		e*	Other		9,552,334		5.29
					10,507,779		5.82
COAL MINING e*					1,062,113		0.59
COMMUNICATIONS
	21,170	*	American Tower Corp (Class A)		761,485		0.42
	27,354	*	Liberty Media Corp - Entertainment (Series A)		683,029		0.38
		e*	Other		5,338,379		2.96
					6,782,893		3.76
DEPOSITORY INSTITUTIONS
	11,808		Northern Trust Corp		852,538		0.47
		e	Other		5,956,092		3.30
					6,808,630		3.77
EATING AND DRINKING PLACES
	39,109	*	Starbucks Corp		581,551		0.32
	25,612		Yum! Brands, Inc		835,207		0.47
		e*	Other		906,149		0.50
					2,322,907		1.29
EDUCATIONAL SERVICES e*					952,151		0.53
ELECTRIC, GAS, AND SANITARY SERVICES
	21,421		American Electric Power Co, Inc		793,220		0.44
	14,681	e	Consolidated Edison, Inc		630,696		0.35
	17,423		Edison International		695,178		0.38
	19,059		PG&E Corp		713,759		0.39
	19,920		PPL Corp		737,438		0.41
	14,074		Progress Energy, Inc		607,012		0.34
	13,533		Sempra Energy		683,010		0.38
		e*	Other		10,180,456		5.64
					15,040,769		8.33
Shares			Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	6,594		L-3 Communications Holdings, Inc	$	648,322		0.36	%
		e*	Other		9,826,245		5.44
					10,474,567		5.80
ENGINEERING AND MANAGEMENT SERVICES
	17,274		Paychex, Inc		570,560		0.32
		e*	Other		3,379,440		1.87
					3,950,000		2.19
FABRICATED METAL PRODUCTS e*					1,985,852		1.10
FOOD AND KINDRED PRODUCTS
	16,922		H.J. Heinz Co		845,592		0.47
		e*	Other		4,714,437		2.61
					5,560,029		3.08
FOOD STORES
	23,533	e	Safeway, Inc		558,203		0.31
		e*	Other		475,907		0.26
					1,034,110		0.57
FORESTRY
	11,372	e	Weyerhaeuser Co		688,916		0.38
		e	Other		197,876		0.11
					886,792		0.49
FURNITURE AND FIXTURES e					661,124		0.37
FURNITURE AND HOME FURNISHINGS STORES e*					1,051,244		0.58
GENERAL BUILDING CONTRACTORS e*					1,220,225		0.68
GENERAL MERCHANDISE STORES
	22,953		TJX Cos, Inc		700,526		0.39
		e*	Other		1,299,388		0.72
					1,999,914		1.11
HEALTH SERVICES
	11,359	*	Express Scripts, Inc		838,521		0.46
		e*	Other		3,587,234		1.99
					4,425,755		2.45
HEAVY CONSTRUCTION, EXCEPT BUILDING *					280,430		0.16
HOLDING AND OTHER INVESTMENT OFFICES
	6,532	e	Boston Properties, Inc		611,787		0.34
	14,462	e	Equity Residential		642,257		0.36
	16,278	e	iShares Russell Midcap Index Fund		1,337,400		0.74
	14,026	e	Prologis		578,853		0.32
	6,798	e	Public Storage, Inc		673,070		0.37
	7,383		Vornado Realty Trust		671,484		0.37
		e*	Other		8,060,145		4.46
					12,574,996		6.96
HOTELS AND OTHER LODGING PLACES e*					1,424,439		0.79
INDUSTRIAL MACHINERY AND EQUIPMENT e*					8,285,841		4.59

100 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
MID-CAP BLEND INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value			% of net assets
INSTRUMENTS AND RELATED PRODUCTS
	19,630	*	Agilent Technologies, Inc	$	582,226			0.32	%
	16,226		Allergan, Inc		835,639			0.46
	18,131	*	St. Jude Medical, Inc		788,517			0.44
	48,422		Xerox Corp		558,306			0.31
		e*	Other		6,561,039			3.63
					9,325,727			5.16
INSURANCE AGENTS, BROKERS AND SERVICE
	14,947		AON Corp		672,017			0.37
	27,550		Marsh & McLennan Cos, Inc		874,988			0.49
		e	Other		493,701			0.27
					2,040,706			1.13
INSURANCE CARRIERS
	13,957		Lincoln National Corp		597,499			0.33
	13,549	e	Principal Financial Group		589,246			0.33
	36,471		Progressive Corp		634,595			0.35
		e*	Other		6,915,638			3.83
					8,736,978			4.84
JUSTICE, PUBLIC ORDER AND SAFETY *					169,278			0.09
LEATHER AND LEATHER PRODUCTS *					458,658			0.25
LEGAL SERVICES *					200,755			0.11
METAL MINING e*					509,449			0.28
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					1,128,855			0.63
MISCELLANEOUS RETAIL e,v*					1,536,946			0.85
MOTION PICTURES e*					899,179			0.50
NONDEPOSITORY INSTITUTIONS e*					1,842,838			1.02
NONMETALLIC MINERALS, EXCEPT FUELS e					435,751			0.24
OIL AND GAS EXTRACTION
	14,404	e	Noble Corp		632,336			0.35
	11,619		Smith International, Inc		681,338			0.38
	18,406	*	Southwestern Energy Co		562,119			0.31
		e*	Other		6,988,223			3.87
					8,864,016			4.91
PAPER AND ALLIED PRODUCTS
	22,895	e	International Paper Co		599,391			0.33
		e*	Other		1,031,090			0.57
					1,630,481			0.90
PERSONAL SERVICES e					777,743			0.43
PETROLEUM AND COAL PRODUCTS
	10,223		Murphy Oil Corp		655,703			0.36
		e*	Other		1,673,224			0.93
					2,328,927			1.29
PIPELINES, EXCEPT NATURAL GAS
	33,736		Spectra Energy Corp		802,917			0.44
					802,917			0.44
PRIMARY METAL INDUSTRIES
	7,486		Precision Castparts Corp		589,747			0.33
		e*	Other		1,037,864			0.57
					1,627,611			0.90
Shares			Company	Value			% of net assets
PRINTING AND PUBLISHING e*				$	1,828,158			1.01	%
RAILROAD TRANSPORTATION e*					220,913			0.12
REAL ESTATE e*					512,824			0.28
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*					632,265			0.35
SECURITY AND COMMODITY BROKERS
	14,080		T Rowe Price Group, Inc		756,237			0.42
		e*	Other		3,556,323			1.97
					4,312,560			2.39
SPECIAL TRADE CONTRACTORS e*					250,410			0.14
STONE, CLAY, AND GLASS PRODUCTS e*					616,153			0.34
TOBACCO PRODUCTS
	9,367		Lorillard, Inc		666,462			0.37
			Other		528,860			0.29
					1,195,322			0.66
TRANSPORTATION BY AIR
	39,151	d	Southwest Airlines Co		568,081			0.31
		e*	Other		535,631			0.30
					1,103,712			0.61
TRANSPORTATION EQUIPMENT
	117,065	e*	Ford Motor Co		608,738			0.34
		e*	Other		2,279,538			1.26
					2,888,276			1.60
TRANSPORTATION SERVICES e*					1,054,666			0.58
TRUCKING AND WAREHOUSING e					388,336			0.21
WATER TRANSPORTATION e*					661,540			0.37
WHOLESALE TRADE-DURABLE GOODS e*					1,720,268			0.95
WHOLESALE TRADE-NONDURABLE GOODS e*					1,547,668			0.86
			TOTAL COMMON STOCKS (Cost $200,974,264)		178,646,941			98.93
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	53,598,430		State Street Navigator Securities
			Lending Prime Portfolio		53,598,430			29.68
			TOTAL SHORT-TERM INVESTMENTS (Cost $53,598,430)		53,598,430			29.68
			TOTAL PORTFOLIO (Cost $254,572,694)		232,245,371			128.61
			OTHER ASSETS & LIABILITIES, NET		(51,658,517	)		(28.61	)
			NET ASSETS	$	180,586,854			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 $17,412.
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.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 101

SUMMARY PORTFOLIO OF INVESTMENTS

SMALL-CAP GROWTH INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-LIVESTOCK e				$	93,658		0.07	%
AGRICULTURAL SERVICES e*					102,934		0.07
AMUSEMENT AND RECREATION SERVICES
	15,011	e*	Bally Technologies, Inc		454,533		0.33
	13,619	e*	Marvel Entertainment, Inc		464,953		0.33
		e*	Other		943,472		0.67
					1,862,958		1.33
APPAREL AND ACCESSORY STORES
	18,470	e*	Aeropostale, Inc		593,072		0.42
		e*	Other		1,456,465		1.04
					2,049,537		1.46
APPAREL AND OTHER TEXTILE PRODUCTS
	12,567	e*	Warnaco Group, Inc		569,159		0.41
		e*	Other		532,473		0.38
					1,101,632		0.79
AUTO REPAIR, SERVICES AND PARKING e*					547,408		0.39
BUILDING MATERIALS AND GARDEN SUPPLIES e*					35,733		0.03
BUSINESS SERVICES
	11,771	e*	Concur Technologies, Inc		450,358		0.32
	30,299	*	Parametric Technology Corp		557,502		0.40
	18,267	e*	Sybase, Inc		559,336		0.40
		e,v*	Other		18,234,786		12.98
					19,801,982		14.10
CHEMICALS AND ALLIED PRODUCTS
	21,120	d,e*	Alexion Pharmaceuticals, Inc		830,016		0.59
	19,357	e*	Immucor, Inc		618,650		0.44
	15,869	e*	OSI Pharmaceuticals, Inc		782,183		0.56
	15,254	e*	Onyx Pharmaceuticals, Inc		551,890		0.39
	15,515	e*	Parexel International Corp		444,660		0.32
	6,173	e*	United Therapeutics Corp		649,214		0.46
		e*	Other		12,258,712		8.73
					16,135,325		11.49
COAL MINING e*					453,729		0.32
COMMUNICATIONS e,v*					2,814,105		2.00
DEPOSITORY INSTITUTIONS e*					1,703,153		1.21
EATING AND DRINKING PLACES
	89,219	e	Wendy’s/Arby’s Group, Inc (Class A)		469,292		0.33
		e*	Other		2,173,602		1.55
					2,642,894		1.88
EDUCATIONAL SERVICES e*					652,863		0.47
ELECTRIC, GAS, AND SANITARY SERVICES
	13,490		ITC Holdings Corp		698,377		0.50
	18,320	e*	Waste Connections, Inc		628,376		0.45
		e*	Other		1,363,716		0.97
					2,690,469		1.92

Shares			Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	9,567	e	Acuity Brands, Inc	$	399,518		0.28	%
	12,419	e*	Energy Conversion Devices, Inc		723,407		0.51
	26,801	e*	GrafTech International Ltd		404,963		0.29
	21,807	*	Microsemi Corp		555,642		0.40
	22,237	e*	Polycom, Inc		514,342		0.37
		e, m*	Other		9,109,646		6.49
					11,707,518		8.34
ENGINEERING AND MANAGEMENT SERVICES
	25,146	e*	Isis Pharmaceuticals, Inc		424,716		0.30
	12,190	e*	Myriad Genetics, Inc		790,887		0.56
	15,646	e*	Sequenom, Inc		416,497		0.30
	7,925		Watson Wyatt & Co Holdings (Class A)		394,110		0.28
		e*	Other		5,328,143		3.80
					7,354,353		5.24
FABRICATED METAL PRODUCTS e*					1,349,620		0.96
FISHING, HUNTING, AND TRAPPING e*					11,319		0.01
FOOD AND KINDRED PRODUCTS e*					1,643,774		1.17
FOOD STORES e*					243,948		0.17
FURNITURE AND FIXTURES					559,237		0.40
FURNITURE AND HOME FURNISHINGS STORES e*					244,760		0.17
GENERAL BUILDING CONTRACTORS e*					497,438		0.35
GENERAL MERCHANDISE STORES e*					87,470		0.06
HEALTH SERVICES
	15,402	*	Psychiatric Solutions, Inc		584,506		0.42
		e*	Other		2,441,737		1.74
					3,026,243		2.16
HEAVY CONSTRUCTION, EXCEPT BUILDING e*					260,470		0.19
HOLDING AND OTHER INVESTMENT OFFICES
	44,829	e	iShares Russell 2000 Growth Index Fund		3,170,307		2.26
		e	Other		2,405,706		1.71
					5,576,013		3.97
HOTELS AND OTHER LODGING PLACES e*					388,737		0.28
INDUSTRIAL MACHINERY AND EQUIPMENT
	10,331		Curtiss-Wright Corp		469,544		0.33
	22,267	*	Micros Systems, Inc		593,638		0.42
	9,374	e	Nordson Corp		460,357		0.33
	12,841		Woodward Governor Co		452,902		0.32
		e*	Other		6,101,555		4.35
					8,077,996		5.75

102 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
SMALL-CAP GROWTH INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
INSTRUMENTS AND RELATED PRODUCTS
	5,180	*	Bio-Rad Laboratories, Inc (Class A)	$	513,442		0.37	%
	7,007	*	Haemonetics Corp		432,472		0.31
	12,621	e*	Masimo Corp		469,501		0.33
	9,724	e*	NuVasive, Inc		479,685		0.34
	16,240		STERIS Corp		610,299		0.44
	9,820	*	Teledyne Technologies, Inc		561,311		0.40
	14,903	e*	Thoratec Corp		391,204		0.28
		e*	Other		9,553,543		6.80
					13,011,457		9.27
INSURANCE AGENTS, BROKERS AND SERVICE e					56,869		0.04
INSURANCE CARRIERS e*					700,808		0.50
JUSTICE, PUBLIC ORDER AND SAFETY e*					331,598		0.23
LEATHER AND LEATHER PRODUCTS e*					620,232		0.44
LEGAL SERVICES e*					96,920		0.07
LOCAL AND INTERURBAN PASSENGER TRANSIT e*					33,436		0.02
LUMBER AND WOOD PRODUCTS e*					295,346		0.21
METAL MINING e*					164,866		0.12
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					237,581		0.17
MISCELLANEOUS RETAIL e*					1,883,245		1.34
MOTION PICTURES e*					617,332		0.44
NONDEPOSITORY INSTITUTIONS e*					604,043		0.43
NONMETALLIC MINERALS, EXCEPT FUELS e*					384,176		0.27
OIL AND GAS EXTRACTION
	10,401	*	Arena Resources, Inc		404,079		0.28
	12,443	e*	Comstock Resources, Inc		622,772		0.44
	15,167	*	Concho Resources, Inc		418,761		0.30
	38,645	e*	EXCO Resources, Inc		630,686		0.45
	11,355		Penn Virginia Corp		606,811		0.43
		e*	Other		5,002,986		3.57
					7,686,095		5.47
PAPER AND ALLIED PRODUCTS e*					357,253		0.26
PERSONAL SERVICES e*					538,727		0.38
PETROLEUM AND COAL PRODUCTS e*					325,046		0.23
PRIMARY METAL INDUSTRIES
	8,053		Matthews International Corp (Class A)		408,609		0.29
		e*	Other		654,457		0.47
					1,063,066		0.76
PRINTING AND PUBLISHING
	12,041	e*	VistaPrint Ltd		395,426		0.28
		e*	Other		403,695		0.29
					799,121		0.57
RAILROAD TRANSPORTATION e*					226,846		0.16
REAL ESTATE e*					194,473		0.14

Shares				Company	Value			% of net assets
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
	16,990	e		Tupperware Corp	$	469,434			0.33	%
	8,792	e		West Pharmaceutical Services, Inc		429,225			0.31
		e*		Other		703,076			0.50
						1,601,735			1.14
SECURITY AND COMMODITY BROKERS e*						1,542,441			1.10
SOCIAL SERVICES e*						39,176			0.03
SPECIAL TRADE CONTRACTORS e*						559,586			0.40
STONE, CLAY, AND GLASS PRODUCTS e*						579,274			0.41
TEXTILE MILL PRODUCTS e						40,134			0.03
TOBACCO PRODUCTS e						159,170			0.11
TRANSPORTATION BY AIR e*						558,836			0.40
TRANSPORTATION EQUIPMENT
	11,520			Westinghouse Air Brake Technologies Corp		590,170			0.42
		e,v*		Other		2,473,315			1.76
						3,063,485			2.18
TRANSPORTATION SERVICES e*						680,049			0.48
TRUCKING AND WAREHOUSING e*						529,066			0.38
WATER TRANSPORTATION e*						1,485,065			1.06
WHOLESALE TRADE-DURABLE GOODS
	10,286	e		Owens & Minor, Inc		498,871			0.35
	14,050	e*		Solera Holdings, Inc		403,516			0.29
		e*		Other		2,148,861			1.53
						3,051,248			2.17
WHOLESALE TRADE-NONDURABLE GOODS e*						1,606,562			1.14
			TOTAL COMMON STOCKS
				(Cost $145,421,088)		139,441,639			99.30
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	41,435,931			State Street Navigator Securities
				Lending Prime Portfolio		41,435,931			29.51
						41,435,931			29.51
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $41,435,931)		41,435,931			29.51
			TOTAL PORTFOLIO
				(Cost $186,857,019)		180,877,570			128.81
			OTHER ASSETS & LIABILITIES, NET			(40,459,331	)		(28.81	)
			NET ASSETS		$	140,418,239			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 $25,545.
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.
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 § 2008 Annual Report 103

SUMMARY PORTFOLIO OF INVESTMENTS

SMALL-CAP VALUE INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS e*				$	267,493		0.15	%
AGRICULTURAL PRODUCTION-LIVESTOCK e					182,100		0.10
AMUSEMENT AND RECREATION SERVICES e,v*					828,507		0.46
APPAREL AND ACCESSORY STORES e*					3,383,891		1.86
APPAREL AND OTHER TEXTILE PRODUCTS e*					592,035		0.33
AUTO REPAIR, SERVICES AND PARKING e*					317,976		0.17
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					432,152		0.24
BUILDING MATERIALS AND GARDEN SUPPLIES e*					32,903		0.02
BUSINESS SERVICES
	16,410		Brady Corp (Class A)		578,945		0.32
	28,259	*	Perot Systems Corp (Class A)		490,294		0.27
	21,807	e*	Rent-A-Center, Inc		485,860		0.27
	60,959	*	TIBCO Software, Inc		446,220		0.25
		e,v*	Other		9,395,281		5.17
					11,396,600		6.28
CHEMICALS AND ALLIED PRODUCTS
	24,242	e	Olin Corp		470,295		0.26
		e*	Other		5,898,554		3.25
					6,368,849		3.51
COAL MINING e*					10,133		0.01
COMMUNICATIONS
	8,863	e*	Anixter International, Inc		527,437		0.29
	34,423	*	Foundry Networks, Inc		626,843		0.35
		e,v*	Other		2,873,694		1.58
					4,027,974		2.22
DEPOSITORY INSTITUTIONS
	66,344	e	Colonial Bancgroup, Inc		521,464		0.29
	35,851	e	First Niagara Financial Group, Inc		564,653		0.31
	26,420		FirstMerit Corp		554,820		0.31
	28,508	e	FNB Corp		455,558		0.25
	16,729		International Bancshares Corp		451,683		0.25
	35,507		NewAlliance Bancshares, Inc		533,670		0.29
	28,183	e	Susquehanna Bancshares, Inc		550,132		0.30
	7,760	e*	SVB Financial Group		449,459		0.25
	10,135	e	UMB Financial Corp		532,290		0.29
		e,v	Other		22,602,728		12.45
					27,216,457		14.99
EATING AND DRINKING PLACES e*					1,319,857		0.73
EDUCATIONAL SERVICES e*					82,212		0.04

Shares			Company	Value		% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES
	19,671		Cleco Corp	$	496,693		0.27	%
	13,939	e	New Jersey Resources Corp		500,271		0.28
	14,745	e	Nicor, Inc		653,941		0.36
	8,681		Northwest Natural Gas Co		451,412		0.25
	24,261		Piedmont Natural Gas Co, Inc		775,382		0.43
	20,173		Portland General Electric Co		477,293		0.26
	34,273	d,e	Westar Energy, Inc		789,650		0.43
	15,949		WGL Holdings, Inc		517,545		0.28
		e*	Other		6,912,686		3.81
					11,574,873		6.37
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	12,430	*	Moog, Inc (Class A)		532,998		0.29
	10,520	e	Regal-Beloit Corp		447,310		0.25
		e,v*	Other		9,612,987		5.29
					10,593,295		5.83
ENGINEERING AND MANAGEMENT SERVICES e*					1,397,931		0.77
FABRICATED METAL PRODUCTS e*					2,092,537		1.15
FOOD AND KINDRED PRODUCTS
	16,611	e*	Ralcorp Holdings, Inc		1,119,748		0.61
		e*	Other		1,937,452		1.07
					3,057,200		1.68
FOOD STORES e*					1,063,562		0.59
FURNITURE AND FIXTURES e					1,428,391		0.79
FURNITURE AND HOME FURNISHINGS STORES e,v*					283,502		0.16
GENERAL BUILDING CONTRACTORS e*					1,658,053		0.91
GENERAL MERCHANDISE STORES
	16,603		Casey’s General Stores, Inc		500,913		0.28
		e*	Other		620,899		0.34
					1,121,812		0.62
HEALTH SERVICES
	28,740	*	Healthsouth Corp		529,678		0.29
	13,542	e*	Magellan Health Services, Inc		556,035		0.30
		e*	Other		1,756,435		0.97
					2,842,148		1.56
HEAVY CONSTRUCTION, EXCEPT BUILDING e*					606,591		0.33
HOLDING AND OTHER INVESTMENT OFFICES
	13,942		American Campus Communities, Inc		472,355		0.26
	46,788	e	Apollo Investment Corp		797,735		0.44
	23,297		BioMed Realty Trust, Inc		616,206		0.34
	12,704	e	Corporate Office Properties Trust		512,606		0.28
	10,149		Entertainment Properties Trust		555,353		0.30
	19,306	e	Healthcare Realty Trust, Inc		562,770		0.31
	19,718		Highwoods Properties, Inc		701,172		0.39
	25,024	e	iShares Russell 2000 Value Index Fund		1,682,614		0.93
	24,037		National Retail Properties, Inc		575,686		0.32
	23,675		Omega Healthcare Investors, Inc		465,451		0.26
	33,102	e	Realty Income Corp		847,411		0.47
	37,414		Senior Housing Properties Trust		891,576		0.49
		e*	Other		12,975,555		7.14
					21,656,490		11.93

104 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
SMALL-CAP VALUE INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
HOTELS AND OTHER LODGING PLACES e*				$	858,683		0.47	%
INDUSTRIAL MACHINERY AND EQUIPMENT e,v*					5,455,834		3.00
INSTRUMENTS AND RELATED PRODUCTS e*					4,505,238		2.48
INSURANCE AGENTS, BROKERS AND SERVICE
	11,889	e	Hilb Rogal & Hobbs Co		555,692		0.31
		e*	Other		423,644		0.23
					979,336		0.54
INSURANCE CARRIERS
	28,157		Aspen Insurance Holdings Ltd		774,318		0.43
	16,388	e	IPC Holdings Ltd		495,081		0.27
	30,513	e	Montpelier Re Holdings Ltd		503,770		0.28
	15,989	e	Platinum Underwriters Holdings Ltd		567,290		0.31
	10,476	e*	ProAssurance Corp		586,656		0.32
	21,049		Validus Holdings Ltd		489,389		0.27
		e*	Other		9,794,352		5.39
					13,210,856		7.27
LEATHER AND LEATHER PRODUCTS e*					761,391		0.42
LOCAL AND INTERURBAN PASSENGER TRANSIT e*					51,692		0.03
LUMBER AND WOOD PRODUCTS e*					668,680		0.37
METAL MINING e*					1,223,929		0.67
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					908,351		0.50
MISCELLANEOUS RETAIL e*					1,535,416		0.84
MOTION PICTURES e*					938,864		0.52
NONDEPOSITORY INSTITUTIONS e*					1,954,800		1.08
NONMETALLIC MINERALS, EXCEPT FUELS e*					454,642		0.25
OIL AND GAS EXTRACTION e,m,v*					4,461,122		2.46
PAPER AND ALLIED PRODUCTS e*					1,096,136		0.60
PERSONAL SERVICES e*					1,052,315		0.58
PETROLEUM AND COAL PRODUCTS e*					481,338		0.26
PRIMARY METAL INDUSTRIES e*					1,995,317		1.10
PRINTING AND PUBLISHING e,v*					1,856,457		1.02
RAILROAD TRANSPORTATION e*					99,466		0.05
REAL ESTATE e*					563,764		0.31
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*					683,539		0.38
SECURITY AND COMMODITY BROKERS e*					2,292,501		1.26
SOCIAL SERVICES e*					204,674		0.11
SPECIAL TRADE CONTRACTORS e*					1,128,047		0.62
STONE, CLAY, AND GLASS PRODUCTS e*					137,097		0.08
TEXTILE MILL PRODUCTS e					113,497		0.06
TOBACCO PRODUCTS e					411,472		0.23

Shares				Company	Value			% of net assets
TRANSPORTATION BY AIR e*					$	1,961,705			1.08	%
TRANSPORTATION EQUIPMENT e*						3,661,174			2.02
TRANSPORTATION SERVICES e*						604,193			0.33
TRUCKING AND WAREHOUSING e*						1,286,894			0.71
WATER TRANSPORTATION e*						849,647			0.47
WHOLESALE TRADE-DURABLE GOODS
	26,828			IKON Office Solutions, Inc		456,344			0.25
		e*		Other		1,361,098			0.75
						1,817,442			1.00
WHOLESALE TRADE-NONDURABLE GOODS e*						3,152,543			1.74
			TOTAL COMMON STOCKS
				(Cost $202,597,211)		179,253,576			98.71
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	52,780,494			State Street Navigator Securities
				Lending Prime Portfolio		52,780,494			29.07
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $52,780,494)		52,780,494			29.07
			TOTAL PORTFOLIO
				(Cost $255,377,705)		232,034,070			127.78
			OTHER ASSETS & LIABILITIES, NET			(50,443,514	)		(27.78	)
			NET ASSETS		$	181,590,556			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 $108,288.
e	All or a portion of these securities are out on loan.
m	Security 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.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 105

SUMMARY PORTFOLIO OF INVESTMENTS

SMALL-CAP BLEND INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS e*				$	156,300		0.07	%
AGRICULTURAL PRODUCTION-LIVESTOCK e					180,117		0.08
AGRICULTURAL SERVICES e*					87,801		0.04
AMUSEMENT AND RECREATION SERVICES e,v*					1,844,654		0.85
APPAREL AND ACCESSORY STORES
	13,444	e*	Aeropostale, Inc		431,687		0.20
		e*	Other		3,142,337		1.45
					3,574,024		1.65
APPAREL AND OTHER TEXTILE PRODUCTS
	9,146	*	Warnaco Group, Inc		414,222		0.19
		e*	Other		752,617		0.35
					1,166,839		0.54
AUTO REPAIR, SERVICES AND PARKING e*					582,090		0.27
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*					258,391		0.12
BUILDING MATERIALS AND GARDEN SUPPLIES e*					40,400		0.02
BUSINESS SERVICES
	23,157	*	Parametric Technology Corp		426,089		0.20
	15,938	*	Sybase, Inc		488,022		0.22
		e,v*	Other		20,593,055		9.51
					21,507,166		9.93
CHEMICALS AND ALLIED PRODUCTS
	15,450	*	Alexion Pharmaceuticals, Inc		607,185		0.28
	22,745		Hercules, Inc		450,124		0.21
	14,081	*	Immucor, Inc		450,029		0.21
	11,174	e*	Onyx Pharmaceuticals, Inc		404,275		0.18
	11,497	*	OSI Pharmaceuticals, Inc		566,687		0.26
	4,523	e*	United Therapeutics Corp		475,684		0.22
		e*	Other		12,754,365		5.89
					15,708,349		7.25
COAL MINING e*					328,526		0.15
COMMUNICATIONS
	29,333	*	Foundry Networks, Inc		534,154		0.25
		e,v*	Other		3,983,770		1.84
					4,517,924		2.09
DEPOSITORY INSTITUTIONS e,v*					17,873,581		8.25
EATING AND DRINKING PLACES
	78,796	e	Wendy’s/Arby’s Group, Inc (Class A)		414,467		0.19
		e*	Other		2,366,381		1.09
					2,780,848		1.28
EDUCATIONAL SERVICES e*					514,226		0.24
ELECTRIC, GAS, AND SANITARY SERVICES
	9,937		ITC Holdings Corp		514,438		0.24
	8,994	e	Nicor, Inc		398,884		0.19
	14,759		Piedmont Natural Gas Co, Inc		471,698		0.22
	13,350	*	Waste Connections, Inc		457,905		0.21
	21,034	d	Westar Energy, Inc		484,623		0.22
		b,e,m,v*	Other		6,677,531		3.08
					9,005,079		4.16

Shares			Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	9,057	e*	Energy Conversion Devices, Inc	$	527,570		0.24	%
	23,999	*	GrafTech International Ltd		362,625		0.17
	15,807	e*	Microsemi Corp		402,762		0.19
	8,568	*	Moog, Inc (Class A)		367,396		0.17
	17,602	*	Polycom, Inc		407,134		0.19
		e,m,v*	Other		12,960,222		5.98
					15,027,709		6.94
ENGINEERING AND MANAGEMENT SERVICES
	8,977	e*	Myriad Genetics, Inc		582,428		0.27
	8,574		Watson Wyatt & Co Holdings (Class A)		426,385		0.20
		e*	Other		5,212,304		2.40
					6,221,117		2.87
FABRICATED METAL PRODUCTS e*					2,256,562		1.04
FISHING, HUNTING, AND TRAPPING e*					9,877		0.00	**
FOOD AND KINDRED PRODUCTS
	15,540		Flowers Foods, Inc		456,254		0.21
	11,284	*	Ralcorp Holdings, Inc		760,654		0.35
		e*	Other		1,860,081		0.86
					3,076,989		1.42
FOOD STORES e*					825,095		0.38
FURNITURE AND FIXTURES e					1,284,546		0.59
FURNITURE AND HOME FURNISHINGS STORES e,v*					364,846		0.17
GENERAL BUILDING CONTRACTORS e*					1,361,846		0.63
GENERAL MERCHANDISE STORES e*					730,859		0.34
HEALTH SERVICES
	11,140	e*	Psychiatric Solutions, Inc		422,763		0.20
		e*	Other		3,529,832		1.63
					3,952,595		1.83
HEAVY CONSTRUCTION, EXCEPT BUILDING e*					554,849		0.26
HOLDING AND OTHER INVESTMENT OFFICES
	28,596	e	Apollo Investment Corp		487,562		0.23
	14,416		BioMed Realty Trust, Inc		381,303		0.18
	12,741		Highwoods Properties, Inc		453,070		0.21
	6,437		Home Properties, Inc		373,024		0.17
	72,022	e	iShares Russell 2000 Index Fund		4,925,585		2.27
	7,921		Potlatch Corp		367,455		0.17
	20,370	e	Realty Income Corp		521,472		0.24
	23,019		Senior Housing Properties Trust		548,543		0.25
	9,933		Washington Real Estate Investment Trust		363,846		0.17
		e*	Other		10,478,121		4.84
					18,899,981		8.73
HOTELS AND OTHER LODGING PLACES e*					817,392		0.38
INDUSTRIAL MACHINERY AND EQUIPMENT
	8,993		Curtiss-Wright Corp		408,732		0.19
	16,379	*	Micros Systems, Inc		436,664		0.20
	11,799	e	Woodward Governor Co		416,151		0.19
		e,v*	Other		7,999,523		3.70
					9,261,070		4.28

106 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
SMALL-CAP BLEND INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
INSTRUMENTS AND RELATED PRODUCTS
	3,799	*	Bio-Rad Laboratories, Inc (Class A)	$	376,557	0.17	%
	11,768		STERIS Corp		442,241	0.21
	7,127	*	Teledyne Technologies, Inc		407,379	0.19
		e*	Other		11,044,762	5.10
					12,270,939	5.67
INSURANCE AGENTS, BROKERS AND SERVICE e*					630,391	0.29
INSURANCE CARRIERS
	17,166		Aspen Insurance Holdings Ltd		472,065	0.22
		e*	Other		8,115,598	3.75
					8,587,663	3.97
JUSTICE, PUBLIC ORDER AND SAFETY *					237,141	0.11
LEATHER AND LEATHER PRODUCTS e*					920,035	0.42
LEGAL SERVICES e*					66,635	0.03
LOCAL AND INTERURBAN PASSENGER TRANSIT e*					53,993	0.02
LUMBER AND WOOD PRODUCTS e*					611,825	0.28
METAL MINING e*					879,596	0.41
MISCELLANEOUS MANUFACTURING INDUSTRIES e*					741,145	0.34
MISCELLANEOUS RETAIL
	6,253		Longs Drug Stores Corp		472,977	0.22
		e*	Other		1,860,392	0.86
					2,333,369	1.08
MOTION PICTURES e*					1,042,969	0.48
NONDEPOSITORY INSTITUTIONS e*					1,651,502	0.76
NONMETALLIC MINERALS, EXCEPT FUELS e*					574,487	0.27
OIL AND GAS EXTRACTION
	9,159	*	Comstock Resources, Inc		458,408	0.21
	30,019	*	EXCO Resources, Inc		489,910	0.23
	8,356		Penn Virginia Corp		446,545	0.20
		e,m,v*	Other		6,928,258	3.20
					8,323,121	3.84
PAPER AND ALLIED PRODUCTS e*					922,782	0.43
PERSONAL SERVICES e*					1,060,154	0.49
PETROLEUM AND COAL PRODUCTS e*					537,425	0.25
PRIMARY METAL INDUSTRIES e*					2,014,144	0.93
PRINTING AND PUBLISHING e,v*					1,719,753	0.79
RAILROAD TRANSPORTATION *					231,198	0.11
REAL ESTATE e*					474,282	0.22
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*					1,559,999	0.72
SECURITY AND COMMODITY BROKERS e*					2,554,109	1.18
SOCIAL SERVICES e*					144,308	0.07
SPECIAL TRADE CONTRACTORS e*					1,123,899	0.52

Shares				Company	Value			% of net assets
STONE, CLAY, AND GLASS PRODUCTS e*					$	508,122		0.23	%
TEXTILE MILL PRODUCTS e						95,310		0.04
TOBACCO PRODUCTS e						377,939		0.17
TRANSPORTATION BY AIR e*						1,598,054		0.74
TRANSPORTATION EQUIPMENT
	10,150			Clarcor, Inc		385,192		0.18
	9,735			Westinghouse Air Brake Technologies Corp		498,724		0.23
		e,v*		Other		3,606,735		1.66
						4,490,651		2.07
TRANSPORTATION SERVICES e*						874,220		0.40
TRUCKING AND WAREHOUSING e*						1,167,991		0.54
WATER TRANSPORTATION e*						1,597,818		0.74
WHOLESALE TRADE-DURABLE GOODS
	8,400			Owens & Minor, Inc		407,400		0.19
		e*		Other		2,922,216		1.35
						3,329,616		1.54
WHOLESALE TRADE-NONDURABLE GOODS e*						3,105,346		1.43
			TOTAL COMMON STOCKS
				(Cost $240,725,332)		213,183,579		98.43
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	59,212,829			State Street Navigator Securities
				Lending Prime Portfolio		59,212,829		27.34
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $59,212,829)		59,212,829		27.34
			TOTAL PORTFOLIO
				(Cost $299,938,161)		272,396,408		125.77
			OTHER ASSETS & LIABILITIES, NET			(55,804,194	)	(25.77	)
			NET ASSETS		$	216,592,214		100.00	%

*	Non-income producing
**	Percentage represents less than 0.01%.
b	In bankruptcy
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $158,976.
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.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 107

SUMMARY PORTFOLIO OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
ADMINISTRATION OF ECONOMIC PROGRAMS				$	161,363	0.02	%
AGRICULTURAL SERVICES					560,007	0.07
AMUSEMENT AND RECREATION SERVICES e					5,581,671	0.68
APPAREL AND ACCESSORY STORES e					3,157,383	0.38
APPAREL AND OTHER TEXTILE PRODUCTS e					1,481,363	0.18
AUTO REPAIR, SERVICES AND PARKING e					605,414	0.07
AUTOMOTIVE DEALERS AND SERVICE STATIONS e					908,610	0.11
BUILDING MATERIALS AND GARDEN SUPPLIES					467,082	0.06
BUSINESS SERVICES
	72,071		SAP AG.		3,838,424	0.46
		e	Other		13,361,943	1.62
					17,200,367	2.08
CHEMICALS AND ALLIED PRODUCTS
	120,294		AstraZeneca plc		5,264,003	0.64
	77,280		BASF AG.		3,684,438	0.45
	450,726		GlaxoSmithKline plc		9,763,939	1.18
	195,480		Novartis AG.		10,291,931	1.24
	58,001		Roche Holding AG.		9,079,581	1.10
	86,838	e	Sanofi-Aventis		5,709,208	0.69
		e*	Other		39,157,214	4.74
					82,950,314	10.04
COMMUNICATIONS
	233,746		Deutsche Telekom AG.		3,549,953	0.43
	151,270	e	France Telecom S.A.		4,243,064	0.51
	354,277		Telefonica S.A.		8,423,842	1.02
	4,382,662		Vodafone Group plc		9,678,802	1.17
		e*	Other		26,144,280	3.17
					52,039,941	6.30
DEPOSITORY INSTITUTIONS
	295,569		Banco Bilbao Vizcaya Argentaria S.A.		4,779,565	0.58
	515,922		Banco Santander Central Hispano S.A.		7,735,899	0.94
	675,958		Barclays plc		4,016,163	0.49
	66,964	e	BNP Paribas		6,392,217	0.77
	109,211	e	Commonwealth Bank of Australia		3,848,993	0.47
	985,936		HSBC Holdings plc		15,950,732	1.93
	848,700		Mitsubishi UFJ Financial Group, Inc		7,400,876	0.89
	1,372,201		Royal Bank of Scotland Group plc		4,426,604	0.53
	243,947	*	UBS A.G.		4,169,647	0.50
	941,282		UniCredito Italiano S.p.A		3,519,777	0.43
		e*	Other		70,653,779	8.55
					132,894,252	16.08
EATING AND DRINKING PLACES e					2,038,446	0.25
EDUCATIONAL SERVICES					245,066	0.03
ELECTRIC, GAS, AND SANITARY SERVICES
	155,931		E.ON AG.		7,849,080	0.95
	89,761		Gaz de France		4,669,933	0.57
		e*	Other		41,181,546	4.98
					53,700,559	6.50

Shares			Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	314,285		Nokia Oyj	$	5,861,866		0.71	%
		e*	Other		29,954,283		3.62
					35,816,149		4.33
ENGINEERING AND MANAGEMENT SERVICES e					2,664,970		0.32
FABRICATED METAL PRODUCTS e					2,056,881		0.25
FOOD AND KINDRED PRODUCTS
	210,391		Diageo plc		3,589,158		0.44
	323,019		Nestle S.A.		13,960,075		1.69
		e*	Other		18,777,175		2.27
					36,326,408		4.40
FOOD STORES
	649,940		Tesco plc		4,520,323		0.55
		e	Other		10,579,776		1.28
					15,100,099		1.83
FURNITURE AND FIXTURES e					248,092		0.03
FURNITURE AND HOME FURNISHINGS STORES e					845,969		0.10
GENERAL BUILDING CONTRACTORS e					6,507,948		0.79
GENERAL MERCHANDISE STORES e					4,157,559		0.50
HEALTH SERVICES e					2,011,616		0.24
HEAVY CONSTRUCTION, EXCEPT BUILDING e					3,060,272		0.37
HOLDING AND OTHER INVESTMENT OFFICES
	75,260	e	iShares MSCI EAFE Index Fund		4,237,138		0.51
		e*	Other		8,708,648		1.06
					12,945,786		1.57
HOTELS AND OTHER LODGING PLACES e					1,944,177		0.23
INDUSTRIAL MACHINERY AND EQUIPMENT e,v*					25,166,110		3.05
INSTRUMENTS AND RELATED PRODUCTS e*					8,184,194		0.99
INSURANCE AGENTS, BROKERS AND SERVICE e					2,691,933		0.33
INSURANCE CARRIERS
	37,044		Allianz AG.		5,078,667		0.61
	126,973	e	AXA S.A.		4,156,381		0.50
		e*	Other		29,066,038		3.52
					38,301,086		4.63
LEATHER AND LEATHER PRODUCTS e					2,839,529		0.34
LOCAL AND INTERURBAN PASSENGER TRANSIT e					761,798		0.09
METAL MINING
	109,319		Anglo American plc		3,692,759		0.45
	277,306		BHP Billiton Ltd		7,174,076		0.87
	182,322		BHP Billiton plc		4,130,358		0.50
	82,349		Rio Tinto plc		5,168,165		0.62
		e	Other		6,834,980		0.83
					27,000,338		3.27
MISCELLANEOUS MANUFACTURING INDUSTRIES e					885,244		0.11
MISCELLANEOUS RETAIL					5,641,834		0.68
MOTION PICTURES e					190,438		0.02

108 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
INTERNATIONAL EQUITY INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
NONDEPOSITORY INSTITUTIONS e				$	3,436,221		0.42	%
OIL AND GAS EXTRACTION
	276,615		BG Group plc		5,016,704		0.61
		e*	Other		7,626,234		0.92
					12,642,938		1.53
PAPER AND ALLIED PRODUCTS e					3,023,694		0.37
PERSONAL SERVICES					186,941		0.02
PETROLEUM AND COAL PRODUCTS
	1,554,683		BP plc		12,947,858		1.57
	215,400		ENI S.p.A.		5,709,406		0.69
	292,517		Royal Dutch Shell plc (A Shares)		8,448,015		1.02
	225,835		Royal Dutch Shell plc (B Shares)		6,344,344		0.77
	178,338	e	Total S.A.		10,834,017		1.31
		e	Other		5,465,003		0.66
					49,748,643		6.02
PRIMARY METAL INDUSTRIES
	71,756		Arcelor		3,634,944		0.44
		e	Other		9,194,970		1.11
					12,829,914		1.55
PRINTING AND PUBLISHING e					6,538,054		0.79
RAILROAD TRANSPORTATION e					5,793,983		0.70
REAL ESTATE e*					17,882,478		2.16
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
	62,829		Bayer AG.		4,601,415		0.56
		e	Other		2,393,279		0.29
					6,994,694		0.85
SECURITY AND COMMODITY BROKERS
	86,825		Credit Suisse Group		4,054,897		0.49
		e	Other		8,867,848		1.07
					12,922,745		1.56
SPECIAL TRADE CONTRACTORS					95,265		0.01
STONE, CLAY, AND GLASS PRODUCTS e					7,729,356		0.94
TEXTILE MILL PRODUCTS e					222,359		0.03
TOBACCO PRODUCTS
	124,002		British American Tobacco plc		4,048,327		0.49
			Other		4,477,332		0.54
					8,525,659		1.03
TRANSPORTATION BY AIR e*					6,088,475		0.74
TRANSPORTATION EQUIPMENT
	71,989		DaimlerChrysler AG.		3,574,465		0.43
	136,100	e	Honda Motor Co Ltd		4,128,288		0.50
	71,695		Siemens AG.		6,687,494		0.81
	226,600	e	Toyota Motor Corp		9,687,710		1.17
	12,032	e	Volkswagen AG.		4,714,695		0.57
		e*	Other		15,089,104		1.83
					43,881,756		5.31
TRANSPORTATION SERVICES e*					750,884		0.09

Shares				Company	Value			% of net assets
TRUCKING AND WAREHOUSING e					$	3,540,070			0.43	%
WATER TRANSPORTATION e						4,168,002			0.50
WHOLESALE TRADE-DURABLE GOODS e*						13,980,649			1.69
WHOLESALE TRADE-NONDURABLE GOODS
	134,024	e		Unilever NV		3,772,627			0.46
		e		Other		3,972,514			0.48
						7,745,141			0.94
			TOTAL COMMON STOCKS
				(Cost $948,472,678)		818,068,189			99.00
PREFERRED STOCKS
CHEMICALS AND ALLIED PRODUCTS						538,569			0.06
COMMUNICATIONS e						45,667			0.01
ELECTRIC, GAS, AND SANITARY SERVICES						231,920			0.03
HOLDING AND OTHER INVESTMENT OFFICES *						60,323			0.01
INDUSTRIAL MACHINERY AND EQUIPMENT						254,577			0.03
INSTRUMENTS AND RELATED PRODUCTS						487,602			0.06
INSURANCE AGENTS, BROKERS AND SERVICE						123,626			0.01
TRANSPORTATION EQUIPMENT						2,004,699			0.24
			TOTAL PREFERRED STOCKS
				(Cost $4,803,996)		3,746,983			0.45
RIGHTS
PRIMARY METAL INDUSTRIES m,v						75			0.00	**
			TOTAL RIGHTS
				(Cost $0)		75			0.00	**
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	185,835,083			State Street Navigator Securities
				Lending Prime Portfolio		185,835,083			22.49
						185,835,083			22.49
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $185,835,083)		185,835,083			22.49
			TOTAL PORTFOLIO
				(Cost $1,139,111,757)		1,007,650,330			121.94
			OTHER ASSETS & LIABILITIES, NET			(181,316,748	)		(21.94	)
			NET ASSETS		$	826,333,582			100.00	%

The following abbreviation is used in portfolio descriptions:

plc - Public Limited Company

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

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 § 2008 Annual Report 109

SUMMARY OF MARKET VALUES BY COUNTRY

INTERNATIONAL EQUITY INDEX FUND  §  SEPTEMBER 30, 2008

Country	Value		% of total portfolio
DOMESTIC
UNITED STATES OF AMERICA	$	190,072,221		18.86	%
TOTAL DOMESTIC		190,072,221		18.86
FOREIGN
AUSTRALIA		52,600,046		5.22
AUSTRIA		3,934,040		0.39
BELGIUM		7,375,576		0.73
CHINA		205,188		0.02
DENMARK		7,936,276		0.79
FINLAND		11,550,055		1.15
FRANCE		88,577,084		8.79
GERMANY		74,213,896		7.37
GREECE		5,378,423		0.53
HONG KONG		16,830,299		1.67
IRELAND		3,354,757		0.33
ITALY		30,351,389		3.01
JAPAN		182,556,912		18.12
LUXEMBORG		920,510		0.09
NETHERLANDS		21,305,975		2.12
NEW ZEALAND		776,541		0.08
NORWAY		7,091,036		0.70
PORTUGAL		2,474,936		0.25
SINGAPORE		9,297,389		0.92
SPAIN		34,604,420		3.43
SWEDEN		17,166,163		1.70
SWITZERLAND		63,902,283		6.34
UNITED KINGDOM		175,174,915		17.39
TOTAL FOREIGN		817,578,109		81.14
TOTAL PORTFOLIO	$	1,007,650,330		100.00	%

110 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

ENHANCED INTERNATIONAL EQUITY INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES				$	1,095,998		0.66	%
APPAREL AND ACCESSORY STORES					285,392		0.17
APPAREL AND OTHER TEXTILE PRODUCTS					107,297		0.06
AUTO REPAIR, SERVICES AND PARKING					794,095		0.48
BUSINESS SERVICES					3,251,564		1.95
CHEMICALS AND ALLIED PRODUCTS
	27,443		BASF AG.		1,308,385		0.79
	112,226		GlaxoSmithKline plc		2,431,118		1.46
	52,930		Novartis AG.		2,786,739		1.67
	7,183		Roche Holding AG.		1,124,440		0.68
	24,626		Sanofi-Aventis		1,619,048		0.97
	4,787		Syngenta AG.		1,009,501		0.61
		*	Other		7,319,246		4.39
					17,598,477		10.57
COMMUNICATIONS
	82,935		Deutsche Telekom AG.		1,259,552		0.76
	54,281		France Telecom S.A.		1,522,560		0.91
	71,965		Telefonica S.A.		1,711,152		1.03
	40,678		Vivendi Universal S.A.		1,275,284		0.77
	104,943		Vodafone Group plc (ADR)		2,319,240		1.39
		*	Other		2,934,363		1.76
					11,022,151		6.62
DEPOSITORY INSTITUTIONS
	150,310		Banco Santander Central Hispano S.A.		2,253,795		1.35
	155,631		HSBC Holdings plc		2,517,838		1.51
	57,194		ING Groep NV		1,226,111		0.74
	205,792		Lloyds TSB Group plc		826,933		0.50
	124,200		Mitsubishi UFJ Financial Group, Inc		1,083,054		0.65
	89,800		Nordea Bank AB		1,072,117		0.64
	180		Sumitomo Mitsui Financial Group, Inc		1,128,538		0.68
	87,438	*	UBS A.G.		1,494,528		0.90
	320,123		UniCredito Italiano S.p.A		1,197,050		0.72
	47,113		Westpac Banking Corp		835,057		0.50
			Other		12,413,411		7.46
					26,048,432		15.65
EATING AND DRINKING PLACES					480,413		0.29
ELECTRIC, GAS, AND SANITARY SERVICES
	144,360		Centrica plc		812,278		0.49
	45,065		E.ON AG.		2,268,432		1.36
	123,012		Enel S.p.A.		1,026,865		0.62
	32,023		Gaz de France		1,666,038		1.00
			Other		5,177,329		3.11
					10,950,942		6.58
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT *
	62,188		ABB Ltd		1,205,105		0.72
	54,000		Matsushita Electric Industrial Co Ltd		930,933		0.56
	84,802		Nokia Oyj		1,581,678		0.95
			Other		3,399,298		2.05
					7,117,014		4.28

Shares		Company	Value		% of net assets
ENGINEERING AND MANAGEMENT SERVICES			$	1,460,472		0.88	%
FABRICATED METAL PRODUCTS				798,130		0.48
FOOD AND KINDRED PRODUCTS
	14,550	InBev NV		865,647		0.52
	48,422	Nestle S.A.		2,092,678		1.26
		Other		4,645,377		2.79
				7,603,702		4.57
FOOD STORES
	193,492	WM Morrison Supermarkets plc		899,815		0.54
		Other		2,644,275		1.59
				3,544,090		2.13
FURNITURE AND HOME FURNISHINGS STORES				222,055		0.13
GENERAL BUILDING CONTRACTORS				1,097,367		0.66
GENERAL MERCHANDISE STORES				234,567		0.14
HEALTH SERVICES				113,395		0.07
HEAVY CONSTRUCTION, EXCEPT BUILDING				394,984		0.24
HOLDING AND OTHER INVESTMENT OFFICES				1,841,668		1.11
HOTELS AND OTHER LODGING PLACES				21,224		0.01
INDUSTRIAL MACHINERY AND EQUIPMENT *				3,630,669		2.18
INSTRUMENTS AND RELATED PRODUCTS				1,674,793		1.01
INSURANCE AGENTS, BROKERS AND SERVICE
	24,300	Millea Holdings, Inc		892,145		0.54
		Other		1,154,123		0.69
				2,046,268		1.23
INSURANCE CARRIERS
	8,067	Muenchener Rueckver AG.		1,216,866		0.73
		Other		5,527,472		3.32
				6,744,338		4.05
LEATHER AND LEATHER PRODUCTS				412,400		0.25
METAL MINING
	38,647	Anglo American plc		1,305,483		0.78
	64,453	BHP Billiton Ltd		1,667,438		1.00
	40,468	BHP Billiton plc		916,770		0.55
		Other		2,029,590		1.23
				5,919,281		3.56
MISCELLANEOUS MANUFACTURING INDUSTRIES
	2,400	Nintendo Co Ltd		1,018,017		0.61
		Other		602,623		0.36
				1,620,640		0.97
MISCELLANEOUS RETAIL				636,762		0.38
NONDEPOSITORY INSTITUTIONS
	10,964	Siemens AG.		1,022,689		0.61
		Other		1,432,841		0.87
				2,455,530		1.48

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 111

SUMMARY PORTFOLIO OF INVESTMENTS concluded

ENHANCED INTERNATIONAL EQUITY INDEX FUND  §  SEPTEMBER 30, 2008

Shares				Company	Value		% of net assets
OIL AND GAS EXTRACTION
	65,666			BG Group plc	$	1,190,922		0.72	%
		*		Other		1,064,227		0.63
						2,255,149		1.35
PAPER AND ALLIED PRODUCTS *						192,796		0.12
PETROLEUM AND COAL PRODUCTS
	40,400			BP plc (ADR)		2,026,867		1.22
	58,778			ENI S.p.A.		1,557,973		0.94
	58,733			Royal Dutch Shell plc (A Shares)		1,696,234		1.02
	68,887			Royal Dutch Shell plc (B Shares)		1,935,231		1.16
	34,697			Total S.A.		2,107,839		1.27
				Other		1,213,099		0.72
						10,537,243		6.33
PRIMARY METAL INDUSTRIES						3,294,055		1.98
PRINTING AND PUBLISHING						542,573		0.33
RAILROAD TRANSPORTATION						1,390,346		0.83
REAL ESTATE						3,546,848		2.13
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
	16,153			Bayer AG.		1,182,999		0.71
				Other		92,826		0.06
						1,275,825		0.77
SECURITY AND COMMODITY BROKERS						1,194,918		0.72
SPECIAL TRADE CONTRACTORS						123,844		0.07
STONE, CLAY, AND GLASS PRODUCTS						579,515		0.35
TOBACCO PRODUCTS
	46,460			British American Tobacco plc		1,516,792		0.91
				Other		568,920		0.34
						2,085,712		1.25
TRANSPORTATION BY AIR						336,584		0.20
TRANSPORTATION EQUIPMENT *
	111,773			BAE Systems plc		823,982		0.50
	28,900			Honda Motor Co Ltd		876,617		0.53
	12,692			Renault S.A.		808,853		0.49
	36,000			Toyota Motor Corp		1,539,089		0.92
				Other		4,918,463		2.95
						8,967,004		5.39
TRANSPORTATION SERVICES						496,195		0.30
TRUCKING AND WAREHOUSING						842,690		0.51
WATER TRANSPORTATION						1,623,979		0.98
WHOLESALE TRADE-DURABLE GOODS						2,769,473		1.66
WHOLESALE TRADE-NONDURABLE GOODS						1,508,857		0.91
			TOTAL COMMON STOCKS
				(Cost $209,718,753)		164,787,716		99.02

Shares		Company	Value		% of net assets
PREFERRED STOCKS
TRANSPORTATION EQUIPMENT			$	230,327		0.14	%
	TOTAL PREFERRED STOCKS
		(Cost $392,780)		230,327		0.14
	TOTAL PORTFOLIO
		(Cost $210,111,533)		165,018,043		99.16
	OTHER ASSETS & LIABILITIES, NET			1,399,704		0.84
	NET ASSETS		$	166,417,747		100.00	%

The following abbreviations are used in portfolio descriptions:
ADR - American Depositary Receipt
plc - Public Limited Company
*	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.

112 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY OF MARKET VALUES BY COUNTRY

ENHANCED INTERNATIONAL EQUITY INDEX FUND  §  SEPTEMBER 30, 2008

Country	Value		% of total portfolio
FOREIGN
AUSTRALIA	$	10,561,051		6.40	%
AUSTRIA		1,152,537		0.70
BELGIUM		1,977,473		1.20
DENMARK		1,095,450		0.66
FINLAND		2,124,833		1.29
FRANCE		18,108,860		10.97
GERMANY		14,673,186		8.89
GREECE		1,398,724		0.85
HONG KONG		3,692,375		2.24
IRELAND		732,010		0.45
ITALY		6,537,838		3.96
JAPAN		36,943,932		22.39
NETHERLANDS		4,884,094		2.96
NEW ZEALAND		108,496		0.07
NORWAY		914,473		0.55
PORTUGAL		276,156		0.17
SINGAPORE		1,783,429		1.08
SPAIN		6,490,835		3.93
SWEDEN		3,664,016		2.22
SWITZERLAND		12,560,561		7.61
UNITED KINGDOM		35,337,714		21.41
TOTAL FOREIGN		165,018,043		100.00
TOTAL PORTFOLIO	$	165,018,043		100.00	%

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 113

SUMMARY PORTFOLIO OF INVESTMENTS

ENHANCED LARGE-CAP GROWTH INDEX FUND  §  SEPTEMBER 30, 2008

	Shares		Company		Value	% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES *				$	242,800	0.15	%
APPAREL AND ACCESSORY STORES *					1,269,746	0.78
APPAREL AND OTHER TEXTILE PRODUCTS					546,448	0.34
AUTOMOTIVE DEALERS AND SERVICE STATIONS *					847,664	0.52
BUILDING MATERIALS AND GARDEN SUPPLIES					381,409	0.24
BUSINESS SERVICES
	38,000		Accenture Ltd (Class A)		1,444,000	0.89
	5,700	*	Google, Inc (Class A)		2,282,964	1.41
	242,800		Microsoft Corp		6,480,332	3.99
	143,500	*	Oracle Corp		2,914,485	1.80
		*	Other		5,521,176	3.40
					18,642,957	11.49
CHEMICALS AND ALLIED PRODUCTS
	34,000		Abbott Laboratories		1,957,720	1.21
	13,000		Air Products & Chemicals, Inc		890,370	0.55
	16,400	*	Genentech, Inc		1,454,352	0.90
	14,200		Monsanto Co		1,405,516	0.86
	29,600		Procter & Gamble Co		2,062,824	1.27
		*	Other		7,925,899	4.89
					15,696,681	9.68
COAL MINING *					255,802	0.16
COMMUNICATIONS *					2,860,574	1.76
DEPOSITORY INSTITUTIONS
	40,600		Western Union Co		1,001,602	0.62
			Other		836,624	0.51
					1,838,226	1.13
EATING AND DRINKING PLACES
	25,000		Yum! Brands, Inc		815,250	0.50
		*	Other		1,694,329	1.05
					2,509,579	1.55
EDUCATIONAL SERVICES *					337,034	0.21
ELECTRIC, GAS, AND SANITARY SERVICES *					2,372,140	1.46
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	23,800	*	Apple Computer, Inc		2,705,108	1.67
	121,100	*	Cisco Systems, Inc		2,732,016	1.69
	28,500		Honeywell International, Inc		1,184,175	0.73
	149,900		Intel Corp		2,807,627	1.73
	8,800		L-3 Communications Holdings, Inc		865,216	0.53
	24,700		Qualcomm, Inc		1,061,359	0.65
	56,500		Texas Instruments, Inc		1,214,750	0.75
		*	Other		3,634,749	2.24
					16,205,000	9.99
	Shares		Company		Value	% of net assets
ENGINEERING AND MANAGEMENT SERVICES
	17,000	*	Celgene Corp	$	1,075,760	0.67	%
	16,100		Fluor Corp		896,770	0.55
		*	Other		1,217,291	0.75
					3,189,821	1.97
FABRICATED METAL PRODUCTS *					1,173,844	0.72
FOOD AND KINDRED PRODUCTS
	40,400		Coca-Cola Co		2,136,352	1.32
	36,700		PepsiCo, Inc		2,615,609	1.61
		*	Other		1,226,975	0.76
					5,978,936	3.69
FOOD STORES					728,220	0.45
FURNITURE AND FIXTURES					221,409	0.14
FURNITURE AND HOME FURNISHINGS STORES *					143,682	0.09
GENERAL BUILDING CONTRACTORS *					170,357	0.11
GENERAL MERCHANDISE STORES
	62,500		Wal-Mart Stores, Inc		3,743,125	2.31
		*	Other		998,487	0.61
					4,741,612	2.92
HEALTH SERVICES
	12,700	*	Express Scripts, Inc		937,514	0.58
		*	Other		1,454,013	0.89
					2,391,527	1.47
HEAVY CONSTRUCTION, EXCEPT BUILDING *					429,709	0.27
HOLDING AND OTHER INVESTMENT OFFICES
	132,466		iShares Russell 1000 Growth Index Fund		6,431,224	3.96
			Other		1,214,604	0.75
					7,645,828	4.71
HOTELS AND OTHER LODGING PLACES *					66,470	0.04
INDUSTRIAL MACHINERY AND EQUIPMENT
	57,300		Applied Materials, Inc		866,949	0.53
	57,700	*	Dell, Inc		950,896	0.59
	84,200		Hewlett-Packard Co		3,893,408	2.40
	34,000		International Business Machines Corp		3,976,640	2.45
		*	Other		6,438,719	3.97
					16,126,612	9.94
INSTRUMENTS AND RELATED PRODUCTS
	18,600		Baxter International, Inc		1,220,718	0.75
	12,900		Becton Dickinson & Co		1,035,354	0.64
	26,000		Johnson & Johnson		1,801,280	1.11
	28,200		Medtronic, Inc		1,412,820	0.87
		*	Other		4,339,545	2.68
					9,809,717	6.05
INSURANCE CARRIERS					1,887,567	1.16

114 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
ENHANCED LARGE-CAP GROWTH INDEX FUND  §  SEPTEMBER 30, 2008

	Shares			Company		Value	% of net assets
LEATHER AND LEATHER PRODUCTS *					$	200,320	0.12	%
METAL MINING						456,172	0.28
MISCELLANEOUS MANUFACTURING INDUSTRIES						263,872	0.16
MISCELLANEOUS RETAIL *						2,467,593	1.52
MOTION PICTURES *						464,382	0.29
NONDEPOSITORY INSTITUTIONS
	32,800			American Express Co		1,162,104	0.72
		*		Other		329,452	0.20
						1,491,556	0.92
OIL AND GAS EXTRACTION
	23,800	*		National Oilwell Varco, Inc		1,195,474	0.74
	30,100			Schlumberger Ltd		2,350,509	1.45
		*		Other		3,097,659	1.91
						6,643,642	4.10
PAPER AND ALLIED PRODUCTS						739,488	0.46
PERSONAL SERVICES						153,720	0.09
PETROLEUM AND COAL PRODUCTS
	37,200			Exxon Mobil Corp		2,888,952	1.78
	14,400			Hess Corp		1,181,952	0.73
	14,600			Murphy Oil Corp		936,444	0.58
	32,700			Occidental Petroleum Corp		2,303,715	1.42
				Other		177,888	0.11
						7,488,951	4.62
PRIMARY METAL INDUSTRIES *						1,573,377	0.97
PRINTING AND PUBLISHING						396,333	0.24
RAILROAD TRANSPORTATION
	10,300			Burlington Northern Santa Fe Corp		952,029	0.59
	18,300			CSX Corp		998,631	0.61
	19,100			Union Pacific Corp		1,359,156	0.84
						3,309,816	2.04
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS						722,520	0.45
SECURITY AND COMMODITY BROKERS *						2,737,529	1.69
STONE, CLAY, AND GLASS PRODUCTS
	18,800			3M Co		1,284,228	0.79
		*		Other		214,620	0.13
						1,498,848	0.92
TOBACCO PRODUCTS
	47,600			Philip Morris International, Inc		2,289,560	1.41
	75,900			Altria Group, Inc		1,505,856	0.93
						3,795,416	2.34
TRANSPORTATION BY AIR *						367,492	0.23
	Shares			Company		Value	% of net assets
TRANSPORTATION EQUIPMENT
	23,000			Boeing Co	$	1,319,050	0.82	%
	9,800			Lockheed Martin Corp		1,074,766	0.66
	15,700			United Technologies Corp		942,942	0.58
				Other		470,771	0.29
						3,807,529	2.35
TRANSPORTATION SERVICES *						523,530	0.32
TRUCKING AND WAREHOUSING						301,872	0.19
WATER TRANSPORTATION *						162,645	0.10
WHOLESALE TRADE-DURABLE GOODS *						826,403	0.51
WHOLESALE TRADE-NONDURABLE GOODS
	28,500			Sysco Corp		878,655	0.54
		*		Other		1,846,429	1.14
						2,725,084	1.68
			TOTAL COMMON STOCKS (Cost $182,873,692)			161,829,461	99.78
			TOTAL PORTFOLIO (Cost $182,873,692)			161,829,461	99.78
			OTHER ASSETS & LIABILITIES, NET			354,494	0.22
			NET ASSETS		$	162,183,955	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 § 2008 Annual Report 115

SUMMARY PORTFOLIO OF INVESTMENTS

ENHANCED LARGE-CAP VALUE INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	42,246		Walt Disney Co	$	1,296,530		0.82	%
		*	Other		174,848		0.11
					1,471,378		0.93
APPAREL AND ACCESSORY STORES					334,279		0.21
APPAREL AND OTHER TEXTILE PRODUCTS					485,749		0.31
AUTO REPAIR, SERVICES AND PARKING *					20,315		0.01
AUTOMOTIVE DEALERS AND SERVICE STATIONS *					309,324		0.20
BUILDING MATERIALS AND GARDEN SUPPLIES
	31,662		Home Depot, Inc		819,729		0.52
	36,868		Lowe’s Cos, Inc		873,403		0.55
					1,693,132		1.07
BUSINESS SERVICES *					1,667,402		1.05
CHEMICALS AND ALLIED PRODUCTS
	35,178	*	Amgen, Inc		2,085,000		1.31
	28,389		Eli Lilly & Co		1,249,968		0.79
	26,165	*	Forest Laboratories, Inc		739,946		0.47
	44,857		Merck & Co, Inc		1,415,687		0.89
	197,400		Pfizer, Inc		3,640,056		2.30
	46,992		Procter & Gamble Co		3,274,872		2.07
	32,488		Wyeth		1,200,107		0.76
		*	Other		1,967,740		1.24
					15,573,376		9.83
COMMUNICATIONS
	167,853		AT&T, Inc		4,686,456		2.96
	19,589		CenturyTel, Inc		717,937		0.45
	58,373		Verizon Communications, Inc		1,873,190		1.18
		*	Other		1,427,752		0.90
					8,705,335		5.49
DEPOSITORY INSTITUTIONS
	121,924		Bank of America Corp		4,267,340		2.69
	44,131		Bank of New York Mellon Corp		1,437,788		0.91
	132,239		Citigroup, Inc		2,712,222		1.71
	100,038		JPMorgan Chase & Co		4,671,775		2.95
	42,415		US Bancorp		1,527,788		0.96
	90,696		Wells Fargo & Co		3,403,821		2.15
			Other		4,858,331		3.07
					22,879,065		14.44
ELECTRIC, GAS, AND SANITARY SERVICES
	28,899		American Electric Power Co, Inc		1,070,130		0.67
	25,826		Edison International		1,030,457		0.65
	15,304		FirstEnergy Corp		1,025,215		0.65
	22,407		FPL Group, Inc		1,127,072		0.71
		*	Other		5,228,366		3.30
					9,481,240		5.98
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT *					2,639,269		1.67

Shares			Company	Value		% of net assets
ENGINEERING AND MANAGEMENT SERVICES *				$	178,416		0.11	%
FABRICATED METAL PRODUCTS
	16,506		Illinois Tool Works, Inc		733,692		0.46
			Other		404,375		0.26
					1,138,067		0.72
FOOD AND KINDRED PRODUCTS
	18,890		Coca-Cola Co		998,903		0.63
	35,581		Kraft Foods, Inc (Class A)		1,165,278		0.74
		*	Other		3,476,948		2.19
					5,641,129		3.56
FOOD STORES					561,199		0.35
FURNITURE AND FIXTURES					16,166		0.01
GENERAL BUILDING CONTRACTORS *					1,760,439		1.11
GENERAL MERCHANDISE STORES
	22,328		Wal-Mart Stores, Inc		1,337,224		0.84
			Other		597,097		0.38
					1,934,321		1.22
HEALTH SERVICES
	19,196	*	WellPoint, Inc		897,797		0.57
			Other		496,142		0.31
					1,393,939		0.88
HOLDING AND OTHER INVESTMENT OFFICES
	58,417		iShares Russell 1000 Value Index Fund		3,732,262		2.36
	11,475		Public Storage, Inc		1,136,140		0.72
			Other		3,442,405		2.17
					8,310,807		5.25
HOTELS AND OTHER LODGING PLACES					227,924		0.14
INDUSTRIAL MACHINERY AND EQUIPMENT
	282,269		General Electric Co		7,197,860		4.54
		*	Other		2,205,729		1.39
					9,403,589		5.93
INSTRUMENTS AND RELATED PRODUCTS
	60,736		Johnson & Johnson		4,207,790		2.66
		*	Other		1,336,903		0.84
					5,544,693		3.50
INSURANCE AGENTS, BROKERS AND SERVICE					368,951		0.23
INSURANCE CARRIERS
	21,665		Chubb Corp		1,189,409		0.75
	14,708		Prudential Financial, Inc		1,058,976		0.67
		*	Other		7,318,213		4.62
					9,566,598		6.04
LUMBER AND WOOD PRODUCTS					2,418		0.00	**
METAL MINING					514,663		0.32
MISCELLANEOUS MANUFACTURING INDUSTRIES					187,905		0.12
MISCELLANEOUS RETAIL v*					342,971		0.22

116 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

ENHANCED LARGE-CAP VALUE INDEX FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
MOTION PICTURES
	49,581		CBS Corp (Class B)	$	722,891		0.46	%
	64,813		News Corp (Class A)		777,108		0.49
	69,083		Time Warner, Inc		905,678		0.57
		*	Other		162,901		0.10
					2,568,578		1.62
NONDEPOSITORY INSTITUTIONS
	14,065		Capital One Financial Corp		717,315		0.45
		*	Other		1,149,317		0.73
					1,866,632		1.18
OIL AND GAS EXTRACTION *					1,692,929		1.07
PAPER AND ALLIED PRODUCTS
	26,117		International Paper Co		683,743		0.43
		*	Other		451,237		0.29
					1,134,980		0.72
PERSONAL SERVICES					280,076		0.18
PETROLEUM AND COAL PRODUCTS
	13,792		Apache Corp		1,438,230		0.91
	61,173		Chevron Corp		5,045,549		3.18
	49,028		ConocoPhillips		3,591,301		2.27
	15,326		Devon Energy Corp		1,397,731		0.88
	121,989		Exxon Mobil Corp		9,473,666		5.98
	28,515		Marathon Oil Corp		1,136,893		0.72
			Other		1,189,150		0.75
					23,272,520		14.69
PIPELINES, EXCEPT NATURAL GAS					181,189		0.11
PRIMARY METAL INDUSTRIES					883,514		0.56
PRINTING AND PUBLISHING					299,735		0.19
RAILROAD TRANSPORTATION					610,324		0.39
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS *					70,678		0.04
SECURITY AND COMMODITY BROKERS
	10,994		Goldman Sachs Group, Inc		1,407,232		0.89
	41,144		Merrill Lynch & Co, Inc		1,040,940		0.66
		*	Other		2,491,193		1.57
					4,939,365		3.12
STONE, CLAY, AND GLASS PRODUCTS *					308,853		0.19
TOBACCO PRODUCTS					420,962		0.27
TRANSPORTATION BY AIR *					1,201,625		0.76
TRANSPORTATION EQUIPMENT
	12,494		General Dynamics Corp		919,805		0.58
	18,409		Northrop Grumman Corp		1,114,481		0.70
	15,450		United Technologies Corp		927,927		0.59
		*	Other		1,707,672		1.08
					4,669,885		2.95
TRANSPORTATION SERVICES *					29,931		0.02

Shares		Company	Value		% of net assets
WATER TRANSPORTATION			$	110,267		0.07	%
WHOLESALE TRADE-DURABLE GOODS *				873,227		0.55
WHOLESALE TRADE-NONDURABLE GOODS *				166,588		0.10
	TOTAL COMMON STOCKS
		(Cost $173,212,054)		157,935,917		99.68
	TOTAL PORTFOLIO
		(Cost $173,212,054)		157,935,917		99.68
	OTHER ASSETS & LIABILITIES, NET			504,391		0.32
	NET ASSETS		$	158,440,308		100.00	%

*	Non-income producing
**	Percentage less than 0.01%.
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 § 2008 Annual Report 117

SUMMARY PORTFOLIO OF INVESTMENTS

SOCIAL CHOICE EQUITY FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	171,742		Walt Disney Co	$	5,270,762		0.86	%
		*	Other		49,272		0.01
					5,320,034		0.87
APPAREL AND ACCESSORY STORES *					3,724,283		0.61
APPAREL AND OTHER TEXTILE PRODUCTS					755,022		0.12
AUTO REPAIR, SERVICES AND PARKING *					256,537		0.04
AUTOMOTIVE DEALERS AND SERVICE STATIONS *					641,741		0.10
BUILDING MATERIALS AND GARDEN SUPPLIES
	168,242		Home Depot, Inc		4,355,785		0.71
			Other		2,490,918		0.41
					6,846,703		1.12
BUSINESS SERVICES
	74,165		Automatic Data Processing, Inc		3,170,554		0.52
	12,125	*	Google, Inc (Class A)		4,856,305		0.79
	484,447		Microsoft Corp		12,929,890		2.12
		v*	Other		17,576,676		2.88
					38,533,425		6.31
CHEMICALS AND ALLIED PRODUCTS
	92,178	*	Amgen, Inc		5,463,390		0.90
	158,934		Bristol-Myers Squibb Co		3,313,774		0.54
	47,259		Colgate-Palmolive Co		3,560,966		0.58
	91,406		Eli Lilly & Co		4,024,606		0.66
	44,421	*	Genentech, Inc		3,939,254		0.65
	69,978	*	Gilead Sciences, Inc		3,189,597		0.52
	45,315		Praxair, Inc		3,250,898		0.53
	180,800		Procter & Gamble Co		12,599,952		2.06
	96,060		Wyeth		3,548,456		0.58
		*	Other		21,292,536		3.49
					64,183,429		10.51
COMMUNICATIONS
	212,405		Verizon Communications, Inc		6,816,076		1.11
		*	Other		18,377,007		3.01
					25,193,083		4.12
DEPOSITORY INSTITUTIONS
	291,586		Bank of America Corp		10,205,510		1.67
	46,358		PNC Financial Services Group, Inc		3,462,943		0.57
	166,957		US Bancorp		6,013,791		0.98
	246,813		Wells Fargo & Co		9,262,892		1.52
		*	Other		17,725,986		2.90
					46,671,122		7.64
EATING AND DRINKING PLACES
	101,412		McDonald’s Corp		6,257,120		1.03
		*	Other		1,723,241		0.28
					7,980,361		1.31

Shares			Company	Value		% of net assets
EDUCATIONAL SERVICES *				$	79,777		0.01	%
ELECTRIC, GAS, AND SANITARY SERVICES *					36,814,061		6.03
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	379,850	*	Cisco Systems, Inc		8,569,416		1.40
	394,194		Intel Corp		7,383,254		1.21
	120,120		Qualcomm, Inc		5,161,556		0.85
		*	Other		11,663,747		1.91
					32,777,973		5.37
ENGINEERING AND MANAGEMENT SERVICES *					4,130,916		0.68
FABRICATED METAL PRODUCTS
	77,135		Illinois Tool Works, Inc		3,428,651		0.56
		*	Other		1,569,213		0.26
					4,997,864		0.82
FOOD AND KINDRED PRODUCTS
	53,086		General Mills, Inc		3,648,070		0.60
	127,187		Kraft Foods, Inc (Class A)		4,165,374		0.68
	112,073		PepsiCo, Inc		7,987,443		1.31
		*	Other		10,424,010		1.70
					26,224,897		4.29
FOOD STORES *					1,167,284		0.19
FORESTRY					1,123,577		0.18
FURNITURE AND FIXTURES					3,975,318		0.65
FURNITURE AND HOME FURNISHINGS STORES *					725,583		0.12
GENERAL BUILDING CONTRACTORS *					522,497		0.09
GENERAL MERCHANDISE STORES
	48,158		Costco Wholesale Corp		3,126,899		0.51
	79,424		Target Corp		3,895,747		0.64
		*	Other		1,994,929		0.33
					9,017,575		1.48
HEALTH SERVICES *					4,993,258		0.82
HEAVY CONSTRUCTION, EXCEPT BUILDING *					622,753		0.10
HOLDING AND OTHER INVESTMENT OFFICES v*					13,522,096		2.21
HOTELS AND OTHER LODGING PLACES *					1,679,958		0.27
INDUSTRIAL MACHINERY AND EQUIPMENT
	178,742		Hewlett-Packard Co		8,265,030		1.35
	90,364		International Business Machines Corp		10,568,973		1.73
		v*	Other		16,645,528		2.73
					35,479,531		5.81
INSTRUMENTS AND RELATED PRODUCTS
	64,203		Baxter International, Inc		4,213,643		0.69
	101,300		Emerson Electric Co		4,132,027		0.68
	169,589		Johnson & Johnson		11,749,126		1.92
	100,386		Medtronic, Inc		5,029,339		0.82
		*	Other		19,554,868		3.20
					44,679,003		7.31
INSURANCE AGENTS, BROKERS AND SERVICE *					3,230,466		0.53

118 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

SOCIAL CHOICE EQUITY FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
INSURANCE CARRIERS
	66,493		Aflac, Inc	$	3,906,464		0.64	%
	64,708		Chubb Corp		3,552,469		0.58
	83,525		Travelers Cos, Inc		3,775,330		0.62
		*	Other		14,074,754		2.30
					25,309,017		4.14
LEATHER AND LEATHER PRODUCTS *					603,423		0.10
LEGAL SERVICES *					175,760		0.03
LUMBER AND WOOD PRODUCTS *					45,208		0.01
METAL MINING *					831,954		0.14
MISCELLANEOUS MANUFACTURING INDUSTRIES *					2,219,955		0.36
MISCELLANEOUS RETAIL
	92,064		CVS Corp		3,098,874		0.51
		*	Other		6,433,060		1.05
					9,531,934		1.56
MOTION PICTURES
	347,487		Time Warner, Inc		4,555,555		0.74
		*	Other		2,309,925		0.38
					6,865,480		1.12
NONDEPOSITORY INSTITUTIONS
	111,719		American Express Co		3,958,204		0.65
		*	Other		3,688,308		0.60
					7,646,512		1.25
NONMETALLIC MINERALS, EXCEPT FUELS					1,457,804		0.24
OIL AND GAS EXTRACTION
	35,796		Transocean, Inc		3,931,833		0.64
		*	Other		25,301,516		4.14
					29,233,349		4.78
PAPER AND ALLIED PRODUCTS *					5,941,755		0.97
PERSONAL SERVICES					244,365		0.04
PETROLEUM AND COAL PRODUCTS
	40,696		Apache Corp		4,243,779		0.69
	49,527		Devon Energy Corp		4,516,862		0.74
		*	Other		13,163,836		2.16
					21,924,477		3.59
PIPELINES, EXCEPT NATURAL GAS					2,349,060		0.38
PRIMARY METAL INDUSTRIES *					7,600,636		1.24
PRINTING AND PUBLISHING *					3,048,916		0.50
RAILROAD TRANSPORTATION
	57,018		Norfolk Southern Corp		3,775,162		0.62
		*	Other		3,131,491		0.51
					6,906,653		1.13
REAL ESTATE *					261,366		0.04

Shares				Company	Value		% of net assets
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
	50,256			Nike, Inc (Class B)	$	3,362,126		0.55	%
		*		Other		291,255		0.05
						3,653,381		0.60
SECURITY AND COMMODITY BROKERS
	32,731			Goldman Sachs Group, Inc		4,189,568		0.68
		*		Other		12,455,872		2.04
						16,645,440		2.72
SOCIAL SERVICES *						69,920		0.01
SPECIAL TRADE CONTRACTORS *						290,831		0.05
STONE, CLAY, AND GLASS PRODUCTS
	70,669			3M Co		4,827,399		0.79
		*		Other		619,670		0.10
						5,447,069		0.89
TEXTILE MILL PRODUCTS						36,162		0.01
TRANSPORTATION BY AIR v*						4,989,824		0.82
TRANSPORTATION EQUIPMENT *						5,243,143		0.86
TRANSPORTATION SERVICES *						364,299		0.06
TRUCKING AND WAREHOUSING
	73,410			United Parcel Service, Inc (Class B)		4,616,755		0.76
						4,616,755		0.76
WATER TRANSPORTATION *						547,035		0.09
WHOLESALE TRADE-DURABLE GOODS *						3,471,446		0.57
WHOLESALE TRADE-NONDURABLE GOODS *						3,704,909		0.61
			TOTAL COMMON STOCKS
				(Cost $654,826,602)		607,147,965		99.38

Principal			Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	8,250,000		Federal Home Loan Bank (FHLB), 10/01/08		8,250,000		1.35
					8,250,000		1.35
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $8,250,000)		8,250,000		1.35
		TOTAL PORTFOLIO
			(Cost $663,076,602)		615,397,965		100.73
		OTHER ASSETS & LIABILITIES, NET			(4,481,405	)	(0.73	)
		NET ASSETS		$	610,916,560		100.00	%

*	Non-income producing
v	Security valued at fair value.
For ease of presentation, we have grouped a number of industry classification categories together in the 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 § 2008 Annual Report 119

SUMMARY PORTFOLIO OF INVESTMENTS

REAL ESTATE SECURITIES FUND  §  SEPTEMBER 30, 2008

Shares			Company	Value		% of net assets
COMMON STOCKS
HOLDING AND OTHER INVESTMENT OFFICES
	63,700	e	Acadia Realty Trust	$	1,610,336		0.30	%
	115,000	e	Alexandria Real Estate Equities, Inc		12,937,500		2.43
	143,000	e	AMB Property Corp		6,477,900		1.22
	129,000	e	American Campus Communities, Inc		4,370,520		0.82
	42,284		American Land Lease, Inc		821,578		0.15
	184,000	e	AvalonBay Communities, Inc		18,109,280		3.40
	85,000	e	BioMed Realty Trust, Inc		2,248,250		0.42
	345,000		Boston Properties, Inc		32,312,700		6.06
	52,000		BRE Properties, Inc (Class A)		2,548,000		0.48
	193,000	e	Corporate Office Properties Trust		7,787,550		1.46
	830,000	e	DCT Industrial Trust, Inc		6,216,700		1.17
	101,100	e	Digital Realty Trust, Inc		4,776,975		0.90
	121,000	e	Douglas Emmett, Inc		2,791,470		0.52
	180,000		EastGroup Properties, Inc		8,737,200		1.64
	52,200		Entertainment Properties Trust		2,856,384		0.54
	29,000		Equity Lifestyle Properties, Inc		1,537,870		0.29
	597,000	e	Equity Residential		26,512,770		4.97
	176,300	e	Essex Property Trust, Inc		20,861,579		3.91
	268,000	e	Federal Realty Investment Trust		22,940,800		4.30
	400,732	e	FelCor Lodging Trust, Inc		2,869,241		0.54
	532,027	e	General Growth Properties, Inc		8,033,608		1.51
	543,000	e	HCP, Inc		21,790,590		4.09
	105,600		Health Care REIT, Inc		5,621,088		1.05
	20,661		Home Properties, Inc		1,197,305		0.22
	1,150,000	e	Host Marriott Corp		15,283,500		2.87
	305,000	e	iShares Dow Jones US Real Estate Index Fund		18,894,750		3.54
	64,800	e	Kilroy Realty Corp		3,096,792		0.58
	527,000	e	Kimco Realty Corp		19,467,380		3.65
	124,000	e	Macerich Co		7,892,600		1.48
	80,000	e	Maguire Properties, Inc		476,800		0.09
	568,038	e	Mission West Properties, Inc		5,532,690		1.04
	268,000	e	Nationwide Health Properties, Inc		9,642,640		1.81
	91,600	e	Post Properties, Inc		2,562,052		0.48
	415,000	e	Prologis		17,127,050		3.21
	233,900		Public Storage, Inc		23,158,439		4.34
	220,000	e	Regency Centers Corp		14,671,800		2.75
	553,400	e	Simon Property Group, Inc		53,679,800		10.07
	121,000		SL Green Realty Corp		7,840,800		1.47
	160,000	e	Strategic Hotels & Resorts, Inc		1,208,000		0.23
	110,900	e	Taubman Centers, Inc		5,545,000		1.04
	205,000	e	UDR, Inc		5,360,750		1.01
	233,000	e	U-Store-It Trust		2,858,910		0.54
	376,000	e	Ventas, Inc		18,581,920		3.49
	317,000		Vornado Realty Trust		28,831,150		5.41
		e,g,m,v*	Other		319,865		0.06
					487,999,882		91.55
HOTELS AND OTHER LODGING PLACES
	83,689	e	Starwood Hotels & Resorts Worldwide, Inc		2,355,008		0.44
					2,355,008		0.44
JUSTICE, PUBLIC ORDER AND SAFETY
	271,800	e*	Corrections Corp of America		6,754,230		1.27
					6,754,230		1.27

Shares				Company	Value			% of net assets
REAL ESTATE
	310,000	g,m,v*		Asset Capital Corp, Inc	$	362,700			0.07	%
	404,800			Brookfield Properties Co		6,412,032			1.20
	322,000	e		Thomas Properties Group, Inc		3,252,200			0.61
						10,026,932			1.88
			TOTAL COMMON STOCKS
				(Cost $549,768,189)		507,136,052			95.14
Principal				Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	20,880,000			Federal Home Loan Bank (FHLB), 10/01/08		20,880,000			3.92
						20,880,000			3.92
Shares				Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	15,796,807			State Street Navigator Securities Lending
				Prime Portfolio		15,796,807			2.96
						15,796,807			2.96
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $36,676,807)		36,676,807			6.88
			TOTAL PORTFOLIO
				(Cost $586,444,996)		543,812,859			102.02
			OTHER ASSETS & LIABILITIES, NET			(10,791,308	)		(2.02	)
			NET ASSETS		$	533,021,551			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, 2008, the value of these securities amounted to $362,700 or 0.07% 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.

120 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

MANAGED ALLOCATION FUND II  §  SEPTEMBER 30, 2008

Shares				Company	Value			% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS
	20,468,212	q		TIAA-CREF Institutional Bond Plus Fund II	$	191,991,836			38.03	%
	3,108,848	q		TIAA-CREF Institutional Enhanced International
				Equity Index Fund		21,295,616			4.22
	2,228,518	q		TIAA-CREF Institutional Enhanced Large-Cap
				Growth Index Fund		17,805,862			3.53
	1,587,569	q		TIAA-CREF Institutional Enhanced Large-Cap
				Value Index Fund		12,748,185			2.52
	359,034	q		TIAA-CREF Institutional Growth & Income Fund		2,929,721			0.58
	5,211,024	q		TIAA-CREF Institutional International Equity Fund		45,231,696			8.96
	10,797,727	q		TIAA-CREF Institutional Large-Cap Growth Fund		96,747,639			19.16
	8,091,601	q		TIAA-CREF Institutional Large-Cap Value Fund		93,538,912			18.53
	30,006	q		TIAA-CREF Institutional Mid-Cap Growth Fund		429,099			0.08
	23,596	q		TIAA-CREF Institutional Mid-Cap Value Fund		348,752			0.07
	5,932	q		TIAA-CREF Institutional Short-Term Bond Fund II		58,019			0.01
	1,895,866	q		TIAA-CREF Institutional Small-Cap Equity Fund		22,958,949			4.55
			TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
				(Cost $572,629,751)		506,084,286			100.24
			TOTAL PORTFOLIO
				(Cost $572,629,751)		506,084,286			100.24
			OTHER ASSETS & LIABILITIES, NET			(1,234,181	)		(0.24	)
			NET ASSETS		$	504,850,105			100.00	%

q Affiliated fund.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 121

SUMMARY PORTFOLIO OF INVESTMENTS

BOND FUND  §  SEPTEMBER 30, 2008

Principal			Issuer	Rating†	Value		% of net assets
BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES					$	2,768,366		0.14	%
BUILDING MATERIALS AND GARDEN SUPPLIES e						2,584,619		0.13
BUSINESS SERVICES						822,337		0.04
CHEMICALS AND ALLIED PRODUCTS						11,112,908		0.58
COMMUNICATIONS e						34,864,254		1.80
DEPOSITORY INSTITUTIONS
			BA Covered Bond
$	12,600,000	e,g	5.500%, 06/14/12	Aaa		12,924,576		0.67
			Banco Bilbao Vizcaya Argentaria S.A.
	8,000,000	g	5.750%, 07/20/17	Aaa		8,524,744		0.44
			Depfa ACS Bank
	15,700,000	g	5.125%, 03/16/37	Aa1		14,883,600		0.77
		e,g,i	Other			48,250,711		2.50
						84,583,631		4.38
EATING AND DRINKING PLACES						628,978		0.03
ELECTRIC, GAS, AND SANITARY SERVICES e,g						21,114,377		1.09
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						1,537,732		0.08
FOOD AND KINDRED PRODUCTS g						11,088,336		0.57
FOOD STORES e						3,227,232		0.17
GENERAL MERCHANDISE STORES						4,948,397		0.26
HEALTH SERVICES						1,117,688		0.06
HOLDING AND OTHER INVESTMENT OFFICES						3,506,273		0.18
INDUSTRIAL MACHINERY AND EQUIPMENT e						4,201,870		0.22
INSTRUMENTS AND RELATED PRODUCTS e						2,017,165		0.10
INSURANCE CARRIERS g,i						12,447,675		0.64
METAL MINING g						5,001,823		0.26
MISCELLANEOUS MANUFACTURING INDUSTRIES g						953,412		0.05
MISCELLANEOUS RETAIL						2,883,888		0.15
MOTION PICTURES						1,948,584		0.10
NONDEPOSITORY INSTITUTIONS e,g, i						33,304,981		1.72
NONMETALLIC MINERALS, EXCEPT FUELS e						428,882		0.02
OIL AND GAS EXTRACTION e,g						18,954,042		0.98
PAPER AND ALLIED PRODUCTS						1,376,348		0.07
PETROLEUM AND COAL PRODUCTS						604,051		0.03
PIPELINES, EXCEPT NATURAL GAS g						6,781,539		0.35
PRIMARY METAL INDUSTRIES e,g						2,147,242		0.11
PRINTING AND PUBLISHING						3,950,687		0.21
RAILROAD TRANSPORTATION e						4,112,153		0.21
REAL ESTATE g, i						345,000		0.02

Principal				Issuer	Rating†	Value		% of net assets
SECURITY AND COMMODITY BROKERS e,g,i,n						$	22,384,330		1.16	%
STONE, CLAY, AND GLASS PRODUCTS							308,186		0.02
TOBACCO PRODUCTS							1,101,599		0.06
TRANSPORTATION BY AIR							1,041,993		0.05
TRANSPORTATION EQUIPMENT g							5,105,013		0.26
WHOLESALE TRADE-NONDURABLE GOODS							1,083,459		0.06
			TOTAL CORPORATE BONDS
				(Cost $346,223,064)			316,389,050		16.36
GOVERNMENT BONDS
AGENCY SECURITIES
$	10,000,000			Federal Farm Credit Bank (FFCB)
				2.625%, 04/21/11	Aaa		9,788,630		0.51
				Federal Home Loan Bank (FHLB)
	10,000,000			5.000%, 10/16/09	Aaa		10,007,780		0.52
	11,000,000			3.375%, 06/24/11	Aaa		10,902,210		0.56
	15,000,000			3.625%, 09/16/11	Aaa		15,002,805		0.77
				Federal Home Loan Mortgage Corp (FHLMC)
	7,500,000			5.500%, 08/20/12	Aaa		7,946,175		0.41
	7,670,000			5.125%, 10/18/16	Aaa		7,915,724		0.41
				Federal National Mortgage Association (FNMA)
	36,000,000			2.875%, 10/12/10	Aaa		35,835,336		1.85
				Private Export Funding Corp
	13,000,000			5.450%, 09/15/17	Aaa		13,489,515		0.70
		d		Other			64,505,442		3.34
							175,393,617		9.07
FOREIGN GOVERNMENT BONDS e,g							58,316,795		3.02
MORTGAGE-BACKED SECURITIES
				Federal Home Loan Mortgage Corp (FHLMC)
	35,543,872	i		4.500–6.089%, 09/15/16–09/01/37			36,097,738		1.87
				Federal Home Loan Mortgage Corp Gold (FGLMC)
	12,319,931			4.500%, 06/01/21			12,046,356		0.62
	11,034,381			7.000%, 12/01/33			11,611,779		0.60
	14,071,850			5.000%, 12/01/34			13,738,177		0.71
	8,646,282			5.500%, 04/01/37			8,607,227		0.44
	9,640,459			5.500%, 05/01/37			9,596,913		0.50
	100,987,168	d		4.500–8.000%, 01/01/16–07/01/38			100,474,252		5.20
				Federal National Mortgage Association (FNMA)
	9,977,717			5.000%, 10/01/25			9,804,181		0.51
	17,109,882			6.000%, 01/01/33			17,468,407		0.90
	9,265,950			5.000%, 11/01/33			9,057,818		0.47
	7,970,483			5.000%, 03/01/34			7,791,450		0.40
	10,167,781			5.000%, 08/01/34			9,934,793		0.51
	22,261,239			5.500%, 02/01/35			22,265,034		1.15
	9,438,541			5.000%, 02/25/35			9,424,868		0.49
	8,414,988			5.500%, 09/01/35			8,416,422		0.44
	12,398,279			5.500%, 02/01/37			12,375,209		0.64
	13,225,179			5.500%, 02/01/38			13,198,504		0.68
	14,864,857			5.000%, 04/01/38			14,493,799		0.75
	40,000,000	h		5.000%, 10/25/36			38,975,000		2.02
	20,000,000	h		6.500%, 10/25/38			20,506,240		1.06
	311,822,892	d,h,i		4.440–8.000%, 06/01/13–10/25/38			312,186,496		16.15

122 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
BOND FUND  §  SEPTEMBER 30, 2008

Principal				Issuer	Rating†	Value		% of net assets
MORTGAGE-BACKED SECURITIES — continued
				Government National Mortgage Association (GNMA)
$	11,000,000	h		5.500%, 10/15/38		$	11,010,318		0.57	%
	37,270,228	h		5.000–8.500%, 01/15/28–09/15/43			37,262,179		1.93
							746,343,160		38.61
MUNICIPAL BONDS							665,672		0.03
U.S. TREASURY SECURITIES
				United States Treasury Bond
	44,236,000	d		8.000%, 11/15/21			60,527,278		3.13
	20,650,000	d		5.250%, 02/15/29			22,897,298		1.18
				United States Treasury Inflation Indexed Bonds
	38,773,726			0.875%, 04/15/10			38,089,137		1.97
	7,832,522			2.375%, 04/15/11			7,921,860		0.41
				United States Treasury Note
	24,723,000			2.375%, 08/31/10			24,912,279		1.29
	26,394,000			2.750%, 02/28/13			26,257,913		1.36
	42,944,000			2.500%, 03/31/13			42,256,209		2.19
	20,000,000			3.125%, 04/30/13			20,171,880		1.04
	10,020,000			3.375%, 06/30/13			10,221,182		0.53
	56,550,000			3.375%, 07/31/13			57,579,380		2.98
	12,530,000			3.125%, 08/31/13			12,625,930		0.65
	12,763,000			4.750%, 08/15/17			13,681,336		0.71
	21,455,000			3.875%, 05/15/18			21,595,788		1.12
				United States Treasury Strip Principal
	22,000,000	j		08/15/27			9,255,246		0.48
				Other			21,913,584		1.13
							389,906,300		20.17
			TOTAL GOVERNMENT BONDS
				(Cost $1,362,129,437)			1,370,625,544		70.90
			TOTAL BONDS
				(Cost $1,708,352,501)			1,687,014,594		87.26
STRUCTURED ASSETS
ASSET BACKED
				Chase Funding Mortgage Loan
				Asset-Backed Certificates
				Series 2003–6 (Class 1A7)
	11,581,867			4.277%, 09/25/33	Aaa		10,122,712		0.53
				Honda Auto Receivables Owner
				Trust Series 2007–1 (Class A4)
	15,000,000			5.090%, 07/18/13	NR		14,718,880		0.76
				Volkswagen Auto Lease Trust
				Series 2006–A (Class A4)
	10,000,000	d		5.540%, 04/20/11	Aaa		10,041,413		0.52
		d,i,m		Other			102,110,595		5.28
							136,993,600		7.09
OTHER MORTGAGE-BACKED SECURITIES d,i							89,101,720		4.61
			TOTAL STRUCTURED ASSETS
				(Cost $250,630,982)			226,095,320		11.70

Principal			Issuer	Rating†	Value			% of net assets
PREFERRED STOCKS
DEPOSITORY INSTITUTIONS e					$	435,600			0.02	%
NONDEPOSITORY INSTITUTIONS e,i						934,345			0.05
		TOTAL PREFERRED STOCKS
			(Cost $12,007,875)			1,369,945			0.07
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
			Federal Home Loan Bank (FHLB)
$	19,970,000		10/01/08			19,970,000			1.04
	14,320,000		10/03/08			14,319,599			0.74
	34,460,000		10/21/08			34,450,420			1.78
						68,740,019			3.56
Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	41,627,846		State Street Navigator Securities
			Lending Prime Portfolio			41,627,846			2.15
						41,627,846			2.15
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $110,333,930)			110,367,865			5.71
		TOTAL PORTFOLIO
			(Cost $2,081,325,288)			2,024,847,724			104.74
		OTHER ASSETS & LIABILITIES, NET				(91,597,806	)		(4.74	)
		NET ASSETS			$	1,933,249,918			100.00	%

The following abbreviation is used in portfolio descriptions:
NR - Not rated by Moody’s
†	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, 2008, the value of these securities amounted to $69,892,940 or 3.62% 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, 2008.
j	Zero coupon.
m	Indicates a security has been deemed illiquid.
n	Defaulted security
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 § 2008 Annual Report 123

SUMMARY PORTFOLIO OF INVESTMENTS

BOND PLUS FUND II   §  SEPTEMBER 30, 2008

Principal			Issuer		Rating†	Value		% of net assets
BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES						$	609,297		0.12	%
AUTOMOTIVE DEALERS AND SERVICE STATIONS e							435,000		0.09
BUILDING MATERIALS AND GARDEN SUPPLIES e							844,539		0.17
BUSINESS SERVICES e,g							2,467,237		0.50
CHEMICALS AND ALLIED PRODUCTS							4,345,771		0.87
COAL MINING g							583,750		0.12
COMMUNICATIONS e,g,o							14,482,180		2.92
DEPOSITORY INSTITUTIONS
			Banco Bilbao Vizcaya Argentaria S.A.
$	3,000,000	g	5.750%, 07/20/17		Aaa		3,196,778		0.64
			Depfa ACS Bank
	2,700,000	g	5.125%, 03/16/37		Aa1		2,559,599		0.52
		e,g,i	Other				15,872,819		3.20
							21,629,196		4.36
EATING AND DRINKING PLACES							193,532		0.04
ELECTRIC, GAS, AND SANITARY SERVICES e,g							9,520,073		1.92
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT							804,377		0.16
FABRICATED METAL PRODUCTS							492,500		0.10
FOOD AND KINDRED PRODUCTS							3,450,777		0.69
FOOD STORES d,e							2,680,393		0.54
GENERAL MERCHANDISE STORES e							1,491,596		0.30
HEALTH SERVICES g							905,952		0.18
HOLDING AND OTHER INVESTMENT OFFICES							2,057,929		0.41
HOTELS AND OTHER LODGING PLACES							233,750		0.05
INDUSTRIAL MACHINERY AND EQUIPMENT							451,637		0.09
INSTRUMENTS AND RELATED PRODUCTS							1,172,987		0.24
INSURANCE CARRIERS g,i							3,226,393		0.65
METAL MINING							251,175		0.05
MOTION PICTURES							1,582,955		0.32
NONDEPOSITORY INSTITUTIONS
				General Electric Capital Corp
	2,700,000			5.500%, 06/04/14	Aaa		2,534,308		0.51
		e,g,i		Other			12,487,699		2.52
							15,022,007		3.03

Principal			Issuer	Rating†	Value		% of net assets
NONMETALLIC MINERALS, EXCEPT FUELS e					$	151,370		0.03	%
OIL AND GAS EXTRACTION e,g						10,208,701		2.06
PAPER AND ALLIED PRODUCTS e,g						1,921,994		0.39
PETROLEUM AND COAL PRODUCTS						637,230		0.13
PIPELINES, EXCEPT NATURAL GAS i						1,401,719		0.28
PRIMARY METAL INDUSTRIES g						466,079		0.09
PRINTING AND PUBLISHING e						1,685,105		0.34
RAILROAD TRANSPORTATION e						2,087,155		0.42
SECURITY AND COMMODITY BROKERS g,i,n						5,745,785		1.16
STONE, CLAY, AND GLASS PRODUCTS						313,239		0.06
TOBACCO PRODUCTS						285,071		0.06
TRANSPORTATION BY AIR						545,806		0.11
TRANSPORTATION EQUIPMENT g						2,815,147		0.57
WHOLESALE TRADE-DURABLE GOODS g						894,720		0.18
			TOTAL CORPORATE BONDS
			(Cost $129,582,916)			118,094,124		23.80
GOVERNMENT BONDS
AGENCY SECURITIES
			Federal Home Loan Bank (FHLB)
$	3,000,000		5.000%, 10/16/09	Aaa		3,002,334		0.61
	6,000,000		3.625%, 09/16/11	Aaa		6,001,121		1.21
			Federal National Mortgage Association (FNMA)
	2,675,000		2.875%, 10/12/10	Aaa		2,662,765		0.54
			US Department of Housing
			and Urban Development
	5,000,000		4.790%, 08/01/11	NR		5,161,389		1.04
			Other			6,076,934		1.22
						22,904,543		4.62
FOREIGN GOVERNMENT BONDS e,g						18,348,714		3.70
MORTGAGE-BACKED SECURITIES
			Federal Home Loan Mortgage Corp (FHLMC)
	2,712,764	i	5.800%, 07/01/36			2,773,158		0.56
	6,750,048	i	5.710%, 06/01/37			6,859,699		1.38
	11,124,565	i	4.000–6.089%, 09/15/16–08/01/37			11,162,481		2.25
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	3,646,942		5.500%, 12/01/33			3,640,726		0.73
	3,198,502		7.000%, 12/01/33			3,365,870		0.68
	2,544,622		5.500%, 06/01/35			2,534,719		0.51
	2,453,935		5.500%, 05/01/37			2,442,850		0.49
	2,987,879		5.000%, 12/01/37			2,912,361		0.59
	29,382,641	d	4.500–8.000%, 09/01/10–07/01/38			29,317,034		5.91

124 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	continued
BOND PLUS FUND II   §  SEPTEMBER 30, 2008

Principal			Issuer	Rating†	Value		% of net assets
MORTGAGE-BACKED SECURITIES— continued
			Federal National Mortgage Association (FNMA)
$	2,241,099		4.777%, 02/01/14		$	2,199,911		0.44	%
	2,832,511		4.640%, 11/01/14			2,735,172		0.55
	3,597,661		5.000%, 10/01/25			3,535,089		0.71
	2,864,016		5.500%, 07/01/33			2,864,504		0.58
	2,277,281		5.000%, 03/01/34			2,226,129		0.45
	4,295,096		5.000%, 08/01/34			4,196,676		0.85
	2,227,822		5.000%, 02/25/35			2,224,595		0.45
	3,275,239		5.500%, 05/01/35			3,270,679		0.66
	4,248,867	d	5.500%, 05/01/35			4,242,953		0.86
	2,626,145		6.000%, 05/01/35			2,663,808		0.54
	3,996,998		6.000%, 08/01/35			4,054,322		0.82
	3,064,269		5.000%, 10/01/35			2,990,651		0.60
	2,421,586	d	6.000%, 04/01/36			2,455,559		0.50
	5,080,685	i	5.732%, 09/01/36			5,216,141		1.05
	2,407,783	i	5.781%, 12/01/36			2,444,045		0.49
	3,801,857		5.500%, 02/01/37			3,794,783		0.76
	2,357,191		6.500%, 10/01/37			2,419,594		0.49
	6,000,000	h	6.500%, 10/25/38			6,151,872		1.24
	54,112,897	h,i	4.000–9.000%, 06/01/13–03/01/38			54,135,545		10.91
			Government National Mortgage Association (GNMA)
	12,336,497	h	5.000–8.500%, 09/15/23–09/15/43			12,374,639		2.49
						191,205,565		38.54
U.S. TREASURY SECURITIES
			United States Treasury Bond
	8,302,000		8.000%, 11/15/21			11,359,469		2.29
	6,600,000	d,i	5.250%, 02/15/29			7,318,265		1.48
			United States Treasury Inflation Indexed Bonds
	3,947,026	k	0.875%, 04/15/10			3,877,337		0.78
			United States Treasury Note
	2,680,000		3.375%, 06/30/13			2,733,809		0.55
	8,300,000		3.375%, 07/31/13			8,451,084		1.70
	3,725,000		3.125%, 08/31/13			3,753,519		0.76
	3,171,000		3.500%, 02/15/18			3,109,562		0.63
	3,300,000		4.000%, 08/15/18			3,346,923		0.67
		j,k	Other			6,561,434		1.32
						50,511,402		10.18
			TOTAL GOVERNMENT BONDS
			(Cost $281,232,509)			282,970,224		57.04
			TOTAL BONDS
			(Cost $410,815,425)			401,064,348		80.84
Principal			Issuer	Rating†	Value		% of net assets
STRUCTURED ASSETS
ASSET BACKED
			Flagstar Home Equity Loan Trust
			Series 2007–1A (Class AF3)
$	3,000,000		5.781%, 01/25/35	A2	$	2,424,124		0.49	%
			GMAC Mortgage Corporation Loan Trust
			2006–HLTV A3
	2,650,000		5.590%, 10/25/29	Aa1		2,299,154		0.46
			JPMorgan Auto Receivables Trust
			Series 2007–A (Class A3)
	2,250,000		5.190%, 02/15/11	Aaa		2,246,151		0.45
			Residential Asset Mortgage Products, Inc
			Series 2004–RS11 (Class M1)
	5,000,000	d,i	3.827%, 11/25/34	Aa1		4,096,382		0.83
			Residential Funding Mortgage Securities II, Inc
			Series 2006–H12 (Class A3)
	7,000,000		5.790%, 02/25/36	Aa3		5,253,439		1.06
			Residential Funding Mortgage Securities II, Inc
			Series 2006–HI4 (Class A3)
	3,528,000		5.440%, 09/25/36	Aa3		2,161,569		0.44
		i,m	Other			19,009,356		3.83
						37,490,175		7.56
OTHER MORTGAGE BACKED
			Wachovia Bank Commercial Mortgage Trust
			Series 2007–C30 (Class AJ)
	3,350,000	i	5.413%, 12/15/43	Aaa		2,168,744		0.44
			Washington Mutual, Inc
			Series 2003–S10 (Class A1)
	3,742,252		4.500%, 10/25/18	NR		3,592,427		0.72
		i	Other			33,291,203		6.71
						39,052,374		7.87
			TOTAL STRUCTURED ASSETS
			(Cost $90,724,702)			76,542,549		15.43
PREFERRED STOCK
DEPOSITORY INSTITUTIONS e						254,100		0.05
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES e						303,852		0.06
			TOTAL PREFERRED STOCK
			(Cost $4,076,250)			557,952		0.11
Shares			Company
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
	437,253	q	TIAA-CREF Institutional High-Yield Fund II			3,677,300		0.74
			TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $4,444,394)			3,677,300		0.74
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	14,024,086		State Street Navigator Securities
			Lending Prime Portfolio			14,024,086		2.83
						14,024,086		2.83

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 125

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
BOND PLUS FUND II   §  SEPTEMBER 30, 2008

Principal		Issuer	Value			% of net assets
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	7,110,000	Federal Home Loan Bank (FHLB), 10/21/08	$	7,108,023			1.43	%
				7,108,023			1.43
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $21,125,396)		21,132,109			4.26
		TOTAL PORTFOLIO
		(Cost $531,186,167)		502,974,258			101.38
		OTHER ASSETS & LIABILITIES, NET		(6,843,389	)		(1.38	)
		NET ASSETS	$	496,130,869			100.00	%

The following abbreviation is used in portfolio descriptions: NR - Not rated by Moody’s
†	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, 2008, the value of these securities amounted to $23,292,566 or 4.69% 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, 2008.
j	Zero coupon.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
m	Indicates a security has been deemed illiquid.
n	Defaulted security.
o	Payment in kind.
q	Affiliated fund.
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.

126 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

SHORT-TERM BOND FUND II  §  SEPTEMBER 30, 2008

Principal				Issuer	Rating†	Value		% of net assets
BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES						$	1,355,615		0.52	%
BUILDING MATERIALS AND GARDEN SUPPLIES							488,339		0.19
BUSINESS SERVICES							1,386,029		0.54
CHEMICALS AND ALLIED PRODUCTS							2,571,775		0.99
COMMUNICATIONS e							2,043,408		0.79
DEPOSITORY INSTITUTIONS
				BA Covered Bond Issuer
$	4,700,000	e,g		5.500%, 06/14/12	Aaa		4,821,072		1.86
				Banco Nacional de Comercio Exterior SNC
	1,500,000	e		3.875%, 01/21/09	A1		1,496,250		0.58
				Citigroup, Inc
	2,000,000			5.300%, 10/17/12	Aa3		1,780,448		0.69
				JPMorgan Chase & Co
	1,250,000	e		3.500%, 03/15/09	Aa2		1,240,546		0.48
				Nationwide Building Society
	1,000,000	g		5.500%, 07/18/12	Aaa		1,030,700		0.40
				Wells Fargo & Co
	2,375,000			4.375%, 01/31/13	Aa1		2,183,152		0.84
		e,g		Other			5,003,998		1.93
							17,556,166		6.78
ELECTRIC, GAS, AND SANITARY SERVICES
				Ohio Power Co
	1,250,000			5.300%, 11/01/10	A3		1,257,650		0.49
		g		Other			1,891,681		0.73
							3,149,331		1.22
FABRICATED METAL PRODUCTS e							1,009,889		0.39
FOOD AND KINDRED PRODUCTS g							4,474,128		1.73
FOOD STORES							300,208		0.12
HOLDING AND OTHER INVESTMENT OFFICES							765,739		0.29
INSURANCE CARRIERS g							1,482,465		0.57
METAL MINING							196,062		0.07
MISCELLANEOUS RETAIL							1,164,715		0.45
NONDEPOSITORY INSTITUTIONS
				American Honda Finance Corp
	1,250,000	g		5.125%, 12/15/10	Aa3		1,234,423		0.48
				HSBC Finance Corp
	1,250,000	e		5.250%, 01/14/11	Aa3		1,228,174		0.47
		e,i		Other			2,685,891		1.04
							5,148,488		1.99
OIL AND GAS EXTRACTION							1,088,945		0.42
PIPELINES, EXCEPT NATURAL GAS							1,361,864		0.53
PRIMARY METAL INDUSTRIES e,g							236,175		0.09
Principal				Issuer	Rating†	Value		% of net assets
PRINTING AND PUBLISHING e						$	985,370		0.38	%
RAILROAD TRANSPORTATION e							726,005		0.28
REAL ESTATE g,i							690,000		0.27
SECURITY AND COMMODITY BROKERS
				Merrill Lynch & Co, Inc
$	1,250,000			4.125%, 09/10/09	A2		1,199,928		0.46
		i,n		Other			779,612		0.30
							1,979,540		0.76
TOBACCO PRODUCTS							147,831		0.06
TRANSPORTATION BY AIR							297,712		0.11
TRANSPORTATION EQUIPMENT g							620,127		0.24
			TOTAL CORPORATE BONDS
			(Cost $54,122,882)				51,225,926		19.78
GOVERNMENT BONDS
AGENCY SECURITIES
				Federal Farm Credit Bank (FFCB)
	4,400,000			2.625%, 04/21/11	Aaa		4,306,997		1.66
				Federal Home Loan Bank (FHLB)
	2,000,000			5.000%, 10/16/09	Aaa		2,001,556		0.77
	3,000,000			3.375%, 06/24/11	Aaa		2,973,330		1.15
	3,000,000			5.375%, 08/19/11	Aaa		3,132,354		1.21
	4,000,000			3.625%, 09/16/11	Aaa		4,000,748		1.55
				Federal Home Loan Mortgage Corporation (FHLMC)
	4,700,000			4.750%, 11/03/09	Aaa		4,779,472		1.85
	6,500,000			4.875%, 02/09/10	Aaa		6,645,522		2.57
	2,700,000			7.000%, 03/15/10	Aaa		2,845,627		1.10
	2,000,000			3.250%, 07/16/10	Aaa		2,003,770		0.77
	5,000,000			5.000%, 10/01/10	Aaa		5,000,000		1.93
				Federal National Mortgage Association (FNMA)
	3,000,000			5.375%, 08/15/09	Aaa		3,056,991		1.18
	3,000,000			4.625%, 12/15/09	Aaa		3,051,519		1.18
	5,900,000			7.125%, 06/15/10	Aaa		6,286,981		2.43
	3,000,000			2.875%, 10/12/10	Aaa		2,986,278		1.15
	2,000,000			3.625%, 02/12/13	Aaa		1,979,792		0.76
	7,000,000			Private Export Funding Corp
				4.900%, 12/15/11	Aaa		7,246,918		2.80
	2,000,000			Private Export Funding Corp
				3.550%, 04/15/13	Aaa		1,943,018		0.75
				Other			3,069,137		1.19
							67,310,010		26.00
FOREIGN GOVERNMENT BONDS
				Eksportfinans A/S
	1,100,000			5.000%, 02/14/12	Aaa		1,130,899		0.44
				International Finance Corp
	1,500,000			5.125%, 05/02/11	Aaa		1,599,170		0.62
				Kreditanstalt fuer Wiederaufbau
	1,550,000			5.250%, 05/19/09	Aaa		1,578,597		0.61
				Province of Manitoba Canada
	1,000,000	e		4.450%, 04/12/10	Aa1		1,025,450		0.39
		e,g		Other			3,281,458		1.27
							8,615,574		3.33

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 127

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
SHORT-TERM BOND FUND II § SEPTEMBER 30, 2008

	Principal			Issuer	Rating†		Value		% of net assets
MORTGAGE-BACKED SECURITIES						$	2,184,546		0.84	%
U.S. TREASURY SECURITIES
		k		United States Treasury Inflation Indexed Bonds
$	10,314,507			0.875%, 04/15/10			10,132,395		3.91
	3,251,400			2.000%, 04/15/12			3,259,275		1.26
				United States Treasury Note/Bond
	6,000,000			2.000%, 02/28/10			6,004,686		2.32
	3,500,000			2.375%, 08/31/10			3,526,796		1.36
	2,500,000			4.500%, 11/30/11			2,656,835		1.03
	21,211,000			4.625%, 12/31/11			22,627,831		8.74
	13,641,000			2.750%, 02/28/13			13,570,667		5.24
	14,274,000			2.500%, 03/31/13			14,045,388		5.42
	5,000,000			3.125%, 04/30/13			5,042,970		1.95
	1,590,000			3.375%, 06/30/13			1,621,924		0.63
	10,200,000			3.375%, 07/31/13			10,385,671		4.01
				Other			927,780		0.36
							93,802,218		36.23
			TOTAL GOVERNMENT BONDS (Cost $169,642,568)				171,912,348		66.40
			TOTAL BONDS (Cost $223,765,450)				223,138,274		86.18
STRUCTURED ASSETS
ASSET BACKED
				Flagstar Home Equity Loan Trust Series 2007–1A (Class AF3)
	2,000,000			5.781%, 01/25/35	A2		1,616,083		0.62
				GMAC Mortgage Corporation Loan Trust 2006–HLTV A3
	2,000,000			5.590%, 10/25/29	Aa1		1,735,210		0.67
				GMAC Mortgage Corporation Loan Trust
				2006–HLTV A4
	2,000,000			5.810%, 10/25/29	A1		1,289,948		0.50
				Marriott Vacation Club Owner Trust
				Series 2006–1A (Class A)
	1,619,176			5.737%, 04/20/28	Aaa		1,567,594		0.61
				Residential Funding Mortgage Securities II, Inc
				Series 2006–H12 (Class A3)
	4,000,000			5.790%, 02/25/36	Aa3		3,001,966		1.16
				Residential Funding Mortgage Securities II, Inc
				Series 2006–HI3 (Class A2)
	2,000,000			5.950%, 02/25/36	Aa1		1,768,813		0.68
		i,m		Other			7,431,553		2.87
							18,411,167		7.11
OTHER MORTGAGE-BACKED SECURITIES
				Morgan Stanley Capital I
				Series 2005–HQ5 (Class A2)
	1,097,571			4.809%, 01/14/42	NR		1,078,766		0.42
		i		Other			3,800,480		1.46
							4,879,246		1.88
			TOTAL STRUCTURED ASSETS (Cost $28,467,210)				23,290,413		8.99
	Principal			Issuer	Rating†		Value		% of net assets
PREFERRED STOCKS
NONDEPOSITORY INSTITUTIONS e,i						$	147,386		0.06	%
			TOTAL PREFERRED STOCKS (Cost $1,789,475)				147,386		0.06
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	12,360,000			Federal Home Loan Bank (FHLB), 10/01/08			12,360,000		4.77
							12,360,000		4.77
	Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	10,173,168			State Street Navigator Securities
				Lending Prime Portfolio			10,173,168		3.93
							10,173,168		3.93
			TOTAL SHORT-TERM INVESTMENTS (Cost $22,533,168)				22,533,168		8.70
			TOTAL PORTFOLIO (Cost $276,555,303)				269,109,241		103.93
			OTHER ASSETS & LIABILITIES, NET				(9,336,776	)	(3.93	)
			NET ASSETS			$	259,772,465		100.00	%

The following abbreviation is used in portfolio descriptions:
NR - Not rated by Moody’s
†	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, 2008, the value of these securities amounted to $12,107,165 or 4.68% of net assets.
i	Floating rate or variable rate securities reflects the rate at September 30, 2008.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
m	Indicates a security has been deemed illiquid.
n	Defaulted security.

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.

128 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

HIGH-YIELD FUND II § SEPTEMBER 30, 2008

	Principal			Issuer	Rating†		Value	% of net assets
BANK LOAN OBLIGATIONS h,m						$	3,599,520	1.01	%
			TOTAL BANK LOAN OBLIGATIONS (Cost $3,990,085)				3,599,520	1.01
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES g							6,096,183	1.70
APPAREL AND ACCESSORY STORES e							700,960	0.20
AUTO REPAIR, SERVICES AND PARKING e							2,788,910	0.78
AUTOMOTIVE DEALERS AND SERVICE STATIONS
				Autonation, Inc
$	2,723,000	e		7.000%, 04/15/14	Ba2		2,369,009	0.66
		e		Other			3,084,588	0.86
							5,453,597	1.52
BUSINESS SERVICES
				Lamar Media Corp
	4,750,000	e		7.250%, 01/01/13	Ba3		4,298,750	1.20
		e,g,o		Other			9,811,443	2.74
							14,110,193	3.94
CHEMICALS AND ALLIED PRODUCTS
				Nalco Co
	2,510,000			7.750%, 11/15/11	B1		2,459,800	0.69
		e,g,j		Other			8,680,930	2.42
							11,140,730	3.11
COAL MINING
				Consol Energy, Inc
	3,225,000			7.875%, 03/01/12	Ba1		3,208,875	0.90
				Griffin Coal Mining Co Pty Ltd
	7,676,000	g		9.500%, 12/01/16	Ba3		4,912,640	1.37
				Other			3,495,125	0.98
							11,616,640	3.25
COMMUNICATIONS
				Allbritton Communications Co
	4,402,000			7.750%, 12/15/12	B2		3,763,710	1.05
				CSC Holdings, Inc
	2,536,000			7.625%, 04/01/11	B1		2,434,560	0.68
				Qwest Communications International, Inc
	5,830,000			7.250%, 02/15/11	Ba3		5,523,924	1.55
				Qwest Corp
	3,720,000			8.875%, 03/15/12	Ba1		3,645,600	1.02
				Sprint Capital Corp
	4,213,000			6.875%, 11/15/28	Baa3		2,822,710	0.79
				Sprint Nextel Corp
	4,375,000			6.000%, 12/01/16	Baa3		3,368,750	0.94
				Windstream Corp
	2,650,000			8.125%, 08/01/13	Ba3		2,517,500	0.70
		g		Other			14,764,545	4.13
							38,841,299	10.86
DEPOSITORY INSTITUTIONS							1,278,750	0.36

	Principal		Issuer	Rating†		Value	% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES
			Allied Waste North America, Inc
$	3,200,000		7.875%, 04/15/13	B1	$	3,176,000	0.89	%
			Dynegy Holdings, Inc
	3,006,000		8.750%, 02/15/12	B2		2,840,670	0.79
			Edison Mission Energy
	2,775,000		7.500%, 06/15/13	B1		2,664,000	0.75
			El Paso Performance-Linked Trust
	4,275,000	g	7.750%, 07/15/11	Ba3		4,329,002	1.21
			Intergen NV
	3,750,000	g	9.000%, 06/30/17	Ba3		3,749,999	1.05
			NRG Energy, Inc
	2,500,000		7.250%, 02/01/14	B1		2,318,750	0.65
			NRG Energy, Inc
	2,500,000		7.375%, 02/01/16	B1		2,250,000	0.63
			Sabine Pass LNG LP
	3,725,000	e	7.250%, 11/30/13	B2		2,942,750	0.82
		e,g	Other			17,247,024	4.82
						41,518,195	11.61
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
			L-3 Communications Corp
	3,500,000		7.625%, 06/15/12	Ba3		3,447,500	0.97
		g	Other			2,442,505	0.68
						5,890,005	1.65
ENGINEERING AND MANAGEMENT SERVICES e						560,000	0.16
FABRICATED METAL PRODUCTS						2,627,438	0.73
FOOD AND KINDRED PRODUCTS e						3,088,390	0.86
FOOD STORES
			Stater Brothers Holdings
	4,108,000	e	8.125%, 06/15/12	B2		4,025,840	1.13
			Other			398,310	0.11
						4,424,150	1.24
FURNITURE AND FIXTURES						679,000	0.19
FURNITURE AND HOME FURNISHINGS STORES
			GSC Holdings Corp
	3,400,000		8.000%, 10/01/12	Ba1		3,417,000	0.95
						3,417,000	0.95
HEALTH SERVICES
			FMC Finance III S.A.
	2,490,000		6.875%, 07/15/17	Ba2		2,396,625	0.67
			HCA, Inc
	3,860,000		9.125%, 11/15/14	B2		3,753,850	1.05
		e,h	Other			4,059,000	1.13
						10,209,475	2.85
HOLDING AND OTHER INVESTMENT OFFICES g						1,182,990	0.33

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 129

SUMMARY PORTFOLIO OF INVESTMENTS	continued
HIGH-YIELD FUND II § SEPTEMBER 30, 2008

	Principal		Issuer	Rating†		Value	% of net assets
HOTELS AND OTHER LODGING PLACES
			MGM Mirage
$	3,250,000		6.750%, 09/01/12	Ba2	$	2,543,125	0.71	%
		e,g,i	Other			2,490,750	0.70
						5,033,875	1.41
INDUSTRIAL MACHINERY AND EQUIPMENT
			Scientific Games Corp
	3,625,000		6.250%, 12/15/12	Ba3		3,498,125	0.98
		g	Other			2,296,040	0.64
						5,794,165	1.62
INSTRUMENTS AND RELATED PRODUCTS e						1,837,140	0.51
JUSTICE, PUBLIC ORDER AND SAFETY						467,500	0.13
LEGAL SERVICES
			FTI Consulting, Inc
	2,614,000		7.750%, 10/01/16	Ba2		2,656,478	0.74
			Other			1,528,125	0.43
						4,184,603	1.17
METAL MINING
			Freeport-McMoRan Copper & Gold, Inc
	3,400,000		8.250%, 04/01/15	Ba2		3,340,500	0.93
		g	Other			3,377,225	0.95
						6,717,725	1.88
MISCELLANEOUS MANUFACTURING INDUSTRIES
			WMG Acquisition Corp
	4,170,000		7.375%, 04/15/14	B3		3,096,225	0.86
						3,096,225	0.86
MISCELLANEOUS RETAIL
			Susser Holdings LLC
	3,974,000		10.625%, 12/15/13	B3		3,904,455	1.09
						3,904,455	1.09
NONDEPOSITORY INSTITUTIONS
			Baker & Taylor, Inc
	3,390,000	g	11.500%, 07/01/13	B2		2,644,200	0.74
			Ford Motor Credit Co
	3,466,000		9.875%, 08/10/11	B1		2,391,154	0.67
		e,g	Other			16,388,957	4.58
						21,424,311	5.99
OIL AND GAS EXTRACTION
			Atlas Energy Resources LLC
	2,800,000	g	10.750%, 02/01/18	B3		2,520,000	0.70
			Chesapeake Energy Corp
	4,375,000		6.875%, 11/15/20	Ba3		3,740,625	1.05
			Complete Production Services, Inc
	3,125,000		8.000%, 12/15/16	B2		2,968,750	0.83
			Denbury Resources, Inc
	2,410,000		7.500%, 04/01/13	B1		2,277,450	0.64
	900,000	g	Other			12,863,085	3.59
						24,369,910	6.81
	Principal		Issuer	Rating†		Value	% of net assets
PAPER AND ALLIED PRODUCTS
			Cenveo Corp
$	2,985,000		7.875%, 12/01/13	B3	$	2,298,450	0.64	%
			Graphic Packaging International, Inc
	4,025,000	e	8.500%, 08/15/11	B3		3,823,750	1.07
		g	Other			5,598,970	1.57
						11,721,170	3.28
PERSONAL SERVICES
			Mac-Gray Corp
	2,400,000		7.625%, 08/15/15	B3		2,292,000	0.64
						2,292,000	0.64
PETROLEUM AND COAL PRODUCTS
			Frontier Oil Corp
	2,500,000		8.500%, 09/15/16	Ba3		2,406,250	0.67
		e	Other			3,253,750	0.91
						5,660,000	1.58
PRIMARY METAL INDUSTRIES g, i						6,664,000	1.86
PRINTING AND PUBLISHING e,g						3,138,540	0.88
SECURITY AND COMMODITY BROKERS
			Nuveen Investments, Inc
	4,405,000	g	10.500%, 11/15/15	B3		3,391,850	0.95
						3,391,850	0.95
SOCIAL SERVICES
			Knowledge Learning Corp, Inc
	2,780,000	g	7.750%, 02/01/15	B2		2,460,300	0.69
						2,460,300	0.69
STONE, CLAY, AND GLASS PRODUCTS						835,800	0.23
TRANSPORTATION BY AIR
			Bristow Group, Inc
	3,278,000		7.500%, 09/15/17	Ba2		2,917,420	0.82
						2,917,420	0.82
TRANSPORTATION EQUIPMENT
			Bombardier, Inc
	2,452,000	g	6.750%, 05/01/12	Ba2		2,353,920	0.66
		e,g	Other			5,794,160	1.62
						8,148,080	2.28
WATER TRANSPORTATION
			Gulfmark Offshore, Inc
	4,021,000		7.750%, 07/15/14	B1		3,779,740	1.06
						3,779,740	1.06
WHOLESALE TRADE-DURABLE GOODS
			Ace Hardware Corp
	4,000,000	g	9.125%, 06/01/16	Ba2		3,420,000	0.96
			IKON Office Solutions, Inc
	3,369,000		7.750%, 09/15/15	Ba3		3,520,605	0.98
		g	Other			3,773,550	1.05
						10,714,155	2.99

130 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
HIGH-YIELD FUND II § SEPTEMBER 30, 2008

	Principal			Issuer	Rating†		Value		% of net assets
WHOLESALE TRADE-NONDURABLE GOODS
				Inergy LP
$	2,750,000			8.250%, 03/01/16	B1	$	2,530,000		0.71	%
		e,g		Other			7,018,375		1.96
							9,548,375		2.67
			TOTAL CORPORATE BONDS (Cost $361,355,045)				313,725,244		87.69
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	25,350,000			Federal Home Loan Bank (FHLB), 10/01/08			25,350,000		7.08
							25,350,000		7.08
	Shares			Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	37,588,738			State Street Navigator Securities
				Lending Prime Portfolio			37,588,738		10.51
							37,588,738		10.51
			TOTAL SHORT-TERM INVESTMENTS (Cost $62,938,738)				62,938,738		17.59
			TOTAL PORTFOLIO (Cost $428,283,868)				380,263,502		106.29
			OTHER ASSETS & LIABILITIES, NET				(22,496,019	)	(6.29	)
			NET ASSETS			$	357,767,483		100.00	%

The following abbreviations are used in portfolio descriptions:

LLC - Limited Liability Company

LP - Limited Partnership

†	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, 2008, the value of these securities amounted to $72,685,045 or 20.32% 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, 2008.
j	Zero coupon.
o	Payment in Kind Bond.

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 § 2008 Annual Report 131

SUMMARY PORTFOLIO OF INVESTMENTS

TAX-EXEMPT BOND FUND II § SEPTEMBER 30, 2008

	Principal		Issuer	Rating†	Value		% of net assets
LONG TERM MUNICIPAL BONDS
ALABAMA
			Courtland Industrial Development Board
$	2,420,000		5.000%, 11/01/13	Baa3	$	2,285,811		0.93	%
			Southeast Alabama Gas District
	1,785,000		5.000%, 06/01/18	A3		1,709,762		0.69
			Other			413,274		0.17
						4,408,847		1.79
ALASKA						1,471,462		0.60
ARIZONA						3,069,975		1.25
ARKANSAS
			Arkansas Development Finance Authority
	1,600,000		5.500%, 12/01/18	NR		1,731,952		0.70
			Other			2,815,827		1.15
						4,547,779		1.85
CALIFORNIA
			Los Angeles Unified School District, COP
	1,900,000		5.000%, 10/01/17	Aa3		1,991,124		0.81
			State of California, GO
	2,700,000		5.000%, 03/01/17	A1		2,799,305		1.14
		i	Other			3,976,813		1.62
						8,767,242		3.57
COLORADO						106,302		0.04
CONNECTICUT						1,564,692		0.64
DISTRICT OF COLUMBIA
			District of Columbia, GO
	2,000,000		5.000%, 06/01/16	Aa3		2,093,100		0.85
			Other			752,159		0.31
						2,845,259		1.16
FLORIDA
			First Governmental Financing Commission
	1,600,000		5.500%, 07/01/15	Aa3		1,710,288		0.70
			Florida Department of Transportation
	2,200,000		5.000%, 07/01/18	Aa2		2,289,386		0.93
			Florida State Board of Education
	1,890,000		5.000%, 07/01/14	Aa3		1,954,638		0.80
			Lake County School Board, COP
	2,000,000		5.250%, 06/01/17	Aa3		2,075,959		0.84
			Other			9,464,633		3.85
						17,494,904		7.12
GEORGIA
			City of Atlanta GA
	2,080,000		5.500%, 11/01/14	Baa1		2,208,752		0.90
		n	Other			2,924,608		1.19
						5,133,360		2.09

	Principal		Issuer	Rating†	Value		% of net assets
ILLINOIS
			Chicago Board of Education, GO
$	1,920,000		5.000%, 12/01/17	A1	$	2,000,101		0.81	%
		i	Other			5,933,126		2.42
						7,933,227		3.23
INDIANA
			Avon Community School Building Corp
	2,500,000		5.000%, 07/15/17	Aa3		2,575,049		1.05
			Hammond Multi-School Building Corp
	1,520,000		5.000%, 07/15/17	NR		1,582,381		0.64
			Indiana Bond Bank
	2,120,000		5.250%, 04/01/19	Aa3		2,203,251		0.90
			South Bend Community School Building Corp
	1,615,000		5.000%, 01/15/16	NR		1,677,775		0.68
			Other			9,703,876		3.95
						17,742,332		7.22
KENTUCKY						720,888		0.29
LOUISIANA
			City of New Orleans LA, GO
	1,950,000		5.500%, 12/01/21	Baa3		1,801,196		0.74
			Desoto Parish LA
	3,020,000		5.000%, 10/01/12	Baa3		2,902,552		1.18
			Other			342,882		0.13
						5,046,630		2.05
MASSACHUSETTS						1,803,540		0.73
MICHIGAN
			Detroit City School District
	2,030,000		6.000%, 05/02/21	Aa3		2,170,720		0.88
			L’Anse Creuse Public Schools, GO
	1,550,000		5.000%, 05/01/15	Aaa		1,656,377		0.67
		i	Other			10,852,768		4.42
						14,679,865		5.97
MINNESOTA						1,068,850		0.44
MISSISSIPPI
			Mississippi Development Bank Special Obligation
	2,000,000		5.000%, 07/01/17	Aa3		2,092,100		0.85
			State of Mississippi, GO
	2,175,000		5.000%, 12/01/17	Aa3		2,300,976		0.94
			Other			3,193,873		1.30
						7,586,949		3.09
MISSOURI
			City of Sikeston MO
	2,025,000		5.000%, 06/01/22	A2		1,908,056		0.78
			St Louis Regional Convention & Sports
			Complex Authority
	2,040,000		5.250%, 08/15/14	Aa3		2,185,289		0.89
			Other			2,823,945		1.15
						6,917,290		2.82
NEBRASKA						2,513,219		1.02
NEVADA						493,350		0.20

132 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

TAX-EXEMPT BOND FUND II § SEPTEMBER 30, 2008

	Principal		Issuer	Rating†	Value		% of net assets
NEW JERSEY
			Garden State Preservation Trust
$	1,900,000		6.375%, 11/01/15	Aa3	$	2,151,921		0.87	%
			Other			9,330,150		3.80
						11,482,071		4.67
NEW MEXICO
			New Mexico Finance Authority
	1,495,000		5.000%, 12/15/14	Aa2		1,603,433		0.65
			Other			217,019		0.09
						1,820,452		0.74
NEW YORK
			Long Island Power Authority
	1,775,000		5.250%, 12/01/14	A3		1,882,068		0.77
			Other			8,063,317		3.28
						9,945,385		4.05
NORTH CAROLINA						1,090,339		0.44
OHIO
			Cincinnati City School District, GO
	1,820,000		5.000%, 12/01/16	Aa3		1,917,042		0.78
			State of Ohio
	4,000,000		4.950%, 09/01/20	NR		3,576,241		1.46
			Other			4,225,631		1.72
						9,718,914		3.96
OKLAHOMA						140,043		0.06
PENNSYLVANIA
			Carbon County Hospital Authority
	1,580,000		5.400%, 11/15/14	Aa3		1,646,644		0.67
			Carbon County Industrial Development
			Authority, AMT
	2,060,000		6.650%, 05/01/10	NR		2,088,758		0.85
			Delaware Valley Regional Financial Authority
	2,075,000		5.500%, 07/01/12	Aa2		2,201,368		0.89
			Philadelphia School District, GO
	2,000,000		5.000%, 06/01/24	Aaa		1,930,360		0.79
			Pittsburgh Urban Redevelopment Authority, ETM
	1,600,000		6.000%, 09/01/16	Aaa		1,782,175		0.73
			Other			8,043,823		3.27
						17,693,128		7.20
PUERTO RICO
			Commonwealth of Puerto Rico, GO
	2,015,000		5.500%, 07/01/15	Baa3		2,051,128		0.83
			Puerto Rico Highway & Transportation Authority
	2,300,000		5.000%, 07/01/14	Baa3		2,300,965		0.94
			Puerto Rico Highway & Transportation Authority
	2,000,000		5.250%, 07/01/22	Aaa		1,953,920		0.79
			Puerto Rico Public Buildings Authority
	2,670,000	i	5.000%, 07/01/12	Baa3		2,675,207		1.09
			Puerto Rico Public Finance Corp
	3,405,000	i	5.750%, 02/01/12	Ba1		3,441,604		1.40
		i	Other			5,543,453		2.26
						17,966,277		7.31

	Principal			Issuer	Rating†	Value		% of net assets
RHODE ISLAND						$	2,775,317		1.13	%
SOUTH CAROLINA							1,937,104		0.79
SOUTH DAKOTA							1,709,565		0.70
TENNESSEE
				Tennessee Energy Acquisition Corp
$	4,500,000			5.000%, 09/01/16	Aa3		3,911,670		1.59
				Other			1,509,000		0.62
							5,420,670		2.21
TEXAS
				Alliance Airport Authority, AMT
	2,600,000			4.850%, 04/01/21	Baa2		2,068,092		0.84
				Brazos River Authority
	4,285,000			4.900%, 10/01/15	A2		4,300,084		1.75
				County of Harris TX
	1,500,000			5.000%, 08/15/16	Aa3		1,579,605		0.64
				Harris County Flood Control District, GO
	1,840,000			5.250%, 10/01/18	Aa1		1,966,905		0.80
				Humble Independent School District, GO
	1,895,000			5.000%, 02/15/18	Aaa		1,985,865		0.81
				SA Energy Acquisition Public Facility Corp
	2,000,000			5.500%, 08/01/18	Aa3		1,723,600		0.70
				State of Texas, AMT, GO
	2,760,000			5.000%, 08/01/18	Aa1		2,740,790		1.12
				Texas Municipal Gas Acquisition & Supply Corp I
	2,500,000			5.250%, 12/15/17	A2		2,217,150		0.90
		i		Other			13,991,144		5.70
							32,573,235		13.26
VERMONT
				Vermont Housing Finance Agency, AMT
	1,695,000			5.500%, 11/01/21	Aaa		1,677,406		0.68
							1,677,406		0.68
VIRGIN ISLANDS							824,440		0.34
VIRGINIA							1,229,674		0.50
WASHINGTON
				Port of Seattle WA
	3,275,000			5.500%, 09/01/17	A1		3,533,070		1.44
				Other			1,657,053		0.67
							5,190,123		2.11
WISCONSIN							74,255		0.03
			TOTAL LONG-TERM MUNICIPAL BONDS (Cost $249,591,734)				239,184,360		97.35

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 133

SUMMARY PORTFOLIO OF INVESTMENTS concluded

TAX-EXEMPT BOND FUND II § SEPTEMBER 30, 2008

	Principal		Issuer	Value		% of net assets
SHORT-TERM MUNICIPAL BONDS
ALASKA z				$	200,000		0.08	%
KANAS z					1,825,000		0.74
TEXAS z					210,000		0.09
WYOMING z					920,000		0.37
		TOTAL SHORT-TERM MUNICIPAL BONDS (Cost $3,155,000)			3,155,000		1.28
		TOTAL PORTFOLIO (Cost $252,746,734)			242,339,360		98.63
		OTHER ASSETS AND LIABILITIES, NET			3,364,066		1.37
		NET ASSETS		$	245,703,426		100.00	%

The following abbreviations are used in portfolio descriptions:

AMT - Alternative Minimum Tax
COP - Certificate of Participation
ETM - Escrowed to Maturity
GO - General Obligation
NR - Not Rated

i	Floating rate or variable rate securities reflects the rate in effect as of September 30, 2008.
n	Defaulted security.
z	Variable rate demand note (VRDN).

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.

134 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

INFLATION-LINKED BOND FUND § SEPTEMBER 30, 2008

	Principal			Issuer	Value		% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
		k		United States Treasury Inflation Indexed Notes
$	14,241,617			4.250%, 01/15/10	$	14,657,743		2.22	%
	43,138,672			0.875%, 04/15/10		42,377,016		6.41
	18,524,522			3.500%, 01/15/11		19,264,059		2.92
	28,043,733			2.375%, 04/15/11		28,363,600		4.29
	10,212,009			3.375%, 01/15/12		10,710,642		1.62
	21,432,145			2.000%, 04/15/12		21,484,053		3.25
	36,615,593			3.000%, 07/15/12		38,111,670		5.77
	11,705,625			0.625%, 04/15/13		11,047,183		1.67
	32,767,671			1.875%, 07/15/13		32,670,385		4.95
	34,023,010			2.000%, 01/15/14		33,953,910		5.14
	30,498,322			2.000%, 07/15/14		30,422,076		4.60
	30,781,053			1.625%, 01/15/15		29,970,650		4.54
	28,379,817			1.875%, 07/15/15		27,938,596		4.23
	26,100,353			2.000%, 01/15/16		25,784,304		3.90
	29,179,755			2.500%, 07/15/16		29,865,946		4.52
	23,082,908			2.375%, 01/15/17		23,277,682		3.52
	20,877,732			2.625%, 07/15/17		21,500,808		3.25
	20,680,666			1.625%, 01/15/18		19,588,479		2.96
	10,606,648			1.375%, 07/15/18		9,797,064		1.48
		k		United States Treasury Inflation Indexed Bonds
	42,328,964			2.375%, 01/15/25		41,012,788		6.21
	27,064,365			2.000%, 01/15/26		24,711,038		3.74
	21,512,189			2.375%, 01/15/27		20,804,632		3.15
	20,680,666			1.750%, 01/15/28		18,042,268		2.73
	27,480,547			3.625%, 04/15/28		31,615,518		4.79
	31,873,085			3.875%, 04/15/29		38,115,715		5.77
	8,388,165			3.375%, 04/15/32		9,616,243		1.46
				TOTAL U.S. TREASURY SECURITIES		654,704,068		99.09
			TOTAL GOVERNMENT BONDS (Cost $672,299,045)			654,704,068		99.09
			TOTAL PORTFOLIO (Cost $672,299,045)			654,704,068		99.09
			OTHER ASSETS & LIABILITIES, NET			5,990,397		0.91
			NET ASSETS		$	660,694,465		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 § 2008 Annual Report 135

SUMMARY PORTFOLIO OF INVESTMENTS

MONEY MARKET FUND § SEPTEMBER 30, 2008

Principal		Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
BANK ACCEPTANCES
		Bank of America NA
$	31,282,000	0.000%, 10/27/08–02/19/09	$	31,134,027		2.10	%
		JPMorgan Chase Bank NA
	23,036,000	0.000%, 10/06/08–12/22/08		22,961,912		1.55
		Other		4,494,200		0.30
				58,590,139		3.95
BANK NOTES
		Wells Fargo Bank NA
	10,000,000	2.500%, 10/29/08		10,000,000		0.67
				10,000,000		0.67
CERTIFICATES OF DEPOSIT
		Bank of Nova Scotia
	10,000,000	2.670%, 11/18/08		10,000,000		0.67
		Toronto Dominion Bank
	10,000,000	2.78%, 12/16/08		10,000,000		0.67
	23,545,000	2.600%–2.920%, 10/09/08–01/13/09		23,544,900		1.59
		US Bank NA
	10,000,000	2.930%, 02/10/09		10,000,000		0.67
		Other		38,279,898		2.59
				91,824,798		6.19
COMMERCIAL PAPER
		Abbey National LLC
	10,000,000	10/31/08		9,976,583		0.67
		American Honda Finance Corp
	17,825,000	11/13/08–12/10/08		17,764,718		1.20
		Bank of Nova Scotia
	10,000,000	10/3/08		9,998,477		0.67
		Ciesco LLC
	12,974,000	11/3/08		12,940,938		0.87
	14,351,000	11/4/08		14,313,321		0.97
		Citigroup Funding, Inc
	10,000,000	10/9/08		9,993,888		0.67
	10,000,000	10/20/08		9,986,014		0.67
	28,710,000	10/6/08–1/6/09		28,625,769		1.93
		Danske Corp
	25,040,000	10/6/08–1/26/09		24,946,057		1.68
		Dexia Delaware LLC
	24,360,000	12/1/08		24,246,489		1.63
		Edison Asset Securitization LLC
	10,710,000	10/27/08		10,689,735		0.72
		General Electric Capital Corp
	13,595,000	10/21/08		13,575,657		0.92
	15,325,000	10/27/08–3/11/09		15,266,453		1.03
		General Electric Co
	14,220,000	10/1/08		14,220,000		0.96

Principal		Issuer	Value		% of net assets
COMMERCIAL PAPER—continued
		Govco LLC
$	10,000,000	12/17/08	$	9,934,764		0.67	%
	15,000,000	12/23/08		14,883,338		1.00
	29,825,000	10/7/08–12/15/08		29,685,911		2.00
		HSBC Finance Corp
	10,000,000	10/8/08		9,994,846		0.67
	31,800,000	10/10/08–12/8/08		31,700,871		2.14
		IBM Capital, Inc
	10,000,000	10/16/08		9,989,375		0.67
		ING US Funding LLC
	10,000,000	10/9/08		9,994,022		0.67
	10,000,000	10/15/08		9,989,578		0.67
	10,000,000	12/9/08		9,946,525		0.67
		Kitty Hawk Funding Corp
	10,000,000	10/10/08		9,992,375		0.67
	22,754,000	10/2/08–1/13/09		22,702,684		1.53
		Nestle Capital Corp
	15,070,000	10/6/08–3/16/09		14,943,304		1.01
		Old Line Funding LLC
	13,572,000	11/5/08		13,536,155		0.91
	18,048,000	11/12/08–1/8/08		17,949,140		1.21
		Pfizer, Inc
	15,000,000	1/5/09		14,910,400		1.00
		Private Export Funding Corp
	10,000,000	10/7/08		9,996,266		0.67
	27,000,000	11/12/08–1/15/09		26,855,742		1.81
		Procter & Gamble International
	15,000,000	10/7/08		14,994,375		1.01
	17,480,000	11/6/09–3/03/09		17,399,764		1.17
		Rabobank USA Financial Corp
	10,000,000	10/24/08		9,984,539		0.67
		Ranger Funding Co LLC
	10,000,000	10/16/08		9,988,626		0.67
	24,835,000	10/2/08–1/16/09		24,710,587		1.67
		Royal Bank of Scotland
	10,000,000	11/12/08		9,967,800		0.67
	10,000,000	12/12/08		9,943,200		0.67
		Toyota Motor Credit Corp
	10,000,000	10/29/08		9,980,477		0.67
	29,000,000	10/22/08–12/18/08		28,889,279		1.95
		Unilever Capital Corp
	19,250,000	10/01/08–12/1/08		19,213,952		1.30
		Wells Fargo & Co
	10,000,000	10/7/08		9,995,934		0.67
	10,000,000	11/26/08		9,960,333		0.67
		Yorktown Capital LLC
	14,000,000	10/23/08		13,976,497		0.94
	18,710,000	10/08/08–12/03/08		18,668,341		1.26
		Other		155,241,311		10.46
				846,464,410		57.01

136 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
MONEY MARKET FUND § SEPTEMBER 30, 2008

Principal			Issuer	Value		% of net assets
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
			Federal Home Loan Bank (FHLB)
$	37,510,000		10/8/08	$	37,493,078		2.53	%
	27,100,000		10/15/08		27,075,054		1.82
	16,700,000		10/1/08		16,700,000		1.13
	9,860,000		10/28/08		9,841,253		0.66
	10,000,000		12/5/08		9,953,688		0.67
	10,000,000		2/3/09		9,902,778		0.67
	18,540,000		10/23/08		18,512,808		1.25
	19,000,000		12/4/08		18,898,773		1.27
	86,650,000		10/10/08–04/23/09		86,451,736		5.82
			Federal Home Loan Mortgage Corp (FHLMC)
	48,008,000		10/20/08–2/20/09		47,816,492		3.22
			Federal National Mortgage Association (FNMA)
	15,140,000		10/22/08		15,118,450		1.02
	10,000,000		11/7/08		9,975,539		0.67
	24,715,000		11/10/08		24,651,015		1.66
	20,000,000		11/26/08		19,920,666		1.34
	49,528,000		10/08/08–12/22/08		49,367,595		3.32
					401,678,925		27.05
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES
			Federal Farm Credit Bank (FFCB)
	10,000,000	i	2.090%, 03/12/09		10,000,000		0.67
			Federal Home Loan Bank (FHLB)
	18,500,000	i	2.817%, 09/10/09		18,500,000		1.25
		i	Other		5,000,000		0.34
					33,500,000		2.26

Principal				Issuer	Value			% of net assets
VARIABLE NOTES
				American Express Centurion Bank
$	10,000,000	i		2.738%, 10/14/08	$	10,000,000			0.67	%
				PACCAR Financial Corp
	10,000,000	i		2.835%, 04/27/09		9,998,913			0.67
		i		Other		24,000,000			1.62
						43,998,913			2.96
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $1,486,057,185)		1,486,057,185			100.09
			TOTAL PORTFOLIO
				(Cost $1,486,057,185)		1,486,057,185			100.09
			OTHER ASSETS & LIABILITIES, NET			(1,325,344	)		(0.09	)
			NET ASSETS		$	1,484,731,841			100.00	%
The following abbreviation is used in portfolio descriptions:

LLC - Limited Liability Company

i Floating rate or variable rate securities reflects the rate at September 30, 2008.

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 § 2008 Annual Report 137

STATEMENTS OF ASSETS AND LIABILITIES

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § SEPTEMBER 30, 2008

	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
ASSETS
Portfolio investments, at cost	$	368,483,012		$	1,103,086,623		$	3,042,160,651		$	627,150,449		$	1,263,441,012		$	653,186,279		$	1,312,986,309		$	726,729,396		$	449,628,448		$	585,710,562		$	1,223,958,048		$	1,316,784,817
Net unrealized appreciation (depreciation) of portfolio investments		(37,014,406	)		(38,793,703	)		(563,303,451	)		(56,087,261	)		(166,721,143	)		(66,059,445	)		(133,963,916	)		(53,954,274	)		(29,261,079	)		(81,289,236	)		79,781,916			(76,881,390	)
Portfolio investments, at value*		331,468,606			1,064,292,920			2,478,857,200			571,063,188			1,096,719,869			587,126,834			1,179,022,393			672,775,122			420,367,369			504,421,326			1,303,739,964			1,239,903,427
Cash		—			2,062			8,605			2,729,888			—			328,317			—			5,405			346,816			1,472,859			3,124,802			1,573,288
Cash—foreign**		82,223			92,018			629,693			56,532			46,687			1			—			—			—			—			—			—
Receivable from securities transactions		7,188,151			17,485,992			61,128,850			13,035,481			19,245,608			5,385,307			5,716,038			5,361,118			—			7,625			7,883			8,779
Receivable from Fund shares sold		1,769			9,466,950			5,522,716			3,068,748			3,460,837			1,111,803			5,854,472			2,506,116			434,561			1,829,477			1,044,653			1,912,927
Dividends and investment receivable		246,153			1,374,905			5,264,537			447,724			1,598,163			233,349			1,394,847			780,458			369,175			852,432			1,607,607			1,633,912
Due from investment advisor		—			—			—			—			—			—			—			—			—			—			—			—
Tax reclaim receivable		12,062			35,273			2,110,401			33,248			4,932			5,769			2,299			—			—			—			—			—
Receivable for variation margin on open futures contracts		—			—			—			—			—			—			—			212,250			23,258			49,853			121,398			25,839
Total assets		338,998,964			1,092,750,120			2,553,522,002			590,434,809			1,121,076,096			594,191,380			1,191,990,049			681,640,469			421,541,179			508,633,572			1,309,646,307			1,245,058,172
LIABILITIES
Management fees payable		19,589			370,368			884,650			201,344			375,977			197,722			383,688			215,801			12,517			14,779			36,595			36,916
Service agreement fees payable		—			53,792			253,254			10,078			106,102			77,294			146,411			61,395			21,425			24,273			2,942			47,689
Accrued liabilities		106,726			320,119			234,670			359,836			128,691			298,103			108,563			98,950			120,268			125,248			178,257			68,558
Due to bank		3,225,815			—			—			—			10,137,171			—			173,948			—			—			—			—			—
Payable for collateral for securities on loan — Note 1		52,809,272			84,652,629			348,108,847			54,720,145			121,271,866			123,446,519			217,823,796			148,693,566			58,809,555			71,884,796			262,014,961			167,708,591
Payable for securities transactions		5,947,763			21,402,393			119,442,081			18,325,800			12,781,113			4,190,130			9,707,201			5,381,711			—			1,113,116			26,824			1,944,581
Payable for Fund shares redeemed		1,752			535,251			881,570			13,847,206			21,830			755,026			477,667			147,354			79,663			98,615			1,171,476			7,399
Payable for foreign tax withholding		6,610			3,734			421,687			12,083			85			—			7,954			—			—			158			215			—
Total liabilities		62,117,527			107,338,286			470,226,759			87,476,492			144,822,835			128,964,794			228,829,228			154,598,777			59,043,428			73,260,985			263,431,270			169,813,734
NET ASSETS	$	276,881,437		$	985,411,834		$	2,083,295,243		$	502,958,317		$	976,253,261		$	465,226,586		$	963,160,821		$	527,041,692		$	362,497,751		$	435,372,587		$	1,046,215,037		$	1,075,244,438
NET ASSETS CONSIST OF:
Paid-in-capital	$	345,522,384		$	1,037,385,537		$	2,866,545,236		$	770,219,671		$	1,259,221,483		$	556,290,669		$	1,108,491,803		$	616,456,567		$	407,624,848		$	513,265,788		$	978,564,457		$	1,163,840,270
Undistributed (distributions in excess of) net investment income		1,849,764			192,013			50,537,038			(59,615	)		15,773,089			(109,667	)		7,877,643			1,829,421			3,387,827			9,036,034			13,058,709			17,714,495
Accumulated net realized gain (loss) on total investments		(33,474,933	)		(13,372,938	)		(270,392,825	)		(211,117,632	)		(132,019,981	)		(24,894,385	)		(19,245,349	)		(37,026,040	)		(19,246,023	)		(5,638,753	)		(25,151,064	)		(29,454,772	)
Net unrealized appreciation (depreciation) on total investments		(37,015,778	)		(38,792,778	)		(563,394,206	)		(56,084,107	)		(166,721,330	)		(66,060,031	)		(133,963,276	)		(54,218,256	)		(29,268,901	)		(81,290,482	)		79,742,935			(76,855,555	)
NET ASSETS	$	276,881,437		$	985,411,834		$	2,083,295,243		$	502,958,317		$	976,253,261		$	465,226,586		$	963,160,821		$	527,041,692		$	362,497,751		$	435,372,587		$	1,046,215,037		$	1,075,244,438
INSTITUTIONAL CLASS:
Net assets	$	276,881,437		$	218,710,162		$	606,528,242		$	127,254,513		$	401,478,388		$	53,843,395		$	127,217,524		$	190,667,027		$	263,713,583		$	319,532,785		$	697,104,327		$	851,271,873
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		40,641,334			26,792,832			69,869,148			14,205,800			34,717,419			3,766,321			8,609,846			15,738,097			24,591,988			26,249,467			80,128,687			63,815,913
Net asset value per share	$	6.81		$	8.16		$	8.68		$	8.96		$	11.56		$	14.30		$	14.78		$	12.11		$	10.72		$	12.17		$	8.70		$	13.34
RETIREMENT CLASS:
Net assets		—		$	259,941,860		$	1,159,940,373		$	31,405,566		$	500,287,992		$	348,993,247		$	683,125,461		$	285,643,497		$	98,784,168		$	115,839,802		$	13,486,908		$	223,972,565
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—			31,505,909			130,271,645			3,526,734			43,446,638			24,715,342			46,496,865			23,900,381			9,163,629			9,415,457			1,530,823			16,877,805
Net asset value per share		—		$	8.25		$	8.90		$	8.90		$	11.51		$	14.12		$	14.69		$	11.95		$	10.78		$	12.30		$	8.81		$	13.27
RETAIL CLASS:
Net assets		—		$	506,759,812		$	316,826,628		$	344,298,238		$	74,486,881		$	62,389,944		$	152,817,836		$	50,731,168		$	—		$	—		$	335,623,802		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—			51,550,686			50,920,438			38,542,918			6,613,409			4,409,466			10,499,336			4,258,947			—			—			38,008,140			—
Net asset value per share		—		$	9.83		$	6.22		$	8.93		$	11.26		$	14.15		$	14.56		$	11.91			—			—		$	8.83			—
*    Includes securities loaned of:	$	54,123,200		$	85,920,608		$	332,919,811		$	56,958,906		$	128,160,888		$	124,572,510		$	221,942,816		$	149,696,251		$	59,261,948		$	74,583,197		$	265,161,243		$	171,533,687
**   Cost:	$	84,653		$	93,301		$	639,692		$	56,710		$	46,875		$	1		$	—		$	—		$	—		$	—		$	—		$	—

138 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 139

STATEMENTS OF ASSETS AND LIABILITIES	continued
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § SEPTEMBER 30, 2008

	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			Enhanced International Equity Index Fund			Enhanced Large-Cap Growth Index Fund			Enhanced Large-Cap Value Index Fund			Social Choice Equity Fund			Real Estate Securities Fund
ASSETS
Portfolio investments, at cost	$	103,185,954		$	302,434,226		$	254,572,694		$	186,857,019		$	255,377,705		$	299,938,161		$	1,139,111,757		$	210,111,533		$	182,873,692		$	173,212,054		$	663,076,602		$	586,444,996
Net unrealized appreciation (depreciation) of portfolio investments		(7,534,203	)		(35,313,640	)		(22,327,323	)		(5,979,449	)		(23,343,635	)		(27,541,753	)		(131,461,427	)		(45,093,490	)		(21,044,231	)		(15,276,137	)		(47,678,637	)		(42,632,137	)
Portfolio investments, at value*		95,651,751			267,120,586			232,245,371			180,877,570			232,034,070			272,396,408			1,007,650,330			165,018,043			161,829,461			157,935,917			615,397,965			543,812,859
Cash		179,847			1,548,943			1,093,256			968,242			1,918,774			3,159,629			2,615,464			—			595,814			629,354			9,128			6,959
Cash—foreign **		—			—			—			—			—			—			1,003,670			396,263			110			—			—			1
Receivable from securities transactions		12,333			11,785			30,072			11,823			108,404			45,593			33,412			3,566,974			—			513,943			35,944			16,979,002
Receivable from Fund shares sold		1,356,464			1,450,564			1,025,780			757,567			796,200			1,558,821			2,278,300			628,295			1,908,531			2,503,074			1,596,582			1,098,068
Dividends and investment receivable		65,195			488,987			294,132			116,990			417,298			346,464			3,337,215			649,586			155,253			308,348			712,580			1,810,608
Due from investment advisor		—			—			—			—			—			39,763			—			—			—			—			—			—
Tax reclaim receivable		—			—			—			—			—			—			256,260			69,649			—			—			—			1,206
Receivable for variation margin on open futures contracts		6,400			48,000			35,710			31,808			79,536			128,226			—			—			—			—			—			—
Total assets		97,271,990			270,668,865			234,724,321			182,764,000			235,354,282			277,674,904			1,017,174,651			170,328,810			164,489,169			161,890,636			617,752,199			563,708,703
LIABILITIES
Management fees payable		2,580			7,129			6,270			4,829			6,096			7,391			28,645			63,678			47,850			45,425			77,784			220,345
Service agreement fees payable		6,073			17,098			19,526			12,059			16,033			14,541			88,721			—			—			—			62,040			35,316
Accrued liabilities		108,143			114,925			113,800			102,517			110,754			62,310			62,029			130,641			121,726			123,494			128,939			161,054
Due to bank		—			—			—			—			—			—			—			313,481			—			—			—			—
Payable for collateral for securities on loan — Note 1		22,030,041			61,712,699			53,598,430			41,435,931			52,780,493			59,212,829			185,835,083			—			—			—			—			15,796,807
Payable for securities transactions		394,451			30,840			369,902			787,862			843,470			1,693,329			4,342,456			3,373,014			2,135,638			3,281,359			6,543,051			14,220,445
Payable for Fund shares redeemed		24,732			22,998			29,419			2,563			6,756			92,215			342,651			—			—			—			23,739			253,185
Payable for foreign tax withholding		—			263			120			—			124			75			141,484			30,249			—			50			86			—
Total liabilities		22,566,020			61,905,952			54,137,467			42,345,761			53,763,726			61,082,690			190,841,069			3,911,063			2,305,214			3,450,328			6,835,639			30,687,152
NET ASSETS	$	74,705,970		$	208,762,913		$	180,586,854		$	140,418,239		$	181,590,556		$	216,592,214		$	826,333,582		$	166,417,747		$	162,183,955		$	158,440,308		$	610,916,560		$	533,021,551
NET ASSETS CONSIST OF:
Paid-in-capital	$	83,517,559		$	244,461,454		$	197,426,648		$	143,336,433		$	200,228,380		$	233,178,646		$	946,790,794		$	217,956,844		$	189,822,008		$	177,600,571		$	666,024,222		$	627,129,380
Undistributed (distributions in excess of) net investment income		556,371			3,447,640			1,974,375			827,880			2,499,118			2,399,794			24,745,270			2,814,505			621,862			1,606,739			7,383,810			(5,235,730	)
Accumulated net realized gain (loss) on total investments		(1,829,448	)		(3,792,575	)		3,500,165			2,224,670			2,251,943			8,626,348			(13,635,191	)		(9,237,710	)		(7,215,684	)		(5,490,865	)		(14,812,836	)		(46,239,815	)
Net unrealized appreciation (depreciation) on total investments		(7,538,512	)		(35,353,606	)		(22,314,334	)		(5,970,744	)		(23,388,885	)		(27,612,574	)		(131,567,291	)		(45,115,892	)		(21,044,231	)		(15,276,137	)		(47,678,636	)		(42,632,284	)
NET ASSETS	$	74,705,970		$	208,762,913		$	180,586,854		$	140,418,239		$	181,590,556		$	216,592,214		$	826,333,582		$	166,417,747		$	162,183,955		$	158,440,308		$	610,916,560		$	533,021,551
INSTITUTIONAL CLASS:
Net assets	$	47,090,516		$	128,777,494		$	89,638,034		$	83,331,399		$	103,900,026		$	147,458,208		$	411,451,143		$	166,417,747		$	162,183,955		$	158,440,308		$	165,991,102		$	242,866,999
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,098,333			10,173,770			6,319,063			6,763,328			9,371,488			11,424,144			25,579,012			24,292,703			20,301,423			19,721,619			17,077,923			23,116,658
Net asset value per share	$	11.49		$	12.66		$	14.19		$	12.32		$	11.09		$	12.91		$	16.09		$	6.85		$	7.99		$	8.03		$	9.72		$	10.51
RETIREMENT CLASS:
Net assets	$	27,615,454		$	79,985,419		$	90,948,820		$	57,086,840		$	77,690,530		$	69,134,006		$	414,882,439		$	—		$	—		$	—		$	294,802,837		$	172,078,287
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,418,890			6,237,857			6,370,700			4,325,463			6,906,914			5,346,769			25,416,789			—			—			—			30,040,420			15,914,299
Net asset value per share	$	11.42		$	12.82		$	14.28		$	13.20		$	11.25		$	12.93		$	16.32			—			—			—		$	9.81		$	10.81
RETAIL CLASS:
Net assets		—			—			—			—			—			—			—			—			—			—		$	150,122,621		$	118,076,265
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—			—			—			—			—			—			—			—			—			—			16,703,021			11,286,123
Net asset value per share		—			—			—			—			—			—			—			—			—			—		$	8.99		$	10.46
*     Includes securities loaned of:	$	22,215,103		$	63,249,233		$	54,704,264		$	41,180,199		$	52,822,525		$	58,982,139		$	173,784,643		$	—		$	—		$	—		$	—		$	16,373,680
**   Cost:	$	—		$	—		$	—		$	—		$	—		$	—		$	1,033,886		$	396,775		$	110		$	—		$	—		$	1

140 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 141

STATEMENTS OF ASSETS AND LIABILITIES	concluded
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § SEPTEMBER 30, 2008

	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			Money Market Fund
ASSETS
Portfolio investments, at cost	$	—		$	2,081,325,288		$	526,741,773		$	276,555,303		$	428,283,868		$	252,746,734		$	672,299,045		$	1,486,057,185
Affiliated investments, at cost		572,629,751						4,444,394
Net unrealized appreciation (depreciation) of portfolio investments		(66,545,465	)		(56,477,564	)		(28,211,909	)		(7,446,062	)		(48,020,366	)		(10,407,374	)		(17,594,977	)		—
Portfolio investments, at value*		506,084,286			2,024,847,724			502,974,258			269,109,241			380,263,502			242,339,360			654,704,068			1,486,057,185
Cash		—			36,315,472			16,583,495			—			11,773			22,824			2,339,768			229,212
Receivable from securities transactions		2,796,858			14,928,259			3,492,277			205,130			12,002,089			476,132			—			—
Receivable from Fund shares sold		31,528			1,652,034			98,297			530,383			508,012			14,666			1,496,801			5,522,059
Dividends and investment receivable		874,590			15,409,234			4,690,336			2,403,012			8,201,299			3,691,978			4,181,258			874,993
Due from investment advisor		146,897			—			9,583			2,093			—			2,521			—			—
Tax reclaim receivable		—			—			—			—			—			—			—			—
Receivable for variation margin on open futures contracts		—			—			—			—			—			—			—			—
Total assets		509,934,159			2,093,152,723			527,848,246			272,249,859			400,986,675			246,547,481			662,721,895			1,492,683,449
LIABILITIES
Management fees payable		—			478,913			125,273			54,341			104,994			62,902			165,762			121,787
Service agreement fees payable		2,922			5,808			2,071			3,891			6,072			—			17,970			18,645
Accrued liabilities		215,063			109,120			224,808			110,526			125,676			94,462			98,572			192,460
Due to bank		1,342,129			—			—			1,745			—			—			—			—
Payable for collateral for securities on loan — Note 1		—			41,627,846			14,024,086			10,173,168			37,588,738			—			—			—
Payable for securities transactions		3,248,448			104,630,860			14,381,313			—			4,352,867			—			—			—
Payable for Fund shares redeemed		275,492			12,657,222			2,865,659			1,980,801			532,429			537,198			1,745,126			7,580,983
Income distribution payable		—			393,036			94,167			152,922			508,416			149,493			—			37,733
Payable for foreign tax withholding		—			—			—			—			—			—			—			—
Total liabilities		5,084,054			159,902,805			31,717,377			12,477,394			43,219,192			844,055			2,027,430			7,951,608
NET ASSETS	$	504,850,105		$	1,933,249,918		$	496,130,869		$	259,772,465		$	357,767,483		$	245,703,426		$	660,694,465		$	1,484,731,841
NET ASSETS CONSIST OF:
Paid-in-capital	$	577,035,157		$	2,016,188,551		$	540,364,980		$	272,319,051		$	424,445,892		$	255,980,664		$	683,583,307		$	1,484,746,219
Undistributed (distributions in excess of) net investment income		0			6,416			38,010			(8,079	)		(298,190	)		45,740			28,538			(9,047	)
Accumulated net realized gain (loss) on total investments		(5,639,587	)		(26,467,485	)		(16,060,212	)		(5,092,445	)		(18,359,853	)		84,396			(5,322,403	)		(5,331	)
Net unrealized appreciation (depreciation) on total investments		(66,545,465	)		(56,477,564	)		(28,211,909	)		(7,446,062	)		(48,020,366	)		(10,407,374	)		(17,594,977	)		—
NET ASSETS	$	504,850,105		$	1,933,249,918		$	496,130,869		$	259,772,465		$	357,767,483		$	245,703,426		$	660,694,465		$	1,484,731,841
INSTITUTIONAL CLASS:
Net assets	$	1,832,251		$	1,883,323,157		$	245,034,713		$	135,936,429		$	228,047,533		$	66,143,961		$	440,992,629		$	293,536,785
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		206,817			194,658,737			26,110,401			13,906,057			27,125,701			6,829,495			43,776,288			293,537,447
Net asset value per share	$	8.86		$	9.67		$	9.38		$	9.78		$	8.41		$	9.69		$	10.07		$	1.00
RETIREMENT CLASS:
Net assets	$	13,678,045		$	28,760,399		$	9,913,344		$	19,751,884		$	28,694,366		$	—		$	88,126,617		$	97,831,677
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,544,030			2,923,211			1,055,333			2,018,792			3,412,946			—			8,653,820			97,831,252
Net asset value per share	$	8.86		$	9.84		$	9.39		$	9.78		$	8.41			—		$	10.18		$	1.00
RETAIL CLASS:
Net assets	$	489,339,809		$	21,166,362		$	241,182,812		$	104,084,152		$	101,025,584		$	179,559,465		$	131,575,219		$	1,093,363,379
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		55,094,438			2,153,815			25,648,720			10,639,089			11,967,241			18,515,220			13,284,066			1,093,358,995
Net asset value per share	$	8.88		$	9.83		$	9.40		$	9.78		$	8.44		$	9.70		$	9.90		$	1.00
* Includes securities loaned of:	$	—		$	40,439,881		$	13,592,650		$	9,968,052		$	36,484,041		$	—		$	—		$	—

142 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 143

STATEMENTS OF OPERATIONS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE YEAR ENDED SEPTEMBER 30, 2008

	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
INVESTMENT INCOME
Dividends	$	3,982,136		$	17,832,913		$	76,887,601		$	6,546,505		$	26,627,002		$	3,690,534		$	18,280,704		$	5,607,333		$	4,727,663		$	12,674,173		$	23,708,231		$	24,338,517
Foreign taxes withheld		(74,085	)		(78,592	)		(8,152,826	)		(115,755	)		(104,592	)		(11,159	)		(240,808	)		(57	)		—			(1,020	)		(1,611	)		—
Interest		121,221			159,506			890,431			59,340			76,905			67,690			417,746			130,795			79,657			108,601			378,375			360,607
Income from securities lending		135,041			680,128			4,327,807			163,541			891,635			616,940			1,717,712			1,612,442			215,631			332,404			1,279,202			412,235
Total income		4,164,313			18,593,955			73,953,013			6,653,631			27,490,950			4,364,005			20,175,354			7,350,513			5,022,951			13,114,158			25,364,197			25,111,359
EXPENSES
Investment management fees		300,601			4,412,201			12,870,241			2,801,908			4,894,499			2,432,781			4,142,419			2,442,824			151,091			179,519			485,648			460,847
Service agreement fees — Retirement Class		—			617,834			3,528,130			130,183			1,248,387			931,939			1,554,536			668,843			252,843			261,705			30,219			580,921
Distribution fees — Retail Class		—			1,118,316			893,959			791,052			126,947			115,891			260,890			80,352			—			—			767,046			—
Fund administration fees		25,097			24,987			21,947			24,982			25,195			25,121			27,110			22,890			27,109			27,109			22,497			22,705
Custody fees		29,215			50,171			422,083			23,414			54,144			38,220			29,039			26,442			19,395			24,114			87,267			15,428
Audit fees		89,815			95,636			115,000			87,169			70,918			65,239			68,199			64,139			66,346			68,994			102,606			69,923
Legal fees		25,388			25,388			23,548			25,388			25,388			25,387			25,388			25,388			25,388			25,388			25,388			25,388
Report printing and mailing expenses		9,501			175,825			113,054			201,372			31,037			29,698			41,354			28,048			10,155			10,252			81,808			10,159
Transfer agency fees and expenses — Institutional Class		346			1,033			3,031			7			915			398			1,016			4,718			1,713			2,990			2,828			2,186
Transfer agency fees and expenses — Retirement Class		—			1,016			3,857			5,876			25,337			178			369			1,026			637			390			325			245
Transfer agency fees and expenses — Retail Class		—			1,062,484			676,470			1,219,746			140,450			141,370			199,797			108,002			—			—			460,618			—
Trustee fees and expenses		5,870			5,880			5,822			5,880			5,880			5,880			5,880			5,880			5,453			5,880			5,880			5,880
Compliance fees		5,218			4,742			4,521			4,747			4,519			4,744			4,788			4,694			4,787			4,787			6,005			6,031
Interest expense		44,628			14,547			619,395			55,309			87,777			48,306			64,326			12,684			3,322			4,660			7,821			5,544
Registration fees		38,078			118,250			199,522			92,249			114,752			102,216			135,010			85,744			63,347			65,482			73,273			76,243
Other expenses		1,023			1,024			1,024			1,024			1,024			1,023			1,024			1,024			1,024			1,024			1,024			1,024
Total expenses before expense reimbursement		574,780			7,729,334			19,501,604			5,470,306			6,857,169			3,968,391			6,561,145			3,582,698			632,610			682,294			2,160,253			1,282,524
Less: Expenses reimbursed by            the investment advisor		—			—			—			(342,555	)		—			(29,491	)		(40,473	)		(849	)		(5,051	)		(1,500	)		—			—
Fee waiver by investment advisor and TPIS		—			(3,195,671	)		(893,959	)		(2,177,336	)		(126,947	)		(115,891	)		(260,890	)		(80,352	)		—			—			(767,046	)		—
Net expenses		574,780			4,533,663			18,607,645			2,950,415			6,730,222			3,823,009			6,259,782			3,501,497			627,559			680,794			1,393,207			1,282,524
Net investment income		3,589,533			14,060,292			55,345,368			3,703,216			20,760,728			540,996			13,915,572			3,849,016			4,395,392			12,433,364			23,970,990			23,828,835
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from:
Portfolio investments		(9,432,260	)		30,049,584			(169,246,597	)		(4,204,140	)		(126,562,872	)		(19,313,709	)		(14,325,241	)		(36,322,286	)		(18,155,390	)		(3,907,961	)		(12,986,178	)		(21,381,590	)
Futures transactions		—			—			—			—			—			—			—			329,886			(291,665	)		(550,585	)		(3,989,005	)		(2,050,162	)
Foreign currency transactions		(29,802	)		29,441			(3,375,901	)		(54,668	)		(91,912	)		(21,088	)		(10,008	)		—			(19	)		—			(22	)		—
Net realized gain (loss) on total investments		(9,462,062	)		30,079,025			(172,622,498	)		(4,258,808	)		(126,654,784	)		(19,334,797	)		(14,335,249	)		(35,992,400	)		(18,447,074	)		(4,458,546	)		(16,975,205	)		(23,431,752	)
Change in unrealized appreciation (depreciation) from:
Portfolio investments		(70,080,460	)		(239,402,931	)		(892,592,684	)		(140,176,671	)		(230,696,469	)		(127,987,344	)		(233,997,826	)		(53,110,289	)		(75,189,975	)		(128,524,539	)		(293,864,801	)		(284,256,073	)
Futures transactions		—			—			—			—			—			—			—			(641,345	)		(8,514	)		(75,268	)		(39,394	)		(414,615	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(3,441	)		(78,965	)		(12,634	)		(3,087	)		(9,701	)		7			(8,584	)		—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments		(70,083,901	)		(239,481,896	)		(892,605,318	)		(140,179,758	)		(230,706,170	)		(127,987,337	)		(234,006,410	)		(53,751,634	)		(75,198,489	)		(128,599,807	)		(293,904,195	)		(284,670,688	)
Net realized and unrealized gain (loss) on total investments		(79,545,963	)		(209,402,871	)		(1,065,227,816	)		(144,438,566	)		(357,360,954	)		(147,322,134	)		(248,341,659	)		(89,744,034	)		(93,645,563	)		(133,058,353	)		(310,879,400	)		(308,102,440	)
Net increase (decrease) in net assets resulting from operations	$	(75,956,430	)	$	(195,342,579	)	$	(1,009,882,448	)	$	(140,735,350	)	$	(336,600,226	)	$	(146,781,138	)	$	(234,426,087	)	$	(85,895,018	)	$	(89,250,171	)	$	(120,624,989	)	$	(286,908,410	)	$	(284,273,605	)

144 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 145

STATEMENTS OF OPERATIONS	continued
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30, 2008

	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			Enhanced International Equity Index Fund		*	Enhanced Large-Cap Growth Index Fund		*	Enhanced Large-Cap Value Index Fund		*	Social Choice Equity Fund			Real Estate Securities Fund
INVESTMENT INCOME
Dividends	$	702,330		$	4,732,056		$	2,897,058		$	819,130		$	3,225,157		$	2,761,708		$	33,363,621		$	3,676,812		$	912,532		$	1,873,171		$	11,491,342		$	16,419,105
Foreign taxes withheld		—			(1,715	)		(735	)		—			(1,360	)		(865	)		(2,744,587	)		(272,098	)		—			(115	)		(686	)		(47,032	)
Interest		16,066			59,812			46,683			38,346			42,663			109,347			97,699			49,626			39,755			38,141			132,200			232,120
Income from securities lending		144,072			410,308			318,532			624,246			625,978			956,593			1,945,081			—			—			—			—			96,452
Total income		862,468			5,200,461			3,261,538			1,481,722			3,892,438			3,826,783			32,661,814			3,454,340			952,287			1,911,197			11,622,856			16,700,645
EXPENSES
Investment management fees		29,922			77,386			75,741			54,290			63,966			89,641			355,933			347,475			256,606			224,876			860,749			2,762,630
Service agreement fees — Retirement Class		66,991			165,016			218,840			111,955			149,520			147,443			965,085			—			—			—			558,403			422,171
Distribution fees — Retail Class		—			—			—			—			—			—			—			—			—			—			307,341			210,267
Fund administration fees		22,705			23,041			23,041			23,041			23,041			23,041			23,001			14,151			14,151			14,151			22,841			23,042
Custody fees		12,208			23,492			31,391			72,883			70,527			65,842			322,446			96,848			36,411			37,010			23,428			29,389
Audit fees		59,707			62,367			62,767			62,890			62,813			64,237			68,355			52,004			52,004			52,004			95,042			73,568
Legal fees		28,796			28,796			28,796			25,388			25,388			25,388			23,548			30,038			29,662			29,703			25,388			25,388
Report printing and mailing expenses		10,009			10,026			10,187			9,978			9,987			10,429			10,600			84			84			84			26,037			42,648
Transfer agency fees and expenses — Institutional Class		499			980			171			14			78			3,506			8,007			564			603			671			1,135			3,899
Transfer agency fees and expenses — Retirement Class		719			327			4			415			259			352			460			—			—			—			515			311
Transfer agency fees and expenses — Retail Class		—			—			—			—			—			—			—			—			—			—			161,475			198,882
Trustee fees and expenses		5,743			5,768			5,861			5,670			5,757			5,880			5,881			4,171			4,171			4,171			5,880			5,880
Compliance fees		4,609			4,718			4,726			4,628			4,718			4,795			5,940			4,960			4,960			4,966			6,053			6,068
Interest expense		5,871			2,674			6,941			2,251			3,129			4,645			13,548			597			18			9			5,577			7,294
Registration fees		58,628			64,631			67,048			62,374			63,288			59,002			93,809			7,254			6,991			7,138			101,246			97,759
Other expenses		1,023			1,023			1,023			1,024			1,024			1,024			945			1,024			1,024			1,023			1,023			1,024
Total expenses before expense reimbursement		307,430			470,245			536,537			436,801			483,495			505,225			1,897,558			559,170			406,685			375,806			2,202,133			3,910,220
Less: Expenses reimbursed by the investment advisor		(166,842	)		(117,097	)		(132,260	)		(195,085	)		(178,626	)		(133,332	)		—			(134,478	)		(113,421	)		(118,806	)		(43,440	)		—
Fee waiver by investment advisor and TPIS		—			—			—			—			—			—			—			—			—			—			(307,341	)		(210,267	)
Net expenses		140,588			353,148			404,277			241,716			304,869			371,893			1,897,558			424,692			293,264			257,000			1,851,352			3,699,953
Net investment income		721,880			4,847,313			2,857,261			1,240,006			3,587,569			3,454,890			30,764,256			3,029,648			659,023			1,654,197			9,771,504			13,000,692
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from:
Portfolio investments		(855,606	)		(2,840,245	)		5,347,965			3,040,775			2,756,413			9,432,850			(9,871,279	)		(9,232,083	)		(7,215,684	)		(5,490,865	)		(14,204,737	)		(38,439,031	)
Futures transactions		(102,534	)		(368,042	)		(212,832	)		57,658			(75,820	)		328,775			(1,635	)		—			(1	)		—			—			—
Foreign currency transactions		(8	)		—			(21	)		—			22			—			(358,030	)		(186,540	)		—			—			(43	)		26,277
Net realized gain (loss) on total investments		(958,148	)		(3,208,287	)		5,135,112			3,098,433			2,680,615			9,761,625			(10,230,944	)		(9,418,623	)		(7,215,685	)		(5,490,865	)		(14,204,780	)		(38,412,754	)
Change in unrealized appreciation (depreciation) from:
Portfolio investments		(21,782,796	)		(46,081,208	)		(56,571,959	)		(29,763,711	)		(26,101,475	)		(46,929,671	)		(331,111,452	)		(45,093,490	)		(21,044,231	)		(15,276,137	)		(117,637,022	)		(60,287,107	)
Futures transactions		(5,652	)		(85,847	)		(33,569	)		5,674			(45,250	)		(70,821	)		—			—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—			—			—			—			—			(3,807	)		(158,721	)		(22,402	)		—			—			—			(57,352	)
Net change in unrealized appreciation (depreciation) on total investments		(21,788,448	)		(46,167,055	)		(56,605,528	)		(29,758,037	)		(26,146,725	)		(47,004,299	)		(331,270,173	)		(45,115,892	)		(21,044,231	)		(15,276,137	)		(117,637,022	)		(60,344,459	)
Net realized and unrealized gain (loss) on total investments		(22,746,596	)		(49,375,342	)		(51,470,416	)		(26,659,604	)		(23,466,110	)		(37,242,674	)		(341,501,117	)		(54,534,515	)		(28,259,916	)		(20,767,002	)		(131,841,802	)		(98,757,213	)
Net increase (decrease) in net assets resulting from operations	$	(22,024,716	)	$	(44,528,029	)	$	(48,613,155	)	$	(25,419,598	)	$	(19,878,541	)	$	(33,787,784	)	$	(310,736,861	)	$	(51,504,867	)	$	(27,600,893	)	$	(19,112,805	)	$	(122,070,298	)	$	(85,756,521	)

*     Commenced operations on November 30, 2007.

146 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 147

STATEMENTS OF OPERATIONS	concluded
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE YEAR ENDED SEPTEMBER 30, 2008

	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			Money Market Fund
INVESTMENT INCOME
Dividends	$	—		$	1,016,628		$	334,901		$	154,507		$	—		$	—		$	—		$	—
Dividends from affiliated investment companies		18,804,591			—			323,291			—			—			—			—			—
Foreign taxes withheld		—			—			—			—			—			—			—			—
Interest		5,443			92,693,504			29,006,617			13,012,586			31,858,558			10,173,987			44,018,964			52,316,198
Income from securities lending		—			95,474			43,178			26,503			352,901			—			—			—
Total income		18,810,034			93,805,606			29,707,987			13,193,596			32,211,459			10,173,987			44,018,964			52,316,198
EXPENSES
Investment management fees		—			5,422,762			1,613,373			690,674			1,334,945			787,771			1,828,887			1,468,938
Service agreement fees — Retirement Class		38,450			46,229			24,064			44,521			56,312			—			138,130			237,089
Distribution fees — Retail Class		1,125,842			27,559			501,465			203,326			230,738			361,787			136,771			2,060,203
Fund administration fees		22,549			23,202			22,550			22,214			22,214			22,214			22,395			22,421
Custody fees		9,089			87,727			74,332			27,598			26,214			28,191			8,968			33,689
Audit fees		93,605			85,526			101,706			97,180			100,197			97,323			67,222			88,231
Legal fees		23,774			23,547			23,547			23,548			23,547			23,548			23,548			25,167
Report printing and mailing expenses		112,708			11,578			71,626			31,312			29,029			25,487			22,212			163,072
Transfer agency fees and expenses — Institutional Class		224			13,944			157			763			817			160			3,325			1,401
Transfer agency fees and expenses — Retirement Class		318			302			330			771			398			—			548			245
Transfer agency fees and expenses — Retail Class		653,697			10,719			426,696			111,280			99,464			86,239			94,335			898,031
Trustee fees and expenses		5,881			5,008			5,881			5,880			5,882			5,880			5,761			5,641
Compliance fees		5,901			4,524			4,522			5,868			4,521			4,544			4,765			4,812
Interest expense		11,503			25,923			9,217			6,569			2,462			3,796			2,488			3,049
Registration fees		68,692			103,118			96,203			104,076			93,443			80,107			77,503			229,370
Other expenses		1,024			1,024			1,024			1,024			1,023			1,024			1,024			1,873
Total expenses before expense reimbursement		2,173,257			5,892,692			2,976,693			1,376,604			2,031,206			1,528,071			2,437,882			5,243,232
Less: Expenses reimbursed by the investment           advisor		(1,009,990	)		—			(334,466	)		(198,774	)		(117,497	)		(162,719	)		—			—
Fee waiver by investment advisor and TPIS		(1,125,842	)		(27,559	)		(501,465	)		(203,326	)		(230,738	)		(361,787	)		(136,771	)		(2,060,203	)
Net expenses		37,425			5,865,133			2,140,762			974,504			1,682,971			1,003,565			2,301,111			3,183,029
Net investment income		18,772,609			87,940,473			27,567,225			12,219,092			30,528,488			9,170,422			41,717,853			49,133,169
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from:
Portfolio investments		—			(6,013,983	)		(9,282,384	)		485,605			(17,660,833	)		710,864			1,687,887			5,526
Sale of investment in affiliated investment companies		(13,456,114	)		—			—			—			—			—			—			—
Distributions from investment in affiliated investment companies		23,159,023			—			5,301			—			—			—			—			—
Net realized gain (loss) on total investments		9,702,909			(6,013,983	)		(9,277,083	)		485,605			(17,660,833	)		710,864			1,687,887			5,526
Change in unrealized appreciation (depreciation) from:
Portfolio investments		—			(49,353,688	)		(23,352,938	)		(7,523,427	)		(44,694,794	)		(11,961,745	)		(14,658,109	)		—
Investment in affiliated investment companies		(133,929,965	)		—			—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on total investments		(133,929,965	)		(49,353,688	)		(23,352,938	)		(7,523,427	)		(44,694,794	)		(11,961,745	)		(14,658,109	)		—
Net realized and unrealized gain (loss) from total investments		(124,227,056	)		(55,367,671	)		(32,630,021	)		(7,037,822	)		(62,355,627	)		(11,250,881	)		(12,970,222	)		5,526
Net increase (decrease) in net assets resulting from operations	$	(105,454,447	)	$	32,572,802		$	(5,062,796	)	$	5,181,270		$	(31,827,139	)	$	(2,080,459	)	$	28,747,631		$	49,138,695

148 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 149

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE YEAR ENDED SEPTEMBER 30

		Growth Equity Fund						Growth & Income Fund						International Equity Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund
		2008			2007			2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
OPERATIONS
Net investment income		$	3,589,533		$	1,927,433		$	14,060,292		$	7,995,966		$	55,345,368		$	25,883,303		$	3,703,216		$	2,369,182		$	20,760,728		$	13,993,771		$	540,996		$	(9,309	)
Net realized gain (loss) on total investments			(9,462,062	)		13,242,950			30,079,025			31,957,259			(172,622,498	)		319,747,104			(4,258,808	)		53,397,379			(126,654,784	)		87,965,734			(19,334,797	)		32,826,240
Net change in unrealized appreciation (depreciation) on total investments			(70,083,901	)		32,773,945			(239,481,896	)		69,908,060			(892,605,318	)		44,547,768			(140,179,758	)		13,003,877			(230,706,170	)		940,114			(127,987,337	)		38,707,295
Net increase (decrease) from operations			(75,956,430	)		47,944,328			(195,342,579	)		109,861,285			(1,009,882,448	)		390,178,175			(140,735,350	)		68,770,438			(336,600,226	)		102,899,619			(146,781,138	)		71,524,226
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(2,399,099	)		(1,078,879	)		(2,695,895	)		(1,794,692	)		(8,763,086	)		(6,946,277	)		(1,090,774	)		(65,305	)		(8,313,447	)		(2,098,005	)		(93,716	)		(106,538	)
	Retirement Class		—			—			(3,892,675	)		(2,122,322	)		(12,014,778	)		(8,247,612	)		(316,307	)		(14,070	)		(6,593,850	)		(4,455,495	)		(93,104	)		(182,540	)
	Retail Class		—			—			(7,787,685	)		(4,056,288	)		(6,864,011	)		(442,273	)		(2,147,791	)		(14,258	)		(1,511,831	)		(3,203,862	)		(40,646	)		(75,535	)
From realized gains:	Institutional Class		(9,674,143	)		—			(2,533,317	)		(4,319,468	)		(99,296,322	)		(63,069,776	)		(7,983,200	)		—			(29,716,623	)		(6,874,372	)		(3,640,606	)		(1,721,507	)
	Retirement Class		—			—			(5,716,772	)		(4,146,073	)		(153,630,138	)		(83,901,098	)		(2,632,386	)		—			(27,560,471	)		(16,285,603	)		(25,975,944	)		(8,214,282	)
	Retail Class		—			—			(12,378,112	)		(138,432	)		(81,820,409	)		(4,021,259	)		(21,372,786	)		—			(6,094,180	)		(10,915,884	)		(6,182,805	)		(3,391,204	)
From return of capital:	Institutional Class		—			—			—			—			—			—			(511,104	)		—			—			—			—			—
	Retirement Class		—			—			—			—			—			—			(168,532	)		—			—			—			—			—
	Retail Class		—			—			—			—			—			—			(1,368,338	)		—			—			—			—			—
Total distributions			(12,073,242	)		(1,078,879	)		(35,004,456	)		(16,577,275	)		(362,388,744	)		(166,628,295	)		(37,591,218	)		(93,633	)		(79,790,402	)		(43,833,221	)		(36,026,821	)		(13,691,606	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		148,027,147			196,387,935			167,911,810			19,048,008			241,791,122			237,978,427			43,186,520			11,212,569			160,217,913			249,763,402			21,671,221			10,882,215
	Retirement Class		—			—			158,855,442			114,798,776			749,486,497			1,490,952,775			67,985,963			27,290,775			193,872,781			220,410,695			203,286,655			156,120,860
	Retail Class		—			—			49,086,212			18,453,362			54,239,442			45,470,070			38,391,607			11,554,351			19,017,167			32,275,381			18,676,727			11,283,542
Mergers (see Note 1):	Institutional Class		—			—			—			203,927			—			147,285,896			—			130,664,798			—			—			—			—
	Retail Class		—			—			—			574,517,021			—			427,035,498			—			401,401,895			—			—			—			—
Reinvestments of distributions:	Institutional Class		11,900,062			1,018,048			4,209,964			5,196,300			101,078,890			50,411,807			9,584,838			65,305			37,034,629			8,046,551			3,551,609			1,724,658
	Retirement Class		—			—			9,605,449			6,262,374			165,617,573			92,041,460			3,117,225			13,919			34,154,321			20,719,839			26,069,048			8,389,115
	Retail Class		—			—			19,451,896			3,978,914			86,189,052			4,034,134			24,361,481			11,499			7,319,948			13,788,115			6,008,782			3,331,489
Exchanges among the funds, net:	Institutional Class		—			—			—			—			—			—			—			—			—			129,263,924			—			—
	Retirement Class		—			—			(65,883	)		69,546			20,674			89,030			65,883			57,617			—			(78,058	)		—			72,193
	Retail Class		—			—			1,577,660			4,355,146			1,264,136			27,423,646			6,542,967			(5,280,508	)		(1,265,254	)		(125,834,065	)		2,728,624			418,756
Redemptions:	Institutional Class		(122,755,155	)		(6,672,601	)		(21,765,200	)		(35,164,125	)		(142,372,050	)		(366,172,930	)		(53,210,513	)		(4,710,568	)		(95,182,227	)		(130,883,155	)		(3,349,829	)		(3,306,935	)
	Retirement Class		—			—			(51,653,232	)		(26,425,634	)		(258,874,488	)		(995,183,453	)		(51,237,337	)		(3,232,321	)		(36,281,461	)		(22,974,270	)		(58,065,036	)		(52,529,686	)
	Retail Class		—			—			(66,689,742	)		(20,387,275	)		(92,486,411	)		(18,864,212	)		(44,841,412	)		(17,194,215	)		(29,048,758	)		(22,399,339	)		(22,442,719	)		(11,594,389	)
Net increase (decrease) from shareholder transactions			37,172,054			190,733,382			270,524,376			664,906,340			905,954,437			1,142,502,148			43,947,222			551,855,116			289,839,059			372,099,020			198,135,082			124,791,818
Net increase (decrease) in net assets			(50,857,618	)		237,598,831			40,177,341			758,190,350			(466,316,755	)		1,366,052,028			(134,379,346	)		620,531,921			(126,551,569	)		431,165,418			15,327,123			182,624,438
NET ASSETS
Beginning of period			327,739,055			90,140,224			945,234,493			187,044,143			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
End of period		$	276,881,437		$	327,739,055		$	985,411,834		$	945,234,493		$	2,083,295,243		$	2,549,611,998		$	502,958,317		$	637,337,663		$	976,253,261		$	1,102,804,830		$	465,226,586		$	449,899,463
Undistributed net investment income included in net assets		$	1,849,764		$	1,721,347		$	192,013		$	170,672		$	50,537,038		$	23,191,722		$	(59,615	)	$	2,488,843		$	15,773,089		$	11,286,757		$	(109,667	)	$	(136,486	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		17,141,263			25,008,574			18,494,935			1,994,883			20,321,039			17,274,496			4,301,322			1,042,974			10,501,136			14,859,960			1,251,078			584,821
	Retirement Class		—			—			16,251,098			11,728,715			59,106,138			103,983,144			5,911,298			2,440,742			14,178,544			13,193,478			11,040,008			8,198,572
	Retail Class		—			—			4,256,683			1,584,669			6,132,860			4,258,426			3,510,187			1,049,123			1,406,850			1,988,769			1,042,578			609,667
Mergers (see Note 1):	Institutional Class		—			—			—			21,443			—			10,364,947			—			12,132,293			—			—			—			—
	Retail Class		—			—			—			50,573,523			—			39,835,083			—			37,339,527			—			—			—			—
Shares reinvested:	Institutional Class		1,360,007			136,835			449,291			579,894			7,884,469			4,010,486			830,575			6,466			2,490,560			504,802			188,215			99,233
	Retirement Class		—			—			988,640			683,248			12,565,825			7,146,076			271,063			1,381			2,301,504			1,302,315			1,396,307			486,890
	Retail Class		—			—			1,671,794			333,381			9,368,375			425,541			2,112,878			1,141			504,824			886,695			321,497			193,354
Shares exchange among funds, net:	Institutional Class		—			—			—			—			—			—			—			—			—			7,510,978			—			—
	Retirement Class		—			—			(6,239	)		6,983			1,335			6,101			5,330			4,925			—			(4,570	)		—			3,595
	Retail Class		—			—			126,028			379,299			128,995			2,554,400			535,489			(485,378	)		(76,235	)		(7,488,065	)		128,835			(9,399	)
Shares redeemed:	Institutional Class		(14,742,972	)		(854,529	)		(2,362,179	)		(3,638,639	)		(12,217,950	)		(26,060,232	)		(4,986,289	)		(409,218	)		(6,891,952	)		(7,965,992	)		(188,629	)		(172,901	)
	Retirement Class		—			—			(5,340,958	)		(2,731,978	)		(20,757,685	)		(69,665,524	)		(5,020,367	)		(309,508	)		(2,550,868	)		(1,384,801	)		(3,326,351	)		(2,867,455	)
	Retail Class		—			—			(5,896,986	)		(1,733,908	)		(11,337,483	)		(1,757,573	)		(4,199,872	)		(1,547,273	)		(2,156,883	)		(1,393,306	)		(1,296,951	)		(641,574	)
Net increase (decrease) from shareholder transactions			3,758,298			24,290,880			28,632,107			59,781,513			71,195,918			92,375,371			3,271,614			51,267,195			19,707,480			22,010,263			10,556,587			6,484,803

150 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 151

STATEMENTS OF CHANGES IN NET ASSETS	continued
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE YEAR ENDED SEPTEMBER 30

		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
		2008			2007			2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
OPERATIONS
Net investment income		$	13,915,572		$	10,751,936		$	3,849,016		$	4,759,481		$	4,395,392		$	3,686,950		$	12,433,364		$	10,603,814		$	23,970,990		$	16,911,057		$	23,828,835		$	19,143,095
Net realized gain (loss) on total investments			(14,335,249	)		42,394,814			(35,992,400	)		39,242,239			(18,447,074	)		58,563,664			(4,458,546	)		77,364,439			(16,975,205	)		19,030,524			(23,431,752	)		32,697,906
Net change in unrealized appreciation (depreciation) on total investments			(234,006,410	)		57,943,369			(53,751,634	)		(16,516,938	)		(75,198,489	)		3,079,126			(128,599,807	)		(28,191,146	)		(293,904,195	)		91,296,808			(284,670,688	)		102,611,749
Net increase (decrease) from operations			(234,426,087	)		111,090,119			(85,895,018	)		27,484,782			(89,250,171	)		65,329,740			(120,624,989	)		59,777,107			(286,908,410	)		127,238,389			(284,273,605	)		154,452,750
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(814,805	)		(648,568	)		(1,850,427	)		(718,362	)		(2,798,740	)		(4,869,329	)		(8,580,545	)		(10,363,676	)		(13,384,220	)		(11,011,345	)		(16,810,159	)		(12,850,285	)
	Retirement Class		(6,315,160	)		(5,153,267	)		(2,003,120	)		(1,137,586	)		(820,843	)		(1,016,618	)		(2,110,509	)		(2,043,706	)		(149,039	)		(58,024	)		(3,690,173	)		(2,570,986	)
	Retail Class		(2,175,923	)		(2,090,750	)		(491,535	)		(500,954	)		—			—			—			—			(6,375,159	)		(186,419	)		—			—
From realized gains:	Institutional Class		(3,362,273	)		(3,352,773	)		(11,510,432	)		(9,703,785	)		(1,583,618	)		(156,104	)		(11,757,552	)		(11,579,980	)		(14,504,993	)		(6,036,747	)		(7,259,270	)		(1,523,714	)
	Retirement Class		(31,605,589	)		(30,487,029	)		(16,308,592	)		(22,012,290	)		(571,658	)		(35,326	)		(3,205,526	)		(2,339,740	)		(180,710	)		(32,617	)		(1,824,355	)		(347,137	)
	Retail Class		(10,236,906	)		(11,811,022	)		(4,004,572	)		(8,628,685	)		—			—			—			—			(7,290,419	)		(103,523	)		—			—
Total distributions			(54,510,656	)		(53,543,409	)		(36,168,678	)		(42,701,662	)		(5,774,859	)		(6,077,377	)		(25,654,132	)		(26,327,102	)		(41,884,540	)		(17,428,675	)		(29,583,957	)		(17,292,122	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		102,092,831			16,342,724			60,251,836			67,550,891			91,024,874			56,312,719			113,609,059			86,709,741			212,365,981			188,507,133			207,269,540			161,839,715
	Retirement Class		301,170,976			271,091,639			92,195,886			69,556,509			56,895,042			47,733,649			57,964,520			80,003,918			27,530,471			9,196,623			93,432,699			97,768,819
	Retail Class		57,055,324			62,204,932			10,111,630			14,399,839			—			—			—			—			46,167,016			24,238,953			—			—
Mergers (see Note 1):	Institutional Class		—			—			—			—			—			—			—			—			—			1,045,122			—			—
	Retail Class		—			—			—			—			—			—			—			—			—			408,340,637			—			—
Reinvestments of distributions:	Institutional Class		3,680,310			3,544,881			12,799,614			9,467,299			3,445,288			4,015,902			15,304,795			16,183,779			25,199,500			14,876,143			22,205,344			13,102,599
	Retirement Class		37,913,381			35,608,688			18,311,712			23,135,718			1,392,076			1,044,117			5,316,035			4,317,316			329,749			86,898			5,514,528			2,914,035
	Retail Class		11,811,040			12,873,020			4,351,405			8,734,881			—			—			—			—			13,180,585			265,620			—
Exchanges among the funds, net:	Institutional Class		—			—			—			24,366,694			—			—			—			—			—			—			—			—
	Retirement Class		—			(60,607	)		—			11,000			117,275			(20,822	)		—			—			—			—			—			—
	Retail Class		(6,304,310	)		5,049,595			(1,366,111	)		(31,346,209	)		—			—			—			—			(121,430	)		4,403,533			—			—
Redemptions:	Institutional Class		(7,787,664	)		(3,664,582	)		(19,567,920	)		(30,117,811	)		(34,596,604	)		(390,369,073	)		(60,603,480	)		(286,940,639	)		(166,597,004	)		(88,498,297	)		(70,484,172	)		(128,602,514	)
	Retirement Class		(52,469,780	)		(63,343,656	)		(28,292,100	)		(33,545,141	)		(21,289,543	)		(13,072,138	)		(15,386,024	)		(23,568,932	)		(20,298,329	)		(2,291,456	)		(43,246,117	)		(43,057,294	)
	Retail Class		(52,629,730	)		(21,696,332	)		(16,837,874	)		(7,670,112	)		—			—			—			—			(56,837,112	)		(17,942,536	)		—			—
Net increase (decrease) from shareholder transactions			394,532,378			317,950,302			131,958,078			114,543,558			96,988,408			(294,355,646	)		116,204,905			(123,294,817	)		80,919,427			542,228,373			214,691,822			103,965,360
Net increase (decrease) in net assets			105,595,635			375,497,012			9,894,382			99,326,678			1,963,378			(235,103,283	)		(30,074,216	)		(89,844,812	)		(247,873,523	)		652,038,087			(99,165,740	)		241,125,988
NET ASSETS
Beginning of period			857,565,186			482,068,174			517,147,310			417,820,632			360,534,373			595,637,656			465,446,803			555,291,615			1,294,088,560			642,050,473			1,174,410,178			933,284,190
End of period		$	963,160,821		$	857,565,186		$	527,041,692		$	517,147,310		$	362,497,751		$	360,534,373		$	435,372,587		$	465,446,803		$	1,046,215,037		$	1,294,088,560		$	1,075,244,438		$	1,174,410,178
Undistributed net investment income included in net assets		$	7,877,643		$	5,871,365		$	1,829,421		$	3,248,310		$	3,387,827		$	2,642,558		$	9,036,034		$	7,382,932		$	13,058,709		$	13,536,189		$	17,714,495		$	14,541,748
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		5,980,206			828,133			4,471,248			4,218,796			7,339,130			4,453,120			8,069,358			5,281,405			20,967,173			17,432,315			13,292,258			9,817,068
	Retirement Class		17,694,186			13,801,524			6,912,461			4,345,913			4,433,390			3,675,689			4,116,877			4,820,085			2,755,899			828,057			6,109,581			5,953,177
	Retail Class		3,316,045			3,203,734			778,404			909,040			—			—			—			—			4,533,778			2,166,313			—			—
Mergers (see Note 1):	Institutional Class		—			—			—			—			—			—			—			—			—			93,817			—			—
	Retail Class		—			—			—			—			—			—			—			—			—			36,104,242			—			—
Shares reinvested:	Institutional Class		203,670			194,560			959,491			613,564			255,965			329,442			1,023,048			1,022,995			2,359,504			1,419,479			1,345,778			819,425
	Retirement Class		2,106,299			1,960,831			1,389,356			1,516,102			102,660			84,957			350,893			269,664			30,420			8,167			335,434			182,813
	Retail Class		663,169			716,355			331,409			575,420			—			—			—			—			1,214,800			24,964			—			—
Shares exchange among funds, net:	Institutional Class		—			—			—			1,468,758			—			—			—			—			—			—			—			—
	Retirement Class		—			(3,048	)		—			678			8,230			(1,581	)		—			—			—			—			—			—
	Retail Class		(319,150	)		252,990			(88,983	)		(1,938,569	)		—			—			—			—			(7,327	)		415,133			—			—
Shares redeemed:	Institutional Class		(463,218	)		(186,907	)		(1,425,099	)		(1,813,719	)		(2,781,323	)		(31,720,405	)		(4,366,809	)		(17,317,366	)		(16,858,488	)		(7,994,214	)		(4,572,922	)		(7,925,808	)
	Retirement Class		(2,965,032	)		(3,280,027	)		(1,945,437	)		(2,105,949	)		(1,722,886	)		(1,002,442	)		(1,028,485	)		(1,417,225	)		(2,071,556	)		(206,520	)		(2,854,104	)		(2,620,398	)
	Retail Class		(3,074,965	)		(1,122,627	)		(1,296,315	)		(485,036	)		—			—			—			—			(5,569,100	)		(1,568,711	)		—			—
Net increase (decrease) from shareholder transactions			23,141,210			16,365,518			10,086,535			7,304,998			7,635,166			(24,181,220	)		8,164,882			(7,340,442	)		7,355,103			48,723,042			13,656,025			6,226,277

152 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 153

STATEMENTS OF CHANGES IN NET ASSETS	continued
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE YEAR ENDED SEPTEMBER 30

		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
		2008			2007			2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
OPERATIONS
Net investment income		$	721,880		$	486,391		$	4,847,313		$	3,107,066		$	2,857,261		$	2,190,190		$	1,240,006		$	872,660		$	3,587,569		$	2,855,631		$	3,454,890		$	2,897,782
Net realized gain (loss) on total investments			(958,148	)		3,586,506			(3,208,287	)		10,723,864			5,135,112			5,905,290			3,098,433			6,344,618			2,680,615			10,750,659			9,761,625			26,485,630
Net change in unrealized appreciation (depreciation) on total investments			(21,788,448	)		6,608,465			(46,167,055	)		(111,052	)		(56,605,528	)		13,640,085			(29,758,037	)		11,716,611			(26,146,725	)		(8,050,926	)		(47,004,299	)		(5,928,304	)
Net increase (decrease) from operations			(22,024,716	)		10,681,362			(44,528,029	)		13,719,878			(48,613,155	)		21,735,565			(25,419,598	)		18,933,889			(19,878,541	)		5,555,364			(33,787,784	)		23,455,108
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(390,275	)		(263,150	)		(2,669,786	)		(1,216,526	)		(1,470,539	)		(1,031,173	)		(792,659	)		(351,504	)		(2,223,507	)		(1,216,518	)		(2,423,928	)		(1,767,214	)
	Retirement Class		(149,363	)		(78,926	)		(1,079,006	)		(330,386	)		(997,497	)		(400,858	)		(237,885	)		(51,146	)		(1,035,587	)		(580,118	)		(654,247	)		(361,682	)
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
From realized gains:	Institutional Class		(2,763,787	)		(2,040,988	)		(7,719,222	)		(4,650,767	)		(4,116,431	)		(3,622,002	)		(4,868,222	)		(6,940,974	)		(7,048,671	)		(6,955,195	)		(7,519,464	)		(11,378,450	)
	Retirement Class		(1,459,904	)		(645,908	)		(3,520,258	)		(1,355,295	)		(3,212,123	)		(1,552,799	)		(1,821,381	)		(1,560,563	)		(3,636,689	)		(3,522,345	)		(2,349,507	)		(2,585,205	)
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
Total distributions			(4,763,329	)		(3,028,972	)		(14,988,272	)		(7,552,974	)		(9,796,590	)		(6,606,832	)		(7,720,147	)		(8,904,187	)		(13,944,454	)		(12,274,176	)		(12,947,146	)		(16,092,551	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		14,757,059			5,496,517			40,654,879			61,084,938			19,853,960			31,440,392			5,515,457			5,879,538			27,600,869			15,651,351			37,661,280			45,879,130
	Retirement Class		33,319,980			32,224,541			56,289,596			55,797,814			51,126,371			60,718,202			37,063,810			36,782,599			36,316,152			46,662,798			28,478,431			50,410,134
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
Mergers (see Note 1):	Institutional Class		—			—			—			—			—			—			—			—			—			—			—			—
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
Reinvestments of distributions:	Institutional Class		2,946,545			2,145,436			9,451,925			5,420,524			2,123,849			1,546,854			5,606,426			7,216,103			8,889,397			7,718,949			7,596,030			9,749,096
	Retirement Class		1,609,267			724,681			4,599,265			1,668,542			4,209,620			1,942,714			2,059,266			1,605,823			4,672,276			4,086,669			3,003,755			2,939,985
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
Exchanges among the funds, net:	Institutional Class		—			—			—			—			—			—			—			—			—			—			—			—
	Retirement Class		—			15,208			4,887			(29,442	)		—			112,989			—			—			2,257			(23,000	)		—			12,000
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
Redemptions:	Institutional Class		(2,061,135	)		(1,174,666	)		(8,735,348	)		(3,688,296	)		(13,390,792	)		(10,505,410	)		(5,644,295	)		(1,280,733	)		(8,293,973	)		(1,211,607	)		(43,049,087	)		(64,652,372	)
	Retirement Class		(21,959,301	)		(20,578,223	)		(20,143,720	)		(19,883,068	)		(20,991,171	)		(13,088,035	)		(5,708,399	)		(23,662,758	)		(6,529,215	)		(18,614,688	)		(4,367,195	)		(28,048,106	)
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
Net increase (decrease) from shareholder transactions			28,612,415			18,853,494			82,121,484			100,371,012			42,931,837			72,167,706			38,892,265			26,540,572			62,657,763			54,270,472			29,323,214			16,289,867
Net increase (decrease) in net assets			1,824,370			26,505,884			22,605,183			106,537,916			(15,477,908	)		87,296,439			5,752,520			36,570,274			28,834,768			47,551,660			(17,411,716	)		23,652,424
NET ASSETS
Beginning of period			72,881,600			46,375,716			186,157,730			79,619,814			196,064,762			108,768,323			134,665,719			98,095,445			152,755,788			105,204,128			234,003,930			210,351,506
End of period		$	74,705,970		$	72,881,600		$	208,762,913		$	186,157,730		$	180,586,854		$	196,064,762		$	140,418,239		$	134,665,719		$	181,590,556		$	152,755,788		$	216,592,214		$	234,003,930
Undistributed net investment income included in net assets		$	556,371		$	374,137		$	3,447,640		$	2,392,294		$	1,974,375		$	1,605,741		$	827,880		$	702,284		$	2,499,118		$	2,097,883		$	2,399,794		$	2,066,869
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,080,480			361,073			2,882,424			3,509,687			1,177,087			1,690,259			398,664			389,616			2,248,085			1,080,867			2,711,328			2,868,988
	Retirement Class		2,363,845			2,116,735			3,887,357			3,172,869			3,036,426			3,234,438			2,493,351			2,266,514			3,107,323			3,137,040			2,045,700			3,132,622
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
Mergers (see Note 1):	Institutional Class		—			—			—			—			—			—			—			—			—			—			—			—
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
Shares reinvested:	Institutional Class		197,888			149,508			633,932			328,716			121,155			88,341			394,541			506,393			772,991			547,832			538,726			637,196
	Retirement Class		108,588			50,712			303,782			99,853			238,100			110,006			135,034			105,369			399,682			285,981			212,130			191,530
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
Shares exchange among funds, net:	Institutional Class		—			—			—			—			—			—			—			—			—			—			—			—
	Retirement Class		—			953			271			(1,680	)		—			6,052			—			—			159			(1,538	)		—			738
	Retail Class		—			—			—			—			—			—			—			—			—			—			—			—
Shares redeemed:	Institutional Class		(150,972	)		(75,074	)		(620,009	)		(214,481	)		(791,956	)		(564,275	)		(396,934	)		(83,395	)		(678,340	)		(80,626	)		(3,095,371	)		(3,938,013	)
	Retirement Class		(1,573,611	)		(1,358,553	)		(1,337,958	)		(1,132,558	)		(1,259,306	)		(700,152	)		(375,206	)		(1,471,669	)		(531,128	)		(1,267,625	)		(312,036	)		(1,752,997	)
	Retail Class		—			—			—			—			—			—			—			—			—			—			—
Net increase (decrease) from shareholder transactions			2,026,218			1,245,354			5,749,799			5,762,406			2,521,506			3,864,669			2,649,450			1,712,828			5,318,772			3,701,931			2,100,477			1,140,064

154 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 155

STATEMENTS OF CHANGES IN NET ASSETS	continued
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		International Equity Index Fund						Enhanced International Equity Index Fund			Enhanced Large-Cap Growth Index Fund			Enhanced Large-Cap Value Index Fund			Social Choice Equity Fund						Real Estate Securities Fund						Managed Allocation Fund II						Bond Fund
		2008			2007			2008*			2008*			2008*			2008			2007			2008			2007			2008			2007			2008			2007
OPERATIONS
Net investment income		$	30,764,256		$	15,807,569		$	3,029,648		$	659,023		$	1,654,197		$	9,771,504		$	5,343,302		$	13,000,692		$	9,159,733		$	18,772,609		$	6,005,636		$	87,940,473		$	72,979,627
Net realized gain (loss) on total investments			(10,230,944	)		5,526,587			(9,418,623	)		(7,215,685	)		(5,490,865	)		(14,204,780	)		24,914,130			(38,412,754	)		76,044,131			9,702,909			618,228			(6,013,983	)		(1,172,687	)
Net change in unrealized appreciation (depreciation) on total investments			(331,270,173	)		110,006,466			(45,115,892	)		(21,044,231	)		(15,276,137	)		(117,637,022	)		6,851,107			(60,344,459	)		(63,672,771	)		(133,929,965	)		17,516,246			(49,353,688	)		155,356
Net increase (decrease) from operations			(310,736,861	)		131,340,622			(51,504,867	)		(27,600,893	)		(19,112,805	)		(122,070,298	)		37,108,539			(85,756,521	)		21,531,093			(105,454,447	)		24,140,110			32,572,802			71,962,296
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(11,501,698	)		(7,945,606	)		(34,230	)		(37,160	)		(47,620	)		(2,501,831	)		(1,595,253	)		(8,312,360	)		(7,366,679	)		(127,839	)		(124,908	)		(86,353,591	)		(72,598,364	)
	Retirement Class		(7,204,505	)		(2,469,161	)		—			—			—			(1,851,558	)		(1,223,030	)		(5,230,859	)		(7,094,305	)		(463,057	)		(488,922	)		(847,043	)		(211,306	)
	Retail Class		—			—			—			—			—			(2,356,086	)		(442,354	)		(4,445,230	)		(6,090,435	)		(18,668,022	)		(5,867,454	)		(741,765	)		(161,615	)
From realized gains:	Institutional Class		(5,027,390	)		(2,757,516	)		—			—			—			(1,973,210	)		(1,106,024	)		(28,174,255	)		(13,051,152	)		(3,798	)		—			—			—
	Retirement Class		(3,359,156	)		(898,433	)		—			—			—			(1,708,026	)		(972,152	)		(19,233,004	)		(13,356,263	)		(12,960	)		—			—			—
	Retail Class		—			—			—			—			—			(1,879,851	)		(311,790	)		(18,319,793	)		(11,476,146	)		(503,938	)		—			—			—
From return of capital:	Institutional Class		—			—			—			—			—			—			—			(3,429,004	)		—			—			—			—			—
	Retirement Class		—			—			—			—			—			—			—			(2,338,011	)		—			—			—			—			—
	Retail Class		—			—			—			—			—			—			—			(2,180,253	)		—			—			—			—			—
Total distributions			(27,092,749	)		(14,070,716	)		(34,230	)		(37,160	)		(47,620	)		(12,270,562	)		(5,650,603	)		(91,662,769	)		(58,434,980	)		(19,779,614	)		(6,481,284	)		(87,942,399	)		(72,971,285	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		166,499,771			90,172,198			245,659,770			209,215,912			195,589,722			43,032,579			95,601,468			69,336,505			73,546,086			—			3,064			521,708,791			571,224,171
	Retirement Class		275,403,462			228,559,953			—			—			—			215,972,500			61,166,833			62,934,559			179,151,177			5,908,630			9,567,670			34,395,485			8,007,382
	Retail Class		—			—			—			—			—			36,400,319			28,869,959			21,299,932			31,526,881			43,230,796			25,974,688			18,605,675			3,524,553
Mergers (see Note 1):	Institutional Class		—			—			—			—			—			—			20,777,551			—			—			—			2,344,004			—			—
	Retail Class		—			—			—			—			—			—			150,223,761			—			—			—			589,208,288			—			—
Reinvestments of distributions:	Institutional Class		14,399,323			8,984,270			34,230			37,160			47,620			3,213,940			2,166,373			37,399,540			18,449,538			96,695			116,906			80,776,757			66,532,593
	Retirement Class		10,560,330			3,348,950			—			—			—			3,559,584			2,192,969			26,799,310			20,395,340			475,418			487,693			845,820			208,507
	Retail Class		—			—			—			—			—			4,060,034			213,089			23,762,703			16,574,056			18,328,432			5,531,739			694,070			122,820
Exchanges among the funds, net:	Institutional Class		—			—			—			—			—			—			—			—			—			—			—			—			—
	Retirement Class		4,866			44,419			—			—			—			—			—			(137,949	)		(155,524	)		—			—			—			—
	Retail Class		—			—			—			—			—			(44,759	)		773,436			(3,845,338	)		(29,689,784	)		(3,227,298	)		(1,348,620	)		946,562			2,577,071
Redemptions:	Institutional Class		(84,666,604	)		(45,588,242	)		(27,737,156	)		(19,431,064	)		(18,036,609	)		(25,131,302	)		(76,165,906	)		(41,784,267	)		(49,143,360	)		(2,261,105	)		(45,524	)		(280,925,843	)		(731,247,344	)
	Retirement Class		(12,177,409	)		(50,749,452	)		—			—			—			(16,364,094	)		(8,771,813	)		(54,313,149	)		(187,620,326	)		(6,023,397	)		(2,745,543	)		(13,786,710	)		(1,178,206	)
	Retail Class		—			—			—			—			—			(25,357,414	)		(32,960,955	)		(49,782,184	)		(22,041,473	)		(68,348,014	)		(22,757,405	)		(5,384,661	)		(168,242	)
Net increase (decrease) from shareholder transactions			370,023,739			234,772,096			217,956,844			189,822,008			177,600,733			239,341,387			244,086,765			91,669,662			50,992,611			(11,819,843	)		606,336,960			357,875,946			(80,396,695	)
Net increase (decrease) in net assets			32,194,129			352,042,002			166,417,747			162,183,955			158,440,308			105,000,527			275,544,701			(85,749,628	)		14,088,724			(137,053,904	)		623,995,786			302,506,349			(81,405,684	)
NET ASSETS
Beginning of period			794,139,453			442,097,451			—			—			—			505,916,033			230,371,332			618,771,179			604,682,455			641,904,009			17,908,223			1,630,743,569			1,712,149,253
End of period		$	826,333,582		$	794,139,453		$	166,417,747		$	162,183,955		$	158,440,308		$	610,916,560		$	505,916,033		$	533,021,551		$	618,771,179		$	504,850,105		$	641,904,009		$	1,933,249,918		$	1,630,743,569
Undistributed net investment income included in net assets		$	24,745,270		$	12,999,600		$	2,814,505		$	621,862		$	1,606,739		$	7,383,810		$	4,359,898		$	(5,235,730	)	$	(8,161,152	)	$	—		$	—		$	6,416		$	8,342
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		7,936,057			4,185,000			27,413,979			22,322,767			21,729,614			3,873,960			8,112,860			6,049,504			4,782,010			—			72			52,134,719			57,425,545
	Retirement Class		13,057,132			10,400,117			—			—			—			19,433,539			5,110,799			5,182,862			10,565,551			565,573			889,281			3,363,219			793,229
	Retail Class		—			—			—			—			—			3,524,341			2,643,372			1,866,063			1,960,204			4,186,884			2,414,226			1,821,717			350,536
Mergers (see Note 1):	Institutional Class		—			—			—			—			—			—			1,725,710			—			—			—			218,657			—			—
	Retail Class		—			—			—			—			—			—			13,460,830			—			—			—			54,707,893			—			—
Shares reinvested:	Institutional Class		653,327			438,043			3,562			3,716			4,820			277,303			190,702			3,439,405			1,203,176			9,336			11,132			8,111,519			6,705,957
	Retirement Class		471,233			160,621			—			—			—			303,460			190,859			2,393,461			1,297,112			46,908			46,529			83,870			20,720
	Retail Class		—			—			—			—			—			378,382			20,256			2,188,268			1,084,427			1,804,412			508,513			68,770			12,223
Shares exchange among funds, net:	Institutional Class		—			—			—			—			—			—			—			—			—			—			—			—			—
	Retirement Class		199			1,855			—			—			—			—			—			(8,964	)		(10,022	)		—			—			—			—
	Retail Class		—			—			—			—			—			(3,254	)		74,273			(262,930	)		(2,041,242	)		(290,803	)		(113,759	)		93,090			256,242
Shares redeemed:	Institutional Class		(4,150,121	)		(2,081,973	)		(3,124,838	)		(2,025,060	)		(2,012,815	)		(2,305,799	)		(6,623,997	)		(3,589,010	)		(3,004,315	)		(230,426	)		(4,228	)		(28,141,197	)		(73,113,051	)
	Retirement Class		(562,699	)		(2,314,618	)		—			—			—			(1,453,626	)		(733,416	)		(4,427,127	)		(11,671,755	)		(571,258	)		(258,377	)		(1,345,981	)		(117,235	)
	Retail Class		—			—			—			—			—			(2,512,968	)		(2,947,206	)		(4,491,460	)		(1,402,796	)		(6,759,498	)		(2,102,404	)		(531,461	)		(16,741	)
Net increase (decrease) from shareholder transactions			17,405,128			10,789,045			24,292,703			20,301,423			19,721,619			21,515,338			21,225,042			8,340,072			2,762,350			(1,238,872	)		56,317,535			35,658,265			(7,682,575	)
*     Fund commenced operations November 30, 2007

156 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 157

STATEMENTS OF CHANGES IN NET ASSETS	concluded
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS § FOR THE YEAR ENDED SEPTEMBER 30

		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
		2008			2007			2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
OPERATIONS
Net investment income		$	27,567,225		$	14,683,002		$	12,219,092		$	7,556,408		$	30,528,488		$	15,178,117		$	9,170,422		$	5,471,002		$	41,717,853		$	19,250,674		$	49,133,169		$	41,376,402
Net realized gain (loss) on total investments			(9,277,083	)		(1,600,696	)		485,605			(109,242	)		(17,660,833	)		573,635			710,864			21,701			1,687,887			1,529,382			5,526			710
Net change in unrealized appreciation (depreciation) on total investments			(23,352,938	)		(4,090,172	)		(7,523,427	)		141,038			(44,694,794	)		(9,807,069	)		(11,961,745	)		(582,613	)		(14,658,109	)		1,294,967			—			—
Net increase (decrease) from operations			(5,062,796	)		8,992,134			5,181,270			7,588,204			(31,827,139	)		5,944,683			(2,080,459	)		4,910,090			28,747,631			22,075,023			49,138,695			41,377,112
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(13,995,026	)		(8,193,505	)		(6,849,967	)		(4,998,792	)		(19,430,459	)		(9,569,744	)		(2,698,909	)		(2,343,634	)		(29,680,567	)		(16,538,159	)		(8,764,604	)		(10,853,925	)
	Retirement Class		(478,516	)		(288,949	)		(775,732	)		(343,355	)		(1,818,548	)		(703,234	)		—			—			(4,578,247	)		(565,036	)		(3,085,570	)		(3,236,254	)
	Retail Class		(13,084,627	)		(6,173,880	)		(4,607,059	)		(2,215,656	)		(9,284,051	)		(4,910,286	)		(6,456,282	)		(3,140,533	)		(7,445,943	)		(2,148,077	)		(37,282,995	)		(27,286,223	)
From realized gains:	Institutional Class		—			(5,915	)		—			(17,368	)		(316,328	)		—			(30,480	)		—			—			—			—			—
	Retirement Class		—			(393	)		—			(1,417	)		(22,955	)		—			—			—			—			—			—			—
	Retail Class		—			(440	)		—			(1,241	)		(161,851	)		—			(72,419	)		—			—			—			—			—
Total distributions			(27,558,169	)		(14,663,082	)		(12,232,758	)		(7,577,829	)		(31,034,192	)		(15,183,264	)		(9,258,090	)		(5,484,167	)		(41,704,757	)		(19,251,272	)		(49,133,169	)		(41,376,402	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		30,286,359			12,872,204			25,859,558			33,979,837			70,180,553			59,626,843			5,333,426			1,650,505			79,282,709			161,370,367			107,693,661			88,284,552
	Retirement Class		14,592,571			8,285,610			26,686,568			11,804,377			18,952,857			16,681,270			—			—			94,816,941			17,660,516			158,135,480			143,021,826
	Retail Class		17,931,397			10,416,721			17,127,772			7,056,308			17,812,550			13,545,497			26,329,531			12,218,561			96,989,117			5,338,188			661,468,604			426,050,594
Mergers (see Note 1):	Institutional Class		—			230,731,103			—			84,218,827			—			131,612,524			—			23,290,517			—			—			—			465,262
	Retail Class		—			264,769,923			—			95,010,720			—			142,215,601			—			168,952,214			—			—			—			702,395,515
Reinvestments of distributions:	Institutional Class		13,960,006			8,186,141			5,051,289			3,991,873			15,050,343			7,342,813			1,938,522			1,979,684			28,118,483			15,739,147			8,756,967			10,696,427
	Retirement Class		477,638			281,978			773,893			331,140			1,837,142			678,729			—			—			4,578,248			555,759			3,085,181			3,236,182
	Retail Class		11,881,452			5,434,321			4,294,903			1,970,385			8,013,718			4,094,626			5,534,002			2,607,507			6,831,224			1,967,997			36,586,070			26,778,568
Exchanges among the funds, net:	Institutional Class		—			—			—			—			—			—			—			—			—			—			—			—
	Retirement Class		—			—			—			—			—			—			—			—			6,332			—			—			—
	Retail Class		(1,415,588	)		(2,446,066	)		(633,459	)		857,314			(2,105,150	)		1,138,495			2,417,702			855,394			5,437,916			(2,983,587	)		13,107,970			42,720,503
Redemptions:	Institutional Class		(65,280,018	)		(24,103,447	)		(54,388,753	)		(16,037,516	)		(46,329,421	)		(18,700,429	)		(13,857,567	)		(2,187,725	)		(103,224,885	)		(103,998,775	)		(58,336,140	)		(136,134,682	)
	Retirement Class		(13,327,226	)		(2,122,108	)		(19,934,885	)		(1,833,232	)		(3,665,126	)		(7,916,531	)		—			—			(23,857,229	)		(6,124,695	)		(162,292,120	)		(91,162,104	)
	Retail Class		(36,240,591	)		(13,196,751	)		(14,892,238	)		(7,152,262	)		(47,150,258	)		(15,966,209	)		(26,049,602	)		(9,112,739	)		(28,852,928	)		(7,029,031	)		(652,220,516	)		(290,854,117	)
Net increase (decrease) from shareholder transactions			(27,134,000	)		499,109,629			(10,055,352	)		214,197,771			32,597,208			334,353,229			1,646,014			200,253,918			160,125,928			82,495,886			115,985,157			925,498,526
Net increase (decrease) in net assets			(59,754,965	)		493,438,681			(17,106,840	)		214,208,146			(30,264,123	)		325,114,648			(9,692,535	)		199,679,841			147,168,802			85,319,637			115,990,683			925,499,236
NET ASSETS
Beginning of period			555,885,834			62,447,153			276,879,305			62,671,159			388,031,606			62,916,958			255,395,961			55,716,120			513,525,663			428,206,026			1,368,741,158			443,241,922
End of period		$	496,130,869		$	555,885,834		$	259,772,465		$	276,879,305		$	357,767,483		$	388,031,606		$	245,703,426		$	255,395,961		$	660,694,465		$	513,525,663		$	1,484,731,841		$	1,368,741,158
Undistributed net investment income included in net assets		$	38,010		$	28,954		$	(8,079	)	$	5,587		$	(298,190	)	$	416		$	45,740		$	30,509		$	28,538		$	—		$	(9,047	)	$	(9,047	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		3,066,486			1,277,961			2,577,097			3,392,886			7,508,907			5,921,473			524,275			164,613			7,417,936			16,089,767			107,693,661			88,258,256
	Retirement Class		1,462,716			821,620			2,658,880			1,175,487			2,008,148			1,646,117			—			—			8,668,882			1,737,049			158,135,480			143,021,826
	Retail Class		1,806,132			1,036,978			1,702,110			703,894			1,879,387			1,341,318			2,587,755			1,210,063			9,135,834			539,066			661,468,604			426,050,594
Mergers (see Note 1):	Institutional Class		—			22,844,664			—			8,388,329			—			12,840,246			—			2,296,895			—			—			—			465,262
	Retail Class		—			26,162,779			—			9,453,711			—			13,820,618			—			16,645,433			—			—			—			702,395,515
Shares reinvested:	Institutional Class		1,418,748			819,668			504,842			398,877			1,612,010			735,721			192,352			195,862			2,668,104			1,588,251			8,756,967			10,696,427
	Retirement Class		48,568			28,118			77,299			33,037			198,231			67,982			—			—			431,273			55,498			3,085,181			3,236,182
	Retail Class		1,205,742			544,548			429,076			197,098			853,102			410,764			548,755			259,348			660,230			201,831			36,586,070			26,778,568
Shares exchange among funds, net:	Institutional Class		—			—			—			—			—			—			—			—			—			—			—			—
	Retirement Class		—			—			—			—			—			—			—			—			595			—			—			—
	Retail Class		(140,426	)		(248,116	)		(62,808	)		85,037			(213,263	)		98,630			238,762			80,431			520,312			(307,837	)		13,107,970			42,720,503
Shares redeemed:	Institutional Class		(6,582,912	)		(2,418,228	)		(5,411,712	)		(1,605,680	)		(5,005,459	)		(1,880,256	)		(1,369,932	)		(219,054	)		(9,667,589	)		(10,347,294	)		(58,336,140	)		(136,134,682	)
	Retirement Class		(1,337,433	)		(212,787	)		(1,989,189	)		(182,508	)		(388,835	)		(785,916	)		—			—			(2,190,592	)		(604,451	)		(162,292,120	)		(91,162,104	)
	Retail Class		(3,653,797	)		(1,320,196	)		(1,485,663	)		(714,695	)		(4,908,268	)		(1,598,547	)		(2,570,904	)		(906,004	)		(2,735,479	)		(711,390	)		(652,220,516	)		(290,854,117	)
Net increase (decrease) from shareholder transactions			(2,706,176	)		49,337,009			(1,000,068	)		21,325,473			3,543,960			32,618,150			151,063			19,727,587			14,909,506			8,240,490			115,985,157			925,472,230

158 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 159

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160 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

FINANCIAL HIGHLIGHTS

GROWTH EQUITY FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	8.89		$	7.16		$	7.00		$	6.31		$	5.91
Gain (loss) from investment operations:
Net investment income (a)		0.08			0.08			0.06			0.07			0.06
Net realized and unrealized gain (loss) on total investments		(1.90	)		1.71			0.14			0.69			0.40
Total gain (loss) from investment operations		(1.82	)		1.79			0.20			0.76			0.46
Less distributions from:
Net investment income		(0.04	)		(0.06	)		(0.04	)		(0.07	)		(0.06	)
Net realized gains		(0.22	)		—			—			—			—
Total distributions		(0.26	)		(0.06	)		(0.04	)		(0.07	)		(0.06	)
Net asset value, end of period	$	6.81		$	8.89		$	7.16		$	7.00		$	6.31
TOTAL RETURN		(21.00	)%		25.24	%		2.91	%		12.09	%		7.72	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	276,881		$	327,739		$	90,140		$	115,925		$	92,576
Ratio of expenses to average net assets before expense waiver and reimbursement		0.15	%		0.22	%		0.22	%		0.14	%		0.15	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.15	%		0.14	%		0.14	%		0.14	%		0.15	%
Ratio of net investment income to average net assets		0.96	%		1.01	%		0.89	%		1.01	%		0.93	%
Portfolio turnover rate		224	%		218	%		197	%		119	%		76	%

(a) Based on average shares outstanding.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 161

FINANCIAL HIGHLIGHTS	continued
GROWTH & INCOME FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
		9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.33		$	8.66		$	9.05		$	8.12		$	7.36
Gain (loss) from investment operations:
Net investment income (a)		0.15			0.17			0.14			0.18			0.12
Net realized and unrealized gain (loss) on total investments		(1.91	)		2.06			0.76			0.93			0.76
Total gain (loss) from investment operations		(1.76	)		2.23			0.90			1.11			0.88
Less distributions from:
Net investment income		(0.17	)		(0.17	)		(0.15	)		(0.18	)		(0.12	)
Net realized gains		(0.24	)		(0.39	)		(1.14	)		—			—
Total distributions		(0.41	)		(0.56	)		(1.29	)		(0.18	)		(0.12	)
Net asset value, end of period	$	8.16		$	10.33		$	8.66		$	9.05		$	8.12
TOTAL RETURN		(17.64	)%		26.84	%		10.87	%		13.70	%		11.89	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	218,710		$	105,476		$	97,494		$	141,199		$	625,503
Ratio of expenses to average net assets before expense waiver and reimbursement		0.50	%		0.55	%		0.42	%		0.15	%		0.14	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.33	%		0.13	%		0.13	%		0.15	%		0.14	%
Ratio of net investment income to average net assets		1.59	%		1.81	%		1.58	%		2.04	%		1.46	%
Portfolio turnover rate		132	%		84	%		133	%		223	%		77	%
	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.44		$	8.76		$	9.12		$	8.16		$	7.39
Gain (loss) from investment operations:
Net investment income (a)		0.13			0.15			0.12			0.13			0.10
Net realized and unrealized gain (loss) on total investments		(1.93	)		2.08			0.77			0.95			0.75
Total gain (loss) from investment operations		(1.80	)		2.23			0.89			1.08			0.85
Less distributions from:
Net investment income		(0.15	)		(0.16	)		(0.11	)		(0.12	)		(0.08	)
Net realized gains		(0.24	)		(0.39	)		(1.14	)		—			—
Total distributions		(0.39	)		(0.55	)		(1.25	)		(0.12	)		(0.08	)
Net asset value, end of period	$	8.25		$	10.44		$	8.76		$	9.12		$	8.16
TOTAL RETURN		(17.82	)%		26.44	%		10.62	%		13.32	%		11.47	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	259,942		$	204,746		$	86,918		$	58,731		$	35,874
Ratio of expenses to average net assets before expense waiver and reimbursement		0.75	%		0.81	%		0.74	%		0.46	%		0.53	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.54	%		0.38	%		0.40	%		0.46	%		0.44	%
Ratio of net investment income to average net assets		1.36	%		1.52	%		1.36	%		1.43	%		1.17	%
Portfolio turnover rate		132	%		84	%		133	%		223	%		77	%

162 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
GROWTH & INCOME FUND § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.36		$	10.27		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.16			0.18			0.08
Net realized and unrealized gain (loss) on total investments		(2.30	)		2.47			0.24
Total gain (loss) from investment operations		(2.14	)		2.65			0.32
Less distributions from:
Net investment income		(0.15	)		(0.17	)		(0.05	)
Net realized gains		(0.24	)		(0.39	)		—
Total distributions		(0.39	)		(0.56	)		(0.05	)
Net asset value, end of period	$	9.83		$	12.36		$	10.27
TOTAL RETURN		(17.78	)%		26.67	%		3.22	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	506,760		$	635,012		$	2,632
Ratio of expenses to average net assets before expense waiver and reimbursement		0.87	%		1.00	%		4.10	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.46	%		0.24	%		0.43	%(c)
Ratio of net investment income to average net assets		1.43	%		1.58	%		1.55	%(c)
Portfolio turnover rate		132	%		84	%		133	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retail Class commenced operations on March 31, 2006.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 163

FINANCIAL HIGHLIGHTS	continued
INTERNATIONAL EQUITY FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	14.98		$	13.45		$	12.17		$	10.29		$	8.56
Gain (loss) from investment operations:
Net investment income (a)		0.26			0.20			0.19			0.21			0.20
Net realized and unrealized gain (loss) on total investments		(4.67	)		3.49			2.15			2.43			1.69
Total gain (loss) from investment operations		(4.41	)		3.69			2.34			2.64			1.89
Less distributions from:
Net investment income		(0.15	)		(0.22	)		(0.22	)		(0.20	)		(0.16	)
Net realized gains		(1.74	)		(1.94	)		(0.84	)		(0.56	)		—
Total distributions		(1.89	)		(2.16	)		(1.06	)		(0.76	)		(0.16	)
Net asset value, end of period	$	8.68		$	14.98		$	13.45		$	12.17		$	10.29
TOTAL RETURN		(33.50	)%		30.49	%		20.60	%		26.45	%		22.17	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	606,528		$	807,072		$	649,747		$	668,009		$	528,959
Ratio of expenses to average net assets before expense waiver and reimbursement		0.54	%		0.58	%		0.45	%		0.21	%		0.20	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.54	%		0.58	%		0.45	%		0.21	%		0.20	%
Ratio of net investment income to average net assets		2.20	%		1.47	%		1.48	%		1.89	%		1.98	%
Portfolio turnover rate		204	%		179	%		164	%		147	%		151	%

	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	15.32		$	13.72		$	12.41		$	10.49		$	8.65
Gain (loss) from investment operations:
Net investment income (a)		0.25			0.19			0.16			0.19			0.17
Net realized and unrealized gain (loss) on total investments		(4.79	)		3.54			2.13			2.40			1.69
Total gain (loss) from investment operations		(4.54	)		3.73			2.29			2.59			1.86
Less distributions from:
Net investment income		(0.14	)		(0.19	)		(0.14	)		(0.11	)		(0.02	)
Net realized gains		(1.74	)		(1.94	)		(0.84	)		(0.56	)		—
Total distributions		(1.88	)		(2.13	)		(0.98	)		(0.67	)		(0.02	)
Net asset value, end of period	$	8.90		$	15.32		$	13.72		$	12.41		$	10.49
TOTAL RETURN		(33.64	)%		30.16	%		19.68	%		25.34	%		21.45	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,159,940		$	1,216,121		$	519,870		$	231,867		$	77,400
Ratio of expenses to average net assets before expense waiver and reimbursement		0.79	%		0.84	%		0.76	%		0.56	%		0.58	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.79	%		0.80	%		0.74	%		0.56	%		0.55	%
Ratio of net investment income to average net assets		2.08	%		1.36	%		1.27	%		1.67	%		1.63	%
Portfolio turnover rate		204	%		179	%		164	%		147	%		151	%

164 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
INTERNATIONAL EQUITY FUND § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.29		$	10.63		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.17			0.22			0.05
Net realized and unrealized gain (loss) on total investments		(3.35	)		2.59			0.58
Total gain (loss) from investment operations		(3.18	)		2.81			0.63
Less distributions from:
Net investment income		(0.15	)		(0.21	)		—
Net realized gains		(1.74	)		(1.94	)		—
Total distributions		(1.89	)		(2.15	)		—
Net asset value, end of period	$	6.22		$	11.29		$	10.63
TOTAL RETURN		(33.62	)%		30.34	%		6.30	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	316,827		$	526,418		$	13,943
Ratio of expenses to average net assets before expense waiver and reimbursement		0.89	%		0.95	%		1.36	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.69	%		0.75	%		0.80	%(c)
Ratio of net investment income to average net assets		1.95	%		2.02	%		0.94	%(c)
Portfolio turnover rate		204	%		179	%		164	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retail Class commenced operations on March 31, 2006.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 165

FINANCIAL HIGHLIGHTS	continued
LARGE-CAP GROWTH FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.04		$	9.68		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.08			0.10			0.05
Net realized and unrealized gain (loss) on total investments		(2.47	)		2.31			(0.37	)
Total gain (loss) from investment operations		(2.39	)		2.41			(0.32	)
Less distributions from:
Net investment income		(0.08	)		(0.05	)		—
Net realized gains		(0.57	)		—			—
Return of capital		(0.04	)		—			—
Total distributions		(0.69	)		(0.05	)		—
Net asset value, end of period	$	8.96		$	12.04		$	9.68
TOTAL RETURN		(21.14	)%		24.97	%		(3.20	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	127,255		$	169,352		$	12,465
Ratio of expenses to average net assets before expense waiver and reimbursement		0.54	%		0.65	%		1.97	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.31	%		0.13	%		0.13	%(c)
Ratio of net investment income to average net assets		0.77	%		0.95	%		0.97	%(c)
Portfolio turnover rate		192	%		189	%		81	%

	Retirement Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.00		$	9.67		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.05			0.18			0.03
Net realized and unrealized gain (loss) on total investments		(2.47	)		2.19			(0.36	)
Total gain (loss) from investment operations		(2.42	)		2.37			(0.33	)
Less distributions from:
Net investment income		(0.07	)		(0.04	)		—
Net realized gains		(0.57	)		—			—
Return of capital		(0.04	)		—			—
Total distributions		(0.68	)		(0.04	)		—
Net asset value, end of period	$	8.90		$	12.00		$	9.67
TOTAL RETURN		(21.45	)%		24.67	%		(3.30	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	31,406		$	28,308		$	2,145
Ratio of expenses to average net assets before expense waiver and reimbursement		0.78	%		0.94	%		6.76	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.57	%		0.38	%		0.38	%(c)
Ratio of net investment income to average net assets		0.50	%		1.67	%		0.69	%(c)
Portfolio turnover rate		192	%		189	%		81	%

166 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LARGE-CAP GROWTH FUND § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.02		$	9.67		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.06			0.09			0.03
Net realized and unrealized gain (loss) on total investments		(2.48	)		2.31			(0.36	)
Total gain (loss) from investment operations		(2.42	)		2.40			(0.33	)
Less distributions from:
Net investment income		(0.06	)		(0.05	)		—
Net realized gains		(0.57	)		—			—
Return of capital		(0.04	)		—			—
Total distributions		(0.67	)		(0.05	)		—
Net asset value, end of period	$	8.93		$	12.02		$	9.67
TOTAL RETURN		(21.40	)%		24.89	%		(3.30	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	344,298		$	439,678		$	2,196
Ratio of expenses to average net assets before expense waiver and reimbursement		1.01	%		1.22	%		5.35	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.52	%		0.21	%		0.43	%(c)
Ratio of net investment income to average net assets		0.55	%		0.82	%		0.61	%(c)
Portfolio turnover rate		192	%		189	%		81	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 167

FINANCIAL HIGHLIGHTS	continued
LARGE-CAP VALUE FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	17.02		$	15.73		$	14.41		$	13.40		$	11.59
Gain (loss) from investment operations:
Net investment income (a)		0.28			0.30			0.27			0.30			0.28
Net realized and unrealized gain (loss) on total investments		(4.58	)		2.10			1.75			1.92			2.22
Total gain (loss) from investment operations		(4.30	)		2.40			2.02			2.22			2.50
Less distributions from:
Net investment income		(0.25	)		(0.26	)		(0.22	)		(0.23	)		(0.14	)
Net realized gains		(0.91	)		(0.85	)		(0.48	)		(0.98	)		(0.55	)
Total distributions		(1.16	)		(1.11	)		(0.70	)		(1.21	)		(0.69	)
Net asset value, end of period	$	11.56		$	17.02		$	15.73		$	14.41		$	13.40
TOTAL RETURN		(26.78	)%		15.71	%		14.47	%		16.73	%		21.96	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	401,478		$	487,144		$	215,614		$	216,512		$	31,289
Ratio of expenses to average net assets before expense waiver and reimbursement		0.49	%		0.52	%		0.38	%		0.14	%		0.17	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.49	%		0.50	%		0.38	%		0.14	%		0.14	%
Ratio of net investment income to average net assets		2.03	%		1.78	%		1.84	%		2.11	%		2.20	%
Portfolio turnover rate		151	%		136	%		115	%		113	%		154	%
	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	16.96		$	15.68		$	14.43		$	13.41		$	11.55
Gain (loss) from investment operations:
Net investment income (a)		0.25			0.26			0.23			0.26			0.24
Net realized and unrealized gain (loss) on total investments		(4.57	)		2.10			1.75			1.90			2.23
Total gain (loss) from investment operations		(4.32	)		2.36			1.98			2.16			2.47
Less distributions from:
Net investment income		(0.22	)		(0.23	)		(0.25	)		(0.16	)		(0.06	)
Net realized gains		(0.91	)		(0.85	)		(0.48	)		(0.98	)		(0.55	)
Total distributions		(1.13	)		(1.08	)		(0.73	)		(1.14	)		(0.61	)
Net asset value, end of period	$	11.51		$	16.96		$	15.68		$	14.43		$	13.41
TOTAL RETURN		(26.99	)%		15.51	%		14.21	%		16.23	%		21.59	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	500,288		$	500,511		$	257,287		$	159,064		$	69,314
Ratio of expenses to average net assets before expense waiver and reimbursement		0.74	%		0.75	%		0.68	%		0.48	%		0.51	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.74	%		0.73	%		0.67	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		1.78	%		1.55	%		1.54	%		1.82	%		1.87	%
Portfolio turnover rate		151	%		136	%		115	%		113	%		154	%

168 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LARGE-CAP VALUE FUND § FOR THE YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	16.60		$	15.36		$	14.17		$	13.25		$	11.52
Gain (loss) from investment operations:
Net investment income (a)		0.25			0.28			0.25			0.26			0.24
Net realized and unrealized gain (loss) on total investments		(4.45	)		2.06			1.71			1.88			2.21
Total gain (loss) from investment operations		(4.20	)		2.34			1.96			2.14			2.45
Less distributions from:
Net investment income		(0.23	)		(0.25	)		(0.29	)		(0.24	)		(0.17	)
Net realized gains		(0.91	)		(0.85	)		(0.48	)		(0.98	)		(0.55	)
Total distributions		(1.14	)		(1.10	)		(0.77	)		(1.22	)		(0.72	)
Net asset value, end of period	$	11.26		$	16.60		$	15.36		$	14.17		$	13.25
TOTAL RETURN		(26.87	)%		15.70	%		14.35	%		16.35	%		21.67	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	74,487		$	115,149		$	198,739		$	170,748		$	137,166
Ratio of expenses to average net assets before expense waiver and reimbursement		0.77	%		0.71	%		0.53	%		0.44	%		0.49	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.64	%		0.55	%		0.53	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		1.85	%		1.72	%		1.69	%		1.87	%		1.89	%
Portfolio turnover rate		151	%		136	%		115	%		113	%		154	%

(a) Based on average shares outstanding.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 169

FINANCIAL HIGHLIGHTS	continued
MID-CAP GROWTH FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	20.33		$	17.01		$	17.01		$	14.30		$	13.02
Gain (loss) from investment operations:
Net investment income (a)		0.06			0.03			0.06			0.06			0.05
Net realized and unrealized gain (loss) on total investments		(4.65	)		4.20			0.41			3.33			1.76
Total gain (loss) from investment operations		(4.59	)		4.23			0.47			3.39			1.81
Less distributions from:
Net investment income		(0.04	)		(0.05	)		(0.02	)		(0.01	)		(0.03	)
Net realized gains		(1.40	)		(0.86	)		(0.45	)		(0.67	)		(0.50	)
Total distributions		(1.44	)		(0.91	)		(0.47	)		(0.68	)		(0.53	)
Net asset value, end of period	$	14.30		$	20.33		$	17.01		$	17.01		$	14.30
TOTAL RETURN		(24.33	)%		25.76	%		2.72	%		24.12	%		13.88	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	53,843		$	51,145		$	34,088		$	20,808		$	3,684
Ratio of expenses to average net assets before expense waiver and reimbursement		0.55	%		0.59	%		0.50	%		0.15	%		0.17	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.55	%		0.55	%		0.43	%		0.15	%		0.14	%
Ratio of net investment income to average net assets		0.31	%		0.18	%		0.36	%		0.39	%		0.32	%
Portfolio turnover rate		111	%		127	%		147	%		115	%		148	%

	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	20.12		$	16.84		$	16.88		$	14.23		$	12.97
Gain (loss) from investment operations:
Net investment income (a)		0.01			(0.00	)(b)		0.02			0.01			0.00	(b)
Net realized and unrealized gain (loss) on total investments		(4.60	)		4.16			0.39			3.31			1.76
Total gain (loss) from investment operations		(4.59	)		4.16			0.41			3.32			1.76
Less distributions from:
Net investment income		(0.01	)		(0.02	)		(0.00	)(b)		(0.00	)(b)		—
Net realized gains		(1.40	)		(0.86	)		(0.45	)		(0.67	)		(0.50	)
Total distributions		(1.41	)		(0.88	)		(0.45	)		(0.67	)		(0.50	)
Net asset value, end of period	$	14.12		$	20.12		$	16.84		$	16.88		$	14.23
TOTAL RETURN		(24.56	)%		25.54	%		2.42	%		23.72	%		13.48	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	348,993		$	313,908		$	164,771		$	131,943		$	74,600
Ratio of expenses to average net assets before expense waiver and reimbursement		0.80	%		0.84	%		0.72	%		0.48	%		0.54	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.80	%		0.78	%		0.69	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		0.06	%		(0.05	)%		0.13	%		0.06	%		(0.01	)%
Portfolio turnover rate		111	%		127	%		147	%		115	%		148	%

170 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
MID-CAP GROWTH FUND § FOR THE YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	20.14		$	16.85		$	16.89		$	14.23		$	12.98
Gain (loss) from investment operations:
Net investment income (a)		0.03			0.00	(b)		0.02			0.01			0.00	(b)
Net realized and unrealized gain (loss) on total investments		(4.61	)		4.17			0.40			3.32			1.75
Total gain (loss) from investment operations		(4.58	)		4.17			0.42			3.33			1.75
Less distributions from:
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)(b)		(0.00	)(b)
Net realized gains		(1.40	)		(0.86	)		(0.45	)		(0.67	)		(0.50	)
Total distributions		(1.41	)		(0.88	)		(0.46	)		(0.67	)		(0.50	)
Net asset value, end of period	$	14.15		$	20.14		$	16.85		$	16.89		$	14.23
TOTAL RETURN		(24.46	)%		25.66	%		2.37	%		23.80	%		13.48	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	62,390		$	84,847		$	68,416		$	62,481		$	48,508
Ratio of expenses to average net assets before expense waiver and reimbursement		0.87	%		0.90	%		0.68	%		0.44	%		0.51	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.69	%		0.70	%		0.68	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		0.17	%		0.03	%		0.13	%		0.09	%		0.02	%
Portfolio turnover rate		111	%		127	%		147	%		115	%		148	%

(a)	Based on average shares outstanding.
(b)	Amount represents less than $0.01 per share.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 171

FINANCIAL HIGHLIGHTS	continued
MID-CAP VALUE FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	20.34		$	18.59		$	17.57		$	14.44		$	12.02
Gain (loss) from investment operations:
Net investment income (a)		0.30			0.35			0.26			0.30			0.26
Net realized and unrealized gain (loss) on total investments		(4.54	)		3.33			1.87			3.62			2.74
Total gain (loss) from investment operations		(4.24	)		3.68			2.13			3.92			3.00
Less distributions from:
Net investment income		(0.26	)		(0.31	)		(0.23	)		(0.22	)		(0.13	)
Net realized gains		(1.06	)		(1.62	)		(0.88	)		(0.57	)		(0.45	)
Total distributions		(1.32	)		(1.93	)		(1.11	)		(0.79	)		(0.58	)
Net asset value, end of period	$	14.78		$	20.34		$	18.59		$	17.57		$	14.44
TOTAL RETURN		(22.03	)%		21.03	%		12.68	%		27.63	%		25.36	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	127,218		$	58,763		$	38,173		$	25,868		$	8,042
Ratio of expenses to average net assets before expense waiver and reimbursement		0.51	%		0.53	%		0.47	%		0.15	%		0.17	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.51	%		0.53	%		0.43	%		0.15	%		0.14	%
Ratio of net investment income to average net assets		1.74	%		1.76	%		1.46	%		1.82	%		1.88	%
Portfolio turnover rate		41	%		90	%		131	%		110	%		173	%

	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	20.23		$	18.51		$	17.52		$	14.38		$	11.95
Gain (loss) from investment operations:
Net investment income (a)		0.26			0.29			0.21			0.25			0.21
Net realized and unrealized gain (loss) on total investments		(4.53	)		3.32			1.87			3.60			2.73
Total gain (loss) from investment operations		(4.27	)		3.61			2.08			3.85			2.94
Less distributions from:
Net investment income		(0.21	)		(0.27	)		(0.21	)		(0.14	)		(0.06	)
Net realized gains		(1.06	)		(1.62	)		(0.88	)		(0.57	)		(0.45	)
Total distributions		(1.27	)		(1.89	)		(1.09	)		(0.71	)		(0.51	)
Net asset value, end of period	$	14.69		$	20.23		$	18.51		$	17.52		$	14.38
TOTAL RETURN		(22.25	)%		20.70	%		12.42	%		27.20	%		24.82	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	683,125		$	600,104		$	318,024		$	266,360		$	92,268
Ratio of expenses to average net assets before expense waiver and reimbursement		0.76	%		0.78	%		0.69	%		0.48	%		0.52	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.76	%		0.78	%		0.68	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		1.52	%		1.47	%		1.20	%		1.50	%		1.54	%
Portfolio turnover rate		41	%		90	%		131	%		110	%		173	%

172 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
MID-CAP VALUE FUND § FOR THE YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	20.04		$	18.34		$	17.36		$	14.27		$	11.97
Gain (loss) from investment operations:
Net investment income (a)		0.29			0.32			0.22			0.25			0.22
Net realized and unrealized gain (loss) on total investments		(4.49	)		3.29			1.85			3.57			2.71
Total gain (loss) from investment operations		(4.20	)		3.61			2.07			3.82			2.93
Less distributions from:
Net investment income		(0.23	)		(0.29	)		(0.22	)		(0.16	)		(0.18	)
Net realized gains		(1.06	)		(1.62	)		(0.87	)		(0.57	)		(0.45	)
Total distributions		(1.29	)		(1.91	)		(1.09	)		(0.73	)		(0.63	)
Net asset value, end of period	$	14.55		$	20.04		$	18.34		$	17.36		$	14.27
TOTAL RETURN		(22.09	)%		20.87	%		12.51	%		27.23	%		24.89	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	152,818		$	198,698		$	125,871		$	95,608		$	40,706
Ratio of expenses to average net assets before expense waiver and reimbursement		0.79	%		0.79	%		0.63	%		0.44	%		0.51	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.62	%		0.63	%		0.63	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		1.69	%		1.65	%		1.25	%		1.53	%		1.58	%
Portfolio turnover rate		41	%		90	%		131	%		110	%		173	%

(a) Based on average shares outstanding.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 173

FINANCIAL HIGHLIGHTS	continued
SMALL-CAP EQUITY FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	15.43		$	15.91		$	15.84		$	14.29		$	12.68
Gain (loss) from investment operations:
Net investment income (a)		0.12			0.19			0.10			0.17			0.14
Net realized and unrealized gain (loss) on total investments		(2.36	)		0.99			1.41			2.20			2.48
Total gain (loss) from investment operations		(2.24	)		1.18			1.51			2.37			2.62
Less distributions from:
Net investment income		(0.15	)		(0.11	)		(0.11	)		(0.12	)		(0.08	)
Net realized gains		(0.92	)		(1.55	)		(1.33	)		(0.70	)		(0.93	)
Total distributions		(1.07	)		(1.66	)		(1.44	)		(0.82	)		(1.01	)
Net asset value, end of period	$	12.12		$	15.43		$	15.91		$	15.84		$	14.29	(c)
TOTAL RETURN		(15.23	)%		7.43	%		10.15	%		16.69	%		20.98	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	190,667		$	181,032		$	115,273		$	116,652		$	45,429
Ratio of expenses to average net assets before expense waiver and reimbursement		0.53	%		0.57	%		0.43	%		0.15	%		0.20	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.53	%		0.55	%		0.41	%		0.15	%		0.14	%
Ratio of net investment income to average net assets		0.91	%		1.16	%		0.66	%		1.11	%		1.03	%
Portfolio turnover rate		114	%		127	%		264	%		273	%		295	%
	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	15.23		$	15.73		$	15.71		$	14.20		$	12.62
Gain (loss) from investment operations:
Net investment income (a)		0.09			0.15			0.06			0.12			0.09
Net realized and unrealized gain (loss) on total investments		(2.34	)		0.98			1.40			2.19			2.46
Total gain (loss) from investment operations		(2.25	)		1.13			1.46			2.31			2.55
Less distributions from:
Net investment income		(0.11	)		(0.08	)		(0.11	)		(0.10	)		(0.04	)
Net realized gains		(0.92	)		(1.55	)		(1.33	)		(0.70	)		(0.93	)
Total distributions		(1.03	)		(1.63	)		(1.44	)		(0.80	)		(0.97	)
Net asset value, end of period	$	11.95		$	15.23		$	15.73		$	15.71		$	14.20	(c)
TOTAL RETURN		(15.39	)%		7.15	%		9.90	%		16.35	%		20.53	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	285,643		$	267,273		$	216,828		$	170,413		$	116,445
Ratio of expenses to average net assets before expense waiver and reimbursement		0.78	%		0.81	%		0.72	%		0.48	%		0.54	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.78	%		0.78	%		0.69	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		0.66	%		0.92	%		0.39	%		0.78	%		0.68	%
Portfolio turnover rate		114	%		127	%		264	%		273	%		295	%

174 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
SMALL-CAP EQUITY FUND § FOR THE YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	15.18		$	15.66		$	15.65		$	14.15		$	12.64
Gain (loss) from investment operations:
Net investment income (a)		0.09			0.15			0.07			0.14			0.12
Net realized and unrealized gain (loss) on total investments		(2.33	)		1.01			1.39			2.19			2.45
Total gain (loss) from investment operations		(2.24	)		1.16			1.46			2.33			2.57
Less distributions from:
Net investment income		(0.11	)		(0.09	)		(0.12	)		(0.13	)		(0.13	)
Net realized gains		(0.92	)		(1.55	)		(1.33	)		(0.70	)		(0.93	)
Total distributions		(1.03	)		(1.64	)		(1.45	)		(0.83	)		(1.06	)
Net asset value, end of period	$	11.91		$	15.18		$	15.66		$	15.65		$	14.15	(c)
TOTAL RETURN		(15.37	)%		7.39	%		9.97	%		16.55	%		20.70	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	50,731		$	68,843		$	85,719		$	71,400		$	61,937
Ratio of expenses to average net assets before expense waiver and reimbursement		0.87	%		0.86	%		0.61	%		0.32	%		0.38	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.72	%		0.69	%		0.61	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		0.71	%		0.95	%		0.48	%		0.97	%		0.87	%
Portfolio turnover rate		114	%		127	%		264	%		273	%		295	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	During the year ended September 30, 2004, the Small-Cap Equity Fund was reimbursed by the Adviser for an investment loss resulting from an overstatement of cash available for investment. Had the Fund not been reimbursed, the net asset value and total return for the Retirement Class would have been $14.19 and 20.44%, respectively, and the net asset value and total return for the Institutional Class would have been $14.28 and 20.86%, respectively. There was no change to the net asset value or total return for the Retail Class.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 175

FINANCIAL HIGHLIGHTS	continued
LARGE-CAP GROWTH INDEX FUND § FOR THE YEAR ENDED

	Institutional Class
		9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	13.78		$	11.84		$	11.33		$	10.48		$	11.63
Gain (loss) from investment operations:
Net investment income (a)		0.16			0.14			0.13			0.12			0.11
Net realized and unrealized gain (loss) on total investments		(3.00	)		2.09			0.54			1.07			0.80
Total gain (loss) from investment operations		(2.84	)		2.23			0.67			1.19			0.91
Less distributions from:
Net investment income		(0.14	)		(0.28	)		(0.09	)		(0.15	)		(0.21	)
Net realized gains		(0.08	)		(0.01	)		(0.07	)		(0.19	)		(1.85	)
Total distributions		(0.22	)		(0.29	)		(0.16	)		(0.34	)		(2.06	)
Net asset value, end of year	$	10.72		$	13.78		$	11.84		$	11.33		$	10.48
TOTAL RETURN		(20.96	)%		19.15	%		5.94	%		11.41	%		7.35	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	263,714		$	272,610		$	552,918		$	464,761		$	35,800
Ratio of expenses to average net assets before expense waiver and reimbursement		0.10	%		0.12	%		0.08	%		0.08	%		0.11	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.10	%		0.08	%		0.08	%		0.08	%		0.08	%
Ratio of net investment income to average net assets		1.23	%		1.10	%		1.14	%		1.08	%		0.97	%
Portfolio turnover rate		28	%		53	%		40	%		61	%		19	%

	Retirement Class
		9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	13.86		$	11.91		$	11.47		$	10.56		$	11.60
Gain (loss) from investment operations:
Net investment income (a)		0.12			0.12			0.10			0.12			0.05
Net realized and unrealized gain (loss) on total investments		(3.01	)		2.10			0.53			1.04			0.82
Total gain (loss) from investment operations		(2.89	)		2.22			0.63			1.16			0.87
Less distributions from:
Net investment income		(0.11	)		(0.26	)		(0.12	)		(0.06	)		(0.06	)
Net realized gains		(0.08	)		(0.01	)		(0.07	)		(0.19	)		(1.85	)
Total distributions		(0.19	)		(0.27	)		(0.19	)		(0.25	)		(1.91	)
Net asset value, end of year	$	10.78		$	13.86		$	11.91		$	11.47		$	10.56
TOTAL RETURN		(21.13	)%		18.91	%		5.53	%		11.04	%		7.03	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	98,784		$	87,924		$	42,719		$	22,402		$	18,405
Ratio of expenses to average net assets before expense waiver and reimbursement		0.35	%		0.38	%		0.43	%		0.43	%		0.52	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%		0.33	%		0.36	%		0.43	%		0.42	%
Ratio of net investment income to average net assets		0.98	%		0.93	%		0.86	%		1.04	%		0.46	%
Portfolio turnover rate		28	%		53	%		40	%		61	%		19	%

(a) Based on average shares outstanding.

176 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LARGE-CAP VALUE INDEX FUND § FOR THE YEAR ENDED

	Institutional Class
		9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	16.89		$	15.93		$	14.50		$	13.05		$	11.41
Gain (loss) from investment operations:
Net investment income (a)		0.40			0.41			0.36			0.34			0.29
Net realized and unrealized gain (loss) on total investments		(4.22	)		1.80			1.68			1.77			1.99
Total gain (loss) from investment operations		(3.82	)		2.21			2.04			2.11			2.28
Less distributions from:
Net investment income		(0.38	)		(0.59	)		(0.29	)		(0.27	)		(0.31	)
Net realized gains		(0.52	)		(0.66	)		(0.32	)		(0.39	)		(0.33	)
Total distributions		(0.90	)		(1.25	)		(0.61	)		(0.66	)		(0.64	)
Net asset value, end of year	$	12.17		$	16.89		$	15.93		$	14.50		$	13.05
TOTAL RETURN		(23.58	)%		14.36	%		14.54	%		16.50	%		20.25	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	319,533		$	363,498		$	518,223		$	433,383		$	142,252
Ratio of expenses to average net assets before expense waiver and reimbursement		0.09	%		0.11	%		0.08	%		0.08	%		0.10	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.09	%		0.08	%		0.08	%		0.08	%		0.08	%
Ratio of net investment income to average net assets		2.83	%		2.48	%		2.45	%		2.42	%		2.34	%
Portfolio turnover rate		33	%		60	%		49	%		65	%		44	%

	Retirement Class
		9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	17.06		$	16.09		$	14.52		$	13.07		$	11.38
Gain (loss) from investment operations:
Net investment income (a)		0.37			0.38			0.32			0.29			0.25
Net realized and unrealized gain (loss) on total investments		(4.26	)		1.82			1.68			1.79			1.98
Total gain (loss) from investment operations		(3.89	)		2.20			2.00			2.08			2.23
Less distributions from:
Net investment income		(0.35	)		(0.57	)		(0.11	)		(0.24	)		(0.21	)
Net realized gains		(0.52	)		(0.66	)		(0.32	)		(0.39	)		(0.33	)
Total distributions		(0.87	)		(1.23	)		(0.43	)		(0.63	)		(0.54	)
Net asset value, end of year	$	12.30		$	17.06		$	16.09		$	14.52		$	13.07
TOTAL RETURN		(23.77	)%		14.17	%		14.14	%		16.18	%		19.82	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	115,840		$	101,949		$	37,069		$	778		$	200
Ratio of expenses to average net assets before expense waiver and reimbursement		0.34	%		0.32	%		0.51	%		0.44	%		0.97	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.34	%		0.30	%		0.35	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		2.58	%		2.26	%		2.10	%		2.07	%		1.99	%
Portfolio turnover rate		33	%		60	%		49	%		65	%		44	%

(a) Based on average shares outstanding.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 177

FINANCIAL HIGHLIGHTS	continued
EQUITY INDEX FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
		9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.46		$	10.09		$	9.97		$	8.85		$	8.07
Gain (loss) from investment operations:
Net investment income (a)		0.20			0.20			0.17			0.18			0.15
Net realized and unrealized gain (loss) on total investments		(2.59	)		1.44			0.78			1.09			0.99
Total gain (loss) from investment operations		(2.39	)		1.64			0.95			1.27			1.14
Less distributions from:
Net investment income		(0.18	)		(0.17	)		(0.17	)		(0.15	)		(0.29	)
Net realized gains		(0.19	)		(0.10	)		(0.66	)		—			(0.07	)
Total distributions		(0.37	)		(0.27	)		(0.83	)		(0.15	)		(0.36	)
Net asset value, end of period	$	8.70		$	11.46		$	10.09		$	9.97		$	8.85
TOTAL RETURN		(21.43	)%		16.49	%		10.08	%		14.40	%		14.17	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	697,104		$	844,429		$	633,027		$	606,341		$	766,707
Ratio of expenses to average net assets before expense waiver and reimbursement		0.07	%		0.09	%		0.08	%		0.09	%		0.08	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.07	%		0.08	%		0.08	%		0.09	%		0.08	%
Ratio of net investment income to average net assets		2.02	%		1.79	%		1.74	%		1.94	%		1.67	%
Portfolio turnover rate		9	%		16	%		32	%		24	%		26	%

	Retirement Class
		9/30/08			9/30/07			9/30/06	(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.62		$	10.24		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.18			0.17			0.07
Net realized and unrealized gain (loss) on total investments		(2.64	)		1.48			0.17
Total gain (loss) from investment operations		(2.46	)		1.65			0.24
Less distributions from:
Net investment income		(0.16	)		(0.17	)		—
Net realized gains		(0.19	)		(0.10	)		—
Total distributions		(0.35	)		(0.27	)		—
Net asset value, end of period	$	8.81		$	11.62		$	10.24
TOTAL RETURN		(21.71	)%		16.29	%		2.40	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	13,487		$	9,479		$	1,909
Ratio of expenses to average net assets before expense waiver and reimbursement		0.33	%		0.36	%		4.07	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.33	%		0.33	%		0.34	%(c)
Ratio of net investment income to average net assets		1.77	%		1.54	%		1.39	%(c)
Portfolio turnover rate		9	%		16	%		32	%

178 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
EQUITY INDEX FUND §  FOR THE PERIOD OR YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.63		$	10.25		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.19			0.18			0.08
Net realized and unrealized gain (loss) on total investments		(2.63	)		1.47			0.17
Total gain (loss) from investment operations		(2.44	)		1.65			0.25
Less distributions from:
Net investment income		(0.17	)		(0.17	)		—
Net realized gains		(0.19	)		(0.10	)		—
Total distributions		(0.36	)		(0.27	)		—
Net asset value, end of period	$	8.83		$	11.63		$	10.25
TOTAL RETURN		(21.53	)%		16.30	%		2.50	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	335,624		$	440,181		$	7,115
Ratio of expenses to average net assets before expense waiver and reimbursement		0.39	%		0.43	%		1.49	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.19	%		0.22	%		0.24	%(c)
Ratio of net investment income to average net assets		1.89	%		1.62	%		1.53	%(c)
Portfolio turnover rate		9	%		16	%		32	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retirement Class and Retail Class commenced operations on March 31, 2006.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 179

FINANCIAL HIGHLIGHTS	continued
S&P 500 INDEX FUND §  FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	17.54		$	15.36		$	14.08		$	12.92		$	11.52
Gain (loss) from investment operations:
Net investment income (a)		0.33			0.31			0.27			0.26			0.21
Net realized and unrealized gain (loss) on total investments		(4.09	)		2.17			1.22			1.31			1.36
Total gain (loss) from investment operations		(3.76	)		2.48			1.49			1.57			1.57
Less distributions from:
Net investment income		(0.31	)		(0.27	)		(0.18	)		(0.21	)		(0.17	)
Net realized gains		(0.13	)		(0.03	)		(0.03	)		(0.20	)		—
Total distributions		(0.44	)		(0.30	)		(0.21	)		(0.41	)		(0.17	)
Net asset value, end of period	$	13.34		$	17.54		$	15.36		$	14.08		$	12.92
TOTAL RETURN		(21.93	)%		16.35	%		10.70	%		12.20	%		13.63	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	851,272		$	942,556		$	783,876		$	526,899		$	167,621
Ratio of expenses to average net assets before expense waiver and reimbursement		0.06	%		0.07	%		0.07	%		0.08	%		0.11	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.06	%		0.07	%		0.07	%		0.08	%		0.08	%
Ratio of net investment income to average net assets		2.12	%		1.88	%		1.86	%		1.92	%		1.68	%
Portfolio turnover rate		14	%		18	%		25	%		38	%		21	%
	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	17.45		$	15.29		$	14.08		$	12.95		$	11.48
Gain (loss) from investment operations:
Net investment income (a)		0.29			0.27			0.23			0.22			0.17
Net realized and unrealized gain (loss) on total investments		(4.07	)		2.16			1.22			1.29			1.36
Total gain (loss) from investment operations		(3.78	)		2.43			1.45			1.51			1.53
Less distributions from:
Net investment income		(0.27	)		(0.24	)		(0.21	)		(0.18	)		(0.06	)
Net realized gains		(0.13	)		(0.03	)		(0.03	)		(0.20	)		—
Total distributions		(0.40	)		(0.27	)		(0.24	)		(0.38	)		(0.06	)
Net asset value, end of period	$	13.27		$	17.45		$	15.29		$	14.08		$	12.95
TOTAL RETURN		(22.11	)%		16.05	%		10.39	%		11.69	%		13.29	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	223,973		$	231,854		$	149,408		$	98,508		$	54,914
Ratio of expenses to average net assets before expense waiver and reimbursement		0.31	%		0.32	%		0.37	%		0.44	%		0.48	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.31	%		0.32	%		0.37	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		1.87	%		1.63	%		1.56	%		1.65	%		1.31	%
Portfolio turnover rate		14	%		18	%		25	%		38	%		21	%

(a) Based on average shares outstanding.

180 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
MID-CAP GROWTH INDEX FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	16.26		$	14.30		$	14.36		$	12.85		$	12.94
Gain (loss) from investment operations:
Net investment income (a)		0.15			0.13			0.12			0.07			0.06
Net realized and unrealized gain (loss) on total investments		(3.88	)		2.73			0.85			2.81			1.67
Total gain (loss) from investment operations		(3.73	)		2.86			0.97			2.88			1.73
Less distributions from:
Net investment income		(0.13	)		(0.10	)		(0.08	)		(0.06	)		(0.06	)
Net realized gains		(0.91	)		(0.80	)		(0.95	)		(1.31	)		(1.76	)
Total distributions		(1.04	)		(0.90	)		(1.03	)		(1.37	)		(1.82	)
Net asset value, end of period	$	11.49		$	16.26		$	14.30		$	14.36		$	12.85
TOTAL RETURN		(24.41	)%		20.88	%		6.88	%		23.36	%		13.50	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	47,091		$	48,316		$	36,255		$	29,431		$	23,893
Ratio of expenses to average net assets before expense waiver and reimbursement		0.32	%		0.48	%		0.41	%		0.09	%		0.11	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.10	%		0.08	%		0.08	%		0.09	%		0.08	%
Ratio of net investment income to average net assets		1.05	%		0.86	%		0.84	%		0.55	%		0.46	%
Portfolio turnover rate		60	%		70	%		72	%		42	%		32	%
	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	16.16		$	14.25		$	14.29		$	12.83		$	12.91
Gain (loss) from investment operations:
Net investment income (a)		0.11			0.10			0.08			0.03			0.01
Net realized and unrealized gain (loss) on total investments		(3.85	)		2.71			0.85			2.79			1.68
Total gain (loss) from investment operations		(3.74	)		2.81			0.93			2.82			1.69
Less distributions from:
Net investment income		(0.09	)		(0.10	)		(0.02	)		(0.05	)		(0.01	)
Net realized gains		(0.91	)		(0.80	)		(0.95	)		(1.31	)		(1.76	)
Total distributions		(1.00	)		(0.90	)		(0.97	)		(1.36	)		(1.77	)
Net asset value, end of period	$	11.42		$	16.16		$	14.25		$	14.29		$	12.83
TOTAL RETURN		(24.55	)%		20.55	%		6.60	%		22.86	%		13.15	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	27,615		$	24,565		$	10,121		$	445		$	344
Ratio of expenses to average net assets before expense waiver and reimbursement		0.57	%		0.75	%		0.94	%		0.45	%		0.73	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%		0.33	%		0.35	%		0.45	%		0.44	%
Ratio of net investment income to average net assets		0.81	%		0.63	%		0.54	%		0.19	%		0.10	%
Portfolio turnover rate		60	%		70	%		72	%		42	%		32	%

(a) Based on average shares outstanding.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 181

FINANCIAL HIGHLIGHTS	continued
MID-CAP VALUE INDEX FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	17.40		$	16.20		$	16.55		$	14.23		$	11.83
Gain (loss) from investment operations:
Net investment income (a)		0.38			0.37			0.33			0.33			0.29
Net realized and unrealized gain (loss) on total investments		(3.71	)		1.79			1.47			3.24			2.66
Total gain (loss) from investment operations		(3.33	)		2.16			1.80			3.57			2.95
Less distributions from:
Net investment income		(0.36	)		(0.20	)		(0.31	)		(0.30	)		(0.26	)
Net realized gains		(1.05	)		(0.76	)		(1.84	)		(0.95	)		(0.29	)
Total distributions		(1.41	)		(0.96	)		(2.15	)		(1.25	)		(0.55	)
Net asset value, end of year	$	12.66		$	17.40		$	16.20		$	16.55		$	14.23
TOTAL RETURN		(20.38	)%		13.68	%		12.10	%		26.14	%		25.36	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	128,777		$	126,598		$	59,187		$	47,420		$	37,010
Ratio of expenses to average net assets before expense waiver and reimbursement		0.16	%		0.22	%		0.29	%		0.08	%		0.09	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.10	%		0.08	%		0.08	%		0.08	%		0.08	%
Ratio of net investment income to average net assets		2.59	%		2.13	%		2.11	%		2.17	%		2.16	%
Portfolio turnover rate		47	%		58	%		76	%		43	%		23	%

	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	17.60		$	16.40		$	16.52		$	14.20		$	11.80
Gain (loss) from investment operations:
Net investment income (a)		0.34			0.33			0.28			0.28			0.24
Net realized and unrealized gain (loss) on total investments		(3.75	)		1.82			1.49			3.25			2.65
Total gain (loss) from investment operations		(3.41	)		2.15			1.77			3.53			2.89
Less distributions from:
Net investment income		(0.32	)		(0.19	)		(0.05	)		(0.26	)		(0.20	)
Net realized gains		(1.05	)		(0.76	)		(1.84	)		(0.95	)		(0.29	)
Total distributions		(1.37	)		(0.95	)		(1.89	)		(1.21	)		(0.49	)
Net asset value, end of year	$	12.82		$	17.60		$	16.40		$	16.52		$	14.20
TOTAL RETURN		(20.60	)%		13.41	%		11.77	%		25.80	%		24.92	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	79,985		$	59,559		$	20,433		$	289		$	200
Ratio of expenses to average net assets before expense waiver and reimbursement		0.40	%		0.46	%		0.71	%		0.44	%		1.00	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.34	%		0.33	%		0.35	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		2.34	%		1.87	%		1.79	%		1.81	%		1.81	%
Portfolio turnover rate		47	%		58	%		76	%		43	%		23	%

(a) Based on average shares outstanding.

182 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
MID-CAP BLEND INDEX FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	19.23		$	17.22		$	16.85		$	14.34		$	12.36
Gain (loss) from investment operations:
Net investment income (a)		0.27			0.28			0.25			0.23			0.20
Net realized and unrealized gain (loss) on total investments		(4.36	)		2.68			1.26			3.26			2.29
Total gain (loss) from investment operations		(4.09	)		2.96			1.51			3.49			2.49
Less distributions from:
Net investment income		(0.25	)		(0.21	)		(0.22	)		(0.21	)		(0.17	)
Net realized gains		(0.70	)		(0.74	)		(0.92	)		(0.77	)		(0.34	)
Total distributions		(0.95	)		(0.95	)		(1.14	)		(0.98	)		(0.51	)
Net asset value, end of year	$	14.19		$	19.23		$	17.22		$	16.85		$	14.34
TOTAL RETURN		(22.20	)%		17.70	%		9.34	%		25.01	%		20.39	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	89,638		$	111,763		$	79,185		$	64,696		$	49,707
Ratio of expenses to average net assets before expense waiver and reimbursement		0.17	%		0.23	%		0.27	%		0.08	%		0.10	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.10	%		0.08	%		0.08	%		0.08	%		0.08	%
Ratio of net investment income to average net assets		1.63	%		1.49	%		1.48	%		1.48	%		1.47	%
Portfolio turnover rate		29	%		53	%		69	%		40	%		19	%

	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	19.36		$	17.35		$	16.90		$	14.35		$	12.33
Gain (loss) from investment operations:
Net investment income (a)		0.23			0.23			0.20			0.18			0.16
Net realized and unrealized gain (loss) on total investments		(4.39	)		2.71			1.27			3.27			2.28
Total gain (loss) from investment operations		(4.16	)		2.94			1.47			3.45			2.44
Less distributions from:
Net investment income		(0.22	)		(0.19	)		(0.10	)		(0.13	)		(0.08	)
Net realized gains		(0.70	)		(0.74	)		(0.92	)		(0.77	)		(0.34	)
Total distributions		(0.92	)		(0.93	)		(1.02	)		(0.90	)		(0.42	)
Net asset value, end of year	$	14.28		$	19.36		$	17.35		$	16.90		$	14.35
TOTAL RETURN		(22.40	)%		17.44	%		9.03	%		24.62	%		19.94	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	90,949		$	84,301		$	29,584		$	6,338		$	563
Ratio of expenses to average net assets before expense waiver and reimbursement		0.42	%		0.48	%		0.59	%		0.44	%		0.66	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%		0.33	%		0.36	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		1.37	%		1.22	%		1.17	%		1.15	%		1.13	%
Portfolio turnover rate		29	%		53	%		69	%		40	%		19	%

(a) Based on average shares outstanding.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 183

FINANCIAL HIGHLIGHTS	continued
SMALL-CAP GROWTH INDEX FUND § FOR THE YEAR ENDED

	Institutional Class
		9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	15.70		$	14.42		$	14.56		$	13.91		$	13.16
Gain (loss) from investment operations:
Net investment income (a)		0.14			0.12			0.06			0.07			0.06
Net realized and unrealized gain (loss) on total investments		(2.65	)		2.47			0.74			2.36			1.51
Total gain (loss) from investment operations		(2.51	)		2.59			0.80			2.43			1.57
Less distributions from:
Net investment income		(0.12	)		(0.06	)		(0.06	)		(0.04	)		(0.08	)
Net realized gains		(0.76	)		(1.25	)		(0.88	)		(1.74	)		(0.74	)
Total distributions		(0.88	)		(1.31	)		(0.94	)		(1.78	)		(0.82	)
Redemption fees		0.01			—			—			—			—
Net asset value, end of period	$	12.32		$	15.70		$	14.42		$	14.56		$	13.91
TOTAL RETURN		(16.66	)%		18.92	%		5.66	%		17.73	%		11.84	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	83,331		$	99,933		$	80,122		$	76,610		$	65,446
Ratio of expenses to average net assets before expense waiver and reimbursement		0.24	%		0.30	%		0.22	%		0.10	%		0.10	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.10	%		0.08	%		0.08	%		0.08	%		0.08	%
Ratio of net investment income to average net assets		0.99	%		0.79	%		0.43	%		0.49	%		0.41	%
Portfolio turnover rate		56	%		64	%		102	%		70	%		45	%

	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	16.76		$	15.34		$	15.31		$	14.54		$	13.13
Gain (loss) from investment operations:
Net investment income (a)		0.11			0.09			0.02			0.03			0.01
Net realized and unrealized gain (loss) on total investments		(2.82	)		2.62			0.91			2.52			2.17
Total gain (loss) from investment operations		(2.71	)		2.71			0.93			2.55			2.18
Less distributions from:
Net investment income		(0.10	)		(0.04	)		(0.02	)		(0.04	)		(0.03	)
Net realized gains		(0.76	)		(1.25	)		(0.88	)		(1.74	)		(0.74	)
Total distributions		(0.86	)		(1.29	)		(0.90	)		(1.78	)		(0.77	)
Redemption fees		0.01			—			—			—			—
Net asset value, end of period	$	13.20		$	16.76		$	15.34		$	15.31		$	14.54
TOTAL RETURN		(16.82	)%		18.60	%		6.13	%		17.67	%		16.86	%(e)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	57,087		$	34,733		$	17,974		$	1,652		$	279
Ratio of expenses to average net assets before expense waiver and reimbursement		0.48	%		0.57	%		0.62	%		0.45	%		0.67	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.34	%		0.33	%		0.35	%		0.45	%		0.44	%
Ratio of net investment income to average net assets		0.76	%		0.58	%		0.15	%		0.18	%		0.04	%
Portfolio turnover rate		56	%		64	%		102	%		70	%		45	%

(a)	Based on average shares outstanding.
(e)	The Small-Cap Growth Index Fund Retirement Class benefited from a shareholder processing transaction during the year ended September 30, 2004.

184 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
SMALL-CAP VALUE INDEX FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	13.87		$	14.45		$	14.36		$	14.03		$	12.14
Gain (loss) from investment operations:
Net investment income (a)		0.27			0.30			0.25			0.25			0.23
Net realized and unrealized gain (loss) on total investments		(1.87	)		0.61			1.54			2.15			2.81
Total gain (loss) from investment operations		(1.60	)		0.91			1.79			2.40			3.04
Less distributions from:
Net investment income		(0.28	)		(0.22	)		(0.21	)		(0.23	)		(0.23	)
Net realized gains		(0.90	)		(1.27	)		(1.49	)		(1.84	)		(0.92	)
Total distributions		(1.18	)		(1.49	)		(1.70	)		(2.07	)		(1.15	)
Net asset value, end of period	$	11.09		$	13.87		$	14.45		$	14.36		$	14.03
TOTAL RETURN		(11.82	)%		6.14	%		13.79	%		17.62	%		25.63	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	103,900		$	97,502		$	79,190		$	71,779		$	63,358
Ratio of expenses to average net assets before expense waiver and reimbursement		0.21	%		0.26	%		0.22	%		0.08	%		0.10	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.10	%		0.08	%		0.08	%		0.08	%		0.08	%
Ratio of net investment income to average net assets		2.36	%		2.04	%		1.76	%		1.80	%		1.71	%
Portfolio turnover rate		44	%		53	%		74	%		60	%		42	%
	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	14.06		$	14.64		$	14.45		$	14.00		$	12.11
Gain (loss) from investment operations:
Net investment income (a)		0.24			0.27			0.22			0.20			0.18
Net realized and unrealized gain (loss) on total investments		(1.89	)		0.63			1.57			2.17			2.80
Total gain (loss) from investment operations		(1.65	)		0.90			1.79			2.37			2.98
Less distributions from:
Net investment income		(0.26	)		(0.21	)		(0.11	)		(0.08	)		(0.17	)
Net realized gains		(0.90	)		(1.27	)		(1.49	)		(1.84	)		(0.92	)
Total distributions		(1.16	)		(1.48	)		(1.60	)		(1.92	)		(1.09	)
Net asset value, end of period	$	11.25		$	14.06		$	14.64		$	14.45		$	14.00
TOTAL RETURN		(12.08	)%		5.97	%		13.58	%		17.39	%		25.18	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	77,691		$	55,253		$	26,014		$	1,933		$	237
Ratio of expenses to average net assets before expense waiver and reimbursement		0.45	%		0.52	%		0.64	%		0.44	%		0.91	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.34	%		0.33	%		0.35	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		2.05	%		1.82	%		1.58	%		1.42	%		1.32	%
Portfolio turnover rate		44	%		53	%		74	%		60	%		42	%

(a) Based on average shares outstanding.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 185

FINANCIAL HIGHLIGHTS	continued
SMALL-CAP BLEND INDEX FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	15.94		$	15.54		$	15.68		$	14.33		$	12.62
Gain (loss) from investment operations:
Net investment income (a)		0.22			0.23			0.17			0.18			0.15
Net realized and unrealized gain (loss) on total investments		(2.39	)		1.63			1.26			2.32			2.19
Total gain (loss) from investment operations		(2.17	)		1.86			1.43			2.50			2.34
Less distributions from:
Net investment income		(0.21	)		(0.20	)		(0.14	)		(0.14	)		(0.14	)
Net realized gains		(0.65	)		(1.26	)		(1.43	)		(1.01	)		(0.49	)
Total distributions		(0.86	)		(1.46	)		(1.57	)		(1.15	)		(0.63	)
Net asset value, end of period	$	12.91		$	15.94		$	15.54		$	15.68		$	14.33
TOTAL RETURN		(14.07	)%		12.32	%		9.80	%		17.74	%		18.66	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	147,458		$	179,670		$	181,852		$	156,344		$	129,263
Ratio of expenses to average net assets before expense waiver and reimbursement		0.16	%		0.22	%		0.15	%		0.08	%		0.10	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.10	%		0.08	%		0.08	%		0.08	%		0.08	%
Ratio of net investment income to average net assets		1.62	%		1.41	%		1.10	%		1.22	%		1.08	%
Portfolio turnover rate		36	%		69	%		71	%		63	%		24	%
	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	15.98		$	15.58		$	15.65		$	14.32		$	12.59
Gain (loss) from investment operations:
Net investment income (a)		0.18			0.20			0.13			0.13			0.10
Net realized and unrealized gain (loss) on total investments		(2.40	)		1.64			1.27			2.33			2.19
Total gain (loss) from investment operations		(2.22	)		1.84			1.40			2.46			2.29
Less distributions from:
Net investment income		(0.18	)		(0.18	)		(0.04	)		(0.12	)		(0.07	)
Net realized gains		(0.65	)		(1.26	)		(1.43	)		(1.01	)		(0.49	)
Total distributions		(0.83	)		(1.44	)		(1.47	)		(1.13	)		(0.56	)
Net asset value, end of period	$	12.93		$	15.98		$	15.58		$	15.65		$	14.32
TOTAL RETURN		(14.34	)%		12.15	%		9.51	%		17.43	%		18.26	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	69,134		$	54,334		$	28,500		$	409		$	330
Ratio of expenses to average net assets before expense waiver and reimbursement		0.41	%		0.48	%		0.58	%		0.44	%		0.77	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%		0.33	%		0.34	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		1.33	%		1.23	%		0.88	%		0.86	%		0.71	%
Portfolio turnover rate		36	%		0.69	%		71	%		63	%		24	%

(a) Based on average shares outstanding.

186 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
INTERNATIONAL EQUITY INDEX FUND § FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	23.51		$	19.33		$	16.64		$	13.70		$	11.54
Gain (loss) from investment operations:
Net investment income (a)		0.72			0.55			0.47			0.41			0.31
Net realized and unrealized gain (loss) on total investments		(7.40	)		4.20			2.64			3.05			2.21
Total gain (loss) from investment operations		(6.68	)		4.75			3.11			3.46			2.52
Less distributions from:
Net investment income		(0.52	)		(0.42	)		(0.27	)		(0.33	)		(0.31	)
Net realized gains		(0.23	)		(0.15	)		(0.15	)		(0.19	)		(0.05	)
Total distributions		(0.75	)		(0.57	)		(0.42	)		(0.52	)		(0.36	)
Redemption fees		0.01			—			—			—			—
Net asset value, end of period	$	16.09		$	23.51		$	19.33		$	16.64		$	13.70
TOTAL RETURN		(29.23	)%		25.01	%		19.02	%		25.63	%		22.06	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	411,451		$	496,975		$	359,561		$	237,853		$	75,568
Ratio of expenses to average net assets before expense waiver and reimbursement		0.11	%		0.16	%		0.17	%		0.16	%		0.15	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.11	%		0.15	%		0.15	%		0.16	%		0.15	%
Ratio of net investment income to average net assets		3.51	%		2.54	%		2.58	%		2.67	%		2.34	%
Portfolio turnover rate		45	%		46	%		43	%		32	%		7	%
	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	23.87		$	19.64		$	16.76		$	13.67		$	11.51
Gain (loss) from investment operations:
Net investment income (a)		0.70			0.56			0.48			0.27			0.27
Net realized and unrealized gain (loss) on total investments		(7.54	)		4.22			2.63			3.12			2.20
Total gain (loss) from investment operations		(6.84	)		4.78			3.11			3.39			2.47
Less distributions from:
Net investment income		(0.49	)		(0.40	)		(0.08	)		(0.11	)		(0.26	)
Net realized gains		(0.23	)		(0.15	)		(0.15	)		(0.19	)		(0.05	)
Total distributions		(0.72	)		(0.55	)		(0.23	)		(0.30	)		(0.31	)
Redemption fees		0.01			—			—			—			—
Net asset value, end of period	$	16.32		$	23.87		$	19.64		$	16.76		$	13.67
TOTAL RETURN		(29.44	)%		24.75	%		18.72	%		25.04	%		21.68	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	414,882		$	297,164		$	82,537		$	1,247		$	789
Ratio of expenses to average net assets before expense waiver and reimbursement		0.35	%		0.42	%		0.47	%		0.50	%		0.50	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%		0.34	%		0.41	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		3.39	%		2.51	%		2.56	%		1.78	%		2.02	%
Portfolio turnover rate		45	%		46	%		43	%		32	%		7	%

(a) Based on average shares outstanding.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 187

FINANCIAL HIGHLIGHTS	continued
ENHANCED INTERNATIONAL EQUITY INDEX FUND § FOR THE PERIOD ENDED

	Institutional Class
		9/30/08	(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.27
Net realized and unrealized gain (loss) on total investments		(3.41	)
Total gain (loss) from investment operations		(3.14	)
Less distributions from:
Net investment income		(0.01	)
Net realized gains		—
Total distributions		(0.01	)
Net asset value, end of period	$	6.85
TOTAL RETURN		(31.42	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	166,418
Ratio of expenses to average net assets before expense waiver and reimbursement		0.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.55	%(c)
Ratio of net investment income to average net assets		3.85	%(c)
Portfolio turnover rate		88	%(b)

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on November 30, 2007.
ENHANCED LARGE-CAP GROWTH INDEX FUND § FOR THE PERIOD ENDED

	Institutional Class
		9/30/08	(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.07
Net realized and unrealized gain (loss) on total investments		(2.06	)
Total gain (loss) from investment operations		(1.99	)
Less distributions from:
Net investment income		(0.02	)
Net realized gains		—
Total distributions		(0.02	)
Net asset value, end of period	$	7.99
TOTAL RETURN		(19.95	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	162,184
Ratio of expenses to average net assets before expense waiver and reimbursement		0.55	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.40	%(c)
Ratio of net investment income to average net assets		0.90	%(c)
Portfolio turnover rate		111	%(b)

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on November 30, 2007.

188 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
ENHANCED LARGE-CAP VALUE INDEX FUND § FOR THE PERIOD ENDED

	Institutional Class
	9/30/08		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.19
Net realized and unrealized gain (loss) on total investments		(2.14	)
Total gain (loss) from investment operations		(1.95	)
Less distributions from:
Net investment income		(0.02	)
Net realized gains		—
Total distributions		(0.02	)
Net asset value, end of period	$	8.03
TOTAL RETURN		(19.51	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	158,440
Ratio of expenses to average net assets before expense waiver and reimbursement		0.58	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.40	%(c)
Ratio of net investment income to average net assets		2.64	%(c)
Portfolio turnover rate		70	%(b)

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on November 30, 2007.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 189

FINANCIAL HIGHLIGHTS	continued
SOCIAL CHOICE EQUITY FUND §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.25		$	10.97		$	10.13		$	8.96		$	7.96
Gain (loss) from investment operations:
Net investment income (a)		0.20			0.20			0.18			0.18			0.14
Net realized and unrealized gain (loss) on total investments		(2.46	)		1.38			0.80			1.16			0.99
Total gain (loss) from investment operations		(2.26	)		1.58			0.98			1.34			1.13
Less distributions from:
Net investment income		(0.15	)		(0.18	)		(0.14	)		(0.13	)		(0.13	)
Net realized gains		(0.12	)		(0.12	)		(0.00	)(e)		(0.04	)		—
Total distributions		(0.27	)		(0.30	)		(0.14	)		(0.17	)		(0.13	)
Net asset value, end of period	$	9.72		$	12.25		$	10.97		$	10.13		$	8.96
TOTAL RETURN		(18.81	)%		14.65	%		9.77	%		15.03	%		14.23	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	165,991		$	186,561		$	129,712		$	114,491		$	82,778
Ratio of expenses to average net assets before expense waiver and reimbursement		0.21	%		0.23	%		0.19	%		0.10	%		0.10	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.21	%		0.20	%		0.17	%		0.10	%		0.08	%
Ratio of net investment income to average net assets		1.82	%		1.66	%		1.69	%		1.87	%		1.54	%
Portfolio turnover rate		15	%		30	%		18	%		17	%		7	%
	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.37		$	11.08		$	10.23		$	9.08		$	8.01
Gain (loss) from investment operations:
Net investment income (a)		0.17			0.17			0.15			0.14			0.10
Net realized and unrealized gain (loss) on total investments		(2.48	)		1.40			0.81			1.17			1.00
Total gain (loss) from investment operations		(2.31	)		1.57			0.96			1.31			1.10
Less distributions from:
Net investment income		(0.13	)		(0.16	)		(0.11	)		(0.12	)		(0.03	)
Net realized gains		(0.12	)		(0.12	)		(0.00	)(e)		(0.04	)		—
Total distributions		(0.25	)		(0.28	)		(0.11	)		(0.16	)		(0.03	)
Net asset value, end of period	$	9.81		$	12.37		$	11.08		$	10.23		$	9.08
TOTAL RETURN		(19.02	)%		14.36	%		9.45	%		14.41	%		13.78	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	294,803		$	145,444		$	79,640		$	50,855		$	28,870
Ratio of expenses to average net assets before expense waiver and reimbursement		0.45	%		0.48	%		0.50	%		0.44	%		0.52	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.45	%		0.45	%		0.45	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		1.57	%		1.43	%		1.41	%		1.46	%		1.15	%
Portfolio turnover rate		15	%		30	%		18	%		17	%		7	%

190 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
SOCIAL CHOICE EQUITY FUND §  FOR THE PERIOD OR YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.35		$	10.18		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.18			0.18			0.10
Net realized and unrealized gain (loss) on total investments		(2.27	)		1.29			0.08
Total gain (loss) from investment operations		(2.09	)		1.47			0.18
Less distributions from:
Net investment income		(0.15	)		(0.18	)		—
Net realized gains		(0.12	)		(0.12	)		—
Total distributions		(0.27	)		(0.30	)		—
Net asset value, end of period	$	8.99		$	11.35		$	10.18
TOTAL RETURN		(18.81	)%		14.67	%		1.80	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	150,123		$	173,911		$	21,019
Ratio of expenses to average net assets before expense waiver and reimbursement		0.49	%		0.51	%		0.99	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.28	%		0.21	%		0.40	%(c)
Ratio of net investment income to average net assets		1.75	%		1.63	%		1.95	%(c)
Portfolio turnover rate		15	%		30	%		18	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retail Class commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 191

FINANCIAL HIGHLIGHTS	continued
REAL ESTATE SECURITIES FUND §  FOR THE YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	14.65		$	15.34		$	14.46		$	13.50		$	12.32
Gain (loss) from investment operations:
Net investment income (a)		0.27			0.22			0.34			0.52			0.53
Net realized and unrealized gain (loss) on total investments		(2.24	)		0.47			2.69			2.47			2.48
Total gain (loss) from investment operations		(1.97	)		0.69			3.03			2.99			3.01
Less distributions from:
Net investment income		(0.39	)		(0.48	)		(0.57	)		(0.57	)		(0.49	)
Net realized gains		(1.62	)		(0.90	)		(1.58	)		(1.46	)		(1.34	)
Return of capital		(0.16	)		—			—			—			—
Total distributions		(2.17	)		(1.38	)		(2.15	)		(2.03	)		(1.83	)
Net asset value, end of period	$	10.51		$	14.65		$	15.34		$	14.46		$	13.50
TOTAL RETURN		(13.54	)%		4.26	%		23.49	%		22.87	%		26.30	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	242,867		$	252,164		$	218,442		$	240,806		$	156,193
Ratio of expenses to average net assets before expense waiver and reimbursement		0.56	%		0.58	%		0.42	%		0.17	%		0.16	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.56	%		0.55	%		0.42	%		0.17	%		0.15	%
Ratio of net investment income to average net assets		2.38	%		1.39	%		2.40	%		3.66	%		4.12	%
Portfolio turnover rate		94	%		116	%		174	%		244	%		349	%
	Retirement Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	15.00		$	15.66		$	14.66		$	13.62		$	12.40
Gain (loss) from investment operations:
Net investment income (a)		0.24			0.19			0.31			0.48			0.50
Net realized and unrealized gain (loss) on total investments		(2.28	)		0.49			2.76			2.53			2.49
Total gain (loss) from investment operations		(2.04	)		0.68			3.07			3.01			2.99
Less distributions from:
Net investment income		(0.37	)		(0.44	)		(0.49	)		(0.51	)		(0.43	)
Net realized gains		(1.62	)		(0.90	)		(1.58	)		(1.46	)		(1.34	)
Return of capital		(0.16	)		—			—			—			—
Total distributions		(2.15	)		(1.34	)		(2.07	)		(1.97	)		(1.77	)
Net asset value, end of period	$	10.81		$	15.00		$	15.66		$	14.66		$	13.62
TOTAL RETURN		(13.76	)%		4.11	%		23.45	%		22.86	%		25.81	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	172,078		$	191,671		$	197,157		$	150,382		$	69,980
Ratio of expenses to average net assets before expense waiver and reimbursement		0.81	%		0.84	%		0.71	%		0.48	%		0.50	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.81	%		0.80	%		0.70	%		0.48	%		0.47	%
Ratio of net investment income to average net assets		2.05	%		1.18	%		2.14	%		3.36	%		3.88	%
Portfolio turnover rate		94	%		116	%		174	%		244	%		349	%

192 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
REAL ESTATE SECURITIES FUND §  FOR THE YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	14.59		$	15.27		$	14.35		$	13.37		$	12.22
Gain (loss) from investment operations:
Net investment income (a)		0.31			0.21			0.31			0.47			0.49
Net realized and unrealized gain (loss) on total investments		(2.28	)		0.47			2.70			2.48			2.45
Total gain (loss) from investment operations		(1.97	)		0.68			3.01			2.95			2.94
Less distributions from:
Net investment income		(0.38	)		(0.46	)		(0.51	)		(0.51	)		(0.45	)
Net realized gains		(1.60	)		(0.90	)		(1.58	)		(1.46	)		(1.34	)
Return of capital		(0.18	)		—			—			—			—
Total distributions		(2.16	)		(1.36	)		(2.09	)		(1.97	)		(1.79	)
Net asset value, end of period	$	10.46		$	14.59		$	15.27		$	14.35		$	13.37
TOTAL RETURN		(13.66	)%		4.26	%		23.50	%		22.89	%		25.84	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	118,076		$	174,936		$	189,084		$	160,218		$	107,695
Ratio of expenses to average net assets before expense waiver and reimbursement		0.85	%		0.83	%		0.62	%		0.46	%		0.50	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.70	%		0.65	%		0.62	%		0.46	%		0.45	%
Ratio of net investment income to average net assets		2.68	%		1.32	%		2.21	%		3.37	%		3.87	%
Portfolio turnover rate		94	%		116	%		174	%		244	%		349	%

(a) Based on average shares outstanding.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 193

FINANCIAL HIGHLIGHTS	continued
MANAGED ALLOCATION FUND II § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
		9/30/08			9/30/07			9/30/06	(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.03		$	10.11		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.33			0.33			0.11
Net realized and unrealized gain (loss) on total investments		(2.16	)		1.12			0.11
Total gain (loss) from investment operations		(1.83	)		1.45			0.22
Less distributions from:
Net investment income		(0.33	)		(0.53	)		(0.11	)
Net realized gains		(0.01	)		—			—
Total distributions		(0.34	)		(0.53	)		(0.11	)
Net asset value, end of period	$	8.86		$	11.03		$	10.11
TOTAL RETURN		(16.92	)%		14.68	%		2.25	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,832		$	4,718		$	2,046
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.07	%		0.12	%		1.50	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.28	%		3.12	%		2.26	%(c)
Portfolio turnover rate		26	%		13	%		8	%

	Retirement Class
		9/30/08			9/30/07			9/30/06	(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.03		$	10.13		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.29			0.35			0.11
Net realized and unrealized gain (loss) on total investments		(2.14	)		1.06			0.11
Total gain (loss) from investment operations		(1.85	)		1.41			0.22
Less distributions from:
Net investment income		(0.31	)		(0.51	)		(0.09	)
Net realized gains		(0.01	)		—			—
Total distributions		(0.32	)		(0.51	)		(0.09	)
Net asset value, end of period	$	8.86		$	11.03		$	10.13
TOTAL RETURN		(17.10	)%		14.27	%		2.17	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	13,678		$	16,570		$	8,358
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.31	%		0.37	%		1.59	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.24	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		2.84	%		3.26	%		2.14	%(c)
Portfolio turnover rate		26	%		13	%		8	%

194 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
MANAGED ALLOCATION FUND II § FOR THE PERIOD OR YEAR ENDED

	Retail Class
		9/30/08			9/30/07			9/30/06	(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.05		$	10.16		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.32			0.22			0.13
Net realized and unrealized gain (loss) on total investments		(2.15	)		1.21			0.10
Total gain (loss) from investment operations		(1.83	)		1.43			0.23
Less distributions from:
Net investment income		(0.33	)		(0.54	)		(0.07	)
Net realized gains		(0.01	)		—			—
Total distributions		(0.34	)		(0.54	)		(0.07	)
Net asset value, end of period	$	8.88		$	11.05		$	10.16
TOTAL RETURN		(16.89	)%		14.47	%		2.36	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	489,340		$	620,616		$	7,505
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.37	%		0.45	%		1.38	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.16	%		1.99	%		2.56	%(c)
Portfolio turnover rate		26	%		13	%		8	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.
(e)	The Fund’s expenses do not include the expenses of the underlying Funds.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 195

FINANCIAL HIGHLIGHTS	continued
BOND FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
		9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.94		$	9.97		$	10.10		$	10.29		$	10.81
Gain (loss) from investment operations:
Net investment income (a)		0.48			0.49			0.47			0.42			0.41
Net realized and unrealized gain (loss) on total investments		(0.26	)		(0.03	)		(0.13	)		(0.14	)		(0.06	)
Total gain (loss) from investment operations		0.22			0.46			0.34			0.28			0.35
Less distributions from:
Net investment income		(0.48	)		(0.49	)		(0.47	)		(0.42	)		(0.42	)
Net realized gains		—			—			—			(0.04	)		(0.45	)
Return of Capital		—			—			—			(0.01	)		—
Total distributions		(0.48	)		(0.49	)		(0.47	)		(0.47	)		(0.87	)
Net asset value, end of period	$	9.68		$	9.94		$	9.97		$	10.10		$	10.29
TOTAL RETURN		2.06	%		4.74	%		3.46	%		2.86	%		3.46	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,883,323		$	1,615,363		$	1,709,874		$	1,455,931		$	931,386
Ratio of expenses to average net assets before expense waiver and reimbursement		0.32	%		0.32	%		0.25	%		0.14	%		0.14	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.32	%		0.32	%		0.25	%		0.14	%		0.14	%
Ratio of net investment income to average net assets		4.79	%		4.91	%		4.71	%		4.10	%		3.94	%
Portfolio turnover rate		113	%		189	%		183	%		274	%		90	%

	Retirement Class
		9/30/08			9/30/07			9/30/06	(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.10		$	10.13		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.46			0.47			0.24
Net realized and unrealized gain (loss) on total investments		(0.27	)		(0.03	)		0.11
Total gain (loss) from investment operations		0.19			0.44			0.35
Less distributions from:
Net investment income		(0.45	)		(0.47	)		(0.22	)
Net realized gains		—			—			—
Total distributions		(0.45	)		(0.47	)		(0.22	)
Net asset value, end of period	$	9.84		$	10.10		$	10.13
TOTAL RETURN		1.87	%		4.43	%		3.52	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	28,760		$	8,302		$	1,270
Ratio of expenses to average net assets before expense waiver and reimbursement		0.57	%		0.59	%		7.70	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.57	%		0.59	%		0.55	%(c)
Ratio of net investment income to average net assets		4.56	%		4.69	%		4.69	%(c)
Portfolio turnover rate		113	%		189	%		183	%

196 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
BOND FUND § FOR THE PERIOD OR YEAR ENDED

	Retail Class
		9/30/08			9/30/07			9/30/06	(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.09		$	10.11		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.48			0.49			0.23
Net realized and unrealized gain (loss) on total investments		(0.27	)		(0.03	)		0.11
Total gain (loss) from investment operations		0.21			0.46			0.34
Less distributions from:
Net investment income		(0.47	)		(0.48	)		(0.23	)
Net realized gains		—			—			—
Total distributions		(0.47	)		(0.48	)		(0.23	)
Net asset value, end of period	$	9.83		$	10.09		$	10.11
TOTAL RETURN		2.08	%		4.68	%		3.42	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	21,166		$	7,078		$	1,006
Ratio of expenses to average net assets before expense waiver and reimbursement		0.56	%		0.60	%		7.52	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.39	%		0.42	%		0.60	%(c)
Ratio of net investment income to average net assets		4.73	%		4.87	%		4.63	%(c)
Portfolio turnover rate		113	%		189	%		183	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retirement Class and Retail Class commenced operations on March 31, 2006.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 197

FINANCIAL HIGHLIGHTS	continued
BOND PLUS FUND II § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00		$	10.10		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.51			0.51			0.26
Net realized and unrealized gain (loss) on total investments		(0.62	)		(0.10	)		0.10
Total gain (loss) from investment operations		(0.11	)		0.41			0.36
Less distributions from:
Net investment income		(0.51	)		(0.51	)		(0.26	)
Net realized gains		—			(0.00	)(e)		—
Total distributions		(0.51	)		(0.51	)		(0.26	)
Net asset value, end of period	$	9.38		$	10.00		$	10.10
TOTAL RETURN		(1.18	)%		4.16	%		3.62	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	245,035		$	282,159		$	57,393
Ratio of expenses to average net assets before expense waiver and reimbursement		0.38	%		0.42	%		0.62	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.35	%		0.35	%		0.35	%(c)
Ratio of net investment income to average net assets		5.17	%		5.12	%		5.15	%(c)
Portfolio turnover rate		92	%		137	%		92	%

	Retirement Class
	9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.02		$	10.12		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.49			0.49			0.25
Net realized and unrealized gain (loss) on total investments		(0.63	)		(0.09	)		0.10
Total gain (loss) from investment operations		(0.14	)		0.40			0.35
Less distributions from:
Net investment income		(0.49	)		(0.50	)		(0.23	)
Net realized gains		—			(0.00	)(e)		—
Total distributions		(0.49	)		(0.50	)		(0.23	)
Net asset value, end of period	$	9.39		$	10.02		$	10.12
TOTAL RETURN		(1.49	)%		4.01	%		3.54	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	9,913		$	8,830		$	2,474
Ratio of expenses to average net assets before expense waiver and reimbursement		0.63	%		0.72	%		4.86	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.61	%		0.55	%		0.55	%(c)
Ratio of net investment income to average net assets		4.95	%		4.92	%		5.03	%(c)
Portfolio turnover rate		92	%		137	%		92	%

198 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
BOND PLUS FUND II § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.02		$	10.12		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.50			0.50			0.25
Net realized and unrealized gain (loss) on total investments		(0.61	)		(0.10	)		0.10
Total gain (loss) from investment operations		(0.11	)		0.40			0.35
Less distributions from:
Net investment income		(0.51	)		(0.50	)		(0.23	)
Net realized gains		—			(0.00	)(e)		—
Total distributions		(0.51	)		(0.50	)		(0.23	)
Net asset value, end of period	$	9.40		$	10.02		$	10.12
TOTAL RETURN		(1.26	)%		4.09	%		3.55	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	241,183		$	264,897		$	2,581
Ratio of expenses to average net assets before expense waiver and reimbursement		0.74	%		0.77	%		3.73	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.44	%		0.41	%		0.50	%(c)
Ratio of net investment income to average net assets		5.09	%		5.07	%		5.06	%(c)
Portfolio turnover rate		92	%		137	%		92	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 199

FINANCIAL HIGHLIGHTS	continued
SHORT-TERM BOND FUND II § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.04		$	10.04		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.45			0.48			0.24
Net realized and unrealized gain (loss) on total investments		(0.26	)		(0.00	)(e)		0.04
Total gain (loss) from investment operations		0.19			0.48			0.28
Less distributions from:
Net investment income		(0.45	)		(0.48	)		(0.24	)
Net realized gains		—			(0.00	)(e)		—
Total distributions		(0.45	)		(0.48	)		(0.24	)
Net asset value, end of period	$	9.78		$	10.04		$	10.04
TOTAL RETURN		1.88	%		4.87	%		2.83	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	135,936		$	163,035		$	56,867
Ratio of expenses to average net assets before expense waiver and reimbursement		0.37	%		0.40	%		0.55	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.31	%		0.30	%		0.30	%(c)
Ratio of net investment income to average net assets		4.46	%		4.76	%		4.87	%(c)
Portfolio turnover rate		102	%		82	%		83	%

	Retirement Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.05		$	10.06		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.42			0.46			0.24
Net realized and unrealized gain (loss) on total investments		(0.26	)		(0.00	)(e)		0.03
Total gain (loss) from investment operations		0.16			0.46			0.27
Less distributions from:
Net investment income		(0.43	)		(0.47	)		(0.21	)
Net realized gains		—			(0.00	)(e)		—
Total distributions		(0.43	)		(0.47	)		(0.21	)
Net asset value, end of period	$	9.78		$	10.05		$	10.06
TOTAL RETURN		1.56	%		4.63	%		2.75	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	19,752		$	12,785		$	2,473
Ratio of expenses to average net assets before expense waiver and reimbursement		0.63	%		0.67	%		4.50	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.56	%		0.50	%		0.50	%(c)
Ratio of net investment income to average net assets		4.23	%		4.58	%		4.76	%(c)
Portfolio turnover rate		102	%		82	%		83	%

200 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
SHORT-TERM BOND FUND II § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.05		$	10.05		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.44			0.47			0.24
Net realized and unrealized gain (loss) on total investments		(0.27	)		0.01			0.03
Total gain (loss) from investment operations		0.17			0.48			0.27
Less distributions from:
Net investment income		(0.44	)		(0.48	)		(0.22	)
Net realized gains		—			(0.00	)(e)		—
Total distributions		(0.44	)		(0.48	)		(0.22	)
Net asset value, end of period	$	9.78		$	10.05		$	10.05
TOTAL RETURN		1.71	%		4.86	%		2.75	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	104,084		$	101,059		$	3,331
Ratio of expenses to average net assets before expense waiver and reimbursement		0.67	%		0.76	%		2.88	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.38	%		0.34	%		0.45	%(c)
Ratio of net investment income to average net assets		4.40	%		4.69	%		4.82	%(c)
Portfolio turnover rate		102	%		82	%		83	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 201

FINANCIAL HIGHLIGHTS	continued
HIGH-YIELD FUND II § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.94		$	9.92		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.76			0.72			0.35
Net realized and unrealized gain (loss) on total investments		(1.52	)		0.02			(0.08	)
Total gain (loss) from investment operations		(0.76	)		0.74			0.27
Less distributions from:
Net investment income		(0.76	)		(0.72	)		(0.35	)
Net realized gains		(0.01	)		—			—
Total distributions		(0.77	)		(0.72	)		(0.35	)
Net asset value, end of period	$	8.41		$	9.94		$	9.92
TOTAL RETURN		(8.15	)%		7.66	%		2.82	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	228,048		$	228,834		$	53,478
Ratio of expenses to average net assets before expense waiver and reimbursement		0.43	%		0.49	%		0.67	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.40	%		0.40	%		0.40	%(c)
Ratio of net investment income to average net assets		8.05	%		7.30	%		7.16	%(c)
Portfolio turnover rate		59	%		43	%		26	%

	Retirement Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.95		$	9.92		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.74			0.71			0.36
Net realized and unrealized gain (loss) on total investments		(1.53	)		0.03			(0.12	)
Total gain (loss) from investment operations		(0.79	)		0.74			0.24
Less distributions from:
Net investment income		(0.74	)		(0.71	)		(0.32	)
Net realized gains		(0.01	)		—			—
Total distributions		(0.75	)		(0.71	)		(0.32	)
Net asset value, end of period	$	8.41		$	9.95		$	9.92
TOTAL RETURN		(8.45	)%		7.61	%		2.51	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	28,694		$	15,869		$	6,620
Ratio of expenses to average net assets before expense waiver and reimbursement		0.69	%		0.73	%		5.28	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.65	%		0.60	%		0.60	%(c)
Ratio of net investment income to average net assets		7.91	%		7.10	%		7.19	%(c)
Portfolio turnover rate		59	%		43	%		26	%

202 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
HIGH-YIELD FUND II § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.98		$	9.94		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.75			0.72			0.35
Net realized and unrealized gain (loss) on total investments		(1.53	)		0.03			(0.09	)
Total gain (loss) from investment operations		(0.78	)		0.75			0.26
Less distributions from:
Net investment income		(0.75	)		(0.71	)		(0.32	)
Net realized gains		(0.01	)		—			—
Total distributions		(0.76	)		(0.71	)		(0.32	)
Net asset value, end of period	$	8.44		$	9.98		$	9.94
TOTAL RETURN		(8.28	)%		7.76	%		2.72	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	101,026		$	143,329		$	2,819
Ratio of expenses to average net assets before expense waiver and reimbursement		0.71	%		0.76	%		3.56	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.48	%		0.47	%		0.55	%(c)
Ratio of net investment income to average net assets		7.94	%		7.25	%		7.13	%(c)
Portfolio turnover rate		59	%		43	%		26	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 203

FINANCIAL HIGHLIGHTS	continued
TAX-EXEMPT BOND FUND II § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.13		$	10.19		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.36			0.38			0.19
Net realized and unrealized gain (loss) on total investments		(0.44	)		(0.06	)		0.19
Total gain (loss) from investment operations		(0.08	)		0.32			0.38
Less distributions from:
Net investment income		(0.36	)		(0.38	)		(0.19	)
Net realized gains		—	(e)		—			—
Total distributions		(0.36	)		(0.38	)		(0.19	)
Net asset value, end of period	$	9.69		$	10.13		$	10.19
TOTAL RETURN		(0.87	)%		3.21	%		3.85	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	66,144		$	75,790		$	51,414
Ratio of expenses to average net assets before expense waiver and reimbursement		0.41	%		0.46	%		0.63	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.36	%		0.35	%		0.35	%(c)
Ratio of net investment income to average net assets		3.51	%		3.76	%		3.79	%(c)
Portfolio turnover rate		50	%		48	%		73	%
	Retail Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.14		$	10.20		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.35			0.38			0.19
Net realized and unrealized gain (loss) on total investments		(0.44	)		(0.06	)		0.18
Total gain (loss) from investment operations		(0.09	)		0.32			0.37
Less distributions from:
Net investment income		(0.35	)		(0.38	)		(0.17	)
Net realized gains		—	(e)		—			—
Total distributions		(0.35	)		(0.38	)		(0.17	)
Net asset value, end of period	$	9.70		$	10.14		$	10.20
TOTAL RETURN		(0.90	)%		3.16	%		3.77	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	179,559		$	179,606		$	4,302
Ratio of expenses to average net assets before expense waiver and reimbursement		0.65	%		0.72	%		2.93	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.39	%		0.39	%		0.50	%(c)
Ratio of net investment income to average net assets		3.49	%		3.76	%		3.77	%(c)
Portfolio turnover rate		50	%		48	%		73	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Fund commenced operations on March 31, 2006.
(e)	Amount represents less than $0.01 per share.

204 2008 Annual Report  §  TIAA-CREF Institutional Mutual Funds See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Institutional Mutual Funds  §  2008 Annual Report 205

FINANCIAL HIGHLIGHTS	continued
INFLATION-LINKED BOND FUND  §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	10.12		$	10.08		$	10.69		$	10.75		$	10.51
Gain (loss) from investment operations:
Net investment income (a)		0.71			0.41			0.56			0.43			0.45
Net realized and unrealized gain (loss) on total investments		(0.07	)		0.03			(0.39	)		0.12			0.30
Total gain (loss) from investment operations		0.64			0.44			0.17			0.55			0.75
Less distributions from:
Net investment income		(0.69	)		(0.40	)		(0.57	)		(0.46	)		(0.42	)
Net realized gains		—			—			(0.21	)		(0.15	)		(0.09	)
Total distributions		(0.69	)		(0.40	)		(0.78	)		(0.61	)		(0.51	)
Net asset value, end of year	$	10.07		$	10.12		$	10.08		$	10.69		$	10.75
TOTAL RETURN		6.20	%		4.51	%		1.70	%		5.19	%		7.36	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	440,993		$	438,862		$	363,157		$	325,636		$	382,305
Ratio of expenses to average net assets before expense waiver and reimbursement		0.34	%		0.36	%		0.28	%		0.14	%		0.15	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.34	%		0.35	%		0.28	%		0.14	%		0.14	%
Ratio of net investment income to average net assets		6.67	%		4.07	%		5.46	%		3.97	%		4.27	%
Portfolio turnover rate		16	%		26	%		83	%		239	%		151	%
	Retirement Class
	9/30/08			9/30/07			9/30/06		(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.23		$	10.19		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.82			0.45			0.31
Net realized and unrealized gain (loss) on total investments		(0.20	)		(0.02	)		0.09
Total gain (loss) from investment operations		0.62			0.43			0.40
Less distributions from:
Net investment income		(0.67	)		(0.39	)		(0.21	)
Net realized gains		—			—			—
Total distributions		(0.67	)		(0.39	)		(0.21	)
Net asset value, end of period	$	10.18		$	10.23		$	10.19
TOTAL RETURN		5.95	%		4.29	%		4.04	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	88,127		$	17,840		$	5,661
Ratio of expenses to average net assets before expense waiver and reimbursement		0.59	%		0.61	%		2.44	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.59	%		0.55	%		0.55	%(c)
Ratio of net investment income to average net assets		7.57	%		4.47	%		6.08	%(c)
Portfolio turnover rate		16	%		26	%		83	%

206 2008 Annual Report  §  TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
INFLATION-LINKED BOND FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	9.96		$	9.93		$	10.54		$	10.63		$	10.39
Gain (loss) from investment operations:
Net investment income (a)		0.77			0.38			0.54			0.43			0.49
Net realized and unrealized gain (loss) on total investments		(0.15	)		0.04			(0.39	)		0.11			0.24
Total gain (loss) from investment operations		0.62			0.42			0.15			0.54			0.73
Less distributions from:
Net investment income		(0.68	)		(0.39	)		(0.55	)		(0.48	)		(0.40	)
Net realized gains		—			—			(0.21	)		(0.15	)		(0.09	)
Total distributions		(0.68	)		(0.39	)		(0.76	)		(0.63	)		(0.49	)
Net asset value, end of year	$	9.90		$	9.96		$	9.93		$	10.54		$	10.63
TOTAL RETURN		6.11	%		4.35	%		1.53	%		5.14	%		7.20	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	131,575		$	56,824		$	59,388		$	70,277		$	95,536
Ratio of expenses to average net assets before expense waiver and reimbursement		0.58	%		0.63	%		0.47	%		0.30	%		0.33	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.44	%		0.48	%		0.43	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		7.28	%		3.85	%		5.32	%		4.04	%		4.67	%
Portfolio turnover rate		16	%		26	%		83	%		239	%		151	%

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retirement Class commenced operations on March 31, 2006.

See notes to financial statements TIAA-CREF Institutional Mutual Funds  §  2008 Annual Report 207

FINANCIAL HIGHLIGHTS	continued
MONEY MARKET FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	9/30/08			9/30/07			9/30/06			9/30/05			9/30/04
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Gain (loss) from investment operations:
Net investment income (a)		0.03			0.05			0.05			0.03			0.01
Net realized and unrealized gain (loss) on total investments		—			—			—			—			—
Total gain (loss) from investment operations		0.03			0.05			0.05			0.03			0.01
Less distributions from:
Net investment income		(0.03	)		(0.05	)		(0.05	)		(0.03	)		(0.01	)
Net realized gains		—			—			—			—			—
Total distributions		(0.03	)		(0.05	)		(0.05	)		(0.03	)		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		3.51	%		5.37	%		4.70	%		2.68	%		1.10	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	293,537		$	235,421		$	272,119		$	200,545		$	179,775
Ratio of expenses to average net assets before expense waiver and reimbursement		0.14	%		0.14	%		0.14	%		0.09	%		0.09	%
Ratio of expenses to average net assets after expense waiver and reimbursement		0.14	%		0.14	%		0.13	%		0.09	%		0.09	%
Ratio of net investment income to average net assets		3.39	%		5.21	%		4.65	%		2.65	%		1.10	%

	Retirement Class
	9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Gain (loss) from investment operations:
Net investment income (a)		0.03			0.05			0.03
Net realized and unrealized gain (loss) on total investments		—			—			—
Total gain (loss) from investment operations		0.03			0.05			0.03
Less distributions from:
Net investment income		(0.03	)		(0.05	)		(0.03	)
Net realized gains		—			—			—
Total distributions		(0.03	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00
TOTAL RETURN		3.25	%		5.12	%		2.45	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	97,832		$	98,903		$	43,804
Ratio of expenses to average net assets before expense waiver and reimbursement		0.39	%		0.39	%		0.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.39	%		0.35	%		0.35	%(c)
Ratio of net investment income to average net assets		3.26	%		5.01	%		5.07	%(c)

208 2008 Annual Report § TIAA-CREF Institutional Mutual Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	concluded
MONEY MARKET FUND § FOR THE PERIOD OR YEAR ENDED

	Retail Class
	9/30/08			9/30/07			9/30/06(d)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Gain (loss) from investment operations:
Net investment income (a)		0.03			0.05			0.03
Net realized and unrealized gain (loss) on total investments		—			—			—
Total gain (loss) from investment operations		0.03			0.05			0.03
Less distributions from:
Net investment income		(0.03	)		(0.05	)		(0.03	)
Net realized gains		—			—			—
Total distributions		(0.03	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00
TOTAL RETURN		3.43	%		5.25	%		2.53	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,093,363		$	1,034,417		$	127,318
Ratio of expenses to average net assets before expense waiver and reimbursement		0.40	%		0.43	%		0.25	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement		0.22	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		3.34	%		5.11	%		5.16	%(c)

(a)	Based on average shares outstanding.
(b)	The percentages shown for this period are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	The Retirement Class and Retail Class commenced operations on March 31, 2006.

See notes to financial statements TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 209

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 management investment company. The Funds currently consist of forty-two series. Ten Funds, known as the TIAA-CREF Lifecycle Funds, are presented in a separate shareholder report.

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. As of September 30, 2008, TIAA had investments in the Funds as follows:

	Value of TIAA’s investments at September 30, 2008
Fund		Institutional Class			Retirement Class		Retail Class		Total
Mid-Cap Growth Index
Market Value	$	26,655,517		$	174,079		—	$	26,829,596
Outstanding Shares		2,319,888			15,243		—		2,335,131
% of Fund		35.68	%		0.23	%	—		35.91	%
Mid-Cap Value Index
Market Value	$	43,133,999		$	187,967		—	$	43,321,966
Outstanding Shares		3,407,109			14,662		—		3,421,771
% of Fund		20.66	%		0.09	%	—		20.75	%
Mid-Cap Blend Index
Market Value	$	14,842,610		$	183,918		—	$	15,026,528
Outstanding Shares		1,045,991			12,879		—		1,058,870
% of Fund		8.22	%		0.10	%	—		8.32	%
Small-Cap Growth Index
Market Value	$	77,143,241		$	189,344		—	$	77,332,585
Outstanding Shares		6,261,627			14,344		—		6,275,971
% of Fund		54.94	%		0.13	%	—		55.07	%
Small-Cap Value Index
Market Value	$	69,621,780		$	189,520		—	$	69,811,300
Outstanding Shares		6,277,888			16,846		—		6,294,734
% of Fund		38.34	%		0.10	%	—		38.44	%

	Value of TIAA’s investments at September 30, 2008
Fund		Institutional Class			Retirement Class			Retail Class			Total
Bond Plus II
Market Value	$	52,262,463		$	530,421		$	532,157		$	53,325,041
Outstanding Shares		5,571,691			56,488			56,612			5,684,791
% of Fund		10.53	%		0.11	%		0.11	%		10.75	%
Short-Term Bond II
Market Value	$	38,066,395			—			—		$	38,066,395
Outstanding Shares		3,892,269			—			—			3,892,269
% of Fund		14.65	%		—			—			14.65	%
High-Yield II
Market Value	$	40,393,718			—			—		$	40,393,718
Outstanding Shares		4,803,058			—			—			4,803,058
% of Fund		11.29	%		—			—			11.29	%
Tax-Exempt Bond II
Market Value	$	43,262,593			—			—		$	43,262,593
Outstanding Shares		4,464,664			—			—			4,464,664
% of Fund		17.61	%		—			—			17.61	%

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. TPIS is registered with the Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”). Teachers Advisors Inc. (“Advisors”), a wholly-owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. The Funds offer up to three share classes, although any one Fund may not necessarily offer all three classes. 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.

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

210 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

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 the 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 approved 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 using procedures approved by the Board of Trustees.

Accounting for investments and investment income: 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 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 their yields.

Cash: The Funds may hold cash in their account with the custodian. The Funds, throughout the period, 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 dates of the transactions. The effects of changes in foreign currency exchange rates are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Forward foreign currency contracts: The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Funds are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract.

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 211

NOTES TO FINANCIAL STATEMENTS

Forward foreign currency contracts will 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, 2008.

Securities lending: The Funds may lend portfolio securities to qualified financial institutions and brokers. By lending such securities, the Funds attempt to increase their net investment income through the receipt of interest (after rebates and fees) on collateral. Such income is reflected separately on the Statement of operations. The value of loaned securities and the liability to return the cash collateral received are reflected on the Statements of Assets and Liabilities. Lending Funds’ securities exposes the Funds to risks such as the following: (i) the borrower may fail to return the loaned securities, (ii) the borrower may not be able to provide additional collateral, (iii) the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or (iv) the Funds may experience losses related to the investment collateral. To minimize these risks, these loans are secured by collateral equal to at least 102% of the market value of the securities loaned for US securities and 105% of the market value of the securities loaned for foreign securities. However, these percentages are subject to daily market fluctuations. Due to such fluctuations, there may be times when the loans may become under collateralized or over collateralized. The lending agent will execute collateral calls the next business day in instances where market movement has made the collateral insufficient. The Funds are indemnified from borrower default by the lending agent, and as such are protected from loss caused by these market fluctuations. As of September 30, 2008, all cash collateral is invested in the State Street Navigator Securities Lending Prime Portfolio.

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.

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 reclassifications, 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

212 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

continued

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, 2008, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, dividend reclassifications, expiration of capital loss carryovers 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 Statements 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.

Name Change: Effective October 25, 2008, the names of the Trust and certain of its series changed as follows:

	Existing Name	New Name
Trust Name:	TIAA-CREF Institutional Mutual Funds	TIAA-CREF Funds
Series Names:	Managed Allocation Fund II	Managed Allocation Fund
	Bond Plus Fund II	Bond Plus Fund
	High-Yield Fund II	High-Yield Fund
	Short-Term Bond Fund II	Short-Term Bond Fund
	Tax-Exempt Bond Fund II	Tax-Exempt Bond Fund

Fair value measurement: In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Account Standards No. 157, “Fair Value Measurement” (“SFAS 157”). SFAS 157 defines fair value, establishes a frame work for measuring fair value under U.S. generally accepted accounting principles (“GAAP”) and expands disclosure about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Application of SFAS 157 is effective for the TIAA-CREF Institutional Mutual Funds Enhanced International Equity Index Fund, Enhanced Large-Cap Growth Index Fund and Enhanced Large-Cap Value Index Fund (collectively, “Enhanced Index Funds”). This guidance is not yet effective for all other Funds reporting as of September 30, 2008 and management is still assessing the impact SFAS 157 on those funds.

Various inputs are used in determining the value of the Enhanced Index Fund’s investments. These inputs are summarized in the three broad levels below:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Enhanced Index Funds’ investments as of September 30, 2008:

	Portfolio Investments		Other Financial Instruments*
Enhanced International Equity Index
Level 1	$	4,967,273	$	—
Level 2		160,050,770		—
Level 3				—
Total	$	165,018,043		—
Enhanced Large-Cap Growth Index
Level 1	$	161,829,461	$	—
Level 2				—
Level 3				—
Total	$	161,829,461		—
Enhanced Large-Cap Value Index
Level 1	$	157,935,917	$	—
Level 2				—
Level 3				—
Total	$	157,935,917		—

* Other financial instruments are derivative instruments not reflected in the statement of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

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 Funds are indemnified against certain liabilities that may arise out of their duties to the 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 to TPIS, 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

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 213

NOTES TO FINANCIAL STATEMENTS

agreed to reimburse each Fund if its expense ratio exceeds certain percentages. As of September 30, 2008, the Investment Management Fee, Service Agreement Fee, Distribution Fee and maximum expense amounts (after waivers and reimbursments) are equal to the following noted annual percentage of average daily net assets for each class:

For the period from October 1, 2007 to January 31, 2008:

	Investment Management Fee Range			Service Agreement Fee			Maximum Distribution Fee			Maximum Expense Amounts
Fund				Retirement Class			Retail Class			Institutional Class		‡	Retirement 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			—
Enhanced International
Equity Index§		0.45			—			—			0.55			—			—
Enhanced Large-Cap
Growth Index§		0.35			—			—			0.40			—			—
Enhanced Large-Cap
Value Index§		0.35			—			—			0.40			—			—
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, through April 30, 2008.
‡	Maximum expense amounts reflect all expenses, including investment management fees.
§	Fund’s inception was November 30, 2007.

Effective February 1, 2008:

	Investment Management Fee Range			Service Agreement Fee			Maximum Distribution Fee			Maximum Expense Amounts‡
Fund				Retirement Class			Retail Class			Institutional Class			Retirement Class			Retail Class
Growth Equity		0.08	%		—			—			0.15	%		—			—
Growth & Income*		0.39–0.45	†		0.25	%		0.25	%		0.52			0.77	%		0.66	%
International Equity*		0.44–0.50			0.25			0.25			0.59			0.85			0.74
Large-Cap Growth*		0.39–0.45	†		0.25			0.25			0.52			0.77			0.66
Large-Cap Value*		0.39–0.45			0.25			0.25			0.52			0.75			0.57
Mid-Cap Growth*		0.42–0.48			0.25			0.25			0.55			0.80			0.69
Mid-Cap Value*		0.42–0.48			0.25			0.25			0.54			0.79			0.64
Small-Cap Equity*		0.42–0.48			0.25			0.25			0.55			0.80			0.69
Large-Cap Growth Index		0.04			0.25			—			0.09			0.34			—
Large-Cap Value Index		0.04			0.25			—			0.09			0.32			—
Equity Index		0.04			0.25			0.25			0.09			0.34			0.23
S&P 500 Index		0.04			0.25			—			0.07			0.32			—
Mid-Cap Growth Index		0.04			0.25			—			0.09			0.34			—
Mid-Cap Value Index		0.04			0.25			—			0.09			0.34			—
Mid-Cap Blend Index		0.04			0.25			—			0.09			0.34			—
Small-Cap Growth Index		0.04			0.25			—			0.09			0.34			—
Small-Cap Value Index		0.04			0.25			—			0.09			0.34			—
Small-Cap Blend Index		0.04			0.25			—			0.09			0.34			—
International Equity Index		0.04			0.25			—			0.15			0.40			—
Enhanced International
Equity Index§		0.45			—			—			0.55			—			—
Enhanced Large-Cap
Growth Index§		0.35			—			—			0.40			—			—
Enhanced Large-Cap
Value Index§		0.35			—			—			0.40			—			—
Social Choice Equity		0.15			0.25			0.25			0.22			0.47			0.32
Real Estate Securities*		0.44–0.50			0.25			0.25			0.57			0.82			0.68
Managed Allocation II		0.00			0.25			0.25			0.00			0.25			0.00
Bond*		0.27–0.30			0.25			0.25			0.32			0.59			0.42
Bond Plus II*		0.27–0.30			0.25			0.25			0.35			0.60			0.45
Short-Term Bond II*		0.22–0.25			0.25			0.25			0.30			0.55			0.40
High-Yield II*		0.32–0.35			0.25			0.25			0.40			0.65			0.50
Tax-Exempt Bond II*		0.27–0.30			—			0.25			0.35			—			0.45
Inflation-Linked Bond*		0.27–0.30			0.25			0.25			0.35			0.60			0.45
Money Market		0.10			0.25			0.25			0.14			0.39			0.25

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 Statements of Assets and Liabilities.

214    2008 Annual Report § TIAA-CREF Institutional Mutual Funds

continued

The following is information about the investments of the TIAA-CREF Lifecycle Funds, a group of affiliated fund-of-funds, in the Funds’ Institutional Class as of September 30, 2008:

	Value of TIAA-CREF Lifecycle Funds’ investments at September 30, 2008
Underlying Fund	2010 Fund			2015 Fund			2020 Fund			2025 Fund			2030 Fund			2035 Fund			2040 Fund			2045 Fund			2050 Fund			Retirement Income Fund
Growth Equity:
Market Value	$	36,283,612		$	34,843,596		$	35,388,592		$	34,614,303		$	34,712,633		$	30,106,430		$	42,772,103		$	408,884		$	288,148		$	623,560
Outstanding Shares		5,327,990			5,116,534			5,196,563			5,082,864			5,097,303			4,420,915			6,280,779			60,042			42,313			91,565
% of Fund		13.11	%		12.59	%		12.79	%		12.51	%		12.54	%		10.88	%		15.45	%		0.15	%		0.10	%		0.23	%
Growth & Income:
Market Value	$	14,004,848		$	13,791,401		$	16,529,236		$	16,966,521		$	17,143,855		$	17,742,578		$	26,150,463		$	369,333		$	251,295		$	607,411
Outstanding Shares		1,716,280			1,690,123			2,025,642			2,079,230			2,100,963			2,174,336			3,204,714			45,261			30,796			74,438
% of Fund		6.41	%		6.31	%		7.56	%		7.76	%		7.84	%		8.12	%		11.96	%		0.17	%		0.11	%		0.28	%
International Equity:
Market Value	$	25,893,993		$	24,312,686		$	26,142,182		$	25,756,292		$	25,548,438		$	24,944,737		$	36,269,390		$	519,689		$	359,960		$	796,326
Outstanding Shares		2,983,179			2,801,001			3,011,772			2,967,315			2,943,368			2,873,818			4,178,501			59,872			41,470			91,743
% of Fund		4.27	%		4.01	%		4.31	%		4.25	%		4.21	%		4.11	%		5.98	%		0.09	%		0.06	%		0.13	%
Large-Cap Growth:
Market Value	$	4,231,731		$	3,479,501		$	3,967,225		$	3,515,975		$	3,035,447		$	3,542,162		$	7,114,299		$	196,329		$	135,804		$	298,850
Outstanding Shares		472,291			388,337			442,771			392,408			338,778			395,331			794,007			21,912			15,157			33,354
% of Fund		3.32	%		2.73	%		3.12	%		2.76	%		2.38	%		2.78	%		5.59	%		0.15	%		0.11	%		0.23	%
Large-Cap Value:
Market Value	$	39,945,553		$	38,593,869		$	39,135,373		$	38,224,785		$	37,569,972		$	33,085,279		$	45,348,315		$	640,722		$	443,630		$	931,301
Outstanding Shares		3,455,498			3,338,570			3,385,413			3,306,642			3,249,998			2,862,048			3,922,865			55,426			38,376			80,562
% of Fund		9.95	%		9.62	%		9.75	%		9.52	%		9.36	%		8.24	%		11.30	%		0.16	%		0.11	%		0.23	%
Mid-Cap Growth:
Market Value	$	1,046,553		$	991,937		$	1,263,441		$	1,298,290		$	1,229,257		$	1,242,716		$	1,823,600		$	68,922		$	27,853		$	41,066
Outstanding Shares		73,185			69,366			88,353			90,790			85,962			86,903			127,524			4,820			1,948			2,872
% of Fund		1.94	%		1.84	%		2.35	%		2.41	%		2.28	%		2.31	%		3.39	%		0.13	%		0.05	%		0.08	%
Mid-Cap Value:
Market Value	$	1,022,145		$	963,510		$	1,145,506		$	1,170,831		$	1,204,116		$	1,238,097		$	1,825,396		$	70,544		$	29,667		$	74,972
Outstanding Shares		69,157			65,190			77,504			79,217			81,469			83,768			123,504			4,773			2,007			5,073
% of Fund		0.80	%		0.76	%		0.90	%		0.92	%		0.95	%		0.97	%		1.43	%		0.06	%		0.02	%		0.06	%
Small-Cap Equity:
Market Value	$	11,060,028		$	10,445,898		$	11,077,443		$	10,892,888		$	10,893,552		$	10,590,093		$	15,510,551		$	291,859		$	150,676		$	338,390
Outstanding Shares		913,297			862,584			914,735			899,495			899,550			874,492			1,280,805			24,101			12,442			27,943
% of Fund		5.80	%		5.48	%		5.81	%		5.72	%		5.72	%		5.56	%		8.14	%		0.15	%		0.08	%		0.18	%
Enhanced International Equity Index:
Market Value	$	20,045,784		$	19,600,943		$	20,247,089		$	19,977,616		$	19,657,704		$	18,205,386		$	26,136,801		$	368,322		$	256,062		$	612,632
Outstanding Shares		2,926,392			2,861,451			2,955,779			2,916,440			2,869,738			2,657,721			3,815,591			53,770			37,381			89,435
% of Fund		12.05	%		11.78	%		12.17	%		12.01	%		11.81	%		10.94	%		15.71	%		0.22	%		0.15	%		0.37	%
Enhanced Large-Cap Growth Index:
Market Value	$	20,018,488		$	19,301,492		$	19,995,502		$	19,576,904		$	19,589,784		$	18,182,684		$	26,534,489		$	367,492		$	252,119		$	583,302
Outstanding Shares		2,505,443			2,415,706			2,502,566			2,450,176			2,451,788			2,275,680			3,320,962			45,994			31,554			73,004
% of Fund		12.34	%		11.90	%		12.33	%		12.07	%		12.08	%		11.21	%		16.36	%		0.23	%		0.16	%		0.36	%
Enhanced Large-Cap Value Index:
Market Value	$	20,048,479		$	18,975,066		$	20,210,617		$	19,876,707		$	19,705,515		$	18,494,058		$	27,010,352		$	374,669		$	264,079		$	656,760
Outstanding Shares		2,496,697			2,363,022			2,516,889			2,475,306			2,453,987			2,303,121			3,363,680			46,659			32,886			81,788
% of Fund		12.66	%		11.98	%		12.76	%		12.55	%		12.44	%		11.68	%		17.06	%		0.24	%		0.17	%		0.41	%
Bond:
Market Value	$	124,990,718		$	89,985,999		$	69,666,373		$	47,942,952		$	26,140,070		$	13,750,655		$	19,837,795		$	318,331		$	215,265		$	5,926,989
Outstanding Shares		12,925,617			9,305,688			7,204,382			4,957,906			2,703,213			1,421,991			2,051,478			32,919			22,261			612,926
% of Fund		6.64	%		4.78	%		3.70	%		2.55	%		1.39	%		0.73	%		1.05	%		0.02	%		0.01	%		0.31	%
Short-Term Bond II:
Market Value	$	18,033,832		$	9,991,602		$	3,379,697			—			—			—			—			—			—		$	1,186,130
Outstanding Shares		1,843,950			1,021,636			345,572			—			—			—			—			—			—			121,281
% of Fund		13.26	%		7.35	%		2.49	%		—			—			—			—			—			—			0.87	%
High-Yield II:
Market Value	$	10,992,952		$	8,398,340		$	9,837,048		$	8,838,505		$	7,681,149		$	6,608,954		$	9,666,398		$	101,302		$	66,098		$	262,171
Outstanding Shares		1,307,129			998,614			1,169,685			1,050,952			913,335			785,845			1,149,393			12,045			7,859			31,174
% of Fund		4.82	%		3.68	%		4.31	%		3.87	%		3.37	%		2.90	%		4.24	%		0.04	%		0.03	%		0.11	%
Inflation-Linked Bond:
Market Value	$	13,324,417		$	7,819,578		$	3,357,926			—			—			—			—			—			—		$	829,109
Outstanding Shares		1,323,179			776,522			333,458			—			—			—			—			—			—			82,335
% of Fund		3.02	%		1.77	%		0.76	%		—			—			—			—			—			—			0.19	%
Money Market:
Market Value	$	775,149			—			—			—			—			—			—			—			—		$	65,518
Outstanding Shares		775,149			—			—			—			—			—			—			—			—			65,518
% of Fund		0.26	%		—			—			—			—			—			—			—			—			0.02	%

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report    215

NOTES TO FINANCIAL STATEMENTS

The following shows information about the investment of the TIAA-CREF Managed Allocation Fund II, an affiliated fund-of-funds, in the Funds’ Institutional Class as of September 30, 2008:

Underlying Fund	Value of Managed Allocation II’s Investment
Growth & Income Fund
Market Value	$	2,929,721
Outstanding Shares		359,034
% of Fund		1.34	%
International Equity Fund
Market Value	$	45,231,696
Outstanding Shares		5,211,024
% of Fund		7.46	%
Large-Cap Growth Fund
Market Value	$	96,747,639
Outstanding Shares		10,797,727
% of Fund		76.01	%
Large-Cap Value Fund
Market Value	$	93,538,912
Outstanding Shares		8,091,601
% of Fund		23.31	%
Mid-Cap Growth Fund
Market Value	$	429,099
Outstanding Shares		30,006
% of Fund		0.80	%
Mid-Cap Value Fund
Market Value	$	348,752
Outstanding Shares		23,596
% of Fund		0.27	%
Small-Cap Equity Fund
Market Value	$	22,958,949
Outstanding Shares		1,895,866
% of Fund		12.05	%
Enhanced International Equity Index Fund
Market Value	$	21,295,616
Outstanding Shares		3,108,848
% of Fund		12.80	%
Enhanced Large-Cap Growth Index Fund
Market Value	$	17,805,862
Outstanding Shares		2,228,518
% of Fund		10.98	%
Enhanced Large-Cap Value Index Fund
Market Value	$	12,748,185
Outstanding Shares		1,587,569
% of Fund		8.05	%
Bond Plus Fund II
Market Value	$	191,991,836
Outstanding Shares		20,468,212
% of Fund		78.39	%
Short-Term Bond Fund II
Market Value	$	58,019
Outstanding Shares		5,932
% of Fund		0.04	%

The following shows information about the investment of TIAA-CREF Institutional Bond Plus Fund II in the Institutional Class of TIAA-CREF Institutional High-Yield Fund II as of September 30, 2008:
High-Yield Fund II
Market Value	$	3,677,300
Outstanding Shares		437,253
% of Fund		1.61	%

Note 3—investments

At September 30, 2008, 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	$	372,057,179	$	4,522,315	$	(45,110,888	)	$	(40,588,573	)
Growth & Income		1,111,384,715		58,221,110		(105,312,905	)		(47,091,795	)
International Equity		3,100,846,017		10,943,380		(632,932,197	)		(621,988,817	)
Large-Cap Growth		632,652,745		14,094,050		(75,683,607	)		(61,589,557	)
Large-Cap Value		1,288,335,720		21,150,908		(212,766,759	)		(191,615,851	)
Mid-Cap Growth		655,503,162		14,874,986		(83,251,314	)		(68,376,328	)
Mid-Cap Value		1,317,765,186		40,202,940		(178,945,733	)		(138,742,793	)
Small-Cap Equity		728,322,221		29,062,718		(84,609,817	)		(55,547,099	)
Large-Cap Growth Index		452,180,414		19,958,614		(51,771,659	)		(31,813,045	)
Large-Cap Value Index		590,979,515		20,017,225		(106,575,414	)		(86,558,189	)
Equity Index		1,233,628,966		216,725,918		(146,614,920	)		70,110,998
S&P 500 Index		1,321,663,924		101,493,692		(183,254,189	)		(81,760,497	)
Mid-Cap Growth Index		104,838,951		3,612,279		(12,799,479	)		(9,187,200	)
Mid-Cap Value Index		306,190,753		4,775,307		(43,845,474	)		(39,070,167	)
Mid-Cap Blend Index		256,402,446		11,337,865		(35,494,940	)		(24,157,075	)
Small-Cap Growth Index		187,818,015		15,292,413		(22,232,858	)		(6,940,445	)
Small-Cap Value Index		256,435,229		11,765,790		(36,166,949	)		(24,401,159	)
Small-Cap Blend Index		301,392,528		20,690,659		(49,686,779	)		(28,996,120	)
International Equity Index		1,148,727,032		20,219,795		(161,296,497	)		(141,076,702	)
Enhanced International Equity Index		212,310,397		527,917		(47,820,271	)		(47,292,354	)
Enhanced Large-Cap Growth Index		185,927,762		2,243,915		(26,342,216	)		(24,098,301	)
Enhanced Large-Cap Value Index		176,281,215		1,933,691		(20,278,989	)		(18,345,298	)
Social Choice Equity		663,734,270		43,938,650		(92,274,955	)		(48,336,305	)
Real Estate Securities		598,716,583		13,837,921		(68,741,645	)		(54,903,724	)
Managed Allocation II		576,675,225		—		(70,590,939	)		(70,590,939	)
Bond		2,082,567,886		16,202,485		(73,922,647	)		(57,720,162	)
Bond Plus II		531,435,986		3,902,473		(32,364,201	)		(28,461,728	)
Short-Term Bond II		276,772,274		3,007,627		(10,670,660	)		(7,663,033	)
High-Yield II		428,502,836		320,872		(48,560,206	)		(48,239,334	)
Tax-Exempt Bond II		252,760,061		924,199		(11,344,900	)		(10,420,701	)
Inflation-Linked Bond		674,794,461		292,795		(20,383,188	)		(20,090,393	)

216 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

continued

At September 30, 2008, these Funds held the following open futures contracts:

Fund	Future	Number of Contracts	Market Value		Expiration Date	Unrealized Gain/ (Loss)
Small-Cap Equity	E-mini Russell 2000 Index	75	$	5,088,000	December 2008	$	(263,982	)
Large-Cap Growth Index	E-mini S&P 500 Index	6		350,700	December 2008		(7,822	)
Large-Cap Value Index	E-mini S&P 500 Index	25		1,461,250	December 2008		(1,246	)
Equity Index	E-mini S&P 500 Index	43		2,513,350	December 2008		(34,143	)
	E-mini S&P Mid 400 Index	4		292,120	December 2008		(3,214	)
	E-mini Russell 2000 Index	4		271,360	December 2008		(1,624	)
				3,076,830			(38,981	)
S&P 500 Index	E-mini S&P 500 Index	18		1,052,100	December 2008		25,835
Mid-Cap Growth Index	E-mini S&P Mid 400 Index	2		146,060	December 2008		(4,309	)
Mid-Cap Value Index	E-mini S&P Mid 400 Index	15		1,095,450	December 2008		(39,966	)
Mid-Cap Blend Index	E-mini S&P Mid 400 Index	14		1,022,420	December 2008		12,990
Small-Cap Growth Index	E-mini Russell 2000 Index	11		746,240	December 2008		8,705
Small-Cap Value Index	E-mini Russell 2000 Index	22		1,492,480	December 2008		(45,250	)
Small-Cap Blend Index	E-mini Russell 2000 Index	41		2,781,440	December 2008		(70,821	)

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, 2008, were as follows:

Fund	Non-Government Purchases		Government Purchases		Non-Government Sales		Government Sales
Growth Equity	$	855,391,612	$	—	$	824,245,486	$	—
Growth & Income		1,528,474,887		—		1,286,003,886		—
International Equity		5,946,370,878		—		5,337,949,209		—
Large-Cap Growth		1,219,130,682		—		1,188,880,554		—
Large-Cap Value		1,883,388,848		—		1,654,610,755		—
Mid-Cap Growth		725,540,605		—		559,101,240		—
Mid-Cap Value		676,694,692		—		357,533,044		—
Small-Cap Equity		683,216,282		—		578,300,265		—
Large-Cap Growth Index		200,444,396		—		104,989,988		—
Large-Cap Value Index		254,026,626		—		149,030,517		—
Equity Index		171,426,012		—		112,648,204		—
S&P 500 Index		377,593,686		—		155,303,453		—
Mid-Cap Growth Index		68,340,108		—		44,308,919		—
Mid-Cap Value Index		166,016,666		—		89,716,470		—
Mid-Cap Blend Index		90,594,590		—		54,474,278		—
Small-Cap Growth Index		107,780,069		—		75,590,107		—
Small-Cap Value Index		120,206,615		—		69,457,981		—
Small-Cap Blend Index		95,080,840		—		78,913,368		—
International Equity Index		770,104,354		—		400,647,063		—
Enhanced International Equity Index		288,834,725		—		69,494,761		—
Enhanced Large-Cap Growth Index		271,519,768		—		81,430,372		—
Enhanced Large-Cap Value Index		224,433,550		—		45,684,305		—
Social Choice Equity		322,759,082		—		85,725,853		—
Real Estate Securities		516,255,148		—		512,340,949		—
Managed Allocation II		168,839,756		—		157,385,571		—
Bond		375,839,075		2,118,176,000		299,125,072		1,740,812,849
Bond Plus II		127,687,109		358,572,877		170,219,061		324,716,315
Short-Term Bond II		58,969,460		208,155,639		101,799,110		178,214,471
High-Yield II		232,924,007		—		211,359,135		—
Tax-Exempt Bond II		128,129,760		—		128,600,670		—
Inflation-Linked Bond		—		228,304,392		—		96,686,665

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, 2008, are reflected in the Statements of Operations.

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 217

NOTES TO FINANCIAL STATEMENTS

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended September 30, 2008 and 2007 were as follows:

	2008							2007
Fund	Ordinary Income		Long-Term Capital Gains		Total			Ordinary Income		Long-Term Capital Gains		Total
Growth Equity	$	8,306,635	$	3,766,607	$	12,073,242		$	1,078,879	$	—	$	1,078,879
Growth & Income		14,376,255		20,628,201		35,004,456			12,822,640		3,754,635		16,577,275
International Equity		49,223,450		313,165,294		362,388,744			58,454,827		108,173,468		166,628,295
Large-Cap Growth		6,143,489		31,447,729		37,591,218	**		93,633		—		93,633
Large-Cap Value		32,533,071		47,257,331		79,790,402			22,937,647		20,895,574		43,833,221
Mid-Cap Growth		4,897,799		31,129,022		36,026,821			435,043		13,256,563		13,691,606
Mid-Cap Value		24,090,105		30,420,551		54,510,656			23,353,598		30,189,811		53,543,409
Small-Cap Equity		16,412,269		19,756,409		36,168,678			22,469,052		20,232,610		42,701,662
Large-Cap Growth Index		5,526,173		248,686		5,774,859			6,077,377		—		6,077,377
Large-Cap Value Index		13,632,270		12,021,862		25,654,132			13,744,184		12,582,918		26,327,102
Equity Index		26,053,275		15,831,265		41,884,540			11,970,543		5,458,132		17,428,675
S&P 500 Index		22,840,054		6,743,903		29,583,957			16,064,376		1,227,746		17,292,122
Mid-Cap Growth Index		1,515,408		3,247,921		4,763,329			422,482		2,606,490		3,028,972
Mid-Cap Value Index		8,550,332		6,437,940		14,988,272			1,861,778		5,691,196		7,552,974
Mid-Cap Blend Index		4,430,669		5,365,921		9,796,590			1,588,345		5,018,487		6,606,832
Small-Cap Growth Index		2,089,584		5,630,563		7,720,147			891,946		8,012,241		8,904,187
Small-Cap Value Index		6,544,843		7,399,611		13,944,454			2,770,907		9,503,269		12,274,176
Small-Cap Blend Index		5,773,771		7,173,375		12,947,146			4,326,673		11,765,878		16,092,551
International Equity Index		20,111,211		6,981,538		27,092,749			12,155,695		1,915,021		14,070,716
Enhanced International Equity Index		34,230		—		34,230			—		—		—
Enhanced Large-Cap Growth Index		37,160		—		37,160			—		—		—
Enhanced Large-Cap Value Index		47,620		—		47,620			—		—		—
Social Choice Equity		8,155,712		4,114,850		12,270,562			3,260,637		2,389,966		5,650,603
Real Estate Securities		25,150,745		66,512,024		91,662,769	**		26,593,722		31,841,258		58,434,980
Managed Allocation II		19,259,033		520,581		19,779,614			6,025,644		455,640		6,481,284
Bond		87,942,399		—		87,942,399			72,971,285		—		72,971,285
Bond Plus II		27,558,169		—		27,558,169			14,663,082		—		14,663,082
Short-Term Bond II		12,232,758		—		12,232,758			7,577,829		—		7,577,829
High-Yield II		30,827,094		207,098		31,034,192			15,183,264		—		15,183,264
Tax-Exempt Bond II*		9,155,191		102,899		9,258,090			5,484,167		—		5,484,167
Inflation-Linked Bond		41,704,757		—		41,704,757			19,251,272		—		19,251,272
Money Market		49,133,169		—		49,133,169			41,376,402		—		41,376,402

*	Includes ordinary income which will not be taxable for federal income tax purposes in 2008 and 2007 of $9,141,200 and $5,411,619 respectively.
**	Total distributions for Large-Cap Growth and Real Estate Securities include return of capital distributions of $2,047,974 and $7,947,268 respectively.

218 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

continued

As of September 30, 2008, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation		)	Capital Loss Carryover			Post-October Losses			Total
Growth Equity	$	1,877,214	$	—	$	(40,589,948	)	$	(22,290,999	)	$	(7,637,214	)	$	(68,640,947	)
Growth & Income		—		—		(47,090,869	)		(4,882,834	)		—			(51,973,703	)
International Equity		59,040,337		—		(622,079,569	)		—			(220,210,761	)		(783,249,993	)
Large-Cap Growth		—		—		(61,586,403	)		(201,489,855	)		(4,185,096	)		(267,261,354	)
Large-Cap Value		16,628,570		—		(191,616,038	)		(141,610	)		(107,839,144	)		(282,968,222	)
Mid-Cap Growth		—		—		(68,376,914	)		—			(22,687,169	)		(91,064,083	)
Mid-Cap Value		8,186,077		2,076,416		(138,742,157	)		—			(16,851,318	)		(145,330,982	)
Small-Cap Equity		2,134,026		—		(55,547,100	)		(2,890,078	)		(33,111,723	)		(89,414,875	)
Large-Cap Growth Index		3,387,014		33,141		(31,813,046	)		—			(16,734,206	)		(45,127,097	)
Large-Cap Value Index		9,036,033		379,792		(86,558,187	)		—			(750,839	)		(77,893,201	)
Equity Index		12,934,004		—		70,110,993			—			(15,394,417	)		67,650,580
S&P 500 Index		17,712,986		69,341		(81,760,501	)		—			(24,617,658	)		(88,595,832	)
Mid-Cap Growth Index		559,043		15,823		(9,187,200	)		—			(199,255	)		(8,811,589	)
Mid-Cap Value Index		3,447,641		310,054		(39,070,169	)		—			(386,067	)		(35,698,541	)
Mid-Cap Blend Index		2,107,622		5,209,683		(24,157,078	)		—			(21	)		(16,839,794	)
Small-Cap Growth Index		902,260		3,119,991		(6,940,445	)		—			—			(2,918,194	)
Small-Cap Value Index		2,781,884		2,981,455		(24,401,163	)		—			—			(18,637,824	)
Small-Cap Blend Index		3,541,840		8,870,671		(28,996,119	)		—			(2,824	)		(16,586,432	)
International Equity Index		28,434,984		—		(141,182,561	)		—			(7,709,635	)		(120,457,212	)
Enhanced International Equity Index		3,013,888		—		(47,314,756	)		—			(7,238,229	)		(51,539,097	)
Enhanced Large-Cap Growth Index		621,863		—		(24,098,301	)		—			(4,161,615	)		(27,638,053	)
Enhanced Large-Cap Value Index		1,651,106		—		(18,345,298	)		—			(2,466,071	)		(19,160,263	)
Social Choice Equity		7,562,683		11,002		(48,336,300	)		—			(14,345,047	)		(55,107,662	)
Real Estate Securities		—		—		(54,903,869	)		—			(39,203,960	)		(94,107,829	)
Managed Allocation II		—		—		(70,590,939	)		—			(1,594,113	)		(72,185,052	)
Bond		399,452		—		(57,720,161	)		(17,421,157	)		(7,803,731	)		(82,545,597	)
Bond Plus II		132,177		—		(28,461,729	)		(6,567,787	)		(9,242,605	)		(44,139,944	)
Short-Term Bond II		144,843		—		(7,663,033	)		(3,842,251	)		(1,033,223	)		(12,393,664	)
High-Yield II		210,226		—		(48,239,333	)		(398,437	)		(17,742,449	)		(66,169,993	)
Tax-Exempt Bond II		195,233		97,723		(10,420,701	)		—			—			(10,127,745	)
Inflation-Linked Bond		28,538		—		(20,090,394	)		(2,826,986	)		—			(22,888,842	)
Money Market		28,684		—		—			(5,331	)		—			23,353

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, 2008, the following Funds had capital loss carryovers, which will expire as follows:

	Date of Expiration
Fund	9/30/09		9/30/10		9/30/11		9/30/12		9/30/13		9/30/14		9/30/15		9/30/16		Total
Growth Equity	$	—	$	—	$	—	$	19,760,665	$	2,530,334	$	—	$	—	$	—	$	22,290,999
Growth & Income		—		4,882,834		—		—		—		—		—		—		4,882,834
Large-Cap Growth		129,325,246		60,601,952		9,870,740		1,691,917		—		—		—		—		201,489,855
Large-Cap Value		—		—		—		—		—		—		—		141,610		141,610
Small-Cap Equity		—		—		—		—		—		—		—		2,890,078		2,890,078
Bond		—		—		—		—		—		330,469		17,090,688		—		17,421,157
Bond Plus II		—		—		—		—		4,900,372		120,262		—		1,547,153		6,567,787
Short-Term Bond II		—		—		—		734,605		2,605,737		501,909		—		—		3,842,251
High-Yield II		—		398,437		—		—		—		—		—		—		398,437
Inflation-Linked Bond		—		—		—		—		—		—		2,826,986		—		2,826,986
Money Market		—		—		—		4,739		219		373		—		—		5,331

For the year ended September 30, 2008, the Growth Equity Fund, Growth & Income Fund, Large-Cap Growth Fund, Bond Fund, Short-Term Bond Fund II, High-Yield Fund II, Tax-Exempt Bond Fund II, Inflation-Linked Bond Fund, and Money Market Fund utilized $995,880, $35,737,420, $4,616,207, $350,668, $1,526,531, $296,083, $509,350, $937,901, and $5,526 respectively, of their capital loss carryover available from prior years. The Large-Cap Growth Fund had $81,698,122 of capital loss carryover that expired on September 30, 2008.

Due to large shareholder activity during the 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.

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 219

NOTES TO FINANCIAL STATEMENTS

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, 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. Management has evaluated the application of FIN 48 to the Funds’ financial statements for the year or period ended September 30, 2008. There was no material impact to the financial statements or disclosures as a result of adopting this pronouncement.

Note 6—line of credit

Each of the Funds, except the Bond, Short-Term Bond II, Bond Plus II and Money Market Funds, participates in a $1.25 billion unsecured revolving credit facility dated July 1, 2008 that can be used for temporary purposes, including, without limitation of, 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. The Funds are not liable for borrowings under the facility by affiliated accounts or mutual funds. For the year ended September 30, 2008, there were no borrowings under this credit facility by the Funds.

Note 7—accounting pronouncement

In March 2008, FASB issued Statement of Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No. 133” (“SFAS 161”). SFAS 161 requires enhanced disclosures about a Fund’s derivative and hedging activities thereby improving the transparency of the financial reporting. SFAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of SFAS 161 will have on the financial statements.

Note 8—subsequent events

On October 7, 2008, the Board of Trustees of the TIAA-CREF Institutional Mutual Funds approved the participation of the TIAA-CREF Money Market Fund (the “Fund”) in the U.S. Department of Treasury’s Temporary Guarantee Program for Money Market Funds (the “Program”). To the extent Program funds are available, the Program will guarantee Fund shareholders that they will receive $1.00 per Fund share they owned as of the close of business on September 19, 2008 if the Fund “breaks the buck” (meaning its NAV falls below $0.995 and is not immediately restored), liquidates its holdings and such liquidation proceeds are less than $1.00 per share.

The program would only protect the lesser of (i) Fund shares held by a shareholder of record on September 19, 2008, or (ii) the number of Fund shares held by the shareholder of record when the Fund breaks the buck. Shares acquired by investors after September 19, 2008, are not eligible for protection under the program.

On November 18, 2008, the Board of Trustees of the TIAA-CREF Institutional Mutual Funds voted to merge the Small-Cap Growth Index Fund and the Small-Cap Value Index Fund into the Small-Cap Blend Index Fund. The Board also voted to merge the Mid-Cap Growth Index Fund, Mid-Cap Value Index Fund and the Mid-Cap Blend Index Fund into the Equity Index Fund. The mergers are expected to close mid-year 2009.

On November 18, 2008, the Board of Trustees of the TIAA-CREF Institutional Mutual Funds voted to terminate the Growth Equity Fund as part of a general effort to streamline the fund lineup and create improved economies of scale by reducing the number of funds with similar investment objectives. The Fund will continue normal business operations until April 2009, when it will be liquidated and its net assets distributed to shareholders.

220 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

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, Enhanced International Equity Index Fund, Enhanced Large-Cap Growth Index Fund, Enhanced Large-Cap Value 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, 2008, the results of each of their operations for the period 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, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial highlights for the period 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 24, 2007

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 221

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 (since 2006); 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).	61	Director and member of the Investment Committee, the Maine Coast Heritage Trust; Investment Committee member, Gulf of Maine Research Institute, the Boston Athenaeum, Maine Community Foundation and Carnegie Endowment for International Peace; and Director, Appalachian 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.	61	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).	61	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.	61	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.	61	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).	61	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.	61	Director, Prudential plc, 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.	President and CEO, National Bureau of Economic Research (since 2008); Head (2006-2008) 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 (1990-2008).	61	The Jeffrey Company and Jeflion Company (unregistered investment companies); and National Bureau of Economic Research.

222 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

continued

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
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).	61	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).	61	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 September 2007.	Executive Vice President of Client Services of TIAA and TIAA-CREF Funds, CREF, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since August 2008); Executive Vice President of Individual Client Services of TIAA and the TIAA-CREF Funds Complex (2007-2008). President and Chief Executive Officer, TIAA-CREF Individual & Institutional Services, LLC (“Services”) (since July 2007); Senior Managing Director and Head of Wealth Management Group, TIAA (since 2004). Formerly Partner, Spyglass Investments (2002-2003); 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).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Vice President and Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since February 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex, Vice President Senior Compliance Officer Asset Management Compliance of TIAA and Chief Compliance Officer of Teachers Advisors, Inc. (“Advisors”) and TIAA-CREF Investment Management, LLC (“TCIM”) (since 2008). Formerly, Managing Director/Director of Global Compliance, AIG Global Investment Group (2000-2008); Senior Vice President/Group Head, Regulatory Oversight Group, Scudder Kemper Investments, Inc. (1998-2000); Chief Compliance Officer/ Vice President, Legal Department, Salomon Brothers Asset Management, Inc. (1997-1998); Assistant General Counsel/Director, Securities Law Compliance, the Prudential Insurance Company of America (1994-1997); and Enforcement Staff Attorney, U.S. Securities and Exchange Commission (1998-1994).
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 Funds and TIAA-CREF Life Funds (since 2007); Executive Vice President (since 1999) of TIAA, CREF and TIAA Separate Account VA-1 and Head of Asset Management (since 2006) of TIAA; 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). Executive Vice President and Head of Asset Management of the TIAA-CREF Mutual Funds (2006-2007). Formerly, Manager of TIAA Realty Capital Management, LLC (2004-2006), Chief Investment Officer of TIAA (2004-2006) and the TIAA-CREF Funds Complex (2003-2005).
Jonathan Feigelson TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/10/62	Senior Vice President and Acting General Counsel	One-year term. Senior Vice President and Acting General Counsel since October 2008.	Senior Vice President and Acting General Counsel of the TIAA-CREF Fund Complex (since 2008); Senior Vice President and Deputy General Counsel of TIAA (since August 2006). Managing Director and General Counsel, ABN/AMRO (2002-August 2006).

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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
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.	Treasurer of CREF and TIAA Separate Account VA-1 (since August 2008); and Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA Life Funds (since 2007). Formerly Funds Treasurer (2006-2007) of TIAA-CREF Funds 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 of TIAA and the TIAA-CREF Funds 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).
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 Funds 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, Lehman Brothers (1997-1999).
William Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/1/48	Vice President and Corporate Secretary	One-year term. Vice President and Corporate Secretary since May 2008.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since May 2008). Formerly, Deputy General Counsel and Corporate Secretary, Bank of America (2005-2008); and Deputy General Counsel, Secretary and Corporate Governance Officer, The Gillette Company (2000-2005).
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 & Corporate Services of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly Director, TIAA-CREF Life (2003-2006); First Vice President and Head of Human Resources, International Private Client Division and Global Debt Markets, Merrill Lynch & Co. (1999-2003); and Vice President and Head of Human Resources, Japan Morgan Stanley (1998-1999).
Cara L. Schnaper TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/13/54	Executive Vice President	One-year term. Executive Vice President since 2008.	Executive Vice President, Technology and Operations of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since February 2008). Formerly Principal, Market Resolve LLC (2006-February 2008); and Head, Middle Office, Investment Banking (2000-2002), Head Technology and Operations, Equities (1999-2000) and Chief Operating Officer Technology and Operations, Emerging Markets, Foreign Exchange and Commodities (1997-1999) JP Morgan Chase & Co.
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 Institutional Development and Sales of TIAA and the TIAA-CREF Fund Complex (since 2008); Executive Vice President, Strategy Implementation and Policy of TIAA and the TIAA-CREF Fund Complex (2006-2008); and Director and President of TIAA-CREF Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product Management of TIAA and TIAA-CREF Funds 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, Product Development and Management of TIAA and the TIAA-CREF Funds Complex (since 2008); Executive Vice President, Institutional Client Services (2006-2008); Director of Tuition Financing and Manager of Services (2006); President and CEO, TIAA-CREF Redwood LLC (2006). Formerly Senior Vice President, Pension Products (2003-2006), Vice President, Support Services (1998-2003), of TIAA and the TIAA-CREF Funds 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, tiaa-cref.org or by telephone at 800 223-1200.

224 2008 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. (“TAI”). Under the Agreements, TAI 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.

Please note that the April 2, 2008, renewal of the Agreements relates to all of the Funds covered in this annual shareholder report except for the Enhanced International Equity Index Fund, the Enhanced Large-Cap Growth Index Fund and the Enhanced Large-Cap Value Index Fund (the “New Funds”). The New Funds’ investment management agreement was initially approved by the Board for a two-year term in September 2007, so the New Funds’ agreement was not included in the April 2008 renewal process. Please see the final paragraph of this section for more information on the New Funds.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on April 2, 2008, at which it considered the annual renewal of the Agreements using its previously-established process. As part of that process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee worked with management and legal counsel to the Trustees to develop additional guidelines and specific requests 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 the April 2, 2008 Board meeting, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees and legal counsel to the Trustees and legal counsel to management, and then evaluated the information produced in accordance with those guidelines.

Among other matters, the Operations Committee reviewed 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 universe of comparable investment companies and against a more selective peer group of mutual funds (as described below) and, in the case of investment performance data, 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 utilized a framework of factors that could be considered by the Trustees in order to evaluate the reasonableness of any profits earned by TAI 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 TAI.

In advance of the Board meeting held on April 2, 2008, independent legal counsel for the Trustees requested, on behalf of the Board, and TAI 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 managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreements; (5) information regarding TAI’s 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 TAI in connection with rendering

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 225

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS (UNAUDITED)

services to the Funds; (6) information as to any profits earned by TAI 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 TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented to the Trustees’ counsel only); and (9) proposed narrative explanations of reasons why the Board should renew the Agreements.

In considering whether to renew the 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 TAI 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 TAI 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 comparable management contracts entered into by TAI with other clients; and (7) any other benefits derived or anticipated to be derived by TAI or its affiliates from their 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 legal advice from K&L Gates 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 2, 2008, 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 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 2, 2008, 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 TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI’s affiliate, TIAA-CREF Investment Management, LLC, also manage various accounts of the College Retirement Equities Fund (“CREF”). Under the Agreements, TAI is responsible for, among other duties: 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 TAI 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 TAI’s 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/or that, in the case of Funds that had consistently underperformed over an extended period of time, TAI 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 TAI and its affiliates. In this regard, the Board considered its ongoing efforts to review the performance of certain affiliated and unaffiliated service providers, including improvements in services provided by those firms or outsourcing efforts to other firms.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Fund, as applicable, over one-, two-, three-, four- and five-year periods, as applicable, and since inception of the Fund’s operations for Funds with less than five years of performance. 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 consistently underperformed their benchmarks or peer groups of mutual funds for an extended period of time, TAI 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. The Board also considered its ongoing efforts to review best execution and portfolio turnover practices of TAI with respect to certain Funds to assess whether those practices continue to be in the best interests of those Funds.

226 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

continued

COST AND PROFITABILITY

The Board considered financial and profitability data relating to TAI for the calendar year 2007. In this connection, the Board considered profit calculations both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board considered that under the Funds’ relatively new pricing structure, TAI had begun earning profits on some of the Funds under the Agreements and expected this trend to continue, but that for certain of the Funds, including all of the index Funds, there was no current expectation for TAI to make a profit in the foreseeable future. With respect to those Funds for which the Agreements were profitable to TAI in 2007, 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 that permit TAI 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 are being devoted to these functions.

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 management fee rates charged to the Funds under the Agreements typically were lower or significantly lower than the management fee rates charged by 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 TAI has or would experience economies of scale in connection with the operation of each Fund. In this connection, the Board considered that TAI had incurred operating losses with respect to its services provided to many of the Funds in 2007. 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) on many of the actively-managed Funds (which are mostly profitable to TAI) would have a material effect on their 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.

FEE COMPARISON WITH OTHER CLIENTS OF TAI

The Board considered that TAI and its affiliates provide similar investment management services to other affiliated investment companies. In addition, TAI, through its TIAA-CREF Asset Management division, manages substantial 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 these funds. The Board also considered TAI’s 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 TAI’s 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 TAI and its affiliates arising from the Agreements. For example, TAI continues to be willing to waive fees and make expense reimbursements to the Funds. In addition, TAI 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 TAI or its affiliates are managed in the same manner and by the same personnel as certain of the CREF Accounts, resulting in certain 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 “1st” 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 management fee, expense and 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 are as of December 31, 2007. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category.

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APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS (UNAUDITED)

GROWTH EQUITY FUND
•	The Fund’s contractual management fee rate is 0.08% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).
•	For the one-, two- and three-year periods, the Fund was in the 1st quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“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.
•	Susan Hirsch was added as lead portfolio manager and Andrea Mitroff was added to the portfolio management team upon the departure of Greg Lutrell from TAI.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
GROWTH & INCOME FUND
•	The Fund’s contractual management fee rate is 0.45% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
INTERNATIONAL EQUITY FUND
•	The Fund’s contractual management fee rate is 0.50% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.485% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	Chris Semenuk was promoted to lead portfolio manager, Amy Hatta was added to the portfolio management team and the team deemphasized its previous individual regional focus.
LARGE-CAP GROWTH FUND
•	The Fund’s contractual management fee rate is 0.45% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Universe.
•	For the one-year and since-inception periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient period to have a Morningstar Rating.
•	Susan Hirsch was added as lead portfolio manager and Andrea Mitroff was added to the portfolio management team upon the departure of Greg Lutrell from TAI.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
LARGE-CAP VALUE FUND
•	The Fund’s contractual management fee rate is 0.45% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.447% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Universe.
•	For the one-, two- and three-year periods, the Fund was in the 3rd, 2nd and 3rd quintiles of its Performance Universe, respectively.
•	For the four- and five-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
MID-CAP GROWTH FUND
•	The Fund’s contractual management fee rate is 0.48% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.479% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Universe.
•	For the one-, two-, three- and four-year periods, the Fund was in the 3rd quintile of its Performance Universe.
•	For the five-year period, the Fund was in the 2nd quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
MID-CAP VALUE FUND
•	The Fund’s contractual management fee rate is 0.48% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.469% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Universe.
•	For one-year period, the Fund was in the 2nd quintile of its Performance Universe.
•	For the two-, three-, four- and five-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
SMALL-CAP EQUITY FUND
•	The Fund’s contractual management fee rate is 0.48% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.479% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Universe.

228 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

continued

•	For the one-, two-, three- and four-year periods, the Fund was in the 4th quintile of its Performance Universe.
•	For five-year period, the Fund was in the 3rd quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
LARGE-CAP GROWTH INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 2nd and 1st quintiles of its Expense Universe, respectively.
•	For the one-year period, the Fund was in the 4th quintile of its Performance Universe, while during the two-, three- and four-year periods, the Fund was in the 3rd quintile of its Performance Universe. Over the five-year period, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
LARGE-CAP VALUE INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 2nd and 1st quintiles of its Expense Universe, respectively, and in the 1st quintile of its Expense Group.
•	For the one-, two- and three-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
EQUITY INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Universe.
•	For the one-, two-, three-, four- 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.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
S&P 500 INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
MID-CAP GROWTH INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 2nd and 1st quintiles of its Expense Universe, respectively, and in the 1st quintile of its Expense Group.
•	For the one-, two- and three-year periods, the Fund was in the 3rd, 2nd and 1st quintiles of its Performance Universe, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
MID-CAP VALUE INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st and 2nd quintiles of its Expense Universe, respectively, and in the 1st quintile of its Expense Group.
•	For the one-, two- and three-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
MID-CAP BLEND INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-year period, the Fund was in the 4th quintile of its Performance Universe, and for the two-, three-, four- and five-year periods the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
SMALL-CAP GROWTH INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	For the one- and two-year periods, the Fund was in the 2nd quintile of its Performance Universe, and for the three- and four-year periods, the Fund was in the 4th quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 229

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS (UNAUDITED)

SMALL-CAP VALUE INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 3rd, 1st, 2nd, 2nd, and 1st quintiles of its Performance Universe, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
SMALL-CAP BLEND INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	For the one- and three-year periods, the Fund was in the 2nd quintile of its Performance Universe, and for the two-, four-and five-year periods, the Fund was in the 1st, 3rd, and 1st quintiles of its Performance Universe, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
INTERNATIONAL EQUITY INDEX FUND
•	The Fund’s contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Universe.
•	For the one-, two-, 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.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
SOCIAL CHOICE EQUITY FUND
•	The Fund’s contractual management fee rate is 0.15% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Universe.
•	For the one- and two-year periods, the Fund was in the 4th quintile of its Performance Universe.
•	For the three-, four- 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.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
REAL ESTATE SECURITIES FUND
•	The Fund’s contractual management fee rate is 0.50% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Universe.
•	For the two-, three- and four-year periods, the Fund was in the 4th quintile of its Performance Universe.
•	For one- and five-year periods, the Fund was in the 3rd quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
MANAGED ALLOCATION FUND II
•	The Fund’s contractual management fee rate is 0.00% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Universe.
•	For the one-year and since-inception periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient period to have a Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
BOND FUND
•	The Fund’s contractual management fee rate is 0.30% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.296% of average daily net assets.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group and Universe and its management fees were in the 2nd quintile of its Expense Universe.
•	For the one-, two-, four- and five-year periods, the Fund was in the 2nd quintile of its Performance Universe.
•	For the three-year period, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period
BOND PLUS FUND II
•	The Fund’s contractual management fee rate is 0.30% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and 1st and 2nd quintiles of its Expense Universe, respectively.
•	For the one-year and since-inception periods, the Fund was in the 4th and 3rd quintiles of its Performance Universe, respectively.
•	The Fund has not been operational for a sufficient period to have a Morningstar Rating.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

230 2008 Annual Report § TIAA-CREF Institutional Mutual Funds

concluded

SHORT-TERM BOND FUND II
•	The Fund’s contractual management fee rate is 0.25% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-year and since-inception periods, the Fund was in the 3rd quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient period to have a Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
HIGH-YIELD FUND II
•	The Fund’s contractual management fee rate is 0.35% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Universe.
•	For the one-year and since-inception periods, the Fund was in the 1st and 2nd quintiles of its Performance Universe, respectively.
•	The Fund has not been operational for a sufficient period to have a Morningstar Rating.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
TAX-EXEMPT BOND FUND II
•	The Fund’s contractual management fee rate is 0.30% of average daily net assets.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group and Universe and its management fees were in the 2nd quintile of its Expense Universe.
•	For the one-year and since-inception periods, the Fund was in the 2nd and 1st quintiles of its Performance Universe, respectively.
•	The Fund has not been operational for a sufficient period to have a Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
INFLATION-LINKED BOND FUND
•	The Fund’s contractual management fee rate is 0.30% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and 1st and 2nd quintiles of its Expense Universe, respectively.
•	For the one- and two-year periods, the Fund was in the 2nd quintile of its Performance Universe.
•	For the three-, four- and five-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
MONEY MARKET FUND
•	The Fund’s contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of its Expense Group and 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.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreements.

The New Funds were initially organized at a Board meeting held on September 17, 2007, and commenced operations on November 30, 2007. At the September 2007 meeting, the Board determined to approve the Agreement for each Fund for its initial term after considering information and factors similar to those mentioned above, including that the management fees to be charged by TAI under the Agreement were reasonable as compared to the services to be provided and the management fees charged to similar funds by other investment advisers.

TIAA-CREF Institutional Mutual Funds § 2008 Annual Report 231

IMPORTANT TAX INFORMATION (UNAUDITED)

For the fiscal year ended September 30, 2008, 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 Equity	$	—	$	3,766,607	$	3,766,607
Growth & Income		—		20,628,201		20,628,201
International Equity		—		313,165,294		313,165,294
Large-Cap Growth		—		31,447,729		31,447,729
Large-Cap Value		69		47,257,262		47,257,331
Mid-Cap Growth		6,920		31,122,102		31,129,022
Mid-Cap Value		78,437		30,342,114		30,420,551
Small-Cap Equity		73,531		19,682,878		19,756,409
Large-Cap Growth Index		—		248,686		248,686
Large-Cap Value Index		45,544		11,976,318		12,021,862
Equity Index		72,281		15,758,984		15,831,265
S&P 500 Index		31,259		6,712,644		6,743,903
Mid-Cap Growth Index		2,135		3,245,786		3,247,921
Mid-Cap Value Index		57,845		6,380,095		6,437,940
Mid-Cap Blend Index		29,725		5,336,196		5,365,921
Small-Cap Growth Index		13,685		5,616,878		5,630,563
Small-Cap Value Index		27,923		7,371,688		7,399,611
Small-Cap Blend Index		43,822		7,129,553		7,173,375
International Equity Index		—		6,981,538		6,981,538
Social Choice Equity		25,196		4,089,654		4,114,850
Real Estate Securities		—		66,512,024		66,512,024
Managed Allocation II		—		520,581		520,581
High-Yield II		—		207,098		207,098
Tax-Exempt Bond II		—		102,899		102,899

For the fiscal year ended September 30, 2008, 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		32.28	%
Growth & Income		100.00	%
International Equity		46.11	%
Large-Cap Growth		89.95	%
Large-Cap Value		50.00	%
Mid-Cap Growth		53.30	%
Mid-Cap Value		45.56	%
Small-Cap Equity		24.17	%
Large-Cap Growth Index		67.31	%
Large-Cap Value Index		71.98	%
Equity Index		81.31	%
S&P 500 Index		87.86	%
Mid-Cap Growth Index		28.86	%
Mid-Cap Value Index		26.99	%
Mid-Cap Blend Index		43.35	%
Small-Cap Growth Index		26.51	%
Small-Cap Value Index		22.30	%
Small-Cap Blend Index		26.89	%
International Equity Index		48.69	%
Enhanced International Equity Index		86.69	%
Enhanced Large-Cap Growth Index		100.00	%
Enhanced Large-Cap Value Index		99.89	%
Social Choice Equity		86.29	%
Real Estate Securities		2.31	%
Managed Allocation II		20.46	%

For the fiscal year ended September 30, 2008, 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		28.37	%
Growth & Income		100.00	%
Large-Cap Growth		90.86	%
Large-Cap Value		48.90	%
Mid-Cap Growth		53.11	%
Mid-Cap Value		41.91	%
Small-Cap Equity		24.74	%
Large-Cap Growth Index		67.73	%
Large-Cap Value Index		72.57	%
Equity Index		81.66	%
S&P 500 Index		87.90	%
Mid-Cap Growth Index		28.92	%
Mid-Cap Value Index		26.98	%
Mid-Cap Blend Index		43.28	%
Small-Cap Growth Index		26.58	%
Small-Cap Value Index		22.37	%
Small-Cap Blend Index		26.97	%
Enhanced International Equity Index		0.02	%
Enhanced Large-Cap Growth Index		100.00	%
Enhanced Large-Cap Value Index		100.00	%
Social Choice Equity		86.83	%
Real Estate Securities		0.54	%
Managed Allocation II		17.45	%

The Institutional International Equity, Institutional International Equity Index, and Enhanced International Equity Index Funds received income from foreign sources during the year ended September 30, 2008 of $76,886,518 ($0.30625 per share), $32,900,817 ($0.64517 per share), and $3,676,812 ($0.15135 per share) respectively, and paid taxes to foreign countries during the year ended September 30, 2008 of $8,128,940 ($0.03238 per share), $2,700,631 ($0.05296 per share), and $270,367 ($0.01113 per share), respectively.

The Tax-Exempt Bond Fund II paid distributions to shareholders during the year ended September 30, 2008 totaling $9,258,090, of which $9,141,200 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, 2008, which will be reported in conjunction with your 2008 Form 1099-DIV.

By early 2009, 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.

232 2008 Annual Report  § TIAA-CREF Institutional Mutual Funds

HOW TO REACH US

TIAA-CREF WEBSITE
tiaa-cref.org
24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE
800 842-2252
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FOR HEARING- OR SPEECH-IMPAIRED CUSTOMERS
800 842-2755
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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 tiaa-cref.org, or call 800 842-2776 for the Institutional or Retirement classes 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.

©2008 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

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Printed on recycled paper

C42936 A30715 (11/08)

2008 ANNUAL REPORT

TIAA-CREF
LIFECYCLE FUNDS

OF THE TIAA-CREF
INSTITUTIONAL MUTUAL FUNDS

SEPTEMBER 30, 2008

Audited financial statements

Lifecycle Funds

2010 Fund         2035 Fund

2015 Fund         2040 Fund

2020 Fund         2045 Fund

2025 Fund         2050 Fund

2030 Fund         Retirement Income Fund

PERFORMANCE OVERVIEW AS OF SEPTEMBER 30, 2008

The performance of some of the TIAA--CREF Lifecycle Funds may have been adversely affected by recent market conditions subsequent to the period covered by this report. Please visit tiaa-cref.org for current performance information.

			Total return		Average annual total return
Lifecycle Fund Class	Ticker	Inception date	1 year		since fund inception (10/15/2004)
2010 Fund
Retirement Class	TCLEX	10/15/2004	–13.59	%	3.12	%*
Institutional Class	TCTIX	1/17/2007	–13.37		3.23	†
2015 Fund
Retirement Class	TCLIX	10/15/2004	–15.83		3.08	*
Institutional Class	TCNIX	1/17/2007	–15.57		3.21	†
2020 Fund
Retirement Class	TCLTX	10/15/2004	–18.21		2.79	*
Institutional Class	TCWIX	1/17/2007	–17.95		2.90	†
2025 Fund
Retirement Class	TCLFX	10/15/2004	–20.25		2.60	*
Institutional Class	TCYIX	1/17/2007	–20.04		2.72	†
2030 Fund
Retirement Class	TCLNX	10/15/2004	–22.21		2.34	*
Institutional Class	TCRIX	1/17/2007	–21.99		2.44	†
2035 Fund
Retirement Class	TCLRX	10/15/2004	–23.10		2.49	*
Institutional Class	TCIIX	1/17/2007	–22.94		2.59	†
2040 Fund
Retirement Class	TCLOX	10/15/2004	–23.09		2.98	*
Institutional Class	TCOIX	1/17/2007	–22.87		3.10	†
Lifecycle Fund Class	Ticker	Inception date			Total return since fund inception (11/30/2007)
2045 Fund
Retirement Class	TTFRX	11/30/2007			–22.69	%
Institutional Class	TTFIX	11/30/2007			–22.57
2050 Fund
Retirement Class	TLFRX	11/30/2007			–22.08
Institutional Class	TFTIX	11/30/2007			–21.86
Retirement Income Fund
Retirement Class	TLIRX	11/30/2007			–10.49
Institutional Class	TLRIX	11/30/2007			–10.37
Retail Class	TLRRX	11/30/2007			–10.37

*	The performance shown for this class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class 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 in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on 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 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, 2008.

          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 information about the overall philosophy and approach of the Lifecycle Funds, descriptions of the benchmarks used in managing the funds and important information regarding the funds’ expenses. Following these sections is a detailed explanation of how the funds’ strategies fared during the twelve-month period and a fund performance section that compares each fund’s returns with those of its composite benchmark, its 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 tiaa-cref.org, or call 800 842-2776 for the Retirement or Institutional classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

CONTENTS

Report to investors	2
More information for investors	4
Special terms	5
More about the TIAA-CREF Lifecycle Funds	6
About the funds’ composite benchmarks	7
Important information about expenses	8
Investment results of the Lifecycle Funds	12
Lifecycle Funds performance
2010 Fund	14
2015 Fund	16
2020 Fund	18
2025 Fund	20
2030 Fund	22
2035 Fund	24
2040 Fund	26

2045 Fund	28
2050 Fund	30
Retirement Income Fund	32
Portfolios of investments	34
Financial statements
Statements of assets and liabilities	40
Statements of operations	44
Statements of changes in net assets	48
Financial highlights	54
Notes to financial statements	72
Report of independent registered public accounting firm	80
Management	81
Approval of investment management agreement	87
Important tax information	96
How to reach us	Inside back cover

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

REPORT TO INVESTORS

During the period covered by this annual report, we introduced three new funds in the Lifecycle series: the 2045 Fund and 2050 Fund, for investors planning to retire in or near those target years, and the Retirement Income Fund, for investors who are already in or nearing retirement. This report includes performance and other financial information about these new funds, which were launched on November 30, 2007.

          In addition, effective July 1, 2008, we adjusted the composition of each Lifecycle fund’s composite benchmark index. Please see page 7 for details. The performance tables in this report show returns for both the new and old versions of the composite benchmarks.

Funds underperform their benchmarks

For the twelve months ended September 30, 2008, all seven of the Lifecycle Funds that were in operation for the full period posted losses and lagged their respective composite benchmarks. However, three of the funds—the 2015 Fund, 2020 Fund and 2030 Fund—held up better than their Morningstar peer groups in a turbulent market.

          Returns for the Retirement Class of the Lifecycle Funds ranged from –13.6% for the 2010 Fund to –23.1% for the 2035 Fund. Performance relative to the funds’ composite benchmarks was hampered by the returns of the underlying equity funds in which the Lifecycle Funds invest, including:

• The Large-Cap Value Fund, which trailed its benchmark by more than three percentage points and its Morningstar peer group by a similar margin.

• The International Equity Fund, which underperformed its benchmark by three percentage points and its Morningstar peer group by a comparable amount.

Losses for the three Lifecycle Funds with target retirement dates between 2010 and 2020 were cushioned by larger allocations to underlying fixed-income funds, which fared better than underlying equity funds. Relative to their composite benchmarks, however, these shorter-dated funds underperformed—in part because their largest allocation was to the Bond Fund, which lagged its benchmark by about one-and-a-half percentage points but remained in positive territory.

Broad equity market slump deepens

For the twelve months, both U.S. and foreign stocks suffered double-digit losses. Heightened volatility, deteriorating conditions in the credit markets and troubling economic data fueled the global downturn. The Russell 3000^® Index, a broad measure of the U.S. stock market, fell 21.5%, while the MSCI EAFE^® Index, which measures stock returns in 21 foreign nations, plunged 30.5%, in terms of dollars.

2          2008 Annual Report § TIAA-CREF Lifecycle Funds

          Against this backdrop, demand soared for the highest-quality bonds, especially U.S. Treasury securities. As Treasury prices rose, their yields fell.

          The Lehman Brothers U.S. Aggregate Index, which measures domestic investment-grade bonds, gained 3.7% for the period.

Broad diversification is essential in volatile times

The challenging environment that prevailed during the twelve months reinforces the importance of maintaining a well-diversified portfolio.

          While no investment strategy can guarantee positive returns or prevent losses, the Lifecycle Funds invest across a wide range of asset classes, seeking a favorable balance of risk and return potential.

          For example, depending on their target retirement date, the Lifecycle Funds may invest in a number of underlying fixed-income funds, such as the Bond Fund, Inflation-Linked Bond Fund, Short-Term Bond Fund II and High-Yield Fund II. Three of those four funds produced positive results during the period, and all fared better than the underlying equity funds. Of course, past performance is no guarantee of future results.

          Another key element of the Lifecycle Funds’ strategy is to seek to remain fully invested. While this can test investors’ patience when asset classes are losing value, it helps ensure that the funds participate fully when those asset classes eventually rebound.

          In addition, the Lifecycle Funds use portfolio rebalancing to help keep each fund’s asset allocation on track, even when asset-class returns vary widely.

          While results for the Lifecycle Funds have been disappointing during the last twelve months, it is worth noting that, of the seven funds in operation for the entire fiscal year, four of them outperformed the overall U.S. stock market, as measured by the Russell 3000 Index. Pages 12 and 13 of this report provide a detailed explanation of the funds’ performance during the twelve-month period.

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

TIAA-CREF Lifecycle Funds § 2008 Annual Report          3

MORE INFORMATION FOR INVESTORS

Portfolio listings

The complete TIAA-CREF Lifecycle Funds’ portfolios of investments begin on page 34 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 Schedules of Investments”) as of the most recently completed fiscal quarter (currently for the period ended September 30, 2008) in the following ways:

• By visiting our website at tiaa-cref.org; or

• By calling us 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 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 on our website at tiaa-cref.org or on the SEC’s website at sec.gov. You may also call us at 800 842-2776 to request a free copy. A report of how the Lifecycle Funds and underlying funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by e-mail using the Contact Us link at the top of our homepage tiaa-cref.org; 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 investment management of the funds.

4          2008 Annual Report § TIAA-CREF Lifecycle Funds

SPECIAL TERMS

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000^® Index or the 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. To measure the performance of the Lifecycle Funds, TIAA-CREF has created composite benchmarks representing the four general market sectors in which each fund may invest: domestic equity (stocks); international equity; long- and medium-term maturity fixed income; and short-term maturity fixed income.

Expense ratio is a measure of the annual 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 and does 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 or 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 and Russell 3000 are registered trademarks and service marks of McGraw-Hill Companies, Inc., and Russell Investment Group, respectively.

TIAA-CREF Lifecycle Funds § 2008 Annual Report          5

MORE ABOUT THE TIAA-CREF LIFECYCLE FUNDS

The TIAA-CREF Lifecycle Funds offer a convenient, low-cost solution for investors who want to have their retirement investments professionally managed. Each Lifecycle fund provides a single diversified investment portfolio selected with a target retirement date in mind, using an age-appropriate mix of underlying equity (stock) and fixed-income funds offered by TIAA-CREF Institutional Mutual Funds.

          Lifecycle funds intended for investors retiring sooner have larger holdings in fixed-income funds and smaller positions in equity funds. Funds for investors retiring later are more aggressive, with larger allocations to equity funds and smaller allocations to fixed-income funds.

Instant diversification across borders and asset classes

The underlying funds employed by the Lifecycle Funds provide immediate access to a broad range of investments. The equity funds include holdings that vary by size (large-, mid- and small-capitalization companies), by location (the United States and abroad) and by style (growth and value). The fixed-income funds include holdings from several types of issuers and with a broad range of maturity dates. Spreading fixed-income holdings in that way helps to reduce the effects of future changes in interest rates.

          Because different kinds of investments tend to perform well at different times, the diversification produced by spreading the Lifecycle Funds’ holdings among various equity and fixed-income funds can help control an investor’s risk. (Diversification, however, does not guarantee against loss.)

Dynamic allocations that are adjusted each year

As a portfolio grows, preserving capital becomes more important—yet growth needs to continue. Each Lifecycle fund’s mix of underlying funds (except that of the Retirement Income Fund) will gradually change over time, becoming more conservative as an investor approaches retirement. The Retirement Income Fund has a relatively fixed asset allocation.

          The Lifecycle Funds are rebalanced as needed to remain within close range of their targeted allocations of equity and fixed-income investments, even when markets are volatile. In addition, we periodically assess the funds’ target allocations and may alter them based on our latest research and analysis. The most recent adjustments to the funds’ allocations are described in the prospectus dated February 1, 2008.

6          2008 Annual Report § TIAA-CREF Lifecycle Funds

ABOUT THE FUNDS’ COMPOSITE BENCHMARKS

Each Lifecycle fund uses a composite benchmark that represents the four general market sectors in which each fund may invest: domestic equity (stocks); international equity; long- and medium-term maturity fixed income; and short-term maturity fixed income. A fund’s composite benchmark combines the following public indexes in proportions that reflect the fund’s current target allocations:

• Russell 3000^® Index (domestic equity), which 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.

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

• Lehman Brothers U.S. Aggregate Index (long- and medium-term maturity fixed income), which 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.

• Lehman Brothers U.S. Government/Credit (1–5 Year) Index (short-term maturity fixed income), which measures the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1–5 year maturities.

On July 1, 2008 the composite benchmarks used for the Lifecycle Funds changed. Please see the May 23, 2008 supplement to the TIAA-CREF Lifecycle Funds prospectus for details. Prior to July 1, the composite benchmark of each Lifecycle fund was created using the benchmarks of that fund’s underlying funds in the same proportions as the Lifecycle fund’s allocations to those underlying funds. The benchmarks of the underlying funds used in the prior version of the composite benchmarks were the Russell 1000^® Growth Index, the Russell 1000 Value Index, the Russell 2000^® Index, the MSCI EAFE Index, the Lehman Brothers U.S. Aggregate Index, the Lehman Brothers U.S. Treasury Inflation-Protected Securities Index, the Lehman Brothers U.S. Government/Credit (1–5 Year) Index, the Lehman Brothers U.S. Treasury (1-3 Month) Index and the Merrill Lynch BB/B Cash Pay Issuer Constrained Index.

You cannot invest directly in any index.

Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. EAFE is a trademark of MSCI, Inc.

TIAA-CREF Lifecycle Funds § 2008 Annual Report          7

IMPORTANT INFORMATION ABOUT EXPENSES

Shareholders in the TIAA-CREF Lifecycle 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 in the tables on pages 9 through 11 are intended to help you understand your ongoing costs (in U.S. 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, 2008, and held for six months until September 30, 2008.

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 5% per year rate of return before expenses. This was not the fund’s actual return.

          This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in this fund with the costs of other funds. To do so, compare our 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

8          2008 Annual Report § TIAA-CREF Lifecycle Funds

EXPENSE EXAMPLES—FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2008

Lifecycle Funds—Retirement Class

	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08–9/30/08)		Effective expenses paid† (4/1/08–9/30/08)
2010 Fund actual return	$	1,000.00	$	905.11	$	1.19	$	2.95
5% annual hypothetical return		1,000.00		1,023.73		1.27		3.14
2015 Fund actual return	$	1,000.00	$	895.61	$	1.19	$	2.99
5% annual hypothetical return		1,000.00		1,023.73		1.27		3.19
2020 Fund actual return	$	1,000.00	$	884.82	$	1.18	$	3.02
5% annual hypothetical return		1,000.00		1,023.73		1.27		3.24
2025 Fund actual return	$	1,000.00	$	875.63	$	1.17	$	3.05
5% annual hypothetical return		1,000.00		1,023.73		1.27		3.29
2030 Fund actual return	$	1,000.00	$	866.63	$	1.17	$	3.04
5% annual hypothetical return		1,000.00		1,023.73		1.27		3.29
2035 Fund actual return	$	1,000.00	$	861.54	$	1.16	$	3.07
5% annual hypothetical return		1,000.00		1,023.73		1.27		3.34
2040 Fund actual return	$	1,000.00	$	861.84	$	1.16	$	3.07
5% annual hypothetical return		1,000.00		1,023.73		1.27		3.34
2045 Fund actual return	$	1,000.00	$	862.00	$	1.16	$	3.17
5% annual hypothetical return		1,000.00		1,023.73		1.27		3.44
2050 Fund actual return	$	1,000.00	$	868.90	$	1.17	$	3.13
5% annual hypothetical return		1,000.00		1,023.73		1.27		3.39
Retirement Income Fund actual return	$	1,000.00	$	926.20	$	1.20	$	2.94
5% annual hypothetical return		1,000.00		1,023.73		1.27		3.09

*

The amounts in the “Expenses paid” column are based on each fund’s own expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2008. The expense charges of these funds reflect contractual waivers and reimbursements. Please see the prospectus for an explanation, including the dates on which these waivers and reimbursements are scheduled to end. 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 are based on each fund’s total expense ratio for the most recent fiscal half year, which includes 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 that period, the total annualized, weighted, average expense ratio was 0.62% for the 2010 Fund; 0.63% for the 2015 Fund; 0.64% for the 2020 Fund; 0.65% for the 2025 and 2030 Funds; 0.66% for the 2035 and 2040 Funds; 0.68% for the 2045 Fund; 0.67% for the 2050 Fund; and 0.61% for the Retirement Income Fund.

TIAA-CREF Lifecycle Funds § 2008 Annual Report 9

IMPORTANT INFORMATION ABOUT EXPENSES

EXPENSE EXAMPLES—FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2008

Lifecycle Funds—Institutional Class

	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08–9/30/08)		Effective expenses paid† (4/1/08–9/30/08)
2010 Fund actual return	$	1,000.00	$	814.80	$	0.00	$	1.68
5% annual hypothetical return		1,000.00		1,025.00		0.00		1.87
2015 Fund actual return	$	1,000.00	$	796.80	$	0.00	$	1.71
5% annual hypothetical return		1,000.00		1,025.00		0.00		1.92
2020 Fund actual return	$	1,000.00	$	772.80	$	0.00	$	1.73
5% annual hypothetical return		1,000.00		1,025.00		0.00		1.97
2025 Fund actual return	$	1,000.00	$	755.80	$	0.00	$	1.76
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.03
2030 Fund actual return	$	1,000.00	$	737.80	$	0.00	$	1.74
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.03
2035 Fund actual return	$	1,000.00	$	727.00	$	0.00	$	1.77
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.08
2040 Fund actual return	$	1,000.00	$	728.40	$	0.00	$	1.77
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.08
2045 Fund actual return	$	1,000.00	$	726.40	$	0.00	$	1.86
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.18
2050 Fund actual return	$	1,000.00	$	742.40	$	0.00	$	1.83
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.13
Retirement Income Fund actual return	$	1,000.00	$	854.40	$	0.00	$	1.67
5% annual hypothetical return		1,000.00		1,025.00		0.00		1.82

*	The amounts in the “Expenses paid” column are based on each fund’s own expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2008. The expense charges of these funds reflect contractual waivers and reimbursements. Please see the prospectus for an explanation, including the dates on which these waivers and reimbursements are scheduled to end. 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 are based on each fund’s total expense ratio for the most recent fiscal half year, which includes 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 that period, the total annualized, weighted, average expense ratio was 0.37% for the 2010 Fund; 0.38% for the 2015 Fund; 0.39% for the 2020 Fund; 0.40% for the 2025 and 2030 Funds; 0.41% for the 2035 and 2040 Funds; 0.43% for the 2045 Fund; 0.42% for the 2050 Fund; and 0.36% for the Retirement Income Fund.
10	2008 Annual Report § TIAA-CREF Lifecycle Funds

concluded

EXPENSE EXAMPLE—FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2008

Lifecycle Funds—Retail Class

	Starting fund value (4/1/08)		Ending fund value (9/30/08)		Expenses paid* (4/1/08–9/30/08)		Effective expenses paid† (4/1/08–9/30/08)
Retirement Income Fund actual return	$	1,000.00	$	927.20	$	0.00	$	1.73
5% annual hypothetical return		1,000.00		1,025.00		0.00		1.82

*

The amounts in the “Expenses paid” column are based on the fund’s own expense ratio for the most recent fiscal half year, multiplied by the average fund value over the six-month period, multiplied by 183/366. There were 183 days in the six months ended September 30, 2008. The expense charge of this fund reflects a contractual waiver and reimbursement. Please see the prospectus for an explanation, including the dates on which this waiver and reimbursement are scheduled to end. Without this waiver and reimbursement, the fund’s expenses would have been higher and its performance lower. The annualized expense ratio for the six-month period was 0.00% for the Retail Class of the Lifecycle Funds.

†

The amounts in the “Effective expenses paid” column are based on the fund’s total expense ratio for the most recent fiscal half year, which includes 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 that period, the total annualized, weighted, average expense ratio was 0.36% for the Retail Class of the Retirement Income Fund.

TIAA-CREF Lifecycle Funds § 2008 Annual Report 11

INVESTMENT RESULTS OF THE LIFECYCLE FUNDS

PERFORMANCE IN THE TWELVE MONTHS ENDED SEPTEMBER 30, 2008

The seven Retirement Class Lifecycle Funds that were in operation for the full twelve-month period underperformed their composite benchmarks, with returns ranging from –23.10% for the 2035 Fund to –13.59% for the 2010 Fund.

          Due to the negative returns from both U.S. and foreign stocks during this period, Lifecycle Funds with target retirement dates further in the future—those with larger allocations to stocks—posted larger losses than funds with closer target retirement dates, which have a smaller percentage in stocks.

Global stock markets tumble

A deepening credit crisis and signs of economic weakness drove U.S. stocks sharply lower during the twelve-month period. The Russell 3000^® Index, which measures the broad U.S. stock market, fell 21.52%.

          Foreign stocks fared worse, pulled down by the spreading turmoil in the credit markets and fears of a global recession. For the period, the MSCI EAFE^® Index, which measures stock performance in 21 developed nations outside North America, lost 28.84% in terms of local currencies.

          Weaker European currencies magnified foreign stock losses for U.S. investors. The euro and the British pound plummeted in value against the dollar in the third quarter of 2008. As a result, for the full twelve months, the 28.84% decline of the EAFE Index in local currencies became a larger loss of 30.50% in terms of dollars.

Flight to quality lifts Treasuries

During the twelve months, the Federal Reserve cut its target for the federal funds rate six times— bringing it to 2.00% at the end of the period—in an effort to reinvigorate the sluggish U.S. economy and the increasingly fragile banking system. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.)

          The Fed also took historic steps to expand its lending programs, to assist in the rescue of several troubled financial firms and to help fashion legislation to address the credit crisis.

          As investors fled volatile stock markets for the relative safety of U.S. Treasuries, prices for government bonds rose, driving yields down. The Lehman Brothers U.S. Aggregate Index, which measures the broad U.S. investment-grade, fixed-rate bond market, gained 3.65% for the period, led by an 8.7% surge in its Treasury component.

Stock selections hinder returns

For the Retirement Class of the Lifecycle Funds that were in operation for the full twelve months, the margin of underperformance for the period varied from 2.10

12 2008 Annual Report § TIAA-CREF Lifecycle Funds

percentage points for the 2040 Fund to 2.56 percentage points for the 2020 Fund.

          The Lifecycle Funds’ results were driven largely by the performance of the Large-Cap Value Fund and the International Equity Fund, both of which posted losses that were significantly larger than those of their respective benchmarks. In addition, the relative performance of the 2010, 2015 and 2020 Funds was hurt because these funds had between one-fifth and one-third of their assets invested in the Bond Fund, which lagged its benchmark.

          For the twelve months, the Large-Cap Value Fund fell 26.78%, while its benchmark, the Russell 1000® Value Index, dropped 23.56%. The fund lagged its benchmark due to overweight positions that included Bear Stearns, Fannie Mae and Sprint Nextel, as well as underweights such as ExxonMobil.

          The International Equity Fund declined 33.50%, versus a loss of 30.50% for its benchmark, the MSCI EAFE Index. Overweight positions in Swiss financial services provider UBS, Italian car maker Fiat and Japanese real estate developer Urban Corporation were among the holdings that detracted from the fund’s return.

          The Bond Fund rose 2.06%, compared with the 3.65% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index. The fund was underweighted in the top-performing Treasury sector of the index.

          Among the other underlying fixed-income funds, the High-Yield Fund II lost 8.15% but fared better than its benchmark, while the Short-Term Bond Fund II rose 1.88% but lagged its benchmark. The Inflation-Linked Bond Fund gained 6.20%, performing exactly in line with its benchmark.

New funds trail their benchmarks

For the period from their inception on November 30, 2007 through September 30, 2008, the 2045 Fund, 2050 Fund and Retirement Income Fund lagged their respective composite benchmarks.

          The 2045 Fund and 2050 Fund, both of which had nearly 90% of their assets invested in equity funds at the end of the period, lost 22.69% and 22.08%, respectively, versus the 19.67% decline recorded by each of their respective composite benchmarks. The performance of these two funds was most strongly affected by returns from the Large-Cap Value Fund and International Equity Fund.

          The Retirement Income Fund, with nearly 60% of its assets invested in underlying fixed-income funds on September 30, 2008, fell 10.49%, compared with the 8.08% drop of its composite benchmark.

TIAA-CREF Lifecycle Funds § 2008 Annual Report 13

LIFECYCLE 2010 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks high total return over time through a combination of capital appreciation and income.

PRINCIPAL 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 risk, value investing risk, style risk, foreign investment risk, small-cap/mid-cap risk, interest rate risk, income volatility risk, credit risk, call 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, 2008

	Total return			Average annual total return
Lifecycle 2010 Fund	1 year			since fund inception (10/15/2004)
Retirement Class (inception: 10/15/2004)*		–13.59	%		3.12	%
2010 Fund Composite Index (new)†		–11.13			3.97
2010 Fund Composite Index (old)‡		–11.46			3.88
Broad-based market index:
Lehman Brothers U.S. Aggregate Index		3.65			3.71
Morningstar Target-Date 2000–2014		–12.36			2.73
Institutional Class (inception: 1/17/2007)		–13.37			3.23	§

Total annual fund operating expenses (not including any waivers or reimbursements): Retirement Class, 0.83%; Institutional Class, 0.54%.

*	The performance shown for this class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2008, the 2010 Fund Composite Index consisted of: 41.6% Lehman Brothers U.S. Aggregate Index; 39.9% Russell 3000® Index; 13.3% MSCI EAFE® Index; and 5.2% Lehman Brothers U.S. Government/Credit (1–5 Year) Index.
‡	As of 9/30/2008, the 2010 Fund Composite Index would have consisted of: 34.5% Lehman Brothers U.S. Aggregate Index; 18.5% Russell 1000® Growth Index; 18.1% Russell 1000 Value Index; 13.3% MSCI EAFE Index; 5.5% Lehman Brothers U.S. Government/Credit (1–5 Year) Index; 3.6% Lehman Brothers U.S. TIPS Index; 3.3% Russell 2000® Index; and 3.2% 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 in this report show past performance, which is no guarantee of future results. Returns do not reflect taxes that a shareholder would pay on fund distributions or on 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 tiaa-cref.org.

14 2008 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 $11,292 as of September 30, 2008, 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
	Target allocation			Total portfolio investments
Domestic equity		39.9	%		40.8	%
International equity		13.3			12.7
Long- and medium-term maturity fixed income		41.6			41.3
Short-term maturity fixed income		5.2			5.2
Total		100.0			100.0

FUND PROFILE
Net annual fund operating expense ratio
Retirement Class	0.62	%
Institutional Class	0.37	%
Fund net assets	$361.56 million

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2008 Annual Report 15

LIFECYCLE 2015 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks high total return over time through a combination of capital appreciation and income.

PRINCIPAL 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 risk, value investing risk, style risk, foreign investment risk, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call 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, 2008

	Total return			Average annual total return
Lifecycle 2015 Fund	1 year			since fund inception (10/15/2004)
Retirement Class (inception: 10/15/2004)*		–15.83	%		3.08	%
2015 Fund Composite Index (new)†		–13.38			3.95
2015 Fund Composite Index (old)‡		–13.71			3.86
Broad-based market index:
S&P 500® Index		–21.98			3.26
Morningstar Target-Date 2015–2029		–18.44			3.16
Institutional Class (inception: 1/17/2007)		–15.57			3.21§

Total annual fund operating expenses (not including any waivers or reimbursements): Retirement Class, 0.85%; Institutional Class, 0.55%.

*	The performance shown for this class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2008, the 2015 Fund Composite Index consisted of: 45.9% Russell 3000® Index; 35.6% Lehman Brothers U.S. Aggregate Index; 15.3% MSCI EAFE® Index; and 3.2% Lehman Brothers U.S. Government/Credit (1–5 Year) Index.
‡	As of 9/30/2008, the 2015 Fund Composite Index would have consisted of: 29.0% Lehman Brothers U.S. Aggregate Index; 21.3% Russell 1000® Growth Index; 20.8% Russell 1000 Value Index; 15.3% MSCI EAFE Index; 3.8% Russell 2000® Index; 3.6% Lehman Brothers U.S. Government/Credit (1–5 Year) Index; 3.6% Merrill Lynch BB/B Cash Pay Issuer Constrained Index; and 2.6% Lehman Brothers U.S. TIPS 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 do not reflect taxes that a shareholder would pay on fund distributions or on 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 tiaa-cref.org.

16 2008 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 $11,277 as of September 30, 2008, 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

	Target allocation			Total portfolio investments
Domestic equity		45.9	%		46.9	%
International equity		15.3			14.6
Long- and medium-term maturity fixed income		35.6			35.2
Short-term maturity fixed income		3.2			3.3
Total		100.0			100.0

FUND PROFILE

Net annual fund operating expense ratio
Retirement Class	0.63%
Institutional Class	0.38%
Fund net assets	$302.89 million

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2008 Annual Report 17

LIFECYCLE 2020 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks high total return over time through a combination of capital appreciation and income.

PRINCIPAL 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 risk, value investing risk, style risk, foreign investment risk, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call 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, 2008

	Total return			Average annual total return
Lifecycle 2020 Fund	1 year			since fund inception (10/15/2004)
Retirement Class (inception: 10/15/2004)*		–18.21	%		2.79	%
2020 Fund Composite Index (new)†		–15.65			3.69
2020 Fund Composite Index (old)‡		–15.95			3.59
Broad-based market index:
S&P 500® Index		–21.98			3.26
Morningstar Target-Date 2015–2029		–18.44			3.16
Institutional Class (inception: 1/17/2007)		–17.95			2.90	§

Total annual fund operating expenses (not including any waivers or reimbursements): Retirement Class, 0.87%; Institutional Class, 0.58%.

*	The performance shown for this class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2008, the 2020 Fund Composite Index consisted of: 51.9% Russell 3000® Index; 29.6% Lehman Brothers U.S. Aggregate Index; 17.3% MSCI EAFE® Index; and 1.2% Lehman Brothers U.S. Government/Credit (1–5 Year) Index.
‡	As of 9/30/2008, the 2020 Fund Composite Index would have consisted of: 24.6% Lehman Brothers U.S. Aggregate Index; 24.1% Russell 1000® Growth Index; 23.6% Russell 1000 Value Index; 17.3% MSCI EAFE Index; 4.2% Russell 2000® Index; 3.8% Merrill Lynch BB/B Cash Pay Issuer Constrained Index; 1.2% Lehman Brothers U.S. TIPS Index; and 1.2% 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 do not reflect taxes that a shareholder would pay on fund distributions or on 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 tiaa-cref.org.

18 2008 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 $11,152 as of September 30, 2008, 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
	Target allocation			Total portfolio investments
Domestic equity		51.9	%		52.9	%
International equity		17.3			16.5
Long- and medium-term maturity fixed income		29.6			29.4
Short-term maturity fixed income		1.2			1.2
Total		100.0			100.0

FUND PROFILE
Net annual fund operating expense ratio
Retirement Class	0.64	%
Institutional Class	0.39	%
Fund net assets	$283.32 million

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2008 Annual Report 19

LIFECYCLE 2025 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks high total return over time through a combination of capital appreciation and income.

PRINCIPAL 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 risk, value investing risk, style risk, foreign investment risk, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call 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, 2008
	Total return			Average annual total return
Lifecycle 2025 Fund	1 year			since fund inception (10/15/2004)
Retirement Class (inception: 10/15/2004)*		–20.25	%		2.60	%
2025 Fund Composite Index (new)†		–17.83			3.44
2025 Fund Composite Index (old)‡		–18.11			3.36
Broad-based market index:
S&P 500® Index		–21.98			3.26
Morningstar Target-Date 2015–2029		–18.44			3.16
Institutional Class (inception: 1/17/2007)		–20.04			2.72	§

Total annual fund operating expenses (not including any waivers or reimbursements): Retirement Class, 0.89%; Institutional Class, 0.59%.

*	The performance shown for this class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2008, the 2025 Fund Composite Index consisted of: 57.9% Russell 3000® Index; 22.8% Lehman Brothers U.S. Aggregate Index; and 19.3% MSCI EAFE® Index.
‡	As of 9/30/2008, the 2025 Fund Composite Index would have consisted of: 26.9% Russell 1000® Growth Index; 26.3% Russell 1000 Value Index; 19.3% MSCI EAFE Index; 18.8% Lehman Brothers U.S. Aggregate Index; 4.7% 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 do not reflect taxes that a shareholder would pay on fund distributions or on 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 tiaa-cref.org.

20 2008 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 $11,070 as of September 30, 2008, 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
	Target allocation			Total portfolio investments
Domestic equity		57.9	%		58.8	%
International equity		19.3			18.4
Long- and medium-term maturity fixed income		22.8			22.8
Short-term maturity fixed income		0.0			0.0
Total		100.0			100.0

FUND PROFILE
Net annual fund operating expense ratio
Retirement Class	0.65	%
Institutional Class	0.40	%
Fund net assets	$251.14 million

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2008 Annual Report 21

LIFECYCLE 2030 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks high total return over time through a combination of capital appreciation and income.

PRINCIPAL 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 risk, value investing risk, style risk, foreign investment risk, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call 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, 2008
	Total return			Average annual total return
Lifecycle 2030 Fund	1 year			since fund inception (10/15/2004)
Retirement Class (inception: 10/15/2004)*		–22.21	%		2.34	%
2030 Fund Composite Index (new)†		–19.92			3.22
2030 Fund Composite Index (old)‡		–20.20			3.14
Broad-based market index:
S&P 500® Index		–21.98			3.26
Morningstar Target-Date 2030+		–22.90			3.39
Institutional Class (inception: 1/17/2007)		–21.99			2.44	§

Total annual fund operating expenses (not including any waivers or reimbursements): Retirement Class, 0.90%; Institutional Class, 0.59%.

*	The performance shown for this class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2008, the 2030 Fund Composite Index consisted of: 63.9% Russell 3000® Index; 21.3% MSCI EAFE® Index; and 14.8% Lehman Brothers U.S. Aggregate Index.
‡	As of 9/30/2008, the 2030 Fund Composite Index would have consisted of: 29.7% Russell 1000® Growth Index; 29.0% Russell 1000 Value Index; 21.3% MSCI EAFE Index; 10.8% Lehman Brothers U.S. Aggregate Index; 5.2% 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 do not reflect taxes that a shareholder would pay on fund distributions or on 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 tiaa-cref.org.

22 2008 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 $10,961 as of September 30, 2008, 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
	Target allocation			Total portfolio investments
Domestic equity		63.9	%		64.7	%
International equity		21.3			20.2
Long- and medium-term maturity fixed income		14.8			15.1
Short-term maturity fixed income		0.0			0.0
Total		100.0			100.0

FUND PROFILE
Net annual fund operating expense ratio
Retirement Class	0.65	%
Institutional Class	0.40	%
Fund net assets	$226.39 million

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2008 Annual Report 23

LIFECYCLE 2035 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks high total return over time through a combination of capital appreciation and income.

PRINCIPAL 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 risk, value investing risk, style risk, foreign investment risk, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call 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, 2008
	Total return		Average annual total return
Lifecycle 2035 Fund	1 year		since fund inception (10/15/2004)
Retirement Class (inception: 10/15/2004)*	–23.10	%	2.49	%
2035 Fund Composite Index (new)†	–20.99		3.31
2035 Fund Composite Index (old)‡	–21.26		3.22
Broad-based market index:
S&P 500® Index	–21.98		3.26
Morningstar Target-Date 2030+	–22.90		3.39
Institutional Class (inception: 1/17/2007)	–22.94		2.59	§

Total annual fund operating expenses (not including any waivers or reimbursements): Retirement Class, 0.92%; Institutional Class, 0.62%.

*	The performance shown for this class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2008, the 2035 Fund Composite Index consisted of: 67.5% Russell 3000® Index; 22.5% MSCI EAFE® Index; and 10.0% Lehman Brothers U.S. Aggregate Index.
‡	As of 9/30/2008, the 2035 Fund Composite Index would have consisted of: 31.4% Russell 1000® Growth Index; 30.6% Russell 1000 Value Index; 22.5% MSCI EAFE Index; 6.0% Lehman Brothers U.S. Aggregate Index; 5.5% 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 do not reflect taxes that a shareholder would pay on fund distributions or on 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 tiaa-cref.org.

24 2008 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 $11,025 as of September 30, 2008, 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
	Target allocation		Total portfolio investments
Domestic equity	67.5	%	67.9	%
International equity	22.5		21.8
Long- and medium-term maturity fixed income	10.0		10.3
Short-term maturity fixed income	0.0		0.0
Total	100.0		100.0

FUND PROFILE
Net annual fund operating expense ratio
Retirement Class		0.66	%
Institutional Class		0.41	%
Fund net assets	$	200.83 million

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2008 Annual Report 25

LIFECYCLE 2040 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks high total return over time through a combination of capital appreciation and income.

PRINCIPAL 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 risk, value investing risk, style risk, foreign investment risk, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call 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, 2008
	Total return		Average annual total return
Lifecycle 2040 Fund	1 year		since fund inception (10/15/2004)
Retirement Class (inception: 10/15/2004)*	–23.09	%	2.98	%
2040 Fund Composite Index (new)†	–20.99		3.74
2040 Fund Composite Index (old)‡	–21.26		3.65
Broad-based market index:
S&P 500® Index	–21.98		3.26
Morningstar Target-Date 2030+	–22.90		3.39
Institutional Class (inception: 1/17/2007)	–22.87		3.10	§

Total annual fund operating expenses (not including any waivers or reimbursements): Retirement Class, 0.89%; Institutional Class, 0.59%.

*	The performance shown for this class is computed from the inception date (the date on which the class became publicly available). Previously, performance for this class was computed from the net asset value per share on the day prior to the inception date.
†	As of 9/30/2008, the 2040 Fund Composite Index consisted of: 67.5% Russell 3000® Index; 22.5% MSCI EAFE® Index; and 10.0% Lehman Brothers U.S. Aggregate Index.
‡	As of 9/30/2008, the 2040 Fund Composite Index would have consisted of: 31.4% Russell 1000® Growth Index; 30.6% Russell 1000 Value Index; 22.5% MSCI EAFE Index; 6.0% Lehman Brothers U.S. Aggregate Index; 5.5% 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 do not reflect taxes that a shareholder would pay on fund distributions or on 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 tiaa-cref.org.

26 2008 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 $11,233 as of September 30, 2008, 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
	Target allocation		Total portfolio investments
Domestic equity	67.5	%	67.9	%
International equity	22.5		21.8
Long- and medium-term maturity fixed income	10.0		10.3
Short-term maturity fixed income	0.0		0.0
Total	100.0		100.0

FUND PROFILE
Net annual fund operating expense ratio
Retirement Class		0.66	%
Institutional Class		0.41	%
Fund net assets	$	290.89 million

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2008 Annual Report 27

LIFECYCLE 2045 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks high total return over time through a combination of capital appreciation and income.

PRINCIPAL 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 risk, value investing risk, style risk, foreign investment risk, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call 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, 2008
	Total return
Lifecycle 2045 Fund	since inception
Retirement Class (inception: 11/30/2007)		–22.69	%
Institutional Class (inception: 11/30/2007)		–22.57
2045 Fund Composite Index (new)*		–19.67
2045 Fund Composite Index (old)†		–19.94
Broad-based market index:
S&P 500® Index		–19.85
Morningstar Target-Date 2030+		–21.48

Total period fund operating expenses (not including any waivers or reimbursements): Retirement Class, 7.03%; Institutional Class, 6.83%.

*	As of 9/30/2008, the 2045 Fund Composite Index consisted of: 67.5% Russell 3000® Index; 22.5% MSCI EAFE® Index; and 10.0% Lehman Brothers U.S. Aggregate Index.
†	As of 9/30/2008, the 2045 Fund Composite Index would have consisted of: 31.4% Russell 1000® Growth Index; 30.6% Russell 1000 Value Index; 22.5% MSCI EAFE Index; 6.0% Lehman Brothers U.S. Aggregate Index; 5.5% Russell 2000® Index; and 4.0% Merrill Lynch BB/B Cash Pay Issuer Constrained Index.

The returns presented above and in the graph show past performance, which is no guarantee of future results. Returns do not reflect taxes that a shareholder would pay on fund distributions or on 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 tiaa-cref.org.

28 2008 Annual Report § TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception November 30, 2007)

An investment of $10,000 in this fund on November 30, 2007, would be worth $7,731 as of September 30, 2008, 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
	Target allocation			Total portfolio investments
Domestic equity		67.5	%		68.1	%
International equity		22.5			21.7
Long- and medium-term maturity fixed income		10.0			10.2
Short-term maturity fixed income		0.0			0.0
Total		100.0			100.0

FUND PROFILE
Net annual fund operating expense ratio
Retirement Class	0.68	%
Institutional Class	0.43	%
Fund net assets	$4.07 million

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2008 Annual Report 29

LIFECYCLE 2050 FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks high total return over time through a combination of capital appreciation and income.

PRINCIPAL 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 risk, value investing risk, style risk, foreign investment risk, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call 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, 2008
	Total return
Lifecycle 2050 Fund	since inception
Retirement Class (inception: 11/30/2007)		–22.08	%
Institutional Class (inception: 11/30/2007)		–21.86
2050 Fund Composite Index (new)*		–19.67
2050 Fund Composite Index (old)†		–19.94
Broad-based market index:
S&P 500® Index		–19.85
Morningstar Target-Date 2030+		–21.48

Total period fund operating expenses (not including any waivers or reimbursements): Retirement Class, 8.12%; Institutional Class, 7.88%.

*	As of 9/30/2008, the 2050 Fund Composite Index consisted of: 67.5% Russell 3000® Index; 22.5% MSCI EAFE® Index; and 10.0% Lehman Brothers U.S. Aggregate Index.
†	As of 9/30/2008, the 2050 Fund Composite Index would have consisted of: 31.4% Russell 1000® Growth Index; 30.6% Russell 1000 Value Index; 22.5% MSCI EAFE Index; 6.0% Lehman Brothers U.S. Aggregate Index; 5.5% Russell 2000® Index; and 4.0% Merrill Lynch BB/B Cash Pay Issuer Constrained Index.

The returns presented above and in the graph show past performance, which is no guarantee of future results. Returns do not reflect taxes that a shareholder would pay on fund distributions or on 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 tiaa-cref.org.

30 2008 Annual Report § TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception November 30, 2007)

An investment of $10,000 in this fund on November 30, 2007, would be worth $7,792 as of September 30, 2008, 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
	Target allocation			Total portfolio investments
Domestic equity		67.5	%		67.2	%
International equity		22.5			22.5
Long- and medium-term maturity fixed income		10.0			10.3
Short-term maturity fixed income		0.0			0.0
Total		100.0			100.0

FUND PROFILE
Net annual fund operating expense ratio
Retirement Class	0.67	%
Institutional Class	0.42	%
Fund net assets	$2.76 million

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2008 Annual Report 31

LIFECYCLE RETIREMENT INCOME FUND EQUITIES AND FIXED INCOME

INVESTMENT OBJECTIVE

The fund seeks high total return over time primarily through income, with a secondary emphasis on capital appreciation.

PRINCIPAL 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 risk, value investing risk, style risk, foreign investment risk, small-cap/mid-cap risk, interest-rate risk, income volatility risk, credit risk, call 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, 2008
	Total return
Lifecycle Retirement Income Fund	since inception
Retirement Class (inception: 11/30/2007)		–10.49	%
Institutional Class (inception: 11/30/2007)		–10.37
Retail Class (inception: 11/30/2007)		–10.37
Retirement Income Fund Composite Index (new)*		–8.08
Retirement Income Fund Composite Index (old)†		–8.39
Broad-based market index:
Lehman Brothers U.S. Aggregate Index		0.91
Morningstar Target-Date 2000–2014		–12.29

Total period fund operating expenses (not including any waivers or reimbursements): Retirement Class, 2.15%; Institutional Class, 1.85%; Retail Class, 2.08%.

*

As of 9/30/2008, the Retirement Income Fund Composite Index consisted of: 51.0% Lehman Brothers U.S. Aggregate Index; 30.0% Russell 3000® Index; 10.0% MSCI EAFE® Index; and 9.0% Lehman Brothers U.S. Government/Credit (1-5 Year) Index.

†

As of 9/30/2008, the Retirement Income Fund Composite Index would have consisted of: 43.0% Lehman Brothers U.S. Aggregate Index; 13.9% Russell 1000® Growth Index; 13.6% Russell 1000 Value Index; 10.0% MSCI EAFE® Index; 7.0% Lehman Brothers U.S. Government/Credit (1–5 Year) Index; 6.0% Lehman Brothers U.S. TIPS Index; 2.5% Russell 2000® Index; 2.0% Lehman Brothers U.S. Treasury (1–3 Month) Index; and 2.0% Merrill Lynch BB/B Cash Pay Issuer Constrained Index.

The returns presented above and in the graph show past performance, which is no guarantee of future results. Returns do not reflect taxes that a shareholder would pay on fund distributions or on 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 tiaa-cref.org.

32 2008 Annual Report § TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception November 30, 2007)

An investment of $10,000 in this fund on November 30, 2007, would be worth $8,951 as of September 30, 2008, 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
	Target allocation			Total portfolio investments
Domestic equity		30.0	%		30.0	%
International equity		10.0			10.2
Long- and medium-term maturity fixed income		51.0			50.7
Short-term maturity fixed income		9.0			9.1
Total		100.0			100.0

FUND PROFILE
Net annual fund operating expense ratio
Retirement Class		0.61	%
Institutional Class		0.36	%
Retail Class		0.36	%
Fund net assets	$	13.66 million

TARGET ALLOCATION

TIAA-CREF Lifecycle Funds § 2008 Annual Report 33

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2010 FUND § SEPTEMBER 30, 2008

Shares		Company		Value		% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
12,925,617		TIAA-CREF Institutional Bond Fund	$	124,990,718		34.57	%
2,926,392		TIAA-CREF Institutional Enhanced International Equity Index Fund		20,045,784		5.54
2,505,443		TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		20,018,488		5.54
2,496,697		TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		20,048,479		5.54
1,716,280		TIAA-CREF Institutional Growth & Income Fund		14,004,848		3.87
5,327,990		TIAA-CREF Institutional Growth Equity Fund		36,283,612		10.04
1,307,129		TIAA-CREF Institutional High-Yield Fund II		10,992,952		3.04
1,323,179		TIAA-CREF Institutional Inflation-Linked Bond Fund		13,324,417		3.69
2,983,179		TIAA-CREF Institutional International Equity Fund		25,893,993		7.16
472,291		TIAA-CREF Institutional Large-Cap Growth Fund		4,231,731		1.17
3,455,498		TIAA-CREF Institutional Large-Cap Value Fund		39,945,553		11.05
73,185		TIAA-CREF Institutional Mid-Cap Growth Fund		1,046,553		0.29
69,157		TIAA-CREF Institutional Mid-Cap Value Fund		1,022,145		0.28
775,149		TIAA-CREF Institutional Money Market Fund		775,149		0.21
1,843,950		TIAA-CREF Institutional Short-Term Bond Fund II		18,033,832		4.99
913,297		TIAA-CREF Institutional Small-Cap Equity Fund		11,060,028		3.06
		TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $413,409,552)		361,718,282		100.04
	TOTAL PORTFOLIO (Cost $413,409,552)			361,718,282		100.04
		OTHER ASSETS & LIABILITIES, NET		(162,262	)	(0.04	)
		NET ASSETS	$	361,556,020		100.00	%

(a)          The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

34 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2015 FUND § SEPTEMBER 30, 2008

Shares		Company		Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
9,305,688		TIAA-CREF Institutional Bond Fund	$	89,985,999	29.71	%
2,861,451		TIAA-CREF Institutional Enhanced International Equity Index Fund		19,600,943	6.47
2,415,706		TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		19,301,492	6.37
2,363,022		TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		18,975,066	6.27
1,690,123		TIAA-CREF Institutional Growth & Income Fund		13,791,401	4.55
5,116,534		TIAA-CREF Institutional Growth Equity Fund		34,843,596	11.50
998,614		TIAA-CREF Institutional High-Yield Fund II		8,398,340	2.77
776,522		TIAA-CREF Institutional Inflation-Linked Bond Fund		7,819,578	2.58
2,801,001		TIAA-CREF Institutional International Equity Fund		24,312,686	8.03
388,337		TIAA-CREF Institutional Large-Cap Growth Fund		3,479,501	1.15
3,338,570		TIAA-CREF Institutional Large-Cap Value Fund		38,593,869	12.74
69,366		TIAA-CREF Institutional Mid-Cap Growth Fund		991,937	0.33
65,190		TIAA-CREF Institutional Mid-Cap Value Fund		963,510	0.32
1,021,636		TIAA-CREF Institutional Short-Term Bond Fund II		9,991,602	3.30
862,584		TIAA-CREF Institutional Small-Cap Equity Fund		10,445,898	3.45
		TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $348,974,363)		301,495,418	99.54
	TOTAL PORTFOLIO (Cost $348,974,363)			301,495,418	99.54
		OTHER ASSETS & LIABILITIES, NET		1,396,576	0.46
		NET ASSETS	$	302,891,994	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 § 2008 Annual Report 35

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2020 FUND § SEPTEMBER 30, 2008

Shares	Company		Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
7,204,382	TIAA-CREF Institutional Bond Fund	$	69,666,373	24.59	%
2,955,779	TIAA-CREF Institutional Enhanced International Equity Index Fund		20,247,089	7.15
2,502,566	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		19,995,502	7.06
2,516,889	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		20,210,617	7.13
2,025,642	TIAA-CREF Institutional Growth & Income Fund		16,529,236	5.83
5,196,563	TIAA-CREF Institutional Growth Equity Fund		35,388,592	12.49
1,169,685	TIAA-CREF Institutional High-Yield Fund II		9,837,048	3.47
333,458	TIAA-CREF Institutional Inflation-Linked Bond Fund		3,357,926	1.19
3,011,772	TIAA-CREF Institutional International Equity Fund		26,142,182	9.23
442,771	TIAA-CREF Institutional Large-Cap Growth Fund		3,967,225	1.40
3,385,413	TIAA-CREF Institutional Large-Cap Value Fund		39,135,373	13.81
88,353	TIAA-CREF Institutional Mid-Cap Growth Fund		1,263,441	0.45
77,504	TIAA-CREF Institutional Mid-Cap Value Fund		1,145,506	0.40
345,572	TIAA-CREF Institutional Short-Term Bond Fund II		3,379,697	1.19
914,735	TIAA-CREF Institutional Small-Cap Equity Fund		11,077,443	3.91
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $330,768,130)		281,343,250	99.30
	TOTAL PORTFOLIO (Cost $330,768,130)		281,343,250	99.30
	OTHER ASSETS & LIABILITIES, NET		1,974,971	0.70
	NET ASSETS	$	283,318,221	100.00	%

(a)          The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

LIFECYCLE 2025 FUND § SEPTEMBER 30, 2008

Shares	Company		Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
4,957,906	TIAA-CREF Institutional Bond Fund	$	47,942,952	19.09	%
2,916,440	TIAA-CREF Institutional Enhanced International Equity Index Fund		19,977,616	7.94
2,450,176	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		19,576,904	7.80
2,475,306	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		19,876,707	7.91
2,079,230	TIAA-CREF Institutional Growth & Income Fund		16,966,521	6.76
5,082,864	TIAA-CREF Institutional Growth Equity Fund		34,614,303	13.78
1,050,952	TIAA-CREF Institutional High-Yield Fund II		8,838,505	3.52
2,967,315	TIAA-CREF Institutional International Equity Fund		25,756,292	10.26
392,408	TIAA-CREF Institutional Large-Cap Growth Fund		3,515,975	1.40
3,306,642	TIAA-CREF Institutional Large-Cap Value Fund		38,224,785	15.22
90,790	TIAA-CREF Institutional Mid-Cap Growth Fund		1,298,290	0.52
79,217	TIAA-CREF Institutional Mid-Cap Value Fund		1,170,831	0.47
899,495	TIAA-CREF Institutional Small-Cap Equity Fund		10,892,888	4.34
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $297,615,922)		248,652,569	99.01
	TOTAL PORTFOLIO (Cost $297,615,922)		248,652,569	99.01
	OTHER ASSETS & LIABILITIES, NET		2,486,384	0.99
	NET ASSETS	$	251,138,953	100.00	%

(a)          The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

36 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2030 FUND § SEPTEMBER 30, 2008

Shares	Company		Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
2,703,213	TIAA-CREF Institutional Bond Fund	$	26,140,070	11.55	%
2,869,738	TIAA-CREF Institutional Enhanced International Equity Index Fund		19,657,704	8.68
2,451,788	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		19,589,784	8.65
2,453,987	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		19,705,515	8.71
2,100,963	TIAA-CREF Institutional Growth & Income Fund		17,143,855	7.57
5,097,303	TIAA-CREF Institutional Growth Equity Fund		34,712,633	15.33
913,335	TIAA-CREF Institutional High-Yield Fund II		7,681,149	3.39
2,943,368	TIAA-CREF Institutional International Equity Fund		25,548,438	11.29
338,778	TIAA-CREF Institutional Large-Cap Growth Fund		3,035,447	1.34
3,249,998	TIAA-CREF Institutional Large-Cap Value Fund		37,569,972	16.60
85,962	TIAA-CREF Institutional Mid-Cap Growth Fund		1,229,257	0.54
81,469	TIAA-CREF Institutional Mid-Cap Value Fund		1,204,116	0.53
899,550	TIAA-CREF Institutional Small-Cap Equity Fund		10,893,552	4.81
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $271,988,625)		224,111,492	98.99
	TOTAL PORTFOLIO (Cost $271,988,625)		224,111,492	98.99
	OTHER ASSETS & LIABILITIES, NET		2,279,237	1.01
	NET ASSETS	$	226,390,729	100.00	%

(a)          The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

LIFECYCLE 2035 FUND § SEPTEMBER 30, 2008

Shares	Company		Value	% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
1,421,991	TIAA-CREF Institutional Bond Fund	$	13,750,655	6.85	%
2,657,721	TIAA-CREF Institutional Enhanced International Equity Index Fund		18,205,386	9.07
2,275,680	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		18,182,684	9.05
2,303,121	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		18,494,058	9.21
2,174,336	TIAA-CREF Institutional Growth & Income Fund		17,742,578	8.84
4,420,915	TIAA-CREF Institutional Growth Equity Fund		30,106,430	14.99
785,845	TIAA-CREF Institutional High-Yield Fund II		6,608,954	3.29
2,873,818	TIAA-CREF Institutional International Equity Fund		24,944,737	12.42
395,331	TIAA-CREF Institutional Large-Cap Growth Fund		3,542,162	1.76
2,862,048	TIAA-CREF Institutional Large-Cap Value Fund		33,085,279	16.47
86,903	TIAA-CREF Institutional Mid-Cap Growth Fund		1,242,716	0.62
83,768	TIAA-CREF Institutional Mid-Cap Value Fund		1,238,097	0.62
874,492	TIAA-CREF Institutional Small-Cap Equity Fund		10,590,093	5.27
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $241,100,388)		197,733,829	98.46
	TOTAL PORTFOLIO (Cost $241,100,388)		197,733,829	98.46
	OTHER ASSETS & LIABILITIES, NET		3,091,369	1.54
	NET ASSETS	$	200,825,198	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 § 2008 Annual Report 37

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2040 FUND § SEPTEMBER 30, 2008

Shares	Company	Value		% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
2,051,478	TIAA-CREF Institutional Bond Fund	$	19,837,795	6.82	%
3,815,591	TIAA-CREF Institutional Enhanced International Equity Index Fund		26,136,801	8.98
3,320,962	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		26,534,489	9.12
3,363,680	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		27,010,352	9.29
3,204,714	TIAA-CREF Institutional Growth & Income Fund		26,150,463	8.99
6,280,779	TIAA-CREF Institutional Growth Equity Fund		42,772,103	14.70
1,149,393	TIAA-CREF Institutional High-Yield Fund II		9,666,398	3.32
4,178,501	TIAA-CREF Institutional International Equity Fund		36,269,390	12.47
794,007	TIAA-CREF Institutional Large-Cap Growth Fund		7,114,299	2.45
3,922,865	TIAA-CREF Institutional Large-Cap Value Fund		45,348,315	15.59
127,524	TIAA-CREF Institutional Mid-Cap Growth Fund		1,823,600	0.63
123,504	TIAA-CREF Institutional Mid-Cap Value Fund		1,825,396	0.63
1,280,805	TIAA-CREF Institutional Small-Cap Equity Fund		15,510,551	5.33
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $349,044,916)		285,999,952	98.32
	TOTAL PORTFOLIO (Cost $349,044,916)		285,999,952	98.32
	OTHER ASSETS & LIABILITIES, NET		4,885,627	1.68
	NET ASSETS	$	290,885,579	100.00	%

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

LIFECYCLE 2045 FUND § SEPTEMBER 30, 2008

Shares	Company	Value			% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
32,919	TIAA-CREF Institutional Bond Fund	$	318,331		7.83	%
53,770	TIAA-CREF Institutional Enhanced International Equity Index Fund		368,322		9.06
45,994	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		367,492		9.03
46,659	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		374,669		9.21
45,261	TIAA-CREF Institutional Growth & Income Fund		369,333		9.08
60,042	TIAA-CREF Institutional Growth Equity Fund		408,884		10.05
12,045	TIAA-CREF Institutional High-Yield Fund II		101,302		2.49
59,872	TIAA-CREF Institutional International Equity Fund		519,689		12.78
21,912	TIAA-CREF Institutional Large-Cap Growth Fund		196,329		4.83
55,426	TIAA-CREF Institutional Large-Cap Value Fund		640,722		15.75
4,820	TIAA-CREF Institutional Mid-Cap Growth Fund		68,922		1.69
4,773	TIAA-CREF Institutional Mid-Cap Value Fund		70,544		1.73
24,101	TIAA-CREF Institutional Small-Cap Equity Fund		291,859		7.18
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $4,854,264)		4,096,398		100.71
	TOTAL PORTFOLIO (Cost $4,854,264)		4,096,398		100.71
	OTHER ASSETS & LIABILITIES, NET		(29,072	)	(0.71	)
	NET ASSETS	$	4,067,326		100.00	%

(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.
38	2008 Annual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2050 FUND § SEPTEMBER 30, 2008

Shares	Company	Value		% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
22,261	TIAA-CREF Institutional Bond Fund	$	215,265	7.81	%
37,381	TIAA-CREF Institutional Enhanced International Equity Index Fund		256,062	9.29
31,554	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		252,119	9.15
32,886	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		264,079	9.58
30,796	TIAA-CREF Institutional Growth & Income Fund		251,295	9.12
42,313	TIAA-CREF Institutional Growth Equity Fund		288,148	10.45
7,859	TIAA-CREF Institutional High-Yield Fund II		66,098	2.40
41,470	TIAA-CREF Institutional International Equity Fund		359,960	13.06
15,157	TIAA-CREF Institutional Large-Cap Growth Fund		135,804	4.93
38,376	TIAA-CREF Institutional Large-Cap Value Fund		443,630	16.10
1,948	TIAA-CREF Institutional Mid-Cap Growth Fund		27,853	1.01
2,007	TIAA-CREF Institutional Mid-Cap Value Fund		29,667	1.08
12,442	TIAA-CREF Institutional Small-Cap Equity Fund		150,676	5.47
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $3,200,957)		2,740,656	99.45
	TOTAL PORTFOLIO (Cost $3,200,957)		2,740,656	99.45
	OTHER ASSETS & LIABILITIES, NET		15,063	0.55
	NET ASSETS	$	2,755,719	100.00	%

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

LIFECYCLE RETIREMENT INCOME FUND § SEPTEMBER 30, 2008

Shares	Company	Value			% of net assets
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
612,926	TIAA-CREF Institutional Bond Fund	$	5,926,990		43.38	%
89,435	TIAA-CREF Institutional Enhanced International Equity Index Fund		612,632		4.48
73,004	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		583,302		4.27
81,788	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		656,760		4.81
74,438	TIAA-CREF Institutional Growth & Income Fund		607,411		4.44
91,565	TIAA-CREF Institutional Growth Equity Fund		623,560		4.56
31,174	TIAA-CREF Institutional High-Yield Fund II		262,171		1.92
82,335	TIAA-CREF Institutional Inflation-Linked Bond Fund		829,108		6.07
91,743	TIAA-CREF Institutional International Equity Fund		796,326		5.83
33,354	TIAA-CREF Institutional Large-Cap Growth Fund		298,850		2.19
80,562	TIAA-CREF Institutional Large-Cap Value Fund		931,301		6.82
2,872	TIAA-CREF Institutional Mid-Cap Growth Fund		41,066		0.30
5,073	TIAA-CREF Institutional Mid-Cap Value Fund		74,972		0.55
65,518	TIAA-CREF Institutional Money Market Fund		65,518		0.48
121,281	TIAA-CREF Institutional Short-Term Bond Fund II		1,186,130		8.68
27,943	TIAA-CREF Institutional Small-Cap Equity Fund		338,390		2.48
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $15,423,063)		13,834,487		101.26
	TOTAL PORTFOLIO (Cost $15,423,063)		13,834,487		101.26
	OTHER ASSETS & LIABILITIES, NET		(172,411	)	(1.26	)
	NET ASSETS	$	13,662,076		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 § 2008 Annual Report 39

STATEMENTS OF ASSETS AND LIABILITIES

TIAA-CREF LIFECYCLE FUNDS § SEPTEMBER 30, 2008

	Lifecycle 2010 Fund			Lifecycle 2015 Fund			Lifecycle 2020 Fund			Lifecycle 2025 Fund			Lifecycle 2030 Fund			Lifecycle 2035 Fund
ASSETS
Investment in affiliated investment companies, at cost	$	413,409,552		$	348,974,363		$	330,768,130		$	297,615,922		$	271,988,625		$	241,100,388
Net unrealized appreciation of portfolio investments		(51,691,270	)		(47,478,945	)		(49,424,880	)		(48,963,353	)		(47,877,133	)		(43,366,559	)
Total investment in affiliated investment companies, at value		361,718,282			301,495,418			281,343,250			248,652,569			224,111,492			197,733,829
Cash		—			—			—			—			—			—
Shares of beneficial interest sold		966,854			2,479,693			3,316,228			3,616,647			3,601,631			4,430,452
Receivable from securities transactions		5,188,076			3,474,309			2,438,253			1,548,399			377,965			—
Dividends and investment receivable		653,068			466,591			369,100			259,866			161,664			103,234
Due from investment advisor		323,474			268,332			237,577			203,434			185,557			156,523
Total assets		368,849,754			308,184,343			287,704,408			254,280,915			228,438,309			202,424,038
LIABILITIES
Due to bank		1,797,397			413,957			584,780			385,072			144,005			103,882
Service agreement fees payable		74,660			62,414			58,148			51,404			46,382			40,828
Due to affiliates		489,354			431,079			405,906			368,221			351,601			321,896
Investment securities purchased		4,627,144			4,384,899			3,337,353			2,337,265			1,332,629			1,132,234
Fund shares redeemed		305,179			—			—			—			172,963			—
Total liabilities		7,293,734			5,292,349			4,386,187			3,141,962			2,047,580			1,598,840
NET ASSETS	$	361,556,020		$	302,891,994		$	283,318,221		$	251,138,953		$	226,390,729		$	200,825,198
NET ASSETS CONSIST OF:
Paid-in-capital		406,349,960			346,422,285			329,266,228			297,243,401			272,446,986			242,762,294
Undistributed net investment income		5,703,979			3,881,730			2,736,015			1,709,166			1,007,499			606,265
Undistributed (accumulated) net realized gain on total investments		1,193,351			66,924			740,858			1,149,739			813,376			823,198
Net unrealized appreciation (depreciation) on investments in affiliated investment companies		(51,691,270	)		(47,478,945	)		(49,424,880	)		(48,963,353	)		(47,877,132	)		(43,366,559	)
NET ASSETS	$	361,556,020		$	302,891,994		$	283,318,221		$	251,138,953		$	226,390,729		$	200,825,198
RETAIL CLASS:
Net assets	$	—		$	—		$	—		$	—		$	—		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—			—			—			—			—			—
Net asset value per share		—			—			—			—			—			—
RETIREMENT CLASS:
Net assets	$	351,906,735		$	295,996,388		$	277,700,302		$	246,043,385		$	222,387,554		$	197,255,786
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		34,971,716			29,619,304			28,123,822			25,238,670			23,054,124			20,385,483
Net asset value per share	$	10.06		$	9.99		$	9.87		$	9.75		$	9.65		$	9.68
INSTITUTIONAL CLASS:
Net assets	$	9,649,285		$	6,895,606		$	5,617,919		$	5,095,568		$	4,003,175		$	3,569,412
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,069,705			780,204			654,479			606,010			486,896			437,395
Net asset value per share	$	9.02		$	8.84		$	8.58		$	8.41		$	8.22		$	8.16

40 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 41

STATEMENTS OF ASSETS AND LIABILITIES	concluded
TIAA-CREF LIFECYCLE FUNDS §  SEPTEMBER 30, 2008

	Lifecycle 2040 Fund			Lifecycle 2045 Fund			Lifecycle 2050 Fund			Lifecycle Retirement Income Fund
ASSETS
Investment in affiliated investment companies, at cost	$	349,044,916		$	4,854,264		$	3,200,957		$	15,423,063
Net unrealized appreciation of portfolio investments		(63,044,964	)		(757,866	)		(460,301	)		(1,588,576	)
Total investment in affiliated investment companies, at value		285,999,952			4,096,398			2,740,656			13,834,487
Cash		—			23,110			6,669			—
Shares of beneficial interest sold		6,251,078			159,275			199,487			18,613
Receivable from securities transactions		—			—			—			159,354
Dividends and investment receivable		150,550			1,936			1,294			29,717
Due from investment advisor		224,381			1,256			960			5,604
Total assets		292,625,961			4,281,975			2,949,066			14,047,775
LIABILITIES
Due to bank		209751			—			—			4,789
Service agreement fees payable		58,989			638			359			1,009
Due to affiliates		390,488			165,075			164,693			180,830
Investment securities purchased		1,069,551			48,936			28,295			199,071
Fund shares redeemed		11,603			—			—
Total liabilities		1,740,382			214,649			193,347			385,699
NET ASSETS	$	290,885,579		$	4,067,326		$	2,755,719		$	13,662,076
NET ASSETS CONSIST OF:
Paid-in-capital		352,040,950			4,834,602			3,359,980			15,431,313
Distributions in excess of net investment income		888,986			10,842			9,244			0
Undistributed (accumulated) net realized gain on total investments		1,000,607			(20,252	)		(153,204	)		(180,661	)
Net unrealized appreciation (depreciation) on investments in affiliated investment companies		(63,044,964	)		(757,866	)		(460,301	)		(1,588,576	)
NET ASSETS	$	290,885,579		$	4,067,326		$	2,755,719		$	13,662,076
RETAIL CLASS:
Net assets	$	—		$	—		$	—		$	6,170,840
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		—			—			—			713,145
Net asset value per share		—			—			—		$	8.65
RETIREMENT CLASS:
Net assets	$	285,171,155		$	3,287,119		$	1,972,990		$	4,800,409
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		29,009,075			434,937			258,839			554,957
Net asset value per share	$	9.83		$	7.56		$	7.62		$	8.65
INSTITUTIONAL CLASS:
Net assets	$	5,714,424		$	780,207		$	782,729		$	2,690,827
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		696,233			103,031			102,503			310,918
Net asset value per share	$	8.21		$	7.57		$	7.64		$	8.65

42 2008 Annual Report §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 43

STATEMENTS OF OPERATIONS

TIAA-CREF LIFECYCLE FUNDS § FOR THE YEAR ENDED SEPTEMBER 30, 2008

	Lifecycle 2010 Fund			Lifecycle 2015 Fund			Lifecycle 2020 Fund			Lifecycle 2025 Fund			Lifecycle 2030 Fund			Lifecycle 2035 Fund
INVESTMENT INCOME
Dividends from affiliated investment companies	$	11,515,376		$	9,059,746		$	7,487,838		$	5,960,418		$	5,045,149		$	3,922,356
Other Income		1,476			241			934			163			177			117
Total Income		11,516,852			9,059,987			7,488,772			5,960,581			5,045,326			3,922,473
EXPENSES
Investment management fees		323,474			268,332			237,577			203,434			185,557			156,524
Service agreement fees - Retirement Class		799,579			666,039			592,201			506,655			463,337			391,295
Distribution fees - Retail Class		—			—			—			—			—			—
Distribution fees - Retirement Class		159,866			132,234			118,394			101,287			92,623			78,214
Custody fees		17,493			8,476			8,880			7,078			6,927			7,366
Interest expense		2,454			1,787			936			677			632			266
Audit fees		31,921			31,951			31,910			31,928			31,913			31,908
Legal fees		22,954			22,930			22,928			22,928			22,927			22,928
Compliance fees		4,989			4,989			4,989			4,989			4,989			4,989
Registration fees		69,946			62,627			66,730			61,304			57,293			55,118
Trustee fees and expenses		3,272			3,272			3,272			3,272			3,272			3,272
Transfer agency fees and expenses - Retail Class		—			—			—			—			—			—
Transfer agency fees and expenses - Retirement Class		439			498			463			483			477			455
Transfer agency fees and expenses - Institutional Class		310			268			286			332			288			307
Report printing and mailing expenses		51,977			53,682			53,547			53,510			53,457			53,319
Total expenses before expense reimbursement and fees waived		1,488,674			1,257,085			1,142,113			997,877			923,692			805,961
Less: Expenses reimbursed by the investment advisor		(205,755	)		(190,479	)		(193,941	)		(186,501	)		(182,174	)		(179,928	)
Fees waived by the investment advisor and TPIS		(483,340	)		(400,567	)		(355,971	)		(304,721	)		(278,181	)		(234,738	)
Net expenses		799,579			666,039			592,201			506,655			463,337			391,295
Net investment income		10,717,273			8,393,948			6,896,571			5,453,926			4,581,989			3,531,178
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT IN AFFILIATED INVESTMENT COMPANIES:
Realized gain (loss) from sale of investment in affiliated companies		(5,941,689	)		(6,953,616	)		(6,058,249	)		(5,365,303	)		(5,777,146	)		(4,666,566	)
Realized gain (loss) distributions from investment in affiliated investment companies		7,345,945			7,115,457			6,906,769			6,574,404			6,619,495			5,504,612
Net realized gain (loss) from investment in affiliated investment companies		1,404,256			161,841			848,520			1,209,101			842,349			838,046
Net change in unrealized appreciation (depreciation) from investment in affiliated investment companies		(63,988,835	)		(58,701,059	)		(59,938,355	)		(57,860,124	)		(56,558,458	)		(50,292,239	)
Net realized and unrealized gain (loss) from investment in affiliated investment companies		(62,584,579	)		(58,539,218	)		(59,089,835	)		(56,651,023	)		(55,716,109	)		(49,454,193	)
Net increase (decrease) in net assets resulting from operations	$	(51,867,306	)	$	(50,145,270	)	$	(52,193,264	)	$	(51,197,097	)	$	(51,134,120	)	$	(45,923,015	)

44 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds §  2008 Annual Report 45

STATEMENTS OF OPERATIONS	concluded
TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30, 2008

	Lifecycle 2040 Fund			Lifecycle 2045 Fund (a)			Lifecycle 2050 Fund (a)			Lifecycle Retirement Income Fund (a)
INVESTMENT INCOME
Dividends from affiliated investment companies	$	5,591,260		$	57,516		$	55,161		$	403,723
Other Income		170			699			706			3,544
Total Income		5,591,430			58,215			55,867			407,267
EXPENSES
Investment management fees		224,381			2,013			1,717			9,689
Service agreement fees - Retirement Class		559,713			3,144			2,394			7,297
Distribution fees - Retail Class		—			—			—			6,549
Distribution fees - Retirement Class		111,875			630			480			1,463
Custody fees		8,536			8,913			8,913			9,146
Interest Expense		1,427			26			108			97
Audit fees		31,897			8,390			8,390			8,390
Legal fees		22,928			31,190			31,277			34,074
Compliance fees		4,989			4,634			4,634			4,634
Registration fees		64,302			10,973			11,018			16,542
Trustee fees and expenses		3,272			3,659			3,659			3,659
Transfer agency fees and expenses - Retail Class		—			—			—			3,888
Transfer agency fees and expenses - Retirement Class		485			176			196			209
Transfer agency fees and expenses - Institutional Class		267			206			208			156
Report printing and mailing expenses		53,088			57,866			57,865			58,047
Total expenses before expense reimbursement and fees waived		1,087,160			131,820			130,859			163,840
Less: Expenses reimbursed by the investment advisor		(191,191	)		(126,033	)		(126,268	)		(138,841	)
Fees waived by the investment advisor and TPIS		(336,256	)		(2,643	)		(2,197	)		(17,702	)
Net expenses		559,713			3,144			2,394			7,297
Net investment income		5,031,717			55,071			53,473			399,970
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT IN AFFILIATED INVESTMENT COMPANIES:
Realized gain (loss) from sale of investment in affiliated companies		(6,766,130	)		(104,724	)		(237,677	)		(366,823	)
Realized gain (loss) distributions from investment in affiliated investment companies		7,793,333			84,472			84,473			186,162
Net realized gain (loss) from investment in affiliated investment companies		1,027,203			(20,252	)		(153,204	)		(180,661	)
Net change in unrealized appreciation (depreciation) from investment in affiliated investment companies		(72,315,383	)		(757,866	)		(460,301	)		(1,588,576	)
Net realized and unrealized gain (loss) from investment in affiliated investment companies		(71,288,180	)		(778,118	)		(613,505	)		(1,769,237	)
Net increase (decrease) in net assets resulting from operations	$	(66,256,463	)	$	(723,047	)	$	(560,032	)	$	(1,369,267	)
(a)     Fund commenced operations on November 30, 2007

46   2008 Annual Report §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report    47

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFECYCLE FUNDS § FOR THE YEAR ENDED SEPTEMBER 30

		Lifecycle 2010 Fund						Lifecycle 2015 Fund						Lifecycle 2020 Fund
		2008			2007			2008			2007			2008			2007
OPERATIONS
Net investment income		$	10,717,273		$	4,494,966		$	8,393,948		$	3,320,169		$	6,896,571		$	2,593,821
Net realized gain from investment in affiliated investment companies			1,404,256			1,381,565			161,841			1,374,333			848,520			1,387,193
Net change in unrealized appreciation (depreciation) from investment in affiliated investment companies			(63,988,835	)		11,294,430			(58,701,059	)		10,101,242			(59,938,355	)		9,473,936
Net increase (decrease) from operations			(51,867,306	)		17,170,961			(50,145,270	)		14,795,744			(52,193,264	)		13,454,950
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		(8,032,431	)		(1,898,282	)		(6,369,101	)		(1,817,961	)		(5,514,392	)		(1,510,208	)
	Institutional Class		(196,975	)		—			(163,795	)		—			(86,252	)		—
From realized gains:	Retirement Class		(1,449,640	)		(259,090	)		(1,413,144	)		(137,612	)		(1,480,716	)		(76,188	)
	Institutional Class		(33,550	)		—			(34,325	)		—			(21,800	)		—
Total distributions			(9,712,596	)		(2,157,372	)		(7,980,365	)		(1,955,573	)		(7,103,160	)		(1,586,396	)
SHAREHOLDER TRANSACTIONS
Seed money subscriptions:	Institutional Class		—			500,000			—			500,000			—			500,000
Subscriptions:	Retirement Class		184,813,179			186,601,137			156,337,631			137,550,816			160,560,336			127,997,409
	Institutional Class		10,090,666			3,152,534			5,671,066			3,201,121			5,633,838			949,220
Reinvestment of distributions:	Retirement Class		9,482,071			2,153,427			7,782,245			1,946,888			6,995,108			1,579,715
	Institutional Class		230,525			—			198,121			—			108,052			—
Exchanges among the funds:	Retirement Class		—			—			—			—			24,323			—
Redemptions:	Retirement Class		(38,238,631	)		(7,469,477	)		(12,499,979	)		(4,616,812	)		(12,727,690	)		(5,417,825	)
	Institutional Class		(2,852,437	)		(39,801	)		(1,242,781	)		(310,426	)		(603,087	)		(46,804	)
Net increase from shareholder transactions			163,525,373			184,897,820			156,246,303			138,271,587			159,990,880			125,561,715
Net increase in net assets			101,945,471			199,911,409			98,120,668			151,111,758			100,694,456			137,430,269
NET ASSETS
Beginning of period			259,610,549			59,699,140			204,771,326			53,659,568			182,623,765			45,193,496
End of period		$	361,556,020		$	259,610,549		$	302,891,994		$	204,771,326		$	283,318,221		$	182,623,765
Undistributed (distributions in excess of) net investment income included in net assets		$	5,703,979		$	3,231,727		$	3,881,730		$	2,033,035		$	2,736,015		$	1,453,438
CHANGE IN FUND SHARES
Seed money shares sold:	Institutional Class		—			50,000			—			50,000			—			50,000
Shares sold:	Retirement Class		16,286,634			16,295,217			13,663,681			11,797,001			14,116,380			10,795,031
	Institutional Class		985,010			298,858			562,672			303,407			569,959			89,529
Shares reinvested:	Retirement Class		813,214			194,528			656,176			173,829			582,440			138,937
	Institutional Class		22,102			—			18,923			—			10,370			—
Shares exchanged among the Funds, net:	Retirement Class		—			—			—			—			1999			—
Shares redeemed:	Retirement Class		(3,388,692	)		(658,949	)		(1,120,080	)		(400,943	)		(1,096,508	)		(458,370	)
	Institutional Class		(282,465	)		(3,801	)		(125,504	)		(29,293	)		(60,970	)		(4,408	)
Net increase (decrease) from shareholder transactions			14,435,803			16,175,853			13,655,868			11,894,001			14,123,670			10,610,719

48 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds §  2008 Annual Report 49

STATEMENTS OF CHANGES IN NET ASSETS	continued
TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		Lifecycle 2025 Fund						Lifecycle 2030 Fund						Lifecycle 2035 Fund
		2008			2007			2008			2007			2008			2007
OPERATIONS
Net investment income		$	5,453,926		$	1,781,303		$	4,581,989		$	1,443,468		$	3,531,178		$	948,929
Net realized gain from investment in affiliated investment companies			1,209,101			1,076,554			842,349			1,087,168			838,046			769,692
Net change in unrealized appreciation (depreciation) from investment in affiliated investment companies			(57,860,124	)		8,095,543			(56,558,458	)		7,848,563			(50,292,239	)		6,308,823
Net increase (decrease) from operations			(51,197,097	)		10,953,400			(51,134,120	)		10,379,199			(45,923,015	)		8,027,444
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		(4,504,579	)		(1,186,405	)		(4,073,787	)		(1,050,975	)		(3,195,000	)		(727,014	)
	Institutional Class		(97,450	)		—			(75,060	)		—			(54,075	)		—
From realized gains:	Retirement Class		(1,104,626	)		(97,196	)		(1,099,276	)		(65,183	)		(778,269	)		(60,651	)
	Institutional Class		(22,546	)		—			(19,103	)		—			(12,449	)		—
Total distributions			(5,729,201	)		(1,283,601	)		(5,267,226	)		(1,116,158	)		(4,039,793	)		(787,665	)
SHAREHOLDER TRANSACTIONS
Seed money subscriptions:	Institutional Class		—			500,000			—			500,000			—			500,000
Subscriptions:	Retirement Class		159,269,684			102,098,028			148,821,242			91,079,675			143,467,463			75,528,069
	Institutional Class		4,672,144			1,618,568			3,916,591			1,207,638			3,825,734			877,238
Reinvestment of distributions:	Retirement Class		5,609,205			1,282,188			5,173,063			1,111,152			3,973,269			779,969
	Institutional Class		119,996			—			94,163			—			66,524			—
Exchanges among the funds:	Retirement Class		—			—			—			(116,547	)		—			—
Redemptions:	Retirement Class		(6,546,179	)		(3,546,862	)		(4,852,977	)		(2,294,551	)		(2,953,573	)		(886,266	)
	Institutional Class		(823,339	)		(21,481	)		(862,952	)		(54,696	)		(1,036,972	)		(18,813	)
Net increase from shareholder transactions			162,301,511			101,930,441			152,289,130			91,432,671			147,342,445			76,780,197
Net increase in net assets			105,375,213			111,600,240			95,887,784			100,695,712			97,379,637			84,019,976
NET ASSETS
Beginning of period			145,763,740			34,163,500			130,502,945			29,807,233			103,445,561			19,425,585
End of period		$	251,138,953		$	145,763,740		$	226,390,729		$	130,502,945		$	200,825,198		$	103,445,561
Undistributed (distributions in excess of) net investment income included in net assets		$	1,709,166		$	867,620		$	1,007,499		$	578,153		$	606,265		$	331,729
CHANGE IN FUND SHARES
Seed money shares sold:	Institutional Class		—			50,000			—			50,000			—			50,000
Shares sold:	Retirement Class		13,986,309			8,523,873			13,015,585			7,517,887			12,465,871			6,153,683
	Institutional Class		478,077			153,748			408,350			113,393			404,472			81,936
Shares reinvested:	Retirement Class		462,424			111,982			421,259			96,037			319,138			66,835
	Institutional Class		11,494			—			9,019			—			6,348			—
Shares exchanged among the Funds, net:	Retirement Class		—			—			—			(9,680	)		—			—
Shares redeemed:	Retirement Class		(587,438	)		(296,902	)		(437,916	)		(187,060	)		(256,926	)		(70,807	)
	Institutional Class		(85,262	)		(2,049	)		(88,733	)		(5,135	)		(103,565	)		(1,795	)
Net increase (decrease) from shareholder transactions			14,265,604			8,540,652			13,327,564			7,575,442			12,835,338			6,279,852

50   2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report    51

STATEMENTS OF CHANGES IN NET ASSETS	concluded
TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD OR YEAR ENDED SEPTEMBER 30

		Lifecycle 2040 Fund						Lifecycle 2045 Fund			Lifecycle 2050 Fund				Lifecycle Retirement Income Fund
		2008			2007				2008	(a)			2008	(a)			2008	(a)
OPERATIONS
Net investment income		$	5,031,717		$	1,131,438		$	55,071			$	53,473			$	399,970
Net realized gain from investment in affiliated investment companies			1,027,203			982,628			(20,252	)			(153,204	)			(180,661	)
Net change in unrealized appreciation (depreciation) from investment in affiliated investment companies			(72,315,383	)		8,682,818			(757,866	)			(460,301	)			(1,588,576	)
Net increase (decrease) from operations			(66,256,463	)		10,796,884			(723,047	)			(560,032	)			(1,369,267	)
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retail Class		—			—			—				—				(178,416	)
	Retirement Class		(4,419,177	)		(844,126	)		(22,000	)			(22,000	)			(120,413	)
	Institutional Class		(91,324	)		—			(22,229	)			(22,229	)			(101,235	)
From realized gains:	Retirement Class		(978,841	)		(108,347	)		—				—				—
	Institutional Class		(19,169	)		—			—				—				—
Total distributions			(5,508,511	)		(952,473	)		(44,229	)			(44,229	)			(400,064	)
SHAREHOLDER TRANSACTIONS
Seed money subscriptions:	Retail Class		—			—			—				—				4,000,000
	Retirement Class		—			—			1,000,000				1,000,000				3,000,000
	Institutional Class		—			500,000			1,000,000				1,000,000				3,000,000
Subscriptions:	Retail Class		—			—			—				—				3,350,270
	Retirement Class		213,293,883			113,769,642			3,959,591				2,471,685				3,058,219
	Institutional Class		5,524,298			1,965,989			6,097				1,880				678
Reinvestment of distributions:	Retail Class		—			—			—				—				176,634
	Retirement Class		5,398,017			947,700			22,000				22,000				120,413
	Institutional Class		110,494			—			22,229				22,229				101,235
Exchanges among the funds:	Retirement Class		(24,323	)		—			—				—				—
Redemptions:	Retail Class		—			—			—				—				(566,598	)
	Retirement Class		(4,939,024	)		(3,542,802	)		(1,175,216	)			(1,157,715	)			(809,344	)
	Institutional Class		(1,122,556	)		(168,437	)		(99	)			(99	)			(100	)
Net increase from shareholder transactions			218,240,789			113,472,092			4,834,602				3,359,980				15,431,407
Net increase in net assets			146,475,815			123,316,503			4,067,326				2,755,719				13,662,076
NET ASSETS
Beginning of period			144,409,764			21,093,261			—				—				—
End of period		$	290,885,579		$	144,409,764		$	4,067,326			$	2,755,719			$	13,662,076
Undistributed (distributions in excess of) net investment income included in net assets		$	888,986		$	375,047		$	10,842			$	9,244			$	—
CHANGE IN FUND SHARES
Seed money shares sold:	Retail Class		—			—			—				—				400,000
	Retirement Class		—			—			100,000				100,000				300,000
	Institutional Class		—			50,000			100,000				100,000				300,000
Shares sold:	Retail Class		—			—			—				—				355,451
	Retirement Class		18,220,483			9,145,824			463,840				288,877				330,616
	Institutional Class		579,981			184,342			759				232				75
Shares reinvested:	Retail Class		—			—			—				—				19,138
	Retirement Class		427,058			80,518			2,259				2,259				13,062
	Institutional Class		10,483			—			2,282				2,282				10,853
Shares exchanged among the Funds, net:	Retirement Class		(1,917	)		—			—				—				—
Shares redeemed:	Retail Class		—			—			—				—				(61,444	)
	Retirement Class		(425,563	)		(279,618	)		(131,162	)			(132,297	)			(88,721	)
	Institutional Class		(112,855	)		(15,718	)		(11	)			(11	)			(10	)
Net increase (decrease) from shareholder transactions			18,697,670			9,165,348			537,967				361,342				1,579,020

(a) Fund commenced operations on November 30, 2007

52 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 53

FINANCIAL HIGHLIGHTS

LIFECYCLE 2010 FUND

	Retirement Class
	For the Year Ended September 30, 2008			For the Year Ended September 30, 2007			For the Year Ended September 30, 2006			For the Period October 15, 2004* to September 30, 2005			For the Period October 4, 2004† to September 30, 2005
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.04		$	10.99		$	10.61		$	9.92		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.37			0.34			0.36			0.26			0.26
Net realized and unrealized gain (loss) on total investments		(1.95	)		0.98			0.29			0.70			0.62
Total gain (loss) from investment operations		(1.58	)		1.32			0.65			0.96			0.88
Less distributions from:
Net investment income		(0.34	)		(0.24	)		(0.25	)		(0.27	)		(0.27	)
Net realized gains		(0.06	)		(0.03	)		(0.02	)		—	(d)		—	(d)
Total distributions		(0.40	)		(0.27	)		(0.27	)		(0.27	)		(0.27	)
Net asset value, end of period	$	10.06		$	12.04		$	10.99		$	10.61		$	10.61
TOTAL RETURN		(13.59	)%		12.21	%		6.32	%		9.76	%(b)		8.88	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	351,907		$	255,875		$	59,699		$	3,770		$	3,770
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.46	%		0.48	%		0.69	%		0.46	%(c)		0.46	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.25	%		0.26	%		0.33	%		0.46	%(c)		0.46	%(c)
Ratio of net investment income to average net assets		3.27	%		2.93	%		3.32	%		2.57	%(c)		2.53	%(c)
Portfolio turnover rate		26	%		12	%		13	%		11	%(b)		11	%(b)

See notes to financial highlights.

54 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2010 FUND

	Institutional Class
	For the Year Ended September 30, 2008			For the Period January 17, 2007‡ to September 30, 2007
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.83		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.32			0.22
Net realized and unrealized gain (loss) on total investments		(1.71	)		0.61
Total gain (loss) from investment operations		(1.39	)		0.83
Less distributions from:
Net investment income		(0.36	)		—
Net realized gains		(0.06	)		—
Total distributions		(0.42	)		—
Net asset value, end of period	$	9.02		$	10.83
TOTAL RETURN		(13.37	)%		8.30	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	9,649		$	3,735
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.17	%		0.31	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.24	%		3.04	%(c)
Portfolio turnover rate		26	%		12	%(b)

See notes to financial highlights.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 55

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2015 FUND

	Retirement Class
	For the Year Ended September 30, 2008			For the Year Ended September 30, 2007			For the Year Ended September 30, 2006			For the Period October 15, 2004* to September 30, 2005			For the Period October 4, 2004† to September 30, 2005
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.26		$	11.06		$	10.66		$	9.90		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.35			0.32			0.31			0.26			0.26
Net realized and unrealized gain (loss) on total investments		(2.23	)		1.16			0.40			0.79			0.69
Total gain (loss) from investment operations		(1.88	)		1.48			0.71			1.05			0.95
Less distributions from:
Net investment income		(0.32	)		(0.26	)		(0.26	)		(0.29	)		(0.29	)
Net realized gains		(0.07	)		(0.02	)		(0.05	)		—	(d)		—	(d)
Total distributions		(0.39	)		(0.28	)		(0.31	)		(0.29	)		(0.29	)
Net asset value, end of period	$	9.99		$	12.26		$	11.06		$	10.66		$	10.66
TOTAL RETURN		(15.83	)%		13.60	%		6.80	%		10.64	%(b)		9.54	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	295,996		$	201,246		$	53,660		$	5,628		$	5,628
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.47	%		0.49	%		0.61	%		0.46	%(c)		0.46	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.25	%		0.26	%		0.33	%		0.46	%(c)		0.46	%(c)
Ratio of net investment income to average net assets		3.08	%		2.74	%		2.91	%		2.57	%(c)		2.54	%(c)
Portfolio turnover rate		22	%		15	%		6	%		3	%(b)		3	%(b)

See notes to financial highlights.

56 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2015 FUND

	Institutional Class
	For the Year Ended September 30, 2008			For the Period January 17, 2007‡ to September 30, 2007
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.88		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.33			0.18
Net realized and unrealized gain (loss) on total investments		(1.96	)		0.70
Total gain (loss) from investment operations		(1.63	)		0.88
Less distributions from:
Net investment income		(0.34	)		—
Net realized gains		(0.07	)		—
Total distributions		(0.41	)		—
Net asset value, end of period	$	8.84		$	10.88
TOTAL RETURN		(15.57	)%		8.80	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	6,896		$	3,525
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.17	%		0.32	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.36	%		2.37	%(c)
Portfolio turnover rate		22	%		15	%(b)

See notes to financial highlights.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 57

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2020 FUND

	Retirement Class
	For the Year Ended September 30, 2008			For the Year Ended September 30, 2007			For the Year Ended September 30, 2006			For the Period October 15, 2004* to September 30, 2005			For the Period October 4, 2004† to September 30, 2005
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.48		$	11.18		$	10.71		$	9.89		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.32			0.29			0.29			0.21			0.21
Net realized and unrealized gain (loss) on total investments		(2.52	)		1.28			0.48			0.91			0.80
Total gain (loss) from investment operations		(2.20	)		1.57			0.77			1.12			1.01
Less distributions from:
Net investment income		(0.32	)		(0.26	)		(0.27	)		(0.30	)		(0.30	)
Net realized gains		(0.09	)		(0.01	)		(0.03	)		—	(d)		—	(d)
Total distributions		(0.41	)		(0.27	)		(0.30	)		(0.30	)		(0.30	)
Net asset value, end of period	$	9.87		$	12.48		$	11.18		$	10.71		$	10.71
TOTAL RETURN		(18.21	)%		14.23	%		7.30	%		11.46	%(b)		10.24	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	277,700		$	181,152		$	45,193		$	2,874		$	2,874
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.48	%		0.50	%		0.70	%		0.46	%(c)		0.46	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.25	%		0.26	%		0.32	%		0.46	%(c)		0.46	%(c)
Ratio of net investment income to average net assets		2.87	%		2.42	%		2.66	%		2.11	%(c)		2.07	%(c)
Portfolio turnover rate		20	%		20	%		1	%		12	%(b)		12	%(b)
See notes to financial highlights.

58 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2020 FUND

	Institutional Class
	For the Year Ended September 30, 2008			For the Period January 17, 2007‡ to September 30, 2007
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.89		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.28			0.13
Net realized and unrealized gain (loss) on total investments		(2.16	)		0.76
Total gain (loss) from investment operations		(1.88	)		0.89
Less distributions from:
Net investment income		(0.34	)		—
Net realized gains		(0.09	)		—
Total distributions		(0.43	)		—
Net asset value, end of period	$	8.58		$	10.89
TOTAL RETURN		(17.95	)%		8.90	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	5,618		$	1,472
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.19	%		0.43	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		2.91	%		1.83	%(c)
Portfolio turnover rate		20	%		20	%(b)
See notes to financial highlights.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 59

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2025 FUND

	Retirement Class
	For the Year Ended September 30, 2008			For the Year Ended September 30, 2007			For the Year Ended September 30, 2006			For the Period October 15, 2004* to September 30, 2005			For the Period October 4, 2004† to September 30, 2005
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.62		$	11.24		$	10.75		$	9.87		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.30			0.26			0.25			0.19			0.19
Net realized and unrealized gain (loss) on total investments		(2.78	)		1.42			0.55			1.01			0.88
Total gain (loss) from investment operations		(2.48	)		1.68			0.80			1.20			1.07
Less distributions from:
Net investment income		(0.31	)		(0.28	)		(0.28	)		(0.32	)		(0.32	)
Net realized gains		(0.08	)		(0.02	)		(0.03	)		—	(d)		—	(d)
Total distributions		(0.39	)		(0.30	)		(0.31	)		(0.32	)		(0.32	)
Net asset value, end of period	$	9.75		$	12.62		$	11.24		$	10.75		$	10.75
TOTAL RETURN		(20.25	)%		15.18	%		7.59	%		12.24	%(b)		10.78	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	246,043		$	143,559		$	34,164		$	4,095		$	4,095
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.49	%		0.53	%		0.73	%		0.46	%(c)		0.46	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.25	%		0.26	%		0.33	%		0.46	%(c)		0.46	%(c)
Ratio of net investment income to average net assets		2.64	%		2.12	%		2.25	%		1.86	%(c)		1.83	%(c)
Portfolio turnover rate		17	%		25	%		3	%		2	%(b)		2	%(b)
See notes to financial highlights.

60 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2025 FUND

	Institutional Class
	For the Year Ended September 30, 2008			For the Period January 17, 2007‡ to September 30, 2007
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.93		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.26			0.11
Net realized and unrealized gain (loss) on total investments		(2.37	)		0.82
Total gain (loss) from investment operations		(2.11	)		0.93
Less distributions from:
Net investment income		(0.33	)		—
Net realized gains		(0.08	)		—
Total distributions		(0.41	)		—
Net asset value, end of period	$	8.41		$	10.93
TOTAL RETURN		(20.04	)%		9.30	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	5,096		$	2,204
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.19	%		0.38	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		2.63	%		1.45	%(c)
Portfolio turnover rate		17	%		25	%(b)
See notes to financial highlights.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 61

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2030 FUND

	Retirement Class
	For the Year Ended September 30, 2008			For the Year Ended September 30, 2007			For the Year Ended September 30, 2006			For the Period October 15, 2004* to September 30, 2005			For the Period October 4, 2004† to September 30, 2005
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.81		$	11.30		$	10.74		$	9.85		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.28			0.24			0.23			0.17			0.17
Net realized and unrealized gain (loss) on total investments		(3.03	)		1.55			0.63			1.05			0.90
Total gain (loss) from investment operations		(2.75	)		1.79			0.86			1.22			1.07
Less distributions from:
Net investment income		(0.32	)		(0.26	)		(0.27	)		(0.33	)		(0.33	)
Net realized gains		(0.09	)		(0.02	)		(0.03	)		—	(d)		—	(d)
Total distributions		(0.41	)		(0.28	)		(0.30	)		(0.33	)		(0.33	)
Net asset value, end of period	$	9.65		$	12.81		$	11.30		$	10.74		$	10.74
TOTAL RETURN		(22.21	)%		16.07	%		8.20	%		12.55	%(b)		10.86	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	222,388		$	128,768		$	29,807		$	3,017		$	3,017
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.50	%		0.55	%		0.85	%		0.46	%(c)		0.46	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.25	%		0.26	%		0.33	%		0.46	%(c)		0.46	%(c)
Ratio of net investment income to average net assets		2.43	%		1.94	%		2.06	%		1.72	%(c)		1.68	%(c)
Portfolio turnover rate		17	%		29	%		0	%(f)		5	%(b)		5	%(b)

See notes to financial highlights.

62 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2030 FUND

	Institutional Class
	For the Year Ended September 30, 2008			For the Period January 17, 2007‡ to September 30, 2007
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.96		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.26			0.02
Net realized and unrealized gain (loss) on total investments		(2.58	)		0.94
Total gain (loss) from investment operations		(2.32	)		0.96
Less distributions from:
Net investment income		(0.33	)		—
Net realized gains		(0.09	)		—
Total distributions		(0.42	)		—
Net asset value, end of period	$	8.22		$	10.96
TOTAL RETURN		(21.99	)%		9.60	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	4,003		$	1,735
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.19	%		0.46	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		2.68	%		0.33	%(c)
Portfolio turnover rate		17	%		29	%(b)

See notes to financial highlights.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 63

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2035 FUND

	Retirement Class
	For the Year Ended September 30, 2008			For the Year Ended September 30, 2007			For the Year Ended September 30, 2006			For the Period October 15, 2004* to September 30, 2005			For the Period October 4, 2004† to September 30, 2005
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.98		$	11.38		$	10.78		$	9.83		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.25			0.21			0.19			0.16			0.16
Net realized and unrealized gain (loss) on total investments		(3.16	)		1.68			0.73			1.14			0.97
Total gain (loss) from investment operations		(2.91	)		1.89			0.92			1.30			1.13
Less distributions from:
Net investment income		(0.31	)		(0.27	)		(0.28	)		(0.35	)		(0.35	)
Net realized gains		(0.08	)		(0.02	)		(0.04	)		—	(d)		—	(d)
Total distributions		(0.39	)		(0.29	)		(0.32	)		(0.35	)		(0.35	)
Net asset value, end of period	$	9.68		$	12.98		$	11.38		$	10.78		$	10.78
TOTAL RETURN		(23.10	)%		16.91	%		8.62	%		13.36	%(b)		11.43	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	197,256		$	102,014		$	19,426		$	2,713		$	2,713
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.51	%		0.60	%		1.03	%		0.46	%(c)		0.46	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.25	%		0.26	%		0.33	%		0.46	%(c)		0.46	%(c)
Ratio of net investment income to average net assets		2.22	%		1.72	%		1.76	%		1.57	%(c)		1.53	%(c)
Portfolio turnover rate		17	%		24	%		1	%		5	%(b)		5	%(b)

See notes to financial highlights.

64 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2035 FUND

	Institutional Class
	For the Year Ended September 30, 2008			For the Period January 17, 2007‡ to September 30, 2007
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.00		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.23			0.07
Net realized and unrealized gain (loss) on total investments		(2.66	)		0.93
Total gain (loss) from investment operations		(2.43	)		1.00
Less distributions from:
Net investment income		(0.33	)		—
Net realized gains		(0.08	)		—
Total distributions		(0.41	)		—
Net asset value, end of period	$	8.16		$	11.00
TOTAL RETURN		(22.94	)%		10.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	3,569		$	1,432
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.21	%		0.55	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		2.35	%		0.90	%(c)
Portfolio turnover rate		17	%		24	%(b)

See notes to financial highlights.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 65

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2040 FUND

	Retirement Class
	For the Year Ended September 30, 2008			For the Year Ended September 30, 2007			For the Year Ended September 30, 2006			For the Period October 15, 2004* to September 30, 2005			For the Period October 4, 2004† to September 30, 2005
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	13.16		$	11.45		$	10.81		$	9.82		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.26			0.20			0.17			0.15			0.15
Net realized and unrealized gain (loss) on total investments		(3.21	)		1.82			0.79			1.21			1.03
Total gain (loss) from investment operations		(2.95	)		2.02			0.96			1.36			1.18
Less distributions from:
Net investment income		(0.31	)		(0.28	)		(0.27	)		(0.37	)		(0.37	)
Net realized gains		(0.07	)		(0.03	)		(0.05	)		—	(d)		—	(d)
Total distributions		(0.38	)		(0.31	)		(0.32	)		(0.37	)		(0.37	)
Net asset value, end of period	$	9.83		$	13.16		$	11.45		$	10.81		$	10.81
TOTAL RETURN		(23.09	)%		17.93	%		9.04	%		13.93	%(b)		11.88	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	285,171		$	141,996		$	21,093		$	2,066		$	2,066
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.48	%		0.57	%		1.19	%		0.46	%(c)		0.46	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.25	%		0.26	%		0.33	%		0.46	%(c)		0.46	%(c)
Ratio of net investment income to average net assets		2.21	%		1.59	%		1.50	%		1.45	%(c)		1.41	%(c)
Portfolio turnover rate		16	%		18	%		17	%		10	%(b)		10	%(b)

See notes to financial highlights.

66 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2040 FUND

	Institutional Class
	For the Year Ended September 30, 2008			For the Period January 17, 2007‡ to September 30, 2007
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.04		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.23			0.06
Net realized and unrealized gain (loss) on total investments		(2.67	)		0.98
Total gain (loss) from investment operations		(2.44	)		1.04
Less distributions from:
Net investment income		(0.32	)		—
Net realized gains		(0.07	)		—
Total distributions		(0.39	)		—
Net asset value, end of period	$	8.21		$	11.04
TOTAL RETURN		(22.87	)%		10.40	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	5,714		$	2,414
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		0.18	%		0.44	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		2.39	%		0.78	%(c)
Portfolio turnover rate		16	%		18	%(b)

See notes to financial highlights.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 67

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2045 FUND

	Retirement Class			Institutional Class
	For the Period November 30, 2007** to September 30, 2008			For the Period November 30, 2007** to September 30, 2008
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.16			0.26
Net realized and unrealized gain (loss) on total investments		(2.38	)		(2.47	)
Total gain (loss) from investment operations		(2.22	)		(2.21	)
Less distributions from:
Net investment income		(0.22	)		(0.22	)
Net realized gains		—			—
Total distributions		(0.22	)		(0.22	)
Net asset value, end of period	$	7.56		$	7.57
TOTAL RETURN		(22.69	)%(b)		(22.57	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	3,287		$	780
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		6.60	%(c)		6.40	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.25	%(c)		0.00	%(c)
Ratio of net investment income to average net assets		2.23	%(c)		3.55	%(c)
Portfolio turnover rate		27	%(b)		27	%(b)

See notes to financial highlights.

68 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2050 FUND

	Retirement Class			Institutional Class
	For the Period November 30, 2007** to September 30 2008,			For the Period November 30, 2007** to September 30, 2008
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.20			0.27
Net realized and unrealized gain (loss) on total investments		(2.36	)		(2.41	)
Total gain (loss) from investment operations		(2.16	)		(2.14	)
Less distributions from:
Net investment income		(0.22	)		(0.22	)
Net realized gains		—			—
Total distributions		(0.22	)		(0.22	)
Net asset value, end of period	$	7.62		$	7.64
TOTAL RETURN		(22.08	)%(b)		(21.86	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	1,973		$	783
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		7.70	%(c)		7.46	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.25	%(c)		0.00	%(c)
Ratio of net investment income to average net assets		2.75	%(c)		3.55	%(c)
Portfolio turnover rate		73	%(b)		73	%(b)

See notes to financial highlights.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 69

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE RETIREMENT INCOME FUND

	Retail Class			Institutional Class			Retirement Class
	For the Period November 30, 2007** to September 30, 2008			For the Period November 30, 2007** to September 30, 2008			For the Period November 30, 2007** to September 30, 2008
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00
Gain (loss) from investment operations:
Net investment income (a)		0.32			0.34			0.31
Net realized and unrealized gain (loss) on total investments		(1.34	)		(1.36	)		(1.34	)
Total gain (loss) from investment operations		(1.02	)		(1.02	)		(1.03	)
Less distributions from:
Net investment income		(0.33	)		(0.33	)		(0.32	)
Net realized gains		—			—			—
Total distributions		(0.33	)		(0.33	)		(0.32	)
Net asset value, end of period	$	8.65		$	8.65		$	8.65
TOTAL RETURN		(10.37	)%(b)		(10.37	)%(b)		(10.49	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	6,171		$	2,691		$	4,800
Ratio of expenses to average net assets before expense reimbursement and waiver (e)(g)		1.72	%(c)		1.49	%(c)		1.79	%(c)
Ratio of expenses to average net assets after expense reimbursement and waiver (e)(h)		0.00	%(c)		0.00	%(c)		0.25	%(c)
Ratio of net investment income to average net assets		4.09	%(c)		4.30	%(c)		4.00	%(c)
Portfolio turnover rate		26	%(b)		26	%(b)		26	%(b)

See notes to financial highlights.

70 2008 Annual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS (NOTES)	concluded
TIAA-CREF LIFECYCLE FUNDS

*	The Retirement Class effective date of SEC registration was October 15, 2004.
**	Fund commenced operations on November 30, 2007.
†	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 the distributor.
(h)	Ratio of Net Expenses to Average Net Assets is net of fee waivers and/or reimbursements by the investment adviser and the distributor, if any.

See notes to financial statements TIAA-CREF Lifecycle Funds § 2008 Annual Report 71

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 ten of the forty-two funds offered by the 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 ten Lifecycle Funds are 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 and Retirement Income. For the period ended September 30, 2008, Teachers Insurance and Annuity Association of America (“TIAA”) had investments in the Retail, Retirement and Institutional share classes of the Funds as follows:

	Retail Class					Retirement Class					Institutional Class
Fund	TIAA Investments		Percentage of Net Assets			TIAA Investments		Percentage of Net Assets			TIAA Investments		Percentage of Net Assets
Lifecycle 2045		—		—		$	773,076		23.52	%	$	774,277		99.24	%
Lifecycle 2050		—		—			779,212		39.49			781,436		99.83
Lifecycle Retirement Income	$	3,585,171		58.10	%		2,685,291		55.94			2,688,878		99.98

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 accounting principles generally accepted in the United States of America (“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 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 the Funds except for Retirement Income Fund which declares and pays distributions quarterly.

72 2008 Annual Report § TIAA-CREF Lifecycle Funds

continued

Income taxes: The Funds intend to continue 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, 2008, permanent book and tax differences resulting primarily from dividend reclassifications 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.

Name Change: Effective October 25, 2008, the names of the Trust and certain of its series changed as follows:

	Existing Name	New Name
Trust Name:	TIAA-CREF Institutional Mutual Funds	TIAA-CREF Funds
Series Names:	High-Yield Fund II	High-Yield Fund
	Short-Term Bond Fund II	Short-Term Bond Fund

Fair value measurement: In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Account Standards No. 157, “Fair Value Measurement” (“SFAS 157”). SFAS 157 defines fair value, establishes a frame work for measure fair value under “GAAP” and expands disclosure about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Application of SFAS 157 is effective for the TIAA-CREF Lifecycle 2045, 2050 and Retirement Income. This guidance is not yet effective for the other Lifecycle Funds reporting for the period ended September 30, 2008 and management is still assessing the impact of SFAS 157 on those funds.

Various inputs are used in determining the value of a Fund’s investments. These inputs are summarized in the three broad levels below:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Lifecycle Funds’ 2045, 2050, and Retirement Income net assets as of September 30, 2008:

TIAA-CREF Lifecycle Funds § 2008 Annual Report 73

NOTES TO FINANCIAL STATEMENTS

Fund	Level 1		Level 2		Level 3		Total
Lifecycle 2045	$	4,096,398		—		—	$	4,096,398
Lifecycle 2050		2,740,656		—		—		2,740,656
Lifecycle Retirement Income		13,834,487		—		—		13,834,487

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 Teachers Advisors Inc. (“Advisers”) 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, 2009 with respect to Lifecycle 2045, 2050, and Retirement Income Funds and January 31, 2009 for all other Lifecycle Funds. Under the terms of the Funds’ Service Agreement, the 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 the Distribution (12b-1) Plans, 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 and 0.25% of average daily net assets to distribute the Retail Class of the Retirement Income Fund. TPIS has contractually agreed to waive reimbursement under the Distribution Plans through April 30, 2009 for the Lifecycle 2045, 2050 and Retirement Income Funds and through January 31, 2009 for all other Lifecycle Funds.

For the Retirement Class, Advisors is voluntarily reimbursing each Fund for all expenses exceeding the 0.25% Service Agreement fee through April 30, 2009 with respect to the Lifecycle 2045, 2050, and Retirement Income Funds and January 31, 2009 for all other Lifecycle Funds.

For the Institutional Class, Advisors is voluntarily reimbursing each Fund for all expenses through April 30, 2009 with respect to the Lifecycle 2045, 2050, and Retirement Income Funds, and January 31, 2009 for all other Lifecycle Funds. The Institutional Class does not have a Service Agreement for which it is charged a fee.

74 2008 Annual Report § TIAA-CREF Lifecycle Funds

continued

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 Funds for the period ended September 30, 2008 are reflected in the Statements of Operations.

Note 3—investments

At September 30, 2008, 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 Depreciation
Lifecycle 2010	$	415,151,029	$	225,399	$	(53,658,146	)	$	(53,432,747	)
Lifecycle 2015		350,308,243		122,651		(48,935,476	)		(48,812,825	)
Lifecycle 2020		331,723,541		0		(50,380,291	)		(50,380,291	)
Lifecycle 2025		298,117,935		0		(49,465,366	)		(49,465,366	)
Lifecycle 2030		272,326,094		0		(48,214,602	)		(48,214,602	)
Lifecycle 2035		241,388,667		0		(43,654,838	)		(43,654,838	)
Lifecycle 2040		349,444,639		0		(63,444,687	)		(63,444,687	)
Lifecycle 2045		4,913,998		0		(817,600	)		(817,600	)
Lifecycle 2050		3,354,651		0		(613,995	)		(613,995	)
Lifecycle Retirement Income		15,556,314		0		(1,721,827	)		(1,721,827	)

TIAA-CREF Lifecycle Funds § 2008 Annual Report 75

NOTES TO FINANCIAL STATEMENTS

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, 2008:

Fund	Bond Fund		Enhanced International Equity Index		Enhanced Large-Cap Growth Index		Enhanced Large-Cap Value Index		Growth Equity Fund		Growth & Income Fund		High-Yield Fund II		Inflation- Linked Bond Fund
Number of shares in Affiliated Investment Companies:
Lifecycle 2010	12,925,617		2,926,392		2,505,443		2,496,697		5,327,990		1,716,280		1,307,129		1,323,179
Lifecycle 2015	9,305,688		2,861,451		2,415,706		2,363,022		5,116,534		1,690,123		998,614		776,522
Lifecycle 2020	7,204,382		2,955,779		2,502,566		2,516,889		5,196,563		2,025,642		1,169,685		333,458
Lifecycle 2025	4,957,906		2,916,440		2,450,176		2,475,306		5,082,864		2,079,230		1,050,952		—
Lifecycle 2030	2,703,213		2,869,738		2,451,788		2,453,987		5,097,303		2,100,963		913,335		—
Lifecycle 2035	1,421,991		2,657,721		2,275,680		2,303,121		4,420,915		2,174,336		785,845		—
Lifecycle 2040	2,051,478		3,815,591		3,320,962		3,363,680		6,280,779		3,204,714		1,149,393		—
Lifecycle 2045	32,919		53,770		45,994		46,659		60,042		45,261		12,045		—
Lifecycle 2050	22,261		37,381		31,554		32,886		42,313		30,796		7,859		—
Lifecycle Retirement Income	612,926		89,435		73,004		81,788		91,565		74,438		31,174		82,335
% of total shares outstanding in Affiliated Investment Companies:
Lifecycle 2010	6.64	%	12.05	%	12.34	%	12.66	%	13.11	%	6.41	%	4.82	%	3.02	%
Lifecycle 2015	4.78		11.78		11.90		11.98		12.59		6.31		3.68		1.77
Lifecycle 2020	3.70		12.17		12.33		12.76		12.79		7.56		4.31		0.76
Lifecycle 2025	2.55		12.01		12.07		12.55		12.51		7.76		3.87		—
Lifecycle 2030	1.39		11.81		12.08		12.44		12.54		7.84		3.37		—
Lifecycle 2035	0.73		10.94		11.21		11.68		10.88		8.12		2.90		—
Lifecycle 2040	1.05		15.71		16.36		17.06		15.45		11.96		4.24		—
Lifecycle 2045	0.02		0.22		0.23		0.24		0.15		0.17		0.04		—
Lifecycle 2050	0.01		0.15		0.16		0.17		0.10		0.11		0.03		—
Lifecycle Retirement Income	0.31		0.37		0.36		0.41		0.23		0.28		0.11		0.19

76 2008 Annual Report § TIAA-CREF Lifecycle Funds

continued

Fund	International Equity Fund		Large-Cap Growth Fund		Large-Cap Value Fund		Mid-Cap Growth Fund		Mid-Cap Value Fund		Money Market Fund		Short-Term Bond Fund II		Small-Cap Equity Fund
Number of shares in Affiliated Investment Companies:
Lifecycle 2010	2,983,179		472,291		3,455,498		73,185		69,157		775,149		1,843,950		913,297
Lifecycle 2015	2,801,001		388,337		3,338,570		69,366		65,190		—		1,021,636		862,584
Lifecycle 2020	3,011,772		442,771		3,385,413		88,353		77,504		—		345,572		914,735
Lifecycle 2025	2,967,315		392,408		3,306,642		90,790		79,217		—		—		899,495
Lifecycle 2030	2,943,368		338,778		3,249,998		85,962		81,469		—		—		899,550
Lifecycle 2035	2,873,818		395,331		2,862,048		86,903		83,768		—		—		874,492
Lifecycle 2040	4,178,501		794,007		3,922,865		127,524		123,504		—		—		1,280,805
Lifecycle 2045	59,872		21,912		55,426		4,820		4,773		—		—		24,101
Lifecycle 2050	41,470		15,157		38,376		1,948		2,007		—		—		12,442
Lifecycle Retirement Income	91,743		33,354		80,562		2,872		5,073		65,518		121,281		27,943
% of total shares outstanding in Affiliated Investment Companies:
Lifecycle 2010	4.27	%	3.32	%	9.95	%	1.94	%	0.80	%	0.26	%	13.26	%	5.80	%
Lifecycle 2015	4.01		2.73		9.62		1.84		0.76		—		7.35		5.48
Lifecycle 2020	4.31		3.12		9.75		2.35		0.90		—		2.49		5.81
Lifecycle 2025	4.25		2.76		9.52		2.41		0.92		—		—		5.72
Lifecycle 2030	4.21		2.38		9.36		2.28		0.95		—		—		5.72
Lifecycle 2035	4.11		2.78		8.24		2.31		0.97		—		—		5.56
Lifecycle 2040	5.98		5.59		11.30		3.39		1.43		—		—		8.14
Lifecycle 2045	0.09		0.15		0.16		0.13		0.06		—		—		0.15
Lifecycle 2050	0.06		0.11		0.11		0.05		0.02		—		—		0.08
Lifecycle Retirement Income	0.13		0.23		0.23		0.08		0.06		0.02		0.87		0.18

Purchases and sales of securities, excluding short-term instruments, for the Funds, for the year ended September 30, 2008, were as follows:

Fund	Purchases		Sales
Lifecycle 2010	$	258,748.222	$	83,315,899
Lifecycle 2015		224,356,551		60,007,348
Lifecycle 2020		215,609,746		59,010,129
Lifecycle 2025		203,182,416		45,416,931
Lifecycle 2030		189,498,397		30,972,752
Lifecycle 2035		177,615,941		26,049,905
Lifecycle 2040		260,867,273		36,496,496
Lifecycle 2045		5,622,582		663,593
Lifecycle 2050		4,979,006		1,540,373
Lifecycle Retirement Income		18,866,501		3,076,614

TIAA-CREF Lifecycle Funds § 2008 Annual Report 77

NOTES TO FINANCIAL STATEMENTS

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 period ended September 30, 2008 are reflected in the Statements of Operations.

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended September 30, 2008 and 2007 were as follows:

	2008						2007
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Lifecycle 2010	$	8,399,608	$	1,312,988	$	9,712,596	$	1,900,921	$	256,451	$	2,157,372
Lifecycle 2015		6,716,378		1,263,987		7,980,365		1,817,961		137,612		1,955,573
Lifecycle 2020		5,828,509		1,274,651		7,103,160		1,510,208		76,188		1,586,396
Lifecycle 2025		4,733,776		995,425		5,729,201		1,186,405		97,196		1,283,601
Lifecycle 2030		4,240,949		1,026,277		5,267,226		1,050,970		65,188		1,116,158
Lifecycle 2035		3,311,500		728,293		4,039,793		727,014		60,651		787,665
Lifecycle 2040		4,627,914		880,597		5,508,511		844,126		108,347		952,473
Lifecycle 2045		44,229		—		44,229		—		—		—
Lifecycle 2050		44,229		—		44,229		—		—		—
Lifecycle Retirement Income		400,064		—		400,064		—		—		—

As of September 30, 2008, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)			Capital Loss Carryover		Post- October Losses			Total
Lifecycle 2010	$	5,703,979	$	2,934,827	$	(53,432,746	)	$	—	$	—		$	(44,793,940	)
Lifecycle 2015		3,881,730		1,400,804		(48,812,825	)		—		—			(43,530,291	)
Lifecycle 2020		2,736,015		1,696,268		(50,380,290	)		—		—			(45,948,007	)
Lifecycle 2025		1,709,166		1,651,752		(49,465,366	)		—		—			(46,104,448	)
Lifecycle 2030		1,007,499		1,150,845		(48,214,601	)		—		—			(46,056,257	)
Lifecycle 2035		606,265		1,111,478		(43,654,839	)		—		—			(41,937,096	)
Lifecycle 2040		888,986		1,400,330		(63,444,687	)		—		—			(61,155,371	)
Lifecycle 2045		10,842		39,481		(817,599	)		—		—			(767,276	)
Lifecycle 2050		9,244		490		(613,995	)		—		—			(604,261	)
Lifecycle Retirement Income		0		0		(1,721,826	)		—		(47,411	)		(1,769,237	)

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.

78 2008 Annual Report § TIAA-CREF Lifecycle Funds

concluded

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. Management has evaluated the application of FIN 48 to the Funds’ financial statements for the period ended September 30, 2008. There was no material impact to the financial statements or disclosures as a result of adopting this pronouncement.

Note 6—line of credit

Each of the Funds participates in a 365-day $1.25 billion unsecured revolving credit facility dated July 1, 2008 that can be used for temporary purposes, including, without limitation of, 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, 2008 there were no borrowings under this credit facility by the Funds.

TIAA-CREF Lifecycle Funds § 2008 Annual Report 79

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 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 Lifecycle 2010 Fund, Lifecycle 2015 Fund, Lifecycle 2020 Fund, Lifecycle 2025 Fund, Lifecycle 2030 Fund, Lifecycle 2035 Fund, Lifecycle 2040 Fund, Lifecycle 2045 Fund, Lifecycle 2050 Fund and Lifecycle Retirement Income Fund (constituting the Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds, hereafter referred to as the “Funds”) at September 30, 2008, the results of each of their operations for the period 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, 2008 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, New York
November 24, 2008

80 2008 Annual Report § TIAA-CREF Lifecycle Funds

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 (since 2006); 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).	61	Director and member of the Investment Committee, the Maine Coast Heritage Trust; Investment Committee member, Gulf of Maine Research Institute, the Boston Athenaeum, Maine Community Foundation and Carnegie Endowment for International Peace; and Director, Appalachian 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.	61	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).	61	None

TIAA-CREF Lifecycle Funds § 2008 Annual Report 81

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
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.	61	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.	61	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).	61	Director and Chairman of the Investment Committee of the Okabena Company (financial services).

82 2008 Annual Report § TIAA-CREF Lifecycle Funds

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
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.	61	Director, Prudential plc, 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.	President and CEO, National Bureau of Economic Research (since 2008); Head (2006-2008) 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 (1990-2008).	61	The Jeffrey Company and Jeflion Company (unregistered investment companies); and National Bureau of Economic Research.
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).	61	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).	61	None

TIAA-CREF Lifecycle Funds § 2008 Annual Report 83

MANAGEMENT (UNAUDITED) continued

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 September 2007.	Executive Vice President of Client Services of TIAA and TIAA-CREF Funds, CREF, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since August 2008); Executive Vice President of Individual Client Services of TIAA and the TIAA-CREF Funds Complex (2007-2008). President and Chief Executive Officer, TIAA-CREF Individual & Institutional Services, LLC (“Services”) (since July 2007); Senior Managing Director and Head of Wealth Management Group, TIAA (since 2004). Formerly Partner, Spyglass Investments (2002-2003); 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).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Vice President and Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since February 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex, Vice President Senior Compliance Officer Asset Management Compliance of TIAA and Chief Compliance Officer of Teachers Advisors, Inc. (“Advisors”) and TIAA-CREF Investment Management, LLC (“TCIM”) (since 2008). Formerly, Managing Director/Director of Global Compliance, AIG Global Investment Group (2000-2008); Senior Vice President/Group Head, Regulatory Oversight Group, Scudder Kemper Investments, Inc. (1998-2000); Chief Compliance Officer/Vice President, Legal Department, Salomon Brothers Asset Management, Inc. (1997-1998); Assistant General Counsel/Director, Securities Law Compliance, the Prudential Insurance Company of America (1994-1997); and Enforcement Staff Attorney, U.S. Securities and Exchange Commission (1998-1994).
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 Funds and TIAA-CREF Life Funds (since 2007); Executive Vice President (since 1999) of TIAA, CREF and TIAA Separate Account VA-1 and Head of Asset Management (since 2006) of TIAA; 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). Executive Vice President and Head of Asset Management of the TIAA-CREF Mutual Funds (2006-2007). Formerly, Manager of TIAA Realty Capital Management, LLC (2004-2006), Chief Investment Officer of TIAA (2004-2006) and the TIAA-CREF Funds Complex (2003-2005).

84 2008 Annual Report § TIAA-CREF Lifecycle Funds

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
Jonathan Feigelson TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/10/62	Senior Vice President and Acting General Counsel	One-year term. Senior Vice President and Acting General Counsel since October 2008.	Senior Vice President and Acting General Counsel of the TIAA-CREF Fund Complex (since 2008); Senior Vice President and Deputy General Counsel of TIAA (since August 2006). Managing Director and General Counsel, ABN/AMRO (2002-August 2006).
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.	Treasurer of CREF and TIAA Separate Account VA-1 (since August 2008); and Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA Life Funds (since 2007). Formerly Funds Treasurer (2006-2007) of TIAA-CREF Funds 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 of TIAA and the TIAA-CREF Funds 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).
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 Funds 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, Lehman Brothers (1997-1999).
William Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/1/48	Vice President and Corporate Secretary	One-year term. Vice President and Corporate Secretary since May 2008.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since May 2008). Formerly, Deputy General Counsel and Corporate Secretary, Bank of America (2005-2008); and Deputy General Counsel, Secretary and Corporate Governance Officer, The Gillette Company (2000-2005).
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 & Corporate Services of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly Director, TIAA-CREF Life (2003-2006); First Vice President and Head of Human Resources, International Private Client Division and Global Debt Markets, Merrill Lynch & Co. (1999-2003); and Vice President and Head of Human Resources, Japan Morgan Stanley (1998-1999).

TIAA-CREF Lifecycle Funds § 2008 Annual Report 85

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
Cara L. Schnaper TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/13/54	Executive Vice President	One-year term. Executive Vice President since 2008.	Executive Vice President, Technology and Operations of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since February 2008). Formerly Principal, Market Resolve LLC (2006-February 2008); and Head, Middle Office, Investment Banking (2000-2002), Head Technology and Operations, Equities (1999-2000) and Chief Operating Officer Technology and Operations, Emerging Markets, Foreign Exchange and Commodities (1997-1999) JP Morgan Chase & Co.
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 Institutional Development and Sales of TIAA and the TIAA-CREF Fund Complex (since 2008); Executive Vice President, Strategy Implementation and Policy of TIAA and the TIAA-CREF Fund Complex (2006-2008); and Director and President of TIAA-CREF Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product Management of TIAA and TIAA-CREF Funds 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, Product Development and Management of TIAA and the TIAA-CREF Funds Complex (since 2008); Executive Vice President, Institutional Client Services (2006-2008); Director of Tuition Financing and Manager of Services (2006); President and CEO, TIAA-CREF Redwood LLC (2006). Formerly Senior Vice President, Pension Products (2003-2006), Vice President, Support Services (1998-2003), of TIAA and the TIAA-CREF Funds 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, tiaa-cref.org or by telephone at 877 518-9161.

86 2008 Annual Report § TIAA-CREF Lifecycle Funds

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. (“TAI”). Under the Agreement, TAI 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.

Please note that the April 2, 2008, renewal of the Agreements relates to all of the Funds covered in this annual shareholder report except for the Lifecycle Retirement Income Fund, the Lifecycle 2045 Fund and the Lifecycle 2050 Fund (the “New Funds”). The New Funds’ investment management agreement was initially approved by the Board for a two-year term in September 2007, so the New Funds’ agreement was not included in the April 2008, renewal process. Please see the final paragraph of this section for more information on the New Funds.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on April 2, 2008, at which it considered the annual renewal of the Agreement using its previously-established process. As part of that process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee worked with management and legal counsel to the Trustees to develop additional guidelines and specific requests 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 the April 2, 2008 Board meeting, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees and legal counsel to the Trustees and legal counsel to management, and then evaluated the information produced in accordance with those guidelines.

TIAA-CREF Lifecycle Funds § 2008 Annual Report 87

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

Among other matters, the Operations Committee reviewed 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 universe of comparable investment companies and against a more selective peer group of mutual funds (as described below) and, in the case of investment performance data, against one or more appropriate broad-based benchmark indices. Lipper provided applicable data for each Fund 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 utilized a framework of factors that could be considered by the Trustees in order to evaluate the reasonableness of any profits earned by TAI 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 TAI.

In advance of the Board meeting held on April 2, 2008, independent legal counsel for the Trustees requested, on behalf of the Board, and TAI 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 gross performance data for each index Fund relative to its benchmark, 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

88 2008 Annual Report § TIAA-CREF Lifecycle Funds

continued

accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s 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 TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented to the Trustees’ counsel only); 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 TAI 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 TAI 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 Agreement reflect any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fees with comparable management contracts entered into by TAI with other clients; and (7) any other benefits derived or anticipated to be derived by TAI or its affiliates from their 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 legal advice from K&L Gates 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 2, 2008, 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 Trustee may have had a different basis for his or her ultimate decision to vote to renew each Fund’s Agreement.

TIAA-CREF Lifecycle Funds § 2008 Annual Report 89

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

At its meeting on April 2, 2008, 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 TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI’s affiliate, TIAA-CREF Investment Management, LLC, also manage various accounts of the College Retirement Equities Fund (“CREF”). Under the Agreement, TAI is responsible for, among other duties: 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 TAI 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 TAI’s 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.

In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Board considered its ongoing efforts to review the performance of certain affiliated and unaffiliated service providers, including improvements in services provided by those firms or outsourcing efforts to other firms.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Fund, as applicable, over one-, two- and three-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 the Funds achieved performance that compares favorably to their benchmarks (after considering the effect of expenses incurred to operate the Funds) and 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.) Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable. The Board also considered its ongoing efforts to review best execution and portfolio turnover practices of TAI with respect to certain Funds to assess whether those practices continue to be in the best interests of those Funds.

90 2008 Annual Report § TIAA-CREF Lifecycle Funds

continued

COST AND PROFITABILITY

The Board considered financial and profitability data relating to TAI for the calendar year 2007. In this connection, the Board considered profit calculations both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board considered that TAI does not earn a direct profit on any of the Funds, which is primarily due to a complete waiver of the Funds’ management fees and a reimbursement of all of their other expenses except for Retirement Class service fees. The Board also considered that TAI may have indirect earnings with respect to the Funds based on the Funds’ investment in affiliated underlying funds also managed by TAI. The Board determined that TAI’s direct and indirect profits were reasonable and not excessive in light of various relevant factors. The Board acknowledged the reasonableness of having fee rates that permit TAI 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 are being devoted to these functions.

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 management fee rates charged to the Funds under the Agreement, which are entirely waived, typically were lower or significantly lower than the management fee rates charged by 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 TAI has or would experience economies of scale in connection with the operation of each Fund. In this connection, the Board considered that TAI had incurred operating losses with respect to its services provided to the Funds in 2007. Thus, the Board determined that the Funds’ fee schedules are reasonable in light of current economies of scale considerations and current asset levels.

FEE COMPARISON WITH OTHER CLIENTS OF TAI

The Board considered that TAI and its affiliates provide similar investment management services to another fund, the TIAA-CREF Institutional Managed Allocation Fund II. In addition, TAI manages other asset allocation products like education savings plans (529 plans). The Board considered that the management fees of the Lifecycle Funds and the Managed Allocation Fund II were the same—0.00%.

TIAA-CREF Lifecycle Funds § 2008 Annual Report 91

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

OTHER BENEFITS

The Board also considered additional benefits to the Funds and to TAI and its affiliates arising from the Agreement. For example, TAI continues to be willing to waive fees and make expense reimbursements to both the Funds and certain of the underlying funds in which they invest. In addition, TAI 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 TAI or its affiliates are managed in the same manner and by the same personnel as the TIAA-CREF Institutional Managed Allocation Fund II, resulting in certain 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 Report. If a Fund is described in the following discussions as being in the “1st” 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 management fee, expense and 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 are as of December 31, 2007. Under the Morningstar rating system, 5 stars is the highest (best) 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. TAI has agreed to continue to waive this fee entirely through at least January 31, 2009, which means the Fund’s actual management fee is 0.00% of average daily net assets.
•	The Fund’s total expenses and management fees (after waiver) were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).
•	For the one-, two- and three-year periods, the Fund was in the 1st, 2nd and 1st quintiles of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”), respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
92	2008 Annual Report § TIAA-CREF Lifecycle Funds

	continued
•	During the year, the Fund’s asset allocation glidepath was enhanced to increase its international equity and aggregate equity allocations and to add high-yield, inflation-linked and short-term exposure within its aggregate fixed-income allocation.
LIFECYCLE 2015 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least January 31, 2009, which means the Fund’s actual management fee is 0.00% of average daily net assets.
•	The Fund’s total expenses and management fees (after waiver) were in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two- and three-year periods, the Fund was in the 1st, 2nd and 2nd quintiles of its Performance Universe, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
•	During the year, the Fund’s asset allocation glidepath was enhanced to increase its international equity and aggregate equity allocations and to add high-yield, inflation-linked and short-term exposure within its aggregate fixed-income allocation.
LIFECYCLE 2020 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least January 31, 2009, which means the Fund’s actual management fee is 0.00% of average daily net assets.
•	The Fund’s total expenses and management fees (after waiver) were in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two- and three-year periods, the Fund was in the 1st, 2nd and 2nd quintiles of its Performance Universe, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
•	During the year, the Fund’s asset allocation glidepath was enhanced to increase its international equity and aggregate equity allocations and to add high-yield, inflation-linked and short-term exposure within its aggregate fixed-income allocation.
LIFECYCLE 2025 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least January 31, 2009, which means the Fund’s actual management fee is 0.00% of average daily net assets.

TIAA-CREF Lifecycle Funds § 2008 Annual Report 93

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

•	The Fund’s management fees (after waiver) and total expenses were in the 1st and 2nd quintiles of its Expense Group, respectively, and in the 1st quintile of its Expense Universe.
•	For the one-, two- and three-year periods, the Fund was in the 1st, 3rd and 3rd quintiles of its Performance Universe, respectively
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
•	During the year, the Fund’s asset allocation glidepath was enhanced to increase its international equity and aggregate equity allocations and to add high-yield, inflation-linked and short-term exposure within its aggregate fixed-income allocation.
LIFECYCLE 2030 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least January 31, 2009, which means the Fund’s actual management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st and 2nd quintiles of its Expense Group, respectively, and in the 1st quintile of its Expense Universe.
•	For the one-, two- and three-year periods, the Fund was in the 1st, 2nd and 3rd quintiles of its Performance Universe, respectively
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
•	During the year, the Fund’s asset allocation glidepath was enhanced to increase its international equity and aggregate equity allocations and to add high-yield, inflation-linked and short-term exposure within its aggregate fixed-income allocation.
LIFECYCLE 2035 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least January 31, 2009, which means the Fund’s actual management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st and 2nd quintiles of its Expense Group, respectively, and in the 1st quintile of its Expense Universe.
•	For the one-, two- and three-year periods, the Fund was in the 1st, 3rd and 3rd quintiles of its Performance Universe, respectively
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
94	2008 Annual Report § TIAA-CREF Lifecycle Funds

	concluded
•	During the year, the Fund’s asset allocation glidepath was enhanced to increase its international equity and aggregate equity allocations and to add high-yield, inflation-linked and short-term exposure within its aggregate fixed-income allocation.
LIFECYCLE 2040 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least January 31, 2009, which means the Fund’s actual management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st and 2nd quintiles of its Expense Group, respectively, and in the 1st quintile of its Expense Universe.
•	For the one-, two- and three-year periods, the Fund was in the 1st, 1st and 3rd quintiles of its Performance Universe, respectively
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.
•	During the year, the Fund’s asset allocation glidepath was enhanced to increase its international equity and aggregate equity allocations and to add high-yield, inflation-linked and short-term exposure within its aggregate fixed-income allocation.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement.

The New Funds were initially organized at a Board meeting held on September 17, 2007, and commenced operations on November 30, 2007. At the September 2007 meeting, the Board determined to approve the Agreement for each Fund for its initial term after considering information and factors similar to those mentioned above, including that the management fees to be charged by TAI under the Agreement were reasonable as compared to the services to be provided and the management fees charged to similar funds by other investment advisers.

TIAA-CREF Lifecycle Funds § 2008 Annual Report 95

IMPORTANT TAX INFORMATION (UNAUDITED)

TIAA-CREF LIFECYCLE FUNDS

For the fiscal year ended September 30, 2008, 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	$	487	$	1,312,501	$	1,312,988
Lifecycle 2015		467		1,263,520		1,263,987
Lifecycle 2020		474		1,274,177		1,274,651
Lifecycle 2025		356		995,069		995,425
Lifecycle 2030		342		1,025,935		1,026,277
Lifecycle 2035		286		728,007		728,293
Lifecycle 2040		330		880,267		880,597

For the fiscal year ended September 30, 2008, 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			Fund	Percentage
Lifecycle 2010		12.33	%	Lifecycle 2035		30.39	%
Lifecycle 2015		15.91	%	Lifecycle 2040		30.19	%
Lifecycle 2020		19.25	%	Lifecycle 2045		34.45	%
Lifecycle 2025		22.68	%	Lifecycle 2050		34.52	%
Lifecycle 2030		27.38	%	Lifecycle Retirement Income		10.85	%

For the fiscal year ended September 30, 2008, 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			Fund	Percentage
Lifecycle 2010		9.73	%	Lifecycle 2035		23.78	%
Lifecycle 2015		12.39	%	Lifecycle 2040		23.98	%
Lifecycle 2020		14.89	%	Lifecycle 2045		26.10	%
Lifecycle 2025		17.59	%	Lifecycle 2050		25.92	%
Lifecycle 2030		21.28	%	Lifecycle Retirement Income		8.19	%

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2008, which will be reported in conjunction with your 2008 Form 1099-DIV.

By early 2009, 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.

96 2008 Annual Report § TIAA-CREF Lifecycle Funds

HOW TO REACH US

TIAA-CREF WEBSITE
tiaa-cref.org
24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE
800 842-2252
24 hours a day, 7 days a week

FOR HEARING- OR SPEECH-IMPAIRED CUSTOMERS
800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

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 tiaa-cref.org, or call 800 842-2776 for the Retirement or Institutional classes 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.

©2008 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

730 Third Avenue
New York, NY 10017-3206

Printed on recycled paper
C42956	A11067 (11/08)

Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Funds (formerly, 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 PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended September 30, 2008 and September 30, 2008, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,157,700 and $1,194,600, respectively.

4(b)Audit Related Fees.

For the fiscal years ended September 30, 2008 and September 30, 2008, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $43,000, respectively.

For the year ended December 31, 2007, 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 $0.

4(c) Tax Fees.

For the fiscal years ended September 30, 2008 and September 30, 2007, PwC’s aggregate fees for tax services billed to the Registrant were $234,000 and $142,985, respectively.

For the year ended December 31, 2007, 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, 2008 and September 30, 2007, PwC’s aggregate fees for all other services to the Registrant were $96,000 and $0, respectively.

For the year ended December 31, 2007, 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, 2008 and September 30, 2007 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, 2008 and September 30, 2007 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, 2008 and September 30, 2007 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, 2008 and September 30, 2007 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, 2008 and September 30, 2007 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, 2008 and September 30, 2007 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, 2007 and December 31, 2006, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC was $0 and $0, respectively.

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
SCHEDULE OF INVESTMENTS
September 30, 2008
SHARES		COMPANY		VALUE
COMMON STOCKS - 100.64%
AMUSEMENT AND RECREATION SERVICES - 2.41%
15,700		Nintendo Co Ltd	$	6,659,528
		TOTAL AMUSEMENT AND RECREATION SERVICES		6,659,528
BUSINESS SERVICES - 15.29%
109,593	*	Adobe Systems, Inc		4,325,636
84,444	e*	Akamai Technologies, Inc		1,472,703
391,472	*	eBay, Inc		8,761,143
705,399		Experian Group Ltd		4,674,973
26,768	*	Google, Inc (Class A)		10,721,119
185,432	*	Intuit, Inc		5,861,506
189,356	*	Oracle Corp		3,845,820
43,678		Visa, Inc (Class A)		2,681,392
		TOTAL BUSINESS SERVICES		42,344,292
CHEMICALS AND ALLIED PRODUCTS - 23.26%
146,207		Abbott Laboratories		8,418,599
45,692		Air Products & Chemicals, Inc		3,129,445
48,741	*	Amgen, Inc		2,888,879
177,939	e	Avon Products, Inc		7,396,924
68,878	*	Celgene Corp		4,358,600
38,216	e	Clorox Co		2,395,761
29,209		Colgate-Palmolive Co		2,200,898
57,572	e	Estee Lauder Cos (Class A)		2,873,419
28,003	*	Genentech, Inc		2,483,306
213,594	*	Gilead Sciences, Inc		9,735,615
86,666		Monsanto Co		8,578,201
73,701	e*	Mylan Laboratories, Inc		841,665
12,858		Praxair, Inc		922,433
178,309	e	Teva Pharmaceutical Industries Ltd (ADR)		8,164,769
		TOTAL CHEMICALS AND ALLIED PRODUCTS		64,388,514
COMMUNICATIONS - 1.56%
119,829	e*	American Tower Corp (Class A)		4,310,249
		TOTAL COMMUNICATIONS		4,310,249
DEPOSITORY INSTITUTIONS - 3.10%
90,297		Bank of New York Mellon Corp		2,941,876
69,874		Citigroup, Inc		1,433,116
15,965		First Horizon National Corp		149,432
29,670		JPMorgan Chase & Co		1,385,589
108,872		Western Union Co		2,685,872
		TOTAL DEPOSITORY INSTITUTIONS		8,595,885
EDUCATIONAL SERVICES - 0.77%
36,089	e*	Apollo Group, Inc (Class A)		2,140,078
		TOTAL EDUCATIONAL SERVICES		2,140,078

1

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 12.86%
109,677		Altera Corp	$	2,268,120
39,809	*	Apple Computer, Inc		4,524,691
289,337	*	Cisco Systems, Inc		6,527,443
64,133		Honeywell International, Inc		2,664,726
242,142	e	Intel Corp		4,535,320
298,442	e*	Marvell Technology Group Ltd		2,775,511
64,406	e*	NetApp, Inc		1,174,121
164,195		Qualcomm, Inc		7,055,459
57,276	*	Research In Motion Ltd		3,911,951
303,222	e*	Sirius XM Radio, Inc		172,837
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		35,610,179
ENGINEERING AND MANAGEMENT SERVICES - 0.98%
50,055	*	Jacobs Engineering Group, Inc		2,718,487
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,718,487
FOOD AND KINDRED PRODUCTS - 3.18%
75,768		H.J. Heinz Co		3,786,127
70,611		PepsiCo, Inc		5,032,446
		TOTAL FOOD AND KINDRED PRODUCTS		8,818,573
GENERAL MERCHANDISE STORES - 3.29%
75,775		Macy's, Inc		1,362,435
163,816	e	TJX Cos, Inc		4,999,664
45,901		Wal-Mart Stores, Inc		2,749,011
		TOTAL GENERAL MERCHANDISE STORES		9,111,110
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.52%
222,539		Applied Materials, Inc		3,367,015
138,160		Hewlett-Packard Co		6,388,518
2,400	m,v*	Seagate Technology, Inc		0
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,755,533
INSTRUMENTS AND RELATED PRODUCTS - 6.19%
125,088	e*	Agilent Technologies, Inc		3,710,110
51,047	e	Allergan, Inc		2,628,921
106,420		Emerson Electric Co		4,340,872
68,453	e*	Flir Systems, Inc		2,629,964
4,285	*	Intuitive Surgical, Inc		1,032,599
49,015	e	Roper Industries, Inc		2,791,894
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		17,134,360
INSURANCE CARRIERS - 2.24%
105,419		Aflac, Inc		6,193,366
		TOTAL INSURANCE CARRIERS		6,193,366
METAL MINING - 0.19%
15,130		Anglo American plc		511,086
		TOTAL METAL MINING		511,086
MISCELLANEOUS RETAIL - 4.09%
10,120	*	Amazon.com, Inc		736,331
170,577		CVS Corp		5,741,622
214,878		Staples, Inc		4,834,755
		TOTAL MISCELLANEOUS RETAIL		11,312,708

2

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
MOTION PICTURES - 1.04%
220,117		Time Warner, Inc	$	2,885,734
		TOTAL MOTION PICTURES		2,885,734
OIL AND GAS EXTRACTION - 4.85%
181,818	*	Denbury Resources, Inc		3,461,815
44,281	e*	Nabors Industries Ltd		1,103,483
67,625	*	National Oilwell Varco, Inc		3,396,804
70,150		Schlumberger Ltd		5,478,013
		TOTAL OIL AND GAS EXTRACTION		13,440,115
PETROLEUM AND COAL PRODUCTS - 1.78%
17,802		Apache Corp		1,856,393
33,755		Devon Energy Corp		3,078,456
		TOTAL PETROLEUM AND COAL PRODUCTS		4,934,849
PRIMARY METAL INDUSTRIES - 2.20%
182,370		Corning, Inc		2,852,267
41,013		Precision Castparts Corp		3,231,004
		TOTAL PRIMARY METAL INDUSTRIES		6,083,271
SECURITY AND COMMODITY BROKERS - 4.80%
275,483	e	Charles Schwab Corp		7,162,558
7,440		CME Group, Inc		2,764,034
15,594		Franklin Resources, Inc		1,374,299
7,343	e	Goldman Sachs Group, Inc		939,904
24,647		Lazard Ltd (Class A)		1,053,906
		TOTAL SECURITY AND COMMODITY BROKERS		13,294,701
TRANSPORTATION EQUIPMENT - 0.95%
24,071		Lockheed Martin Corp		2,639,867
		TOTAL TRANSPORTATION EQUIPMENT		2,639,867
TRUCKING AND WAREHOUSING - 1.12%
49,315		United Parcel Service, Inc (Class B)		3,101,420
		TOTAL TRUCKING AND WAREHOUSING		3,101,420
WATER TRANSPORTATION - 0.97%
75,684	e	Carnival Corp		2,675,429
		TOTAL WATER TRANSPORTATION		2,675,429
		TOTAL COMMON STOCKS		278,659,334
		(Cost $315,673,740)
SHORT-TERM INVESTMENTS - 19.07%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 19.07%
52,809,272		State Street Navigator Securities Lending Prime Portfolio		52,809,272
				52,809,272
		TOTAL SHORT-TERM INVESTMENTS		52,809,272
		(Cost $52,809,272)
		TOTAL PORTFOLIO - 119.71%		331,468,606
		(Cost $368,483,012)
		OTHER ASSETS & LIABILITIES, NET - (19.71)%		(54,587,169	)
		NET ASSETS - 100.00%	$	276,881,437

3

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund
	*	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

4

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 98.68%
AMUSEMENT AND RECREATION SERVICES - 2.06%
575,958	*	Activision Blizzard, Inc	$	8,887,032
8,869		Nintendo Co Ltd		3,761,997
64,310	*	Penn National Gaming, Inc		1,708,717
195,021	e*	WMS Industries, Inc		5,961,792
		TOTAL AMUSEMENT AND RECREATION SERVICES		20,319,538
APPAREL AND ACCESSORY STORES - 0.29%
187,630	e	American Eagle Outfitters, Inc		2,861,357
		TOTAL APPAREL AND ACCESSORY STORES		2,861,357
APPAREL AND OTHER TEXTILE PRODUCTS - 0.59%
74,709		VF Corp		5,775,753
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		5,775,753
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.58%
220,622		Home Depot, Inc		5,711,904
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		5,711,904
BUSINESS SERVICES - 5.85%
72,363		Accenture Ltd (Class A)		2,749,794
184,568	e*	Amdocs Ltd		5,053,472
237,267	*	eBay, Inc		5,310,035
99,184	*	Electronic Arts, Inc		3,668,816
17,506	*	Google, Inc (Class A)		7,011,503
594,901		Microsoft Corp		15,877,908
372,924	*	Oracle Corp		7,574,086
149,478	*	Red Hat, Inc		2,252,633
64,810		Visa, Inc (Class A)		3,978,686
240,240	*	Yahoo!, Inc		4,156,152
		TOTAL BUSINESS SERVICES		57,633,085
CHEMICALS AND ALLIED PRODUCTS - 15.71%
275,051		Abbott Laboratories		15,837,437
222,258	*	Amgen, Inc		13,173,232
139,419		Avon Products, Inc		5,795,648
104,031		Bayer AG.		7,618,931
435,314		Bristol-Myers Squibb Co		9,076,297
53,755	*	Celgene Corp		3,401,616
88,322	e*	Chattem, Inc		6,905,014
77,807		Clorox Co		4,877,721
94,902		Colgate-Palmolive Co		7,150,866
219,200		Du Pont (E.I.) de Nemours & Co		8,833,760
130,346	e*	Elan Corp plc (ADR)		1,390,792
92,230	*	Genzyme Corp		7,460,485
243,620	*	Gilead Sciences, Inc		11,104,200

5

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
109,806		Merck & Co, Inc	$	3,465,477
99,389		Monsanto Co		9,837,523
28,545		Mosaic Co		1,941,631
227,109	e*	Mylan Laboratories, Inc		2,593,585
45,847	*	NBTY, Inc		1,353,403
421,915		Pfizer, Inc		7,780,113
31,172		Praxair, Inc		2,236,279
270,139		Procter & Gamble Co		18,825,987
200	e	Sherwin-Williams Co		11,432
110,594	e*	Valeant Pharmaceuticals International		2,263,859
52,068		Wyeth		1,923,392
		TOTAL CHEMICALS AND ALLIED PRODUCTS		154,858,680
COAL MINING - 0.29%
62,565		Peabody Energy Corp		2,815,425
		TOTAL COAL MINING		2,815,425
COMMUNICATIONS - 2.97%
57,395		America Movil S.A. de C.V. (ADR) (Series L)		2,660,832
496,935		AT&T, Inc		13,874,425
600	e*	DIRECTV Group, Inc		15,702
122,205	e	Scripps Networks Interactive (Class A)		4,437,264
258,771		Verizon Communications, Inc		8,303,961
		TOTAL COMMUNICATIONS		29,292,184
DEPOSITORY INSTITUTIONS - 8.60%
310,496		Bank of America Corp		10,867,360
803,865		Citigroup, Inc		16,487,271
357,197		JPMorgan Chase & Co		16,681,100
127,262		Northern Trust Corp		9,188,316
185,794		People's United Financial, Inc		3,576,535
60,418		PNC Financial Services Group, Inc		4,513,225
251,204	e	TCF Financial Corp		4,521,672
272,555	e	US Bancorp		9,817,431
241,353		Wells Fargo & Co		9,057,978
		TOTAL DEPOSITORY INSTITUTIONS		84,710,888
EATING AND DRINKING PLACES - 1.25%
195,668		Darden Restaurants, Inc		5,601,975
108,224		McDonald's Corp		6,677,421
		TOTAL EATING AND DRINKING PLACES		12,279,396
ELECTRIC, GAS, AND SANITARY SERVICES - 3.33%
166,358		Exelon Corp		10,417,338
125,365		PG&E Corp		4,694,919
132,093		PPL Corp		4,890,083
119,326		Questar Corp		4,882,820
397,345	e	Xcel Energy, Inc		7,942,927
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		32,828,087
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.09%
68,686	*	Apple Computer, Inc		7,806,851
218,506	*	Broadcom Corp (Class A)		4,070,767
682,464	*	Cisco Systems, Inc		15,396,388

6

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
18,849	*	First Solar, Inc	$	3,560,765
68,992		Gamesa Corp Tecnologica S.A.		2,363,801
53,169		Harris Corp		2,456,408
196,077		Honeywell International, Inc		8,146,999
545,125		Intel Corp		10,210,191
214,250	*	Marvell Technology Group Ltd		1,992,525
1,477	e*	Nortel Networks Corp		3,308
322,173		Qualcomm, Inc		13,843,774
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		69,851,777
ENGINEERING AND MANAGEMENT SERVICES - 0.34%
108,681	*	Shaw Group, Inc		3,339,767
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,339,767
FABRICATED METAL PRODUCTS - 0.27%
77,671	e	Pentair, Inc		2,685,086
		TOTAL FABRICATED METAL PRODUCTS		2,685,086
FOOD AND KINDRED PRODUCTS - 4.97%
246,804	e	Coca-Cola Co		13,050,996
150,112		General Mills, Inc		10,315,697
145,168		Kraft Foods, Inc (Class A)		4,754,252
146,551		PepsiCo, Inc		10,444,690
78,372	*	Ralcorp Holdings, Inc		5,283,057
187,327		Unilever plc		5,093,580
		TOTAL FOOD AND KINDRED PRODUCTS		48,942,272
FOOD STORES - 0.21%
77,018		Kroger Co		2,116,455
		TOTAL FOOD STORES		2,116,455
GENERAL BUILDING CONTRACTORS - 0.46%
279,910	e	Amec plc		3,210,677
2,383	e*	NVR, Inc		1,363,076
		TOTAL GENERAL BUILDING CONTRACTORS		4,573,753
GENERAL MERCHANDISE STORES - 2.82%
46,604	*	BJ's Wholesale Club, Inc		1,811,031
36,101		Costco Wholesale Corp		2,344,038
202,560		TJX Cos, Inc		6,182,131
291,568		Wal-Mart Stores, Inc		17,462,008
		TOTAL GENERAL MERCHANDISE STORES		27,799,208
HEALTH SERVICES - 2.10%
183,753		Cardinal Health, Inc		9,055,348
194,528	*	Medco Health Solutions, Inc		8,753,760
84,349	e	Mindray Medical International Ltd (ADR) (Class A)		2,845,092
		TOTAL HEALTH SERVICES		20,654,200
HOLDING AND OTHER INVESTMENT OFFICES - 0.93%
78,890	e	SPDR Trust Series 1		9,150,451
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		9,150,451

7

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.88%
56,516		Alstom RGPT	$	4,290,094
193,568		Applied Materials, Inc		2,928,684
99,859		Deere & Co		4,943,020
371,989	*	EMC Corp		4,448,988
833,227		General Electric Co		21,247,289
336,675		Hewlett-Packard Co		15,567,852
123,197		International Business Machines Corp		14,409,121
7,400	m,v*	Seagate Technology		(0	)
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		67,835,048
INSTRUMENTS AND RELATED PRODUCTS - 4.44%
147,737		Covidien Ltd		7,942,341
141,060		Emerson Electric Co		5,753,837
317,156		Johnson & Johnson		21,972,568
106,100		Medtronic, Inc		5,315,610
48,917	*	Teledyne Technologies, Inc		2,796,096
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		43,780,452
INSURANCE AGENTS, BROKERS AND SERVICE - 0.81%
176,773		AON Corp		7,947,714
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		7,947,714
INSURANCE CARRIERS - 3.16%
188,904		ACE Ltd		10,225,374
223,714		Aetna, Inc		8,078,312
107,740		Aflac, Inc		6,329,725
47,931		Assurant, Inc		2,636,205
49,023		Chubb Corp		2,691,363
51,298	*	Greenlight Capital Re Ltd (Class A)		1,179,341
		TOTAL INSURANCE CARRIERS		31,140,320
LEATHER AND LEATHER PRODUCTS - 0.27%
106,516	*	Coach, Inc		2,667,161
		TOTAL LEATHER AND LEATHER PRODUCTS		2,667,161
LEGAL SERVICES - 0.89%
120,932	*	FTI Consulting, Inc		8,736,128
		TOTAL LEGAL SERVICES		8,736,128
METAL MINING - 0.66%
105,238		Anglo American plc		3,554,904
80,965	e	Barrick Gold Corp		2,974,654
		TOTAL METAL MINING		6,529,558
MISCELLANEOUS RETAIL - 0.93%
271,906		CVS Corp		9,152,356
		TOTAL MISCELLANEOUS RETAIL		9,152,356
MOTION PICTURES - 0.78%
100	*	Ascent Media Corp (Series A)		2,441
116,988	*	Discovery Communications, Inc (Class A)		1,667,079
116,988	*	Discovery Communications, Inc (Class C)		1,656,550
335,167		Time Warner, Inc		4,394,039
		TOTAL MOTION PICTURES		7,720,109

8

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
OIL AND GAS EXTRACTION - 2.67%
138,517	*	Cameron International Corp	$	5,338,445
170,123		Schlumberger Ltd		13,284,905
130,715		Smith International, Inc		7,665,128
		TOTAL OIL AND GAS EXTRACTION		26,288,478
PETROLEUM AND COAL PRODUCTS - 9.00%
48,570		Apache Corp		5,064,880
132,191		Cabot Oil & Gas Corp		4,777,383
183,685		Chevron Corp		15,150,339
85,303		ConocoPhillips		6,248,445
88,391		Devon Energy Corp		8,061,259
422,155		Exxon Mobil Corp		32,784,557
69,009		Hess Corp		5,664,259
163,264		Marathon Oil Corp		6,509,336
48,153		Petroleo Brasileiro S.A. (ADR)		2,116,324
45,111		Valero Energy Corp		1,366,863
19,738		Walter Industries, Inc		936,568
		TOTAL PETROLEUM AND COAL PRODUCTS		88,680,213
RAILROAD TRANSPORTATION - 0.97%
134,530		Union Pacific Corp		9,573,155
		TOTAL RAILROAD TRANSPORTATION		9,573,155
SECURITY AND COMMODITY BROKERS - 3.09%
36,648	e	BlackRock, Inc		7,128,036
67,144	e	Goldman Sachs Group, Inc		8,594,432
155,887		Lazard Ltd (Class A)		6,665,728
91,660		Merrill Lynch & Co, Inc		2,318,998
251,142	e	Morgan Stanley		5,776,266
		TOTAL SECURITY AND COMMODITY BROKERS		30,483,460
TOBACCO PRODUCTS - 1.67%
341,177		Philip Morris International, Inc		16,410,614
		TOTAL TOBACCO PRODUCTS		16,410,614
TRANSPORTATION EQUIPMENT - 1.68%
82,354		Goodrich Corp		3,425,926
58,741		Lockheed Martin Corp		6,442,125
125,688		Raytheon Co		6,725,565
		TOTAL TRANSPORTATION EQUIPMENT		16,593,616
WATER TRANSPORTATION - 0.07%
34,940	e	K-Sea Transportation Partners LP		702,643
		TOTAL WATER TRANSPORTATION		702,643
		TOTAL COMMON STOCKS		972,440,291
		(Cost $1,011,233,994)

9

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
PRINCIPAL		ISSUER		VALUE
SHORT-TERM INVESTMENTS - 9.32%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.73%
$      7,200,000		Federal Home Loan Bank (FHLB), 10/01/08	$	7,200,000
				7,200,000
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 8.60%
84,652,629		State Street Navigator Securities Lending Prime Portfolio		84,652,629
				84,652,629
		TOTAL SHORT-TERM INVESTMENTS		91,852,629
		(Cost $91,852,629)
		TOTAL PORTFOLIO - 108.00%		1,064,292,920
		(Cost $1,103,086,623)
		OTHER ASSETS & LIABILITIES, NET - (8.00)%		(78,881,086	)
		NET ASSETS - 100.00%	$	985,411,834
	*	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

10

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCK - 98.33%
BUSINESS SERVICES - 2.00%
1,783,793	*	Autonomy Corp plc	$	33,120,073
117	e	NTT Data Corp		462,561
988,513		WPP Group plc		7,995,645
		TOTAL BUSINESS SERVICES		41,578,279
CHEMICALS AND ALLIED PRODUCTS - 7.47%
4,328,356		Dabur India Ltd		8,506,108
390,200	e	Daiichi Sankyo Co Ltd		10,054,063
70,000	e	Eisai Co Ltd		2,733,497
1,198,222		Lanxess AG.		32,999,187
1,582,518		Reckitt Benckiser Group plc		76,728,193
28,224,000		Sinochem Hong Kong Holding Ltd		14,228,042
3,861,000		UBE Industries Ltd		10,410,500
		TOTAL CHEMICALS AND ALLIED PRODUCTS		155,659,590
COMMUNICATIONS - 3.12%
8,852,016		BT Group plc		25,662,438
1,967,509		Deutsche Telekom AG.		29,880,999
500	e	KDDI Corp		2,832,334
950		Nippon Telegraph & Telephone Corp		4,240,272
339		NTT DoCoMo, Inc		542,636
95,000		Singapore Telecommunications Ltd		217,145
737,070		Vodafone Group plc		1,627,767
		TOTAL COMMUNICATIONS		65,003,591
DEPOSITORY INSTITUTIONS - 11.68%
24,780		Australia & New Zealand Banking Group Ltd		382,832
355,000		Mitsui Trust Holdings, Inc		1,916,543
17,256	e	Commonwealth Bank of Australia		608,164
16,305		DBS Group Holdings Ltd		194,311
237,536		Deutsche Postbank AG.		8,997,835
1,815,345		HSBC Holdings plc		29,369,129
216,678		Julius Baer Holding AG.		10,775,487
90,076	e	Komercni Banka A.S.		20,352,759
1,990,500		Mitsubishi UFJ Financial Group, Inc		17,357,657
2,445	e	Mizuho Financial Group, Inc		10,692,343
22,173	e	National Australia Bank Ltd		447,505
36,000		Oversea-Chinese Banking Corp		181,764
12,741,560		Royal Bank of Scotland Group plc		41,103,190
21,252		Societe Generale		1,909,060
2,093	e	Sumitomo Mitsui Financial Group, Inc		13,122,397
4,991,795	*	UBS A.G.		85,321,903
16,000		United Overseas Bank Ltd		191,277

11

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
24,713	e	Westpac Banking Corp	$	438,028
		TOTAL DEPOSITORY INSTITUTIONS		243,362,184
ELECTRIC, GAS, AND SANITARY SERVICES - 3.31%
132,200	e	Chubu Electric Power Co, Inc		3,114,995
5,995,947		Iberdrola S.A.		60,912,622
13,900	e	Kansai Electric Power Co, Inc		309,254
186,900	e	Tokyo Electric Power Co, Inc		4,598,563
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		68,935,434
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.34%
14,965,950		Hon Hai Precision Industry Co, Ltd		53,603,457
678,000	e	Hosiden Corp		9,765,657
80		Hoya Corp		1,587
2,300		Murata Manufacturing Co Ltd		92,852
37,000	e	Matsushita Electric Industrial Co Ltd		637,862
2,339,583		Smiths Group plc		42,424,522
151,700	e	Sony Corp		4,678,064
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		111,204,001
ENGINEERING AND MANAGEMENT SERVICES - 0.45%
184,641		Tecan Group AG.		9,285,450
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		9,285,450
FOOD AND KINDRED PRODUCTS - 5.62%
1,153,400	e	Asahi Breweries Ltd		20,215,100
1,074,576	e	Groupe Danone		76,221,696
32,904		SABMiller plc		642,440
646,400	e	Yakult Honsha Co Ltd		19,918,192
		TOTAL FOOD AND KINDRED PRODUCTS		116,997,428
FOOD STORES - 0.03%
26,388		Woolworths Ltd		581,274
		TOTAL FOOD STORES		581,274
GENERAL BUILDING CONTRACTORS - 1.70%
753,826		Vinci S.A.		35,517,328
		TOTAL GENERAL BUILDING CONTRACTORS		35,517,328
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.83%
577,953		SAIPEM EUR1		17,292,961
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		17,292,961
HOLDING AND OTHER INVESTMENT OFFICES - 5.55%
187,897		Saipem S.p.A.		8,441,777
1,062,776	e	iShares MSCI EAFE Index Fund		59,834,289
3,817,430	e	iShares MSCI Japan Index Fund		40,693,804
3,130,000	e	Japan Asia Investment Co Ltd		6,269,221
22		Nomura Real Estate Office Fund, Inc		150,335
18,850		Westfield Group		258,206
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		115,647,632

12

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
HOTELS AND OTHER LODGING PLACES - 1.78%
693,964	e	Accor S.A.	$	37,062,204
		TOTAL HOTELS AND OTHER LODGING PLACES		37,062,204
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.97%
111,800		Canon, Inc		4,238,435
369,100	e	Daikin Industries Ltd		12,449,013
21,320	e	FUJIFILM Holdings Corp		549,648
124,334		GEA Group AG.		2,406,570
168,480		Komatsu Ltd		2,758,270
539,785		Krones AG.		26,843,594
230,773		Rheinmetall AG.		12,420,464
28,900		Sumitomo Heavy Industries Ltd		137,788
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		61,803,782
INSTRUMENTS AND RELATED PRODUCTS - 1.64%
414,134	e	Phonak Holding AG.		27,000,408
137,000		Terumo Corp		7,146,519
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		34,146,927
INSURANCE CARRIERS - 0.67%
102,239		Allianz AG.		14,016,787
		TOTAL INSURANCE CARRIERS		14,016,787
METAL MINING - 2.70%
614,070		Anglo American plc		20,743,076
46,928		BHP Billiton Ltd		1,214,056
2,421,550		MMC Norilsk Nickel (ADR)		33,827,932
6,288		Rio Tinto Ltd		423,699
		TOTAL METAL MINING		56,208,763
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.37%
18,400	e	Nintendo Co Ltd		7,804,797
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		7,804,797
MISCELLANEOUS RETAIL - 1.75%
4,668,000		Hutchison Whampoa Ltd		35,852,768
39,271		Origin Energy Ltd		507,954
		TOTAL MISCELLANEOUS RETAIL		36,360,722
NONDEPOSITORY INSTITUTIONS - 1.53%
26,126		ORIX Corp		3,271,184
264,269		Siemens AG.		24,650,218
807,519		Tullett Prebon plc		3,976,049
		TOTAL NONDEPOSITORY INSTITUTIONS		31,897,451
OIL AND GAS EXTRACTION - 2.27%
2,577,447		BG Group plc		46,744,712
12,273		Woodside Petroleum Ltd		495,226
		TOTAL OIL AND GAS EXTRACTION		47,239,938
PETROLEUM AND COAL PRODUCTS - 2.34%
5,354,686		BP plc		44,595,401
132,397		Royal Dutch Shell plc (A Shares)		3,823,681

13

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
6,011		Total S.A.	$	365,168
		TOTAL PETROLEUM AND COAL PRODUCTS		48,784,250
PRIMARY METAL INDUSTRIES - 0.47%
74,000		Sumitomo Metal Industries Ltd		229,411
44,782	e	Vallourec		9,662,962
		TOTAL PRIMARY METAL INDUSTRIES		9,892,373
RAILROAD TRANSPORTATION - 1.54%
1,622		Central Japan Railway Co		15,294,678
144		East Japan Railway Co		1,073,899
1,116,243		Firstgroup plc		10,656,520
1,200		West Japan Railway Co		5,138,972
		TOTAL RAILROAD TRANSPORTATION		32,164,069
REAL ESTATE - 0.88%
18	e	City Developments Ltd		113
8,822	e	Kenedix, Inc		5,185,778
5,942	e	Risa Partners, Inc		4,852,563
377,000		Sumitomo Realty & Development Co Ltd		8,210,580
		TOTAL REAL ESTATE		18,249,034
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 8.02%
1,801,405		Bayer AG.		131,929,715
4,358,703		SSL International plc		35,144,307
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		167,074,022
SECURITY AND COMMODITY BROKERS - 7.49%
687,691		Credit Suisse Group		32,116,512
986,710		Deutsche Boerse AG.		90,294,248
1,994,700		Hong Kong Exchanges and Clearing Ltd		24,567,552
2,058,000	e	Singapore Exchange Ltd		8,965,000
		TOTAL SECURITY AND COMMODITY BROKERS		155,943,312
SERVICES, NOT ELSEWHERE CLASSIFIED - 0.04%
20,000	e	Oracle Corp Japan		910,241
		TOTAL SERVICES, NOT ELSEWHERE CLASSIFIED		910,241
STONE, CLAY, AND GLASS PRODUCTS - 2.75%
10,932,000	e	Nippon Sheet Glass Co Ltd		56,614,841
2,964,054	*	Zhejiang Glass Co Ltd		746,214
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		57,361,055
TOBACCO PRODUCTS - 1.39%
55,701		British American Tobacco plc		1,818,486
27,977,896		Huabao International Holdings Ltd		21,505,210
1,500		Japan Tobacco, Inc		5,653,623
		TOTAL TOBACCO PRODUCTS		28,977,319
TRANSPORTATION EQUIPMENT - 3.72%
12,760	e	Denso Corp		312,975
4,326,230	e	Fiat S.p.A.		58,135,588
312,500	e	Honda Motor Co Ltd		9,478,986

14

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
47,900	e	Modec, Inc	$	1,129,107
197,600	e	Toyota Motor Corp		8,447,889
		TOTAL TRANSPORTATION EQUIPMENT		77,504,545
TRUCKING AND WAREHOUSING - 2.98%
2,974,411		Deutsche Post AG.		62,059,625
		TOTAL TRUCKING AND WAREHOUSING		62,059,625
WATER TRANSPORTATION - 0.08%
200,000	e	Mitsui OSK Lines Ltd		1,737,670
		TOTAL WATER TRANSPORTATION		1,737,670
WHOLESALE TRADE-DURABLE GOODS - 0.98%
500,010	e	Mitsubishi Corp		10,430,283
328,000		Mitsui & Co Ltd		4,071,896
629,450	e	Sumitomo Corp		5,868,895
		TOTAL WHOLESALE TRADE-DURABLE GOODS		20,371,074
WHOLESALE TRADE-NONDURABLE GOODS - 2.87%
13,396,612		Foster's Group Ltd		59,853,241
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		59,853,241
		TOTAL COMMON STOCK
		(Cost $2,611,792,032)		2,048,488,353
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 20.66%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 3.95%
$      82,260,000		Federal Home Loan Bank (FHLB), 10/01/08		82,260,000
				82,260,000
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED -16.71%
348,108,847		State Street Navigator Securities Lending Prime Portfolio		348,108,847
				348,108,847
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $430,368,619)		430,368,847
		TOTAL PORTFOLIO - 118.99%
		(Cost $3,042,160,651)		2,478,857,200
		OTHER ASSETS & LIABILITIES, NET - (18.99)%		(395,561,957	)
		NET ASSETS - 100.00%	$	2,083,295,243
	*	Non-income producing.
	e	All or a portion of these securities are out on loan.
		The following abbreviations are used in portfolio descriptions:
		ADR   -   American Depositary Receipt
		plc       -   Public Limited Company

15

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SUMMARY OF MARKET VALUES BY COUNTRY INTERNATIONAL EQUITY FUND September 30, 2008
			% OF
			TOTAL
COUNTRY	VALUE		PORTFOLIO
DOMESTIC
UNITED STATES OF AMERICA	$	490,203,136	19.78	%
TOTAL DOMESTIC		490,203,136	19.78
FOREIGN
AUSTRALIA		65,210,185	2.63
CHINA		36,479,466	1.47
CZECH REPUBLIC		20,352,759	0.82
FINLAND		160,738,418	6.48
GERMANY		436,499,241	17.61
HONG KONG		60,420,320	2.44
INDIA		8,506,108	0.34
ITALY		75,428,549	3.04
JAPAN		367,808,231	14.84
RUSSIA		33,827,932	1.37
SINGAPORE		9,749,610	0.39
SPAIN		60,912,622	2.46
SWITZERLAND		172,941,537	6.98
TAIWAN		53,603,457	2.16
UNITED KINGDOM		426,175,629	17.19
TOTAL FOREIGN		1,988,654,064	80.22
TOTAL PORTFOLIO	$	2,478,857,200	100.00	%

16

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
September 30, 2008
SHARES		COMPANY		VALUE
COMMON STOCKS - 102.66%
AMUSEMENT AND RECREATION SERVICES - 2.42%
28,700		Nintendo Co Ltd	$	12,173,786
		TOTAL AMUSEMENT AND RECREATION SERVICES		12,173,786
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.10%
19,531	*	O'Reilly Automotive, Inc		522,845
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		522,845
BUSINESS SERVICES - 15.35%
199,654	*	Adobe Systems, Inc		7,880,343
153,572	e*	Akamai Technologies, Inc		2,678,296
714,369	*	eBay, Inc		15,987,578
1,285,449		Experian Group Ltd		8,519,205
48,791	*	Google, Inc (Class A)		19,541,771
338,381	*	Intuit, Inc		10,696,223
344,912	*	Oracle Corp		7,005,163
79,554		Visa, Inc (Class A)		4,883,820
		TOTAL BUSINESS SERVICES		77,192,399
CHEMICALS AND ALLIED PRODUCTS - 21.75%
266,828		Abbott Laboratories		15,363,956
83,247		Air Products & Chemicals, Inc		5,701,587
88,774	*	Amgen, Inc		5,261,635
324,060		Avon Products, Inc		13,471,174
69,778	e	Clorox Co		4,374,383
53,156		Colgate-Palmolive Co		4,005,305
105,060	e	Estee Lauder Cos (Class A)		5,243,545
51,019	*	Genentech, Inc		4,524,365
389,372	*	Gilead Sciences, Inc		17,747,576
157,859		Monsanto Co		15,624,884
134,243	e*	Mylan Laboratories, Inc		1,533,055
23,459		Praxair, Inc		1,682,949
324,336	e	Teva Pharmaceutical Industries Ltd (ADR)		14,851,345
		TOTAL CHEMICALS AND ALLIED PRODUCTS		109,385,759
COMMUNICATIONS - 1.57%
219,065	*	American Tower Corp (Class A)		7,879,768
		TOTAL COMMUNICATIONS		7,879,768
DEPOSITORY INSTITUTIONS - 3.11%
164,604		Bank of New York Mellon Corp		5,362,798
127,369		Citigroup, Inc		2,612,338
29,104		First Horizon National Corp		272,413
54,143		JPMorgan Chase & Co		2,528,478
198,123		Western Union Co		4,887,694
		TOTAL DEPOSITORY INSTITUTIONS		15,663,721

17

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
SHARES		COMPANY		VALUE
EDUCATIONAL SERVICES - 0.77%
65,736	e*	Apollo Group, Inc (Class A)	$	3,898,145
		TOTAL EDUCATIONAL SERVICES		3,898,145
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 12.92%
199,506		Altera Corp		4,125,784
72,644	*	Apple Computer, Inc		8,256,717
526,186	*	Cisco Systems, Inc		11,870,756
116,761		Honeywell International, Inc		4,851,420
445,727	e	Intel Corp		8,348,467
544,660	e*	Marvell Technology Group Ltd		5,065,338
117,398	e*	NetApp, Inc		2,140,166
299,658		Qualcomm, Inc		12,876,304
104,529	*	Research In Motion Ltd		7,139,331
552,226	e*	Sirius XM Radio, Inc		314,769
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		64,989,052
ENGINEERING AND MANAGEMENT SERVICES - 2.57%
125,462	*	Celgene Corp		7,939,235
91,393	*	Jacobs Engineering Group, Inc		4,963,554
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		12,902,789
FOOD AND KINDRED PRODUCTS - 3.19%
137,766		H.J. Heinz Co		6,884,167
128,377		PepsiCo, Inc		9,149,429
		TOTAL FOOD AND KINDRED PRODUCTS		16,033,596
GENERAL MERCHANDISE STORES - 3.34%
138,081		Macy's, Inc		2,482,696
304,613	e	TJX Cos, Inc		9,296,789
83,554		Wal-Mart Stores, Inc		5,004,049
		TOTAL GENERAL MERCHANDISE STORES		16,783,534
HOLDING AND OTHER INVESTMENT OFFICES - 1.49%
153,915		iShares Russell 1000 Growth Index Fund		7,472,573
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		7,472,573
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.53%
404,841		Applied Materials, Inc		6,125,244
251,559		Hewlett-Packard Co		11,632,088
6,200	m,v*	Seagate Technology		(0	)
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		17,757,332
INSTRUMENTS AND RELATED PRODUCTS - 6.25%
232,079	*	Agilent Technologies, Inc		6,883,463
93,004		Allergan, Inc		4,789,706
193,979		Emerson Electric Co		7,912,403
126,793	e*	Flir Systems, Inc		4,871,387
7,802	*	Intuitive Surgical, Inc		1,880,126
89,238	e	Roper Industries, Inc		5,082,997
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		31,420,082

18

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
SHARES		COMPANY		VALUE
INSURANCE CARRIERS - 2.24%
192,022		Aflac, Inc	$	11,281,293
		TOTAL INSURANCE CARRIERS		11,281,293
METAL MINING - 0.18%
27,580		Anglo American plc		931,643
		TOTAL METAL MINING		931,643
MISCELLANEOUS RETAIL - 4.11%
18,467	*	Amazon.com, Inc		1,343,659
310,244		CVS Corp		10,442,813
395,232	e	Staples, Inc		8,892,720
		TOTAL MISCELLANEOUS RETAIL		20,679,192
MOTION PICTURES - 1.04%
400,875	e	Time Warner, Inc		5,255,471
		TOTAL MOTION PICTURES		5,255,471
OIL AND GAS EXTRACTION - 4.87%
331,386	*	Denbury Resources, Inc		6,309,589
80,814	*	Nabors Industries Ltd		2,013,885
123,404	*	National Oilwell Varco, Inc		6,198,583
127,729		Schlumberger Ltd		9,974,358
		TOTAL OIL AND GAS EXTRACTION		24,496,415
PETROLEUM AND COAL PRODUCTS - 1.79%
32,486		Apache Corp		3,387,640
61,480		Devon Energy Corp		5,606,976
		TOTAL PETROLEUM AND COAL PRODUCTS		8,994,616
PRIMARY METAL INDUSTRIES - 2.20%
332,034		Corning, Inc		5,193,012
74,494		Precision Castparts Corp		5,868,637
		TOTAL PRIMARY METAL INDUSTRIES		11,061,649
SECURITY AND COMMODITY BROKERS - 4.83%
504,290	e	Charles Schwab Corp		13,111,540
13,562		CME Group, Inc		5,038,419
28,427		Franklin Resources, Inc		2,505,272
13,400	e	Goldman Sachs Group, Inc		1,715,200
44,890		Lazard Ltd (Class A)		1,919,496
		TOTAL SECURITY AND COMMODITY BROKERS		24,289,927
TRANSPORTATION EQUIPMENT - 0.96%
43,951		Lockheed Martin Corp		4,820,106
		TOTAL TRANSPORTATION EQUIPMENT		4,820,106
TRUCKING AND WAREHOUSING - 1.11%
88,605		United Parcel Service, Inc (Class B)		5,572,369
		TOTAL TRUCKING AND WAREHOUSING		5,572,369
WATER TRANSPORTATION - 0.97%
138,189	e	Carnival Corp		4,884,981
		TOTAL WATER TRANSPORTATION		4,884,981

19

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
				VALUE
		TOTAL COMMON STOCKS	$	516,343,043
		(Cost $572,430,304)
SHORT-TERM INVESTMENTS - 10.88%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 10.88%
54,720,145		State Street Navigator Securities Lending Prime Portfolio		54,720,145
				54,720,145
		TOTAL SHORT-TERM INVESTMENTS		54,720,145
		(Cost $54,720,145)
		TOTAL PORTFOLIO - 113.54%		571,063,188
		(Cost $627,150,449)
		OTHER ASSETS & LIABILITIES, NET - (13.54)%		(68,104,871	)
		NET ASSETS - 100.00%	$	502,958,317
	*	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

20

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
September 30, 2008
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.92%
AMUSEMENT AND RECREATION SERVICES - 0.77%
121,800	*	Penn National Gaming, Inc	$	3,236,226
138,464		Walt Disney Co		4,249,460
		TOTAL AMUSEMENT AND RECREATION SERVICES		7,485,686
APPAREL AND ACCESSORY STORES - 0.74%
271,147	e	American Eagle Outfitters, Inc		4,134,992
67,318	*	Kohl's Corp		3,102,013
		TOTAL APPAREL AND ACCESSORY STORES		7,237,005
APPAREL AND OTHER TEXTILE PRODUCTS - 0.92%
4,023	e	Liz Claiborne, Inc		66,098
115,826		VF Corp		8,954,508
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		9,020,606
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.63%
501,546		Home Depot, Inc		12,985,026
122,708		Lowe's Cos, Inc		2,906,953
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		15,891,979
BUSINESS SERVICES - 0.57%
191,033	e*	Cavium Networks, Inc		2,689,745
67,522	*	Symantec Corp		1,322,081
79,957	e*	Temenos Group AG.		1,524,249
		TOTAL BUSINESS SERVICES		5,536,075
CHEMICALS AND ALLIED PRODUCTS - 11.81%
106,543		Abbott Laboratories		6,134,746
207,731		Alberto-Culver Co		5,658,592
243,130	*	Amgen, Inc		14,410,315
85,349		Avon Products, Inc		3,547,958
51,699		Bristol-Myers Squibb Co		1,077,924
201,728		Celanese Corp (Series A)		5,630,228
115,648		Clorox Co		7,249,973
24,777	e	Dow Chemical Co		787,413
36,433		Du Pont (E.I.) de Nemours & Co		1,468,250
51,596		Eli Lilly & Co		2,271,772
21,609	*	Genentech, Inc		1,916,286
215,598		Merck & Co, Inc		6,804,273
562,191	e*	Mylan Laboratories, Inc		6,420,221
788,527		Pfizer, Inc		14,540,438
250,420		Procter & Gamble Co		17,451,770
172,774		Teva Pharmaceutical Industries Ltd (ADR)		7,911,321
326,282		Wyeth		12,052,857
		TOTAL CHEMICALS AND ALLIED PRODUCTS		115,334,337

21

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
COAL MINING - 0.55%
74,840	e*	Alpha Natural Resources, Inc	$	3,849,021
34,822		Peabody Energy Corp		1,566,990
		TOTAL COAL MINING		5,416,011
COMMUNICATIONS - 5.51%
835,229		AT&T, Inc		23,319,594
437,489		Comcast Corp (Class A)		8,587,909
8,912	e	Fairpoint Communications, Inc		77,267
726,569	e*	SONAECOM - SGPS S.A.		1,720,177
568,275		Sprint Nextel Corp		3,466,477
118,317	e	Time Warner Cable, Inc (Class A)		2,863,271
15,434,995	v*	True Corp PCL		1,420,242
385,832		Verizon Communications, Inc		12,381,349
		TOTAL COMMUNICATIONS		53,836,286
DEPOSITORY INSTITUTIONS - 15.79%
647,325		AMMB Holdings BHD		561,304
605,281		Bank of America Corp		21,184,835
316,331		Bank of New York Mellon Corp		10,306,064
42,700	e	Bank of the Ryukyus Ltd		362,331
1,056,134		Citigroup, Inc		21,661,308
471,209	e	First Horizon National Corp		4,410,520
629,404		JPMorgan Chase & Co		29,393,167
61,816		PNC Financial Services Group, Inc		4,617,655
26,686		Societe Generale		2,397,195
95,533		State Street Corp		5,433,917
82,906	e	SunTrust Banks, Inc		3,729,941
821,808	e	TCF Financial Corp		14,792,544
320,693	e*	UBS AG.		5,624,955
309,390	e	US Bancorp		11,144,228
302,857	e	Wachovia Corp		1,059,999
464,699		Wells Fargo & Co		17,440,153
		TOTAL DEPOSITORY INSTITUTIONS		154,120,116
EATING AND DRINKING PLACES - 1.03%
351,053		Darden Restaurants, Inc		10,050,647
		TOTAL EATING AND DRINKING PLACES		10,050,647
ELECTRIC, GAS, AND SANITARY SERVICES - 5.59%
36,973		Allegheny Energy, Inc		1,359,497
1,080,534	*	Allied Waste Industries, Inc		12,004,733
38,722	e	Consolidated Edison, Inc		1,663,497
203,783		Constellation Energy Group, Inc		4,951,927
16,228	e	Dominion Resources, Inc		694,234
181,057		Duke Energy Corp		3,155,824
29,853		Exelon Corp		1,869,395
46,963		FirstEnergy Corp		3,146,051
68,796		FPL Group, Inc		3,460,439
6,133		MDU Resources Group, Inc		177,857
100,576		PG&E Corp		3,766,571
185,141		PPL Corp		6,853,920
44,000		Progress Energy, Inc		1,897,720
139,434		Public Service Enterprise Group, Inc		4,572,041

22

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
84,447		Questar Corp	$	3,455,571
3,632		Southern Union Co		75,001
73,349		Xcel Energy, Inc		1,466,247
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		54,570,525
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.07%
627,035		Maxim Integrated Products, Inc		11,349,333
55,990	*	MEMC Electronic Materials, Inc		1,582,277
570,747	*	Micron Technology, Inc		2,311,525
853,895		Motorola, Inc		6,096,810
14,791	*	NetApp, Inc		269,640
118,088		Qualcomm, Inc		5,074,241
168,805		RadioShack Corp		2,916,950
17,008,045		Solomon Systech International Ltd		381,270
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		29,982,046
ENGINEERING AND MANAGEMENT SERVICES - 0.63%
408	*	Affymax, Inc		8,099
203,461	e*	Genpact Ltd		2,113,960
66,946	*	Shaw Group, Inc		2,057,251
53,026	*	URS Corp		1,944,463
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		6,123,773
FABRICATED METAL PRODUCTS - 0.61%
134,209	e	Illinois Tool Works, Inc		5,965,590
		TOTAL FABRICATED METAL PRODUCTS		5,965,590
FOOD AND KINDRED PRODUCTS - 3.51%
169,978		Coca-Cola Co		8,988,437
170,324	e	Hershey Co		6,734,611
78,589		Kellogg Co		4,408,843
78,271		Kraft Foods, Inc (Class A)		2,563,375
33,803		Pepsi Bottling Group, Inc		986,034
69,480		PepsiCo, Inc		4,951,840
63,635	*	Smithfield Foods, Inc		1,010,524
383,591		Tyson Foods, Inc (Class A)		4,580,077
		TOTAL FOOD AND KINDRED PRODUCTS		34,223,741
FOOD STORES - 0.12%
43,645		Kroger Co		1,199,365
		TOTAL FOOD STORES		1,199,365
FORESTRY - 0.61%
125,183		Rayonier, Inc		5,927,415
		TOTAL FORESTRY		5,927,415
FURNITURE AND FIXTURES - 0.51%
278,864	e	Masco Corp		5,002,820
		TOTAL FURNITURE AND FIXTURES		5,002,820
GENERAL BUILDING CONTRACTORS - 0.30%
112,268	e	Ryland Group, Inc		2,977,347
		TOTAL GENERAL BUILDING CONTRACTORS		2,977,347

23

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
GENERAL MERCHANDISE STORES - 0.50%
269,638		Macy's, Inc	$	4,848,091
		TOTAL GENERAL MERCHANDISE STORES		4,848,091
HEALTH SERVICES - 0.62%
326,770	*	Healthsouth Corp		6,022,371
		TOTAL HEALTH SERVICES		6,022,371
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.00% **
18	*	Foster Wheeler Ltd		650
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		650
HOLDING AND OTHER INVESTMENT OFFICES - 1.35%
422,163	e	Blackstone Group LP		6,475,980
12,404	e	Boston Properties, Inc		1,161,759
11	e	Cross Timbers Royalty Trust		508
40,002	e	Kimco Realty Corp		1,477,674
60,167	e	Plum Creek Timber Co, Inc		2,999,927
10,635	e	Simon Property Group, Inc		1,031,595
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		13,147,443
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.21%
502,819	*	Brocade Communications Systems, Inc		2,926,407
1,568,183		General Electric Co		39,988,666
174,629		Hewlett-Packard Co		8,074,845
116,612		Rockwell Automation, Inc		4,354,292
70,000	*	Terex Corp		2,136,400
195,927	*	Verigy Ltd		3,189,692
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		60,670,302
INSTRUMENTS AND RELATED PRODUCTS - 1.88%
125,081		Covidien Ltd		6,724,355
147,590		Johnson & Johnson		10,225,035
26,002	*	Thermo Electron Corp		1,430,110
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		18,379,500
INSURANCE CARRIERS - 7.58%
91,576		ACE Ltd		4,957,009
1,248		Aegon NV		10,957
238,648		Aetna, Inc		8,617,579
52,558		Allstate Corp		2,423,975
14,569		Aspen Insurance Holdings Ltd		400,647
98,268		Axis Capital Holdings Ltd		3,116,078
145,082		Lincoln National Corp		6,210,960
80,359		Max Re Capital Ltd		1,866,740
110,555		Platinum Underwriters Holdings Ltd		3,922,491
103,243	e	Principal Financial Group		4,490,038
146,713		Prudential Financial, Inc		10,563,336
199,262		Travelers Cos, Inc		9,006,642
311,072		UnitedHealth Group, Inc		7,898,118
588,355	e	XL Capital Ltd (Class A)		10,555,089
		TOTAL INSURANCE CARRIERS		74,039,659

24

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
METAL MINING - 0.12%
34,685		Anglo American plc	$	1,171,648
		TOTAL METAL MINING		1,171,648
MISCELLANEOUS RETAIL - 0.77%
222,624		CVS Corp		7,493,524
		TOTAL MISCELLANEOUS RETAIL		7,493,524
MOTION PICTURES - 1.56%
114,683		News Corp (Class A)		1,375,049
1,057,023		Time Warner, Inc		13,857,572
		TOTAL MOTION PICTURES		15,232,621
NONDEPOSITORY INSTITUTIONS - 0.43%
418,345	e	Federal National Mortgage Association		640,068
120,620		Textron, Inc		3,531,754
		TOTAL NONDEPOSITORY INSTITUTIONS		4,171,822
OIL AND GAS EXTRACTION - 2.78%
26,170		Anadarko Petroleum Corp		1,269,507
114,810		BJ Services Co		2,196,315
102,000	e	Chesapeake Energy Corp		3,657,720
27,786	e	Diamond Offshore Drilling, Inc		2,863,625
2,071	*	Plains Exploration & Production Co		72,816
52,951		Range Resources Corp		2,270,009
91,369		Smith International, Inc		5,357,878
202,163		XTO Energy, Inc		9,404,623
		TOTAL OIL AND GAS EXTRACTION		27,092,493
PAPER AND ALLIED PRODUCTS - 1.70%
221,800	e	International Paper Co		5,806,724
41,013		Kimberly-Clark Corp		2,659,283
125,771	e	MeadWestvaco Corp		2,931,722
11,930	e	Mondi Ltd		62,291
10,183	*	Smurfit-Stone Container Corp		47,860
171,942		Sonoco Products Co		5,103,239
		TOTAL PAPER AND ALLIED PRODUCTS		16,611,119
PETROLEUM AND COAL PRODUCTS - 10.87%
64,082		Apache Corp		6,682,471
111,726		Cabot Oil & Gas Corp		4,037,778
419,208		Chevron Corp		34,576,276
97,562		ConocoPhillips		7,146,417
43,415		Devon Energy Corp		3,959,448
308,396		Exxon Mobil Corp		23,950,033
361,988		Marathon Oil Corp		14,432,462
67,582		Occidental Petroleum Corp		4,761,152
112,431		Petroleo Brasileiro S.A. (ADR)		4,941,342
83,147	e*	SandRidge Energy, Inc		1,629,681
		TOTAL PETROLEUM AND COAL PRODUCTS		106,117,060
PIPELINES, EXCEPT NATURAL GAS - 0.03%
12,081		Spectra Energy Corp		287,528
		TOTAL PIPELINES, EXCEPT NATURAL GAS		287,528

25

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
PRINTING AND PUBLISHING - 0.14%
81,746	e	Gannett Co, Inc	$	1,382,325
		TOTAL PRINTING AND PUBLISHING		1,382,325
REAL ESTATE - 0.08%
1,640,472	*	Unitech Corporate Parks plc		811,730
		TOTAL REAL ESTATE		811,730
SECURITY AND COMMODITY BROKERS - 4.57%
86,626	e	Charles Schwab Corp		2,252,276
61,829		Franklin Resources, Inc		5,448,990
121,316		Goldman Sachs Group, Inc		15,528,448
194,866		Legg Mason, Inc		7,416,600
201,466		Merrill Lynch & Co, Inc		5,097,090
243,796	e	Morgan Stanley		5,607,308
147,478		SEI Investments Co		3,274,012
		TOTAL SECURITY AND COMMODITY BROKERS		44,624,724
TRANSPORTATION EQUIPMENT - 0.82%
341,085	e*	Ford Motor Co		1,773,642
102,255		Northrop Grumman Corp		6,190,518
		TOTAL TRANSPORTATION EQUIPMENT		7,964,160
TRANSPORTATION SERVICES - 0.44%
250,411		UTI Worldwide, Inc		4,261,995
		TOTAL TRANSPORTATION SERVICES		4,261,995
WATER TRANSPORTATION - 0.34%
160,729	e	Royal Caribbean Cruises Ltd		3,335,127
		TOTAL WATER TRANSPORTATION		3,335,127
WHOLESALE TRADE-DURABLE GOODS - 0.22%
65,310		BorgWarner, Inc		2,140,209
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,140,209
WHOLESALE TRADE-NONDURABLE GOODS - 2.64%
285,902		Cardinal Health, Inc		14,089,251
104,885	*	Dean Foods Co		2,450,114
326,746		Unilever NV		9,201,167
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		25,740,532
		TOTAL COMMON STOCKS		975,448,003
		(Cost $1,142,169,146)
SHORT-TERM INVESTMENTS - 12.42%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 12.42%
121,271,866		State Street Navigator Securities Lending Prime Portfolio		121,271,866
				121,271,866
		TOTAL SHORT-TERM INVESTMENTS		121,271,866
		(Cost $121,271,866)

26

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
				VALUE
		TOTAL PORTFOLIO - 112.34%	$	1,096,719,869
		(Cost $1,263,441,012)
		OTHER ASSETS & LIABILITIES, NET - (12.34)%		(120,466,608	)
		NET ASSETS - 100.00%	$	976,253,261
	*	Non-income producing.
	**	Percentage represents less than 0.01%.
	e	All or a portion of these securities are out on loan.
	v	Security valued at fair value.
		ABBREVIATION:
		ADR - American Depositary Receipt

27

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.67%
AMUSEMENT AND RECREATION SERVICES - 0.62%
187,660	e	World Wrestling Entertainment, Inc (Class A)	$	2,901,224
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,901,224
APPAREL AND ACCESSORY STORES - 0.96%
204,636	e*	Hanesbrands, Inc		4,450,833
		TOTAL APPAREL AND ACCESSORY STORES		4,450,833
APPAREL AND OTHER TEXTILE PRODUCTS - 1.85%
74,001		Guess ?, Inc		2,574,495
63,566		Phillips-Van Heusen Corp		2,409,787
54,410	e	Polo Ralph Lauren Corp (Class A)		3,625,882
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		8,610,164
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 1.06%
129,833	*	Copart, Inc		4,933,654
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		4,933,654
BUSINESS SERVICES - 12.31%
347,804	*	Activision Blizzard, Inc		5,366,616
56,868	*	Alliance Data Systems Corp		3,604,294
154,631	*	Amdocs Ltd		4,233,797
244,090	*	Autonomy Corp plc		4,532,072
198,160		Aveva Group plc		4,085,947
76,592	*	CACI International, Inc (Class A)		3,837,259
279,775	e*	Cavium Networks, Inc		3,939,232
61,602	e*	Cerner Corp		2,749,913
160,038	e*	Data Domain, Inc		3,564,046
130,503	*	Electronic Arts, Inc		4,827,306
86,969	e*	Focus Media Holding Ltd (ADR)		2,479,486
52,848	*	Juniper Networks, Inc		1,113,507
51,066		Omnicom Group, Inc		1,969,105
152,523	e*	Salesforce.com, Inc		7,382,113
117,500	*	Sybase, Inc		3,597,850
		TOTAL BUSINESS SERVICES		57,282,543
CHEMICALS AND ALLIED PRODUCTS - 9.33%
175,698		Avon Products, Inc		7,303,766
109,508		Celanese Corp (Series A)		3,056,368
86,408	e*	Cephalon, Inc		6,695,756
41,935		Church & Dwight Co, Inc		2,603,744
154,640		Ecolab, Inc		7,503,133
87,860	*	Hospira, Inc		3,356,252
233,517	e*	Mylan Laboratories, Inc		2,666,764
58,739	e	Shire plc (ADR)		2,804,787

28

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
251,767	e*	VCA Antech, Inc	$	7,419,574
		TOTAL CHEMICALS AND ALLIED PRODUCTS		43,410,144
COAL MINING - 2.36%
25,977	*	Alpha Natural Resources, Inc		1,335,997
38,365		Arch Coal, Inc		1,261,825
98,223		Consol Energy, Inc		4,507,454
85,726		Peabody Energy Corp		3,857,670
		TOTAL COAL MINING		10,962,946
COMMUNICATIONS - 1.58%
142,897	*	American Tower Corp (Class A)		5,140,005
76,020	*	Crown Castle International Corp		2,202,299
		TOTAL COMMUNICATIONS		7,342,304
EATING AND DRINKING PLACES - 1.43%
203,816		Yum! Brands, Inc		6,646,440
		TOTAL EATING AND DRINKING PLACES		6,646,440
ELECTRIC, GAS, AND SANITARY SERVICES - 4.58%
323,318	*	Covanta Holding Corp		7,740,233
67,399	e*	NRG Energy, Inc		1,668,125
182,922		PPL Corp		6,771,773
87,249	*	Stericycle, Inc		5,139,839
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		21,319,970
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.18%
174,200		Analog Devices, Inc		4,590,170
87,746	*	Avnet, Inc		2,161,184
214,672	*	Broadcom Corp (Class A)		3,999,339
11,009	e*	First Solar, Inc		2,079,710
155,690		Harris Corp		7,192,878
121,419	e*	JA Solar Holdings Co Ltd (ADR)		1,284,613
59,409		L-3 Communications Holdings, Inc		5,841,093
320,781	*	Marvell Technology Group Ltd		2,983,263
186,652		Maxim Integrated Products, Inc		3,378,401
119,344	*	MEMC Electronic Materials, Inc		3,372,662
428,632	e*	ON Semiconductor Corp		2,897,552
105,244		Tyco Electronics Ltd		2,911,049
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		42,691,914
ENGINEERING AND MANAGEMENT SERVICES - 2.65%
36,247	e*	Celgene Corp		2,293,710
81,196	*	McDermott International, Inc		2,074,558
72,568	e	Quest Diagnostics, Inc		3,749,589
105,749	e*	Savient Pharmaceuticals, Inc		1,576,718
85,730	*	Shaw Group, Inc		2,634,483
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		12,329,058
FOOD AND KINDRED PRODUCTS - 2.28%
201,664	*	Darling International, Inc		2,240,487
101,505		McCormick & Co, Inc		3,902,867
66,335	e*	Ralcorp Holdings, Inc		4,471,642
		TOTAL FOOD AND KINDRED PRODUCTS		10,614,996

29

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
FURNITURE AND HOMEFURNISHINGS STORES - 0.86%
116,810	*	GameStop Corp (Class A)	$	3,996,070
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		3,996,070
GENERAL MERCHANDISE STORES - 2.83%
142,242	e*	Big Lots, Inc		3,958,595
66,502		Costco Wholesale Corp		4,317,975
160,495		TJX Cos, Inc		4,898,307
		TOTAL GENERAL MERCHANDISE STORES		13,174,877
HEALTH SERVICES - 3.79%
97,486		Cigna Corp		3,312,574
74,423	*	DaVita, Inc		4,242,855
72,290	*	Express Scripts, Inc		5,336,448
124,971	e*	Psychiatric Solutions, Inc		4,742,650
		TOTAL HEALTH SERVICES		17,634,527
HOLDING AND OTHER INVESTMENT OFFICES - 4.59%
160,565	e	Consumer Discretionary Select Sector SPDR Fund		4,479,764
388,950	e	iShares Russell Midcap Growth Index Fund		16,892,099
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		21,371,863
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.35%
19,580		Flowserve Corp		1,738,117
98,144		ITT Industries, Inc		5,457,788
55,037		Joy Global, Inc		2,484,370
151,684	e	Manitowoc Co, Inc		2,358,686
332,212	e*	Netezza Corp		3,524,769
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		15,563,730
INSTRUMENTS AND RELATED PRODUCTS - 8.03%
72,432	*	Agilent Technologies, Inc		2,148,333
69,754		Allergan, Inc		3,592,331
59,770	e*	Flir Systems, Inc		2,296,363
155,026	*	Illumina, Inc		6,283,204
13,161	*	Intuitive Surgical, Inc		3,171,538
84,410	e*	NuVasive, Inc		4,163,945
91,015		Rockwell Collins, Inc		4,376,911
160,478	*	St. Jude Medical, Inc		6,979,188
168,134	e*	Trimble Navigation Ltd		4,347,945
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		37,359,758
INSURANCE CARRIERS - 0.24%
47,706	*	Health Net, Inc		1,125,862
		TOTAL INSURANCE CARRIERS		1,125,862
JUSTICE, PUBLIC ORDER AND SAFETY - 2.14%
400,302	*	Corrections Corp of America		9,947,505
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		9,947,505
LEATHER AND LEATHER PRODUCTS - 0.91%
168,226	*	Coach, Inc		4,212,379
		TOTAL LEATHER AND LEATHER PRODUCTS		4,212,379

30

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
LEGAL SERVICES - 0.66%
42,328	*	FTI Consulting, Inc	$	3,057,775
		TOTAL LEGAL SERVICES		3,057,775
METAL MINING - 0.92%
42,368		Barrick Gold Corp		1,556,600
47,661		Freeport-McMoRan Copper & Gold, Inc (Class B)		2,709,528
		TOTAL METAL MINING		4,266,128
MISCELLANEOUS RETAIL - 0.57%
135,662	e*	Dick's Sporting Goods, Inc		2,656,262
		TOTAL MISCELLANEOUS RETAIL		2,656,262
MOTION PICTURES - 0.84%
12,726	*	Ascent Media Corp (Series A)		310,642
127,265	e*	Discovery Communications, Inc (Class A)		1,813,526
127,265	*	Discovery Communications, Inc (Class C)		1,802,072
		TOTAL MOTION PICTURES		3,926,240
NONDEPOSITORY INSTITUTIONS - 0.52%
194,440	e	CapitalSource, Inc		2,391,612
		TOTAL NONDEPOSITORY INSTITUTIONS		2,391,612
NONMETALLIC MINERALS, EXCEPT FUELS - 0.41%
36,579		Compass Minerals International, Inc		1,916,374
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		1,916,374
OIL AND GAS EXTRACTION - 9.98%
298,579	*	Denbury Resources, Inc		5,684,944
105,177		Equitable Resources, Inc		3,857,892
52,566	*	National Oilwell Varco, Inc		2,640,390
114,508		Noble Corp		5,026,901
48,730	e	Pioneer Natural Resources Co		2,547,604
73,459		Range Resources Corp		3,149,187
94,312		Saipem S.p.A.		2,821,914
125,728		Smith International, Inc		7,372,690
198,249	*	Southwestern Energy Co		6,054,525
123,882	*	Weatherford International Ltd		3,114,394
89,087	e	XTO Energy, Inc		4,144,327
		TOTAL OIL AND GAS EXTRACTION		46,414,768
PRIMARY METAL INDUSTRIES - 1.53%
90,589		Precision Castparts Corp		7,136,601
		TOTAL PRIMARY METAL INDUSTRIES		7,136,601
REAL ESTATE - 0.89%
134,935	e	Forest City Enterprises, Inc (Class A)		4,138,457
		TOTAL REAL ESTATE		4,138,457
SECURITY AND COMMODITY BROKERS - 2.25%
12,616	*	IntercontinentalExchange, Inc		1,017,859
64,011	e	Janus Capital Group, Inc		1,554,187
101,432		Lazard Ltd (Class A)		4,337,232

31

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
66,381	e	T Rowe Price Group, Inc	$	3,565,324
		TOTAL SECURITY AND COMMODITY BROKERS		10,474,602
SPECIAL TRADE CONTRACTORS - 1.38%
238,236	e*	Quanta Services, Inc		6,434,754
		TOTAL SPECIAL TRADE CONTRACTORS		6,434,754
STONE, CLAY, AND GLASS PRODUCTS - 0.88%
286,145	e	Gentex Corp		4,091,874
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		4,091,874
WATER TRANSPORTATION - 0.46%
64,893	e	Genco Shipping & Trading Ltd		2,157,043
		TOTAL WATER TRANSPORTATION		2,157,043
WHOLESALE TRADE-DURABLE GOODS - 1.17%
319,719	e*	LKQ Corp		5,425,631
		TOTAL WHOLESALE TRADE-DURABLE GOODS		5,425,631
WHOLESALE TRADE-NONDURABLE GOODS - 0.28%
120,463	*	Bare Escentuals, Inc		1,309,433
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,309,433
		TOTAL COMMON STOCKS		463,680,315
		(Cost $529,739,760)
SHORT-TERM INVESTMENTS - 26.53%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 26.53%
123,446,519		State Street Navigator Securities Lending Prime Portfolio		123,446,519
				123,446,519
		TOTAL SHORT-TERM INVESTMENTS		123,446,519
		(Cost $123,446,519)
		TOTAL PORTFOLIO - 126.20%		587,126,834
		(Cost $653,186,279)
		OTHER ASSETS & LIABILITIES, NET - (26.20)%		(121,900,248	)
		NET ASSETS - 100.00%	$	465,226,586
	*	Non-income producing.
	e	All or a portion of these securities are out on loan.
		ABBREVIATION:
		ADR - American Depositary Receipt

32

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 95.79%
AMUSEMENT AND RECREATION SERVICES - 0.23%
84,000	*	Penn National Gaming, Inc	$	2,231,880
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,231,880
APPAREL AND ACCESSORY STORES - 1.64%
91,871	*	AnnTaylor Stores Corp		1,896,217
75,000	*	Children's Place Retail Stores, Inc		2,501,250
349,000		Gap, Inc		6,205,220
62,000	*	Kohl's Corp		2,856,960
81,000	e	Nordstrom, Inc		2,334,420
		TOTAL APPAREL AND ACCESSORY STORES		15,794,067
APPAREL AND OTHER TEXTILE PRODUCTS - 1.00%
122,495		Liz Claiborne, Inc		2,012,593
98,000		VF Corp		7,576,380
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		9,588,973
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.36%
163,326	e	Asbury Automotive Group, Inc		1,881,516
60,000	*	O'Reilly Automotive, Inc		1,606,200
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		3,487,716
BUSINESS SERVICES - 4.51%
145,895	*	Affiliated Computer Services, Inc (Class A)		7,386,664
20,000	e	Automatic Data Processing, Inc		855,000
117,000	*	CACI International, Inc (Class A)		5,861,700
170,000	*	Cadence Design Systems, Inc		1,149,200
209,245	*	Computer Sciences Corp		8,409,557
202,000	e*	DynCorp International, Inc (Class A)		3,385,520
335,943	*	Earthlink, Inc		2,855,516
37,000	*	Fiserv, Inc		1,750,840
930,000	e*	Interpublic Group of Cos, Inc		7,207,500
76,787	*	Juniper Networks, Inc		1,617,902
253,397	*	Novell, Inc		1,302,461
27,665		Visa, Inc (Class A)		1,698,354
		TOTAL BUSINESS SERVICES		43,480,214
CHEMICALS AND ALLIED PRODUCTS - 4.68%
322,000		Alberto-Culver Co		8,771,280
47,000		Celanese Corp (Series A)		1,311,770
56,000		Clorox Co		3,510,640
141,096		Cytec Industries, Inc		5,490,045
72,948	e*	Invitrogen Corp		2,757,434
32,000	e	Methanex Corp		626,920
207,148	e*	Mylan Laboratories, Inc		2,365,630
140,000		PPG Industries, Inc		8,164,800

33

TIAA-CREF INSTITUIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
78,000		Rohm & Haas Co	$	5,460,000
43,193		Sigma-Aldrich Corp		2,264,177
52,674		Stada Arzneimittel AG.		2,109,742
182,369	e*	Theravance, Inc		2,272,318
		TOTAL CHEMICALS AND ALLIED PRODUCTS		45,104,756
COAL MINING - 0.60%
92,000	*	Alpha Natural Resources, Inc		4,731,560
33,000		Arch Coal, Inc		1,085,370
		TOTAL COAL MINING		5,816,930
COMMUNICATIONS - 2.64%
35,514		Cablevision Systems Corp (Class A)		893,532
91,000		CenturyTel, Inc		3,335,150
287,055	e*	Crown Media Holdings, Inc (Class A)		1,443,887
550,000	e	Frontier Communications Corp		6,325,000
46,000		Global Payments, Inc		2,063,560
382,119		Informa plc		2,155,012
53,889	*	Liberty Media Corp - Capital (Series A)		721,035
215,554	*	Liberty Media Corp - Entertainment (Series A)		5,382,383
85,000	e	Manitoba Telecom Services, Inc		3,134,837
		TOTAL COMMUNICATIONS		25,454,396
DEPOSITORY INSTITUTIONS - 7.63%
190,000		Astoria Financial Corp		3,938,700
150,000		Bank of New York Mellon Corp		4,887,000
80,000	e	Comerica, Inc		2,623,200
54,447		Cullen/Frost Bankers, Inc		3,266,820
540,000	e	First Horizon National Corp		5,054,401
455,000		Hudson City Bancorp, Inc		8,394,750
170,000	e	Huntington Bancshares, Inc		1,358,300
220,000		Keycorp		2,626,800
60,000	e	M&T Bank Corp		5,355,000
305,000	e	New York Community Bancorp, Inc		5,120,950
73,000		Northern Trust Corp		5,270,600
73,000		PNC Financial Services Group, Inc		5,453,100
171,636	e	Regions Financial Corp		1,647,706
27,843		State Street Corp		1,583,710
457,000	e	TCF Financial Corp		8,226,000
336,018	e	Valley National Bancorp		7,042,937
67,189		Western Union Co		1,657,553
		TOTAL DEPOSITORY INSTITUTIONS		73,507,527
EATING AND DRINKING PLACES - 0.89%
300,000		Darden Restaurants, Inc		8,589,000
		TOTAL EATING AND DRINKING PLACES		8,589,000
ELECTRIC, GAS, AND SANITARY SERVICES - 10.71%
53,000		Allegheny Energy, Inc		1,948,810
540,000	*	Allied Waste Industries, Inc		5,999,400
149,735		American Electric Power Co, Inc		5,544,687
98,000		American Water Works Co, Inc		2,107,000
119,980	e	CMS Energy Corp		1,496,151
117,000		Constellation Energy Group, Inc		2,843,100

34

TIAA-CREF INSTITUIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
86,385	e	DPL, Inc	$	2,142,348
900,000	e*	Dynegy, Inc (Class A)		3,222,000
85,426		Edison International		3,408,497
160,000		El Paso Corp		2,041,600
57,590		Energen Corp		2,607,675
58,550	e	FirstEnergy Corp		3,922,265
150,311	e	Integrys Energy Group, Inc		7,506,531
66,229	e*	Mirant Corp		1,211,328
297,838	e	NorthWestern Corp		7,484,669
164,132	e*	NRG Energy, Inc		4,062,267
80,000	e*	Ocean Power Technologies, Inc		668,000
187,168		Pepco Holdings, Inc		4,288,019
73,908		PG&E Corp		2,767,855
152,614		PPL Corp		5,649,770
189,088		Progress Energy, Inc		8,155,365
72,000		Public Service Enterprise Group, Inc		2,360,880
172,000		Questar Corp		7,038,240
58,000		Republic Services, Inc		1,738,840
47,992		Sempra Energy		2,422,156
211,164		Southern Union Co		4,360,537
112,000		Williams Cos, Inc		2,648,800
175,650		Xcel Energy, Inc		3,511,244
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		103,158,034
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.72%
101,743	e*	Cree, Inc		2,317,706
229,401	*	Fairchild Semiconductor International, Inc		2,039,375
195,807	*	Infineon Technologies AG. (ADR)		1,094,561
69,500		L-3 Communications Holdings, Inc		6,833,240
315,000	*	LSI Logic Corp		1,688,400
120,000	*	Marvell Technology Group Ltd		1,116,000
215,000		Maxim Integrated Products, Inc		3,891,500
278,353	e*	Micron Technology, Inc		1,127,330
60,000	*	Novellus Systems, Inc		1,178,400
83,000	*	Nvidia Corp		888,930
383,935	e*	Tellabs, Inc		1,558,776
89,000		Tyco Electronics Ltd		2,461,740
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		26,195,958
ENGINEERING AND MANAGEMENT SERVICES - 0.78%
45,000	*	McDermott International, Inc		1,149,750
28,000	*	Shaw Group, Inc		860,440
150,000	*	URS Corp		5,500,500
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		7,510,690
FABRICATED METAL PRODUCTS - 1.50%
83,000		Commercial Metals Co		1,401,870
438,646	*	Crown Holdings, Inc		9,742,328
96,000		Pentair, Inc		3,318,720
		TOTAL FABRICATED METAL PRODUCTS		14,462,918
FOOD AND KINDRED PRODUCTS - 3.30%
190,000		Del Monte Foods Co		1,482,000
121,000		H.J. Heinz Co		6,046,370

35

TIAA-CREF INSTITUIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
79,667		McCormick & Co, Inc	$	3,063,196
110,000		Pepsi Bottling Group, Inc		3,208,700
95,000	e	Reynolds American, Inc		4,618,900
540,000	e*	Smithfield Foods, Inc		8,575,200
398,000		Tyson Foods, Inc (Class A)		4,752,120
		TOTAL FOOD AND KINDRED PRODUCTS		31,746,486
FOOD STORES - 0.92%
270,000		Kroger Co		7,419,600
65,269		Supervalu, Inc		1,416,337
		TOTAL FOOD STORES		8,835,937
FORESTRY - 0.38%
60,000		Weyerhaeuser Co		3,634,800
		TOTAL FORESTRY		3,634,800
FURNITURE AND FIXTURES - 0.78%
255,000	e	Masco Corp		4,574,700
250,000	e	Tempur-Pedic International, Inc		2,940,000
		TOTAL FURNITURE AND FIXTURES		7,514,700
FURNITURE AND HOME FURNISHINGS STORES - 0.03%
408,316	e, v	Circuit City Stores, Inc		306,237
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		306,237
GENERAL BUILDING CONTRACTORS - 0.62%
225,000	e	Ryland Group, Inc		5,967,000
		TOTAL GENERAL BUILDING CONTRACTORS		5,967,000
GENERAL MERCHANDISE STORES - 0.71%
55,000		JC Penney Co, Inc		1,833,700
280,000		Macy's, Inc		5,034,400
		TOTAL GENERAL MERCHANDISE STORES		6,868,100
HEALTH SERVICES - 1.54%
60,950	*	DaVita, Inc		3,474,760
505,000	*	Healthsouth Corp		9,307,150
44,000	*	WellPoint, Inc		2,057,880
		TOTAL HEALTH SERVICES		14,839,790
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.04%
12,000	*	Foster Wheeler Ltd		433,320
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		433,320
HOLDING AND OTHER INVESTMENT OFFICES - 13.54%
59,000	e	Boston Properties, Inc		5,525,940
63,993	e	CBL & Associates Properties, Inc		1,284,979
53,781		Douglas Emmett, Inc		1,240,728
63,993	e	Equity Residential		2,841,929
18,335	e	Essex Property Trust, Inc		2,169,581
44,795	e	General Growth Properties, Inc		676,404
61,329	g,m,v*	GSC Capital Corp		(0	)
645,000		iShares Russell 1000 Value Index Fund		41,209,050
1,025,000	e	iShares Russell Midcap Value Index Fund		40,200,500

36

TIAA-CREF INSTITUIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
133,000	e	Kimco Realty Corp	$	4,913,020
33,000		Mack-Cali Realty Corp		1,117,710
95,000	e	Plum Creek Timber Co, Inc		4,736,700
43,729	e	Post Properties, Inc		1,223,100
65,000		Potlatch Corp		3,015,350
33,335	e	Prologis		1,375,735
55,000	e	Public Storage, Inc		5,445,550
85,323	e	Taubman Centers, Inc		4,266,150
250,312	e*	Vantage Drilling Co		748,433
93,000	e	Vornado Realty Trust		8,458,350
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		130,449,209
HOTELS AND OTHER LODGING PLACES - 0.31%
105,000	e	Starwood Hotels & Resorts Worldwide, Inc		2,954,700
		TOTAL HOTELS AND OTHER LODGING PLACES		2,954,700
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.83%
395,000	*	Brocade Communications Systems, Inc		2,298,900
58,550		Curtiss-Wright Corp		2,661,097
22,900		Deere & Co		1,133,550
43,000	e	Joy Global, Inc		1,941,020
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,034,567
INSTRUMENTS AND RELATED PRODUCTS - 2.59%
75,203	*	Agilent Technologies, Inc		2,230,521
50,000		Applied Biosystems, Inc		1,712,500
34,200		Beckman Coulter, Inc		2,427,858
72,948	e	Cooper Cos, Inc		2,535,672
13,918	*	Mettler-Toledo International, Inc		1,363,964
80,000	*	Teradyne, Inc		624,800
123,000	*	Thermo Electron Corp		6,765,000
80,000	*	Waters Corp		4,654,400
225,000		Xerox Corp		2,594,250
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		24,908,965
INSURANCE AGENTS, BROKERS AND SERVICE - 1.46%
132,000		AON Corp		5,934,720
38,336		Hartford Financial Services Group, Inc		1,571,393
208,000		Marsh & McLennan Cos, Inc		6,606,080
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		14,112,193
INSURANCE CARRIERS - 7.32%
124,000		ACE Ltd		6,712,120
145,000		Aetna, Inc		5,235,950
61,000		Assurant, Inc		3,355,000
108,786		Axis Capital Holdings Ltd		3,449,604
98,894		Cincinnati Financial Corp		2,812,545
63,993	e	CNA Financial Corp		1,679,176
58,003		Everest Re Group Ltd		5,019,000
205,567		Genworth Financial, Inc (Class A)		1,769,932
44,447		Hanover Insurance Group, Inc		2,023,227
100,000	*	Health Net, Inc		2,360,000
130,000		Lincoln National Corp		5,565,300
117,784		Max Re Capital Ltd		2,736,122

37

TIAA-CREF INSTITUIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
111,117	e	Nationwide Financial Services, Inc (Class A)	$	5,481,402
51,195	e	OneBeacon Insurance Group Ltd (Class A)		1,082,774
51,000		PartnerRe Ltd		3,472,590
131,000		Principal Financial Group		5,697,190
670,544	e	XL Capital Ltd (Class A)		12,029,559
		TOTAL INSURANCE CARRIERS		70,481,491
METAL MINING - 1.06%
224,000		Anglo American plc		7,566,644
30,500		Cameco Corp		660,869
85,000		Compania de Minas Buenaventura S.A. (ADR) (Series B)		1,995,800
		TOTAL METAL MINING		10,223,313
MISCELLANEOUS RETAIL - 0.29%
78,383	e	Barnes & Noble, Inc		2,044,229
16,000		Compagnie Financiere Richemont AG.		706,935
		TOTAL MISCELLANEOUS RETAIL		2,751,164
MOTION PICTURES - 0.38%
5,486	*	Ascent Media Corp (Series A)		133,913
29,394		CBS Corp (Class B)		428,565
54,868	*	Discovery Communications, Inc (Class A)		781,869
54,868	*	Discovery Communications, Inc (Class C)		776,931
96,000	e	Regal Entertainment Group (Class A)		1,514,880
		TOTAL MOTION PICTURES		3,636,158
NONDEPOSITORY INSTITUTIONS - 0.76%
185,000		Discover Financial Services		2,556,700
480,000	e	Federal National Mortgage Association		734,400
400,708	e	Global Ship Lease, Inc (Class A)		2,552,510
1	*	Guaranty Financial Group, Inc		4
138,932	e*	Heckmann Corp		1,146,189
157,218	*	Heckmann Corp		334,874
		TOTAL NONDEPOSITORY INSTITUTIONS		7,324,677
OIL AND GAS EXTRACTION - 2.60%
241,000		BJ Services Co		4,610,330
17,000	e	Diamond Offshore Drilling, Inc		1,752,020
26,875		Equitable Resources, Inc		985,775
104,000	e*	Forest Oil Corp		5,158,400
78,000	*	Nabors Industries Ltd		1,943,760
75,000	e	Pioneer Natural Resources Co		3,921,000
186,000	*	Pride International, Inc		5,507,460
72,153	e*	Rex Energy Corp		1,137,131
		TOTAL OIL AND GAS EXTRACTION		25,015,876
PAPER AND ALLIED PRODUCTS - 1.35%
145,895		Greif, Inc (Class A)		9,573,630
117,000	e	MeadWestvaco Corp		2,727,270
46,072	e	Temple-Inland, Inc		703,059
		TOTAL PAPER AND ALLIED PRODUCTS		13,003,959
PETROLEUM AND COAL PRODUCTS - 2.30%
108,000		Cabot Oil & Gas Corp		3,903,120

38

TIAA-CREF INSTITUIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
89,000		Hess Corp	$	7,305,120
70,000	*	Newfield Exploration Co		2,239,300
125,000		Noble Energy, Inc		6,948,750
28,470	*	SandRidge Energy, Inc		558,012
71,000	e	Tesoro Corp		1,170,790
		TOTAL PETROLEUM AND COAL PRODUCTS		22,125,092
PRIMARY METAL INDUSTRIES - 0.72%
25,000		Precision Castparts Corp		1,969,500
10,000		United States Steel Corp		776,100
19,300		Vallourec		4,164,512
		TOTAL PRIMARY METAL INDUSTRIES		6,910,112
PRINTING AND PUBLISHING - 1.11%
38,000		Dun & Bradstreet Corp		3,585,680
70,055	e	Gannett Co, Inc		1,184,630
94,000	e	Meredith Corp		2,635,760
300,000		Pearson plc		3,250,126
		TOTAL PRINTING AND PUBLISHING		10,656,196
RAILROAD TRANSPORTATION - 0.74%
95,000		CSX Corp		5,184,150
29,000		Norfolk Southern Corp		1,920,090
		TOTAL RAILROAD TRANSPORTATION		7,104,240
REAL ESTATE - 0.03%
17,065	*	Forestar Real Estate Group, Inc		251,709
		TOTAL REAL ESTATE		251,709
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.81%
150,000	e*	Goodyear Tire & Rubber Co		2,296,500
165,000		Newell Rubbermaid, Inc		2,847,900
325,000		SSL International plc		2,620,481
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		7,764,881
SECURITY AND COMMODITY BROKERS - 2.54%
168,000		Ameriprise Financial, Inc		6,417,600
150,000	e	Charles Schwab Corp		3,900,000
177,788	e	Invesco Ltd		3,729,992
42,000	e	Janus Capital Group, Inc		1,019,760
85,000	e	Jefferies Group, Inc		1,904,000
41,000		Lazard Ltd (Class A)		1,753,160
100,000		Legg Mason, Inc		3,806,000
77,782		Waddell & Reed Financial, Inc (Class A)		1,925,104
		TOTAL SECURITY AND COMMODITY BROKERS		24,455,616
TOBACCO PRODUCTS - 0.81%
91,000		Lorillard, Inc		6,474,650
73,500	e	Vector Group Ltd		1,298,010
		TOTAL TOBACCO PRODUCTS		7,772,660
TRANSPORTATION BY AIR - 1.09%
315,000	e*	AMR Corp		3,093,300
208,000	e*	Continental Airlines, Inc (Class B)		3,469,440

39

TIAA-CREF INSTITUIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
270,000	e*	easyJet plc	$	1,548,457
268,000	e	UAL Corp		2,355,720
		TOTAL TRANSPORTATION BY AIR		10,466,917
TRANSPORTATION EQUIPMENT - 3.11%
95,000		Autoliv, Inc		3,206,250
305,000	e	Brunswick Corp		3,900,950
1,645,000	e*	Ford Motor Co		8,554,000
14,500		General Dynamics Corp		1,067,490
105,000	e	Group 1 Automotive, Inc		2,281,650
35,514		Harsco Corp		1,320,766
144,000	*	Pactiv Corp		3,575,520
266,000	*	Spirit Aerosystems Holdings, Inc (Class A)		4,274,620
113,000	*	TRW Automotive Holdings Corp		1,797,830
		TOTAL TRANSPORTATION EQUIPMENT		29,979,076
WATER TRANSPORTATION - 0.83%
121,899	e	Danaos Corp		1,808,981
117,000	e	DryShips, Inc		4,152,330
350,000	*	Global Ship Lease, Inc		241,500
176,700		Globus Maritime Ltd		942,439
65,269	e	Omega Navigation Enterprises, Inc (Class A)		852,413
		TOTAL WATER TRANSPORTATION		7,997,663
WHOLESALE TRADE-DURABLE GOODS - 0.42%
63,000		BorgWarner, Inc		2,064,510
86,000		Sims Group Ltd		1,986,600
		TOTAL WHOLESALE TRADE-DURABLE GOODS		4,051,110
WHOLESALE TRADE-NONDURABLE GOODS - 0.58%
30,000	v	Akzo Nobel NV (ADR)		1,431,000
127,000	*	Dean Foods Co		2,966,720
93,104	e	Macquarie Infrastructure Co LLC		1,229,904
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		5,627,624
		TOTAL COMMON STOCKS		922,588,597
		(Cost $1,056,552,513)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 26.62%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 4.01%
$      38,610,000		Federal Home Loan Bank (FHLB), 10/01/08		38,610,000
				38,610,000
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 22.61%
217,823,796		State Street Navigator Securities Lending Prime Portfolio		217,823,796
				217,823,796
		TOTAL SHORT-TERM INVESTMENTS		256,433,796
		(Cost $256,433,796)

40

TIAA-CREF INSTITUIONAL MUTUAL FUNDS - Mid-Cap Value Fund
				VALUE
		TOTAL PORTFOLIO - 122.41%	$	1,179,022,393
		(Cost $1,312,986,309)
		OTHER ASSETS & LIABILITIES, NET - (22.41)%		(215,861,572	)
		NET ASSETS - 100.00%	$	963,160,821
	*	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, 2008, the value of these securities amounted to $0 or 0.00% of net assets.
	m	Indicates a security has been deemed illiquid.
	v	Security valued at fair value.
		ABBREVIATION:
		ADR - American Depositary Receipt

41

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 98.52%
AGRICULTURAL PRODUCTION-CROPS - 0.06%
20,600	e*	Chiquita Brands International, Inc	$	325,686
		TOTAL AGRICULTURAL PRODUCTION-CROPS		325,686
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.11%
20,806	e	Cal-Maine Foods, Inc		570,917
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		570,917
AMUSEMENT AND RECREATION SERVICES - 0.40%
44,900	e*	Bally Technologies, Inc		1,359,572
357	e	Dover Downs Gaming & Entertainment, Inc		2,777
24,652	e*	Town Sports International Holdings, Inc		150,377
20,000	e*	WMS Industries, Inc		611,400
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,124,126
APPAREL AND ACCESSORY STORES - 1.49%
33,136	e*	Aeropostale, Inc		1,063,997
11,700	e	Buckle, Inc		649,818
1,928		Cato Corp (Class A)		33,836
39,100	*	Charlotte Russe Holding, Inc		400,775
33,500	*	Children's Place Retail Stores, Inc		1,117,225
29,097	e*	Collective Brands, Inc		532,766
43,119	e*	Dress Barn, Inc		659,289
20,700	e*	J Crew Group, Inc		591,399
27,100	e*	JOS A Bank Clothiers, Inc		910,560
44,000	*	New York & Co, Inc		419,760
21,000	*	Tween Brands, Inc		205,590
355,085	*	Wet Seal, Inc (Class A)		1,288,959
		TOTAL APPAREL AND ACCESSORY STORES		7,873,974
APPAREL AND OTHER TEXTILE PRODUCTS - 0.60%
38,363	e*	Gymboree Corp		1,361,886
2,653	e*	Maidenform Brands, Inc		38,495
102,900	*	Quiksilver, Inc		590,646
25,800	e*	Warnaco Group, Inc		1,168,482
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		3,159,509
AUTO REPAIR, SERVICES AND PARKING - 0.11%
50,900	*	Exide Technologies		375,642
13,800	e*	Midas, Inc		189,888
664	*	Wright Express Corp		19,820
		TOTAL AUTO REPAIR, SERVICES AND PARKING		585,350
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.02%
13,600	e*	Builders FirstSource, Inc		81,464
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		81,464
BUSINESS SERVICES - 11.67%
899,384	*	3Com Corp		2,095,565

42

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

SHARES		COMPANY		VALUE
24,406	e	Aaron Rents, Inc	$	660,670
153,911	e*	Actuate Corp		538,688
53,065		Administaff, Inc		1,444,429
65,200	*	American Reprographics Co		1,124,700
1	*	Art Technology Group, Inc		4
63,400	e	BGC Partners, Inc (Class A)		271,986
44,000	e	Blackbaud, Inc		811,800
14,700	e*	Blackboard, Inc		592,263
46,702	e*	Blue Coat Systems, Inc		662,701
15,000	*	Bottomline Technologies, Inc		156,000
11,000	e	Brady Corp (Class A)		388,080
12,600	*	CACI International, Inc (Class A)		631,260
8,500	e*	Capella Education Co		364,310
93,971	*	Ciber, Inc		656,857
31,981	*	Commvault Systems, Inc		385,371
49,849	e	Compass Diversified Trust		694,895
88,107	*	CSG Systems International, Inc		1,544,516
1,800	e*	DealerTrack Holdings, Inc		30,312
43,200		Deluxe Corp		621,648
54,971	e*	Dice Holdings, Inc		390,294
14,473	e*	Digital River, Inc		468,925
237,854	*	Earthlink, Inc		2,021,759
3,400	e*	Eclipsys Corp		71,230
116,636	e*	Evergreen Energy, Inc		109,638
59,100	e*	FalconStor Software, Inc		316,776
9,200	*	Forrester Research, Inc		269,744
87,700	e*	Gartner, Inc		1,989,036
37,500	e*	Gerber Scientific, Inc		342,750
86,300	e*	Global Cash Access, Inc		436,678
48,279	e*	Global Sources Ltd		486,170
70,500	e*	H&E Equipment Services, Inc		681,030
66,200	e	Heartland Payment Systems, Inc		1,692,072
26,000	*	iGate Corp		225,420
24,100	e	infoGROUP, Inc		159,301
25,056	*	Informatica Corp		325,477
876		Infospace, Inc		9,505
17,500	e*	Interactive Intelligence, Inc		157,850
52,200	*	Interwoven, Inc		737,064
7,400		Jack Henry & Associates, Inc		150,442
71,500	*	JDA Software Group, Inc		1,087,515
25,800	e*	Kenexa Corp		407,382
7,800	*	Keynote Systems, Inc		103,350
18,652	e*	Korn/Ferry International		332,379
91,400	*	Lawson Software, Inc		639,800
72,200	e*	Limelight Networks, Inc		180,500
16,500	*	Liquidity Services, Inc		179,025
71,834	e*	Manhattan Associates, Inc		1,604,772
18,951	*	Mantech International Corp (Class A)		1,123,605
13,300	*	MicroStrategy, Inc (Class A)		791,749
18,100	*	ModusLink Global Solutions, Inc		173,941
1,100	*	Monotype Imaging Holdings, Inc		12,243
136,213	*	MPS Group, Inc		1,373,027
3,400	e*	NCI, Inc (Class A)		96,832
20,981	*	Ness Technologies, Inc		240,652
25,100	e*	NetFlix, Inc		775,088
64,503	*	On Assignment, Inc		508,284
12,000	e*	Online Resources Corp		93,240

43

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
66,049	e*	Parametric Technology Corp	$	1,215,302
84,700	e*	Perficient, Inc		562,408
68,927	*	Perot Systems Corp (Class A)		1,195,883
74,100	*	Premiere Global Services, Inc		1,041,846
58,443	*	Progress Software Corp		1,518,934
110,200	*	Quest Software, Inc		1,398,438
23,100	e*	Radisys Corp		198,660
65,000	e*	Rent-A-Center, Inc		1,448,200
239,664	*	Sapient Corp		1,780,704
7,400	e*	Sonus Networks, Inc		21,312
18,412	e	Sotheby's (Class A)		369,345
48,553	*	SPSS, Inc		1,425,516
77,268	*	Sybase, Inc		2,365,946
76,690	*	SYKES Enterprises, Inc		1,684,112
48,461	e*	SYNNEX Corp		1,082,619
135,049	e	Take-Two Interactive Software, Inc		2,214,804
117,836	*	TeleTech Holdings, Inc		1,465,880
40,287	*	TIBCO Software, Inc		294,901
51,522	*	TNS, Inc		997,981
126,646	e	United Online, Inc		1,191,739
63,100	*	Valueclick, Inc		645,513
66,252	*	Vasco Data Security International		686,371
27,482	e*	Virtusa Corp		178,908
63,100	*	Websense, Inc		1,410,285
65,200	e*	Wind River Systems, Inc		652,000
		TOTAL BUSINESS SERVICES		61,488,207
CHEMICALS AND ALLIED PRODUCTS - 7.65%
25,068	e*	Acorda Therapeutics, Inc		597,872
59,800	e*	Adolor Corp		206,310
56,861	*	Albany Molecular Research, Inc		1,028,615
23,400	*	Alexion Pharmaceuticals, Inc		919,620
30,900	e*	Alkermes, Inc		410,970
26,635	e*	Alnylam Pharmaceuticals, Inc		771,083
10,000	e*	Alpharma, Inc (Class A)		368,900
63,950	e*	American Oriental Bioengineering, Inc		415,035
30,001	e	Arch Chemicals, Inc		1,059,035
28,400	e*	Arqule, Inc		91,448
4,900	e*	Caraco Pharmaceutical Laboratories Ltd		61,299
23,891	e*	Chattem, Inc		1,867,798
89,523	e*	Cubist Pharmaceuticals, Inc		1,990,096
20,200	*	Cypress Bioscience, Inc		148,470
59,800	e*	Dendreon Corp		341,458
23,200	*	Elizabeth Arden, Inc		455,416
18,400	e*	Emergent Biosolutions, Inc		240,856
91,200		Ferro Corp		1,833,120
32,000	e*	Geron Corp		126,400
76,946	e*	Halozyme Therapeutics, Inc		564,784
45,624		Hercules, Inc		902,899
8,000	e*	Idera Pharmaceuticals, Inc		112,560
23,998	*	Immucor, Inc		766,976
34,273		Innophos Holdings, Inc		835,576
57,882		Innospec, Inc		698,057
73,157	e*	Inspire Pharmaceuticals, Inc		261,170
7,700	e	Inter Parfums, Inc		104,412
36,765	e	Koppers Holdings, Inc		1,375,379
6,300	e*	Landec Corp		51,597

44

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
39,738	e	Martek Biosciences Corp	$	1,248,568
93,929	*	Medicines Co		2,181,031
109,447	e	Medicis Pharmaceutical Corp (Class A)		1,631,855
21,600		Minerals Technologies, Inc		1,282,176
30,500	e*	Neurocrine Biosciences, Inc		143,045
13,579	e	NewMarket Corp		713,712
7,000	*	Noven Pharmaceuticals, Inc		81,760
126,000	*	NPS Pharmaceuticals, Inc		899,640
53,800	*	Obagi Medical Products, Inc		536,924
39,000		Olin Corp		756,600
18,380	e*	OM Group, Inc		413,550
3,818	e*	Omrix Biopharmaceuticals, Inc		68,495
14,600	e*	Onyx Pharmaceuticals, Inc		528,228
50,786	e*	OSI Pharmaceuticals, Inc		2,503,242
35,527	e*	Pain Therapeutics, Inc		347,099
10,000	*	Parexel International Corp		286,600
104,300	e	PDL BioPharma, Inc		971,033
46,644	e*	PetMed Express, Inc		732,311
30,000	e*	Pozen, Inc		315,300
29,700	*	Prestige Brands Holdings, Inc		263,736
20,100	e*	Salix Pharmaceuticals Ltd		128,841
13,617		Sciele Pharma, Inc		419,267
14,000		Sensient Technologies Corp		393,820
19,839	e*	Unifi, Inc		96,021
16,200	e*	United Therapeutics Corp		1,703,754
33,700	e*	Valeant Pharmaceuticals International		689,839
88,000	e*	Viropharma, Inc		1,154,560
56,290	e*	WR Grace & Co		851,105
7,400	*	Xenoport, Inc		358,826
		TOTAL CHEMICALS AND ALLIED PRODUCTS		40,308,149
COAL MINING - 0.10%
61,200	e*	International Coal Group, Inc		381,888
10,018	*	Westmoreland Coal Co		158,284
		TOTAL COAL MINING		540,172
COMMUNICATIONS - 2.34%
31,994	e*	Anixter International, Inc		1,903,963
31,285	e	Atlantic Tele-Network, Inc		875,980
42,100	e*	Brightpoint, Inc		303,120
134,355	e*	Centennial Communications Corp (Class A)		838,375
544,005	*	Cincinnati Bell, Inc		1,680,975
30,673	e*	Cox Radio, Inc (Class A)		323,907
21,500	e*	Cumulus Media, Inc (Class A)		91,590
1	*	FiberTower Corp		1
70,694	*	Foundry Networks, Inc		1,287,338
58,600	e,v*	IDT Corp (Class B)		43,364
11,692	*	iPCS, Inc		260,381
57,808	e*	j2 Global Communications, Inc		1,349,817
4,900	e*	Neutral Tandem, Inc		90,846
35,600	e*	Novatel Wireless, Inc		215,736
56,440		NTELOS Holdings Corp		1,517,672
25,000	e*	Syniverse Holdings, Inc		415,250
62,555	*	TeleCommunication Systems, Inc (Class A)		432,255
39,859		USA Mobility, Inc		438,449
81,900	e*	Virgin Mobile USA, Inc (Class A)		240,786
		TOTAL COMMUNICATIONS		12,309,805

45

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
DEPOSITORY INSTITUTIONS - 7.98%
13,000	e	1st Source Corp	$	305,500
258	e	Amcore Financial, Inc		2,386
31,313	e	Ameris Bancorp		464,998
12,202	e	Bancfirst Corp		589,723
37,000	e	Banco Latinoamericano de Exportaciones S.A. (Class E)		533,540
900		Bank Mutual Corp		10,215
16,000		Bank of New York Mellon Corp		521,280
23,719	e	Bank of the Ozarks, Inc		640,413
91,183	e	Banner Corp		1,095,108
29,300		Berkshire Hills Bancorp, Inc		937,600
61,600		Boston Private Financial Holdings, Inc		538,384
12,000	e	Cathay General Bancorp		285,600
28,200	e	Citizens Republic Bancorp, Inc		86,856
28,400		City Holding Co		1,199,900
96,849	e	Colonial Bancgroup, Inc		761,233
8,730		Columbia Banking System, Inc		154,783
14,000	e	Community Bank System, Inc		352,100
5,677	e	Community Trust Bancorp, Inc		195,289
37,500	e*	Dollar Financial Corp		577,125
2,980	e	First Bancorp		50,958
44,829	e	First Financial Bancorp		654,503
20,000	e	First Financial Bankshares, Inc		1,037,600
4,665	e	First Financial Holdings, Inc		122,130
41,100	e	First Merchants Corp		937,080
128,245	e	First Niagara Financial Group, Inc		2,019,859
19,137	e	First Place Financial Corp		245,910
11,800		FirstMerit Corp		247,800
30,000	e	FNB Corp		479,400
2	e	Fulton Financial Corp		22
20,200	e	Greene County Bancshares, Inc		474,902
14,700	e	Hancock Holding Co		749,700
26,025	e	Hanmi Financial Corp		131,426
4,535	e	Home Bancshares, Inc		117,320
10,000		IBERIABANK Corp		528,500
10,000	e	Independent Bank Corp		311,700
29,386	e	Integra Bank Corp		234,500
23,620	e	Lakeland Bancorp, Inc		276,118
4,200	e	Lakeland Financial Corp		92,232
30,021	e	MainSource Financial Group, Inc		588,412
8,407	e	Nara Bancorp, Inc		94,158
60,000	e	National Penn Bancshares, Inc		876,000
23,600	e	NBT Bancorp, Inc		706,112
41,300	e*	Net 1 UEPS Technologies, Inc		922,229
68,552	e	Northwest Bancorp, Inc		1,887,922
52,071	e	Old Second Bancorp, Inc		964,355
10,400	e	PacWest Bancorp		297,336
2,000	*	Pinnacle Financial Partners, Inc		61,600
45,733	e	Prosperity Bancshares, Inc		1,554,465
51,400	e	Provident Financial Services, Inc		848,614
21,502	e	Renasant Corp		466,808
14,254	e	Republic Bancorp, Inc (Class A)		432,181
12,435	e	Sandy Spring Bancorp, Inc		274,814
11,818	e	SCBT Financial Corp		444,357
11,019	e	Sierra Bancorp		229,856
23,603	e	Simmons First National Corp (Class A)		840,267

46

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
8,800	e	South Financial Group, Inc	$	64,504
64,945		Southwest Bancorp, Inc		1,147,578
99,238		Sterling Bancshares, Inc		1,037,037
7,400	e	Sterling Financial Corp		107,300
600		Suffolk Bancorp		23,646
59,982	e*	Sun Bancorp, Inc		812,756
27,400	e	Susquehanna Bancshares, Inc		534,848
20,700	e*	SVB Financial Group		1,198,944
47,200	*	Texas Capital Bancshares, Inc		979,872
7,692	e	Tompkins Trustco, Inc		388,446
50,996	e	Trustmark Corp		1,057,657
41,717	e	UMB Financial Corp		2,190,977
55,264	e	Umpqua Holdings Corp		812,933
18,700	e	United Bankshares, Inc		654,500
36,571	e	United Community Banks, Inc		484,934
13,097		United Financial Bancorp, Inc		194,490
75,662	e	Wilshire Bancorp, Inc		920,807
		TOTAL DEPOSITORY INSTITUTIONS		42,064,408
EATING AND DRINKING PLACES - 1.27%
25,300	*	AFC Enterprises		183,678
52,984	e	Bob Evans Farms, Inc		1,445,933
10,700	e*	California Pizza Kitchen, Inc		137,709
26,089	e*	CEC Entertainment, Inc		866,155
9,500	e	CKE Restaurants, Inc		100,700
262,890	e*	Denny's Corp		678,256
5,400	*	Einstein Noah Restaurant Group, Inc		54,432
53,500	*	Jack in the Box, Inc		1,128,850
52,868	*	Papa John's International, Inc		1,435,895
27,200	e*	PF Chang's China Bistro, Inc		640,288
		TOTAL EATING AND DRINKING PLACES		6,671,896
EDUCATIONAL SERVICES - 0.21%
21,900	e*	American Public Education, Inc		1,057,332
5,000	*	Learning Tree International, Inc		62,250
5	*	Lincoln Educational Services Corp		66
		TOTAL EDUCATIONAL SERVICES		1,119,648
ELECTRIC, GAS, AND SANITARY SERVICES - 3.93%
48,869		Avista Corp		1,060,946
4,700	e	Chesapeake Utilities Corp		156,087
15,224	*	Clean Harbors, Inc		1,028,381
99,300	*	El Paso Electric Co		2,085,300
20,100	e	Laclede Group, Inc		974,649
15,700	e	New Jersey Resources Corp		563,473
21,500		Northwest Natural Gas Co		1,118,000
68,536	e	NorthWestern Corp		1,722,310
24,100	e	Otter Tail Corp		740,593
18,900		Piedmont Natural Gas Co, Inc		604,044
98,062		Portland General Electric Co		2,320,147
23,000		South Jersey Industries, Inc		821,100
73,987		Southwest Gas Corp		2,238,847
66,214	e	UIL Holdings Corp		2,273,127
7,700		Unisource Energy Corp		224,763
6,300	*	Waste Services, Inc		46,683
51,700		Westar Energy, Inc		1,191,168

47

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
47,608		WGL Holdings, Inc	$	1,544,880
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		20,714,498
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.82%
21,800	*	Actel Corp		272,064
44,000	e	Acuity Brands, Inc		1,837,440
31,726	e	Adtran, Inc		618,340
151,856	e*	Amkor Technology, Inc		967,323
32,400	*	Applied Micro Circuits Corp		193,752
21,700	e*	AZZ, Inc		897,729
69,800	*	Benchmark Electronics, Inc		982,784
79,400	*	BigBand Networks, Inc		292,986
26,066	*	Ceradyne, Inc		955,580
18,100	*	Checkpoint Systems, Inc		340,642
19,225	*	Comtech Telecommunications Corp		946,639
24,200	e	Cubic Corp		595,078
6,907	e*	Energy Conversion Devices, Inc		402,333
147,200	d*	GrafTech International Ltd		2,224,192
112,200	*	Harmonic, Inc		948,090
22,300		IXYS Corp		202,707
93,165		Methode Electronics, Inc		832,895
46,400	e*	Microsemi Corp		1,182,272
37,200	e*	Microvision, Inc		72,168
8,146	*	MIPS Technologies, Inc		28,592
31,098	e*	Monolithic Power Systems, Inc		540,172
14,225	e*	Moog, Inc (Class A)		609,968
71,300	e*	Multi-Fineline Electronix, Inc		1,054,527
4,600	*	NVE Corp		130,226
50,044	e*	Omnivision Technologies, Inc		571,002
57,809	e*	ON Semiconductor Corp		390,789
33,221	*	Oplink Communications, Inc		400,977
27,929	*	OSI Systems, Inc		656,611
70,100	*	Pericom Semiconductor Corp		736,050
42,000		Plantronics, Inc		945,840
55,028	*	Plexus Corp		1,139,080
152,500	e*	PMC - Sierra, Inc		1,131,550
43,755	e*	Polycom, Inc		1,012,053
64,900	e*	Polypore International, Inc		1,395,999
4,300	*	Powell Industries, Inc		175,483
21,250	*	Power Integrations, Inc		512,125
49,300	e*	Powerwave Technologies, Inc		195,228
722,200	*	Sanmina-SCI Corp		1,011,080
101,500	*	Semtech Corp		1,416,940
142,914	e*	Silicon Image, Inc		763,161
164,537	*	Silicon Storage Technology, Inc		536,391
98,900	*	Skyworks Solutions, Inc		826,804
29,400	*	Standard Microsystems Corp		734,412
10,756	e*	Starent Networks Corp		139,183
22,500	e*	Synaptics, Inc		679,950
42,100	e*	Tekelec		588,979
51,100	*	Tessera Technologies, Inc		834,974
223,624	*	Triquint Semiconductor, Inc		1,071,159
61,700	*	TTM Technologies, Inc		612,064
43,500	e*	US Geothermal, Inc		77,430
7,700	e*	Utstarcom, Inc		25,949
9,400	*	Viasat, Inc		221,652
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		35,931,414

48

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
ENGINEERING AND MANAGEMENT SERVICES - 2.86%
6,848	e*	Ariad Pharmaceuticals, Inc	$	16,915
48,400	e*	Celera Corp		747,780
10,267	e*	China Direct, Inc		43,327
4,904	e*	comScore, Inc		86,458
4,000	e*	CRA International, Inc		109,920
7,200	*	CV Therapeutics, Inc		77,760
4,131	e*	Exelixis, Inc		25,116
6,200	e*	ICF International, Inc		122,450
74,500	e*	Isis Pharmaceuticals, Inc		1,258,305
11,600	*	Kendle International, Inc		518,636
1,334	*	LECG Corp		10,765
22,881	*	Luminex Corp		572,254
24,400		MAXIMUS, Inc		898,896
31,032	*	Michael Baker Corp		1,079,914
31,100	e*	Myriad Genetics, Inc		2,017,768
30,800	*	Omnicell, Inc		405,020
76,352	e*	PharmaNet Development Group, Inc		551,261
37,968	e*	PRG-Schultz International, Inc		340,193
69,232	e*	Regeneron Pharmaceuticals, Inc		1,511,335
64,757	e*	Seattle Genetics, Inc		692,900
37,000	*	Sequenom, Inc		984,940
27,927	*	Tetra Tech, Inc		671,924
46,891		Watson Wyatt & Co Holdings (Class A)		2,331,889
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		15,075,726
FABRICATED METAL PRODUCTS - 1.27%
59,019	*	Chart Industries, Inc		1,685,583
42,700		CIRCOR International, Inc		1,854,461
40,505		Gulf Island Fabrication, Inc		1,396,207
54,967	e	Mueller Water Products, Inc (Class A)		493,604
23,600	*	NCI Building Systems, Inc		749,300
5,000	*	Park-Ohio Holdings Corp		89,450
5,600	e	Sun Hydraulics Corp		145,824
43,800	e*	Trimas Corp		287,328
		TOTAL FABRICATED METAL PRODUCTS		6,701,757
FOOD AND KINDRED PRODUCTS - 1.20%
300	*	Boston Beer Co, Inc (Class A)		14,247
265	e*	Central Garden & Pet Co		1,558
180,174	*	Darling International, Inc		2,001,733
16,400	e	Diamond Foods, Inc		459,692
43,145	e	Flowers Foods, Inc		1,266,737
13,800	e*	National Beverage Corp		122,406
6,500	*	Omega Protein Corp		76,440
35,316	e*	Ralcorp Holdings, Inc		2,380,652
		TOTAL FOOD AND KINDRED PRODUCTS		6,323,465
FOOD STORES - 0.44%
5,200	e	Ingles Markets, Inc (Class A)		118,716
63,795	e	Ruddick Corp		2,070,148
		TOTAL FOOD STORES		2,188,864
FURNITURE AND FIXTURES - 0.66%
74,685	e	Herman Miller, Inc		1,827,542
34,100	e	HNI Corp		864,094
9,900		Kimball International, Inc (Class B)		106,920

49

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
55,790	e	Tempur-Pedic International, Inc	$	656,090
		TOTAL FURNITURE AND FIXTURES		3,454,646
FURNITURE AND HOME FURNISHINGS STORES - 0.37%
16,900	e*	hhgregg, Inc		164,775
118,647		Knoll, Inc		1,793,943
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		1,958,718
GENERAL BUILDING CONTRACTORS - 0.52%
7,200	e*	Beazer Homes USA, Inc		43,056
10,600	e*	Hovnanian Enterprises, Inc (Class A)		84,694
68,013	e*	Perini Corp		1,754,055
31,659	e	Ryland Group, Inc		839,597
		TOTAL GENERAL BUILDING CONTRACTORS		2,721,402
GENERAL MERCHANDISE STORES - 0.37%
36,800		Casey's General Stores, Inc		1,110,256
46,037	e*	Conn's, Inc		861,352
		TOTAL GENERAL MERCHANDISE STORES		1,971,608
HEALTH SERVICES - 0.85%
3,590	*	Amsurg Corp		91,437
50,200	*	CryoLife, Inc		658,624
76,470	*	Enzo Biochem, Inc		839,641
56,900	e*	Five Star Quality Care, Inc		213,375
16,800	*	Genoptix, Inc		548,856
42,400	e*	Immunomedics, Inc		75,472
15,696	e*	Life Sciences Research, Inc		549,360
14,190	*	Magellan Health Services, Inc		582,641
27,600	e*	Nighthawk Radiology Holdings, Inc		199,272
3,283	*	Odyssey HealthCare, Inc		33,322
15,102	*	RehabCare Group, Inc		273,346
25,000	*	Skilled Healthcare Group, Inc (Class A)		397,250
4,232	e*	Virtual Radiologic Corp		34,533
		TOTAL HEALTH SERVICES		4,497,129
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.39%
17,578	e	Granite Construction, Inc		629,644
70,743	e*	Matrix Service Co		1,351,191
6,300	e*	Sterling Construction Co, Inc		102,060
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		2,082,895
HOLDING AND OTHER INVESTMENT OFFICES - 6.80%
20,771	e	Agree Realty Corp		594,051
1,100		Alexander's, Inc		440,000
10,745	e	American Capital Agency Corp		186,103
20,191	e	Anthracite Capital, Inc		108,224
73,400		Anworth Mortgage Asset Corp		434,528
130,000	e	Ashford Hospitality Trust, Inc		526,500
98,599	e	Capital Lease Funding, Inc		781,890
87,068		Capstead Mortgage Corp		953,395
28,200		Cedar Shopping Centers, Inc		372,804
20,800	e	Corporate Office Properties Trust		839,280
214,691		DiamondRock Hospitality Co		1,953,688
20,000		EastGroup Properties, Inc		970,800
25,700	e	Equity Lifestyle Properties, Inc		1,362,871
25,600	e	Extra Space Storage, Inc		393,216

50

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
215,214	e	FelCor Lodging Trust, Inc	$	1,540,932
19,701		First Industrial Realty Trust, Inc		565,025
21,400	e	First Potomac Realty Trust		367,866
21,976	e	Getty Realty Corp		487,208
22,600	e	Glimcher Realty Trust		235,944
77,900	e	Hersha Hospitality Trust		579,576
4,200		Highwoods Properties, Inc		149,352
10,450		Home Properties, Inc		605,577
94,533	e	iShares Russell 2000 Index Fund		6,465,112
32,100	e	Kite Realty Group Trust		353,100
37,851	e	LaSalle Hotel Properties		882,685
39,573	e	Mid-America Apartment Communities, Inc		1,944,617
24,050	e	Mission West Properties, Inc		234,247
25,500	e	Newcastle Investment Corp		161,925
53,000	e	NorthStar Realty Finance Corp		410,750
26,180		Omega Healthcare Investors, Inc		514,699
38,396	e	Pennsylvania Real Estate Investment Trust		723,765
19,300	e	Prospect Capital Corp		247,233
37,806		PS Business Parks, Inc		2,177,626
26,400		Saul Centers, Inc		1,334,256
17,191	e	Sovran Self Storage, Inc		768,266
112,900	e	Strategic Hotels & Resorts, Inc		852,395
16,800	e	Sun Communities, Inc		332,808
116,750	e	Sunstone Hotel Investors, Inc		1,576,125
21,522	e	Tanger Factory Outlet Centers, Inc		942,448
32,057	e	Urstadt Biddle Properties, Inc (Class A)		601,069
24,400		Washington Real Estate Investment Trust		893,772
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		35,865,728
HOTELS AND OTHER LODGING PLACES - 0.14%
19,700	e*	Gaylord Entertainment Co		578,589
11,400	e*	Isle of Capri Casinos, Inc		102,828
7,100	e*	Riviera Holdings Corp		52,185
		TOTAL HOTELS AND OTHER LODGING PLACES		733,602
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.58%
74,800	e	Actuant Corp (Class A)		1,887,952
9,500		Alamo Group, Inc		161,975
51,600	*	Altra Holdings, Inc		761,616
42,556		Ampco-Pittsburgh Corp		1,102,200
12,638		Black Box Corp		436,390
109,757	*	Cirrus Logic, Inc		598,176
33,823	e*	Columbus McKinnon Corp		797,208
131,960	e*	Emulex Corp		1,408,013
41,274	*	ENGlobal Corp		547,706
49,214	e*	EnPro Industries, Inc		1,828,792
216,800	e*	Extreme Networks, Inc		730,616
3,000		Graham Corp		162,300
31,000	e*	Intermec, Inc		608,840
3,900	*	Kadant, Inc		88,803
5,200	e	Lindsay Manufacturing Co		378,300
53,356	*	Micros Systems, Inc		1,422,471
58,200		Modine Manufacturing Co		842,736
4,049		Nacco Industries, Inc (Class A)		382,711
60,000	*	Netezza Corp		636,600
33,700	*	Netgear, Inc		505,500
13,000	e	NN, Inc		167,050

51

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
9,700	e	Nordson Corp	$	476,367
541,314	e,v*	Quantum Corp		584,619
639	*	Rimage Corp		8,920
65,100	e*	Riverbed Technology, Inc		815,052
60,900		Robbins & Myers, Inc		1,883,637
24,600		Sauer-Danfoss, Inc		607,374
30,000	e*	Scansource, Inc		863,700
11,500		Standex International Corp		319,125
16,027	e*	Super Micro Computer, Inc		144,403
10,800	*	T-3 Energy Services, Inc		400,896
11,300	*	Ultratech, Inc		136,730
49,300	*	VeriFone Holdings, Inc		815,422
45,600		Woodward Governor Co		1,608,312
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		24,120,512
INSTRUMENTS AND RELATED PRODUCTS - 6.17%
8,200	e*	Accuray, Inc		66,174
44,900	e*	American Medical Systems Holdings, Inc		797,424
8,700		Analogic Corp		432,912
14,400	*	Angiodynamics, Inc		227,520
19,292	*	Bio-Rad Laboratories, Inc (Class A)		1,912,223
44,608	e*	Bruker BioSciences Corp		594,625
27,879	e*	Cantel Medical Corp		268,196
5,500	e*	Coherent, Inc		195,525
47,470	e*	Conmed Corp		1,519,040
64,200	e*	Cynosure, Inc (Class A)		1,151,748
19,300	*	Dionex Corp		1,226,515
6,500	*	Exactech, Inc		144,560
27,496	*	FARO Technologies, Inc		560,094
76,071	e*	Fossil, Inc		2,147,484
45,639	e*	I-Flow Corp		424,899
37,240	e*	II-VI, Inc		1,439,698
37,900	e	Invacare Corp		914,906
81,600	e*	ION Geophysical Corp		1,157,904
17,800	e*	Kensey Nash Corp		559,988
10,200	e*	LaBarge, Inc		153,612
78,117	*	Lydall, Inc		752,267
34,200	e*	Masimo Corp		1,272,240
3,700	e*	Medical Action Industries, Inc		48,581
76,401	*	Merit Medical Systems, Inc		1,434,047
367	e*	MKS Instruments, Inc		7,307
54,732		Movado Group, Inc		1,223,260
33,366		MTS Systems Corp		1,404,709
17,228	e*	NuVasive, Inc		849,857
20,800	e*	NxStage Medical, Inc		87,776
8,000	*	Rofin-Sinar Technologies, Inc		244,880
6,200	e*	SonoSite, Inc		194,680
77,344		STERIS Corp		2,906,588
43,479	*	Teledyne Technologies, Inc		2,485,260
47,744	*	Varian, Inc		2,048,218
26,089	e*	Vivus, Inc		207,147
20,300	*	Vnus Medical Technologies, Inc		424,879
3,500	*	Volcano Corp		60,515
27,915	e*	Zoll Medical Corp		913,379
3,352	*	Zygo Corp		42,168
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		32,502,805

52

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.14%
474	e	Hilb Rogal & Hobbs Co	$	22,155
47,400	e	National Financial Partners Corp		711,000
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		733,155
INSURANCE CARRIERS - 4.87%
134,300	e	Ambac Financial Group, Inc		312,919
64,040	*	AMERIGROUP Corp		1,616,370
81,315	*	Amerisafe, Inc		1,479,933
15,673	*	Argo Group International Holdings Ltd		577,550
83,092		Aspen Insurance Holdings Ltd		2,285,030
51,500	e	Assured Guaranty Ltd		837,390
15,700	e	Castlepoint Holdings Ltd		174,741
32,600	*	Catalyst Health Solutions, Inc		851,512
96,300	*	Centene Corp		1,975,113
52,500	*	CNA Surety Corp		876,750
20,000		Delphi Financial Group, Inc (Class A)		560,800
7,200		Flagstone Reinsurance Holdings Ltd		73,944
44,200	*	Hallmark Financial Services		401,778
70,863	*	Healthspring, Inc		1,499,461
32,000		IPC Holdings Ltd		966,720
7,100	e	LandAmerica Financial Group, Inc		172,175
104,544		Meadowbrook Insurance Group, Inc		738,081
58,448	e*	Molina Healthcare, Inc		1,811,888
4,800	e	National Interstate Corp		115,344
12,164	*	Navigators Group, Inc		705,512
46,109	e	Odyssey Re Holdings Corp		2,019,574
55,700		Platinum Underwriters Holdings Ltd		1,976,236
16,100	*	PMA Capital Corp (Class A)		142,002
37,900	e	PMI Group, Inc		111,805
2,031	e	Presidential Life Corp		32,069
85,326	e*	Primus Guaranty Ltd		223,554
37,200		Radian Group, Inc		187,488
20,500	*	SeaBright Insurance Holdings, Inc		266,500
6,700	e	Tower Group, Inc		157,852
72,313	e*	Universal American Financial Corp		881,495
70,300		Validus Holdings Ltd		1,634,475
		TOTAL INSURANCE CARRIERS		25,666,061
LEATHER AND LEATHER PRODUCTS - 0.34%
22,800	*	Steven Madden Ltd		564,984
46,300	e	Wolverine World Wide, Inc		1,225,098
		TOTAL LEATHER AND LEATHER PRODUCTS		1,790,082
LEGAL SERVICES - 0.11%
13,806	e*	Pre-Paid Legal Services, Inc		569,636
		TOTAL LEGAL SERVICES		569,636
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.13%
22,600	e*	Emergency Medical Services Corp (Class A)		675,288
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		675,288
METAL MINING - 0.29%
2,000	e*	Apex Silver Mines Ltd		3,440
84,601	*	Rosetta Resources, Inc		1,553,274
		TOTAL METAL MINING		1,556,714

53

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.59%
43,115		Blyth, Inc	$	488,924
107,000	e	Callaway Golf Co		1,505,490
34,200	e*	Jakks Pacific, Inc		851,922
7,288	*	RC2 Corp		145,760
26,900	*	Shuffle Master, Inc		136,921
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		3,129,017
MISCELLANEOUS RETAIL - 1.23%
131,191	*	1-800-FLOWERS.COM, Inc (Class A)		789,770
29,000		Cash America International, Inc		1,045,160
117,991	*	Ezcorp, Inc (Class A)		2,218,231
43,000	e*	Fuqi International, Inc		350,450
11,800		Longs Drug Stores Corp		892,552
22,300	*	PC Connection, Inc		149,187
16,400	e*	PC Mall, Inc		112,012
54,161	e	Systemax, Inc		761,504
9,300	e*	Zumiez, Inc		153,264
		TOTAL MISCELLANEOUS RETAIL		6,472,130
MOTION PICTURES - 0.22%
381,110	e*	Blockbuster, Inc (Class A)		781,275
35,100	e	National CineMedia, Inc		387,855
		TOTAL MOTION PICTURES		1,169,130
NONDEPOSITORY INSTITUTIONS - 0.65%
124,283		Advance America Cash Advance Centers, Inc		371,606
47,000		Ares Capital Corp		490,210
200	e*	CompuCredit Corp		784
5,900	*	Encore Capital Group, Inc		80,830
18,545	*	First Cash Financial Services, Inc		278,175
19,200	e	Kohlberg Capital Corp		164,928
12,000	e*	Mitcham Industries, Inc		121,080
12,500		Patriot Capital Funding, Inc		79,625
136,657	e*	thinkorswim Group, Inc		1,138,353
19,700	e*	World Acceptance Corp		709,200
		TOTAL NONDEPOSITORY INSTITUTIONS		3,434,791
NONMETALLIC MINERALS, EXCEPT FUELS - 0.24%
24,600	e	Compass Minerals International, Inc		1,288,794
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		1,288,794
OIL AND GAS EXTRACTION - 3.80%
18,100	e*	Abraxas Petroleum Corp		47,241
11,500	e*	Approach Resources, Inc		166,290
9,000	e*	Arena Resources, Inc		349,650
48,700	e*	Basic Energy Services, Inc		1,037,310
26,600	e	Berry Petroleum Co (Class A)		1,030,218
24,800	*	Bill Barrett Corp		796,328
25,820	e*	Clayton Williams Energy, Inc		1,821,085
21,000	*	Complete Production Services, Inc		422,730
30,836	*	Comstock Resources, Inc		1,543,342
51,300	*	Concho Resources, Inc		1,416,393
14,385	e*	Dawson Geophysical Co		671,636
223,128	e*	Endeavour International Corp		294,529
124,777	e*	Energy Partners Ltd		1,081,817
165,138	e	Energy XXI Bermuda Ltd		502,020

54

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
33,200	e*	EXCO Resources, Inc	$	541,824
23,300	e*	Gasco Energy, Inc		42,406
5,200	*	Geokinetics, Inc		98,800
14,200	e*	Georesources, Inc		162,732
11,000	e*	Goodrich Petroleum Corp		479,490
46,386	e*	McMoRan Exploration Co		1,096,565
93,600	*	Meridian Resource Corp		172,224
3,000	e	Panhandle Oil and Gas, Inc (Class A)		85,890
14,700	e	Penn Virginia Corp		785,568
500	m,v*	Petrocorp, Inc		0
48,182	e*	Petroquest Energy, Inc		739,594
32,200	e*	Quest Resource Corp		85,652
7,608		Smith International, Inc		446,133
36,500	*	Stone Energy Corp		1,545,045
30,100	e*	Swift Energy Co		1,164,569
181,900	*	Vaalco Energy, Inc		1,244,196
5,300	e*	Willbros Group, Inc		140,450
		TOTAL OIL AND GAS EXTRACTION		20,011,727
PAPER AND ALLIED PRODUCTS - 0.38%
16,700	e*	AbitibiBowater, Inc		64,629
24,956	*	Buckeye Technologies, Inc		204,390
19,278	e*	Kapstone Paper and Packaging Corp		122,415
40,673		Rock-Tenn Co (Class A)		1,626,107
		TOTAL PAPER AND ALLIED PRODUCTS		2,017,541
PERSONAL SERVICES - 0.31%
40,600		Regis Corp		1,116,500
36,200	e*	Sally Beauty Holdings, Inc		311,320
5,700	*	Steiner Leisure Ltd		195,966
		TOTAL PERSONAL SERVICES		1,623,786
PETROLEUM AND COAL PRODUCTS - 0.25%
39,070	e*	CVR Energy, Inc		332,876
188,455	e*	Gran Tierra Energy, Inc		699,168
10,416		Quaker Chemical Corp		296,439
		TOTAL PETROLEUM AND COAL PRODUCTS		1,328,483
PRIMARY METAL INDUSTRIES - 0.98%
50,294	e	Belden CDT, Inc		1,598,846
11,600	e*	Century Aluminum Co		321,204
20,800	e	Gibraltar Industries, Inc		389,168
10,000	*	Haynes International, Inc		468,300
12,327		Matthews International Corp (Class A)		625,472
52,454		Mueller Industries, Inc		1,206,967
11,900		Olympic Steel, Inc		350,931
15,000	e	Worthington Industries, Inc		224,100
		TOTAL PRIMARY METAL INDUSTRIES		5,184,988
PRINTING AND PUBLISHING - 0.97%
7,900	e*	ACCO Brands Corp		59,566
52,600		Bowne & Co, Inc		607,530
28,259	*	Consolidated Graphics, Inc		857,095
7,500	e	CSS Industries, Inc		193,050
66,300		Ennis, Inc		1,024,998
29,100	e	McClatchy Co (Class A)		128,040
41,200	e	Standard Register Co		405,820

55

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
72,100	e*	Valassis Communications, Inc	$	624,386
36,200	e*	VistaPrint Ltd		1,188,808
		TOTAL PRINTING AND PUBLISHING		5,089,293
REAL ESTATE - 0.34%
76,602	e	DuPont Fabros Technology, Inc		1,168,180
62,400	e*	LoopNet, Inc		613,392
1		Stewart Enterprises, Inc (Class A)		8
		TOTAL REAL ESTATE		1,781,580
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.90%
9,300	e*	Deckers Outdoor Corp		967,944
54,736		Schulman (A.), Inc		1,082,678
40,900	e*	Skechers U.S.A., Inc (Class A)		688,347
38,100	e	Titan International, Inc		812,292
43,200		Tupperware Corp		1,193,616
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		4,744,877
SECURITY AND COMMODITY BROKERS - 1.49%
31,000	e*	Duff & Phelps Corp (Class A)		651,930
62,100	e	Evercore Partners, Inc (Class A)		1,116,558
30,600	e*	FCStone Group, Inc		550,494
17,400	e	GAMCO Investors, Inc (Class A)		1,031,820
154,228	e	GFI Group, Inc		726,414
73,900	*	Knight Capital Group, Inc (Class A)		1,098,154
10,000		ProShares Ultra Russell2000		441,400
28,350	*	Stifel Financial Corp		1,414,665
39,582	e	SWS Group, Inc		797,973
		TOTAL SECURITY AND COMMODITY BROKERS		7,829,408
SOCIAL SERVICES - 0.01%
1,813	*	Res-Care, Inc		32,888
		TOTAL SOCIAL SERVICES		32,888
SPECIAL TRADE CONTRACTORS - 0.87%
10,888	e*	AsiaInfo Holdings, Inc		99,952
127,699	e	Comfort Systems USA, Inc		1,706,059
30,641	*	Dycom Industries, Inc		398,946
91,020	e*	EMCOR Group, Inc		2,395,646
		TOTAL SPECIAL TRADE CONTRACTORS		4,600,603
STONE, CLAY, AND GLASS PRODUCTS - 0.33%
41,400	e	Apogee Enterprises, Inc		622,242
18,400	*	Cabot Microelectronics Corp		590,272
10,000	e	CARBO Ceramics, Inc		516,100
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		1,728,614
TEXTILE MILL PRODUCTS - 0.11%
91,200	e	Xerium Technologies, Inc		587,328
		TOTAL TEXTILE MILL PRODUCTS		587,328
TRANSPORTATION BY AIR - 0.62%
128,200	e*	Airtran Holdings, Inc		311,526
1,020	*	PHI, Inc		37,669
77,591		Skywest, Inc		1,239,904
158,250	e	UAL Corp		1,391,017

56

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
51,500	e*	US Airways Group, Inc	$	310,545
		TOTAL TRANSPORTATION BY AIR		3,290,661
TRANSPORTATION EQUIPMENT - 2.04%
26,338	e*	Amerigon, Inc (Class A)		173,304
63,600	e	ArvinMeritor, Inc		829,344
21,000	*	ATC Technology Corp		498,540
114,154	e*	Cogo Group, Inc		601,592
17,700		Ducommun, Inc		422,676
32,200	*	Hayes Lemmerz International, Inc		87,906
32,326	e	Heico Corp		1,060,939
6,100	*	LMI Aerospace, Inc		122,671
26,552	e	Polaris Industries, Inc		1,207,850
49,400	e*	Tenneco, Inc		525,122
31,700	e*	TransDigm Group, Inc		1,085,091
40,035	e	Triumph Group, Inc		1,830,000
44,900		Westinghouse Air Brake Technologies Corp		2,300,227
		TOTAL TRANSPORTATION EQUIPMENT		10,745,262
TRANSPORTATION SERVICES - 0.74%
5,600	e*	Dynamex, Inc		159,376
39,117	*	HUB Group, Inc (Class A)		1,472,755
67,933	*	Lear Corp		713,296
67,667	e	Pacer International, Inc		1,114,475
20,000	e	Ship Finance International Ltd		431,200
		TOTAL TRANSPORTATION SERVICES		3,891,102
TRUCKING AND WAREHOUSING - 0.64%
31,336	e	Arkansas Best Corp		1,055,710
7,380	*	Marten Transport Ltd		143,984
28,000	*	Old Dominion Freight Line		793,520
10,900	*	Saia, Inc		144,752
42,000	e	Werner Enterprises, Inc		911,820
28,300	e*	YRC Worldwide, Inc		338,468
		TOTAL TRUCKING AND WAREHOUSING		3,388,254
WATER TRANSPORTATION - 0.30%
25,000	e	Nordic American Tanker Shipping		801,500
22,100	e*	TBS International Ltd (Class A)		297,466
22,500	e	Teekay Tankers Ltd (Class A)		380,925
10,000	e*	Ultrapetrol Bahamas Ltd		78,500
		TOTAL WATER TRANSPORTATION		1,558,391
WHOLESALE TRADE-DURABLE GOODS - 2.00%
77,899		Applied Industrial Technologies, Inc		2,097,820
61,800	e	Barnes Group, Inc		1,249,596
50,000	*	Beacon Roofing Supply, Inc		781,000
20,700	e	Castle (A.M.) & Co		357,696
15,800	*	Digi International, Inc		161,160
18,455	e	Houston Wire & Cable Co		316,872
40,200		IKON Office Solutions, Inc		683,802
66,200	*	Insight Enterprises, Inc		887,742
17,094	e*	MWI Veterinary Supply, Inc		671,623
35,500	e	Owens & Minor, Inc		1,721,750
59,065	e*	PSS World Medical, Inc		1,151,767
16,800	e*	Solera Holdings, Inc		482,496
		TOTAL WHOLESALE TRADE-DURABLE GOODS		10,563,324

57

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 1.27%
27,000	e	Andersons, Inc	$	950,940
200	*	CPEX Pharmaceuticals, Inc		3,750
15,000	e*	Fresh Del Monte Produce, Inc		333,000
44,227	e*	LSB Industries, Inc		612,544
8,800	e	Nash Finch Co		379,456
77,043		Spartan Stores, Inc		1,916,830
29,600	*	Tractor Supply Co		1,244,680
20,000	*	United Stationers, Inc		956,600
18,100	e*	Volcom, Inc		312,768
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		6,710,568
		TOTAL COMMON STOCKS		519,261,556
		(Cost $573,215,830)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 29.13%
NONDEPOSITORY INSTITUTIONS - 0.92%
$     4,820,000		Federal Home Loan Bank (FHLB), 10/01/08		4,820,000
				4,820,000
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 28.21%
148,693,566		State Street Navigator Securities Lending Prime Portfolio		148,693,566
				148,693,566
		TOTAL SHORT-TERM INVESTMENTS		153,513,566
		(Cost $153,513,566)
		TOTAL PORTFOLIO - 127.65%		672,775,122
		(Cost $726,729,396)
		OTHER ASSETS & LIABILITIES, NET - (27.65)%		(145,733,430	)
		NET ASSETS - 100.00%	$	527,041,692
	*	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 $370,951.
	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.

58

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.74%
AMUSEMENT AND RECREATION SERVICES - 0.15%
268	e*	Ticketmaster	$	2,876
4,417	*	Penn National Gaming, Inc		117,359
13,555		Walt Disney Co		416,003
831	e	Warner Music Group Corp		6,316
		TOTAL AMUSEMENT AND RECREATION SERVICES		542,554
APPAREL AND ACCESSORY STORES - 0.68%
5,339		Abercrombie & Fitch Co (Class A)		210,623
7,535	e	American Eagle Outfitters, Inc		114,909
1,413	*	AnnTaylor Stores Corp		29,164
14,779		Gap, Inc		262,771
5,831	e*	Hanesbrands, Inc		126,824
14,438	e*	Kohl's Corp		665,303
11,613		Limited Brands, Inc		201,137
11,162	e	Nordstrom, Inc		321,689
8,022		Ross Stores, Inc		295,290
6,964	e*	Urban Outfitters, Inc		221,943
		TOTAL APPAREL AND ACCESSORY STORES		2,449,653
APPAREL AND OTHER TEXTILE PRODUCTS - 0.13%
3,661		Guess ?, Inc		127,366
2,838		Phillips-Van Heusen Corp		107,589
3,467	e	Polo Ralph Lauren Corp (Class A)		231,041
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		465,996
AUTO REPAIR, SERVICES AND PARKING - 0.02%
1,148	*	Hertz Global Holdings, Inc		8,690
1,061	e	Ryder System, Inc		65,782
		TOTAL AUTO REPAIR, SERVICES AND PARKING		74,472
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.27%
5,844		Advance Auto Parts		231,773
2,522	*	Autozone, Inc		311,063
13,681	e*	Carmax, Inc		191,534
4,022	*	Copart, Inc		152,836
2,977	*	O'Reilly Automotive, Inc		79,694
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		966,900
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.14%
7,921	e	Fastenal Co		391,218
4,575		Lowe's Cos, Inc		108,382
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		499,600
BUSINESS SERVICES - 12.18%
36,632		Accenture Ltd (Class A)		1,392,016

59

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
36,403	*	Activision Blizzard, Inc	$	561,698
32,618	*	Adobe Systems, Inc		1,287,432
1,467	*	Affiliated Computer Services, Inc (Class A)		74,274
10,460	*	Akamai Technologies, Inc		182,422
4,183	e*	Alliance Data Systems Corp		265,119
5,129	e*	Amdocs Ltd		140,432
5,194	e*	Ansys, Inc		196,697
13,704	*	Autodesk, Inc		459,769
31,795		Automatic Data Processing, Inc		1,359,236
11,715	*	BMC Software, Inc		335,400
2,540		Brink's Co		154,991
11,195		CA, Inc		223,452
4,241	e*	Cerner Corp		189,318
11,318	e*	Citrix Systems, Inc		285,893
2,482	e*	Clear Channel Outdoor Holdings, Inc (Class A)		33,954
17,719	*	Cognizant Technology Solutions Corp (Class A)		404,525
9,321	*	Compuware Corp		90,320
2,238	e*	DST Systems, Inc		125,306
68,033	*	eBay, Inc		1,522,578
19,530	*	Electronic Arts, Inc		722,415
4,235		Equifax, Inc		145,896
2,005	e*	Equinix, Inc		139,267
4,974	e*	F5 Networks, Inc		116,292
2,667	e	Factset Research Systems, Inc		139,351
2,488		Fidelity National Information Services, Inc		45,928
10,055	e*	Fiserv, Inc		475,803
14,526	*	Google, Inc (Class A)		5,817,954
3,377	*	HLTH Corp		38,599
2,589	*	IHS, Inc (Class A)		123,340
2,297		IMS Health, Inc		43,436
23,894	e*	Interpublic Group of Cos, Inc		185,179
19,689	*	Intuit, Inc		622,369
10,974	e*	Iron Mountain, Inc		267,875
32,198	*	Juniper Networks, Inc		678,412
3,481	e*	Kinetic Concepts, Inc		99,522
4,508	e*	Lamar Advertising Co (Class A)		139,252
341		Manpower, Inc		14,718
4,456	e	Mastercard, Inc (Class A)		790,182
8,351	*	McAfee, Inc		283,600
492,410	d	Microsoft Corp		13,142,423
7,161	e*	Monster Worldwide, Inc		106,771
9,273	e*	NCR Corp		204,470
8,943	*	Novell, Inc		45,967
10,294	*	Nuance Communications, Inc		125,484
18,418	e	Omnicom Group, Inc		710,198
238,877	*	Oracle Corp		4,851,592
11,693	*	Red Hat, Inc		176,214
8,767	e	Robert Half International, Inc		216,983
6,451	e*	Salesforce.com, Inc		312,228
1,731	e*	Sohu.com, Inc		96,503
10,056		Total System Services, Inc		164,918
11,026	*	Unisys Corp		30,322
12,118	e*	VeriSign, Inc		316,037
27,454		Visa, Inc (Class A)		1,685,401

60

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,586	e*	VMware, Inc (Class A)	$	68,891
8,460		Waste Management, Inc		266,405
477	e*	WebMD Health Corp (Class A)		14,186
84,471	*	Yahoo!, Inc		1,461,348
		TOTAL BUSINESS SERVICES		44,170,563
CHEMICALS AND ALLIED PRODUCTS - 10.70%
94,660		Abbott Laboratories		5,450,523
471	*	Abraxis Bioscience, Inc		32,480
12,921		Air Products & Chemicals, Inc		884,959
5,699		Albemarle Corp		175,757
709		Alberto-Culver Co		19,313
26,176		Avon Products, Inc		1,088,136
1,947	*	Barr Pharmaceuticals, Inc		127,139
17,806	*	Biogen Idec, Inc		895,464
5,877	e*	BioMarin Pharmaceuticals, Inc		155,682
110,851		Bristol-Myers Squibb Co		2,311,243
8,057		Celanese Corp (Series A)		224,871
4,155	e*	Cephalon, Inc		321,971
3,395		CF Industries Holdings, Inc		310,507
1,892	*	Charles River Laboratories International, Inc		105,063
630		Chemtura Corp		2,873
4,117		Church & Dwight Co, Inc		255,625
2,565	e	Clorox Co		160,800
31,147		Colgate-Palmolive Co		2,346,926
10,702	e	Ecolab, Inc		519,261
5,810		Eli Lilly & Co		255,814
6,005		Estee Lauder Cos (Class A)		299,710
1,765		FMC Corp		90,703
1,828	*	Forest Laboratories, Inc		51,696
28,494	*	Genentech, Inc		2,526,848
16,390	*	Genzyme Corp		1,325,787
56,581	*	Gilead Sciences, Inc		2,578,962
1,333	*	Hospira, Inc		50,921
911	e	Huntsman Corp		11,479
3,754	e*	Idexx Laboratories, Inc		205,719
2,234	*	ImClone Systems, Inc		139,491
4,998		International Flavors & Fragrances, Inc		197,221
2,531	e*	Inverness Medical Innovations, Inc		75,930
1,696	e*	Invitrogen Corp		64,109
37,650		Merck & Co, Inc		1,188,234
33,659		Monsanto Co		3,331,568
9,524		Mosaic Co		647,822
3,137	e*	Mylan Laboratories, Inc		35,825
7,960		Nalco Holding Co		147,578
1,495	*	NBTY, Inc		44,132
4,726		Perrigo Co		181,762
1,089	e	PPG Industries, Inc		63,510
19,205		Praxair, Inc		1,377,767
69,473		Procter & Gamble Co		4,841,573
6,867		Rohm & Haas Co		480,690
99,440		Schering-Plough Corp		1,836,657
2,268		Scotts Miracle-Gro Co (Class A)		53,616
6,659	e*	Sepracor, Inc		121,926

61

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
6,173	e	Sherwin-Williams Co	$	352,849
4,219	e	Sigma-Aldrich Corp		221,160
5,139	*	VCA Antech, Inc		151,446
8,622	e*	Vertex Pharmaceuticals, Inc		286,595
5,537	e*	Warner Chilcott Ltd (Class A)		83,719
3,042	*	Watson Pharmaceuticals, Inc		86,697
		TOTAL CHEMICALS AND ALLIED PRODUCTS		38,798,109
COAL MINING - 0.54%
4,219	e*	Alpha Natural Resources, Inc		216,983
8,840		Arch Coal, Inc		290,748
11,210		Consol Energy, Inc		514,427
4,830	e	Massey Energy Co		172,286
16,653		Peabody Energy Corp		749,385
		TOTAL COAL MINING		1,943,829
COMMUNICATIONS - 1.83%
24,313	*	American Tower Corp (Class A)		874,539
2,300	e*	Central European Media Enterprises Ltd (Class A)		150,420
3,380	e*	Clearwire Corp (Class A)		40,154
50,220		Comcast Corp (Class A)		985,819
3,533	e*	Crown Castle International Corp		102,351
3,345	*	CTC Media, Inc		50,175
36,541	e*	DIRECTV Group, Inc		956,278
12,510	*	DISH Network Corp (Class A)		262,710
4,587		Embarq Corp		186,003
3,962	e	Frontier Communications Corp		45,563
4,944	e	Global Payments, Inc		221,788
670	*	IAC/InterActiveCorp		11,591
306	e*	Leap Wireless International, Inc		11,659
95,189	e*	Level 3 Communications, Inc		257,010
9,618	e*	Liberty Global, Inc (Class A)		291,425
31,691	*	Liberty Media Corp - Entertainment (Series A)		791,324
15,045	e*	MetroPCS Communications, Inc		210,480
4,737	e*	NeuStar, Inc (Class A)		94,219
10,278	*	NII Holdings, Inc (Class B)		389,742
44,650	e	Qwest Communications International, Inc		144,220
6,707	e*	SBA Communications Corp (Class A)		173,510
2,693		Telephone & Data Systems, Inc		96,275
4,694	e	Time Warner Cable, Inc (Class A)		113,595
444	*	US Cellular Corp		20,832
14,362		Windstream Corp		157,120
		TOTAL COMMUNICATIONS		6,638,802
DEPOSITORY INSTITUTIONS - 0.75%
486	e	Capitol Federal Financial		21,544
11,049		Hudson City Bancorp, Inc		203,854
5,507	*	Metavante Technologies, Inc		106,065
12,192		Northern Trust Corp		880,262
6,909		State Street Corp		392,984
45,387		Western Union Co		1,119,697
		TOTAL DEPOSITORY INSTITUTIONS		2,724,406

62

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
EATING AND DRINKING PLACES - 1.80%
6,249	e	Brinker International, Inc	$	111,795
4,920		Burger King Holdings, Inc		120,835
1,995	e*	Chipotle Mexican Grill, Inc (Class A)		110,703
8,590		Darden Restaurants, Inc		245,932
63,060		McDonald's Corp		3,890,802
44,652	*	Starbucks Corp		663,975
11,329	e	Tim Hortons, Inc		335,693
20,136		Wendy's/Arby's Group, Inc (Class A)		105,915
29,045		Yum! Brands, Inc		947,157
		TOTAL EATING AND DRINKING PLACES		6,532,807
EDUCATIONAL SERVICES - 0.28%
7,817	*	Apollo Group, Inc (Class A)		463,548
3,842		DeVry, Inc		190,333
2,343	e*	ITT Educational Services, Inc		189,572
852		Strayer Education, Inc		170,622
		TOTAL EDUCATIONAL SERVICES		1,014,075
ELECTRIC, GAS, AND SANITARY SERVICES - 2.11%
41,206	e*	AES Corp		481,698
10,306	e	Allegheny Energy, Inc		378,952
2		Aqua America, Inc		36
21,768	e*	Calpine Corp		282,984
12,745		Centerpoint Energy, Inc		185,695
10,011	e	Constellation Energy Group, Inc		243,267
7,520	*	Covanta Holding Corp		180,029
546	e	DPL, Inc		13,541
9,219	e	El Paso Corp		117,634
761		Energen Corp		34,458
8,316	e	Entergy Corp		740,207
20,118		Exelon Corp		1,259,789
7,104	*	Mirant Corp		129,932
5,301	e*	NRG Energy, Inc		131,200
22,881	e	PPL Corp		847,055
31,190		Public Service Enterprise Group, Inc		1,022,720
3,894		Questar Corp		159,342
8,793		Republic Services, Inc		263,614
2,965		Sierra Pacific Resources		28,405
5,266	*	Stericycle, Inc		310,220
35,845		Williams Cos, Inc		847,734
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		7,658,512
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.26%
4,708	e*	Advanced Micro Devices, Inc		24,717
18,388		Altera Corp		380,264
6,412		Ametek, Inc		261,417
10,756		Amphenol Corp (Class A)		431,746
17,795	e	Analog Devices, Inc		468,898
54,075	*	Apple Computer, Inc		6,146,165
15,992	*	Atmel Corp		54,213
4,101	*	Avnet, Inc		101,008
853	e	AVX Corp		8,692
31,532	*	Broadcom Corp (Class A)		587,441
5,024	e*	Ciena Corp		50,642

63

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
362,321	*	Cisco Systems, Inc	$	8,173,962
8,122	e	Cooper Industries Ltd (Class A)		324,474
2,103	e*	Cree, Inc		47,906
9,329	e*	Cypress Semiconductor Corp		48,697
3,083	*	Dolby Laboratories, Inc (Class A)		108,491
4,563		Eaton Corp		256,349
305	e*	EchoStar Corp (Class A)		7,351
3,526	e*	Energizer Holdings, Inc		284,019
2,739	*	First Solar, Inc		517,424
2,785	e	Harman International Industries, Inc		94,885
8,262		Harris Corp		381,704
45,482		Honeywell International, Inc		1,889,777
4,686	*	Integrated Device Technology, Inc		36,457
303,552	e	Intel Corp		5,685,529
1,125	*	International Rectifier Corp		21,398
2,645		Intersil Corp (Class A)		43,854
6,905	e*	JDS Uniphase Corp		58,416
5,831		L-3 Communications Holdings, Inc		573,304
1,828	e	Lincoln Electric Holdings, Inc		117,559
13,608	e	Linear Technology Corp		417,221
30,204	*	LSI Logic Corp		161,893
29,699	*	Marvell Technology Group Ltd		276,201
13,969	*	MEMC Electronic Materials, Inc		394,764
11,344	e	Microchip Technology, Inc		333,854
5,386	e*	Micron Technology, Inc		21,813
2,545	e	Molex, Inc		57,135
14,337		National Semiconductor Corp		246,740
21,070	e*	NetApp, Inc		384,106
1,826	*	Novellus Systems, Inc		35,863
33,947	*	Nvidia Corp		363,572
24,930	e*	ON Semiconductor Corp		168,527
99,284		Qualcomm, Inc		4,266,233
6,448	e*	Rambus, Inc		82,857
3,086	e*	Silicon Laboratories, Inc		94,740
175,097	e*	Sirius XM Radio, Inc		99,805
2,429	e*	Sunpower Corp (Class A)		172,289
2,558	*	Sunpower Corp (Class B)		176,630
81,130		Texas Instruments, Inc		1,744,295
4,499	*	Varian Semiconductor Equipment Associates, Inc		113,015
17,129	e	Xilinx, Inc		401,675
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		37,199,987
ENGINEERING AND MANAGEMENT SERVICES - 1.45%
5,518	*	Aecom Technology Corp		134,860
8,171	e*	Amylin Pharmaceuticals, Inc		165,218
26,733	*	Celgene Corp		1,691,664
2,142		Corporate Executive Board Co		66,938
10,881		Fluor Corp		606,072
3,246	e*	Genpact Ltd		33,726
3,390	*	Gen-Probe, Inc		179,840
5,976	*	Hewitt Associates, Inc (Class A)		217,765
7,471	*	Jacobs Engineering Group, Inc		405,750
8,169		KBR, Inc		124,741
13,891	*	McDermott International, Inc		354,915

64

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
19,848	e	Paychex, Inc	$	655,579
7,966	e	Quest Diagnostics, Inc		411,603
1,736	*	SAIC, Inc		35,119
5,121	*	Shaw Group, Inc		157,368
827	*	URS Corp		30,326
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		5,271,484
FABRICATED METAL PRODUCTS - 0.29%
938	e*	Alliant Techsystems, Inc		88,116
716	e	Aptargroup, Inc		28,003
933		Ball Corp		36,844
9,535	*	Crown Holdings, Inc		211,772
1,432	e	Illinois Tool Works, Inc		63,652
10,288	e	Parker Hannifin Corp		545,264
1,177	e	Valmont Industries, Inc		97,326
		TOTAL FABRICATED METAL PRODUCTS		1,070,977
FOOD AND KINDRED PRODUCTS - 4.48%
24,143		Anheuser-Busch Cos, Inc		1,566,398
6,589		Campbell Soup Co		254,335
100,443		Coca-Cola Co		5,311,426
1,774		General Mills, Inc		121,909
10,728		H.J. Heinz Co		536,078
4,478	e*	Hansen Natural Corp		135,460
4,796	e	Hershey Co		189,634
8,752		Kellogg Co		490,987
2,477		McCormick & Co, Inc		95,241
91,448		PepsiCo, Inc		6,517,499
1,742		Tyson Foods, Inc (Class A)		20,799
12,513		Wrigley (Wm.) Jr Co		993,532
		TOTAL FOOD AND KINDRED PRODUCTS		16,233,298
FOOD STORES - 0.21%
17,905		Kroger Co		492,029
1,638	e*	Panera Bread Co (Class A)		83,374
8,796	e	Whole Foods Market, Inc		176,184
		TOTAL FOOD STORES		751,587
FORESTRY - 0.01%
547	e	Rayonier, Inc		25,900
		TOTAL FORESTRY		25,900
FURNITURE AND FIXTURES - 0.05%
441	e	Hill-Rom Holdings, Inc		13,367
5,532		Johnson Controls, Inc		167,786
		TOTAL FURNITURE AND FIXTURES		181,153
FURNITURE AND HOME FURNISHINGS STORES - 0.21%
13,070	e*	Bed Bath & Beyond, Inc		410,529
10,014	*	GameStop Corp (Class A)		342,579
947	e	Williams-Sonoma, Inc		15,322
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		768,430

65

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
GENERAL BUILDING CONTRACTORS - 0.06%
22	e*	NVR, Inc	$	12,584
2,910	e	Pulte Homes, Inc		40,653
3,420		Walter Industries, Inc		162,279
		TOTAL GENERAL BUILDING CONTRACTORS		215,516
GENERAL MERCHANDISE STORES - 3.18%
5,100	e*	Big Lots, Inc		141,933
26,565		Costco Wholesale Corp		1,724,865
720		Family Dollar Stores, Inc		17,064
26,049		TJX Cos, Inc		795,015
44,790	e	Target Corp		2,196,950
111,057		Wal-Mart Stores, Inc		6,651,204
		TOTAL GENERAL MERCHANDISE STORES		11,527,031
HEALTH SERVICES - 1.48%
1,348		AmerisourceBergen Corp		50,752
2,192		Cigna Corp		74,484
1,456	e*	Community Health Systems, Inc		42,675
3,855	e*	Covance, Inc		340,821
1,746	*	Coventry Health Care, Inc		56,832
5,343	*	DaVita, Inc		304,604
3,282	e*	Edwards Lifesciences Corp		189,568
12,908	e*	Express Scripts, Inc		952,869
8,565	*	Health Management Associates, Inc (Class A)		35,630
6,827	e*	Laboratory Corp of America Holdings		474,477
4,155	e*	Lincare Holdings, Inc		125,024
12,211		McKesson Corp		657,074
31,070	*	Medco Health Solutions, Inc		1,398,150
440		Omnicare, Inc		12,659
2,478	*	Pediatrix Medical Group, Inc		133,614
6,559		Pharmaceutical Product Development, Inc		271,215
16,973	e*	Tenet Healthcare Corp		94,200
3,045	*	WellPoint, Inc		142,415
		TOTAL HEALTH SERVICES		5,357,063
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.09%
8,815	*	Foster Wheeler Ltd		318,310
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		318,310
HOLDING AND OTHER INVESTMENT OFFICES - 1.63%
2,511	e*	Affiliated Managers Group, Inc		208,036
1,664	e	Apartment Investment & Management Co (Class A)		58,278
2,064	e	Camden Property Trust		94,655
3,064	e	Digital Realty Trust, Inc		144,774
370	e	Essex Property Trust, Inc		43,782
1,068	e	Federal Realty Investment Trust		91,421
7,560	e	General Growth Properties, Inc		114,156
1,782	e	HCP, Inc		71,512
751		Health Care REIT, Inc		39,976
58,903	e	iShares Russell 1000 Growth Index Fund		2,859,741
238	e	Kilroy Realty Corp		11,374
4,584	e	Macerich Co		291,772
494		Nationwide Health Properties, Inc		17,774
3,350	e	Plum Creek Timber Co, Inc		167,031

66

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
13,785	e	Simon Property Group, Inc	$	1,337,145
3,233	e	Taubman Centers, Inc		161,650
1,285	e	Ventas, Inc		63,505
3,949		WABCO Holdings, Inc		140,347
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,916,929
HOTELS AND OTHER LODGING PLACES - 0.44%
222	e	Boyd Gaming Corp		2,078
759	e	Choice Hotels International, Inc		20,569
6,673	e*	Las Vegas Sands Corp		240,962
7,289	e*	MGM Mirage		207,737
18,128	e	Marriott International, Inc (Class A)		472,960
2,309	e	Orient-Express Hotels Ltd (Class A)		55,716
11,512	e	Starwood Hotels & Resorts Worldwide, Inc		323,948
3,506	e	Wynn Resorts Ltd		286,230
		TOTAL HOTELS AND OTHER LODGING PLACES		1,610,200
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.61%
4,144	*	AGCO Corp		176,576
83,007		Applied Materials, Inc		1,255,896
3,131	*	Brocade Communications Systems, Inc		18,222
4,622		Bucyrus International, Inc (Class A)		206,511
497	e	Carlisle Cos, Inc		14,895
37,730		Caterpillar, Inc		2,248,708
12,458		Cummins, Inc		544,664
26,433		Deere & Co		1,308,434
111,349	*	Dell, Inc		1,835,032
3,432		Diebold, Inc		113,634
4,901	e	Donaldson Co, Inc		205,401
10,164		Dover Corp		412,150
5,178	*	Dresser-Rand Group, Inc		162,952
88,492	*	EMC Corp		1,058,364
1,618		Flowserve Corp		143,630
7,854	*	FMC Technologies, Inc		365,604
3,646	e	Graco, Inc		129,834
151,212		Hewlett-Packard Co		6,992,043
4,510		IDEX Corp		139,900
3,363		Ingersoll-Rand Co Ltd (Class A)		104,825
84,244		International Business Machines Corp		9,853,178
18,990		International Game Technology		326,248
8,447		ITT Industries, Inc		469,738
5,714		Jabil Circuit, Inc		54,512
1,587	e*	John Bean Technologies Corp		20,091
6,640	e	Joy Global, Inc		299,730
1,097		Kennametal, Inc		29,751
7,069	e*	Lam Research Corp		222,603
2,899		Lennox International, Inc		96,450
7,742	e	Manitowoc Co, Inc		120,388
2,107	*	Oil States International, Inc		74,482
7,524		Pall Corp		258,750
9,001		Rockwell Automation, Inc		336,097
2,579	e*	SanDisk Corp		50,419
3,867	e*	Scientific Games Corp (Class A)		89,018
14,684		Seagate Technology, Inc		177,970

67

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,287	e	SPX Corp	$	253,099
5,365	*	Teradata Corp		104,618
240		Timken Co		6,804
2,323	e	Toro Co		95,940
7,705	*	Varian Medical Systems, Inc		440,187
13,606	e*	Western Digital Corp		290,080
3,634	e*	Zebra Technologies Corp (Class A)		101,207
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		31,208,635
INSTRUMENTS AND RELATED PRODUCTS - 6.74%
2,598	e*	Advanced Medical Optics, Inc		46,192
22,390	*	Agilent Technologies, Inc		664,087
18,707	e	Allergan, Inc		963,411
10,387		Applied Biosystems, Inc		355,755
6,086		Bard (C.R.), Inc		577,379
38,481		Baxter International, Inc		2,525,508
3,116		Beckman Coulter, Inc		221,205
14,970		Becton Dickinson & Co		1,201,492
5,965	*	Boston Scientific Corp		73,191
10,994	e	Danaher Corp		762,984
9,129	e	Dentsply International, Inc		342,703
47,889		Emerson Electric Co		1,953,392
8,568	e*	Flir Systems, Inc		329,183
7,841	e	Garmin Ltd		266,124
3,954		Hillenbrand, Inc		79,713
7,704	*	Hologic, Inc		148,918
7,522	*	Illumina, Inc		304,867
2,374	*	Intuitive Surgical, Inc		572,087
2,126	e*	Itron, Inc		188,215
45,461		Johnson & Johnson		3,149,538
9,763	e	Kla-Tencor Corp		308,999
68,882		Medtronic, Inc		3,450,988
2,175	*	Mettler-Toledo International, Inc		213,150
3,379	e*	Millipore Corp		232,475
3,435		National Instruments Corp		103,222
3,355		PerkinElmer, Inc		83,774
11,510		Pitney Bowes, Inc		382,823
4,739	e*	Resmed, Inc		203,777
9,859		Rockwell Collins, Inc		474,119
5,484	e	Roper Industries, Inc		312,369
20,819	*	St. Jude Medical, Inc		905,418
18,867		Stryker Corp		1,175,414
2,407	*	Techne Corp		173,593
6,663	*	Teradyne, Inc		52,038
8,721	e*	Thermo Electron Corp		479,655
7,522	e*	Trimble Navigation Ltd		194,519
6,140	*	Waters Corp		357,225
9,541	*	Zimmer Holdings, Inc		615,967
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		24,445,469
INSURANCE AGENTS, BROKERS AND SERVICE - 0.01%
1,919		Brown & Brown, Inc		41,489
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		41,489

68

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
INSURANCE CARRIERS - 1.10%
19,120		Aetna, Inc	$	690,423
29,311		Aflac, Inc		1,722,021
2,081		Axis Capital Holdings Ltd		65,989
157	e	Erie Indemnity Co (Class A)		6,636
326	*	Health Net, Inc		7,694
5,938	*	Humana, Inc		244,646
1,266	*	Philadelphia Consolidated Holding Co		74,150
4,577		Prudential Financial, Inc		329,544
465		Transatlantic Holdings, Inc		25,273
27,809		UnitedHealth Group, Inc		706,071
412		W.R. Berkley Corp		9,703
2,597	e*	WellCare Health Plans, Inc		93,492
		TOTAL INSURANCE CARRIERS		3,975,642
JUSTICE, PUBLIC ORDER AND SAFETY - 0.05%
6,684	*	Corrections Corp of America		166,097
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		166,097
LEATHER AND LEATHER PRODUCTS - 0.14%
20,934	*	Coach, Inc		524,187
		TOTAL LEATHER AND LEATHER PRODUCTS		524,187
LEGAL SERVICES - 0.06%
2,997	*	FTI Consulting, Inc		216,503
		TOTAL LEGAL SERVICES		216,503
METAL MINING - 0.52%
6,546		Cleveland-Cliffs, Inc		346,545
2,730		Foundation Coal Holdings, Inc		97,133
26,778	e	Newmont Mining Corp		1,037,915
4,830	e*	Patriot Coal Corp		140,312
13,492	e	Southern Copper Corp		257,427
		TOTAL METAL MINING		1,879,332
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.19%
1,096	e*	Intrepid Potash, Inc		33,033
3,103	e	Hasbro, Inc		107,736
15,351		Tyco International Ltd		537,592
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		678,361
MISCELLANEOUS RETAIL - 2.04%
19,313	*	Amazon.com, Inc		1,405,214
20,484	e	Best Buy Co, Inc		768,150
47,334		CVS Corp		1,593,262
5,140	e*	Dick's Sporting Goods, Inc		100,641
5,520	*	Dollar Tree, Inc		200,707
268	e*	HSN, Inc		2,951
2,733	e	MSC Industrial Direct Co (Class A)		125,909
7,962		Petsmart, Inc		196,741
2,274	e*	Priceline.com, Inc		155,610
36,587		Staples, Inc		823,208
7,734	e	Tiffany & Co		274,712
56,123		Walgreen Co		1,737,568
		TOTAL MISCELLANEOUS RETAIL		7,384,673

69

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
MOTION PICTURES - 0.54%
4,810	*	DreamWorks Animation SKG, Inc (Class A)	$	151,274
56,823		News Corp (Class A)		681,308
24,362		Time Warner, Inc		319,386
32,217	e*	Viacom, Inc (Class B)		800,270
		TOTAL MOTION PICTURES		1,952,238
NONDEPOSITORY INSTITUTIONS - 0.75%
51,804		American Express Co		1,835,415
36,949	e	Federal Home Loan Mortgage Corp		63,183
2,740	e	GLG Partners, Inc		14,851
1,244		Lender Processing Services, Inc		37,967
25,291	*	SLM Corp		312,091
15,287		Textron, Inc		447,603
44	e*	Tree.com, Inc		212
		TOTAL NONDEPOSITORY INSTITUTIONS		2,711,322
OIL AND GAS EXTRACTION - 5.70%
3,399	*	Atwood Oceanics, Inc		123,724
18,893		Baker Hughes, Inc		1,143,782
13,289	e*	Cameron International Corp		512,158
14,168	e	Chesapeake Energy Corp		508,064
1,537	*	CNX Gas Corp		34,413
1,865	e*	Continental Resources, Inc		73,164
15,088	*	Denbury Resources, Inc		287,275
4,255	e	Diamond Offshore Drilling, Inc		438,520
779	*	Encore Acquisition Co		32,547
8,260		ENSCO International, Inc		476,024
8,027		Equitable Resources, Inc		294,430
4,404	e*	Global Industries Ltd		30,564
53,508		Halliburton Co		1,733,124
446	e*	Helix Energy Solutions Group, Inc		10,829
1,173	*	Key Energy Services, Inc		13,607
3,989	*	Mariner Energy, Inc		81,774
2,332	*	Nabors Industries Ltd		58,113
25,465	*	National Oilwell Varco, Inc		1,279,107
16,485		Noble Corp		723,691
3,393	e*	Oceaneering International, Inc		180,915
5,750		Patterson-UTI Energy, Inc		115,115
14,468	e*	PetroHawk Energy Corp		312,943
6,136	*	Plains Exploration & Production Co		215,742
7,457	*	Pride International, Inc		220,802
6,257	*	Quicksilver Resources, Inc		122,825
9,465		Range Resources Corp		405,764
2,251	e	Rowan Cos, Inc		68,768
73,179		Schlumberger Ltd		5,714,548
140	e*	SEACOR Holdings, Inc		11,053
13,233		Smith International, Inc		775,983
20,975	e*	Southwestern Energy Co		640,576
1,687		St. Mary Land & Exploration Co		60,142
5,056	*	Superior Energy Services		157,444
4,652	*	Tetra Technologies, Inc		64,430

70

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
171	e	Tidewater, Inc	$	9,467
19,577		Transocean, Inc		2,150,338
2,139	*	Unit Corp		106,565
1,709	e	W&T Offshore, Inc		46,639
41,683	*	Weatherford International Ltd		1,047,911
2,634	*	Whiting Petroleum Corp		187,699
3,785	e	XTO Energy, Inc		176,078
		TOTAL OIL AND GAS EXTRACTION		20,646,657
PAPER AND ALLIED PRODUCTS - 0.24%
2,044		Greif, Inc (Class A)		134,127
10,546	e	Kimberly-Clark Corp		683,803
1,568	e	Packaging Corp of America		36,346
		TOTAL PAPER AND ALLIED PRODUCTS		854,276
PERSONAL SERVICES - 0.14%
19,957		H&R Block, Inc		454,021
1,793	e	Weight Watchers International, Inc		65,624
		TOTAL PERSONAL SERVICES		519,645
PETROLEUM AND COAL PRODUCTS - 3.33%
2,854		Cabot Oil & Gas Corp		103,144
11,453		EOG Resources, Inc		1,024,585
60,023		Exxon Mobil Corp		4,661,386
6,475		Frontier Oil Corp		119,270
17,254		Hess Corp		1,416,208
2,678	e	Holly Corp		77,448
11,653		Murphy Oil Corp		747,423
759		Noble Energy, Inc		42,193
50,340		Occidental Petroleum Corp		3,546,453
6,444	*	SandRidge Energy, Inc		126,302
4,257		Sunoco, Inc		151,464
2,445	e	Tesoro Corp		40,318
		TOTAL PETROLEUM AND COAL PRODUCTS		12,056,194
PRIMARY METAL INDUSTRIES - 1.25%
6,999		AK Steel Holding Corp		181,414
38,750		Alcoa, Inc		874,975
6,343	e	Allegheny Technologies, Inc		187,436
258		Carpenter Technology Corp		6,618
1,021	e*	Century Aluminum Co		28,271
4,398	e*	CommScope, Inc		152,347
96,599		Corning, Inc		1,510,808
3,115	e*	General Cable Corp		110,987
1,498		Hubbell, Inc (Class B)		52,505
4,195	e	Nucor Corp		165,703
8,544		Precision Castparts Corp		673,096
155	e	Schnitzer Steel Industries, Inc (Class A)		6,082
3,039		Steel Dynamics, Inc		51,936
1,137	e	Titanium Metals Corp		12,894
6,837		United States Steel Corp		530,620
		TOTAL PRIMARY METAL INDUSTRIES		4,545,692

71

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
PRINTING AND PUBLISHING - 0.20%
2,482		Dun & Bradstreet Corp	$	234,201
2,541	e	John Wiley & Sons, Inc (Class A)		102,783
9,814		McGraw-Hill Cos, Inc		310,221
2,862	*	MSCI, Inc (Class A)		68,688
		TOTAL PRINTING AND PUBLISHING		715,893
RAILROAD TRANSPORTATION - 1.62%
17,365		Burlington Northern Santa Fe Corp		1,605,047
24,822		CSX Corp		1,354,536
4,608	e*	Kansas City Southern Industries, Inc		204,411
6,661		Norfolk Southern Corp		441,025
31,695		Union Pacific Corp		2,255,416
		TOTAL RAILROAD TRANSPORTATION		5,860,435
REAL ESTATE - 0.10%
4,048	e*	CB Richard Ellis Group, Inc (Class A)		54,122
4,446	e	Forest City Enterprises, Inc (Class A)		136,359
4,764	e*	St. Joe Co		186,225
		TOTAL REAL ESTATE		376,706
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.44%
9,491	e*	Goodyear Tire & Rubber Co		145,307
21,694		Nike, Inc (Class B)		1,451,329
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,596,636
SECURITY AND COMMODITY BROKERS - 1.93%
784	e	BlackRock, Inc		152,488
8,680		Broadridge Financial Solutions, Inc		133,585
57,729	e	Charles Schwab Corp		1,500,954
2,907		CME Group, Inc		1,079,980
4,574	e*	E*Trade Financial Corp		12,807
6,285	e	Eaton Vance Corp		221,421
5,352		Federated Investors, Inc (Class B)		154,405
5,029		Franklin Resources, Inc		443,206
2,563	e	Goldman Sachs Group, Inc		328,064
4,328	*	IntercontinentalExchange, Inc		349,183
2,974	e	Invesco Ltd		62,395
2,395	*	Investment Technology Group, Inc		72,880
9,336	e	Janus Capital Group, Inc		226,678
4,068		Lazard Ltd (Class A)		173,948
1,295	e*	MF Global Ltd		5,620
3,788	e	Morgan Stanley		87,124
1,067	e*	Morningstar, Inc		59,186
4,596	e*	Nasdaq Stock Market, Inc		140,500
9,785	e	NYSE Euronext		383,376
7,986		SEI Investments Co		177,289
15,929		T Rowe Price Group, Inc		855,547
14,911	*	TD Ameritrade Holding Corp		241,558
5,184		Waddell & Reed Financial, Inc (Class A)		128,304
		TOTAL SECURITY AND COMMODITY BROKERS		6,990,498
SPECIAL TRADE CONTRACTORS - 0.06%
8,310	e*	Quanta Services, Inc		224,453
		TOTAL SPECIAL TRADE CONTRACTORS		224,453

72

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
STONE, CLAY, AND GLASS PRODUCTS - 0.90%
43,198		3M Co	$	2,950,855
2,432	e	Eagle Materials, Inc		54,404
8,461	e	Gentex Corp		120,992
2,787	*	Owens-Illinois, Inc		81,938
2,438	e*	USG Corp		62,413
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		3,270,602
TOBACCO PRODUCTS - 2.35%
96,087		Altria Group, Inc		1,906,366
5,590		Lorillard, Inc		397,729
129,377		Philip Morris International, Inc		6,223,034
		TOTAL TOBACCO PRODUCTS		8,527,129
TRANSPORTATION BY AIR - 0.05%
7,715	e*	AMR Corp		75,761
1,220		Copa Holdings S.A. (Class A)		39,650
8,960	e*	Delta Air Lines, Inc		66,752
		TOTAL TRANSPORTATION BY AIR		182,163
TRANSPORTATION EQUIPMENT - 2.68%
5,446	*	BE Aerospace, Inc		86,210
46,091		Boeing Co		2,643,319
7,672		Goodrich Corp		319,155
12,884	e	Harley-Davidson, Inc		480,573
5,202		Harsco Corp		193,462
20,170		Lockheed Martin Corp		2,212,044
5,347		Northrop Grumman Corp		323,707
3,591	e	Oshkosh Truck Corp		47,258
22,397		Paccar, Inc		855,341
9,418		Raytheon Co		503,957
740	e	Thor Industries, Inc		18,367
34,025		United Technologies Corp		2,043,542
		TOTAL TRANSPORTATION EQUIPMENT		9,726,935
TRANSPORTATION SERVICES - 0.30%
10,460	e	CH Robinson Worldwide, Inc		533,042
13,083		Expeditors International Washington, Inc		455,812
312		GATX Corp		12,346
268	*	Interval Leisure Group, Inc		2,787
5,508		UTI Worldwide, Inc		93,746
		TOTAL TRANSPORTATION SERVICES		1,097,733
TRUCKING AND WAREHOUSING - 0.82%
443	e	Con-way, Inc		19,541
4,879	e	J.B. Hunt Transport Services, Inc		162,812
3,332	e	Landstar System, Inc		146,808
41,952		United Parcel Service, Inc (Class B)		2,638,361
		TOTAL TRUCKING AND WAREHOUSING		2,967,522
WATER TRANSPORTATION - 0.13%
5,457	e	Carnival Corp		192,905
3,083	e	Frontline Ltd		148,200

73

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,227	e*	Kirby Corp	$	122,432
		TOTAL WATER TRANSPORTATION		463,537
WHOLESALE TRADE-DURABLE GOODS - 0.37%
468	*	Arrow Electronics, Inc		12,271
6,217		BorgWarner, Inc		203,731
8,102	e*	LKQ Corp		137,491
2,364	e	Martin Marietta Materials, Inc		264,721
7,543	*	Patterson Cos, Inc		229,383
427	*	Tech Data Corp		12,746
4,693		W.W. Grainger, Inc		408,150
2,021	*	WESCO International, Inc		65,036
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,333,529
WHOLESALE TRADE-NONDURABLE GOODS - 0.96%
5,079		Airgas, Inc		252,172
3,406	e*	Bare Escentuals, Inc		37,023
3,767	e	Brown-Forman Corp (Class B)		270,508
16,373		Cardinal Health, Inc		806,861
2,436	*	Central European Distribution Corp		110,619
6,312	*	Dean Foods Co		147,448
6,496	*	Endo Pharmaceuticals Holdings, Inc		129,920
5,138	*	Henry Schein, Inc		276,630
3,921		Herbalife Ltd		154,958
36,822		Sysco Corp		1,135,222
5,639	e	Terra Industries, Inc		165,787
130	e	Valhi, Inc		2,340
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,489,488
		TOTAL COMMON STOCKS		361,557,814
		(Cost $390,818,893)
SHORT-TERM INVESTMENTS - 16.22%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 16.22%
58,809,555		State Street Navigator Securities Lending Prime Portfolio		58,809,555
				58,809,555
		TOTAL SHORT-TERM INVESTMENTS		58,809,555
		(Cost $58,809,555)
		TOTAL PORTFOLIO - 115.96%		420,367,369
		(Cost $449,628,448)
		OTHER ASSETS & LIABILITIES, NET - (15.96)%		(57,869,618	)
		NET ASSETS - 100.00%	$	362,497,751
	*	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 $36,032.
	e	All or a portion of these securities are out on loan.
		The following abbreviations are used in portfolios descriptions: REIT - Real Estate Investment Trust

74

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.35%
AMUSEMENT AND RECREATION SERVICES - 0.92%
2,353		International Speedway Corp (Class A)	$	91,555
2,270	e*	Ticketmaster		24,357
125,807		Walt Disney Co		3,861,017
5,170	e	Warner Music Group Corp		39,292
		TOTAL AMUSEMENT AND RECREATION SERVICES		4,016,221
APPAREL AND ACCESSORY STORES - 0.24%
5,102	e	American Eagle Outfitters, Inc		77,805
2,456	*	AnnTaylor Stores Corp		50,692
11,203		Foot Locker, Inc		181,040
18,296	e	Gap, Inc		325,303
5,557	*	Kohl's Corp		256,067
7,915		Limited Brands, Inc		137,088
		TOTAL APPAREL AND ACCESSORY STORES		1,027,995
APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
6,820	e	Jones Apparel Group, Inc		126,238
7,164	e	Liz Claiborne, Inc		117,704
337		Phillips-Van Heusen Corp		12,776
6,421		VF Corp		496,408
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		753,126
AUTO REPAIR, SERVICES AND PARKING - 0.08%
1,423	*	Federal Mogul Corp (Class A)		17,858
23,928	*	Hertz Global Holdings, Inc		181,135
2,688		Ryder System, Inc		166,656
		TOTAL AUTO REPAIR, SERVICES AND PARKING		365,649
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%
7,929	e*	Autonation, Inc		89,122
6,791	*	O'Reilly Automotive, Inc		181,795
2,802	e	Penske Auto Group, Inc		32,139
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		303,056
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.31%
125,913		Home Depot, Inc		3,259,887
103,529		Lowe's Cos, Inc		2,452,602
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		5,712,489
BUSINESS SERVICES - 1.36%
4,977	*	Affiliated Computer Services, Inc (Class A)		251,985
8,683	*	Amdocs Ltd		237,740
6,959	*	Avis Budget Group, Inc		39,945
15,364		CA, Inc		306,665
17,634	*	Cadence Design Systems, Inc		119,206

75

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,600	e*	Clear Channel Outdoor Holdings, Inc (Class A)	$	21,888
11,069	*	Computer Sciences Corp		444,863
7,472	e*	Compuware Corp		72,404
8,642	*	Convergys Corp		127,729
525	e*	DST Systems, Inc		29,395
4,173		Equifax, Inc		143,760
15,711	e*	Expedia, Inc		237,393
11,610		Fidelity National Information Services, Inc		214,321
9,024	*	HLTH Corp		103,144
10,980		IMS Health, Inc		207,632
4,950	e*	Interpublic Group of Cos, Inc		38,362
5,514		Manpower, Inc		237,984
1,138	*	McAfee, Inc		38,646
1,370	*	NCR Corp		30,209
13,351	*	Novell, Inc		68,624
1,657		Omnicom Group, Inc		63,894
59,523	*	Sun Microsystems, Inc		452,375
63,132	*	Symantec Corp		1,236,125
11,053	*	Synopsys, Inc		220,507
12,066	*	Unisys Corp		33,182
6,356	e*	United Rentals, Inc		96,865
26,259		Waste Management, Inc		826,896
		TOTAL BUSINESS SERVICES		5,901,739
CHEMICALS AND ALLIED PRODUCTS - 10.46%
5,953	e	Alberto-Culver Co		162,160
81,237	*	Amgen, Inc		4,814,917
7,948		Avery Dennison Corp		353,527
5,646	*	Barr Pharmaceuticals, Inc		368,684
12,845		Bristol-Myers Squibb Co		267,818
4,439		Cabot Corp		141,071
1,354		Celanese Corp (Series A)		37,790
2,969	*	Charles River Laboratories International, Inc		164,869
16,562		Chemtura Corp		75,523
7,070		Clorox Co		443,218
3,265		Cytec Industries, Inc		127,041
69,491		Dow Chemical Co		2,208,424
67,246		Du Pont (E.I.) de Nemours & Co		2,710,014
5,758	e	Eastman Chemical Co		317,035
67,507		Eli Lilly & Co		2,972,333
3,595		FMC Corp		184,747
20,801	*	Forest Laboratories, Inc		588,252
10,102	*	Hospira, Inc		385,896
9,926	e	Huntsman Corp		125,068
2,105	*	ImClone Systems, Inc		131,436
2,643	e*	Inverness Medical Innovations, Inc		79,290
4,296	e*	Invitrogen Corp		162,389
19,233	*	King Pharmaceuticals, Inc		184,252
5,204		Lubrizol Corp		224,501
114,449		Merck & Co, Inc		3,612,010
17,155	e*	Mylan Laboratories, Inc		195,910
561		Nalco Holding Co		10,401
1,851	*	NBTY, Inc		54,642
505,290		Pfizer, Inc		9,317,548

76

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
10,976		PPG Industries, Inc	$	640,120
143,415		Procter & Gamble Co		9,994,591
1,420		Rohm & Haas Co		99,400
9,621		RPM International, Inc		186,070
1,044		Scotts Miracle-Gro Co (Class A)		24,680
4,736		Sigma-Aldrich Corp		248,261
7,037	e	Valspar Corp		156,855
3,646	*	Watson Pharmaceuticals, Inc		103,911
99,593		Wyeth		3,678,965
		TOTAL CHEMICALS AND ALLIED PRODUCTS		45,553,619
COMMUNICATIONS - 6.27%
443,710		AT&T, Inc		12,388,383
16,995		Cablevision Systems Corp (Class A)		427,594
7,972		CenturyTel, Inc		292,174
799	*	Clearwire Corp (Class A)		9,492
148,270		Comcast Corp (Class A)		2,910,540
16,938	*	Crown Castle International Corp		490,694
5,722		Embarq Corp		232,027
17,386	e	Frontier Communications Corp		199,939
1,210	e	Hearst-Argyle Television, Inc		27,019
5,676	*	IAC/InterActiveCorp		98,195
3,290	e*	Leap Wireless International, Inc		125,349
12,451	e*	Liberty Global, Inc (Class A)		377,265
8,972	*	Liberty Media Corp - Capital (Series A)		120,045
42,782	*	Liberty Media Holding Corp (Interactive A)		552,316
58,773	e	Qwest Communications International, Inc		189,837
6,438		Scripps Networks Interactive (Class A)		233,764
208,271	e	Sprint Nextel Corp		1,270,453
4,327		Telephone & Data Systems, Inc		154,690
5,374	e	Time Warner Cable, Inc (Class A)		130,051
689	*	US Cellular Corp		32,328
212,880		Verizon Communications, Inc		6,831,319
16,871		Windstream Corp		184,569
		TOTAL COMMUNICATIONS		27,278,043
DEPOSITORY INSTITUTIONS - 14.60%
9,180	e	Associated Banc-Corp		183,141
6,313		Astoria Financial Corp		130,868
6,035	e	Bancorpsouth, Inc		169,764
340,568		Bank of America Corp		11,919,880
3,712		Bank of Hawaii Corp		198,406
85,403		Bank of New York Mellon Corp		2,782,430
40,422	e	BB&T Corp		1,527,952
1,536	e	BOK Financial Corp		74,358
1,083		Capitol Federal Financial		48,009
406,655		Citigroup, Inc		8,340,494
2,755	e	City National Corp		149,596
11,280	e	Comerica, Inc		369,871
4,669		Commerce Bancshares, Inc		216,642
4,555		Cullen/Frost Bankers, Inc		273,300
38,267	e	Fifth Third Bancorp		455,377
403		First Citizens Bancshares, Inc (Class A)		72,137
14,049	e	First Horizon National Corp		131,502

77

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
12,293	e	Fulton Financial Corp	$	134,117
25,851		Hudson City Bancorp, Inc		476,951
26,140	e	Huntington Bancshares, Inc		208,859
257,816		JPMorgan Chase & Co		12,040,007
36,815		Keycorp		439,571
4,938	e	M&T Bank Corp		440,716
19,549	e	Marshall & Ilsley Corp		393,912
55,950	e	National City Corp		97,913
25,250	e	New York Community Bancorp, Inc		423,947
1,874		Northern Trust Corp		135,303
25,084		People's United Financial, Inc		482,867
25,862		PNC Financial Services Group, Inc		1,931,891
19,771		Popular, Inc		163,902
52,745	e	Regions Financial Corp		506,352
33,017		Sovereign Bancorp, Inc		130,417
23,533		State Street Corp		1,338,557
26,582	e	SunTrust Banks, Inc		1,195,924
21,296	e	Synovus Financial Corp		220,414
8,760	e	TCF Financial Corp		157,680
8,529	e	TFS Financial Corp		106,783
129,999	e	US Bancorp		4,682,564
9,993	e	Valley National Bancorp		209,453
161,319	e	Wachovia Corp		564,617
6,591	e	Washington Federal, Inc		121,604
3,816	e	Webster Financial Corp		96,354
246,668		Wells Fargo & Co		9,257,450
4,531	e	Whitney Holding Corp		109,877
4,876	e	Wilmington Trust Corp		140,575
8,255	e	Zions Bancorporation		319,469
		TOTAL DEPOSITORY INSTITUTIONS		63,571,773
EATING AND DRINKING PLACES - 0.11%
7,722		McDonald's Corp		476,447
		TOTAL EATING AND DRINKING PLACES		476,447
EDUCATIONAL SERVICES - 0.03%
7,558	*	Career Education Corp		123,573
		TOTAL EDUCATIONAL SERVICES		123,573
ELECTRIC, GAS, AND SANITARY SERVICES - 6.17%
6,173		AGL Resources, Inc		193,709
7,835		Alliant Energy Corp		252,365
28,141	*	Allied Waste Industries, Inc		312,647
15,858		Ameren Corp		618,938
29,814	e	American Electric Power Co, Inc		1,104,012
4,360	e	American Water Works Co, Inc		93,740
9,391		Aqua America, Inc		166,972
7,203		Atmos Energy Corp		191,744
8,366		Centerpoint Energy, Inc		121,893
15,669	e	CMS Energy Corp		195,392
20,215	e	Consolidated Edison, Inc		868,436
1,047		Constellation Energy Group, Inc		25,442
43,180	e	Dominion Resources, Inc		1,847,240
8,335	e	DPL, Inc		206,708

78

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
11,952		DTE Energy Co	$	479,514
94,644		Duke Energy Corp		1,649,645
39,449	e*	Dynegy, Inc (Class A)		141,227
24,278		Edison International		968,692
41,329		El Paso Corp		527,358
4,513		Energen Corp		204,349
4,157	e	Entergy Corp		370,015
24,532		Exelon Corp		1,536,194
22,834	e	FirstEnergy Corp		1,529,650
30,660		FPL Group, Inc		1,542,198
9,191		Great Plains Energy, Inc		204,224
6,065	e	Hawaiian Electric Industries, Inc		176,552
5,846	e	Integrys Energy Group, Inc		291,949
13,785		MDU Resources Group, Inc		399,765
5,610	e*	Mirant Corp		102,607
5,801	e	National Fuel Gas Co		244,686
20,512		NiSource, Inc		302,757
11,728		Northeast Utilities		300,823
10,506	e*	NRG Energy, Inc		260,024
8,542		NSTAR		286,157
6,914		OGE Energy Corp		213,504
7,260		Oneok, Inc		249,744
14,527		Pepco Holdings, Inc		332,814
26,752		PG&E Corp		1,001,862
6,964		Pinnacle West Capital Corp		239,631
19,329		Progress Energy, Inc		833,660
9,843		Puget Energy, Inc		262,808
8,027		Questar Corp		328,465
26,035	*	Reliant Energy, Inc		191,357
1,372		Republic Services, Inc		41,133
9,011		SCANA Corp		350,798
18,774		Sempra Energy		947,524
11,893	e	Sierra Pacific Resources		113,935
57,237	e	Southern Co		2,157,263
7,696		Southern Union Co		158,922
16,123		TECO Energy, Inc		253,615
8,372		UGI Corp		215,830
6,605		Vectren Corp		183,949
9,237		Wisconsin Energy Corp		414,741
32,333		Xcel Energy, Inc		646,337
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		26,855,516
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 1.64%
8,167	e*	ADC Telecommunications, Inc		69,011
41,440	e*	Advanced Micro Devices, Inc		217,560
11,472	*	Atmel Corp		38,890
6,605	*	Avnet, Inc		162,681
3,139	e	AVX Corp		31,986
2,948		Cooper Industries Ltd (Class A)		117,773
4,973	e*	Cree, Inc		113,285
6,656		Eaton Corp		373,934
2,681	e*	EchoStar Corp (Class A)		64,612
8,443	*	Fairchild Semiconductor International, Inc		75,058
987		Harman International Industries, Inc		33,627

79

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
6,501	*	Integrated Device Technology, Inc	$	50,578
58,749		Intel Corp		1,100,369
3,987	*	International Rectifier Corp		75,833
5,626		Intersil Corp (Class A)		93,279
5,641	e*	Jarden Corp		132,281
6,720	*	JDS Uniphase Corp		56,851
1,992		L-3 Communications Holdings, Inc		195,853
1,039		Lincoln Electric Holdings, Inc		66,818
11,183	*	LSI Logic Corp		59,941
50,833	e*	Micron Technology, Inc		205,874
6,710	e	Molex, Inc		150,640
169,398		Motorola, Inc		1,209,502
5,872	*	Novellus Systems, Inc		115,326
10,546	e*	QLogic Corp		161,987
10,333		RadioShack Corp		178,554
3,026		Teleflex, Inc		192,121
29,170	e*	Tellabs, Inc		118,430
4,607	*	Thomas & Betts Corp		179,995
35,209		Tyco Electronics Ltd		973,881
11,950	*	Vishay Intertechnology, Inc		79,109
5,562	e	Whirlpool Corp		441,011
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,136,650
ENGINEERING AND MANAGEMENT SERVICES - 0.25%
727	*	Aecom Technology Corp		17,768
2,251		KBR, Inc		34,373
14,291	e	Moody's Corp		485,894
1,954	e	Quest Diagnostics, Inc		100,963
11,886	*	SAIC, Inc		240,454
5,306	*	URS Corp		194,571
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,074,023
FABRICATED METAL PRODUCTS - 0.69%
1,587	e*	Alliant Techsystems, Inc		149,083
3,820		Aptargroup, Inc		149,400
6,345		Ball Corp		250,564
9,167		Commercial Metals Co		154,830
3,597		Crane Co		106,867
32,806	e	Illinois Tool Works, Inc		1,458,227
7,586	e	Pentair, Inc		262,248
4,424		Snap-On, Inc		232,968
5,933		Stanley Works		247,643
		TOTAL FABRICATED METAL PRODUCTS		3,011,830
FOOD AND KINDRED PRODUCTS - 4.26%
23,949		Anheuser-Busch Cos, Inc		1,553,811
48,630	e	Archer Daniels Midland Co		1,065,483
9,118	e	Bunge Ltd		576,075
8,297		Campbell Soup Co		320,264
51,180	e	Coca-Cola Co		2,706,398
23,468		Coca-Cola Enterprises, Inc		393,558
34,942	e	ConAgra Foods, Inc		679,971
14,229	e*	Constellation Brands, Inc (Class A)		305,354
5,281	e	Corn Products International, Inc		170,471

80

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
14,254		Del Monte Foods Co	$	111,181
18,554	*	Dr Pepper Snapple Group, Inc		491,310
22,941		General Mills, Inc		1,576,505
10,679		H.J. Heinz Co		533,630
5,260	e	Hershey Co		207,980
5,699		Hormel Foods Corp		206,760
4,080		J.M. Smucker Co		206,815
8,267		Kellogg Co		463,779
109,799		Kraft Foods, Inc (Class A)		3,595,917
5,562		McCormick & Co, Inc		213,859
8,468		Molson Coors Brewing Co (Class B)		395,879
10,135		Pepsi Bottling Group, Inc		295,638
4,294		PepsiAmericas, Inc		88,972
7,258		PepsiCo, Inc		517,277
12,821	e	Reynolds American, Inc		623,357
52,065		Sara Lee Corp		657,581
8,898	e*	Smithfield Foods, Inc		141,300
18,927		Tyson Foods, Inc (Class A)		225,988
2,751		Wrigley (Wm.) Jr Co		218,429
		TOTAL FOOD AND KINDRED PRODUCTS		18,543,542
FOOD STORES - 0.43%
27,759		Kroger Co		762,817
32,435	e	Safeway, Inc		769,358
15,642		Supervalu, Inc		339,431
		TOTAL FOOD STORES		1,871,606
FORESTRY - 0.27%
5,419	e	Rayonier, Inc		256,590
15,578		Weyerhaeuser Co		943,715
		TOTAL FORESTRY		1,200,305
FURNITURE AND FIXTURES - 0.46%
4,561	e	Hill-Rom Holdings, Inc		138,244
37,103		Johnson Controls, Inc		1,125,334
11,766	e	Leggett & Platt, Inc		256,381
26,320	e	Masco Corp		472,181
		TOTAL FURNITURE AND FIXTURES		1,992,140
FURNITURE AND HOME FURNISHINGS STORES - 0.12%
3,166	e*	Bed Bath & Beyond, Inc		99,444
4,252	e*	Mohawk Industries, Inc		286,542
4,264	e	Steelcase, Inc (Class A)		45,838
5,538	e	Williams-Sonoma, Inc		89,605
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		521,429
GENERAL BUILDING CONTRACTORS - 0.34%
10,027		Centex Corp		162,437
23,789	e	DR Horton, Inc		309,733
5,813	e	KB Home		114,400
11,492	e	Lennar Corp (Class A)		174,563
2,404	e	MDC Holdings, Inc		87,962
360	*	NVR, Inc		205,920
13,192	e	Pulte Homes, Inc		184,292

81

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
10,049	e*	Toll Brothers, Inc	$	253,536
		TOTAL GENERAL BUILDING CONTRACTORS		1,492,843
GENERAL MERCHANDISE STORES - 0.87%
4,597	e*	BJ's Wholesale Club, Inc		178,639
9,897		Family Dollar Stores, Inc		234,559
16,707		JC Penney Co, Inc		557,011
30,476		Macy's, Inc		547,958
12,243	e*	Saks, Inc		113,248
4,030	e	Target Corp		197,672
32,377		Wal-Mart Stores, Inc		1,939,059
		TOTAL GENERAL MERCHANDISE STORES		3,768,146
HEALTH SERVICES - 0.99%
10,450		AmerisourceBergen Corp		393,442
3,587	e	Brookdale Senior Living, Inc		78,878
18,085		Cigna Corp		614,528
5,259	e*	Community Health Systems, Inc		154,141
9,031	*	Coventry Health Care, Inc		293,959
1,216	*	DaVita, Inc		69,324
6,128	*	Health Management Associates, Inc (Class A)		25,492
4,542	e*	LifePoint Hospitals, Inc		145,980
900	e*	Lincare Holdings, Inc		27,081
5,898		McKesson Corp		317,371
7,758		Omnicare, Inc		223,198
468	*	Pediatrix Medical Group, Inc		25,235
14,363	e*	Tenet Healthcare Corp		79,715
3,756		Universal Health Services, Inc (Class B)		210,449
35,579	*	WellPoint, Inc		1,664,030
		TOTAL HEALTH SERVICES		4,322,823
HOLDING AND OTHER INVESTMENT OFFICES - 3.61%
2,405	e	Alexandria Real Estate Equities, Inc		270,563
13,100	e	Allied Capital Corp		141,480
7,358	e	AMB Property Corp		333,317
40,414		Annaly Mortgage Management, Inc		543,568
4,622	e	Apartment Investment & Management Co (Class A)		161,862
5,613	e	AvalonBay Communities, Inc		552,431
8,822	e	Boston Properties, Inc		826,269
6,400		Brandywine Realty Trust		102,592
3,471	e	BRE Properties, Inc (Class A)		170,079
1,342	e	Camden Property Trust		61,544
4,831	e	CBL & Associates Properties, Inc		97,006
9,061	e	Developers Diversified Realty Corp		287,143
2,141	e	Digital Realty Trust, Inc		101,162
8,600		Douglas Emmett, Inc		198,402
11,260		Duke Realty Corp		276,771
19,963	e	Equity Residential		886,557
1,673	e	Essex Property Trust, Inc		197,966
3,233	e	Federal Realty Investment Trust		276,745
7,519	e	General Growth Properties, Inc		113,537
16,297	e	HCP, Inc		653,999
6,429		Health Care REIT, Inc		342,216
6,489		Hospitality Properties Trust		133,154

82

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
38,319	e	Host Marriott Corp	$	509,260
15,545		HRPT Properties Trust		107,105
35,034		iShares Russell 1000 Value Index Fund		2,238,322
10,189	e	iStar Financial, Inc		26,491
2,626	e	Kilroy Realty Corp		125,497
16,273	e	Kimco Realty Corp		601,125
6,482		Liberty Property Trust		244,047
4,644		Mack-Cali Realty Corp		157,292
6,580		Nationwide Health Properties, Inc		236,748
8,554	e	Plum Creek Timber Co, Inc		426,502
19,240	e	Prologis		794,035
9,574		Public Storage, Inc		947,922
5,335	e	Regency Centers Corp		355,791
4,443	e	SL Green Realty Corp		287,906
9,947	e	UDR, Inc		260,114
7,930	e	Ventas, Inc		391,901
20,586	e	Virgin Media, Inc		162,629
9,989		Vornado Realty Trust		908,500
5,727	e	Weingarten Realty Investors		204,282
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		15,713,832
HOTELS AND OTHER LODGING PLACES - 0.07%
3,459	e	Boyd Gaming Corp		32,376
1,371	e	Choice Hotels International, Inc		37,154
507	e*	MGM Mirage		14,450
500	e	Orient-Express Hotels Ltd (Class A)		12,065
13,129		Wyndham Worldwide Corp		206,257
		TOTAL HOTELS AND OTHER LODGING PLACES		302,302
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.27%
1,843	*	AGCO Corp		78,530
4,565	e	Black & Decker Corp		277,324
25,908	*	Brocade Communications Systems, Inc		150,785
4,314	e	Carlisle Cos, Inc		129,291
740		Diebold, Inc		24,501
1,657		Dover Corp		67,191
46,585	e*	EMC Corp		557,157
2,476		Flowserve Corp		219,795
4,222	*	Gardner Denver, Inc		146,588
744,490	d	General Electric Co		18,984,495
635		IDEX Corp		19,698
19,336		Ingersoll-Rand Co Ltd (Class A)		602,703
3,175		ITT Industries, Inc		176,562
7,485		Jabil Circuit, Inc		71,407
4,187		Kennametal, Inc		113,551
634	e*	Lam Research Corp		19,965
6,573	e*	Lexmark International, Inc (Class A)		214,083
1,155	*	Oil States International, Inc		40,829
13,947	*	SanDisk Corp		272,664
18,991		Seagate Technology, Inc		230,171
6,527	*	Teradata Corp		127,277
7,564	*	Terex Corp		230,853
5,578		Timken Co		158,136

83

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
900	*	Zebra Technologies Corp (Class A)	$	25,065
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		22,938,621
INSTRUMENTS AND RELATED PRODUCTS - 4.10%
1,400	e*	Advanced Medical Optics, Inc		24,892
883		Beckman Coulter, Inc		62,684
104,855	*	Boston Scientific Corp		1,286,571
3,101	e	Cooper Cos, Inc		107,791
37,295		Covidien Ltd		2,004,979
5,671	e	Danaher Corp		393,567
3,125	e	DRS Technologies, Inc		239,844
21,148	e	Eastman Kodak Co		325,256
10,123	*	Hologic, Inc		195,678
155,103		Johnson & Johnson		10,745,536
729	e	Kla-Tencor Corp		23,073
4,666		PerkinElmer, Inc		116,510
1,378		Pitney Bowes, Inc		45,832
5,561	*	Teradyne, Inc		43,431
20,497	*	Thermo Electron Corp		1,127,335
66,093		Xerox Corp		762,052
5,638	*	Zimmer Holdings, Inc		363,989
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		17,869,020
INSURANCE AGENTS, BROKERS AND SERVICE - 0.85%
20,658		AON Corp		928,784
6,071		Brown & Brown, Inc		131,255
6,398	e	Gallagher (Arthur J.) & Co		164,173
23,716		Hartford Financial Services Group, Inc		972,119
38,494		Marsh & McLennan Cos, Inc		1,222,569
610		White Mountains Insurance Group Ltd		286,548
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		3,705,448
INSURANCE CARRIERS - 5.54%
12,541		Aetna, Inc		452,856
350	e*	Alleghany Corp		127,750
3,673		Allied World Assurance Holdings Ltd		130,465
41,199		Allstate Corp		1,900,098
5,677		American Financial Group, Inc		167,472
173,474	e	American International Group, Inc		577,668
1,044		American National Insurance Co		90,129
3,548	*	Arch Capital Group Ltd		259,110
9,069		Assurant, Inc		498,795
8,670		Axis Capital Holdings Ltd		274,926
27,614		Chubb Corp		1,516,009
10,955		Cincinnati Financial Corp		311,560
1,657		CNA Financial Corp		43,480
12,723	*	Conseco, Inc		44,785
3,787		Endurance Specialty Holdings Ltd		117,094
2,310		Erie Indemnity Co (Class A)		97,644
4,675		Everest Re Group Ltd		404,528
15,045		Fidelity National Title Group, Inc (Class A)		221,162
7,177	e	First American Corp		211,722
31,564		Genworth Financial, Inc (Class A)		271,766
3,917		Hanover Insurance Group, Inc		178,302
8,853		HCC Insurance Holdings, Inc		239,031

84

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
8,000	*	Health Net, Inc	$	188,800
5,638	*	Humana, Inc		232,286
12,855	e	Leucadia National Corp		584,131
19,120		Lincoln National Corp		818,527
23,063		Loews Corp		910,758
797	*	Markel Corp		280,146
16,373	e	MBIA, Inc		194,839
2,189	e	Mercury General Corp		119,848
33,605		Metlife, Inc		1,881,880
8,530	e	MGIC Investment Corp		59,966
3,463	e	Nationwide Financial Services, Inc (Class A)		170,830
15,977		Old Republic International Corp		203,707
1,774		OneBeacon Insurance Group Ltd (Class A)		37,520
3,931		PartnerRe Ltd		267,662
3,070	*	Philadelphia Consolidated Holding Co		179,810
19,163		Principal Financial Group		833,399
49,970		Progressive Corp		869,478
4,867		Protective Life Corp		138,758
26,821		Prudential Financial, Inc		1,931,112
2,558	e	Reinsurance Group of America, Inc (Class A)		138,132
211	e*	Reinsurance Group of America, Inc (Class B)		10,028
4,951		RenaissanceRe Holdings Ltd		257,452
3,482		Stancorp Financial Group, Inc		181,064
6,707		Torchmark Corp		401,079
1,799		Transatlantic Holdings, Inc		97,776
45,121		Travelers Cos, Inc		2,039,469
57,989		UnitedHealth Group, Inc		1,472,341
3,266		Unitrin, Inc		81,454
25,992		UnumProvident Corp		652,399
10,222		W.R. Berkley Corp		240,728
126		Wesco Financial Corp		44,982
25,177	e	XL Capital Ltd (Class A)		451,675
		TOTAL INSURANCE CARRIERS		24,108,388
JUSTICE, PUBLIC ORDER AND SAFETY - 0.00% **
869	*	Corrections Corp of America		21,595
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		21,595
METAL MINING - 0.37%
28,513		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,620,964
		TOTAL METAL MINING		1,620,964
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.47%
1,692	e	Armstrong World Industries, Inc		48,899
11,607		Fortune Brands, Inc		665,778
5,691	e	Hasbro, Inc		197,592
1,035	*	Intrepid Potash, Inc		31,195
26,271		Mattel, Inc		473,929
17,398		Tyco International Ltd		609,278
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		2,026,671
MISCELLANEOUS RETAIL - 0.65%
2,513	e	Barnes & Noble, Inc		65,539
49,164	e	CVS Corp		1,654,860

85

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,270	e*	HSN, Inc	$	24,993
22,184	*	Office Depot, Inc		129,111
5,022	e	OfficeMax, Inc		44,646
36,049	e,v *	Rite Aid Corp		29,200
4,370	e*	Sears Holdings Corp		408,595
5,950	e	Signet Jewelers Ltd		139,111
7,262		Staples, Inc		163,395
5,194		Walgreen Co		160,806
		TOTAL MISCELLANEOUS RETAIL		2,820,256
MOTION PICTURES - 1.26%
1,035	*	Ascent Media Corp (Series A)		25,264
43,871		CBS Corp (Class B)		639,639
10,355	e*	Discovery Communications, Inc (Class A)		147,559
10,355	*	Discovery Communications, Inc (Class C)		146,627
104,373		News Corp (Class A)		1,251,432
5,510	e	Regal Entertainment Group (Class A)		86,948
237,564	e	Time Warner, Inc		3,114,464
2,352	*	Viacom, Inc (Class B)		58,424
		TOTAL MOTION PICTURES		5,470,357
NONDEPOSITORY INSTITUTIONS - 0.82%
15,198	e	American Capital Ltd		387,701
11,886		American Express Co		421,121
10,131	e*	AmeriCredit Corp		102,627
28,292	e	Capital One Financial Corp		1,442,892
15,241	e	CapitalSource, Inc		187,464
20,643	e	CIT Group, Inc		143,675
36,161	e	Discover Financial Services		499,745
8,695	e	Federal Home Loan Mortgage Corp		14,868
79,114	e	Federal National Mortgage Association		121,044
6,005		Lender Processing Services, Inc		183,273
3,570	*	SLM Corp		44,054
382		Student Loan Corp		35,526
378	e*	Tree.com, Inc		1,822
		TOTAL NONDEPOSITORY INSTITUTIONS		3,585,812
NONMETALLIC MINERALS, EXCEPT FUELS - 0.14%
7,942	e	Vulcan Materials Co		591,679
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		591,679
OIL AND GAS EXTRACTION - 1.89%
35,001		Anadarko Petroleum Corp		1,697,899
21,277		BJ Services Co		407,029
26,169	e	Chesapeake Energy Corp		938,420
6,319	e	Cimarex Energy Co		309,062
3,253	*	Encore Acquisition Co		135,910
708		ENSCO International, Inc		40,802
5,229	e*	Exterran Holdings, Inc		167,119
6,519	e*	Forest Oil Corp		323,342
2,871	e*	Global Industries Ltd		19,925
6,664	e*	Helix Energy Solutions Group, Inc		161,802
7,711		Helmerich & Payne, Inc		333,038
7,473	*	Hercules Offshore, Inc		113,291

86

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
7,207	*	Key Energy Services, Inc	$	83,601
1,639	*	Mariner Energy, Inc		33,600
18,082	*	Nabors Industries Ltd		450,603
4,222		Patterson-UTI Energy, Inc		84,524
860	*	PetroHawk Energy Corp		18,602
8,749	e	Pioneer Natural Resources Co		457,398
651	*	Plains Exploration & Production Co		22,889
3,274	*	Pride International, Inc		96,943
5,051	e	Rowan Cos, Inc		154,308
1,653	e*	SEACOR Holdings, Inc		130,504
2,619		St. Mary Land & Exploration Co		93,367
3,919	e	Tidewater, Inc		216,956
770	*	Unit Corp		38,361
36,858	e	XTO Energy, Inc		1,714,634
		TOTAL OIL AND GAS EXTRACTION		8,243,929
PAPER AND ALLIED PRODUCTS - 0.75%
7,266	e	Bemis Co		190,442
36,048	*	Domtar Corporation		165,821
31,505		International Paper Co		824,801
18,515		Kimberly-Clark Corp		1,200,513
12,417	e	MeadWestvaco Corp		289,440
6,306		Packaging Corp of America		146,173
21,555	e*	Smurfit-Stone Container Corp		101,309
7,628		Sonoco Products Co		226,399
7,972	e	Temple-Inland, Inc		121,653
		TOTAL PAPER AND ALLIED PRODUCTS		3,266,551
PERSONAL SERVICES - 0.10%
9,087		Cintas Corp		260,888
18,798	e	Service Corp International		157,151
908	e	Weight Watchers International, Inc		33,233
		TOTAL PERSONAL SERVICES		451,272
PETROLEUM AND COAL PRODUCTS - 13.09%
24,916		Apache Corp		2,598,240
4,340		Ashland, Inc		126,902
4,392		Cabot Oil & Gas Corp		158,727
154,440		Chevron Corp		12,738,211
115,223		ConocoPhillips		8,440,085
33,283	e	Devon Energy Corp		3,035,410
4,550		EOG Resources, Inc		407,043
321,615		Exxon Mobil Corp		24,976,621
52,848		Marathon Oil Corp		2,107,050
9,687	*	Newfield Exploration Co		309,887
12,134		Noble Energy, Inc		674,529
3,272	e	Sunoco, Inc		116,418
6,744	e	Tesoro Corp		111,209
38,909		Valero Energy Corp		1,178,943
		TOTAL PETROLEUM AND COAL PRODUCTS		56,979,275
PIPELINES, EXCEPT NATURAL GAS - 0.26%
46,900		Spectra Energy Corp		1,116,220
		TOTAL PIPELINES, EXCEPT NATURAL GAS		1,116,220

87

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
PRIMARY METAL INDUSTRIES - 0.36%
13,564		Alcoa, Inc	$	306,275
3,081		Carpenter Technology Corp		79,028
1,520	e*	Century Aluminum Co		42,089
2,318		Hubbell, Inc (Class B)		81,246
18,873		Nucor Corp		745,484
1,598	e	Schnitzer Steel Industries, Inc (Class A)		62,706
9,693		Steel Dynamics, Inc		165,653
4,832	e	Titanium Metals Corp		54,795
437		United States Steel Corp		33,916
		TOTAL PRIMARY METAL INDUSTRIES		1,571,192
PRINTING AND PUBLISHING - 0.38%
1,123		Dun & Bradstreet Corp		105,966
2,145	e	EW Scripps Co (Class A)		15,165
17,285	e	Gannett Co, Inc		292,289
11,731		McGraw-Hill Cos, Inc		370,817
2,715	e	Meredith Corp		76,129
9,931	e	New York Times Co (Class A)		141,914
15,654		R.R. Donnelley & Sons Co		383,993
503	e	Washington Post Co (Class B)		280,050
		TOTAL PRINTING AND PUBLISHING		1,666,323
RAILROAD TRANSPORTATION - 0.32%
1,089	e*	Kansas City Southern Industries, Inc		48,308
20,037		Norfolk Southern Corp		1,326,650
		TOTAL RAILROAD TRANSPORTATION		1,374,958
REAL ESTATE - 0.05%
7,649	e*	CB Richard Ellis Group, Inc (Class A)		102,267
2,175		Jones Lang LaSalle, Inc		94,569
1,012	e*	St. Joe Co		39,559
		TOTAL REAL ESTATE		236,395
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.16%
5,927	e*	Goodyear Tire & Rubber Co		90,742
20,397		Newell Rubbermaid, Inc		352,052
11,889		Sealed Air Corp		261,439
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		704,233
SECURITY AND COMMODITY BROKERS - 2.68%
16,584		Ameriprise Financial, Inc		633,509
338	e	BlackRock, Inc		65,741
1,466		CME Group, Inc		544,634
29,817	e*	E*Trade Financial Corp		83,488
5,277		Franklin Resources, Inc		465,062
26,268		Goldman Sachs Group, Inc		3,362,304
25,482	e	Invesco Ltd		534,612
900	*	Investment Technology Group, Inc		27,387
834	e	Janus Capital Group, Inc		20,250
9,337	e	Jefferies Group, Inc		209,149
10,183		Legg Mason, Inc		387,565
113,987	e	Merrill Lynch & Co, Inc		2,883,871

88

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,700	e*	MF Global Ltd	$	16,058
77,786	e	Morgan Stanley		1,789,078
4,240	e*	Nasdaq Stock Market, Inc		129,617
7,953	e	NYSE Euronext		311,599
6,658	e	Raymond James Financial, Inc		219,581
		TOTAL SECURITY AND COMMODITY BROKERS		11,683,505
SPECIAL TRADE CONTRACTORS - 0.02%
2,626	e*	Quanta Services, Inc		70,928
		TOTAL SPECIAL TRADE CONTRACTORS		70,928
STONE, CLAY, AND GLASS PRODUCTS - 0.11%
1,100	e	Eagle Materials, Inc		24,607
5,268	e*	Owens Corning, Inc		125,958
8,811	*	Owens-Illinois, Inc		259,043
2,083	e*	USG Corp		53,325
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		462,933
TOBACCO PRODUCTS - 0.45%
40,222		Altria Group, Inc		798,004
6,114		Lorillard, Inc		435,011
11,276		UST, Inc		750,305
		TOTAL TOBACCO PRODUCTS		1,983,320
TRANSPORTATION BY AIR - 0.72%
10,880	*	AMR Corp		106,842
8,622	e*	Continental Airlines, Inc (Class B)		143,815
545		Copa Holdings S.A. (Class A)		17,713
10,069	e*	Delta Air Lines, Inc		75,014
23,095		FedEx Corp		1,825,429
19,050	*	Northwest Airlines Corp		172,022
53,802		Southwest Airlines Co		780,667
		TOTAL TRANSPORTATION BY AIR		3,121,502
TRANSPORTATION EQUIPMENT - 2.04%
5,714		Autoliv, Inc		192,848
1,100	*	BE Aerospace, Inc		17,413
159,886	e*	Ford Motor Co		831,407
29,696		General Dynamics Corp		2,186,220
36,211	e	General Motors Corp		342,194
11,766		Genuine Parts Co		473,111
1,822	e	Harley-Davidson, Inc		67,961
19,121		Northrop Grumman Corp		1,157,585
1,559		Oshkosh Truck Corp		20,516
9,028	*	Pactiv Corp		224,165
20,486		Raytheon Co		1,096,206
7,226	*	Spirit Aerosystems Holdings, Inc (Class A)		116,122
1,717	e	Thor Industries, Inc		42,616
6,380	e	Trinity Industries, Inc		164,157
4,547	*	TRW Automotive Holdings Corp		72,343
31,175		United Technologies Corp		1,872,371
		TOTAL TRANSPORTATION EQUIPMENT		8,877,235

89

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
TRANSPORTATION SERVICES - 0.04%
2,270	*	Interval Leisure Group, Inc	$	23,608
3,413		GATX Corp		135,052
1,400		UTI Worldwide, Inc		23,828
		TOTAL TRANSPORTATION SERVICES		182,488
TRUCKING AND WAREHOUSING - 0.03%
2,628		Con-way, Inc		115,921
		TOTAL TRUCKING AND WAREHOUSING		115,921
WATER TRANSPORTATION - 0.33%
3,099	e	Alexander & Baldwin, Inc		136,449
25,550		Carnival Corp		903,192
1,749	e	Overseas Shipholding Group, Inc		101,984
10,353	e	Royal Caribbean Cruises Ltd		214,825
3,255	e	Teekay Corp		85,867
		TOTAL WATER TRANSPORTATION		1,442,317
WHOLESALE TRADE-DURABLE GOODS - 0.18%
8,619	*	Arrow Electronics, Inc		225,990
1,187		BorgWarner, Inc		38,898
12,813	*	Ingram Micro, Inc (Class A)		205,905
209	e	Martin Marietta Materials, Inc		23,404
4,553		Reliance Steel & Aluminum Co		172,877
3,126	*	Tech Data Corp		93,311
713	*	WESCO International, Inc		22,944
		TOTAL WHOLESALE TRADE-DURABLE GOODS		783,329
WHOLESALE TRADE-NONDURABLE GOODS - 0.13%
1,501		Brown-Forman Corp (Class B)		107,787
6,709		Cardinal Health, Inc		330,620
2,378	*	Dean Foods Co		55,550
765	*	Endo Pharmaceuticals Holdings, Inc		15,300
448	*	Henry Schein, Inc		24,120
1,100	e	Valhi, Inc		19,800
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		553,177
		TOTAL COMMON STOCKS		432,536,531
		(Cost $513,825,767)
SHORT-TERM INVESTMENTS - 16.51%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 16.51%
71,884,795		State Street Navigator Securities Lending Prime Portfolio		71,884,795
				71,884,795
		TOTAL SHORT-TERM INVESTMENTS		71,884,795
		(Cost $71,884,795)
		TOTAL PORTFOLIO - 115.86%
		(Cost $585,710,562)		504,421,326
		OTHER ASSETS & LIABILITIES, NET - (15.86)%		(69,048,739	)
		NET ASSETS - 100.00%	$	435,372,587

90

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

*	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 $54,825.
e	All or a portion of these securities are out on loan.
v	Security valued at fair value.
	The following abbreviations are used in portfolios descriptions: REIT - Real Estate Investment Trust

91

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.57%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
3,805	e*	Chiquita Brands International, Inc	$	60,157
		TOTAL AGRICULTURAL PRODUCTION-CROPS		60,157
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
954	e	Cal-Maine Foods, Inc		26,178
3,687	e	Pilgrim's Pride Corp		9,180
25	e	Seaboard Corp		31,425
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		66,783
AGRICULTURAL SERVICES - 0.00%**
864	e*	Cadiz, Inc		16,476
812	e	Calavo Growers, Inc		10,118
		TOTAL AGRICULTURAL SERVICES		26,594
AMUSEMENT AND RECREATION SERVICES - 0.57%
4,987	e*	Bally Technologies, Inc		151,006
689		Churchill Downs, Inc		33,747
736	e	Dover Downs Gaming & Entertainment, Inc		5,726
3,080		International Speedway Corp (Class A)		119,843
2,221	e*	Leapfrog Enterprises, Inc		23,454
2,855	e*	Life Time Fitness, Inc		89,276
6,113	e*	Live Nation, Inc		99,459
3,992	e*	Marvel Entertainment, Inc		136,287
5,847	*	Penn National Gaming, Inc		155,355
5,760	e*	Pinnacle Entertainment, Inc		43,546
5,973	e,v*	Six Flags, Inc		4,002
1,544		Speedway Motorsports, Inc		30,077
2,919	e*	Ticketmaster		31,321
1,184	e*	Town Sports International Holdings, Inc		7,222
159,219	e	Walt Disney Co		4,886,431
3,298	e	Warner Music Group Corp		25,065
4,672	v*	Westwood One, Inc		2,336
3,592	e*	WMS Industries, Inc		109,806
1,665	e	World Wrestling Entertainment, Inc (Class A)		25,741
		TOTAL AMUSEMENT AND RECREATION SERVICES		5,979,700
APPAREL AND ACCESSORY STORES - 0.56%
6,870		Abercrombie & Fitch Co (Class A)		271,021
5,488	e*	Aeropostale, Inc		176,220
2,689	e*	American Apparel, Inc		22,050
14,212	e	American Eagle Outfitters, Inc		216,733
5,041	*	AnnTaylor Stores Corp		104,046
3,149		Bebe Stores, Inc		30,766
4,361	e	Brown Shoe Co, Inc		71,433
1,275	e	Buckle, Inc		70,813

92

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
793	*	Cache, Inc	$	5,448
4,241	*	Carter's, Inc		83,675
2,133	e*	Casual Male Retail Group, Inc		8,383
2,314		Cato Corp (Class A)		40,611
2,203	*	Charlotte Russe Holding, Inc		22,581
7,798	e*	Charming Shoppes, Inc		38,132
14,947	e*	Chico's FAS, Inc		81,760
1,990	*	Children's Place Retail Stores, Inc		66,366
2,902	e	Christopher & Banks Corp		22,258
1,134	*	Citi Trends, Inc		18,473
4,864	e*	Collective Brands, Inc		89,060
4,020	e*	Dress Barn, Inc		61,466
1,121	e*	DSW, Inc (Class A)		15,358
3,249		Finish Line, Inc (Class A)		32,457
13,032		Foot Locker, Inc		210,597
39,853		Gap, Inc		708,586
7,801	e*	Hanesbrands, Inc		169,672
3,079	*	HOT Topic, Inc		20,352
3,580	e*	J Crew Group, Inc		102,281
2,684	e*	Jo-Ann Stores, Inc		56,310
1,448	e*	JOS A Bank Clothiers, Inc		48,653
25,494	*	Kohl's Corp		1,174,763
23,302		Limited Brands, Inc		403,591
3,344	*	New York & Co, Inc		31,902
14,897	e	Nordstrom, Inc		429,332
5,259	*	Pacific Sunwear Of California, Inc		35,393
11,074		Ross Stores, Inc		407,634
407	*	Shoe Carnival, Inc		6,667
3,326	e	Stage Stores, Inc		45,433
1,778	e	Talbots, Inc		23,292
2,198	e*	Tween Brands, Inc		21,518
2,684	e*	Under Armour, Inc (Class A)		85,244
9,470	e*	Urban Outfitters, Inc		301,809
11,688	*	Wet Seal, Inc (Class A)		42,427
		TOTAL APPAREL AND ACCESSORY STORES		5,874,566
APPAREL AND OTHER TEXTILE PRODUCTS - 0.18%
1,043	e	Columbia Sportswear Co		43,764
963	e*	G-III Apparel Group Ltd		18,018
4,801		Guess ?, Inc		167,027
2,494	e*	Gymboree Corp		88,537
7,074	e	Jones Apparel Group, Inc		130,940
7,812	e	Liz Claiborne, Inc		128,351
1,478	e*	Lululemon Athletica, Inc		34,038
3,070	e*	Maidenform Brands, Inc		44,546
4,194		Phillips-Van Heusen Corp		158,994
4,587		Polo Ralph Lauren Corp (Class A)		305,678
10,285	*	Quiksilver, Inc		59,036
1,355	e*	True Religion Apparel, Inc		35,027
7,138		VF Corp		551,839
3,618	*	Warnaco Group, Inc		163,859
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,929,654

93

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
AUTO REPAIR, SERVICES AND PARKING - 0.07%
741	*	Amerco, Inc	$	31,070
2,651	e*	Dollar Thrifty Automotive Group, Inc		5,116
6,138	*	Exide Technologies		45,298
1,439	e*	Federal Mogul Corp (Class A)		18,060
25,694	*	Hertz Global Holdings, Inc		194,504
1,441	e*	Midas, Inc		19,828
1,021		Monro Muffler, Inc		23,544
4,712	e	Ryder System, Inc		292,144
432	*	Standard Parking Corp		9,599
3,275	*	Wright Express Corp		97,759
		TOTAL AUTO REPAIR, SERVICES AND PARKING		736,922
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.16%
7,799		Advance Auto Parts		309,308
793	e*	America's Car-Mart, Inc		14,742
1,878		Asbury Automotive Group, Inc		21,635
9,448	e*	Autonation, Inc		106,196
3,365	*	Autozone, Inc		415,039
17,409	e*	Carmax, Inc		243,726
5,573	*	Copart, Inc		211,774
810	e*	MarineMax, Inc		5,856
10,848	*	O'Reilly Automotive, Inc		290,401
3,336	e	Penske Auto Group, Inc		38,264
3,408	*	Rush Enterprises, Inc (Class A)		43,622
2,558	e	Sonic Automotive, Inc (Class A)		21,641
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,722,204
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.67%
1,177	e*	Builders FirstSource, Inc		7,050
10,436	e	Fastenal Co		515,434
138,713	e	Home Depot, Inc		3,591,280
120,070		Lowe's Cos, Inc		2,844,458
1,580	e*	Lumber Liquidators, Inc		19,845
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		6,978,067
BUSINESS SERVICES - 7.14%
32,406	*	3Com Corp		75,506
733	e*	3D Systems Corp		10,445
3,785		Aaron Rents, Inc		102,460
3,560		ABM Industries, Inc		77,750
49,377		Accenture Ltd (Class A)		1,876,326
2,535	e*	ACI Worldwide, Inc		44,413
48,240	*	Activision Blizzard, Inc		744,343
3,842	*	Actuate Corp		13,447
5,011		Acxiom Corp		62,838
2,262	e	Administaff, Inc		61,572
43,519	*	Adobe Systems, Inc		1,717,695
1,354	e*	Advent Software, Inc		47,701
7,319	*	Affiliated Computer Services, Inc (Class A)		370,561
4,957	e	Aircastle Ltd		49,124
13,776	e*	Akamai Technologies, Inc		240,253
5,533	e*	Alliance Data Systems Corp		350,682
15,924	*	Amdocs Ltd		435,999
3,052	*	American Reprographics Co		52,647

94

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,790		American Software, Inc (Class A)	$	9,756
3,535	*	AMN Healthcare Services, Inc		62,110
6,957	e*	Ansys, Inc		263,462
2,421		Arbitron, Inc		108,195
7,125	*	Ariba, Inc		100,676
13,431	*	Art Technology Group, Inc		47,277
1,465	e*	Asset Acceptance Capital Corp		15,441
1,686	*	athenahealth, Inc		56,093
18,575	*	Autodesk, Inc		623,191
43,203		Automatic Data Processing, Inc		1,846,928
9,053	*	Avis Budget Group, Inc		51,964
4,038	*	Avocent Corp		82,617
1,039	e*	Bankrate, Inc		40,427
14,716	e,v*	BearingPoint, Inc		7,358
1,940		BGC Partners, Inc (Class A)		8,323
3,724	e	Blackbaud, Inc		68,708
2,820	*	Blackboard, Inc		113,618
2,690	e*	Blue Coat Systems, Inc		38,171
15,886	*	BMC Software, Inc		454,816
761	*	Bottomline Technologies, Inc		7,914
5,390	e*	BPZ Energy, Inc		92,708
4,265	e	Brady Corp (Class A)		150,469
3,327		Brink's Co		203,014
31,787		CA, Inc		634,469
2,883	*	CACI International, Inc (Class A)		144,438
21,979	*	Cadence Design Systems, Inc		148,578
2,394	e*	Callidus Software, Inc		9,480
1,160	*	Capella Education Co		49,718
2,460	e*	Cavium Networks, Inc		34,637
4,380	e*	CBIZ, Inc		37,011
5,532	e*	Cerner Corp		246,948
2,094	*	Chordiant Software, Inc		10,742
3,178	*	Ciber, Inc		22,214
15,324	*	Citrix Systems, Inc		387,084
3,570	e*	Clear Channel Outdoor Holdings, Inc (Class A)		48,838
847	*	Clinical Data, Inc		13,620
4,484	e*	Cogent Communications Group, Inc		34,616
3,986	e*	Cogent, Inc		40,737
3,905		Cognex Corp		78,725
23,562	*	Cognizant Technology Solutions Corp (Class A)		537,920
3,503	*	Commvault Systems, Inc		42,211
1,988	e	Compass Diversified Trust		27,713
1,189	e*	Compellent Technologies, Inc		14,744
1,662		Computer Programs & Systems, Inc		48,115
12,357	*	Computer Sciences Corp		496,628
22,024	e*	Compuware Corp		213,413
847	*	COMSYS IT Partners, Inc		8,233
3,532	e*	Concur Technologies, Inc		135,134
1,682	e*	Constant Contact, Inc		28,712
10,212	*	Convergys Corp		150,933
1,788	e*	CoStar Group, Inc		81,157
3,313	*	CSG Systems International, Inc		58,077
5,817	*	Cybersource Corp		93,712
2,709	e*	Data Domain, Inc		60,329

95

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,491	e*	DealerTrack Holdings, Inc	$	58,788
1,730	e*	Deltek, Inc		10,518
4,616		Deluxe Corp		66,424
2,100	e*	Dice Holdings, Inc		14,910
2,984	e*	Digital River, Inc		96,682
2,470	*	DivX, Inc		15,981
477	v*	DMRC Corp		5,559
1,220	*	Double-Take Software, Inc		12,139
3,710	e*	DST Systems, Inc		207,723
2,712	e*	DynCorp International, Inc (Class A)		45,453
9,238	*	Earthlink, Inc		78,523
91,314	*	eBay, Inc		2,043,607
170	e*	Ebix, Inc		15,973
3,244	e*	Echelon Corp		32,051
4,098	e*	Eclipsys Corp		85,853
1,211		Electro Rent Corp		16,264
26,040	*	Electronic Arts, Inc		963,220
5,133	e*	Entrust, Inc		11,036
4,217	*	Epicor Software Corp		33,272
2,843	e*	EPIQ Systems, Inc		38,665
10,612		Equifax, Inc		365,583
2,725	e*	Equinix, Inc		189,279
7,422	e*	Evergreen Energy, Inc		6,977
1,660	*	ExlService Holdings, Inc		14,575
16,967	e*	Expedia, Inc		256,371
6,964	e*	F5 Networks, Inc		162,818
3,326	e	Factset Research Systems, Inc		173,784
4,520	e	Fair Isaac Corp		104,186
1,951	e*	FalconStor Software, Inc		10,457
15,431		Fidelity National Information Services, Inc		284,856
817	e*	First Advantage Corp (Class A)		11,479
13,413	*	Fiserv, Inc		634,703
1,148	*	Forrester Research, Inc		33,659
5,026	e*	Gartner, Inc		113,990
1,509	*	Gerber Scientific, Inc		13,792
1,781		Gevity HR, Inc		12,966
3,223	*	Global Cash Access, Inc		16,308
1,260	e*	Global Sources Ltd		12,688
19,489	e*	Google, Inc (Class A)		7,805,734
1,315	e*	H&E Equipment Services, Inc		12,703
3,427	*	Hackett Group, Inc		18,643
3,917	e	Healthcare Services Group		71,642
2,009	e	Heartland Payment Systems, Inc		51,350
1,765	e	Heidrick & Struggles International, Inc		53,215
14,475	*	HLTH Corp		165,449
2,040	e*	HMS Holdings Corp		48,878
2,798	*	Hudson Highland Group, Inc		19,446
3,858	*	Hypercom Corp		15,355
989	e*	i2 Technologies, Inc		13,342
289	*	ICT Group, Inc		2,326
1,316	*	iGate Corp		11,410
3,537	*	IHS, Inc (Class A)		168,503
14,826		IMS Health, Inc		280,360
2,444		infoGROUP, Inc		16,155

96

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,187	*	Informatica Corp	$	93,359
2,104		Infospace, Inc		22,828
2,615	e*	Innerworkings, Inc		29,000
1,718	*	Integral Systems, Inc		35,683
3,578		Interactive Data Corp		90,237
955	e*	Interactive Intelligence, Inc		8,614
5,824	e*	Internap Network Services Corp		20,268
1,767	e*	Internet Brands, Inc (Class A)		12,316
2,383	*	Internet Capital Group, Inc		19,326
38,241	e*	Interpublic Group of Cos, Inc		296,368
3,727	*	Interwoven, Inc		52,625
26,324	*	Intuit, Inc		832,102
2,569	e*	inVentiv Health, Inc		45,369
14,464	e*	Iron Mountain, Inc		353,066
6,226		Jack Henry & Associates, Inc		126,575
2,086	*	JDA Software Group, Inc		31,728
42,780	*	Juniper Networks, Inc		901,375
1,857	e	Kelly Services, Inc (Class A)		35,376
1,834	e*	Kenexa Corp		28,959
1,118	e*	Keynote Systems, Inc		14,814
2,364	*	Kforce, Inc		24,136
4,352	e*	Kinetic Concepts, Inc		124,424
1,958	e*	Knot, Inc		16,349
3,407	*	Korn/Ferry International		60,713
6,111	e*	Lamar Advertising Co (Class A)		188,769
10,291	*	Lawson Software, Inc		72,037
5,486	e*	Limelight Networks, Inc		13,715
1,100	*	Liquidity Services, Inc		11,935
2,806	e*	Magma Design Automation, Inc		11,280
2,138	e*	Manhattan Associates, Inc		47,763
6,649		Manpower, Inc		286,971
1,715	*	Mantech International Corp (Class A)		101,682
3,869	e	Marchex, Inc (Class B)		39,812
5,958	e	Mastercard, Inc (Class A)		1,056,532
12,489	*	McAfee, Inc		424,126
6,972	*	Mentor Graphics Corp		79,132
662,343	d	Microsoft Corp		17,677,935
736	*	MicroStrategy, Inc (Class A)		43,814
3,645	e*	Midway Games, Inc		8,639
4,277	*	ModusLink Global Solutions, Inc		41,102
1,184	*	Monotype Imaging Holdings, Inc		13,178
9,796	e*	Monster Worldwide, Inc		146,058
17,615	*	Move, Inc		37,344
8,526	*	MPS Group, Inc		85,942
3,168	e*	MSC.Software Corp		33,898
534	*	NCI, Inc (Class A)		15,208
14,013	*	NCR Corp		308,987
2,508	*	Ness Technologies, Inc		28,767
3,597	e*	NetFlix, Inc		111,075
2,450	*	Netscout Systems, Inc		26,068
578	e*	NetSuite, Inc		10,416
2,904		NIC, Inc		20,038
29,031	*	Novell, Inc		149,219
14,101	*	Nuance Communications, Inc		171,891

97

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
26,794		Omnicom Group, Inc	$	1,033,177
5,079	e*	Omniture, Inc		93,250
1,748	*	On Assignment, Inc		13,774
1,355	*	Online Resources Corp		10,528
6,788	e*	OpenTV Corp (Class A)		9,571
319,837	*	Oracle Corp		6,495,889
10,034	*	Parametric Technology Corp		184,626
1,702		PC-Tel, Inc		15,863
613		Pegasystems, Inc		7,914
1,250	*	PeopleSupport, Inc		14,613
2,126	e*	Perficient, Inc		14,117
7,252	*	Perot Systems Corp (Class A)		125,822
4,418	*	Phase Forward, Inc		92,380
2,203	*	Phoenix Technologies Ltd		17,602
1,446	e*	Portfolio Recovery Associates, Inc		70,319
5,806	*	Premiere Global Services, Inc		81,632
3,401	*	Progress Software Corp		88,392
1,059	*	PROS Holdings, Inc		9,944
1,388		QAD, Inc		9,605
1,771	e	Quality Systems, Inc		74,842
5,845	*	Quest Software, Inc		74,173
1,378	*	Radiant Systems, Inc		11,975
1,137	e*	Radisys Corp		9,778
4,430	e*	Raser Technologies, Inc		37,655
8,011	*	RealNetworks, Inc		40,696
15,607	*	Red Hat, Inc		235,198
612	e	Renaissance Learning, Inc		7,950
5,338	e*	Rent-A-Center, Inc		118,931
2,295	*	RightNow Technologies, Inc		28,848
1,600	*	Riskmetrics Group Inc		31,312
11,891	e	Robert Half International, Inc		294,302
3,377		Rollins, Inc		64,095
3,888	e*	RSC Holdings, Inc		44,168
5,134	*	S1 Corp		31,420
8,602	*	Salesforce.com, Inc		416,337
7,164	*	Sapient Corp		53,229
5,132	e*	Secure Computing Corp		28,123
850	*	SI International, Inc		25,543
2,460	e*	Smith Micro Software, Inc		17,466
2,397	e*	Sohu.com, Inc		133,633
4,133	*	SonicWALL, Inc		21,657
19,829	e*	Sonus Networks, Inc		57,108
5,488	e	Sotheby's (Class A)		110,089
1,689	*	Sourcefire, Inc		12,313
4,940	*	Spherion Corp		24,058
1,267	*	SPSS, Inc		37,199
3,686	*	SRA International, Inc (Class A)		83,414
1,182	e*	Stratasys, Inc		20,650
1,835	e*	SuccessFactors, Inc		20,002
63,519	e*	Sun Microsystems, Inc		482,744
3,687	e*	SupportSoft, Inc		11,061
6,717	e*	Sybase, Inc		205,675
2,708	*	SYKES Enterprises, Inc		59,468
69,212	*	Symantec Corp		1,355,171

98

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,336	e*	Synchronoss Technologies, Inc	$	21,982
1,827	e*	SYNNEX Corp		40,815
11,318	*	Synopsys, Inc		225,794
932	e	Syntel, Inc		22,834
6,176		Take-Two Interactive Software, Inc		101,286
1,294	e	TAL International Group, Inc		26,941
1,871	e*	Taleo Corp (Class A)		37,214
1,091	e*	TechTarget, Inc		7,637
3,895	*	TeleTech Holdings, Inc		48,454
807		Textainer Group Holdings Ltd		12,258
1,213	e	TheStreet.com, Inc		7,266
5,002	*	THQ, Inc		60,224
16,150	*	TIBCO Software, Inc		118,218
2,493	*	TNS, Inc		48,289
13,573		Total System Services, Inc		222,597
2,582	e*	TradeStation Group, Inc		24,142
3,536	*	TrueBlue, Inc		57,142
2,353	e*	Ultimate Software Group, Inc		63,531
26,675	*	Unisys Corp		73,356
6,269	e	United Online, Inc		58,991
4,767	e*	United Rentals, Inc		72,649
8,046	*	Valueclick, Inc		82,311
2,516	e*	Vasco Data Security International		26,066
15,844	e*	VeriSign, Inc		413,212
1,605		Viad Corp		46,208
1,973	e*	Vignette Corp		21,190
36,801		Visa, Inc (Class A)		2,259,213
3,388	e*	VMware, Inc (Class A)		90,256
1,323	*	Vocus, Inc		44,929
667	*	Volt Information Sciences, Inc		5,990
40,170		Waste Management, Inc		1,264,953
653	e*	WebMD Health Corp (Class A)		19,420
4,018	*	Websense, Inc		89,802
2,225	e*	Website Pros, Inc		12,015
5,919	*	Wind River Systems, Inc		59,190
113,543	*	Yahoo!, Inc		1,964,294
		TOTAL BUSINESS SERVICES		74,710,420
CHEMICALS AND ALLIED PRODUCTS - 10.39%
126,368		Abbott Laboratories		7,276,269
474	*	Abraxis Bioscience, Inc		32,687
1,835	e*	Acadia Pharmaceuticals, Inc		4,918
3,194	e*	Acorda Therapeutics, Inc		76,177
3,770	e*	Adolor Corp		13,007
17,237		Air Products & Chemicals, Inc		1,180,562
1,838	*	Albany Molecular Research, Inc		33,249
7,394		Albemarle Corp		228,031
7,692		Alberto-Culver Co		209,530
6,002	e*	Alexion Pharmaceuticals, Inc		235,879
1,440	e*	Alexza Pharmaceuticals, Inc		7,114
7,300	*	Alkermes, Inc		97,090
3,109	e*	Allos Therapeutics, Inc		23,038
3,382	e*	Alnylam Pharmaceuticals, Inc		97,909
3,647	e*	Alpharma, Inc (Class A)		134,538

99

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,383	e*	AMAG Pharmaceuticals, Inc	$	53,564
4,965	e*	American Oriental Bioengineering, Inc		32,223
854	e	American Vanguard Corp		12,878
89,762	*	Amgen, Inc		5,320,194
2,248	e	Arch Chemicals, Inc		79,354
909	*	Ardea Biosciences, Inc		12,571
8,260	e*	Arena Pharmaceuticals, Inc		41,300
2,419	e*	Arqule, Inc		7,789
3,457	e*	Array Biopharma, Inc		26,550
3,357	e*	Auxilium Pharmaceuticals, Inc		108,767
6,290	e*	Aventine Renewable Energy Holdings, Inc		19,876
8,828		Avery Dennison Corp		392,669
34,912		Avon Products, Inc		1,451,292
1,121	e	Balchem Corp		29,897
8,689	*	Barr Pharmaceuticals, Inc		567,392
899	e*	Biodel, Inc		3,012
23,751	*	Biogen Idec, Inc		1,194,438
8,036	e*	BioMarin Pharmaceuticals, Inc		212,874
780	*	BioMimetic Therapeutics, Inc		8,627
161,688		Bristol-Myers Squibb Co		3,371,195
5,474		Cabot Corp		173,964
1,206	e*	Cadence Pharmaceuticals, Inc		10,709
3,362	e*	Calgon Carbon Corp		68,450
1,937	*	Cambrex Corp		11,913
1,195	e*	Caraco Pharmaceutical Laboratories Ltd		14,949
12,104		Celanese Corp (Series A)		337,823
7,425	e*	Cell Genesys, Inc		4,381
1,257	*	Celldex Therapeutics, Inc		14,619
5,537	e*	Cephalon, Inc		429,062
4,613		CF Industries Holdings, Inc		421,905
5,567	*	Charles River Laboratories International, Inc		309,136
1,668	e*	Chattem, Inc		130,404
19,867		Chemtura Corp		90,594
4,940	*	China Precision Steel, Inc		16,450
5,563		Church & Dwight Co, Inc		345,407
11,276		Clorox Co		706,892
41,769		Colgate-Palmolive Co		3,147,294
3,988	e*	Columbia Laboratories, Inc		10,449
1,228	e*	Cougar Biotechnology, Inc		41,003
4,583	e*	Cubist Pharmaceuticals, Inc		101,880
3,964	e*	Cypress Bioscience, Inc		29,135
3,895		Cytec Industries, Inc		151,554
1,097	*	Cytokinetics, Inc		5,200
1,557	e*	Cytori Therapeutics, Inc		8,221
6,977	e*	Dendreon Corp		39,839
19,164	e*	Discovery Laboratories, Inc		35,837
77,807	e	Dow Chemical Co		2,472,706
73,710		Du Pont (E.I.) de Nemours & Co		2,970,513
7,981	*	Durect Corp		44,694
6,245		Eastman Chemical Co		343,850
14,091		Ecolab, Inc		683,695
82,860	e	Eli Lilly & Co		3,648,326
2,605	*	Elizabeth Arden, Inc		51,136
1,058	*	Emergent Biosolutions, Inc		13,849

100

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,740	e*	Enzon Pharmaceuticals, Inc	$	20,221
8,011		Estee Lauder Cos (Class A)		399,829
3,162	e	Ferro Corp		63,556
6,121		FMC Corp		314,558
24,931	*	Forest Laboratories, Inc		705,049
38,532	*	Genentech, Inc		3,417,018
22,284	*	Genzyme Corp		1,802,553
6,239	e*	Geron Corp		24,644
76,025	e*	Gilead Sciences, Inc		3,465,219
1,380	e*	GTx, Inc		26,248
4,572		H.B. Fuller Co		95,418
4,685	e*	Halozyme Therapeutics, Inc		34,388
9,549		Hercules, Inc		188,975
12,814	*	Hospira, Inc		489,495
10,809	*	Human Genome Sciences, Inc		68,637
14,421	e	Huntsman Corp		181,705
2,336	*	ICO, Inc		13,105
1,955	e*	Idenix Pharmaceuticals, Inc		14,135
1,706	e*	Idera Pharmaceuticals, Inc		24,003
4,930	*	Idexx Laboratories, Inc		270,164
4,930	*	ImClone Systems, Inc		307,829
5,740	*	Immucor, Inc		183,450
3,428	e*	Immunogen, Inc		16,831
3,142	e*	Indevus Pharmaceuticals, Inc		10,526
772		Innophos Holdings, Inc		18,821
1,454		Innospec, Inc		17,535
3,397	e*	Inspire Pharmaceuticals, Inc		12,127
626	e	Inter Parfums, Inc		8,489
2,057	e*	InterMune, Inc		35,195
6,575		International Flavors & Fragrances, Inc		259,449
6,045	e*	Inverness Medical Innovations, Inc		181,350
7,612	e*	Invitrogen Corp		287,734
10,988	e*	Javelin Pharmaceuticals, Inc		28,569
1,282	e	Kaiser Aluminum Corp		55,062
19,586	*	King Pharmaceuticals, Inc		187,634
1,718		Koppers Holdings, Inc		64,270
2,762	e*	KV Pharmaceutical Co (Class A)		62,725
1,531	*	Landec Corp		12,539
6,598	e*	Ligand Pharmaceuticals, Inc (Class B)		19,464
5,486		Lubrizol Corp		236,666
930	e	Mannatech, Inc		3,720
3,013	e*	MannKind Corp		11,630
2,703	e	Martek Biosciences Corp		84,928
10,830	*	Medarex, Inc		70,070
4,277	*	Medicines Co		99,312
4,145	e	Medicis Pharmaceutical Corp (Class A)		61,802
2,182	e*	Medivation, Inc		57,736
175,983		Merck & Co, Inc		5,554,023
3,696	e	Meridian Bioscience, Inc		107,332
1,545		Minerals Technologies, Inc		91,711
1,900	e*	Momenta Pharmaceuticals, Inc		24,909
45,126	e	Monsanto Co		4,466,571
12,835		Mosaic Co		873,037
24,874	e*	Mylan Laboratories, Inc		284,061

101

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,366	*	Nabi Biopharmaceuticals	$	20,346
11,321		Nalco Holding Co		209,891
4,413	*	NBTY, Inc		130,272
2,863	e*	Neurocrine Biosciences, Inc		13,427
1,171	e	NewMarket Corp		61,548
465	e	NL Industries, Inc		4,776
1,927	e*	Noven Pharmaceuticals, Inc		22,507
3,911	*	NPS Pharmaceuticals, Inc		27,925
1,463	*	Obagi Medical Products, Inc		14,601
6,115		Olin Corp		118,631
2,490	e*	OM Group, Inc		56,025
1,002	e*	Omrix Biopharmaceuticals, Inc		17,976
4,429	e*	Onyx Pharmaceuticals, Inc		160,241
2,000	e*	Optimer Pharmaceuticals, Inc		15,900
2,833	e*	OraSure Technologies, Inc		13,938
1,613	e*	Orexigen Therapeutics, Inc		17,404
4,954	e*	OSI Pharmaceuticals, Inc		244,183
2,710	e*	Osiris Therapeutics, Inc		52,276
5,426	e*	Pacific Ethanol, Inc		7,542
2,404	e*	Pain Therapeutics, Inc		23,487
2,342	e*	Par Pharmaceutical Cos, Inc		28,783
5,254	*	Parexel International Corp		150,580
9,750	e	PDL BioPharma, Inc		90,772
6,178		Perrigo Co		237,606
2,525	e*	PetMed Express, Inc		39,642
558,425		Pfizer, Inc		10,297,357
1,267	e*	Pharmasset, Inc		25,277
2,476	*	PharMerica Corp		55,685
7,706	*	PolyOne Corp		49,704
3,470	e*	Pozen, Inc		36,470
13,331		PPG Industries, Inc		777,464
25,744		Praxair, Inc		1,846,874
2,719	*	Prestige Brands Holdings, Inc		24,145
250,778		Procter & Gamble Co		17,476,719
3,261	e*	Progenics Pharmaceuticals, Inc		43,404
167	*	Protalix BioTherapeutics, Inc		372
4,472	e*	Questcor Pharmaceuticals, Inc		32,869
2,065	*	Quidel Corp		33,887
3,302	*	Rockwood Holdings, Inc		84,729
11,000		Rohm & Haas Co		770,000
9,617		RPM International, Inc		185,993
2,713	e*	Salix Pharmaceuticals Ltd		17,390
133,955		Schering-Plough Corp		2,474,149
2,551	e	Sciele Pharma, Inc		78,545
3,192		Scotts Miracle-Gro Co (Class A)		75,459
4,395		Sensient Technologies Corp		123,631
8,506	e*	Sepracor, Inc		155,745
8,235	e	Sherwin-Williams Co		470,713
10,702		Sigma-Aldrich Corp		560,999
7,797	*	Solutia, Inc		109,158
642		Stepan Co		35,034
1,619	e*	SurModics, Inc		50,982
1,444	e*	Targacept, Inc		8,390
2,496	e*	Tercica, Inc		22,314

102

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,200	e*	Theravance, Inc	$	52,332
900	e*	Ulta Salon Cosmetics & Fragrance, Inc		11,952
1,951	e*	United Therapeutics Corp		205,187
570	e*	USANA Health Sciences, Inc		23,364
10,109	e*	USEC, Inc		54,690
6,363	e*	Valeant Pharmaceuticals International		130,251
7,746	e	Valspar Corp		172,658
7,076	*	VCA Antech, Inc		208,530
8,293	e*	Verasun Energy Corp		25,957
11,813	*	Vertex Pharmaceuticals, Inc		392,664
6,600	e*	Viropharma, Inc		86,592
8,076	e*	Warner Chilcott Ltd (Class A)		122,109
8,552	e*	Watson Pharmaceuticals, Inc		243,732
2,076	e	Westlake Chemical Corp		43,658
6,088	*	WR Grace & Co		92,050
109,993		Wyeth		4,063,141
2,069	e*	Xenoport, Inc		100,326
9,644	e*	XOMA Ltd		20,252
2,506	e*	Zymogenetics, Inc		16,690
		TOTAL CHEMICALS AND ALLIED PRODUCTS		108,668,198
COAL MINING - 0.26%
5,740	*	Alpha Natural Resources, Inc		295,208
11,753		Arch Coal, Inc		386,556
14,926		Consol Energy, Inc		684,954
9,945	e*	International Coal Group, Inc		62,057
1,920	e*	James River Coal Co		42,221
6,593	e	Massey Energy Co		235,173
2,110	e*	National Coal Corp		11,035
22,519		Peabody Energy Corp		1,013,355
779	*	Westmoreland Coal Co		12,308
		TOTAL COAL MINING		2,742,867
COMMUNICATIONS - 3.91%
3,573	e	Alaska Communications Systems Group, Inc		43,698
32,874	*	American Tower Corp (Class A)		1,182,478
2,386	e*	Anixter International, Inc		141,991
3,680	e*	Aruba Networks, Inc		18,878
488,821		AT&T, Inc		13,647,882
800		Atlantic Tele-Network, Inc		22,400
1,395	e*	Audiovox Corp (Class A)		13,071
3,879	e*	Brightpoint, Inc		27,929
18,171		Cablevision Systems Corp (Class A)		457,182
1,494	e*	Cbeyond Communications, Inc		21,499
5,507	*	Centennial Communications Corp (Class A)		34,364
2,950	e*	Central European Media Enterprises Ltd (Class A)		192,930
8,936		CenturyTel, Inc		327,504
37,646	e*	Charter Communications, Inc (Class A)		27,482
19,849	*	Cincinnati Bell, Inc		61,333
15,267	e,v*	Citadel Broadcasting Corp		12,519
5,505	e*	Clearwire Corp (Class A)		65,399
231,749		Comcast Corp (Class A)		4,549,233
1,895	e	Consolidated Communications Holdings, Inc		28,577
2,758	e*	Cox Radio, Inc (Class A)		29,124

103

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
23,120	*	Crown Castle International Corp	$	669,786
1,364	e*	Crown Media Holdings, Inc (Class A)		6,861
4,317	*	CTC Media, Inc		64,755
3,320	e*	Cumulus Media, Inc (Class A)		14,143
966	e*	DG FastChannel, Inc		21,175
49,782	e*	DIRECTV Group, Inc		1,302,795
16,644	*	DISH Network Corp (Class A)		349,524
12,061		Embarq Corp		489,074
2,549	e	Entercom Communications Corp (Class A)		12,796
4,266	*	Entravision Communications Corp (Class A)		11,476
6,994	e	Fairpoint Communications, Inc		60,638
8,070	e*	FiberTower Corp		11,137
523	e	Fisher Communications, Inc		20,606
11,950	*	Foundry Networks, Inc		217,609
26,572	e	Frontier Communications Corp		305,578
3,128	*	General Communication, Inc (Class A)		28,965
1,280	*	GeoEye, Inc		28,326
3,168	e*	Global Crossing Ltd		48,027
6,441		Global Payments, Inc		288,943
1,429	e*	Globalstar, Inc		2,429
2,720	e	Gray Television, Inc		4,678
2,451	e	Hearst-Argyle Television, Inc		54,731
471	e*	Hughes Communications, Inc		17,286
7,299	*	IAC/InterActiveCorp		126,273
2,397	e	Ibasis, Inc		8,366
7,585	e*	ICO Global Communications Holdings Ltd (Class A)		8,268
3,466	e,v*	IDT Corp (Class B)		2,565
3,362	e	Iowa Telecommunications Services, Inc		62,802
1,117	*	iPCS, Inc		24,876
4,182	e*	j2 Global Communications, Inc		97,650
1,886	e*	Knology, Inc		15,220
4,301	e*	Leap Wireless International, Inc		163,868
128,552	e*	Level 3 Communications, Inc		347,090
26,909	e*	Liberty Global, Inc (Class A)		815,343
10,337	*	Liberty Media Corp - Capital (Series A)		138,309
42,276	*	Liberty Media Corp - Entertainment (Series A)		1,055,632
48,855	*	Liberty Media Holding Corp (Interactive A)		630,718
1,731	e*	Lin TV Corp (Class A)		8,932
3,498	*	Mastec, Inc		46,488
3,808	e*	Mediacom Communications Corp (Class A)		22,543
19,911	e*	MetroPCS Communications, Inc		278,555
6,087	e*	NeuStar, Inc (Class A)		121,070
1,358	e*	Neutral Tandem, Inc		25,177
1,998	e*	Nextwave Wireless, Inc		1,199
13,712	*	NII Holdings, Inc (Class B)		519,959
2,620	e*	Novatel Wireless, Inc		15,877
2,038		NTELOS Holdings Corp		54,802
2,310	e*	Orbcomm, Inc		11,388
10,136	e*	PAETEC Holding Corp		21,792
123,033	e	Qwest Communications International, Inc		397,397
3,087	*	RCN Corp		37,847
3,043	e*	SAVVIS, Inc		40,898
8,859	e*	SBA Communications Corp (Class A)		229,182
7,522		Scripps Networks Interactive (Class A)		273,124

104

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,530	e	Shenandoah Telecom Co	$	33,767
2,967	e	Sinclair Broadcast Group, Inc (Class A)		14,954
232,879	e	Sprint Nextel Corp		1,420,562
1,659	*	Switch & Data Facilities Co, Inc		20,655
4,213	*	Syniverse Holdings, Inc		69,978
2,661	e*	TeleCommunication Systems, Inc (Class A)		18,388
8,507		Telephone & Data Systems, Inc		304,125
3,425	e*	Terremark Worldwide, Inc		23,530
4,704	e*	TerreStar Corp		4,704
12,691	e	Time Warner Cable, Inc (Class A)		307,122
7,817	e*	TiVo, Inc		57,220
1,359	*	US Cellular Corp		63,764
1,775		USA Mobility, Inc		19,525
235,711	e	Verizon Communications, Inc		7,563,966
2,100	e*	Virgin Mobile USA, Inc (Class A)		6,174
2,083	e,v*	Vonage Holdings Corp		2,083
36,639		Windstream Corp		400,831
		TOTAL COMMUNICATIONS		40,871,369
DEPOSITORY INSTITUTIONS - 7.74%
847	e	1st Source Corp		19,905
1,999	e	Abington Bancorp, Inc		20,230
2,383	e	Amcore Financial, Inc		22,043
686	e	Ameris Bancorp		10,187
529	e	Ames National Corp		13,728
1,394	e	Anchor Bancorp Wisconsin, Inc		10,246
721	e	Arrow Financial Corp		21,205
10,303	e	Associated Banc-Corp		205,545
7,399		Astoria Financial Corp		153,381
744	e	Bancfirst Corp		35,958
1,982		Banco Latinoamericano de Exportaciones S.A. (Class E)		28,580
7,231	e	Bancorpsouth, Inc		203,408
1,390	e	BancTrust Financial Group, Inc		18,237
4,203		Bank Mutual Corp		47,704
376,428		Bank of America Corp		13,174,980
4,296	e	Bank of Hawaii Corp		229,621
94,462		Bank of New York Mellon Corp		3,077,572
932	e	Bank of the Ozarks, Inc		25,164
1,731		BankFinancial Corp		25,411
932	e	Banner Corp		11,193
44,576	e	BB&T Corp		1,684,973
2,500	e*	Beneficial Mutual Bancorp, Inc		31,625
845		Berkshire Hills Bancorp, Inc		27,040
2,203	e	BOK Financial Corp		106,647
4,625	e	Boston Private Financial Holdings, Inc		40,423
4,247		Brookline Bancorp, Inc		54,319
543	e	Bryn Mawr Bank Corp		11,935
629	e	Camden National Corp		21,984
878	e	Capital City Bank Group, Inc		27,525
838	e	Capitol Bancorp Ltd		16,333
2,231		Capitol Federal Financial		98,900
2,055		Cardinal Financial Corp		16,604
1,729	e	Cascade Bancorp		15,371
416	e	Cass Information Systems, Inc		14,914

105

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,114	e	Cathay General Bancorp	$	97,913
1,951	e	Central Pacific Financial Corp		32,796
1,721	e	Chemical Financial Corp		53,592
450,175		Citigroup, Inc		9,233,089
728	e	Citizens & Northern Corp		15,688
6,479	e	Citizens Republic Bancorp, Inc		19,955
1,074	e	City Bank		16,754
1,809	e	City Holding Co		76,430
3,388	e	City National Corp		183,968
665	e	Clifton Savings Bancorp, Inc		7,973
851	e	CoBiz, Inc		10,221
16,441	e	Colonial Bancgroup, Inc		129,226
1,281		Columbia Banking System, Inc		22,712
12,456	e	Comerica, Inc		408,432
5,823		Commerce Bancshares, Inc		270,187
2,176	e	Community Bank System, Inc		54,726
986		Community Trust Bancorp, Inc		33,918
2,522	e	Corus Bankshares, Inc		10,214
4,970		Cullen/Frost Bankers, Inc		298,200
4,509	e	CVB Financial Corp		62,675
1,770	e	Dime Community Bancshares		26,939
1,979	e*	Dollar Financial Corp		30,457
1,702	e	Downey Financial Corp		4,766
5,815	e	East West Bancorp, Inc		79,666
506	e	Enterprise Financial Services Corp		11,415
1,416	e	ESSA Bancorp, Inc		19,682
4,582	e*	Euronet Worldwide, Inc		76,657
516	e	Farmers Capital Bank Corp		13,942
41,106	e	Fifth Third Bancorp		489,161
908	e	Financial Institutions, Inc		18,169
915	e	First Bancorp		15,647
5,854	e	First Bancorp		64,745
738	e	First Bancorp, Inc		14,465
2,657	e	First Busey Corp (Class A)		48,703
531		First Citizens Bancshares, Inc (Class A)		95,049
5,866	e	First Commonwealth Financial Corp		79,015
675	e	First Community Bancshares, Inc		25,326
2,395	e	First Financial Bancorp		34,967
2,018	e	First Financial Bankshares, Inc		104,694
1,067	e	First Financial Corp		50,128
1,050	e	First Financial Holdings, Inc		27,489
1,879		First Financial Northwest, Inc		19,391
16,522	e	First Horizon National Corp		154,654
1,232	e	First Merchants Corp		28,090
4,559		First Midwest Bancorp, Inc		110,510
9,160	e	First Niagara Financial Group, Inc		144,270
990	e	First Place Financial Corp		12,722
587	e	First South Bancorp, Inc		10,137
1,227	e*	FirstFed Financial Corp		9,620
6,734		FirstMerit Corp		141,414
2,890	e	Flagstar Bancorp, Inc		8,612
1,422	e	Flushing Financial Corp		24,885
7,440	e	FNB Corp		118,891
3,542	e	Frontier Financial Corp		47,569

106

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
13,886	e	Fulton Financial Corp	$	151,496
4,340	e	Glacier Bancorp, Inc		107,502
1,549	e	Greene County Bancshares, Inc		36,417
3,680	e*	Guaranty Bancorp		22,448
2,298	e	Hancock Holding Co		117,198
2,440	e	Hanmi Financial Corp		12,322
2,147	e	Harleysville National Corp		36,456
996	e	Heartland Financial USA, Inc		24,960
751	e	Heritage Commerce Corp		11,430
908	e	Home Bancshares, Inc		23,490
42,482		Hudson City Bancorp, Inc		783,793
28,232	e	Huntington Bancshares, Inc		225,574
1,293	e	IBERIABANK Corp		68,335
1,012	e	Independent Bank Corp		31,544
1,349	e	Integra Bank Corp		10,765
4,431		International Bancshares Corp		119,637
3,385	*	Investors Bancorp, Inc		50,944
283,022		JPMorgan Chase & Co		13,217,127
1,143	e	Kearny Financial Corp		13,990
40,744		Keycorp		486,483
1,193	e	Lakeland Bancorp, Inc		13,946
484	e	Lakeland Financial Corp		10,629
5,376	e	M&T Bank Corp		479,808
1,551	e	MainSource Financial Group, Inc		30,400
21,032	e	Marshall & Ilsley Corp		423,795
2,960		MB Financial, Inc		97,887
7,352	*	Metavante Technologies, Inc		141,600
995	e	Midwest Banc Holdings, Inc		3,980
1,730	e	Nara Bancorp, Inc		19,376
342	e	NASB Financial, Inc		11,112
64,364	e	National City Corp		112,637
6,442	e	National Penn Bancshares, Inc		94,053
2,846	e	NBT Bancorp, Inc		85,152
3,662	*	Net 1 UEPS Technologies, Inc		81,772
27,262	e	New York Community Bancorp, Inc		457,729
8,912	e	NewAlliance Bancshares, Inc		133,947
18,057		Northern Trust Corp		1,303,715
2,320	*	Northfield Bancorp, Inc		28,095
2,652	e	Northwest Bancorp, Inc		73,036
694		OceanFirst Financial Corp		12,575
5,393	e	Old National Bancorp		107,968
950	e	Old Second Bancorp, Inc		17,594
1,407	e	Oriental Financial Group, Inc		25,129
1,094	e*	Oritani Financial Corp		18,434
3,392	e	Pacific Capital Bancorp		69,027
835	e	Pacific Continental Corp		12,224
2,001	e	PacWest Bancorp		57,209
985	e	Park National Corp		76,830
683	e	Peapack Gladstone Financial Corp		22,881
404	e*	Pennsylvania Commerce Bancorp, Inc		12,043
753		Peoples Bancorp, Inc		16,393
28,285		People's United Financial, Inc		544,486
1,847	e*	Pinnacle Financial Partners, Inc		56,888
28,562		PNC Financial Services Group, Inc		2,133,581

107

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
24,023		Popular, Inc	$	199,151
1,692	e	PrivateBancorp, Inc		70,489
3,071	e	Prosperity Bancshares, Inc		104,383
2,200	e	Provident Bankshares Corp		21,362
4,520	e	Provident Financial Services, Inc		74,625
2,942	e	Provident New York Bancorp		38,893
56,322	e	Regions Financial Corp		540,691
2,252	e	Renasant Corp		48,891
405	e	Republic Bancorp, Inc (Class A)		12,280
2,040	e	S&T Bancorp, Inc		75,133
994	e	S.Y. Bancorp, Inc		30,436
1,080	e	Sandy Spring Bancorp, Inc		23,868
501		Santander BanCorp		5,411
639		SCBT Financial Corp		24,026
930	e	Seacoast Banking Corp of Florida		9,979
702		Shore Bancshares, Inc		18,041
251	e	Sierra Bancorp		5,236
2,858	*	Signature Bank		99,687
1,157		Simmons First National Corp (Class A)		41,189
794	e	Smithtown Bancorp, Inc		17,865
5,289	e	South Financial Group, Inc		38,768
854		Southside Bancshares, Inc		21,521
763		Southwest Bancorp, Inc		13,482
36,356	e	Sovereign Bancorp, Inc		143,606
1,170	e	State Bancorp, Inc		17,433
35,061		State Street Corp		1,994,270
1,842	e	StellarOne Corp		38,074
1,269	e	Sterling Bancorp		18,350
4,840		Sterling Bancshares, Inc		50,578
4,265	e	Sterling Financial Corp		61,843
699	e	Suffolk Bancorp		27,548
926	*	Sun Bancorp, Inc		12,547
28,876	e	SunTrust Banks, Inc		1,299,131
6,918	e	Susquehanna Bancshares, Inc		135,039
2,738	e*	SVB Financial Group		158,585
22,507	e	Synovus Financial Corp		232,947
9,794	e	TCF Financial Corp		176,292
1,548	e*	Texas Capital Bancshares, Inc		32,136
9,408	e	TFS Financial Corp		117,788
549	e	Tompkins Trustco, Inc		27,725
1,667	e	TowneBank		36,674
977	e	Trico Bancshares		21,035
5,084	e	Trustco Bank Corp NY		59,534
4,119	e	Trustmark Corp		85,428
8,009	e	UCBH Holdings, Inc		51,338
2,747		UMB Financial Corp		144,272
4,445	e	Umpqua Holdings Corp		65,386
902	e	Union Bankshares Corp		21,648
3,754	e	United Bankshares, Inc		131,390
3,929	e	United Community Banks, Inc		52,112
2,248	e	United Community Financial Corp		11,240
1,443		United Financial Bancorp, Inc		21,429
296	e	United Security Bancshares		4,843
793	e	Univest Corp of Pennsylvania		29,341

108

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
142,442	e	US Bancorp	$	5,130,761
11,288	e	Valley National Bancorp		236,597
820		ViewPoint Financial Group		14,350
7,361	e,v	W Holding Co, Inc		3,460
175,796	e	Wachovia Corp		615,286
7,609	e	Washington Federal, Inc		140,386
835		Washington Trust Bancorp, Inc		22,211
439	e*	Waterstone Financial, Inc		4,289
4,347		Webster Financial Corp		109,762
272,868		Wells Fargo & Co		10,240,736
2,313	e	WesBanco, Inc		61,572
1,363	e	West Bancorporation, Inc		17,760
1,165		West Coast Bancorp		17,079
2,382	e	Westamerica Bancorporation		137,037
1,668	e*	Western Alliance Bancorp		25,787
60,850	e	Western Union Co		1,501,170
1,692	e	Westfield Financial, Inc		17,428
5,938	e	Whitney Holding Corp		143,997
5,524	e	Wilmington Trust Corp		159,257
1,162	e	Wilshire Bancorp, Inc		14,142
1,892	e	Wintrust Financial Corp		55,530
425		WSFS Financial Corp		25,500
969	e	Yadkin Valley Financial Corp		16,434
8,805	e	Zions Bancorporation		340,754
		TOTAL DEPOSITORY INSTITUTIONS		80,927,503
EATING AND DRINKING PLACES - 0.98%
2,213	*	AFC Enterprises		16,066
2,165	e*	BJ's Restaurants, Inc		25,850
3,189	e	Bob Evans Farms, Inc		87,028
8,259	e	Brinker International, Inc		147,754
1,411	e*	Buffalo Wild Wings, Inc		56,779
6,317		Burger King Holdings, Inc		155,145
2,127	*	California Pizza Kitchen, Inc		27,374
2,103	e	CBRL Group, Inc		55,309
1,589	*	CEC Entertainment, Inc		52,755
5,222	*	Cheesecake Factory		76,346
2,645	e*	Chipotle Mexican Grill, Inc (Class A)		146,771
4,601		CKE Restaurants, Inc		48,771
11,193		Darden Restaurants, Inc		320,455
13,252	*	Denny's Corp		34,190
1,407	e	DineEquity, Inc		23,722
4,642	*	Domino's Pizza, Inc		56,354
4,542	*	Jack in the Box, Inc		95,836
4,091	e*	Krispy Kreme Doughnuts, Inc		13,500
1,218	e	Landry's Restaurants, Inc		18,940
1,692	*	Luby's, Inc		13,604
92,861		McDonald's Corp		5,729,524
1,468		O'Charleys, Inc		12,845
1,622	e*	Papa John's International, Inc		44,053
1,800	e*	PF Chang's China Bistro, Inc		42,372
1,322	e*	Red Robin Gourmet Burgers, Inc		35,430
4,035	e*	Ruby Tuesday, Inc		23,363
1,290	e*	Ruth's Chris Steak House, Inc		5,070

109

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
5,512	e*	Sonic Corp	$	80,310
59,544	*	Starbucks Corp		885,419
1,868	e*	Steak N Shake Co		16,214
5,494	e*	Texas Roadhouse, Inc (Class A)		49,391
15,475		Tim Hortons, Inc		458,524
32,232	e	Wendy's/Arby's Group, Inc (Class A)		169,540
38,924		Yum! Brands, Inc		1,269,312
		TOTAL EATING AND DRINKING PLACES		10,293,916
EDUCATIONAL SERVICES - 0.16%
906	e*	American Public Education, Inc		43,742
10,361	e*	Apollo Group, Inc (Class A)		614,407
7,805	*	Career Education Corp		127,612
7,340	e*	Corinthian Colleges, Inc		110,100
4,924		DeVry, Inc		243,935
3,183	e*	ITT Educational Services, Inc		257,536
497	e*	K12, Inc		13,171
714	*	Learning Tree International, Inc		8,889
1,156		Strayer Education, Inc		231,501
2,118	e*	Universal Technical Institute, Inc		36,133
		TOTAL EDUCATIONAL SERVICES		1,687,026
ELECTRIC, GAS, AND SANITARY SERVICES - 4.16%
55,101	*	AES Corp		644,131
6,447		AGL Resources, Inc		202,307
13,680		Allegheny Energy, Inc		503,014
2,552		Allete, Inc		113,564
9,158		Alliant Energy Corp		294,979
30,094	*	Allied Waste Industries, Inc		334,344
17,280		Ameren Corp		674,438
1,330		American Ecology Corp		36,801
32,895		American Electric Power Co, Inc		1,218,102
1,414	e	American States Water Co		54,439
5,179	e	American Water Works Co, Inc		111,348
10,779		Aqua America, Inc		191,651
7,397		Atmos Energy Corp		196,908
4,561		Avista Corp		99,019
7,091	e*	Beacon Power Corp		10,282
3,153		Black Hills Corp		97,964
1,868	e	California Water Service Group		71,918
29,499	e*	Calpine Corp		383,487
1,535	*	Casella Waste Systems, Inc (Class A)		18,021
26,535		Centerpoint Energy, Inc		386,615
732		Central Vermont Public Service Corp		17,158
1,617	e	CH Energy Group, Inc		70,453
550	e	Chesapeake Utilities Corp		18,266
1,762	e*	Clean Energy Fuels Corp		24,932
1,671	*	Clean Harbors, Inc		112,876
4,925		Cleco Corp		124,356
18,450	e	CMS Energy Corp		230,072
708	e	Connecticut Water Service, Inc		20,497
22,195	e	Consolidated Edison, Inc		953,497
1,060	e	Consolidated Water Co, Inc		18,041
14,481		Constellation Energy Group, Inc		351,888

110

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
9,569	*	Covanta Holding Corp	$	229,082
3,444	e	Crosstex Energy, Inc		85,997
47,292	e	Dominion Resources, Inc		2,023,152
9,597	e	DPL, Inc		238,006
13,418		DTE Energy Co		538,330
104,837		Duke Energy Corp		1,827,309
40,544	e*	Dynegy, Inc (Class A)		145,147
26,843		Edison International		1,071,036
57,484	e	El Paso Corp		733,496
4,511	*	El Paso Electric Co		94,731
2,823	e	Empire District Electric Co		60,271
5,960		Energen Corp		269,869
3,250	e	EnergySolutions, Inc		32,500
460		EnergySouth, Inc		28,258
300	e*	EnerNOC, Inc		3,102
15,591	e	Entergy Corp		1,387,755
53,991	e	Exelon Corp		3,380,916
24,991	e	FirstEnergy Corp		1,674,147
33,404	e	FPL Group, Inc		1,680,221
10,550		Great Plains Energy, Inc		234,443
7,258	e	Hawaiian Electric Industries, Inc		211,280
4,219	e	Idacorp, Inc		122,731
6,251	e	Integrys Energy Group, Inc		312,175
3,889	e	ITC Holdings Corp		201,334
2,156	e	Laclede Group, Inc		104,544
15,224		MDU Resources Group, Inc		441,496
1,810		MGE Energy, Inc		64,345
1,112	e	Middlesex Water Co		19,427
15,888	e*	Mirant Corp		290,591
6,641	e	National Fuel Gas Co		280,117
3,837	e	New Jersey Resources Corp		137,710
3,706	e	Nicor, Inc		164,361
22,935		NiSource, Inc		338,521
12,463		Northeast Utilities		319,676
2,153		Northwest Natural Gas Co		111,956
3,402	e	NorthWestern Corp		85,492
19,298	e*	NRG Energy, Inc		477,625
8,938		NSTAR		299,423
7,420		OGE Energy Corp		229,130
8,150		Oneok, Inc		280,360
1,400	e	Ormat Technologies, Inc		50,862
2,916	e	Otter Tail Corp		89,609
16,348		Pepco Holdings, Inc		374,533
29,582		PG&E Corp		1,107,846
1,112	e*	Pico Holdings, Inc		39,932
6,026		Piedmont Natural Gas Co, Inc		192,591
1,280	e*	Pike Electric Corp		18,854
7,948		Pinnacle West Capital Corp		273,491
6,544	e*	Plug Power, Inc		6,479
5,546		PNM Resources, Inc		56,791
5,123		Portland General Electric Co		121,210
30,529		PPL Corp		1,130,184
21,320		Progress Energy, Inc		919,532
773	m,v*	Progress Energy, Inc		8

111

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
41,792		Public Service Enterprise Group, Inc	$	1,370,360
11,449		Puget Energy, Inc		305,688
14,065		Questar Corp		575,540
29,005	*	Reliant Energy, Inc		213,187
12,675		Republic Services, Inc		379,996
1,550	e	Resource America, Inc (Class A)		14,725
9,796		SCANA Corp		381,358
20,411		Sempra Energy		1,030,143
18,892	e	Sierra Pacific Resources		180,985
1,222	e	SJW Corp		36,623
2,516	e	South Jersey Industries, Inc		89,821
62,598		Southern Co		2,359,319
8,967		Southern Union Co		185,168
3,550		Southwest Gas Corp		107,423
1,337	e	Southwest Water Co		17,047
7,048	*	Stericycle, Inc		415,198
16,725		TECO Energy, Inc		263,084
8,836		UGI Corp		227,792
2,755		UIL Holdings Corp		94,579
3,245		Unisource Energy Corp		94,721
6,181		Vectren Corp		172,141
5,458	e*	Waste Connections, Inc		187,209
1,264	*	Waste Services, Inc		9,366
8,594	e	Westar Energy, Inc		198,006
3,922		WGL Holdings, Inc		127,269
47,820	e	Williams Cos, Inc		1,130,943
9,633		Wisconsin Energy Corp		432,522
35,477		Xcel Energy, Inc		709,185
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		43,506,750
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.10%
1,190	e*	Acme Packet, Inc		6,819
2,034	*	Actel Corp		25,384
3,364	e	Acuity Brands, Inc		140,481
7,913	*	Adaptec, Inc		25,955
9,483	e*	ADC Telecommunications, Inc		80,131
4,569	e	Adtran, Inc		89,050
6,179	e*	Advanced Analogic Technologies, Inc		28,732
3,397	e*	Advanced Battery Technologies, Inc		10,972
3,940	*	Advanced Energy Industries, Inc		53,899
52,831	e*	Advanced Micro Devices, Inc		277,363
24,520		Altera Corp		507,074
3,424	e*	American Superconductor Corp		80,704
8,596		Ametek, Inc		350,459
8,958	e*	Amkor Technology, Inc		57,062
14,361		Amphenol Corp (Class A)		576,451
5,432	e*	Anadigics, Inc		15,264
23,767		Analog Devices, Inc		626,260
72,534	*	Apple Computer, Inc		8,244,214
6,957	*	Applied Micro Circuits Corp		41,603
1,039		Applied Signal Technology, Inc		18,058
11,126	*	Arris Group, Inc		86,004
2,310	e*	Ascent Solar Technologies, Inc		14,045
4,962	e*	Atheros Communications, Inc		117,004

112

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
37,726	*	Atmel Corp	$	127,891
2,319	*	ATMI, Inc		41,696
1,404	e*	Avanex Corp		6,571
12,258	*	Avnet, Inc		301,914
3,267	e	AVX Corp		33,291
1,330	e*	AZZ, Inc		55,022
3,879	e	Baldor Electric Co		111,754
831		Bel Fuse, Inc (Class B)		23,658
5,858	*	Benchmark Electronics, Inc		82,481
929	e*	BigBand Networks, Inc		3,428
8,171	e*	Bookham, Inc		9,233
41,599	*	Broadcom Corp (Class A)		774,989
17,686	e*	Capstone Turbine Corp		22,815
2,398	*	Ceradyne, Inc		87,911
1,682	*	Ceva, Inc		13,961
3,547	*	Checkpoint Systems, Inc		66,754
2,567	e*	China BAK Battery, Inc		9,241
2,240	e*	China Security & Surveillance Technology, Inc		31,091
6,915	e*	Ciena Corp		69,703
486,515	e*	Cisco Systems, Inc		10,975,778
1,987	e*	Comtech Telecommunications Corp		97,840
14,226		Cooper Industries Ltd (Class A)		568,329
7,476	e*	Cree, Inc		170,303
2,860		CTS Corp		36,551
1,286		Cubic Corp		31,623
12,303	*	Cypress Semiconductor Corp		64,222
2,008	e*	Diodes, Inc		37,048
4,129	*	Dolby Laboratories, Inc (Class A)		145,299
2,395	*	DSP Group, Inc		18,322
1,298	e*	DTS, Inc		36,123
13,240		Eaton Corp		743,823
3,172	e*	EchoStar Corp (Class A)		76,445
2,090	*	Electro Scientific Industries, Inc		29,720
6,031	e*	Emcore Corp		29,793
1,000	*	EMS Technologies, Inc		22,310
4,658	*	Energizer Holdings, Inc		375,202
3,727	e*	Energy Conversion Devices, Inc		217,098
2,652	*	EnerSys		52,271
9,213	e*	Evergreen Solar, Inc		50,856
2,144	e*	Exar Corp		16,423
9,427	*	Fairchild Semiconductor International, Inc		83,806
47,429	e*	Finisar Corp		47,903
3,704	*	First Solar, Inc		699,723
1,869	e	Franklin Electric Co, Inc		83,264
8,256	e*	FuelCell Energy, Inc		49,784
1,636	e*	Globecomm Systems, Inc		14,299
9,871	*	GrafTech International Ltd		149,151
1,267	e*	Greatbatch, Inc		31,092
1,500	*	GT Solar International, Inc		16,275
4,995	e	Harman International Industries, Inc		170,180
8,009	*	Harmonic, Inc		67,676
11,263		Harris Corp		520,351
1,609	e*	Harris Stratex Networks, Inc (Class A)		12,566
2,217	*	Helen of Troy Ltd		50,481

113

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,873	*	Hexcel Corp	$	107,781
1,607	e*	Hittite Microwave Corp		53,995
60,675		Honeywell International, Inc		2,521,046
2,449	*	Hutchinson Technology, Inc		28,359
2,318	e	Imation Corp		52,364
7,637	e*	Infinera Corp		73,010
14,288	*	Integrated Device Technology, Inc		111,161
470,665		Intel Corp		8,815,555
3,553	e*	InterDigital, Inc		85,450
5,812	*	International Rectifier Corp		110,544
10,150		Intersil Corp (Class A)		168,287
1,563	*	IPG Photonics Corp		30,494
1,870	e*	iRobot Corp		27,713
1,213		IXYS Corp		11,026
5,621	e*	Jarden Corp		131,812
18,424	e*	JDS Uniphase Corp		155,867
6,433	e,v*	Kemet Corp		9,006
10,043		L-3 Communications Holdings, Inc		987,428
7,232	*	Lattice Semiconductor Corp		14,898
3,547		Lincoln Electric Holdings, Inc		228,107
18,030	e	Linear Technology Corp		552,800
1,486	*	Littelfuse, Inc		44,179
765	e*	Loral Space & Communications, Inc		11,299
1,191		LSI Industries, Inc		9,849
52,374	*	LSI Logic Corp		280,725
39,691	*	Marvell Technology Group Ltd		369,126
3,972	*	Mattson Technology, Inc		18,787
1,520	e*	Maxwell Technologies, Inc		20,277
4,190	e*	Medis Technologies Ltd		7,542
18,568	*	MEMC Electronic Materials, Inc		524,732
1,417	e*	Mercury Computer Systems, Inc		12,611
3,008		Methode Electronics, Inc		26,892
4,803		Micrel, Inc		43,563
15,120	e	Microchip Technology, Inc		444,982
61,739	e*	Micron Technology, Inc		250,043
6,422	e*	Microsemi Corp		163,632
3,670	*	Microtune, Inc		9,836
4,498	e*	Microvision, Inc		8,726
3,813	*	MIPS Technologies, Inc		13,384
10,791		Molex, Inc		242,258
2,603	*	Monolithic Power Systems, Inc		45,214
3,486	*	Moog, Inc (Class A)		149,480
184,515		Motorola, Inc		1,317,437
15,196	e*	MRV Communications, Inc		17,779
683	e*	Multi-Fineline Electronix, Inc		10,102
369	e	National Presto Industries, Inc		27,490
19,838		National Semiconductor Corp		341,412
27,750	*	NetApp, Inc		505,882
1,926	e*	Netlogic Microsystems, Inc		58,242
8,230	*	Novellus Systems, Inc		161,637
362	*	NVE Corp		10,248
44,644	*	Nvidia Corp		478,137
4,385	*	Omnivision Technologies, Inc		50,033
33,729	e*	ON Semiconductor Corp		228,008

114

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,582	*	Oplink Communications, Inc	$	19,095
1,500	*	OpNext, Inc		6,885
922	*	OSI Systems, Inc		21,676
2,116	e	Park Electrochemical Corp		51,292
1,903	e*	Parkervision, Inc		19,030
2,505	*	Pericom Semiconductor Corp		26,302
3,034	*	Photronics, Inc		5,704
3,981		Plantronics, Inc		89,652
3,964	*	Plexus Corp		82,055
3,407	e*	PLX Technology, Inc		17,444
17,935	e*	PMC - Sierra, Inc		133,078
7,751	*	Polycom, Inc		179,281
1,790	*	Polypore International, Inc		38,503
610	*	Powell Industries, Inc		24,894
2,470	e*	Power Integrations, Inc		59,527
4,862	e*	Power-One, Inc		7,050
11,780	e*	Powerwave Technologies, Inc		46,649
11,719	*	QLogic Corp		180,004
133,525		Qualcomm, Inc		5,737,569
5,915	e*	Quantum Fuel Systems Technologies Worldwide, Inc		7,630
10,453		RadioShack Corp		180,628
8,573	e*	Rambus, Inc		110,163
1,106	e	Raven Industries, Inc		43,521
2,673	e	Regal-Beloit Corp		113,656
22,806	e*	RF Micro Devices, Inc		66,593
1,214	*	Rogers Corp		44,894
1,060	e*	Rubicon Technology, Inc		7,653
40,403	*	Sanmina-SCI Corp		56,564
2,218	e*	Seachange International, Inc		21,426
5,307	*	Semtech Corp		74,086
3,562	e*	ShoreTel, Inc		20,446
8,311	e*	Silicon Image, Inc		44,381
3,931	e*	Silicon Laboratories, Inc		120,682
6,899	*	Silicon Storage Technology, Inc		22,491
242,993	e*	Sirius XM Radio, Inc		138,506
13,334	e*	Skyworks Solutions, Inc		111,472
3,650	e*	Smart Modular Technologies WWH, Inc		10,950
10,720	e*	Spansion, Inc (Class A)		16,616
4,136	e*	Spectrum Brands, Inc		5,749
1,620	*	Standard Microsystems Corp		40,468
2,452	e*	Starent Networks Corp		31,729
1,067	e*	Stoneridge, Inc		12,004
3,292	e*	Sunpower Corp (Class A)		233,501
3,374	*	Sunpower Corp (Class B)		232,975
885	e*	Supertex, Inc		24,922
15,712	*	Sycamore Networks, Inc		50,750
3,492	*	Symmetricom, Inc		17,355
2,822	e*	Synaptics, Inc		85,281
1,629	e*	Synthesis Energy Systems, Inc		7,901
3,340		Technitrol, Inc		49,399
1,290	*	Techwell, Inc		12,165
5,350	e*	Tekelec		74,846
3,145		Teleflex, Inc		199,676
32,326	e*	Tellabs, Inc		131,243

115

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,976	*	Tessera Technologies, Inc	$	64,968
107,292		Texas Instruments, Inc		2,306,778
4,686	*	Thomas & Betts Corp		183,082
1,005	e*	Transmeta Corp		16,291
4,543	*	Trident Microsystems, Inc		10,903
11,767	*	Triquint Semiconductor, Inc		56,364
3,103	*	TTM Technologies, Inc		30,782
39,846		Tyco Electronics Ltd		1,102,140
1,387	*	Ultra Clean Holdings		6,990
1,032	e*	Ultralife Corp		7,998
1,534	e*	Universal Display Corp		16,813
1,021	*	Universal Electronics, Inc		25,504
4,888	e*	US Geothermal, Inc		8,701
10,172	e*	Utstarcom, Inc		34,280
4,178	e*	Valence Technology, Inc		14,414
6,088	*	Varian Semiconductor Equipment Associates, Inc		152,930
2,072	*	Viasat, Inc		48,858
1,042	e	Vicor Corp		9,253
14,865	*	Vishay Intertechnology, Inc		98,406
2,071	*	Volterra Semiconductor Corp		26,364
6,148	e	Whirlpool Corp		487,475
22,865	e	Xilinx, Inc		536,184
2,235	e*	Zoltek Cos, Inc		38,241
4,035	*	Zoran Corp		32,926
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		63,803,226
ENGINEERING AND MANAGEMENT SERVICES - 1.03%
2,256	*	Accelrys, Inc		12,385
1,637	e*	Advisory Board Co		49,372
8,284	*	Aecom Technology Corp		202,461
833	*	Affymax, Inc		16,535
11,233	e*	Amylin Pharmaceuticals, Inc		227,131
5,437	e*	Ariad Pharmaceuticals, Inc		13,429
811	e	CDI Corp		18,110
6,305	*	Celera Corp		97,412
36,099	*	Celgene Corp		2,284,345
1,508	e*	China Architectural Engineering, Inc		10,692
1,477	e*	comScore, Inc		26,040
793	*	Cornell Cos, Inc		21,554
3,019		Corporate Executive Board Co		94,344
1,065	e*	CRA International, Inc		29,266
4,501	*	CV Therapeutics, Inc		48,611
4,608	e*	Dyax Corp		20,275
3,591	*	eResearch Technology, Inc		42,769
10,020	e*	Exelixis, Inc		60,922
1,038	*	Exponent, Inc		34,347
14,462	e	Fluor Corp		805,533
2,933	*	Furmanite Corp		30,327
4,980	e*	Genpact Ltd		51,742
4,410	*	Gen-Probe, Inc		233,951
1,576	*	Greenfield Online, Inc		27,422
7,859	*	Hewitt Associates, Inc (Class A)		286,382
1,944	*	Hill International, Inc		26,924
1,583	e*	Huron Consulting Group, Inc		90,199

116

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,232	e*	Incyte Corp	$	55,325
7,363	e*	Isis Pharmaceuticals, Inc		124,361
9,877	e*	Jacobs Engineering Group, Inc		536,420
13,726		KBR, Inc		209,596
1,393	e*	Kendle International, Inc		62,281
1,072		Landauer, Inc		77,988
1,618	*	LECG Corp		13,057
6,864	e*	Lexicon Pharmaceuticals, Inc		12,218
3,005	*	Luminex Corp		75,155
1,528		MAXIMUS, Inc		56,292
1,732	e*	Maxygen, Inc		7,326
18,511	*	McDermott International, Inc		472,956
528	*	Michael Baker Corp		18,374
16,133	e	Moody's Corp		548,522
3,641	e*	Myriad Genetics, Inc		236,228
4,194	*	Navigant Consulting, Inc		83,419
3,287	*	Omnicell, Inc		43,224
26,471		Paychex, Inc		874,337
1,251	e*	PharmaNet Development Group, Inc		9,032
1,239	e*	PRG-Schultz International, Inc		11,101
12,836	e	Quest Diagnostics, Inc		663,236
4,562	*	Regeneron Pharmaceuticals, Inc		99,589
20,344	e*	Rentech, Inc		27,058
2,465	e*	Repligen Corp		11,610
3,290	*	Resources Connection, Inc		74,124
3,194	e*	Rigel Pharmaceuticals, Inc		74,580
4,398	e*	RTI Biologics, Inc		41,121
15,095	*	SAIC, Inc		305,372
2,949	e*	Sangamo Biosciences, Inc		22,707
4,958	*	Savient Pharmaceuticals, Inc		73,924
4,995	e*	Seattle Genetics, Inc		53,447
4,675	e*	Sequenom, Inc		124,449
6,678	*	Shaw Group, Inc		205,215
820	e*	Stanley, Inc		30,266
1,965	e*	Symyx Technologies, Inc		19,473
1,084	e*	Tejon Ranch Co		40,271
4,560	*	Tetra Tech, Inc		109,714
6,820	*	URS Corp		250,089
3,388	e	Watson Wyatt & Co Holdings (Class A)		168,485
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		10,784,422
FABRICATED METAL PRODUCTS - 0.55%
2,696	e*	Alliant Techsystems, Inc		253,262
791		Ameron International Corp		56,675
5,733		Aptargroup, Inc		224,218
8,024		Ball Corp		316,868
2,324	*	Chart Industries, Inc		66,373
1,254		CIRCOR International, Inc		54,461
9,223		Commercial Metals Co		155,777
3,301	*	Commercial Vehicle Group, Inc		23,470
4,354		Crane Co		129,357
13,396	*	Crown Holdings, Inc		297,525
1,300	e	Dynamic Materials Corp		30,173
3,460	*	Griffon Corp		31,209

117

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,051		Gulf Island Fabrication, Inc	$	36,228
38,147	e	Illinois Tool Works, Inc		1,695,634
1,657		Insteel Industries, Inc		22,519
1,505	*	Ladish Co, Inc		30,476
3,177	e*	Mobile Mini, Inc		61,411
10,732	e	Mueller Water Products, Inc (Class A)		96,373
1,525	e*	NCI Building Systems, Inc		48,419
13,722	e	Parker Hannifin Corp		727,266
605	*	Park-Ohio Holdings Corp		10,824
7,860	e	Pentair, Inc		271,720
3,181		Quanex Building Products Corp		48,479
2,323		Silgan Holdings, Inc		118,682
3,558	e	Simpson Manufacturing Co, Inc		96,386
3,369	e*	Smith & Wesson Holding Corp		12,600
4,749		Snap-On, Inc		250,082
6,416		Stanley Works		267,804
1,445		Sun Hydraulics Corp		37,628
5,486	e*	Taser International, Inc		39,225
1,524	e	Valmont Industries, Inc		126,020
2,268	e	Watts Water Technologies, Inc (Class A)		62,030
		TOTAL FABRICATED METAL PRODUCTS		5,699,174
FOOD AND KINDRED PRODUCTS - 4.14%
1,640	e*	AgFeed Industries, Inc		12,956
59,092		Anheuser-Busch Cos, Inc		3,833,889
52,279	e	Archer Daniels Midland Co		1,145,433
1,626	e	B&G Foods, Inc (Class A)		11,626
717	*	Boston Beer Co, Inc (Class A)		34,050
10,173	e	Bunge Ltd		642,730
17,844		Campbell Soup Co		688,778
4,698	e*	Central Garden and Pet Co (Class A)		27,953
336	e	Coca-Cola Bottling Co Consolidated		14,670
191,056		Coca-Cola Co		10,103,041
26,717		Coca-Cola Enterprises, Inc		448,044
36,802		ConAgra Foods, Inc		716,167
14,858	*	Constellation Brands, Inc (Class A)		318,853
6,095	e	Corn Products International, Inc		196,747
7,498	*	Darling International, Inc		83,303
15,422		Del Monte Foods Co		120,292
1,310		Diamond Foods, Inc		36,719
20,600	e*	Dr Pepper Snapple Group, Inc		545,488
590	e	Farmer Bros Co		14,673
6,492	e	Flowers Foods, Inc		190,605
27,342		General Mills, Inc		1,878,942
25,797		H.J. Heinz Co		1,289,076
5,854	e*	Hansen Natural Corp		177,084
12,573	e	Hershey Co		497,136
5,891		Hormel Foods Corp		213,726
773		Imperial Sugar Co		10,466
1,061		J&J Snack Foods Corp		35,979
4,724		J.M. Smucker Co		239,460
20,319		Kellogg Co		1,139,896
121,769		Kraft Foods, Inc (Class A)		3,987,935
1,831		Lancaster Colony Corp		68,955

118

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,200	e	Lance, Inc	$	49,918
880	e*	M&F Worldwide Corp		35,200
9,341		McCormick & Co, Inc		359,161
9,334		Molson Coors Brewing Co (Class B)		436,365
280	*	National Beverage Corp		2,484
1,517	*	Omega Protein Corp		17,840
760	e*	Peet's Coffee & Tea, Inc		21,219
930	e	Penford Corp		16,452
11,217		Pepsi Bottling Group, Inc		327,200
4,740		PepsiAmericas, Inc		98,213
130,623		PepsiCo, Inc		9,309,501
4,645	e*	Ralcorp Holdings, Inc		313,119
1,307		Reddy Ice Holdings, Inc		4,771
13,932	e	Reynolds American, Inc		677,374
1,650	e	Sanderson Farms, Inc		60,621
57,772		Sara Lee Corp		729,660
5,165	e*	Smart Balance, Inc		33,882
9,297	e*	Smithfield Foods, Inc		147,636
1,949	e	Tootsie Roll Industries, Inc		56,346
2,537	e*	TreeHouse Foods, Inc		75,349
22,329		Tyson Foods, Inc (Class A)		266,608
19,483		Wrigley (Wm.) Jr Co		1,546,950
		TOTAL FOOD AND KINDRED PRODUCTS		43,310,541
FOOD STORES - 0.32%
105	e	Arden Group, Inc (Class A)		15,290
2,503	e*	Great Atlantic & Pacific Tea Co, Inc		27,083
1,053		Ingles Markets, Inc (Class A)		24,040
54,359	e	Kroger Co		1,493,785
2,089	e*	Panera Bread Co (Class A)		106,330
1,523	e*	Pantry, Inc		32,272
3,413	e	Ruddick Corp		110,752
36,328	e	Safeway, Inc		861,700
17,589		Supervalu, Inc		381,681
250		Village Super Market (Class A)		11,918
986	e	Weis Markets, Inc		35,506
11,340	e	Whole Foods Market, Inc		227,140
4,390	e*	Winn-Dixie Stores, Inc		61,021
		TOTAL FOOD STORES		3,388,518
FORESTRY - 0.13%
6,377	e	Rayonier, Inc		301,951
17,296	e	Weyerhaeuser Co		1,047,792
		TOTAL FORESTRY		1,349,743
FURNITURE AND FIXTURES - 0.29%
2,218	e	Ethan Allen Interiors, Inc		62,148
4,524	e	Furniture Brands International, Inc		47,592
4,756	e	Herman Miller, Inc		116,379
5,475	e	Hill-Rom Holdings, Inc		165,947
3,718	e	HNI Corp		94,214
472	e	Hooker Furniture Corp		8,378
3,905		Interface, Inc (Class A)		44,400
48,441	e	Johnson Controls, Inc		1,469,216

119

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,541	e	Kimball International, Inc (Class B)	$	16,643
5,218	e	La-Z-Boy, Inc		48,632
13,454	e	Leggett & Platt, Inc		293,163
29,615	e	Masco Corp		531,293
3,423	e	Sealy Corp		22,113
6,929	e	Tempur-Pedic International, Inc		81,485
		TOTAL FURNITURE AND FIXTURES		3,001,603
FURNITURE AND HOME FURNISHINGS STORES - 0.17%
21,727	*	Bed Bath & Beyond, Inc		682,445
16,564	e,v	Circuit City Stores, Inc		12,423
13,628	*	GameStop Corp (Class A)		466,214
1,389	e	Haverty Furniture Cos, Inc		15,890
1,025	e*	hhgregg, Inc		9,994
3,714		Knoll, Inc		56,156
4,429	e*	Mohawk Industries, Inc		298,470
9,172	e*	Pier 1 Imports, Inc		37,880
6,161	e	Steelcase, Inc (Class A)		66,231
1,646	*	Tuesday Morning Corp		6,798
7,585	e	Williams-Sonoma, Inc		122,725
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		1,775,226
GENERAL BUILDING CONTRACTORS - 0.22%
200	e*	Amrep Corp		8,482
788	e*	Avatar Holdings, Inc		26,004
2,570	e*	Beazer Homes USA, Inc		15,369
1,171	e	Brookfield Homes Corp		16,816
519	*	Cavco Industries, Inc		18,762
10,120		Centex Corp		163,944
25,314	e	DR Horton, Inc		329,588
5,360	e*	Hovnanian Enterprises, Inc (Class A)		42,826
6,413	e	KB Home		126,208
11,099	e	Lennar Corp (Class A)		168,594
1,170	e	M/I Homes, Inc		26,653
2,384		McGrath RentCorp		68,707
2,585	e	MDC Holdings, Inc		94,585
2,489	*	Meritage Homes Corp		61,478
322	e*	NVR, Inc		184,184
984	e*	Palm Harbor Homes, Inc		9,751
2,491	*	Perini Corp		64,243
16,879	e	Pulte Homes, Inc		235,800
3,725	e	Ryland Group, Inc		98,787
11,831	e*	Standard-Pacific Corp		58,090
1,518	e*	Team, Inc		54,830
10,450	e*	Toll Brothers, Inc		263,653
4,468		Walter Industries, Inc		212,007
		TOTAL GENERAL BUILDING CONTRACTORS		2,349,361
GENERAL MERCHANDISE STORES - 1.90%
5,099	e*	99 Cents Only Stores		55,936
6,684	e*	Big Lots, Inc		186,016
4,921	e*	BJ's Wholesale Club, Inc		191,230
4,078		Casey's General Stores, Inc		123,033
1,678	e*	Conn's, Inc		31,395

120

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
35,453		Costco Wholesale Corp	$	2,301,963
4,799	e	Dillard's, Inc (Class A)		56,628
10,966		Family Dollar Stores, Inc		259,894
2,660	e	Fred's, Inc (Class A)		37,825
17,979		JC Penney Co, Inc		599,420
34,478		Macy's, Inc		619,915
3,983	e*	Retail Ventures, Inc		15,534
11,302	e*	Saks, Inc		104,544
1,431	e	Stein Mart, Inc		5,595
64,890	e	Target Corp		3,182,855
34,768		TJX Cos, Inc		1,061,119
184,610	e	Wal-Mart Stores, Inc		11,056,293
		TOTAL GENERAL MERCHANDISE STORES		19,889,195
HEALTH SERVICES - 1.29%
1,564	e*	Alliance Imaging, Inc		16,062
520	*	Almost Family, Inc		20,566
2,327	e*	Amedisys, Inc		113,255
13,321		AmerisourceBergen Corp		501,536
2,963	*	Amsurg Corp		75,468
3,983	*	Apria Healthcare Group, Inc		72,650
4,413	*	Assisted Living Concepts, Inc (A Shares)		28,111
839	*	Bio-Reference Labs, Inc		24,247
2,989	e	Brookdale Senior Living, Inc		65,728
23,212		Cigna Corp		788,744
7,827	e*	Community Health Systems, Inc		229,409
498	*	Corvel Corp		14,248
5,150	e*	Covance, Inc		455,312
12,584	*	Coventry Health Care, Inc		409,609
2,028	e*	Cross Country Healthcare, Inc		33,036
1,679	*	CryoLife, Inc		22,028
8,572	*	DaVita, Inc		488,690
4,668	e*	Edwards Lifesciences Corp		269,624
2,015	e*	eHealth, Inc		32,240
1,620	e*	Emeritus Corp		40,338
1,710	*	Enzo Biochem, Inc		18,776
17,205	e*	Express Scripts, Inc		1,270,073
2,564	e*	Five Star Quality Care, Inc		9,615
1,154	e*	Genomic Health, Inc		26,138
400	*	Genoptix, Inc		13,068
2,089	*	Gentiva Health Services, Inc		56,278
20,827	*	Health Management Associates, Inc (Class A)		86,640
6,590	*	Healthsouth Corp		121,454
3,399	e*	Healthways, Inc		54,826
15,671	*	Immunomedics, Inc		27,894
2,207	e*	Kindred Healthcare, Inc		60,847
9,105	e*	Laboratory Corp of America Holdings		632,797
1,568	*	LHC Group, Inc		44,657
723	e*	Life Sciences Research, Inc		25,305
4,530	e*	LifePoint Hospitals, Inc		145,594
6,009	e*	Lincare Holdings, Inc		180,811
3,322	*	Magellan Health Services, Inc		136,401
22,692	e	McKesson Corp		1,221,057
1,465	e*	Medcath Corp		26,253

121

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
41,873	*	Medco Health Solutions, Inc	$	1,884,285
692	e	National Healthcare Corp		32,607
9,367	e*	Nektar Therapeutics		33,628
1,558	e*	Nighthawk Radiology Holdings, Inc		11,249
2,530	*	Odyssey HealthCare, Inc		25,680
8,711		Omnicare, Inc		250,615
3,673	*	Pediatrix Medical Group, Inc		198,048
8,725		Pharmaceutical Product Development, Inc		360,779
4,494	e*	Psychiatric Solutions, Inc		170,547
1,135	*	RehabCare Group, Inc		20,544
1,633	*	Skilled Healthcare Group, Inc (Class A)		25,948
2,010	e*	Stereotaxis, Inc		12,160
4,820	*	Sun Healthcare Group, Inc		70,661
3,447	e*	Sunrise Senior Living, Inc		47,534
40,106	e*	Tenet Healthcare Corp		222,588
3,696		Universal Health Services, Inc (Class B)		207,087
959	*	US Physical Therapy, Inc		16,648
43,168	*	WellPoint, Inc		2,018,967
		TOTAL HEALTH SERVICES		13,468,960
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.06%
990	e*	Comverge, Inc		4,554
11,794	*	Foster Wheeler Ltd		425,881
2,564	e	Granite Construction, Inc		91,842
3,510	e	Great Lakes Dredge & Dock Corp		22,148
1,309	*	LB Foster Co (Class A)		39,820
2,299	*	Matrix Service Co		43,911
1,775	e*	Orion Marine Group, Inc		18,620
959	*	Sterling Construction Co, Inc		15,536
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		662,312
HOLDING AND OTHER INVESTMENT OFFICES - 2.54%
3,304	e	Acadia Realty Trust		83,525
3,354	*	Affiliated Managers Group, Inc		277,879
783		Agree Realty Corp		22,394
209	e	Alexander's, Inc		83,600
2,566	e	Alexandria Real Estate Equities, Inc		288,675
14,918	e	Allied Capital Corp		161,114
8,028	e	AMB Property Corp		363,668
3,260		American Campus Communities, Inc		110,449
793	e	American Capital Agency Corp		13,735
43,931		Annaly Mortgage Management, Inc		590,872
7,625	e	Anthracite Capital, Inc		40,870
6,317		Anworth Mortgage Asset Corp		37,397
7,953	e	Apartment Investment & Management Co (Class A)		278,514
11,634	e	Apollo Investment Corp		198,360
2,143	e	Arbor Realty Trust, Inc		21,430
9,778	e	Ashford Hospitality Trust, Inc		39,601
1,112		Associated Estates Realty Corp		14,489
6,303	e	AvalonBay Communities, Inc		620,341
5,567		BioMed Realty Trust, Inc		147,247
9,799	e	Boston Properties, Inc		917,774
7,149		Brandywine Realty Trust		114,598
4,281	e	BRE Properties, Inc (Class A)		209,769

122

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,341	e	Camden Property Trust	$	199,078
3,652	e	Capital Lease Funding, Inc		28,960
190		Capital Southwest Corp		26,990
2,273	e	Capital Trust, Inc (Class A)		35,232
4,370		Capstead Mortgage Corp		47,852
1,102	e	Care Investment Trust, Inc		12,651
5,417	e	CBL & Associates Properties, Inc		108,773
4,677		Cedar Shopping Centers, Inc		61,830
484	e	Cherokee, Inc		10,638
4,578	e	Colonial Properties Trust		85,563
3,280	e	Corporate Office Properties Trust		132,348
3,808		Cousins Properties, Inc		96,076
1,507	e	Danvers Bancorp, Inc		19,214
14,062	e	DCT Industrial Trust, Inc		105,324
9,984		Developers Diversified Realty Corp		316,393
7,774		DiamondRock Hospitality Co		70,743
6,046	e	Digital Realty Trust, Inc		285,674
9,933		Douglas Emmett, Inc		229,154
12,004		Duke Realty Corp		295,058
2,183		EastGroup Properties, Inc		105,963
1,434		Education Realty Trust, Inc		15,889
2,515	e	Entertainment Properties Trust		137,621
1,768	e	Equity Lifestyle Properties, Inc		93,757
2,960	e	Equity One, Inc		60,650
22,043	e	Equity Residential		978,930
2,054	e	Essex Property Trust, Inc		243,050
6,492	e	Extra Space Storage, Inc		99,717
4,880	e	Federal Realty Investment Trust		417,728
4,582		FelCor Lodging Trust, Inc		32,807
3,613	e	First Industrial Realty Trust, Inc		103,621
1,992		First Potomac Realty Trust		34,242
4,433		Franklin Street Properties Corp		57,629
13,411	e*	Friedman Billings Ramsey Group, Inc (Class A)		26,822
18,552	e	General Growth Properties, Inc		280,135
1,384	e	Getty Realty Corp		30,683
1,731	e	Gladstone Capital Corp		26,380
4,326	e	Glimcher Realty Trust		45,163
5,293	e	Gramercy Capital Corp		13,709
1,908	*	Harris & Harris Group, Inc		12,173
946		Hatteras Financial Corp		21,947
20,796	e	HCP, Inc		834,544
7,207		Health Care REIT, Inc		383,629
4,064	e	Healthcare Realty Trust, Inc		118,466
4,843		Hersha Hospitality Trust		36,032
4,678		Highwoods Properties, Inc		166,350
4,346	*	Hilltop Holdings, Inc		44,851
2,792		Home Properties, Inc		161,796
7,761		Hospitality Properties Trust		159,256
41,853	e	Host Marriott Corp		556,226
18,206		HRPT Properties Trust		125,439
5,374	e	Inland Real Estate Corp		84,318
4,674		Investors Real Estate Trust		52,302
27,804	e	iShares Russell 3000 Index Fund		1,912,637
11,335	e	iStar Financial, Inc		29,471

123

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,424	e	JER Investors Trust, Inc	$	16,504
2,688	e	Kilroy Realty Corp		128,460
17,383	e	Kimco Realty Corp		642,128
2,360	e	Kite Realty Group Trust		25,960
3,808	e	LaSalle Hotel Properties		88,803
4,865	e	Lexington Corporate Properties Trust		83,775
7,376		Liberty Property Trust		277,706
1,903		LTC Properties, Inc		55,796
5,944	e	Macerich Co		378,336
5,231		Mack-Cali Realty Corp		177,174
4,268	e	Maguire Properties, Inc		25,437
6,395	e	Medical Properties Trust, Inc		72,583
4,180	*	Meruelo Maddux Properties, Inc		5,100
16,332		MFA Mortgage Investments, Inc		106,158
2,242	e	Mid-America Apartment Communities, Inc		110,172
1,462	e	Mission West Properties, Inc		14,240
2,017		MVC Capital, Inc		30,759
1,805		National Health Investors, Inc		61,695
6,442		National Retail Properties, Inc		154,286
7,697		Nationwide Health Properties, Inc		276,938
4,618	e	Newcastle Investment Corp		29,324
5,372	e	NorthStar Realty Finance Corp		41,633
5,632		Omega Healthcare Investors, Inc		110,725
626		One Liberty Properties, Inc		11,061
1,053	e	Parkway Properties, Inc		39,867
2,893	e	Pennsylvania Real Estate Investment Trust		54,533
14,005	e	Plum Creek Timber Co, Inc		698,289
3,291	e	Post Properties, Inc		92,049
3,023		Potlatch Corp		140,237
21,711	e	Prologis		896,013
1,446	e	Prospect Capital Corp		18,523
1,279		PS Business Parks, Inc		73,670
10,232	e	Public Storage, Inc		1,013,070
6,897	e	RAIT Investment Trust		37,865
1,853		Ramco-Gershenson Properties		41,544
7,952	e	Realty Income Corp		203,571
2,587		Redwood Trust, Inc		56,216
5,566	e	Regency Centers Corp		371,197
2,220	e	Resource Capital Corp		13,453
1,224		Saul Centers, Inc		61,861
7,767	e	Senior Housing Properties Trust		185,088
18,555	e	Simon Property Group, Inc		1,799,835
4,838	e	SL Green Realty Corp		313,502
1,893	e	Sovran Self Storage, Inc		84,598
6,370	e	Strategic Hotels & Resorts, Inc		48,094
1,120	e	Sun Communities, Inc		22,187
4,955	e	Sunstone Hotel Investors, Inc		66,893
2,345	e	Tanger Factory Outlet Centers, Inc		102,688
4,320	e	Taubman Centers, Inc		216,000
10,437	e	UDR, Inc		272,928
1,002		Universal Health Realty Income Trust		38,978
1,403		Urstadt Biddle Properties, Inc (Class A)		26,306
4,028		U-Store-It Trust		49,424
10,619	e	Ventas, Inc		524,791

124

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
23,519	e	Virgin Media, Inc	$	185,800
11,076		Vornado Realty Trust		1,007,362
5,361		WABCO Holdings, Inc		190,530
3,821		Washington Real Estate Investment Trust		139,963
6,201	e	Weingarten Realty Investors		221,190
2,750		Winthrop Realty Trust		10,725
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		26,551,378
HOTELS AND OTHER LODGING PLACES - 0.27%
1,830	e	Ameristar Casinos, Inc		25,968
5,191	e*	Bluegreen Corp		35,870
4,639	e	Boyd Gaming Corp		43,421
2,890	e	Choice Hotels International, Inc		78,319
3,556	e*	Gaylord Entertainment Co		104,440
3,859	e*	Great Wolf Resorts, Inc		14,124
2,506	e*	Isle of Capri Casinos, Inc		22,604
8,416	e*	Las Vegas Sands Corp		303,902
1,580	*	Lodgian, Inc		12,324
1,423		Marcus Corp		22,882
24,570		Marriott International, Inc (Class A)		641,031
9,749	e*	MGM Mirage		277,846
610	e*	Monarch Casino & Resort, Inc		6,948
2,408	e*	Morgans Hotel Group Co		26,271
3,851	e	Orient-Express Hotels Ltd (Class A)		92,925
1,237	*	Riviera Holdings Corp		9,092
15,352		Starwood Hotels & Resorts Worldwide, Inc		432,005
2,726	e*	Vail Resorts, Inc		95,274
14,159		Wyndham Worldwide Corp		222,438
4,590	e	Wynn Resorts Ltd		374,727
		TOTAL HOTELS AND OTHER LODGING PLACES		2,842,411
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.78%
2,175	*	3PAR, Inc		14,029
786		Aaon, Inc		14,297
4,348	e	Actuant Corp (Class A)		109,744
7,634	*	AGCO Corp		325,285
511		Alamo Group, Inc		8,713
2,626	e	Albany International Corp (Class A)		71,769
3,000	e*	Allis-Chalmers Energy, Inc		37,950
1,860	*	Altra Holdings, Inc		27,454
496		Ampco-Pittsburgh Corp		12,846
111,311		Applied Materials, Inc		1,684,135
1,755	e*	Astec Industries, Inc		54,107
6,675	*	Asyst Technologies, Inc		16,020
2,017	e*	AuthenTec, Inc		4,337
10,189	*	Axcelis Technologies, Inc		17,321
4,993	e	Black & Decker Corp		303,325
1,195		Black Box Corp		41,263
3,167	*	Blount International, Inc		35,249
718	e*	Bolt Technology Corp		10,389
5,102	e	Briggs & Stratton Corp		82,550
29,510	*	Brocade Communications Systems, Inc		171,748
5,560	*	Brooks Automation, Inc		46,482
6,114		Bucyrus International, Inc (Class A)		273,174

125

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
5,163	e	Carlisle Cos, Inc	$	154,735
1,107	e	Cascade Corp		48,498
49,921	e	Caterpillar, Inc		2,975,292
6,306	*	Cirrus Logic, Inc		34,368
1,741	e*	Colfax Corp		29,092
1,964	*	Columbus McKinnon Corp		46,291
6,439	*	Cray, Inc		33,354
16,752		Cummins, Inc		732,397
3,745		Curtiss-Wright Corp		170,210
2,621	e*	Cymer, Inc		66,390
35,730		Deere & Co		1,768,635
149,455	*	Dell, Inc		2,463,018
5,384		Diebold, Inc		178,264
6,607		Donaldson Co, Inc		276,899
15,565		Dover Corp		631,161
6,855	*	Dresser-Rand Group, Inc		215,727
2,530	e*	Dril-Quip, Inc		109,777
5,230	*	Electronics for Imaging, Inc		72,854
169,633	e*	EMC Corp		2,028,811
6,226	*	Emulex Corp		66,431
2,933	e*	Ener1, Inc		22,907
1,100	*	Energy Recovery, Inc		10,549
2,000	*	ENGlobal Corp		26,540
2,025	e*	EnPro Industries, Inc		75,249
9,368	*	Entegris, Inc		45,341
7,219	e*	Extreme Networks, Inc		24,328
2,526	e*	Flotek Industries, Inc		27,786
2,741	e*	Flow International Corp		13,924
4,694		Flowserve Corp		416,686
10,486	*	FMC Technologies, Inc		488,123
2,364	e*	Fuel Tech, Inc		42,765
4,508	*	Gardner Denver, Inc		156,518
647	e*	Gehl Co		19,041
819,699		General Electric Co		20,902,325
1,186	e	Gorman-Rupp Co		44,736
5,188	e	Graco, Inc		184,745
413		Graham Corp		22,343
201,434		Hewlett-Packard Co		9,314,308
397	*	Hurco Cos, Inc		11,739
6,473		IDEX Corp		200,792
4,169	e*	Immersion Corp		24,264
25,414		Ingersoll-Rand Co Ltd (Class A)		792,154
5,014	*	Intermec, Inc		98,475
113,043		International Business Machines Corp		13,221,509
25,328		International Game Technology		435,135
2,352	e*	Intevac, Inc		25,025
3,240	e*	Isilon Systems, Inc		14,288
14,719		ITT Industries, Inc		818,524
17,110		Jabil Circuit, Inc		163,229
2,264	e*	John Bean Technologies Corp		28,662
8,912		Joy Global, Inc		402,288
921	*	Kadant, Inc		20,971
2,263	e	Kaydon Corp		101,971
6,448		Kennametal, Inc		174,870

126

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
463	*	Key Technology, Inc	$	10,973
7,186	e*	Kulicke & Soffa Industries, Inc		32,409
10,520	e*	Lam Research Corp		331,275
4,105		Lennox International, Inc		136,573
7,546	e*	Lexmark International, Inc (Class A)		245,773
1,092	e	Lindsay Manufacturing Co		79,443
1,312		Lufkin Industries, Inc		104,107
10,316	e	Manitowoc Co, Inc		160,414
1,232	e	Met-Pro Corp		17,975
6,470	*	Micros Systems, Inc		172,490
1,396	e*	Middleby Corp		75,817
2,202		Modine Manufacturing Co		31,885
407		Nacco Industries, Inc (Class A)		38,470
1,747	e*	NATCO Group, Inc (Class A)		70,194
976	*	Natural Gas Services Group, Inc		17,051
3,243	e*	Netezza Corp		34,408
4,039	*	Netgear, Inc		60,585
1,284		NN, Inc		16,499
2,745	e	Nordson Corp		134,807
4,103	*	Oil States International, Inc		145,041
9,925		Pall Corp		341,321
8,366	e	Palm, Inc		49,945
1,042	e*	PMFG, Inc		15,099
11,592	e,v*	Quantum Corp		12,519
2,563	*	Rackable Systems, Inc		25,143
2,125	*	RBC Bearings, Inc		71,591
749	*	Rimage Corp		10,456
4,575	e*	Riverbed Technology, Inc		57,279
2,484		Robbins & Myers, Inc		76,830
12,004		Rockwell Automation, Inc		448,229
8,149	e*	Safeguard Scientifics, Inc		10,186
18,479	e*	SanDisk Corp		361,264
801		Sauer-Danfoss, Inc		19,777
1,906	e*	Scansource, Inc		54,874
5,336	e*	Scientific Games Corp (Class A)		122,835
2,131	m,v*	Seagate Technology		-
39,625		Seagate Technology, Inc		480,255
861	e*	Semitool, Inc		7,043
2,487	e*	Sigma Designs, Inc		35,365
4,279		SPX Corp		329,483
908		Standex International Corp		25,197
2,311	e*	STEC, Inc		17,795
1,852	e*	Super Micro Computer, Inc		16,687
1,020	*	T-3 Energy Services, Inc		37,862
1,238	*	Tecumseh Products Co (Class A)		31,000
1,792	e	Tennant Co		61,394
14,739	*	Teradata Corp		287,411
8,261	*	Terex Corp		252,126
1,120	e*	Thermadyne Holdings Corp		18,670
6,774		Timken Co		192,043
3,187	e	Toro Co		131,623
3,559	*	TurboChef Technologies, Inc		21,888
668		Twin Disc, Inc		9,192
1,844	e*	Ultratech, Inc		22,312

127

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
10,346	*	Varian Medical Systems, Inc	$	591,067
5,573	*	VeriFone Holdings, Inc		92,177
1,876	e	Watsco, Inc		94,325
18,315	*	Western Digital Corp		390,476
4,818		Woodward Governor Co		169,931
5,840	*	Zebra Technologies Corp (Class A)		162,644
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		70,908,004
INSTRUMENTS AND RELATED PRODUCTS - 5.49%
2,308	e*	Abaxis, Inc		45,468
2,477	e*	Abiomed, Inc		43,967
3,015	e*	Accuray, Inc		24,331
4,345	e*	Advanced Medical Optics, Inc		77,254
5,423	e*	Affymetrix, Inc		41,974
30,528	e*	Agilent Technologies, Inc		905,460
5,548	e*	Align Technology, Inc		60,085
24,974		Allergan, Inc		1,286,161
5,289	e*	American Medical Systems Holdings, Inc		93,933
911	e	American Science & Engineering, Inc		54,414
1,240		Analogic Corp		61,702
1,598	*	Anaren, Inc		16,220
2,859	*	Angiodynamics, Inc		45,172
13,665		Applied Biosystems, Inc		468,026
929	*	Argon ST, Inc		21,822
1,986	e*	Arthrocare Corp		55,052
118	e	Atrion Corp		12,158
711	*	Axsys Technologies, Inc		41,906
1,270	e	Badger Meter, Inc		59,627
8,157		Bard (C.R.), Inc		773,855
51,283		Baxter International, Inc		3,365,703
5,147		Beckman Coulter, Inc		365,386
20,347		Becton Dickinson & Co		1,633,050
1,659	*	Bio-Rad Laboratories, Inc (Class A)		164,440
122,032	*	Boston Scientific Corp		1,497,333
4,735	*	Bruker BioSciences Corp		63,118
4,004	e*	Caliper Life Sciences, Inc		11,211
845	e*	Cantel Medical Corp		8,129
1,607	*	Cardiac Science Corp		16,649
5,138	e*	Cepheid, Inc		71,059
1,949	*	Coherent, Inc		69,287
1,401	e	Cohu, Inc		22,164
2,009	e*	Conmed Corp		64,288
3,717	e	Cooper Cos, Inc		129,203
40,963	e	Covidien Ltd		2,202,171
1,933	e*	Cyberonics, Inc		32,861
565	e*	Cynosure, Inc (Class A)		10,136
21,398	e	Danaher Corp		1,485,021
993		Datascope Corp		51,269
12,415		Dentsply International, Inc		466,059
4,081	e*	Depomed, Inc		14,896
2,127	*	DexCom, Inc		13,166
1,785	*	Dionex Corp		113,437
3,392		DRS Technologies, Inc		260,336
294	*	DXP Enterprises, Inc		15,673

128

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
890	e*	Eagle Test Systems, Inc	$	13,626
23,131	e	Eastman Kodak Co		355,755
64,395		Emerson Electric Co		2,626,672
2,297	*	ESCO Technologies, Inc		110,646
2,397	*	Esterline Technologies Corp		94,897
5,760	e*	ev3, Inc		57,830
558	*	Exactech, Inc		12,410
1,932	e*	FARO Technologies, Inc		39,355
2,562	e*	FEI Co		61,001
900	e*	FGX International Holdings Ltd		9,963
11,224	e*	Flir Systems, Inc		431,226
3,441	e*	Formfactor, Inc		59,942
3,552	*	Fossil, Inc		100,273
10,485	e	Garmin Ltd		355,861
2,109	*	Haemonetics Corp		130,167
1,863	*	Hanger Orthopedic Group, Inc		32,509
1,104	*	Herley Industries, Inc		18,878
5,475		Hillenbrand, Inc		110,376
20,648	*	Hologic, Inc		399,126
803	e*	ICU Medical, Inc		24,419
1,409	e*	I-Flow Corp		13,118
2,308	*	II-VI, Inc		89,227
9,278	*	Illumina, Inc		376,037
1,070	e*	Insulet Corp		14,894
1,647	e*	Integra LifeSciences Holdings Corp		72,517
3,156	*	Intuitive Surgical, Inc		760,533
2,614	e	Invacare Corp		63,102
6,650	*	ION Geophysical Corp		94,364
1,475	*	IRIS International, Inc		26,403
2,788	e*	Itron, Inc		246,822
2,349	*	Ixia		17,312
231,764		Johnson & Johnson		16,056,610
730	e*	Kensey Nash Corp		22,966
13,912	e	Kla-Tencor Corp		440,315
5,751	*	Kopin Corp		17,943
194	e*	K-Tron International, Inc		24,993
5,337	e*	L-1 Identity Solutions, Inc		81,549
992	e*	LaBarge, Inc		14,940
5,167	e*	LTX-Credence Corp		8,991
1,386	*	Lydall, Inc		13,347
3,760	*	Masimo Corp		139,872
708	*	Measurement Specialties, Inc		12,348
911	*	Medical Action Industries, Inc		11,961
92,331	e	Medtronic, Inc		4,625,783
3,404	e	Mentor Corp		81,219
1,974	*	Merit Medical Systems, Inc		37,052
2,916	*	Mettler-Toledo International, Inc		285,768
1,111	e*	Micrus Endovascular Corp		15,498
4,373	e*	Millipore Corp		300,862
2,677	e	Mine Safety Appliances Co		102,047
3,655	*	MKS Instruments, Inc		72,771
1,160		Movado Group, Inc		25,926
1,493		MTS Systems Corp		62,855
4,744		National Instruments Corp		142,557

129

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,272	e*	Natus Medical, Inc	$	51,484
1,198	e*	Neogen Corp		33,760
3,159	*	Newport Corp		34,054
3,172	e*	NuVasive, Inc		156,475
1,473	e*	NxStage Medical, Inc		6,216
1,201	e*	Orthofix International NV		22,375
5,253	*	Orthovita, Inc		13,658
258	e*	OYO Geospace Corp		10,134
1,095	e*	Palomar Medical Technologies, Inc		14,739
9,704		PerkinElmer, Inc		242,309
1,407	*	Photon Dynamics Inc		21,597
17,131		Pitney Bowes, Inc		569,777
6,206	e*	Resmed, Inc		266,858
13,144		Rockwell Collins, Inc		632,095
2,234	*	Rofin-Sinar Technologies, Inc		68,383
7,301	e	Roper Industries, Inc		415,865
1,888	e*	Rudolph Technologies, Inc		15,821
6,894	e*	Sirf Technology Holdings, Inc		10,272
1,128	e*	Sirona Dental Systems, Inc		26,260
1,023	*	Somanetics Corp		22,373
1,326	e*	Sonic Solutions, Inc		5,834
1,231	e*	SonoSite, Inc		38,653
2,046	e*	Spectranetics Corp		9,473
28,100	e*	St. Jude Medical, Inc		1,222,069
4,809		STERIS Corp		180,722
25,017		Stryker Corp		1,558,559
3,638	*	Symmetry Medical, Inc		67,521
1,050	*	Synovis Life Technologies, Inc		19,761
3,374	*	Techne Corp		243,333
2,964	*	Teledyne Technologies, Inc		169,422
13,384	*	Teradyne, Inc		104,529
34,228	*	Thermo Electron Corp		1,882,540
5,078	e*	Thoratec Corp		133,298
1,033	e*	Trans1, Inc		10,216
9,984	e*	Trimble Navigation Ltd		258,186
2,586	*	Varian, Inc		110,939
2,601	e*	Veeco Instruments, Inc		38,521
1,742	e*	Vital Images, Inc		26,130
832		Vital Signs, Inc		61,485
6,603	e*	Vivus, Inc		52,428
1,050	*	Vnus Medical Technologies, Inc		21,976
3,892	*	Volcano Corp		67,293
8,210	*	Waters Corp		477,658
2,962	*	Wright Medical Group, Inc		90,163
75,169		Xerox Corp		866,699
18,903	*	Zimmer Holdings, Inc		1,220,378
2,044	e*	Zoll Medical Corp		66,880
1,229	*	Zygo Corp		15,461
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		57,406,698
INSURANCE AGENTS, BROKERS AND SERVICE - 0.42%
22,985		AON Corp		1,033,406
9,463		Brown & Brown, Inc		204,590
1,201	e*	Crawford & Co (Class B)		18,255

130

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,414	e	Gallagher (Arthur J.) & Co	$	190,243
25,741		Hartford Financial Services Group, Inc		1,055,124
2,857	e	Hilb Rogal & Hobbs Co		133,536
491	e	Life Partners Holdings, Inc		17,661
41,995		Marsh & McLennan Cos, Inc		1,333,761
2,733	e	National Financial Partners Corp		40,995
1,801	*	United America Indemnity Ltd (Class A)		25,628
754		White Mountains Insurance Group Ltd		354,192
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,407,391
INSURANCE CARRIERS - 3.40%
40,148		Aetna, Inc		1,449,744
39,098		Aflac, Inc		2,297,008
419	*	Alleghany Corp		152,935
4,126		Allied World Assurance Holdings Ltd		146,556
45,063		Allstate Corp		2,078,306
20,681	e	Ambac Financial Group, Inc		48,187
3,771		American Equity Investment Life Holding Co		28,283
6,425		American Financial Group, Inc		189,538
190,265	e	American International Group, Inc		633,582
1,288		American National Insurance Co		111,193
1,012		American Physicians Capital, Inc		42,838
850	*	American Safety Insurance Holdings Ltd		12,844
4,365	*	AMERIGROUP Corp		110,173
1,343	*	Amerisafe, Inc		24,443
1,831	e	Amtrust Financial Services, Inc		24,883
4,136	*	Arch Capital Group Ltd		302,052
2,387	*	Argo Group International Holdings Ltd		87,961
7,088		Aspen Insurance Holdings Ltd		194,920
9,669		Assurant, Inc		531,795
5,095	e	Assured Guaranty Ltd		82,845
12,255		Axis Capital Holdings Ltd		388,606
711	e	Baldwin & Lyons, Inc (Class B)		17,043
2,711		Castlepoint Holdings Ltd		30,173
2,904	*	Catalyst Health Solutions, Inc		75,853
3,736	*	Centene Corp		76,625
29,776		Chubb Corp		1,634,702
11,942		Cincinnati Financial Corp		339,630
2,569	e*	Citizens, Inc (Class A)		21,117
1,739	e	CNA Financial Corp		45,631
1,063	*	CNA Surety Corp		17,752
15,444	*	Conseco, Inc		54,363
539	*	Darwin Professional Underwriters, Inc		16,768
3,312		Delphi Financial Group, Inc (Class A)		92,868
419		Donegal Group, Inc (Class A)		7,596
178	e	EMC Insurance Group, Inc		5,247
4,260		Employers Holdings, Inc		74,039
4,367	e	Endurance Specialty Holdings Ltd		135,028
506	*	Enstar Group Ltd		49,264
3,198	e	Erie Indemnity Co (Class A)		135,179
5,101		Everest Re Group Ltd		441,390
1,117	e	FBL Financial Group, Inc (Class A)		31,153
17,670	e	Fidelity National Title Group, Inc (Class A)		259,749
1,688	e*	First Acceptance Corp		5,739

131

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,218	e	First American Corp	$	212,931
906	*	First Mercury Financial Corp		12,911
2,490	e	Flagstone Reinsurance Holdings Ltd		25,572
665	e*	Fpic Insurance Group, Inc		34,174
35,175		Genworth Financial, Inc (Class A)		302,857
2,355	e*	Greenlight Capital Re Ltd (Class A)		54,141
4,147		Hanover Insurance Group, Inc		188,771
1,021	e	Harleysville Group, Inc		38,594
9,561	e	HCC Insurance Holdings, Inc		258,147
8,785	*	Health Net, Inc		207,326
4,375	*	Healthspring, Inc		92,575
2,772		Horace Mann Educators Corp		35,676
13,824	*	Humana, Inc		569,549
477	e	Independence Holding Co		5,509
1,955		Infinity Property & Casualty Corp		80,546
4,642	e	IPC Holdings Ltd		140,235
246		Kansas City Life Insurance Co		11,316
1,241	e	LandAmerica Financial Group, Inc		30,094
14,711		Leucadia National Corp		668,468
21,217		Lincoln National Corp		908,300
25,690		Loews Corp		1,014,498
3,977	e	Maiden Holdings Ltd		17,300
804	*	Markel Corp		282,606
4,401		Max Re Capital Ltd		102,235
17,839	e	MBIA, Inc		212,284
3,360		Meadowbrook Insurance Group, Inc		23,722
2,119	e	Mercury General Corp		116,015
37,707	e	Metlife, Inc		2,111,592
10,296	e	MGIC Investment Corp		72,381
1,047	e*	Molina Healthcare, Inc		32,457
8,145	e	Montpelier Re Holdings Ltd		134,474
1,070	e	National Interstate Corp		25,712
147		National Western Life Insurance Co (Class A)		35,584
3,844	e	Nationwide Financial Services, Inc (Class A)		189,625
1,310	*	Navigators Group, Inc		75,980
393	e	NYMAGIC, Inc		9,923
1,972		Odyssey Re Holdings Corp		86,374
18,927	e	Old Republic International Corp		241,319
2,079		OneBeacon Insurance Group Ltd (Class A)		43,971
4,449		PartnerRe Ltd		302,932
4,678	*	Philadelphia Consolidated Holding Co		273,990
8,285		Phoenix Cos, Inc		76,553
4,647		Platinum Underwriters Holdings Ltd		164,876
2,758	*	PMA Capital Corp (Class A)		24,326
6,414	e	PMI Group, Inc		18,921
1,376		Presidential Life Corp		21,727
3,319	e*	Primus Guaranty Ltd		8,696
21,176		Principal Financial Group		920,944
2,765	e*	ProAssurance Corp		154,840
55,147		Progressive Corp		959,558
5,564		Protective Life Corp		158,630
36,298		Prudential Financial, Inc		2,613,456
5,712	e	Quanta Capital Holdings Ltd		15,765
8,338		Radian Group, Inc		42,024

132

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,708	e*	RadNet, Inc	$	6,849
4,872	e	Reinsurance Group of America, Inc (Class A)		263,088
240	e*	Reinsurance Group of America, Inc (Class B)		11,381
5,286		RenaissanceRe Holdings Ltd		274,872
1,621	e	RLI Corp		100,648
1,566		Safety Insurance Group, Inc		59,398
1,144	*	SeaBright Insurance Holdings, Inc		14,872
4,248		Selective Insurance Group, Inc		97,364
4,232		Stancorp Financial Group, Inc		220,064
1,335		State Auto Financial Corp		38,809
1,175	e	Stewart Information Services Corp		34,956
7,639		Torchmark Corp		456,812
1,672	e	Tower Group, Inc		39,392
2,197		Transatlantic Holdings, Inc		119,407
49,496		Travelers Cos, Inc		2,237,219
900	e*	Triple-S Management Corp (Class B)		14,661
1,880		United Fire & Casualty Co		53,749
101,498		UnitedHealth Group, Inc		2,577,034
3,532		Unitrin, Inc		88,088
3,755	*	Universal American Financial Corp		45,774
28,322		UnumProvident Corp		710,882
5,282		Validus Holdings Ltd		122,807
11,713		W.R. Berkley Corp		275,841
3,656	e*	WellCare Health Plans, Inc		131,616
117		Wesco Financial Corp		41,769
26,653	e	XL Capital Ltd (Class A)		478,155
3,038	e	Zenith National Insurance Corp		111,312
		TOTAL INSURANCE CARRIERS		35,595,402
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
10,692	*	Corrections Corp of America		265,696
3,930	*	Geo Group, Inc		79,425
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		345,121
LEATHER AND LEATHER PRODUCTS - 0.10%
27,942	*	Coach, Inc		699,668
6,919	e*	CROCS, Inc		24,770
1,742	e*	Genesco, Inc		58,322
4,946	e*	Iconix Brand Group, Inc		64,694
1,492	*	Steven Madden Ltd		36,972
3,526	*	Timberland Co (Class A)		61,246
334	e	Weyco Group, Inc		11,179
4,349		Wolverine World Wide, Inc		115,074
		TOTAL LEATHER AND LEATHER PRODUCTS		1,071,925
LEGAL SERVICES - 0.03%
4,111	*	FTI Consulting, Inc		296,979
651	e*	Pre-Paid Legal Services, Inc		26,860
		TOTAL LEGAL SERVICES		323,839
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%**
670	e*	Emergency Medical Services Corp (Class A)		20,020
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		20,020

133

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
LUMBER AND WOOD PRODUCTS - 0.02%
640	e	American Woodmark Corp	$	14,368
6,392	e*	Champion Enterprises, Inc		35,476
793	e	Deltic Timber Corp		50,467
8,485	e	Louisiana-Pacific Corp		78,911
508	e	Skyline Corp		13,426
1,139	e	Universal Forest Products, Inc		39,762
		TOTAL LUMBER AND WOOD PRODUCTS		232,410
METAL MINING - 0.45%
3,613	*	Allied Nevada Gold Corp		20,666
5,768	e*	Apex Silver Mines Ltd		9,921
8,768		Cleveland-Cliffs, Inc		464,178
49,504	e*	Coeur d'Alene Mines Corp		75,741
3,682		Foundation Coal Holdings, Inc		131,006
31,224		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,775,084
10,241	e*	Hecla Mining Co		47,928
36,244		Newmont Mining Corp		1,404,817
6,172	e*	Patriot Coal Corp		179,297
4,229	*	Rosetta Resources, Inc		77,644
2,555		Royal Gold, Inc		91,878
3,890	e*	ShengdaTech, Inc		27,230
17,871	e	Southern Copper Corp		340,979
3,801	e*	Stillwater Mining Co		22,084
4,918	e*	Uranium Resources, Inc		8,311
		TOTAL METAL MINING		4,676,764
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.33%
1,767	e	Armstrong World Industries, Inc		51,066
1,955		Blyth, Inc		22,170
4,917		Callaway Golf Co		69,182
3,000	e	Daktronics, Inc		49,980
12,651		Fortune Brands, Inc		725,661
10,098	e	Hasbro, Inc		350,602
2,794	*	Intrepid Potash, Inc		84,211
2,532	e*	Jakks Pacific, Inc		63,072
396	e	Marine Products Corp		3,287
29,869		Mattel, Inc		538,837
6,359	*	Nautilus, Inc		29,061
1,490	*	RC2 Corp		29,800
634	*	Russ Berrie & Co, Inc		4,863
3,210	*	Shuffle Master, Inc		16,339
569	*	Steinway Musical Instruments, Inc		16,114
39,491		Tyco International Ltd		1,382,975
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		3,437,220
MISCELLANEOUS RETAIL - 1.33%
2,238	*	1-800-FLOWERS.COM, Inc (Class A)		13,473
25,634	*	Amazon.com, Inc		1,865,130
3,134	e	Barnes & Noble, Inc		81,735
27,342		Best Buy Co, Inc		1,025,325
1,344	e	Big 5 Sporting Goods Corp		13,870
1,266	e*	Blue Nile, Inc		54,273
4,275		Borders Group, Inc		28,044

134

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
918	e*	Build-A-Bear Workshop, Inc	$	6,683
3,805	e*	Cabela's, Inc		45,964
2,380		Cash America International, Inc		85,775
3,455	*	CKX, Inc		21,283
4,691	e*	Coldwater Creek, Inc		27,161
116,659	e	CVS Corp		3,926,742
6,440	e*	Dick's Sporting Goods, Inc		126,095
7,089	*	Dollar Tree, Inc		257,756
6,969	e*	Drugstore.Com		16,377
3,847	*	Ezcorp, Inc (Class A)		72,324
2,096	e*	GSI Commerce, Inc		32,446
2,889	e*	Hibbett Sports, Inc		57,838
2,919	e*	HSN, Inc		32,138
2,700		Longs Drug Stores Corp		204,228
3,771	e	MSC Industrial Direct Co (Class A)		173,730
2,988	e	Nutri/System, Inc		52,947
23,188	*	Office Depot, Inc		134,954
6,672	e	OfficeMax, Inc		59,314
1,624	e*	Overstock.com, Inc		32,171
886	e*	PC Mall, Inc		6,051
10,071		Petsmart, Inc		248,854
3,150	e*	Priceline.com, Inc		215,555
963	e	Pricesmart, Inc		16,121
43,742	e,v*	Rite Aid Corp		35,431
4,827	e*	Sears Holdings Corp		451,325
1,063	*	Shutterfly, Inc		10,215
5,200	e	Signet Jewelers Ltd		121,576
1,216	*	Stamps.com, Inc		14,191
57,467		Staples, Inc		1,293,008
1,129	e	Systemax, Inc		15,874
10,326		Tiffany & Co		366,780
81,752		Walgreen Co		2,531,042
2,077		World Fuel Services Corp		47,833
2,870	e*	Zale Corp		71,750
1,933	e*	Zumiez, Inc		31,856
		TOTAL MISCELLANEOUS RETAIL		13,925,238
MOTION PICTURES - 0.86%
1,148	*	Ascent Media Corp (Series A)		28,023
3,122	e*	Avid Technology, Inc		75,115
15,402	e*	Blockbuster, Inc (Class A)		31,574
47,885	e	CBS Corp (Class B)		698,163
2,032	e	Cinemark Holdings, Inc		27,635
11,487	*	Discovery Communications, Inc (Class A)		163,690
11,487	*	Discovery Communications, Inc (Class C)		162,656
6,535	*	DreamWorks Animation SKG, Inc (Class A)		205,526
1,062	e*	Gaiam, Inc (Class A)		11,257
6,740	e*	Macrovision Solutions Corp		103,661
3,000		National CineMedia, Inc		33,150
189,289		News Corp (Class A)		2,269,575
6,662	e	Regal Entertainment Group (Class A)		105,126
292,201	e	Time Warner, Inc		3,830,755
12,040	e*	tw telecom inc (Class A)		125,096
46,110	*	Viacom, Inc (Class B)		1,145,373
		TOTAL MOTION PICTURES		9,016,375

135

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
NONDEPOSITORY INSTITUTIONS - 0.79%
4,721		Advance America Cash Advance Centers, Inc	$	14,116
2,678	e	Advanta Corp (Class B)		22,040
16,973	e	American Capital Ltd		432,981
83,382		American Express Co		2,954,224
9,815	e*	AmeriCredit Corp		99,426
8,582	e	Ares Capital Corp		89,510
5,840	e*	Boise, Inc		9,110
30,979	e	Capital One Financial Corp		1,579,929
16,288	e	CapitalSource, Inc		200,342
5,610	e	Chimera Investment Corp		34,838
23,283	e	CIT Group, Inc		162,050
1,560	e*	CompuCredit Corp		6,115
639	e*	Credit Acceptance Corp		10,863
39,526	e	Discover Financial Services		546,249
1,148	e*	Encore Capital Group, Inc		15,728
556		Federal Agricultural Mortgage Corp (Class C)		2,280
52,901	e	Federal Home Loan Mortgage Corp		90,461
86,850	e	Federal National Mortgage Association		132,880
1,638	e	Financial Federal Corp		37,543
1,940	*	First Cash Financial Services, Inc		29,100
6,161	e	First Marblehead Corp		15,341
1,812		Gladstone Investment Corp		12,467
3,730	e	GLG Partners, Inc		20,217
3,065	e*	Guaranty Financial Group, Inc		12,107
1,694	e	Hercules Technology Growth Capital, Inc		16,432
1,400		Kohlberg Capital Corp		12,026
7,715		Lender Processing Services, Inc		235,462
6,389	e	MCG Capital Corp		16,739
1,192		Medallion Financial Corp		12,480
2,076	e*	Mercadolibre, Inc		42,247
825	e*	Mitcham Industries, Inc		8,324
1,264		Nelnet, Inc (Class A)		17,949
965	e*	NewStar Financial, Inc		7,807
1,747	e	NGP Capital Resources Co		25,454
3,033	e*	Ocwen Financial Corp		24,416
1,325	e	Patriot Capital Funding, Inc		8,440
1,437	e	PennantPark Investment Corp		10,648
3,898	*	PHH Corp		51,804
39,459	*	SLM Corp		486,924
293		Student Loan Corp		27,249
20,584		Textron, Inc		602,700
5,000	e*	thinkorswim Group, Inc		41,650
486	e*	Tree.com, Inc		2,342
1,438	e*	World Acceptance Corp		51,768
		TOTAL NONDEPOSITORY INSTITUTIONS		8,232,778
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
2,631	e	AMCOL International Corp		82,245
2,669		Compass Minerals International, Inc		139,829
7,045	e*	General Moly, Inc		30,646
9,139	e	Vulcan Materials Co		680,855
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		933,575

136

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
OIL AND GAS EXTRACTION - 3.85%
3,365	e*	Abraxas Petroleum Corp	$	8,783
38,462		Anadarko Petroleum Corp		1,865,792
676	e	APCO Argentina, Inc		19,138
746	*	Approach Resources, Inc		10,787
2,784	e*	Arena Resources, Inc		108,158
2,974		Atlas America, Inc		101,443
2,259	*	ATP Oil & Gas Corp		40,233
4,578	*	Atwood Oceanics, Inc		166,639
25,203		Baker Hughes, Inc		1,525,790
3,357	e*	Basic Energy Services, Inc		71,504
3,401	e	Berry Petroleum Co (Class A)		131,721
2,998	*	Bill Barrett Corp		96,266
24,364		BJ Services Co		466,083
3,062	e*	BMB Munai, Inc		12,707
3,760	*	Brigham Exploration Co		41,322
2,820	e*	Bronco Drilling Co, Inc		28,820
3,928	e*	Cal Dive International, Inc		41,637
2,233	*	Callon Petroleum Co		40,261
18,276	*	Cameron International Corp		704,357
3,112	e*	Cano Petroleum, Inc		7,189
2,238	*	Carrizo Oil & Gas, Inc		81,172
9,450	e*	Cheniere Energy, Inc		21,263
47,923	e	Chesapeake Energy Corp		1,718,519
6,790		Cimarex Energy Co		332,099
445	e*	Clayton Williams Energy, Inc		31,386
2,252	*	CNX Gas Corp		50,422
3,961	*	Complete Production Services, Inc		79,735
3,703	*	Comstock Resources, Inc		185,335
4,077	*	Concho Resources, Inc		112,566
1,277	e*	Contango Oil & Gas Co		68,932
2,499	e*	Continental Resources, Inc		98,036
616	e*	Dawson Geophysical Co		28,761
5,491	e*	Delta Petroleum Corp		74,568
20,097	*	Denbury Resources, Inc		382,647
5,628	e	Diamond Offshore Drilling, Inc		580,022
668	e*	Double Eagle Petroleum Co		9,539
4,326	*	Encore Acquisition Co		180,740
9,303	e*	Endeavour International Corp		12,280
2,414	*	Energy Partners Ltd		20,929
5,767	e	Energy XXI Bermuda Ltd		17,532
11,806		ENSCO International, Inc		680,380
10,703		Equitable Resources, Inc		392,586
11,108	*	EXCO Resources, Inc		181,283
5,295	e*	Exterran Holdings, Inc		169,228
7,191	e*	Forest Oil Corp		356,674
2,564	e*	FX Energy, Inc		19,076
7,722	e*	Gasco Energy, Inc		14,054
5,057	e*	GeoGlobal Resources, Inc		12,744
504	*	Geokinetics, Inc		9,576
1,491	*	Geomet, Inc		8,111
9,461	e*	Global Industries Ltd		65,659

137

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,548	e*	GMX Resources, Inc	$	73,994
1,789	e*	Goodrich Petroleum Corp		77,983
15,806	e*	Grey Wolf, Inc		122,971
2,151	e*	Gulfport Energy Corp		21,618
71,385	e	Halliburton Co		2,312,160
3,621	e*	Harvest Natural Resources, Inc		36,645
7,245	e*	Helix Energy Solutions Group, Inc		175,909
8,429		Helmerich & Payne, Inc		364,048
7,133	*	Hercules Offshore, Inc		108,136
1,275	e	Houston American Energy Corp		8,058
710	e	Kayne Anderson Energy Development Co		12,020
10,233	*	Key Energy Services, Inc		118,703
7,211	*	Mariner Energy, Inc		147,825
4,821	e*	McMoRan Exploration Co		113,968
9,213	*	Meridian Resource Corp		16,952
23,046	*	Nabors Industries Ltd		574,306
34,526	*	National Oilwell Varco, Inc		1,734,241
8,709	e*	Newpark Resources, Inc		63,576
21,820		Noble Corp		957,898
1,623	e*	Northern Oil And Gas, Inc		13,195
4,512	*	Oceaneering International, Inc		240,580
14,732	e*	Oilsands Quest, Inc		44,049
611	e	Panhandle Oil and Gas, Inc (Class A)		17,493
3,901	*	Parallel Petroleum Corp		36,747
8,740	e*	Parker Drilling Co		70,095
12,819		Patterson-UTI Energy, Inc		256,636
3,324	e	Penn Virginia Corp		177,635
416	m,v*	Petrocorp, Inc		-
20,720	*	PetroHawk Energy Corp		448,174
1,462	*	Petroleum Development Corp		64,869
3,247	e*	Petroquest Energy, Inc		49,841
4,643	*	Pioneer Drilling Co		61,752
9,786	e	Pioneer Natural Resources Co		511,612
8,797	*	Plains Exploration & Production Co		309,302
13,519	*	Pride International, Inc		400,298
1,600	e*	Quest Resource Corp		4,256
8,202	e*	Quicksilver Resources, Inc		161,005
3,028	*	RAM Energy Resources, Inc		8,751
13,042		Range Resources Corp		559,111
1,130	e*	Rex Energy Corp		17,809
8,984	e	Rowan Cos, Inc		274,461
2,562	e	RPC, Inc		36,022
98,156		Schlumberger Ltd		7,665,002
1,932	e*	SEACOR Holdings, Inc		152,531
17,910		Smith International, Inc		1,050,242
28,812	*	Southwestern Energy Co		879,918
5,027		St. Mary Land & Exploration Co		179,213
2,582	*	Stone Energy Corp		109,296
8,618	e*	Sulphco, Inc		17,322
6,478	*	Superior Energy Services		201,725
1,628	e*	Superior Well Services, Inc		41,205
2,664	*	Swift Energy Co		103,070
6,751	*	Tetra Technologies, Inc		93,501
4,279	e	Tidewater, Inc		236,885

138

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,946	e*	Toreador Resources Corp	$	17,494
26,195		Transocean, Inc		2,877,259
1,429	e*	Trico Marine Services, Inc		24,407
1,902	e*	Tri-Valley Corp		12,059
3,774	e*	TXCO Resources, Inc		37,891
1,041	*	Union Drilling, Inc		11,024
3,946	*	Unit Corp		196,590
6,545	*	Vaalco Energy, Inc		44,768
1,659	e*	Venoco, Inc		21,567
2,427	e	W&T Offshore, Inc		66,233
5,521	*	Warren Resources, Inc		55,100
55,458	*	Weatherford International Ltd		1,394,214
3,425	*	Whiting Petroleum Corp		244,065
3,179	e*	Willbros Group, Inc		84,243
45,534		XTO Energy, Inc		2,118,242
		TOTAL OIL AND GAS EXTRACTION		40,224,254
PAPER AND ALLIED PRODUCTS - 0.49%
5,337	e*	AbitibiBowater, Inc		20,654
8,135	e	Bemis Co		213,218
5,036	*	Buckeye Technologies, Inc		41,245
3,976	e*	Cenveo, Inc		30,575
38,287	*	Domtar Corporation		176,120
4,692		Glatfelter		63,530
11,931	*	Graphic Packaging Holding Co		29,828
2,721		Greif, Inc (Class A)		178,552
35,261		International Paper Co		923,133
34,689		Kimberly-Clark Corp		2,249,235
14,378	e	MeadWestvaco Corp		335,151
5,591	e*	Mercer International, Inc		20,463
1,091		Neenah Paper, Inc		21,602
8,309		Packaging Corp of America		192,603
3,088		Rock-Tenn Co (Class A)		123,458
1,100		Schweitzer-Mauduit International, Inc		20,889
21,789	*	Smurfit-Stone Container Corp		102,408
8,082		Sonoco Products Co		239,874
8,911	e	Temple-Inland, Inc		135,982
3,238		Wausau Paper Corp		32,801
		TOTAL PAPER AND ALLIED PRODUCTS		5,151,321
PERSONAL SERVICES - 0.16%
10,956		Cintas Corp		314,547
2,416	e*	Coinstar, Inc		77,312
2,089		G & K Services, Inc (Class A)		69,041
26,422		H&R Block, Inc		601,101
2,460	e	Jackson Hewitt Tax Service, Inc		37,736
3,440		Regis Corp		94,600
8,257	e*	Sally Beauty Holdings, Inc		71,010
21,386	e	Service Corp International		178,787
1,231	*	Steiner Leisure Ltd		42,322
1,120		Unifirst Corp		48,261
3,142	e	Weight Watchers International, Inc		114,997
		TOTAL PERSONAL SERVICES		1,649,714

139

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
PETROLEUM AND COAL PRODUCTS - 7.55%
1,047	e	Alon USA Energy, Inc	$	14,113
3,015	e*	American Oil & Gas, Inc		7,869
27,490		Apache Corp		2,866,657
4,890		Ashland, Inc		142,984
8,010		Cabot Oil & Gas Corp		289,481
170,166		Chevron Corp		14,035,292
126,816		ConocoPhillips		9,289,272
1,500	e*	CVR Energy, Inc		12,780
440		Delek US Holdings, Inc		4,079
36,515	e	Devon Energy Corp		3,330,168
20,316		EOG Resources, Inc		1,817,469
434,601		Exxon Mobil Corp		33,751,114
8,621		Frontier Oil Corp		158,799
7,767	e*	Gran Tierra Energy, Inc		28,816
3,218	e*	Headwaters, Inc		42,960
22,975		Hess Corp		1,885,788
3,598		Holly Corp		104,054
57,827		Marathon Oil Corp		2,305,562
15,440		Murphy Oil Corp		990,322
10,702	e*	Newfield Exploration Co		342,357
13,890		Noble Energy, Inc		772,145
67,515		Occidental Petroleum Corp		4,756,432
834		Quaker Chemical Corp		23,736
8,600	e*	SandRidge Energy, Inc		168,560
9,574		Sunoco, Inc		340,643
11,252	e	Tesoro Corp		185,545
42,626	e	Valero Energy Corp		1,291,568
1,308	e	WD-40 Co		46,996
1,978	e	Western Refining, Inc		19,998
		TOTAL PETROLEUM AND COAL PRODUCTS		79,025,559
PIPELINES, EXCEPT NATURAL GAS - 0.12%
52,009	e	Spectra Energy Corp		1,237,814
		TOTAL PIPELINES, EXCEPT NATURAL GAS		1,237,814
PRIMARY METAL INDUSTRIES - 0.82%
9,168		AK Steel Holding Corp		237,635
67,315		Alcoa, Inc		1,519,973
8,196		Allegheny Technologies, Inc		242,192
3,666	e	Belden CDT, Inc		116,542
1,752	e*	Brush Engineered Materials, Inc		32,535
3,808		Carpenter Technology Corp		97,675
2,429	e*	Century Aluminum Co		67,259
637	e*	Coleman Cable, Inc		6,389
5,711	e*	CommScope, Inc		197,829
130,388		Corning, Inc		2,039,268
1,929	e	Encore Wire Corp		34,934
1,161	e*	Fushi Copperweld, Inc		11,250
4,165	e*	General Cable Corp		148,399
2,670	e*	General Steel Holdings, Inc		19,064
2,409	e	Gibraltar Industries, Inc		45,072
1,264	e*	Haynes International, Inc		59,193
2,812	*	Horsehead Holding Corp		16,591

140

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,765		Hubbell, Inc (Class B)	$	167,013
2,544	e	Matthews International Corp (Class A)		129,083
1,995	e*	Metalico, Inc		11,771
3,036		Mueller Industries, Inc		69,858
639	e*	Northwest Pipe Co		27,873
25,749		Nucor Corp		1,017,086
735		Olympic Steel, Inc		21,675
11,305		Precision Castparts Corp		890,608
1,766	e*	RTI International Metals, Inc		34,543
1,808	e	Schnitzer Steel Industries, Inc (Class A)		70,946
13,725		Steel Dynamics, Inc		234,560
2,048	e	Texas Industries, Inc		83,681
6,441	e	Titanium Metals Corp		73,041
1,985		Tredegar Corp		35,313
9,760		United States Steel Corp		757,474
475	e*	Universal Stainless & Alloy		12,136
4,916	e	Worthington Industries, Inc		73,445
		TOTAL PRIMARY METAL INDUSTRIES		8,601,906
PRINTING AND PUBLISHING - 0.34%
3,945	*	ACCO Brands Corp		29,745
1,334	e	AH Belo Corp (Class A)		6,883
3,989		American Greetings Corp (Class A)		60,992
6,671		Belo (A.H.) Corp (Class A)		39,759
2,149		Bowne & Co, Inc		24,821
1,830	e*	China Information Security Technology, Inc		8,601
763	*	Consolidated Graphics, Inc		23,142
738	e	Courier Corp		15,026
509		CSS Industries, Inc		13,102
1,765	e*	Dolan Media Co		17,809
4,566		Dun & Bradstreet Corp		430,848
1,468	e	Ennis, Inc		22,695
2,507	e	EW Scripps Co (Class A)		17,724
18,735	e	Gannett Co, Inc		316,809
1,340	e,v	GateHouse Media, Inc		657
4,449	e	Harte-Hanks, Inc		46,136
3,702		John Wiley & Sons, Inc (Class A)		149,746
2,531	e	Journal Communications, Inc (Class A)		12,351
9,470	e	Lee Enterprises, Inc		33,145
1,457	e*	Martha Stewart Living Omnimedia, Inc (Class A)		12,399
3,476	e	McClatchy Co (Class A)		15,294
26,115		McGraw-Hill Cos, Inc		825,495
1,443		Media General, Inc (Class A)		17,936
3,925	e	Meredith Corp		110,057
3,596	*	MSCI, Inc (Class A)		86,304
612	e	Multi-Color Corp		14,621
11,647	e	New York Times Co (Class A)		166,436
1,525	e*	Playboy Enterprises, Inc (Class B)		6,009
2,317	e*	Presstek, Inc		13,068
3,226	e	Primedia, Inc		7,839
8,895	e*	R.H. Donnelley Corp		17,701
17,272		R.R. Donnelley & Sons Co		423,682
864		Schawk, Inc (Class A)		13,064
2,978	e	Scholastic Corp		76,475

141

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,098		Standard Register Co	$	10,815
5,023	*	Valassis Communications, Inc		43,499
3,805	e*	VistaPrint Ltd		124,956
497		Washington Post Co (Class B)		276,710
		TOTAL PRINTING AND PUBLISHING		3,532,351
RAILROAD TRANSPORTATION - 0.90%
23,315		Burlington Northern Santa Fe Corp		2,155,006
33,613	e	CSX Corp		1,834,261
2,561	*	Genesee & Wyoming, Inc (Class A)		96,089
6,303	e*	Kansas City Southern Industries, Inc		279,601
30,744		Norfolk Southern Corp		2,035,560
42,986		Union Pacific Corp		3,058,884
		TOTAL RAILROAD TRANSPORTATION		9,459,401
REAL ESTATE - 0.10%
14,074	e*	CB Richard Ellis Group, Inc (Class A)		188,169
406	e	Consolidated-Tomoka Land Co		17,535
2,600	e	DuPont Fabros Technology, Inc		39,650
6,043	e	Forest City Enterprises, Inc (Class A)		185,339
2,565	*	Forestar Real Estate Group, Inc		37,834
691	e*	FX Real Estate and Entertainment, Inc		719
7,117	e	Grubb & Ellis Co		19,216
2,690		Jones Lang LaSalle, Inc		116,961
1,976	e*	LoopNet, Inc		19,424
7,434	e*	St. Joe Co		290,595
6,488	e	Stewart Enterprises, Inc (Class A)		50,996
527	*	Stratus Properties, Inc		14,503
1,745		Thomas Properties Group, Inc		17,624
		TOTAL REAL ESTATE		998,565
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.34%
485	e*	AEP Industries, Inc		9,700
4,612		Cooper Tire & Rubber Co		39,663
1,108	e*	Deckers Outdoor Corp		115,321
19,617	*	Goodyear Tire & Rubber Co		300,336
1,047	e*	Metabolix, Inc		11,391
22,309		Newell Rubbermaid, Inc		385,053
29,556		Nike, Inc (Class B)		1,977,297
2,302		Schulman (A.), Inc		45,534
13,076		Sealed Air Corp		287,541
2,714	e*	Skechers U.S.A., Inc (Class A)		45,677
2,697		Spartech Corp		26,700
2,572	e	Titan International, Inc		54,835
1,849	e*	Trex Co, Inc		33,485
4,822		Tupperware Corp		133,232
2,789	e	West Pharmaceutical Services, Inc		136,159
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		3,601,924
SECURITY AND COMMODITY BROKERS - 2.23%
18,361		Ameriprise Financial, Inc		701,390
1,473	e	BlackRock, Inc		286,499
11,484		Broadridge Financial Solutions, Inc		176,739
1,550		Calamos Asset Management, Inc (Class A)		27,776

142

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
77,239	e	Charles Schwab Corp	$	2,008,214
5,582		CME Group, Inc		2,073,769
1,263	e	Cohen & Steers, Inc		35,781
162	e	Diamond Hill Investment Group, Inc		14,567
1,280	*	Duff & Phelps Corp (Class A)		26,918
35,072	e*	E*Trade Financial Corp		98,202
8,382	e	Eaton Vance Corp		295,298
628	e	Evercore Partners, Inc (Class A)		11,291
2,000	e*	FBR Capital Markets Corp		12,960
1,864	e*	FCStone Group, Inc		33,533
7,130		Federated Investors, Inc (Class B)		205,701
12,794		Franklin Resources, Inc		1,127,535
465	e	GAMCO Investors, Inc (Class A)		27,575
7,128		GFI Group, Inc		33,573
32,559		Goldman Sachs Group, Inc		4,167,552
1,525	e	Greenhill & Co, Inc		112,469
3,331	e*	Interactive Brokers Group, Inc (Class A)		73,848
5,780	*	IntercontinentalExchange, Inc		466,330
32,501	e	Invesco Ltd		681,871
3,758	*	Investment Technology Group, Inc		114,356
13,643		Janus Capital Group, Inc		331,252
10,290	e	Jefferies Group, Inc		230,496
2,123	e*	KBW, Inc		69,932
7,726	*	Knight Capital Group, Inc (Class A)		114,808
8,719	e*	LaBranche & Co, Inc		39,236
7,157	e*	Ladenburg Thalmann Financial Services, Inc		12,883
5,671		Lazard Ltd (Class A)		242,492
11,367		Legg Mason, Inc		432,628
2,236	e*	MarketAxess Holdings, Inc		18,045
124,245		Merrill Lynch & Co, Inc		3,143,398
10,810	e*	MF Global Ltd		46,915
91,122	e	Morgan Stanley		2,095,806
1,322	e*	Morningstar, Inc		73,331
11,082	e*	Nasdaq Stock Market, Inc		338,777
21,698	e	NYSE Euronext		850,128
3,186	e	optionsXpress Holdings, Inc		61,872
940	e*	Penson Worldwide, Inc		13,038
1,448	e*	Piper Jaffray Cos		62,626
7,603	e	Raymond James Financial, Inc		250,747
730		Sanders Morris Harris Group, Inc		6,314
11,037		SEI Investments Co		245,021
1,626	*	Stifel Financial Corp		81,137
1,369	e	SWS Group, Inc		27,599
21,508		T Rowe Price Group, Inc		1,155,195
19,871	*	TD Ameritrade Holding Corp		321,910
1,572	e*	Thomas Weisel Partners Group, Inc		13,252
834	e	US Global Investors, Inc (Class A)		8,382
39		Value Line, Inc		1,306
7,106		Waddell & Reed Financial, Inc (Class A)		175,873
440	e	Westwood Holdings Group, Inc		20,856
		TOTAL SECURITY AND COMMODITY BROKERS		23,299,002
SOCIAL SERVICES - 0.01%
1,459	e*	Capital Senior Living Corp		11,089

143

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
889	e*	Providence Service Corp	$	8,712
1,945	*	Res-Care, Inc		35,282
		TOTAL SOCIAL SERVICES		55,083
SPECIAL TRADE CONTRACTORS - 0.08%
336	e	Alico, Inc		15,936
2,239	*	AsiaInfo Holdings, Inc		20,554
1,767		Chemed Corp		72,553
3,012		Comfort Systems USA, Inc		40,240
4,077	*	Dycom Industries, Inc		53,083
5,364	e*	EMCOR Group, Inc		141,181
1,805	e*	Insituform Technologies, Inc (Class A)		27,003
1,031	*	Integrated Electrical Services, Inc		18,104
1,410	*	Layne Christensen Co		49,956
13,886	e*	Quanta Services, Inc		375,061
		TOTAL SPECIAL TRADE CONTRACTORS		813,671
STONE, CLAY, AND GLASS PRODUCTS - 0.49%
57,630		3M Co		3,936,705
2,382	e	Apogee Enterprises, Inc		35,802
1,805	e*	Cabot Microelectronics Corp		57,904
1,956	e	CARBO Ceramics, Inc		100,949
3,422	e	Eagle Materials, Inc		76,550
12,021	e	Gentex Corp		171,900
1,024	e	Libbey, Inc		8,714
6,246	e*	Owens Corning, Inc		149,342
13,571	*	Owens-Illinois, Inc		398,988
5,438	e*	US Concrete, Inc		24,308
5,506	e*	USG Corp		140,954
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		5,102,116
TEXTILE MILL PRODUCTS - 0.00%**
988	e	Oxford Industries, Inc		25,520
1,030	e	Xerium Technologies, Inc		6,633
		TOTAL TEXTILE MILL PRODUCTS		32,153
TOBACCO PRODUCTS - 1.31%
172,271		Altria Group, Inc		3,417,857
14,409	e	Lorillard, Inc		1,025,200
173,232		Philip Morris International, Inc		8,332,459
2,323	e	Universal Corp		114,036
12,103		UST, Inc		805,334
2,800	e	Vector Group Ltd		49,448
		TOTAL TOBACCO PRODUCTS		13,744,334
TRANSPORTATION BY AIR - 0.41%
1,158	e*	Air Methods Corp		32,783
7,375	e*	Airtran Holdings, Inc		17,921
2,676	*	Alaska Air Group, Inc		54,564
1,100	*	Allegiant Travel Co		38,852
19,698	*	AMR Corp		193,434
1,128	*	Atlas Air Worldwide Holdings, Inc		45,470
1,954	e*	Bristow Group, Inc		66,123
9,626	*	Continental Airlines, Inc (Class B)		160,562

144

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,441		Copa Holdings S.A. (Class A)	$	79,332
24,088	e*	Delta Air Lines, Inc		179,456
25,215	e	FedEx Corp		1,992,994
3,288	e*	Hawaiian Holdings, Inc		30,513
15,904	e*	JetBlue Airways Corp		78,725
19,377	*	Northwest Airlines Corp		174,974
922	*	PHI, Inc		34,049
2,859	*	Republic Airways Holdings, Inc		29,133
5,499	e	Skywest, Inc		87,874
59,351		Southwest Airlines Co		861,183
10,468	e	UAL Corp		92,014
9,413	e*	US Airways Group, Inc		56,760
		TOTAL TRANSPORTATION BY AIR		4,306,716
TRANSPORTATION EQUIPMENT - 2.35%
2,020		A.O. Smith Corp		79,164
3,346	e*	AAR Corp		55,510
1,900	e*	Accuride Corp		3,040
1,480	e*	Aerovironment, Inc		47,286
6,010	e	American Axle & Manufacturing Holdings, Inc		32,214
668	e	American Railcar Industries, Inc		10,715
1,552	e*	Amerigon, Inc (Class A)		10,212
6,046	e	ArvinMeritor, Inc		78,840
1,854	*	ATC Technology Corp		44,014
5,942		Autoliv, Inc		200,543
7,275	*	BE Aerospace, Inc		115,163
61,890		Boeing Co		3,549,391
6,439	e	Brunswick Corp		82,355
4,188	e	Clarcor, Inc		158,935
1,776	e*	Cogo Group, Inc		9,359
8,153	e*	Dana Holding Corp		39,461
869		Ducommun, Inc		20,752
3,326	e	Federal Signal Corp		45,566
9,703	e,v*	Fleetwood Enterprises, Inc		9,994
6,538	e*	Force Protection, Inc		17,522
180,994	e*	Ford Motor Co		941,169
872	e	Freightcar America, Inc		25,523
1,005	e*	Fuel Systems Solutions, Inc		34,622
4,586	e*	GenCorp, Inc		30,910
32,570		General Dynamics Corp		2,397,803
40,137	e	General Motors Corp		379,295
691	e*	GenTek, Inc		17,766
13,405		Genuine Parts Co		539,015
10,128		Goodrich Corp		421,325
1,968		Greenbrier Cos, Inc		38,396
1,661	e	Group 1 Automotive, Inc		36,094
19,343	e	Harley-Davidson, Inc		721,494
6,942		Harsco Corp		258,173
14,118	e*	Hayes Lemmerz International, Inc		38,542
2,398	e	Heico Corp		78,702
1,815		Kaman Corp		51,691
728	*	LMI Aerospace, Inc		14,640
26,998		Lockheed Martin Corp		2,960,871
27,937		Northrop Grumman Corp		1,691,306

145

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
5,052	*	Orbital Sciences Corp	$	121,096
6,187		Oshkosh Truck Corp		81,421
29,947		Paccar, Inc		1,143,676
10,406	*	Pactiv Corp		258,381
2,600	e	Polaris Industries, Inc		118,274
34,551		Raytheon Co		1,848,824
2,358	e	Spartan Motors, Inc		7,498
9,172	*	Spirit Aerosystems Holdings, Inc (Class A)		147,394
1,529	e	Superior Industries International, Inc		29,296
4,114	e*	Tenneco, Inc		43,732
2,904	e	Thor Industries, Inc		72,077
2,554	e*	TransDigm Group, Inc		87,423
6,428	e	Trinity Industries, Inc		165,392
1,523	e	Triumph Group, Inc		69,616
3,634	*	TRW Automotive Holdings Corp		57,817
79,520		United Technologies Corp		4,775,971
10,912	e*	Visteon Corp		25,316
4,482	e	Wabash National Corp		42,355
3,975		Westinghouse Air Brake Technologies Corp		203,639
2,357	e	Winnebago Industries, Inc		30,452
		TOTAL TRANSPORTATION EQUIPMENT		24,617,023
TRANSPORTATION SERVICES - 0.19%
1,389	e	Ambassadors Group, Inc		22,099
14,220		CH Robinson Worldwide, Inc		724,651
848	*	Dynamex, Inc		24,134
17,403		Expeditors International Washington, Inc		606,321
4,030		GATX Corp		159,467
3,009	*	HUB Group, Inc (Class A)		113,289
2,919	*	Interval Leisure Group, Inc		30,358
5,111	*	Lear Corp		53,665
2,400	e*	Orbitz Worldwide, Inc		14,088
2,524	e	Pacer International, Inc		41,570
3,469	e	Ship Finance International Ltd		74,792
8,773		UTI Worldwide, Inc		149,316
		TOTAL TRANSPORTATION SERVICES		2,013,750
TRUCKING AND WAREHOUSING - 0.44%
1,783	e	Arkansas Best Corp		60,069
1,550	*	Celadon Group, Inc		17,778
3,863	e	Con-way, Inc		170,397
2,398	e	Forward Air Corp		65,298
4,592	e	Heartland Express, Inc		71,268
6,690	e	J.B. Hunt Transport Services, Inc		223,245
4,495	e	Landstar System, Inc		198,050
868	*	Marten Transport Ltd		16,935
2,240	*	Old Dominion Freight Line		63,482
1,124	*	Saia, Inc		14,927
56,624	e	United Parcel Service, Inc (Class B)		3,561,083
394	e*	Universal Truckload Services, Inc		9,598
3,306	e	Werner Enterprises, Inc		71,773
5,165	e*	YRC Worldwide, Inc		61,773
		TOTAL TRUCKING AND WAREHOUSING		4,605,676

146

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
WATER TRANSPORTATION - 0.27%
3,677	e	Alexander & Baldwin, Inc	$	161,898
2,936	e*	American Commercial Lines, Inc		31,239
985	e	Arlington Tankers Ltd		15,149
35,500		Carnival Corp		1,254,925
3,230	e	DHT Maritime, Inc		21,706
3,900	e	Eagle Bulk Shipping, Inc		54,366
3,883	e	Frontline Ltd		186,656
1,728	e	Genco Shipping & Trading Ltd		57,439
2,091	e	General Maritime Corp		40,733
2,545	e	Golar LNG Ltd		33,798
1,828	*	Gulfmark Offshore, Inc		82,041
2,450	e	Horizon Lines, Inc (Class A)		24,181
2,095	e*	Hornbeck Offshore Services, Inc		80,909
488	*	International Shipholding Corp		10,687
4,321	*	Kirby Corp		163,939
1,231	e	Knightsbridge Tankers Ltd		32,585
2,799	e	Nordic American Tanker Shipping		89,736
2,912	e*	Odyssey Marine Exploration, Inc		13,220
2,001	e	Overseas Shipholding Group, Inc		116,678
11,003	e	Royal Caribbean Cruises Ltd		228,312
1,370	e*	TBS International Ltd (Class A)		18,440
3,285	e	Teekay Corp		86,658
1,000	e	Teekay Tankers Ltd (Class A)		16,930
2,606	e*	Ultrapetrol Bahamas Ltd		20,457
		TOTAL WATER TRANSPORTATION		2,842,682
WHOLESALE TRADE-DURABLE GOODS - 0.39%
2,311	e	Agilysys, Inc		23,318
4,008		Applied Industrial Technologies, Inc		107,935
9,621	*	Arrow Electronics, Inc		252,263
3,898	e	Barnes Group, Inc		78,817
2,934	e*	Beacon Roofing Supply, Inc		45,829
9,594		BorgWarner, Inc		314,395
1,810		Castle (A.M.) & Co		31,277
917	*	Chindex International, Inc		9,959
2,919	e*	Conceptus, Inc		48,397
1,647	*	DemandTec, Inc		14,839
1,588	*	Digi International, Inc		16,198
1,510	e*	Drew Industries, Inc		25,836
1,377	e*	Hansen Medical, Inc		18,507
1,040	e	Houston Wire & Cable Co		17,857
7,507		IKON Office Solutions, Inc		127,694
13,744	*	Ingram Micro, Inc (Class A)		220,866
4,534	*	Insight Enterprises, Inc		60,801
2,838	e*	Interline Brands, Inc		46,004
4,680	e	Knight Transportation, Inc		79,419
299	e	Lawson Products, Inc		8,267
11,078	e*	LKQ Corp		187,994
3,302	e	Martin Marietta Materials, Inc		369,758
1,200	*	MedAssets, Inc		20,640
847	*	MWI Veterinary Supply, Inc		33,279
3,496	e	Owens & Minor, Inc		169,556
10,538	*	Patterson Cos, Inc		320,461

147

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,421	e	PEP Boys-Manny Moe & Jack	$	21,142
3,769	e	Pool Corp		87,931
5,703	e*	PSS World Medical, Inc		111,208
5,139		Reliance Steel & Aluminum Co		195,128
4,210	*	Solera Holdings, Inc		120,911
4,235	*	Tech Data Corp		126,415
593	e*	Titan Machinery, Inc		12,340
3,352	e*	TomoTherapy, Inc		15,352
3,578	e*	Tyler Technologies, Inc		54,278
6,408		W.W. Grainger, Inc		557,304
3,476	*	WESCO International, Inc		111,858
		TOTAL WHOLESALE TRADE-DURABLE GOODS		4,064,033
WHOLESALE TRADE-NONDURABLE GOODS - 0.63%
2,028		Aceto Corp		19,448
6,695		Airgas, Inc		332,407
2,989	e*	Akorn, Inc		15,334
8,136	*	Alliance One International, Inc		30,917
5,621	e	Allscripts Healthcare Solutions, Inc		69,925
1,516	e	Andersons, Inc		53,393
4,979	e*	Bare Escentuals, Inc		54,122
1,986	e*	BMP Sunstone Corp		13,783
6,810		Brown-Forman Corp (Class B)		489,026
29,197		Cardinal Health, Inc		1,438,828
3,097	*	Central European Distribution Corp		140,635
667	e*	Core-Mark Holding Co, Inc		16,668
1	*	CPEX Pharmaceuticals, Inc		19
11,100	*	Dean Foods Co		259,296
10,376	*	Endo Pharmaceuticals Holdings, Inc		207,520
3,422	e*	Fresh Del Monte Produce, Inc		75,968
1,632	e*	Green Mountain Coffee Roasters, Inc		64,203
3,462	e*	Hain Celestial Group, Inc		95,309
7,558	*	Henry Schein, Inc		406,923
5,319		Herbalife Ltd		210,207
11,952	e	Idearc, Inc		14,940
669	e	Kenneth Cole Productions, Inc (Class A)		9,834
1,677	e	K-Swiss, Inc (Class A)		29,180
1,070	e*	LSB Industries, Inc		14,819
136	e*	Maui Land & Pineapple Co, Inc		3,739
3,804	e	Men's Wearhouse, Inc		80,797
1,840		Myers Industries, Inc		23,202
1,406	e	Nash Finch Co		60,627
5,040		Nu Skin Enterprises, Inc (Class A)		81,749
887	*	Perry Ellis International, Inc		13,225
1,699	e*	School Specialty, Inc		52,992
1,784		Spartan Stores, Inc		44,386
856	e*	Synutra International, Inc		17,231
49,150		Sysco Corp		1,515,294
7,518	e	Terra Industries, Inc		221,029
2,710	e*	Tractor Supply Co		113,956
3,635	e*	United Natural Foods, Inc		90,839
2,146	*	United Stationers, Inc		102,643
356	e	Valhi, Inc		6,408
1,064	*	Volcom, Inc		18,386

148

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,682	e	Zep, Inc	29,670
1,463	e*	Zhongpin, Inc	15,552
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS	6,554,429
		TOTAL COMMON STOCKS	1,041,725,003
		(Cost $961,943,087)
SHORT-TERM INVESTMENTS - 25.04%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 25.04%
262,014,961		State Street Navigator Securities Lending Prime Portfolio	262,014,961
			262,014,961
		TOTAL SHORT-TERM INVESTMENTS	262,014,961
		(Cost $262,014,961)
		TOTAL PORTFOLIO - 124.61%	1,303,739,964
		(Cost $1,223,958,048)
		OTHER ASSETS & LIABILITIES, NET - (24.61)%	(257,524,927)
		NET ASSETS -100.00%	$ 1,046,215,037
	*	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 $165,478.
	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.

149

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.71%
AMUSEMENT AND RECREATION SERVICES - 0.56%
197,770	e	Walt Disney Co	$	6,069,561
		TOTAL AMUSEMENT AND RECREATION SERVICES		6,069,561
APPAREL AND ACCESSORY STORES - 0.35%
8,900		Abercrombie & Fitch Co (Class A)		351,105
46,537		Gap, Inc		827,428
32,615	*	Kohl's Corp		1,502,899
30,870		Limited Brands, Inc		534,668
18,413	e	Nordstrom, Inc		530,663
		TOTAL APPAREL AND ACCESSORY STORES		3,746,763
APPAREL AND OTHER TEXTILE PRODUCTS - 0.13%
8,603	e	Jones Apparel Group, Inc		159,241
11,126		Liz Claiborne, Inc		182,800
5,980		Polo Ralph Lauren Corp (Class A)		398,507
8,973		VF Corp		693,703
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,434,251
AUTO REPAIR, SERVICES AND PARKING - 0.03%
5,810		Ryder System, Inc		360,220
		TOTAL AUTO REPAIR, SERVICES AND PARKING		360,220
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.06%
12,820	e*	Autonation, Inc		144,097
4,368	*	Autozone, Inc		538,749
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		682,846
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.82%
13,338	e	Fastenal Co		658,764
176,849	e	Home Depot, Inc		4,578,621
152,618		Lowe's Cos, Inc		3,615,520
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		8,852,905
BUSINESS SERVICES - 6.56%
56,063	*	Adobe Systems, Inc		2,212,807
9,992	*	Affiliated Computer Services, Inc (Class A)		505,895
17,500	*	Akamai Technologies, Inc		305,200
22,734	*	Autodesk, Inc		762,726
54,599	e	Automatic Data Processing, Inc		2,334,107
20,294	*	BMC Software, Inc		581,017
41,768		CA, Inc		833,689
18,521	*	Citrix Systems, Inc		467,840
31,400	*	Cognizant Technology Solutions Corp (Class A)		716,862
15,806	*	Computer Sciences Corp		635,243
26,698	e*	Compuware Corp		258,704

150

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
13,106	*	Convergys Corp	$	193,707
115,883	*	eBay, Inc		2,593,461
32,609	*	Electronic Arts, Inc		1,206,207
13,205		Equifax, Inc		454,912
22,700	e*	Expedia, Inc		342,997
18,400		Fidelity National Information Services, Inc		339,664
16,595	*	Fiserv, Inc		785,275
25,166	e*	Google, Inc (Class A)		10,079,486
18,817		IMS Health, Inc		355,829
47,401	e*	Interpublic Group of Cos, Inc		367,358
33,164	*	Intuit, Inc		1,048,314
56,423	*	Juniper Networks, Inc		1,188,833
7,590	e	Mastercard, Inc (Class A)		1,345,935
827,658	d	Microsoft Corp		22,090,192
14,992	*	Monster Worldwide, Inc		223,531
38,250	*	Novell, Inc		196,605
32,964		Omnicom Group, Inc		1,271,092
416,602	*	Oracle Corp		8,461,187
16,385	e	Robert Half International, Inc		405,529
10,690	*	Salesforce.com, Inc		517,396
79,398	*	Sun Microsystems, Inc		603,425
88,115	*	Symantec Corp		1,725,292
19,600		Total System Services, Inc		321,440
42,243	*	Unisys Corp		116,168
19,892	e*	VeriSign, Inc		518,783
52,261		Waste Management, Inc		1,645,699
144,240	*	Yahoo!, Inc		2,495,352
		TOTAL BUSINESS SERVICES		70,507,759
CHEMICALS AND ALLIED PRODUCTS - 10.90%
161,934		Abbott Laboratories		9,324,160
21,953		Air Products & Chemicals, Inc		1,503,561
111,537	*	Amgen, Inc		6,610,798
11,874		Avery Dennison Corp		528,155
45,336		Avon Products, Inc		1,884,617
11,437	*	Barr Pharmaceuticals, Inc		746,836
31,479	*	Biogen Idec, Inc		1,583,079
206,269		Bristol-Myers Squibb Co		4,300,709
5,900		CF Industries Holdings, Inc		539,614
14,464		Clorox Co		906,748
53,705		Colgate-Palmolive Co		4,046,672
97,223		Dow Chemical Co		3,089,747
93,873		Du Pont (E.I.) de Nemours & Co		3,783,082
8,616		Eastman Chemical Co		474,397
18,050		Ecolab, Inc		875,786
105,465		Eli Lilly & Co		4,643,624
12,327		Estee Lauder Cos (Class A)		615,240
32,736	*	Forest Laboratories, Inc		925,774
28,202	*	Genzyme Corp		2,281,260
96,144	*	Gilead Sciences, Inc		4,382,243
11,058		Hercules, Inc		218,838
16,876	*	Hospira, Inc		644,663
8,423		International Flavors & Fragrances, Inc		332,371
24,091	*	King Pharmaceuticals, Inc		230,792

151

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
225,591		Merck & Co, Inc	$	7,119,652
57,717	e	Monsanto Co		5,712,829
31,176	e*	Mylan Laboratories, Inc		356,030
708,647		Pfizer, Inc		13,067,451
16,628		PPG Industries, Inc		969,745
32,821		Praxair, Inc		2,354,578
319,914		Procter & Gamble Co		22,294,807
13,072		Rohm & Haas Co		915,040
169,448		Schering-Plough Corp		3,129,704
10,185	e	Sherwin-Williams Co		582,175
13,300		Sigma-Aldrich Corp		697,186
10,903	*	Watson Pharmaceuticals, Inc		310,736
140,537		Wyeth		5,191,437
		TOTAL CHEMICALS AND ALLIED PRODUCTS		117,174,136
COAL MINING - 0.23%
19,035		Consol Energy, Inc		873,516
8,884	e	Massey Energy Co		316,892
29,300		Peabody Energy Corp		1,318,500
		TOTAL COAL MINING		2,508,908
COMMUNICATIONS - 3.79%
40,800	*	American Tower Corp (Class A)		1,467,576
622,680		AT&T, Inc		17,385,226
11,191		CenturyTel, Inc		410,150
308,631		Comcast Corp (Class A)		6,058,426
60,900	e*	DIRECTV Group, Inc		1,593,753
16,311		Embarq Corp		661,411
33,270	e	Frontier Communications Corp		382,605
152,937	e	Qwest Communications International, Inc		493,987
9,155		Scripps Networks Interactive (Class A)		332,418
297,824	e	Sprint Nextel Corp		1,816,726
298,934		Verizon Communications, Inc		9,592,792
46,503		Windstream Corp		508,743
		TOTAL COMMUNICATIONS		40,703,813
DEPOSITORY INSTITUTIONS - 8.36%
480,574		Bank of America Corp		16,820,090
119,151		Bank of New York Mellon Corp		3,881,940
57,909	e	BB&T Corp		2,188,960
573,930		Citigroup, Inc		11,771,304
15,404	e	Comerica, Inc		505,097
61,564	e	Fifth Third Bancorp		732,612
19,296	e	First Horizon National Corp		180,612
54,200		Hudson City Bancorp, Inc		999,990
39,997	e	Huntington Bancshares, Inc		319,576
386,755		JPMorgan Chase & Co		18,061,459
49,822		Keycorp		594,875
7,906	e	M&T Bank Corp		705,611
28,286	e	Marshall & Ilsley Corp		569,963
93,726	e	National City Corp		164,021
23,253		Northern Trust Corp		1,678,867
36,317		PNC Financial Services Group, Inc		2,712,880
76,363	e	Regions Financial Corp		733,085

152

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
49,372	e	Sovereign Bancorp, Inc	$	195,019
44,590		State Street Corp		2,536,279
36,823	e	SunTrust Banks, Inc		1,656,667
181,427	e	US Bancorp		6,535,001
223,061	e	Wachovia Corp		780,714
348,717		Wells Fargo & Co		13,087,349
78,323		Western Union Co		1,932,228
12,719	e	Zions Bancorporation		492,225
		TOTAL DEPOSITORY INSTITUTIONS		89,836,424
EATING AND DRINKING PLACES - 1.00%
14,269		Darden Restaurants, Inc		408,521
119,127		McDonald's Corp		7,350,136
75,555	*	Starbucks Corp		1,123,503
35,389		Wendy's/Arby's Group, Inc (Class A)		186,146
50,354		Yum! Brands, Inc		1,642,044
		TOTAL EATING AND DRINKING PLACES		10,710,350
EDUCATIONAL SERVICES - 0.06%
11,280	e*	Apollo Group, Inc (Class A)		668,904
		TOTAL EDUCATIONAL SERVICES		668,904
ELECTRIC, GAS, AND SANITARY SERVICES - 3.78%
71,427	*	AES Corp		834,982
17,046		Allegheny Energy, Inc		626,781
33,813	*	Allied Waste Industries, Inc		375,662
21,133		Ameren Corp		824,821
43,012		American Electric Power Co, Inc		1,592,734
34,378		Centerpoint Energy, Inc		500,887
22,565	e	CMS Energy Corp		281,386
28,292	e	Consolidated Edison, Inc		1,215,424
18,500		Constellation Energy Group, Inc		449,550
60,690	e	Dominion Resources, Inc		2,596,318
16,901		DTE Energy Co		678,068
133,130		Duke Energy Corp		2,320,456
52,358	e*	Dynegy, Inc (Class A)		187,442
33,596		Edison International		1,340,480
74,090		El Paso Corp		945,388
20,179	e	Entergy Corp		1,796,133
69,315	e	Exelon Corp		4,340,505
32,162	e	FirstEnergy Corp		2,154,532
42,784	e	FPL Group, Inc		2,152,035
7,976	e	Integrys Energy Group, Inc		398,321
4,870	e	Nicor, Inc		215,985
27,539		NiSource, Inc		406,476
21,400		Pepco Holdings, Inc		490,274
36,786		PG&E Corp		1,377,636
10,562		Pinnacle West Capital Corp		363,438
39,939		PPL Corp		1,478,542
27,041		Progress Energy, Inc		1,166,278
53,616		Public Service Enterprise Group, Inc		1,758,069
17,400		Questar Corp		712,008
26,890		Sempra Energy		1,357,138
80,248		Southern Co		3,024,547

153

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
21,139		TECO Energy, Inc	$	332,516
60,133	e	Williams Cos, Inc		1,422,145
45,195		Xcel Energy, Inc		903,448
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		40,620,405
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.20%
62,039	e*	Advanced Micro Devices, Inc		325,705
32,797		Altera Corp		678,242
18,100		Amphenol Corp (Class A)		726,534
31,389		Analog Devices, Inc		827,100
93,361	*	Apple Computer, Inc		10,611,411
46,380	*	Broadcom Corp (Class A)		864,059
11,658	e*	Ciena Corp		117,513
619,118	e*	Cisco Systems, Inc		13,967,302
18,760		Cooper Industries Ltd (Class A)		749,462
17,388		Eaton Corp		976,858
6,324	e	Harman International Industries, Inc		215,459
13,900		Harris Corp		642,180
77,239		Honeywell International, Inc		3,209,280
592,627		Intel Corp		11,099,904
21,704	*	JDS Uniphase Corp		183,616
12,667		L-3 Communications Holdings, Inc		1,245,419
24,155	e	Linear Technology Corp		740,592
63,144	*	LSI Logic Corp		338,452
23,700	*	MEMC Electronic Materials, Inc		669,762
18,600	e	Microchip Technology, Inc		547,398
90,564	e*	Micron Technology, Inc		366,784
14,291	e	Molex, Inc		320,833
231,340		Motorola, Inc		1,651,768
21,800		National Semiconductor Corp		375,178
34,982	*	NetApp, Inc		637,722
10,132	*	Novellus Systems, Inc		198,992
59,243	*	Nvidia Corp		634,493
13,080	e*	QLogic Corp		200,909
172,875		Qualcomm, Inc		7,428,439
15,566		RadioShack Corp		268,980
38,762	e*	Tellabs, Inc		157,374
138,169		Texas Instruments, Inc		2,970,634
49,096		Tyco Electronics Ltd		1,357,995
8,297	e	Whirlpool Corp		657,869
28,373	e	Xilinx, Inc		665,347
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		66,629,565
ENGINEERING AND MANAGEMENT SERVICES - 0.70%
47,839	*	Celgene Corp		3,027,252
18,262	e	Fluor Corp		1,017,193
13,100	e*	Jacobs Engineering Group, Inc		711,461
20,349	e	Moody's Corp		691,866
34,697		Paychex, Inc		1,146,042
17,337	e	Quest Diagnostics, Inc		895,803
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		7,489,617
FABRICATED METAL PRODUCTS - 0.36%
10,349		Ball Corp		408,682

154

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
40,760	e	Illinois Tool Works, Inc	$	1,811,782
17,824	e	Parker Hannifin Corp		944,672
6,226		Snap-On, Inc		327,861
8,434		Stanley Works		352,035
		TOTAL FABRICATED METAL PRODUCTS		3,845,032
FOOD AND KINDRED PRODUCTS - 4.56%
75,264		Anheuser-Busch Cos, Inc		4,883,128
68,850	e	Archer Daniels Midland Co		1,508,504
22,923		Campbell Soup Co		884,828
209,384		Coca-Cola Co		11,072,226
29,951		Coca-Cola Enterprises, Inc		502,278
48,901		ConAgra Foods, Inc		951,613
19,790	*	Constellation Brands, Inc (Class A)		424,693
35,290		General Mills, Inc		2,425,129
33,637		H.J. Heinz Co		1,680,841
17,535	e	Hershey Co		693,334
27,257		Kellogg Co		1,529,118
157,899		Kraft Foods, Inc (Class A)		5,171,192
14,457		McCormick & Co, Inc		555,872
14,884		Molson Coors Brewing Co (Class B)		695,827
13,908		Pepsi Bottling Group, Inc		405,696
165,118		PepsiCo, Inc		11,767,960
17,261		Reynolds American, Inc		839,230
71,672		Sara Lee Corp		905,217
27,871		Tyson Foods, Inc (Class A)		332,780
22,859		Wrigley (Wm.) Jr Co		1,815,005
		TOTAL FOOD AND KINDRED PRODUCTS		49,044,471
FOOD STORES - 0.35%
70,020	e	Kroger Co		1,924,150
45,457	e	Safeway, Inc		1,078,240
21,900		Supervalu, Inc		475,230
14,473	e	Whole Foods Market, Inc		289,894
		TOTAL FOOD STORES		3,767,514
FORESTRY - 0.12%
21,217		Weyerhaeuser Co		1,285,326
		TOTAL FORESTRY		1,285,326
FURNITURE AND FIXTURES - 0.27%
62,796	e	Johnson Controls, Inc		1,904,603
16,173	e	Leggett & Platt, Inc		352,410
36,271	e	Masco Corp		650,702
		TOTAL FURNITURE AND FIXTURES		2,907,715
FURNITURE AND HOME FURNISHINGS STORES - 0.13%
26,645	*	Bed Bath & Beyond, Inc		836,919
17,800	*	GameStop Corp (Class A)		608,938
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		1,445,857
GENERAL BUILDING CONTRACTORS - 0.13%
13,066		Centex Corp		211,669
28,206	e	DR Horton, Inc		367,242

155

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
9,500	e	KB Home	$	186,960
17,331	e	Lennar Corp (Class A)		263,258
22,648	e	Pulte Homes, Inc		316,393
		TOTAL GENERAL BUILDING CONTRACTORS		1,345,522
GENERAL MERCHANDISE STORES - 2.29%
9,215	e*	Big Lots, Inc		256,453
45,358		Costco Wholesale Corp		2,945,095
6,283	e	Dillard's, Inc (Class A)		74,139
14,953		Family Dollar Stores, Inc		354,386
23,859		JC Penney Co, Inc		795,459
43,387		Macy's, Inc		780,098
44,788		TJX Cos, Inc		1,366,930
79,603	e	Target Corp		3,904,527
236,446		Wal-Mart Stores, Inc		14,160,751
		TOTAL GENERAL MERCHANDISE STORES		24,637,838
HEALTH SERVICES - 1.15%
16,263		AmerisourceBergen Corp		612,302
29,120		Cigna Corp		989,498
16,149	*	Coventry Health Care, Inc		525,650
11,200	*	DaVita, Inc		638,512
26,574	e*	Express Scripts, Inc		1,961,693
12,225	e*	Laboratory Corp of America Holdings		849,638
29,538	e	McKesson Corp		1,589,440
53,042	*	Medco Health Solutions, Inc		2,386,890
52,498	e*	Tenet Healthcare Corp		291,364
55,009	*	WellPoint, Inc		2,572,771
		TOTAL HEALTH SERVICES		12,417,758
HOLDING AND OTHER INVESTMENT OFFICES - 1.33%
9,753	e	Apartment Investment & Management Co (Class A)		341,550
7,700	e	AvalonBay Communities, Inc		757,834
12,410	e	Boston Properties, Inc		1,162,321
12,200		Developers Diversified Realty Corp		386,618
28,652	e	Equity Residential		1,272,435
24,100	e	General Growth Properties, Inc		363,910
25,400	e	HCP, Inc		1,019,302
53,400	e	Host Marriott Corp		709,686
24,030	e	Kimco Realty Corp		887,668
17,865	e	Plum Creek Timber Co, Inc		890,749
27,125	e	Prologis		1,119,449
12,906	e	Public Storage, Inc		1,277,823
23,015	e	Simon Property Group, Inc		2,232,455
5,062		SPDR Trust Series 1		587,141
14,268		Vornado Realty Trust		1,297,675
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		14,306,616
HOTELS AND OTHER LODGING PLACES - 0.15%
30,092		Marriott International, Inc (Class A)		785,100
19,104	e	Starwood Hotels & Resorts Worldwide, Inc		537,587
21,239		Wyndham Worldwide Corp		333,665
		TOTAL HOTELS AND OTHER LODGING PLACES		1,656,352

156

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.21%
142,496		Applied Materials, Inc	$	2,155,964
6,431	e	Black & Decker Corp		390,683
64,070	e	Caterpillar, Inc		3,818,572
20,952		Cummins, Inc		916,021
45,180		Deere & Co		2,236,410
183,666	*	Dell, Inc		3,026,816
18,939		Dover Corp		767,976
215,895	e*	EMC Corp		2,582,104
1,048,484		General Electric Co		26,736,342
258,428		Hewlett-Packard Co		11,949,711
33,597		Ingersoll-Rand Co Ltd (Class A)		1,047,218
142,855		International Business Machines Corp		16,708,321
31,387		International Game Technology		539,229
18,842		ITT Industries, Inc		1,047,804
21,879		Jabil Circuit, Inc		208,726
9,925	e*	Lexmark International, Inc (Class A)		323,257
15,300		Manitowoc Co, Inc		237,915
12,140		Pall Corp		417,495
15,126		Rockwell Automation, Inc		564,805
22,460	e*	SanDisk Corp		439,093
18,184	*	Teradata Corp		354,588
10,800	*	Terex Corp		329,616
13,300	*	Varian Medical Systems, Inc		759,829
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		77,558,495
INSTRUMENTS AND RELATED PRODUCTS - 5.61%
37,195	e*	Agilent Technologies, Inc		1,103,204
32,626		Allergan, Inc		1,680,239
17,665		Applied Biosystems, Inc		605,026
10,969		Bard (C.R.), Inc		1,040,629
66,302		Baxter International, Inc		4,351,400
25,658		Becton Dickinson & Co		2,059,311
158,082	*	Boston Scientific Corp		1,939,666
52,396	e	Covidien Ltd		2,816,809
26,892	e	Danaher Corp		1,866,305
28,885	e	Eastman Kodak Co		444,251
81,400		Emerson Electric Co		3,320,306
4,100	*	Intuitive Surgical, Inc		988,018
295,300		Johnson & Johnson		20,458,384
17,490	e	Kla-Tencor Corp		553,559
118,212	e	Medtronic, Inc		5,922,421
5,677	e*	Millipore Corp		390,578
12,503		PerkinElmer, Inc		312,200
22,126		Pitney Bowes, Inc		735,911
16,642		Rockwell Collins, Inc		800,314
34,904	e*	St. Jude Medical, Inc		1,517,975
26,043		Stryker Corp		1,622,479
19,541	*	Teradyne, Inc		152,615
43,852	*	Thermo Electron Corp		2,411,860
11,168	*	Waters Corp		649,754
93,547		Xerox Corp		1,078,597
23,797	*	Zimmer Holdings, Inc		1,536,334
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		60,358,145

157

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.40%
29,363		AON Corp	$	1,320,160
31,825		Hartford Financial Services Group, Inc		1,304,507
53,305		Marsh & McLennan Cos, Inc		1,692,967
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,317,634
INSURANCE CARRIERS - 3.20%
51,268		Aetna, Inc		1,851,287
49,854		Aflac, Inc		2,928,923
57,884		Allstate Corp		2,669,610
280,228	e	American International Group, Inc		933,159
12,500		Assurant, Inc		687,500
38,896		Chubb Corp		2,135,390
15,949		Cincinnati Financial Corp		453,590
43,404		Genworth Financial, Inc (Class A)		373,708
17,528	*	Humana, Inc		722,154
17,700		Leucadia National Corp		804,288
27,387		Lincoln National Corp		1,172,437
37,346		Loews Corp		1,474,794
20,625	e	MBIA, Inc		245,438
72,393	e	Metlife, Inc		4,054,008
16,330	e	MGIC Investment Corp		114,800
26,817		Principal Financial Group		1,166,271
70,103		Progressive Corp		1,219,792
45,588		Prudential Financial, Inc		3,282,336
9,211		Torchmark Corp		550,818
63,429		Travelers Cos, Inc		2,866,991
128,083		UnitedHealth Group, Inc		3,252,027
34,714		UnumProvident Corp		871,321
30,150	e	XL Capital Ltd (Class A)		540,891
		TOTAL INSURANCE CARRIERS		34,371,533
LEATHER AND LEATHER PRODUCTS - 0.09%
36,946	*	Coach, Inc		925,128
		TOTAL LEATHER AND LEATHER PRODUCTS		925,128
METAL MINING - 0.39%
40,206		Freeport-McMoRan Copper & Gold, Inc (Class B)		2,285,711
47,957		Newmont Mining Corp		1,858,813
		TOTAL METAL MINING		4,144,524
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.36%
15,389		Fortune Brands, Inc		882,713
14,366	e	Hasbro, Inc		498,788
39,500		Mattel, Inc		712,580
50,196		Tyco International Ltd		1,757,864
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		3,851,945
MISCELLANEOUS RETAIL - 1.39%
33,587	*	Amazon.com, Inc		2,443,790
35,676		Best Buy Co, Inc		1,337,850
151,230		CVS Corp		5,090,402
28,182	*	Office Depot, Inc		164,019

158

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
6,081	e*	Sears Holdings Corp	$	568,574
74,564		Staples, Inc		1,677,690
13,787	e	Tiffany & Co		489,714
103,251		Walgreen Co		3,196,651
		TOTAL MISCELLANEOUS RETAIL		14,968,690
MOTION PICTURES - 0.98%
72,182	e	CBS Corp (Class B)		1,052,414
240,594		News Corp (Class A)		2,884,722
372,952		Time Warner, Inc		4,889,401
67,291	*	Viacom, Inc (Class B)		1,671,508
		TOTAL MOTION PICTURES		10,498,045
NONDEPOSITORY INSTITUTIONS - 0.85%
20,300	e	American Capital Ltd		517,853
120,689		American Express Co		4,276,011
39,769	e	Capital One Financial Corp		2,028,219
32,690	e	CIT Group, Inc		227,522
48,716	e	Discover Financial Services		673,255
50,634	*	SLM Corp		624,824
26,480		Textron, Inc		775,334
		TOTAL NONDEPOSITORY INSTITUTIONS		9,123,018
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
11,195	e	Vulcan Materials Co		834,028
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		834,028
OIL AND GAS EXTRACTION - 3.52%
48,944		Anadarko Petroleum Corp		2,374,273
32,377		Baker Hughes, Inc		1,960,104
31,087		BJ Services Co		594,694
23,300	*	Cameron International Corp		897,982
53,455	e	Chesapeake Energy Corp		1,916,896
14,900		ENSCO International, Inc		858,687
90,939	e	Halliburton Co		2,945,514
29,521	*	Nabors Industries Ltd		735,663
43,434	*	National Oilwell Varco, Inc		2,181,690
27,846		Noble Corp		1,222,439
12,500	e	Pioneer Natural Resources Co		653,500
16,800		Range Resources Corp		720,216
12,901	e	Rowan Cos, Inc		394,126
126,402		Schlumberger Ltd		9,870,732
22,497		Smith International, Inc		1,319,224
35,600	*	Southwestern Energy Co		1,087,224
33,661		Transocean, Inc		3,697,324
70,888	*	Weatherford International Ltd		1,782,124
57,787		XTO Energy, Inc		2,688,251
		TOTAL OIL AND GAS EXTRACTION		37,900,663
PAPER AND ALLIED PRODUCTS - 0.44%
10,761		Bemis Co		282,046
44,266		International Paper Co		1,158,884
43,861		Kimberly-Clark Corp		2,843,947
19,091	e	MeadWestvaco Corp		445,011
		TOTAL PAPER AND ALLIED PRODUCTS		4,729,888

159

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
PERSONAL SERVICES - 0.11%
13,531		Cintas Corp	$	388,475
33,345		H&R Block, Inc		758,599
		TOTAL PERSONAL SERVICES		1,147,074
PETROLEUM AND COAL PRODUCTS - 9.21%
35,406		Apache Corp		3,692,138
5,690		Ashland, Inc		166,376
10,932		Cabot Oil & Gas Corp		395,082
216,721		Chevron Corp		17,875,148
160,268		ConocoPhillips		11,739,631
47,121	e	Devon Energy Corp		4,297,435
26,033		EOG Resources, Inc		2,328,912
547,522		Exxon Mobil Corp		42,520,559
29,367		Hess Corp		2,410,443
73,984		Marathon Oil Corp		2,949,742
19,681		Murphy Oil Corp		1,262,339
17,700		Noble Energy, Inc		983,943
86,063		Occidental Petroleum Corp		6,063,138
11,465		Sunoco, Inc		407,925
14,800	e	Tesoro Corp		244,052
56,072	e	Valero Energy Corp		1,698,982
		TOTAL PETROLEUM AND COAL PRODUCTS		99,035,845
PIPELINES, EXCEPT NATURAL GAS - 0.14%
65,065	e	Spectra Energy Corp		1,548,547
		TOTAL PIPELINES, EXCEPT NATURAL GAS		1,548,547
PRIMARY METAL INDUSTRIES - 0.80%
12,489		AK Steel Holding Corp		323,715
85,876		Alcoa, Inc		1,939,080
10,885	e	Allegheny Technologies, Inc		321,652
164,115	e	Corning, Inc		2,566,759
32,241		Nucor Corp		1,273,520
14,400		Precision Castparts Corp		1,134,432
10,500	e	Titanium Metals Corp		119,070
12,539		United States Steel Corp		973,152
		TOTAL PRIMARY METAL INDUSTRIES		8,651,380
PRINTING AND PUBLISHING - 0.25%
23,000	e	Gannett Co, Inc		388,930
33,262		McGraw-Hill Cos, Inc		1,051,412
3,486	e	Meredith Corp		97,747
14,063	e	New York Times Co (Class A)		200,960
22,195		R.R. Donnelley & Sons Co		544,443
650		Washington Post Co (Class B)		361,894
		TOTAL PRINTING AND PUBLISHING		2,645,386
RAILROAD TRANSPORTATION - 1.08%
30,629		Burlington Northern Santa Fe Corp		2,831,038
42,648	e	CSX Corp		2,327,301
39,400		Norfolk Southern Corp		2,608,674

160

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
53,864		Union Pacific Corp	$	3,832,962
		TOTAL RAILROAD TRANSPORTATION		11,599,975
REAL ESTATE - 0.03%
22,400	e*	CB Richard Ellis Group, Inc (Class A)		299,488
		TOTAL REAL ESTATE		299,488
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.37%
25,104	e*	Goodyear Tire & Rubber Co		384,342
27,787		Newell Rubbermaid, Inc		479,604
41,332		Nike, Inc (Class B)		2,765,111
16,796		Sealed Air Corp		369,344
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		3,998,401
SECURITY AND COMMODITY BROKERS - 2.37%
23,806		Ameriprise Financial, Inc		909,389
97,869		Charles Schwab Corp		2,544,594
6,974		CME Group, Inc		2,590,911
72,311	e*	E*Trade Financial Corp		202,471
8,616		Federated Investors, Inc (Class B)		248,572
15,974		Franklin Resources, Inc		1,407,789
45,731		Goldman Sachs Group, Inc		5,853,568
8,000	*	IntercontinentalExchange, Inc		645,440
40,300	e	Invesco Ltd		845,494
16,386		Janus Capital Group, Inc		397,852
14,109		Legg Mason, Inc		536,989
159,188		Merrill Lynch & Co, Inc		4,027,456
115,333	e	Morgan Stanley		2,652,659
28,100	e	NYSE Euronext		1,100,958
27,771		T Rowe Price Group, Inc		1,491,580
		TOTAL SECURITY AND COMMODITY BROKERS		25,455,722
STONE, CLAY, AND GLASS PRODUCTS - 0.47%
74,286		3M Co		5,074,477
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		5,074,477
TOBACCO PRODUCTS - 1.59%
217,117		Altria Group, Inc		4,307,601
17,981	e	Lorillard, Inc		1,279,348
217,317		Philip Morris International, Inc		10,452,948
16,403		UST, Inc		1,091,456
		TOTAL TOBACCO PRODUCTS		17,131,353
TRANSPORTATION BY AIR - 0.34%
32,509		FedEx Corp		2,569,511
76,141		Southwest Airlines Co		1,104,806
		TOTAL TRANSPORTATION BY AIR		3,674,317
TRANSPORTATION EQUIPMENT - 2.59%
78,255		Boeing Co		4,487,924
232,958	e*	Ford Motor Co		1,211,382
42,319		General Dynamics Corp		3,115,525
62,971	e	General Motors Corp		595,076
16,384		Genuine Parts Co		658,801

161

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
12,853		Goodrich Corp	$	534,685
24,203	e	Harley-Davidson, Inc		902,772
35,817		Lockheed Martin Corp		3,928,050
35,983		Northrop Grumman Corp		2,178,411
37,646		Paccar, Inc		1,437,701
13,961	*	Pactiv Corp		346,652
44,472		Raytheon Co		2,379,697
101,441		United Technologies Corp		6,092,546
		TOTAL TRANSPORTATION EQUIPMENT		27,869,222
TRANSPORTATION SERVICES - 0.16%
17,900		CH Robinson Worldwide, Inc		912,184
23,100		Expeditors International Washington, Inc		804,804
		TOTAL TRANSPORTATION SERVICES		1,716,988
TRUCKING AND WAREHOUSING - 0.63%
107,304	e	United Parcel Service, Inc (Class B)		6,748,349
		TOTAL TRUCKING AND WAREHOUSING		6,748,349
WATER TRANSPORTATION - 0.15%
46,315		Carnival Corp		1,637,235
		TOTAL WATER TRANSPORTATION		1,637,235
WHOLESALE TRADE-DURABLE GOODS - 0.08%
9,657	*	Patterson Cos, Inc		293,669
6,748		W.W. Grainger, Inc		586,874
		TOTAL WHOLESALE TRADE-DURABLE GOODS		880,543
WHOLESALE TRADE-NONDURABLE GOODS - 0.45%
9,155		Brown-Forman Corp (Class B)		657,421
37,673		Cardinal Health, Inc		1,856,525
16,114	*	Dean Foods Co		376,423
63,315		Sysco Corp		1,952,001
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		4,842,370
		TOTAL COMMON STOCKS		1,072,194,836
		(Cost $1,149,076,226)
SHORT-TERM INVESTMENTS - 15.60%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 15.60%
167,708,591		State Street Navigator Securities Lending Prime Portfolio		167,708,591
				167,708,591
		TOTAL SHORT-TERM INVESTMENTS		167,708,591
		(Cost $167,708,591)
		TOTAL PORTFOLIO - 115.31%		1,239,903,427
		(Cost $1,316,784,817)
		OTHER ASSETS & LIABILITIES, NET - (15.31)%		(164,658,989	)
		NET ASSETS - 100.00%	$	1,075,244,438
	*	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 $25,835.
	e	All or a portion of these securities are out on loan.

162

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 98.55%
AMUSEMENT AND RECREATION SERVICES - 0.13%
3,357	*	Penn National Gaming, Inc	$	89,195
182	e*	Ticketmaster		1,953
513	e	Warner Music Group Corp		3,899
		TOTAL AMUSEMENT AND RECREATION SERVICES		95,047
APPAREL AND ACCESSORY STORES - 2.35%
3,915		Abercrombie & Fitch Co (Class A)		154,447
5,199	e	American Eagle Outfitters, Inc		79,285
889	e*	AnnTaylor Stores Corp		18,349
10,595		Gap, Inc		188,379
4,074	e*	Hanesbrands, Inc		88,609
10,381	e*	Kohl's Corp		478,356
8,075	e	Limited Brands, Inc		139,859
8,015	e	Nordstrom, Inc		230,992
5,879		Ross Stores, Inc		216,406
5,000	e*	Urban Outfitters, Inc		159,350
		TOTAL APPAREL AND ACCESSORY STORES		1,754,032
APPAREL AND OTHER TEXTILE PRODUCTS - 0.44%
2,736		Guess ?, Inc		95,185
2,003		Phillips-Van Heusen Corp		75,934
2,410	e	Polo Ralph Lauren Corp (Class A)		160,602
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		331,721
AUTO REPAIR, SERVICES AND PARKING - 0.08%
710	e*	Hertz Global Holdings, Inc		5,375
853	e	Ryder System, Inc		52,886
		TOTAL AUTO REPAIR, SERVICES AND PARKING		58,261
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.90%
4,203		Advance Auto Parts		166,691
1,712	*	Autozone, Inc		211,158
9,449	e*	Carmax, Inc		132,286
2,930	*	Copart, Inc		111,340
2,033	*	O'Reilly Automotive, Inc		54,423
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		675,898
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.38%
5,728	e	Fastenal Co		282,906
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		282,906
BUSINESS SERVICES - 9.46%
26,192	*	Activision Blizzard, Inc		404,143
1,135	*	Affiliated Computer Services, Inc (Class A)		57,465
7,492	e*	Akamai Technologies, Inc		130,660

163

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,962	e*	Alliance Data Systems Corp	$	187,732
3,601	*	Amdocs Ltd		98,595
3,728	*	Ansys, Inc		141,179
9,842	e*	Autodesk, Inc		330,199
8,423	*	BMC Software, Inc		241,150
1,786		Brink's Co		108,982
7,803		CA, Inc		155,748
2,945	e*	Cerner Corp		131,465
8,099	e*	Citrix Systems, Inc		204,581
1,230	e*	Clear Channel Outdoor Holdings, Inc (Class A)		16,826
12,736	e*	Cognizant Technology Solutions Corp (Class A)		290,763
6,872	*	Compuware Corp		66,590
1,664	e*	DST Systems, Inc		93,167
14,035	*	Electronic Arts, Inc		519,155
2,900		Equifax, Inc		99,905
1,461	e*	Equinix, Inc		101,481
3,536	e*	F5 Networks, Inc		82,672
1,915	e	Factset Research Systems, Inc		100,059
1,729		Fidelity National Information Services, Inc		31,917
7,229	*	Fiserv, Inc		342,076
2,168	*	HLTH Corp		24,780
1,925	*	IHS, Inc (Class A)		91,707
1,572		IMS Health, Inc		29,727
17,734	e*	Interpublic Group of Cos, Inc		137,439
14,154	*	Intuit, Inc		447,408
7,971	e*	Iron Mountain, Inc		194,572
23,131	e*	Juniper Networks, Inc		487,370
2,632	e*	Kinetic Concepts, Inc		75,249
3,440	e*	Lamar Advertising Co (Class A)		106,262
259		Manpower, Inc		11,178
5,988	*	McAfee, Inc		203,352
5,269	e*	Monster Worldwide, Inc		78,561
6,671	e*	NCR Corp		147,096
7,477	*	Novell, Inc		38,432
7,622	e*	Nuance Communications, Inc		92,912
8,448	e*	Red Hat, Inc		127,311
6,414	e	Robert Half International, Inc		158,747
4,630	e*	Salesforce.com, Inc		224,092
1,333	e*	Sohu.com, Inc		74,315
7,182		Total System Services, Inc		117,785
9,593	e*	Unisys Corp		26,381
8,564	e*	VeriSign, Inc		223,349
550	e*	WebMD Health Corp (Class A)		16,357
		TOTAL BUSINESS SERVICES		7,070,892
CHEMICALS AND ALLIED PRODUCTS - 6.76%
197	e*	Abraxis Bioscience, Inc		13,585
3,947		Albemarle Corp		121,725
443		Alberto-Culver Co		12,067
18,816		Avon Products, Inc		782,181
1,371	e*	Barr Pharmaceuticals, Inc		89,526
4,327	e*	BioMarin Pharmaceuticals, Inc		114,622
5,853		Celanese Corp (Series A)		163,357
3,030	e*	Cephalon, Inc		234,795

164

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,485		CF Industries Holdings, Inc	$	227,278
1,443	*	Charles River Laboratories International, Inc		80,130
1,820		Chemtura Corp		8,299
2,922		Church & Dwight Co, Inc		181,427
1,931		Clorox Co		121,054
7,681	e	Ecolab, Inc		372,682
4,308	e	Estee Lauder Cos (Class A)		215,012
1,337		FMC Corp		68,708
1,340	*	Forest Laboratories, Inc		37,895
1,003	*	Hospira, Inc		38,315
670		Huntsman Corp		8,442
2,628	e*	Idexx Laboratories, Inc		144,014
1,596	*	ImClone Systems, Inc		99,654
3,478	e	International Flavors & Fragrances, Inc		137,242
1,760	e*	Inverness Medical Innovations, Inc		52,800
1,264	e*	Invitrogen Corp		47,779
2,167	e*	Mylan Laboratories, Inc		24,747
5,780	e	Nalco Holding Co		107,161
1,305	*	NBTY, Inc		38,524
3,438		Perrigo Co		132,225
690	e	PPG Industries, Inc		40,241
4,921		Rohm & Haas Co		344,470
1,594		Scotts Miracle-Gro Co (Class A)		37,682
4,744	e*	Sepracor, Inc		86,863
4,418	e	Sherwin-Williams Co		252,533
3,047	e	Sigma-Aldrich Corp		159,724
3,784	*	VCA Antech, Inc		111,514
6,594	e*	Vertex Pharmaceuticals, Inc		219,185
3,992	e*	Warner Chilcott Ltd (Class A)		60,359
2,183	e*	Watson Pharmaceuticals, Inc		62,216
		TOTAL CHEMICALS AND ALLIED PRODUCTS		5,050,033
COAL MINING - 1.16%
3,118	*	Alpha Natural Resources, Inc		160,359
6,361	e	Arch Coal, Inc		209,213
8,058		Consol Energy, Inc		369,782
3,511	e	Massey Energy Co		125,237
		TOTAL COAL MINING		864,591
COMMUNICATIONS - 4.41%
17,482	*	American Tower Corp (Class A)		628,828
1,587	e*	Central European Media Enterprises Ltd (Class A)		103,790
3,133	e*	Clearwire Corp (Class A)		37,220
2,605	e*	Crown Castle International Corp		75,467
2,204	*	CTC Media, Inc		33,060
8,988	*	DISH Network Corp (Class A)		188,748
3,196		Embarq Corp		129,598
3,375	e	Frontier Communications Corp		38,813
3,572		Global Payments, Inc		160,240
455	*	IAC/InterActiveCorp		7,872
202	e*	Leap Wireless International, Inc		7,696
69,235	e*	Level 3 Communications, Inc		186,935
6,877	e*	Liberty Global, Inc (Class A)		208,373
22,776	*	Liberty Media Corp - Entertainment (Series A)		568,717

165

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
10,704	e*	MetroPCS Communications, Inc	$	149,749
3,304	e*	NeuStar, Inc (Class A)		65,717
7,377	*	NII Holdings, Inc (Class B)		279,736
32,813	e	Qwest Communications International, Inc		105,986
4,645	e*	SBA Communications Corp (Class A)		120,166
1,873		Telephone & Data Systems, Inc		66,960
377	e*	US Cellular Corp		17,689
10,025		Windstream Corp		109,674
		TOTAL COMMUNICATIONS		3,291,034
DEPOSITORY INSTITUTIONS - 1.17%
505		Capitol Federal Financial		22,387
7,831	e	Hudson City Bancorp, Inc		144,482
3,785	*	Metavante Technologies, Inc		72,899
8,741		Northern Trust Corp		631,100
		TOTAL DEPOSITORY INSTITUTIONS		870,868
EATING AND DRINKING PLACES - 2.54%
4,290		Brinker International, Inc		76,748
3,396		Burger King Holdings, Inc		83,406
1,511	e*	Chipotle Mexican Grill, Inc (Class A)		83,845
6,166		Darden Restaurants, Inc		176,533
32,093	*	Starbucks Corp		477,223
8,148	e	Tim Hortons, Inc		241,425
14,509		Wendy's/Arby's Group, Inc (Class A)		76,317
20,914		Yum! Brands, Inc		682,006
		TOTAL EATING AND DRINKING PLACES		1,897,503
EDUCATIONAL SERVICES - 0.97%
5,615	*	Apollo Group, Inc (Class A)		332,970
2,652		DeVry, Inc		131,380
1,687	e*	ITT Educational Services, Inc		136,495
623	e	Strayer Education, Inc		124,762
		TOTAL EDUCATIONAL SERVICES		725,607
ELECTRIC, GAS, AND SANITARY SERVICES - 3.67%
29,618	e*	AES Corp		346,234
7,404	e	Allegheny Energy, Inc		272,245
1		Aqua America, Inc		18
15,647	e*	Calpine Corp		203,411
8,885		Centerpoint Energy, Inc		129,454
7,191	e	Constellation Energy Group, Inc		174,741
5,501	*	Covanta Holding Corp		131,694
405	e	DPL, Inc		10,044
6,797	e	El Paso Corp		86,730
678		Energen Corp		30,700
5,107	e*	Mirant Corp		93,407
3,880	e*	NRG Energy, Inc		96,030
16,474	d	PPL Corp		609,867
2,931		Questar Corp		119,937
6,422		Republic Services, Inc		192,532
2,195		Sierra Pacific Resources		21,028
3,816	*	Stericycle, Inc		224,801
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,742,873

166

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.41%
3,197	e*	Advanced Micro Devices, Inc	$	16,784
13,222		Altera Corp		273,431
4,699		Ametek, Inc		191,578
7,725		Amphenol Corp (Class A)		310,082
12,783	e	Analog Devices, Inc		336,832
12,775	e*	Atmel Corp		43,307
2,913	*	Avnet, Inc		71,747
500		AVX Corp		5,095
22,657	e*	Broadcom Corp (Class A)		422,100
3,807	e*	Ciena Corp		38,375
5,823	e	Cooper Industries Ltd (Class A)		232,629
1,816	e*	Cree, Inc		41,368
6,627	*	Cypress Semiconductor Corp		34,593
2,329	*	Dolby Laboratories, Inc (Class A)		81,958
3,274		Eaton Corp		183,933
194	e*	EchoStar Corp (Class A)		4,675
2,528	e*	Energizer Holdings, Inc		203,630
1,853	e	Harman International Industries, Inc		63,132
5,930		Harris Corp		273,966
2,948	*	Integrated Device Technology, Inc		22,935
805	*	International Rectifier Corp		15,311
1,853		Intersil Corp (Class A)		30,723
5,457	e*	JDS Uniphase Corp		46,166
4,185		L-3 Communications Holdings, Inc		411,469
1,224	e	Lincoln Electric Holdings, Inc		78,715
9,774	e	Linear Technology Corp		299,671
20,979	*	LSI Logic Corp		112,447
21,375	e*	Marvell Technology Group Ltd		198,788
10,038	*	MEMC Electronic Materials, Inc		283,674
8,143	e	Microchip Technology, Inc		239,648
3,892	e*	Micron Technology, Inc		15,763
1,536	e	Molex, Inc		34,483
10,099		National Semiconductor Corp		173,804
15,145	e*	NetApp, Inc		276,093
1,328	*	Novellus Systems, Inc		26,082
24,429	*	Nvidia Corp		261,635
17,073	e*	ON Semiconductor Corp		115,413
4,512	e*	Rambus, Inc		57,979
2,041	e*	Silicon Laboratories, Inc		62,659
124,587	e*	Sirius XM Radio, Inc		71,015
1,761	e*	Sunpower Corp (Class A)		124,908
1,817	*	Sunpower Corp (Class B)		125,464
3,221	*	Varian Semiconductor Equipment Associates, Inc		80,912
12,317	e	Xilinx, Inc		288,834
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		6,283,806
ENGINEERING AND MANAGEMENT SERVICES - 3.46%
4,074	*	Aecom Technology Corp		99,569
5,970	e*	Amylin Pharmaceuticals, Inc		120,713
1,541		Corporate Executive Board Co		48,156
7,822		Fluor Corp		435,685
2,796	e*	Genpact Ltd		29,050

167

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,374	*	Gen-Probe, Inc	$	125,941
4,344	*	Hewitt Associates, Inc (Class A)		158,295
5,367	*	Jacobs Engineering Group, Inc		291,482
5,974		KBR, Inc		91,223
9,979	*	McDermott International, Inc		254,963
14,264		Paychex, Inc		471,140
5,752	e	Quest Diagnostics, Inc		297,206
1,185	*	SAIC, Inc		23,973
3,659	*	Shaw Group, Inc		112,441
769	e*	URS Corp		28,199
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,588,036
FABRICATED METAL PRODUCTS - 0.96%
660	e*	Alliant Techsystems, Inc		62,000
483	e	Aptargroup, Inc		18,890
581		Ball Corp		22,944
7,067	*	Crown Holdings, Inc		156,958
7,393		Parker Hannifin Corp		391,829
804	e	Valmont Industries, Inc		66,483
		TOTAL FABRICATED METAL PRODUCTS		719,104
FOOD AND KINDRED PRODUCTS - 1.21%
4,900		Campbell Soup Co		189,140
7,717		H.J. Heinz Co		385,618
3,377	e*	Hansen Natural Corp		102,154
3,443	e	Hershey Co		136,136
1,917		McCormick & Co, Inc		73,709
1,185		Tyson Foods, Inc (Class A)		14,149
		TOTAL FOOD AND KINDRED PRODUCTS		900,906
FOOD STORES - 0.24%
1,145	e*	Panera Bread Co (Class A)		58,281
6,171	e	Whole Foods Market, Inc		123,605
		TOTAL FOOD STORES		181,886
FORESTRY - 0.03%
408	e	Rayonier, Inc		19,319
		TOTAL FORESTRY		19,319
FURNITURE AND FIXTURES - 0.02%
423	e	Hill-Rom Holdings, Inc		12,821
		TOTAL FURNITURE AND FIXTURES		12,821
FURNITURE AND HOME FURNISHINGS STORES - 0.74%
9,397	e*	Bed Bath & Beyond, Inc		295,160
7,193	*	GameStop Corp (Class A)		246,073
599	e	Williams-Sonoma, Inc		9,692
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		550,925
GENERAL BUILDING CONTRACTORS - 0.06%
12	e*	NVR, Inc		6,864
2,547	e	Pulte Homes, Inc		35,582
		TOTAL GENERAL BUILDING CONTRACTORS		42,446

168

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
GENERAL MERCHANDISE STORES - 0.92%
3,685	e*	Big Lots, Inc	$	102,554
495		Family Dollar Stores, Inc		11,732
18,747		TJX Cos, Inc		572,158
		TOTAL GENERAL MERCHANDISE STORES		686,444
HEALTH SERVICES - 3.06%
996		AmerisourceBergen Corp		37,499
1,693		Cigna Corp		57,528
1,029	e*	Community Health Systems, Inc		30,160
2,774	e*	Covance, Inc		245,249
1,414	*	Coventry Health Care, Inc		46,026
3,831	*	DaVita, Inc		218,405
2,381	e*	Edwards Lifesciences Corp		137,527
9,277	*	Express Scripts, Inc		684,828
7,566	e*	Health Management Associates, Inc (Class A)		31,475
4,904	e*	Laboratory Corp of America Holdings		340,828
3,018	e*	Lincare Holdings, Inc		90,812
382	e	Omnicare, Inc		10,990
1,710	*	Pediatrix Medical Group, Inc		92,203
4,695		Pharmaceutical Product Development, Inc		194,138
11,729	e*	Tenet Healthcare Corp		65,096
		TOTAL HEALTH SERVICES		2,282,764
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.31%
6,361	*	Foster Wheeler Ltd		229,696
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		229,696
HOLDING AND OTHER INVESTMENT OFFICES - 3.07%
1,785	e*	Affiliated Managers Group, Inc		147,887
1,131	e	Apartment Investment & Management Co (Class A)		39,608
1,444	e	Camden Property Trust		66,222
2,127	e	Digital Realty Trust, Inc		100,501
246	e	Essex Property Trust, Inc		29,109
718	e	Federal Realty Investment Trust		61,461
5,288	e	General Growth Properties, Inc		79,849
1,240	e	HCP, Inc		49,761
528		Health Care REIT, Inc		28,105
24,710		iShares Russell Midcap Growth Index Fund		1,073,155
136	e	Kilroy Realty Corp		6,499
3,278	e	Macerich Co		208,645
338	e	Nationwide Health Properties, Inc		12,161
2,483	e	Plum Creek Timber Co, Inc		123,802
2,349	e	Taubman Centers, Inc		117,450
978	e	Ventas, Inc		48,333
2,877		WABCO Holdings, Inc		102,249
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,294,797
HOTELS AND OTHER LODGING PLACES - 1.31%
1,006	e	Boyd Gaming Corp		9,416
599	e	Choice Hotels International, Inc		16,233
12,999	e	Marriott International, Inc (Class A)		339,144
5,023	e*	MGM Mirage		143,156
1,558	e	Orient-Express Hotels Ltd (Class A)		37,595

169

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
8,207	e	Starwood Hotels & Resorts Worldwide, Inc	$	230,945
2,506	e	Wynn Resorts Ltd		204,590
		TOTAL HOTELS AND OTHER LODGING PLACES		981,079
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.38%
2,876	*	AGCO Corp		122,546
2,284	*	Brocade Communications Systems, Inc		13,293
3,252		Bucyrus International, Inc (Class A)		145,299
518	e	Carlisle Cos, Inc		15,524
8,956		Cummins, Inc		391,556
2,382		Diebold, Inc		78,868
3,368	e	Donaldson Co, Inc		141,153
7,296		Dover Corp		295,853
3,767	*	Dresser-Rand Group, Inc		118,547
1,176		Flowserve Corp		104,394
5,646	*	FMC Technologies, Inc		262,821
2,664	e	Graco, Inc		94,865
3,066		IDEX Corp		95,107
2,427		Ingersoll-Rand Co Ltd (Class A)		75,650
13,626		International Game Technology		234,095
6,066		ITT Industries, Inc		337,330
4,697		Jabil Circuit, Inc		44,809
1,094	e*	John Bean Technologies Corp		13,850
4,769		Joy Global, Inc		215,273
694		Kennametal, Inc		18,821
5,117	e*	Lam Research Corp		161,134
2,005		Lennox International, Inc		66,706
5,661	e	Manitowoc Co, Inc		88,029
1,406	*	Oil States International, Inc		49,702
5,490		Pall Corp		188,801
6,461		Rockwell Automation, Inc		241,254
1,769	e*	SanDisk Corp		34,584
2,738	e*	Scientific Games Corp (Class A)		63,029
10,059	e	Seagate Technology, Inc		121,915
2,352	e	SPX Corp		181,104
3,737	*	Teradata Corp		72,872
240		Timken Co		6,804
1,646	e	Toro Co		67,980
5,544	*	Varian Medical Systems, Inc		316,729
9,764	e*	Western Digital Corp		208,168
2,747	*	Zebra Technologies Corp (Class A)		76,504
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		4,764,969
INSTRUMENTS AND RELATED PRODUCTS - 8.69%
1,997	*	Advanced Medical Optics, Inc		35,507
16,078	*	Agilent Technologies, Inc		476,873
13,451	e	Allergan, Inc		692,727
7,439		Applied Biosystems, Inc		254,786
4,376		Bard (C.R.), Inc		415,151
2,283		Beckman Coulter, Inc		162,070
6,552		Dentsply International, Inc		245,962
6,140	e*	Flir Systems, Inc		235,899
5,547	e	Garmin Ltd		188,265
2,727		Hillenbrand, Inc		54,976

170

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
5,660	*	Hologic, Inc	$	109,408
5,400	*	Illumina, Inc		218,862
1,700	e*	Intuitive Surgical, Inc		409,666
1,495	e*	Itron, Inc		132,352
7,000	e	Kla-Tencor Corp		221,550
1,497	*	Mettler-Toledo International, Inc		146,706
2,427	e*	Millipore Corp		166,978
2,390		National Instruments Corp		71,819
2,334		PerkinElmer, Inc		58,280
8,255	e	Pitney Bowes, Inc		274,561
3,341	e*	Resmed, Inc		143,663
7,076		Rockwell Collins, Inc		340,285
3,928	e	Roper Industries, Inc		223,739
14,976	*	St. Jude Medical, Inc		651,306
1,700	*	Techne Corp		122,604
5,032	*	Teradyne, Inc		39,300
5,441	e*	Trimble Navigation Ltd		140,704
4,407	*	Waters Corp		256,399
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		6,490,398
INSURANCE AGENTS, BROKERS AND SERVICE - 0.03%
1,063	e	Brown & Brown, Inc		22,982
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		22,982
INSURANCE CARRIERS - 0.51%
1,481		Axis Capital Holdings Ltd		46,962
247	e	Erie Indemnity Co (Class A)		10,441
221	*	Health Net, Inc		5,216
4,225	*	Humana, Inc		174,070
914	*	Philadelphia Consolidated Holding Co		53,533
278	e	Transatlantic Holdings, Inc		15,109
278		W.R. Berkley Corp		6,547
1,917	*	WellCare Health Plans, Inc		69,012
		TOTAL INSURANCE CARRIERS		380,890
JUSTICE, PUBLIC ORDER AND SAFETY - 0.16%
4,948	e*	Corrections Corp of America		122,958
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		122,958
LEATHER AND LEATHER PRODUCTS - 0.50%
15,040	*	Coach, Inc		376,602
		TOTAL LEATHER AND LEATHER PRODUCTS		376,602
LEGAL SERVICES - 0.22%
2,278	*	FTI Consulting, Inc		164,563
		TOTAL LEGAL SERVICES		164,563
METAL MINING - 0.56%
4,710		Cleveland-Cliffs, Inc		249,347
2,035		Foundation Coal Holdings, Inc		72,405
3,356	e*	Patriot Coal Corp		97,492
		TOTAL METAL MINING		419,244

171

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.15%
2,375	e	Hasbro, Inc	$	82,460
987	e*	Intrepid Potash, Inc		29,748
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		112,208
MISCELLANEOUS RETAIL - 1.03%
3,577	e*	Dick's Sporting Goods, Inc		70,038
4,081	*	Dollar Tree, Inc		148,385
182	e*	HSN, Inc		2,004
2,016	e	MSC Industrial Direct Co (Class A)		92,877
5,537	e	Petsmart, Inc		136,819
1,753	e*	Priceline.com, Inc		119,958
5,570	e	Tiffany & Co		197,846
		TOTAL MISCELLANEOUS RETAIL		767,927
MOTION PICTURES - 0.15%
3,574	*	DreamWorks Animation SKG, Inc (Class A)		112,402
		TOTAL MOTION PICTURES		112,402
NONDEPOSITORY INSTITUTIONS - 0.79%
2,340	e	GLG Partners, Inc		12,683
1,104		Lender Processing Services, Inc		33,694
18,181	*	SLM Corp		224,354
10,979		Textron, Inc		321,465
30	e*	Tree.com, Inc		145
		TOTAL NONDEPOSITORY INSTITUTIONS		592,341
OIL AND GAS EXTRACTION - 6.66%
2,526	e*	Atwood Oceanics, Inc		91,946
9,553	*	Cameron International Corp		368,173
1,172	*	CNX Gas Corp		26,241
1,458	e*	Continental Resources, Inc		57,197
10,836	*	Denbury Resources, Inc		206,317
3,050	e	Diamond Offshore Drilling, Inc		314,333
683	*	Encore Acquisition Co		28,536
5,939		ENSCO International, Inc		342,265
5,764		Equitable Resources, Inc		211,424
3,199	e*	Global Industries Ltd		22,201
339	e*	Helix Energy Solutions Group, Inc		8,231
800	*	Key Energy Services, Inc		9,280
2,740	e*	Mariner Energy, Inc		56,170
1,859	*	Nabors Industries Ltd		46,326
11,856	e	Noble Corp		520,478
2,387	e*	Oceaneering International, Inc		127,275
4,278	e	Patterson-UTI Energy, Inc		85,646
10,431	e*	PetroHawk Energy Corp		225,623
4,228	*	Plains Exploration & Production Co		148,656
5,289	*	Pride International, Inc		156,607
4,600	*	Quicksilver Resources, Inc		90,298
6,800		Range Resources Corp		291,516
1,797	e	Rowan Cos, Inc		54,898
98	e*	SEACOR Holdings, Inc		7,737
9,511		Smith International, Inc		557,725
15,084	*	Southwestern Energy Co		460,665
1,192	e	St. Mary Land & Exploration Co		42,495

172

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,497	*	Superior Energy Services	$	108,897
3,535	*	Tetra Technologies, Inc		48,960
127		Tidewater, Inc		7,031
1,632	*	Unit Corp		81,306
1,413	e	W&T Offshore, Inc		38,561
1,828	*	Whiting Petroleum Corp		130,263
		TOTAL OIL AND GAS EXTRACTION		4,973,277
PAPER AND ALLIED PRODUCTS - 0.16%
1,525		Greif, Inc (Class A)		100,070
965		Packaging Corp of America		22,369
		TOTAL PAPER AND ALLIED PRODUCTS		122,439
PERSONAL SERVICES - 0.51%
14,341		H&R Block, Inc		326,258
1,421	e	Weight Watchers International, Inc		52,009
		TOTAL PERSONAL SERVICES		378,267
PETROLEUM AND COAL PRODUCTS - 1.50%
1,956		Cabot Oil & Gas Corp		70,690
4,424	e	Frontier Oil Corp		81,490
1,974	e	Holly Corp		57,088
8,384		Murphy Oil Corp		537,750
464		Noble Energy, Inc		25,794
4,478	*	SandRidge Energy, Inc		87,769
3,044	e	Sunoco, Inc		108,305
1,951	e	Tesoro Corp		32,172
2,463		Walter Industries, Inc		116,869
		TOTAL PETROLEUM AND COAL PRODUCTS		1,117,927
PRIMARY METAL INDUSTRIES - 1.40%
5,032		AK Steel Holding Corp		130,429
4,566	e	Allegheny Technologies, Inc		134,925
134		Carpenter Technology Corp		3,437
737	e*	Century Aluminum Co		20,408
3,031	e*	CommScope, Inc		104,994
2,366	e*	General Cable Corp		84,301
1,124		Hubbell, Inc (Class B)		39,396
6,136		Precision Castparts Corp		483,394
107	e	Schnitzer Steel Industries, Inc (Class A)		4,199
2,108	e	Steel Dynamics, Inc		36,026
655	e	Titanium Metals Corp		7,428
		TOTAL PRIMARY METAL INDUSTRIES		1,048,937
PRINTING AND PUBLISHING - 0.68%
1,733	e	Dun & Bradstreet Corp		163,526
1,789		John Wiley & Sons, Inc (Class A)		72,365
7,038	e	McGraw-Hill Cos, Inc		222,471
1,993	*	MSCI, Inc (Class A)		47,832
		TOTAL PRINTING AND PUBLISHING		506,194
RAILROAD TRANSPORTATION - 0.20%
3,347	e*	Kansas City Southern Industries, Inc		148,473
		TOTAL RAILROAD TRANSPORTATION		148,473

173

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
REAL ESTATE - 0.36%
2,883	e*	CB Richard Ellis Group, Inc (Class A)	$	38,546
3,300	e	Forest City Enterprises, Inc (Class A)		101,211
3,341	e*	St. Joe Co		130,600
		TOTAL REAL ESTATE		270,357
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.14%
6,818	e*	Goodyear Tire & Rubber Co		104,384
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		104,384
SECURITY AND COMMODITY BROKERS - 2.93%
6,194		Broadridge Financial Solutions, Inc		95,326
5,493	e*	E*Trade Financial Corp		15,380
4,368	e	Eaton Vance Corp		153,885
3,858	e	Federated Investors, Inc (Class B)		111,303
3,098	*	IntercontinentalExchange, Inc		249,947
1,966	e	Invesco Ltd		41,247
1,738	*	Investment Technology Group, Inc		52,887
6,790	e	Janus Capital Group, Inc		164,861
3,329	e	Lazard Ltd (Class A)		142,348
2,300	e*	MF Global Ltd		9,982
746	e*	Morningstar, Inc		41,381
3,349	e*	Nasdaq Stock Market, Inc		102,379
5,897		SEI Investments Co		130,913
11,430	e	T Rowe Price Group, Inc		613,905
10,807	*	TD Ameritrade Holding Corp		175,073
3,613		Waddell & Reed Financial, Inc (Class A)		89,422
		TOTAL SECURITY AND COMMODITY BROKERS		2,190,239
SPECIAL TRADE CONTRACTORS - 0.21%
5,887	e*	Quanta Services, Inc		159,008
		TOTAL SPECIAL TRADE CONTRACTORS		159,008
STONE, CLAY, AND GLASS PRODUCTS - 0.31%
1,577	e	Eagle Materials, Inc		35,277
6,445	e	Gentex Corp		92,163
2,106	*	Owens-Illinois, Inc		61,916
1,677	e*	USG Corp		42,931
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		232,287
TOBACCO PRODUCTS - 0.39%
4,045		Lorillard, Inc		287,802
		TOTAL TOBACCO PRODUCTS		287,802
TRANSPORTATION BY AIR - 0.19%
5,776	e*	AMR Corp		56,720
1,036		Copa Holdings S.A. (Class A)		33,670
6,512	e*	Delta Air Lines, Inc		48,514
		TOTAL TRANSPORTATION BY AIR		138,904
TRANSPORTATION EQUIPMENT - 1.10%
3,962	*	BE Aerospace, Inc		62,718
5,502		Goodrich Corp		228,883

174

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
9,243	e	Harley-Davidson, Inc	$	344,764
3,712		Harsco Corp		138,049
2,623	e	Oshkosh Truck Corp		34,519
443	e	Thor Industries, Inc		10,995
		TOTAL TRANSPORTATION EQUIPMENT		819,928
TRANSPORTATION SERVICES - 1.06%
7,510		CH Robinson Worldwide, Inc		382,710
9,385		Expeditors International Washington, Inc		326,973
242		GATX Corp		9,576
182	*	Interval Leisure Group, Inc		1,893
4,136		UTI Worldwide, Inc		70,395
		TOTAL TRANSPORTATION SERVICES		791,547
TRUCKING AND WAREHOUSING - 0.31%
388	e	Con-way, Inc		17,115
3,419	e	J.B. Hunt Transport Services, Inc		114,092
2,336		Landstar System, Inc		102,924
		TOTAL TRUCKING AND WAREHOUSING		234,131
WATER TRANSPORTATION - 0.26%
2,162	e	Frontline Ltd		103,927
2,444	e*	Kirby Corp		92,725
		TOTAL WATER TRANSPORTATION		196,652
WHOLESALE TRADE-DURABLE GOODS - 1.28%
410	*	Arrow Electronics, Inc		10,750
4,465		BorgWarner, Inc		146,318
6,100	e*	LKQ Corp		103,517
1,687	e	Martin Marietta Materials, Inc		188,910
5,335	*	Patterson Cos, Inc		162,237
287	*	Tech Data Corp		8,567
3,375		W.W. Grainger, Inc		293,524
1,408	*	WESCO International, Inc		45,309
		TOTAL WHOLESALE TRADE-DURABLE GOODS		959,132
WHOLESALE TRADE-NONDURABLE GOODS - 1.51%
3,566		Airgas, Inc		177,052
3,029	e*	Bare Escentuals, Inc		32,925
2,722	e	Brown-Forman Corp (Class B)		195,467
1,834	*	Central European Distribution Corp		83,282
4,781	*	Dean Foods Co		111,684
4,794	*	Endo Pharmaceuticals Holdings, Inc		95,880
3,727	*	Henry Schein, Inc		200,662
2,880		Herbalife Ltd		113,818
4,023		Terra Industries, Inc		118,276
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,129,046
		TOTAL COMMON STOCKS		73,621,710
		(Cost $81,155,913)
SHORT-TERM INVESTMENTS - 29.49%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 29.49%
22,030,041		State Street Navigator Securities Lending Prime Portfolio		22,030,041
				22,030,041

175

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
				VALUE
		TOTAL SHORT-TERM INVESTMENTS	$	22,030,041
		(Cost $22,030,041)
		TOTAL PORTFOLIO - 128.04%		95,651,751
		(Cost $103,185,954)
		OTHER ASSETS & LIABILITIES, NET		(20,945,781	)
		NET ASSETS - 100.00%	$	74,705,970
	*	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 $6,830.
	e	All or a portion of these securities are out on loan.

176

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.39%
AMUSEMENT AND RECREATION SERVICES - 0.11%
3,788		International Speedway Corp (Class A)	$	147,391
3,744	e*	Ticketmaster		40,173
4,637	e	Warner Music Group Corp		35,241
		TOTAL AMUSEMENT AND RECREATION SERVICES		222,805
APPAREL AND ACCESSORY STORES - 0.80%
6,349	e	American Eagle Outfitters, Inc		96,822
4,412	*	AnnTaylor Stores Corp		91,064
19,120		Foot Locker, Inc		308,979
30,405		Gap, Inc		540,601
9,011	*	Kohl's Corp		415,227
12,059		Limited Brands, Inc		208,862
		TOTAL APPAREL AND ACCESSORY STORES		1,661,555
APPAREL AND OTHER TEXTILE PRODUCTS - 0.60%
10,421	e	Jones Apparel Group, Inc		192,893
11,679	e	Liz Claiborne, Inc		191,886
792		Phillips-Van Heusen Corp		30,025
10,791		VF Corp		834,252
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,249,056
AUTO REPAIR, SERVICES AND PARKING - 0.29%
2,623	e*	Federal Mogul Corp (Class A)		32,918
37,412	*	Hertz Global Holdings, Inc		283,209
4,608	e	Ryder System, Inc		285,696
		TOTAL AUTO REPAIR, SERVICES AND PARKING		601,823
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.24%
14,708	e*	Autonation, Inc		165,318
10,306	*	O'Reilly Automotive, Inc		275,891
5,817	e	Penske Auto Group, Inc		66,721
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		507,930
BUSINESS SERVICES - 2.98%
8,014	*	Affiliated Computer Services, Inc (Class A)		405,749
13,977	*	Amdocs Ltd		382,690
12,382	*	Avis Budget Group, Inc		71,073
25,384		CA, Inc		506,664
31,896	*	Cadence Design Systems, Inc		215,617
990	e*	Clear Channel Outdoor Holdings, Inc (Class A)		13,543
18,679	*	Computer Sciences Corp		750,709
14,177	e*	Compuware Corp		137,375
15,447	*	Convergys Corp		228,307
921	e*	DST Systems, Inc		51,567

177

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
7,337		Equifax, Inc	$	252,760
25,620	*	Expedia, Inc		387,118
18,643		Fidelity National Information Services, Inc		344,150
16,545	*	HLTH Corp		189,109
17,825		IMS Health, Inc		337,071
8,486	e*	Interpublic Group of Cos, Inc		65,766
8,949		Manpower, Inc		386,239
1,812	*	McAfee, Inc		61,535
2,148	*	NCR Corp		47,363
25,497	*	Novell, Inc		131,055
96,729	e*	Sun Microsystems, Inc		735,140
17,450	*	Synopsys, Inc		348,128
18,965	*	Unisys Corp		52,154
7,713	e*	United Rentals, Inc		117,546
		TOTAL BUSINESS SERVICES		6,218,428
CHEMICALS AND ALLIED PRODUCTS - 4.77%
9,486		Alberto-Culver Co		258,399
13,086		Avery Dennison Corp		582,065
9,351	*	Barr Pharmaceuticals, Inc		610,620
7,819		Cabot Corp		248,488
2,301		Celanese Corp (Series A)		64,221
4,698	*	Charles River Laboratories International, Inc		260,880
28,135		Chemtura Corp		128,296
11,747		Clorox Co		736,419
5,755		Cytec Industries, Inc		223,927
9,406		Eastman Chemical Co		517,894
5,681		FMC Corp		291,947
34,444	*	Forest Laboratories, Inc		974,076
16,650	*	Hospira, Inc		636,030
18,713	e	Huntsman Corp		235,784
3,209	*	ImClone Systems, Inc		200,370
4,982	e*	Inverness Medical Innovations, Inc		149,460
7,744	e*	Invitrogen Corp		292,723
30,498	*	King Pharmaceuticals, Inc		292,171
8,382		Lubrizol Corp		361,599
30,696	e*	Mylan Laboratories, Inc		350,548
1,066		Nalco Holding Co		19,764
3,224	*	NBTY, Inc		95,172
18,006		PPG Industries, Inc		1,050,110
2,600		Rohm & Haas Co		182,000
15,788		RPM International, Inc		305,340
1,267		Scotts Miracle-Gro Co (Class A)		29,952
7,487		Sigma-Aldrich Corp		392,469
12,163		Valspar Corp		271,113
6,646	*	Watson Pharmaceuticals, Inc		189,411
		TOTAL CHEMICALS AND ALLIED PRODUCTS		9,951,248
COMMUNICATIONS - 3.01%
27,364		Cablevision Systems Corp (Class A)		688,478
13,184		CenturyTel, Inc		483,194
795	e*	Clearwire Corp (Class A)		9,445
27,657	*	Crown Castle International Corp		801,223
9,058		Embarq Corp		367,302

178

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
30,673	e	Frontier Communications Corp	$	352,739
3,100	e	Hearst-Argyle Television, Inc		69,223
10,260	*	IAC/InterActiveCorp		177,498
6,009	*	Leap Wireless International, Inc		228,943
21,282	e*	Liberty Global, Inc (Class A)		644,845
13,998	*	Liberty Media Corp - Capital (Series A)		187,293
73,493	*	Liberty Media Holding Corp (Interactive A)		948,795
93,045	e	Qwest Communications International, Inc		300,535
10,493		Scripps Networks Interactive (Class A)		381,001
7,404		Telephone & Data Systems, Inc		264,693
1,386	*	US Cellular Corp		65,031
28,515		Windstream Corp		311,954
		TOTAL COMMUNICATIONS		6,282,192
DEPOSITORY INSTITUTIONS - 6.34%
15,766	e	Associated Banc-Corp		314,532
10,343		Astoria Financial Corp		214,410
10,127	e	Bancorpsouth, Inc		284,873
5,888		Bank of Hawaii Corp		314,714
2,658	e	BOK Financial Corp		128,674
1,612		Capitol Federal Financial		71,460
5,066		City National Corp		275,084
18,840	e	Comerica, Inc		617,764
7,288		Commerce Bancshares, Inc		338,163
7,179		Cullen/Frost Bankers, Inc		430,740
62,177	e	Fifth Third Bancorp		739,906
791		First Citizens Bancshares, Inc (Class A)		141,589
24,977	e	First Horizon National Corp		233,787
21,252	e	Fulton Financial Corp		231,859
41,962		Hudson City Bancorp, Inc		774,199
46,182	e	Huntington Bancshares, Inc		368,994
60,902		Keycorp		727,170
8,057	e	M&T Bank Corp		719,087
32,014	e	Marshall & Ilsley Corp		645,082
94,101	e	National City Corp		164,677
42,431	e	New York Community Bancorp, Inc		712,416
2,495		Northern Trust Corp		180,139
42,658		People's United Financial, Inc		821,167
34,760		Popular, Inc		288,160
85,979	e	Regions Financial Corp		825,398
54,859	e	Sovereign Bancorp, Inc		216,693
34,760	e	Synovus Financial Corp		359,766
15,428	e	TCF Financial Corp		277,704
13,077	e	TFS Financial Corp		163,724
16,514	e	Valley National Bancorp		346,133
11,008	e	Washington Federal, Inc		203,098
6,546	e	Webster Financial Corp		165,287
7,941	e	Whitney Holding Corp		192,569
8,397	e	Wilmington Trust Corp		242,086
13,239	e	Zions Bancorporation		512,349
		TOTAL DEPOSITORY INSTITUTIONS		13,243,453
EDUCATIONAL SERVICES - 0.09%
11,201	*	Career Education Corp		183,136
		TOTAL EDUCATIONAL SERVICES		183,136

179

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 12.86%
9,393		AGL Resources, Inc	$	294,752
13,884		Alliant Energy Corp		447,204
47,713	*	Allied Waste Industries, Inc		530,091
25,930		Ameren Corp		1,012,048
49,655		American Electric Power Co, Inc		1,838,725
7,533		American Water Works Co, Inc		161,960
16,325		Aqua America, Inc		290,259
11,428		Atmos Energy Corp		304,213
15,450		Centerpoint Energy, Inc		225,107
27,851	e	CMS Energy Corp		347,302
33,683	e	Consolidated Edison, Inc		1,447,022
1,775		Constellation Energy Group, Inc		43,133
12,994	e	DPL, Inc		322,251
20,133		DTE Energy Co		807,736
61,315	e*	Dynegy, Inc (Class A)		219,508
40,296		Edison International		1,607,810
68,258		El Paso Corp		870,972
7,135		Energen Corp		323,073
14,574		Great Plains Energy, Inc		323,834
10,625	e	Hawaiian Electric Industries, Inc		309,294
9,449	e	Integrys Energy Group, Inc		471,883
22,640		MDU Resources Group, Inc		656,560
8,205	e*	Mirant Corp		150,069
10,052	e	National Fuel Gas Co		423,993
33,882		NiSource, Inc		500,098
19,217		Northeast Utilities		492,916
18,053	e*	NRG Energy, Inc		446,812
13,475		NSTAR		451,413
11,604		OGE Energy Corp		358,331
12,897		Oneok, Inc		443,657
24,890		Pepco Holdings, Inc		570,230
44,218		PG&E Corp		1,655,964
12,403		Pinnacle West Capital Corp		426,787
32,295		Progress Energy, Inc		1,392,883
15,978		Puget Energy, Inc		426,613
13,261		Questar Corp		542,640
42,384	*	Reliant Energy, Inc		311,522
1,488		Republic Services, Inc		44,610
14,453		SCANA Corp		562,655
30,932		Sempra Energy		1,561,138
21,329	e	Sierra Pacific Resources		204,332
13,340		Southern Union Co		275,471
26,499		TECO Energy, Inc		416,829
13,023		UGI Corp		335,733
9,978		Vectren Corp		277,887
14,643		Wisconsin Energy Corp		657,471
53,315		Xcel Energy, Inc		1,065,767
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		26,850,558
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.06%
15,029	e*	ADC Telecommunications, Inc		126,995

180

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
66,559	e*	Advanced Micro Devices, Inc	$	349,435
21,918	*	Atmel Corp		74,302
10,540	*	Avnet, Inc		259,600
4,888	e	AVX Corp		49,809
5,124		Cooper Industries Ltd (Class A)		204,704
6,398	e*	Cree, Inc		145,746
11,096		Eaton Corp		623,373
4,964	e*	EchoStar Corp (Class A)		119,632
14,816	*	Fairchild Semiconductor International, Inc		131,714
2,080	e	Harman International Industries, Inc		70,866
11,212	*	Integrated Device Technology, Inc		87,229
6,922	*	International Rectifier Corp		131,656
10,015		Intersil Corp (Class A)		166,049
8,749	e*	Jarden Corp		205,164
12,212	*	JDS Uniphase Corp		103,314
3,398		L-3 Communications Holdings, Inc		334,091
1,707		Lincoln Electric Holdings, Inc		109,777
18,149	*	LSI Logic Corp		97,279
84,362	e*	Micron Technology, Inc		341,666
11,991	e	Molex, Inc		269,198
8,575	*	Novellus Systems, Inc		168,413
16,418	e*	QLogic Corp		252,180
16,164		RadioShack Corp		279,314
4,952		Teleflex, Inc		314,402
48,769	e*	Tellabs, Inc		198,002
7,102	*	Thomas & Betts Corp		277,475
23,040	*	Vishay Intertechnology, Inc		152,525
9,327	e	Whirlpool Corp		739,538
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		6,383,448
ENGINEERING AND MANAGEMENT SERVICES - 0.86%
1,208	*	Aecom Technology Corp		29,523
873	e*	Genpact Ltd		9,070
3,804		KBR, Inc		58,087
24,291	e	Moody's Corp		825,894
3,561	e	Quest Diagnostics, Inc		183,997
18,937	*	SAIC, Inc		383,096
8,431	*	URS Corp		309,165
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,798,832
FABRICATED METAL PRODUCTS - 1.21%
2,288	e*	Alliant Techsystems, Inc		214,935
6,971		Aptargroup, Inc		272,636
10,467		Ball Corp		413,342
14,128		Commercial Metals Co		238,622
6,251		Crane Co		185,717
12,219	e	Pentair, Inc		422,411
7,155		Snap-On, Inc		376,782
9,630		Stanley Works		401,956
		TOTAL FABRICATED METAL PRODUCTS		2,526,401
FOOD AND KINDRED PRODUCTS - 4.93%
15,040	e	Bunge Ltd		950,227
13,654		Campbell Soup Co		527,044

181

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
39,412		Coca-Cola Enterprises, Inc	$	660,939
56,046		ConAgra Foods, Inc		1,090,655
22,807	*	Constellation Brands, Inc (Class A)		489,438
9,144	e	Corn Products International, Inc		295,168
24,664		Del Monte Foods Co		192,379
31,348	*	Dr Pepper Snapple Group, Inc		830,095
17,337		H.J. Heinz Co		866,330
9,606	e	Hershey Co		379,821
8,725		Hormel Foods Corp		316,543
6,820		J.M. Smucker Co		345,706
8,612		McCormick & Co, Inc		331,131
14,296		Molson Coors Brewing Co (Class B)		668,338
16,918		Pepsi Bottling Group, Inc		493,498
7,449		PepsiAmericas, Inc		154,343
87,407		Sara Lee Corp		1,103,950
14,218	e*	Smithfield Foods, Inc		225,782
30,716		Tyson Foods, Inc (Class A)		366,749
		TOTAL FOOD AND KINDRED PRODUCTS		10,288,136
FOOD STORES - 0.89%
54,350	e	Safeway, Inc		1,289,182
26,059		Supervalu, Inc		565,480
		TOTAL FOOD STORES		1,854,662
FORESTRY - 0.95%
8,636	e	Rayonier, Inc		408,915
26,066		Weyerhaeuser Co		1,579,078
		TOTAL FORESTRY		1,987,993
FURNITURE AND FIXTURES - 0.70%
6,585	e	Hill-Rom Holdings, Inc		199,591
20,564	e	Leggett & Platt, Inc		448,090
44,764	e	Masco Corp		803,066
		TOTAL FURNITURE AND FIXTURES		1,450,747
FURNITURE AND HOME FURNISHINGS STORES - 0.42%
5,639	e*	Bed Bath & Beyond, Inc		177,121
6,786	e*	Mohawk Industries, Inc		457,309
7,047	e	Steelcase, Inc (Class A)		75,755
10,073	e	Williams-Sonoma, Inc		162,981
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		873,166
GENERAL BUILDING CONTRACTORS - 1.12%
15,517		Centex Corp		251,375
39,054	e	DR Horton, Inc		508,483
9,499	e	KB Home		186,940
16,789	e	Lennar Corp (Class A)		255,025
4,265	e	MDC Holdings, Inc		156,056
477	e*	NVR, Inc		272,844
20,727	e	Pulte Homes, Inc		289,556
16,457	e*	Toll Brothers, Inc		415,210
		TOTAL GENERAL BUILDING CONTRACTORS		2,335,489

182

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
GENERAL MERCHANDISE STORES - 1.28%
7,369	e*	BJ's Wholesale Club, Inc	$	286,359
15,908		Family Dollar Stores, Inc		377,020
27,436		JC Penney Co, Inc		914,716
52,114		Macy's, Inc		937,010
18,056	e*	Saks, Inc		167,018
		TOTAL GENERAL MERCHANDISE STORES		2,682,123
HEALTH SERVICES - 1.83%
17,459		AmerisourceBergen Corp		657,331
4,686	e	Brookdale Senior Living, Inc		103,045
29,853		Cigna Corp		1,014,405
9,271	*	Community Health Systems, Inc		271,733
14,861	*	Coventry Health Care, Inc		483,725
2,370	*	DaVita, Inc		135,114
9,769	*	Health Management Associates, Inc (Class A)		40,639
6,705	e*	LifePoint Hospitals, Inc		215,499
730	e*	Lincare Holdings, Inc		21,966
12,567	e	Omnicare, Inc		361,552
755	*	Pediatrix Medical Group, Inc		40,709
26,812	e*	Tenet Healthcare Corp		148,807
5,855		Universal Health Services, Inc (Class B)		328,056
		TOTAL HEALTH SERVICES		3,822,581
HOLDING AND OTHER INVESTMENT OFFICES - 11.44%
3,932	e	Alexandria Real Estate Equities, Inc		442,350
22,069	e	Allied Capital Corp		238,345
12,318	e	AMB Property Corp		558,005
66,479		Annaly Mortgage Management, Inc		894,143
7,996	e	Apartment Investment & Management Co (Class A)		280,020
9,472	e	AvalonBay Communities, Inc		932,234
14,727	e	Boston Properties, Inc		1,379,331
10,598		Brandywine Realty Trust		169,886
5,917	e	BRE Properties, Inc (Class A)		289,933
2,463	e	Camden Property Trust		112,953
8,401	e	CBL & Associates Properties, Inc		168,692
14,826	e	Developers Diversified Realty Corp		469,836
2,727	e	Digital Realty Trust, Inc		128,851
14,989		Douglas Emmett, Inc		345,796
18,074		Duke Realty Corp		444,259
33,388	e	Equity Residential		1,482,761
2,517	e	Essex Property Trust, Inc		297,837
5,192	e	Federal Realty Investment Trust		444,435
13,286	e	General Growth Properties, Inc		200,619
27,446	e	HCP, Inc		1,101,408
10,337		Health Care REIT, Inc		550,282
11,616		Hospitality Properties Trust		238,360
64,636	e	Host Marriott Corp		859,012
27,885		HRPT Properties Trust		192,128
38,298		iShares Russell Midcap Value Index Fund		1,502,048
19,117	e	iStar Financial, Inc		49,704
3,670	e	Kilroy Realty Corp		175,389
26,697	e	Kimco Realty Corp		986,187
11,338		Liberty Property Trust		426,876
8,125		Mack-Cali Realty Corp		275,194

183

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
10,815		Nationwide Health Properties, Inc	$	389,124
14,209	e	Plum Creek Timber Co, Inc		708,461
32,385	e	Prologis		1,336,529
15,596	e	Public Storage, Inc		1,544,160
8,642	e	Regency Centers Corp		576,335
7,155	e	SL Green Realty Corp		463,644
16,233	e	UDR, Inc		424,493
13,292	e	Ventas, Inc		656,891
36,325	e	Virgin Media, Inc		286,968
16,840		Vornado Realty Trust		1,531,598
9,088	e	Weingarten Realty Investors		324,169
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		23,879,246
HOTELS AND OTHER LODGING PLACES - 0.25%
6,111	e	Boyd Gaming Corp		57,199
2,690	e	Choice Hotels International, Inc		72,899
809	e*	MGM Mirage		23,057
806	e	Orient-Express Hotels Ltd (Class A)		19,449
22,272		Wyndham Worldwide Corp		349,893
		TOTAL HOTELS AND OTHER LODGING PLACES		522,497
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.68%
3,268	*	AGCO Corp		139,249
7,570	e	Black & Decker Corp		459,878
39,719	*	Brocade Communications Systems, Inc		231,165
6,749	e	Carlisle Cos, Inc		202,268
1,652		Diebold, Inc		54,698
2,837		Dover Corp		115,040
3,850		Flowserve Corp		341,765
6,535	*	Gardner Denver, Inc		226,895
995		IDEX Corp		30,865
31,922		Ingersoll-Rand Co Ltd (Class A)		995,009
5,364		ITT Industries, Inc		298,292
13,345		Jabil Circuit, Inc		127,311
7,455		Kennametal, Inc		202,197
1,174	e*	Lam Research Corp		36,969
10,699	e*	Lexmark International, Inc (Class A)		348,466
1,973	*	Oil States International, Inc		69,746
22,565	e*	SanDisk Corp		441,146
31,692		Seagate Technology, Inc		384,107
11,236	*	Teradata Corp		219,102
12,461	*	Terex Corp		380,310
9,493		Timken Co		269,127
480	*	Zebra Technologies Corp (Class A)		13,368
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,586,973
INSTRUMENTS AND RELATED PRODUCTS - 1.54%
790	e*	Advanced Medical Optics, Inc		14,046
1,435		Beckman Coulter, Inc		101,871
5,638	e	Cooper Cos, Inc		195,977
5,209	e	DRS Technologies, Inc		399,791
35,658	e	Eastman Kodak Co		548,420
15,647	*	Hologic, Inc		302,457
1,202	e	Kla-Tencor Corp		38,043

184

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
8,150		PerkinElmer, Inc	$	203,506
2,469		Pitney Bowes, Inc		82,119
7,074	*	Teradyne, Inc		55,248
111,241		Xerox Corp		1,282,609
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,224,087
INSURANCE AGENTS, BROKERS AND SERVICE - 2.20%
34,314		AON Corp		1,542,757
10,672		Brown & Brown, Inc		230,729
11,432	e	Gallagher (Arthur J.) & Co		293,345
63,293		Marsh & McLennan Cos, Inc		2,010,186
1,117		White Mountains Insurance Group Ltd		524,711
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,601,728
INSURANCE CARRIERS - 9.13%
663	*	Alleghany Corp		241,995
6,024		Allied World Assurance Holdings Ltd		213,972
9,421		American Financial Group, Inc		277,919
1,948		American National Insurance Co		168,171
5,849	*	Arch Capital Group Ltd		427,152
14,626		Assurant, Inc		804,430
14,379		Axis Capital Holdings Ltd		455,958
18,001		Cincinnati Financial Corp		511,948
3,303		CNA Financial Corp		86,671
23,171	*	Conseco, Inc		81,562
6,439		Endurance Specialty Holdings Ltd		199,094
3,577	e	Erie Indemnity Co (Class A)		151,200
7,628		Everest Re Group Ltd		660,051
26,482		Fidelity National Title Group, Inc (Class A)		389,285
11,455	e	First American Corp		337,923
53,536		Genworth Financial, Inc (Class A)		460,945
6,188		Hanover Insurance Group, Inc		281,678
14,192		HCC Insurance Holdings, Inc		383,184
12,450	*	Health Net, Inc		293,820
9,173	*	Humana, Inc		377,928
21,754	e	Leucadia National Corp		988,502
32,037		Lincoln National Corp		1,371,504
1,217	*	Markel Corp		427,776
27,020	e	MBIA, Inc		321,538
3,270	e	Mercury General Corp		179,033
15,476	e	MGIC Investment Corp		108,796
5,696	e	Nationwide Financial Services, Inc (Class A)		280,984
28,517	e	Old Republic International Corp		363,592
3,547	e	OneBeacon Insurance Group Ltd (Class A)		75,019
6,841		PartnerRe Ltd		465,804
4,532	*	Philadelphia Consolidated Holding Co		265,439
32,027		Principal Financial Group		1,392,854
83,788		Progressive Corp		1,457,911
8,599		Protective Life Corp		245,157
7,203	e	Reinsurance Group of America, Inc (Class A)		388,962
7,823		RenaissanceRe Holdings Ltd		406,796
6,078		Stancorp Financial Group, Inc		316,056
11,187		Torchmark Corp		668,983
2,347		Transatlantic Holdings, Inc		127,559

185

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
5,110		Unitrin, Inc	$	127,443
42,868		UnumProvident Corp		1,075,987
16,761		W.R. Berkley Corp		394,721
184		Wesco Financial Corp		65,688
40,885		XL Capital Ltd (Class A)		733,477
		TOTAL INSURANCE CARRIERS		19,054,467
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
1,589	*	Corrections Corp of America		39,487
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		39,487
MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.11%
2,393	e	Armstrong World Industries, Inc		69,158
18,970		Fortune Brands, Inc		1,088,119
8,855	e	Hasbro, Inc		307,446
1,804	e*	Intrepid Potash, Inc		54,373
44,748		Mattel, Inc		807,254
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		2,326,350
MISCELLANEOUS RETAIL - 0.69%
4,664	e	Barnes & Noble, Inc		121,637
3,744	e*	HSN, Inc		41,221
35,062	*	Office Depot, Inc		204,061
9,711	e	OfficeMax, Inc		86,331
58,388	e,v*	Rite Aid Corp		47,294
7,363	e*	Sears Holdings Corp		688,441
10,560	e	Signet Jewelers Ltd		246,893
		TOTAL MISCELLANEOUS RETAIL		1,435,878
MOTION PICTURES - 0.84%
2,211	*	Ascent Media Corp (Series A)		53,983
72,991	e	CBS Corp (Class B)		1,064,209
17,535	*	Discovery Communications, Inc (Class A)		249,874
16,715	*	Discovery Communications, Inc (Class C)		236,684
9,307	e	Regal Entertainment Group (Class A)		146,864
		TOTAL MOTION PICTURES		1,751,614
NONDEPOSITORY INSTITUTIONS - 1.23%
25,101	e	American Capital Ltd		640,327
14,233	e*	AmeriCredit Corp		144,180
24,221	e	CapitalSource, Inc		297,918
35,955	e	CIT Group, Inc		250,247
59,340	e	Discover Financial Services		820,079
9,366		Lender Processing Services, Inc		285,850
6,375	*	SLM Corp		78,668
520		Student Loan Corp		48,360
624	e*	Tree.com, Inc		3,008
		TOTAL NONDEPOSITORY INSTITUTIONS		2,568,637
NONMETALLIC MINERALS, EXCEPT FUELS - 0.48%
13,483	e	Vulcan Materials Co		1,004,484
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		1,004,484

186

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
OIL AND GAS EXTRACTION - 3.10%
36,378		BJ Services Co	$	695,911
10,367		Cimarex Energy Co		507,050
4,955	*	Encore Acquisition Co		207,020
1,114		ENSCO International, Inc		64,200
7,916	e*	Exterran Holdings, Inc		252,995
10,951	e*	Forest Oil Corp		543,170
4,949	e*	Global Industries Ltd		34,346
10,312	e*	Helix Energy Solutions Group, Inc		250,375
13,011		Helmerich & Payne, Inc		561,945
10,965	*	Hercules Offshore, Inc		166,229
13,541	*	Key Energy Services, Inc		157,076
3,279	*	Mariner Energy, Inc		67,220
30,071	*	Nabors Industries Ltd		749,369
7,443		Patterson-UTI Energy, Inc		149,009
1,980	*	PetroHawk Energy Corp		42,827
14,771	e	Pioneer Natural Resources Co		772,228
1,165	*	Plains Exploration & Production Co		40,961
5,826	*	Pride International, Inc		172,508
8,962	e	Rowan Cos, Inc		273,789
2,243	e*	SEACOR Holdings, Inc		177,085
4,417		St. Mary Land & Exploration Co		157,466
6,216	e	Tidewater, Inc		344,118
1,505	*	Unit Corp		74,979
		TOTAL OIL AND GAS EXTRACTION		6,461,876
PAPER AND ALLIED PRODUCTS - 1.64%
12,335	e	Bemis Co		323,300
59,519	*	Domtar Corporation		273,787
52,916		International Paper Co		1,385,341
21,305	e	MeadWestvaco Corp		496,620
9,836		Packaging Corp of America		227,998
31,766	*	Smurfit-Stone Container Corp		149,300
12,260		Sonoco Products Co		363,877
13,009	e	Temple-Inland, Inc		198,517
		TOTAL PAPER AND ALLIED PRODUCTS		3,418,740
PERSONAL SERVICES - 0.36%
16,231		Cintas Corp		465,992
32,031	e	Service Corp International		267,779
600	e	Weight Watchers International, Inc		21,960
		TOTAL PERSONAL SERVICES		755,731
PETROLEUM AND COAL PRODUCTS - 1.20%
7,601		Ashland, Inc		222,253
6,938		Cabot Oil & Gas Corp		250,739
16,277	*	Newfield Exploration Co		520,701
19,898		Noble Energy, Inc		1,106,130
5,820		Sunoco, Inc		207,076
12,425	e	Tesoro Corp		204,888
		TOTAL PETROLEUM AND COAL PRODUCTS		2,511,787
PIPELINES, EXCEPT NATURAL GAS - 0.89%
78,349	e	Spectra Energy Corp		1,864,706
		TOTAL PIPELINES, EXCEPT NATURAL GAS		1,864,706

187

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
PRIMARY METAL INDUSTRIES - 0.38%
5,105		Carpenter Technology Corp	$	130,943
2,357	e*	Century Aluminum Co		65,265
3,689		Hubbell, Inc (Class B)		129,299
2,508	e	Schnitzer Steel Industries, Inc (Class A)		98,414
15,888		Steel Dynamics, Inc		271,526
8,513	e	Titanium Metals Corp		96,537
		TOTAL PRIMARY METAL INDUSTRIES		791,984
PRINTING AND PUBLISHING - 1.34%
2,048		Dun & Bradstreet Corp		193,249
3,371	e	EW Scripps Co (Class A)		23,833
28,249	e	Gannett Co, Inc		477,691
19,960		McGraw-Hill Cos, Inc		630,936
5,138	e	Meredith Corp		144,070
17,919	e	New York Times Co (Class A)		256,063
26,203		R.R. Donnelley & Sons Co		642,760
782		Washington Post Co (Class B)		435,386
		TOTAL PRINTING AND PUBLISHING		2,803,988
RAILROAD TRANSPORTATION - 0.04%
1,945	e*	Kansas City Southern Industries, Inc		86,280
		TOTAL RAILROAD TRANSPORTATION		86,280
REAL ESTATE - 0.21%
14,431	e*	CB Richard Ellis Group, Inc (Class A)		192,942
3,948		Jones Lang LaSalle, Inc		171,659
1,758	e*	St. Joe Co		68,720
		TOTAL REAL ESTATE		433,321
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.57%
10,719	*	Goodyear Tire & Rubber Co		164,108
34,265		Newell Rubbermaid, Inc		591,414
20,118		Sealed Air Corp		442,395
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,197,917
SECURITY AND COMMODITY BROKERS - 1.80%
27,464		Ameriprise Financial, Inc		1,049,125
43,868	e*	E*Trade Financial Corp		122,830
41,898	e	Invesco Ltd		879,020
420	*	Investment Technology Group, Inc		12,781
1,536	e	Janus Capital Group, Inc		37,294
15,439	e	Jefferies Group, Inc		345,834
17,174		Legg Mason, Inc		653,642
6,821	e*	MF Global Ltd		29,603
7,814	e*	Nasdaq Stock Market, Inc		238,874
11,832	e	Raymond James Financial, Inc		390,219
		TOTAL SECURITY AND COMMODITY BROKERS		3,759,222
SPECIAL TRADE CONTRACTORS - 0.06%
4,930	e*	Quanta Services, Inc		133,159
		TOTAL SPECIAL TRADE CONTRACTORS		133,159

188

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
STONE, CLAY, AND GLASS PRODUCTS - 0.37%
530	e	Eagle Materials, Inc	$	11,856
9,398	e*	Owens Corning, Inc		224,706
14,654	*	Owens-Illinois, Inc		430,828
3,844	e*	USG Corp		98,406
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		765,796
TOBACCO PRODUCTS - 0.93%
10,272	e	Lorillard, Inc		730,853
18,285		UST, Inc		1,216,684
		TOTAL TOBACCO PRODUCTS		1,947,537
TRANSPORTATION BY AIR - 1.02%
15,866	e*	AMR Corp		155,804
13,955	e*	Continental Airlines, Inc (Class B)		232,769
880		Copa Holdings S.A. (Class A)		28,600
18,733	e*	Delta Air Lines, Inc		139,561
30,400	*	Northwest Airlines Corp		274,512
89,732	d	Southwest Airlines Co		1,302,011
		TOTAL TRANSPORTATION BY AIR		2,133,257
TRANSPORTATION EQUIPMENT - 2.06%
9,181		Autoliv, Inc		309,859
730	*	BE Aerospace, Inc		11,556
268,296	e*	Ford Motor Co		1,395,139
60,291	e	General Motors Corp		569,750
20,225		Genuine Parts Co		813,247
3,304	e	Harley-Davidson, Inc		123,239
2,493	e	Oshkosh Truck Corp		32,808
16,137	*	Pactiv Corp		400,682
12,931	*	Spirit Aerosystems Holdings, Inc (Class A)		207,801
3,158	e	Thor Industries, Inc		78,382
10,000	e	Trinity Industries, Inc		257,300
6,578	*	TRW Automotive Holdings Corp		104,656
		TOTAL TRANSPORTATION EQUIPMENT		4,304,419
TRANSPORTATION SERVICES - 0.14%
3,744	*	Interval Leisure Group, Inc		38,938
5,510		GATX Corp		218,031
1,850		UTI Worldwide, Inc		31,487
		TOTAL TRANSPORTATION SERVICES		288,456
TRUCKING AND WAREHOUSING - 0.10%
4,691	e	Con-way, Inc		206,920
		TOTAL TRUCKING AND WAREHOUSING		206,920
WATER TRANSPORTATION - 0.44%
5,169	e	Alexander & Baldwin, Inc		227,591
3,012	e	Overseas Shipholding Group, Inc		175,630
17,358	e	Royal Caribbean Cruises Ltd		360,179
5,487	e	Teekay Corp		144,747
		TOTAL WATER TRANSPORTATION		908,147

189

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
WHOLESALE TRADE-DURABLE GOODS - 0.62%
14,444	*	Arrow Electronics, Inc	$	378,722
1,759		BorgWarner, Inc		57,642
20,782	*	Ingram Micro, Inc (Class A)		333,967
321	e	Martin Marietta Materials, Inc		35,946
7,696		Reliance Steel & Aluminum Co		292,217
5,250	*	Tech Data Corp		156,713
1,395	*	WESCO International, Inc		44,891
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,300,098
WHOLESALE TRADE-NONDURABLE GOODS - 0.17%
2,745		Brown-Forman Corp (Class B)		197,118
3,722	*	Dean Foods Co		86,946
1,231	*	Endo Pharmaceuticals Holdings, Inc		24,620
878	*	Henry Schein, Inc		47,272
410	e	Valhi, Inc		7,380
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		363,336
		TOTAL COMMON STOCKS		205,407,887
		(Cost $241,344,120)
SHORT-TERM INVESTMENTS - 29.56%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 29.56%
61,712,699		State Street Navigator Securities Lending Prime Portfolio		61,712,699
		TOTAL SHORT-TERM INVESTMENTS		61,712,699
		(Cost $61,712,699)
		TOTAL PORTFOLIO - 127.95%		267,120,586
		(Cost $303,056,819)
		OTHER ASSETS & LIABILITIES, NET - (27.95)%		(58,357,673	)
		NET ASSETS - 100.00%	$	208,762,913
	*	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 $51,511.
	e	All or a portion of these securities are out on loan.
	v	Security valued at fair value.
		The following abbreviations are used in portfolios descriptions: REIT - Real Estate Investment Trust

190

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP BLEND INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 98.93%
AMUSEMENT AND RECREATION SERVICES - 0.11%
1,740		International Speedway Corp (Class A)	$	67,703
3,672	*	Penn National Gaming, Inc		97,565
1,755	e*	Ticketmaster		18,831
2,083		Warner Music Group Corp		15,831
		TOTAL AMUSEMENT AND RECREATION SERVICES		199,930
APPAREL AND ACCESSORY STORES - 1.59%
4,895		Abercrombie & Fitch Co (Class A)		193,108
10,172	e	American Eagle Outfitters, Inc		155,123
3,400	*	AnnTaylor Stores Corp		70,176
7,402		Foot Locker, Inc		119,616
26,433		Gap, Inc		469,979
5,061	e*	Hanesbrands, Inc		110,077
16,472	*	Kohl's Corp		759,030
15,224		Limited Brands, Inc		263,679
9,748	e	Nordstrom, Inc		280,937
6,989		Ross Stores, Inc		257,265
6,184	e*	Urban Outfitters, Inc		197,084
		TOTAL APPAREL AND ACCESSORY STORES		2,876,074
APPAREL AND OTHER TEXTILE PRODUCTS - 0.53%
3,492		Guess ?, Inc		121,487
4,286	e	Jones Apparel Group, Inc		79,334
5,370	e	Liz Claiborne, Inc		88,229
2,771		Phillips-Van Heusen Corp		105,048
2,937	e	Polo Ralph Lauren Corp (Class A)		195,722
4,687		VF Corp		362,352
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		952,172
AUTO REPAIR, SERVICES AND PARKING - 0.20%
1,604	e*	Federal Mogul Corp (Class A)		20,130
18,909	*	Hertz Global Holdings, Inc		143,141
3,087	e	Ryder System, Inc		191,394
		TOTAL AUTO REPAIR, SERVICES AND PARKING		354,665
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.60%
5,257		Advance Auto Parts		208,493
6,467	e*	Autonation, Inc		72,689
2,093	*	Autozone, Inc		258,151
12,010	e*	Carmax, Inc		168,140
3,912	*	Copart, Inc		148,656
7,259	*	O'Reilly Automotive, Inc		194,323
2,739	e	Penske Auto Group, Inc		31,416
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,081,868

191

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.19%
6,874	e	Fastenal Co	$	339,507
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		339,507
BUSINESS SERVICES - 6.26%
32,110	*	Activision Blizzard, Inc		495,457
4,878	*	Affiliated Computer Services, Inc (Class A)		246,973
9,297	*	Akamai Technologies, Inc		162,140
3,442	e*	Alliance Data Systems Corp		218,154
10,742	*	Amdocs Ltd		294,116
4,526	e*	Ansys, Inc		171,400
12,308	*	Autodesk, Inc		412,933
6,965	*	Avis Budget Group, Inc		39,979
10,234	*	BMC Software, Inc		292,999
2,346		Brink's Co		143,153
21,205		CA, Inc		423,252
14,610	*	Cadence Design Systems, Inc		98,764
3,454	e*	Cerner Corp		154,187
9,366	*	Citrix Systems, Inc		236,585
1,960	e*	Clear Channel Outdoor Holdings, Inc (Class A)		26,813
15,220	*	Cognizant Technology Solutions Corp (Class A)		347,473
8,076	*	Computer Sciences Corp		324,574
14,086	*	Compuware Corp		136,493
6,982	*	Convergys Corp		103,194
2,402	e*	DST Systems, Inc		134,488
17,221	*	Electronic Arts, Inc		637,005
7,072		Equifax, Inc		243,630
1,774	e*	Equinix, Inc		123,222
10,637	e*	Expedia, Inc		160,725
4,070	e*	F5 Networks, Inc		95,157
2,075	e	Factset Research Systems, Inc		108,419
9,946		Fidelity National Information Services, Inc		183,603
8,955	*	Fiserv, Inc		423,751
9,417	*	HLTH Corp		107,636
2,478	*	IHS, Inc (Class A)		118,052
9,768		IMS Health, Inc		184,713
24,109	e*	Interpublic Group of Cos, Inc		186,845
17,377	*	Intuit, Inc		549,287
9,678	e*	Iron Mountain, Inc		236,240
27,475	*	Juniper Networks, Inc		578,898
3,375	e*	Kinetic Concepts, Inc		96,491
3,944	e*	Lamar Advertising Co (Class A)		121,830
4,073		Manpower, Inc		175,791
8,220	*	McAfee, Inc		279,151
6,096	*	Monster Worldwide, Inc		90,891
9,142	*	NCR Corp		201,581
18,485	*	Novell, Inc		95,013
9,954	*	Nuance Communications, Inc		121,339
9,848	*	Red Hat, Inc		148,409
7,122	e	Robert Half International, Inc		176,270
5,665	e*	Salesforce.com, Inc		274,186
1,762	e*	Sohu.com, Inc		98,232
42,522	*	Sun Microsystems, Inc		323,167

192

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
7,910	*	Synopsys, Inc	$	157,805
9,236		Total System Services, Inc		151,470
16,513	*	Unisys Corp		45,411
3,018	e*	United Rentals, Inc		45,994
10,909	e*	VeriSign, Inc		284,507
418	e*	WebMD Health Corp (Class A)		12,431
		TOTAL BUSINESS SERVICES		11,300,279
CHEMICALS AND ALLIED PRODUCTS - 5.82%
374	*	Abraxis Bioscience, Inc		25,791
5,063		Albemarle Corp		156,143
5,124		Alberto-Culver Co		139,578
5,758		Avery Dennison Corp		256,116
22,984		Avon Products, Inc		955,445
5,966	*	Barr Pharmaceuticals, Inc		389,580
5,114	e*	BioMarin Pharmaceuticals, Inc		135,470
3,160		Cabot Corp		100,425
7,777		Celanese Corp (Series A)		217,056
3,730	e*	Cephalon, Inc		289,037
3,102		CF Industries Holdings, Inc		283,709
3,664	*	Charles River Laboratories International, Inc		203,462
11,735		Chemtura Corp		53,511
3,786		Church & Dwight Co, Inc		235,073
7,475		Clorox Co		468,608
2,634		Cytec Industries, Inc		102,489
4,144		Eastman Chemical Co		228,168
9,547		Ecolab, Inc		463,220
5,244		Estee Lauder Cos (Class A)		261,728
4,168		FMC Corp		214,194
16,349	*	Forest Laboratories, Inc		462,350
8,499	*	Hospira, Inc		324,662
10,092	e	Huntsman Corp		127,159
3,381	*	Idexx Laboratories, Inc		185,279
3,317	*	ImClone Systems, Inc		207,113
4,554		International Flavors & Fragrances, Inc		179,701
3,759	e*	Inverness Medical Innovations, Inc		112,770
4,704	e*	Invitrogen Corp		177,811
11,810	*	King Pharmaceuticals, Inc		113,140
3,700		Lubrizol Corp		159,618
15,549	e*	Mylan Laboratories, Inc		177,570
7,021		Nalco Holding Co		130,169
2,833	*	NBTY, Inc		83,630
4,467		Perrigo Co		171,801
8,853		PPG Industries, Inc		516,307
7,170		Rohm & Haas Co		501,900
6,470		RPM International, Inc		125,130
2,451		Scotts Miracle-Gro Co (Class A)		57,942
5,162	e*	Sepracor, Inc		94,516
5,213	e	Sherwin-Williams Co		297,975
7,127		Sigma-Aldrich Corp		373,597
5,083		Valspar Corp		113,300
4,394	*	VCA Antech, Inc		129,491
7,772	*	Vertex Pharmaceuticals, Inc		258,341
5,073	e*	Warner Chilcott Ltd (Class A)		76,704

193

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
6,000	*	Watson Pharmaceuticals, Inc	$	171,000
		TOTAL CHEMICALS AND ALLIED PRODUCTS		10,507,779
COAL MINING - 0.59%
3,907	*	Alpha Natural Resources, Inc		200,937
8,035		Arch Coal, Inc		264,271
9,588		Consol Energy, Inc		439,993
4,399	e	Massey Energy Co		156,912
		TOTAL COAL MINING		1,062,113
COMMUNICATIONS - 3.76%
21,170	*	American Tower Corp (Class A)		761,485
11,799		Cablevision Systems Corp (Class A)		296,863
2,121	e*	Central European Media Enterprises Ltd (Class A)		138,713
5,973		CenturyTel, Inc		218,910
3,944	e*	Clearwire Corp (Class A)		46,855
14,829	*	Crown Castle International Corp		429,596
2,921	*	CTC Media, Inc		43,815
11,007	*	DISH Network Corp (Class A)		231,147
7,857		Embarq Corp		318,601
17,188	e	Frontier Communications Corp		197,662
4,516		Global Payments, Inc		202,588
1,721	e	Hearst-Argyle Television, Inc		38,430
4,389	*	IAC/InterActiveCorp		75,930
3,085	e*	Leap Wireless International, Inc		117,539
83,660	e*	Level 3 Communications, Inc		225,882
17,719	e*	Liberty Global, Inc (Class A)		536,886
6,611	*	Liberty Media Corp - Capital (Series A)		88,455
27,354	*	Liberty Media Corp - Entertainment (Series A)		683,029
32,182	*	Liberty Media Holding Corp (Interactive A)		415,470
13,922	e*	MetroPCS Communications, Inc		194,769
4,324	e*	NeuStar, Inc (Class A)		86,004
9,171	*	NII Holdings, Inc (Class B)		347,764
81,253	e	Qwest Communications International, Inc		262,447
5,608	e*	SBA Communications Corp (Class A)		145,079
4,759		Scripps Networks Interactive (Class A)		172,799
5,312		Telephone & Data Systems, Inc		189,904
1,141	*	US Cellular Corp		53,536
24,016		Windstream Corp		262,735
		TOTAL COMMUNICATIONS		6,782,893
DEPOSITORY INSTITUTIONS - 3.77%
6,974	e	Associated Banc-Corp		139,131
3,999		Astoria Financial Corp		82,899
4,145	e	Bancorpsouth, Inc		116,599
2,392		Bank of Hawaii Corp		127,852
1,414	e	BOK Financial Corp		68,452
1,340		Capitol Federal Financial		59,402
2,041	e	City National Corp		110,826
8,344	e	Comerica, Inc		273,600
3,201		Commerce Bancshares, Inc		148,526
2,890		Cullen/Frost Bankers, Inc		173,400
27,150	e	Fifth Third Bancorp		323,085
300		First Citizens Bancshares, Inc (Class A)		53,700

194

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
11,981	e	First Horizon National Corp	$	112,151
9,561	e	Fulton Financial Corp		104,311
27,310		Hudson City Bancorp, Inc		503,870
19,531	e	Huntington Bancshares, Inc		156,053
27,115		Keycorp		323,753
3,385	e	M&T Bank Corp		302,111
14,063	e	Marshall & Ilsley Corp		283,369
5,117	*	Metavante Technologies, Inc		98,553
43,833	e	National City Corp		76,708
18,483	e	New York Community Bancorp, Inc		310,330
11,808		Northern Trust Corp		852,538
17,669		People's United Financial, Inc		340,128
15,085		Popular, Inc		125,055
37,953	e	Regions Financial Corp		364,349
23,085		Sovereign Bancorp, Inc		91,186
14,352	e	Synovus Financial Corp		148,543
7,380	e	TCF Financial Corp		132,840
6,418	e	TFS Financial Corp		80,353
6,863	e	Valley National Bancorp		143,848
4,780	e	Washington Federal, Inc		88,191
2,735		Webster Financial Corp		69,059
3,281	e	Whitney Holding Corp		79,564
3,770	e	Wilmington Trust Corp		108,689
6,088	e	Zions Bancorporation		235,606
		TOTAL DEPOSITORY INSTITUTIONS		6,808,630
EATING AND DRINKING PLACES - 1.29%
5,954		Brinker International, Inc		106,517
3,924		Burger King Holdings, Inc		96,373
1,755	e*	Chipotle Mexican Grill, Inc (Class A)		97,385
7,979		Darden Restaurants, Inc		228,439
39,109	*	Starbucks Corp		581,551
9,654	e	Tim Hortons, Inc		286,048
17,374		Wendy's/Arby's Group, Inc (Class A)		91,387
25,612		Yum! Brands, Inc		835,207
		TOTAL EATING AND DRINKING PLACES		2,322,907
EDUCATIONAL SERVICES - 0.53%
6,694	*	Apollo Group, Inc (Class A)		396,954
4,528	*	Career Education Corp		74,033
3,258		DeVry, Inc		161,401
1,972	e*	ITT Educational Services, Inc		159,555
800		Strayer Education, Inc		160,208
		TOTAL EDUCATIONAL SERVICES		952,151
ELECTRIC, GAS, AND SANITARY SERVICES - 8.33%
3,515	e	American Water Works Co, Inc		75,572
35,319	*	AES Corp		412,879
4,150		AGL Resources, Inc		130,227
8,949		Allegheny Energy, Inc		329,055
6,315		Alliant Energy Corp		203,406
19,780	*	Allied Waste Industries, Inc		219,756
11,455		Ameren Corp		447,088
21,421		American Electric Power Co, Inc		793,220

195

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
7,198		Aqua America, Inc	$	127,980
4,862		Atmos Energy Corp		129,426
19,061	e*	Calpine Corp		247,793
12,127	e	CMS Energy Corp		151,224
17,825		Centerpoint Energy, Inc		259,710
14,681	e	Consolidated Edison, Inc		630,696
9,826		Constellation Energy Group, Inc		238,772
6,684	*	Covanta Holding Corp		160,015
6,462	e	DPL, Inc		160,257
8,686		DTE Energy Co		348,482
23,994	e*	Dynegy, Inc (Class A)		85,898
17,423		Edison International		695,178
37,916	e	El Paso Corp		483,808
3,732		Energen Corp		168,985
6,743		Great Plains Energy, Inc		149,829
4,483	e	Hawaiian Electric Industries, Inc		130,500
4,236	e	Integrys Energy Group, Inc		211,546
9,815		MDU Resources Group, Inc		284,635
10,076	e*	Mirant Corp		184,290
12,438	e*	NRG Energy, Inc		307,840
5,849		NSTAR		195,941
4,242	e	National Fuel Gas Co		178,927
14,926		NiSource, Inc		220,308
8,660		Northeast Utilities		222,129
5,240		OGE Energy Corp		161,811
5,319		Oneok, Inc		182,974
19,059		PG&E Corp		713,759
19,920		PPL Corp		737,438
10,900		Pepco Holdings, Inc		249,719
5,578		Pinnacle West Capital Corp		191,939
14,074		Progress Energy, Inc		607,012
7,320		Puget Energy, Inc		195,444
9,167		Questar Corp		375,114
17,668	*	Reliant Energy, Inc		129,860
8,519		Republic Services, Inc		255,400
6,438		SCANA Corp		250,631
13,533		Sempra Energy		683,010
11,324		Sierra Pacific Resources		108,484
5,455		Southern Union Co		112,646
4,753	*	Stericycle, Inc		279,999
10,761		TECO Energy, Inc		169,271
6,169		UGI Corp		159,037
4,610		Vectren Corp		128,389
6,546		Wisconsin Energy Corp		293,915
23,489		Xcel Energy, Inc		469,545
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		15,040,769
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.80%
5,479	e*	ADC Telecommunications, Inc		46,298
2,601	e	AVX Corp		26,504
33,380	e*	Advanced Micro Devices, Inc		175,245
16,091		Altera Corp		332,762
5,766		Ametek, Inc		235,080
9,620		Amphenol Corp (Class A)		386,147

196

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
15,959		Analog Devices, Inc	$	420,520
27,667	*	Atmel Corp		93,791
7,679	*	Avnet, Inc		189,134
27,625	*	Broadcom Corp (Class A)		514,654
6,047	e*	Ciena Corp		60,954
9,591		Cooper Industries Ltd (Class A)		383,160
4,880	e*	Cree, Inc		111,166
7,790	*	Cypress Semiconductor Corp		40,664
2,685	*	Dolby Laboratories, Inc (Class A)		94,485
8,832		Eaton Corp		496,182
2,336	e*	EchoStar Corp (Class A)		56,298
3,156	*	Energizer Holdings, Inc		254,216
6,976	*	Fairchild Semiconductor International, Inc		62,017
3,430	e	Harman International Industries, Inc		116,860
7,252		Harris Corp		335,042
8,694	*	Integrated Device Technology, Inc		67,639
4,001	*	International Rectifier Corp		76,099
6,134		Intersil Corp (Class A)		101,702
10,626	*	JDS Uniphase Corp		89,896
3,284	*	Jarden Corp		77,010
6,594		L-3 Communications Holdings, Inc		648,322
36,087	*	LSI Logic Corp		193,426
2,396		Lincoln Electric Holdings, Inc		154,087
12,289	e	Linear Technology Corp		376,781
11,921	*	MEMC Electronic Materials, Inc		336,887
25,960	*	Marvell Technology Group Ltd		241,428
10,320	e	Microchip Technology, Inc		303,718
43,390	e*	Micron Technology, Inc		175,730
6,920		Molex, Inc		155,354
12,608		National Semiconductor Corp		216,984
18,135	*	NetApp, Inc		330,601
4,867	*	Novellus Systems, Inc		95,588
30,757	*	Nvidia Corp		329,407
21,988	e*	ON Semiconductor Corp		148,639
7,062	e*	QLogic Corp		108,472
6,744		RadioShack Corp		116,536
5,827	e*	Rambus, Inc		74,877
2,692	e*	Silicon Laboratories, Inc		82,644
148,045	e*	Sirius XM Radio, Inc		84,386
2,293	e*	Sunpower Corp (Class A)		162,642
2,136	*	Sunpower Corp (Class B)		147,491
2,023		Teleflex, Inc		128,440
19,115	e*	Tellabs, Inc		77,607
2,876	*	Thomas & Betts Corp		112,365
4,061	*	Varian Semiconductor Equipment Associates, Inc		102,012
8,963	*	Vishay Intertechnology, Inc		59,335
4,020	e	Whirlpool Corp		318,746
14,863	e	Xilinx, Inc		348,537
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		10,474,567
ENGINEERING AND MANAGEMENT SERVICES - 2.19%
5,878	*	Aecom Technology Corp		143,658
6,936	e*	Amylin Pharmaceuticals, Inc		140,246
2,254		Corporate Executive Board Co		70,437

197

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
9,556		Fluor Corp	$	532,269
2,907	*	Gen-Probe, Inc		154,216
3,548	e*	Genpact Ltd		36,864
5,163	*	Hewitt Associates, Inc (Class A)		188,140
6,663	*	Jacobs Engineering Group, Inc		361,867
9,310		KBR, Inc		142,164
11,860	*	McDermott International, Inc		303,023
10,608	e	Moody's Corp		360,672
17,274		Paychex, Inc		570,560
8,688	e	Quest Diagnostics, Inc		448,909
10,181	*	SAIC, Inc		205,962
4,593	*	Shaw Group, Inc		141,143
4,087	*	URS Corp		149,870
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,950,000
FABRICATED METAL PRODUCTS - 1.10%
1,871	e*	Alliant Techsystems, Inc		175,762
3,282		Aptargroup, Inc		128,359
5,339		Ball Corp		210,837
5,890		Commercial Metals Co		99,482
2,366		Crane Co		70,294
8,714	*	Crown Holdings, Inc		193,538
9,108	e	Parker Hannifin Corp		482,724
5,329	e	Pentair, Inc		184,224
3,256		Snap-On, Inc		171,461
4,434		Stanley Works		185,075
1,017	e	Valmont Industries, Inc		84,096
		TOTAL FABRICATED METAL PRODUCTS		1,985,852
FOOD AND KINDRED PRODUCTS - 3.08%
6,594	e	Bunge Ltd		416,609
11,965		Campbell Soup Co		461,849
17,127		Coca-Cola Enterprises, Inc		287,220
24,750		ConAgra Foods, Inc		481,635
9,787	*	Constellation Brands, Inc (Class A)		210,029
3,783		Corn Products International, Inc		122,115
11,273		Del Monte Foods Co		87,929
13,650	*	Dr Pepper Snapple Group, Inc		361,452
16,922		H.J. Heinz Co		845,592
3,954	e*	Hansen Natural Corp		119,609
8,531	e	Hershey Co		337,316
3,904		Hormel Foods Corp		141,637
2,972		J.M. Smucker Co		150,651
6,093		McCormick & Co, Inc		234,276
6,216		Molson Coors Brewing Co (Class B)		290,598
7,423		Pepsi Bottling Group, Inc		216,529
2,925		PepsiAmericas, Inc		60,606
37,179		Sara Lee Corp		469,571
5,961	*	Smithfield Foods, Inc		94,661
14,250		Tyson Foods, Inc (Class A)		170,145
		TOTAL FOOD AND KINDRED PRODUCTS		5,560,029
FOOD STORES - 0.57%
1,440	e*	Panera Bread Co (Class A)		73,296

198

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
23,533	e	Safeway, Inc	$	558,203
11,423		Supervalu, Inc		247,879
7,725	e	Whole Foods Market, Inc		154,732
		TOTAL FOOD STORES		1,034,110
FORESTRY - 0.49%
4,179	e	Rayonier, Inc		197,876
11,372	e	Weyerhaeuser Co		688,916
		TOTAL FORESTRY		886,792
FURNITURE AND FIXTURES - 0.37%
3,567	e	Hill-Rom Holdings, Inc		108,116
8,823	e	Leggett & Platt, Inc		192,253
20,109	e	Masco Corp		360,755
		TOTAL FURNITURE AND FIXTURES		661,124
FURNITURE AND HOME FURNISHINGS STORES - 0.58%
13,685	e*	Bed Bath & Beyond, Inc		429,846
8,695	*	GameStop Corp (Class A)		297,456
3,060	e*	Mohawk Industries, Inc		206,213
3,003	e	Steelcase, Inc (Class A)		32,282
5,281	e	Williams-Sonoma, Inc		85,447
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		1,051,244
GENERAL BUILDING CONTRACTORS - 0.68%
6,501		Centex Corp		105,316
16,964	e	DR Horton, Inc		220,871
3,974	e	KB Home		78,208
7,759	e	Lennar Corp (Class A)		117,859
1,693	e	MDC Holdings, Inc		61,947
244	e*	NVR, Inc		139,568
11,551	e	Pulte Homes, Inc		161,367
7,265	e*	Toll Brothers, Inc		183,296
3,199		Walter Industries, Inc		151,793
		TOTAL GENERAL BUILDING CONTRACTORS		1,220,225
GENERAL MERCHANDISE STORES - 1.11%
4,437	e*	Big Lots, Inc		123,482
2,954	*	BJ's Wholesale Club, Inc		114,792
7,346		Family Dollar Stores, Inc		174,100
12,072		JC Penney Co, Inc		402,480
23,054		Macy's, Inc		414,511
7,570	e*	Saks, Inc		70,023
22,953		TJX Cos, Inc		700,526
		TOTAL GENERAL MERCHANDISE STORES		1,999,914
HEALTH SERVICES - 2.45%
8,655		AmerisourceBergen Corp		325,861
2,023	e	Brookdale Senior Living, Inc		44,486
14,701		Cigna Corp		499,540
5,065	e*	Community Health Systems, Inc		148,455
3,378	*	Covance, Inc		298,649
8,098	*	Coventry Health Care, Inc		263,590
5,632	*	DaVita, Inc		321,080

199

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,829	e*	Edwards Lifesciences Corp	$	163,403
11,359	*	Express Scripts, Inc		838,521
13,383	*	Health Management Associates, Inc (Class A)		55,673
6,112	e*	Laboratory Corp of America Holdings		424,784
2,868	e*	LifePoint Hospitals, Inc		92,177
3,929	e*	Lincare Holdings, Inc		118,224
5,704	e	Omnicare, Inc		164,104
2,548	*	Pediatrix Medical Group, Inc		137,388
5,828		Pharmaceutical Product Development, Inc		240,988
24,481	e*	Tenet Healthcare Corp		135,870
2,730		Universal Health Services, Inc (Class B)		152,962
		TOTAL HEALTH SERVICES		4,425,755
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.16%
7,766	*	Foster Wheeler Ltd		280,430
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		280,430
HOLDING AND OTHER INVESTMENT OFFICES - 6.96%
2,230	e*	Affiliated Managers Group, Inc		184,756
1,705	e	Alexandria Real Estate Equities, Inc		191,813
9,360	e	Allied Capital Corp		101,088
5,143	e	AMB Property Corp		232,978
29,160		Annaly Mortgage Management, Inc		392,202
4,728	e	Apartment Investment & Management Co (Class A)		165,575
4,101	e	AvalonBay Communities, Inc		403,620
6,532	e	Boston Properties, Inc		611,787
4,348		Brandywine Realty Trust		69,698
2,375	e	BRE Properties, Inc (Class A)		116,375
2,709	e	Camden Property Trust		124,235
3,965	e	CBL & Associates Properties, Inc		79,617
6,567	e	Developers Diversified Realty Corp		208,108
4,124	e	Digital Realty Trust, Inc		194,859
6,190		Douglas Emmett, Inc		142,803
8,232		Duke Realty Corp		202,343
14,462	e	Equity Residential		642,257
1,437	e	Essex Property Trust, Inc		170,040
3,272	e	Federal Realty Investment Trust		280,083
12,152	e	General Growth Properties, Inc		183,495
13,290	e	HCP, Inc		533,328
5,330		Health Care REIT, Inc		283,716
4,981		Hospitality Properties Trust		102,210
28,777	e	Host Marriott Corp		382,446
11,940		HRPT Properties Trust		82,267
16,278	e	iShares Russell Midcap Index Fund		1,337,400
8,219	e	iStar Financial, Inc		21,369
1,733	e	Kilroy Realty Corp		82,820
11,410	e	Kimco Realty Corp		421,485
5,119		Liberty Property Trust		192,730
3,886	e	Macerich Co		247,344
3,544		Mack-Cali Realty Corp		120,035
5,150		Nationwide Health Properties, Inc		185,297
9,358	e	Plum Creek Timber Co, Inc		466,590
14,026	e	Prologis		578,853
6,798	e	Public Storage, Inc		673,070

200

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,607		Regency Centers Corp	$	240,551
2,980	e	SL Green Realty Corp		193,104
2,827	e	Taubman Centers, Inc		141,350
6,907	e	UDR, Inc		180,618
7,079	e	Ventas, Inc		349,844
15,019	e	Virgin Media, Inc		118,650
7,383		Vornado Realty Trust		671,484
3,541		WABCO Holdings, Inc		125,847
4,061	e	Weingarten Realty Investors		144,856
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		12,574,996
HOTELS AND OTHER LODGING PLACES - 0.79%
4,161	e	Boyd Gaming Corp		38,947
1,873	e	Choice Hotels International, Inc		50,758
16,188		Marriott International, Inc (Class A)		422,345
6,921	e*	MGM Mirage		197,248
1,935	e	Orient-Express Hotels Ltd (Class A)		46,692
9,531	e	Starwood Hotels & Resorts Worldwide, Inc		268,202
9,435		Wyndham Worldwide Corp		148,224
3,087	e	Wynn Resorts Ltd		252,023
		TOTAL HOTELS AND OTHER LODGING PLACES		1,424,439
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.59%
4,953	*	AGCO Corp		211,047
3,301	e	Black & Decker Corp		200,536
18,246	*	Brocade Communications Systems, Inc		106,192
4,238		Bucyrus International, Inc (Class A)		189,354
3,466	e	Carlisle Cos, Inc		103,876
10,911		Cummins, Inc		477,029
3,446		Diebold, Inc		114,097
4,431		Donaldson Co, Inc		185,703
9,974		Dover Corp		404,446
4,633	*	Dresser-Rand Group, Inc		145,800
3,070		Flowserve Corp		272,524
6,842	*	FMC Technologies, Inc		318,495
2,859	*	Gardner Denver, Inc		99,264
3,491	e	Graco, Inc		124,314
4,617		IDEX Corp		143,219
16,451		Ingersoll-Rand Co Ltd (Class A)		512,778
17,387		International Game Technology		298,709
9,514		ITT Industries, Inc		529,074
11,658		Jabil Circuit, Inc		111,217
1,410	*	John Bean Technologies Corp		17,850
5,820		Joy Global, Inc		262,715
3,790		Kennametal, Inc		102,785
6,215	e*	Lam Research Corp		195,710
2,452		Lennox International, Inc		81,578
4,879	e*	Lexmark International, Inc (Class A)		158,909
6,634	e	Manitowoc Co, Inc		103,159
2,913	*	Oil States International, Inc		102,975
6,798		Pall Corp		233,783
7,787		Rockwell Automation, Inc		290,767
12,849	*	SanDisk Corp		251,198
3,139	e*	Scientific Games Corp (Class A)		72,260

201

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
27,009		Seagate Technology, Inc	$	327,349
2,865	e	SPX Corp		220,605
9,802	*	Teradata Corp		191,139
5,681	*	Terex Corp		173,384
4,001		Timken Co		113,428
1,977	e	Toro Co		81,650
6,910	*	Varian Medical Systems, Inc		394,768
12,058	*	Western Digital Corp		257,077
3,773	*	Zebra Technologies Corp (Class A)		105,078
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,285,841
INSTRUMENTS AND RELATED PRODUCTS - 5.16%
2,646	e*	Advanced Medical Optics, Inc		47,046
19,630	*	Agilent Technologies, Inc		582,226
16,226		Allergan, Inc		835,639
9,027		Applied Biosystems, Inc		309,175
5,422		Bard (C.R.), Inc		514,385
3,507		Beckman Coulter, Inc		248,962
2,088	e	Cooper Cos, Inc		72,579
8,112		Dentsply International, Inc		304,524
2,154		DRS Technologies, Inc		165,319
14,722	e	Eastman Kodak Co		226,424
7,587	e*	Flir Systems, Inc		291,493
7,070	e	Garmin Ltd		239,956
3,277		Hillenbrand, Inc		66,064
12,899	*	Hologic, Inc		249,338
6,850	*	Illumina, Inc		277,631
2,096	*	Intuitive Surgical, Inc		505,094
1,902	e*	Itron, Inc		168,384
9,115	e	Kla-Tencor Corp		288,490
1,869	*	Mettler-Toledo International, Inc		183,162
2,991	e*	Millipore Corp		205,781
3,140		National Instruments Corp		94,357
6,146		PerkinElmer, Inc		153,466
11,100		Pitney Bowes, Inc		369,186
4,080	e*	Resmed, Inc		175,440
8,810		Rockwell Collins, Inc		423,673
4,824	e	Roper Industries, Inc		274,775
18,131	*	St. Jude Medical, Inc		788,517
2,163	*	Techne Corp		155,996
8,806	*	Teradyne, Inc		68,775
6,626	e*	Trimble Navigation Ltd		171,348
5,332	*	Waters Corp		310,216
48,422		Xerox Corp		558,306
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		9,325,727
INSURANCE AGENTS, BROKERS AND SERVICE - 1.13%
14,947		AON Corp		672,017
5,914	e	Brown & Brown, Inc		127,861
5,470	e	Gallagher (Arthur J.) & Co		140,360
27,550		Marsh & McLennan Cos, Inc		874,988
480		White Mountains Insurance Group Ltd		225,480
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,040,706

202

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
INSURANCE CARRIERS - 4.84%
286	*	Alleghany Corp	$	104,390
2,608		Allied World Assurance Holdings Ltd		92,636
3,867		American Financial Group, Inc		114,077
915		American National Insurance Co		78,992
2,502	*	Arch Capital Group Ltd		182,721
6,543		Assurant, Inc		359,865
8,022		Axis Capital Holdings Ltd		254,378
7,798		Cincinnati Financial Corp		221,775
1,580	e	CNA Financial Corp		41,459
10,783	*	Conseco, Inc		37,956
2,930		Endurance Specialty Holdings Ltd		90,596
1,779	e	Erie Indemnity Co (Class A)		75,198
3,414		Everest Re Group Ltd		295,413
10,888	e	Fidelity National Title Group, Inc (Class A)		160,054
4,440	e	First American Corp		130,980
23,057		Genworth Financial, Inc (Class A)		198,521
2,494		Hanover Insurance Group, Inc		113,527
5,900	e	HCC Insurance Holdings, Inc		159,300
5,917	*	Health Net, Inc		139,641
9,229	*	Humana, Inc		380,235
9,401	e	Leucadia National Corp		427,181
13,957		Lincoln National Corp		597,499
545	*	Markel Corp		191,568
12,051	e	MBIA, Inc		143,407
1,530	e	Mercury General Corp		83,768
7,068	e	MGIC Investment Corp		49,688
2,237	e	Nationwide Financial Services, Inc (Class A)		110,351
12,237	e	Old Republic International Corp		156,022
1,290		OneBeacon Insurance Group Ltd (Class A)		27,284
3,042		PartnerRe Ltd		207,130
3,188	*	Philadelphia Consolidated Holding Co		186,721
13,549	e	Principal Financial Group		589,246
36,471		Progressive Corp		634,595
3,520		Protective Life Corp		100,355
3,430	e	Reinsurance Group of America, Inc (Class A)		185,220
3,511		RenaissanceRe Holdings Ltd		182,572
2,760		Stancorp Financial Group, Inc		143,520
4,942		Torchmark Corp		295,532
1,499		Transatlantic Holdings, Inc		81,471
2,080		Unitrin, Inc		51,875
18,269		UnumProvident Corp		458,552
7,389		W.R. Berkley Corp		174,011
2,286	e*	WellCare Health Plans, Inc		82,296
79		Wesco Financial Corp		28,203
17,681	e	XL Capital Ltd (Class A)		317,197
		TOTAL INSURANCE CARRIERS		8,736,978
JUSTICE, PUBLIC ORDER AND SAFETY - 0.09%
6,812	*	Corrections Corp of America		169,278
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		169,278
LEATHER AND LEATHER PRODUCTS - 0.25%
18,317	*	Coach, Inc		458,658
		TOTAL LEATHER AND LEATHER PRODUCTS		458,658

203

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
LEGAL SERVICES - 0.11%
2,779	*	FTI Consulting, Inc	$	200,755
		TOTAL LEGAL SERVICES		200,755
METAL MINING - 0.28%
5,846		Cleveland-Cliffs, Inc		309,487
2,395		Foundation Coal Holdings, Inc		85,214
3,950	e*	Patriot Coal Corp		114,748
		TOTAL METAL MINING		509,449
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.63%
1,437	e	Armstrong World Industries, Inc		41,529
8,104		Fortune Brands, Inc		464,845
6,292	e	Hasbro, Inc		218,458
1,871	e*	Intrepid Potash, Inc		56,392
19,270		Mattel, Inc		347,631
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,128,855
MISCELLANEOUS RETAIL - 0.85%
1,754	e	Barnes & Noble, Inc		45,744
4,526	e*	Dick's Sporting Goods, Inc		88,619
4,831	*	Dollar Tree, Inc		175,655
1,755	e*	HSN, Inc		19,323
2,464	e	MSC Industrial Direct Co (Class A)		113,516
15,104	*	Office Depot, Inc		87,905
4,495	e	OfficeMax, Inc		39,961
6,438		Petsmart, Inc		159,083
2,137	e*	Priceline.com, Inc		146,235
24,657	e,v*	Rite Aid Corp		19,972
3,191	e*	Sears Holdings Corp		298,359
4,870	e	Signet Jewelers Ltd		113,861
6,439	e	Tiffany & Co		228,713
		TOTAL MISCELLANEOUS RETAIL		1,536,946
MOTION PICTURES - 0.50%
1,257	*	Ascent Media Corp (Series A)		30,683
31,944	e	CBS Corp (Class B)		465,744
7,174	*	Discovery Communications, Inc (Class A)		102,230
7,174	*	Discovery Communications, Inc (Class C)		101,584
4,163	*	DreamWorks Animation SKG, Inc (Class A)		130,926
4,310	e	Regal Entertainment Group (Class A)		68,012
		TOTAL MOTION PICTURES		899,179
NONDEPOSITORY INSTITUTIONS - 1.02%
10,980	e	American Capital Ltd		280,100
7,142	e*	AmeriCredit Corp		72,348
11,089	e	CapitalSource, Inc		136,395
15,241	e	CIT Group, Inc		106,077
25,584	e	Discover Financial Services		353,571
3,230	e	GLG Partners, Inc		17,507
5,088		Lender Processing Services, Inc		155,286
25,709	*	SLM Corp		317,249

204

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
211		Student Loan Corp	$	19,623
13,090		Textron, Inc		383,275
292	e*	Tree.com, Inc		1,407
		TOTAL NONDEPOSITORY INSTITUTIONS		1,842,838
NONMETALLIC MINERALS, EXCEPT FUELS - 0.24%
5,849	e	Vulcan Materials Co		435,751
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		435,751
OIL AND GAS EXTRACTION - 4.91%
3,250	*	Atwood Oceanics, Inc		118,300
16,341		BJ Services Co		312,603
11,754	*	Cameron International Corp		452,999
4,527	e	Cimarex Energy Co		221,416
1,484	*	CNX Gas Corp		33,227
1,640	e*	Continental Resources, Inc		64,337
13,234	*	Denbury Resources, Inc		251,975
3,660	e	Diamond Offshore Drilling, Inc		377,200
3,073	*	Encore Acquisition Co		128,390
7,836		ENSCO International, Inc		451,589
7,007		Equitable Resources, Inc		257,017
3,348	e*	Exterran Holdings, Inc		107,002
4,887	e*	Forest Oil Corp		242,395
6,106	e*	Global Industries Ltd		42,376
4,955	e*	Helix Energy Solutions Group, Inc		120,307
5,653		Helmerich & Payne, Inc		244,153
4,305	*	Hercules Offshore, Inc		65,264
7,741	*	Key Energy Services, Inc		89,796
4,789	*	Mariner Energy, Inc		98,175
14,843	*	Nabors Industries Ltd		369,888
14,404	e	Noble Corp		632,336
2,850	*	Oceaneering International, Inc		151,962
7,883		Patterson-UTI Energy, Inc		157,818
13,366	*	PetroHawk Energy Corp		289,107
6,374	e	Pioneer Natural Resources Co		333,233
6,033	*	Plains Exploration & Production Co		212,120
8,984	*	Pride International, Inc		266,016
4,966	*	Quicksilver Resources, Inc		97,483
8,239		Range Resources Corp		353,206
5,816	e	Rowan Cos, Inc		177,679
1,222	e*	SEACOR Holdings, Inc		96,477
11,619		Smith International, Inc		681,338
18,406	*	Southwestern Energy Co		562,119
3,036		St. Mary Land & Exploration Co		108,233
4,118	*	Superior Energy Services		128,235
3,349	*	Tetra Technologies, Inc		46,384
3,003	e	Tidewater, Inc		166,246
2,744	*	Unit Corp		136,706
1,880	e	W&T Offshore, Inc		51,305
2,352	*	Whiting Petroleum Corp		167,604
		TOTAL OIL AND GAS EXTRACTION		8,864,016
PAPER AND ALLIED PRODUCTS - 0.90%
5,136	e	Bemis Co		134,615

205

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
24,060	*	Domtar Corporation	$	110,676
1,749		Greif, Inc (Class A)		114,769
22,895	e	International Paper Co		599,391
9,330	e	MeadWestvaco Corp		217,482
5,874		Packaging Corp of America		136,159
16,090	*	Smurfit-Stone Container Corp		75,623
5,176		Sonoco Products Co		153,624
5,776	e	Temple-Inland, Inc		88,142
		TOTAL PAPER AND ALLIED PRODUCTS		1,630,481
PERSONAL SERVICES - 0.43%
7,246		Cintas Corp		208,033
17,264		H&R Block, Inc		392,756
12,402	e	Service Corp International		103,681
2,002	e	Weight Watchers International, Inc		73,273
		TOTAL PERSONAL SERVICES		777,743
PETROLEUM AND COAL PRODUCTS - 1.29%
3,209		Ashland, Inc		93,831
5,848		Cabot Oil & Gas Corp		211,347
5,892		Frontier Oil Corp		108,531
2,245		Holly Corp		64,925
10,223		Murphy Oil Corp		655,703
7,109	*	Newfield Exploration Co		227,417
9,243		Noble Energy, Inc		513,818
5,300	*	SandRidge Energy, Inc		103,880
6,242	e	Sunoco, Inc		222,090
7,725	e	Tesoro Corp		127,385
		TOTAL PETROLEUM AND COAL PRODUCTS		2,328,927
PIPELINES, EXCEPT NATURAL GAS - 0.44%
33,736		Spectra Energy Corp		802,917
		TOTAL PIPELINES, EXCEPT NATURAL GAS		802,917
PRIMARY METAL INDUSTRIES - 0.90%
6,351		AK Steel Holding Corp		164,618
5,317	e	Allegheny Technologies, Inc		157,117
2,662		Carpenter Technology Corp		68,280
1,576	e*	Century Aluminum Co		43,639
3,375	e*	CommScope, Inc		116,910
3,004	e*	General Cable Corp		107,033
3,220		Hubbell, Inc (Class B)		112,861
7,486		Precision Castparts Corp		589,747
1,166	e	Schnitzer Steel Industries, Inc (Class A)		45,754
9,784		Steel Dynamics, Inc		167,209
4,801	e	Titanium Metals Corp		54,443
		TOTAL PRIMARY METAL INDUSTRIES		1,627,611
PRINTING AND PUBLISHING - 1.01%
3,040		Dun & Bradstreet Corp		286,854
1,462	e	EW Scripps Co (Class A)		10,336
12,990	e	Gannett Co, Inc		219,661
2,172		John Wiley & Sons, Inc (Class A)		87,857
17,300		McGraw-Hill Cos, Inc		546,853

206

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,912	e	Meredith Corp	$	53,612
2,135	*	MSCI, Inc (Class A)		51,240
6,934	e	New York Times Co (Class A)		99,087
11,370		R.R. Donnelley & Sons Co		278,906
348		Washington Post Co (Class B)		193,752
		TOTAL PRINTING AND PUBLISHING		1,828,158
RAILROAD TRANSPORTATION - 0.12%
4,980	e*	Kansas City Southern Industries, Inc		220,913
		TOTAL RAILROAD TRANSPORTATION		220,913
REAL ESTATE - 0.28%
9,430	e*	CB Richard Ellis Group, Inc (Class A)		126,079
3,812	e	Forest City Enterprises, Inc (Class A)		116,914
1,726	e	Jones Lang LaSalle, Inc		75,046
4,983	e*	St. Joe Co		194,785
		TOTAL REAL ESTATE		512,824
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.35%
13,603	e*	Goodyear Tire & Rubber Co		208,262
14,144		Newell Rubbermaid, Inc		244,125
8,180		Sealed Air Corp		179,878
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		632,265
SECURITY AND COMMODITY BROKERS - 2.39%
12,048		Ameriprise Financial, Inc		460,234
7,155		Broadridge Financial Solutions, Inc		110,115
24,462	e*	E*Trade Financial Corp		68,494
4,998	e	Eaton Vance Corp		176,080
4,852		Federated Investors, Inc (Class B)		139,980
3,767	*	IntercontinentalExchange, Inc		303,922
20,380	e	Invesco Ltd		427,572
2,268	*	Investment Technology Group, Inc		69,015
8,785		Janus Capital Group, Inc		213,300
7,119	e	Jefferies Group, Inc		159,466
3,887		Lazard Ltd (Class A)		166,208
7,454		Legg Mason, Inc		283,699
6,540	e*	MF Global Ltd		28,384
952	*	Morningstar, Inc		52,807
7,190	e*	Nasdaq Stock Market, Inc		219,798
5,125	e	Raymond James Financial, Inc		169,023
7,456		SEI Investments Co		165,523
14,080		T Rowe Price Group, Inc		756,237
13,372	*	TD Ameritrade Holding Corp		216,626
5,094		Waddell & Reed Financial, Inc (Class A)		126,077
		TOTAL SECURITY AND COMMODITY BROKERS		4,312,560
SPECIAL TRADE CONTRACTORS - 0.14%
9,271	e*	Quanta Services, Inc		250,410
		TOTAL SPECIAL TRADE CONTRACTORS		250,410
STONE, CLAY, AND GLASS PRODUCTS - 0.34%
2,469	e	Eagle Materials, Inc		55,232
6,762	e	Gentex Corp		96,697

207

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,122	e*	Owens Corning, Inc	$	98,557
9,444	*	Owens-Illinois, Inc		277,654
3,438	e*	USG Corp		88,013
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		616,153
TOBACCO PRODUCTS - 0.66%
9,367		Lorillard, Inc		666,462
7,948		UST, Inc		528,860
		TOTAL TOBACCO PRODUCTS		1,195,322
TRANSPORTATION BY AIR - 0.61%
14,322	e*	AMR Corp		140,642
6,448	e*	Continental Airlines, Inc (Class B)		107,553
1,695		Copa Holdings S.A. (Class A)		55,088
15,553	e*	Delta Air Lines, Inc		115,870
12,899	*	Northwest Airlines Corp		116,478
39,151	d	Southwest Airlines Co		568,081
		TOTAL TRANSPORTATION BY AIR		1,103,712
TRANSPORTATION EQUIPMENT - 1.60%
3,855		Autoliv, Inc		130,106
5,505	*	BE Aerospace, Inc		87,144
117,065	e*	Ford Motor Co		608,738
26,731	e	General Motors Corp		252,608
9,029		Genuine Parts Co		363,056
6,673		Goodrich Corp		277,597
12,721	e	Harley-Davidson, Inc		474,493
4,298		Harsco Corp		159,843
4,082	e	Oshkosh Truck Corp		53,719
7,223	*	Pactiv Corp		179,347
6,125	*	Spirit Aerosystems Holdings, Inc (Class A)		98,429
2,265	e	Thor Industries, Inc		56,217
4,318	e	Trinity Industries, Inc		111,102
2,255	*	TRW Automotive Holdings Corp		35,877
		TOTAL TRANSPORTATION EQUIPMENT		2,888,276
TRANSPORTATION SERVICES - 0.58%
8,954		CH Robinson Worldwide, Inc		456,296
11,299	e	Expeditors International Washington, Inc		393,657
2,645		GATX Corp		104,663
1,755	*	Interval Leisure Group, Inc		18,252
4,806		UTI Worldwide, Inc		81,798
		TOTAL TRANSPORTATION SERVICES		1,054,666
TRUCKING AND WAREHOUSING - 0.21%
2,551	e	Con-way, Inc		112,525
4,526	e	J.B. Hunt Transport Services, Inc		151,033
2,832	e	Landstar System, Inc		124,778
		TOTAL TRUCKING AND WAREHOUSING		388,336
WATER TRANSPORTATION - 0.37%
2,308	e	Alexander & Baldwin, Inc		101,621
2,890	e	Frontline Ltd		138,922
3,105	*	Kirby Corp		117,804

208

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,314	e	Overseas Shipholding Group, Inc	$	76,619
7,554	e	Royal Caribbean Cruises Ltd		156,746
2,647	e	Teekay Corp		69,828
		TOTAL WATER TRANSPORTATION		661,540
WHOLESALE TRADE-DURABLE GOODS - 0.95%
6,597	*	Arrow Electronics, Inc		172,973
6,302		BorgWarner, Inc		206,517
8,646	*	Ingram Micro, Inc (Class A)		138,941
7,055	e*	LKQ Corp		119,723
2,173	e	Martin Marietta Materials, Inc		243,333
6,569	*	Patterson Cos, Inc		199,763
3,158		Reliance Steel & Aluminum Co		119,909
2,892	*	Tech Data Corp		86,326
4,103		W.W. Grainger, Inc		356,838
2,360	*	WESCO International, Inc		75,945
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,720,268
WHOLESALE TRADE-NONDURABLE GOODS - 0.86%
4,492		Airgas, Inc		223,028
3,152	e*	Bare Escentuals, Inc		34,262
4,471	e	Brown-Forman Corp (Class B)		321,063
2,319	*	Central European Distribution Corp		105,306
7,053	*	Dean Foods Co		164,758
6,944	*	Endo Pharmaceuticals Holdings, Inc		138,880
5,000	*	Henry Schein, Inc		269,200
3,715		Herbalife Ltd		146,817
4,910	e	Terra Industries, Inc		144,354
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,547,668
		TOTAL COMMON STOCKS		178,646,941
		(Cost $200,974,264)
SHORT-TERM INVESTMENTS - 29.68%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 29.68%
53,598,430		State Street Navigator Securities Lending Prime Portfolio		53,598,430
				53,598,430
		TOTAL SHORT-TERM INVESTMENTS		53,598,430
		(Cost $53,598,430)
		TOTAL PORTFOLIO - 128.61%		232,245,371
		(Cost $254,572,694)
		OTHER ASSETS & LIABILITIES, NET - (28.61)%		(51,658,517	)
		NET ASSETS - 100.00%	$	180,586,854

209

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 $17,412.
e	All or a portion of these securities are out on loan.
v	Security valued at fair value.
	The following abbreviations are used in portfolios descriptions:
	REIT - Real Estate Investment Trust

210

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.30%
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.07%
3,319	e	Cal-Maine Foods, Inc	$	91,073
1,038	e	Pilgrim's Pride Corp		2,585
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		93,658
AGRICULTURAL SERVICES - 0.07%
3,742	e*	Cadiz, Inc		71,360
2,534	e	Calavo Growers, Inc		31,574
		TOTAL AGRICULTURAL SERVICES		102,934
AMUSEMENT AND RECREATION SERVICES - 1.33%
15,011	e*	Bally Technologies, Inc		454,533
4,699	e	Dover Downs Gaming & Entertainment, Inc		36,558
3,704	e	Dover Motorsports, Inc		20,187
8,952	e*	Leapfrog Enterprises, Inc		94,533
9,743	e*	Life Time Fitness, Inc		304,664
13,619	e*	Marvel Entertainment, Inc		464,953
5,113	e*	Town Sports International Holdings, Inc		31,189
12,035	e*	WMS Industries, Inc		367,910
5,720	e	World Wrestling Entertainment, Inc (Class A)		88,431
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,862,958
APPAREL AND ACCESSORY STORES - 1.46%
18,470	e*	Aeropostale, Inc		593,072
9,424	e*	American Apparel, Inc		77,277
2,117	e	Bebe Stores, Inc		20,683
4,280	e	Buckle, Inc		237,711
1,830	e*	Cache, Inc		12,572
1,573		Cato Corp (Class A)		27,606
852	e*	Charlotte Russe Holding, Inc		8,733
14,850	e*	Chico's FAS, Inc		81,230
6,888	e	Christopher & Banks Corp		52,831
3,878	e*	Citi Trends, Inc		63,173
1,932	e*	DSW, Inc (Class A)		26,468
4,071		Finish Line, Inc (Class A)		40,669
11,686	e*	J Crew Group, Inc		333,869
984	e*	JOS A Bank Clothiers, Inc		33,062
1,035	*	New York & Co, Inc		9,874
5,440	*	Tween Brands, Inc		53,258
8,945	e*	Under Armour, Inc (Class A)		284,093
25,718	e*	Wet Seal, Inc (Class A)		93,356
		TOTAL APPAREL AND ACCESSORY STORES		2,049,537
APPAREL AND OTHER TEXTILE PRODUCTS - 0.79%
2,451	e*	G-III Apparel Group Ltd		45,858
5,660	e*	Gymboree Corp		200,930
5,130	e*	Lululemon Athletica, Inc		118,144
3,013	e*	Maidenform Brands, Inc		43,719
4,790	e*	True Religion Apparel, Inc		123,822

211

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
12,567	e*	Warnaco Group, Inc	$	569,159
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,101,632
AUTO REPAIR, SERVICES AND PARKING - 0.39%
20,679	*	Exide Technologies		152,611
3,536	e*	Midas, Inc		48,655
522	e	Monro Muffler, Inc		12,037
1,730	*	Standard Parking Corp		38,441
9,905	*	Wright Express Corp		295,664
		TOTAL AUTO REPAIR, SERVICES AND PARKING		547,408
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.03%
2,845	e*	Lumber Liquidators, Inc		35,733
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		35,733
BUSINESS SERVICES - 14.10%
4,335	e*	3D Systems Corp		61,774
9,898	e*	ACI Worldwide, Inc		173,413
16,792	*	Actuate Corp		58,772
5,870	e	Administaff, Inc		159,781
4,655	e*	Advent Software, Inc		163,996
9,869	e*	American Reprographics Co		170,240
3,634	e	American Software, Inc (Class A)		19,805
8,541	e*	AMN Healthcare Services, Inc		150,065
7,487		Arbitron, Inc		334,594
1,770	*	ArcSight, Inc		13,505
20,317	e*	Ariba, Inc		287,079
35,830	e*	Art Technology Group, Inc		126,122
2,917	e*	Asset Acceptance Capital Corp		30,745
5,597	*	athenahealth, Inc		186,212
3,410	e*	Bankrate, Inc		132,683
4,530		BGC Partners, Inc (Class A)		19,434
11,360		Blackbaud, Inc		209,592
8,390	*	Blackboard, Inc		338,033
9,139	e*	Blue Coat Systems, Inc		129,682
16,680	e*	BPZ Energy, Inc		286,896
1,686	*	CACI International, Inc (Class A)		84,469
1,278	e*	CAI International, Inc		14,135
7,359	e*	Callidus Software, Inc		29,142
3,948	e*	Capella Education Co		169,211
8,263	e*	Cavium Networks, Inc		116,343
11,915	e*	CBIZ, Inc		100,682
8,166	e*	Chordiant Software, Inc		41,892
2,994	*	Clinical Data, Inc		48,144
13,081	e*	Cogent Communications Group, Inc		100,985
6,805	e*	Cogent, Inc		69,547
11,532	e	Cognex Corp		232,485
12,230	e*	Commvault Systems, Inc		147,372
4,037	e*	Compellent Technologies, Inc		50,059
2,171		Computer Programs & Systems, Inc		62,850
11,771	e*	Concur Technologies, Inc		450,358
5,377	e*	Constant Contact, Inc		91,785
5,312	e*	CoStar Group, Inc		241,112
5,075	*	CSG Systems International, Inc		88,965
19,021	*	Cybersource Corp		306,428
8,803	e*	Data Domain, Inc		196,043
8,591	e*	DealerTrack Holdings, Inc		144,672

212

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,840	e*	Deltek, Inc	$	17,267
7,466	e	Deluxe Corp		107,436
4,724	e*	Dice Holdings, Inc		33,540
10,072	e*	Digital River, Inc		326,333
7,580	*	DivX, Inc		49,043
1,329	v*	DMRC Corp		15,490
4,960	*	Double-Take Software, Inc		49,352
616	e*	DynCorp International, Inc (Class A)		10,324
29,869	*	Earthlink, Inc		253,887
574	*	Ebix, Inc		53,933
7,861	e*	Echelon Corp		77,667
14,994	e*	Eclipsys Corp		314,124
14,991	*	Entrust, Inc		32,231
6,017	e*	EPIQ Systems, Inc		81,831
24,627	e*	Evergreen Energy, Inc		23,149
3,747	e*	ExlService Holdings, Inc		32,899
10,366	e*	FalconStor Software, Inc		55,562
4,286	e*	Forrester Research, Inc		125,666
16,577	*	Gartner, Inc		375,966
6,331	*	Global Cash Access, Inc		32,035
4,673	e*	Global Sources Ltd		47,057
2,284	*	Guidance Software, Inc		10,712
11,402	*	Hackett Group, Inc		62,027
11,949	e	Healthcare Services Group		218,547
6,645	e	Heartland Payment Systems, Inc		169,846
6,828	e*	HMS Holdings Corp		163,599
2,500	e*	HSW International, Inc		6,500
5,662	*	Hudson Highland Group, Inc		39,351
9,555	*	Hypercom Corp		38,029
1,062	e*	ICT Group, Inc		8,549
6,273	*	iGate Corp		54,387
24,076	*	Informatica Corp		312,747
5,571		Infospace, Inc		60,445
8,424	e*	Innerworkings, Inc		93,422
4,520	*	Integral Systems, Inc		93,880
4,814		Interactive Data Corp		121,409
3,959	e*	Interactive Intelligence, Inc		35,710
6,638	e*	Internap Network Services Corp		23,100
2,402	e*	Internet Brands, Inc (Class A)		16,742
6,680	*	Internet Capital Group, Inc		54,175
10,599	*	Interwoven, Inc		149,658
8,914	e*	inVentiv Health, Inc		157,421
18,827		Jack Henry & Associates, Inc		382,753
665	*	JDA Software Group, Inc		10,115
4,806	e*	Kenexa Corp		75,887
645	e*	Keynote Systems, Inc		8,546
1,219	*	Kforce, Inc		12,446
7,823	e*	Knot, Inc		65,322
872	*	Korn/Ferry International		15,539
32,583	*	Lawson Software, Inc		228,081
4,410	e*	Limelight Networks, Inc		11,025
4,199	e*	Liquidity Services, Inc		45,559
11,427	e*	Magma Design Automation, Inc		45,937
6,682	e*	Manhattan Associates, Inc		149,276
5,616	*	Mantech International Corp (Class A)		332,973
6,503	e	Marchex, Inc (Class B)		66,916
1,570	e*	Mentor Graphics Corp		17,820

213

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,470	*	MicroStrategy, Inc (Class A)	$	147,039
6,156	e*	Midway Games, Inc		14,590
2,603	*	Monotype Imaging Holdings, Inc		28,971
34,694	e*	Move, Inc		73,551
1,920	e*	NCI, Inc (Class A)		54,682
1,208	*	Ness Technologies, Inc		13,856
11,121	e*	NetFlix, Inc		343,416
6,689	*	Netscout Systems, Inc		71,171
1,736	e*	NetSuite, Inc		31,283
11,390	e	NIC, Inc		78,591
17,509	e*	Omniture, Inc		321,465
7,705	e*	Online Resources Corp		59,868
4,743	e*	OpenTV Corp (Class A)		6,688
2,912	*	Opnet Technologies, Inc		35,468
30,299	*	Parametric Technology Corp		557,502
3,166		PC-Tel, Inc		29,507
4,089		Pegasystems, Inc		52,789
2,514	*	PeopleSupport, Inc		29,389
11,789	*	Phase Forward, Inc		246,508
7,409	*	Phoenix Technologies Ltd		59,198
2,676	e*	Portfolio Recovery Associates, Inc		130,134
14,618	*	Premiere Global Services, Inc		205,529
10,504	*	Progress Software Corp		272,999
3,144	e*	PROS Holdings, Inc		29,522
837	e*	Protection One, Inc		7,374
3,038	e	QAD, Inc		21,023
4,746	e	Quality Systems, Inc		200,566
7,466	*	Radiant Systems, Inc		64,880
7,460	e*	Raser Technologies, Inc		63,410
10,008	*	RealNetworks, Inc		50,841
2,440	e	Renaissance Learning, Inc		31,696
7,407	*	RightNow Technologies, Inc		93,106
5,708	e*	Riskmetrics Group Inc		111,706
11,633	e	Rollins, Inc		220,794
13,196	e*	RSC Holdings, Inc		149,907
10,118	*	S1 Corp		61,922
25,051	e*	Sapient Corp		186,129
2,363	e*	Secure Computing Corp		12,949
7,107	e*	Smith Micro Software, Inc		50,460
2,507	*	SonicWALL, Inc		13,137
56,717	e*	Sonus Networks, Inc		163,345
18,453	e	Sotheby's (Class A)		370,167
5,056	e*	Sourcefire, Inc		36,858
7,099	*	Spherion Corp		34,572
4,841	*	SPSS, Inc		142,132
6,292	*	SRA International, Inc (Class A)		142,388
5,532	e*	Stratasys, Inc		96,644
7,328	e*	SuccessFactors, Inc		79,875
7,734	e*	SupportSoft, Inc		23,202
18,267	e*	Sybase, Inc		559,336
8,902	e*	SYKES Enterprises, Inc		195,488
6,095	e*	Synchronoss Technologies, Inc		57,354
3,643	e	Syntel, Inc		89,254
21,038	e	Take-Two Interactive Software, Inc		345,023
984	e	TAL International Group, Inc		20,487
6,958	*	Taleo Corp (Class A)		138,395
4,413	e*	TechTarget, Inc		30,891

214

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
10,500	*	TeleTech Holdings, Inc	$	130,620
1,050	e	Textainer Group Holdings Ltd		15,950
3,364	e	TheStreet.com, Inc		20,150
12,801	e*	THQ, Inc		154,124
6,077	*	TNS, Inc		117,711
8,591	*	TradeStation Group, Inc		80,326
1,148	e*	TrueBlue, Inc		18,552
6,874	e*	Ultimate Software Group, Inc		185,598
4,427	e*	Unica Corp		34,708
23,920	*	Valueclick, Inc		244,702
7,320	e*	Vasco Data Security International		75,835
3,561	*	Vignette Corp		38,245
1,570	e*	Virtusa Corp		10,221
4,405	*	Vocus, Inc		149,594
11,071	*	Websense, Inc		247,437
1,542	e*	Website Pros, Inc		8,327
19,851	e*	Wind River Systems, Inc		198,510
		TOTAL BUSINESS SERVICES		19,801,982
CHEMICALS AND ALLIED PRODUCTS - 11.49%
8,615	e*	Acadia Pharmaceuticals, Inc		23,088
10,233	e*	Acorda Therapeutics, Inc		244,057
1,995	e*	Acura Pharmaceuticals, Inc		14,025
13,707	e*	Adolor Corp		47,289
2,440	*	Albany Molecular Research, Inc		44,140
21,120	d,e*	Alexion Pharmaceuticals, Inc		830,016
7,190	e*	Alexza Pharmaceuticals, Inc		35,519
26,105	e*	Alkermes, Inc		347,197
14,813	e*	Allos Therapeutics, Inc		109,764
9,856	e*	Alnylam Pharmaceuticals, Inc		285,331
6,492	e*	Alpharma, Inc (Class A)		239,490
4,832	e*	AMAG Pharmaceuticals, Inc		187,143
17,089	e*	American Oriental Bioengineering, Inc		110,908
4,823	e	American Vanguard Corp		72,731
1,209	e*	Amicus Therapeutics, Inc		18,280
2,293	e	Arch Chemicals, Inc		80,943
3,188	*	Ardea Biosciences, Inc		44,090
4,772	e*	Arena Pharmaceuticals, Inc		23,860
9,912	e*	Arqule, Inc		31,917
12,761	e*	Array Biopharma, Inc		98,004
11,476	*	Auxilium Pharmaceuticals, Inc		371,822
2,545	e*	Aventine Renewable Energy Holdings, Inc		8,042
5,049		Balchem Corp		134,657
3,082	e*	Biodel, Inc		10,325
4,370	e*	BioForm Medical, Inc		17,130
3,874	e*	BioMimetic Therapeutics, Inc		42,846
5,475	e*	Cadence Pharmaceuticals, Inc		48,618
11,369	e*	Calgon Carbon Corp		231,473
4,067	e*	Cambrex Corp		25,012
2,819	e*	Caraco Pharmaceutical Laboratories Ltd		35,266
23,355	e*	Cell Genesys, Inc		13,779
4,167	*	Celldex Therapeutics, Inc		48,462
4,547	e*	Chattem, Inc		355,484
13,756	e*	Columbia Laboratories, Inc		36,041
4,166	e*	Cougar Biotechnology, Inc		139,103
15,503	e*	Cubist Pharmaceuticals, Inc		344,632
7,892	e*	Cypress Bioscience, Inc		58,006

215

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
8,464	e*	Cytokinetics, Inc	$	40,119
6,092	e*	Cytori Therapeutics, Inc		32,166
25,833	e*	Dendreon Corp		147,506
28,277	e*	Discovery Laboratories, Inc		52,878
22,610	e*	Durect Corp		126,616
2,457	e*	Emergent Biosolutions, Inc		32,162
11,850	e*	Enzon Pharmaceuticals, Inc		87,453
10,520	e	Ferro Corp		211,452
13,258	e*	Geron Corp		52,369
4,978	e*	GTx, Inc		94,682
17,097	e*	Halozyme Therapeutics, Inc		125,492
17,543	e	Hercules, Inc		347,176
4,527	e*	Human Genome Sciences, Inc		28,746
2,586	e*	ICO, Inc		14,507
7,078	e*	Idenix Pharmaceuticals, Inc		51,174
5,560	e*	Idera Pharmaceuticals, Inc		78,229
19,357	e*	Immucor, Inc		618,650
13,642	e*	Immunogen, Inc		66,982
22,542	e*	Indevus Pharmaceuticals, Inc		75,516
1,486	e	Innophos Holdings, Inc		36,229
4,018		Innospec, Inc		48,457
12,176	e*	Inspire Pharmaceuticals, Inc		43,468
374	e	Inter Parfums, Inc		5,071
8,702	e*	InterMune, Inc		148,891
12,377	e*	Javelin Pharmaceuticals, Inc		32,180
1,010	e*	Jazz Pharmaceuticals, Inc		4,989
391		Koppers Holdings, Inc		14,627
8,931	e*	KV Pharmaceutical Co (Class A)		202,823
6,675	e*	Landec Corp		54,668
22,812	e*	Ligand Pharmaceuticals, Inc (Class B)		67,295
1,199	e	Mannatech, Inc		4,796
6,591	e*	MannKind Corp		25,441
1,906	e*	MAP Pharmaceuticals, Inc		19,289
4,757	e*	Marshall Edwards, Inc		10,228
9,094	e	Martek Biosciences Corp		285,733
35,217	e*	Medarex, Inc		227,854
14,339	e*	Medicines Co		332,952
15,244	e	Medicis Pharmaceutical Corp (Class A)		227,288
7,130	e*	Medivation, Inc		188,660
10,896	e	Meridian Bioscience, Inc		316,420
8,770	e*	MiddleBrook Pharmaceuticals, Inc		13,155
2,373	e	Minerals Technologies, Inc		140,861
4,323	e*	Molecular Insight Pharmaceuticals, Inc		33,201
6,609	e*	Momenta Pharmaceuticals, Inc		86,644
2,544	e*	Nabi Biopharmaceuticals		11,855
3,159	e*	Nanosphere, Inc		26,946
10,930	e*	Neurocrine Biosciences, Inc		51,262
3,693	e	NewMarket Corp		194,104
990	e	NL Industries, Inc		10,167
15,449	e*	Novavax, Inc		44,802
6,720	e*	Noven Pharmaceuticals, Inc		78,490
12,880	*	NPS Pharmaceuticals, Inc		91,963
5,152	*	Obagi Medical Products, Inc		51,417
3,925	e*	Omrix Biopharmaceuticals, Inc		70,415
15,254	e*	Onyx Pharmaceuticals, Inc		551,890
11,714	*	Opko Health, Inc		20,500
6,928	e*	Optimer Pharmaceuticals, Inc		55,078

216

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
11,580	e*	OraSure Technologies, Inc	$	56,974
5,661	e*	Orexigen Therapeutics, Inc		61,082
15,869	e*	OSI Pharmaceuticals, Inc		782,183
4,192	e*	Osiris Therapeutics, Inc		80,864
9,993	e*	Pacific Ethanol, Inc		13,890
9,585	e*	Pain Therapeutics, Inc		93,645
15,515	e*	Parexel International Corp		444,660
33,421	e	PDL BioPharma, Inc		311,150
6,347	*	PetMed Express, Inc		99,648
4,596	*	Pharmasset, Inc		91,690
7,210	e*	Pozen, Inc		75,777
7,189	e*	Progenics Pharmaceuticals, Inc		95,686
2,651	e*	Protalix BioTherapeutics, Inc		5,912
14,930	e*	Questcor Pharmaceuticals, Inc		109,736
7,763	e*	Quidel Corp		127,391
7,124	e*	Rexahn Pharmaceuticals, Inc		9,190
7,847	e	Sciele Pharma, Inc		241,609
19,998	e*	Solutia, Inc		279,972
639		Stepan Co		34,870
2,233	e*	Sucampo Pharmaceuticals, Inc (Class A)		19,047
4,146	e*	SurModics, Inc		130,558
4,959	e*	Synta Pharmaceuticals Corp		37,788
4,436	e*	Targacept, Inc		25,773
4,763	e*	Tercica, Inc		42,581
14,359	e*	Theravance, Inc		178,913
5,689	*	Ulta Salon Cosmetics & Fragrance, Inc		75,550
6,173	e*	United Therapeutics Corp		649,214
2,005	e*	USANA Health Sciences, Inc		82,185
9,776	e*	USEC, Inc		52,888
9,283	e*	Valeant Pharmaceuticals International		190,023
15,163	*	WR Grace & Co		229,265
7,032	*	Xenoport, Inc		340,982
35,750	e*	XOMA Ltd		75,075
10,072	e*	Zymogenetics, Inc		67,080
		TOTAL CHEMICALS AND ALLIED PRODUCTS		16,135,325
COAL MINING - 0.32%
35,879	e*	International Coal Group, Inc		223,885
6,959	e*	James River Coal Co		153,028
6,836	e*	National Coal Corp		35,752
2,599	e*	Westmoreland Coal Co		41,064
		TOTAL COAL MINING		453,729
COMMUNICATIONS - 2.00%
6,156	e	Alaska Communications Systems Group, Inc		75,288
741	e*	Anixter International, Inc		44,097
14,470	e*	Aruba Networks, Inc		74,231
7,112	e*	Cbeyond Communications, Inc		102,342
15,326	e*	Centennial Communications Corp (Class A)		95,634
50,277	e*	Charter Communications, Inc (Class A)		36,702
2,273	e	Consolidated Communications Holdings, Inc		34,277
2,165	e*	Crown Media Holdings, Inc (Class A)		10,890
3,698	e*	DG FastChannel, Inc		81,060
8,485	e*	Entravision Communications Corp (Class A)		22,825
10,917	*	Foundry Networks, Inc		198,799
525	*	GeoEye, Inc		11,618
2,136	e*	Global Crossing Ltd		32,382

217

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,894	e*	Global Traffic Network, Inc	$	26,827
1,955	e*	Hughes Communications, Inc		71,749
1,173	e*	Hungarian Telephone & Cable		23,343
9,222	e*	ICO Global Communications Holdings Ltd (Class A)		10,052
1,406	e	Iowa Telecommunications Services, Inc		26,264
1,438	*	iPCS, Inc		32,024
12,483	e*	j2 Global Communications, Inc		291,478
10,774	e*	Mastec, Inc		143,186
4,549	e*	Neutral Tandem, Inc		84,338
11,850	e*	Nextwave Wireless, Inc		7,110
3,648	e*	Novatel Wireless, Inc		22,107
8,208		NTELOS Holdings Corp		220,713
7,067	e*	Orbcomm, Inc		34,840
26,431	e*	PAETEC Holding Corp		56,827
5,523	e*	RCN Corp		67,712
10,351	e*	SAVVIS, Inc		139,117
5,694	e	Shenandoah Telecom Co		125,667
5,436	e	Sinclair Broadcast Group, Inc (Class A)		27,397
5,494	e*	Switch & Data Facilities Co, Inc		68,400
6,547	*	Syniverse Holdings, Inc		108,746
9,413	*	TeleCommunication Systems, Inc (Class A)		65,044
14,148	e*	Terremark Worldwide, Inc		97,197
4,267	e*	TerreStar Corp		4,267
28,104	e*	TiVo, Inc		205,721
7,414	e*	Virgin Mobile USA, Inc (Class A)		21,797
12,037	e,v*	Vonage Holdings Corp		12,037
		TOTAL COMMUNICATIONS		2,814,105
DEPOSITORY INSTITUTIONS - 1.21%
3,717		Cardinal Financial Corp		30,033
1,884	e	Cass Information Systems, Inc		67,541
6,804	e*	Dollar Financial Corp		104,714
1,532	e	Enterprise Financial Services Corp		34,562
1,061	e	First Financial Bankshares, Inc		55,045
548	e	Hancock Holding Co		27,948
12,340	*	Net 1 UEPS Technologies, Inc		275,552
3,222	e*	Oritani Financial Corp		54,291
1,316	e*	Pinnacle Financial Partners, Inc		40,533
6,074	e	PrivateBancorp, Inc		253,043
401	e	S.Y. Bancorp, Inc		12,279
7,317	*	Signature Bank		255,217
461	e	Smithtown Bancorp, Inc		10,373
1,005	e	Suffolk Bancorp		39,607
1,787	*	SVB Financial Group		103,503
7,326	e	Trustco Bank Corp NY		85,787
2,475		ViewPoint Financial Group		43,313
3,647	e	Westamerica Bancorporation		209,812
		TOTAL DEPOSITORY INSTITUTIONS		1,703,153
EATING AND DRINKING PLACES - 1.88%
4,195	*	AFC Enterprises		30,456
3,558	e*	BJ's Restaurants, Inc		42,483
4,860	e*	Buffalo Wild Wings, Inc		195,566
3,959	*	California Pizza Kitchen, Inc		50,952
3,987	e	CBRL Group, Inc		104,858
4,726	e*	CEC Entertainment, Inc		156,903
18,214	*	Cheesecake Factory		266,289

218

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
14,036	e	CKE Restaurants, Inc	$	148,782
26,715	e*	Denny's Corp		68,925
4,774	e	DineEquity, Inc		80,490
740	e*	Einstein Noah Restaurant Group, Inc		7,459
10,004	*	Jack in the Box, Inc		211,084
14,777	e*	Krispy Kreme Doughnuts, Inc		48,764
4,731	e*	Papa John's International, Inc		128,494
6,154	e*	PF Chang's China Bistro, Inc		144,865
4,357	e*	Red Robin Gourmet Burgers, Inc		116,768
2,036	e*	Rick's Cabaret International, Inc		19,994
4,211	e*	Ruth's Chris Steak House, Inc		16,549
13,945	e*	Sonic Corp		203,179
14,543	e*	Texas Roadhouse, Inc (Class A)		130,742
89,219	e	Wendy's/Arby's Group, Inc (Class A)		469,292
		TOTAL EATING AND DRINKING PLACES		2,642,894
EDUCATIONAL SERVICES - 0.47%
3,071	*	American Public Education, Inc		148,268
23,805	e*	Corinthian Colleges, Inc		357,075
1,872	e*	K12, Inc		49,608
2,186	*	Learning Tree International, Inc		27,216
595	*	Lincoln Educational Services Corp		7,872
3,266	e*	Princeton Review, Inc		26,128
2,151	e*	Universal Technical Institute, Inc		36,696
		TOTAL EDUCATIONAL SERVICES		652,863
ELECTRIC, GAS, AND SANITARY SERVICES - 1.92%
4,527		American Ecology Corp		125,262
27,806	e*	Beacon Power Corp		40,319
3,791	*	Casella Waste Systems, Inc (Class A)		44,506
5,907	e*	Clean Energy Fuels Corp		83,584
5,559	*	Clean Harbors, Inc		375,510
3,897	e	Consolidated Water Co, Inc		66,327
10,910	e	Crosstex Energy, Inc		272,423
9,324	e	EnergySolutions, Inc		93,240
823		EnergySouth, Inc		50,557
596	e*	EnerNOC, Inc		6,163
13,490		ITC Holdings Corp		698,377
4,917	e	Ormat Technologies, Inc		178,635
1,439	e*	Pike Electric Corp		21,196
200	e	SJW Corp		5,994
18,320	e*	Waste Connections, Inc		628,376
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,690,469
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.34%
7,914	e*	Acme Packet, Inc		45,347
460	*	Actel Corp		5,741
9,567	e	Acuity Brands, Inc		399,518
8,436	e	Adtran, Inc		164,418
12,812	e*	Advanced Analogic Technologies, Inc		59,576
11,611	e*	Advanced Battery Technologies, Inc		37,504
1,886	*	Advanced Energy Industries, Inc		25,800
6,892	e*	Airvana, Inc		40,594
11,367	e*	American Superconductor Corp		267,920
3,455	e*	Amkor Technology, Inc		22,008
18,605	e*	Anadigics, Inc		52,280
5,033	*	Applied Micro Circuits Corp		30,097

219

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
840	e	Applied Signal Technology, Inc	$	14,599
1,824	e*	Ascent Solar Technologies, Inc		11,090
16,273	e*	Atheros Communications, Inc		383,717
8,905	*	ATMI, Inc		160,112
3,600	*	Avanex Corp		16,848
1,304	*	AZZ, Inc		53,946
320	e	Bel Fuse, Inc (Class B)		9,110
3,382	*	Benchmark Electronics, Inc		47,619
9,960	e*	BigBand Networks, Inc		36,752
40,533	e*	Capstone Turbine Corp		52,288
4,974	e*	Ceva, Inc		41,284
5,718	e*	China BAK Battery, Inc		20,585
7,622	e*	China Security & Surveillance Technology, Inc		105,793
6,549	e*	Comtech Telecommunications Corp		322,473
445	*	CPI International, Inc		6,444
8,041	e*	Diodes, Inc		148,356
4,885	e*	DTS, Inc		135,950
19,484	e*	Emcore Corp		96,251
12,419	e*	Energy Conversion Devices, Inc		723,407
2,340	*	EnerSys		46,121
1,965	e*	Entropic Communications, Inc		2,771
39,490	e*	Evergreen Solar, Inc		217,985
1,298	*	Exar Corp		9,943
106,854	e*	Finisar Corp		107,923
3,816		Franklin Electric Co, Inc		170,003
18,838	e*	FuelCell Energy, Inc		113,593
3,293	e*	Globecomm Systems, Inc		28,781
26,801	e*	GrafTech International Ltd		404,963
1,051	e*	GreenHunter Energy, Inc		14,977
104	m	GreenHunter Energy, Inc		0
5,500	*	GT Solar International, Inc		59,675
11,582	*	Harmonic, Inc		97,868
26,362	e*	Hexcel Corp		360,896
5,646	e*	Hittite Microwave Corp		189,706
24,989	e*	Infinera Corp		238,895
12,757	e*	InterDigital, Inc		306,806
5,136	e*	IPG Photonics Corp		100,203
4,962	e*	iRobot Corp		73,537
5,003		IXYS Corp		45,477
14,286	e*	Lattice Semiconductor Corp		29,429
2,534	*	Littelfuse, Inc		75,336
5,075	e*	Maxwell Technologies, Inc		67,701
8,089	e*	Medis Technologies Ltd		14,560
13,939	e	Micrel, Inc		126,427
21,807	*	Microsemi Corp		555,642
15,129	e*	Microtune, Inc		40,546
17,531	e*	Microvision, Inc		34,010
2,107	e*	MIPS Technologies, Inc		7,396
7,020	e*	Monolithic Power Systems, Inc		121,937
1,254	e*	Moog, Inc (Class A)		53,772
2,312	e*	Multi-Fineline Electronix, Inc		34,194
130	e	National Presto Industries, Inc		9,685
4,639	e*	Netlogic Microsystems, Inc		140,283
1,134	*	NVE Corp		32,104
1,288	*	Omnivision Technologies, Inc		14,696
1,869	e*	Oplink Communications, Inc		22,559
2,894	e*	OpNext, Inc		13,283

220

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,189	e*	Orion Energy Systems, Inc	$	12,280
3,387	e*	OSI Systems, Inc		79,628
4,357	e	Park Electrochemical Corp		105,614
6,333	e*	Parkervision, Inc		63,330
5,943	*	Pericom Semiconductor Corp		62,402
9,840	e*	Plexus Corp		203,688
7,059	e*	PLX Technology, Inc		36,142
36,296	e*	PMC - Sierra, Inc		269,316
22,237	e*	Polycom, Inc		514,342
4,225	*	Polypore International, Inc		90,880
1,837	*	Powell Industries, Inc		74,968
8,350	e*	Power Integrations, Inc		201,235
24,917	e*	Quantum Fuel Systems Technologies Worldwide, Inc		32,143
4,351	e	Raven Industries, Inc		171,212
3,857	e*	Rubicon Technology, Inc		27,848
44,469	e*	Sanmina-SCI Corp		62,257
16,000	*	Semtech Corp		223,360
10,316	e*	ShoreTel, Inc		59,214
20,301	e*	Silicon Image, Inc		108,407
30,328	e*	Skyworks Solutions, Inc		253,542
3,480	e*	Spansion, Inc (Class A)		5,394
3,273	e*	Standard Microsystems Corp		81,760
7,912	e*	Starent Networks Corp		102,381
2,973	e*	Supertex, Inc		83,720
5,973	e*	Sycamore Networks, Inc		19,293
9,411	e*	Synaptics, Inc		284,400
3,843	e*	Synthesis Energy Systems, Inc		18,639
722	e	Technitrol, Inc		10,678
4,226	e*	Techwell, Inc		39,851
1,798	*	Tekelec		25,154
13,096	*	Tessera Technologies, Inc		213,989
3,257	e*	Transmeta Corp		52,796
6,631	*	Trident Microsystems, Inc		15,914
1,455	e*	TTM Technologies, Inc		14,434
3,774	e*	Ultralife Corp		29,249
7,689	e*	Universal Display Corp		84,271
3,435	e*	Universal Electronics, Inc		85,806
15,131	e*	US Geothermal, Inc		26,933
1,800	e*	Utstarcom, Inc		6,066
11,675	e*	Valence Technology, Inc		40,279
1,416	*	Viasat, Inc		33,389
5,290	e	Vicor Corp		46,975
6,718	e*	Volterra Semiconductor Corp		85,520
7,464	e*	Zoltek Cos, Inc		127,709
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		11,707,518
ENGINEERING AND MANAGEMENT SERVICES - 5.24%
6,545	e*	Accelrys, Inc		35,932
4,702	*	Advisory Board Co		141,812
2,941	e*	Affymax, Inc		58,379
19,071	e*	Ariad Pharmaceuticals, Inc		47,105
449	e	CDI Corp		10,026
7,956	e*	Celera Corp		122,920
5,405	e*	China Architectural Engineering, Inc		38,321
1,675	e*	China Direct, Inc		7,069
4,762	e*	comScore, Inc		83,954
1,962	*	CRA International, Inc		53,916

221

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
16,590	e*	CV Therapeutics, Inc	$	179,172
15,393	e*	Dyax Corp		67,729
11,624	*	eResearch Technology, Inc		138,442
28,406	e*	Exelixis, Inc		172,708
2,739	*	Exponent, Inc		90,634
7,370	*	Furmanite Corp		76,206
6,500	*	Greenfield Online, Inc		113,100
6,205	e*	Hill International, Inc		85,939
5,703	e*	Huron Consulting Group, Inc		324,957
20,419	e*	Incyte Corp		156,205
25,146	e*	Isis Pharmaceuticals, Inc		424,716
3,574	*	Kendle International, Inc		159,794
1,361	e	Landauer, Inc		99,013
2,209	*	LECG Corp		17,827
5,773	e*	Lexicon Pharmaceuticals, Inc		10,276
11,188	e*	Luminex Corp		279,812
624		MAXIMUS, Inc		22,988
2,519	e*	Maxygen, Inc		10,655
359	e*	Michael Baker Corp		12,493
12,190	e*	Myriad Genetics, Inc		790,887
321	e	National Research Corp		9,842
13,344	*	Navigant Consulting, Inc		265,412
8,669	e*	Omnicell, Inc		113,997
760	e*	PharmaNet Development Group, Inc		5,487
4,335	e*	PRG-Schultz International, Inc		38,842
16,983	*	Regeneron Pharmaceuticals, Inc		370,739
44,876	e*	Rentech, Inc		59,685
9,081	*	Repligen Corp		42,772
12,361	*	Resources Connection, Inc		278,493
10,034	e*	Rigel Pharmaceuticals, Inc		234,294
14,974	e*	RTI Biologics, Inc		140,007
9,698	e*	Sangamo Biosciences, Inc		74,675
14,911	e*	Savient Pharmaceuticals, Inc		222,323
16,523	e*	Seattle Genetics, Inc		176,796
15,646	e*	Sequenom, Inc		416,497
2,378	e*	Stanley, Inc		87,772
4,808	e*	Symyx Technologies, Inc		47,647
2,990	*	Tejon Ranch Co		111,078
16,213	*	Tetra Tech, Inc		390,085
1,210		VSE Corp		40,813
7,925		Watson Wyatt & Co Holdings (Class A)		394,110
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		7,354,353
FABRICATED METAL PRODUCTS - 0.96%
5,110	e*	Akeena Solar, Inc		19,367
549		Ameron International Corp		39,336
1,390	e*	Bway Holding Co		16,305
7,802	*	Chart Industries, Inc		222,825
3,961		CIRCOR International, Inc		172,026
3,362	e	Dynamic Materials Corp		78,032
3,374		Gulf Island Fabrication, Inc		116,302
625	e	Insteel Industries, Inc		8,494
7,854	e*	Mobile Mini, Inc		151,818
6,396	e	Quanex Building Products Corp		97,475
3,527		Silgan Holdings, Inc		180,194
9,927	e*	Smith & Wesson Holding Corp		37,127
3,471	e	Sun Hydraulics Corp		90,385

222

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
16,774	e*	Taser International, Inc	$	119,934
		TOTAL FABRICATED METAL PRODUCTS		1,349,620
FISHING, HUNTING, AND TRAPPING - 0.01%
2,237	e*	HQ Sustainable Maritime Industries, Inc		11,319
		TOTAL FISHING, HUNTING, AND TRAPPING		11,319
FOOD AND KINDRED PRODUCTS - 1.17%
5,591	e*	AgFeed Industries, Inc		44,169
1,379	e*	American Dairy, Inc		13,969
2,260	e*	Boston Beer Co, Inc (Class A)		107,327
1,197	e	Coca-Cola Bottling Co Consolidated		52,261
21,989	*	Darling International, Inc		244,298
4,702		Diamond Foods, Inc		131,797
12,774		Flowers Foods, Inc		375,045
5,609	e	Lancaster Colony Corp		211,235
1,780	e	Lance, Inc		40,388
1,184	e*	Lifeway Foods, Inc		13,853
166	*	M&F Worldwide Corp		6,640
340	e*	National Beverage Corp		3,016
3,756	e*	Peet's Coffee & Tea, Inc		104,868
1,656	e*	Ralcorp Holdings, Inc		111,631
839	e	Sanderson Farms, Inc		30,825
12,795	e*	Smart Balance, Inc		83,935
2,370	e	Tootsie Roll Industries, Inc		68,517
		TOTAL FOOD AND KINDRED PRODUCTS		1,643,774
FOOD STORES - 0.17%
263	e	Arden Group, Inc (Class A)		38,298
3,593	e*	Great Atlantic & Pacific Tea Co, Inc		38,876
990	e*	Pantry, Inc		20,978
774	e	Ruddick Corp		25,116
8,682	e*	Winn-Dixie Stores, Inc		120,680
		TOTAL FOOD STORES		243,948
FURNITURE AND FIXTURES - 0.40%
8,459	e	Herman Miller, Inc		206,992
929	e	HNI Corp		23,541
470	e	Hooker Furniture Corp		8,342
14,333	e	Interface, Inc (Class A)		162,966
13,384	e	Tempur-Pedic International, Inc		157,396
		TOTAL FURNITURE AND FIXTURES		559,237
FURNITURE AND HOME FURNISHINGS STORES - 0.17%
1,182	e	Haverty Furniture Cos, Inc		13,522
3,805	e*	hhgregg, Inc		37,099
11,859		Knoll, Inc		179,308
3,591	e*	Pier 1 Imports, Inc		14,831
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		244,760
GENERAL BUILDING CONTRACTORS - 0.35%
93	e*	Amrep Corp		3,944
1,222	e*	Cavco Industries, Inc		44,175
4,301		McGrath RentCorp		123,955
5,623	e*	Perini Corp		145,017
4,993	e*	Team, Inc		180,347
		TOTAL GENERAL BUILDING CONTRACTORS		497,438

223

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
GENERAL MERCHANDISE STORES - 0.06%
7,831	e*	99 Cents Only Stores	$	85,906
401	e*	Retail Ventures, Inc		1,564
		TOTAL GENERAL MERCHANDISE STORES		87,470
HEALTH SERVICES - 2.16%
6,641	*	Alliance Imaging, Inc		68,203
1,764	e*	Almost Family, Inc		69,766
7,246	e*	Amedisys, Inc		352,663
8,451	e*	Assisted Living Concepts, Inc (A Shares)		53,833
3,189	e*	Bio-Reference Labs, Inc		92,162
1,819	e*	China Sky One Medical, Inc		22,101
2,056	*	Corvel Corp		58,822
1,371	*	Cross Country Healthcare, Inc		22,334
7,433	e*	CryoLife, Inc		97,521
6,579	e*	eHealth, Inc		105,264
5,262	e*	Emeritus Corp		131,024
560	e	Ensign Group, Inc		9,570
6,914	e*	Enzo Biochem, Inc		75,916
3,972	e*	Genomic Health, Inc		89,966
2,274	*	Genoptix, Inc		74,292
3,036	*	Gentiva Health Services, Inc		81,790
9,719	e*	Healthways, Inc		156,767
21,660	e*	Immunomedics, Inc		38,555
1,652	e*	IPC The Hospitalist Co, Inc		42,456
4,172	e*	LHC Group, Inc		118,819
2,432	*	Life Sciences Research, Inc		85,120
1,997	e	National Healthcare Corp		94,099
10,246	e*	Nektar Therapeutics		36,783
747	e*	Nighthawk Radiology Holdings, Inc		5,393
1,734	e*	Odyssey HealthCare, Inc		17,600
15,402	*	Psychiatric Solutions, Inc		584,506
7,826	e*	Stereotaxis, Inc		47,347
11,597	*	Sun Healthcare Group, Inc		170,012
10,995	*	Sunrise Senior Living, Inc		151,621
3,342	e*	US Physical Therapy, Inc		58,017
1,706	e*	Virtual Radiologic Corp		13,921
		TOTAL HEALTH SERVICES		3,026,243
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.19%
5,679	e*	Comverge, Inc		26,123
7,073	e*	Matrix Service Co		135,094
5,902	e*	Orion Marine Group, Inc		61,912
2,305	*	Sterling Construction Co, Inc		37,341
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		260,470
HOLDING AND OTHER INVESTMENT OFFICES - 3.97%
4,242	e	Acadia Realty Trust		107,238
344	e	Alexander's, Inc		137,600
2,739		Associated Estates Realty Corp		35,689
1,134		Cherokee, Inc		24,925
7,012		Cousins Properties, Inc		176,913
1,904	e	Danvers Bancorp, Inc		24,276
2,092	e	EastGroup Properties, Inc		101,546
3,539	e	Equity Lifestyle Properties, Inc		187,673
755		Highwoods Properties, Inc		26,848

224

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,670		Home Properties, Inc	$	212,676
4,925	e	Inland Real Estate Corp		77,273
44,829	e	iShares Russell 2000 Growth Index Fund		3,170,307
4,095	e	Mid-America Apartment Communities, Inc		201,228
2,505		Omega Healthcare Investors, Inc		49,248
3,834	e	Potlatch Corp		177,859
1,207	e	PS Business Parks, Inc		69,523
1,694		Saul Centers, Inc		85,615
2,727	e	Sun Communities, Inc		54,022
8,789	e	Tanger Factory Outlet Centers, Inc		384,870
576		Universal Health Realty Income Trust		22,406
6,778	e	Washington Real Estate Investment Trust		248,278
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,576,013
HOTELS AND OTHER LODGING PLACES - 0.28%
1,760	e*	Great Wolf Resorts, Inc		6,442
1,553	e*	Monarch Casino & Resort, Inc		17,689
6,519	e*	Morgans Hotel Group Co		71,122
1,965	e*	Riviera Holdings Corp		14,443
7,984	e*	Vail Resorts, Inc		279,041
		TOTAL HOTELS AND OTHER LODGING PLACES		388,737
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.75%
7,471	e*	3PAR, Inc		48,188
3,610	e	Aaon, Inc		65,666
13,686	e	Actuant Corp (Class A)		345,435
6,933	e*	Altra Holdings, Inc		102,331
1,674	e	Ampco-Pittsburgh Corp		43,357
4,473	e*	Astec Industries, Inc		137,903
2,277	e*	Asyst Technologies, Inc		5,465
7,128	e*	AuthenTec, Inc		15,325
2,497	e*	Bolt Technology Corp		36,132
11,792	e*	Cirrus Logic, Inc		64,266
5,928	e*	Colfax Corp		99,057
569	*	Columbus McKinnon Corp		13,411
3,683	e*	Cray, Inc		19,078
10,331		Curtiss-Wright Corp		469,544
1,898	e*	Cymer, Inc		48,076
8,639	e*	Dril-Quip, Inc		374,846
16,569	e*	Elixir Gaming Technologies, Inc		5,468
10,054	e*	Ener1, Inc		78,522
2,600	*	Energy Recovery, Inc		24,934
7,205	*	ENGlobal Corp		95,610
592	*	EnPro Industries, Inc		21,999
1,993	*	Entegris, Inc		9,646
3,935	e*	Flanders Corp		24,790
5,992	e*	Flotek Industries, Inc		65,912
10,352	e*	Flow International Corp		52,588
5,238	e*	Fuel Tech, Inc		94,755
3,905	e	Gorman-Rupp Co		147,297
1,323		Graham Corp		71,574
2,038	e*	Harbin Electric, Inc		24,150
3,868	e*	Immersion Corp		22,512
16,607	e*	Intermec, Inc		326,161
7,856	e*	Isilon Systems, Inc		34,645
7,554	e	Kaydon Corp		340,383
1,674	*	Key Technology, Inc		39,674

225

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
14,302	*	Kulicke & Soffa Industries, Inc	$	64,502
3,302	e	Lindsay Manufacturing Co		240,220
1,342	e	Lufkin Industries, Inc		106,488
4,178	e	Met-Pro Corp		60,957
22,267	*	Micros Systems, Inc		593,638
4,647	e*	Middleby Corp		252,379
5,466	e*	NATCO Group, Inc (Class A)		219,624
3,256	*	Natural Gas Services Group, Inc		56,882
11,292	e*	Netezza Corp		119,808
1,560	*	Netgear, Inc		23,400
3,669	e	NN, Inc		47,147
9,374	e	Nordson Corp		460,357
764	e	Omega Flex, Inc		17,228
24,854	e	Palm, Inc		148,378
3,470	*	PMFG, Inc		50,280
32,859	e,v*	Quantum Corp		35,488
1,072	e*	Rackable Systems, Inc		10,516
6,004	*	RBC Bearings, Inc		202,275
456	e*	Rimage Corp		6,366
15,250	e*	Riverbed Technology, Inc		190,930
4,546	e	Robbins & Myers, Inc		140,608
6,510	e*	Safeguard Scientifics, Inc		8,137
2,692		Sauer-Danfoss, Inc		66,465
5,355	e*	Scansource, Inc		154,170
5,436	*	Semitool, Inc		44,466
6,038	e*	Sigma Designs, Inc		85,860
8,243	e*	STEC, Inc		63,471
5,374	e*	Super Micro Computer, Inc		48,420
3,428	*	T-3 Energy Services, Inc		127,247
4,314	e	Tennant Co		147,798
712	e*	Thermadyne Holdings Corp		11,869
6,264	*	TurboChef Technologies, Inc		38,524
350	e	Twin Disc, Inc		4,816
6,264	e*	Ultratech, Inc		75,794
9,806	e*	VeriFone Holdings, Inc		162,191
3,375	e	Watsco, Inc		169,695
12,841		Woodward Governor Co		452,902
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,077,996
INSTRUMENTS AND RELATED PRODUCTS - 9.27%
6,029	e*	Abaxis, Inc		118,771
9,207	e*	Abiomed, Inc		163,424
9,814	e*	Accuray, Inc		79,199
10,193	*	Affymetrix, Inc		78,894
17,175	e*	Align Technology, Inc		186,005
6,099	e*	Alphatec Holdings, Inc		28,055
20,015	e*	American Medical Systems Holdings, Inc		355,466
2,500	e	American Science & Engineering, Inc		149,325
3,674		Analogic Corp		182,818
2,926	*	Angiodynamics, Inc		46,231
3,116	*	Argon ST, Inc		73,195
7,218	e*	Arthrocare Corp		200,083
367	e	Atrion Corp		37,812
2,415	*	Axsys Technologies, Inc		142,340
3,798	e	Badger Meter, Inc		178,316
5,180	*	Bio-Rad Laboratories, Inc (Class A)		513,442
14,115	e*	Bruker BioSciences Corp		188,153

226

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,511	e*	CardioNet, Inc	$	37,715
15,426	e*	Cepheid, Inc		213,342
706	e	Cohu, Inc		11,169
544	*	Conmed Corp		17,408
6,442	e*	Cyberonics, Inc		109,514
2,665	e*	Cynosure, Inc (Class A)		47,810
3,357		Datascope Corp		173,322
13,710	e*	Depomed, Inc		50,041
7,520	e*	DexCom, Inc		46,549
5,057	*	Dionex Corp		321,372
1,035	*	DXP Enterprises, Inc		55,176
680	e*	Eagle Test Systems, Inc		10,411
7,019	e*	ESCO Technologies, Inc		338,105
6,732	*	Esterline Technologies Corp		266,520
3,585	e*	ev3, Inc		35,993
2,009	*	Exactech, Inc		44,680
4,407	*	FARO Technologies, Inc		89,771
4,290	e*	FGX International Holdings Ltd		47,490
7,870	e*	Formfactor, Inc		137,095
12,437	e*	Fossil, Inc		351,097
7,007	*	Haemonetics Corp		432,472
1,117	e*	Herley Industries, Inc		19,101
1,463	e*	ICU Medical, Inc		44,490
1,855	e*	ICx Technologies, Inc		14,302
5,535	e*	I-Flow Corp		51,531
6,606	e*	II-VI, Inc		255,388
4,963	e*	Insulet Corp		69,085
4,900	e*	Integra LifeSciences Holdings Corp		215,747
1,771	e	Invacare Corp		42,752
23,168	e*	ION Geophysical Corp		328,754
5,008	*	IRIS International, Inc		89,643
7,276	*	Ixia		53,624
2,074	e*	Kensey Nash Corp		65,248
2,960	e*	Kopin Corp		9,235
661	e*	K-Tron International, Inc		85,157
2,025	e*	L-1 Identity Solutions, Inc		30,942
3,228	e*	LaBarge, Inc		48,614
2,718	*	LTX-Credence Corp		4,729
12,621	e*	Masimo Corp		469,501
1,598	*	Medical Action Industries, Inc		20,982
9,260	e	Mentor Corp		220,944
7,693	e*	Merit Medical Systems, Inc		144,398
4,346	e*	Micrus Endovascular Corp		60,627
2,881	e	Mine Safety Appliances Co		109,824
651	*	MKS Instruments, Inc		12,961
1,590	e	MTS Systems Corp		66,939
7,440	e*	Natus Medical, Inc		168,590
3,841	*	Neogen Corp		108,239
9,724	e*	NuVasive, Inc		479,685
3,604	e*	NxStage Medical, Inc		15,209
1,434	*	Orthofix International NV		26,715
18,830	e*	Orthovita, Inc		48,958
1,079	e*	OYO Geospace Corp		42,383
3,883	e*	Photon Dynamics Inc		59,604
8,215	*	Rofin-Sinar Technologies, Inc		251,461
1,140	*	Rudolph Technologies, Inc		9,553
4,222	e*	Sirona Dental Systems, Inc		98,288

227

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,510	e*	Somanetics Corp	$	76,764
3,275	e*	Sonic Solutions, Inc		14,410
4,636	e*	SonoSite, Inc		145,570
8,789	e*	Spectranetics Corp		40,693
4,220	e*	Star Scientific, Inc		15,023
16,240		STERIS Corp		610,299
3,009	*	Symmetry Medical, Inc		55,847
3,417	*	Synovis Life Technologies, Inc		64,308
9,820	*	Teledyne Technologies, Inc		561,311
14,903	e*	Thoratec Corp		391,204
2,979	e*	Trans1, Inc		29,462
7,654	*	Varian, Inc		328,357
7,064	e*	Veeco Instruments, Inc		104,618
4,119	e*	Vision-Sciences, Inc		16,435
2,485	e*	Vital Images, Inc		37,275
2,256		Vital Signs, Inc		166,718
18,590	e*	Vivus, Inc		147,605
3,577	*	Vnus Medical Technologies, Inc		74,867
13,039	e*	Volcano Corp		225,444
10,275	*	Wright Medical Group, Inc		312,771
5,828	e*	Zoll Medical Corp		190,692
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		13,011,457
INSURANCE AGENTS, BROKERS AND SERVICE - 0.04%
1,581	e	Life Partners Holdings, Inc		56,869
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		56,869
INSURANCE CARRIERS - 0.50%
393	e	Amtrust Financial Services, Inc		5,341
2,948	*	Argo Group International Holdings Ltd		108,634
8,935	*	Catalyst Health Solutions, Inc		233,382
932	*	Centene Corp		19,115
2,034	*	Darwin Professional Underwriters, Inc		63,278
1,122		Employers Holdings, Inc		19,500
906	e*	Enstar Group Ltd		88,208
812	*	First Mercury Financial Corp		11,571
2,624	e*	Primus Guaranty Ltd		6,875
4,779	e*	RadNet, Inc		19,164
5,337	e	Tower Group, Inc		125,740
		TOTAL INSURANCE CARRIERS		700,808
JUSTICE, PUBLIC ORDER AND SAFETY - 0.23%
4,124	*	China Fire & Security Group, Inc		43,343
14,263	e*	Geo Group, Inc		288,255
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		331,598
LEATHER AND LEATHER PRODUCTS - 0.44%
21,653	e*	CROCS, Inc		77,518
11,329	e*	Iconix Brand Group, Inc		148,183
1,002	e	Weyco Group, Inc		33,537
13,643	e	Wolverine World Wide, Inc		360,994
		TOTAL LEATHER AND LEATHER PRODUCTS		620,232
LEGAL SERVICES - 0.07%
2,349	e*	Pre-Paid Legal Services, Inc		96,920
		TOTAL LEGAL SERVICES		96,920

228

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
1,119	e*	Emergency Medical Services Corp (Class A)	$	33,436
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		33,436
LUMBER AND WOOD PRODUCTS - 0.21%
2,343	e	American Woodmark Corp		52,600
11,058	e*	Champion Enterprises, Inc		61,372
2,850	e	Deltic Timber Corp		181,374
		TOTAL LUMBER AND WOOD PRODUCTS		295,346
METAL MINING - 0.12%
11,048	*	Allied Nevada Gold Corp		63,195
3,189	e*	Apex Silver Mines Ltd		5,485
8,528	e*	ShengdaTech, Inc		59,696
2,678	e*	Stillwater Mining Co		15,559
12,385	e*	Uranium Resources, Inc		20,931
		TOTAL METAL MINING		164,866
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.17%
8,833		Daktronics, Inc		147,158
1,579	e	Marine Products Corp		13,106
15,190	*	Shuffle Master, Inc		77,317
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		237,581
MISCELLANEOUS RETAIL - 1.34%
6,830	e*	1-800-FLOWERS.COM, Inc (Class A)		41,117
1,418	e*	Bidz.com, Inc		12,280
3,650	e*	Blue Nile, Inc		156,475
9,387	e	Borders Group, Inc		61,579
3,560		Cash America International, Inc		128,302
8,339	e*	CKX, Inc		51,368
15,155	e*	Coldwater Creek, Inc		87,747
23,992	e*	Drugstore.Com		56,381
10,440	*	Ezcorp, Inc (Class A)		196,272
2,377	*	Fuqi International, Inc		19,373
6,278	*	GSI Commerce, Inc		97,183
7,699	e*	Hibbett Sports, Inc		154,134
3,941		Longs Drug Stores Corp		298,097
8,476	e	Nutri/System, Inc		150,195
4,314	e*	Overstock.com, Inc		85,460
2,227	e*	PC Mall, Inc		15,210
3,878	e	Pricesmart, Inc		64,918
5,577	e*	Shutterfly, Inc		53,595
4,221	*	Stamps.com, Inc		49,259
1,281	e	Systemax, Inc		18,011
5,236	e*	Zumiez, Inc		86,289
		TOTAL MISCELLANEOUS RETAIL		1,883,245
MOTION PICTURES - 0.44%
2,721	e	Cinemark Holdings, Inc		37,006
4,963	e*	Gaiam, Inc (Class A)		52,608
1,620	e*	Macrovision Solutions Corp		24,916
11,663		National CineMedia, Inc		128,876
500	*	RHI Entertainment, Inc		7,450
35,272	e*	tw telecom inc (Class A)		366,476
		TOTAL MOTION PICTURES		617,332

229

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
NONDEPOSITORY INSTITUTIONS - 0.43%
3,503	e	Advance America Cash Advance Centers, Inc	$	10,474
1,205	e*	Credit Acceptance Corp		20,485
5,081	*	First Cash Financial Services, Inc		76,215
12,076	e	First Marblehead Corp		30,069
7,016	e*	Mercadolibre, Inc		142,776
2,394	*	Mitcham Industries, Inc		24,155
2,034	e*	NewStar Financial, Inc		16,455
14,649	*	thinkorswim Group, Inc		122,026
4,483	e*	World Acceptance Corp		161,388
		TOTAL NONDEPOSITORY INSTITUTIONS		604,043
NONMETALLIC MINERALS, EXCEPT FUELS - 0.27%
2,348	e	AMCOL International Corp		73,398
4,590	e	Compass Minerals International, Inc		240,470
13,985	e*	General Moly, Inc		60,835
246	*	United States Lime & Minerals, Inc		9,473
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		384,176
OIL AND GAS EXTRACTION - 5.47%
12,619	e*	Abraxas Petroleum Corp		32,936
1,053	e	APCO Argentina, Inc		29,810
3,074	e*	Approach Resources, Inc		44,450
10,401	*	Arena Resources, Inc		404,079
9,513	e	Atlas America, Inc		324,488
7,629	*	ATP Oil & Gas Corp		135,872
11,184	e*	Basic Energy Services, Inc		238,219
7,645	e	Berry Petroleum Co (Class A)		296,091
4,572	*	Bill Barrett Corp		146,807
1,230	e*	BMB Munai, Inc		5,104
904	*	Cal Dive International, Inc		9,582
12,949	e*	Cano Petroleum, Inc		29,912
7,519	*	Carrizo Oil & Gas, Inc		272,714
11,006	e*	Cheniere Energy, Inc		24,763
1,520	e*	Clayton Williams Energy, Inc		107,206
12,443	e*	Comstock Resources, Inc		622,772
15,167	*	Concho Resources, Inc		418,761
3,640	e*	Contango Oil & Gas Co		196,487
1,332	*	Dawson Geophysical Co		62,191
16,786	e*	Delta Petroleum Corp		227,954
1,996	e*	Double Eagle Petroleum Co		28,503
32,464	e*	Endeavour International Corp		42,852
8,400	e*	Energy Partners Ltd		72,828
1,220	e	Energy XXI Bermuda Ltd		3,709
38,645	e*	EXCO Resources, Inc		630,686
11,322	e*	FX Energy, Inc		84,236
25,049	e*	Gasco Energy, Inc		45,589
11,364	e*	GeoGlobal Resources, Inc		28,637
808	*	Geokinetics, Inc		15,352
850	*	Geomet, Inc		4,624
1,881	e*	Georesources, Inc		21,556
1,719	e*	GMX Resources, Inc		82,168
6,145	*	Goodrich Petroleum Corp		267,861
12,056	e*	Grey Wolf, Inc		93,796
2,200	e*	Gulfport Energy Corp		22,110
4,581	e	Houston American Energy Corp		28,952
16,515	e*	McMoRan Exploration Co		390,415

230

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
5,883	e*	Northern Oil And Gas, Inc	$	47,829
4,437	e*	Oilsands Quest, Inc		13,267
2,040	e	Panhandle Oil and Gas, Inc (Class A)		58,405
11,251	e*	Parallel Petroleum Corp		105,984
5,914	e*	Parker Drilling Co		47,430
11,355		Penn Virginia Corp		606,811
4,100	e*	Petroleum Development Corp		181,917
5,693	e*	Petroquest Energy, Inc		87,388
1,507	*	Pioneer Drilling Co		20,043
4,960	e*	PowerSecure International, Inc		30,058
225	e*	PrimeEnergy Corp		16,650
6,484	e*	Quest Resource Corp		17,247
6,257	e*	RAM Energy Resources, Inc		18,083
4,456	e*	Rex Energy Corp		70,227
8,168	e	RPC, Inc		114,842
901	*	Stone Energy Corp		38,139
15,684	e*	Sulphco, Inc		31,525
3,020	e*	Superior Well Services, Inc		76,436
7,320	e*	Tri-Valley Corp		46,409
1,191	e*	Union Drilling, Inc		12,613
5,560	e*	Vaalco Energy, Inc		38,030
5,340	e*	Venoco, Inc		69,420
16,312	*	Warren Resources, Inc		162,794
10,584	e*	Willbros Group, Inc		280,476
		TOTAL OIL AND GAS EXTRACTION		7,686,095
PAPER AND ALLIED PRODUCTS - 0.26%
13,344	e*	Cenveo, Inc		102,615
38,447	e*	Graphic Packaging Holding Co		96,117
3,965	e	Rock-Tenn Co (Class A)		158,521
		TOTAL PAPER AND ALLIED PRODUCTS		357,253
PERSONAL SERVICES - 0.38%
7,648	e*	Coinstar, Inc		244,736
23,811	e*	Sally Beauty Holdings, Inc		204,775
2,595	e*	Steiner Leisure Ltd		89,216
		TOTAL PERSONAL SERVICES		538,727
PETROLEUM AND COAL PRODUCTS - 0.23%
2,192	e*	American Oil & Gas, Inc		5,721
6,072	*	CVR Energy, Inc		51,733
28,105	e*	Gran Tierra Energy, Inc		104,270
1,495	e*	Headwaters, Inc		19,958
2,366	e	Quaker Chemical Corp		67,336
2,116	e	WD-40 Co		76,028
		TOTAL PETROLEUM AND COAL PRODUCTS		325,046
PRIMARY METAL INDUSTRIES - 0.76%
3,692	e	Belden CDT, Inc		117,369
1,759	e*	Coleman Cable, Inc		17,643
3,911	e*	Fushi Copperweld, Inc		37,898
3,192	e*	General Steel Holdings, Inc		22,791
763	e*	Haynes International, Inc		35,731
8,053		Matthews International Corp (Class A)		408,609
6,490	e*	Metalico, Inc		38,291
625		Mueller Industries, Inc		14,381
1,816	e	Olympic Steel, Inc		53,554

231

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,100	e*	Sutor Technology Group Ltd	$	3,619
6,319	e	Texas Industries, Inc		258,194
240	*	Universal Stainless & Alloy		6,132
3,270	e	Worthington Industries, Inc		48,854
		TOTAL PRIMARY METAL INDUSTRIES		1,063,066
PRINTING AND PUBLISHING - 0.57%
610		Bowne & Co, Inc		7,045
7,017	*	China Information Security Technology, Inc		32,980
1,642	e*	Consolidated Graphics, Inc		49,802
6,859	e*	Dolan Media Co		69,207
1,140	e	Harte-Hanks, Inc		11,822
6,591	e*	Martha Stewart Living Omnimedia, Inc (Class A)		56,089
2,427	e	Multi-Color Corp		57,981
3,013	e*	Playboy Enterprises, Inc (Class B)		11,871
6,736	e*	Presstek, Inc		37,991
1,106	e	Standard Register Co		10,894
6,699	e*	Valassis Communications, Inc		58,013
12,041	e*	VistaPrint Ltd		395,426
		TOTAL PRINTING AND PUBLISHING		799,121
RAILROAD TRANSPORTATION - 0.16%
6,046	e*	Genesee & Wyoming, Inc (Class A)		226,846
		TOTAL RAILROAD TRANSPORTATION		226,846
REAL ESTATE - 0.14%
956	e	Consolidated-Tomoka Land Co		41,290
1,936		DuPont Fabros Technology, Inc		29,524
654	e*	Forestar Real Estate Group, Inc		9,646
8,251	e	Grubb & Ellis Co		22,278
7,904	e*	LoopNet, Inc		77,696
1,390	e	Thomas Properties Group, Inc		14,039
		TOTAL REAL ESTATE		194,473
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.14%
1,641	e*	AEP Industries, Inc		32,820
3,567	e*	Deckers Outdoor Corp		371,253
5,304	e*	Metabolix, Inc		57,707
603	e*	Skechers U.S.A., Inc (Class A)		10,148
9,718	e	Titan International, Inc		207,188
1,323	e*	Trex Co, Inc		23,960
16,990	e	Tupperware Corp		469,434
8,792	e	West Pharmaceutical Services, Inc		429,225
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,601,735
SECURITY AND COMMODITY BROKERS - 1.10%
2,677	e	Cohen & Steers, Inc		75,839
603	e	Diamond Hill Investment Group, Inc		54,222
3,084	*	Duff & Phelps Corp (Class A)		64,856
2,605	e	Epoch Holding Corp		27,483
6,200	e*	FCStone Group, Inc		111,538
589	e	GAMCO Investors, Inc (Class A)		34,928
17,818		GFI Group, Inc		83,923
4,695	e	Greenhill & Co, Inc		346,256
11,024	*	Interactive Brokers Group, Inc (Class A)		244,402
1,031	e*	International Assets Holding Corp		24,857
341	e*	KBW, Inc		11,233

232

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,360	*	Knight Capital Group, Inc (Class A)	$	49,930
28,566	e*	Ladenburg Thalmann Financial Services, Inc		51,419
11,508	e	optionsXpress Holdings, Inc		223,485
1,499	e	Pzena Investment Management, Inc (Class A)		14,211
403	*	Stifel Financial Corp		20,110
3,153	e	US Global Investors, Inc (Class A)		31,688
316	e	Value Line, Inc		10,583
1,297	e	Westwood Holdings Group, Inc		61,478
		TOTAL SECURITY AND COMMODITY BROKERS		1,542,441
SOCIAL SERVICES - 0.03%
666	*	Capital Senior Living Corp		5,062
3,481	e*	Providence Service Corp		34,114
		TOTAL SOCIAL SERVICES		39,176
SPECIAL TRADE CONTRACTORS - 0.40%
752	e	Alico, Inc		35,667
9,162	e*	AsiaInfo Holdings, Inc		84,107
4,905	e	Chemed Corp		201,399
7,228	e*	EMCOR Group, Inc		190,241
540	e*	Integrated Electrical Services, Inc		9,482
1,092	e*	Layne Christensen Co		38,690
		TOTAL SPECIAL TRADE CONTRACTORS		559,586
STONE, CLAY, AND GLASS PRODUCTS - 0.41%
4,041		Apogee Enterprises, Inc		60,736
6,415	e*	Cabot Microelectronics Corp		205,793
5,559	e	CARBO Ceramics, Inc		286,900
3,037	e	Libbey, Inc		25,845
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		579,274
TEXTILE MILL PRODUCTS - 0.03%
6,232	e	Xerium Technologies, Inc		40,134
		TOTAL TEXTILE MILL PRODUCTS		40,134
TOBACCO PRODUCTS - 0.11%
9,013	e	Vector Group Ltd		159,170
		TOTAL TOBACCO PRODUCTS		159,170
TRANSPORTATION BY AIR - 0.40%
2,966	*	Air Methods Corp		83,967
17,755	e*	Airtran Holdings, Inc		43,145
3,093	*	Allegiant Travel Co		109,245
9,309	*	Hawaiian Holdings, Inc		86,387
2,459	e*	PHI, Inc		90,811
16,528	e	UAL Corp		145,281
		TOTAL TRANSPORTATION BY AIR		558,836
TRANSPORTATION EQUIPMENT - 2.18%
2,672	e*	AAR Corp		44,328
2,763	e*	Aerovironment, Inc		88,278
2,045	e	American Railcar Industries, Inc		32,802
7,158	e*	Amerigon, Inc (Class A)		47,100
8,596	e	Clarcor, Inc		326,218
7,700	e*	Cogo Group, Inc		40,579
20,109	e,v*	Fleetwood Enterprises, Inc		20,712
12,124	e*	Force Protection, Inc		32,492

233

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
353	e	Freightcar America, Inc	$	10,332
3,162	*	Fuel Systems Solutions, Inc		108,931
16,004	e*	GenCorp, Inc		107,867
1,860	e*	GenTek, Inc		47,821
3,793	*	Hayes Lemmerz International, Inc		10,355
6,109	e	Heico Corp		200,497
405		Kaman Corp		11,534
1,317	e*	LMI Aerospace, Inc		26,485
15,917	e*	Orbital Sciences Corp		381,530
7,965	e	Polaris Industries, Inc		362,328
873	e	Spartan Motors, Inc		2,776
9,005	e*	TransDigm Group, Inc		308,241
2,585	e	Triumph Group, Inc		118,160
9,130	e*	Visteon Corp		21,182
11,520		Westinghouse Air Brake Technologies Corp		590,170
7,721	e	Winnebago Industries, Inc		99,755
3,590	e*	Wonder Auto Technology, Inc		23,012
		TOTAL TRANSPORTATION EQUIPMENT		3,063,485
TRANSPORTATION SERVICES - 0.48%
5,138		Ambassadors Group, Inc		81,746
1,279	e*	Dynamex, Inc		36,400
6,602	e*	HUB Group, Inc (Class A)		248,565
1,208	e*	Orbitz Worldwide, Inc		7,091
3,624	e	Pacer International, Inc		59,687
11,436	e	Ship Finance International Ltd		246,560
		TOTAL TRANSPORTATION SERVICES		680,049
TRUCKING AND WAREHOUSING - 0.38%
7,855	e	Forward Air Corp		213,892
9,856	e	Heartland Express, Inc		152,965
5,287	*	Old Dominion Freight Line		149,834
508	e*	Universal Truckload Services, Inc		12,375
		TOTAL TRUCKING AND WAREHOUSING		529,066
WATER TRANSPORTATION - 1.06%
9,579	e*	American Commercial Lines, Inc		101,921
3,930	e	Arlington Tankers Ltd		60,443
4,703	e	DHT Maritime, Inc		31,604
12,586	e	Eagle Bulk Shipping, Inc		175,449
6,670	e	Genco Shipping & Trading Ltd		221,711
7,180	e	General Maritime Corp		139,866
8,210	e	Golar LNG Ltd		109,029
4,701	*	Gulfmark Offshore, Inc		210,981
8,309	e	Horizon Lines, Inc (Class A)		82,010
4,729	e	Knightsbridge Tankers Ltd		125,177
2,459	e	Nordic American Tanker Shipping		78,836
10,630	e*	Odyssey Marine Exploration, Inc		48,260
2,783	*	TBS International Ltd (Class A)		37,459
3,681	e	Teekay Tankers Ltd (Class A)		62,319
		TOTAL WATER TRANSPORTATION		1,485,065
WHOLESALE TRADE-DURABLE GOODS - 2.17%
3,401		Applied Industrial Technologies, Inc		91,589
12,950	e	Barnes Group, Inc		261,849
5,726	e*	Beacon Roofing Supply, Inc		89,440
2,933	e*	Cardtronics, Inc		23,053

234

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,237	e*	Chindex International, Inc	$	35,154
8,284	e*	Conceptus, Inc		137,349
5,526	*	DemandTec, Inc		49,789
1,687	*	Digi International, Inc		17,207
514	e*	Drew Industries, Inc		8,795
4,598	e*	Hansen Medical, Inc		61,797
4,757	e	Houston Wire & Cable Co		81,678
15,544	e	Knight Transportation, Inc		263,782
4,944	*	MedAssets, Inc		85,037
2,727	e*	MWI Veterinary Supply, Inc		107,144
10,286	e	Owens & Minor, Inc		498,871
10,599	e	Pool Corp		247,275
17,387	e*	PSS World Medical, Inc		339,046
14,050	e*	Solera Holdings, Inc		403,516
2,128	e*	Titan Machinery, Inc		44,284
10,396	e*	TomoTherapy, Inc		47,614
10,348	e*	Tyler Technologies, Inc		156,979
		TOTAL WHOLESALE TRADE-DURABLE GOODS		3,051,248
WHOLESALE TRADE-NONDURABLE GOODS - 1.14%
15,256	e*	Akorn, Inc		78,263
17,343	e*	Alliance One International, Inc		65,903
15,672		Allscripts Healthcare Solutions, Inc		194,960
5,916	e*	BMP Sunstone Corp		41,057
4,657	e*	Green Mountain Coffee Roasters, Inc		183,206
1,066	e*	Hain Celestial Group, Inc		29,347
3,290	e*	LSB Industries, Inc		45,566
1,766	e	Men's Wearhouse, Inc		37,510
5,015	e	Myers Industries, Inc		63,239
8,994		Nu Skin Enterprises, Inc (Class A)		145,883
1,838	*	Perry Ellis International, Inc		27,405
741		Spartan Stores, Inc		18,436
2,803	e*	Synutra International, Inc		56,424
6,758	*	Tractor Supply Co		284,174
3,685	e*	United Natural Foods, Inc		92,088
5,189	e*	Volcom, Inc		89,666
5,576		Zep, Inc		98,361
5,181	e*	Zhongpin, Inc		55,074
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,606,562
		TOTAL COMMON STOCKS		139,441,639
		(Cost $145,421,088)
SHORT-TERM INVESTMENTS - 29.51%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 29.51%
41,435,931		State Street Navigator Securities Lending Prime Portfolio		41,435,931
				41,435,931
		TOTAL SHORT-TERM INVESTMENTS		41,435,931
		(Cost $41,435,931)
		TOTAL PORTFOLIO - 128.81%		180,877,570
		(Cost $186,857,019)
		OTHER ASSETS & LIABILITIES, NET - (28.81)%		(40,459,331	)
		NET ASSETS - 100.00%	$	140,418,239

235

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth 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 $25,545.
	e	All or a portion of these securities are out on loan.
	m	Indicates a security that has been deemed illiquid.

236

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 98.71%
AGRICULTURAL PRODUCTION-CROPS - 0.15%
14,731	e*	Chiquita Brands International, Inc	$	232,897
933	e	Griffin Land & Nurseries, Inc (Class A)		34,596
		TOTAL AGRICULTURAL PRODUCTION-CROPS		267,493
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.10%
428	e	Cal-Maine Foods, Inc		11,744
12,886	e	Pilgrim's Pride Corp		32,086
110	e	Seaboard Corp		138,270
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		182,100
AMUSEMENT AND RECREATION SERVICES - 0.46%
3,129		Churchill Downs, Inc		153,258
24,979	e*	Live Nation, Inc		406,408
20,329	e*	Pinnacle Entertainment, Inc		153,687
28,244	e,v*	Six Flags, Inc		18,923
4,407	e	Speedway Motorsports, Inc		85,848
20,765	e,v*	Westwood One, Inc		10,383
		TOTAL AMUSEMENT AND RECREATION SERVICES		828,507
APPAREL AND ACCESSORY STORES - 1.86%
9,285	e	Bebe Stores, Inc		90,714
14,418	e	Brown Shoe Co, Inc		236,167
1,370	e*	Cache, Inc		9,412
18,752	*	Carter's, Inc		369,977
12,971	e*	Casual Male Retail Group, Inc		50,976
7,387		Cato Corp (Class A)		129,642
5,824	*	Charlotte Russe Holding, Inc		59,696
36,535	e*	Charming Shoppes, Inc		178,656
40,919	e*	Chico's FAS, Inc		223,827
7,577	*	Children's Place Retail Stores, Inc		252,693
3,265	e	Christopher & Banks Corp		25,042
21,127	e*	Collective Brands, Inc		386,835
15,157	e*	Dress Barn, Inc		231,750
1,699	e*	DSW, Inc (Class A)		23,276
9,787		Finish Line, Inc (Class A)		97,772
14,125	*	HOT Topic, Inc		93,366
8,646	e*	Jo-Ann Stores, Inc		181,393
4,590	e*	JOS A Bank Clothiers, Inc		154,224
6,505	*	New York & Co, Inc		62,058
22,661	e*	Pacific Sunwear Of California, Inc		152,509
2,598	e*	Shoe Carnival, Inc		42,555
13,130		Stage Stores, Inc		179,356
2,415	e*	Syms Corp		32,627
7,997	e	Talbots, Inc		104,761

237

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,492	*	Tween Brands, Inc	$	14,607
		TOTAL APPAREL AND ACCESSORY STORES		3,383,891
APPAREL AND OTHER TEXTILE PRODUCTS - 0.33%
4,300	e	Columbia Sportswear Co		180,428
1,361	e*	G-III Apparel Group Ltd		25,464
2,666	e*	Gymboree Corp		94,643
3,461	e*	Maidenform Brands, Inc		50,219
42,035	*	Quiksilver, Inc		241,281
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		592,035
AUTO REPAIR, SERVICES AND PARKING - 0.17%
3,067	*	Amerco, Inc		128,599
8,053	e*	Dollar Thrifty Automotive Group, Inc		15,542
5,302	e	Monro Muffler, Inc		122,264
1,034	e*	Standard Parking Corp		22,975
958	*	Wright Express Corp		28,596
		TOTAL AUTO REPAIR, SERVICES AND PARKING		317,976
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.24%
3,291	e*	America's Car-Mart, Inc		61,180
10,537		Asbury Automotive Group, Inc		121,386
5,401	e*	MarineMax, Inc		39,049
10,624	e*	Rush Enterprises, Inc (Class A)		135,987
8,812	e	Sonic Automotive, Inc (Class A)		74,550
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		432,152
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.02%
5,493	e*	Builders FirstSource, Inc		32,903
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		32,903
BUSINESS SERVICES - 6.28%
134,757	e*	3Com Corp		313,984
730	e*	3D Systems Corp		10,402
14,912	e	Aaron Rents, Inc		403,668
14,434		ABM Industries, Inc		315,239
19,536	e	Acxiom Corp		244,981
15,039	e	Aircastle Ltd		149,036
2,136		American Software, Inc (Class A)		11,641
588	e*	AMN Healthcare Services, Inc		10,331
3,734	e*	Ariba, Inc		52,761
1,406	e*	Asset Acceptance Capital Corp		14,819
14,848	e*	Avocent Corp		303,790
68,538	e,v*	BearingPoint, Inc		34,269
4,659	e	BGC Partners, Inc (Class A)		19,987
1,187	e	Blackbaud, Inc		21,900
6,833	e*	Bottomline Technologies, Inc		71,063
16,410		Brady Corp (Class A)		578,945
7,875	*	CACI International, Inc (Class A)		394,537
546	e*	CAI International, Inc		6,039
17,566	*	Ciber, Inc		122,786
5,838	e*	Cogent, Inc		59,664
7,559	e	Compass Diversified Trust		105,372
776		Computer Programs & Systems, Inc		22,465

238

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
5,469	*	COMSYS IT Partners, Inc	$	53,159
5,061	e*	CSG Systems International, Inc		88,719
3,828	e*	DealerTrack Holdings, Inc		64,464
680	e*	Deltek, Inc		4,134
8,054		Deluxe Corp		115,897
142	v*	DMRC Corp		1,655
7,321	e*	DynCorp International, Inc (Class A)		122,700
7,623		Electro Rent Corp		102,377
20,059	*	Epicor Software Corp		158,266
4,536	e*	EPIQ Systems, Inc		61,690
16,042	e	Fair Isaac Corp		369,768
3,462	e*	First Advantage Corp (Class A)		48,641
7,115	*	Gerber Scientific, Inc		65,031
7,794	e	Gevity HR, Inc		56,740
4,413	*	Global Cash Access, Inc		22,330
5,552	e*	H&E Equipment Services, Inc		53,632
5,531	e	Heidrick & Struggles International, Inc		166,760
5,180	e*	HSW International, Inc		13,468
1,201	*	Hudson Highland Group, Inc		8,347
5,147	*	Hypercom Corp		20,485
5,123	e*	i2 Technologies, Inc		69,109
1,218	*	ICT Group, Inc		9,805
11,047		infoGROUP, Inc		73,021
4,411		Infospace, Inc		47,859
6,091		Interactive Data Corp		153,615
7,348	e*	Internap Network Services Corp		25,571
3,502	e*	Internet Brands, Inc (Class A)		24,409
4,825	*	Internet Capital Group, Inc		39,131
2,441	*	Interwoven, Inc		34,467
1,698		Jack Henry & Associates, Inc		34,520
7,736	*	JDA Software Group, Inc		117,665
8,316	e	Kelly Services, Inc (Class A)		158,420
1,450	e*	Kenexa Corp		22,896
3,678	e*	Keynote Systems, Inc		48,734
8,549	*	Kforce, Inc		87,285
13,949	e*	Korn/Ferry International		248,571
3,580	e*	Limelight Networks, Inc		8,950
28,150	e*	Mentor Graphics Corp		319,503
16,786	*	ModusLink Global Solutions, Inc		161,313
1,070	e*	Monotype Imaging Holdings, Inc		11,909
31,193	*	MPS Group, Inc		314,425
15,085	e*	MSC.Software Corp		161,410
11,498	e*	Ness Technologies, Inc		131,882
1,248	*	Netscout Systems, Inc		13,279
11,285	*	On Assignment, Inc		88,926
26,819	e*	OpenTV Corp (Class A)		37,815
640	*	Opnet Technologies, Inc		7,795
1,940	e*	Parametric Technology Corp		35,696
2,323		PC-Tel, Inc		21,650
3,951	*	PeopleSupport, Inc		46,187
9,977	*	Perficient, Inc		66,247
28,259	*	Perot Systems Corp (Class A)		490,294
1,690	e*	Portfolio Recovery Associates, Inc		82,185
2,922	*	Premiere Global Services, Inc		41,083

239

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,118	*	Progress Software Corp	$	29,057
23,994	*	Quest Software, Inc		304,484
7,261	e*	Radisys Corp		62,445
6,254	e*	Raser Technologies, Inc		53,159
17,519	*	RealNetworks, Inc		88,997
21,807	e*	Rent-A-Center, Inc		485,860
4,082	*	S1 Corp		24,982
15,599	e*	Secure Computing Corp		85,483
4,528	*	SI International, Inc		136,066
1,484	e*	Smith Micro Software, Inc		10,536
15,762	e*	SonicWALL, Inc		82,593
1,136	e*	Sourcefire, Inc		8,281
10,556	*	Spherion Corp		51,408
6,301	*	SRA International, Inc (Class A)		142,592
4,285	e*	SupportSoft, Inc		12,855
3,978	e*	Sybase, Inc		121,806
5,516	e*	SYNNEX Corp		123,227
3,337	e	TAL International Group, Inc		69,476
1,915	e	Textainer Group Holdings Ltd		29,089
1,972	e	TheStreet.com, Inc		11,812
6,342	e*	THQ, Inc		76,358
60,959	*	TIBCO Software, Inc		446,220
905	e*	TNS, Inc		17,530
13,611	*	TrueBlue, Inc		219,954
26,049	e	United Online, Inc		245,121
7,066		Viad Corp		203,430
3,305	*	Vignette Corp		35,496
390	e*	Virtusa Corp		2,539
4,222	*	Volt Information Sciences, Inc		37,914
1,581	*	Websense, Inc		35,335
7,579	e*	Website Pros, Inc		40,926
		TOTAL BUSINESS SERVICES		11,396,600
CHEMICALS AND ALLIED PRODUCTS - 3.51%
4,471	e*	Albany Molecular Research, Inc		80,880
6,371	e*	Alpharma, Inc (Class A)		235,026
580	e	American Vanguard Corp		8,746
5,569	e	Arch Chemicals, Inc		196,586
16,859	e*	Arena Pharmaceuticals, Inc		84,295
6,119	e*	Aventine Renewable Energy Holdings, Inc		19,336
2,020	e*	BioForm Medical, Inc		7,918
4,253	*	Cambrex Corp		26,156
361	e*	Chattem, Inc		28,223
4,976	*	China Precision Steel, Inc		16,570
2,064	e*	Cypress Bioscience, Inc		15,170
2,151	e*	Cytokinetics, Inc		10,196
7,867	*	Elizabeth Arden, Inc		154,429
1,292	e*	Emergent Biosolutions, Inc		16,912
1,862		Ferro Corp		37,426
8,405	e*	Geron Corp		33,200
15,972		H.B. Fuller Co		333,338
16,611	e	Hercules, Inc		328,732
40,103	e*	Human Genome Sciences, Inc		254,654
5,009	e*	ICO, Inc		28,100

240

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,569		Innophos Holdings, Inc	$	38,252
2,835	e	Innospec, Inc		34,190
4,187	e	Inter Parfums, Inc		56,776
960	e*	Jazz Pharmaceuticals, Inc		4,742
5,049	e	Kaiser Aluminum Corp		216,855
6,550		Koppers Holdings, Inc		245,036
3,839	e	Mannatech, Inc		15,356
8,414	e*	MannKind Corp		32,478
3,235	e	Minerals Technologies, Inc		192,030
15,300	e*	Nabi Biopharmaceuticals		71,298
1,331	e	NL Industries, Inc		13,669
24,242	e	Olin Corp		470,295
10,136	*	OM Group, Inc		228,060
1,730	e*	OraSure Technologies, Inc		8,512
3,483	e*	Pacific Ethanol, Inc		4,841
10,921	e*	Par Pharmaceutical Cos, Inc		134,219
10,225	*	PharMerica Corp		229,960
31,284	*	PolyOne Corp		201,782
11,145	*	Prestige Brands Holdings, Inc		98,968
13,661	*	Rockwood Holdings, Inc		350,541
14,996	e*	Salix Pharmaceuticals Ltd		96,124
1,444	e	Sciele Pharma, Inc		44,461
15,744		Sensient Technologies Corp		442,879
6,917	e*	Solutia, Inc		96,838
1,249		Stepan Co		68,158
15,358	*	Unifi, Inc		74,333
24,655	e*	USEC, Inc		133,384
11,514	e*	Valeant Pharmaceuticals International		235,692
32,517	e*	Verasun Energy Corp		101,778
23,359	e*	Viropharma, Inc		306,470
5,917	e	Westlake Chemical Corp		124,435
5,327	e*	WR Grace & Co		80,544
		TOTAL CHEMICALS AND ALLIED PRODUCTS		6,368,849
COAL MINING - 0.01%
850	e*	National Coal Corp		4,445
360	e*	Westmoreland Coal Co		5,688
		TOTAL COAL MINING		10,133
COMMUNICATIONS - 2.22%
6,610	e	Alaska Communications Systems Group, Inc		80,840
8,863	e*	Anixter International, Inc		527,437
3,380	e	Atlantic Tele-Network, Inc		94,640
5,308	e*	Audiovox Corp (Class A)		49,736
17,372	e*	Brightpoint, Inc		125,078
2,638	e*	Centennial Communications Corp (Class A)		16,461
85,615	e*	Charter Communications, Inc (Class A)		62,499
80,815	*	Cincinnati Bell, Inc		249,718
68,158	e,v*	Citadel Broadcasting Corp		55,890
4,675	e	Consolidated Communications Holdings, Inc		70,499
8,011	e*	Cox Radio, Inc (Class A)		84,596
1,637	e*	Crown Media Holdings, Inc (Class A)		8,234
7,713	e*	Cumulus Media, Inc (Class A)		32,857
732	e*	DG FastChannel, Inc		16,045

241

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
8,548	e	Entercom Communications Corp (Class A)	$	42,911
10,276	e*	Entravision Communications Corp (Class A)		27,642
29,978	e	Fairpoint Communications, Inc		259,909
40,985	*	FiberTower Corp		56,559
2,152	e	Fisher Communications, Inc		84,789
34,423	*	Foundry Networks, Inc		626,843
14,335	e*	General Communication, Inc (Class A)		132,742
5,745	e*	GeoEye, Inc		127,137
5,871	e*	Global Crossing Ltd		89,004
12,267	e*	Globalstar, Inc		20,854
15,518	e	Gray Television, Inc		26,691
10,850		Ibasis, Inc		37,867
22,532	e*	ICO Global Communications Holdings Ltd (Class A)		24,560
18,834	e,v*	IDT Corp (Class B)		13,937
9,816	e	Iowa Telecommunications Services, Inc		183,363
3,751	*	iPCS, Inc		83,535
9,059	e*	Knology, Inc		73,106
9,056	e*	Lin TV Corp (Class A)		46,729
1,697	e*	Mastec, Inc		22,553
12,306	e*	Mediacom Communications Corp (Class A)		72,852
6,189	e*	Novatel Wireless, Inc		37,505
1,677	e*	Orbcomm, Inc		8,268
9,566	e*	PAETEC Holding Corp		20,567
749	e	Preformed Line Products Co		43,697
5,678	e*	RCN Corp		69,612
974	e	Shenandoah Telecom Co		21,496
10,443	e	Sinclair Broadcast Group, Inc (Class A)		52,633
8,798	e*	Syniverse Holdings, Inc		146,135
11,915	e*	TerreStar Corp		11,915
7,550	e	USA Mobility, Inc		83,050
4,983	e,v*	Vonage Holdings Corp		4,983
		TOTAL COMMUNICATIONS		4,027,974
DEPOSITORY INSTITUTIONS - 14.99%
4,770	e	1st Source Corp		112,095
7,826	e	Abington Bancorp, Inc		79,199
6,481	e	Amcore Financial, Inc		59,956
4,450	e	Ameris Bancorp		66,082
2,171	e	Ames National Corp		56,337
6,610	e	Anchor Bancorp Wisconsin, Inc		48,584
2,803		Arrow Financial Corp		82,436
2,482	e	Bancfirst Corp		119,955
8,660	e	Banco Latinoamericano de Exportaciones S.A. (Class E)		124,877
5,144	e	BancTrust Financial Group, Inc		67,489
15,447		Bank Mutual Corp		175,323
4,010	e	Bank of the Ozarks, Inc		108,270
6,473		BankFinancial Corp		95,024
4,503	e	Banner Corp		54,081
11,320	*	Beneficial Mutual Bancorp, Inc		143,198
3,370		Berkshire Hills Bancorp, Inc		107,840
18,552	e	Boston Private Financial Holdings, Inc		162,144
19,662		Brookline Bancorp, Inc		251,477
839	e	Brooklyn Federal Bancorp, Inc		12,409
2,275	e	Bryn Mawr Bank Corp		50,005

242

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,488	e	Camden National Corp	$	86,956
3,736	e	Capital City Bank Group, Inc		117,124
4,612	e	Capitol Bancorp Ltd		89,888
2,627		Cardinal Financial Corp		21,226
6,797	e	Cascade Bancorp		60,425
16,370	e	Cathay General Bancorp		389,606
3,596	e	Centerstate Banks of Florida, Inc		64,261
9,646	e	Central Pacific Financial Corp		162,149
7,988	e	Chemical Financial Corp		248,746
2,851	e	Citizens & Northern Corp		61,439
30,609	e	Citizens Republic Bancorp, Inc		94,276
4,439	e	City Bank		69,248
5,470		City Holding Co		231,108
3,223	e	Clifton Savings Bancorp, Inc		38,644
6,242	e	CoBiz, Inc		74,966
66,344	e	Colonial Bancgroup, Inc		521,464
5,813		Columbia Banking System, Inc		103,064
10,071	e	Community Bank System, Inc		253,286
4,803	e	Community Trust Bancorp, Inc		165,223
12,635	e	Corus Bankshares, Inc		51,172
22,265	e	CVB Financial Corp		309,484
7,600	e	Dime Community Bancshares		115,672
5,816	e	Downey Financial Corp		16,285
21,271	e	East West Bancorp, Inc		291,413
1,888	*	Encore Bancshares, Inc		33,984
1,543	e	Enterprise Financial Services Corp		34,810
5,469	e	ESSA Bancorp, Inc		76,019
15,107	e*	Euronet Worldwide, Inc		252,740
1,947		Farmers Capital Bank Corp		52,608
3,574	e	Financial Institutions, Inc		71,516
4,512	e	First Bancorp		77,155
23,946	e	First Bancorp		264,843
2,829	e	First Bancorp, Inc		55,448
8,191	e	First Busey Corp (Class A)		150,141
24,569	e	First Commonwealth Financial Corp		330,944
2,932	e	First Community Bancshares, Inc		110,009
12,160	e	First Financial Bancorp		177,536
5,741	e	First Financial Bankshares, Inc		297,843
3,618	e	First Financial Corp		169,974
3,741	e	First Financial Holdings, Inc		97,939
7,510		First Financial Northwest, Inc		77,503
6,365	e	First Merchants Corp		145,122
16,044		First Midwest Bancorp, Inc		388,907
35,851	e	First Niagara Financial Group, Inc		564,653
5,580	e	First Place Financial Corp		71,703
2,716	e	First South Bancorp, Inc		46,905
4,587	e*	FirstFed Financial Corp		35,962
26,420		FirstMerit Corp		554,820
17,564	e	Flagstar Bancorp, Inc		52,341
7,018		Flushing Financial Corp		122,815
28,508	e	FNB Corp		455,558
1,815	e*	Fox Chase Bancorp, Inc		21,235
15,915	e	Frontier Financial Corp		213,738
17,817	e	Glacier Bancorp, Inc		441,327

243

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
4,011	e	Greene County Bancshares, Inc	$	94,299
16,206	e*	Guaranty Bancorp		98,857
7,879	e	Hancock Holding Co		401,829
11,925	e	Hanmi Financial Corp		60,221
10,049	e	Harleysville National Corp		170,632
4,284	e	Heartland Financial USA, Inc		107,357
3,761		Heritage Commerce Corp		57,242
4,648	e	Home Bancshares, Inc		120,244
2,436		Home Federal Bancorp, Inc		31,059
4,320	e	IBERIABANK Corp		228,312
5,227		Independent Bank Corp		162,926
6,973	e	Integra Bank Corp		55,645
16,729		International Bancshares Corp		451,683
14,053	*	Investors Bancorp, Inc		211,498
6,184	e	Kearny Financial Corp		75,692
6,342	e	Lakeland Bancorp, Inc		74,138
3,908	e	Lakeland Financial Corp		85,820
5,923	e	MainSource Financial Group, Inc		116,091
11,542		MB Financial, Inc		381,694
2,912	*	Meridian Interstate Bancorp, Inc		29,731
7,514	e	Midwest Banc Holdings, Inc		30,056
7,130	e	Nara Bancorp, Inc		79,856
1,175	e	NASB Financial, Inc		38,176
26,285	e	National Penn Bancshares, Inc		383,761
10,267		NBT Bancorp, Inc		307,189
35,507		NewAlliance Bancshares, Inc		533,670
7,070	*	Northfield Bancorp, Inc		85,618
5,856	e	Northwest Bancorp, Inc		161,274
2,718		OceanFirst Financial Corp		49,250
21,821	e	Old National Bancorp		436,856
4,460	e	Old Second Bancorp, Inc		82,599
7,980		Oriental Financial Group, Inc		142,523
939	*	Oritani Financial Corp		15,822
15,406	e	Pacific Capital Bancorp		313,512
3,627	e	Pacific Continental Corp		53,099
7,964	e	PacWest Bancorp		227,691
3,536	e	Park National Corp		275,808
2,586		Peapack Gladstone Financial Corp		86,631
2,042	e*	Pennsylvania Commerce Bancorp, Inc		60,872
3,243		Peoples Bancorp, Inc		70,600
5,701	e*	Pinnacle Financial Partners, Inc		175,591
6,512	e	Premierwest Bancorp		52,552
12,888	e	Prosperity Bancshares, Inc		438,063
10,622	e	Provident Bankshares Corp		103,140
19,907		Provident Financial Services, Inc		328,665
12,710		Provident New York Bancorp		168,026
6,570	e	Renasant Corp		142,635
3,046	e	Republic Bancorp, Inc (Class A)		92,355
2,660	e	Rockville Financial, Inc		41,895
2,910	e	Roma Financial Corp		42,923
7,990	e	S&T Bancorp, Inc		294,272
3,632	e	S.Y. Bancorp, Inc		111,212
5,834	e	Sandy Spring Bancorp, Inc		128,931
1,200	e	Santander BanCorp		12,960

244

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,340	e	SCBT Financial Corp	$	125,584
4,339	e	Seacoast Banking Corp of Florida		46,557
2,768		Shore Bancshares, Inc		71,138
2,837	e	Sierra Bancorp		59,180
1,138	*	Signature Bank		39,693
4,580	e	Simmons First National Corp (Class A)		163,048
2,642	e	Smithtown Bancorp, Inc		59,445
23,519	e	South Financial Group, Inc		172,394
3,872	e	Southside Bancshares, Inc		97,574
4,526	e	Southwest Bancorp, Inc		79,974
4,719	e	State Bancorp, Inc		70,313
7,444	e	StellarOne Corp		153,867
5,680	e	Sterling Bancorp		82,133
23,182		Sterling Bancshares, Inc		242,252
17,856	e	Sterling Financial Corp		258,912
1,797	e	Suffolk Bancorp		70,820
4,567	*	Sun Bancorp, Inc		61,883
28,183	e	Susquehanna Bancshares, Inc		550,132
7,760	e*	SVB Financial Group		449,459
8,296	e*	Texas Capital Bancshares, Inc		172,225
1,893	e	Tompkins Trustco, Inc		95,597
7,185	e	TowneBank		158,070
4,358	e	Trico Bancshares		93,828
15,598	e	Trustco Bank Corp NY		182,653
16,462	e	Trustmark Corp		341,422
35,698	e	UCBH Holdings, Inc		228,824
10,135	e	UMB Financial Corp		532,290
20,084	e	Umpqua Holdings Corp		295,436
4,745	e	Union Bankshares Corp		113,880
12,588	e	United Bankshares, Inc		440,580
13,412	e	United Community Banks, Inc		177,848
11,480	e	United Community Financial Corp		57,400
5,660		United Financial Bancorp, Inc		84,051
2,934	e	United Security Bancshares		48,000
4,016	e	Univest Corp of Pennsylvania		148,592
1,003		ViewPoint Financial Group		17,552
30,463	e,v	W Holding Co, Inc		14,318
4,115	e	Washington Trust Bancorp, Inc		109,459
2,427	e*	Waterstone Financial, Inc		23,712
9,010	e	WesBanco, Inc		239,846
5,506	e	West Bancorporation, Inc		71,743
5,831	e	West Coast Bancorp		85,482
5,162	e	Westamerica Bancorporation		296,970
6,251	e*	Western Alliance Bancorp		96,640
10,907	e	Westfield Financial, Inc		112,342
6,225	e	Wilshire Bancorp, Inc		75,758
7,616	e	Wintrust Financial Corp		223,530
1,956		WSFS Financial Corp		117,360
3,752	e	Yadkin Valley Financial Corp		63,634
		TOTAL DEPOSITORY INSTITUTIONS		27,216,457
EATING AND DRINKING PLACES - 0.73%
4,022	e*	AFC Enterprises		29,200
944	e*	BJ's Restaurants, Inc		11,271

245

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
10,441	e	Bob Evans Farms, Inc	$	284,935
2,062	e*	California Pizza Kitchen, Inc		26,538
2,236	e	CBRL Group, Inc		58,807
873	e*	CEC Entertainment, Inc		28,983
12,477	e*	Domino's Pizza, Inc		151,471
660	*	Einstein Noah Restaurant Group, Inc		6,653
7,641	e*	Jack in the Box, Inc		161,225
3,710	e	Landry's Restaurants, Inc		57,690
7,083	*	Luby's, Inc		56,947
5,859		O'Charleys, Inc		51,266
1,592	e*	Papa John's International, Inc		43,239
652	e*	PF Chang's China Bistro, Inc		15,348
426	e*	Red Robin Gourmet Burgers, Inc		11,417
18,107	e*	Ruby Tuesday, Inc		104,840
2,580	e*	Ruth's Chris Steak House, Inc		10,139
2,958	e*	Sonic Corp		43,098
8,956	e*	Steak N Shake Co		77,738
16,930	e	Wendy's/Arby's Group, Inc (Class A)		89,052
		TOTAL EATING AND DRINKING PLACES		1,319,857
EDUCATIONAL SERVICES - 0.04%
530	*	Lincoln Educational Services Corp		7,012
4,408	e*	Universal Technical Institute, Inc		75,200
		TOTAL EDUCATIONAL SERVICES		82,212
ELECTRIC, GAS, AND SANITARY SERVICES - 6.37%
8,660	e	Allete, Inc		385,370
5,464	e	American States Water Co		210,364
17,502		Avista Corp		379,968
12,632		Black Hills Corp		392,476
6,610	e	California Water Service Group		254,485
3,262	*	Casella Waste Systems, Inc (Class A)		38,296
3,227	e	Central Vermont Public Service Corp		75,641
5,314	e	CH Energy Group, Inc		231,531
2,597		Chesapeake Utilities Corp		86,246
19,671		Cleco Corp		496,693
3,068	e	Connecticut Water Service, Inc		88,818
14,894	*	El Paso Electric Co		312,774
11,497		Empire District Electric Co		245,461
1,469	e	EnergySouth, Inc		90,241
3,541	e*	EnerNOC, Inc		36,614
14,994	e	Idacorp, Inc		436,175
7,236	e	Laclede Group, Inc		350,874
7,529	e	MGE Energy, Inc		267,656
4,821		Middlesex Water Co		84,223
13,939	e	New Jersey Resources Corp		500,271
14,745	e	Nicor, Inc		653,941
8,681		Northwest Natural Gas Co		451,412
12,706		NorthWestern Corp		319,302
11,574	e	Otter Tail Corp		355,669
5,249	e*	Pico Holdings, Inc		188,492
24,261		Piedmont Natural Gas Co, Inc		775,382
3,792	*	Pike Electric Corp		55,856
26,910	e*	Plug Power, Inc		26,641

246

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
28,346	e	PNM Resources, Inc	$	290,263
20,173		Portland General Electric Co		477,293
3,541		Resource America, Inc (Class A)		33,640
3,919	e	SJW Corp		117,452
9,897		South Jersey Industries, Inc		353,323
14,228		Southwest Gas Corp		430,539
7,360	e	Southwest Water Co		93,840
8,460	e	UIL Holdings Corp		290,432
11,399		Unisource Energy Corp		332,737
7,731	e*	Waste Services, Inc		57,287
34,273	d,e	Westar Energy, Inc		789,650
15,949		WGL Holdings, Inc		517,545
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		11,574,873
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.83%
8,376	*	Actel Corp		104,532
1,689	e	Acuity Brands, Inc		70,533
41,250	e*	Adaptec, Inc		135,300
7,801	e	Adtran, Inc		152,041
8,155	*	Advanced Energy Industries, Inc		111,560
1,000	e*	Airvana, Inc		5,890
32,559	e*	Amkor Technology, Inc		207,401
13,851	e*	Applied Micro Circuits Corp		82,829
3,579		Applied Signal Technology, Inc		62,203
40,887	*	Arris Group, Inc		316,057
2,635	*	AZZ, Inc		109,010
15,071	e	Baldor Electric Co		434,196
3,534	e	Bel Fuse, Inc (Class B)		100,613
17,639	*	Benchmark Electronics, Inc		248,357
34,032	e*	Bookham, Inc		38,456
8,724	*	Ceradyne, Inc		319,822
1,547	*	Ceva, Inc		12,840
12,734	e*	Checkpoint Systems, Inc		239,654
1,979	e*	China BAK Battery, Inc		7,124
2,540	*	CPI International, Inc		36,779
10,494		CTS Corp		134,113
5,048		Cubic Corp		124,130
8,156	e*	DSP Group, Inc		62,393
9,350	*	Electro Scientific Industries, Inc		132,957
4,888	*	EMS Technologies, Inc		109,051
6,077	*	EnerSys		119,778
1,340	e*	Entropic Communications, Inc		1,889
10,851	e*	Exar Corp		83,119
7,839	e*	Finisar Corp		7,917
2,924	e	Franklin Electric Co, Inc		130,264
1,965	e*	Globecomm Systems, Inc		17,174
6,747	e*	GrafTech International Ltd		101,947
7,296	e*	Greatbatch, Inc		179,044
3,190	*	GT Solar International, Inc		34,612
17,974	*	Harmonic, Inc		151,880
8,344	*	Harris Stratex Networks, Inc (Class A)		65,167
10,218	e*	Helen of Troy Ltd		232,664
7,335	*	Hutchinson Technology, Inc		84,939
9,468	e	Imation Corp		213,882

247

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,131		IXYS Corp	$	19,371
28,456	e,v*	Kemet Corp		39,838
17,982	e*	Lattice Semiconductor Corp		37,043
4,238	*	Littelfuse, Inc		125,996
3,712	*	Loral Space & Communications, Inc		54,826
6,149	e	LSI Industries, Inc		50,852
16,059	e*	Mattson Technology, Inc		75,959
2,300	e*	Medis Technologies Ltd		4,140
7,680	*	Mercury Computer Systems, Inc		68,352
12,046		Methode Electronics, Inc		107,691
13,375	e*	MIPS Technologies, Inc		46,946
12,430	*	Moog, Inc (Class A)		532,998
51,346	e*	MRV Communications, Inc		60,075
454	e*	Multi-Fineline Electronix, Inc		6,715
1,307	e	National Presto Industries, Inc		97,372
14,805	e*	Omnivision Technologies, Inc		168,925
4,023	*	Oplink Communications, Inc		48,558
2,497	e*	OpNext, Inc		11,461
1,217	e*	OSI Systems, Inc		28,612
1,350		Park Electrochemical Corp		32,724
14,252	e*	Photronics, Inc		26,794
16,106		Plantronics, Inc		362,707
1,246	*	Plexus Corp		25,792
30,260	e*	PMC - Sierra, Inc		224,529
2,016	e*	Polycom, Inc		46,630
249	*	Powell Industries, Inc		10,162
23,492	e*	Power-One, Inc		34,063
44,245	e*	Powerwave Technologies, Inc		175,210
10,520	e	Regal-Beloit Corp		447,310
87,743	e*	RF Micro Devices, Inc		256,210
5,684	*	Rogers Corp		210,194
122,656	e*	Sanmina-SCI Corp		171,718
10,029	e*	Seachange International, Inc		96,880
1,285	e*	Semtech Corp		17,939
1,830	e*	ShoreTel, Inc		10,504
30,105	*	Silicon Storage Technology, Inc		98,142
16,798	e*	Skyworks Solutions, Inc		140,431
17,789	e*	Smart Modular Technologies WWH, Inc		53,367
38,049	e*	Spansion, Inc (Class A)		58,976
14,334	e*	Spectrum Brands, Inc		19,924
3,118	*	Standard Microsystems Corp		77,888
4,443	e*	Stoneridge, Inc		49,984
54,076	e*	Sycamore Networks, Inc		174,665
15,062	e*	Symmetricom, Inc		74,858
3,248	e*	Synthesis Energy Systems, Inc		15,753
12,134		Technitrol, Inc		179,462
19,320	e*	Tekelec		270,287
540	e*	Transmeta Corp		8,753
15,569	*	Trident Microsystems, Inc		37,366
48,092	*	Triquint Semiconductor, Inc		230,361
11,857	e*	TTM Technologies, Inc		117,621
5,938	e*	Ultra Clean Holdings		29,928
458	e*	United Capital Corp		12,132
340	*	Universal Electronics, Inc		8,493

248

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
34,760	e*	Utstarcom, Inc	$	117,141
3,417	e*	Valence Technology, Inc		11,789
6,479	*	Viasat, Inc		152,775
16,665	e*	Zoran Corp		135,986
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		10,593,295
ENGINEERING AND MANAGEMENT SERVICES - 0.77%
3,828	e	CDI Corp		85,479
16,747	e*	Celera Corp		258,741
3,955	e*	Cornell Cos, Inc		107,497
1,375	e*	CRA International, Inc		37,785
1,376	*	Exponent, Inc		45,532
2,721	*	Furmanite Corp		28,135
556	*	Greenfield Online, Inc		9,674
2,194	e*	ICF International, Inc		43,332
1,330	e	Landauer, Inc		96,758
4,826	*	LECG Corp		38,946
16,627	e*	Lexicon Pharmaceuticals, Inc		29,596
5,131		MAXIMUS, Inc		189,026
6,390	e*	Maxygen, Inc		27,030
2,062	*	Michael Baker Corp		71,758
5,841	e*	PharmaNet Development Group, Inc		42,172
5,924	e*	Symyx Technologies, Inc		58,707
4,580		Watson Wyatt & Co Holdings (Class A)		227,763
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,397,931
FABRICATED METAL PRODUCTS - 1.15%
2,315		Ameron International Corp		165,870
880	*	Bway Holding Co		10,322
815		CIRCOR International, Inc		35,395
6,894	e*	Commercial Vehicle Group, Inc		49,016
14,307	e*	Griffon Corp		129,049
4,957	e	Insteel Industries, Inc		67,366
5,086	*	Ladish Co, Inc		102,992
1,890	e*	Mobile Mini, Inc		36,534
37,901	e	Mueller Water Products, Inc (Class A)		340,351
6,660	*	NCI Building Systems, Inc		211,455
2,445	*	Park-Ohio Holdings Corp		43,741
4,308	e	Quanex Building Products Corp		65,654
4,071		Silgan Holdings, Inc		207,987
12,376	e	Simpson Manufacturing Co, Inc		335,266
4,184	e*	Trimas Corp		27,447
9,656	e	Watts Water Technologies, Inc (Class A)		264,092
		TOTAL FABRICATED METAL PRODUCTS		2,092,537
FOOD AND KINDRED PRODUCTS - 1.68%
910	e*	American Dairy, Inc		9,218
6,750	e	B&G Foods, Inc (Class A)		48,263
22,712	e*	Central Garden and Pet Co (Class A)		135,136
2,637	e	Farmer Bros Co		65,582
10,288	e	Flowers Foods, Inc		302,056
3,851	e	Imperial Sugar Co		52,143
4,495		J&J Snack Foods Corp		152,425
7,014	e	Lance, Inc		159,148

249

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,508	e*	M&F Worldwide Corp	$	140,320
3,485	e*	National Beverage Corp		30,912
5,764	e*	Omega Protein Corp		67,785
3,578	e	Penford Corp		63,295
16,611	e*	Ralcorp Holdings, Inc		1,119,748
5,975	e	Reddy Ice Holdings, Inc		21,809
5,490	e	Sanderson Farms, Inc		201,703
4,250	e*	Smart Balance, Inc		27,880
5,199	e	Tootsie Roll Industries, Inc		150,303
10,420	*	TreeHouse Foods, Inc		309,474
		TOTAL FOOD AND KINDRED PRODUCTS		3,057,200
FOOD STORES - 0.59%
50	e	Arden Group, Inc (Class A)		7,281
7,285	e*	Great Atlantic & Pacific Tea Co, Inc		78,824
4,456		Ingles Markets, Inc (Class A)		101,730
5,797	*	Pantry, Inc		122,838
13,059	e	Ruddick Corp		423,765
2,736	*	Susser Holdings Corp		41,204
1,119		Village Super Market (Class A)		53,343
3,647		Weis Markets, Inc		131,328
7,428	e*	Winn-Dixie Stores, Inc		103,249
		TOTAL FOOD STORES		1,063,562
FURNITURE AND FIXTURES - 0.79%
8,294	e	Ethan Allen Interiors, Inc		232,398
13,334	e	Furniture Brands International, Inc		140,274
8,097	e	Herman Miller, Inc		198,134
13,557	e	HNI Corp		343,534
2,995	e	Hooker Furniture Corp		53,161
9,962	e	Kimball International, Inc (Class B)		107,590
16,657	e	La-Z-Boy, Inc		155,243
14,013	e	Sealy Corp		90,524
9,144	e	Tempur-Pedic International, Inc		107,533
		TOTAL FURNITURE AND FIXTURES		1,428,391
FURNITURE AND HOMEbFURNISHINGS STORES - 0.16%
53,081	e,v	Circuit City Stores, Inc		39,811
4,300	e	Haverty Furniture Cos, Inc		49,192
1,371		Knoll, Inc		20,730
24,490	e*	Pier 1 Imports, Inc		101,144
3,128	*	Rex Stores Corp		36,128
8,837	e*	Tuesday Morning Corp		36,497
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		283,502
GENERAL BUILDING CONTRACTORS - 0.91%
709	e*	Amrep Corp		30,069
1,887	e*	Avatar Holdings, Inc		62,271
12,318	e*	Beazer Homes USA, Inc		73,662
3,325	e	Brookfield Homes Corp		47,747
391	*	Cavco Industries, Inc		14,135
16,694	e*	Hovnanian Enterprises, Inc (Class A)		133,385
4,654	e	M/I Homes, Inc		106,018
2,318		McGrath RentCorp		66,805

250

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
10,396	e*	Meritage Homes Corp	$	256,781
2,815	e*	Palm Harbor Homes, Inc		27,897
9,832	*	Perini Corp		253,567
14,180	e	Ryland Group, Inc		376,054
42,701	e*	Standard-Pacific Corp		209,662
		TOTAL GENERAL BUILDING CONTRACTORS		1,658,053
GENERAL MERCHANDISE STORES - 0.62%
6,835	e*	99 Cents Only Stores		74,980
16,603		Casey's General Stores, Inc		500,913
3,250	e*	Conn's, Inc		60,808
19,223	e	Dillard's, Inc (Class A)		226,831
13,743	e	Fred's, Inc (Class A)		195,425
8,048	e*	Retail Ventures, Inc		31,387
8,048	e	Stein Mart, Inc		31,468
		TOTAL GENERAL MERCHANDISE STORES		1,121,812
HEALTH SERVICES - 1.56%
1,103	e*	Alliance Imaging, Inc		11,328
10,529	*	Amsurg Corp		268,174
14,644	e*	Apria Healthcare Group, Inc		267,107
8,010	*	Assisted Living Concepts, Inc (A Shares)		51,024
8,240	*	Cross Country Healthcare, Inc		134,230
2,692	e	Ensign Group, Inc		46,006
2,231	*	Enzo Biochem, Inc		24,496
8,755	e*	Five Star Quality Care, Inc		32,831
5,022	*	Gentiva Health Services, Inc		135,293
28,740	*	Healthsouth Corp		529,678
358	*	IPC The Hospitalist Co, Inc		9,201
9,381	*	Kindred Healthcare, Inc		258,634
13,542	e*	Magellan Health Services, Inc		556,035
4,991	*	Medcath Corp		89,439
437	e	National Healthcare Corp		20,591
17,530	e*	Nektar Therapeutics		62,933
6,717	*	Nighthawk Radiology Holdings, Inc		48,497
7,903	*	Odyssey HealthCare, Inc		80,215
5,820	e*	RehabCare Group, Inc		105,342
5,563	*	Skilled Healthcare Group, Inc (Class A)		88,396
1,646	e*	Sunrise Senior Living, Inc		22,698
		TOTAL HEALTH SERVICES		2,842,148
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.33%
517	e*	Comverge, Inc		2,378
10,897		Granite Construction, Inc		390,331
12,728	e	Great Lakes Dredge & Dock Corp		80,314
3,797	*	LB Foster Co (Class A)		115,505
1,115	*	Sterling Construction Co, Inc		18,063
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		606,591
HOLDING AND OTHER INVESTMENT OFFICES - 11.93%
5,272	e	Acadia Realty Trust		133,276
2,450		Agree Realty Corp		70,070
264	e	Alexander's, Inc		105,600
13,942		American Campus Communities, Inc		472,355

251

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,724	e	American Capital Agency Corp	$	64,500
5,426	e*	Ampal American Israel (Class A)		16,766
20,088	e	Anthracite Capital, Inc		107,672
26,151		Anworth Mortgage Asset Corp		154,814
46,788	e	Apollo Investment Corp		797,735
4,339	e	Arbor Realty Trust, Inc		43,390
40,389	e	Ashford Hospitality Trust, Inc		163,575
1,593		Associated Estates Realty Corp		20,757
23,297		BioMed Realty Trust, Inc		616,206
14,240	e	Capital Lease Funding, Inc		112,923
1,001	e	Capital Southwest Corp		142,192
5,334	e	Capital Trust, Inc (Class A)		82,677
18,274		Capstead Mortgage Corp		200,100
3,884	e	Care Investment Trust, Inc		44,588
12,142	e	Cedar Shopping Centers, Inc		160,517
948	e	Cherokee, Inc		20,837
3,584	e	Cogdell Spencer, Inc		57,487
15,830	e	Colonial Properties Trust		295,863
12,704	e	Corporate Office Properties Trust		512,606
6,148		Cousins Properties, Inc		155,114
2,860		Danvers Bancorp, Inc		36,465
56,409	e	DCT Industrial Trust, Inc		422,503
31,670	e	DiamondRock Hospitality Co		288,197
5,605		EastGroup Properties, Inc		272,067
9,098		Education Realty Trust, Inc		100,806
10,149		Entertainment Properties Trust		555,353
2,331	e	Equity Lifestyle Properties, Inc		123,613
10,415	e	Equity One, Inc		213,403
26,145	e	Extra Space Storage, Inc		401,587
20,261	e	FelCor Lodging Trust, Inc		145,069
14,675	e	First Industrial Realty Trust, Inc		420,879
7,646		First Potomac Realty Trust		131,435
18,794	e	Franklin Street Properties Corp		244,322
48,605	e*	Friedman Billings Ramsey Group, Inc (Class A)		97,210
6,149	e	Getty Realty Corp		136,323
6,494		Gladstone Capital Corp		98,969
11,870	e	Glimcher Realty Trust		123,923
13,117	e	Gramercy Capital Corp		33,973
8,878	e*	Harris & Harris Group, Inc		56,642
3,729		Hatteras Financial Corp		86,513
19,306	e	Healthcare Realty Trust, Inc		562,770
15,334		Hersha Hospitality Trust		114,085
19,718		Highwoods Properties, Inc		701,172
14,288	*	Hilltop Holdings, Inc		147,452
5,859		Home Properties, Inc		339,529
13,322	e	Inland Real Estate Corp		209,022
19,639	e	Investors Real Estate Trust		219,760
25,024	e	iShares Russell 2000 Value Index Fund		1,682,614
6,664	e	JER Investors Trust, Inc		32,120
6,647	e	Kite Realty Group Trust		73,117
13,299	e	LaSalle Hotel Properties		310,133
17,407	e	Lexington Corporate Properties Trust		299,749
7,920		LTC Properties, Inc		232,214
11,863	e	Maguire Properties, Inc		70,703

252

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
21,175	e	Medical Properties Trust, Inc	$	240,336
15,058	e*	Meruelo Maddux Properties, Inc		18,371
65,130		MFA Mortgage Investments, Inc		423,345
3,978	e	Mid-America Apartment Communities, Inc		195,479
6,236	e	Mission West Properties, Inc		60,739
7,814	e	Monmouth Real Estate Investment Corp (Class A)		60,871
7,530		MVC Capital, Inc		114,833
7,636		National Health Investors, Inc		260,998
24,037		National Retail Properties, Inc		575,686
16,559	e	Newcastle Investment Corp		105,150
17,762	e	NorthStar Realty Finance Corp		137,656
23,675		Omega Healthcare Investors, Inc		465,451
3,229		One Liberty Properties, Inc		57,056
5,250	e	Parkway Properties, Inc		198,765
11,491	e	Pennsylvania Real Estate Investment Trust		216,605
14,455	e	Post Properties, Inc		404,306
8,283		Potlatch Corp		384,248
8,239	e	Prospect Capital Corp		105,542
3,428	e	PS Business Parks, Inc		197,453
21,623	e	RAIT Investment Trust		118,710
5,452		Ramco-Gershenson Properties		122,234
33,102	e	Realty Income Corp		847,411
11,078		Redwood Trust, Inc		240,725
6,174	e	Resource Capital Corp		37,414
1,186		Saul Centers, Inc		59,940
37,414		Senior Housing Properties Trust		891,576
7,325		Sovran Self Storage, Inc		327,354
23,720	e	Strategic Hotels & Resorts, Inc		179,086
1,720	e	Sun Communities, Inc		34,073
16,576	e	Sunstone Hotel Investors, Inc		223,776
3,331		Universal Health Realty Income Trust		129,576
6,520		Urstadt Biddle Properties, Inc (Class A)		122,250
15,720	e	U-Store-It Trust		192,884
8,253	e	Washington Real Estate Investment Trust		302,307
17,685		Winthrop Realty Trust		68,972
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		21,656,490
HOTELS AND OTHER LODGING PLACES - 0.47%
8,360	e	Ameristar Casinos, Inc		118,628
4,696	e*	Bluegreen Corp		32,449
13,403	e*	Gaylord Entertainment Co		393,646
8,321	e*	Great Wolf Resorts, Inc		30,455
4,828	e*	Isle of Capri Casinos, Inc		43,549
5,258	e*	Lodgian, Inc		41,012
6,214	e	Marcus Corp		99,921
2,085	e*	Monarch Casino & Resort, Inc		23,748
789	e*	Morgans Hotel Group Co		8,608
4,621	e*	Outdoor Channel Holdings, Inc		40,665
1,008	*	Riviera Holdings Corp		7,409
532	e*	Vail Resorts, Inc		18,593
		TOTAL HOTELS AND OTHER LODGING PLACES		858,683
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.00%
1,735	e	Actuant Corp (Class A)		43,791

253

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,733		Alamo Group, Inc	$	29,548
9,868	e	Albany International Corp (Class A)		269,692
9,177	e*	Allis-Chalmers Energy, Inc		116,089
751	e	Ampco-Pittsburgh Corp		19,451
602	e*	Astec Industries, Inc		18,560
14,972	*	Asyst Technologies, Inc		35,933
31,887	e*	Axcelis Technologies, Inc		54,208
5,929		Black Box Corp		204,728
12,099	*	Blount International, Inc		134,662
16,575	e	Briggs & Stratton Corp		268,184
20,319	*	Brooks Automation, Inc		169,867
2,971	e	Cascade Corp		130,160
6,767	e*	Cirrus Logic, Inc		36,880
5,455	*	Columbus McKinnon Corp		128,574
8,401	e*	Cray, Inc		43,517
2,245	e	Curtiss-Wright Corp		102,035
7,264	e*	Cymer, Inc		183,997
17,938	*	Electronics for Imaging, Inc		249,876
27,910	*	Emulex Corp		297,800
5,995	*	EnPro Industries, Inc		222,774
34,034	*	Entegris, Inc		164,725
28,923	e*	Extreme Networks, Inc		97,471
3,499	e*	Gehl Co		102,976
2,164	e*	Hurco Cos, Inc		63,989
4,720	e*	Immersion Corp		27,470
7,059	*	Intevac, Inc		75,108
4,292	*	Kadant, Inc		97,729
3,284		Lufkin Industries, Inc		260,585
11,077	e	Modine Manufacturing Co		160,395
1,881	e	Nacco Industries, Inc (Class A)		177,792
9,543	*	Netgear, Inc		143,145
696		NN, Inc		8,944
5,085	e	Palm, Inc		30,357
28,948	e,v*	Quantum Corp		31,264
9,584	*	Rackable Systems, Inc		94,019
3,110	*	Rimage Corp		43,416
3,679		Robbins & Myers, Inc		113,791
32,769	e*	Safeguard Scientifics, Inc		40,961
451		Sauer-Danfoss, Inc		11,135
2,019	e*	Scansource, Inc		58,127
1,750	e*	Semitool, Inc		14,315
1,308	e*	Sigma Designs, Inc		18,600
4,380		Standex International Corp		121,545
980	*	Super Micro Computer, Inc		8,830
5,195	e*	Tecumseh Products Co (Class A)		130,083
478	e	Tennant Co		16,376
3,430	*	Thermadyne Holdings Corp		57,178
2,749		Twin Disc, Inc		37,826
10,630	*	VeriFone Holdings, Inc		175,820
3,468	e	Watsco, Inc		174,371
3,889		Woodward Governor Co		137,165
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,455,834

254

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
INSTRUMENTS AND RELATED PRODUCTS - 2.48%
10,269	*	Affymetrix, Inc	$	79,482
4,555	*	Anaren, Inc		46,233
4,638	*	Angiodynamics, Inc		73,280
715	*	Argon ST, Inc		16,795
372	e	Badger Meter, Inc		17,465
16,344	e*	Caliper Life Sciences, Inc		45,763
4,046	e*	Cantel Medical Corp		38,923
6,416	*	Cardiac Science Corp		66,470
7,908	e*	Coherent, Inc		281,129
6,647	e	Cohu, Inc		105,156
8,764	*	Conmed Corp		280,448
345	e	Datascope Corp		17,812
4,273	e*	Eagle Test Systems, Inc		65,420
1,582	*	Esterline Technologies Corp		62,631
19,206	e*	ev3, Inc		192,828
12,151	e*	FEI Co		289,315
5,957	e*	Formfactor, Inc		103,771
7,551	e*	Hanger Orthopedic Group, Inc		131,765
3,041	*	Herley Industries, Inc		52,001
1,759	*	ICU Medical, Inc		53,491
1,800	e*	ICx Technologies, Inc		13,878
8,869	e	Invacare Corp		214,098
4,945	e*	Ixia		36,445
20,727	e*	Kopin Corp		64,668
19,135	e*	L-1 Identity Solutions, Inc		292,383
560	e*	LaBarge, Inc		8,434
38,226	*	LTX-Credence Corp		66,513
5,385	*	Lydall, Inc		51,858
4,600	*	Measurement Specialties, Inc		80,224
2,500	e*	Medical Action Industries, Inc		32,825
6,457	e	Mine Safety Appliances Co		246,141
15,505	*	MKS Instruments, Inc		308,705
4,978		Movado Group, Inc		111,258
3,654		MTS Systems Corp		153,833
11,422	*	Newport Corp		123,129
2,479	e*	NxStage Medical, Inc		10,461
3,583	e*	Orthofix International NV		66,751
5,875	e*	Palomar Medical Technologies, Inc		79,078
1,177	*	Photon Dynamics Inc		18,067
8,839	*	Rudolph Technologies, Inc		74,071
21,056	e*	Sirf Technology Holdings, Inc		31,373
290	e*	Sirona Dental Systems, Inc		6,751
3,312	e*	Sonic Solutions, Inc		14,573
20,011	e*	Star Scientific, Inc		71,239
8,090	*	Symmetry Medical, Inc		150,150
542	*	Varian, Inc		23,252
1,769	e*	Veeco Instruments, Inc		26,199
2,422	e*	Vital Images, Inc		36,330
5,753	e*	Zygo Corp		72,373
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,505,238
INSURANCE AGENTS, BROKERS AND SERVICE - 0.54%
7,857	e*	Crawford & Co (Class B)		119,426
11,889	e	Hilb Rogal & Hobbs Co		555,692

255

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
380	e	Life Partners Holdings, Inc	$	13,669
13,288	e	National Financial Partners Corp		199,320
6,411	e*	United America Indemnity Ltd (Class A)		91,229
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		979,336
INSURANCE CARRIERS - 7.27%
95,305	e	Ambac Financial Group, Inc		222,061
4,086	*	AmCOMP, Inc		47,398
17,369		American Equity Investment Life Holding Co		130,268
2,750		American Physicians Capital, Inc		116,408
4,016	*	American Safety Insurance Holdings Ltd		60,682
17,578	*	AMERIGROUP Corp		443,669
6,624	*	Amerisafe, Inc		120,557
4,658	e	Amtrust Financial Services, Inc		63,302
6,736	*	Argo Group International Holdings Ltd		248,222
28,157		Aspen Insurance Holdings Ltd		774,318
18,515	e	Assured Guaranty Ltd		301,054
2,700		Baldwin & Lyons, Inc (Class B)		64,719
11,682	e	Castlepoint Holdings Ltd		130,021
13,366	*	Centene Corp		274,137
12,022	e*	Citizens, Inc (Class A)		98,821
5,900	*	CNA Surety Corp		98,530
338	e*	Darwin Professional Underwriters, Inc		10,515
13,652		Delphi Financial Group, Inc (Class A)		382,802
3,919		Donegal Group, Inc (Class A)		71,051
1,730		EMC Insurance Group, Inc		51,000
15,627	e	Employers Holdings, Inc		271,597
729	*	Enstar Group Ltd		70,975
4,061	e	FBL Financial Group, Inc (Class A)		113,261
4,779	e*	First Acceptance Corp		16,249
4,022	*	First Mercury Financial Corp		57,314
9,556	e	Flagstone Reinsurance Holdings Ltd		98,140
2,713	*	Fpic Insurance Group, Inc		139,421
9,309	e*	Greenlight Capital Re Ltd (Class A)		214,014
2,094	*	Hallmark Financial Services		19,034
4,245		Harleysville Group, Inc		160,461
16,405	e*	Healthspring, Inc		347,130
12,879		Horace Mann Educators Corp		165,753
1,770	e	Independence Holding Co		20,444
5,136		Infinity Property & Casualty Corp		211,603
16,388	e	IPC Holdings Ltd		495,081
1,724	e	Kansas City Life Insurance Co		79,304
5,112	e	LandAmerica Financial Group, Inc		123,966
15,583	e	Maiden Holdings Ltd		67,786
18,482		Max Re Capital Ltd		429,337
17,679	e	Meadowbrook Insurance Group, Inc		124,814
4,686	e*	Molina Healthcare, Inc		145,266
30,513	e	Montpelier Re Holdings Ltd		503,770
1,981	e	National Interstate Corp		47,603
725		National Western Life Insurance Co (Class A)		175,501
4,292	*	Navigators Group, Inc		248,936
1,577	e	NYMAGIC, Inc		39,819
7,924		Odyssey Re Holdings Corp		347,071
37,529		Phoenix Cos, Inc		346,768

256

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
15,989	e	Platinum Underwriters Holdings Ltd	$	567,290
10,097	*	PMA Capital Corp (Class A)		89,056
25,780	e	PMI Group, Inc		76,051
6,871		Presidential Life Corp		108,493
5,114	e*	Primus Guaranty Ltd		13,399
10,476	e*	ProAssurance Corp		586,656
25,972		Quanta Capital Holdings Ltd		71,683
26,365		Radian Group, Inc		132,880
1,080	e*	RadNet, Inc		4,331
6,202	e	RLI Corp		385,082
5,542	e	Safety Insurance Group, Inc		210,208
7,582	*	SeaBright Insurance Holdings, Inc		98,566
17,510	e	Selective Insurance Group, Inc		401,329
4,488	e	State Auto Financial Corp		130,466
5,383		Stewart Information Services Corp		160,144
4,536	e*	Triple-S Management Corp (Class B)		73,891
7,686		United Fire & Casualty Co		219,743
12,804	*	Universal American Financial Corp		156,081
21,049		Validus Holdings Ltd		489,389
12,177		Zenith National Insurance Corp		446,165
		TOTAL INSURANCE CARRIERS		13,210,856
LEATHER AND LEATHER PRODUCTS - 0.42%
1,800	e*	CROCS, Inc		6,444
6,450	e*	Genesco, Inc		215,946
5,485	e*	Iconix Brand Group, Inc		71,744
6,021	*	Steven Madden Ltd		149,200
15,983	e*	Timberland Co (Class A)		277,625
1,208	e	Weyco Group, Inc		40,432
		TOTAL LEATHER AND LEATHER PRODUCTS		761,391
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.03%
1,730	e*	Emergency Medical Services Corp (Class A)		51,692
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		51,692
LUMBER AND WOOD PRODUCTS - 0.37%
957	e	American Woodmark Corp		21,485
13,597	e*	Champion Enterprises, Inc		75,463
34,185	e	Louisiana-Pacific Corp		317,921
2,530	e	Skyline Corp		66,868
5,355	e	Universal Forest Products, Inc		186,943
		TOTAL LUMBER AND WOOD PRODUCTS		668,680
METAL MINING - 0.67%
3,011	*	Allied Nevada Gold Corp		17,223
14,990	e*	Apex Silver Mines Ltd		25,783
183,890	e*	Coeur d'Alene Mines Corp		281,352
40,585	e*	Hecla Mining Co		189,938
16,549	*	Rosetta Resources, Inc		303,840
9,736		Royal Gold, Inc		350,107
8,684	e*	Stillwater Mining Co		50,454
3,096	e*	Uranium Resources, Inc		5,232
		TOTAL METAL MINING		1,223,929

257

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.50%
7,825		Blyth, Inc	$	88,736
21,960	e	Callaway Golf Co		308,977
9,266	e*	Jakks Pacific, Inc		230,816
2,779	e	Marine Products Corp		23,066
6,750	e*	Nautilus, Inc		30,848
6,057	*	RC2 Corp		121,140
5,385	*	Russ Berrie & Co, Inc		41,303
2,241	*	Steinway Musical Instruments, Inc		63,465
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		908,351
MISCELLANEOUS RETAIL - 0.84%
7,210	e	Big 5 Sporting Goods Corp		74,407
9,073	e	Borders Group, Inc		59,519
4,864	e*	Build-A-Bear Workshop, Inc		35,410
12,677	e*	Cabela's, Inc		153,138
5,569		Cash America International, Inc		200,707
7,394	*	CKX, Inc		45,547
5,626	e	Longs Drug Stores Corp		425,551
2,755	*	PC Connection, Inc		18,431
580	e*	PC Mall, Inc		3,961
2,348	e	Systemax, Inc		33,013
9,679		World Fuel Services Corp		222,907
10,513	e*	Zale Corp		262,825
		TOTAL MISCELLANEOUS RETAIL		1,535,416
MOTION PICTURES - 0.52%
10,148	e*	Avid Technology, Inc		244,161
56,229	e*	Blockbuster, Inc (Class A)		115,269
5,981	e	Cinemark Holdings, Inc		81,342
25,039	e*	Macrovision Solutions Corp		385,100
3,730	*	RHI Entertainment, Inc		55,577
5,526	e*	tw telecom inc (Class A)		57,415
		TOTAL MOTION PICTURES		938,864
NONDEPOSITORY INSTITUTIONS - 1.08%
10,406	e	Advance America Cash Advance Centers, Inc		31,114
12,212	e	Advanta Corp (Class B)		100,505
32,051	e	Ares Capital Corp		334,292
3,683	e	BlackRock Kelso Capital Corp		42,465
10,441	e*	Boise, Inc		16,288
10,846	e	Chimera Investment Corp		67,354
4,713	e*	CompuCredit Corp		18,475
609	e*	Credit Acceptance Corp		10,353
1,474	e*	Doral Financial Corp		16,096
4,106	e*	Encore Capital Group, Inc		56,252
2,994	e	Federal Agricultural Mortgage Corp (Class C)		12,275
8,067	e	Financial Federal Corp		184,896
460	*	First Cash Financial Services, Inc		6,900
11,464	e	First Marblehead Corp		28,545
8,516		Gladstone Investment Corp		58,590
12,722	e*	Guaranty Financial Group, Inc		50,252
10,092	e	Hercules Technology Growth Capital, Inc		97,892
5,427	e	Kohlberg Capital Corp		46,618

258

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
23,585	e	MCG Capital Corp	$	61,793
5,828		Medallion Financial Corp		61,019
5,793		Nelnet, Inc (Class A)		82,261
6,480	e*	NewStar Financial, Inc		52,423
6,916	e	NGP Capital Resources Co		100,766
11,517	e*	Ocwen Financial Corp		92,712
7,983	e	Patriot Capital Funding, Inc		50,852
6,182		PennantPark Investment Corp		45,809
17,156	*	PHH Corp		228,003
		TOTAL NONDEPOSITORY INSTITUTIONS		1,954,800
NONMETALLIC MINERALS, EXCEPT FUELS - 0.25%
5,466	e	AMCOL International Corp		170,867
4,979		Compass Minerals International, Inc		260,850
3,358	e*	General Moly, Inc		14,607
216	*	United States Lime & Minerals, Inc		8,318
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		454,642
OIL AND GAS EXTRACTION - 2.46%
4,950	e	Berry Petroleum Co (Class A)		191,714
6,529	*	Bill Barrett Corp		209,646
11,644	e*	BMB Munai, Inc		48,323
14,911	e*	Brigham Exploration Co		163,872
8,409	e*	Bronco Drilling Co, Inc		85,940
13,170	e*	Cal Dive International, Inc		139,602
6,694	*	Callon Petroleum Co		120,693
3,157	e*	Cheniere Energy, Inc		7,103
15,720	*	Complete Production Services, Inc		316,444
826	*	Dawson Geophysical Co		38,566
35,658	e	Energy XXI Bermuda Ltd		108,400
3,045	*	EXCO Resources, Inc		49,694
630	*	Geokinetics, Inc		11,970
5,429	e*	Geomet, Inc		29,534
3,544	e*	GMX Resources, Inc		169,403
45,281	e*	Grey Wolf, Inc		352,286
5,800	e*	Gulfport Energy Corp		58,290
12,370	e*	Harvest Natural Resources, Inc		125,184
3,188	e	Kayne Anderson Energy Development Co		53,973
24,552	*	Meridian Resource Corp		45,176
30,556	*	Newpark Resources, Inc		223,059
49,675	e*	Oilsands Quest, Inc		148,528
31,110	e*	Parker Drilling Co		249,502
800	m,v*	Petrocorp, Inc		(0)
7,273	e*	Petroquest Energy, Inc		111,641
13,948	e*	Pioneer Drilling Co		185,508
650	e*	Quest Resource Corp		1,729
8,586	e*	RAM Energy Resources, Inc		24,814
9,351	*	Stone Energy Corp		395,828
1,804	e*	Superior Well Services, Inc		45,659
10,027	e*	Swift Energy Co		387,945
5,558	e*	Toreador Resources Corp		49,966
4,100	e*	Trico Marine Services, Inc		70,028
11,074	e*	TXCO Resources, Inc		111,183
2,902	*	Union Drilling, Inc		30,732

259

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
14,501	e*	Vaalco Energy, Inc	$	99,187
		TOTAL OIL AND GAS EXTRACTION		4,461,122
PAPER AND ALLIED PRODUCTS - 0.60%
19,098	e*	AbitibiBowater, Inc		73,909
12,832	e*	Buckeye Technologies, Inc		105,094
15,084		Glatfelter		204,237
6,117	e*	Kapstone Paper and Packaging Corp		38,843
8,953	e*	Mercer International, Inc		32,768
4,618	e	Neenah Paper, Inc		91,436
7,653		Rock-Tenn Co (Class A)		305,967
4,790		Schweitzer-Mauduit International, Inc		90,962
4,070	e	Verso Paper Corp		10,745
14,035	e	Wausau Paper Corp		142,175
		TOTAL PAPER AND ALLIED PRODUCTS		1,096,136
PERSONAL SERVICES - 0.58%
6,712	e	G & K Services, Inc (Class A)		221,832
9,281	e	Jackson Hewitt Tax Service, Inc		142,371
14,169		Regis Corp		389,648
1,716	e*	Sally Beauty Holdings, Inc		14,758
2,142	e*	Steiner Leisure Ltd		73,642
4,875		Unifirst Corp		210,064
		TOTAL PERSONAL SERVICES		1,052,315
PETROLEUM AND COAL PRODUCTS - 0.26%
3,172	e	Alon USA Energy, Inc		42,759
8,152	e*	American Oil & Gas, Inc		21,277
3,874		Delek US Holdings, Inc		35,912
11,440	e*	Headwaters, Inc		152,724
597		Quaker Chemical Corp		16,991
3,147	e	WD-40 Co		113,072
9,753	e	Western Refining, Inc		98,603
		TOTAL PETROLEUM AND COAL PRODUCTS		481,338
PRIMARY METAL INDUSTRIES - 1.10%
10,084	e	Belden CDT, Inc		320,570
6,520	e*	Brush Engineered Materials, Inc		121,076
690	e*	Coleman Cable, Inc		6,921
5,975	e	Encore Wire Corp		108,207
9,190	e	Gibraltar Industries, Inc		171,945
2,902	e*	Haynes International, Inc		135,901
12,723	e*	Horsehead Holding Corp		75,066
501		Matthews International Corp (Class A)		25,421
11,489		Mueller Industries, Inc		264,362
3,158	e*	Northwest Pipe Co		137,752
700	e	Olympic Steel, Inc		20,643
7,781	e*	RTI International Metals, Inc		152,196
1,040	e*	Sutor Technology Group Ltd		3,422
7,774		Tredegar Corp		138,299
1,993	*	Universal Stainless & Alloy		50,921
17,578	e	Worthington Industries, Inc		262,615
		TOTAL PRIMARY METAL INDUSTRIES		1,995,317

260

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
PRINTING AND PUBLISHING - 1.02%
17,609	e*	ACCO Brands Corp	$	132,772
6,095	e	AH Belo Corp (Class A)		31,450
16,341	e	American Greetings Corp (Class A)		249,854
28,250		Belo (A.H.) Corp (Class A)		168,370
8,833		Bowne & Co, Inc		102,021
1,507	e*	Consolidated Graphics, Inc		45,707
3,346	e	Courier Corp		68,125
2,602	e	CSS Industries, Inc		66,975
8,230	e	Ennis, Inc		127,236
8,097	e,v	GateHouse Media, Inc		3,968
10,320	e	Harte-Hanks, Inc		107,018
13,193	e	Journal Communications, Inc (Class A)		64,382
17,823	e	Lee Enterprises, Inc		62,381
18,726	e	McClatchy Co (Class A)		82,394
6,889		Media General, Inc (Class A)		85,630
270	e	Multi-Color Corp		6,450
3,634	e*	Playboy Enterprises, Inc (Class B)		14,318
8,432	e	Primedia, Inc		20,490
23,886	e*	R.H. Donnelley Corp		47,533
4,556	e	Schawk, Inc (Class A)		68,887
7,628	e	Scholastic Corp		195,887
3,599	e	Standard Register Co		35,450
7,986	e*	Valassis Communications, Inc		69,159
		TOTAL PRINTING AND PUBLISHING		1,856,457
RAILROAD TRANSPORTATION - 0.05%
2,651	e*	Genesee & Wyoming, Inc (Class A)		99,466
		TOTAL RAILROAD TRANSPORTATION		99,466
REAL ESTATE - 0.31%
490		Consolidated-Tomoka Land Co		21,163
1,733		DuPont Fabros Technology, Inc		26,428
10,441	*	Forestar Real Estate Group, Inc		154,005
3,898	e*	FX Real Estate and Entertainment, Inc		4,054
1,800	e	Grubb & Ellis Co		4,860
28,446	e	Stewart Enterprises, Inc (Class A)		223,586
2,084	e*	Stratus Properties, Inc		57,352
7,160	e	Thomas Properties Group, Inc		72,316
		TOTAL REAL ESTATE		563,764
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.38%
20,242		Cooper Tire & Rubber Co		174,081
9,242		Schulman (A.), Inc		182,807
9,672	e*	Skechers U.S.A., Inc (Class A)		162,780
10,066	e	Spartech Corp		99,653
3,546	e*	Trex Co, Inc		64,218
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		683,539
SECURITY AND COMMODITY BROKERS - 1.26%
5,862	e*	Broadpoint Securities Group, Inc		17,000
6,576		Calamos Asset Management, Inc (Class A)		117,842
2,146	e	Cohen & Steers, Inc		60,796
800		Epoch Holding Corp		8,440

261

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,495	e	Evercore Partners, Inc (Class A)	$	62,840
11,365	e*	FBR Capital Markets Corp		73,645
2,640		Fifth Street Finance Corp		26,532
1,670	e	GAMCO Investors, Inc (Class A)		99,031
8,411	e*	KBW, Inc		277,058
26,982	*	Knight Capital Group, Inc (Class A)		400,953
16,332	*	LaBranche & Co, Inc		73,494
9,986	*	MarketAxess Holdings, Inc		80,587
5,311	e*	Penson Worldwide, Inc		73,664
6,300	e*	Piper Jaffray Cos		272,475
6,338	e	Sanders Morris Harris Group, Inc		54,824
7,384	*	Stifel Financial Corp		368,462
7,897		SWS Group, Inc		159,204
6,213	e*	Thomas Weisel Partners Group, Inc		52,376
543	e	US Global Investors, Inc (Class A)		5,457
165		Westwood Holdings Group, Inc		7,821
		TOTAL SECURITY AND COMMODITY BROKERS		2,292,501
SOCIAL SERVICES - 0.11%
6,976	*	Capital Senior Living Corp		53,018
852	e*	Providence Service Corp		8,350
7,900	*	Res-Care, Inc		143,306
		TOTAL SOCIAL SERVICES		204,674
SPECIAL TRADE CONTRACTORS - 0.62%
203	e	Alico, Inc		9,628
1,917		Chemed Corp		78,712
12,715		Comfort Systems USA, Inc		169,872
12,708	e*	Dycom Industries, Inc		165,458
13,634	e*	EMCOR Group, Inc		358,847
8,804	e*	Insituform Technologies, Inc (Class A)		131,708
2,048	e*	Integrated Electrical Services, Inc		35,963
5,020	e*	Layne Christensen Co		177,859
		TOTAL SPECIAL TRADE CONTRACTORS		1,128,047
STONE, CLAY, AND GLASS PRODUCTS - 0.08%
4,536	e	Apogee Enterprises, Inc		68,176
1,096	e	Libbey, Inc		9,327
13,332	e*	US Concrete, Inc		59,594
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		137,097
TEXTILE MILL PRODUCTS - 0.06%
4,394	e	Oxford Industries, Inc		113,497
		TOTAL TEXTILE MILL PRODUCTS		113,497
TOBACCO PRODUCTS - 0.23%
8,382	e	Universal Corp		411,472
		TOTAL TOBACCO PRODUCTS		411,472
TRANSPORTATION BY AIR - 1.08%
19,011	e*	Airtran Holdings, Inc		46,197
12,042	e*	Alaska Air Group, Inc		245,536
849	*	Allegiant Travel Co		29,987
4,322	*	Atlas Air Worldwide Holdings, Inc		174,220

262

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
8,122	e*	Bristow Group, Inc	$	274,848
1,394	e*	Hawaiian Holdings, Inc		12,936
57,292	e*	JetBlue Airways Corp		283,595
1,458	e*	PHI, Inc		53,844
10,991	*	Republic Airways Holdings, Inc		111,998
19,377		Skywest, Inc		309,644
21,451	e	UAL Corp		188,554
38,200	e*	US Airways Group, Inc		230,346
		TOTAL TRANSPORTATION BY AIR		1,961,705
TRANSPORTATION EQUIPMENT - 2.02%
6,693		A.O. Smith Corp		262,299
9,691	e*	AAR Corp		160,774
20,954	e*	Accuride Corp		33,526
14,490	e	American Axle & Manufacturing Holdings, Inc		77,666
586	e	American Railcar Industries, Inc		9,399
24,354	e	ArvinMeritor, Inc		317,576
6,905	*	ATC Technology Corp		163,925
28,872	e	Brunswick Corp		369,273
6,111	e	Clarcor, Inc		231,912
33,496	e*	Dana Holding Corp		162,121
3,189	*	Dorman Products, Inc		39,958
3,254		Ducommun, Inc		77,706
16,172	e	Federal Signal Corp		221,556
11,963	e*	Force Protection, Inc		32,061
3,657	e	Freightcar America, Inc		107,040
190	e*	Fuel Systems Solutions, Inc		6,546
727	e*	GenTek, Inc		18,691
5,462	e	Greenbrier Cos, Inc		106,564
7,353	e	Group 1 Automotive, Inc		159,781
29,284	*	Hayes Lemmerz International, Inc		79,945
8,087	e	Kaman Corp		230,318
938	*	LMI Aerospace, Inc		18,863
1,241	e	Polaris Industries, Inc		56,453
10,213		Spartan Motors, Inc		32,477
7,371	e	Superior Industries International, Inc		141,228
15,796	e*	Tenneco, Inc		167,911
2,385	e	Triumph Group, Inc		109,018
30,824	e*	Visteon Corp		71,512
9,665	e	Wabash National Corp		91,334
2,025		Westinghouse Air Brake Technologies Corp		103,741
		TOTAL TRANSPORTATION EQUIPMENT		3,661,174
TRANSPORTATION SERVICES - 0.33%
1,572	*	Dynamex, Inc		44,739
4,122	*	HUB Group, Inc (Class A)		155,193
21,493	*	Lear Corp		225,677
11,254	e*	Orbitz Worldwide, Inc		66,061
6,832	e	Pacer International, Inc		112,523
		TOTAL TRANSPORTATION SERVICES		604,193
TRUCKING AND WAREHOUSING - 0.71%
7,620	e	Arkansas Best Corp		256,718
6,806	*	Celadon Group, Inc		78,065

263

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
7,018	e	Heartland Express, Inc	$	108,919
5,432	e*	Marten Transport Ltd		105,978
2,524	e*	Old Dominion Freight Line		71,530
460	*	Patriot Transportation Holding, Inc		36,340
4,335	*	Saia, Inc		57,569
1,577	e*	Universal Truckload Services, Inc		38,416
14,145	e	Werner Enterprises, Inc		307,088
18,919	e*	YRC Worldwide, Inc		226,271
		TOTAL TRUCKING AND WAREHOUSING		1,286,894
WATER TRANSPORTATION - 0.47%
6,546	e	DHT Maritime, Inc		43,989
1,965		Golar LNG Ltd		26,095
2,026	e*	Gulfmark Offshore, Inc		90,927
7,748	e*	Hornbeck Offshore Services, Inc		299,228
2,045	e*	International Shipholding Corp		44,786
8,398		Nordic American Tanker Shipping		269,240
2,723	e*	Odyssey Marine Exploration, Inc		12,362
8,028	e*	Ultrapetrol Bahamas Ltd		63,020
		TOTAL WATER TRANSPORTATION		849,647
WHOLESALE TRADE-DURABLE GOODS - 1.00%
7,319	e	Agilysys, Inc		73,849
9,945		Applied Industrial Technologies, Inc		267,819
7,444	e*	Beacon Roofing Supply, Inc		116,275
5,125	e	Castle (A.M.) & Co		88,560
6,917	*	Digi International, Inc		70,553
5,713	e*	Drew Industries, Inc		97,749
26,828		IKON Office Solutions, Inc		456,344
15,805	*	Insight Enterprises, Inc		211,945
10,388	*	Interline Brands, Inc		168,389
1,411		Lawson Products, Inc		39,014
1,481	e	Owens & Minor, Inc		71,829
13,351	e	PEP Boys-Manny Moe & Jack		82,509
2,908	e	Pool Corp		67,844
1,040	e*	TomoTherapy, Inc		4,763
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,817,442
WHOLESALE TRADE-NONDURABLE GOODS - 1.74%
7,499		Aceto Corp		71,915
7,850	e*	Alliance One International, Inc		29,830
6,090	e	Andersons, Inc		214,490
1,270	e*	BMP Sunstone Corp		8,814
2,879	e*	Core-Mark Holding Co, Inc		71,946
13,942	e*	Fresh Del Monte Produce, Inc		309,512
12,030	e*	Hain Celestial Group, Inc		331,186
48,532	e	Idearc, Inc		60,665
2,836	e	Kenneth Cole Productions, Inc (Class A)		41,689
8,862	e	K-Swiss, Inc (Class A)		154,199
2,014	e*	LSB Industries, Inc		27,894
1,947	e*	Maui Land & Pineapple Co, Inc		53,523
15,246	e	Men's Wearhouse, Inc		323,825
3,939	e	Myers Industries, Inc		49,671
4,054	e	Nash Finch Co		174,808

264

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
5,236		Nu Skin Enterprises, Inc (Class A)	$	84,928
1,772	*	Perry Ellis International, Inc		26,421
3,631	*	Schiff Nutrition International, Inc		24,800
6,419	e*	School Specialty, Inc		200,209
6,180	e	Spartan Stores, Inc		153,758
2,796	e*	Tractor Supply Co		117,572
10,062	e*	United Natural Foods, Inc		251,449
7,724	*	United Stationers, Inc		369,439
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,152,543
		TOTAL COMMON STOCKS		179,253,576
		(Cost $202,597,211)
SHORT-TERM INVESTMENTS - 29.07%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 29.07%
52,780,494		State Street Navigator Securities Lending Prime Portfolio		52,780,494
				52,780,494
		TOTAL SHORT-TERM INVESTMENTS		52,780,494
		(Cost $52,780,494)
		TOTAL PORTFOLIO - 127.78%		232,034,070
		(Cost $255,377,705)
		OTHER ASSETS & LIABILITIES, NET - (27.78)%		(50,443,514	)
		NET ASSETS - 100.00%	$	181,590,556
	*	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 $108,288.
	e	All or a portion of these securities are out on loan.
	m	Security that 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
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 98.43%
AGRICULTURAL PRODUCTION-CROPS - 0.07%
8,371	e*	Chiquita Brands International, Inc	$	132,346
646		Griffin Land & Nurseries, Inc (Class A)		23,954
		TOTAL AGRICULTURAL PRODUCTION-CROPS		156,300
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.08%
2,730	e	Cal-Maine Foods, Inc		74,911
9,438	e	Pilgrim's Pride Corp		23,501
65	e	Seaboard Corp		81,705
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		180,117
AGRICULTURAL SERVICES - 0.04%
2,857	*	Cadiz, Inc		54,483
2,674	e	Calavo Growers, Inc		33,318
		TOTAL AGRICULTURAL SERVICES		87,801
AMUSEMENT AND RECREATION SERVICES - 0.85%
10,996	*	Bally Technologies, Inc		332,959
1,851		Churchill Downs, Inc		90,662
2,800	e	Dover Downs Gaming & Entertainment, Inc		21,784
2,925	e	Dover Motorsports, Inc		15,941
6,109	e*	Leapfrog Enterprises, Inc		64,511
6,999	e*	Life Time Fitness, Inc		218,859
15,239	e*	Live Nation, Inc		247,939
9,836	e*	Marvel Entertainment, Inc		335,801
12,012	e*	Pinnacle Entertainment, Inc		90,811
21,771	e,v*	Six Flags, Inc		14,587
2,499		Speedway Motorsports, Inc		48,681
3,792	e*	Town Sports International Holdings, Inc		23,131
14,795	v*	Westwood One, Inc		7,397
8,818	*	WMS Industries, Inc		269,566
4,012		World Wrestling Entertainment, Inc (Class A)		62,025
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,844,654
APPAREL AND ACCESSORY STORES - 1.65%
13,444	e*	Aeropostale, Inc		431,687
6,538	e*	American Apparel, Inc		53,612
7,421	e	Bebe Stores, Inc		72,503
8,505	e	Brown Shoe Co, Inc		139,312
3,233	e	Buckle, Inc		179,561
2,515	*	Cache, Inc		17,278
11,426	*	Carter's, Inc		225,435
8,582	e*	Casual Male Retail Group, Inc		33,727
5,348		Cato Corp (Class A)		93,857
4,539	*	Charlotte Russe Holding, Inc		46,525
21,917	e*	Charming Shoppes, Inc		107,174

266

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
35,915	*	Chico's FAS, Inc	$	196,455
4,770	*	Children's Place Retail Stores, Inc		159,080
7,389	e	Christopher & Banks Corp		56,674
2,762	e*	Citi Trends, Inc		44,993
13,014	e*	Collective Brands, Inc		238,286
9,041	e*	Dress Barn, Inc		138,237
3,229	e*	DSW, Inc (Class A)		44,237
8,639		Finish Line, Inc (Class A)		86,304
9,420	*	HOT Topic, Inc		62,266
8,516	e*	J Crew Group, Inc		243,302
5,267	e*	Jo-Ann Stores, Inc		110,502
3,519	e*	JOS A Bank Clothiers, Inc		118,238
4,503	*	New York & Co, Inc		42,959
13,720	*	Pacific Sunwear Of California, Inc		92,336
1,662	*	Shoe Carnival, Inc		27,224
8,179		Stage Stores, Inc		111,725
1,287	e*	Syms Corp		17,387
4,720	e	Talbots, Inc		61,832
4,680	*	Tween Brands, Inc		45,817
6,641	e*	Under Armour, Inc (Class A)		210,918
17,791	*	Wet Seal, Inc (Class A)		64,581
		TOTAL APPAREL AND ACCESSORY STORES		3,574,024
APPAREL AND OTHER TEXTILE PRODUCTS - 0.54%
2,543	e	Columbia Sportswear Co		106,704
2,948	*	G-III Apparel Group Ltd		55,157
5,749	*	Gymboree Corp		204,090
3,481	e*	Lululemon Athletica, Inc		80,168
4,373	*	Maidenform Brands, Inc		63,452
25,495	*	Quiksilver, Inc		146,341
3,741	e*	True Religion Apparel, Inc		96,705
9,146	*	Warnaco Group, Inc		414,222
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,166,839
AUTO REPAIR, SERVICES AND PARKING - 0.27%
1,816	*	Amerco, Inc		76,145
6,544	e*	Dollar Thrifty Automotive Group, Inc		12,630
15,260	*	Exide Technologies		112,619
2,652	e*	Midas, Inc		36,491
3,069		Monro Muffler, Inc		70,771
1,826	*	Standard Parking Corp		40,574
7,801	*	Wright Express Corp		232,860
		TOTAL AUTO REPAIR, SERVICES AND PARKING		582,090
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.12%
1,948	e*	America's Car-Mart, Inc		36,213
6,180		Asbury Automotive Group, Inc		71,194
2,928	e*	MarineMax, Inc		21,169
6,502	*	Rush Enterprises, Inc (Class A)		83,226
5,507	e	Sonic Automotive, Inc (Class A)		46,589
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		258,391
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.02%
2,920	e*	Builders FirstSource, Inc		17,491

267

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,824	e*	Lumber Liquidators, Inc	$	22,909
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		40,400
BUSINESS SERVICES - 9.93%
82,169	*	3Com Corp		191,454
3,509	e*	3D Systems Corp		50,003
9,124		Aaron Rents, Inc		246,987
8,827		ABM Industries, Inc		192,782
7,090	e*	ACI Worldwide, Inc		124,217
13,205	*	Actuate Corp		46,218
12,696		Acxiom Corp		159,208
4,166		Administaff, Inc		113,399
3,280	e*	Advent Software, Inc		115,554
9,028	e	Aircastle Ltd		89,467
7,039	*	American Reprographics Co		121,423
5,919		American Software, Inc (Class A)		32,259
7,202	*	AMN Healthcare Services, Inc		126,539
5,434		Arbitron, Inc		242,845
1,290	*	ArcSight, Inc		9,843
17,194	*	Ariba, Inc		242,951
27,058	*	Art Technology Group, Inc		95,244
2,804	e*	Asset Acceptance Capital Corp		29,554
3,993	*	athenahealth, Inc		132,847
8,994	*	Avocent Corp		184,017
2,812	e*	Bankrate, Inc		109,415
49,961	e,v*	BearingPoint, Inc		24,981
6,755		BGC Partners, Inc (Class A)		28,979
9,080	e	Blackbaud, Inc		167,526
6,212	*	Blackboard, Inc		250,281
6,760	e*	Blue Coat Systems, Inc		95,924
4,248	*	Bottomline Technologies, Inc		44,179
12,487	e*	BPZ Energy, Inc		214,776
10,094		Brady Corp (Class A)		356,116
6,048	*	CACI International, Inc (Class A)		303,005
1,424	*	CAI International, Inc		15,749
5,814	e*	Callidus Software, Inc		23,023
2,925	*	Capella Education Co		125,366
6,466	e*	Cavium Networks, Inc		91,041
8,433	e*	CBIZ, Inc		71,259
6,135	*	Chordiant Software, Inc		31,473
10,387	*	Ciber, Inc		72,605
2,002	*	Clinical Data, Inc		32,192
9,208	e*	Cogent Communications Group, Inc		71,086
8,567	*	Cogent, Inc		87,555
8,555	e	Cognex Corp		172,469
8,824	*	Commvault Systems, Inc		106,329
4,616		Compass Diversified Trust		64,347
2,737	*	Compellent Technologies, Inc		33,939
2,014		Computer Programs & Systems, Inc		58,305
3,105	*	COMSYS IT Partners, Inc		30,181
8,665	e*	Concur Technologies, Inc		331,523
3,931	e*	Constant Contact, Inc		67,102
3,947	e*	CoStar Group, Inc		179,154
7,071	*	CSG Systems International, Inc		123,955

268

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
13,871	*	Cybersource Corp	$	223,462
6,391	e*	Data Domain, Inc		142,328
8,923	e*	DealerTrack Holdings, Inc		150,263
2,442	e*	Deltek, Inc		14,847
10,488		Deluxe Corp		150,922
3,800	e*	Dice Holdings, Inc		26,980
7,462	e*	Digital River, Inc		241,769
5,211	*	DivX, Inc		33,715
1,117	v*	DMRC Corp		13,019
3,350	*	Double-Take Software, Inc		33,333
4,781	*	DynCorp International, Inc (Class A)		80,130
22,204	*	Earthlink, Inc		188,734
392	e*	Ebix, Inc		36,832
6,242	e*	Echelon Corp		61,671
10,925	e*	Eclipsys Corp		228,879
4,174		Electro Rent Corp		56,057
11,830	*	Entrust, Inc		25,435
12,281	*	Epicor Software Corp		96,897
6,845	e*	EPIQ Systems, Inc		93,092
15,875	e*	Evergreen Energy, Inc		14,923
2,806	e*	ExlService Holdings, Inc		24,637
9,788		Fair Isaac Corp		225,613
7,379	e*	FalconStor Software, Inc		39,551
1,988	*	First Advantage Corp (Class A)		27,931
3,002	*	Forrester Research, Inc		88,019
11,973	*	Gartner, Inc		271,548
4,581	*	Gerber Scientific, Inc		41,870
4,892		Gevity HR, Inc		35,614
7,497	*	Global Cash Access, Inc		37,935
3,650	e*	Global Sources Ltd		36,756
1,803	e*	Guidance Software, Inc		8,456
3,020	e*	H&E Equipment Services, Inc		29,173
7,950	*	Hackett Group, Inc		43,248
8,841	e	Healthcare Services Group		161,702
4,727	e	Heartland Payment Systems, Inc		120,822
3,489	e	Heidrick & Struggles International, Inc		105,193
5,183	*	HMS Holdings Corp		124,185
4,050	e*	HSW International, Inc		10,530
5,257	*	Hudson Highland Group, Inc		36,536
11,460	*	Hypercom Corp		45,611
3,432	e*	i2 Technologies, Inc		46,298
1,549	*	ICT Group, Inc		12,469
4,741	*	iGate Corp		41,104
7,478		infoGROUP, Inc		49,430
17,795	*	Informatica Corp		231,157
6,661		Infospace, Inc		72,272
6,112	e*	Innerworkings, Inc		67,782
3,498	*	Integral Systems, Inc		72,653
7,468		Interactive Data Corp		188,343
2,686	e*	Interactive Intelligence, Inc		24,228
9,746	e*	Internap Network Services Corp		33,916
4,276	e*	Internet Brands, Inc (Class A)		29,804
7,477	*	Internet Capital Group, Inc		60,638
9,403	*	Interwoven, Inc		132,770

269

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
6,390	*	inVentiv Health, Inc	$	112,847
15,037		Jack Henry & Associates, Inc		305,702
4,974	*	JDA Software Group, Inc		75,654
5,079		Kelly Services, Inc (Class A)		96,755
4,598	*	Kenexa Corp		72,602
2,672	e*	Keynote Systems, Inc		35,404
5,896	*	Kforce, Inc		60,198
5,472	e*	Knot, Inc		45,691
9,474	*	Korn/Ferry International		168,827
25,838	*	Lawson Software, Inc		180,866
7,728	e*	Limelight Networks, Inc		19,320
2,826	e*	Liquidity Services, Inc		30,662
8,123	e*	Magma Design Automation, Inc		32,654
4,771	*	Manhattan Associates, Inc		106,584
4,123	*	Mantech International Corp (Class A)		244,453
5,085	e	Marchex, Inc (Class B)		52,325
18,254	*	Mentor Graphics Corp		207,183
1,885	*	MicroStrategy, Inc (Class A)		112,214
5,572	e*	Midway Games, Inc		13,206
10,247	*	ModusLink Global Solutions, Inc		98,474
2,918	*	Monotype Imaging Holdings, Inc		32,477
24,809	e*	Move, Inc		52,595
18,992	*	MPS Group, Inc		191,439
8,696	e*	MSC.Software Corp		93,047
1,261	*	NCI, Inc (Class A)		35,913
7,598	*	Ness Technologies, Inc		87,149
8,106	e*	NetFlix, Inc		250,313
5,692	*	Netscout Systems, Inc		60,563
1,300	e*	NetSuite, Inc		23,426
8,698		NIC, Inc		60,016
12,546	e*	Omniture, Inc		230,345
7,401	*	On Assignment, Inc		58,320
6,354	*	Online Resources Corp		49,371
18,565	*	OpenTV Corp (Class A)		26,177
2,556	e*	Opnet Technologies, Inc		31,132
23,157	*	Parametric Technology Corp		426,089
4,032		PC-Tel, Inc		37,578
2,793		Pegasystems, Inc		36,058
4,304	*	PeopleSupport, Inc		50,314
6,193	*	Perficient, Inc		41,121
17,388	*	Perot Systems Corp (Class A)		301,682
8,735	*	Phase Forward, Inc		182,649
5,332	*	Phoenix Technologies Ltd		42,603
2,940	e*	Portfolio Recovery Associates, Inc		142,972
12,527	*	Premiere Global Services, Inc		176,130
8,348	*	Progress Software Corp		216,964
2,484	*	PROS Holdings, Inc		23,325
1,692	e*	Protection One, Inc		14,906
3,019	e	QAD, Inc		20,891
3,390	e	Quality Systems, Inc		143,261
14,633	*	Quest Software, Inc		185,693
5,350	*	Radiant Systems, Inc		46,491
4,264	*	Radisys Corp		36,670
8,708	e*	Raser Technologies, Inc		74,018

270

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
17,460	*	RealNetworks, Inc	$	88,697
2,138	e	Renaissance Learning, Inc		27,773
13,412	*	Rent-A-Center, Inc		298,819
5,380	*	RightNow Technologies, Inc		67,627
4,154	e*	Riskmetrics Group Inc		81,294
8,045		Rollins, Inc		152,694
9,201	e*	RSC Holdings, Inc		104,523
10,339	*	S1 Corp		63,275
18,355	*	Sapient Corp		136,378
10,246	e*	Secure Computing Corp		56,148
2,569	*	SI International, Inc		77,198
5,897	e*	Smith Micro Software, Inc		41,869
11,970	*	SonicWALL, Inc		62,723
41,311	e*	Sonus Networks, Inc		118,976
13,545	e	Sotheby's (Class A)		271,713
3,881	e*	Sourcefire, Inc		28,292
10,630	*	Spherion Corp		51,768
3,454	*	SPSS, Inc		101,409
8,631	*	SRA International, Inc (Class A)		195,320
3,988	e*	Stratasys, Inc		69,670
4,422	e*	SuccessFactors, Inc		48,200
8,953	*	SupportSoft, Inc		26,859
15,938	*	Sybase, Inc		488,022
6,384	*	SYKES Enterprises, Inc		140,193
4,252	e*	Synchronoss Technologies, Inc		40,011
3,363	e*	SYNNEX Corp		75,129
2,496	e	Syntel, Inc		61,152
15,454		Take-Two Interactive Software, Inc		253,446
3,167	e	TAL International Group, Inc		65,937
5,220	*	Taleo Corp (Class A)		103,826
2,700	e*	TechTarget, Inc		18,900
7,886	*	TeleTech Holdings, Inc		98,102
1,847	e	Textainer Group Holdings Ltd		28,056
3,922	e	TheStreet.com, Inc		23,493
13,467	*	THQ, Inc		162,143
37,497	*	TIBCO Software, Inc		274,478
4,735	*	TNS, Inc		91,717
6,219	*	TradeStation Group, Inc		58,148
8,908	*	TrueBlue, Inc		143,953
5,149	e*	Ultimate Software Group, Inc		139,023
2,706	e*	Unica Corp		21,215
15,930		United Online, Inc		149,901
17,534	*	Valueclick, Inc		179,373
5,205	e*	Vasco Data Security International		53,924
4,179		Viad Corp		120,313
4,871	*	Vignette Corp		52,314
1,697	e*	Virtusa Corp		11,047
3,111	*	Vocus, Inc		105,649
2,363	*	Volt Information Sciences, Inc		21,220
9,145	*	Websense, Inc		204,391
5,344	e*	Website Pros, Inc		28,858
14,696	*	Wind River Systems, Inc		146,960
		TOTAL BUSINESS SERVICES		21,507,166

271

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
CHEMICALS AND ALLIED PRODUCTS - 7.25%
8,562	e*	Acadia Pharmaceuticals, Inc	$	22,946
7,441	e*	Acorda Therapeutics, Inc		177,468
1,590	e*	Acura Pharmaceuticals, Inc		11,178
8,905	*	Adolor Corp		30,722
4,879	*	Albany Molecular Research, Inc		88,261
15,450	*	Alexion Pharmaceuticals, Inc		607,185
5,447	e*	Alexza Pharmaceuticals, Inc		26,908
19,211	*	Alkermes, Inc		255,506
11,488	e*	Allos Therapeutics, Inc		85,126
7,151	e*	Alnylam Pharmaceuticals, Inc		207,021
8,383	e*	Alpharma, Inc (Class A)		309,249
3,410	e*	AMAG Pharmaceuticals, Inc		132,069
11,951	*	American Oriental Bioengineering, Inc		77,562
3,647	e	American Vanguard Corp		54,997
1,254	e*	Amicus Therapeutics, Inc		18,960
5,071		Arch Chemicals, Inc		179,006
2,087	*	Ardea Biosciences, Inc		28,863
14,281	e*	Arena Pharmaceuticals, Inc		71,405
7,262	e*	Arqule, Inc		23,384
9,560	e*	Array Biopharma, Inc		73,421
8,269	e*	Auxilium Pharmaceuticals, Inc		267,916
5,347	e*	Aventine Renewable Energy Holdings, Inc		16,897
3,505		Balchem Corp		93,478
2,080	e*	Biodel, Inc		6,968
4,254	e*	BioForm Medical, Inc		16,676
2,574	e*	BioMimetic Therapeutics, Inc		28,468
4,238	e*	Cadence Pharmaceuticals, Inc		37,633
8,390	e*	Calgon Carbon Corp		170,820
5,126	*	Cambrex Corp		31,525
2,205	e*	Caraco Pharmaceutical Laboratories Ltd		27,585
16,646	e*	Cell Genesys, Inc		9,821
2,884	*	Celldex Therapeutics, Inc		33,541
3,456	e*	Chattem, Inc		270,190
3,305	*	China Precision Steel, Inc		11,006
9,056	e*	Columbia Laboratories, Inc		23,727
3,236	e*	Cougar Biotechnology, Inc		108,050
11,334	e*	Cubist Pharmaceuticals, Inc		251,955
7,274	*	Cypress Bioscience, Inc		53,464
6,459	*	Cytokinetics, Inc		30,616
3,846	e*	Cytori Therapeutics, Inc		20,307
18,013	e*	Dendreon Corp		102,854
19,897	e*	Discovery Laboratories, Inc		37,207
16,448	*	Durect Corp		92,109
4,727	*	Elizabeth Arden, Inc		92,791
2,613	e*	Emergent Biosolutions, Inc		34,204
8,660	e*	Enzon Pharmaceuticals, Inc		63,911
8,857		Ferro Corp		178,026
15,062	e*	Geron Corp		59,495
3,871	e*	GTx, Inc		73,626
9,741		H.B. Fuller Co		203,295
12,673	e*	Halozyme Therapeutics, Inc		93,020
22,745		Hercules, Inc		450,124
27,712	*	Human Genome Sciences, Inc		175,971

272

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
5,346	*	ICO, Inc	$	29,991
4,641	*	Idenix Pharmaceuticals, Inc		33,554
3,976	e*	Idera Pharmaceuticals, Inc		55,942
14,081	*	Immucor, Inc		450,029
10,200	e*	Immunogen, Inc		50,082
15,039	e*	Indevus Pharmaceuticals, Inc		50,381
2,600		Innophos Holdings, Inc		63,388
4,984		Innospec, Inc		60,107
8,150	e*	Inspire Pharmaceuticals, Inc		29,096
3,122	e	Inter Parfums, Inc		42,334
6,112	e*	InterMune, Inc		104,576
11,209	e*	Javelin Pharmaceuticals, Inc		29,143
2,090	e*	Jazz Pharmaceuticals, Inc		10,325
3,289	e	Kaiser Aluminum Corp		141,263
4,229		Koppers Holdings, Inc		158,207
6,609	e*	KV Pharmaceutical Co (Class A)		150,090
4,479	*	Landec Corp		36,683
18,085	e*	Ligand Pharmaceuticals, Inc (Class B)		53,351
4,175	e	Mannatech, Inc		16,700
9,324	e*	MannKind Corp		35,991
1,505	e*	MAP Pharmaceuticals, Inc		15,231
3,785	e*	Marshall Edwards, Inc		8,138
6,610	e	Martek Biosciences Corp		207,686
25,749	*	Medarex, Inc		166,596
10,457	*	Medicines Co		242,812
11,345	e	Medicis Pharmaceutical Corp (Class A)		169,154
5,311	e*	Medivation, Inc		140,529
8,107		Meridian Bioscience, Inc		235,427
6,912	e*	MiddleBrook Pharmaceuticals, Inc		10,368
3,795		Minerals Technologies, Inc		225,271
3,420	e*	Molecular Insight Pharmaceuticals, Inc		26,266
5,048	e*	Momenta Pharmaceuticals, Inc		66,179
10,196	e*	Nabi Biopharmaceuticals		47,513
2,505	*	Nanosphere, Inc		21,368
8,013	e*	Neurocrine Biosciences, Inc		37,581
2,823	e	NewMarket Corp		148,377
1,246	e	NL Industries, Inc		12,796
10,132	e*	Novavax, Inc		29,383
5,102	e*	Noven Pharmaceuticals, Inc		59,591
9,113	*	NPS Pharmaceuticals, Inc		65,067
3,432	*	Obagi Medical Products, Inc		34,251
15,031		Olin Corp		291,601
6,178	e*	OM Group, Inc		139,005
2,762	e*	Omrix Biopharmaceuticals, Inc		49,550
11,174	e*	Onyx Pharmaceuticals, Inc		404,275
9,331	*	Opko Health, Inc		16,329
4,684	e*	Optimer Pharmaceuticals, Inc		37,238
10,346	e*	OraSure Technologies, Inc		50,902
3,864	e*	Orexigen Therapeutics, Inc		41,693
11,497	*	OSI Pharmaceuticals, Inc		566,687
3,194	e*	Osiris Therapeutics, Inc		61,612
12,326	e*	Pacific Ethanol, Inc		17,133
7,625	e*	Pain Therapeutics, Inc		74,496
6,684	e*	Par Pharmaceutical Cos, Inc		82,146

273

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
11,379	*	Parexel International Corp	$	326,122
23,992		PDL BioPharma, Inc		223,366
4,598	e*	PetMed Express, Inc		72,189
3,439	*	Pharmasset, Inc		68,608
6,272	*	PharMerica Corp		141,057
18,042	*	PolyOne Corp		116,371
5,046	e*	Pozen, Inc		53,033
6,523	*	Prestige Brands Holdings, Inc		57,924
5,149	e*	Progenics Pharmaceuticals, Inc		68,533
2,109	*	Protalix BioTherapeutics, Inc		4,703
12,238	e*	Questcor Pharmaceuticals, Inc		89,949
5,456	*	Quidel Corp		89,533
5,620	e*	Rexahn Pharmaceuticals, Inc		7,250
8,384	*	Rockwood Holdings, Inc		215,133
9,250	e*	Salix Pharmaceuticals Ltd		59,293
6,350		Sciele Pharma, Inc		195,517
9,662		Sensient Technologies Corp		271,792
18,744	*	Solutia, Inc		262,416
1,227		Stepan Co		66,957
1,763	e*	Sucampo Pharmaceuticals, Inc (Class A)		15,038
3,193	e*	SurModics, Inc		100,548
3,225	e*	Synta Pharmaceuticals Corp		24,575
3,510	*	Targacept, Inc		20,393
3,235	*	Tercica, Inc		28,921
10,566	e*	Theravance, Inc		131,652
3,927	e*	Ulta Salon Cosmetics & Fragrance, Inc		52,151
8,763	*	Unifi, Inc		42,413
4,523	e*	United Therapeutics Corp		475,684
1,522	e*	USANA Health Sciences, Inc		62,387
21,499	e*	USEC, Inc		116,310
14,355	e*	Valeant Pharmaceuticals International		293,847
21,538	e*	Verasun Energy Corp		67,414
14,229	*	Viropharma, Inc		186,685
3,705	e	Westlake Chemical Corp		77,916
14,494	*	WR Grace & Co		219,149
5,073	*	Xenoport, Inc		245,990
28,352	e*	XOMA Ltd		59,539
6,906	e*	Zymogenetics, Inc		45,994
		TOTAL CHEMICALS AND ALLIED PRODUCTS		15,708,349
COAL MINING - 0.15%
25,581	e*	International Coal Group, Inc		159,626
5,181	e*	James River Coal Co		113,930
4,958	e*	National Coal Corp		25,930
1,838	e*	Westmoreland Coal Co		29,040
		TOTAL COAL MINING		328,526
COMMUNICATIONS - 2.09%
9,089	e	Alaska Communications Systems Group, Inc		111,158
6,000	e*	Anixter International, Inc		357,060
10,104	e*	Aruba Networks, Inc		51,834
1,832		Atlantic Tele-Network, Inc		51,296
3,540	e*	Audiovox Corp (Class A)		33,170
9,291	e*	Brightpoint, Inc		66,895

274

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,631	e*	Cbeyond Communications, Inc	$	66,640
13,043	*	Centennial Communications Corp (Class A)		81,388
79,001	e*	Charter Communications, Inc (Class A)		57,671
48,860	*	Cincinnati Bell, Inc		150,977
36,370	e,v*	Citadel Broadcasting Corp		29,823
4,478	e	Consolidated Communications Holdings, Inc		67,528
5,647	e*	Cox Radio, Inc (Class A)		59,632
3,482	e*	Crown Media Holdings, Inc (Class A)		17,515
5,014	e*	Cumulus Media, Inc (Class A)		21,360
3,339	*	DG FastChannel, Inc		73,191
5,821		Entercom Communications Corp (Class A)		29,221
11,478	*	Entravision Communications Corp (Class A)		30,876
17,225	e	Fairpoint Communications, Inc		149,341
26,977	e*	FiberTower Corp		37,228
1,292		Fisher Communications, Inc		50,905
29,333	*	Foundry Networks, Inc		534,154
9,532	e*	General Communication, Inc (Class A)		88,266
3,638	e*	GeoEye, Inc		80,509
5,527	e*	Global Crossing Ltd		83,789
2,292	*	Global Traffic Network, Inc		21,247
8,100	e*	Globalstar, Inc		13,770
10,737	e	Gray Television, Inc		18,468
1,390	*	Hughes Communications, Inc		51,013
927	e*	Hungarian Telephone & Cable		18,447
5,796		Ibasis, Inc		20,228
20,015	e*	ICO Global Communications Holdings Ltd (Class A)		21,816
12,998	e,v*	IDT Corp (Class B)		9,619
6,875	e	Iowa Telecommunications Services, Inc		128,425
3,317	*	iPCS, Inc		73,870
8,944	*	j2 Global Communications, Inc		208,842
5,484	e*	Knology, Inc		44,256
4,800	e*	Lin TV Corp (Class A)		24,768
9,117	*	Mastec, Inc		121,165
8,833	e*	Mediacom Communications Corp (Class A)		52,291
3,221	*	Neutral Tandem, Inc		59,717
9,395	e*	Nextwave Wireless, Inc		5,637
6,777	e*	Novatel Wireless, Inc		41,069
6,207		NTELOS Holdings Corp		166,906
6,100	e*	Orbcomm, Inc		30,073
23,920	e*	PAETEC Holding Corp		51,428
473	e	Preformed Line Products Co		27,595
7,284	*	RCN Corp		89,302
7,273	e*	SAVVIS, Inc		97,749
4,551		Shenandoah Telecom Co		100,441
10,142	e	Sinclair Broadcast Group, Inc (Class A)		51,116
3,966	e*	Switch & Data Facilities Co, Inc		49,377
10,452	*	Syniverse Holdings, Inc		173,608
6,504	*	TeleCommunication Systems, Inc (Class A)		44,943
10,077	e*	Terremark Worldwide, Inc		69,229
11,259	e*	TerreStar Corp		11,259
19,704	e*	TiVo, Inc		144,233
5,118		USA Mobility, Inc		56,298
8,330	*	Virgin Mobile USA, Inc (Class A)		24,490
13,802	e,v*	Vonage Holdings Corp		13,802
		TOTAL COMMUNICATIONS		4,517,924

275

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
DEPOSITORY INSTITUTIONS - 8.25%
3,076		1st Source Corp	$	72,286
4,726	e	Abington Bancorp, Inc		47,827
4,044	e	Amcore Financial, Inc		37,407
3,217	e	Ameris Bancorp		47,772
1,243	e	Ames National Corp		32,256
3,495	e	Anchor Bancorp Wisconsin, Inc		25,688
1,771	e	Arrow Financial Corp		52,085
1,609		Bancfirst Corp		77,763
5,273		Banco Latinoamericano de Exportaciones S.A. (Class E)		76,037
4,669	e	BancTrust Financial Group, Inc		61,257
10,156		Bank Mutual Corp		115,271
2,394	e	Bank of the Ozarks, Inc		64,638
4,040	e	BankFinancial Corp		59,307
2,927	e	Banner Corp		35,153
6,560	*	Beneficial Mutual Bancorp, Inc		82,984
2,250	e	Berkshire Hills Bancorp, Inc		72,000
10,481		Boston Private Financial Holdings, Inc		91,604
11,873		Brookline Bancorp, Inc		151,856
652	e	Brooklyn Federal Bancorp, Inc		9,643
1,334	e	Bryn Mawr Bank Corp		29,321
1,489	e	Camden National Corp		52,041
2,188	e	Capital City Bank Group, Inc		68,594
3,177	e	Capitol Bancorp Ltd		61,920
4,667		Cardinal Financial Corp		37,709
4,038	e	Cascade Bancorp		35,898
1,481	e	Cass Information Systems, Inc		53,094
9,938	e	Cathay General Bancorp		236,524
1,780	e	Centerstate Banks of Florida, Inc		31,809
5,472	e	Central Pacific Financial Corp		91,984
4,789	e	Chemical Financial Corp		149,129
1,730	e	Citizens & Northern Corp		37,282
19,280	e	Citizens Republic Bancorp, Inc		59,382
3,304	e	City Bank		51,542
3,331		City Holding Co		140,735
2,707	e	Clifton Savings Bancorp, Inc		32,457
4,031	e	CoBiz, Inc		48,412
40,586	e	Colonial Bancgroup, Inc		319,006
3,505		Columbia Banking System, Inc		62,144
6,074	e	Community Bank System, Inc		152,761
3,096		Community Trust Bancorp, Inc		106,502
7,510	e	Corus Bankshares, Inc		30,416
12,789	e	CVB Financial Corp		177,767
4,966		Dime Community Bancshares		75,583
4,686	*	Dollar Financial Corp		72,118
7,814	e	Downey Financial Corp		21,879
12,928	e	East West Bancorp, Inc		177,114
1,251	e*	Encore Bancshares, Inc		22,518
2,142	e	Enterprise Financial Services Corp		48,324
3,282	e	ESSA Bancorp, Inc		45,620
9,781	e*	Euronet Worldwide, Inc		163,636
1,203		Farmers Capital Bank Corp		32,505

276

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,117	e	Financial Institutions, Inc	$	42,361
2,773	e	First Bancorp		47,418
14,854	e	First Bancorp		164,285
1,681	e	First Bancorp, Inc		32,948
5,329	e	First Busey Corp (Class A)		97,681
14,715	e	First Commonwealth Financial Corp		198,211
1,782	e	First Community Bancshares, Inc		66,861
7,259	e	First Financial Bancorp		105,981
4,211	e	First Financial Bankshares, Inc		218,467
2,305	e	First Financial Corp		108,289
2,457		First Financial Holdings, Inc		64,324
4,421		First Financial Northwest, Inc		45,625
3,799		First Merchants Corp		86,617
9,763		First Midwest Bancorp, Inc		236,655
22,056	e	First Niagara Financial Group, Inc		347,382
3,145		First Place Financial Corp		40,413
1,625	e	First South Bancorp, Inc		28,064
3,336	e*	FirstFed Financial Corp		26,154
16,253		FirstMerit Corp		341,313
10,453	e	Flagstar Bancorp, Inc		31,150
4,139		Flushing Financial Corp		72,433
17,606	e	FNB Corp		281,344
1,190	*	Fox Chase Bancorp, Inc		13,923
9,086	e	Frontier Financial Corp		122,025
10,851	e	Glacier Bancorp, Inc		268,779
2,514	e	Greene County Bancshares, Inc		59,104
10,214	*	Guaranty Bancorp		62,305
5,180	e	Hancock Holding Co		264,180
7,259	e	Hanmi Financial Corp		36,658
6,063	e	Harleysville National Corp		102,950
2,536	e	Heartland Financial USA, Inc		63,552
2,258	e	Heritage Commerce Corp		34,367
2,561	e	Home Bancshares, Inc		66,253
1,276		Home Federal Bancorp, Inc		16,269
2,720		IBERIABANK Corp		143,752
3,144		Independent Bank Corp		97,998
4,825	e	Integra Bank Corp		38,504
10,219		International Bancshares Corp		275,913
9,530	*	Investors Bancorp, Inc		143,427
3,801	e	Kearny Financial Corp		46,524
4,424	e	Lakeland Bancorp, Inc		51,717
2,615		Lakeland Financial Corp		57,425
3,798	e	MainSource Financial Group, Inc		74,441
7,150	e	MB Financial, Inc		236,451
2,029	e*	Meridian Interstate Bancorp, Inc		20,716
5,647	e	Midwest Banc Holdings, Inc		22,588
4,388	e	Nara Bancorp, Inc		49,146
636	e	NASB Financial, Inc		20,664
15,995	e	National Penn Bancshares, Inc		233,527
6,567	e	NBT Bancorp, Inc		196,485
9,078	*	Net 1 UEPS Technologies, Inc		202,712
21,838		NewAlliance Bancshares, Inc		328,225
3,600	*	Northfield Bancorp, Inc		43,596
3,294	e	Northwest Bancorp, Inc		90,717

277

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,708		OceanFirst Financial Corp	$	30,949
13,336	e	Old National Bancorp		266,987
2,664	e	Old Second Bancorp, Inc		49,337
4,706		Oriental Financial Group, Inc		84,049
2,510	e*	Oritani Financial Corp		42,294
9,338	e	Pacific Capital Bancorp		190,028
2,066	e	Pacific Continental Corp		30,246
4,594	e	PacWest Bancorp		131,342
2,186	e	Park National Corp		170,508
1,607	e	Peapack Gladstone Financial Corp		53,834
1,006	e*	Pennsylvania Commerce Bancorp, Inc		29,989
1,971		Peoples Bancorp, Inc		42,909
4,368	e*	Pinnacle Financial Partners, Inc		134,534
3,752	e	Premierwest Bancorp		30,279
4,326	e	PrivateBancorp, Inc		180,221
7,883	e	Prosperity Bancshares, Inc		267,943
6,693	e	Provident Bankshares Corp		64,989
11,540		Provident Financial Services, Inc		190,525
8,231	e	Provident New York Bancorp		108,814
4,314	e	Renasant Corp		93,657
2,016	e	Republic Bancorp, Inc (Class A)		61,125
1,839	e	Rockville Financial, Inc		28,964
1,805	e	Roma Financial Corp		26,624
4,706	e	S&T Bancorp, Inc		173,322
2,590	e	S.Y. Bancorp, Inc		79,306
3,549	e	Sandy Spring Bancorp, Inc		78,433
1,281		Santander BanCorp		13,835
2,161		SCBT Financial Corp		81,254
3,144	e	Seacoast Banking Corp of Florida		33,735
1,628		Shore Bancshares, Inc		41,840
1,533	e	Sierra Bancorp		31,978
5,986	*	Signature Bank		208,792
2,702		Simmons First National Corp (Class A)		96,191
1,898	e	Smithtown Bancorp, Inc		42,705
14,967	e	South Financial Group, Inc		109,708
2,331		Southside Bancshares, Inc		58,741
3,115		Southwest Bancorp, Inc		55,042
2,776	e	State Bancorp, Inc		41,362
4,373	e	StellarOne Corp		90,390
3,471		Sterling Bancorp		50,191
14,153		Sterling Bancshares, Inc		147,899
10,433	e	Sterling Financial Corp		151,278
1,836	e	Suffolk Bancorp		72,357
2,663	e*	Sun Bancorp, Inc		36,084
17,219	e	Susquehanna Bancshares, Inc		336,115
5,964	*	SVB Financial Group		345,435
5,645	e*	Texas Capital Bancshares, Inc		117,190
1,161	e	Tompkins Trustco, Inc		58,630
4,014	e	TowneBank		88,308
3,069		Trico Bancshares		66,076
14,640	e	Trustco Bank Corp NY		171,434
10,200	e	Trustmark Corp		211,548
21,401	e	UCBH Holdings, Inc		137,180
6,242		UMB Financial Corp		327,830

278

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
11,626	e	Umpqua Holdings Corp	$	171,018
2,861	e	Union Bankshares Corp		68,664
7,652	e	United Bankshares, Inc		267,820
8,271	e	United Community Banks, Inc		109,675
5,459	e	United Community Financial Corp		27,295
3,437		United Financial Bancorp, Inc		51,039
1,674	e	United Security Bancshares		27,387
2,608	e	Univest Corp of Pennsylvania		96,496
2,060		ViewPoint Financial Group		36,050
21,011	e,v	W Holding Co, Inc		9,875
2,082		Washington Trust Bancorp, Inc		55,381
1,389	e*	Waterstone Financial, Inc		13,570
5,135	e	WesBanco, Inc		136,694
3,376	e	West Bancorporation, Inc		43,989
3,196		West Coast Bancorp		46,853
5,834	e	Westamerica Bancorporation		335,630
3,466	e*	Western Alliance Bancorp		53,584
6,134		Westfield Financial, Inc		63,180
3,616	e	Wilshire Bancorp, Inc		44,007
4,527	e	Wintrust Financial Corp		132,867
1,221		WSFS Financial Corp		73,260
2,210	e	Yadkin Valley Financial Corp		37,482
		TOTAL DEPOSITORY INSTITUTIONS		17,873,581
EATING AND DRINKING PLACES - 1.28%
5,694	*	AFC Enterprises		41,338
3,401	e*	BJ's Restaurants, Inc		40,608
6,409	e	Bob Evans Farms, Inc		174,902
3,444	e*	Buffalo Wild Wings, Inc		138,587
4,709	e*	California Pizza Kitchen, Inc		60,605
4,289		CBRL Group, Inc		112,801
4,534	*	CEC Entertainment, Inc		150,529
13,530	*	Cheesecake Factory		197,809
10,140		CKE Restaurants, Inc		107,484
20,503	*	Denny's Corp		52,898
3,604	e	DineEquity, Inc		60,763
8,001	*	Domino's Pizza, Inc		97,132
859	*	Einstein Noah Restaurant Group, Inc		8,659
11,812	*	Jack in the Box, Inc		249,233
12,380	e*	Krispy Kreme Doughnuts, Inc		40,854
2,295	e	Landry's Restaurants, Inc		35,687
4,179	*	Luby's, Inc		33,599
4,080	e	O'Charleys, Inc		35,700
4,228	*	Papa John's International, Inc		114,832
4,885	e*	PF Chang's China Bistro, Inc		114,993
3,482	e*	Red Robin Gourmet Burgers, Inc		93,318
1,794	e*	Rick's Cabaret International, Inc		17,617
10,403	e*	Ruby Tuesday, Inc		60,233
3,394	e*	Ruth's Chris Steak House, Inc		13,338
12,162	e*	Sonic Corp		177,200
5,126	e*	Steak N Shake Co		44,494
10,141	e*	Texas Roadhouse, Inc (Class A)		91,168
78,796	e	Wendy's/Arby's Group, Inc (Class A)		414,467
		TOTAL EATING AND DRINKING PLACES		2,780,848

279

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
EDUCATIONAL SERVICES - 0.24%
2,133	*	American Public Education, Inc	$	102,981
17,124	e*	Corinthian Colleges, Inc		256,860
1,150	*	K12, Inc		30,475
1,728	*	Learning Tree International, Inc		21,514
857	*	Lincoln Educational Services Corp		11,338
2,590	e*	Princeton Review, Inc		20,720
4,123	e*	Universal Technical Institute, Inc		70,338
		TOTAL EDUCATIONAL SERVICES		514,226
ELECTRIC, GAS, AND SANITARY SERVICES - 4.16%
5,305		Allete, Inc		236,073
3,149		American Ecology Corp		87,133
3,337		American States Water Co		128,475
10,661		Avista Corp		231,450
17,217	e*	Beacon Power Corp		24,965
7,724		Black Hills Corp		239,985
3,938		California Water Service Group		151,613
4,597	*	Casella Waste Systems, Inc (Class A)		53,969
2,003		Central Vermont Public Service Corp		46,950
3,190	e	CH Energy Group, Inc		138,988
1,314	e	Chesapeake Utilities Corp		43,638
4,217	e*	Clean Energy Fuels Corp		59,671
3,969	*	Clean Harbors, Inc		268,106
12,106		Cleco Corp		305,677
1,623	e	Connecticut Water Service, Inc		46,986
2,641	e	Consolidated Water Co, Inc		44,950
8,082	e	Crosstex Energy, Inc		201,808
8,997	*	El Paso Electric Co		188,937
7,091		Empire District Electric Co		151,393
7,083	e	EnergySolutions, Inc		70,830
1,503		EnergySouth, Inc		92,329
1,867	e*	EnerNOC, Inc		19,305
9,055	e	Idacorp, Inc		263,410
9,937		ITC Holdings Corp		514,438
4,223		Laclede Group, Inc		204,773
4,532		MGE Energy, Inc		161,113
2,567		Middlesex Water Co		44,845
8,431		New Jersey Resources Corp		302,589
8,994	e	Nicor, Inc		398,884
5,310		Northwest Natural Gas Co		276,120
7,919		NorthWestern Corp		199,004
3,725	e	Ormat Technologies, Inc		135,329
7,074	e	Otter Tail Corp		217,384
3,398	e*	Pico Holdings, Inc		122,022
14,759		Piedmont Natural Gas Co, Inc		471,698
3,641	*	Pike Electric Corp		53,632
15,500	e*	Plug Power, Inc		15,345
17,318	e	PNM Resources, Inc		177,336
12,470		Portland General Electric Co		295,040
2,341	e	Resource America, Inc (Class A)		22,240
2,744		SJW Corp		82,238
6,014		South Jersey Industries, Inc		214,700

280

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
8,702		Southwest Gas Corp	$	263,322
4,730	e	Southwest Water Co		60,307
68	b,m,v*	Touch America Holdings, Inc		-
5,071		UIL Holdings Corp		174,087
6,950		Unisource Energy Corp		202,870
13,350	*	Waste Connections, Inc		457,905
4,594	*	Waste Services, Inc		34,041
21,034	d	Westar Energy, Inc		484,623
9,940		WGL Holdings, Inc		322,553
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		9,005,079
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.94%
5,245	e*	Acme Packet, Inc		30,054
4,888	*	Actel Corp		61,002
8,157	e	Acuity Brands, Inc		340,636
23,389	*	Adaptec, Inc		76,716
11,293	e	Adtran, Inc		220,101
8,846	e*	Advanced Analogic Technologies, Inc		41,134
8,039	e*	Advanced Battery Technologies, Inc		25,966
6,364	*	Advanced Energy Industries, Inc		87,060
4,678	e*	Airvana, Inc		27,553
8,479	e*	American Superconductor Corp		199,850
22,088	*	Amkor Technology, Inc		140,701
12,108	e*	Anadigics, Inc		34,023
12,525	*	Applied Micro Circuits Corp		74,900
2,435		Applied Signal Technology, Inc		42,320
24,682	*	Arris Group, Inc		190,792
1,449	e*	Ascent Solar Technologies, Inc		8,810
11,928	e*	Atheros Communications, Inc		281,262
6,208	*	ATMI, Inc		111,620
2,596	*	Avanex Corp		12,149
2,566	*	AZZ, Inc		106,155
9,273	e	Baldor Electric Co		267,155
2,307		Bel Fuse, Inc (Class B)		65,680
13,746	*	Benchmark Electronics, Inc		193,544
6,359	e*	BigBand Networks, Inc		23,465
19,461	e*	Bookham, Inc		21,991
28,192	e*	Capstone Turbine Corp		36,368
5,294	*	Ceradyne, Inc		194,078
3,895	e*	Ceva, Inc		32,329
8,234	*	Checkpoint Systems, Inc		154,964
5,844	e*	China BAK Battery, Inc		21,038
16	m,v*	China Energy Savings Technology, Inc		1
5,204	e*	China Security & Surveillance Technology, Inc		72,232
4,876	*	Comtech Telecommunications Corp		240,094
1,843	*	CPI International, Inc		26,687
6,398		CTS Corp		81,766
3,154		Cubic Corp		77,557
5,601	e*	Diodes, Inc		103,338
5,763	*	DSP Group, Inc		44,087
3,819	e*	DTS, Inc		106,283
5,191	*	Electro Scientific Industries, Inc		73,816
14,200	e*	Emcore Corp		70,148
2,979	*	EMS Technologies, Inc		66,461

281

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
9,057	e*	Energy Conversion Devices, Inc	$	527,570
5,666	*	EnerSys		111,677
1,776	*	Entropic Communications, Inc		2,504
26,837	e*	Evergreen Solar, Inc		148,140
7,603	e*	Exar Corp		58,239
81,586	e*	Finisar Corp		82,402
4,634	e	Franklin Electric Co, Inc		206,445
14,787	e*	FuelCell Energy, Inc		89,166
3,904	e*	Globecomm Systems, Inc		34,121
23,999	*	GrafTech International Ltd		362,625
4,338	*	Greatbatch, Inc		106,455
82	m	GreenHunter Energy, Inc		-
831	e*	GreenHunter Energy, Inc		11,842
6,190	*	GT Solar International, Inc		67,162
19,289	*	Harmonic, Inc		162,992
5,094	e*	Harris Stratex Networks, Inc (Class A)		39,784
6,195	*	Helen of Troy Ltd		141,060
19,288	*	Hexcel Corp		264,053
4,048	*	Hittite Microwave Corp		136,013
4,554	*	Hutchinson Technology, Inc		52,735
5,974	e	Imation Corp		134,953
18,752	e*	Infinera Corp		179,269
9,136	e*	InterDigital, Inc		219,721
3,717	*	IPG Photonics Corp		72,519
3,463	e*	iRobot Corp		51,322
4,946		IXYS Corp		44,959
20,453	e,v*	Kemet Corp		28,634
21,107	*	Lattice Semiconductor Corp		43,480
4,452	*	Littelfuse, Inc		132,358
2,511	*	Loral Space & Communications, Inc		37,087
4,032		LSI Industries, Inc		33,345
10,766	*	Mattson Technology, Inc		50,923
3,523	e*	Maxwell Technologies, Inc		46,997
6,668	e*	Medis Technologies Ltd		12,002
5,083	*	Mercury Computer Systems, Inc		45,239
7,348		Methode Electronics, Inc		65,691
9,874		Micrel, Inc		89,557
15,807	e*	Microsemi Corp		402,762
10,515	*	Microtune, Inc		28,180
14,802	e*	Microvision, Inc		28,716
10,465	*	MIPS Technologies, Inc		36,732
5,403	*	Monolithic Power Systems, Inc		93,850
8,568	*	Moog, Inc (Class A)		367,396
34,625	e*	MRV Communications, Inc		40,511
1,701	e*	Multi-Fineline Electronix, Inc		25,158
949		National Presto Industries, Inc		70,701
3,306	e*	Netlogic Microsystems, Inc		99,973
897	*	NVE Corp		25,394
10,220	*	Omnivision Technologies, Inc		116,610
3,930	*	Oplink Communications, Inc		47,435
3,540	*	OpNext, Inc		16,249
1,600	e*	Orion Energy Systems, Inc		8,976
3,044	*	OSI Systems, Inc		71,564
3,935		Park Electrochemical Corp		95,384

282

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,455	e*	Parkervision, Inc	$	44,550
4,628	*	Pericom Semiconductor Corp		48,594
10,730	*	Photronics, Inc		20,172
9,842		Plantronics, Inc		221,642
8,204	*	Plexus Corp		169,823
6,743	e*	PLX Technology, Inc		34,524
43,977	*	PMC - Sierra, Inc		326,309
17,602	*	Polycom, Inc		407,134
3,087	*	Polypore International, Inc		66,401
1,404	*	Powell Industries, Inc		57,297
6,279	*	Power Integrations, Inc		151,324
17,121	e*	Power-One, Inc		24,825
25,412	e*	Powerwave Technologies, Inc		100,632
18,031	e*	Quantum Fuel Systems Technologies Worldwide, Inc		23,260
3,384	e	Raven Industries, Inc		133,160
6,462		Regal-Beloit Corp		274,764
53,312	e*	RF Micro Devices, Inc		155,671
3,470	*	Rogers Corp		128,321
2,559	e*	Rubicon Technology, Inc		18,476
106,978	*	Sanmina-SCI Corp		149,769
5,984	*	Seachange International, Inc		57,805
12,416	*	Semtech Corp		173,327
8,387	e*	ShoreTel, Inc		48,141
14,134	e*	Silicon Image, Inc		75,476
16,092	*	Silicon Storage Technology, Inc		52,460
32,775	*	Skyworks Solutions, Inc		273,999
8,911	*	Smart Modular Technologies WWH, Inc		26,733
28,233	e*	Spansion, Inc (Class A)		43,761
7,269	e*	Spectrum Brands, Inc		10,104
4,346	*	Standard Microsystems Corp		108,563
5,752	e*	Starent Networks Corp		74,431
2,830	*	Stoneridge, Inc		31,838
2,167	e*	Supertex, Inc		61,023
36,991	e*	Sycamore Networks, Inc		119,481
8,773	*	Symmetricom, Inc		43,602
6,831	e*	Synaptics, Inc		206,433
5,090	*	Synthesis Energy Systems, Inc		24,687
7,916		Technitrol, Inc		117,078
2,935	*	Techwell, Inc		27,677
13,158	*	Tekelec		184,080
9,799	*	Tessera Technologies, Inc		160,116
2,357	e*	Transmeta Corp		38,207
14,288	*	Trident Microsystems, Inc		34,291
29,212	*	Triquint Semiconductor, Inc		139,925
8,259	*	TTM Technologies, Inc		81,929
4,623	*	Ultra Clean Holdings		23,300
2,423	e*	Ultralife Corp		18,778
347	e*	United Capital Corp		9,192
5,597	e*	Universal Display Corp		61,343
2,676	e*	Universal Electronics, Inc		66,847
12,005	e*	US Geothermal, Inc		21,369
21,392	e*	Utstarcom, Inc		72,091
9,795	e*	Valence Technology, Inc		33,793
4,899	*	Viasat, Inc		115,518

283

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,109	e	Vicor Corp	$	36,488
4,902	*	Volterra Semiconductor Corp		62,403
5,752	e*	Zoltek Cos, Inc		98,417
10,029	*	Zoran Corp		81,837
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		15,027,709
ENGINEERING AND MANAGEMENT SERVICES - 2.87%
5,177	*	Accelrys, Inc		28,422
3,370	*	Advisory Board Co		101,639
2,028	*	Affymax, Inc		40,256
13,422	e*	Ariad Pharmaceuticals, Inc		33,152
2,576		CDI Corp		57,522
16,118	*	Celera Corp		249,023
3,612	e*	China Architectural Engineering, Inc		25,609
1,314	e*	China Direct, Inc		5,545
3,481	e*	comScore, Inc		61,370
2,148	*	Cornell Cos, Inc		58,383
2,130	e*	CRA International, Inc		58,532
12,834	*	CV Therapeutics, Inc		138,607
10,738	e*	Dyax Corp		47,247
8,982	*	eResearch Technology, Inc		106,976
20,331	e*	Exelixis, Inc		123,612
3,064	*	Exponent, Inc		101,388
7,045	*	Furmanite Corp		72,845
5,087	*	Greenfield Online, Inc		88,514
4,530	*	Hill International, Inc		62,740
3,865	e*	Huron Consulting Group, Inc		220,228
1,282	e*	ICF International, Inc		25,320
14,239	*	Incyte Corp		108,928
18,146	*	Isis Pharmaceuticals, Inc		306,486
2,770	*	Kendle International, Inc		123,847
1,934		Landauer, Inc		140,698
4,939	*	LECG Corp		39,858
15,549	e*	Lexicon Pharmaceuticals, Inc		27,677
8,309	e*	Luminex Corp		207,808
3,608		MAXIMUS, Inc		132,919
6,282	e*	Maxygen, Inc		26,573
1,541	*	Michael Baker Corp		53,627
8,977	e*	Myriad Genetics, Inc		582,428
331	e	National Research Corp		10,148
9,849	*	Navigant Consulting, Inc		195,897
6,431	*	Omnicell, Inc		84,568
3,960	*	PharmaNet Development Group, Inc		28,591
2,909	*	PRG-Schultz International, Inc		26,065
12,468	e*	Regeneron Pharmaceuticals, Inc		272,176
32,068	e*	Rentech, Inc		42,650
6,009	e*	Repligen Corp		28,302
9,202	*	Resources Connection, Inc		207,321
7,459	*	Rigel Pharmaceuticals, Inc		174,168
10,388	*	RTI Biologics, Inc		97,128
7,079	e*	Sangamo Biosciences, Inc		54,508
10,904	e*	Savient Pharmaceuticals, Inc		162,579
11,713	e*	Seattle Genetics, Inc		125,329
11,451	e*	Sequenom, Inc		304,826

284

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,709	e*	Stanley, Inc	$	63,079
6,935	e*	Symyx Technologies, Inc		68,726
2,151	e*	Tejon Ranch Co		79,910
11,836	*	Tetra Tech, Inc		284,774
777		VSE Corp		26,208
8,574		Watson Wyatt & Co Holdings (Class A)		426,385
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		6,221,117
FABRICATED METAL PRODUCTS - 1.04%
4,029	e*	Akeena Solar, Inc		15,270
1,855		Ameron International Corp		132,911
1,439	*	Bway Holding Co		16,879
5,689	*	Chart Industries, Inc		162,478
3,457		CIRCOR International, Inc		150,138
3,922	*	Commercial Vehicle Group, Inc		27,885
2,437	e	Dynamic Materials Corp		56,563
8,037	e*	Griffon Corp		72,494
2,585		Gulf Island Fabrication, Inc		89,105
3,492	e	Insteel Industries, Inc		47,456
3,076	*	Ladish Co, Inc		62,289
7,116	e*	Mobile Mini, Inc		137,552
23,149	e	Mueller Water Products, Inc (Class A)		207,878
4,047	*	NCI Building Systems, Inc		128,492
1,592	*	Park-Ohio Holdings Corp		28,481
7,177		Quanex Building Products Corp		109,378
5,068		Silgan Holdings, Inc		258,924
7,537	e	Simpson Manufacturing Co, Inc		204,177
7,270	e*	Smith & Wesson Holding Corp		27,190
2,257		Sun Hydraulics Corp		58,772
11,912	e*	Taser International, Inc		85,171
2,533	*	Trimas Corp		16,617
5,867	e	Watts Water Technologies, Inc (Class A)		160,462
		TOTAL FABRICATED METAL PRODUCTS		2,256,562
FISHING, HUNTING, AND TRAPPING - 0.00%**
1,952	e*	HQ Sustainable Maritime Industries, Inc		9,877
		TOTAL FISHING, HUNTING, AND TRAPPING		9,877
FOOD AND KINDRED PRODUCTS - 1.42%
3,838	e*	AgFeed Industries, Inc		30,320
1,523	e*	American Dairy, Inc		15,428
3,879	e	B&G Foods, Inc (Class A)		27,735
1,734	*	Boston Beer Co, Inc (Class A)		82,348
12,835	e*	Central Garden and Pet Co (Class A)		76,368
1,078	e	Coca-Cola Bottling Co Consolidated		47,065
16,393	*	Darling International, Inc		182,126
3,462		Diamond Foods, Inc		97,040
1,472	e	Farmer Bros Co		36,609
15,540		Flowers Foods, Inc		456,254
2,721		Imperial Sugar Co		36,842
2,739		J&J Snack Foods Corp		92,880
4,057		Lancaster Colony Corp		152,787
5,633	e	Lance, Inc		127,813
929	e*	Lifeway Foods, Inc		10,869

285

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,461	e*	M&F Worldwide Corp	$	98,440
2,253	*	National Beverage Corp		19,984
3,550	*	Omega Protein Corp		41,748
2,700	e*	Peet's Coffee & Tea, Inc		75,384
2,178	e	Penford Corp		38,529
11,284	*	Ralcorp Holdings, Inc		760,654
3,873	e	Reddy Ice Holdings, Inc		14,136
4,152	e	Sanderson Farms, Inc		152,545
12,116	e*	Smart Balance, Inc		79,481
4,671	e	Tootsie Roll Industries, Inc		135,039
6,349	*	TreeHouse Foods, Inc		188,565
		TOTAL FOOD AND KINDRED PRODUCTS		3,076,989
FOOD STORES - 0.38%
223	e	Arden Group, Inc (Class A)		32,473
6,825	e*	Great Atlantic & Pacific Tea Co, Inc		73,847
2,420		Ingles Markets, Inc (Class A)		55,249
4,528	*	Pantry, Inc		95,948
8,461		Ruddick Corp		274,559
1,497	e*	Susser Holdings Corp		22,545
728		Village Super Market (Class A)		34,704
2,216		Weis Markets, Inc		79,798
11,221	*	Winn-Dixie Stores, Inc		155,972
		TOTAL FOOD STORES		825,095
FURNITURE AND FIXTURES - 0.59%
4,766	e	Ethan Allen Interiors, Inc		133,543
8,538	e	Furniture Brands International, Inc		89,820
11,285		Herman Miller, Inc		276,144
9,006	e	HNI Corp		228,212
2,113	e	Hooker Furniture Corp		37,506
10,292		Interface, Inc (Class A)		117,020
6,179		Kimball International, Inc (Class B)		66,733
10,622	e	La-Z-Boy, Inc		98,997
9,238	e	Sealy Corp		59,677
15,042	e	Tempur-Pedic International, Inc		176,894
		TOTAL FURNITURE AND FIXTURES		1,284,546
FURNITURE AND HOME FURNISHINGS STORES - 0.17%
32,644	e,v	Circuit City Stores, Inc		24,483
3,769	e	Haverty Furniture Cos, Inc		43,117
2,408	e*	hhgregg, Inc		23,478
10,087		Knoll, Inc		152,515
17,221	e*	Pier 1 Imports, Inc		71,123
1,721	e*	Rex Stores Corp		19,878
7,325	*	Tuesday Morning Corp		30,252
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		364,846
GENERAL BUILDING CONTRACTORS - 0.63%
496	e*	Amrep Corp		21,035
1,182	e*	Avatar Holdings, Inc		39,006
7,950	e*	Beazer Homes USA, Inc		47,541
2,042	e	Brookfield Homes Corp		29,323
1,250	*	Cavco Industries, Inc		45,188

286

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
8,959	e*	Hovnanian Enterprises, Inc (Class A)	$	71,582
2,707	e	M/I Homes, Inc		61,665
4,786		McGrath RentCorp		137,933
5,935	*	Meritage Homes Corp		146,595
1,880	e*	Palm Harbor Homes, Inc		18,631
10,085	*	Perini Corp		260,092
8,597	e	Ryland Group, Inc		227,992
23,747	e*	Standard-Pacific Corp		116,598
3,839	*	Team, Inc		138,665
		TOTAL GENERAL BUILDING CONTRACTORS		1,361,846
GENERAL MERCHANDISE STORES - 0.34%
8,900	e*	99 Cents Only Stores		97,633
10,191		Casey's General Stores, Inc		307,462
2,149	e*	Conn's, Inc		40,208
11,031	e	Dillard's, Inc (Class A)		130,166
8,230	e	Fred's, Inc (Class A)		117,031
4,885	*	Retail Ventures, Inc		19,051
4,938	e	Stein Mart, Inc		19,308
		TOTAL GENERAL MERCHANDISE STORES		730,859
HEALTH SERVICES - 1.83%
5,578	*	Alliance Imaging, Inc		57,286
1,235	e*	Almost Family, Inc		48,844
5,326	e*	Amedisys, Inc		259,216
6,423	*	Amsurg Corp		163,594
8,947	*	Apria Healthcare Group, Inc		163,193
10,775	*	Assisted Living Concepts, Inc (A Shares)		68,637
2,484	*	Bio-Reference Labs, Inc		71,788
1,443	e*	China Sky One Medical, Inc		17,532
1,551	*	Corvel Corp		44,374
6,304	*	Cross Country Healthcare, Inc		102,692
5,387	*	CryoLife, Inc		70,677
4,819	e*	eHealth, Inc		77,104
3,811	e*	Emeritus Corp		94,894
1,616		Ensign Group, Inc		27,617
6,221	*	Enzo Biochem, Inc		68,307
6,167	e*	Five Star Quality Care, Inc		23,126
2,697	e*	Genomic Health, Inc		61,087
1,610	*	Genoptix, Inc		52,599
5,417	*	Gentiva Health Services, Inc		145,934
17,685	*	Healthsouth Corp		325,935
7,137	*	Healthways, Inc		115,120
12,636	e*	Immunomedics, Inc		22,492
1,100	*	IPC The Hospitalist Co, Inc		28,270
5,710	e*	Kindred Healthcare, Inc		157,425
3,128	*	LHC Group, Inc		89,086
1,691	*	Life Sciences Research, Inc		59,185
8,102	*	Magellan Health Services, Inc		332,668
3,076	*	Medcath Corp		55,122
1,643	e	National Healthcare Corp		77,418
17,870	e*	Nektar Therapeutics		64,153
4,859	e*	Nighthawk Radiology Holdings, Inc		35,082
6,958	*	Odyssey HealthCare, Inc		70,624

287

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
11,140	e*	Psychiatric Solutions, Inc	$	422,763
3,493	*	RehabCare Group, Inc		63,223
3,898	*	Skilled Healthcare Group, Inc (Class A)		61,939
5,935	e*	Stereotaxis, Inc		35,907
8,861	*	Sun Healthcare Group, Inc		129,902
9,296	*	Sunrise Senior Living, Inc		128,192
2,796	*	US Physical Therapy, Inc		48,539
1,354	e*	Virtual Radiologic Corp		11,049
		TOTAL HEALTH SERVICES		3,952,595
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.26%
4,219	e*	Comverge, Inc		19,407
6,664	e	Granite Construction, Inc		238,705
7,692	e	Great Lakes Dredge & Dock Corp		48,537
2,136	*	LB Foster Co (Class A)		64,977
5,410	*	Matrix Service Co		103,331
4,166	e*	Orion Marine Group, Inc		43,701
2,234	*	Sterling Construction Co, Inc		36,191
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		554,849
HOLDING AND OTHER INVESTMENT OFFICES - 8.73%
6,487		Acadia Realty Trust		163,991
1,720		Agree Realty Corp		49,192
438		Alexander's, Inc		175,200
8,027		American Campus Communities, Inc		271,955
1,930	e	American Capital Agency Corp		33,428
3,624	e*	Ampal American Israel (Class A)		11,198
11,399	e	Anthracite Capital, Inc		61,099
15,969		Anworth Mortgage Asset Corp		94,536
28,596	e	Apollo Investment Corp		487,562
2,739	e	Arbor Realty Trust, Inc		27,390
23,175	e	Ashford Hospitality Trust, Inc		93,859
3,006		Associated Estates Realty Corp		39,168
14,416		BioMed Realty Trust, Inc		381,303
9,311		Capital Lease Funding, Inc		73,836
634		Capital Southwest Corp		90,060
3,291	e	Capital Trust, Inc (Class A)		51,011
10,370		Capstead Mortgage Corp		113,552
2,567	e	Care Investment Trust, Inc		29,469
8,159		Cedar Shopping Centers, Inc		107,862
1,815	e	Cherokee, Inc		39,894
2,037		Cogdell Spencer, Inc		32,673
9,174	e	Colonial Properties Trust		171,462
7,812		Corporate Office Properties Trust		315,214
9,408		Cousins Properties, Inc		237,364
3,457		Danvers Bancorp, Inc		44,077
34,526		DCT Industrial Trust, Inc		258,600
19,594		DiamondRock Hospitality Co		178,305
5,004		EastGroup Properties, Inc		242,894
5,513		Education Realty Trust, Inc		61,084
6,155		Entertainment Properties Trust		336,802
4,125	e	Equity Lifestyle Properties, Inc		218,749
6,826	e	Equity One, Inc		139,865
16,004		Extra Space Storage, Inc		245,821

288

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
12,171		FelCor Lodging Trust, Inc	$	87,144
8,974	e	First Industrial Realty Trust, Inc		257,374
4,735		First Potomac Realty Trust		81,395
11,883	e	Franklin Street Properties Corp		154,479
28,615	e*	Friedman Billings Ramsey Group, Inc (Class A)		57,230
3,286	e	Getty Realty Corp		72,851
3,807	e	Gladstone Capital Corp		58,019
7,305	e	Glimcher Realty Trust		76,264
8,058		Gramercy Capital Corp		20,870
4,514	e*	Harris & Harris Group, Inc		28,799
2,222		Hatteras Financial Corp		51,550
11,795		Healthcare Realty Trust, Inc		343,824
7,978		Hersha Hospitality Trust		59,356
12,741		Highwoods Properties, Inc		453,070
9,316	*	Hilltop Holdings, Inc		96,141
6,437		Home Properties, Inc		373,024
11,524	e	Inland Real Estate Corp		180,812
11,734		Investors Real Estate Trust		131,303
72,022	e	iShares Russell 2000 Index Fund		4,925,585
4,456	e	JER Investors Trust, Inc		21,478
3,707		Kite Realty Group Trust		40,777
8,108	e	LaSalle Hotel Properties		189,079
9,947		Lexington Corporate Properties Trust		171,287
4,923		LTC Properties, Inc		144,342
7,401	e	Maguire Properties, Inc		44,110
13,914	e	Medical Properties Trust, Inc		157,924
7,970	*	Meruelo Maddux Properties, Inc		9,723
39,731		MFA Mortgage Investments, Inc		258,252
5,275		Mid-America Apartment Communities, Inc		259,214
3,634	e	Mission West Properties, Inc		35,395
3,821	e	Monmouth Real Estate Investment Corp (Class A)		29,766
4,700		MVC Capital, Inc		71,675
4,551		National Health Investors, Inc		155,553
15,001		National Retail Properties, Inc		359,274
10,224	e	Newcastle Investment Corp		64,922
10,898	e	NorthStar Realty Finance Corp		84,460
16,432		Omega Healthcare Investors, Inc		323,053
1,546		One Liberty Properties, Inc		27,318
2,955		Parkway Properties, Inc		111,876
6,811	e	Pennsylvania Real Estate Investment Trust		128,387
8,868	e	Post Properties, Inc		248,038
7,921		Potlatch Corp		367,455
5,087	e	Prospect Capital Corp		65,164
3,014		PS Business Parks, Inc		173,606
11,999	e	RAIT Investment Trust		65,875
3,301		Ramco-Gershenson Properties		74,008
20,370	e	Realty Income Corp		521,472
6,769		Redwood Trust, Inc		147,090
3,915		Resource Capital Corp		23,725
1,943		Saul Centers, Inc		98,199
23,019		Senior Housing Properties Trust		548,543
4,468		Sovran Self Storage, Inc		199,675
14,395	e	Strategic Hotels & Resorts, Inc		108,682
3,086	e	Sun Communities, Inc		61,134

289

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
10,714		Sunstone Hotel Investors, Inc	$	144,639
6,342	e	Tanger Factory Outlet Centers, Inc		277,716
2,345		Universal Health Realty Income Trust		91,221
4,273		Urstadt Biddle Properties, Inc (Class A)		80,119
9,582		U-Store-It Trust		117,571
9,933		Washington Real Estate Investment Trust		363,846
11,993		Winthrop Realty Trust		46,773
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		18,899,981
HOTELS AND OTHER LODGING PLACES - 0.38%
4,917	e	Ameristar Casinos, Inc		69,772
3,732	e*	Bluegreen Corp		25,788
8,210	e*	Gaylord Entertainment Co		241,128
6,950	e*	Great Wolf Resorts, Inc		25,437
2,849	e*	Isle of Capri Casinos, Inc		25,698
3,328	*	Lodgian, Inc		25,958
3,923	e	Marcus Corp		63,082
2,064	e*	Monarch Casino & Resort, Inc		23,509
5,215	e*	Morgans Hotel Group Co		56,895
3,101	*	Outdoor Channel Holdings, Inc		27,289
1,802	*	Riviera Holdings Corp		13,245
6,283	e*	Vail Resorts, Inc		219,591
		TOTAL HOTELS AND OTHER LODGING PLACES		817,392
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.28%
5,264	*	3PAR, Inc		33,953
2,910	e	Aaon, Inc		52,933
11,230	e	Actuant Corp (Class A)		283,445
1,200		Alamo Group, Inc		20,460
6,092		Albany International Corp (Class A)		166,494
5,425	e*	Allis-Chalmers Energy, Inc		68,626
5,106	*	Altra Holdings, Inc		75,365
1,602		Ampco-Pittsburgh Corp		41,492
3,686	e*	Astec Industries, Inc		113,639
9,170	e*	Asyst Technologies, Inc		22,008
4,841	e*	AuthenTec, Inc		10,408
19,813	*	Axcelis Technologies, Inc		33,682
3,387		Black Box Corp		116,953
7,374	*	Blount International, Inc		82,073
1,672	e*	Bolt Technology Corp		24,194
9,590	e	Briggs & Stratton Corp		155,166
12,516	*	Brooks Automation, Inc		104,634
1,986	e	Cascade Corp		87,007
12,432	*	Cirrus Logic, Inc		67,754
4,176	e*	Colfax Corp		69,781
3,673	*	Columbus McKinnon Corp		86,573
7,825	*	Cray, Inc		40,534
8,993		Curtiss-Wright Corp		408,732
6,250	*	Cymer, Inc		158,313
6,212	*	Dril-Quip, Inc		269,539
10,702	*	Electronics for Imaging, Inc		149,079
13,073	e*	Elixir Gaming Technologies, Inc		4,314
17,053	*	Emulex Corp		181,956
6,952	e*	Ener1, Inc		54,295

290

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,930	*	Energy Recovery, Inc	$	28,099
5,238	*	ENGlobal Corp		69,508
4,067	*	EnPro Industries, Inc		151,130
22,098	*	Entegris, Inc		106,954
22,800	e*	Extreme Networks, Inc		76,836
3,104	e*	Flanders Corp		19,555
4,388	e*	Flotek Industries, Inc		48,268
7,272	*	Flow International Corp		36,942
3,422	e*	Fuel Tech, Inc		61,904
2,172	e*	Gehl Co		63,922
2,910	e	Gorman-Rupp Co		109,765
1,081		Graham Corp		58,482
1,206	e*	Harbin Electric, Inc		14,291
1,239	e*	Hurco Cos, Inc		36,637
7,227	e*	Immersion Corp		42,061
12,390	*	Intermec, Inc		243,340
4,202	*	Intevac, Inc		44,709
4,764	e*	Isilon Systems, Inc		21,009
2,699	*	Kadant, Inc		61,456
5,564	e	Kaydon Corp		250,714
1,090	*	Key Technology, Inc		25,833
10,344	*	Kulicke & Soffa Industries, Inc		46,651
2,405	e	Lindsay Manufacturing Co		174,964
2,967		Lufkin Industries, Inc		235,431
2,916	e	Met-Pro Corp		42,544
16,379	*	Micros Systems, Inc		436,664
3,450	e*	Middleby Corp		187,370
6,858		Modine Manufacturing Co		99,304
1,150		Nacco Industries, Inc (Class A)		108,698
4,078	*	NATCO Group, Inc (Class A)		163,854
2,337	*	Natural Gas Services Group, Inc		40,827
7,626	*	Netezza Corp		80,912
6,842	*	Netgear, Inc		102,630
3,070		NN, Inc		39,450
6,769		Nordson Corp		332,426
605	e	Omega Flex, Inc		13,643
22,054	e	Palm, Inc		131,662
2,506	e*	PMFG, Inc		36,312
39,787	e,v*	Quantum Corp		42,970
5,734	*	Rackable Systems, Inc		56,250
4,453	*	RBC Bearings, Inc		150,022
2,372	*	Rimage Corp		33,113
11,366	e*	Riverbed Technology, Inc		142,302
5,635		Robbins & Myers, Inc		174,290
20,402	e*	Safeguard Scientifics, Inc		25,502
2,146		Sauer-Danfoss, Inc		52,985
5,388	e*	Scansource, Inc		155,120
4,089	*	Semitool, Inc		33,448
5,410	e*	Sigma Designs, Inc		76,930
2,690		Standex International Corp		74,648
6,000	e*	STEC, Inc		46,200
5,289	e*	Super Micro Computer, Inc		47,654
2,574	*	T-3 Energy Services, Inc		95,547
3,157	*	Tecumseh Products Co (Class A)		79,051

291

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,208	e	Tennant Co	$	109,906
2,595	*	Thermadyne Holdings Corp		43,259
5,367	*	TurboChef Technologies, Inc		33,007
1,618		Twin Disc, Inc		22,264
4,524	*	Ultratech, Inc		54,740
13,798	e*	VeriFone Holdings, Inc		228,219
4,760	e	Watsco, Inc		239,333
11,799	e	Woodward Governor Co		416,151
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,261,070
INSTRUMENTS AND RELATED PRODUCTS - 5.67%
4,191	e*	Abaxis, Inc		82,563
6,359	e*	Abiomed, Inc		112,872
6,976	e*	Accuray, Inc		56,296
14,686	e*	Affymetrix, Inc		113,670
12,728	e*	Align Technology, Inc		137,844
4,835	e*	Alphatec Holdings, Inc		22,241
14,630	e*	American Medical Systems Holdings, Inc		259,829
1,947	e	American Science & Engineering, Inc		116,294
2,721		Analogic Corp		135,397
2,935	*	Anaren, Inc		29,790
4,672	*	Angiodynamics, Inc		73,818
2,748	*	Argon ST, Inc		64,551
5,577	e*	Arthrocare Corp		154,594
290	e	Atrion Corp		29,879
1,820	*	Axsys Technologies, Inc		107,271
2,970		Badger Meter, Inc		139,442
3,799	*	Bio-Rad Laboratories, Inc (Class A)		376,557
10,031	*	Bruker BioSciences Corp		133,713
9,259	*	Caliper Life Sciences, Inc		25,925
2,115	*	Cantel Medical Corp		20,346
3,771	*	Cardiac Science Corp		39,068
867	e*	CardioNet, Inc		21,640
11,476	e*	Cepheid, Inc		158,713
4,819	*	Coherent, Inc		171,315
4,456		Cohu, Inc		70,494
5,835	e*	Conmed Corp		186,720
4,921	e*	Cyberonics, Inc		83,657
1,852	*	Cynosure, Inc (Class A)		33,225
2,736		Datascope Corp		141,260
9,266	e*	Depomed, Inc		33,821
5,074	e*	DexCom, Inc		31,408
3,675	*	Dionex Corp		233,546
694	*	DXP Enterprises, Inc		36,997
3,040	*	Eagle Test Systems, Inc		46,542
5,241	*	ESCO Technologies, Inc		252,459
5,909	*	Esterline Technologies Corp		233,937
14,592	e*	ev3, Inc		146,504
1,366	*	Exactech, Inc		30,380
3,227	*	FARO Technologies, Inc		65,734
7,387	*	FEI Co		175,884
2,850	e*	FGX International Holdings Ltd		31,550
10,035	e*	Formfactor, Inc		174,810
9,117	*	Fossil, Inc		257,373

292

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
5,172	*	Haemonetics Corp	$	319,216
4,440	*	Hanger Orthopedic Group, Inc		77,478
2,615	*	Herley Industries, Inc		44,717
2,312	*	ICU Medical, Inc		70,308
2,644	e*	ICx Technologies, Inc		20,385
4,179	e*	I-Flow Corp		38,906
4,921	*	II-VI, Inc		190,246
3,549	e*	Insulet Corp		49,402
3,636	e*	Integra LifeSciences Holdings Corp		160,093
6,581	e	Invacare Corp		158,865
17,008	e*	ION Geophysical Corp		241,344
3,556	*	IRIS International, Inc		63,652
8,027	*	Ixia		59,159
1,448	e*	Kensey Nash Corp		45,554
13,333	*	Kopin Corp		41,599
549	e*	K-Tron International, Inc		70,728
13,196	e*	L-1 Identity Solutions, Inc		201,635
2,360	e*	LaBarge, Inc		35,542
15,651	e*	LTX-Credence Corp		27,233
3,215	*	Lydall, Inc		30,960
9,261	*	Masimo Corp		344,509
2,794	*	Measurement Specialties, Inc		48,727
2,583	*	Medical Action Industries, Inc		33,915
6,862	e	Mentor Corp		163,727
5,668	*	Merit Medical Systems, Inc		106,388
3,002	e*	Micrus Endovascular Corp		41,878
6,257	e	Mine Safety Appliances Co		238,517
10,038	*	MKS Instruments, Inc		199,857
3,061		Movado Group, Inc		68,413
3,615		MTS Systems Corp		152,191
5,336	e*	Natus Medical, Inc		120,914
2,784	*	Neogen Corp		78,453
6,970	*	Newport Corp		75,137
7,150	e*	NuVasive, Inc		352,710
3,604	e*	NxStage Medical, Inc		15,209
3,308	*	Orthofix International NV		61,628
12,765	*	Orthovita, Inc		33,189
789	e*	OYO Geospace Corp		30,992
3,947	e*	Palomar Medical Technologies, Inc		53,127
3,442	*	Photon Dynamics Inc		52,835
5,964	*	Rofin-Sinar Technologies, Inc		182,558
5,906	*	Rudolph Technologies, Inc		49,492
13,795	e*	Sirf Technology Holdings, Inc		20,555
3,267	e*	Sirona Dental Systems, Inc		76,056
2,491	e*	Somanetics Corp		54,478
5,540	e*	Sonic Solutions, Inc		24,376
3,595	*	SonoSite, Inc		112,883
6,918	e*	Spectranetics Corp		32,030
12,763	e*	Star Scientific, Inc		45,436
11,768		STERIS Corp		442,241
7,375	*	Symmetry Medical, Inc		136,880
2,413	*	Synovis Life Technologies, Inc		45,413
7,127	*	Teledyne Technologies, Inc		407,379
10,950	*	Thoratec Corp		287,437

293

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,361	e*	Trans1, Inc	$	23,350
5,931	*	Varian, Inc		254,440
6,169	e*	Veeco Instruments, Inc		91,363
3,277	e*	Vision-Sciences, Inc		13,075
3,621	e*	Vital Images, Inc		54,315
1,577		Vital Signs, Inc		116,540
13,180	e*	Vivus, Inc		104,649
2,519	*	Vnus Medical Technologies, Inc		52,723
9,676	*	Volcano Corp		167,298
7,475	*	Wright Medical Group, Inc		227,539
4,325	e*	Zoll Medical Corp		141,514
2,993	*	Zygo Corp		37,652
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		12,270,939
INSURANCE AGENTS, BROKERS AND SERVICE - 0.29%
4,654	e*	Crawford & Co (Class B)		70,741
7,312		Hilb Rogal & Hobbs Co		341,763
1,145	e	Life Partners Holdings, Inc		41,185
7,643	e	National Financial Partners Corp		114,645
4,361	*	United America Indemnity Ltd (Class A)		62,057
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		630,391
INSURANCE CARRIERS - 3.97%
57,622	e	Ambac Financial Group, Inc		134,259
2,427	*	AmCOMP, Inc		28,153
10,752		American Equity Investment Life Holding Co		80,640
1,631		American Physicians Capital, Inc		69,040
2,050	*	American Safety Insurance Holdings Ltd		30,976
10,761	*	AMERIGROUP Corp		271,608
3,639	*	Amerisafe, Inc		66,230
4,258	e	Amtrust Financial Services, Inc		57,866
6,261	*	Argo Group International Holdings Ltd		230,718
17,166		Aspen Insurance Holdings Ltd		472,065
11,241	e	Assured Guaranty Ltd		182,779
1,592		Baldwin & Lyons, Inc (Class B)		38,160
6,473	e	Castlepoint Holdings Ltd		72,045
6,661	*	Catalyst Health Solutions, Inc		173,985
8,800	*	Centene Corp		180,488
7,497	e*	Citizens, Inc (Class A)		61,625
3,587	*	CNA Surety Corp		59,903
1,676	e*	Darwin Professional Underwriters, Inc		52,140
8,029		Delphi Financial Group, Inc (Class A)		225,133
2,344		Donegal Group, Inc (Class A)		42,497
1,091	e	EMC Insurance Group, Inc		32,163
10,081		Employers Holdings, Inc		175,208
1,129	*	Enstar Group Ltd		109,919
2,554		FBL Financial Group, Inc (Class A)		71,231
2,176	*	First Acceptance Corp		7,398
2,811	*	First Mercury Financial Corp		40,057
5,820	e	Flagstone Reinsurance Holdings Ltd		59,771
1,819	*	Fpic Insurance Group, Inc		93,478
5,990	*	Greenlight Capital Re Ltd (Class A)		137,710
1,125	*	Hallmark Financial Services		10,226
2,638		Harleysville Group, Inc		99,716

294

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
10,015	*	Healthspring, Inc	$	211,917
7,864		Horace Mann Educators Corp		101,210
1,148	e	Independence Holding Co		13,259
3,268		Infinity Property & Casualty Corp		134,642
10,102		IPC Holdings Ltd		305,181
845		Kansas City Life Insurance Co		38,870
2,991	e	LandAmerica Financial Group, Inc		72,532
9,505	e	Maiden Holdings Ltd		41,347
11,350		Max Re Capital Ltd		263,661
11,148		Meadowbrook Insurance Group, Inc		78,705
2,808	*	Molina Healthcare, Inc		87,048
18,777	e	Montpelier Re Holdings Ltd		310,008
1,192	e	National Interstate Corp		28,644
438		National Western Life Insurance Co (Class A)		106,027
2,668	*	Navigators Group, Inc		154,744
1,035	e	NYMAGIC, Inc		26,134
4,783	e	Odyssey Re Holdings Corp		209,495
22,986	e	Phoenix Cos, Inc		212,391
9,775		Platinum Underwriters Holdings Ltd		346,817
6,156	*	PMA Capital Corp (Class A)		54,296
18,796	e	PMI Group, Inc		55,448
4,196		Presidential Life Corp		66,255
8,258	e*	Primus Guaranty Ltd		21,636
6,440	*	ProAssurance Corp		360,640
13,548		Quanta Capital Holdings Ltd		37,393
18,883		Radian Group, Inc		95,170
4,133	*	RadNet, Inc		16,573
3,747	e	RLI Corp		232,651
3,146		Safety Insurance Group, Inc		119,328
4,144	*	SeaBright Insurance Holdings, Inc		53,872
10,722		Selective Insurance Group, Inc		245,748
2,740		State Auto Financial Corp		79,652
3,303		Stewart Information Services Corp		98,264
3,910		Tower Group, Inc		92,120
2,590	e*	Triple-S Management Corp (Class B)		42,191
4,400		United Fire & Casualty Co		125,796
8,677	e*	Universal American Financial Corp		105,773
12,956		Validus Holdings Ltd		301,227
7,473		Zenith National Insurance Corp		273,811
		TOTAL INSURANCE CARRIERS		8,587,663
JUSTICE, PUBLIC ORDER AND SAFETY - 0.11%
2,711	*	China Fire & Security Group, Inc		28,493
10,324	*	Geo Group, Inc		208,648
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		237,141
LEATHER AND LEATHER PRODUCTS - 0.42%
18,130	e*	CROCS, Inc		64,905
3,973	e*	Genesco, Inc		133,016
11,843	e*	Iconix Brand Group, Inc		154,906
3,616	*	Steven Madden Ltd		89,605
9,248	*	Timberland Co (Class A)		160,638
1,559	e	Weyco Group, Inc		52,180

295

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
10,007		Wolverine World Wide, Inc	$	264,785
		TOTAL LEATHER AND LEATHER PRODUCTS		920,035
LEGAL SERVICES - 0.03%
1,615	e*	Pre-Paid Legal Services, Inc		66,635
		TOTAL LEGAL SERVICES		66,635
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
1,807	e*	Emergency Medical Services Corp (Class A)		53,993
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		53,993
LUMBER AND WOOD PRODUCTS - 0.28%
2,088	e	American Woodmark Corp		46,876
15,022	e*	Champion Enterprises, Inc		83,372
2,235		Deltic Timber Corp		142,235
20,984	e	Louisiana-Pacific Corp		195,151
1,213	e	Skyline Corp		32,060
3,212	e	Universal Forest Products, Inc		112,131
		TOTAL LUMBER AND WOOD PRODUCTS		611,825
METAL MINING - 0.41%
10,366	*	Allied Nevada Gold Corp		59,294
12,845	*	Apex Silver Mines Ltd		22,093
110,907	e*	Coeur d'Alene Mines Corp		169,688
26,388	e*	Hecla Mining Co		123,496
10,352	*	Rosetta Resources, Inc		190,063
5,939		Royal Gold, Inc		213,566
5,835	e*	ShengdaTech, Inc		40,845
7,724	e*	Stillwater Mining Co		44,876
9,275	e*	Uranium Resources, Inc		15,675
		TOTAL METAL MINING		879,596
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.34%
5,121		Blyth, Inc		58,072
13,467		Callaway Golf Co		189,481
6,821	e	Daktronics, Inc		113,638
5,810	e*	Jakks Pacific, Inc		144,727
2,305	e	Marine Products Corp		19,132
5,734	*	Nautilus, Inc		26,204
3,519	*	RC2 Corp		70,380
2,954	*	Russ Berrie & Co, Inc		22,657
10,499	*	Shuffle Master, Inc		53,440
1,533	*	Steinway Musical Instruments, Inc		43,414
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		741,145
MISCELLANEOUS RETAIL - 1.08%
5,972	*	1-800-FLOWERS.COM, Inc (Class A)		35,952
1,124	e*	Bidz.com, Inc		9,734
4,776	e	Big 5 Sporting Goods Corp		49,288
2,843	e*	Blue Nile, Inc		121,879
11,704	e	Borders Group, Inc		76,778
4,101	*	Build-A-Bear Workshop, Inc		29,855
7,592	e*	Cabela's, Inc		91,711
5,850		Cash America International, Inc		210,834
10,172	*	CKX, Inc		62,660

296

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
11,016	e*	Coldwater Creek, Inc	$	63,783
16,137	e*	Drugstore.Com		37,922
7,968	*	Ezcorp, Inc (Class A)		149,798
1,887	e*	Fuqi International, Inc		15,379
4,538	*	GSI Commerce, Inc		70,248
5,505	e*	Hibbett Sports, Inc		110,210
6,253		Longs Drug Stores Corp		472,977
6,404	e	Nutri/System, Inc		113,479
3,270	e*	Overstock.com, Inc		64,779
1,883	*	PC Connection, Inc		12,597
2,144	*	PC Mall, Inc		14,644
2,792		Pricesmart, Inc		46,738
3,805	*	Shutterfly, Inc		36,566
2,841	*	Stamps.com, Inc		33,155
2,487	e	Systemax, Inc		34,967
5,776		World Fuel Services Corp		133,021
6,869	e*	Zale Corp		171,725
3,804	e*	Zumiez, Inc		62,690
		TOTAL MISCELLANEOUS RETAIL		2,333,369
MOTION PICTURES - 0.48%
6,285	e*	Avid Technology, Inc		151,217
36,618	e*	Blockbuster, Inc (Class A)		75,067
5,770	e	Cinemark Holdings, Inc		78,472
3,891	e*	Gaiam, Inc (Class A)		41,244
16,579	e*	Macrovision Solutions Corp		254,985
8,559	e	National CineMedia, Inc		94,577
2,690	*	RHI Entertainment, Inc		40,081
29,579	*	tw telecom inc (Class A)		307,326
		TOTAL MOTION PICTURES		1,042,969
NONDEPOSITORY INSTITUTIONS - 0.76%
9,974		Advance America Cash Advance Centers, Inc		29,822
8,022		Advanta Corp (Class B)		66,021
19,786		Ares Capital Corp		206,368
2,509	e	BlackRock Kelso Capital Corp		28,929
7,360	e*	Boise, Inc		11,482
6,531	e	Chimera Investment Corp		40,557
3,824	e*	CompuCredit Corp		14,990
1,152	e*	Credit Acceptance Corp		19,584
1,037	e*	Doral Financial Corp		11,324
3,005	*	Encore Capital Group, Inc		41,168
1,827	e	Federal Agricultural Mortgage Corp (Class C)		7,491
5,170		Financial Federal Corp		118,496
4,242	*	First Cash Financial Services, Inc		63,630
16,437	e	First Marblehead Corp		40,928
4,283		Gladstone Investment Corp		29,467
7,222	e*	Guaranty Financial Group, Inc		28,527
6,828		Hercules Technology Growth Capital, Inc		66,232
3,348	e	Kohlberg Capital Corp		28,759
13,664		MCG Capital Corp		35,800
2,864		Medallion Financial Corp		29,986
5,177	e*	Mercadolibre, Inc		105,352
1,897	e*	Mitcham Industries, Inc		19,141

297

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,890		Nelnet, Inc (Class A)	$	55,238
4,617	e*	NewStar Financial, Inc		37,352
4,188	e	NGP Capital Resources Co		61,019
6,905	e*	Ocwen Financial Corp		55,585
4,156		Patriot Capital Funding, Inc		26,474
3,625	e	PennantPark Investment Corp		26,861
10,472	*	PHH Corp		139,173
10,079	*	thinkorswim Group, Inc		83,958
3,383	e*	World Acceptance Corp		121,788
		TOTAL NONDEPOSITORY INSTITUTIONS		1,651,502
NONMETALLIC MINERALS, EXCEPT FUELS - 0.27%
5,183	e	AMCOL International Corp		162,020
6,512		Compass Minerals International, Inc		341,164
13,355	e*	General Moly, Inc		58,094
343	*	United States Lime & Minerals, Inc		13,209
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		574,487
OIL AND GAS EXTRACTION - 3.84%
8,123	*	Abraxas Petroleum Corp		21,201
749	e	APCO Argentina, Inc		21,204
1,739	*	Approach Resources, Inc		25,146
7,610	*	Arena Resources, Inc		295,649
6,930		Atlas America, Inc		236,382
5,734	*	ATP Oil & Gas Corp		102,123
8,331	*	Basic Energy Services, Inc		177,450
8,576	e	Berry Petroleum Co (Class A)		332,148
7,365	*	Bill Barrett Corp		236,490
7,205	e*	BMB Munai, Inc		29,901
9,860	e*	Brigham Exploration Co		108,361
5,437	*	Bronco Drilling Co, Inc		55,566
8,555	*	Cal Dive International, Inc		90,683
4,056	*	Callon Petroleum Co		73,130
10,405	e*	Cano Petroleum, Inc		24,036
5,487	*	Carrizo Oil & Gas, Inc		199,013
9,399	e*	Cheniere Energy, Inc		21,148
1,081	*	Clayton Williams Energy, Inc		76,243
9,647	*	Complete Production Services, Inc		194,194
9,159	*	Comstock Resources, Inc		458,408
11,107	*	Concho Resources, Inc		306,664
2,662	e*	Contango Oil & Gas Co		143,695
1,495	*	Dawson Geophysical Co		69,802
12,138	e*	Delta Petroleum Corp		164,834
1,578	*	Double Eagle Petroleum Co		22,534
21,957	e*	Endeavour International Corp		28,983
6,177	*	Energy Partners Ltd		53,555
23,003	e	Energy XXI Bermuda Ltd		69,929
30,019	*	EXCO Resources, Inc		489,910
7,781	e*	FX Energy, Inc		57,891
18,155	e*	Gasco Energy, Inc		33,042
9,309	e*	GeoGlobal Resources, Inc		23,459
1,285	*	Geokinetics, Inc		24,415
3,573	*	Geomet, Inc		19,437
1,068	e*	Georesources, Inc		12,239

298

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,353	e*	GMX Resources, Inc	$	160,273
4,572	*	Goodrich Petroleum Corp		199,293
35,964	e*	Grey Wolf, Inc		279,800
5,068	e*	Gulfport Energy Corp		50,933
6,832	e*	Harvest Natural Resources, Inc		69,140
2,880	e	Houston American Energy Corp		18,202
2,270	e	Kayne Anderson Energy Development Co		38,431
12,026	e*	McMoRan Exploration Co		284,295
16,787	*	Meridian Resource Corp		30,888
18,464	e*	Newpark Resources, Inc		134,787
3,796	*	Northern Oil And Gas, Inc		30,861
35,309	e*	Oilsands Quest, Inc		105,574
1,418	e	Panhandle Oil and Gas, Inc (Class A)		40,597
8,003	*	Parallel Petroleum Corp		75,388
23,232	e*	Parker Drilling Co		186,321
8,356		Penn Virginia Corp		446,545
800	m,v*	Petrocorp, Inc		-
3,054	*	Petroleum Development Corp		135,506
9,083	e*	Petroquest Energy, Inc		139,424
10,230	*	Pioneer Drilling Co		136,059
3,264	e*	PowerSecure International, Inc		19,780
180	e*	PrimeEnergy Corp		13,320
5,541	e*	Quest Resource Corp		14,739
6,988	*	RAM Energy Resources, Inc		20,195
3,246	e*	Rex Energy Corp		51,157
5,910	e	RPC, Inc		83,095
6,336	*	Stone Energy Corp		268,203
10,336	e*	Sulphco, Inc		20,775
3,517	e*	Superior Well Services, Inc		89,015
6,140	*	Swift Energy Co		237,557
3,267	e*	Toreador Resources Corp		29,370
2,456	e*	Trico Marine Services, Inc		41,949
4,327	e*	Tri-Valley Corp		27,433
6,780	e*	TXCO Resources, Inc		68,071
2,716	*	Union Drilling, Inc		28,762
11,426	*	Vaalco Energy, Inc		78,154
3,922	*	Venoco, Inc		50,986
11,277	*	Warren Resources, Inc		112,545
7,805	e*	Willbros Group, Inc		206,833
		TOTAL OIL AND GAS EXTRACTION		8,323,121
PAPER AND ALLIED PRODUCTS - 0.43%
10,297	e*	AbitibiBowater, Inc		39,849
7,579	*	Buckeye Technologies, Inc		62,072
9,545	e*	Cenveo, Inc		73,401
8,751		Glatfelter		118,489
27,981	e*	Graphic Packaging Holding Co		69,952
4,640	e*	Kapstone Paper and Packaging Corp		29,464
5,701	e*	Mercer International, Inc		20,866
2,645		Neenah Paper, Inc		52,371
7,664		Rock-Tenn Co (Class A)		306,407
3,035		Schweitzer-Mauduit International, Inc		57,635
2,710	e	Verso Paper Corp		7,154

299

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
8,403	e	Wausau Paper Corp	$	85,122
		TOTAL PAPER AND ALLIED PRODUCTS		922,782
PERSONAL SERVICES - 0.49%
5,681	*	Coinstar, Inc		181,792
4,089		G & K Services, Inc (Class A)		135,142
5,927		Jackson Hewitt Tax Service, Inc		90,920
8,645		Regis Corp		237,738
19,334	e*	Sally Beauty Holdings, Inc		166,272
3,403	*	Steiner Leisure Ltd		116,995
3,047		Unifirst Corp		131,295
		TOTAL PERSONAL SERVICES		1,060,154
PETROLEUM AND COAL PRODUCTS - 0.25%
2,401	e	Alon USA Energy, Inc		32,366
7,076	e*	American Oil & Gas, Inc		18,468
4,452	e*	CVR Energy, Inc		37,931
2,571		Delek US Holdings, Inc		23,833
20,228	e*	Gran Tierra Energy, Inc		75,046
8,125	e*	Headwaters, Inc		108,469
1,989		Quaker Chemical Corp		56,607
3,516		WD-40 Co		126,330
5,774	e	Western Refining, Inc		58,375
		TOTAL PETROLEUM AND COAL PRODUCTS		537,425
PRIMARY METAL INDUSTRIES - 0.93%
8,794		Belden CDT, Inc		279,561
3,949	*	Brush Engineered Materials, Inc		73,333
1,898	e*	Coleman Cable, Inc		19,037
4,154	e	Encore Wire Corp		75,229
2,786	e*	Fushi Copperweld, Inc		26,996
2,089	e*	General Steel Holdings, Inc		14,916
5,200	e	Gibraltar Industries, Inc		97,292
2,465	e*	Haynes International, Inc		115,436
6,761	*	Horsehead Holding Corp		39,890
6,264		Matthews International Corp (Class A)		317,835
4,675	e*	Metalico, Inc		27,583
7,531		Mueller Industries, Inc		173,288
1,938	e*	Northwest Pipe Co		84,536
1,749	e	Olympic Steel, Inc		51,578
4,746	e*	RTI International Metals, Inc		92,832
1,463	*	Sutor Technology Group Ltd		4,813
4,776	e	Texas Industries, Inc		195,147
5,068		Tredegar Corp		90,160
1,517	*	Universal Stainless & Alloy		38,759
13,114		Worthington Industries, Inc		195,923
		TOTAL PRIMARY METAL INDUSTRIES		2,014,144
PRINTING AND PUBLISHING - 0.79%
10,474	*	ACCO Brands Corp		78,974
3,956	e	AH Belo Corp (Class A)		20,413
9,446	e	American Greetings Corp (Class A)		144,429
17,256		Belo (A.H.) Corp (Class A)		102,846
5,908		Bowne & Co, Inc		68,237
4,447	e*	China Information Security Technology, Inc		20,901

300

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,927	*	Consolidated Graphics, Inc	$	58,446
1,925	e	Courier Corp		39,193
1,759		CSS Industries, Inc		45,277
4,243	e*	Dolan Media Co		42,812
4,972		Ennis, Inc		76,867
4,980	e,v	GateHouse Media, Inc		2,440
7,100	e	Harte-Hanks, Inc		73,627
7,629	e	Journal Communications, Inc (Class A)		37,230
11,345	e	Lee Enterprises, Inc		39,708
4,722	e*	Martha Stewart Living Omnimedia, Inc (Class A)		40,184
11,017	e	McClatchy Co (Class A)		48,475
4,077		Media General, Inc (Class A)		50,677
2,151	e	Multi-Color Corp		51,387
3,745	e*	Playboy Enterprises, Inc (Class B)		14,755
5,324	*	Presstek, Inc		30,027
7,864	e	Primedia, Inc		19,110
17,682	e*	R.H. Donnelley Corp		35,187
3,254		Schawk, Inc (Class A)		49,201
5,052		Scholastic Corp		129,735
2,812	e	Standard Register Co		27,698
9,295	*	Valassis Communications, Inc		80,495
8,874	e*	VistaPrint Ltd		291,422
		TOTAL PRINTING AND PUBLISHING		1,719,753
RAILROAD TRANSPORTATION - 0.11%
6,162	*	Genesee & Wyoming, Inc (Class A)		231,198
		TOTAL RAILROAD TRANSPORTATION		231,198
REAL ESTATE - 0.22%
1,184	e	Consolidated-Tomoka Land Co		51,137
2,432		DuPont Fabros Technology, Inc		37,088
6,891	*	Forestar Real Estate Group, Inc		101,642
1,376	e*	FX Real Estate and Entertainment, Inc		1,431
7,536	e	Grubb & Ellis Co		20,347
5,659	e*	LoopNet, Inc		55,628
16,896	e	Stewart Enterprises, Inc (Class A)		132,803
1,006	e*	Stratus Properties, Inc		27,685
4,606		Thomas Properties Group, Inc		46,521
		TOTAL REAL ESTATE		474,282
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.72%
968	e*	AEP Industries, Inc		19,360
11,466	e	Cooper Tire & Rubber Co		98,608
2,613	e*	Deckers Outdoor Corp		271,961
3,666	e*	Metabolix, Inc		39,886
5,246		Schulman (A.), Inc		103,766
6,355	*	Skechers U.S.A., Inc (Class A)		106,955
5,650		Spartech Corp		55,935
6,893	e	Titan International, Inc		146,959
3,050	e*	Trex Co, Inc		55,235
12,461		Tupperware Corp		344,297
6,494	e	West Pharmaceutical Services, Inc		317,037
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCT		1,559,999

301

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
SECURITY AND COMMODITY BROKERS - 1.18%
4,703	e*	Broadpoint Securities Group, Inc	$	13,639
3,772		Calamos Asset Management, Inc (Class A)		67,594
3,244	e	Cohen & Steers, Inc		91,902
398	e	Diamond Hill Investment Group, Inc		35,788
2,048	*	Duff & Phelps Corp (Class A)		43,069
1,802		Epoch Holding Corp		19,011
2,412	e	Evercore Partners, Inc (Class A)		43,368
5,880	e*	FBR Capital Markets Corp		38,102
4,821	e*	FCStone Group, Inc		86,730
2,040		Fifth Street Finance Corp		20,502
1,464	e	GAMCO Investors, Inc (Class A)		86,815
12,798	e	GFI Group, Inc		60,278
3,541	e	Greenhill & Co, Inc		261,149
8,158	e*	Interactive Brokers Group, Inc (Class A)		180,863
820	*	International Assets Holding Corp		19,770
5,622	e*	KBW, Inc		185,189
18,898	*	Knight Capital Group, Inc (Class A)		280,824
10,578	*	LaBranche & Co, Inc		47,601
22,173	e*	Ladenburg Thalmann Financial Services, Inc		39,911
6,496	*	MarketAxess Holdings, Inc		52,423
8,537		optionsXpress Holdings, Inc		165,789
3,261	*	Penson Worldwide, Inc		45,230
3,626	e*	Piper Jaffray Cos		156,825
1,090	e	Pzena Investment Management, Inc (Class A)		10,333
3,920	e	Sanders Morris Harris Group, Inc		33,908
4,774	*	Stifel Financial Corp		238,223
4,710		SWS Group, Inc		94,954
5,179	e*	Thomas Weisel Partners Group, Inc		43,659
2,887	e	US Global Investors, Inc (Class A)		29,014
373		Value Line, Inc		12,492
1,037		Westwood Holdings Group, Inc		49,154
		TOTAL SECURITY AND COMMODITY BROKERS		2,554,109
SOCIAL SERVICES - 0.07%
4,525	*	Capital Senior Living Corp		34,390
2,322	e*	Providence Service Corp		22,755
4,805	*	Res-Care, Inc		87,163
		TOTAL SOCIAL SERVICES		144,308
SPECIAL TRADE CONTRACTORS - 0.52%
736	e	Alico, Inc		34,908
6,697	*	AsiaInfo Holdings, Inc		61,478
4,804	e	Chemed Corp		197,252
7,768		Comfort Systems USA, Inc		103,781
8,291	*	Dycom Industries, Inc		107,949
13,644	*	EMCOR Group, Inc		359,110
5,367	e*	Insituform Technologies, Inc (Class A)		80,290
2,310	e*	Integrated Electrical Services, Inc		40,564
3,911	*	Layne Christensen Co		138,567
		TOTAL SPECIAL TRADE CONTRACTORS		1,123,899
STONE, CLAY, AND GLASS PRODUCTS - 0.23%
5,599	e	Apogee Enterprises, Inc		84,153

302

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,760	*	Cabot Microelectronics Corp	$	152,701
4,152	e	CARBO Ceramics, Inc		214,285
2,662		Libbey, Inc		22,654
7,680	e*	US Concrete, Inc		34,329
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		508,122
TEXTILE MILL PRODUCTS - 0.04%
2,734		Oxford Industries, Inc		70,619
3,834	e	Xerium Technologies, Inc		24,691
		TOTAL TEXTILE MILL PRODUCTS		95,310
TOBACCO PRODUCTS - 0.17%
5,403	e	Universal Corp		265,233
6,382	e	Vector Group Ltd		112,706
		TOTAL TOBACCO PRODUCTS		377,939
TRANSPORTATION BY AIR - 0.74%
2,075	e*	Air Methods Corp		58,743
25,398	e*	Airtran Holdings, Inc		61,717
6,957	e*	Alaska Air Group, Inc		141,853
2,641	*	Allegiant Travel Co		93,280
2,803	*	Atlas Air Worldwide Holdings, Inc		112,989
4,884	e*	Bristow Group, Inc		165,275
7,693	e*	Hawaiian Holdings, Inc		71,391
35,053	e*	JetBlue Airways Corp		173,512
2,763	e*	PHI, Inc		102,038
6,765	*	Republic Airways Holdings, Inc		68,935
11,764		Skywest, Inc		187,989
25,290	e	UAL Corp		222,299
22,891	e*	US Airways Group, Inc		138,033
		TOTAL TRANSPORTATION BY AIR		1,598,054
TRANSPORTATION EQUIPMENT - 2.07%
4,152		A.O. Smith Corp		162,717
8,165	e*	AAR Corp		135,457
6,836	e*	Accuride Corp		10,938
1,981	e*	Aerovironment, Inc		63,293
10,484	e	American Axle & Manufacturing Holdings, Inc		56,194
1,810	e	American Railcar Industries, Inc		29,032
4,294	e*	Amerigon, Inc (Class A)		28,255
14,864	e	ArvinMeritor, Inc		193,827
4,112	*	ATC Technology Corp		97,619
17,610	e	Brunswick Corp		225,232
10,150		Clarcor, Inc		385,192
6,646	e*	Cogo Group, Inc		35,024
20,578	*	Dana Holding Corp		99,598
2,128	*	Dorman Products, Inc		26,664
2,042		Ducommun, Inc		48,763
9,290	e	Federal Signal Corp		127,273
15,328	e,v*	Fleetwood Enterprises, Inc		15,788
15,189	*	Force Protection, Inc		40,707
2,480		Freightcar America, Inc		72,590
2,507	e*	Fuel Systems Solutions, Inc		86,366
11,035	e*	GenCorp, Inc		74,376

303

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,738	e*	GenTek, Inc	$	44,684
3,168		Greenbrier Cos, Inc		61,808
4,483	e	Group 1 Automotive, Inc		97,416
19,558	*	Hayes Lemmerz International, Inc		53,393
4,718	e	Heico Corp		154,845
5,217		Kaman Corp		148,580
1,675	*	LMI Aerospace, Inc		33,684
11,762	*	Orbital Sciences Corp		281,935
6,627	e	Polaris Industries, Inc		301,462
6,084	e	Spartan Motors, Inc		19,347
4,454	e	Superior Industries International, Inc		85,339
9,759	e*	Tenneco, Inc		103,738
6,680	e*	TransDigm Group, Inc		228,656
3,196	e	Triumph Group, Inc		146,089
27,589	e*	Visteon Corp		64,006
5,943		Wabash National Corp		56,161
9,735		Westinghouse Air Brake Technologies Corp		498,724
6,004	e	Winnebago Industries, Inc		77,572
2,856	e*	Wonder Auto Technology, Inc		18,307
		TOTAL TRANSPORTATION EQUIPMENT		4,490,651
TRANSPORTATION SERVICES - 0.40%
3,688	e	Ambassadors Group, Inc		58,676
1,934	*	Dynamex, Inc		55,042
7,426	*	HUB Group, Inc (Class A)		279,589
12,970	*	Lear Corp		136,185
7,068	e*	Orbitz Worldwide, Inc		41,489
7,269	e	Pacer International, Inc		119,720
8,512	e	Ship Finance International Ltd		183,519
		TOTAL TRANSPORTATION SERVICES		874,220
TRUCKING AND WAREHOUSING - 0.54%
4,611	e	Arkansas Best Corp		155,344
4,223	*	Celadon Group, Inc		48,438
5,853	e	Forward Air Corp		159,377
11,305	e	Heartland Express, Inc		175,454
2,874	*	Marten Transport Ltd		56,072
5,547	*	Old Dominion Freight Line		157,202
326	*	Patriot Transportation Holding, Inc		25,754
2,700	*	Saia, Inc		35,856
1,427	e*	Universal Truckload Services, Inc		34,762
8,391	e	Werner Enterprises, Inc		182,168
11,502	e*	YRC Worldwide, Inc		137,564
		TOTAL TRUCKING AND WAREHOUSING		1,167,991
WATER TRANSPORTATION - 0.74%
6,848	e*	American Commercial Lines, Inc		72,863
2,424	e	Arlington Tankers Ltd		37,281
7,589		DHT Maritime, Inc		50,998
9,404	e	Eagle Bulk Shipping, Inc		131,092
4,878	e	Genco Shipping & Trading Ltd		162,145
5,479	e	General Maritime Corp		106,731
6,839	e	Golar LNG Ltd		90,822
4,534	e*	Gulfmark Offshore, Inc		203,486

304

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
5,717	e	Horizon Lines, Inc (Class A)	$	56,427
4,785	e*	Hornbeck Offshore Services, Inc		184,797
1,173	*	International Shipholding Corp		25,688
3,638	e	Knightsbridge Tankers Ltd		96,298
6,913	e	Nordic American Tanker Shipping		221,631
9,321	e*	Odyssey Marine Exploration, Inc		42,317
2,028	e*	TBS International Ltd (Class A)		27,297
2,950	e	Teekay Tankers Ltd (Class A)		49,943
4,841	e*	Ultrapetrol Bahamas Ltd		38,002
		TOTAL WATER TRANSPORTATION		1,597,818
WHOLESALE TRADE-DURABLE GOODS - 1.54%
4,313	e	Agilysys, Inc		43,518
8,505		Applied Industrial Technologies, Inc		229,040
9,664	e	Barnes Group, Inc		195,406
9,311	e*	Beacon Roofing Supply, Inc		145,438
2,240	e*	Cardtronics, Inc		17,606
3,191		Castle (A.M.) & Co		55,140
2,137	*	Chindex International, Inc		23,208
5,841	e*	Conceptus, Inc		96,844
3,788	*	DemandTec, Inc		34,130
4,954	*	Digi International, Inc		50,531
3,810	e*	Drew Industries, Inc		65,189
3,295	e*	Hansen Medical, Inc		44,285
3,442	e	Houston Wire & Cable Co		59,099
16,276		IKON Office Solutions, Inc		276,855
9,832	*	Insight Enterprises, Inc		131,847
6,265	*	Interline Brands, Inc		101,556
11,710	e	Knight Transportation, Inc		198,719
904	e	Lawson Products, Inc		24,996
3,250	*	MedAssets, Inc		55,900
1,987	*	MWI Veterinary Supply, Inc		78,069
8,400		Owens & Minor, Inc		407,400
8,167	e	PEP Boys-Manny Moe & Jack		50,472
9,645	e	Pool Corp		225,018
12,502	e*	PSS World Medical, Inc		243,789
10,377	*	Solera Holdings, Inc		298,027
1,419	e*	Titan Machinery, Inc		29,529
7,931	e*	TomoTherapy, Inc		36,324
7,362	e*	Tyler Technologies, Inc		111,681
		TOTAL WHOLESALE TRADE-DURABLE GOODS		3,329,616
WHOLESALE TRADE-NONDURABLE GOODS - 1.43%
4,726		Aceto Corp		45,322
11,797	e*	Akorn, Inc		60,519
18,719	*	Alliance One International, Inc		71,132
11,645		Allscripts Healthcare Solutions, Inc		144,864
3,702	e	Andersons, Inc		130,384
5,604	e*	BMP Sunstone Corp		38,892
1,819	*	Core-Mark Holding Co, Inc		45,457
8,483	e*	Fresh Del Monte Produce, Inc		188,323
3,588	e*	Green Mountain Coffee Roasters, Inc		141,152
8,204	e*	Hain Celestial Group, Inc		225,856
28,498	e	Idearc, Inc		35,623

305

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,726	e	Kenneth Cole Productions, Inc (Class A)	$	25,372
5,019	e	K-Swiss, Inc (Class A)		87,331
3,360	e*	LSB Industries, Inc		46,536
998	e*	Maui Land & Pineapple Co, Inc		27,435
10,391	e	Men's Wearhouse, Inc		220,705
5,771		Myers Industries, Inc		72,772
2,562	e	Nash Finch Co		110,473
10,124		Nu Skin Enterprises, Inc (Class A)		164,211
2,545	*	Perry Ellis International, Inc		37,946
1,806	*	Schiff Nutrition International, Inc		12,335
3,836	e*	School Specialty, Inc		119,645
4,564		Spartan Stores, Inc		113,552
2,008	e*	Synutra International, Inc		40,421
6,697	*	Tractor Supply Co		281,609
8,820	e*	United Natural Foods, Inc		220,412
4,719	*	United Stationers, Inc		225,710
3,516	e*	Volcom, Inc		60,756
4,121		Zep, Inc		72,694
3,566	e*	Zhongpin, Inc		37,907
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,105,346
		TOTAL COMMON STOCKS		213,183,579
		(Cost $240,725,332)
SHORT-TERM INVESTMENTS - 27.34%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 27.34%
59,212,829		State Street Navigator Securities Lending Prime Portfolio		59,212,829
				59,212,829
		TOTAL SHORT-TERM INVESTMENTS		59,212,829
		(Cost $59,212,829)
		TOTAL PORTFOLIO - 125.77%		272,396,408
		(Cost $299,938,161)
		OTHER ASSETS & LIABILITIES, NET - (25.77)%		(55,804,194	)
		NET ASSETS - 100.00%	$	216,592,214
	*	Non-income producing
	**	Percentage represents less than 0.01%.
	b	In bankruptcy
	d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $158,976.
	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
SCHEDULE OF INVESTMENTS
September 30, 2008
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.00%
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.02%
3,154		Bureau Veritas S.A.	$	161,363
		TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS		161,363
AGRICULTURAL SERVICES - 0.07%
15,735		Yara International ASA		560,007
		TOTAL AGRICULTURAL SERVICES		560,007
AMUSEMENT AND RECREATION SERVICES - 0.68%
26,852	e	Aristocrat Leisure Ltd		140,693
48,408		Ladbrokes plc		163,472
4,870	e	Lottomatica S.p.A.		127,523
8,200		Nintendo Co Ltd		3,478,225
18,523		OPAP S.A.		568,546
4,300	e	Oriental Land Co Ltd		291,512
15,300	e	Sega Sammy Holdings, Inc		138,399
35,343		Sky City Entertainment Group Ltd		87,773
43,463		TABCORP Holdings Ltd		285,538
94,279	e	Tattersall's Ltd		181,790
28,031		William Hill plc		118,200
		TOTAL AMUSEMENT AND RECREATION SERVICES		5,581,671
APPAREL AND ACCESSORY STORES - 0.38%
34,724		Burberry Group plc		245,535
4,000	e	Fast Retailing Co Ltd		407,893
42,441	e	Hennes & Mauritz AB (B Shares)		1,737,781
18,107	e	Inditex S.A.		766,174
		TOTAL APPAREL AND ACCESSORY STORES		3,157,383
APPAREL AND OTHER TEXTILE PRODUCTS - 0.18%
13,000		Asics Corp		101,063
56,000		C C Land Holdings Ltd		12,234
5,721	e	Hermes International		930,778
42,000	e	Mitsubishi Rayon Co Ltd		104,015
10,000	e	Nisshinbo Industries, Inc		97,522
11,000	e	Onward Kashiyama Co Ltd		115,042
1,800	e	Shimamura Co Ltd		120,709
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,481,363
AUTO REPAIR, SERVICES AND PARKING - 0.07%
15,900	e	Aisin Seiki Co Ltd		389,393
8,700	e	NOK Corp		97,532
13,300	e	Sumitomo Rubber Industries, Inc		118,489
		TOTAL AUTO REPAIR, SERVICES AND PARKING		605,414

307

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.11%
49,000	e	Fuji Heavy Industries Ltd	$	248,203
34,785		Inchcape plc		117,503
29,300	e	Suzuki Motor Corp		542,904
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		908,610
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.06%
195,928		Kingfisher plc		467,082
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		467,082
BUSINESS SERVICES - 2.08%
2,365	e	Acciona S.A.		360,448
10,212		Adecco S.A.		443,625
5,782	e	Atos Origin S.A.		254,458
21,356		Autostrade S.p.A.		440,002
17,282	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		203,114
39,184		Computershare Ltd		296,220
5,700	e	CSK Holdings Corp		83,297
5,117	e	Dassault Systemes S.A.		274,181
24	e	Dena Co Ltd		96,698
161	e	Dentsu, Inc		323,797
8,800	e*	Elpida Memory, Inc		165,396
84,955		Experian Group Ltd		563,032
155,000		Fujitsu Ltd		871,405
105,206		Group 4 Securicor plc		380,449
1,780	e	Hakuhodo DY Holdings, Inc		87,813
112,411		Hays plc		162,771
24,530	e	IFIL - Investments S.p.A.		111,237
8,085	e	Indra Sistemas S.A.		192,664
5,102	e	JC Decaux S.A.		111,724
14,900	e	JSR Corp		198,699
8,000	e	Konami Corp		201,301
120,986		LogicaCMG plc		236,712
4,640		Mitsubishi UFJ Lease & Finance Co Ltd		151,841
160,000	e	NEC Corp		683,859
9,400	e	Nomura Research Institute Ltd		193,464
105	e	NTT Data Corp		415,119
580	e	Obic Co Ltd		94,651
3,000	e	Oracle Corp Japan		136,536
1,300		Otsuka Corp		84,839
8,114		Public Power Corp		125,177
10,456	e	Publicis Groupe S.A.		329,332
523	e	Rakuten, Inc		295,118
7,876		Randstad Holdings NV		207,096
108,619		Sage Group plc		380,453
72,071		SAP AG.		3,838,424
17,500		Secom Co Ltd		729,008
26,114	e	Securitas AB (B Shares)		294,146
390		SGS S.A.		458,994
62,800	e	Softbank Corp		818,385
5,100	e	Square Enix Co Ltd		149,151
9,000	e	Trend Micro, Inc		341,120
9,693		United Internet AG.		104,226
2,340		USS Co Ltd		150,498
92,605		WPP Group plc		749,041

308

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
1,255	e	Yahoo! Japan Corp	$	410,846
		TOTAL BUSINESS SERVICES		17,200,367
CHEMICALS AND ALLIED PRODUCTS - 10.04%
8,115	e*	Actelion Ltd		418,154
20,393	e	Air Liquide		2,240,871
22,573		Akzo Nobel NV		1,083,701
2,500	e	Alfresa Holdings Corp		121,022
99,000	e	Asahi Kasei Corp		416,534
40,900	e	Astellas Pharma, Inc		1,718,586
120,294		AstraZeneca plc		5,264,003
77,280		BASF AG.		3,684,438
7,323		Beiersdorf AG.		462,861
4,524		Christian Dior S.A.		343,110
17,958	e	Chugai Pharmaceutical Co Ltd		292,636
49,622		CSL Ltd		1,503,293
22,000	e	Daicel Chemical Industries Ltd		98,969
58,000	e	Daiichi Sankyo Co Ltd		1,494,453
50,000		Dainippon Ink and Chemicals, Inc		94,696
14,000	e	Dainippon Sumitomo Pharma Co Ltd		114,687
11,298		DSM NV		534,391
21,000	e	Eisai Co Ltd		820,049
39,244	*	Elan Corp plc		415,390
412		Eramet		157,837
544		Givaudan S.A.		454,379
450,726		GlaxoSmithKline plc		9,763,939
10,610		Grifols S.A.		271,100
10,755		Henkel KGaA		329,855
5,400		Hisamitsu Pharmaceutical Co, Inc		236,347
100,240		Incitec Pivot Ltd		401,618
12,323		K+S AG.		854,429
17,000	e	Kansai Paint Co Ltd		105,444
44,000		Kao Corp		1,179,971
43,500		Kingboard Chemical Holdings Ltd		148,530
28,000		Kuraray Co Ltd		278,327
22,000	e	Kyowa Hakko Kogyo Co Ltd		231,375
11,128		Linde AG.		1,188,311
3,977	e	Lonza Group AG.		498,999
20,275	e	L'Oreal S.A.		1,989,455
11,700		Mediceo Paltac Holdings Co Ltd		143,136
106,500	e	Mitsubishi Chemical Holdings Corp		562,932
32,000	e	Mitsubishi Gas Chemical Co, Inc		154,760
12,000	e	Nissan Chemical Industries Ltd		110,190
195,480		Novartis AG.		10,291,931
38,044		Novo Nordisk AS (Class B)		1,972,287
3,844	e	Novozymes AS (B Shares)		342,554
8,100	e	Ono Pharmaceutical Co Ltd		374,213
7,198		Orion Oyj (Class B)		121,950
50,215		Reckitt Benckiser Group plc		2,434,668
58,001		Roche Holding AG.		9,079,581
86,838	e	Sanofi-Aventis		5,709,208
6,000	e	Santen Pharmaceutical Co Ltd		152,524
34,100		Shin-Etsu Chemical Co Ltd		1,621,478
25,000		Shionogi & Co Ltd		506,360

309

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
46,473		Shire Ltd	$	734,884
28,000	e	Shiseido Co Ltd		627,016
99,000		Showa Denko KK		208,748
4,925		Solvay S.A.		604,542
131,000	e	Sumitomo Chemical Co Ltd		578,705
8,636		Syngenta AG.		1,821,194
11,000	e	Taisho Pharmaceutical Co Ltd		218,175
24,000	e	Taiyo Nippon Sanso Corp		190,130
68,600	e	Takeda Pharmaceutical Co Ltd		3,454,050
19,000		Tanabe Seiyaku Co Ltd		264,064
19,000	e	Tokuyama Corp		110,242
111,000	e	Toray Industries, Inc		521,124
43,000	e	Tosoh Corp		126,886
81,000		UBE Industries Ltd		218,402
8,372		UCB S.A.		297,450
1,297		Wacker Chemie AG.		185,170
		TOTAL CHEMICALS AND ALLIED PRODUCTS		82,950,314
COMMUNICATIONS - 6.30%
13,986		Belgacom S.A.		526,942
94,463		British Sky Broadcasting plc		702,797
640,938		BT Group plc		1,858,111
206,528		Cable & Wireless plc		613,316
32,825	e	Carphone Warehouse Group plc		101,378
233,746		Deutsche Telekom AG.		3,549,953
11,114	e	Elisa Oyj (Series A)		218,085
6,867		Eutelsat Communications		182,664
151,270	e	France Telecom S.A.		4,243,064
31		Fuji Television Network, Inc		39,985
7,811	e	Gestevision Telecinco S.A.		79,830
22,301		Hellenic Telecommunications Organization S.A.		400,860
2,100	e	Hikari Tsushin, Inc		44,958
139,000	e*	Hutchison Telecommunications International Ltd		155,228
273,767		ITV plc		205,592
194		Jupiter Telecommunications Co		139,683
242	e	KDDI Corp		1,370,850
5,083		M6-Metropole Television		111,751
63,370	e	Mediaset S.p.A.		402,459
2,544	e	Mobistar S.A.		179,056
4,152	e	Modern Times Group AB (B Shares)		149,570
422		Nippon Telegraph & Telephone Corp		1,883,573
1,285		NTT DoCoMo, Inc		2,056,894
51,682		Portugal Telecom SGPS S.A.		519,721
16,617	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		122,879
149,547		Royal KPN NV		2,159,748
25,037		SES Global S.A.		518,284
660,403		Singapore Telecommunications Ltd		1,509,505
9,122	e	Societe Television Francaise 1		161,603
1,874	e	Swisscom AG.		558,483
25,265		Tele2 AB (B Shares)		288,333
150,349	e	Telecom Corp of New Zealand Ltd		278,127
831,361		Telecom Italia S.p.A.		1,237,294
498,320		Telecom Italia S.p.A.		564,869
354,277		Telefonica S.A.		8,423,842

310

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
28,589		Telekom Austria AG.	$	503,018
69,654		Telenor ASA		867,363
22,000		Television Broadcasts Ltd		93,423
186,104	e	TeliaSonera AB		1,057,631
359,949	e	Telstra Corp Ltd		1,207,614
2,500		Tokyo Broadcasting System, Inc		42,914
96,645		Vivendi Universal S.A.		3,029,889
4,382,662		Vodafone Group plc		9,678,802
		TOTAL COMMUNICATIONS		52,039,941
DEPOSITORY INSTITUTIONS - 16.08%
27,000		77 Bank Ltd		136,143
30,138		Alliance & Leicester plc		146,936
73,120		Allied Irish Banks plc		601,083
31,484		Alpha Bank S.A.		685,444
63,023	e	Anglo Irish Bank Corp plc		343,547
52,000		Aozora Bank Ltd		81,516
159,472	e	Australia & New Zealand Banking Group Ltd		2,463,718
60,181	e	Banca Carige S.p.A.		198,806
635,280		Banca Intesa S.p.A.		3,493,772
73,325		Banca Intesa S.p.A.		349,815
204,928	e	Banca Monte dei Paschi di Siena S.p.A.		510,032
32,594	e	Banca Popolare di Milano		277,009
50,357		Banche Popolari Unite Scpa		1,103,158
295,569		Banco Bilbao Vizcaya Argentaria S.A.		4,779,565
20,359		Banco BPI S.A.		63,319
193,218	e	Banco Comercial Portugues S.A.		316,084
76,193	e	Banco de Sabadell S.A.		592,179
18,440	e	Banco Espirito Santo S.A.		228,650
53,113		Banco Popolare Scarl		825,081
65,587	e	Banco Popular Espanol S.A.		781,240
515,922		Banco Santander Central Hispano S.A.		7,735,899
118,024	e	Bank of East Asia Ltd		371,518
82,361		Bank of Ireland		459,156
26,000	e	Bank of Kyoto Ltd		265,363
103,000	e	Bank of Yokohama Ltd		510,201
20,924	e	Bankinter S.A.		263,017
675,958		Barclays plc		4,016,163
22,444	e	Bendigo Bank Ltd		214,256
66,964	e	BNP Paribas		6,392,217
307,500		BOC Hong Kong Holdings Ltd		549,739
61,000	e	Chiba Bank Ltd		319,829
14,000	e	Chugoku Bank Ltd		195,362
159,000		CITIC International Financial Holdings Ltd		105,245
56,949		Commerzbank AG.		844,201
109,211	e	Commonwealth Bank of Australia		3,848,993
73,893	e	Credit Agricole S.A.		1,423,168
37,635		Danske Bank AS		906,157
95,000		DBS Group Holdings Ltd		1,132,138
44,418		Deutsche Bank AG.		3,177,531
43,208	e	Dexia		471,979
60,863		DNB NOR Holding ASA		472,162
26,198		EFG Eurobank Ergasias S.A.		477,539
4,257	e	EFG International		122,904

311

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
15,760	e	Erste Bank der Oesterreichischen Sparkassen AG.	$	784,604
185,414		Fortis		1,145,483
64,000		Fukuoka Financial Group, Inc		235,520
33,000		Gunma Bank Ltd		188,179
36,000		Hachijuni Bank Ltd		190,976
63,600	e	Hang Seng Bank Ltd		1,202,301
39,000		Hiroshima Bank Ltd		144,466
98,000		Hokuhoku Financial Group, Inc		218,696
985,936		HSBC Holdings plc		15,950,732
156,374	e	ING Groep NV		3,352,311
31,983		Investec plc		174,751
20,000	e	Iyo Bank Ltd		218,019
56,000	e	Joyo Bank Ltd		254,936
17,598		Julius Baer Holding AG.		875,156
4,161	*	Jyske Bank		209,509
469,042		Lloyds TSB Group plc		1,884,749
40,705	e	Mediobanca S.p.A.		552,483
848,700		Mitsubishi UFJ Financial Group, Inc		7,400,876
82,000		Mitsui Trust Holdings, Inc		442,694
801	e	Mizuho Financial Group, Inc		3,502,890
125,000	e	Mizuho Trust & Banking Co Ltd		171,509
135,430	e	National Australia Bank Ltd		2,733,308
40,520		National Bank of Greece S.A.		1,642,055
81,583	e	Natixis		273,198
60,000	e	Nishi-Nippon City Bank Ltd		149,820
171,378		Nordea Bank AB		2,046,071
9,565		OKO Bank (Class A)		139,394
208,520		Oversea-Chinese Banking Corp		1,052,817
25,837		Piraeus Bank S.A.		537,977
4,495	e	Raiffeisen International Bank Holding AG.		324,656
426	e	Resona Holdings, Inc		574,688
1,372,201		Royal Bank of Scotland Group plc		4,426,604
25		Sapporo Hokuyo Holdings, Inc		125,148
128,000	e	Shinsei Bank Ltd		393,702
50,000	e	Shizuoka Bank Ltd		492,280
38,559	e	Skandinaviska Enskilda Banken AB (Class A)		601,414
38,563	e	Societe Generale		3,464,102
46,564		St George Bank Ltd		1,099,032
117,306		Standard Chartered plc		2,886,377
552	e	Sumitomo Mitsui Financial Group, Inc		3,460,852
118,000		Sumitomo Trust & Banking Co Ltd		786,168
79,135		Suncorp-Metway Ltd		601,490
19,000	e	Suruga Bank Ltd		221,156
38,084		Svenska Handelsbanken (A Shares)		852,937
30,000	e	Swedbank AB (A Shares)		392,205
5,270		Sydbank AS		158,083
243,947	*	UBS A.G.		4,169,647
941,282		UniCredito Italiano S.p.A		3,519,777
102,000		United Overseas Bank Ltd		1,219,392
154,591	e	Westpac Banking Corp		2,740,060
14,000	e	Wing Hang Bank Ltd		107,563
6,500		Wing Lung Bank		129,940
18,000		Yamaguchi Financial Group, Inc		219,665
		TOTAL DEPOSITORY INSTITUTIONS		132,894,252

312

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
EATING AND DRINKING PLACES - 0.25%
8,099	e	Autogrill S.p.A.	$	91,958
153,851		Compass Group plc		954,185
40,465		Enterprise Inns plc		130,666
32,107		Mitchells & Butlers plc		127,292
7,913		Sodexho Alliance S.A.		466,978
14,136		Whitbread plc		267,367
		TOTAL EATING AND DRINKING PLACES		2,038,446
EDUCATIONAL SERVICES - 0.03%
6,000		Benesse Corp		245,066
		TOTAL EDUCATIONAL SERVICES		245,066
ELECTRIC, GAS, AND SANITARY SERVICES - 6.50%
103,444		A2A S.p.A.		263,953
36,721	e	AGL Energy Ltd		404,980
85,789	e	British Energy Group plc		1,165,766
10,468	e	Caltex Australia Ltd		103,543
305,713		Centrica plc		1,720,171
55,000	e	Chubu Electric Power Co, Inc		1,295,951
23,100	e	Chugoku Electric Power Co, Inc		473,587
170,000		CLP Holdings Ltd		1,371,347
23,831	e	Contact Energy Ltd		126,164
28,144		Drax Group plc		378,946
155,931		E.ON AG.		7,849,080
11,100		Electric Power Development Co		358,449
16,451	e	Electricite de France		1,189,627
14,812	e	Enagas		319,404
357,008		Enel S.p.A.		2,980,189
150,268	e	Energias de Portugal S.A.		630,648
36,806		Fortum Oyj		1,235,182
9,271		Gas Natural SDG S.A.		344,129
89,761		Gaz de France		4,669,933
16,100	e	Hokkaido Electric Power Co, Inc		336,172
14,600	e	Hokuriku Electric Power Co		351,320
332,110		Hong Kong & China Gas Ltd		758,112
115,000		Hong Kong Electric Holdings Ltd		722,311
69,979	*	Iberdrola Renovables		305,773
290,040		Iberdrola S.A.		2,946,507
124,951		International Power plc		808,518
63,900		Kansai Electric Power Co, Inc		1,421,679
31,500	e	Kyushu Electric Power Co, Inc		656,605
207,050		National Grid plc		2,628,107
6,388		Oest Elektrizitatswirts AG. (Class A)		393,129
160,000		Osaka Gas Co Ltd		550,928
531		Puma AG. Rudolf Dassler Sport		144,519
8,962		Red Electrica de Espana		456,358
36,913		RWE AG.		3,519,160
72,181		Scottish & Southern Energy plc		1,836,702
19,501		Severn Trent plc		473,184
15,100	e	Shikoku Electric Power Co, Inc		379,260
64,600	e	Snam Rete Gas S.p.A.		390,400
98,400		Sojitz Holdings Corp		228,063

313

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
22,348	*	Suez Environnement S.A.	$	550,262
38,000	e	Toho Gas Co Ltd		209,587
35,500	e	Tohoku Electric Power Co, Inc		763,055
99,600	e	Tokyo Electric Power Co, Inc		2,450,599
194,000		Tokyo Gas Co Ltd		809,458
30,320	e	Union Fenosa S.A.		741,262
56,408		United Utilities Group plc		700,022
31,318		Veolia Environnement		1,288,458
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		53,700,559
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.33%
181,142		ABB Ltd		3,510,245
192,104	e*	Alcatel S.A.		740,311
13,500	e	Alps Electric Co Ltd		105,677
246,067	e	Ericsson (LM) (B Shares)		2,336,846
166,000	e*	Foxconn International Holdings Ltd		74,255
45,000	e	Fuji Electric Holdings Co Ltd		108,700
15,148		Gamesa Corp Tecnologica S.A.		519,000
2,700	e	Hirose Electric Co Ltd		257,334
8,100		Hitachi Chemical Co Ltd		108,697
5,600		Hitachi High-Technologies Corp		111,048
277,000		Hitachi Ltd		1,870,020
34,300	e	Hoya Corp		680,435
11,300	e	Ibiden Co Ltd		275,089
62,217	*	Infineon Technologies AG.		345,422
85,413		Koninklijke Philips Electronics NV		2,317,474
13,500	e	Kyocera Corp		1,024,727
7,567		Legrand S.A.		170,664
2,300		Mabuchi Motor Co Ltd		104,585
152,000	e	Matsushita Electric Industrial Co Ltd		2,620,406
31,000	e	Matsushita Electric Works Ltd		275,297
5,825		Millicom International Cellular S.A.		402,225
28,000		Minebea Co Ltd		105,017
161,000	e	Mitsubishi Electric Corp		1,086,277
6,900	e	Mitsumi Electric Co Ltd		175,212
17,800	e	Murata Manufacturing Co Ltd		718,597
2,900	*	NEC Electronics Corp		60,591
14,000	e	NGK Spark Plug Co Ltd		136,293
9,100	e	Nidec Corp		559,820
13,700		Nitto Denko Corp		348,536
314,285		Nokia Oyj		5,861,866
17,000		Omron Corp		263,879
12,000	e	Pioneer Corp		79,153
5,023	e*	Q-Cells AG.		421,195
12,058	e*	Renewable Energy Corp AS		223,515
56,000	e	Ricoh Co Ltd		787,413
8,400		Rohm Co Ltd		462,030
135,000	e*	Sanyo Electric Co Ltd		234,398
83,000	e	Sharp Corp		906,945
5,400	e	Shinko Electric Industries		51,112
32,201		Smiths Group plc		583,913
83,400	e	Sony Corp		2,571,856
12,500		Stanley Electric Co Ltd		183,374
56,635	e	STMicroelectronics NV		574,293

314

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
10,300	e	Sumco Corp	$	163,027
10,200	e	TDK Corp		510,875
97,457		Terna Rete Elettrica Nazionale S.p.A.		358,299
5,000	e	Toyota Boshoku Corp		55,275
9,900		Ushio, Inc		163,117
18,000		Venture Corp Ltd		97,929
20,000		Yaskawa Electric Corp		113,885
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		35,816,149
ENGINEERING AND MANAGEMENT SERVICES - 0.32%
11,467		Cap Gemini S.A.		541,711
49,258		Capita Group plc		613,048
4,669		Fugro NV		275,716
19,000		JGC Corp		304,824
79,460		SembCorp Industries Ltd		182,036
39,131		Serco Group plc		255,204
4,109		Strabag SE		182,855
12,516	e	WorleyParsons Ltd		309,576
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,664,970
FABRICATED METAL PRODUCTS - 0.25%
69,350		Amcor Ltd		304,961
3,292		Geberit AG.		403,724
14,000	e	Hitachi Metals Ltd		167,329
22,100	e	JS Group Corp		278,216
53,342		Rexam plc		378,988
14,587		Ssab Svenskt Stal AB (Series A)		231,952
6,781	e	Ssab Svenskt Stal AB (Series B)		93,688
12,900	e	Toyo Seikan Kaisha Ltd		198,023
		TOTAL FABRICATED METAL PRODUCTS		2,056,881
FOOD AND KINDRED PRODUCTS - 4.40%
55,000	e	Ajinomoto Co, Inc		524,194
6,551	*	Aryzta AG.		265,140
32,100	e	Asahi Breweries Ltd		562,602
28,714		Associated British Foods plc		364,376
112,381		Cadbury plc		1,136,612
239		Carlsberg AS (Class A)		20,675
6,338		Carlsberg AS (Class B)		483,230
13,584		Coca Cola Hellenic Bottling Co S.A.		296,486
45,363		Coca-Cola Amatil Ltd		302,878
4,600	e	Coca-Cola West Japan Co Ltd		103,946
81,615	e	CSR Ltd		163,532
210,391		Diageo plc		3,589,158
399,000		Golden Agri-Resources Ltd		88,961
36,228		Groupe Danone		2,569,720
20,312		Heineken NV		816,082
15,312	e	InBev NV		910,983
5,000	e	Ito En Ltd		64,902
87,046		J Sainsbury plc		545,915
25,000	e	Kaneka Corp		138,107
11,582		Kerry Group plc (Class A)		339,147
66,000		Kirin Brewery Co Ltd		867,176
69		Lindt & Spruengli AG.		168,239

315

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
23,854		Lion Nathan Ltd	$	178,591
21,000	e	Meiji Dairies Corp		112,271
323,019		Nestle S.A.		13,960,075
15,000	e	Nippon Meat Packers, Inc		227,462
16,000	e	Nisshin Seifun Group, Inc		215,384
6,900	e	Nissin Food Products Co Ltd		245,920
96,700	e	Olam International Ltd		123,331
138,168	e	Parmalat S.p.A.		326,137
13,627		Pernod-Ricard S.A.		1,200,416
35,500	e	Sampo Oyj (A Shares)		807,690
20,000	e	Sapporo Holdings Ltd		148,518
68,500		Swire Pacific Ltd (Class A)		602,124
36,519		Tate & Lyle plc		250,885
8,000	e	Toyo Suisan Kaisha Ltd		202,808
107,717		Unilever plc		2,928,917
65,000	e	Wilmar International Ltd		115,271
7,700	e	Yakult Honsha Co Ltd		237,268
10,000	e	Yamazaki Baking Co Ltd		121,279
		TOTAL FOOD AND KINDRED PRODUCTS		36,326,408
FOOD STORES - 1.83%
52,647		Carrefour S.A.		2,482,670
1,352	e	Colruyt S.A.		339,355
8,322		Delhaize Group		483,377
4,900		FamilyMart Co Ltd		207,337
109,588		Goodman Fielder Ltd		124,316
18,176		Jeronimo Martins SGPS S.A.		155,014
5,283		Kesko Oyj (B Shares)		135,165
98,932		Koninklijke Ahold NV		1,142,835
5,700		Lawson, Inc		262,857
70,800	e	Seven & I Holdings Co Ltd		2,034,077
72,366		Sonae SPGS S.A.		55,652
649,940		Tesco plc		4,520,323
200,533		WM Morrison Supermarkets plc		932,559
100,988		Woolworths Ltd		2,224,562
		TOTAL FOOD STORES		15,100,099
FURNITURE AND FIXTURES - 0.03%
2,631	e	Neopost S.A.		248,092
		TOTAL FURNITURE AND FIXTURES		248,092
FURNITURE AND HOME FURNISHINGS STORES - 0.10%
43,708		Harvey Norman Holdings Ltd		110,091
3,200	e	Nitori Co Ltd		190,126
7,200	e	Yamada Denki Co Ltd		545,752
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		845,969
GENERAL BUILDING CONTRACTORS - 0.79%
26,681	e	Amec plc		306,041
38,421		Balfour Beatty plc		208,759
6,729		Berkeley Group Holdings plc		91,946
3,073		Bilfinger Berger AG.		160,061
38,000	e	Cheung Kong Infrastructure Holdings Ltd		176,838
6,700	e	Daito Trust Construction Co Ltd		249,191

316

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
43,000	e	Daiwa House Industry Co Ltd	$	411,104
2,951	e	Eiffage S.A.		158,120
40,547		Fletcher Building Ltd		183,176
98,000		Haseko Corp		70,381
3,471		Hochtief AG.		165,657
2,174	e	Imerys S.A.		124,907
70,000	e	Kajima Corp		211,462
28,791	e	Lend Lease Corp Ltd		212,370
51,000	e	Obayashi Corp		257,913
24,862	e	Persimmon plc		180,901
6,322	e	Sacyr Vallehermoso S.A.		104,919
35,000	e	Sekisui Chemical Co Ltd		208,058
39,000	e	Sekisui House Ltd		358,060
49,000	e	Shimizu Corp		233,416
30,365	e	Skanska AB (B Shares)		345,621
79,000	e	Taisei Corp		206,171
4,724		Titan Cement Co S.A.		156,015
34,397		Vinci S.A.		1,620,652
10,171		YIT Oyj		106,209
		TOTAL GENERAL BUILDING CONTRACTORS		6,507,948
GENERAL MERCHANDISE STORES - 0.50%
53,100	e	Aeon Co Ltd		542,514
26,380	e	Isetan Mitsukoshi Holdings Ltd		309,519
42,400	e	J Front Retailing Co Ltd		244,610
47,000	e	Keio Corp		253,109
135,000	e	Kintetsu Corp		470,458
128,912		Marks & Spencer Group plc		470,872
20,400	e	Marui Co Ltd		152,345
6,373	e	PPR		570,242
25,000	e	Takashimaya Co Ltd		217,828
68,000	e	Tobu Railway Co Ltd		329,728
95,000		Tokyu Corp		453,869
14,000	e	UNY Co Ltd		142,465
		TOTAL GENERAL MERCHANDISE STORES		4,157,559
HEALTH SERVICES - 0.24%
2,028		Coloplast AS (Class B)		150,500
79,000		Fraser and Neave Ltd		198,150
15,810		Fresenius Medical Care AG.		818,427
14,514	e	Getinge AB (B Shares)		299,156
72,550		Parkway Holdings Ltd		96,104
26,217		Sonic Healthcare Ltd		278,881
615		Straumann Holding AG.		170,398
		TOTAL HEALTH SERVICES		2,011,616
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.37%
22,272	e	Abertis Infraestructuras S.A.		438,385
16,053	e	ACS Actividades Cons y Servicios S.A.		649,899
4,616		Boskalis Westminster		218,799
20,211	e	Bouygues S.A.		915,567
3,671	e	Fomento de Construcciones y Contratas S.A.		165,840
5,034	e	Grupo Ferrovial S.A.		231,411

317

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
96,089	e	Transurban Group	$	440,371
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		3,060,272
HOLDING AND OTHER INVESTMENT OFFICES - 1.57%
31,767		3i Group plc		402,226
78,000		CapitaCommercial Trust		72,527
93,700		CapitaMall Trust		149,424
120,552	e	CFS Gandel Retail Trust		218,732
2,003		Eurazeo		169,325
186,482		GPT Group		272,591
6,696		Groupe Bruxelles Lambert S.A.		577,920
9,120		Heineken Holding NV		358,040
52,000		Hopewell Holdings		188,846
33,509	*	Immoeast AG.		84,641
75,260	e	iShares MSCI EAFE Index Fund		4,237,138
2,500	e	Jafco Co Ltd		94,231
47		Japan Prime Realty Investment Corp		111,441
34		Japan Real Estate Investment Corp		274,358
29	e	Japan Retail Fund Investment Corp		119,232
43,400	e	JFE Holdings, Inc		1,346,101
2,538		KBC Ancora		167,248
39,078		Land Securities Group plc		882,598
198,480	e	Macquarie Infrastructure Group		376,354
178,858	e	Macquarie Office Trust		114,275
53,044		Marfin Investment Group S.A		380,526
23,934	e*	Meinl European Land Ltd		180,321
3,274		Nationale A Portefeuille		216,671
43	e	Nippon Building Fund, Inc		415,688
9,924		Nobel Biocare Holding AG.		331,943
125,400	e	Noble Group Ltd		119,336
23		Nomura Real Estate Office Fund, Inc		157,169
88	e	NTT Urban Development Corp		107,008
65,000	e	NWS Holdings Ltd		116,634
1,338	e	SBI Holdings, Inc		200,301
2,191	e	Wendel		174,751
114,875		Wharf Holdings Ltd		328,190
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		12,945,786
HOTELS AND OTHER LODGING PLACES - 0.23%
16,212		Accor S.A.		865,826
37,197	e	Crown Ltd		258,346
21,739		Intercontinental Hotels Group plc		269,344
104,947		Shangri-La Asia Ltd		150,353
38,999	e	Thomas Cook Group plc		154,745
44,753		TUI Travel plc		173,049
41,000		United Overseas Land Ltd		72,514
		TOTAL HOTELS AND OTHER LODGING PLACES		1,944,177
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.05%
31,568		Alfa Laval AB		326,667
17,627		Alstom RGPT		1,338,055
28,000	e	Amada Co Ltd		153,771
3,138		Andritz AG.		135,453
15,600		ASM Pacific Technology		90,167
35,808		ASML Holding NV		625,801

318

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
55,770	e	Atlas Copco AB (A Shares)	$	633,602
31,444		Atlas Copco AB (B Shares)		317,702
114,921		Brambles Ltd		717,069
19,000	e	Brother Industries Ltd		201,179
88,000		Canon, Inc		3,336,156
3,055	e	Cargotec Corp (B Shares)		62,408
18,900	e	Casio Computer Co Ltd		177,451
26,200	e	Citizen Watch Co Ltd		181,586
21,900	e	Daikin Industries Ltd		738,644
20,500	e	Electrolux AB (Series B)		239,828
15,900	e	Fanuc Ltd		1,196,186
40,600	e	FUJIFILM Holdings Corp		1,046,704
12,485		GEA Group AG.		241,656
8,400	e	Hitachi Construction Machinery Co Ltd		207,620
21,989	e	Husqvarna AB (B Shares)		165,391
26,092		IMI plc		176,049
110,000		Ishikawajima-Harima Heavy Industries Co Ltd		172,844
2,500	e	Itochu Techno-Science Corp		63,680
30,000	e	Japan Steel Works Ltd		372,990
74,600		Komatsu Ltd		1,221,314
12,721		Kone Oyj (Class B)		346,206
40,000		Konica Minolta Holdings, Inc		457,150
91,000	e	Kubota Corp		573,979
9,000	e	Kurita Water Industries Ltd		210,797
14,312	*	Logitech International S.A.		326,697
9,800	e	Makita Corp		200,758
53,246		Meggitt plc		179,167
266,000	e	Mitsubishi Heavy Industries Ltd		1,155,367
35,000		NTN Corp		181,889
587	e,v*	OC Oerlikon Corp AG.		116,274
12,000	e	Okuma Holdings, Inc		69,633
2,985		Rheinmetall AG.		160,656
15,561	e	Safran S.A.		272,327
83,735		Sandvik AB		887,102
10,600	e	Seiko Epson Corp		246,509
32,142		SKF AB (B Shares)		410,626
4,800	e	SMC Corp		500,101
6,953	e	Solarworld AG.		292,659
2,264		Sulzer AG.		240,883
48,000		Sumitomo Heavy Industries Ltd		228,852
14,300	e	Tokyo Electron Ltd		647,093
256,000		Toshiba Corp		1,116,482
17,700		Toyota Tsusho Corp		231,896
15,385	*	Vestas Wind Systems AS		1,342,877
6,736		Wartsila Oyj (B Shares)		283,778
19,000	e	Yokogawa Electric Corp		120,638
10,341	e	Zardoya Otis S.A.		225,741
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		25,166,110
INSTRUMENTS AND RELATED PRODUCTS - 0.99%
11,900	e	Advantest Corp		251,631
4,418	e	Cochlear Ltd		211,703
16,659	e	Compagnie Generale d'Optique Essilor International S.A.		832,039
24,684		Finmeccanica S.p.A.		535,089

319

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
2,345		Fresenius SE	$	172,140
63,726	*	Invensys plc		236,785
3,200	e	Keyence Corp		638,346
11,484	e	Luxottica Group S.p.A.		264,228
29,000	e	Nikon Corp		695,681
28,000		Nippon Electric Glass Co Ltd		253,637
19,000	e	Olympus Corp		555,327
308,000		PCCW Ltd		128,338
3,918	e	Phonak Holding AG.		255,443
21,000		Shimadzu Corp		170,169
73,680		Smith & Nephew plc		778,167
2,630		Swatch Group AG.		485,458
4,109		Swatch Group AG.		137,681
4,927		Synthes, Inc		681,612
14,000		Terumo Corp		730,301
4,857	e*	TomTom NV		89,326
1,803	e*	William Demant Holding		81,093
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		8,184,194
INSURANCE AGENTS, BROKERS AND SERVICE - 0.33%
435,644		HBOS plc		988,379
73,668		QBE Insurance Group Ltd		1,588,728
53,511	e	Unipol Gruppo Finanziario S.p.A.		114,826
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,691,933
INSURANCE CARRIERS - 4.63%
115,438	e	Aegon NV		1,021,316
38,000	e	Aioi Insurance Co Ltd		189,541
34,209	e	Alleanza Assicurazioni S.p.A		314,451
37,044		Allianz AG.		5,078,667
155,450		AMP Ltd		883,917
86,293	e	Assicurazioni Generali S.p.A.		2,864,678
220,489		Aviva plc		1,917,863
67,550	e	AXA Asia Pacific Holdings Ltd		277,948
126,973	e	AXA S.A.		4,156,381
4,109		Baloise Holding AG.		280,541
3,154		CNP Assurances		356,245
55,207	e	Corp Mapfre S.A.		241,332
5,488		Fondiaria-Sai S.p.A		129,538
192,538		Friends Provident plc		327,470
4,971		Hannover Rueckversicherung AG.		181,929
155,591	e	Insurance Australia Group Ltd		516,449
21,524		Irish Life & Permanent plc		150,785
13,054		KBC Groep NV		1,135,588
24,461	e	Mediolanum S.p.A.		112,053
56,100		Millea Holdings, Inc		2,059,643
31,500		Mitsui Sumitomo Insurance Group Holdings, Inc		1,072,808
17,002		Muenchener Rueckver AG.		2,564,664
53,000		Nipponkoa Insurance Co Ltd		297,903
415,653		Old Mutual plc		581,798
206,613		Prudential plc		1,883,894
269,916		Royal & Sun Alliance Insurance Group plc		721,657
14,387		SCOR		279,752
10,505		SNS Reaal		119,886

320

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
70,000		Sompo Japan Insurance, Inc	$	594,138
72		Sony Financial Holdings, Inc		283,475
180,620		Standard Life plc		787,410
30,479	e	Storebrand ASA		181,150
2,900		Swiss Life Holding		421,037
29,194		Swiss Reinsurance Co		1,620,426
16,350		T&D Holdings, Inc		863,632
1,326	e*	Topdanmark AS		190,015
2,226	e	TrygVesta A.S.		143,127
3,077		Wiener Staedtische Allgemeine Versicherung AG.		153,610
12,077		Zurich Financial Services AG.		3,344,369
		TOTAL INSURANCE CARRIERS		38,301,086
LEATHER AND LEATHER PRODUCTS - 0.34%
16,902		Adidas-Salomon AG.		902,900
20,332		LVMH Moet Hennessy Louis Vuitton S.A.		1,785,021
55,500	e	Yue Yuen Industrial Holdings		151,608
		TOTAL LEATHER AND LEATHER PRODUCTS		2,839,529
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.09%
24,178	e	Brisa-Auto Estradas de Portugal S.A.		240,487
156,000		ComfortDelgro Corp Ltd		164,228
36,000	e	Keihin Electric Express Railway Co Ltd		235,957
22,000	e	Keisei Electric Railway Co Ltd		121,126
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		761,798
METAL MINING - 3.27%
120,662	e	Alumina Ltd		304,229
109,319		Anglo American plc		3,692,759
31,597		Antofagasta plc		229,526
277,306		BHP Billiton Ltd		7,174,076
182,322		BHP Billiton plc		4,130,358
23,975		Boliden AB		100,826
25,769		Eurasian Natural Resources Corp		234,654
17,735		Kazakhmys plc		186,251
12,970		Lonmin plc		530,459
37,609		Newcrest Mining Ltd		781,437
29,433	e	Orica Ltd		497,073
238,858	e	Oxiana Ltd		303,083
44,165	e*	Paladin Resources Ltd		136,495
23,705	e	Rio Tinto Ltd		1,597,294
82,349		Rio Tinto plc		5,168,165
1,200	e	Sumitomo Titanium Corp		39,941
11,945		Vedanta Resources plc		250,372
52,731		Xstrata plc		1,643,340
		TOTAL METAL MINING		27,000,338
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.11%
12,040	e	Bulgari S.p.A.		107,774
17,000	e	Namco Bandai Holdings, Inc		186,891
4,500	e	Sankyo Co Ltd		228,418
2,179	e	Societe BIC S.A.		113,206
14,600	e	Yamaha Corp		248,955
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		885,244

321

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
MISCELLANEOUS RETAIL - 0.68%
43,322		Compagnie Financiere Richemont AG.	$	1,914,115
72,812		Home Retail Group		306,850
177,000		Hutchison Whampoa Ltd		1,359,456
53,500		Lifestyle International Holdings Ltd		60,767
9,534		Metro AG.		478,094
16,042		Next plc		295,786
70,600		Nippon Mining Holdings, Inc		284,379
72,858		Origin Energy Ltd		942,387
		TOTAL MISCELLANEOUS RETAIL		5,641,834
MOTION PICTURES - 0.02%
9,100	e	Toho Co Ltd		190,438
		TOTAL MOTION PICTURES		190,438
NONDEPOSITORY INSTITUTIONS - 0.42%
5,080	e	Acom Co Ltd		173,615
5,600	e	Aeon Credit Service Co Ltd		57,156
5,950	e	Aiful Corp		46,038
13,100		Credit Saison Co Ltd		215,298
67,606	e	Criteria Caixacorp S.A.		325,045
6,804		Deutsche Postbank AG.		257,735
14,679	e	Hypo Real Estate Holding AG.		86,592
43,105		ICAP plc		278,027
37,800		Investor AB (B Shares)		707,840
7,650		ORIX Corp		957,841
3,109	e	Perpetual Trustees Australia Ltd		119,451
5,050	e	Promise Co Ltd		97,718
8,750	e	Takefuji Corp		113,865
		TOTAL NONDEPOSITORY INSTITUTIONS		3,436,221
OIL AND GAS EXTRACTION - 1.53%
15,606	e	Acergy S.A.		157,762
13,225	e	Aker Kvaerner ASA		214,157
276,615		BG Group plc		5,016,704
113,690		Boart Longyear Group		102,549
10,880	*	Cairn Energy plc		406,090
10,816	*	Compagnie Generale de Geophysique S.A.		343,182
1,900	e	Idemitsu Kosan Co Ltd		153,876
69	e	Inpex Holdings, Inc		586,391
2,300	e	Japan Petroleum Exploration Co		118,066
17,774	*	Lundin Petroleum AB		148,504
10,640	e	Neste Oil Oyj		221,899
13,732	e*	Petroleum Geo-Services ASA		181,459
21,964		Saipem S.p.A.		657,186
49,407		Santos Ltd		755,992
11,472	e	SBM Offshore NV		245,595
23,203	e	SeaDrill Ltd		480,723
8,460	e	Technip S.A.		475,378
59,743		Tullow Oil plc		763,833
39,989		Woodside Petroleum Ltd		1,613,592
		TOTAL OIL AND GAS EXTRACTION		12,642,938

322

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
PAPER AND ALLIED PRODUCTS - 0.37%
4,269	e	Holmen AB (B Shares)	$	138,907
26,600	e	Lee & Man Paper Manufacturing Ltd		14,578
10,238		Metso Oyj		251,101
30,463		Mondi plc		142,176
72	e	Nippon Paper Group, Inc		210,411
71,000	e	OJI Paper Co Ltd		356,951
48,288		Stora Enso Oyj (R Shares)		471,827
46,769		Svenska Cellulosa AB (B Shares)		495,441
3,500	e	Uni-Charm Corp		268,670
43,175		UPM-Kymmene Oyj		673,632
		TOTAL PAPER AND ALLIED PRODUCTS		3,023,694
PERSONAL SERVICES - 0.02%
150,674		Rentokil Initial plc		186,941
		TOTAL PERSONAL SERVICES		186,941
PETROLEUM AND COAL PRODUCTS - 6.02%
1,554,683		BP plc		12,947,858
46,000		Cosmo Oil Co Ltd		109,111
215,400		ENI S.p.A.		5,709,406
10,116		Hellenic Petroleum S.A.		107,798
13,697		OMV AG.		577,330
60,799		Repsol YPF S.A.		1,801,833
292,517		Royal Dutch Shell plc (A Shares)		8,448,015
225,835		Royal Dutch Shell plc (B Shares)		6,344,344
15,200		Showa Shell Sekiyu KK		148,043
106,550	e	Statoil ASA		2,531,983
23,000	e	TonenGeneral Sekiyu KK		188,905
178,338	e	Total S.A.		10,834,017
		TOTAL PETROLEUM AND COAL PRODUCTS		49,748,643
PRIMARY METAL INDUSTRIES - 1.55%
11,462	e	Acerinox S.A.		205,306
71,756		Arcelor		3,634,944
63,037	e	BlueScope Steel Ltd		371,515
24,000	e	Daido Steel Co Ltd		127,019
21,000		DOWA HOLDINGS CO Ltd		94,168
53,000		Furukawa Electric Co Ltd		234,042
17,832		Johnson Matthey plc		433,804
220,000		Kobe Steel Ltd		442,701
2,800	e	Maruichi Steel Tube Ltd		76,905
96,000		Mitsubishi Materials Corp		301,537
53,000	e	Mitsui Mining & Smelting Co Ltd		123,706
424,000	e	Nippon Steel Corp		1,600,665
59,000	e	Nisshin Steel Co Ltd		114,132
56,515		Norsk Hydro ASA		382,337
69,255	e	OneSteel Ltd		256,181
9,447		Outokumpu Oyj		150,511
3,410		Salzgitter AG.		344,838
62,100	e	Sumitomo Electric Industries Ltd		675,906
319,000	e	Sumitomo Metal Industries Ltd		988,948
46,000		Sumitomo Metal Mining Co Ltd		461,000
2,300	e	Toho Titanium Co Ltd		35,589

323

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
8,600	e	Tokyo Steel Manufacturing Co Ltd	$	95,024
10,329		Umicore		318,981
4,401	e	Vallourec		949,638
9,559		Voestalpine AG.		298,703
3,200	e	Yamato Kogyo Co Ltd		111,814
		TOTAL PRIMARY METAL INDUSTRIES		12,829,914
PRINTING AND PUBLISHING - 0.79%
50,000	e	Dai Nippon Printing Co Ltd		674,420
22,529		Daily Mail & General Trust		130,016
107,886	e	John Fairfax Holdings Ltd		231,162
9,978	e	Lagardere S.C.A.		449,772
68,836	e	Orkla ASA		633,456
10,365	e	PagesJaunes Groupe S.A.		144,640
66,942		Pearson plc		725,233
6,258	e	Promotora de Informaciones S.A.		42,258
51,866		Reed Elsevier NV		769,432
91,244		Reed Elsevier plc		908,584
6,560	e	Sanoma-WSOY Oyj		124,052
121,000	e	Singapore Press Holdings Ltd		337,587
16,245		Thomson Reuters plc		362,995
44,000	e	Toppan Printing Co Ltd		343,145
18,526		United Business Media Ltd		163,192
24,576		Wolters Kluwer NV		498,110
		TOTAL PRINTING AND PUBLISHING		6,538,054
RAILROAD TRANSPORTATION - 0.70%
46,318	e	Asciano Group		121,093
130		Central Japan Railway Co		1,225,838
278		East Japan Railway Co		2,073,222
39,975		Firstgroup plc		381,632
101,000	e	Hankyu Hanshin Holdings, Inc		463,913
116,611		MTR Corp		344,322
52,000	e	Odakyu Electric Railway Co Ltd		384,898
42,961		Stagecoach Group plc		195,236
141		West Japan Railway Co		603,829
		TOTAL RAILROAD TRANSPORTATION		5,793,983
REAL ESTATE - 2.16%
5,000	e	Aeon Mall Co Ltd		149,022
74,275		Ascendas Real Estate Investment Trust		98,119
42,400		British Land Co plc		571,919
141,000		CapitaLand Ltd		307,349
116,000		Cheung Kong Holdings Ltd		1,314,109
69,680		Chinese Estates Holdings Ltd		86,345
41,400	e	City Developments Ltd		258,878
3,530		Corio NV		250,799
242,253		DB RREEF Trust		284,961
1,288		Gecina S.A.		138,823
216,000	e*	Genting International plc		69,285
24,008		Hammerson plc		423,258
70,000	e	Hang Lung Group Ltd		221,735
172,000		Hang Lung Properties Ltd		404,894
89,344		Henderson Land Development Co Ltd		398,275

324

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
45,384		Hysan Development Co Ltd	$	118,138
1,630		ICADE		132,055
37,611	e	IMMOFINANZ Immobilien Anlagen AG.		133,052
7,211		IVG Immobilien AG.		69,478
30,000	e	Keppel Land Ltd		59,919
50,623		Kerry Properties Ltd		164,072
5,901	e	Klepierre		230,961
12,353	e	Leighton Holdings Ltd		380,217
9,900	e	Leopalace21 Corp		76,552
20,348	e	Liberty International plc		351,852
177,701	e	Link Real Estate Investment Trust		369,399
123,684	e	Macquarie Goodman Group		249,584
82,189		Mirvac Group		167,528
98,000		Mitsubishi Estate Co Ltd		1,931,104
70,000	e	Mitsui Fudosan Co Ltd		1,352,536
270,000	e*	Mongolia Energy Co ltd		145,390
199,694		New World Development Ltd		222,407
5,000	e	Nomura Real Estate Holdings, Inc		119,098
34,993		Segro plc		263,833
141,448		Sino Land Co		158,421
121,491		Stockland Trust Group		545,407
32,000		Sumitomo Realty & Development Co Ltd		696,919
117,000		Sun Hung Kai Properties Ltd		1,205,659
22,000		Tokyo Tatemono Co Ltd		104,622
38,000	e	Tokyu Land Corp		141,248
6,784	e	Unibail		1,372,608
145,414	e	Westfield Group		1,991,872
73,000	e	Wheelock & Co Ltd		132,409
28,000	e	Yanlord Land Group Ltd		18,367
		TOTAL REAL ESTATE		17,882,478
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.85%
62,829		Bayer AG.		4,601,415
50,600	e	Bridgestone Corp		957,935
38,000	e	Denki Kagaku Kogyo KK		99,970
11,947		Michelin (C.G.D.E.) (Class B)		773,836
53,000	e	Mitsui Chemicals, Inc		233,654
8,487		Nokian Renkaat Oyj		204,222
209,588		Pirelli & C S.p.A.		123,662
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		6,994,694
SECURITY AND COMMODITY BROKERS - 1.56%
14,197	e	Australian Stock Exchange Ltd		349,970
17,147	e	Babcock & Brown Ltd		28,056
86,825		Credit Suisse Group		4,054,897
111,000	e	Daiwa Securities Group, Inc		808,495
16,180		Deutsche Boerse AG.		1,480,639
84,700	e	Hong Kong Exchanges and Clearing Ltd		1,043,200
493,829		Legal & General Group plc		891,229
12,116	e	London Stock Exchange Group plc		191,852
22,813	e	Macquarie Group Ltd		702,443
142,519		Man Group plc		870,916
144,900	e	Nomura Holdings, Inc		1,890,960
9,877		Schroders plc		182,211

325

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
42,000		Shinko Securities Co Ltd	$	118,589
71,000	e	Singapore Exchange Ltd		309,288
		TOTAL SECURITY AND COMMODITY BROKERS		12,922,745
SPECIAL TRADE CONTRACTORS - 0.01%
10,000		Kinden Corp		95,265
		TOTAL SPECIAL TRADE CONTRACTORS		95,265
STONE, CLAY, AND GLASS PRODUCTS - 0.94%
84,000		Asahi Glass Co Ltd		738,412
48,233	e	Boral Ltd		239,496
22,227	e	Cimpor Cimentos de Portugal S.A.		142,485
23,545	e	Compagnie de Saint-Gobain		1,217,947
44,564		CRH plc		943,072
4,405	e	FLSmidth & Co AS		223,678
2,074	e	HeidelbergCement AG.		219,169
17,509		Holcim Ltd		1,283,259
5,635	e	Italcementi S.p.A.		69,800
7,634		Italcementi S.p.A.		71,949
34,994		James Hardie Industries NV		142,590
12,170		Lafarge S.A.		1,281,358
21,000	e	NGK Insulators Ltd		257,091
50,000	e	Nippon Sheet Glass Co Ltd		258,941
2,239	e	Pargesa Holding S.A.		192,696
70,000		Taiheiyo Cement Corp		102,054
22,000	e	Toto Ltd		162,691
6,728	e	Wienerberger AG.		182,668
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		7,729,356
TEXTILE MILL PRODUCTS - 0.03%
74,000	e	Teijin Ltd		222,359
		TOTAL TEXTILE MILL PRODUCTS		222,359
TOBACCO PRODUCTS - 1.03%
124,002		British American Tobacco plc		4,048,327
84,283		Imperial Tobacco Group plc		2,705,547
373		Japan Tobacco, Inc		1,405,868
20,933		Swedish Match AB		365,917
		TOTAL TOBACCO PRODUCTS		8,525,659
TRANSPORTATION BY AIR - 0.74%
2,415	e	Aeroports de Paris		199,399
11,194	e	Air France-KLM		256,292
54,000	e	All Nippon Airways Co Ltd		192,367
77,089		Auckland International Airport Ltd		101,301
47,852		British Airways plc		145,988
99,000	e	Cathay Pacific Airways Ltd		168,864
12,750	*	Continental AG.		1,267,232
18,980		Deutsche Lufthansa AG.		371,027
2,888		Fraport AG. Frankfurt Airport Services Worldwide		171,629
5,200	e	Hong Kong Aircraft Engineerg		59,798
37,363	e	Iberia Lineas Aereas de Espana		90,948
70,000	e*	Japan Airlines Corp		144,138
56,875		Macquarie Airports		125,039

326

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
5,362		Merck KGaA	$	571,821
80,372		Qantas Airways Ltd		204,899
25,825	*	Ryanair Holdings plc		82,390
900	e*	Ryanair Holdings plc (ADR)		20,187
74,970		SABMiller plc		1,463,764
44,933		Singapore Airlines Ltd		451,392
		TOTAL TRANSPORTATION BY AIR		6,088,475
TRANSPORTATION EQUIPMENT - 5.31%
292,215		BAE Systems plc		2,154,188
27,436		Bayerische Motoren Werke AG.		1,063,440
91,604		Cobham plc		311,388
67,000	e	Cosco Corp Singapore Ltd		71,908
15,000	e	Daihatsu Motor Co Ltd		164,104
71,989		DaimlerChrysler AG.		3,574,465
354		DaimlerChrysler AG.		17,877
40,400	e	Denso Corp		990,924
27,012	e	European Aeronautic Defence and Space Co		460,949
58,860		Fiat S.p.A.		790,957
56,487		GKN plc		200,631
20,000	e	Hino Motors Ltd		80,864
136,100	e	Honda Motor Co Ltd		4,128,288
106,000		Isuzu Motors Ltd		294,577
11,009	e	Jardine Cycle & Carriage Ltd		121,098
16,000		JTEKT Corp		182,556
120,000	e	Kawasaki Heavy Industries Ltd		256,031
106,000		Keppel Corp Ltd		585,735
8,770	e	MAN AG.		590,453
77,000	e	Mazda Motor Corp		313,584
299,000	e*	Mitsubishi Motors Corp		503,844
53,000		Mitsui Engineering & Shipbuilding Co Ltd		100,996
12,000		NHK Spring Co Ltd		66,554
37,000	e	NSK Ltd		213,746
12,613	e	Peugeot S.A.		474,705
15,348	e	Renault S.A.		978,118
151,244		Rolls-Royce Group plc		915,778
29,904		Scania AB (B Shares)		368,303
69,600	e	SembCorp Marine Ltd		147,967
5,400	e	Shimano, Inc		185,900
71,695		Siemens AG.		6,687,494
109,000		Singapore Technologies Engineering Ltd		206,992
7,402		Thales S.A.		373,540
3,800		Tokai Rika Co Ltd		48,265
69,848		Tomkins plc		195,022
5,200	e	Toyoda Gosei Co Ltd		88,351
14,900	e	Toyota Industries Corp		376,025
226,600	e	Toyota Motor Corp		9,687,710
12,032	e	Volkswagen AG.		4,714,695
90,360		Volvo AB (B Shares)		816,363
16,100		Yamaha Motor Co Ltd		219,895
3,302	e	Zodiac S.A.		157,476
		TOTAL TRANSPORTATION EQUIPMENT		43,881,756

327

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
TRANSPORTATION SERVICES - 0.09%
6,781	e*	KarstadtQuelle AG.	$	22,243
10,162		National Express Group plc		146,946
51,043	e	Toll Holdings Ltd		289,137
17,711	e	TUI AG.		292,558
		TOTAL TRANSPORTATION SERVICES		750,884
TRUCKING AND WAREHOUSING - 0.43%
70,186		Deutsche Post AG.		1,464,396
15,978		DSV AS		254,375
21,000		Kamigumi Co Ltd		157,753
10,000	e	Mitsubishi Logistics Corp		126,706
66,000		Nippon Express Co Ltd		294,639
31,494		TNT NV		872,596
33,000	e	Yamato Transport Co Ltd		369,605
		TOTAL TRUCKING AND WAREHOUSING		3,540,070
WATER TRANSPORTATION - 0.50%
45		AP Moller - Maersk AS (Class A)		388,171
91		AP Moller - Maersk AS (Class B)		791,587
13,541		Carnival plc		403,591
4,340	e	Frontline Ltd		204,962
1,932		Hamburger Hafen und Logistik AG.		114,593
51,000	e	Kawasaki Kisen Kaisha Ltd		315,520
4,339		Kuehne & Nagel International AG.		289,509
95,000	e	Mitsui OSK Lines Ltd		825,393
38,000	e	Neptune Orient Lines Ltd		48,463
92,000	e	Nippon Yusen Kabushiki Kaisha		599,712
17,800		Orient Overseas International Ltd		45,598
138,000	e	Pacific Basin Shipping Ltd		114,734
76,000		Shun TAK Holdings Ltd		26,169
		TOTAL WATER TRANSPORTATION		4,168,002
WHOLESALE TRADE-DURABLE GOODS - 1.69%
26,078	e	Assa Abloy AB (Class B)		315,792
26,437		Bunzl plc		311,019
5,400		Canon Marketing Japan, Inc		82,715
104,719	e*	Fortescue Metals Group Ltd		398,420
125,000	e	Itochu Corp		753,020
187,300		Li & Fung Ltd		458,332
112,000	e	Mitsubishi Corp		2,336,337
144,000		Mitsui & Co Ltd		1,787,662
187,400	e	Nissan Motor Co Ltd		1,267,158
9,028		Prysmian S.p.A.		177,588
6,749		Rautaruukki Oyj		134,879
605	e	Rockwool International AS (B Shares)		51,745
18,320	e	Schneider Electric S.A.		1,573,221
12,725		Sims Group Ltd		308,309
93,400	e	Sumitomo Corp		870,847
9,600	e	THK Co Ltd		149,376
29,886		ThyssenKrupp AG.		897,295
5,880	e	Valeo S.A.		177,939
53,686		Wesfarmers Ltd		1,248,507
11,526		Wesfarmers Ltd		265,319

328

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
54,927		Wolseley plc	$	415,169
		TOTAL WHOLESALE TRADE-DURABLE GOODS		13,980,649
WHOLESALE TRADE-NONDURABLE GOODS - 0.94%
13,048	e	Billabong International Ltd		145,697
3,486		Casino Guichard Perrachon S.A.		311,054
7,059		Celesio AG.		308,072
4,032		Danisco AS		226,615
87,800		Esprit Holdings Ltd		544,234
159,050		Foster's Group Ltd		710,602
13,000	e	Kikkoman Corp		176,085
137,000	e	Marubeni Corp		621,019
63,102	e	Metcash Ltd		201,996
110,000	e	Nippon Oil Corp		553,925
5,700	e	Suzuken Co Ltd		173,215
134,024	e	Unilever NV		3,772,627
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		7,745,141
		TOTAL COMMON STOCKS		818,068,189
		(Cost $948,472,678)
PREFERRED STOCKS - 0.45%
CHEMICALS AND ALLIED PRODUCTS - 0.06%
14,765	e	Henkel KGaA		538,569
		TOTAL CHEMICALS AND ALLIED PRODUCTS		538,569
COMMUNICATIONS - 0.01%
6,751	e	ProSiebenSat.1 Media AG.		45,667
		TOTAL COMMUNICATIONS		45,667
ELECTRIC, GAS, AND SANITARY SERVICES - 0.03%
3,225		RWE AG.		231,920
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		231,920
HOLDING AND OTHER INVESTMENT OFFICES - 0.01%
5,461	*	Istituto Finanziario Industriale S.p.A.		60,323
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		60,323
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.03%
4,229		Schindler Holding AG.		254,577
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		254,577
INSTRUMENTS AND RELATED PRODUCTS - 0.06%
6,700		Fresenius SE		487,602
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		487,602
INSURANCE AGENTS, BROKERS AND SERVICE - 0.01%
72,773		Unipol S.p.A.		123,626
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		123,626
TRANSPORTATION EQUIPMENT - 0.24%
4,286		Bayerische Motoren Werke AG.		131,451
7,252		Porsche AG.		786,409

329

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
8,730		Volkswagen AG.	$	1,086,839
		TOTAL TRANSPORTATION EQUIPMENT		2,004,699
		TOTAL PREFERRED STOCKS		3,746,983
		(Cost $4,803,996)
RIGHTS - 0.00% **
PRIMARY METAL INDUSTRIES - 0.00% **
8,000	m,v	Dowa Mining		75
		TOTAL PRIMARY METAL INDUSTRIES		75
		TOTAL RIGHTS		75
		(Cost $0)
SHORT-TERM INVESTMENTS - 22.49%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 22.49%
185,835,083		State Street Navigator Securities Lending Prime Portfolio		185,835,083
				185,835,083
		TOTAL SHORT-TERM INVESTMENTS		185,835,083
		(Cost $185,835,083)
		TOTAL PORTFOLIO - 121.94%		1,007,650,330
		(Cost $1,139,111,757)
		OTHER ASSETS & LIABILITIES, NET - (21.94)%		(181,316,748)
		NET ASSETS - 100.00%	$	826,333,582
	*	Non-income producing.
	**	Percentage less than 0.01%.
	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

330

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SUMMARY OF MARKET VALUES BY COUNTRY
INTERNATIONAL EQUITY INDEX FUND
September 30, 2008
			% OF
			MARKET
COUNTRY		VALUE	VALUE
DOMESTIC
UNITED STATES OF AMERICA	$	190,072,221	18.86	%
TOTAL DOMESTIC		190,072,221	18.86	%
FOREIGN
AUSTRALIA		52,600,046	5.22
AUSTRIA		3,934,040	0.39
BELGIUM		7,375,576	0.73
CHINA		205,188	0.02
DENMARK		7,936,276	0.79
FINLAND		11,550,055	1.15
FRANCE		88,577,084	8.79
GERMANY		74,213,896	7.37
GREECE		5,378,423	0.53
HONG KONG		16,830,299	1.67
IRELAND		3,354,757	0.33
ITALY		30,351,389	3.01
JAPAN		182,556,912	18.12
LUXEMBORG		920,510	0.09
NETHERLANDS		21,305,975	2.12
NEW ZEALAND		776,541	0.08
NORWAY		7,091,036	0.70
PORTUGAL		2,474,936	0.25
SINGAPORE		9,297,389	0.92
SPAIN		34,604,420	3.43
SWEDEN		17,166,163	1.70
SWITZERLAND		63,902,283	6.34
UNITED KINGDOM		175,174,915	17.39
TOTAL FOREIGN		817,578,109	81.14
TOTAL PORTFOLIO	$	1,007,650,330	100.00	%

331

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
ENHANCED INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008
SHARES		COMPANY		VALUE
COMMON STOCK - 99.02%
AMUSEMENT AND RECREATION SERVICES - 0.66%
5,489		Aristocrat Leisure Ltd	$	28,760
86,152		Ladbrokes plc		290,933
6,501		Lottomatica S.p.A.		170,232
13,123		OPAP S.A.		402,798
28,957		TABCORP Holdings Ltd		190,238
6,761		Tattersall's Ltd		13,037
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,095,998
APPAREL AND ACCESSORY STORES - 0.17%
6,970		Hennes & Mauritz AB (B Shares)		285,392
		TOTAL APPAREL AND ACCESSORY STORES		285,392
APPAREL AND OTHER TEXTILE PRODUCTS - 0.06%
1,600		Shimamura Co Ltd		107,297
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		107,297
AUTO REPAIR, SERVICES AND PARKING - 0.48%
32,273		Standard Chartered plc		794,095
		TOTAL AUTO REPAIR, SERVICES AND PARKING		794,095
BUSINESS SERVICES - 1.95%
4,429		Adecco S.A.		192,403
7,900		Computershare Ltd		59,722
59,000		Fujitsu Ltd		331,695
80,624		Group 4 Securicor plc		291,555
1,800		Konami Corp		45,293
13,317		LogicaCMG plc		26,055
4,590		Mitsubishi UFJ Lease & Finance Co Ltd		150,205
18,000		NEC Corp		76,934
19,068		Publicis Groupe S.A.		600,584
320		Rakuten, Inc		180,570
28,706		Sage Group plc		100,547
5,293		SAP AG.		281,899
3,500		Softbank Corp		45,611
2,040		USS Co Ltd		131,203
91,152		WPP Group plc		737,288
		TOTAL BUSINESS SERVICES		3,251,564
CHEMICALS AND ALLIED PRODUCTS - 10.57%
1,335	*	Actelion Ltd		68,791
18,300		Astellas Pharma, Inc		768,952
14,156		AstraZeneca plc (ADR)		621,165
27,443		BASF AG.		1,308,385
3,996		Christian Dior S.A.		303,066
10,281		CSL Ltd		311,462
4,000		Dainippon Sumitomo Pharma Co Ltd		32,768

332

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

SHARES		COMPANY		VALUE
16,096		DSM NV	$	761,335
199		Eramet		76,237
112,226		GlaxoSmithKline plc		2,431,118
1,218		Grifols S.A.		31,122
5,875		Henkel KGaA		214,297
1,774		Henkel KGaA		54,408
900		Hisamitsu Pharmaceutical Co, Inc		39,391
40,360		Incitec Pivot Ltd		161,705
5,000		Kao Corp		134,088
17,000		Kingboard Chemical Holdings Ltd		58,046
8,000		Kuraray Co Ltd		79,522
5,900		Mediceo Paltac Holdings Co Ltd		72,180
89,500		Mitsubishi Chemical Holdings Corp		473,074
52,930		Novartis AG.		2,786,739
7,175		Novo Nordisk AS (Class B)		371,968
6,257		Reckitt Benckiser Group plc		303,370
7,183		Roche Holding AG.		1,124,440
24,626		Sanofi-Aventis		1,619,048
2,600		Shin-Etsu Chemical Co Ltd		123,632
9,000		Shionogi & Co Ltd		182,289
21,979		Shire Ltd		347,557
4,000		Shiseido Co Ltd		89,574
4,787		Syngenta AG.		1,009,501
3,000		Taisho Pharmaceutical Co Ltd		59,502
16,000		Takeda Pharmaceutical Co Ltd		805,608
16,000		Tanabe Seiyaku Co Ltd		222,370
157,000		UBE Industries Ltd		423,323
3,609		Yara International ASA		128,444
		TOTAL CHEMICALS AND ALLIED PRODUCTS		17,598,477
COMMUNICATIONS - 6.62%
37,969		BT Group plc		110,074
12,121		Cable & Wireless plc		35,995
82,935		Deutsche Telekom AG.		1,259,552
54,281		France Telecom S.A.		1,522,560
93,000	*	Hutchison Telecommunications International Ltd		103,858
49		Jupiter Telecommunications Co		35,281
75		KDDI Corp		424,850
161		Nippon Telegraph & Telephone Corp		718,614
66		NTT DoCoMo, Inc		105,646
257,000		PCCW Ltd		107,087
19,385		Portugal Telecom SGPS S.A.		194,938
25,644		Royal KPN NV		370,349
18,000		Singapore Telecommunications Ltd		41,143
2,400		Tele2 AB (B Shares)		27,390
71,965		Telefonica S.A.		1,711,152
19,643		Telenor ASA		244,603
123,559		Telstra Corp Ltd		414,535
40,678		Vivendi Universal S.A.		1,275,284
104,943		Vodafone Group plc (ADR)		2,319,240
		TOTAL COMMUNICATIONS		11,022,151
DEPOSITORY INSTITUTIONS - 15.65%
25,564		Alpha Bank S.A.		556,559

333

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

SHARES		COMPANY		VALUE
21,931		Australia & New Zealand Banking Group Ltd	$	338,817
199,652		Banca Monte dei Paschi di Siena S.p.A.		496,901
34,745		Banco Bilbao Vizcaya Argentaria S.A.		561,852
6,550		Banco Espirito Santo S.A.		81,218
150,310		Banco Santander Central Hispano S.A.		2,253,795
102,368		Bank of Ireland		570,694
36,000		Bank of Kyoto Ltd		367,425
133,237		Barclays plc		791,620
12,826		Bendigo Bank Ltd		122,440
7,651		BNP Paribas		730,346
68,000		BOC Hong Kong Holdings Ltd		121,568
14,000		Chiba Bank Ltd		73,403
12,423		Commonwealth Bank of Australia		437,832
26,669		Credit Agricole S.A.		513,641
4,000		DBS Group Holdings Ltd		47,669
3,693		Deutsche Bank AG.		264,186
57,307		Dexia		625,988
13,402		Erste Bank der Oesterreichischen Sparkassen AG.		667,212
29,800		Hang Seng Bank Ltd		563,343
5,000		Hokuhoku Financial Group, Inc		11,158
155,631		HSBC Holdings plc		2,517,838
57,194		ING Groep NV		1,226,111
19,342		Investec plc		105,682
205,792		Lloyds TSB Group plc		826,933
124,200		Mitsubishi UFJ Financial Group, Inc		1,083,054
96,000		Mitsui Trust Holdings, Inc		518,277
92		Mizuho Financial Group, Inc		402,329
18,890		National Australia Bank Ltd		381,246
10,842		National Bank of Greece S.A.		439,367
73,162		Natixis		244,998
89,800		Nordea Bank AB		1,072,117
7,480		OKO Bank (Class A)		109,008
40,000		Oversea-Chinese Banking Corp		201,960
2,639		Raiffeisen International Bank Holding AG.		190,605
96,443		Royal Bank of Scotland Group plc		311,117
57,000		Shinsei Bank Ltd		175,321
8,635		St George Bank Ltd		203,809
180		Sumitomo Mitsui Financial Group, Inc		1,128,538
43,000		Sumitomo Trust & Banking Co Ltd		286,485
2,690		Suncorp-Metway Ltd		20,446
9,294		Swedbank AB (A Shares)		121,505
87,438	*	UBS A.G.		1,494,528
320,123		UniCredito Italiano S.p.A		1,197,050
46,000		United Overseas Bank Ltd		549,922
47,113		Westpac Banking Corp		835,057
17,000		Yamaguchi Financial Group, Inc		207,462
		TOTAL DEPOSITORY INSTITUTIONS		26,048,432
EATING AND DRINKING PLACES - 0.29%
66,033		Compass Group plc		409,537
1,201		Sodexho Alliance S.A.		70,876
		TOTAL EATING AND DRINKING PLACES		480,413

334

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

SHARES		COMPANY		VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 6.58%
8,354		AGL Energy Ltd	$	92,133
144,360		Centrica plc		812,278
13,100		Chubu Electric Power Co, Inc		308,672
15,000		Chugoku Electric Power Co, Inc		307,524
20,000		CLP Holdings Ltd		161,335
11,137		Contact Energy Ltd		58,960
38,820		Drax Group plc		522,694
45,065		E.ON AG.		2,268,432
4,700		Electric Power Development Co		151,776
123,012		Enel S.p.A.		1,026,865
9,349		Fortum Oyj		313,746
32,023		Gaz de France		1,666,038
9,300		Hokuriku Electric Power Co		223,786
67,500		Hong Kong Electric Holdings Ltd		423,965
40,663		Iberdrola S.A.		413,095
6,100		Kansai Electric Power Co, Inc		135,716
19,200		Kyushu Electric Power Co, Inc		400,216
38,000		Osaka Gas Co Ltd		130,845
3,251		Red Electrica de Espana		165,545
2,795		RWE AG.		266,466
21,722		Scottish & Southern Energy plc		552,733
28,131		Terna Rete Elettrica Nazionale S.p.A.		103,423
9,600		Tohoku Electric Power Co, Inc		206,347
7,400		Tokyo Electric Power Co, Inc		182,073
2,302		Union Fenosa S.A.		56,279
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		10,950,942
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.28%
62,188		ABB Ltd		1,205,105
119,000		Hitachi Ltd		803,366
7,872		Koninklijke Philips Electronics NV		213,587
3,400		Kyocera Corp		258,079
54,000		Matsushita Electric Industrial Co Ltd		930,933
43,000		Mitsubishi Electric Corp		290,124
84,802		Nokia Oyj		1,581,678
28,000		Ricoh Co Ltd		393,707
22,000	*	Sanyo Electric Co Ltd		38,198
19,900		Sony Corp		613,668
600		Stanley Electric Co Ltd		8,802
18,629		STMicroelectronics NV		188,903
23,300		Sumco Corp		368,789
39,000		Yaskawa Electric Corp		222,075
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,117,014
ENGINEERING AND MANAGEMENT SERVICES - 0.88%
7,049		Bilfinger Berger AG.		367,155
16,835		Cap Gemini S.A.		795,300
4,077		Fugro NV		240,757
2,315		WorleyParsons Ltd		57,260
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,460,472
FABRICATED METAL PRODUCTS - 0.48%
8,165		Rexam plc		58,011
6,704		Salzgitter AG.		677,946

335

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

SHARES	COMPANY		VALUE
4,500	Ssab Svenskt Stal AB (Series B)	$	62,173
	TOTAL FABRICATED METAL PRODUCTS		798,130
FOOD AND KINDRED PRODUCTS - 4.57%
15,000	Asahi Breweries Ltd		262,898
12,086	Associated British Foods plc		153,369
3,284	Diageo plc		56,023
456,000	Golden Agri-Resources Ltd		101,670
11,077	Groupe Danone		785,712
14,550	InBev NV		865,647
5,509	Kerry Group plc (Class A)		161,316
33,000	Kirin Brewery Co Ltd		433,587
18,634	Lion Nathan Ltd		139,510
48,422	Nestle S.A.		2,092,678
2,000	Nippon Meat Packers, Inc		30,328
6,500	Nisshin Seifun Group, Inc		87,500
276,487	Parmalat S.p.A.		652,631
30,589	SABMiller plc		597,241
5,000	Sapporo Holdings Ltd		37,130
62,485	Tate & Lyle plc		429,271
5,000	Toyo Suisan Kaisha Ltd		126,755
20,084	Unilever plc		546,101
25,000	Wilmar International Ltd		44,335
	TOTAL FOOD AND KINDRED PRODUCTS		7,603,702
FOOD STORES - 2.13%
136	Colruyt S.A.		34,137
326	Delhaize Group		18,935
5,400	FamilyMart Co Ltd		228,493
63,808	Koninklijke Ahold NV		737,093
1,800	Lawson, Inc		83,008
13,800	Seven & I Holdings Co Ltd		396,472
69,609	Tesco plc		484,130
193,492	WM Morrison Supermarkets plc		899,815
30,053	Woolworths Ltd		662,007
	TOTAL FOOD STORES		3,544,090
FURNITURE AND HOME FURNISHINGS STORES - 0.13%
71,648	Harvey Norman Holdings Ltd		180,465
700	Nitori Co Ltd		41,590
	TOTAL FURNITURE AND HOME FURNISHINGS STORES		222,055
GENERAL BUILDING CONTRACTORS - 0.66%
3,838	Amec plc		44,023
9,559	Balfour Beatty plc		51,939
1,800	Daito Trust Construction Co Ltd		66,947
10,000	Daiwa House Industry Co Ltd		95,606
10,965	Fletcher Building Ltd		49,536
14,761	Vinci S.A.		695,481
8,986	YIT Oyj		93,835
	TOTAL GENERAL BUILDING CONTRACTORS		1,097,367
GENERAL MERCHANDISE STORES - 0.14%
13,100	Aeon Co Ltd		133,841

336

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

SHARES	COMPANY		VALUE
2,400	Isetan Mitsukoshi Holdings Ltd	$	28,159
811	PPR		72,567
	TOTAL GENERAL MERCHANDISE STORES		234,567
HEALTH SERVICES - 0.07%
539	Fresenius Medical Care AG.		27,902
8,037	Sonic Healthcare Ltd		85,493
	TOTAL HEALTH SERVICES		113,395
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.24%
8,006	Boskalis Westminster		379,485
518	Saipem S.p.A.		15,499
	TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		394,984
HOLDING AND OTHER INVESTMENT OFFICES - 1.11%
80,000	Ascendas Real Estate Investment Trust		105,682
85,000	CapitaCommercial Trust		79,036
73,569	CFS Gandel Retail Trust		133,485
1,846	Eurazeo		156,053
71,530	GPT Group		104,559
1,424	Groupe Bruxelles Lambert S.A.		122,903
3,759	Heineken Holding NV		147,574
5,500	Jafco Co Ltd		207,308
25	Japan Real Estate Investment Corp		201,734
12	Japan Retail Fund Investment Corp		49,337
43,707	Macquarie Infrastructure Group		82,876
163,090	Macquarie Office Trust		104,200
271	Nationale A Portefeuille		17,935
13,000	NWS Holdings Ltd		23,327
326	SBI Holdings, Inc		48,803
14,163	Westfield Group		194,004
22,000	Wharf Holdings Ltd		62,852
	TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,841,668
HOTELS AND OTHER LODGING PLACES - 0.01%
12,000	United Overseas Land Ltd		21,224
	TOTAL HOTELS AND OTHER LODGING PLACES		21,224
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.18%
58,500	Alfa Laval AB		605,360
5,313	Alstom RGPT		403,307
3,000	Amada Co Ltd		16,475
1,800	ASM Pacific Technology		10,404
8,942	ASML Holding NV		156,276
25,007	Brambles Ltd		156,035
19,700	Canon, Inc		746,844
6,600	Hitachi Construction Machinery Co Ltd		163,130
4,000	Itochu Techno-Science Corp		101,888
31,900	Komatsu Ltd		522,251
11,000	Kubota Corp		69,382
1,000	Kurita Water Industries Ltd		23,422
11,400	Makita Corp		233,534
22,000	Mitsubishi Heavy Industries Ltd		95,557
12,000	NTN Corp		62,362

337

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

SHARES		COMPANY		VALUE
7,100		Seiko Epson Corp	$	165,115
831		Sulzer AG.		88,416
125	*	Vestas Wind Systems AS		10,911
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,630,669
INSTRUMENTS AND RELATED PRODUCTS - 1.01%
458		Cochlear Ltd		21,947
30,669		Finmeccanica S.p.A.		664,830
2,000		Nikon Corp		47,978
46,000		Nippon Electric Glass Co Ltd		416,689
3,783		Synthes, Inc		523,349
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,674,793
INSURANCE AGENTS, BROKERS AND SERVICE - 1.23%
219,130		HBOS plc		497,157
24,300		Millea Holdings, Inc		892,145
30,463		QBE Insurance Group Ltd		656,966
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,046,268
INSURANCE CARRIERS - 4.05%
45,000		Aioi Insurance Co Ltd		224,457
2,900		Allianz AG.		397,585
19,714		AMP Ltd		112,097
3,276		AXA S.A.		107,238
7,919		Baloise Holding AG.		540,668
4,258		CNP Assurances		480,942
172,262		Corp Mapfre S.A.		753,027
12,783		Hannover Rueckversicherung AG.		467,834
8,067		Muenchener Rueckver AG.		1,216,866
245,029		Royal & Sun Alliance Insurance Group plc		655,118
13,763		SCOR		267,619
3,000		Sompo Japan Insurance, Inc		25,463
162,313		Standard Life plc		707,601
3,292		Swiss Life Holding		477,949
1,119		Zurich Financial Services AG.		309,874
		TOTAL INSURANCE CARRIERS		6,744,338
LEATHER AND LEATHER PRODUCTS - 0.25%
6,586		Adidas-Salomon AG.		351,822
690		LVMH Moet Hennessy Louis Vuitton S.A.		60,578
		TOTAL LEATHER AND LEATHER PRODUCTS		412,400
METAL MINING - 3.56%
38,647		Anglo American plc		1,305,483
64,453		BHP Billiton Ltd		1,667,438
40,468		BHP Billiton plc		916,770
45,146		Kazakhmys plc		474,118
7,192		Newcrest Mining Ltd		149,435
7,097		Rio Tinto Ltd		478,211
7,521		Rio Tinto plc		472,013
14,626		Xstrata plc		455,813
		TOTAL METAL MINING		5,919,281

338

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

SHARES		COMPANY		VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.97%
8,814		Compagnie Financiere Richemont AG.	$	389,433
2,400		Nintendo Co Ltd		1,018,017
4,200		Sankyo Co Ltd		213,190
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,620,640
MISCELLANEOUS RETAIL - 0.38%
57,297		Home Retail Group		241,466
44,000		Hutchison Whampoa Ltd		337,944
4,434		Origin Energy Ltd		57,352
		TOTAL MISCELLANEOUS RETAIL		636,762
NONDEPOSITORY INSTITUTIONS - 1.48%
2,810		Acom Co Ltd		96,035
1,800		Aeon Credit Service Co Ltd		18,372
2,500		Credit Saison Co Ltd		41,087
25,992		Criteria Caixacorp S.A.		124,968
36,260		Investor AB (B Shares)		679,002
1,700		ORIX Corp		212,854
10,964		Siemens AG.		1,022,689
20,020		Takefuji Corp		260,523
		TOTAL NONDEPOSITORY INSTITUTIONS		2,455,530
OIL AND GAS EXTRACTION - 1.35%
65,666		BG Group plc		1,190,922
20,571		Boart Longyear Group		18,555
4,249	*	Petroleum Geo-Services ASA		56,148
19,041		Santos Ltd		291,352
7,700		SeaDrill Ltd		159,530
3,049		Technip S.A.		171,327
9,103		Woodside Petroleum Ltd		367,315
		TOTAL OIL AND GAS EXTRACTION		2,255,149
PAPER AND ALLIED PRODUCTS - 0.12%
1,524	*	Istituto Finanziario Industriale S.p.A.		16,834
35,000		OJI Paper Co Ltd		175,962
		TOTAL PAPER AND ALLIED PRODUCTS		192,796
PETROLEUM AND COAL PRODUCTS - 6.33%
40,400		BP plc (ADR)		2,026,867
2,471		Caltex Australia Ltd		24,442
58,778		ENI S.p.A.		1,557,973
19,000		Nippon Mining Holdings, Inc		76,532
2,716		OMV AG.		114,480
14,172		Repsol YPF S.A.		420,000
58,733		Royal Dutch Shell plc (A Shares)		1,696,234
68,887		Royal Dutch Shell plc (B Shares)		1,935,231
34,300		Showa Shell Sekiyu KK		334,071
10,250		Statoil ASA		243,574
34,697		Total S.A.		2,107,839
		TOTAL PETROLEUM AND COAL PRODUCTS		10,537,243
PRIMARY METAL INDUSTRIES - 1.98%
3,942		Arcelor		199,690
28,036		BlueScope Steel Ltd		165,233

339

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

SHARES	COMPANY		VALUE
84,000	Furukawa Electric Co Ltd	$	370,934
6,500	JFE Holdings, Inc		201,605
103,000	Mitsubishi Materials Corp		323,524
184,000	Nippon Steel Corp		694,629
3,800	Sumitomo Electric Industries Ltd		41,360
55,000	Sumitomo Metal Industries Ltd		170,508
9,453	Umicore		291,928
2,466	Vallourec		532,108
5,768	Voestalpine AG.		180,240
3,500	Yamato Kogyo Co Ltd		122,296
	TOTAL PRIMARY METAL INDUSTRIES		3,294,055
PRINTING AND PUBLISHING - 0.33%
11,000	Dai Nippon Printing Co Ltd		148,372
2,514	John Fairfax Holdings Ltd		5,387
17,000	Singapore Press Holdings Ltd		47,430
35,000	Toppan Printing Co Ltd		272,957
7,768	United Business Media Ltd		68,427
	TOTAL PRINTING AND PUBLISHING		542,573
RAILROAD TRANSPORTATION - 0.83%
48	Central Japan Railway Co		452,617
46	East Japan Railway Co		343,051
24,000	MTR Corp		70,866
79,454	Stagecoach Group plc		361,078
38	West Japan Railway Co		162,734
	TOTAL RAILROAD TRANSPORTATION		1,390,346
REAL ESTATE - 2.13%
97,000	CapitaMall Trust		154,687
34,000	Cheung Kong Holdings Ltd		385,171
57,824	Chinese Estates Holdings Ltd		71,654
5,891	Corio NV		418,543
1,453	Gecina S.A.		156,607
63,000	Henderson Land Development Co Ltd		280,839
11,000	Hopewell Holdings		39,948
47,000	Hysan Development Co Ltd		122,345
16,488	Land Securities Group plc		372,391
4,805	Leighton Holdings Ltd		147,895
5,000	Mitsubishi Estate Co Ltd		98,526
11,000	Mitsui Fudosan Co Ltd		212,541
209,000	New World Development Ltd		232,772
18,500	Nomura Real Estate Holdings, Inc		440,663
14,454	Segro plc		108,977
130,000	Sino Land Co		145,599
2,000	Sumitomo Realty & Development Co Ltd		43,557
24,000	Tokyo Tatemono Co Ltd		114,133
	TOTAL REAL ESTATE		3,546,848
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.77%
16,153	Bayer AG.		1,182,999
3,500	Bridgestone Corp		66,260
1,104	Nokian Renkaat Oyj		26,566
	TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,275,825

340

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

SHARES		COMPANY		VALUE
SECURITY AND COMMODITY BROKERS - 0.72%
8,892		Australian Stock Exchange Ltd	$	219,196
89,877		Babcock & Brown Ltd		147,059
2,557		Credit Suisse Group		119,417
3,300		Hong Kong Exchanges and Clearing Ltd		40,644
108,820		Legal & General Group plc		196,391
5,178		Macquarie Group Ltd		159,438
51,183		Man Group plc		312,773
		TOTAL SECURITY AND COMMODITY BROKERS		1,194,918
SPECIAL TRADE CONTRACTORS - 0.07%
13,000		Kinden Corp		123,844
		TOTAL SPECIAL TRADE CONTRACTORS		123,844
STONE, CLAY, AND GLASS PRODUCTS - 0.35%
2,000		Asahi Glass Co Ltd		17,581
82,000		Nippon Sheet Glass Co Ltd		424,663
1,595		Pargesa Holding S.A.		137,271
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		579,515
TOBACCO PRODUCTS - 1.25%
46,460		British American Tobacco plc		1,516,792
10		Japan Tobacco, Inc		37,691
30,390		Swedish Match AB		531,229
		TOTAL TOBACCO PRODUCTS		2,085,712
TRANSPORTATION BY AIR - 0.20%
14,086		Qantas Airways Ltd		35,911
29,930		Singapore Airlines Ltd		300,673
		TOTAL TRANSPORTATION BY AIR		336,584
TRANSPORTATION EQUIPMENT - 5.39%
4,700		Aisin Seiki Co Ltd		115,103
111,773		BAE Systems plc		823,982
23,000		Daihatsu Motor Co Ltd		251,626
8,730		DaimlerChrysler AG.		433,470
47,299		Fiat S.p.A.		635,601
42,202		GKN plc		149,894
5,000		Hino Motors Ltd		20,216
28,900		Honda Motor Co Ltd		876,617
69,000		Isuzu Motors Ltd		191,753
8,000		Jardine Cycle & Carriage Ltd		87,999
1,300		JTEKT Corp		14,833
7,882		MAN AG.		530,668
45,000		Mazda Motor Corp		183,263
17,000	*	Mitsubishi Motors Corp		28,647
24,000		NHK Spring Co Ltd		133,107
28,000		NSK Ltd		161,754
10,183		Peugeot S.A.		383,249
12,692		Renault S.A.		808,853
22,722		Scania AB (B Shares)		279,848
17,100		Suzuki Motor Corp		316,849
4,048		Thales S.A.		204,281

341

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

SHARES	COMPANY		VALUE
97,729	Tomkins plc	$	272,868
3,500	Toyoda Gosei Co Ltd		59,467
36,000	Toyota Motor Corp		1,539,089
1,438	Valeo S.A.		43,516
1,073	Volkswagen AG.		420,451
	TOTAL TRANSPORTATION EQUIPMENT		8,967,004
TRANSPORTATION SERVICES - 0.30%
25,383	Deutsche Lufthansa AG.		496,195
	TOTAL TRANSPORTATION SERVICES		496,195
TRUCKING AND WAREHOUSING - 0.51%
22,479	Deutsche Post AG.		469,013
3,158	Neopost S.A.		297,785
17,000	Nippon Express Co Ltd		75,892
	TOTAL TRUCKING AND WAREHOUSING		842,690
WATER TRANSPORTATION - 0.98%
10	AP Moller - Maersk AS (Class A)		86,260
72	AP Moller - Maersk AS (Class B)		626,311
1,740	Frontline Ltd		82,174
23,000	Mitsui OSK Lines Ltd		199,832
75,000	Nippon Yusen Kabushiki Kaisha		488,896
169,000	Pacific Basin Shipping Ltd		140,506
	TOTAL WATER TRANSPORTATION		1,623,979
WHOLESALE TRADE-DURABLE GOODS - 1.66%
3,500	Canon Marketing Japan, Inc		53,611
10,000	Itochu Corp		60,242
35,300	Mitsubishi Corp		736,362
46,000	Mitsui & Co Ltd		571,059
74,000	Nissan Motor Co Ltd		500,372
22,800	Sumitomo Corp		212,584
15,409	ThyssenKrupp AG.		462,639
7,422	Wesfarmers Ltd		172,604
	TOTAL WHOLESALE TRADE-DURABLE GOODS		2,769,473
WHOLESALE TRADE-NONDURABLE GOODS - 0.91%
13,620	Billabong International Ltd		152,084
8,474	Casino Guichard Perrachon S.A.		756,130
5,200	Esprit Holdings Ltd		32,233
4,000	Kikkoman Corp		54,180
26,000	Marubeni Corp		117,858
10,000	Nippon Oil Corp		50,357
164,000	Noble Group Ltd		156,069
4,800	Suzuken Co Ltd		145,865
1,566	Unilever NV		44,081
	TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,508,857
	TOTAL COMMON STOCK
	(Cost $209,718,753)		164,787,716

342

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

SHARES		COMPANY		VALUE
PREFERRED STOCKS - 0.14%
TRANSPORTATION EQUIPMENT - 0.14%
2,124		Porsche AG.	$	230,327
		TOTAL TRANSPORTATION EQUIPMENT		230,327
		TOTAL PREFERRED STOCKS
		(Cost $392,780)		230,327
		TOTAL PORTFOLIO - 99.16%
		(Cost $210,111,533)		165,018,043
		OTHER ASSETS & LIABILITIES, NET - 0.84%		1,399,704
		NET ASSETS - 100.00%	$	166,417,747
		The following abbreviations are used in portfolio descriptions:
		ADR - American Depositary Receipt
		plc - Public Limited Company
	*	Non-income producing.
	e	All or a portion of these securities are out on loan.

343

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

SUMMARY OF MARKET VALUES BY COUNTRY
ENHANCED INTERNATIONAL EQUITY INDEX FUND
September 30, 2008
			% OF
			TOTAL
COUNTRY		VALUE	PORTFOLIO
FOREIGN
AUSTRALIA	$	10,561,051	6.40	%
AUSTRIA		1,152,537	0.70
BELGIUM		1,977,473	1.20
DENMARK		1,095,450	0.66
FINLAND		2,124,833	1.29
FRANCE		18,108,860	10.97
GERMANY		14,673,186	8.89
GREECE		1,398,724	0.85
HONG KONG		3,692,375	2.24
IRELAND		732,010	0.45
ITALY		6,537,838	3.96
JAPAN		36,943,932	22.39
NETHERLANDS		4,884,094	2.96
NEW ZEALAND		108,496	0.07
NORWAY		914,473	0.55
PORTUGAL		276,156	0.17
SINGAPORE		1,783,429	1.08
SPAIN		6,490,835	3.93
SWEDEN		3,664,016	2.22
SWITZERLAND		12,560,561	7.61
UNITED KINGDOM		35,337,714	21.41
TOTAL FOREIGN		165,018,043	100.00
TOTAL PORTFOLIO	$	165,018,043	100.00	%

344

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
ENHANCED LARGE-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.78%
AMUSEMENT AND RECREATION SERVICES - 0.15%
7,400	*	Penn National Gaming, Inc		196,618
1,400	*	Ticketmaster	$	15,022
4,100		Warner Music Group Corp		31,160
		TOTAL AMUSEMENT AND RECREATION SERVICES		242,800
APPAREL AND ACCESSORY STORES - 0.78%
27,400		Gap, Inc		487,172
2,200	*	Kohl's Corp		101,376
1,500		Limited Brands, Inc		25,980
17,800		Ross Stores, Inc		655,218
		TOTAL APPAREL AND ACCESSORY STORES		1,269,746
APPAREL AND OTHER TEXTILE PRODUCTS - 0.34%
8,200		Polo Ralph Lauren Corp (Class A)		546,448
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		546,448
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.52%
9,100		Advance Auto Parts		360,906
3,700	*	Autozone, Inc		456,358
800	*	Copart, Inc		30,400
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		847,664
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.24%
16,100		Lowe's Cos, Inc		381,409
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		381,409
BUSINESS SERVICES - 11.49%
38,000		Accenture Ltd (Class A)		1,444,000
16,600	*	Activision Blizzard, Inc		256,138
9,800	*	Adobe Systems, Inc		386,806
7,200	*	Akamai Technologies, Inc		125,568
6,000	*	Alliance Data Systems Corp		380,280
19,400	*	Autodesk, Inc		650,870
2,000		Brink's Co		122,040
1,100		CA, Inc		21,956
8,200	*	Compuware Corp		79,458
7,300	*	eBay, Inc		163,374
600	*	F5 Networks, Inc		14,028
100		Factset Research Systems, Inc		5,225
700		Fidelity National Information Services, Inc		12,922
13,100	*	Fiserv, Inc		619,892
5,700	*	Google, Inc (Class A)		2,282,964
6,400		IMS Health, Inc		121,024
16,800	*	Interpublic Group of Cos, Inc		130,200
14,200	*	Intuit, Inc		448,862

345

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,200	*	Kinetic Concepts, Inc	$	34,308
400		Manpower, Inc		17,264
1,900		Mastercard, Inc (Class A)		336,927
242,800		Microsoft Corp		6,480,332
3,200	*	Monster Worldwide, Inc		47,712
143,500	*	Oracle Corp		2,914,485
14,600		Robert Half International, Inc		361,350
2,900	*	Sohu.com, Inc		161,675
10,300		Visa, Inc (Class A)		632,317
22,600	*	Yahoo!, Inc		390,980
		TOTAL BUSINESS SERVICES		18,642,957
CHEMICALS AND ALLIED PRODUCTS - 9.68%
34,000		Abbott Laboratories		1,957,720
100	*	Abraxis Bioscience, Inc		6,896
13,000		Air Products & Chemicals, Inc		890,370
800		Avon Products, Inc		33,256
13,600	*	Biogen Idec, Inc		683,944
30,100		Bristol-Myers Squibb Co		627,585
8,500		Celanese Corp (Series A)		237,235
3,100	*	Cephalon, Inc		240,219
3,500		CF Industries Holdings, Inc		320,110
5,700		Church & Dwight Co, Inc		353,913
10,600		Colgate-Palmolive Co		798,710
12,400		Eli Lilly & Co		545,972
4,400		Estee Lauder Cos (Class A)		219,604
1,300		FMC Corp		66,807
7,700	*	Forest Laboratories, Inc		217,756
16,400	*	Genentech, Inc		1,454,352
10,200	*	Gilead Sciences, Inc		464,916
6,000	*	Hospira, Inc		229,200
600	*	Idexx Laboratories, Inc		32,880
7,500	*	Invitrogen Corp		283,500
15,700		Merck & Co, Inc		495,492
14,200		Monsanto Co		1,405,516
6,900		Mosaic Co		469,338
1,200		Nalco Holding Co		22,248
5,000	*	NBTY, Inc		147,600
3,800		Perrigo Co		146,148
29,600		Procter & Gamble Co		2,062,824
42,300		Schering-Plough Corp		781,281
12,100	*	Sepracor, Inc		221,551
3,700	*	Vertex Pharmaceuticals, Inc		122,988
5,500	*	Watson Pharmaceuticals, Inc		156,750
		TOTAL CHEMICALS AND ALLIED PRODUCTS		15,696,681
COAL MINING - 0.16%
3,100	*	Alpha Natural Resources, Inc		159,433
2,100		Consol Energy, Inc		96,369
		TOTAL COAL MINING		255,802
COMMUNICATIONS - 1.76%
11,300	*	American Tower Corp (Class A)		406,461
2,300		Comcast Corp (Class A)		45,149

346

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,700	*	CTC Media, Inc	$	55,500
28,600	*	DIRECTV Group, Inc		748,462
21,500	*	DISH Network Corp (Class A)		451,500
600		Embarq Corp		24,330
3,400	*	IAC/InterActiveCorp		58,820
11,400	*	Level 3 Communications, Inc		30,780
1,400	*	Liberty Global, Inc (Class A)		42,420
7,600	*	Liberty Media Corp - Entertainment (Series A)		189,772
5,400	*	NII Holdings, Inc (Class B)		204,768
81,100		Qwest Communications International, Inc		261,953
5,700	*	SBA Communications Corp (Class A)		147,459
900	*	US Cellular Corp		42,228
13,800		Windstream Corp		150,972
		TOTAL COMMUNICATIONS		2,860,574
DEPOSITORY INSTITUTIONS - 1.13%
8,200		Northern Trust Corp		592,040
4,300		State Street Corp		244,584
40,600		Western Union Co		1,001,602
		TOTAL DEPOSITORY INSTITUTIONS		1,838,226
EATING AND DRINKING PLACES - 1.55%
20,100		Darden Restaurants, Inc		575,463
13,100		McDonald's Corp		808,270
17,500	*	Starbucks Corp		260,225
1,700		Tim Hortons, Inc		50,371
25,000		Yum! Brands, Inc		815,250
		TOTAL EATING AND DRINKING PLACES		2,509,579
EDUCATIONAL SERVICES - 0.21%
5,600	*	Apollo Group, Inc (Class A)		332,080
100		DeVry, Inc		4,954
		TOTAL EDUCATIONAL SERVICES		337,034
ELECTRIC, GAS, AND SANITARY SERVICES - 1.46%
38,900	*	AES Corp		454,741
1,200		Allegheny Energy, Inc		44,124
28,100		Centerpoint Energy, Inc		409,417
1,800		Constellation Energy Group, Inc		43,740
9,300	*	Covanta Holding Corp		222,642
3,000		Energen Corp		135,840
6,300		Exelon Corp		394,506
7,800	*	NRG Energy, Inc		193,050
2,500		PPL Corp		92,550
1,600		Public Service Enterprise Group, Inc		52,464
6,700		Sierra Pacific Resources		64,186
11,200		Williams Cos, Inc		264,880
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,372,140
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.99%
5,400		Altera Corp		111,672
1,700		Ametek, Inc		69,309
11,200		Amphenol Corp (Class A)		449,568
2,800		Analog Devices, Inc		73,780

347

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
23,800	*	Apple Computer, Inc	$	2,705,108
22,100	*	Broadcom Corp (Class A)		411,723
3,400	*	Ciena Corp		34,272
121,100	*	Cisco Systems, Inc		2,732,016
7,900		Cooper Industries Ltd (Class A)		315,605
200	*	First Solar, Inc		37,782
4,300		Harman International Industries, Inc		146,501
8,700		Harris Corp		401,940
28,500		Honeywell International, Inc		1,184,175
1,600	*	Integrated Device Technology, Inc		12,448
149,900		Intel Corp		2,807,627
8,800		L-3 Communications Holdings, Inc		865,216
400		Linear Technology Corp		12,264
16,500	*	LSI Logic Corp		88,440
1,200	*	MEMC Electronic Materials, Inc		33,912
23,300		National Semiconductor Corp		400,993
25,800	*	NetApp, Inc		470,334
8,500	*	Novellus Systems, Inc		166,940
19,700	*	Nvidia Corp		210,987
24,900	*	ON Semiconductor Corp		168,324
24,700		Qualcomm, Inc		1,061,359
31,500	*	Sirius XM Radio, Inc		17,955
56,500		Texas Instruments, Inc		1,214,750
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		16,205,000
ENGINEERING AND MANAGEMENT SERVICES - 1.97%
3,900	*	Aecom Technology Corp		95,316
17,000	*	Celgene Corp		1,075,760
16,100		Fluor Corp		896,770
4,100	*	Gen-Probe, Inc		217,505
1,700	*	Hewitt Associates, Inc (Class A)		61,948
5,200	*	Jacobs Engineering Group, Inc		282,412
100	*	McDermott International, Inc		2,555
8,800	*	SAIC, Inc		178,024
7,100	*	Shaw Group, Inc		218,183
4,400	*	URS Corp		161,348
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,189,821
FABRICATED METAL PRODUCTS - 0.72%
11,400	*	Crown Holdings, Inc		253,194
7,000		Illinois Tool Works, Inc		311,150
11,500		Parker Hannifin Corp		609,500
		TOTAL FABRICATED METAL PRODUCTS		1,173,844
FOOD AND KINDRED PRODUCTS - 3.69%
9,100		Anheuser-Busch Cos, Inc		590,408
40,400		Coca-Cola Co		2,136,352
600		General Mills, Inc		41,232
100	*	Hansen Natural Corp		3,025
1,500		Kellogg Co		84,150
36,700		PepsiCo, Inc		2,615,609
6,400		Wrigley (Wm.) Jr Co		508,160
		TOTAL FOOD AND KINDRED PRODUCTS		5,978,936

348

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
FOOD STORES - 0.45%
26,500		Kroger Co	$	728,220
		TOTAL FOOD STORES		728,220
FURNITURE AND FIXTURES - 0.14%
7,300		Johnson Controls, Inc		221,409
		TOTAL FURNITURE AND FIXTURES		221,409
FURNITURE AND HOMEFURNISHINGS STORES - 0.09%
4,200	*	GameStop Corp (Class A)		143,682
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		143,682
GENERAL BUILDING CONTRACTORS - 0.11%
100	*	NVR, Inc		57,200
8,100		Pulte Homes, Inc		113,157
		TOTAL GENERAL BUILDING CONTRACTORS		170,357
GENERAL MERCHANDISE STORES - 2.92%
6,700	*	Big Lots, Inc		186,461
3,200		Family Dollar Stores, Inc		75,840
8,600		Target Corp		421,830
10,300		TJX Cos, Inc		314,356
62,500		Wal-Mart Stores, Inc		3,743,125
		TOTAL GENERAL MERCHANDISE STORES		4,741,612
HEALTH SERVICES - 1.47%
3,800		AmerisourceBergen Corp		143,070
6,200		Cigna Corp		210,676
12,700	*	Express Scripts, Inc		937,514
4,200	*	Health Management Associates, Inc (Class A)		17,472
400	*	Laboratory Corp of America Holdings		27,800
8,000	*	Lincare Holdings, Inc		240,720
10,300	*	Medco Health Solutions, Inc		463,500
7,500	*	WellPoint, Inc		350,775
		TOTAL HEALTH SERVICES		2,391,527
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.27%
11,900	*	Foster Wheeler Ltd		429,709
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		429,709
HOLDING AND OTHER INVESTMENT OFFICES - 4.71%
7,500		Apartment Investment & Management Co (Class A)		262,650
1,300		General Growth Properties, Inc		19,630
1,800		HCP, Inc		72,234
132,466		iShares Russell 1000 Growth Index Fund		6,431,224
2,600		Plum Creek Timber Co, Inc		129,636
3,600		Simon Property Group, Inc		349,200
4,000		Taubman Centers, Inc		200,000
5,100		WABCO Holdings, Inc		181,254
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		7,645,828
HOTELS AND OTHER LODGING PLACES - 0.04%
900	*	MGM Mirage		25,650
500		Wynn Resorts Ltd		40,820
		TOTAL HOTELS AND OTHER LODGING PLACES		66,470

349

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 9.94%
5,200	*	AGCO Corp	$	221,572
57,300		Applied Materials, Inc		866,949
3,600	*	Brocade Communications Systems, Inc		20,952
2,600		Bucyrus International, Inc (Class A)		116,168
12,200		Caterpillar, Inc		727,120
7,500		Cummins, Inc		327,900
4,800		Deere & Co		237,600
57,700	*	Dell, Inc		950,896
14,300		Dover Corp		579,865
8,800	*	Dresser-Rand Group, Inc		276,936
43,700	*	EMC Corp		522,652
300		Flowserve Corp		26,631
16,200	*	FMC Technologies, Inc		754,110
84,200		Hewlett-Packard Co		3,893,408
34,000		International Business Machines Corp		3,976,640
7,900		ITT Industries, Inc		439,319
17,400		Jabil Circuit, Inc		165,996
10,100		Joy Global, Inc		455,914
11,700	*	Lam Research Corp		368,433
5,700		Lennox International, Inc		189,639
7,200	*	Oil States International, Inc		254,520
500		Rockwell Automation, Inc		18,670
1,000		SPX Corp		77,000
12,300	*	Teradata Corp		239,850
19,600	*	Western Digital Corp		417,872
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		16,126,612
INSTRUMENTS AND RELATED PRODUCTS - 6.05%
17,700	*	Agilent Technologies, Inc		524,982
500		Allergan, Inc		25,750
900		Bard (C.R.), Inc		85,383
18,600		Baxter International, Inc		1,220,718
12,900		Becton Dickinson & Co		1,035,354
200	*	Boston Scientific Corp		2,454
9,700		Danaher Corp		673,180
2,400		Dentsply International, Inc		90,096
19,000		Emerson Electric Co		775,010
1,400	*	Flir Systems, Inc		53,788
700		Hillenbrand, Inc		14,112
700	*	Intuitive Surgical, Inc		168,686
26,000		Johnson & Johnson		1,801,280
28,200		Medtronic, Inc		1,412,820
2,600		PerkinElmer, Inc		64,922
14,800	*	St. Jude Medical, Inc		643,652
5,700		Stryker Corp		355,110
1,600	*	Techne Corp		115,392
9,400	*	Waters Corp		546,892
3,100	*	Zimmer Holdings, Inc		200,136
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		9,809,717

350

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
INSURANCE CARRIERS - 1.16%
13,600		Aetna, Inc	$	491,096
13,000		Aflac, Inc		763,750
5,700		Prudential Financial, Inc		410,400
400		Transatlantic Holdings, Inc		21,740
7,900		UnitedHealth Group, Inc		200,581
		TOTAL INSURANCE CARRIERS		1,887,567
LEATHER AND LEATHER PRODUCTS - 0.12%
8,000	*	Coach, Inc		200,320
		TOTAL LEATHER AND LEATHER PRODUCTS		200,320
METAL MINING - 0.28%
2,600		Cleveland-Cliffs, Inc		137,644
1,000		Foundation Coal Holdings, Inc		35,580
7,300		Newmont Mining Corp		282,948
		TOTAL METAL MINING		456,172
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.16%
7,600		Hasbro, Inc		263,872
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		263,872
MISCELLANEOUS RETAIL - 1.52%
11,100	*	Amazon.com, Inc		807,636
10,500		Best Buy Co, Inc		393,750
11,800		CVS Corp		397,188
5,400	*	Dollar Tree, Inc		196,344
1,400	*	HSN, Inc		15,414
8,400		Petsmart, Inc		207,564
700	*	Priceline.com, Inc		47,901
7,400		Staples, Inc		166,500
7,600		Walgreen Co		235,296
		TOTAL MISCELLANEOUS RETAIL		2,467,593
MOTION PICTURES - 0.29%
9,000	*	DreamWorks Animation SKG, Inc (Class A)		283,050
7,300	*	Viacom, Inc (Class B)		181,332
		TOTAL MOTION PICTURES		464,382
NONDEPOSITORY INSTITUTIONS - 0.92%
32,800		American Express Co		1,162,104
27,400		Federal Home Loan Mortgage Corp		46,854
1,300		Lender Processing Services, Inc		39,676
4,500	*	SLM Corp		55,530
6,400		Textron, Inc		187,392
		TOTAL NONDEPOSITORY INSTITUTIONS		1,491,556
OIL AND GAS EXTRACTION - 4.10%
19,800	*	Cameron International Corp		763,092
900	*	Continental Resources, Inc		35,307
1,500	*	Encore Acquisition Co		62,670
16,400		Halliburton Co		531,196
6,100	*	Key Energy Services, Inc		70,760
2,600	*	Mariner Energy, Inc		53,300
23,800	*	National Oilwell Varco, Inc		1,195,474

351

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
11,000		Noble Corp	$	482,900
20,800		Patterson-UTI Energy, Inc		416,416
30,100		Schlumberger Ltd		2,350,509
500		Smith International, Inc		29,320
4,700		Transocean, Inc		516,248
5,000		W&T Offshore, Inc		136,450
		TOTAL OIL AND GAS EXTRACTION		6,643,642
PAPER AND ALLIED PRODUCTS - 0.46%
400		Greif, Inc (Class A)		26,248
11,000		Kimberly-Clark Corp		713,240
		TOTAL PAPER AND ALLIED PRODUCTS		739,488
PERSONAL SERVICES - 0.09%
4,200		Weight Watchers International, Inc		153,720
		TOTAL PERSONAL SERVICES		153,720
PETROLEUM AND COAL PRODUCTS - 4.62%
37,200		Exxon Mobil Corp		2,888,952
14,400		Hess Corp		1,181,952
14,600		Murphy Oil Corp		936,444
3,200		Noble Energy, Inc		177,888
32,700		Occidental Petroleum Corp		2,303,715
		TOTAL PETROLEUM AND COAL PRODUCTS		7,488,951
PRIMARY METAL INDUSTRIES - 0.97%
10,400		AK Steel Holding Corp		269,568
900		Carpenter Technology Corp		23,085
3,500	*	Century Aluminum Co		96,915
2,700	*	CommScope, Inc		93,528
19,700		Corning, Inc		308,108
7,100		Nucor Corp		280,450
2,400		Precision Castparts Corp		189,072
2,400		Steel Dynamics, Inc		41,016
3,500		United States Steel Corp		271,635
		TOTAL PRIMARY METAL INDUSTRIES		1,573,377
PRINTING AND PUBLISHING - 0.24%
3,300		Dun & Bradstreet Corp		311,388
2,100		John Wiley & Sons, Inc (Class A)		84,945
		TOTAL PRINTING AND PUBLISHING		396,333
RAILROAD TRANSPORTATION - 2.04%
10,300		Burlington Northern Santa Fe Corp		952,029
18,300		CSX Corp		998,631
19,100		Union Pacific Corp		1,359,156
		TOTAL RAILROAD TRANSPORTATION		3,309,816
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.45%
10,800		Nike, Inc (Class B)		722,520
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		722,520
SECURITY AND COMMODITY BROKERS - 1.69%
9,000		Broadridge Financial Solutions, Inc		138,510

352

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
5,100		Charles Schwab Corp	$	132,600
7,700		Eaton Vance Corp		271,271
8,000		Federated Investors, Inc (Class B)		230,800
3,200		Franklin Resources, Inc		282,016
1,587		Goldman Sachs Group, Inc		203,136
1,500	*	IntercontinentalExchange, Inc		121,020
1,200	*	Investment Technology Group, Inc		36,516
5,700		Lazard Ltd (Class A)		243,732
9,800	*	Nasdaq Stock Market, Inc		299,586
4,200		NYSE Euronext		164,556
10,900		SEI Investments Co		241,980
4,600		T Rowe Price Group, Inc		247,066
7,700	*	TD Ameritrade Holding Corp		124,740
		TOTAL SECURITY AND COMMODITY BROKERS		2,737,529
STONE, CLAY, AND GLASS PRODUCTS - 0.92%
18,800		3M Co		1,284,228
7,300	*	Owens-Illinois, Inc		214,620
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		1,498,848
TOBACCO PRODUCTS - 2.34%
75,900		Altria Group, Inc		1,505,856
47,600		Philip Morris International, Inc		2,289,560
		TOTAL TOBACCO PRODUCTS		3,795,416
TRANSPORTATION BY AIR - 0.23%
24,100	*	AMR Corp		236,662
2,100		Copa Holdings S.A. (Class A)		68,250
8,400	*	Delta Air Lines, Inc		62,580
		TOTAL TRANSPORTATION BY AIR		367,492
TRANSPORTATION EQUIPMENT - 2.35%
23,000		Boeing Co		1,319,050
9,800		Lockheed Martin Corp		1,074,766
6,300		Northrop Grumman Corp		381,402
2,200		Paccar, Inc		84,018
100		Raytheon Co		5,351
15,700		United Technologies Corp		942,942
		TOTAL TRANSPORTATION EQUIPMENT		3,807,529
TRANSPORTATION SERVICES - 0.32%
5,100		CH Robinson Worldwide, Inc		259,896
3,800		Expeditors International Washington, Inc		132,392
1,000	*	Interval Leisure Group, Inc		10,400
7,100		UTI Worldwide, Inc		120,842
		TOTAL TRANSPORTATION SERVICES		523,530
TRUCKING AND WAREHOUSING - 0.19%
4,800		United Parcel Service, Inc (Class B)		301,872
		TOTAL TRUCKING AND WAREHOUSING		301,872
WATER TRANSPORTATION - 0.10%
700		Frontline Ltd		33,649
3,400	*	Kirby Corp		128,996
		TOTAL WATER TRANSPORTATION		162,645

353

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
WHOLESALE TRADE-DURABLE GOODS - 0.51%
2,400	*	Arrow Electronics, Inc	$	62,928
11,300		BorgWarner, Inc		370,301
12,400	*	Patterson Cos, Inc		377,084
500	*	WESCO International, Inc		16,090
		TOTAL WHOLESALE TRADE-DURABLE GOODS		826,403
WHOLESALE TRADE-NONDURABLE GOODS - 1.68%
7,400		Airgas, Inc		367,410
6,200		Cardinal Health, Inc		305,536
4,700	*	Central European Distribution Corp		213,427
5,800	*	Dean Foods Co		135,488
6,700	*	Endo Pharmaceuticals Holdings, Inc		134,000
5,400	*	Henry Schein, Inc		290,736
6,100		Herbalife Ltd		241,072
28,500		Sysco Corp		878,655
5,400		Terra Industries, Inc		158,760
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,725,084
		TOTAL COMMON STOCKS		161,829,461
		(Cost $182,873,692)
		TOTAL PORTFOLIO - 99.78%		161,829,461
		(Cost $182,873,692)
		OTHER ASSETS & LIABILITIES, NET - 0.22%		354,494
		NET ASSETS -100.00%	$	162,183,955
	*	Non-income producing

354

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
ENHANCED LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS
September 30, 2008
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.68%
AMUSEMENT AND RECREATION SERVICES - 0.93%
2,364		International Speedway Corp (Class A)	$	91,983
2,878	*	Ticketmaster		30,881
42,246		Walt Disney Co		1,296,530
6,840		Warner Music Group Corp		51,984
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,471,378
APPAREL AND ACCESSORY STORES - 0.21%
513		American Eagle Outfitters, Inc		7,823
15,381		Gap, Inc		273,474
3,059		Limited Brands, Inc		52,982
		TOTAL APPAREL AND ACCESSORY STORES		334,279
APPAREL AND OTHER TEXTILE PRODUCTS - 0.31%
3,238		Liz Claiborne, Inc		53,200
5,595		VF Corp		432,549
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		485,749
AUTO REPAIR, SERVICES AND PARKING - 0.01%
352	*	Federal Mogul Corp (Class A)		4,418
2,100	*	Hertz Global Holdings, Inc		15,897
		TOTAL AUTO REPAIR, SERVICES AND PARKING		20,315
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.20%
22,387	*	Autonation, Inc		251,630
5,030		Penske Auto Group, Inc		57,694
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		309,324
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.07%
31,662		Home Depot, Inc		819,729
36,868		Lowe's Cos, Inc		873,403
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,693,132
BUSINESS SERVICES - 1.05%
3,087	*	Affiliated Computer Services, Inc (Class A)		156,295
7,212	*	Avis Budget Group, Inc		41,397
1,328		CA, Inc		26,507
8,768	*	Compuware Corp		84,962
151	*	Convergys Corp		2,232
1,594		Equifax, Inc		54,913
1,520	*	Expedia, Inc		22,967
3,049		Fidelity National Information Services, Inc		56,285
10,268		IMS Health, Inc		194,168
7,723		Manpower, Inc		333,325
2,711	*	Sun Microsystems, Inc		20,604
33,553	*	Symantec Corp		656,968

355

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,101	*	United Rentals, Inc	$	16,779
		TOTAL BUSINESS SERVICES		1,667,402
CHEMICALS AND ALLIED PRODUCTS - 9.83%
35,178	*	Amgen, Inc		2,085,000
10,350		Celanese Corp (Series A)		288,869
1,414		Clorox Co		88,644
1,195		Colgate-Palmolive Co		90,043
9,880		Dow Chemical Co		313,986
6,455		Du Pont (E.I.) de Nemours & Co		260,137
28,389		Eli Lilly & Co		1,249,968
26,165	*	Forest Laboratories, Inc		739,946
3,934		Huntsman Corp		49,568
15,520	*	King Pharmaceuticals, Inc		148,682
9,882		Lubrizol Corp		426,309
44,857		Merck & Co, Inc		1,415,687
388	*	NBTY, Inc		11,454
197,400		Pfizer, Inc		3,640,056
4,853		PPG Industries, Inc		283,027
46,992		Procter & Gamble Co		3,274,872
315		Valspar Corp		7,021
32,488		Wyeth		1,200,107
		TOTAL CHEMICALS AND ALLIED PRODUCTS		15,573,376
COMMUNICATIONS - 5.49%
167,853		AT&T, Inc		4,686,456
222		Cablevision Systems Corp (Class A)		5,586
19,589		CenturyTel, Inc		717,937
17,448		Comcast Corp (Class A)		342,504
100		Embarq Corp		4,055
387		Hearst-Argyle Television, Inc		8,642
11,029	*	IAC/InterActiveCorp		190,802
217	*	Liberty Global, Inc (Series C)		6,096
6,535	*	Liberty Media Corp - Capital (Series A)		87,438
46,028		Qwest Communications International, Inc		148,670
97,469		Sprint Nextel Corp		594,561
399	*	US Cellular Corp		18,721
58,373		Verizon Communications, Inc		1,873,190
1,890		Windstream Corp		20,677
		TOTAL COMMUNICATIONS		8,705,335
DEPOSITORY INSTITUTIONS - 14.44%
122		Bancorpsouth, Inc		3,432
121,924		Bank of America Corp		4,267,340
2,934		Bank of Hawaii Corp		156,822
44,131		Bank of New York Mellon Corp		1,437,788
9,075		BB&T Corp		343,035
132,239		Citigroup, Inc		2,712,222
6,396		Comerica, Inc		209,725
1,117		Commerce Bancshares, Inc		51,829
2,119		Cullen/Frost Bankers, Inc		127,140
1,576		Fifth Third Bancorp		18,754
132		First Citizens Bancshares, Inc (Class A)		23,628
28,035		First Horizon National Corp		262,415
5,142		Fulton Financial Corp		56,099

356

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
8,761		Hudson City Bancorp, Inc	$	161,640
100,038		JPMorgan Chase & Co		4,671,775
2,511		M&T Bank Corp		224,107
19,663		National City Corp		34,410
2,485		Northern Trust Corp		179,417
8,866		PNC Financial Services Group, Inc		662,290
6,228		Popular, Inc		51,630
10,750		Sovereign Bancorp, Inc		42,463
10,140		State Street Corp		576,763
14,307		SunTrust Banks, Inc		643,672
42,415		US Bancorp		1,527,788
15,504		Valley National Bancorp		324,964
41,604		Wachovia Corp		145,614
8,495		Webster Financial Corp		214,499
90,696		Wells Fargo & Co		3,403,821
3,866		Western Union Co		95,374
6,424		Zions Bancorporation		248,609
		TOTAL DEPOSITORY INSTITUTIONS		22,879,065
ELECTRIC, GAS, AND SANITARY SERVICES - 5.98%
9,712	*	Allied Waste Industries, Inc		107,900
28,899		American Electric Power Co, Inc		1,070,130
1,815		Constellation Energy Group, Inc		44,105
25,109		Duke Energy Corp		437,650
25,826		Edison International		1,030,457
6,335		Energen Corp		286,849
10,327		Exelon Corp		646,677
15,304		FirstEnergy Corp		1,025,215
22,407		FPL Group, Inc		1,127,072
2,813		Hawaiian Electric Industries, Inc		81,886
6,624		Integrys Energy Group, Inc		330,803
9,744		National Fuel Gas Co		411,002
16,865		NiSource, Inc		248,927
15,598		Northeast Utilities		400,089
8,049		Pepco Holdings, Inc		184,403
6,373		PG&E Corp		238,669
13,869		Progress Energy, Inc		598,170
9,051	*	Reliant Energy, Inc		66,525
1,376		SCANA Corp		53,568
4,091		Sempra Energy		206,473
48		Southern Co		1,809
10		Southern Union Co		207
2,366		TECO Energy, Inc		37,217
8,362		UGI Corp		215,572
10,133		Wisconsin Energy Corp		454,972
8,749		Xcel Energy, Inc		174,893
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		9,481,240
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 1.67%
3,785	*	Atmel Corp		12,831
9,611	*	Avnet, Inc		236,719
806		AVX Corp		8,213
8,218		Eaton Corp		461,687
911	*	EchoStar Corp (Class A)		21,955

357

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,809		Honeywell International, Inc	$	158,264
20,727		Intel Corp		388,217
715	*	Jarden Corp		16,767
787	*	JDS Uniphase Corp		6,658
100		L-3 Communications Holdings, Inc		9,832
35,224		Motorola, Inc		251,499
933	*	QLogic Corp		14,331
10,400		RadioShack Corp		179,712
301	*	Spansion, Inc (Class A)		467
3,119		Teleflex, Inc		198,025
770	*	Thomas & Betts Corp		30,084
17,886		Tyco Electronics Ltd		494,727
22,550	*	Vishay Intertechnology, Inc		149,281
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		2,639,269
ENGINEERING AND MANAGEMENT SERVICES - 0.11%
107	*	Hewitt Associates, Inc (Class A)		3,899
5,025		Moody's Corp		170,850
100	*	URS Corp		3,667
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		178,416
FABRICATED METAL PRODUCTS - 0.72%
16,506		Illinois Tool Works, Inc		733,692
2,350		Parker Hannifin Corp		124,550
6,704		Stanley Works		279,825
		TOTAL FABRICATED METAL PRODUCTS		1,138,067
FOOD AND KINDRED PRODUCTS - 3.56%
9,534		Anheuser-Busch Cos, Inc		618,566
3,785		Archer Daniels Midland Co		82,929
18,890		Coca-Cola Co		998,903
22,286		Coca-Cola Enterprises, Inc		373,736
9,203		Corn Products International, Inc		297,073
24,910		Del Monte Foods Co		194,298
6,861	*	Dr Pepper Snapple Group, Inc		181,679
8,022		General Mills, Inc		551,272
540		H.J. Heinz Co		26,984
3,917		J.M. Smucker Co		198,553
35,581		Kraft Foods, Inc (Class A)		1,165,278
642		Molson Coors Brewing Co (Class B)		30,014
13,651		Pepsi Bottling Group, Inc		398,200
8,056		PepsiAmericas, Inc		166,920
1,099		PepsiCo, Inc		78,326
5,726		Reynolds American, Inc		278,398
		TOTAL FOOD AND KINDRED PRODUCTS		5,641,129
FOOD STORES - 0.35%
6,303		Safeway, Inc		149,507
18,972		Supervalu, Inc		411,692
		TOTAL FOOD STORES		561,199
FURNITURE AND FIXTURES - 0.01%
533		Johnson Controls, Inc		16,166
		TOTAL FURNITURE AND FIXTURES		16,166

358

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
GENERAL BUILDING CONTRACTORS - 1.11%
19,806		Centex Corp	$	320,857
23,477		DR Horton, Inc		305,671
14,297		KB Home		281,365
15,078		Lennar Corp (Class A)		229,035
5,976		MDC Holdings, Inc		218,662
18,859		Pulte Homes, Inc		263,460
5,604	*	Toll Brothers, Inc		141,389
		TOTAL GENERAL BUILDING CONTRACTORS		1,760,439
GENERAL MERCHANDISE STORES - 1.22%
365		Family Dollar Stores, Inc		8,651
166		JC Penney Co, Inc		5,534
32,420		Macy's, Inc		582,912
22,328		Wal-Mart Stores, Inc		1,337,224
		TOTAL GENERAL MERCHANDISE STORES		1,934,321
HEALTH SERVICES - 0.88%
14,601		Cigna Corp		496,142
19,196	*	WellPoint, Inc		897,797
		TOTAL HEALTH SERVICES		1,393,939
HOLDING AND OTHER INVESTMENT OFFICES - 5.25%
19,012		Annaly Mortgage Management, Inc		255,711
14,786		Apartment Investment & Management Co (Class A)		517,806
14,770		Brandywine Realty Trust		236,763
16,068		CBL & Associates Properties, Inc		322,645
310		Douglas Emmett, Inc		7,152
208		Duke Realty Corp		5,113
9,519		Equity Residential		422,739
4,818		General Growth Properties, Inc		72,752
7,080		HCP, Inc		284,120
46,723		Host Marriott Corp		620,949
6,700		HRPT Properties Trust		46,163
58,417		iShares Russell 1000 Value Index Fund		3,732,262
2,773		Mack-Cali Realty Corp		93,922
8,118		Nationwide Health Properties, Inc		292,086
11,475		Public Storage, Inc		1,136,140
2,902		Ventas, Inc		143,417
9,534		Virgin Media, Inc		75,319
503		Vornado Realty Trust		45,748
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		8,310,807
HOTELS AND OTHER LODGING PLACES - 0.14%
2,672		Choice Hotels International, Inc		72,411
9,899		Wyndham Worldwide Corp		155,513
		TOTAL HOTELS AND OTHER LODGING PLACES		227,924
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.93%
606	*	AGCO Corp		25,822
35,036	*	Brocade Communications Systems, Inc		203,910
11,514		Dover Corp		466,893
13,380	*	EMC Corp		160,025

359

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,773	*	Gardner Denver, Inc	$	96,279
282,269		General Electric Co		7,197,860
7,960		Jabil Circuit, Inc		75,938
11,206	*	Lam Research Corp		352,877
2,336	*	Oil States International, Inc		82,578
139	*	SanDisk Corp		2,717
35,695		Seagate Technology, Inc		432,623
8,102	*	Teradata Corp		157,989
3,322	*	Terex Corp		101,387
2,190	*	Western Digital Corp		46,691
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,403,589
INSTRUMENTS AND RELATED PRODUCTS - 3.50%
53,627	*	Boston Scientific Corp		658,003
7,644		Covidien Ltd		410,941
3,064	*	Hologic, Inc		59,227
60,736		Johnson & Johnson		4,207,790
1,532	*	Thermo Electron Corp		84,260
1,928	*	Zimmer Holdings, Inc		124,472
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		5,544,693
INSURANCE AGENTS, BROKERS AND SERVICE - 0.23%
9,001		Hartford Financial Services Group, Inc		368,951
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		368,951
INSURANCE CARRIERS - 6.04%
4,091		ACE Ltd		221,446
11,109		Aetna, Inc		401,146
981		Aflac, Inc		57,634
4,107		Allied World Assurance Holdings Ltd		145,881
359		Allstate Corp		16,557
2,262		American Financial Group, Inc		66,729
33,517		American International Group, Inc		111,612
482		American National Insurance Co		41,611
3,469	*	Arch Capital Group Ltd		253,341
3,909		Assurant, Inc		214,995
13,939		Axis Capital Holdings Ltd		442,006
21,665		Chubb Corp		1,189,409
2,257		Cincinnati Financial Corp		64,189
100		Endurance Specialty Holdings Ltd		3,092
378		Erie Indemnity Co (Class A)		15,978
3,709		Everest Re Group Ltd		320,940
37,062		Genworth Financial, Inc (Class A)		319,104
15,498		HCC Insurance Holdings, Inc		418,446
231	*	Humana, Inc		9,517
6,727		Loews Corp		265,649
9,767		Metlife, Inc		546,952
13,962		MGIC Investment Corp		98,153
277		Nationwide Financial Services, Inc (Class A)		13,664
2,492	*	Philadelphia Consolidated Holding Co		145,956
5,906		Principal Financial Group		256,852
5,291		Protective Life Corp		150,846
14,708		Prudential Financial, Inc		1,058,976
60	*	Reinsurance Group of America, Inc (Class B)		2,845

360

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
7,092		RenaissanceRe Holdings Ltd	$	368,784
4,614		Stancorp Financial Group, Inc		239,928
7,731		Torchmark Corp		462,314
1,160		Transatlantic Holdings, Inc		63,046
13,520		Travelers Cos, Inc		611,104
22,158		UnitedHealth Group, Inc		562,592
1,820		UnumProvident Corp		45,682
15,170		W.R. Berkley Corp		357,254
132		XL Capital Ltd (Class A)		2,368
		TOTAL INSURANCE CARRIERS		9,566,598
LUMBER AND WOOD PRODUCTS - 0.00%**
260		Louisiana-Pacific Corp		2,418
		TOTAL LUMBER AND WOOD PRODUCTS		2,418
METAL MINING - 0.32%
9,053		Freeport-McMoRan Copper & Gold, Inc (Class B)		514,663
		TOTAL METAL MINING		514,663
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.12%
5,412		Hasbro, Inc		187,905
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		187,905
MISCELLANEOUS RETAIL - 0.22%
7,263		CVS Corp		244,473
2,878	*	HSN, Inc		31,687
238		OfficeMax, Inc		2,116
79,870	v*	Rite Aid Corp		64,695
		TOTAL MISCELLANEOUS RETAIL		342,971
MOTION PICTURES - 1.62%
49,581		CBS Corp (Class B)		722,891
64,813		News Corp (Class A)		777,108
69,083		Time Warner, Inc		905,678
6,558	*	Viacom, Inc (Class B)		162,901
		TOTAL MOTION PICTURES		2,568,578
NONDEPOSITORY INSTITUTIONS - 1.18%
10,594		American Express Co		375,344
6,223	*	AmeriCredit Corp		63,039
14,065		Capital One Financial Corp		717,315
20,983		CapitalSource, Inc		258,091
25,581		Discover Financial Services		353,529
54,186		Federal National Mortgage Association		82,905
462		Lender Processing Services, Inc		14,100
479	*	Tree.com, Inc		2,309
		TOTAL NONDEPOSITORY INSTITUTIONS		1,866,632
OIL AND GAS EXTRACTION - 1.07%
2,181		Anadarko Petroleum Corp		105,800
3,769		Cimarex Energy Co		184,342
5,222		ENSCO International, Inc		300,944
1,483	*	Nabors Industries Ltd		36,953
6,868		Patterson-UTI Energy, Inc		137,497

361

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,228	*	Pride International, Inc	$	95,581
3,733		Tidewater, Inc		206,659
10,296	*	Unit Corp		512,947
2,412		XTO Energy, Inc		112,206
		TOTAL OIL AND GAS EXTRACTION		1,692,929
PAPER AND ALLIED PRODUCTS - 0.72%
10,840	*	Domtar Corporation		49,864
26,117		International Paper Co		683,743
1,670		Kimberly-Clark Corp		108,283
9,875		Sonoco Products Co		293,090
		TOTAL PAPER AND ALLIED PRODUCTS		1,134,980
PERSONAL SERVICES - 0.18%
7,439		Cintas Corp		213,574
1,817		Weight Watchers International, Inc		66,502
		TOTAL PERSONAL SERVICES		280,076
PETROLEUM AND COAL PRODUCTS - 14.69%
13,792		Apache Corp		1,438,230
4,683		Ashland, Inc		136,931
61,173		Chevron Corp		5,045,549
49,028		ConocoPhillips		3,591,301
15,326		Devon Energy Corp		1,397,731
121,989		Exxon Mobil Corp		9,473,666
28,515		Marathon Oil Corp		1,136,893
10,017		Noble Energy, Inc		556,845
988		Occidental Petroleum Corp		69,605
154		Tesoro Corp		2,539
13,968		Valero Energy Corp		423,230
		TOTAL PETROLEUM AND COAL PRODUCTS		23,272,520
PIPELINES, EXCEPT NATURAL GAS - 0.11%
7,613		Spectra Energy Corp		181,189
		TOTAL PIPELINES, EXCEPT NATURAL GAS		181,189
PRIMARY METAL INDUSTRIES - 0.56%
8,894		Carpenter Technology Corp		228,131
12,586		Nucor Corp		497,147
9,259		Steel Dynamics, Inc		158,236
		TOTAL PRIMARY METAL INDUSTRIES		883,514
PRINTING AND PUBLISHING - 0.19%
666		Dun & Bradstreet Corp		62,844
430		EW Scripps Co (Class A)		3,040
5,737		Gannett Co, Inc		97,011
4,329		McGraw-Hill Cos, Inc		136,840
		TOTAL PRINTING AND PUBLISHING		299,735
RAILROAD TRANSPORTATION - 0.39%
9,218		Norfolk Southern Corp		610,324
		TOTAL RAILROAD TRANSPORTATION		610,324

362

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.04%
447	*	Goodyear Tire & Rubber Co	$	6,844
3,571		Newell Rubbermaid, Inc		61,635
100		Sealed Air Corp		2,199
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		70,678
SECURITY AND COMMODITY BROKERS - 3.12%
14,142		Ameriprise Financial, Inc		540,224
429		CME Group, Inc		159,378
19,429	*	E*Trade Financial Corp		54,401
10,994		Goldman Sachs Group, Inc		1,407,232
15,607		Invesco Ltd		327,435
6,237	*	Investment Technology Group, Inc		189,792
41,144		Merrill Lynch & Co, Inc		1,040,940
1,187	*	MF Global Ltd		5,152
28,218		Morgan Stanley		649,014
11,211	*	Nasdaq Stock Market, Inc		342,720
6,764		Raymond James Financial, Inc		223,077
		TOTAL SECURITY AND COMMODITY BROKERS		4,939,365
STONE, CLAY, AND GLASS PRODUCTS - 0.19%
1,466		3M Co		100,142
7,099	*	Owens-Illinois, Inc		208,711
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		308,853
TOBACCO PRODUCTS - 0.27%
13,901		Altria Group, Inc		275,796
3,018		Philip Morris International, Inc		145,166
		TOTAL TOBACCO PRODUCTS		420,962
TRANSPORTATION BY AIR - 0.76%
5,187	*	AMR Corp		50,936
4,500	*	Continental Airlines, Inc (Class B)		75,060
2,922		Copa Holdings S.A. (Class A)		94,965
1,392	*	Delta Air Lines, Inc		10,370
4,416		FedEx Corp		349,041
6,229	*	Northwest Airlines Corp		56,248
38,939		Southwest Airlines Co		565,005
		TOTAL TRANSPORTATION BY AIR		1,201,625
TRANSPORTATION EQUIPMENT - 2.95%
16,406		Autoliv, Inc		553,703
44,630	*	Ford Motor Co		232,076
12,494		General Dynamics Corp		919,805
1,852		Genuine Parts Co		74,469
18,409		Northrop Grumman Corp		1,114,481
3,820	*	Pactiv Corp		94,851
10,176		Raytheon Co		544,518
13,077	*	TRW Automotive Holdings Corp		208,055
15,450		United Technologies Corp		927,927
		TOTAL TRANSPORTATION EQUIPMENT		4,669,885
TRANSPORTATION SERVICES - 0.02%
2,878	*	Interval Leisure Group, Inc		29,931
		TOTAL TRANSPORTATION SERVICES		29,931

363

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Enhanced Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
WATER TRANSPORTATION - 0.07%
1,869		Carnival Corp	$	66,069
2,130		Royal Caribbean Cruises Ltd		44,198
		TOTAL WATER TRANSPORTATION		110,267
WHOLESALE TRADE-DURABLE GOODS - 0.55%
14,167	*	Arrow Electronics, Inc		371,458
9,327	*	Ingram Micro, Inc (Class A)		149,885
7,419		Reliance Steel & Aluminum Co		281,699
2,181	*	WESCO International, Inc		70,185
		TOTAL WHOLESALE TRADE-DURABLE GOODS		873,227
WHOLESALE TRADE-NONDURABLE GOODS - 0.10%
1,750		Airgas, Inc		86,888
3,985	*	Endo Pharmaceuticals Holdings, Inc		79,700
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		166,588
		TOTAL COMMON STOCKS		157,935,917
		(Cost $173,212,054)
		TOTAL PORTFOLIO - 99.68%		157,935,917
		(Cost $173,212,054)
		OTHER ASSETS & LIABILITIES, NET - 0.32%		504,391
		NET ASSETS - 100.00%	$	158,440,308
	*	Non-income producing
	v	Security valued at fair value.

364

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SOCIAL CHOICE EQUITY FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.38%
AMUSEMENT AND RECREATION SERVICES - 0.87%
4,592	*	Ticketmaster	$	49,272
171,742		Walt Disney Co		5,270,762
		TOTAL AMUSEMENT AND RECREATION SERVICES		5,320,034
APPAREL AND ACCESSORY STORES - 0.61%
11,133		American Eagle Outfitters, Inc		169,778
933	*	AnnTaylor Stores Corp		19,257
1,450		Cato Corp (Class A)		25,448
1,936	*	Charming Shoppes, Inc		9,467
7,029	*	Chico's FAS, Inc		38,449
8,780		Foot Locker, Inc		141,885
54,581		Gap, Inc		970,450
23,023	*	Kohl's Corp		1,060,900
32,565		Limited Brands, Inc		564,026
13,832		Nordstrom, Inc		398,638
1,000	*	Pacific Sunwear Of California, Inc		6,730
7,978		Ross Stores, Inc		293,670
1,873		Stage Stores, Inc		25,585
		TOTAL APPAREL AND ACCESSORY STORES		3,724,283
APPAREL AND OTHER TEXTILE PRODUCTS - 0.12%
77		Columbia Sportswear Co		3,231
4,748		Liz Claiborne, Inc		78,010
2,977		Phillips-Van Heusen Corp		112,858
2,141		Polo Ralph Lauren Corp (Class A)		142,676
5,410		VF Corp		418,247
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		755,022
AUTO REPAIR, SERVICES AND PARKING - 0.04%
10,649	*	Hertz Global Holdings, Inc		80,613
1,721		Ryder System, Inc		106,702
2,319	*	Wright Express Corp		69,222
		TOTAL AUTO REPAIR, SERVICES AND PARKING		256,537
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.10%
533		Advance Auto Parts		21,139
3,698	*	Autozone, Inc		456,111
5,478	*	Carmax, Inc		76,692
1,431	*	Copart, Inc		54,378
2,611	*	Rush Enterprises, Inc (Class A)		33,421
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		641,741
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.12%
2,067		Fastenal Co		102,089
168,242		Home Depot, Inc		4,355,785

365

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
100,837		Lowe's Cos, Inc	$	2,388,829
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		6,846,703
BUSINESS SERVICES - 6.31%
24,436	*	3Com Corp		56,936
6,044	*	3D Systems Corp		86,127
626		Administaff, Inc		17,040
36,553	*	Adobe Systems, Inc		1,442,747
8,651	*	Akamai Technologies, Inc		150,873
4,793	*	Alliance Data Systems Corp		303,780
27,840	*	Art Technology Group, Inc		97,997
13,678	*	Autodesk, Inc		458,897
74,165		Automatic Data Processing, Inc		3,170,554
49	*	Avocent Corp		1,003
6,444	v*	BearingPoint, Inc		3,222
1,800	*	Blackboard, Inc		72,522
3,880	*	Blue Coat Systems, Inc		55,057
14,617	*	BMC Software, Inc		418,485
1,978	*	Bottomline Technologies, Inc		20,571
5,700	*	BPZ Energy, Inc		98,040
305		Brink's Co		18,611
3,313	*	Cerner Corp		147,892
4,688	*	Ciber, Inc		32,769
8,758	*	Citrix Systems, Inc		221,227
6,284	*	Cogent, Inc		64,222
600		Cognex Corp		12,096
12,426	*	Compuware Corp		120,408
9,356	*	COMSYS IT Partners, Inc		90,940
253	*	CSG Systems International, Inc		4,435
6,181	*	Deltek, Inc		37,581
2,857		Deluxe Corp		41,112
6,173	*	DivX, Inc		39,939
8,237	*	DST Systems, Inc		461,190
8,140	*	Earthlink, Inc		69,190
67,559	*	eBay, Inc		1,511,970
196	*	Eclipsys Corp		4,106
1,898	*	Equinix, Inc		131,835
15,160	*	Expedia, Inc		229,068
3,385		Fair Isaac Corp		78,024
149	*	Gartner, Inc		3,379
989	*	Gerber Scientific, Inc		9,039
10,431		Gevity HR, Inc		75,938
12,125	*	Google, Inc (Class A)		4,856,305
295	*	Hudson Highland Group, Inc		2,050
1,420	*	iGate Corp		12,311
16,079		IMS Health, Inc		304,054
11,824	*	Informatica Corp		153,594
37,077		Innovative Solutions & Support, Inc		202,440
1,537		Interactive Data Corp		38,763
5,595	*	Internap Network Services Corp		19,471
2,420	*	Interwoven, Inc		34,170
22,694	*	Intuit, Inc		717,357
400	*	inVentiv Health, Inc		7,064
3,346	*	Ipass, Inc		7,227

366

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
7,175	*	Iron Mountain, Inc	$	175,142
6,833		Jack Henry & Associates, Inc		138,915
3,856	*	Kinetic Concepts, Inc		110,243
5,412	*	Lamar Advertising Co (Class A)		167,177
4,517	*	Lawson Software, Inc		31,619
2,066	*	Lionbridge Technologies		5,041
3,792	*	Liquidity Services, Inc		41,143
3,000	*	Magma Design Automation, Inc		12,060
3,059		Manpower, Inc		132,026
6,347		Marchex, Inc (Class B)		65,311
7,427	*	Mentor Graphics Corp		84,296
484,447		Microsoft Corp		12,929,890
5,413	*	ModusLink Global Solutions, Inc		52,019
60,232		MoneyGram International, Inc		85,529
4,881	*	Monster Worldwide, Inc		72,776
685	*	MPS Group, Inc		6,905
12,062	*	Network Equipment Technologies, Inc		41,252
22,052		NIC, Inc		152,159
33,369	*	Novell, Inc		171,517
10,534	*	Nuance Communications, Inc		128,409
37,100		Omnicom Group, Inc		1,430,576
4,076	*	Parametric Technology Corp		74,998
5,426	*	PeopleSupport, Inc		63,430
1,100		QAD, Inc		7,612
17,622	*	Radisys Corp		151,549
8,052	*	RealNetworks, Inc		40,904
11,325	*	Red Hat, Inc		170,668
11,004		Robert Half International, Inc		272,349
8,479	*	S1 Corp		51,892
6,589	*	Salesforce.com, Inc		318,908
12,320	*	Sapient Corp		91,538
6,096	*	Smith Micro Software, Inc		43,282
3,590	*	SonicWALL, Inc		18,812
29,587	*	Sonus Networks, Inc		85,211
57,616	*	Sun Microsystems, Inc		437,882
2,900	*	Sybase, Inc		88,798
79,852	*	Symantec Corp		1,563,502
3,047	*	Synchronoss Technologies, Inc		28,672
4,149	*	SYNNEX Corp		92,689
1,481	*	TeleTech Holdings, Inc		18,424
13,775	*	TIBCO Software, Inc		100,833
8,903	*	TNS, Inc		172,451
23,422		Total System Services, Inc		384,121
2,880	*	TradeStation Group, Inc		26,928
3,040	*	Ultimate Software Group, Inc		82,080
11,298	*	Unisys Corp		31,070
2,536		United Online, Inc		23,864
3,555	*	Vasco Data Security International		36,830
457		Viad Corp		13,157
2,800	*	Vignette Corp		30,072
9,766	*	VirnetX Holding Corp		19,483
28,405		Visa, Inc (Class A)		1,743,783
		TOTAL BUSINESS SERVICES		38,533,425

367

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
CHEMICALS AND ALLIED PRODUCTS - 10.51%
38,553		Air Products & Chemicals, Inc	$	2,640,495
1,000		Alberto-Culver Co		27,240
1,662	*	Alexion Pharmaceuticals, Inc		65,317
3,500	*	Alexza Pharmaceuticals, Inc		17,290
1,038	*	Alkermes, Inc		13,805
92,178	*	Amgen, Inc		5,463,390
1,775	*	Arena Pharmaceuticals, Inc		8,875
828	*	Array Biopharma, Inc		6,359
2,400	*	Auxilium Pharmaceuticals, Inc		77,760
19,517		Avery Dennison Corp		868,116
25,993		Avon Products, Inc		1,080,529
675		Balchem Corp		18,002
10,622	*	Barr Pharmaceuticals, Inc		693,617
5,113	*	Biodel, Inc		17,129
18,847	*	Biogen Idec, Inc		947,816
6,301	*	BioMarin Pharmaceuticals, Inc		166,913
7,264	*	BioMimetic Therapeutics, Inc		80,340
158,934		Bristol-Myers Squibb Co		3,313,774
4,139	*	Calgon Carbon Corp		84,270
2,700	*	Caraco Pharmaceutical Laboratories Ltd		33,777
3,549	*	Cell Genesys, Inc		2,094
1,130		Church & Dwight Co, Inc		70,162
8,007		Clorox Co		501,959
47,259		Colgate-Palmolive Co		3,560,966
2,045	*	Cypress Bioscience, Inc		15,031
9,570	*	Dendreon Corp		54,645
39,426	*	Durect Corp		220,786
32,495		Ecolab, Inc		1,576,657
91,406		Eli Lilly & Co		4,024,606
533		Estee Lauder Cos (Class A)		26,602
44,421	*	Genentech, Inc		3,939,254
21,224	*	Genzyme Corp		1,716,809
1,241	*	Geron Corp		4,902
69,978	*	Gilead Sciences, Inc		3,189,597
10,266		H.B. Fuller Co		214,255
6,349	*	Human Genome Sciences, Inc		40,316
4,998	*	Idexx Laboratories, Inc		273,890
2,631	*	Immucor, Inc		84,087
2,774		Innophos Holdings, Inc		67,630
6,237	*	Inverness Medical Innovations, Inc		187,110
4,662	*	Invitrogen Corp		176,224
30,906	*	Javelin Pharmaceuticals, Inc		80,356
6,551		Lubrizol Corp		282,610
3,292	*	Medarex, Inc		21,299
2,930		Minerals Technologies, Inc		173,925
6,500		Nalco Holding Co		120,510
5,898	*	Neurocrine Biosciences, Inc		27,662
9,339	*	Noven Pharmaceuticals, Inc		109,080
419	*	OraSure Technologies, Inc		2,061
4,002	*	Par Pharmaceutical Cos, Inc		49,185
2,607		PDL BioPharma, Inc		24,271
10,832		Perrigo Co		416,599
3,248	*	Pharmasset, Inc		64,798

368

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
4,057	*	PharMerica Corp	$	91,242
9,525	*	Pozen, Inc		100,108
17,511		PPG Industries, Inc		1,021,241
45,315		Praxair, Inc		3,250,898
8,786	*	Prestige Brands Holdings, Inc		78,020
180,800		Procter & Gamble Co		12,599,952
2,384	*	Progenics Pharmaceuticals, Inc		31,731
31,090		Rohm & Haas Co		2,176,300
10,125		RPM International, Inc		195,817
5,621	*	Salix Pharmaceuticals Ltd		36,031
106,322		Schering-Plough Corp		1,963,767
7,618		Sciele Pharma, Inc		234,558
4,640		Sensient Technologies Corp		130,523
5,532	*	Sepracor, Inc		101,291
20,064		Sigma-Aldrich Corp		1,051,755
1,886	*	SuperGen, Inc		2,678
855	*	United Therapeutics Corp		89,920
2,441	*	USANA Health Sciences, Inc		100,057
5,465		Valspar Corp		121,815
4,516	*	VCA Antech, Inc		133,086
4,030	*	Vertex Pharmaceuticals, Inc		133,957
96,060		Wyeth		3,548,456
6,828	*	Zymogenetics, Inc		45,474
		TOTAL CHEMICALS AND ALLIED PRODUCTS		64,183,429
COMMUNICATIONS - 4.12%
17,366		Alaska Communications Systems Group, Inc		212,386
41,505	*	American Tower Corp (Class A)		1,492,935
381	*	Anixter International, Inc		22,673
0	*	Ascent Media Corp (Series A)		-
6,362	*	Brightpoint, Inc		45,806
13,372	*	Centennial Communications Corp (Class A)		83,441
2,500		CenturyTel, Inc		91,625
11,763	*	Cox Radio, Inc (Class A)		124,217
36,753	*	Crown Castle International Corp		1,064,734
73,804	*	DIRECTV Group, Inc		1,931,451
25,263		Embarq Corp		1,024,415
5,670		Entercom Communications Corp (Class A)		28,463
40,784	*	Entravision Communications Corp (Class A)		109,709
45,397		Fairpoint Communications, Inc		393,592
107,461	*	FiberTower Corp		148,296
2,900		Fisher Communications, Inc		114,260
133,345		Frontier Communications Corp		1,533,468
50,906		Gray Television, Inc		87,558
1,711		Hearst-Argyle Television, Inc		38,207
11,481	*	IAC/InterActiveCorp		198,621
30,191	*	ICO Global Communications Holdings Ltd (Class A)		32,908
3,269	*	iPCS, Inc		72,801
8,551	*	Leap Wireless International, Inc		325,793
37,955	*	Liberty Global, Inc (Class A)		1,150,037
37,682	*	Liberty Media Corp - Capital (Series A)		504,185
64,792	*	Liberty Media Corp - Entertainment (Series A)		1,617,856
65,809	*	Liberty Media Holding Corp (Interactive A)		849,594
23,516	*	Lin TV Corp (Class A)		121,343

369

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
13,472	*	Mediacom Communications Corp (Class A)	$	79,754
14,788	*	MetroPCS Communications, Inc		206,884
1,708	*	NeuStar, Inc (Class A)		33,972
11,773	*	NII Holdings, Inc (Class B)		446,432
3,739		NTELOS Holdings Corp		100,542
14,079		Scripps Networks Interactive (Class A)		511,209
186,725		Sprint Nextel Corp		1,139,023
12,291		SureWest Communications		125,368
2,435	*	Switch & Data Facilities Co, Inc		30,316
6,785	*	Syniverse Holdings, Inc		112,699
6,550	*	Terremark Worldwide, Inc		44,999
15,026	*	TerreStar Corp		15,026
41,423		Time Warner Cable, Inc (Class A)		1,002,437
12,375	*	TiVo, Inc		90,585
212,405		Verizon Communications, Inc		6,816,076
92,997		Windstream Corp		1,017,387
		TOTAL COMMUNICATIONS		25,193,083
DEPOSITORY INSTITUTIONS - 7.64%
1,100		Associated Banc-Corp		21,945
291,586		Bank of America Corp		10,205,510
2,210		Bank of Hawaii Corp		118,125
85,428		Bank of New York Mellon Corp		2,783,244
5,692		BankAtlantic Bancorp Inc (Class A)		46,674
68,146		BB&T Corp		2,575,919
3,750		City National Corp		203,625
4,900		Colonial Bancgroup, Inc		38,514
15,430		Comerica, Inc		505,950
81,157		Fifth Third Bancorp		965,768
15,591		First Horizon National Corp		145,933
1,300		First Midwest Bancorp, Inc		31,512
36,115		Flagstar Bancorp, Inc		107,623
2,250		Fulton Financial Corp		24,548
22,056		Hudson City Bancorp, Inc		406,933
48,730		Keycorp		581,836
13,034		M&T Bank Corp		1,163,285
27,618		Marshall & Ilsley Corp		556,503
5,056	*	Metavante Technologies, Inc		97,379
20,183		New York Community Bancorp, Inc		338,873
2,260		NewAlliance Bancshares, Inc		33,968
17,735		Northern Trust Corp		1,280,467
2,220		Old National Bancorp		44,444
3,430		People's United Financial, Inc		66,027
46,358		PNC Financial Services Group, Inc		3,462,943
10,743		Popular, Inc		89,059
6,460		Provident Financial Services, Inc		106,655
80,384		Regions Financial Corp		771,686
1,650		South Financial Group, Inc		12,094
51,686		Sovereign Bancorp, Inc		204,160
28,190		State Street Corp		1,603,447
46,553		SunTrust Banks, Inc		2,094,419
2,700	*	SVB Financial Group		156,384
16,641		Synovus Financial Corp		172,234
38,541		UCBH Holdings, Inc		247,048

370

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
166,957		US Bancorp	$	6,013,791
840		Washington Federal, Inc		15,498
650		Webster Financial Corp		16,412
246,813		Wells Fargo & Co		9,262,892
2,527		Zions Bancorporation		97,795
		TOTAL DEPOSITORY INSTITUTIONS		46,671,122
EATING AND DRINKING PLACES - 1.31%
9,927	*	AFC Enterprises		72,070
1,289		Bob Evans Farms, Inc		35,177
15,857		Darden Restaurants, Inc		453,986
101,412		McDonald's Corp		6,257,120
700		O'Charleys, Inc		6,125
200	*	Ruby Tuesday, Inc		1,158
3,040	*	Sonic Corp		44,293
63,491	*	Starbucks Corp		944,111
31,620		Wendy's/Arby's Group, Inc (Class A)		166,321
		TOTAL EATING AND DRINKING PLACES		7,980,361
EDUCATIONAL SERVICES - 0.01%
986	*	ITT Educational Services, Inc		79,777
		TOTAL EDUCATIONAL SERVICES		79,777
ELECTRIC, GAS, AND SANITARY SERVICES - 6.03%
76,573	*	AES Corp		895,138
21,435		AGL Resources, Inc		672,630
18,333		Alliant Energy Corp		590,506
14,794		Aqua America, Inc		263,037
22,179		Atmos Energy Corp		590,405
36,530		Avista Corp		793,066
18,183	*	Calpine Corp		236,379
35,080		Centerpoint Energy, Inc		511,116
4,870		Central Vermont Public Service Corp		114,153
3,626		CH Energy Group, Inc		157,985
24,010	*	Clean Energy Fuels Corp		339,742
39,643		Cleco Corp		1,000,986
63,961		Consolidated Edison, Inc		2,747,765
11,589		Crosstex Energy, Inc		289,377
24,660		Edison International		983,934
79,323		El Paso Corp		1,012,161
6,034		Energen Corp		273,220
1,347		EnergySouth, Inc		82,746
31,190		FPL Group, Inc		1,568,857
46,830		Hawaiian Electric Industries, Inc		1,363,221
36,770		Idacorp, Inc		1,069,639
1,741		ITC Holdings Corp		90,132
4,043		Laclede Group, Inc		196,045
10,427		MGE Energy, Inc		370,680
30,133		National Fuel Gas Co		1,271,010
3,799		New Jersey Resources Corp		136,346
13,491		Nicor, Inc		598,326
94,645		NiSource, Inc		1,396,960
20,014		Northeast Utilities		513,359
3,520		Northwest Natural Gas Co		183,040

371

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
23,798	*	NRG Energy, Inc	$	589,000
16,016		NSTAR		536,536
60,232		OGE Energy Corp		1,859,964
16,094		Oneok, Inc		553,634
95,594		Pepco Holdings, Inc		2,190,059
20,107		PG&E Corp		753,007
16,885		Piedmont Natural Gas Co, Inc		539,645
12,849		Pinnacle West Capital Corp		442,134
33,831		PPL Corp		1,252,424
30,331		Public Service Enterprise Group, Inc		994,553
34,580		Questar Corp		1,415,014
18,769		Resource America, Inc (Class A)		178,305
18,681		Sempra Energy		942,830
57,662		Sierra Pacific Resources		552,402
3,830		SJW Corp		114,785
9,030		South Jersey Industries, Inc		322,371
2,980		Southwest Gas Corp		90,175
56,482		TECO Energy, Inc		888,462
7,467		UGI Corp		192,499
3,854		UIL Holdings Corp		132,308
10,945		WGL Holdings, Inc		355,165
67,942		Williams Cos, Inc		1,606,828
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		36,814,061
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.37%
35,067	*	Adaptec, Inc		115,020
5,880	*	Advanced Energy Industries, Inc		80,438
42,010	*	Advanced Micro Devices, Inc		220,553
28,030		Ametek, Inc		1,142,783
2,880	*	Anadigics, Inc		8,093
3,600	*	Avnet, Inc		88,668
3,942		Baldor Electric Co		113,569
614	*	Benchmark Electronics, Inc		8,645
379,850	*	Cisco Systems, Inc		8,569,416
5,533	*	Conexant Systems, Inc		22,187
4,912	*	Cree, Inc		111,895
1,600		CTS Corp		20,448
1,600	*	Dolby Laboratories, Inc (Class A)		56,304
1,190	*	DTS, Inc		33,118
9,647		Eaton Corp		541,968
1,559	*	Energy Conversion Devices, Inc		90,812
3,735	*	Evergreen Solar, Inc		20,617
95,640	*	Finisar Corp		96,596
2,864	*	First Solar, Inc		541,038
1,511	*	FuelCell Energy, Inc		9,111
8,000	*	GrafTech International Ltd		120,880
1,329	*	Greatbatch, Inc		32,614
2,255		Harman International Industries, Inc		76,828
10,982	*	Harmonic, Inc		92,798
8,524	*	Hutchinson Technology, Inc		98,708
394,194		Intel Corp		7,383,254
2,305	*	InterDigital, Inc		55,435
1,197		Lincoln Electric Holdings, Inc		76,979
9,352	*	Loral Space & Communications, Inc		138,129

372

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
556		LSI Industries, Inc	$	4,598
42,178	*	LSI Logic Corp		226,074
3,944	*	Medis Technologies Ltd		7,099
51,843	*	Micron Technology, Inc		209,964
5,517	*	Microtune, Inc		14,786
161,809		Motorola, Inc		1,155,316
19,297	*	NetApp, Inc		351,784
29,532	*	ON Semiconductor Corp		199,636
10,566	*	Oplink Communications, Inc		127,532
6,098		Plantronics, Inc		137,327
183	*	PLX Technology, Inc		937
5,721	*	Polycom, Inc		132,327
2,828	*	Power-One, Inc		4,101
13,411	*	Powerwave Technologies, Inc		53,108
6,908	*	QLogic Corp		106,107
120,120		Qualcomm, Inc		5,161,556
13,942	*	Quantum Fuel Systems Technologies Worldwide, Inc		17,985
3,393		RadioShack Corp		58,631
11,334	*	RF Micro Devices, Inc		33,095
11,454	*	Silicon Storage Technology, Inc		37,340
233,196	*	Sirius XM Radio, Inc		132,922
10,177	*	Skyworks Solutions, Inc		85,080
18,304	*	Spansion, Inc (Class A)		28,371
3,292	*	Sunpower Corp (Class A)		233,502
7,773	*	Sycamore Networks, Inc		25,107
23,453	*	Symmetricom, Inc		116,561
2,770	*	Synaptics, Inc		83,709
2,450	*	Tekelec		34,276
5,501		Teleflex, Inc		349,259
26,227	*	Tellabs, Inc		106,482
826	*	Tessera Technologies, Inc		13,497
113,654		Texas Instruments, Inc		2,443,561
7,817	*	Thomas & Betts Corp		305,410
15,888	*	Triquint Semiconductor, Inc		76,104
2,358	*	TTM Technologies, Inc		23,391
15,539	*	Utstarcom, Inc		52,366
13,011	*	Valence Technology, Inc		44,888
1,000		Vicor Corp		8,880
3,532	*	Volterra Semiconductor Corp		44,962
1,685		Whirlpool Corp		133,604
15,476		Xilinx, Inc		362,912
10,944	*	Zix Corp		24,733
1,396	*	Zoltek Cos, Inc		23,886
2,243	*	Zoran Corp		18,303
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		32,777,973
ENGINEERING AND MANAGEMENT SERVICES - 0.68%
3,523	*	Amylin Pharmaceuticals, Inc		71,235
5,260	*	Ariad Pharmaceuticals, Inc		12,992
4,094	*	Celera Corp		63,252
22,253	*	Celgene Corp		1,408,170
505		Corporate Executive Board Co		15,781
908	*	CV Therapeutics, Inc		9,807
353	*	Gen-Probe, Inc		18,727

373

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
5,823	*	Hewitt Associates, Inc (Class A)	$	212,190
10,739	*	Incyte Corp		82,153
6,339	*	Isis Pharmaceuticals, Inc		107,066
400	*	Maxygen, Inc		1,692
1,000	*	Navigant Consulting, Inc		19,890
28,334		Paychex, Inc		935,872
16,782		Quest Diagnostics, Inc		867,126
2,275	*	Regeneron Pharmaceuticals, Inc		49,663
79,922	*	Rentech, Inc		106,296
3,623	*	Savient Pharmaceuticals, Inc		54,019
19	*	Symyx Technologies, Inc		188
3,940	*	Tetra Tech, Inc		94,797
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		4,130,916
FABRICATED METAL PRODUCTS - 0.82%
2,140		Aptargroup, Inc		83,695
12,482		Commercial Metals Co		210,821
837	*	Commercial Vehicle Group, Inc		5,951
5,878		Dynamic Materials Corp		136,428
2,918		Gulf Island Fabrication, Inc		100,583
77,135		Illinois Tool Works, Inc		3,428,651
1,400		Insteel Industries, Inc		19,026
4,570		Pentair, Inc		157,985
4,517		Quanex Building Products Corp		68,839
3,025		Snap-On, Inc		159,297
12,048		Stanley Works		502,884
1,496		Valmont Industries, Inc		123,704
		TOTAL FABRICATED METAL PRODUCTS		4,997,864
FOOD AND KINDRED PRODUCTS - 4.29%
32,127		Campbell Soup Co		1,240,102
700		Corn Products International, Inc		22,596
53,086		General Mills, Inc		3,648,070
38,375		H.J. Heinz Co		1,917,599
1,337	*	Hansen Natural Corp		40,444
20,285		Hershey Co		802,069
3,370		J.M. Smucker Co		170,825
53,074		Kellogg Co		2,977,451
127,187		Kraft Foods, Inc (Class A)		4,165,374
1,360		Lancaster Colony Corp		51,218
2,752		McCormick & Co, Inc		105,814
112,073		PepsiCo, Inc		7,987,443
221	*	Ralcorp Holdings, Inc		14,898
45,083		Sara Lee Corp		569,398
1,349		Tootsie Roll Industries, Inc		39,000
31,141		Wrigley (Wm.) Jr Co		2,472,596
		TOTAL FOOD AND KINDRED PRODUCTS		26,224,897
FOOD STORES - 0.19%
16		Arden Group, Inc (Class A)		2,330
315	*	Great Atlantic & Pacific Tea Co, Inc		3,408
36,363		Safeway, Inc		862,530
9,576		Supervalu, Inc		207,799

374

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
4,554		Whole Foods Market, Inc	$	91,217
		TOTAL FOOD STORES		1,167,284
FORESTRY - 0.18%
18,547		Weyerhaeuser Co		1,123,577
		TOTAL FORESTRY		1,123,577
FURNITURE AND FIXTURES - 0.65%
1,540		Herman Miller, Inc		37,684
8,438		Hill-Rom Holdings, Inc		255,756
3,520		HNI Corp		89,197
80,577		Johnson Controls, Inc		2,443,900
13,932		Leggett & Platt, Inc		303,578
46,412		Masco Corp		832,631
1,069		Tempur-Pedic International, Inc		12,572
		TOTAL FURNITURE AND FIXTURES		3,975,318
FURNITURE AND HOME FURNISHINGS STORES - 0.12%
16,925	*	Bed Bath & Beyond, Inc		531,614
2,590	*	GameStop Corp (Class A)		88,604
1,429	*	Mohawk Industries, Inc		96,300
1,000	*	Pier 1 Imports, Inc		4,130
305		Williams-Sonoma, Inc		4,935
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		725,583
GENERAL BUILDING CONTRACTORS - 0.09%
100	*	Amrep Corp		4,241
121	*	Avatar Holdings, Inc		3,993
5,610		Centex Corp		90,882
2,209	*	Hovnanian Enterprises, Inc (Class A)		17,650
6,515		Lennar Corp (Class A)		98,963
4,853		M/I Homes, Inc		110,551
391	*	Meritage Homes Corp		9,658
5,613	*	Standard-Pacific Corp		27,560
6,302	*	Toll Brothers, Inc		158,999
		TOTAL GENERAL BUILDING CONTRACTORS		522,497
GENERAL MERCHANDISE STORES - 1.48%
48,158		Costco Wholesale Corp		3,126,899
16,163		JC Penney Co, Inc		538,875
11,600		Macy's, Inc		208,568
457	*	Retail Ventures, Inc		1,782
79,424		Target Corp		3,895,747
40,816		TJX Cos, Inc		1,245,704
		TOTAL GENERAL MERCHANDISE STORES		9,017,575
HEALTH SERVICES - 0.82%
761	*	Amsurg Corp		19,383
1,680	*	Corvel Corp		48,065
4,317	*	Edwards Lifesciences Corp		249,350
15,297	*	Five Star Quality Care, Inc		57,364
1,386	*	Healthways, Inc		22,356
11,759	*	Laboratory Corp of America Holdings		817,250
7,760		LCA-Vision, Inc		36,006
1,890	*	LHC Group, Inc		53,827

375

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
5,699	*	LifePoint Hospitals, Inc	$	183,166
30,989	*	Nektar Therapeutics		111,250
6,226	*	Nighthawk Radiology Holdings, Inc		44,952
3,012	*	Pediatrix Medical Group, Inc		162,407
4,784	*	Psychiatric Solutions, Inc		181,553
64,279	*	WellPoint, Inc		3,006,329
		TOTAL HEALTH SERVICES		4,993,258
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.10%
2,642	*	Comverge, Inc		12,153
11,176	*	Foster Wheeler Ltd		403,565
6,178	*	LB Foster Co (Class A)		187,935
1,000	*	Matrix Service Co		19,100
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		622,753
HOLDING AND OTHER INVESTMENT OFFICES - 2.21%
37,970		Annaly Mortgage Management, Inc		510,697
8,100		Anworth Mortgage Asset Corp		47,952
20,859		Ashford Hospitality Trust, Inc		84,479
4,217		AvalonBay Communities, Inc		415,037
7,767		Boston Properties, Inc		727,457
7,018		Capstead Mortgage Corp		76,847
28,304	v	CBRE Realty Finance, Inc		38,210
2,455		Cherokee, Inc		53,961
20,232		Duke Realty Corp		497,303
39,551		Equity Residential		1,756,460
153		FelCor Lodging Trust, Inc		1,095
1,190		First Industrial Realty Trust, Inc		34,129
15,755		General Growth Properties, Inc		237,901
5,721		HCP, Inc		229,584
3,603		Health Care REIT, Inc		191,788
863		Highwoods Properties, Inc		30,688
3,683		Hospitality Properties Trust		75,575
37,931		Host Marriott Corp		504,103
8,502		HRPT Properties Trust		58,579
12,687		iStar Financial, Inc		32,986
22,176		Kimco Realty Corp		819,181
2,370		Lexington Corporate Properties Trust		40,811
4,953		Liberty Property Trust		186,480
610		Macerich Co		38,827
4,785		MFA Mortgage Investments, Inc		31,103
2,190		Mid-America Apartment Communities, Inc		107,617
101,407	*	NexCen Brands, Inc		28,394
32,157		NorthStar Realty Finance Corp		249,217
1,000		Post Properties, Inc		27,970
1,447		Potlatch Corp		67,126
17,499		Prologis		722,184
12,142		Public Storage, Inc		1,202,179
1,630		Regency Centers Corp		108,705
21,718		Simon Property Group, Inc		2,106,646
3,000		UDR, Inc		78,450
35,968		Virgin Media, Inc		284,147
12,448		Vornado Realty Trust		1,132,146
5,443		WABCO Holdings, Inc		193,444

376

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
13,811		Weingarten Realty Investors	$	492,638
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		13,522,096
HOTELS AND OTHER LODGING PLACES - 0.27%
12,329		Choice Hotels International, Inc		334,116
7,745	*	Gaylord Entertainment Co		227,471
18,705	*	Great Wolf Resorts, Inc		68,460
11,327	*	Lodgian, Inc		88,351
5,534		Marcus Corp		88,987
25,171		Marriott International, Inc (Class A)		656,711
7,671		Starwood Hotels & Resorts Worldwide, Inc		215,862
		TOTAL HOTELS AND OTHER LODGING PLACES		1,679,958
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.81%
7,890	*	AGCO Corp		336,193
2,612	*	Allis-Chalmers Energy, Inc		33,042
1,565		Ampco-Pittsburgh Corp		40,534
110,308		Applied Materials, Inc		1,668,960
1,445	*	Astec Industries, Inc		44,549
8,648	*	Axcelis Technologies, Inc		14,702
7,625		Black & Decker Corp		463,219
1,585		Briggs & Stratton Corp		25,645
35,688	*	Brocade Communications Systems, Inc		207,704
757		Cascade Corp		33,164
41,774		Caterpillar, Inc		2,489,730
1,693	*	Columbus McKinnon Corp		39,904
19,995	*	Cray, Inc		103,574
22,308		Cummins, Inc		975,306
54,098		Deere & Co		2,677,851
156,817	*	Dell, Inc		2,584,344
985		Donaldson Co, Inc		41,281
1,851	*	Dril-Quip, Inc		80,315
2,214	*	Emulex Corp		23,623
5,176	*	ENGlobal Corp		68,686
3,442	*	Entegris, Inc		16,659
9,792	*	FMC Technologies, Inc		455,818
400	*	Gardner Denver, Inc		13,888
8,135		Graco, Inc		289,687
178,742		Hewlett-Packard Co		8,265,030
15,553	*	Immersion Corp		90,518
10,864		Ingersoll-Rand Co Ltd (Class A)		338,631
1,629	*	Intermec, Inc		31,994
90,364		International Business Machines Corp		10,568,973
2,132	*	Intevac, Inc		22,684
2,007	*	John Bean Technologies Corp		25,409
6,899	*	Lam Research Corp		217,250
5,404	*	Lexmark International, Inc (Class A)		176,008
1,117		Lufkin Industries, Inc		88,634
9,926		Manitowoc Co, Inc		154,349
3,855		Modine Manufacturing Co		55,820
5,584		Nordson Corp		274,230
1,537	*	Oil States International, Inc		54,333
5,426		Pall Corp		186,600
21,762		Palm, Inc		129,919

377

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
52,312	v*	Quantum Corp	$	56,497
634	*	Rackable Systems, Inc		6,220
4,700		Rockwell Automation, Inc		175,498
305		Sauer-Danfoss, Inc		7,530
50,823		Seagate Technology, Inc		615,975
4,004	*	Semitool, Inc		32,753
4,222	*	Sigma Designs, Inc		60,037
7,783	*	STEC, Inc		59,929
2,438	*	Tecumseh Products Co (Class A)		61,048
12,475		Tennant Co		427,394
3,140	*	Terex Corp		95,833
1,235	*	TurboChef Technologies, Inc		7,595
840	*	Ultratech, Inc		10,164
7,952	*	Varian Medical Systems, Inc		454,298
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		35,479,531
INSTRUMENTS AND RELATED PRODUCTS - 7.31%
3,204	*	Advanced Medical Optics, Inc		56,967
1,715	*	Affymetrix, Inc		13,274
31,151	*	Agilent Technologies, Inc		923,939
26,372		Allergan, Inc		1,358,158
377		Analogic Corp		18,760
7,690		Bard (C.R.), Inc		729,550
64,203		Baxter International, Inc		4,213,643
7,377		Beckman Coulter, Inc		523,693
30,874		Becton Dickinson & Co		2,477,947
1,350	*	Bruker BioSciences Corp		17,996
2,200	*	Cardiac Science Corp		22,792
2,936	*	Cepheid, Inc		40,605
23,122		Danaher Corp		1,604,667
12,149		Dentsply International, Inc		456,073
101,300		Emerson Electric Co		4,132,027
6,721	*	Flir Systems, Inc		258,221
553	*	Formfactor, Inc		9,633
11,451		Garmin Ltd		388,647
8,838		Hillenbrand, Inc		178,174
12,980	*	Hologic, Inc		250,903
3,582	*	Illumina, Inc		145,178
2,598	*	Intuitive Surgical, Inc		626,066
7,191	*	ION Geophysical Corp		102,040
350	*	Itron, Inc		30,986
3,346	*	Ixia		24,660
169,589		Johnson & Johnson		11,749,126
82	*	L-1 Identity Solutions, Inc		1,253
4,280	*	LTX-Credence Corp		7,447
100,386		Medtronic, Inc		5,029,339
4,568	*	Millipore Corp		314,278
1,550	*	MKS Instruments, Inc		30,861
980		Movado Group, Inc		21,903
606	*	OYO Geospace Corp		23,804
24,171		Pitney Bowes, Inc		803,928
381	*	Resmed, Inc		16,383
610	*	Rofin-Sinar Technologies, Inc		18,672
3,013		Roper Industries, Inc		171,621

378

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
28,511	*	St. Jude Medical, Inc	$	1,239,943
4,870		STERIS Corp		183,015
30,808		Stryker Corp		1,919,338
1,367	*	Techne Corp		98,588
31,925	*	Thermo Electron Corp		1,755,875
4,718	*	Trimble Navigation Ltd		122,008
7,276	*	Vivus, Inc		57,771
5,485	*	Waters Corp		319,117
86,342		Xerox Corp		995,523
18,348	*	Zimmer Holdings, Inc		1,184,547
800	*	Zygo Corp		10,064
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		44,679,003
INSURANCE AGENTS, BROKERS AND SERVICE - 0.53%
27,459		AON Corp		1,234,557
21,578	*	Crawford & Co (Class B)		327,985
40,691		Hartford Financial Services Group, Inc		1,667,924
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		3,230,466
INSURANCE CARRIERS - 4.14%
45,721		Aetna, Inc		1,650,985
66,493		Aflac, Inc		3,906,464
71	*	Alleghany Corp		25,915
9,279		Ambac Financial Group, Inc		21,620
510		American Physicians Capital, Inc		21,588
2,300	*	Arch Capital Group Ltd		167,969
15,964		Aspen Insurance Holdings Ltd		439,010
12,151		Assurant, Inc		668,305
1,192	*	Catalyst Health Solutions, Inc		31,135
1,565	*	Centene Corp		32,098
64,708		Chubb Corp		3,552,469
41,232		Cincinnati Financial Corp		1,172,638
6,428		Endurance Specialty Holdings Ltd		198,754
3,675		Erie Indemnity Co (Class A)		155,342
41,261		Genworth Financial, Inc (Class A)		355,257
2,617		Hanover Insurance Group, Inc		119,126
13,875	*	Humana, Inc		571,650
500		LandAmerica Financial Group, Inc		12,125
15,891		Leucadia National Corp		722,087
42,142		Lincoln National Corp		1,804,099
613	*	Markel Corp		215,469
11,293		MBIA, Inc		134,387
6,699		MGIC Investment Corp		47,094
2,411	*	Molina Healthcare, Inc		74,741
13,400		Montpelier Re Holdings Ltd		221,234
7,100		Nationwide Financial Services, Inc (Class A)		350,243
1,407		Odyssey Re Holdings Corp		61,627
4,874		Phoenix Cos, Inc		45,036
6,700		Platinum Underwriters Holdings Ltd		237,716
3,089		PMI Group, Inc		9,112
35,689		Principal Financial Group		1,552,115
82,815		Progressive Corp		1,440,981
5,385		Protective Life Corp		153,526
3,750		Radian Group, Inc		18,900

379

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
381		Stancorp Financial Group, Inc	$	19,812
1,100		Tower Group, Inc		25,916
83,525		Travelers Cos, Inc		3,775,330
2,930		Unitrin, Inc		73,074
24,739		UnumProvident Corp		620,949
12,592		W.R. Berkley Corp		296,542
17,089		XL Capital Ltd (Class A)		306,577
		TOTAL INSURANCE CARRIERS		25,309,017
LEATHER AND LEATHER PRODUCTS - 0.10%
21,012	*	Coach, Inc		526,141
2,309		Weyco Group, Inc		77,282
		TOTAL LEATHER AND LEATHER PRODUCTS		603,423
LEGAL SERVICES - 0.03%
2,433	*	FTI Consulting, Inc		175,760
		TOTAL LEGAL SERVICES		175,760
LUMBER AND WOOD PRODUCTS - 0.01%
6,717	*	Champion Enterprises, Inc		37,279
300		Skyline Corp		7,929
		TOTAL LUMBER AND WOOD PRODUCTS		45,208
METAL MINING - 0.14%
16,494	*	Allied Nevada Gold Corp		94,346
2,358	*	Rosetta Resources, Inc		43,293
19,308		Royal Gold, Inc		694,315
		TOTAL METAL MINING		831,954
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.36%
5,700		Armstrong World Industries, Inc		164,730
3,340		Callaway Golf Co		46,994
1,145		Daktronics, Inc		19,076
60,900		Mattel, Inc		1,098,636
390	*	Nautilus, Inc		1,782
25,378		Tyco International Ltd		888,737
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		2,219,955
MISCELLANEOUS RETAIL - 1.56%
17,880	*	Amazon.com, Inc		1,300,949
20,147		Best Buy Co, Inc		755,513
658	*	Coldwater Creek, Inc		3,810
92,064		CVS Corp		3,098,874
1,162	*	Dollar Tree, Inc		42,250
5,064	*	GSI Commerce, Inc		78,391
17,401	*	Hibbett Sports, Inc		348,368
4,592	*	HSN, Inc		50,558
315		Nutri/System, Inc		5,582
12,229	*	Office Depot, Inc		71,173
930	*	Overstock.com, Inc		18,423
2,000		Petsmart, Inc		49,420
1,614	*	Priceline.com, Inc		110,446
46,725		Staples, Inc		1,051,312
2,200		Systemax, Inc		30,932

380

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
4,447		Tiffany & Co	$	157,957
76,162		Walgreen Co		2,357,976
		TOTAL MISCELLANEOUS RETAIL		9,531,934
MOTION PICTURES - 1.12%
457	*	Avid Technology, Inc		10,996
11,708	*	Discovery Communications, Inc (Class A)		166,839
11,708	*	Discovery Communications, Inc (Class C)		165,785
6,671	*	DreamWorks Animation SKG, Inc (Class A)		209,803
2,881		Regal Entertainment Group (Class A)		45,462
347,487		Time Warner, Inc		4,555,555
6,284	*	tw telecom inc (Class A)		65,291
66,254	*	Viacom, Inc (Class B)		1,645,749
		TOTAL MOTION PICTURES		6,865,480
NONDEPOSITORY INSTITUTIONS - 1.25%
111,719		American Express Co		3,958,204
14,309	*	AmeriCredit Corp		144,950
34,880		Capital One Financial Corp		1,778,880
9,196		CapitalSource, Inc		113,111
50,159		Centerline Holding Co		99,816
41,890		CIT Group, Inc		291,554
39,022		Discover Financial Services		539,284
7,700		Federal Agricultural Mortgage Corp (Class C)		31,570
29,486	*	Guaranty Financial Group, Inc		116,470
30,605		Medallion Financial Corp		320,434
20,027	*	NewStar Financial, Inc		162,019
1,600	*	PHH Corp		21,264
2,690	*	thinkorswim Group, Inc		22,408
1,293	*	World Acceptance Corp		46,548
		TOTAL NONDEPOSITORY INSTITUTIONS		7,646,512
NONMETALLIC MINERALS, EXCEPT FUELS - 0.24%
11,873		AMCOL International Corp		371,150
920		Compass Minerals International, Inc		48,199
13,939		Vulcan Materials Co		1,038,455
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		1,457,804
OIL AND GAS EXTRACTION - 4.78%
6,267		Atlas America, Inc		213,767
2,516	*	ATP Oil & Gas Corp		44,810
580	*	Atwood Oceanics, Inc		21,112
6,354		Berry Petroleum Co (Class A)		246,090
3,340	*	Bronco Drilling Co, Inc		34,135
14,852	*	Callon Petroleum Co		267,782
15,022	*	Cameron International Corp		578,948
837	*	Carrizo Oil & Gas, Inc		30,358
7,781	*	Cheniere Energy, Inc		17,507
53,646		Chesapeake Energy Corp		1,923,746
10,407		Cimarex Energy Co		509,006
3,030	*	Complete Production Services, Inc		60,994
5,024	*	Contango Oil & Gas Co		271,195
500	*	Dawson Geophysical Co		23,345
4,419	*	Delta Petroleum Corp		60,010

381

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
45,324	*	Denbury Resources, Inc	$	862,969
4,054	*	Edge Petroleum Corp		7,257
4,870	*	Encore Acquisition Co		203,469
21,167		ENSCO International, Inc		1,219,854
43,054		Equitable Resources, Inc		1,579,221
1,370	*	EXCO Resources, Inc		22,358
1,383	*	Exterran Holdings, Inc		44,201
1,600	*	Geokinetics, Inc		30,400
3,100	*	Geomet, Inc		16,864
12,515	*	Global Industries Ltd		86,854
2,553	*	GMX Resources, Inc		122,033
5,631	*	Goodrich Petroleum Corp		245,455
21,031	*	Grey Wolf, Inc		163,621
9,767	*	Helix Energy Solutions Group, Inc		237,143
20,233		Helmerich & Payne, Inc		873,863
3,600	*	Hercules Offshore, Inc		54,576
10,552	*	McMoRan Exploration Co		249,449
38,009	*	Meridian Resource Corp		69,937
18,835	*	Nabors Industries Ltd		469,368
40,491	*	National Oilwell Varco, Inc		2,033,863
20,200		Noble Corp		886,780
1,457	*	Oceaneering International, Inc		77,687
3,912	*	Parallel Petroleum Corp		36,851
7,600	*	Parker Drilling Co		60,952
32,490	*	PetroHawk Energy Corp		702,759
3,626	*	Petroleum Development Corp		160,886
6,383	*	Petroquest Energy, Inc		97,979
5,600	*	Pioneer Drilling Co		74,480
19,023		Pioneer Natural Resources Co		994,522
21,281	*	Plains Exploration & Production Co		748,240
21,019	*	Pride International, Inc		622,373
14,910	*	Quicksilver Resources, Inc		292,683
12,094		Range Resources Corp		518,470
2,430		RPC, Inc		34,166
20,767		Smith International, Inc		1,217,777
17,638	*	Southwestern Energy Co		538,664
8,878		St. Mary Land & Exploration Co		316,501
3,305	*	Stone Energy Corp		139,901
43,021	*	Sulphco, Inc		86,472
1,765	*	Superior Energy Services		54,962
7,166	*	Swift Energy Co		277,253
4,765	*	Toreador Resources Corp		42,837
35,796		Transocean, Inc		3,931,833
3,817	*	TXCO Resources, Inc		38,323
4,713	*	Unit Corp		234,802
5,760	*	Venoco, Inc		74,880
7,898		W&T Offshore, Inc		215,536
1,141	*	Warren Resources, Inc		11,387
23,078	*	Weatherford International Ltd		580,181
5,041	*	Whiting Petroleum Corp		359,222
62,520		XTO Energy, Inc		2,908,430
		TOTAL OIL AND GAS EXTRACTION		29,233,349

382

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
PAPER AND ALLIED PRODUCTS - 0.97%
10,256		Bemis Co	$	268,810
6,951	*	Buckeye Technologies, Inc		56,929
22,095	*	Domtar Corporation		101,637
2,230		Glatfelter		30,194
30,240		International Paper Co		791,683
46,993		Kimberly-Clark Corp		3,047,026
36,921		MeadWestvaco Corp		860,628
8,748		Packaging Corp of America		202,779
2,117		Rock-Tenn Co (Class A)		84,638
108	*	Smurfit-Stone Container Corp		507
13,215		Sonoco Products Co		392,221
5,750		Temple-Inland, Inc		87,745
1,674		Wausau Paper Corp		16,958
		TOTAL PAPER AND ALLIED PRODUCTS		5,941,755
PERSONAL SERVICES - 0.04%
5,300		Regis Corp		145,750
1,350		Unifirst Corp		58,172
1,105		Weight Watchers International, Inc		40,443
		TOTAL PERSONAL SERVICES		244,365
PETROLEUM AND COAL PRODUCTS - 3.59%
8,741		Alon USA Energy, Inc		117,829
40,696		Apache Corp		4,243,779
2,550		Ashland, Inc		74,562
11,700		Cabot Oil & Gas Corp		422,838
49,527		Devon Energy Corp		4,516,862
33,561		EOG Resources, Inc		3,002,367
30,868		Hess Corp		2,533,646
32,216		Murphy Oil Corp		2,066,334
12,882	*	Newfield Exploration Co		412,095
35,759		Noble Energy, Inc		1,987,843
19,594		Sunoco, Inc		697,155
56,011		Valero Energy Corp		1,697,133
15,038		Western Refining, Inc		152,034
		TOTAL PETROLEUM AND COAL PRODUCTS		21,924,477
PIPELINES, EXCEPT NATURAL GAS - 0.38%
98,700		Spectra Energy Corp		2,349,060
		TOTAL PIPELINES, EXCEPT NATURAL GAS		2,349,060
PRIMARY METAL INDUSTRIES - 1.24%
43,402		Alcoa, Inc		980,017
4,582		Allegheny Technologies, Inc		135,398
10,959	*	Century Aluminum Co		303,455
113,114		Corning, Inc		1,769,103
457		Encore Wire Corp		8,276
7,633		Gibraltar Industries, Inc		142,814
5,506		Hubbell, Inc (Class B)		192,985
39,188		Nucor Corp		1,547,926
4,390		Olympic Steel, Inc		129,461
25,660		Steel Dynamics, Inc		438,529
8,610		Tredegar Corp		153,172
16,739		United States Steel Corp		1,299,114

383

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
33,493		Worthington Industries, Inc	$	500,386
		TOTAL PRIMARY METAL INDUSTRIES		7,600,636
PRINTING AND PUBLISHING - 0.50%
761	*	ACCO Brands Corp		5,738
7,999		Dun & Bradstreet Corp		754,786
4,693		EW Scripps Co (Class A)		33,179
4,867		Harte-Hanks, Inc		50,471
1,520		John Wiley & Sons, Inc (Class A)		61,484
37,527		Journal Communications, Inc (Class A)		183,132
1,890		Lee Enterprises, Inc		6,615
4,910		Meredith Corp		137,676
28,235		New York Times Co (Class A)		403,478
26,796	*	R.H. Donnelley Corp		53,324
9,860		R.R. Donnelley & Sons Co		241,866
13,835		Standard Register Co		136,275
822	*	Valassis Communications, Inc		7,119
1,749		Washington Post Co (Class B)		973,773
		TOTAL PRINTING AND PUBLISHING		3,048,916
RAILROAD TRANSPORTATION - 1.13%
50,038		CSX Corp		2,730,574
533	*	Genesee & Wyoming, Inc (Class A)		19,998
8,587	*	Kansas City Southern Industries, Inc		380,919
57,018		Norfolk Southern Corp		3,775,162
		TOTAL RAILROAD TRANSPORTATION		6,906,653
REAL ESTATE - 0.04%
8,458	*	CB Richard Ellis Group, Inc (Class A)		113,084
1,693		Forest City Enterprises, Inc (Class A)		51,924
1,916	*	Forestar Real Estate Group, Inc		28,261
229		Jones Lang LaSalle, Inc		9,957
7,397		Stewart Enterprises, Inc (Class A)		58,140
		TOTAL REAL ESTATE		261,366
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.60%
190	*	Deckers Outdoor Corp		19,775
50,256		Nike, Inc (Class B)		3,362,126
7,390		Sealed Air Corp		162,506
1,937		Spartech Corp		19,176
3,250		Tupperware Corp		89,798
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		3,653,381
SECURITY AND COMMODITY BROKERS - 2.72%
14,932		Ameriprise Financial, Inc		570,402
3,610		BlackRock, Inc		702,145
12,886		Broadridge Financial Solutions, Inc		198,315
79,407		Charles Schwab Corp		2,064,582
3,831		CME Group, Inc		1,423,255
7,612	*	Duff & Phelps Corp (Class A)		160,080
3,433		Eaton Vance Corp		120,945
7,070		Evercore Partners, Inc (Class A)		127,118
5,416		Federated Investors, Inc (Class B)		156,252
26,697		Franklin Resources, Inc		2,352,807

384

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
32,731		Goldman Sachs Group, Inc	$	4,189,568
3,601	*	IntercontinentalExchange, Inc		290,529
40,492		Invesco Ltd		849,522
153	*	Investment Technology Group, Inc		4,656
47,687	*	Ladenburg Thalmann Financial Services, Inc		85,837
8,256		Lazard Ltd (Class A)		353,026
10,411		Legg Mason, Inc		396,243
10,870	*	Nasdaq Stock Market, Inc		332,296
18,628		NYSE Euronext		729,845
11,286		SEI Investments Co		250,549
23,017		T Rowe Price Group, Inc		1,236,243
5,097		US Global Investors, Inc (Class A)		51,225
		TOTAL SECURITY AND COMMODITY BROKERS		16,645,440
SOCIAL SERVICES - 0.01%
9,200	*	Capital Senior Living Corp		69,920
		TOTAL SOCIAL SERVICES		69,920
SPECIAL TRADE CONTRACTORS - 0.05%
500		Chemed Corp		20,530
1,785	*	Layne Christensen Co		63,242
7,666	*	Quanta Services, Inc		207,059
		TOTAL SPECIAL TRADE CONTRACTORS		290,831
STONE, CLAY, AND GLASS PRODUCTS - 0.89%
70,669		3M Co		4,827,399
241		Apogee Enterprises, Inc		3,622
180	*	Cabot Microelectronics Corp		5,775
2,629		CARBO Ceramics, Inc		135,683
4,165		Eagle Materials, Inc		93,171
9,576		Gentex Corp		136,937
4,200	*	Owens Corning, Inc		100,422
4,900	*	Owens-Illinois, Inc		144,060
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		5,447,069
TEXTILE MILL PRODUCTS - 0.01%
1,400		Oxford Industries, Inc		36,162
		TOTAL TEXTILE MILL PRODUCTS		36,162
TRANSPORTATION BY AIR - 0.82%
1,560	*	Air Methods Corp		44,163
53,773	*	Airtran Holdings, Inc		130,668
13,048	*	Continental Airlines, Inc (Class B)		217,641
38,700	*	Delta Air Lines, Inc		288,315
102,704	v*	ExpressJet Holdings, Inc		19,514
31,395		FedEx Corp		2,481,461
55,178	*	JetBlue Airways Corp		273,131
800	*	PHI, Inc		29,544
4,790		Skywest, Inc		76,544
83,072		Southwest Airlines Co		1,205,375
25,423		UAL Corp		223,468
		TOTAL TRANSPORTATION BY AIR		4,989,824

385

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
TRANSPORTATION EQUIPMENT - 0.86%
5,056		American Axle & Manufacturing Holdings, Inc	$	27,100
6,501		ArvinMeritor, Inc		84,773
381	*	ATC Technology Corp		9,045
30,992	*	BE Aerospace, Inc		490,603
429		Federal Signal Corp		5,877
1,482	*	Fuel Systems Solutions, Inc		51,055
28,258		Genuine Parts Co		1,136,254
27,603		Harley-Davidson, Inc		1,029,592
13,170		Harsco Corp		489,792
5,200	*	Hayes Lemmerz International, Inc		14,196
1,838		Noble International Ltd		11,010
27,066		Paccar, Inc		1,033,651
23,435	*	Spirit Aerosystems Holdings, Inc (Class A)		376,600
6,160		Superior Industries International, Inc		118,026
6,952	*	Tenneco, Inc		73,900
20,499	*	Visteon Corp		47,558
4,765		Westinghouse Air Brake Technologies Corp		244,111
		TOTAL TRANSPORTATION EQUIPMENT		5,243,143
TRANSPORTATION SERVICES - 0.06%
2,963		CH Robinson Worldwide, Inc		150,995
3,054		Expeditors International Washington, Inc		106,401
4,592	*	Interval Leisure Group, Inc		47,757
10,076	*	Orbitz Worldwide, Inc		59,146
		TOTAL TRANSPORTATION SERVICES		364,299
TRUCKING AND WAREHOUSING - 0.76%
73,410		United Parcel Service, Inc (Class B)		4,616,755
		TOTAL TRUCKING AND WAREHOUSING		4,616,755
WATER TRANSPORTATION - 0.09%
2,390		Alexander & Baldwin, Inc		105,232
6,649	*	Gulfmark Offshore, Inc		298,407
3,713	*	Hornbeck Offshore Services, Inc		143,396
		TOTAL WATER TRANSPORTATION		547,035
WHOLESALE TRADE-DURABLE GOODS - 0.57%
17,314		Agilysys, Inc		174,698
16,600		Barnes Group, Inc		335,652
7,740		BorgWarner, Inc		253,640
4,616		Castle (A.M.) & Co		79,764
8,120	*	Chindex International, Inc		88,183
15,436		IKON Office Solutions, Inc		262,566
1,153		Martin Marietta Materials, Inc		129,113
1,841	*	MWI Veterinary Supply, Inc		72,333
890		Owens & Minor, Inc		43,165
10,210	*	Patterson Cos, Inc		310,486
14,664		Reliance Steel & Aluminum Co		556,792
153	*	Tech Data Corp		4,567
2,050	*	Tyler Technologies, Inc		31,099
12,082		W.W. Grainger, Inc		1,050,772
2,443	*	WESCO International, Inc		78,616
		TOTAL WHOLESALE TRADE-DURABLE GOODS		3,471,446

386

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 0.61%
681		Airgas, Inc	$	33,812
6,350	*	Akorn, Inc		32,575
4,961		Allscripts Healthcare Solutions, Inc		61,715
1,522	*	Dean Foods Co		35,554
10,320	*	Endo Pharmaceuticals Holdings, Inc		206,400
2,457	*	Henry Schein, Inc		132,285
11,500		Herbalife Ltd		454,480
39,980		Idearc, Inc		49,975
300		Men's Wearhouse, Inc		6,372
1,817		Nash Finch Co		78,349
2,716		Spartan Stores, Inc		67,574
82,576		Sysco Corp		2,545,818
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,704,909
		TOTAL COMMON STOCKS		607,147,965
		(Cost $654,810,308)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 1.35%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.35%
$      8,250,000		Federal Home Loan Bank (FHLB), 10/01/08		8,250,000
				8,250,000
		TOTAL SHORT-TERM INVESTMENTS		8,250,000
		(Cost $8,250,000)
		TOTAL PORTFOLIO - 100.73%		615,397,965
		(Cost $663,060,308)
		OTHER ASSETS & LIABILITIES, NET - (0.73)%		(4,481,405	)
		NET ASSETS - 100.00%	$	610,916,560
	*	Non-income producing
	v	Security valued at fair value.

387

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
COMMON STOCKS - 95.14%
HOLDING AND OTHER INVESTMENT OFFICES - 91.55%
63,700	e	Acadia Realty Trust	$	1,610,336
115,000	e	Alexandria Real Estate Equities, Inc		12,937,500
143,000	e	AMB Property Corp		6,477,900
129,000	e	American Campus Communities, Inc		4,370,520
42,284		American Land Lease, Inc		821,578
184,000	e	AvalonBay Communities, Inc		18,109,280
85,000	e	BioMed Realty Trust, Inc		2,248,250
345,000		Boston Properties, Inc		32,312,700
52,000		BRE Properties, Inc (Class A)		2,548,000
193,000	e	Corporate Office Properties Trust		7,787,550
830,000	e	DCT Industrial Trust, Inc		6,216,700
101,100	e	Digital Realty Trust, Inc		4,776,975
121,000	e	Douglas Emmett, Inc		2,791,470
180,000		EastGroup Properties, Inc		8,737,200
52,200		Entertainment Properties Trust		2,856,384
29,000		Equity Lifestyle Properties, Inc		1,537,870
597,000	e	Equity Residential		26,512,770
176,300	e	Essex Property Trust, Inc		20,861,579
268,000	e	Federal Realty Investment Trust		22,940,800
400,732	e	FelCor Lodging Trust, Inc		2,869,241
532,027	e	General Growth Properties, Inc		8,033,608
123,500	e	Gramercy Capital Corp		319,865
140,000	g,m,v*	GSC Capital Corp		0
543,000	e	HCP, Inc		21,790,590
105,600		Health Care REIT, Inc		5,621,088
20,661		Home Properties, Inc		1,197,305
1,150,000	e	Host Marriott Corp		15,283,500
305,000	e	iShares Dow Jones US Real Estate Index Fund		18,894,750
64,800	e	Kilroy Realty Corp		3,096,792
527,000	e	Kimco Realty Corp		19,467,380
124,000	e	Macerich Co		7,892,600
80,000	e	Maguire Properties, Inc		476,800
568,038	e	Mission West Properties, Inc		5,532,690
268,000	e	Nationwide Health Properties, Inc		9,642,640
211,200	g,m,v*	People's Choice Financial Corp		0
91,600	e	Post Properties, Inc		2,562,052
415,000	e	Prologis		17,127,050
233,900		Public Storage, Inc		23,158,439
220,000	e	Regency Centers Corp		14,671,800
553,400	e	Simon Property Group, Inc		53,679,800
121,000		SL Green Realty Corp		7,840,800
160,000	e	Strategic Hotels & Resorts, Inc		1,208,000
110,900	e	Taubman Centers, Inc		5,545,000
205,000	e	UDR, Inc		5,360,750
233,000	e	U-Store-It Trust		2,858,910

388

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund
SHARES		COMPANY		VALUE
376,000	e	Ventas, Inc	$	18,581,920
317,000		Vornado Realty Trust		28,831,150
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		487,999,882
HOTELS AND OTHER LODGING PLACES - 0.44%
83,689	e	Starwood Hotels & Resorts Worldwide, Inc		2,355,008
		TOTAL HOTELS AND OTHER LODGING PLACES		2,355,008
JUSTICE, PUBLIC ORDER AND SAFETY - 1.27%
271,800	e*	Corrections Corp of America		6,754,230
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		6,754,230
REAL ESTATE - 1.88%
310,000	g,m,v*	Asset Capital Corp, Inc		362,700
404,800		Brookfield Properties Co		6,412,032
322,000	e	Thomas Properties Group, Inc		3,252,200
		TOTAL REAL ESTATE		10,026,932
		TOTAL COMMON STOCKS		507,136,052
		(Cost $549,768,190)
SHORT-TERM INVESTMENTS - 6.88%
PRINCIPAL
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 3.92%
$      20,880,000		Federal Home Loan Bank (FHLB), 0.000%, 10/01/08		20,880,000
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		20,880,000
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.96%
15,796,807		State Street Navigator Securities Lending Prime Portfolio		15,796,807
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		15,796,807
		TOTAL SHORT-TERM INVESTMENTS		36,676,807
		(Cost $36,676,807)
		TOTAL PORTFOLIO - 102.02%		543,812,859
		(Cost $586,444,997)
		OTHER ASSETS & LIABILITIES, NET (2.02)%		(10,791,308	)
		NET ASSETS - 100.00%	$	533,021,551
	*	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, 2008, the value of these securities amounted to $362,700 or 0.07% of net assets.
	m	Indicates a security has been deemed illiquid
	v	Security valued at fair value.

389

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Managed Allocation Fund II

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MANAGED ALLOCATION FUND II
SCHEDULE OF INVESTMENTS
September 30, 2008

SHARES		COMPANY		VALUE
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 100.24%
20,468,212	q	TIAA-CREF Institutional Bond Plus Fund II	$	191,991,836
3,108,848	q	TIAA-CREF Institutional Enhanced International Equity Index Fund		21,295,616
2,228,518	q	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		17,805,862
1,587,569	q	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		12,748,185
359,034	q	TIAA-CREF Institutional Growth & Income Fund		2,929,721
5,211,024	q	TIAA-CREF Institutional International Equity Fund		45,231,696
10,797,727	q	TIAA-CREF Institutional Large-Cap Growth Fund		96,747,639
8,091,601	q	TIAA-CREF Institutional Large-Cap Value Fund		93,538,912
30,006	q	TIAA-CREF Institutional Mid-Cap Growth Fund		429,099
23,596	q	TIAA-CREF Institutional Mid-Cap Value Fund		348,752
5,932	q	TIAA-CREF Institutional Short-Term Bond Fund II		58,019
1,895,866	q	TIAA-CREF Institutional Small-Cap Equity Fund		22,958,949
		TOTAL TIAA-CREF MUTUAL FUNDS		506,084,286
		(Cost $572,629,751)
		TOTAL PORTFOLIO - 100.24%		506,084,286
		(Cost $572,629,751)
		OTHER ASSETS & LIABILITIES, NET - (0.24)%		(1,234,181	)
		NET ASSETS - 100.00%	$	504,850,105
	q	Affiliated fund.
		For ease of presentation, we have grouped a number of industry classification categories together in the Portfolio of Investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

390

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS
September 30, 2008
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 87.26%
CORPORATE BONDS - 16.36%
AMUSEMENT AND RECREATION SERVICES - 0.14%
$     1,480,000		Walt Disney Co	5.700%	07/15/11	A2	$	1,524,502
1,250,000		Walt Disney Co	4.700	12/01/12	A2		1,243,864
		TOTAL AMUSEMENT AND RECREATION SERVICES					2,768,366
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.13%
1,250,000		Home Depot, Inc	5.250	12/16/13	Baa1		1,151,093
1,350,000	e	Lowe's Cos, Inc	8.250	06/01/10	A1		1,433,526
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					2,584,619
BUSINESS SERVICES - 0.04%
825,000		Oracle Corp	4.950	04/15/13	A2		822,337
		TOTAL BUSINESS SERVICES					822,337
CHEMICALS AND ALLIED PRODUCTS - 0.58%
370,000		Abbott Laboratories	5.600	05/15/11	A1		382,405
1,000,000		Air Products & Chemicals, Inc	4.150	02/01/13	A2		958,591
600,000		Amgen, Inc	5.850	06/01/17	A3		575,949
500,000		Bristol-Myers Squibb Co	6.125	05/01/38	A2		454,265
345,000		Clorox Co	5.450	10/15/12	Baa2		343,760
740,000		Ecolab, Inc	6.875	02/01/11	A2		778,137
1,105,000		EI Du Pont de Nemours & Co	4.125	03/06/13	A2		1,053,922
1,750,000		GlaxoSmithKline Capital, Inc	5.650	05/15/18	A1		1,661,489
720,000		GlaxoSmithKline Capital, Inc	6.375	05/15/38	A1		675,930
1,300,000		Johnson & Johnson	5.950	08/15/37	Aaa		1,285,746
900,000		Johnson & Johnson	5.850	07/15/38	Aaa		875,139
250,000		Lubrizol Corp	4.625	10/01/09	Baa2		248,810
1,200,000		Praxair, Inc	5.250	11/15/14	A2		1,173,048
705,000		Schering-Plough Corp	6.550	09/15/37	Baa1		645,717
		TOTAL CHEMICALS AND ALLIED PRODUCTS					11,112,908
COMMUNICATIONS - 1.80%
650,000		America Movil SAB de C.V.	6.125	11/15/37	A3		549,753
16,000	e	AT&T Corp	6.000	03/15/09	WR		16,078
1,900,000		AT&T Corp	7.300	11/15/11	A2		1,973,131
1,875,000		AT&T, Inc	5.100	09/15/14	A2		1,753,669
940,000		AT&T, Inc	6.150	09/15/34	A2		783,922
1,350,000		AT&T, Inc	6.500	09/01/37	A2		1,148,418
1,200,000		AT&T, Inc	6.300	01/15/38	A2		993,840
180,000		BellSouth Corp	6.875	10/15/31	A2		161,465

391

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$       175,000		Comcast Cable Communications Holdings, Inc	8.375%	03/15/13	Baa2	$	183,538
1,750,000		Comcast Corp	5.900	03/15/16	Baa2		1,603,970
4,000,000		Comcast Corp	5.875	02/15/18	Baa2		3,566,528
1,180,000		Comcast Corp	5.650	06/15/35	Baa2		877,133
270,000		Comcast Corp	6.500	11/15/35	Baa2		225,429
1,750,000		Comcast Corp	6.400	05/15/38	Baa2		1,399,913
950,000		Deutsche Telekom International Finance BV	8.750	06/15/30	A3		918,707
655,000		France Telecom S.A.	7.750	03/01/11	A3		687,416
1,330,000		New Cingular Wireless Services, Inc	7.875	03/01/11	A3		1,400,144
370,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A3		409,094
750,000		Rogers Communications, Inc	6.800	08/15/18	Baa3		709,523
90,000		Sprint Capital Corp	8.375	03/15/12	Baa3		81,000
1,000,000		Sprint Capital Corp	8.750	03/15/32	Baa3		780,000
365,000	e	Sprint Nextel Corp	6.000	12/01/16	Baa3		281,050
550,000		Telecom Italia Capital S.A.	4.950	09/30/14	Baa2		463,799
1,000,000		Telecom Italia Capital S.A.	6.999	06/04/18	Baa2		897,650
1,400,000		Telefonica Emisiones SAU	6.221	07/03/17	Baa1		1,288,518
1,700,000		Time Warner Cable, Inc	5.400	07/02/12	Baa2		1,617,067
2,300,000		Time Warner Cable, Inc	5.850	05/01/17	Baa2		2,026,387
225,000		Time Warner Cable, Inc	6.550	05/01/37	Baa2		182,225
1,250,000		Verizon Communications, Inc	5.250	04/15/13	A3		1,204,800
650,000		Verizon Communications, Inc	6.400	02/15/38	A3		542,503
675,000		Verizon Communications, Inc	6.900	04/15/38	A3		598,334
670,000		Verizon New England, Inc	4.750	10/01/13	Baa1		615,147
1,120,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		1,099,246
500,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		460,155
1,790,000		Viacom, Inc	5.750	04/30/11	Baa3		1,738,967
1,200,000		Viacom, Inc	6.125	10/05/17	Baa3		1,088,609
670,000		Viacom, Inc	6.875	04/30/36	Baa3		537,126
		TOTAL COMMUNICATIONS					34,864,254
DEPOSITORY INSTITUTIONS - 4.38%
12,600,000	e,g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		12,924,576
8,000,000	g	Banco Bilbao Vizcaya Argentaria S.A.	5.750	07/20/17	Aaa		8,524,744
1,000,000	e	Banco Nacional de Comercio Exterior SNC	3.875	01/21/09	A1		997,500
500,000		Bank of America Corp	6.250	04/15/12	Aa2		485,146
2,000,000	e	Bank of America Corp	4.900	05/01/13	Aa2		1,809,292
1,750,000		Bank of America Corp	5.750	12/01/17	Aa2		1,483,979
2,275,000		Bank of America NA	5.300	03/15/17	Aa1		1,889,840
2,225,000		Bank One Corp	5.250	01/30/13	Aa3		2,101,112
700,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		460,593
750,000		Citigroup, Inc	5.100	09/29/11	Aa3		688,579
1,125,000		Citigroup, Inc	5.300	10/17/12	Aa3		1,001,502
2,570,000		Citigroup, Inc	5.125	05/05/14	Aa3		2,112,018
1,700,000	e	Citigroup, Inc	6.875	03/05/38	Aa3		1,390,542
2,270,000		Credit Suisse	5.000	05/15/13	Aa1		2,103,589
15,700,000	g	Depfa ACS Bank	5.125	03/16/37	Aa1		14,883,600
800,000		Deutsche Bank AG.	4.875	05/20/13	Aa1		764,140
270,000		Golden West Financial Corp	4.750	10/01/12	A1		206,581
900,000		HSBC Holdings plc	6.500	09/15/37	Aa3		765,419
1,050,000	i	Huntington Capital III	6.650	05/15/37	Baa1		386,564
370,000		JPMorgan Chase & Co	7.875	06/15/10	Aa3		377,337

392

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$       250,000	e	JPMorgan Chase & Co	4.500%	01/15/12	Aa2	$	235,386
3,500,000		JPMorgan Chase & Co	6.400	05/15/38	Aa2		3,025,925
1,690,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	NR		1,602,282
500,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A2		372,511
370,000		Mellon Funding Corp	6.400	05/14/11	Aa3		366,771
570,000		National City Corp	4.000	02/01/11	A3		265,050
370,000		National Westminster Bank plc	7.375	10/01/09	Aa1		373,915
4,000,000	g	Nationwide Building Society	5.500	07/18/12	Aaa		4,122,800
670,000		Popular North America, Inc	3.875	10/01/08	A3		670,000
840,000	e	Popular North America, Inc	5.650	04/15/09	A3		829,908
330,000	g, i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		284,442
810,000		Regions Financial Corp	6.375	05/15/12	A3		702,578
1,200,000	g, i	Royal Bank of Scotland Group plc	6.990	12/30/49	A1		894,301
1,010,000		Union Bank of California NA	5.950	05/11/16	A1		913,464
940,000		US Bank NA	5.700	12/15/08	Aa2		942,036
1,300,000		Wachovia Bank NA	4.800	11/01/14	Aa3		771,005
2,000,000		Wachovia Bank NA	5.850	02/01/37	Aa3		889,790
2,650,000		Wachovia Corp	5.300	10/15/11	A1		2,209,771
1,025,000		Wachovia Corp	5.500	05/01/13	A1		848,006
2,530,000		Wells Fargo & Co	5.300	08/26/11	Aa1		2,500,548
1,375,000		Wells Fargo & Co	4.375	01/31/13	Aa1		1,263,930
800,000		Wells Fargo & Co	5.625	12/11/17	Aa1		735,234
4,900,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		4,407,325
		TOTAL DEPOSITORY INSTITUTIONS					84,583,631
EATING AND DRINKING PLACES - 0.03%
650,000		McDonald's Corp	5.350	03/01/18	A3		628,978
		TOTAL EATING AND DRINKING PLACES					628,978
ELECTRIC, GAS, AND SANITARY SERVICES - 1.09%
900,000	g	Abu Dhabi National Energy Co	6.600	08/01/13	Aa2		893,458
1,325,000		American Water Capital Corp	6.085	10/15/17	Baa2		1,225,588
330,000		Carolina Power & Light Co	5.700	04/01/35	A2		284,684
270,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		277,142
1,000,000		CenterPoint Energy Resources Corp	6.250	02/01/37	Baa3		791,169
1,000,000		Centerpoint Energy, Inc	6.500	05/01/18	Ba1		851,660
600,000		Commonweatlh Edison Co	5.900	03/15/36	Baa2		489,048
939,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa2		947,385
330,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa2		303,986
500,000		Consumers Energy Co	4.400	08/15/09	Baa1		498,575
750,000		Exelon Generation Co LLC	6.200	10/01/17	A3		659,115
550,000		Florida Power & Light Co	4.850	02/01/13	Aa3		548,988
670,000	e	Florida Power Corp	4.500	06/01/10	A2		675,152
500,000		Florida Power Corp	6.400	06/15/38	A2		473,465
185,000		Kinder Morgan Energy Partners LP	5.850	09/15/12	Baa2		179,708
1,525,000		Kinder Morgan Energy Partners LP	5.950	02/15/18	Baa2		1,358,380
750,000		Midamerican Energy Co	5.800	10/15/36	A2		616,665
270,000		National Fuel Gas Co	5.250	03/01/13	Baa1		259,814
950,000		Nevada Power Co	6.500	08/01/18	Baa3		895,640
2,020,000		Nisource Finance Corp	5.400	07/15/14	Baa3		1,852,358
330,000		Ohio Power Co	5.300	11/01/10	A3		332,020
220,000		Oncor Electric Delivery Co	7.250	01/15/33	Baa3		180,420
670,000		ONEOK Partners LP	5.900	04/01/12	Baa2		659,119

393

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$       675,000	e	Public Service Co of Colorado	4.875%	03/01/13	A3	$	665,739
270,000		Public Service Co of Colorado	5.500	04/01/14	A3		267,795
660,000		Public Service Electric & Gas Co	5.300	05/01/18	A3		616,413
330,000	e	Puget Sound Energy, Inc	6.274	03/15/37	Baa2		266,488
850,000		Sempra Energy	6.150	06/15/18	Baa1		784,167
250,000		Southern California Edison Co	6.000	01/15/34	A2		231,702
1,100,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		1,159,949
650,000		Veolia Environnement	5.250	06/03/13	A3		639,145
1,280,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		1,229,440
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					21,114,377
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.08%
625,000		General Electric Co	5.250	12/06/17	Aaa		546,895
1,000,000		Koninklijke Philips Electronics NV	6.875	03/11/38	A3		990,837
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					1,537,732
FOOD AND KINDRED PRODUCTS - 0.57%
1,470,000		Bottling Group LLC	4.625	11/15/12	Aa2		1,446,427
600,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		522,412
937,000		Diageo Capital plc	5.125	01/30/12	A3		943,647
650,000		Diageo Finance BV	3.875	04/01/11	A3		643,380
1,125,000	g	Dr. Pepper Snapple Group, Inc	6.820	05/01/18	Baa3		1,085,914
350,000	g	Dr. Pepper Snapple Group, Inc	7.450	05/01/38	Baa3		337,848
925,000		General Mills, Inc	5.250	08/15/13	Baa1		917,873
1,150,000		Kraft Foods, Inc	6.000	02/11/13	Baa2		1,142,956
755,000		Kraft Foods, Inc	6.125	02/01/18	Baa2		707,267
800,000		Kraft Foods, Inc	6.125	08/23/18	Baa2		746,996
330,000		Kraft Foods, Inc	6.500	11/01/31	Baa2		286,903
900,000		PepsiCo, Inc	5.000	06/01/18	Aa2		868,947
900,000	g	SABMiller plc	5.700	01/15/14	Baa1		878,414
670,000		WM Wrigley Jr Co	4.650	07/15/15	Ba2		559,352
		TOTAL FOOD AND KINDRED PRODUCTS					11,088,336
FOOD STORES - 0.17%
850,000		Delhaize Group	6.500	06/15/17	Baa3		805,083
740,000		Kroger Co	6.800	04/01/11	Baa2		761,964
1,000,000	e	Kroger Co	6.400	08/15/17	Baa2		958,842
325,000		Safeway, Inc	4.950	08/16/10	Baa2		325,225
370,000		Safeway, Inc	7.250	02/01/31	Baa2		376,118
		TOTAL FOOD STORES					3,227,232
GENERAL MERCHANDISE STORES - 0.26%
1,700,000		JC Penney Corp, Inc	5.750	02/15/18	Baa3		1,428,204
625,000		Macy's Retail Holdings, Inc	5.350	03/15/12	Baa3		575,556
375,000		Target Corp	6.000	01/15/18	A2		355,044
930,000		Wal-Mart Stores, Inc	6.875	08/10/09	Aa2		955,170
875,000		Wal-Mart Stores, Inc	5.250	09/01/35	Aa2		699,418
1,025,000		Wal-Mart Stores, Inc	6.200	04/15/38	Aa2		935,005
		TOTAL GENERAL MERCHANDISE STORES					4,948,397

394

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
HEALTH SERVICES - 0.06%
$     1,150,000		Quest Diagnostics, Inc	6.400%	07/01/17	Baa3	$	1,117,688
		TOTAL HEALTH SERVICES					1,117,688
HOLDING AND OTHER INVESTMENT OFFICES - 0.18%
435,000		BHP Billiton Finance Ltd	5.400	03/29/17	A1		401,890
875,000		Boston Properties LP	6.250	01/15/13	Baa2		867,343
350,000		ERP Operating LP	5.750	06/15/17	Baa1		294,753
375,000		Highwoods Properties, Inc	5.850	03/15/17	Ba1		300,807
500,000		iStar Financial, Inc	5.700	03/01/14	Baa2		245,000
1,500,000		iStar Financial, Inc	5.850	03/15/17	Baa2		735,000
670,000		Simon Property Group LP	5.600	09/01/11	A3		661,480
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					3,506,273
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.22%
1,690,000	e	Caterpillar, Inc	6.050	08/15/36	A2		1,526,531
935,000		Dover Corp	6.500	02/15/11	A2		986,196
1,000,000	e	Hewlett-Packard Co	5.400	03/01/17	A2		941,245
825,000		John Deere Capital Corp	5.350	04/03/18	A2		747,898
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					4,201,870
INSTRUMENTS AND RELATED PRODUCTS - 0.10%
600,000		Medtronic, Inc	4.750	09/15/15	A1		586,166
270,000		Northrop Grumman Corp	7.750	02/15/31	Baa1		309,993
500,000	e	Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		462,985
650,000		Xerox Corp	7.625	06/15/13	Baa2		658,021
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					2,017,165
INSURANCE CARRIERS - 0.64%
1,210,000		Aetna, Inc	6.500	09/15/18	A3		1,191,050
1,350,000		American International Group, Inc	5.050	10/01/15	A3		727,755
750,000		Chubb Corp	6.000	05/11/37	A2		629,651
2,200,000	i	Chubb Corp	6.375	03/29/67	A3		1,677,663
670,000	i	ING Groep NV	5.775	12/30/49	A1		535,384
670,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa2		486,455
500,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		493,850
1,100,000		Metlife, Inc	5.000	06/15/15	A2		1,003,426
500,000		Metlife, Inc	5.700	06/15/35	A2		393,356
1,010,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		1,005,749
1,700,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		1,660,402
1,600,000	g	Prudential Funding LLC	6.750	09/15/23	A1		1,431,125
750,000		WellPoint, Inc	5.875	06/15/17	Baa1		694,238
655,000		WellPoint, Inc	5.850	01/15/36	Baa1		517,571
		TOTAL INSURANCE CARRIERS					12,447,675
METAL MINING - 0.26%
900,000		Barrick Gold Financeco LLC	6.125	09/15/13	Baa1		884,472
670,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		636,724
875,000		Freeport-McMoRan Copper & Gold, Inc	8.375	04/01/17	Ba2		861,875
850,000		Rio Tinto Finance USA Ltd	5.875	07/15/13	A3		833,264

395

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$       900,000		Rio Tinto Finance USA Ltd	6.500%	07/15/18	A3	$	851,048
1,000,000		Vale Overseas Ltd	6.250	01/23/17	Baa2		934,440
		TOTAL METAL MINING					5,001,823
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.05%
400,000	g	Controladora Mabe S.A. C.V.	6.500	12/15/15	NA		385,000
560,000		Harsco Corp	5.125	09/15/13	A3		568,412
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					953,412
MISCELLANEOUS RETAIL - 0.15%
2,150,000		CVS Caremark Corp	5.750	06/01/17	Baa2		2,009,158
875,000		Walgreen Co	4.875	08/01/13	A2		874,730
		TOTAL MISCELLANEOUS RETAIL					2,883,888
MOTION PICTURES - 0.10%
1,310,000		Historic TW, Inc	6.625	05/15/29	Baa2		1,046,323
910,000		Time Warner, Inc	6.875	05/01/12	Baa2		902,261
		TOTAL MOTION PICTURES					1,948,584
NONDEPOSITORY INSTITUTIONS - 1.72%
2,500,000		American General Finance Corp	6.900	12/15/17	Baa1		1,159,230
1,350,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		1,333,176
1,900,000	e	Boeing Capital Corp Ltd	6.100	03/01/11	A2		1,994,637
1,480,000	e	Capital One Financial Corp	5.700	09/15/11	A3		1,310,605
1,800,000		CIT Group, Inc	5.850	09/15/16	Baa1		872,995
670,000		Daimler Finance North America LLC	5.875	03/15/11	A3		667,711
1,350,000		Daimler Finance North America LLC	5.750	09/08/11	A3		1,332,855
1,000,000		General Electric Capital Corp	6.000	06/15/12	Aaa		965,174
1,375,000		General Electric Capital Corp	5.450	01/15/13	Aaa		1,284,591
6,100,000		General Electric Capital Corp	5.500	06/04/14	Aaa		5,725,661
1,125,000		General Electric Capital Corp	5.625	09/15/17	Aaa		965,531
750,000		General Electric Capital Corp	5.625	05/01/18	Aaa		633,957
1,000,000	g	HKCG Finance Ltd	6.250	08/07/18	A1		983,701
330,000	g, i	HSBC Capital Funding LP	4.610	12/30/49	A1		281,584
1,520,000		HSBC Finance Corp	5.250	01/14/11	Aa3		1,493,459
200,000	e	HSBC Finance Corp	5.900	06/19/12	Aa3		190,178
7,250,000	e	HSBC Finance Corp	4.750	07/15/13	Aa3		6,522,709
2,250,000		International Lease Finance Corp	5.750	06/15/11	Baa1		1,621,454
975,000		International Lease Finance Corp	5.625	09/20/13	Baa1		633,489
875,000	e	International Lease Finance Corp	6.625	11/15/13	Baa1		536,394
1,077,000		MBNA Corp	6.125	03/01/13	Aa2		1,017,890
1,610,000		National Rural Utilities Cooperative Finance
		Corp	5.500	07/01/13	A1		1,598,199
200,000	g	WEA Finance LLC	7.125	04/15/18	A2		179,801
		TOTAL NONDEPOSITORY INSTITUTIONS					33,304,981
NONMETALLIC MINERALS, EXCEPT FUELS - 0.02%
425,000	e	Vulcan Materials Co	6.300	06/15/13	A3		428,882
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS					428,882

396

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
OIL AND GAS EXTRACTION - 0.98%
$     1,110,000		Baker Hughes, Inc	6.875%	01/15/29	A2	$	1,169,280
600,000		BJ Services Co	5.750	06/01/11	Baa1		617,005
930,000		Burlington Resources Finance Co	6.400	08/15/11	A2		964,140
1,110,000		Burlington Resources Finance Co	7.200	08/15/31	A2		1,138,849
850,000		Canadian Natural Resources Ltd	5.150	02/01/13	Baa2		791,588
700,000		Enterprise Products Operating LLC	6.300	09/15/17	Baa3		652,811
400,000		Enterprise Products Operating LLC	6.500	01/31/19	Baa3		372,635
450,000		Enterprise Products Operating LP	4.625	10/15/09	Baa3		440,397
270,000		Equitable Resources, Inc	5.150	11/15/12	Baa1		259,100
500,000		Husky Energy, Inc	6.250	06/15/12	Baa2		492,255
1,250,000		Husky Energy, Inc	6.800	09/15/37	Baa2		1,034,046
330,000		Nexen, Inc	5.050	11/20/13	Baa2		302,950
1,500,000	e	Nexen, Inc	5.650	05/15/17	Baa2		1,281,281
770,000		Nexen, Inc	6.400	05/15/37	Baa2		609,597
2,000,000	g	Pemex Projec Funding Master Trust	5.750	03/01/18	Baa1		1,892,600
3,000,000	g	Pemex Projec Funding Master Trust	6.625	06/15/38	Baa1		2,718,900
500,000		Petrobras International Finance Co	5.875	03/01/18	Baa1		454,441
928,636	g	Tengizchevroil Finance Co SARL	6.124	11/15/14	Baa3		742,909
500,000		Weatherford International, Inc	5.950	06/15/12	Baa1		500,308
2,230,000		XTO Energy, Inc	6.250	04/15/13	Baa2		2,231,670
325,000	e	XTO Energy, Inc	5.500	06/15/18	Baa2		287,280
		TOTAL OIL AND GAS EXTRACTION					18,954,042
PAPER AND ALLIED PRODUCTS - 0.07%
625,000		International Paper Co	7.400	06/15/14	Baa3		625,959
750,000		Kimberly-Clark Corp	6.625	08/01/37	A2		750,389
		TOTAL PAPER AND ALLIED PRODUCTS					1,376,348
PETROLEUM AND COAL PRODUCTS - 0.03%
700,000		Valero Energy Corp	6.625	06/15/37	Baa2		604,051
		TOTAL PETROLEUM AND COAL PRODUCTS					604,051
PIPELINES, EXCEPT NATURAL GAS - 0.35%
670,000		Enbridge Energy Partners LP	4.000	01/15/09	Baa2		665,265
500,000		Enterprise Products Operating LP	5.600	10/15/14	Baa3		471,147
670,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		661,600
900,000	g	Rockies Express Pipeline LLC	6.250	07/15/13	Baa3		887,817
220,000		TransCanada Pipelines Ltd	4.000	06/15/13	A3		204,186
2,900,000		TransCanada Pipelines Ltd	7.690	06/30/16	A3		3,066,303
1,000,000		TransCanada Pipelines Ltd	5.850	03/15/36	A3		825,221
		TOTAL PIPELINES, EXCEPT NATURAL GAS					6,781,539
PRIMARY METAL INDUSTRIES - 0.11%
1,700,000	e,g	ArcelorMittal	5.375	06/01/13	Baa2		1,605,987
250,000	g	Xstrata Finance Canada Ltd	5.500	11/16/11	Baa2		243,735
350,000	g	Xstrata Finance Canada Ltd	6.900	11/15/37	Baa2		297,520
		TOTAL PRIMARY METAL INDUSTRIES					2,147,242
PRINTING AND PUBLISHING - 0.21%
330,000		News America, Inc	7.625	11/30/28	Baa1		315,334

397

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,250,000		News America, Inc	6.150%	03/01/37	Baa1	$	1,019,159
1,500,000		Thomson Corp	5.950	07/15/13	Baa1		1,498,230
1,125,000		Thomson Corp	5.700	10/01/14	Baa1		1,117,964
		TOTAL PRINTING AND PUBLISHING					3,950,687
RAILROAD TRANSPORTATION - 0.21%
670,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		699,382
450,000	e	Burlington Northern Santa Fe Corp	6.150	05/01/37	Baa1		410,693
370,000		Canadian National Railway Co	4.400	03/15/13	A3		357,142
325,000		Canadian Pacific Railway Co	5.750	05/15/13	Baa3		315,435
380,000		CSX Corp	6.150	05/01/37	Baa3		294,526
625,000		Norfolk Southern Corp	5.750	04/01/18	Baa1		602,439
1,263,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		1,098,228
330,000		Union Pacific Corp	6.500	04/15/12	Baa2		334,308
		TOTAL RAILROAD TRANSPORTATION					4,112,153
REAL ESTATE - 0.02%
750,000	g, i	USB Realty Corp	6.091	12/30/49	A1		345,000
		TOTAL REAL ESTATE					345,000
SECURITY AND COMMODITY BROKERS - 1.16%
1,500,000	e	Bear Stearns Cos, Inc	5.700	11/15/14	Aa2		1,402,332
1,000,000		Bear Stearns Cos, Inc	6.400	10/02/17	Aa2		933,897
500,000		Bear Stearns Cos, Inc	7.250	02/01/18	Aa2		481,188
1,000,000		Eaton Vance Corp	6.500	10/02/17	A3		980,027
1,000,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		439,310
1,500,000		Goldman Sachs Group, Inc	5.700	09/01/12	Aa3		1,292,094
670,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		577,685
530,000		Goldman Sachs Group, Inc	5.150	01/15/14	Aa3		435,280
2,050,000		Goldman Sachs Group, Inc	5.950	01/18/18	Aa3		1,691,176
200,000		Goldman Sachs Group, Inc	6.450	05/01/36	A1		130,541
500,000		Goldman Sachs Group, Inc	6.750	10/01/37	A1		333,795
750,000	n	Lehman Brothers Holdings Capital Trust V	5.857	12/30/49	Ca		75
1,725,000		Merrill Lynch & Co, Inc	6.050	08/15/12	A2		1,617,417
875,000		Merrill Lynch & Co, Inc	5.450	02/05/13	A2		788,218
3,075,000		Merrill Lynch & Co, Inc	6.875	04/25/18	A2		2,720,606
1,190,000		Morgan Stanley	5.750	10/18/16	A1		737,942
1,375,000		Morgan Stanley	5.450	01/09/17	A1		852,922
1,250,000		Morgan Stanley	5.550	04/27/17	A1		774,912
2,675,000		Morgan Stanley	5.950	12/28/17	A1		1,675,743
4,280,570	g	Morgan Stanley Tracers	6.789	06/15/12	Baa2		4,519,170
		TOTAL SECURITY AND COMMODITY BROKERS					22,384,330
STONE, CLAY, AND GLASS PRODUCTS - 0.02%
305,000		3M Co	4.375	08/15/13	Aa1		308,186
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					308,186
TOBACCO PRODUCTS - 0.06%
850,000		Philip Morris International, Inc	4.875	05/16/13	A2		837,709
300,000		Philip Morris International, Inc	6.375	05/16/38	A2		263,890
		TOTAL TOBACCO PRODUCTS					1,101,599

398

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
TRANSPORTATION BY AIR - 0.05%
$     1,050,000		FedEx Corp	3.500%	04/01/09	Baa2	$	1,041,993
		TOTAL TRANSPORTATION BY AIR					1,041,993
TRANSPORTATION EQUIPMENT - 0.26%
2,020,000	g	BAE Systems Holdings, Inc	6.400	12/15/11	Baa2		2,087,761
500,000		Honeywell International, Inc	5.700	03/15/37	A2		431,164
775,000		Lockheed Martin Corp	6.150	09/01/36	Baa1		738,301
740,000		United Technologies Corp	6.350	03/01/11	A2		782,976
875,000		United Technologies Corp	5.375	12/15/17	A2		845,795
235,000		United Technologies Corp	6.050	06/01/36	A2		219,016
		TOTAL TRANSPORTATION EQUIPMENT					5,105,013
WHOLESALE TRADE-NONDURABLE GOODS - 0.06%
180,000		Colgate-Palmolive Co	6.450	06/16/28	Aa3		190,721
960,000		Procter & Gamble Co	5.550	03/05/37	Aa3		892,738
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					1,083,459
		TOTAL CORPORATE BONDS					316,389,050
		(Cost $346,223,064)
GOVERNMENT BONDS - 70.90%
AGENCY SECURITIES - 9.07%
1,555,386		Cal Dive I- Title XI, Inc	4.930	02/01/27	NR		1,625,395
1,690,000		Federal Farm Credit Bank (FFCB)	4.125	04/15/09	Aaa		1,698,218
10,000,000		FFCB	2.625	04/21/11	Aaa		9,788,630
10,000,000		Federal Home Loan Bank (FHLB)	5.000	10/16/09	Aaa		10,007,780
4,000,000		FHLB	2.375	04/30/10	Aaa		3,943,640
5,000,000		FHLB	3.750	05/19/11	Aaa		4,992,615
11,000,000		FHLB	3.375	06/24/11	Aaa		10,902,210
15,000,000		FHLB	3.625	09/16/11	Aaa		15,002,805
1,010,000		Federal Home Loan Mortgage Corp (FHLMC)	3.750	02/27/09	Aaa		1,011,894
3,500,000		FHLMC	4.875	02/09/10	Aaa		3,578,358
5,000,000		FHLMC	3.250	07/16/10	Aaa		5,009,425
7,500,000		FHLMC	5.500	08/20/12	Aaa		7,946,175
3,000,000		FHLMC	4.125	12/21/12	Aaa		3,030,795
2,000,000		FHLMC	3.500	05/29/13	Aaa		1,965,806
7,670,000		FHLMC	5.125	10/18/16	Aaa		7,915,724
6,760,000		Federal National Mortgage Association	3.660
		(FNMA)		02/25/09	Aaa		6,771,161
4,200,000	d	FNMA	7.125	06/15/10	Aaa		4,475,478
1,975,000		FNMA	3.250	08/12/10	Aaa		1,979,602
36,000,000		FNMA	2.875	10/12/10	Aaa		35,835,336
4,000,000		FNMA	5.000	10/15/11	Aaa		4,179,496
5,000,000		FNMA	5.625	07/15/37	Aaa		5,299,490
1,431,010		Overseas Private Investment Corp	3.420	01/15/15	NR		1,472,839
5,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		5,176,370
7,500,000		Private Export Funding Corp	3.550	04/15/13	Aaa		7,286,318
13,000,000		Private Export Funding Corp	5.450	09/15/17	Aaa		13,489,515
970,312		Totem Ocean Trailer Express, Inc	4.514	12/18/19	NR		1,008,542
		TOTAL AGENCY SECURITIES					175,393,617

399

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
FOREIGN GOVERNMENT BONDS - 3.02%
$     1,010,000		Asian Development Bank/Pasig	4.125%	09/15/10	Aaa	$	1,041,350
1,690,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		1,760,676
270,000	e	Chile Government International Bond	5.500	01/15/13	A2		289,062
1,110,000		China Development Bank	5.000	10/15/15	A1		1,046,129
600,000		Development Bank of Japan	4.250	06/09/15	Aaa		605,010
840,000		Eksportfinans A/S	5.000	02/14/12	Aaa		863,596
600,000		European Investment Bank	4.875	02/15/36	Aaa		600,600
1,690,000		Federal Republic of Germany	3.875	06/01/10	Aaa		1,707,001
6,000,000	e	Federative Republic of Brazil	6.000	01/17/17	Ba1		5,790,000
3,000,000		Federative Republic of Brazil	8.000	01/15/18	Ba1		3,217,500
900,000		Hellenic Republic	4.625	06/25/13	NR		926,190
2,020,000		International Finance Corp	5.125	05/02/11	Aaa		2,153,548
920,000		Israel Government International Bond	5.500	11/09/16	A1		948,736
1,275,000		Italy Government International Bond	5.375	06/12/17	NR		1,344,579
900,000	g	Korea Railroad Corp	5.375	05/15/13	A2		843,877
670,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		682,361
3,250,000	e	Kreditanstalt fuer Wiederaufbau	4.500	07/16/18	Aaa		3,263,865
775,000		Landwirtschaftliche Rentenbank	5.250	07/02/12	Aaa		817,850
3,000,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		3,151,167
242,000		Mexico Government International Bond	6.375	01/16/13	Baa1		248,776
646,000	e	Mexico Government International Bond	5.875	01/15/14	Baa1		650,038
750,000		Mexico Government International Bond	6.750	09/27/34	Baa1		753,750
1,000,000		Mexico Government International Bond	6.050	01/11/40	Baa1		896,000
1,150,000		Oesterreichische Kontrollbank AG.	5.000	04/25/17	Aaa		1,205,856
1,000,000		Peruvian Government International Bond	7.350	07/21/25	Ba1		995,000
3,380,000	e	Province of Manitoba Canada	4.450	04/12/10	Aa1		3,466,021
1,500,000	e	Province of Manitoba Canada	5.000	02/15/12	Aa1		1,576,365
370,000		Province of Ontario	5.500	10/01/08	Aa1		370,000
3,740,000		Province of Ontario	3.125	09/08/10	Aa1		3,767,265
2,600,000	e	Province of Quebec Canada	5.125	11/14/16	Aa2		2,665,762
1,285,000	e	Province of Quebec Canada	4.625	05/14/18	Aa2		1,262,446
930,000		Province of Quebec Canada	7.500	09/15/29	Aa2		1,183,081
1,350,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		1,572,683
4,629,500		Russian Federation	7.500	03/31/30	Baa2		4,739,451
1,845,000	e	Svensk Exportkredit AB	5.125	03/01/17	Aa1		1,911,204
		TOTAL FOREIGN GOVERNMENT BONDS					58,316,795
MORTGAGE BACKED SECURITIES - 38.61%
1,234,651		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			1,271,938
1,620,179		FHLMC	4.500	09/15/35			1,581,963
1,698,290	i	FHLMC	5.073	02/01/36			1,707,120
626,022	i	FHLMC	5.800	07/01/36			639,960
1,808,110	i	FHLMC	4.993	09/01/36			1,834,919
1,604,757	i	FHLMC	5.924	09/01/36			1,647,723
3,255,088	i	FHLMC	6.089	09/01/36			3,310,036
5,090,002	i	FHLMC	5.723	03/01/37			5,145,112
4,933,458	i	FHLMC	5.870	04/01/37			5,032,069
4,464,492	i	FHLMC	6.023	05/01/37			4,554,445
1,557,703	i	FHLMC	5.710	06/01/37			1,583,008
3,403,430	i	FHLMC	5.857	08/01/37			3,465,806

400

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     4,247,690	i	FHLMC	5.851%	09/01/37	$	4,323,639
70,677	d	Federal Home Loan Mortgage Corp Gold
		(FGLMC)	7.500	01/01/16		74,492
4,160		FGLMC	7.500	05/01/16		4,384
5,054		FGLMC	7.500	06/01/16		5,326
2,361,957		FGLMC	4.500	09/01/18		2,324,270
2,268,079		FGLMC	4.500	01/01/19		2,224,802
4,007,036		FGLMC	4.500	05/01/19		3,930,578
3,086,563		FGLMC	5.000	05/01/20		3,072,038
471,064		FGLMC	4.500	07/01/20		460,604
66,346		FGLMC	7.000	10/01/20		69,844
7,497,683		FGLMC	4.500	06/01/21		7,331,191
12,319,931		FGLMC	4.500	06/01/21		12,046,356
7,617		FGLMC	6.500	10/01/28		7,891
115,016	d	FGLMC	6.500	01/01/29		119,143
17,399		FGLMC	6.500	03/01/29		18,024
62,398		FGLMC	6.500	07/01/29		64,598
11,733		FGLMC	8.000	01/01/31		12,726
117,908	d	FGLMC	6.500	09/01/31		121,955
130,688		FGLMC	8.000	09/01/31		141,734
729,167		FGLMC	7.000	12/01/31		767,323
3,095,966		FGLMC	6.000	03/01/33		3,150,527
460,608		FGLMC	6.000	03/01/33		468,438
2,081,477		FGLMC	4.500	07/01/33		1,977,483
3,553,702		FGLMC	5.000	09/01/33		3,472,768
1,662,652		FGLMC	5.500	09/01/33		1,658,779
1,662,447		FGLMC	5.500	09/01/33		1,658,575
1,276,047		FGLMC	5.500	09/01/33		1,273,075
2,010,118		FGLMC	5.500	10/01/33		2,005,436
6,576,652		FGLMC	5.500	12/01/33		6,565,442
11,034,381		FGLMC	7.000	12/01/33		11,611,779
5,675,318		FGLMC	5.000	01/01/34		5,546,065
14,071,850		FGLMC	5.000	12/01/34		13,738,177
980,179		FGLMC	5.500	12/01/34		976,978
4,632,003		FGLMC	4.500	04/01/35		4,394,789
2,216,560		FGLMC	6.000	05/01/35		2,246,965
3,024,968		FGLMC	7.000	05/01/35		3,183,256
1,460,623		FGLMC	6.000	07/01/35		1,480,658
370,081		FGLMC	5.500	08/01/35		368,641
544,322		FGLMC	6.000	08/01/35		551,789
1,033,960		FGLMC	5.000	10/01/35		1,008,796
2,916,044		FGLMC	5.000	11/01/35		2,845,077
959,738		FGLMC	6.000	01/01/36		972,453
818,952		FGLMC	7.000	01/01/36		858,885
3,215,376		FGLMC	5.500	04/01/36		3,201,355
700,997		FGLMC	6.500	05/01/36		719,688
2,185,245		FGLMC	6.500	10/01/36		2,243,509
675,518		FGLMC	6.500	12/01/36		689,235
5,561,376		FGLMC	5.500	01/01/37		5,537,125
8,646,282		FGLMC	5.500	04/01/37		8,607,227
9,640,459		FGLMC	5.500	05/01/37		9,596,913
3,336,569		FGLMC	6.000	08/01/37		3,380,773
1,849,451		FGLMC	6.000	09/01/37		1,873,953

401

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     3,814,469		FGLMC	6.500%	09/01/37	$	3,915,575
5,908,975		FGLMC	5.000	04/01/38		5,759,628
1,523,632		FGLMC	5.000	04/01/38		1,485,123
3,182,811		FGLMC	6.500	05/01/38		3,267,174
989,787		FGLMC	5.500	07/01/38		985,316
73,525		Federal National Mortgage Association
		(FNMA)	5.000	06/01/13		74,055
1,864,570		FNMA	4.440	07/01/13		1,806,666
34,422		FNMA	6.000	09/01/13		35,235
2,000,320		FNMA	4.757	10/01/13		1,962,215
26,884		FNMA	6.500	12/01/13		27,914
1,512,741		FNMA	4.777	02/01/14		1,484,940
28,648		FNMA	6.000	06/01/14		29,325
1,868		FNMA	6.500	07/01/14		1,941
4,465,926		FNMA	4.640	11/01/14		4,312,455
5,296,109		FNMA	4.869	03/01/16		5,272,674
63,145		FNMA	6.500	10/01/16		65,653
353,276	d	FNMA	6.500	11/01/16		367,311
257,654	d	FNMA	6.500	04/01/17		267,809
1,871,536		FNMA	5.000	12/01/17		1,880,034
3,810,806		FNMA	5.500	04/01/18		3,872,172
335,489		FNMA	5.500	04/01/18		341,690
149,424		FNMA	5.500	05/01/18		151,831
1,421,339		FNMA	4.500	10/01/18		1,400,437
3,299,175	d	FNMA	5.000	11/01/18		3,314,793
189,166		FNMA	6.000	01/01/19		193,791
345,419		FNMA	4.500	05/01/19		339,260
901,475		FNMA	5.000	03/01/20		904,441
1,326,073		FNMA	5.000	03/01/21		1,330,437
5,636,155		FNMA	4.500	06/01/23		5,496,909
4,453,820		FNMA	5.000	07/01/23		4,426,721
6,624,183		FNMA	5.000	07/01/23		6,583,878
5,000,000	h	FNMA	5.000	10/25/23		4,964,060
714,172		FNMA	5.000	11/01/23		702,760
593,334		FNMA	5.500	02/01/24		595,938
339,467		FNMA	5.500	07/01/24		340,928
4,315		FNMA	8.000	07/01/24		4,703
4,415,886		FNMA	5.000	03/01/25		4,339,084
9,977,717		FNMA	5.000	10/01/25		9,804,181
2,545		FNMA	7.500	01/01/29		2,760
11,842		FNMA	6.500	04/01/29		12,259
17,260		FNMA	7.500	07/01/29		18,679
3,650		FNMA	7.500	07/01/29		3,951
2,776		FNMA	7.500	02/01/31		3,000
17,493		FNMA	7.500	03/01/31		18,897
9,625		FNMA	7.500	05/01/31		10,398
19,859		FNMA	6.500	09/01/31		20,538
8,481		FNMA	6.500	10/01/31		8,772
105,227		FNMA	6.500	11/01/31		108,825
239,697		FNMA	6.000	01/01/32		244,221
3,318,126		FNMA	5.500	01/01/33		3,320,766
17,109,882		FNMA	6.000	01/01/33		17,468,407
2,389,278		FNMA	5.000	02/01/33		2,337,103

402

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$       416,472		FNMA	5.000%	02/01/33	$	407,117
2,202,138		FNMA	4.500	03/25/33		2,177,681
1,308,963		FNMA	4.500	08/01/33		1,243,391
989,121		FNMA	5.000	08/01/33		966,904
1,010,000		FNMA	5.500	08/25/33		1,014,191
1,017,555		FNMA	5.500	09/01/33		1,017,729
698,263		FNMA	5.500	09/01/33		698,383
2,215,380		FNMA	4.500	10/01/33		2,104,401
1,157,596		FNMA	5.000	10/01/33		1,131,594
1,115,547		FNMA	5.000	10/01/33		1,090,490
4,004,424	d	FNMA	5.500	10/01/33		4,005,107
2,380,024		FNMA	5.500	10/01/33		2,380,430
9,265,950		FNMA	5.000	11/01/33		9,057,818
2,972,449	d	FNMA	5.500	12/01/33		2,972,956
4,305,388		FNMA	6.000	02/01/34		4,381,263
418,256		FNMA	5.000	03/01/34		408,861
7,970,483		FNMA	5.000	03/01/34		7,791,450
369,171		FNMA	5.000	03/01/34		360,879
562,493		FNMA	5.000	03/01/34		549,859
1,135,469		FNMA	5.000	03/01/34		1,109,964
3,229,476		FNMA	5.000	04/01/34		3,153,908
10,167,781		FNMA	5.000	08/01/34		9,934,793
1,247,669		FNMA	6.000	08/01/34		1,269,657
1,770,010		FNMA	5.500	09/01/34		1,768,653
7,005,031		FNMA	5.500	09/01/34		6,999,658
1,131,597		FNMA	6.000	11/01/34		1,149,771
342,365		FNMA	6.000	12/01/34		347,864
409,027		FNMA	6.000	12/01/34		415,597
7,792,162		FNMA	4.500	01/01/35		7,406,686
891,594		FNMA	5.500	01/01/35		890,911
22,261,239		FNMA	5.500	02/01/35		22,265,034
9,438,541		FNMA	5.000	02/25/35		9,424,868
3,358,545		FNMA	5.500	04/01/35		3,353,870
6,390,174		FNMA	5.500	04/01/35		6,385,273
837,397		FNMA	6.000	04/01/35		850,847
4,517,223		FNMA	4.500	05/01/35		4,290,935
915,764		FNMA	5.500	05/01/35		914,489
2,219,092		FNMA	6.000	05/01/35		2,250,918
111,783		FNMA	7.500	06/01/35		119,501
3,247,854		FNMA	5.000	08/01/35		3,169,826
8,414,988		FNMA	5.500	09/01/35		8,416,422
2,675,477		FNMA	5.000	10/01/35		2,611,200
3,172,774		FNMA	5.500	10/01/35		3,168,358
2,743,120		FNMA	5.500	10/01/35		2,739,302
880,296		FNMA	5.000	11/01/35		855,813
5,090,878		FNMA	5.500	11/01/35		5,083,792
448,802		FNMA	5.500	12/01/35		448,177
2,352,845		FNMA	6.000	12/01/35		2,386,589
915,578		FNMA	5.000	02/01/36		876,701
537,323		FNMA	5.000	02/01/36		514,508
4,017,476	i	FNMA	5.733	02/01/36		4,093,598
2,397,175		FNMA	6.500	02/01/36		2,462,643
2,303,134		FNMA	5.500	04/01/36		2,299,928

403

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     5,567,129		FNMA	6.000%	06/01/36	$	5,649,646
560,252		FNMA	6.000	06/01/36		568,112
3,143,442	i	FNMA	5.948	07/01/36		3,226,265
3,573,731	i	FNMA	5.991	07/01/36		3,662,749
1,659,863		FNMA	6.500	09/01/36		1,703,899
2,953,979		FNMA	6.000	10/01/36		2,995,422
555,642	i	FNMA	5.781	12/01/36		564,011
3,553,935		FNMA	6.500	12/01/36		3,648,219
2,475,473		FNMA	6.500	12/01/36		2,525,411
2,702,387		FNMA	5.000	02/01/37		2,635,201
12,398,279		FNMA	5.500	02/01/37		12,375,209
1,514,790	i	FNMA	6.019	02/01/37		1,550,468
705,495		FNMA	7.000	02/01/37		737,951
5,380,347		FNMA	5.500	03/01/37		5,370,033
2,735,765		FNMA	6.500	03/01/37		2,808,344
1,337,349		FNMA	6.500	03/01/37		1,372,753
2,805,746		FNMA	7.000	04/01/37		2,934,826
7,468,234		FNMA	6.000	06/01/37		7,572,589
2,583,310		FNMA	6.000	07/01/37		2,619,407
5,443,032		FNMA	6.000	08/01/37		5,466,835
2,851,268		FNMA	6.000	08/01/37		2,891,110
1,110,418		FNMA	6.500	08/01/37		1,139,815
4,586,951		FNMA	6.500	08/01/37		4,708,382
1,048,366		FNMA	6.000	09/01/37		1,063,016
1,613,537		FNMA	6.000	09/01/37		1,636,084
1,812,184		FNMA	6.000	09/01/37		1,837,506
1,318,969		FNMA	6.000	09/01/37		1,337,400
3,316,765		FNMA	6.500	09/01/37		3,404,571
6,560,993	i	FNMA	5.908	10/01/37		6,746,307
1,393,705		FNMA	6.000	10/01/37		1,413,180
7,071,574		FNMA	6.500	10/01/37		7,258,781
3,513,373		FNMA	6.500	11/01/37		3,606,384
2,953,054		FNMA	7.000	11/01/37		3,088,910
7,073,009		FNMA	5.500	01/01/38		7,059,450
710,574		FNMA	6.500	01/01/38		729,385
13,225,179		FNMA	5.500	02/01/38		13,198,504
330,588		FNMA	6.500	02/01/38		339,340
864,122		FNMA	6.500	03/01/38		886,912
2,738,551		FNMA	6.500	03/01/38		2,810,776
1,911,238		FNMA	6.500	03/01/38		1,961,644
5,733,963		FNMA	6.500	03/01/38		5,885,186
1,281,801		FNMA	7.000	03/01/38		1,340,781
2,088,548		FNMA	7.000	03/01/38		2,184,649
959,778		FNMA	7.000	03/01/38		1,003,941
6,369,032		FNMA	5.000	04/01/38		6,210,048
14,864,857		FNMA	5.000	04/01/38		14,493,799
6,421,904		FNMA	5.000	04/01/38		6,261,601
6,137,617		FNMA	5.000	04/01/38		5,984,410
4,544,578		FNMA	5.000	05/01/38		4,431,136
40,000,000	h	FNMA	5.000	10/25/36		38,975,000
4,000,000	h	FNMA	6.000	10/25/38		4,051,248
20,000,000	h	FNMA	6.500	10/25/38		20,506,240

404

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$          464		Government National Mortgage Association
		(GNMA)	7.000%	01/15/28		$	490
2,104		GNMA	7.000	02/15/28			2,218
2,127		GNMA	7.000	06/15/28			2,243
3,052		GNMA	7.000	06/15/28			3,218
60,227		GNMA	6.500	09/15/28			62,069
11,567		GNMA	6.500	09/15/28			11,921
35,906		GNMA	6.500	11/15/28			37,005
10,053		GNMA	7.500	11/15/28			10,847
14,818		GNMA	7.500	07/15/29			15,980
2,442		GNMA	8.500	07/15/30			2,687
31,035		GNMA	8.500	10/15/30			34,137
37,714		GNMA	8.500	10/20/30			41,341
5,052		GNMA	8.500	12/15/30			5,559
7,886		GNMA	7.000	06/20/31			8,243
13,239		GNMA	6.500	07/15/31			13,628
31,984		GNMA	7.000	07/15/31			33,638
30,862		GNMA	7.000	07/15/31			32,459
16,322		GNMA	7.500	02/15/32			17,561
2,947		GNMA	6.500	03/15/33			3,029
2,153,071		GNMA	5.500	09/15/33			2,161,235
917,071		GNMA	5.500	02/20/35			916,039
6,666,264		GNMA	5.000	03/20/35			6,514,633
6,539,700		GNMA	5.500	05/20/35			6,532,340
2,733,321		GNMA	5.500	02/20/36			2,729,628
619,821		GNMA	6.000	10/20/36			628,415
622,495		GNMA	6.000	01/20/37			631,606
1,754,952		GNMA	6.000	12/15/37			1,783,543
3,991,157		GNMA	5.500	07/15/38			4,001,302
3,989,753	h	GNMA	5.500	07/20/38			3,983,696
2,434,512	h	GNMA	6.000	08/15/38			2,474,175
2,028,310	h	GNMA	6.000	08/20/38			2,057,562
11,000,000	h	GNMA	5.500	10/15/38			11,010,318
2,500,000		GNMA	6.230	09/15/43			2,509,732
		TOTAL MORTGAGE BACKED SECURITIES					746,343,160
MUNICIPAL BONDS - 0.03%
670,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15	Aaa		665,672
		TOTAL MUNICIPAL BONDS					665,672
U.S. TREASURY SECURITIES - 20.17%
44,236,000	d	United States Treasury Bond	8.000	11/15/21			60,527,278
20,650,000	d	United States Treasury Bond	5.250	02/15/29			22,897,298
194,000		United States Treasury Bond	5.375	02/15/31			220,448
101,000		United States Treasury Bond	4.500	02/15/36			103,667
927,000		United States Treasury Bond	5.000	05/15/37			1,031,215
1,375,000		United States Treasury Bond	4.375	02/15/38			1,392,509
38,773,726		United States Treasury Inflation Indexed Bonds	0.875	04/15/10			38,089,137
7,832,522		United States Treasury Inflation Indexed Bonds	2.375	04/15/11			7,921,860
380,000		United States Treasury Note	1.750	03/31/10			379,139

405

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     24,723,000		United States Treasury Note	2.375%	08/31/10		$	24,912,279
26,394,000		United States Treasury Note	2.750	02/28/13			26,257,913
42,944,000		United States Treasury Note	2.500	03/31/13			42,256,209
20,000,000		United States Treasury Note	3.125	04/30/13			20,171,880
1,425,000		United States Treasury Note	3.500	05/31/13			1,459,957
10,020,000		United States Treasury Note	3.375	06/30/13			10,221,182
56,550,000		United States Treasury Note	3.375	07/31/13			57,579,380
12,530,000		United States Treasury Note	3.125	08/31/13			12,625,930
2,120,000		United States Treasury Note	4.000	02/15/15			2,257,304
12,763,000		United States Treasury Note	4.750	08/15/17			13,681,336
7,817,000		United States Treasury Note	3.500	02/15/18			7,665,546
21,455,000		United States Treasury Note	3.875	05/15/18			21,595,788
7,300,000		United States Treasury Note	4.000	08/15/18			7,403,799
22,000,000	j	United States Treasury Strip Principal		08/15/27			9,255,246
		TOTAL U.S. TREASURY SECURITIES					389,906,300
		TOTAL GOVERNMENT BONDS					1,370,625,544
		(Cost $1,362,129,437)
		TOTAL BONDS					1,687,014,594
		(Cost $1,708,352,501)
STRUCTURED ASSETS - 11.70%
ASSET BACKED - 7.09%
5,000,000		AmeriCredit Automobile Receivables Trust Series
		2006-AF (Class A4)	5.640	09/06/13	Aaa		4,850,637
5,000,000		AmeriCredit Automobile Receivables Trust Series
		2007-BF (Class A3A)	5.160	04/06/12	Aaa		4,885,835
186,349	i	AQ Finance NIM Trust Series 2004-RN2	3.407	04/25/09	Aaa		175,312
124,444	i, m, v	AQ Finance NIM Trust Series 2004-RN3	3.387	05/25/09	Aaa		118,347
55,677		Asset Backed Funding Corp NIM Trust Series 2005-
		WMC1 (Class N1)	5.900	07/26/35	NR		6
400,000		Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		354,974
11,581,867		Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2003-6 (Class 1A7)	4.277	09/25/33	Aaa		10,122,712
770,497	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		369,629
770,497	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M1)	5.700	02/25/35	Aa2		548,127
1,148,046		CIT Group Home Equity Loan Trust Series 2002-1
		(Class AF6)	6.200	02/25/30	Aaa		965,222
4,000,000		Citicorp Mortgage Securities, Inc Series 2006-1
		(Class A3)	5.706	07/25/36	Aaa		3,802,243
4,700,000		Citicorp Mortgage Securities, Inc Series 2006-2
		(Class A3)	5.563	09/25/36	Aaa		4,566,223
1,500,000		Countrywide Alternative Loan Trust Series 2004-
		29CB (Class A7)	5.375	01/25/35	NR		1,436,620
2,074,768		Countrywide Alternative Loan Trust Series 2004-
		30CB (Class 1A15)	5.500	08/25/16	Aaa		1,946,797
146,127	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	2.708	02/15/29	Baa3		72,009
1,563,565		Credit-Based Asset Servicing and Securitization LLC
		Series 2007-MX1 (Class A1)	6.159	12/25/36	Aaa		1,524,796

406

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     7,000,000		Flagstar Home Equity Loan Trust Series 2007-1A
		(Class AF3)	5.781%	01/25/35	A2	$	5,656,289
137,682	i	GMAC Mortgage Corporation Loan Trust 2005-
		HE2 A3	4.622	11/25/35	A2		126,817
1,435,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A3	5.590	10/25/29	Aa1		1,245,013
1,350,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A4	5.810	10/25/29	A1		870,715
2,500,000		Hertz Vehicle Financing LLC Series 2005-2A
		(Class A2)	4.930	02/25/10	Aa3		2,459,958
1,057,873		HFC Home Equity Loan Asset Backed Certificates
		Series 2006-4 (Class A1F)	5.790	03/20/36	Aaa		1,044,955
1,511,278		HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A1F)	5.910	03/20/36	Aaa		1,492,379
5,000,000		HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A3F)	5.730	03/20/36	Aaa		4,224,268
15,000,000		Honda Auto Receivables Owner Trust Series 2007-1
		(Class A4)	5.090	07/18/13	NR		14,718,880
1,062,314		Household Automotive Trust Series 2006-2
		(Class A3)	5.610	08/17/11	Aaa		1,052,746
6,760,000		Household Credit Card Master Note Trust I Series
		2006-1 (Class A)	5.100	06/15/12	Aaa		6,640,351
3,033,616		Hyundai Auto Receivables Trust Series 2006-A
		(Class A3)	5.130	06/15/10	Aaa		3,040,179
3,000,000		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A3)	5.190	02/15/11	Aaa		2,994,868
1,670,064		Marriott Vacation Club Owner Trust Series 2006-1A
		(Class A)	5.737	04/20/28	Aaa		1,616,861
1,825,823		Marriott Vacation Club Owner Trust Series 2007-1A
		(Class A)	5.518	05/20/29	Aaa		1,674,684
7,670,162		Nissan Auto Lease Trust Series 2006-A (Class A3)	5.110	03/15/10	Aaa		7,652,141
3,800,000		Nissan Auto Lease Trust Series 2006-A (Class A4)	5.100	07/16/12	Aaa		3,744,335
8,000,000	i	Residential Asset Mortgage Products, Inc Series
		2004-RS11 (Class M1)	3.827	11/25/34	Aa1		6,554,210
332,051	i	Residential Asset Securities Corp Series 2001-KS2
		(Class AI6)	6.489	10/25/30	Aaa		301,711
1,350,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-H12 (Class A2)	5.750	02/25/36	A3		1,240,416
200,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		77,449
2,020,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A3)	5.960	02/25/36	A3		1,492,467
6,760,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A3)	5.440	09/25/36	A3		4,141,782
1,400,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A2)	5.520	04/25/21	A3		1,100,924
2,500,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A3)	5.500	08/25/25	A3		1,336,090
627,501		Sierra Receivables Funding Co Series 2006-1A
	m	(Class A1)	5.840	05/20/18	A2		598,825
6,401,384	m, v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aa3		5,279,222
2,604,835	d	Volkswagen Auto Lease Trust Series 2006-A
		(Class A3)	5.500	09/21/09	Aaa		2,612,026

407

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     10,000,000	d	Volkswagen Auto Lease Trust Series 2006-A
		(Class A4)	5.540%	04/20/11	Aaa	$	10,041,413
5,528,781		Wachovia Auto Loan Owner Trust Series 2006-2A
		(Class A3)	5.230	08/22/11	Aaa		5,533,161
787,529	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	3.567	05/25/35	NA		688,976
		TOTAL ASSET BACKED					136,993,600
OTHER MORTGAGE BACKED SECURITIES - 4.61%
670,000	i	Banc of America Commercial Mortgage, Inc Series
		2006-2 (Class A4)	5.929	05/10/45	NR		606,324
2,000,000		Banc of America Commercial Mortgage, Inc Series
		2006-4 (Class A4)	5.634	07/10/46	Aaa		1,780,220
825,000		Banc of America Commercial Mortgage, Inc Series
		2006-6 (Class AJ)	5.421	10/10/45	Aaa		590,531
2,250,000	i	Banc of America Commercial Mortgage, Inc Series
		2007-2 (Class A2)	5.634	04/10/49	NR		2,101,108
1,246,800		Banc of America Mortgage Securities, Inc Series
		2006-1 (Class A8)	6.000	05/25/36	Aaa		1,249,314
351,510		Bank of America Alternative Loan Trust Series 2004-
		8 (Class 3A1)	5.500	09/25/19	Aaa		344,625
2,000,000		Bear Stearns Commercial Mortgage Securities Series
		2006-PW14 (Class A4)	5.201	12/11/38	NR		1,731,265
1,465,000		Bear Stearns Commercial Mortgage Securities Series
		2006-T24 (Class A4)	5.537	10/12/41	Aaa		1,303,926
1,963,000	i	Bear Stearns Commercial Mortgage Securities Series
		2007-PW16 (Class AJ)	5.902	06/11/40	Aaa		1,298,234
1,310,199	i	Bear Stearns Commercial Mortgage Securities Series
		2007-PW17 (Class AM)	5.915	06/11/50	NR		1,021,871
1,305,000	i	Bear Stearns Commercial Mortgage Securities Series
		2007-T28 (Class AJ)	6.175	09/11/42	NR		870,784
2,020,000		Citigroup/Deutsche Bank Commercial Mortgage
		Trust Series 2006-CD3 (Class A5)	5.617	10/15/48	Aaa		1,794,008
1,350,000	i	Commercial Mortgage Load Trust Series 2008-LS1
		(Class A1)	6.221	12/10/49	Aaa		1,065,456
1,315,083		Countrywide Home Loan Mortgage Pass Through
		Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	NR		1,304,367
1,620,000		Credit Suisse Mortgage Capital Certificates Series
		2006-C4 (Class A3)	5.467	09/15/39	Aaa		1,423,961
2,000,000		Credit Suisse Mortgage Capital Certificates Series
		2006-C5 (Class A3)	5.311	12/15/39	Aaa		1,733,608
266,945	i	Credit Suisse Mortgage Capital Certificates Series
		2006-TF2A (Class A1)	2.588	10/15/21	Aaa		246,800
1,360,000		Credit Suisse Mortgage Capital Certificates Series
		2007-C1 (Class A3)	5.383	02/15/40	Aaa		1,139,106
1,965,000	i	Credit Suisse Mortgage Capital Certificates Series
		2007-C1 (Class AJ)	5.457	02/15/40	Aaa		1,278,342
750,000	i	Credit Suisse Mortgage Capital Certificates Series
		2007-C2 (Class A3)	5.542	01/15/49	Aaa		632,043
1,370,000	i	Credit Suisse Mortgage Capital Certificates Series
		2007-C3 (Class AM)	5.913	06/15/39	Aaa		1,063,650
2,958,812	i	Credit Suisse/Morgan Stanley Commercial Mortgage
		Certificate Series HC1A (Class A1)	2.678	05/15/23	Aaa		2,713,243
989,200	i	GE Capital Commercial Mortgage Corp	5.512	11/10/45	Aaa		846,121
2,000,000		Greenwich Capital Commercial Funding Corp Series
		2007-GG11 (Class A2)	5.597	12/10/49	NR		1,827,566

408

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,365,000		Greenwich Capital Commercial Funding Corp Series
		2007-GG11 (Class A4)	5.736%	12/10/49	NR	$	1,158,533
1,380,000		GS Mortgage Securities Corp II Series 2006-GG8
		(Class A2)	5.479	11/10/39	Aaa		1,323,358
1,350,000		GS Mortgage Securities Corp II Series 2006-GG8
		(Class A4)	5.560	11/10/39	Aaa		1,194,343
2,000,000	i	GS Mortgage Securities Corp II Series 2007-GG10
		(Class A2)	5.778	08/10/45	Aaa		1,875,222
680,000	i	GS Mortgage Securities Corp II Series 2007-GG10
		(Class A4)	5.993	08/10/45	Aaa		580,548
1,000,000	i	GS Mortgage Securities Corp II Series 2007-GG10
		(Class AM)	5.993	08/10/45	Aaa		782,417
587,971	i	GSAA Trust Series 2004-3 (Class AF3)	5.691	04/25/34	Aaa		581,423
1,490,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		1,418,472
1,600,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2006-FL1A (Class A2)	2.668	02/15/20	Aaa		1,413,600
1,500,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2006-LDP7 (Class A2)	6.051	04/15/45	Aaa		1,460,983
2,000,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		1,668,531
1,355,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-CB19 (Class AM)	5.937	02/12/49	Aaa		1,055,126
883,275	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-FL1A (Class A1)	2.863	07/15/19	Aaa		840,500
725,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2008-C2 (Class AM)	6.799	02/12/51	Aaa		593,297
6,760,000	d,i	LB-UBS Commercial Mortgage Trust Series 2004-
		C7 (Class A6)	4.786	10/15/29	Aaa		6,121,175
1,965,000	i	LB-UBS Commercial Mortgage Trust Series 2007-
		C2 (Class AJ)	5.562	02/15/40	NR		1,283,504
1,305,000	i	LB-UBS Commercial Mortgage Trust Series 2008-
		C1 (Class A2)	6.317	04/15/41	Aaa		1,143,330
1,482,053	i	Lehman Brothers Floating Rate Commercial
		Mortgage Trust Series 2006-LLFA (Class A1)	2.568	09/15/21	Aaa		1,342,105
861,063	i	Merrill Lynch Mortgage Trust Series 2005-CIP1
		(Class AM)	5.107	07/12/38	Aaa		727,903
700,000	i	Merrill Lynch Mortgage Trust Series 2006-C1
		(Class A4)	5.841	05/12/39	NR		631,613
1,500,000	i	Merrill Lynch Mortgage Trust Series 2007-C1
		(Class AJ)	6.023	06/12/50	NR		996,723
1,700,000	i	Merrill Lynch Mortgage Trust Series 2008-C1
		(Class AJ)	6.461	02/12/51	Aaa		1,153,198
1,050,000	i	Merrill Lynch Mortgage Trust Series 2008-C1
		(Class AM)	6.461	02/12/51	Aaa		841,813
775,000		Merrill Lynch Mortgage Trust Series 2008-C1
		(Class C)	6.461	02/12/51	NR		473,422
1,400,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2006-1 (Class A4)	5.602	02/12/39	NR		1,247,019
1,563,000		Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2007-5 (Class A4)	5.378	08/12/48	Aaa		1,305,836
1,305,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2007-8 (Class AM)	6.156	08/12/49	NR		1,068,442
1,050,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2007-9 (Class AM)	5.456	09/12/49	NR		813,392

409

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
3,091,493		Morgan Stanley Capital I Series 2005-HQ5
		(Class A2)	4.809%	01/14/42	NR	$	3,038,525
670,000	i	Morgan Stanley Capital I Series 2006-HQ9
		(Class A4)	5.731	07/12/44	NR		601,281
300,000	i	Morgan Stanley Capital I Series 2006-IQ11
		(Class AJ)	5.947	10/15/42	NR		223,403
2,200,000		Morgan Stanley Capital I Series 2006-IQ12
		(Class A2)	5.283	12/15/43	NR		2,090,413
2,000,000		Morgan Stanley Capital I Series 2007-HQ11
		(Class A31)	5.439	02/12/44	Aaa		1,787,514
1,740,000		Morgan Stanley Capital I Series 2007-IQ13
		(Class A4)	5.364	03/15/44	NR		1,448,813
1,200,000		Residential Accredit Loans, Inc Series 2005-QS17
		(Class A1)	6.000	12/25/35	Aaa		883,149
540,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2006-C24 (Class A3)	5.558	03/15/45	Aaa		477,591
1,925,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2006-WL7A (Class A2)	2.608	09/15/21	Aaa		1,744,008
3,100,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2007-C30 (Class AJ)	5.413	12/15/43	Aaa		2,006,899
1,500,000		Wachovia Bank Commercial Mortgage Trust Series
		2007-C31 (Class A2)	5.421	04/15/47	Aaa		1,389,980
5,057,385		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500	10/25/18	NR		4,854,909
2,304,084	i	Wells Fargo Mortgage Backed Securities Trust Series
		2006-AR2 (Class 2A3)	5.106	03/25/36	NR		2,046,552
1,743,790	i	Wells Fargo Mortgage Backed Securities Trust Series
		2006-AR4 (Class 1A1)	5.855	04/25/36	NR		1,446,382
		TOTAL OTHER MORTGAGE BACKED SECURITIES					89,101,720
		TOTAL STRUCTURED ASSETS					226,095,320
		(Cost $250,630,982)
PREFERRED STOCKS - 0.07%
DEPOSITORY INSTITUTIONS - 0.02%
24,000	e	Bank of America Corp	6.204	12/30/49	A1		435,600
		TOTAL DEPOSITORY INSTITUTIONS					435,600
NONDEPOSITORY INSTITUTIONS - 0.05%
109,857	e,i	Federal Home Loan Mortgage Corp (FHLMC)	8.375	12/30/49	Ca		179,067
346,458	e,i	Federal National Mortgage Association
		(FNMA)	8.250	12/30/49	Ca		755,278
		TOTAL NONDEPOSITORY INSTITUTIONS					934,345
		TOTAL PREFERRED STOCKS					1,369,945
		(Cost $12,007,875)
SHORT-TERM INVESTMENTS - 5.71%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 3.56%
19,970,000		Federal Home Loan Bank (FHLB)		10/01/08			19,970,000
14,320,000		FHLB		10/03/08			14,319,599

410

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
			MATURITY
PRINCIPAL		ISSUER	DATE		VALUE
$     34,460,000		FHLB	10/21/08	$	34,450,420
					68,740,019
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.15%
41,627,846		State Street Navigator Securities Lending Prime Portfolio			41,627,846
					41,627,846
		TOTAL SHORT-TERM INVESTMENTS			110,367,865
		(Cost $110,333,930)
		TOTAL PORTFOLIO - 104.74%			2,024,847,724
		(Cost $2,081,325,288)
		OTHER ASSETS & LIABILITIES, NET - (4.74)%			(91,597,806)
		NET ASSETS - 100.00%		$	1,933,249,918
	+	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, 2008, the value of these securities amounted to $69,892,940 or 3.62% 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, 2008.
	j	Zero coupon.
	m	Indicates a security has been deemed illiquid.
	n	Defaulted security
	v	Security valued at fair value.
		The following abbreviations are used in portfolio descriptions:
		LLC - Limited Liability Company LP - Limited Partnership NR - Not rated by Moody's plc - Public Limited Company

411

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
BOND PLUS FUND II
SCHEDULE OF INVESTMENTS
September 30, 2008
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 80.84%
CORPORATE BONDS - 23.80%
AMUSEMENT AND RECREATION SERVICES - 0.12%
$  350,000		Walt Disney Co	5.700%	07/15/11	A2	$	360,524
250,000		Walt Disney Co	4.700	12/01/12	A2		248,773
		TOTAL AMUSEMENT AND RECREATION SERVICES					609,297
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.09%
500,000	e	Autonation, Inc	7.000	04/15/14	Ba2		435,000
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					435,000
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.17%
600,000		Home Depot, Inc	5.250	12/16/13	Baa1		552,524
275,000	e	Lowe's Cos, Inc	8.250	06/01/10	A1		292,015
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					844,539
BUSINESS SERVICES - 0.50%
250,000		Daimler Finance North America LLC	5.875	03/15/11	A3		249,146
250,000		Daimler Finance North America LLC	5.750	09/08/11	A3		246,825
500,000	g	Hanarotelecom, Inc	7.000	02/01/12	Baa3		476,680
630,000	e	Lamar Media Corp	7.250	01/01/13	Ba3		570,150
187,000		Lamar Media Corp	6.625	08/15/15	Ba3		154,743
250,000		Oracle Corp	4.950	04/15/13	A2		249,193
600,000		Sungard Data Systems, Inc	10.250	08/15/15	Caa1		520,500
		TOTAL BUSINESS SERVICES					2,467,237
CHEMICALS AND ALLIED PRODUCTS - 0.87%
150,000		Abbott Laboratories	5.600	05/15/11	A1		155,029
350,000		Air Products & Chemicals, Inc	4.150	02/01/13	A2		335,507
200,000		Amgen, Inc	5.850	06/01/17	A3		191,983
150,000		Bristol-Myers Squibb Co	6.125	05/01/38	A2		136,279
500,000		Chemtura Corp	6.875	06/01/16	Ba2		400,000
500,000		GlaxoSmithKline Capital, Inc	5.650	05/15/18	A1		474,710
185,000		GlaxoSmithKline Capital, Inc	6.375	05/15/38	A1		173,677
300,000		Johnson & Johnson	5.950	08/15/37	Aaa		296,711
500,000		Koppers, Inc	9.875	10/15/13	Ba3		515,000
550,000		Lubrizol Corp	4.625	10/01/09	Baa2		547,383
500,000		Nalco Co	7.750	11/15/11	B1		490,000
200,000		Praxair, Inc	5.250	11/15/14	A2		195,508
250,000		Procter & Gamble Co	5.550	03/05/37	Aa3		232,484
220,000		Schering-Plough Corp	6.550	09/15/37	Baa1		201,500
		TOTAL CHEMICALS AND ALLIED PRODUCTS					4,345,771
COAL MINING - 0.12%
500,000	g	Drummond Co, Inc	7.375	02/15/16	B2		423,750
250,000	g	Griffin Coal Mining Co Pty Ltd	9.500	12/01/16	Ba3		160,000
		TOTAL COAL MINING					583,750

412

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
COMMUNICATIONS - 2.92%
$      500,000	e	Allbritton Communications Co	7.750%	12/15/12	B2	$	427,500
250,000		America Movil SAB de C.V.	6.125	11/15/37	A3		211,444
275,000		AT&T, Inc	6.150	09/15/34	A2		229,339
600,000		AT&T, Inc	6.500	09/01/37	A2		510,408
300,000		AT&T, Inc	6.300	01/15/38	A2		248,460
275,000		Comcast Corp	5.900	03/15/16	Baa2		252,052
475,000		Comcast Corp	5.875	02/15/18	Baa2		423,525
275,000		Comcast Corp	5.650	06/15/35	Baa2		204,417
550,000		Comcast Corp	6.500	11/15/35	Baa2		459,208
500,000		Comcast Corp	6.400	05/15/38	Baa2		399,975
180,000	g,o	Digicel Ltd	9.250	09/01/12	B2		178,200
750,000	g	DirecTV Holdings LLC	7.625	05/15/16	Ba3		678,749
500,000		Echostar DBS Corp	7.000	10/01/13	Ba3		431,250
300,000		France Telecom S.A.	7.750	03/01/11	A3		314,847
400,000	e,g	Globo Comunicacao e Participacoes S.A.	7.250	04/26/22	Ba1		350,000
275,000		New Cingular Wireless Services, Inc	7.875	03/01/11	A2		289,504
275,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A2		304,057
1,000,000		Qwest Communications International, Inc	7.250	02/15/11	Ba3		947,499
500,000		Qwest Corp	8.875	03/15/12	Ba1		490,000
550,000		Rogers Cable, Inc	6.750	03/15/15	Baa3		539,452
550,000		Rogers Communications, Inc	6.800	08/15/18	Baa3		520,317
300,000		Rogers Wireless, Inc	8.000	12/15/12	Ba1		299,250
525,000		Sprint Nextel Corp	6.000	12/01/16	Baa3		404,250
75,000		Telecom Italia Capital S.A.	4.950	09/30/14	Baa2		63,245
75,000		Telecom Italia Capital S.A.	6.999	06/04/18	Baa2		67,324
250,000		Telefonica Emisiones SAU	6.221	07/03/17	Baa1		230,093
500,000		Time Warner Cable, Inc	5.400	07/02/12	Baa2		475,608
1,000,000		Time Warner Cable, Inc	5.850	05/01/17	Baa2		881,037
300,000		Verizon Communications, Inc	5.250	04/15/13	A3		289,152
225,000		Verizon Communications, Inc	6.900	04/15/38	A3		199,445
2,200,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		2,159,233
275,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		253,085
250,000		Viacom, Inc	5.750	04/30/11	Baa3		242,873
250,000		Viacom, Inc	6.125	10/05/17	Baa3		226,794
350,000		Viacom, Inc	6.875	04/30/36	Baa3		280,588
		TOTAL COMMUNICATIONS					14,482,180
DEPOSITORY INSTITUTIONS - 4.36%
3,000,000	g	Banco Bilbao Vizcaya Argentaria S.A.	5.750	07/20/17	Aaa		3,196,778
275,000		Bank of America Corp	6.250	04/15/12	Aa2		266,830
100,000	e	Bank of America Corp	4.900	05/01/13	Aa2		90,465
350,000		Bank of America Corp	5.750	12/01/17	Aa2		296,796
650,000		Bank of America NA	5.300	03/15/17	Aa1		539,954
550,000		Bank One Corp	5.250	01/30/13	Aa3		519,376
250,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		164,498
300,000		Citigroup, Inc	5.100	09/29/11	Aa3		275,432
500,000		Citigroup, Inc	5.300	10/17/12	Aa3		445,112
750,000		Citigroup, Inc	5.125	05/05/14	Aa3		616,348
525,000	e	Citigroup, Inc	6.875	03/05/38	Aa3		429,432
300,000		Credit Suisse	5.000	05/15/13	Aa1		278,007
2,700,000	g	Depfa ACS Bank	5.125	03/16/37	Aa1		2,559,599

413

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      250,000		Deutsche Bank AG.	4.875%	05/20/13	Aa1	$	238,794
350,000		Eksportfinans A/S	5.000	02/14/12	Aaa		359,832
250,000		Golden West Financial Corp	4.750	10/01/12	A1		191,279
275,000	g,i	HSBC Capital Funding LP	4.610	12/30/49	A1		234,653
275,000	i	ING Groep NV	5.775	12/30/49	A1		219,747
550,000		JPMorgan Chase & Co	7.875	06/15/10	Aa3		560,906
275,000		JPMorgan Chase & Co	4.500	01/15/12	Aa2		258,924
1,250,000		JPMorgan Chase & Co	6.400	05/15/38	Aa2		1,080,688
550,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	NR		521,453
250,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A2		186,256
1,100,000		Mellon Funding Corp	6.400	05/14/11	Aa3		1,090,401
185,000		National City Corp	4.000	02/01/11	A3		86,025
250,000		Popular North America, Inc	5.650	04/15/09	A3		246,997
275,000	g,i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		237,035
550,000		Regions Financial Corp	6.375	05/15/12	A3		477,059
350,000	g,i	Royal Bank of Scotland Group plc	6.990	12/30/49	A1		260,838
100,000		Union Bank of California NA	5.950	05/11/16	A1		90,442
550,000		US Bank NA	5.700	12/15/08	Aa2		551,191
375,000		Wachovia Bank NA	4.800	11/01/14	Aa3		222,405
350,000		Wachovia Bank NA	5.850	02/01/37	Aa3		155,713
425,000		Wachovia Corp	5.300	10/15/11	A1		354,397
300,000		Wachovia Corp	5.500	05/01/13	A1		248,197
2,000,000		Wells Fargo & Co	5.300	08/26/11	Aa1		1,976,717
475,000		Wells Fargo & Co	4.375	01/31/13	Aa1		436,630
1,850,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		1,663,990
		TOTAL DEPOSITORY INSTITUTIONS					21,629,196
EATING AND DRINKING PLACES - 0.04%
200,000		McDonald's Corp	5.350	03/01/18	A3		193,532
		TOTAL EATING AND DRINKING PLACES					193,532
ELECTRIC, GAS, AND SANITARY SERVICES - 1.92%
325,000		American Water Capital Corp	6.085	10/15/17	Baa2		300,616
190,000		Carolina Power & Light Co	5.125	09/15/13	A2		189,740
275,000		Carolina Power & Light Co	5.700	04/01/35	A2		237,237
300,000		CenterPoint Energy Resources Corp	6.250	02/01/37	Baa3		237,351
550,000		Centerpoint Energy, Inc	6.500	05/01/18	Ba1		468,413
200,000		Commonweatlh Edison Co	5.900	03/15/36	Baa2		163,016
825,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa2		832,367
275,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa2		253,322
525,000		Consumers Energy Co	4.400	08/15/09	Baa1		523,503
400,000		Exelon Generation Co LLC	6.200	10/01/17	A3		351,528
550,000		Florida Power Corp	4.500	06/01/10	A2		554,229
400,000	g	Israel Electric Corp Ltd	7.250	01/15/19	Baa2		400,654
300,000		Midamerican Energy Co	5.800	10/15/36	A2		246,666
417,400		Midwest Generation LLC	8.560	01/02/16	Baa3		429,922
250,000		National Fuel Gas Co	5.250	03/01/13	Baa1		240,569
250,000		Nevada Power Co	6.650	04/01/36	Baa3		221,519
250,000		Nevada Power Co	6.750	07/01/37	Baa3		224,001
500,000		NRG Energy, Inc	7.250	02/01/14	B1		463,750
50,000		ONEOK Partners LP	5.900	04/01/12	Baa2		49,188
500,000	e	Public Service Co of Colorado	4.875	03/01/13	A3		493,139

414

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      275,000		Public Service Co of Colorado	5.500%	04/01/14	A3	$	272,754
250,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		201,885
300,000		Sempra Energy	6.150	06/15/18	Baa1		276,765
600,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		632,699
175,000		Veolia Environnement	5.250	06/03/13	A3		172,078
275,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		264,138
300,000		Waste Management, Inc	6.100	03/15/18	Baa3		280,172
550,000		Westar Energy, Inc	6.000	07/01/14	Baa2		538,852
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					9,520,073
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.16%
75,000		General Electric Co	5.250	12/06/17	Aaa		65,627
750,000		L-3 Communications Corp	7.625	06/15/12	Ba3		738,750
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					804,377
FABRICATED METAL PRODUCTS - 0.10%
500,000		Crown Americas LLC	7.625	11/15/13	B1		492,500
		TOTAL FABRICATED METAL PRODUCTS					492,500
FOOD AND KINDRED PRODUCTS - 0.69%
275,000		Bottling Group LLC	4.625	11/15/12	Aa2		270,590
250,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		244,420
250,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		217,672
313,000		Diageo Capital plc	5.125	01/30/12	A3		315,220
220,000		Diageo Finance BV	3.875	04/01/11	A3		217,760
325,000	g	Dr. Pepper Snapple Group, Inc	6.820	05/01/18	Baa3		313,709
100,000	g	Dr. Pepper Snapple Group, Inc	7.450	05/01/38	Baa3		96,528
350,000		Kraft Foods, Inc	6.000	02/11/13	Baa2		347,856
180,000		Kraft Foods, Inc	6.125	02/01/18	Baa2		168,620
225,000		Kraft Foods, Inc	6.125	08/23/18	Baa2		210,093
550,000		Kraft Foods, Inc	6.500	11/01/31	Baa2		478,170
100,000		PepsiCo, Inc	5.000	06/01/18	Aa2		96,550
250,000	g	SABMiller plc	5.700	01/15/14	Baa1		244,004
275,000		WM Wrigley Jr Co	4.650	07/15/15	Ba2		229,585
		TOTAL FOOD AND KINDRED PRODUCTS					3,450,777
FOOD STORES - 0.54%
250,000		Delhaize Group	6.500	06/15/17	Baa3		236,789
550,000	d	Kroger Co	6.800	04/01/11	Baa2		566,325
500,000	e	Kroger Co	6.400	08/15/17	Baa2		479,421
275,000		Safeway, Inc	4.950	08/16/10	Baa2		275,190
400,000		Safeway, Inc	6.350	08/15/17	Baa2		387,668
750,000		Stater Brothers Holdings	8.125	06/15/12	B2		735,000
		TOTAL FOOD STORES					2,680,393
GENERAL MERCHANDISE STORES - 0.30%
500,000	e	GSC Holdings Corp	8.000	10/01/12	Ba1		502,500
500,000		JC Penney Corp, Inc	5.750	02/15/18	Baa3		420,059
125,000		Target Corp	6.000	01/15/18	A2		118,348
250,000		Wal-Mart Stores, Inc	5.250	09/01/35	Aa2		199,834
275,000		Wal-Mart Stores, Inc	6.200	04/15/38	Aa2		250,855
		TOTAL GENERAL MERCHANDISE STORES					1,491,596

415

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
HEALTH SERVICES - 0.18%
$       500,000	g	DASA Finance Corp	8.750%	05/29/18	NR	$	420,000
500,000		Quest Diagnostics, Inc	6.400	07/01/17	Baa3		485,952
		TOTAL HEALTH SERVICES					905,952
HOLDING AND OTHER INVESTMENT OFFICES - 0.41%
120,000		BHP Billiton Finance Ltd	5.400	03/29/17	A1		110,866
500,000		International Finance Corp	5.125	05/02/11	Aaa		533,057
275,000	i	Star Financial, Inc	5.700	03/01/14	Ba1		134,750
500,000	i	Star Financial, Inc	5.850	03/15/17	Ba1		245,000
550,000		Simon Property Group LP	5.600	09/01/11	A3		543,006
500,000		Susser Holdings LLC	10.625	12/15/13	B3		491,250
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					2,057,929
HOTELS AND OTHER LODGING PLACES - 0.05%
250,000		MGM Mirage	6.000	10/01/09	Ba2		233,750
		TOTAL HOTELS AND OTHER LODGING PLACES					233,750
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.09%
500,000		Caterpillar, Inc	6.050	08/15/36	A2		451,637
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					451,637
INSTRUMENTS AND RELATED PRODUCTS - 0.24%
275,000		Medtronic, Inc	4.750	09/15/15	A1		268,660
125,000		Northrop Grumman Corp	7.750	02/15/31	Baa1		143,515
275,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		254,642
500,000		Xerox Corp	7.625	06/15/13	Baa2		506,170
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					1,172,987
INSURANCE CARRIERS - 0.65%
490,000		Aetna, Inc	6.500	09/15/18	A3		482,326
550,000		American International Group, Inc	5.050	10/01/15	A3		296,493
400,000		Chubb Corp	6.000	05/11/37	A2		335,814
600,000	i	Chubb Corp	6.375	03/29/67	A3		457,544
275,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa2		199,664
825,000		Metlife, Inc	5.000	06/15/15	A2		752,569
275,000		Metlife, Inc	5.700	06/15/35	A2		216,346
300,000	g	Prudential Funding LLC	6.750	09/15/23	A1		268,336
275,000		WellPoint, Inc	5.850	01/15/36	Baa1		217,301
		TOTAL INSURANCE CARRIERS					3,226,393
METAL MINING - 0.05%
255,000		Freeport-McMoRan Copper & Gold, Inc	8.375	04/01/17	Ba2		251,175
		TOTAL METAL MINING					251,175
MOTION PICTURES - 0.32%
275,000		Historic TW, Inc	6.625	05/15/29	Baa2		219,648
1,375,000		Time Warner, Inc	6.875	05/01/12	Baa2		1,363,307
		TOTAL MOTION PICTURES					1,582,955
NONDEPOSITORY INSTITUTIONS - 3.03%
550,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		543,146
1,100,000	g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		1,128,336

416

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$       350,000	g	BAE Systems Holdings, Inc	6.400%	12/15/11	Baa2	$	361,741
1,829,867		Cal Dive I- Title XI, Inc	4.930	02/01/27	NR		1,912,229
550,000		Capital One Financial Corp	5.700	09/15/11	A3		487,049
600,000		CIT Group, Inc	5.850	09/15/16	Baa1		290,998
300,000	e	Countrywide Financial Corp	6.250	05/15/16	Aa3		213,577
375,000		General Electric Capital Corp	6.000	06/15/12	Aaa		361,940
2,700,000		General Electric Capital Corp	5.500	06/04/14	Aaa		2,534,308
175,000		General Electric Capital Corp	5.625	09/15/17	Aaa		150,194
125,000		General Electric Capital Corp	5.625	05/01/18	Aaa		105,660
500,000	g	HKCG Finance Ltd	6.250	08/07/18	A1		491,851
650,000		HSBC Finance Corp	5.250	01/14/11	Aa3		638,650
1,500,000		HSBC Finance Corp	4.750	07/15/13	Aa3		1,349,526
250,000	i	Huntington Capital III	6.650	05/15/37	Baa1		92,039
415,000		International Lease Finance Corp	5.750	06/15/11	Baa1		299,068
275,000		International Lease Finance Corp	5.625	09/20/13	Baa1		178,676
250,000	e	International Lease Finance Corp	6.625	11/15/13	Baa1		153,256
200,000	g	Lender Processing Services, Inc	8.125	07/01/16	Ba2		195,000
250,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		246,925
275,000		MBNA Corp	6.125	03/01/13	Aa2		259,907
400,000		National Rural Utilities Cooperative Finance Corp	5.500	07/01/13	A1		397,068
1,450,000	g	Nationwide Building Society	5.500	07/18/12	Aaa		1,494,514
50,000		Oesterreichische Kontrollbank AG.	5.000	04/25/17	Aaa		52,429
500,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		497,896
600,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		586,024
		TOTAL NONDEPOSITORY INSTITUTIONS					15,022,007
NONMETALLIC MINERALS, EXCEPT FUELS - 0.03%
150,000	e	Vulcan Materials Co	6.300	06/15/13	A3		151,370
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS					151,370
OIL AND GAS EXTRACTION - 2.06%
500,000	g	Atlas Energy Resources LLC	10.750	02/01/18	B3		450,000
250,000		Baker Hughes, Inc	6.875	01/15/29	A2		263,351
300,000		BJ Services Co	5.750	06/01/11	Baa1		308,502
550,000		Burlington Resources Finance Co	6.400	08/15/11	A2		570,191
275,000		Burlington Resources Finance Co	7.200	08/15/31	A2		282,147
250,000		Canadian Natural Resources Ltd	5.150	02/01/13	Baa2		232,820
1,100,000	e	Chesapeake Energy Corp	6.500	08/15/17	Ba3		962,500
275,000		Enterprise Products Operating LP	5.600	10/15/14	Baa3		259,131
250,000		Equitable Resources, Inc	5.150	11/15/12	Baa1		239,908
500,000		Husky Energy, Inc	6.250	06/15/12	Baa2		492,255
375,000		Husky Energy, Inc	6.800	09/15/37	Baa2		310,214
500,000	g	KazMunaiGaz Finance Sub BV	8.375	07/02/13	Baa1		430,000
275,000		Nexen, Inc	5.050	11/20/13	Baa2		252,458
500,000		Nexen, Inc	5.650	05/15/17	Baa2		427,094
550,000		Nexen, Inc	6.400	05/15/37	Baa2		435,427
1,000,000	g	Pemex Projec Funding Master Trust	5.750	03/01/18	Baa1		946,300
2,000,000	g	Pemex Projec Funding Master Trust	6.625	06/15/38	Baa1		1,812,599
100,000		Range Resources Corp	7.250	05/01/18	Ba3		94,500
750,000		Weatherford International, Inc	5.950	06/15/12	Baa1		750,461

417

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$       600,000		XTO Energy, Inc	6.250%	04/15/13	Baa2	$	600,449
100,000	e	XTO Energy, Inc	5.500	06/15/18	Baa2		88,394
		TOTAL OIL AND GAS EXTRACTION					10,208,701
PAPER AND ALLIED PRODUCTS - 0.39%
600,000	e	Cenveo Corp	7.875	12/01/13	B3		462,000
500,000	e	Graphic Packaging International, Inc	8.500	08/15/11	B3		475,000
175,000		International Paper Co	7.400	06/15/14	Baa3		175,268
350,000		Kimberly-Clark Corp	6.625	08/01/37	A2		350,181
500,000	g	Nine Dragons Paper Holdings Ltd	7.875	04/29/13	NR		459,545
		TOTAL PAPER AND ALLIED PRODUCTS					1,921,994
PETROLEUM AND COAL PRODUCTS - 0.13%
500,000		Marathon Oil Corp	6.600	10/01/37	Baa1		421,497
250,000		Valero Energy Corp	6.625	06/15/37	Baa2		215,733
		TOTAL PETROLEUM AND COAL PRODUCTS					637,230
PIPELINES, EXCEPT NATURAL GAS - 0.28%
250,000		Enbridge Energy Partners LP	4.000	01/15/09	Baa2		248,233
550,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		543,104
500,000		TransCanada Pipelines Ltd	5.850	03/15/36	A3		412,611
250,000	i	TransCanada Pipelines Ltd	6.350	05/15/67	Baa1		197,771
		TOTAL PIPELINES, EXCEPT NATURAL GAS					1,401,719
PRIMARY METAL INDUSTRIES - 0.09%
275,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		261,342
210,000	g	Xstrata Finance Canada Ltd	5.500	11/16/11	Baa2		204,737
		TOTAL PRIMARY METAL INDUSTRIES					466,079
PRINTING AND PUBLISHING - 0.34%
462,000	e	Idearc, Inc	8.000	11/15/16	B3		125,895
710,000		Morris Publishing Group LLC	7.000	08/01/13	Caa1		170,400
250,000		News America, Inc	7.625	11/30/28	Baa1		238,890
250,000		News America, Inc	6.150	03/01/37	Baa1		203,832
400,000		Thomson Corp	5.950	07/15/13	Baa1		399,528
550,000		Thomson Corp	5.700	10/01/14	Baa1		546,560
		TOTAL PRINTING AND PUBLISHING					1,685,105
RAILROAD TRANSPORTATION - 0.42%
275,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		287,060
150,000		Burlington Northern Santa Fe Corp	6.150	05/01/37	Baa1		136,898
550,000		Canadian National Railway Co	4.400	03/15/13	A3		530,887
150,000	e	Canadian Pacific Railway Co	5.750	05/15/13	Baa3		145,585
175,000		Norfolk Southern Corp	5.750	04/01/18	Baa1		168,683
300,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		260,862
550,000		Union Pacific Corp	6.500	04/15/12	Baa2		557,180
		TOTAL RAILROAD TRANSPORTATION					2,087,155
SECURITY AND COMMODITY BROKERS - 1.16%
275,000		Bear Stearns Cos, Inc	5.700	11/15/14	Aa2		257,094

418

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      250,000		Bear Stearns Cos, Inc	7.250%	02/01/18	Aa2	$	240,594
750,000		Eaton Vance Corp	6.500	10/02/17	A3		735,020
500,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		219,655
600,000		Goldman Sachs Group, Inc	5.700	09/01/12	Aa3		516,838
275,000		Goldman Sachs Group, Inc	5.150	01/15/14	Aa3		225,853
625,000		Goldman Sachs Group, Inc	5.950	01/18/18	Aa3		515,603
150,000		Goldman Sachs Group, Inc	6.450	05/01/36	A1		97,906
375,000		Goldman Sachs Group, Inc	6.750	10/01/37	A1		250,346
500,000	n	Lehman Brothers Holdings Capital Trust V	5.857	12/30/49	Ca		50
250,000		Merrill Lynch & Co, Inc	5.450	02/05/13	A2		225,205
925,000		Merrill Lynch & Co, Inc	6.875	04/25/18	A2		818,393
500,000		Morgan Stanley	5.375	10/15/15	A1		309,898
900,000		Morgan Stanley	5.750	10/18/16	A1		558,107
500,000		Morgan Stanley	5.950	12/28/17	A1		313,223
600,000	g	Nuveen Investments, Inc	10.500	11/15/15	B3		462,000
		TOTAL SECURITY AND COMMODITY BROKERS					5,745,785
STONE, CLAY, AND GLASS PRODUCTS - 0.06%
310,000		3M Co	4.375	08/15/13	Aa1		313,239
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					313,239
TOBACCO PRODUCTS - 0.06%
200,000		Philip Morris International, Inc	4.875	05/16/13	A2		197,108
100,000		Philip Morris International, Inc	6.375	05/16/38	A2		87,963
		TOTAL TOBACCO PRODUCTS					285,071
TRANSPORTATION BY AIR - 0.11%
550,000		FedEx Corp	3.500	04/01/09	Baa2		545,806
		TOTAL TRANSPORTATION BY AIR					545,806
TRANSPORTATION EQUIPMENT - 0.57%
500,000	g	Bombardier, Inc	6.750	05/01/12	Ba2		480,000
500,000		Harsco Corp	5.125	09/15/13	A3		507,511
550,000		Lockheed Martin Corp	6.150	09/01/36	Baa1		523,956
1,100,000		United Technologies Corp	6.350	03/01/11	A2		1,163,883
150,000		United Technologies Corp	6.050	06/01/36	A2		139,797
		TOTAL TRANSPORTATION EQUIPMENT					2,815,147
WHOLESALE TRADE-DURABLE GOODS - 0.18%
500,000	g	Ace Hardware Corp	9.125	06/01/16	Ba2		427,500
500,000		Vale Overseas Ltd	6.250	01/23/17	Baa2		467,220
		TOTAL WHOLESALE TRADE-DURABLE GOODS					894,720
		TOTAL CORPORATE BONDS					118,094,124
		(Cost $129,582,916)
GOVERNMENT BONDS - 57.04%
AGENCY SECURITIES - 4.62%
650,000		Federal Farm Credit Bank (FFCB)	2.625	04/21/11	Aaa		636,261
3,000,000		Federal Home Loan Bank (FHLB)	5.000	10/16/09	Aaa		3,002,334
6,000,000		FHLB	3.625	09/16/11	Aaa		6,001,121
775,000		Federal Home Loan Mortgage Corp (FHLMC)	3.250	07/16/10	Aaa		776,461

419

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      600,000		Federal National Mortgage Association (FNMA)	3.250%	08/12/10	Aaa	$	601,398
2,675,000		FNMA	2.875	10/12/10	Aaa		2,662,765
2,000,000		FNMA	5.625	07/15/37	Aaa		2,119,796
2,000,000		Private Export Funding Corp	3.550	04/15/13	Aaa		1,943,018
5,000,000		US Department of Housing and Urban Development	4.790	08/01/11	NR		5,161,389
		TOTAL AGENCY SECURITIES					22,904,543
FOREIGN GOVERNMENT BONDS - 3.70%
275,000	e	Chile Government International Bond	5.500	01/15/13	A2		294,415
500,000	e	China Development Bank	5.000	10/15/15	A1		471,230
250,000		Development Bank of Japan	4.250	06/09/15	Aaa		252,088
500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		513,830
500,000	g	Emirate of Abu Dhabi	5.500	08/02/12	Aa2		525,773
275,000		European Investment Bank	4.875	02/15/36	Aaa		275,275
500,000		Federal Republic of Germany	3.875	06/01/10	Aaa		505,030
2,000,000	e	Federative Republic of Brazil	6.000	01/17/17	Ba1		1,929,999
750,000		Federative Republic of Brazil	8.000	01/15/18	Ba1		804,375
250,000		Hellenic Republic	4.630	06/25/13	NR		257,275
400,000		Israel Government International Bond	5.500	11/09/16	A1		412,494
225,000		Italy Government International Bond	5.375	06/12/17	NR		237,279
1,100,000		Italy Government International Bond	6.875	09/27/23	Aa2		1,331,579
310,000		Jamaica Government International Bond	8.000	06/24/19	NR		287,525
250,000	g	Korea Railroad Corp	5.375	05/15/13	A2		234,410
275,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		280,074
300,000	e	Kreditanstalt fuer Wiederaufbau	4.875	01/17/17	Aaa		311,796
1,000,000	e	Kreditanstalt fuer Wiederaufbau	4.500	07/16/18	Aaa		1,004,266
500,000		Landwirtschaftliche Rentenbank	5.250	07/02/12	Aaa		527,645
173,000		Mexico Government International Bond	6.375	01/16/13	Baa1		177,844
479,000	e	Mexico Government International Bond	5.875	01/15/14	Baa1		481,994
300,000		Mexico Government International Bond	6.750	09/27/34	Baa1		301,500
300,000		Mexico Government International Bond	6.050	01/11/40	Baa1		268,800
250,000		Panama Government International Bond	7.250	03/15/15	Ba1		259,375
500,000		Peruvian Government International Bond	7.350	07/21/25	Ba1		497,500
500,000	e	Province of Manitoba Canada	4.450	04/12/10	Aa1		512,725
600,000	e	Province of Manitoba Canada	5.000	02/15/12	Aa1		630,546
600,000		Province of Ontario	3.125	09/08/10	Aa1		604,374
620,000	e	Province of Quebec Canada	4.625	05/14/18	Aa2		609,118
550,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		640,723
250,000		Republic of Ghana	8.500	10/04/17	NR		210,000
250,000	g	Republic of Ghana	8.500	10/04/17	NR		236,250
500,000	e	Republic of Turkey	7.000	03/11/19	Ba3		473,845
1,477,500		Russian Federation	7.500	03/31/30	Baa2		1,512,590
125,000	g	Socialist Republic of Vietnam	6.875	01/15/16	Ba3		117,500
375,000		Socialist Republic of Vietnam	6.875	01/15/16	Ba3		357,672
		TOTAL FOREIGN GOVERNMENT BONDS					18,348,714
MORTGAGE BACKED - 38.54%
1,893,133		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			1,950,304
1,500,000		FHLMC	4.000	09/15/19			1,397,383
802,069		FHLMC	4.500	09/15/35			783,150
934,060	i	FHLMC	5.073	02/01/36			938,916
2,712,764	i	FHLMC	5.800	07/01/36			2,773,158
693,109	i	FHLMC	4.993	09/01/36			703,386
1,276,505	i	FHLMC	6.089	09/01/36			1,298,053

420

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     880,107	i	FHLMC	5.736%	02/01/37	$	898,014
1,454,287	i	FHLMC	5.723	03/01/37		1,470,032
205,561	i	FHLMC	5.870	04/01/37		209,670
334,837	i	FHLMC	6.023	05/01/37		341,583
6,750,048	i	FHLMC	5.710	06/01/37		6,859,699
1,150,897	i	FHLMC	5.857	08/01/37		1,171,990
25,856		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10		26,822
96,859		FGLMC	6.500	12/01/16		101,493
1,070,670		FGLMC	5.500	01/01/19		1,086,238
1,783,317		FGLMC	4.500	07/01/20		1,743,717
668,988		FGLMC	4.500	09/01/20		654,132
627,833		FGLMC	5.000	10/01/20		624,879
1,322,143	d	FGLMC	5.500	10/01/20		1,334,344
73,899		FGLMC	7.000	10/01/20		77,794
538,997		FGLMC	4.500	06/01/21		527,028
1,252,678		FGLMC	5.500	08/01/21		1,262,671
254,870		FGLMC	6.500	01/01/29		264,015
12,135		FGLMC	8.000	01/01/31		13,162
3,646,942		FGLMC	5.500	12/01/33		3,640,726
3,198,502		FGLMC	7.000	12/01/33		3,365,870
2,099,378		FGLMC	5.000	01/01/34		2,051,565
999,459		FGLMC	4.500	10/01/34		949,523
726,059		FGLMC	5.500	12/01/34		723,687
1,608,777		FGLMC	5.500	03/01/35		1,602,516
2,064,027		FGLMC	6.000	05/01/35		2,092,339
876,671		FGLMC	7.000	05/01/35		922,544
2,544,622		FGLMC	5.500	06/01/35		2,534,719
1,246,241		FGLMC	5.500	06/01/35		1,241,391
783,980		FGLMC	5.000	11/01/35		764,900
810,844		FGLMC	7.000	01/01/36		850,382
803,844		FGLMC	5.500	04/01/36		800,339
137,668		FGLMC	6.500	05/01/36		141,338
728,415		FGLMC	6.500	10/01/36		747,836
337,759		FGLMC	6.500	12/01/36		344,618
926,896		FGLMC	5.500	01/01/37		922,854
1,729,256		FGLMC	5.500	04/01/37		1,721,445
2,453,935		FGLMC	5.500	05/01/37		2,442,850
142,265		FGLMC	6.000	09/01/37		144,150
2,987,879		FGLMC	5.000	12/01/37		2,912,361
761,816		FGLMC	5.000	04/01/38		742,562
1,969,658		FGLMC	5.000	04/01/38		1,919,876
921,809		FGLMC	6.500	05/01/38		946,242
1,979,574		FGLMC	5.500	07/01/38		1,970,632
49,017		Federal National Mortgage Association (FNMA)	5.000	06/01/13		49,370
2,241,099		FNMA	4.777	02/01/14		2,199,911
2,832,511		FNMA	4.640	11/01/14		2,735,172
410,764		FNMA	4.564	01/01/15		397,002
190,485		FNMA	6.500	10/01/16		198,052
83,613		FNMA	6.500	11/01/16		86,934
571,858		FNMA	5.000	12/01/17		574,455
133,958		FNMA	6.500	02/01/18		139,028
373,922		FNMA	5.500	04/01/18		380,833
141,685		FNMA	5.500	05/01/18		143,967
169,739		FNMA	6.000	01/01/19		173,889

421

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$      1,000,000		FNMA	4.000%	02/25/19	$	919,261
1,261,885		FNMA	4.500	04/01/19		1,239,385
450,737		FNMA	5.000	03/01/20		452,220
151,658		FNMA	4.500	12/01/20		148,480
663,037		FNMA	5.000	03/01/21		665,218
39,293		FNMA	8.000	03/01/23		42,768
1,000,000	h	FNMA	5.000	10/25/23		992,812
659,261		FNMA	5.500	02/01/24		662,153
1,520,005		FNMA	5.500	07/01/24		1,526,543
3,597,661		FNMA	5.000	10/01/25		3,535,089
21,936		FNMA	9.000	11/01/25		24,267
21,543		FNMA	7.500	01/01/29		23,352
406,667		FNMA	7.000	07/01/32		427,357
177,222		FNMA	5.000	02/01/33		173,241
815,607		FNMA	4.500	03/25/33		806,548
1,043,004		FNMA	5.500	06/01/33		1,043,182
463,600		FNMA	5.000	07/01/33		453,187
2,864,016		FNMA	5.500	07/01/33		2,864,504
1,296,003		FNMA	4.500	08/01/33		1,231,080
1,500,000		FNMA	5.500	08/25/33		1,506,225
1,310,876		FNMA	4.500	10/01/33		1,245,208
552,251		FNMA	5.000	10/01/33		539,847
573,068		FNMA	5.000	10/01/33		560,195
1,134,550		FNMA	5.000	11/01/33		1,109,065
1,084,338		FNMA	5.000	11/01/33		1,059,982
463,321		FNMA	5.500	12/01/33		463,400
428,600		FNMA	5.500	12/01/33		428,673
720,573		FNMA	5.500	12/01/33		720,696
579,874		FNMA	5.500	01/01/34		579,973
275,500		FNMA	5.000	03/01/34		269,312
2,277,281		FNMA	5.000	03/01/34		2,226,129
275,374		FNMA	5.000	03/01/34		269,188
1,124,227		FNMA	5.000	03/01/34		1,098,975
226,084		FNMA	5.000	03/01/34		221,006
1,790,837		FNMA	5.000	04/01/34		1,748,932
4,295,096		FNMA	5.000	08/01/34		4,196,676
831,780		FNMA	6.000	08/01/34		846,438
228,244		FNMA	6.000	12/01/34		231,909
272,685		FNMA	6.000	12/01/34		277,065
660,441		FNMA	5.500	01/01/35		659,934
1,497,353		FNMA	5.500	02/01/35		1,497,608
2,227,822		FNMA	5.000	02/25/35		2,224,595
1,704,046		FNMA	5.500	04/01/35		1,702,739
558,265		FNMA	6.000	04/01/35		567,231
3,275,239		FNMA	5.500	05/01/35		3,270,679
4,248,867	d	FNMA	5.500	05/01/35		4,242,953
2,626,145		FNMA	6.000	05/01/35		2,663,808
101,621		FNMA	7.500	06/01/35		108,638
612,047		FNMA	6.000	07/01/35		620,825
912,195		FNMA	5.000	08/01/35		890,280
3,996,998		FNMA	6.000	08/01/35		4,054,322
1,147,498		FNMA	5.500	09/01/35		1,147,694
253,200		FNMA	5.000	10/01/35		247,117
3,064,269		FNMA	5.000	10/01/35		2,990,651

422

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$      891,465		FNMA	5.500%	10/01/35	$	890,225
845,024		FNMA	5.500	12/01/35		843,847
1,646,715		FNMA	5.000	04/01/36		1,606,124
2,421,586	d	FNMA	6.000	04/01/36		2,455,559
537,303		FNMA	6.500	04/01/36		551,557
1,964,651	i	FNMA	5.948	07/01/36		2,016,416
5,080,685	i	FNMA	5.732	09/01/36		5,216,141
553,288		FNMA	6.500	09/01/36		567,966
2,407,783	i	FNMA	5.781	12/01/36		2,444,045
948,931		FNMA	6.500	12/01/36		968,074
1,184,645		FNMA	6.500	12/01/36		1,216,073
3,801,857		FNMA	5.500	02/01/37		3,794,783
458,572		FNMA	7.000	02/01/37		479,668
911,922		FNMA	6.500	03/01/37		936,115
85,242		FNMA	7.000	04/01/37		89,163
1,867,059		FNMA	6.000	06/01/37		1,893,147
1,014,872		FNMA	6.000	07/01/37		1,029,053
219,329		FNMA	6.000	08/01/37		222,393
305,801		FNMA	6.500	08/01/37		313,896
337,342		FNMA	6.500	08/01/37		346,273
124,119		FNMA	6.000	09/01/37		125,853
976,988		FNMA	6.000	09/01/37		981,261
139,399		FNMA	6.000	09/01/37		141,347
101,459		FNMA	6.000	09/01/37		102,877
80,643		FNMA	6.000	09/01/37		81,769
1,227,261		FNMA	6.500	09/01/37		1,259,750
221,118		FNMA	6.500	09/01/37		226,971
579,484		FNMA	6.500	09/01/37		594,824
1,110,849		FNMA	6.500	09/01/37		1,140,256
426,461	i	FNMA	5.908	10/01/37		438,506
107,208		FNMA	6.000	10/01/37		108,706
2,357,191		FNMA	6.500	10/01/37		2,419,594
631,970		FNMA	7.000	03/01/38		661,049
387,588		FNMA	7.000	03/01/38		405,422
290,842		FNMA	7.000	03/01/38		304,225
6,000,000	h	FNMA	6.500	10/25/38		6,151,872
15,479		Government National Mortgage Association (GNMA)	6.500	09/15/23		15,914
45,501		GNMA	7.500	11/15/23		49,116
6,009		GNMA	7.500	08/15/28		6,483
67,942		GNMA	6.500	12/15/28		70,019
139,216		GNMA	6.500	03/15/29		143,386
45,468		GNMA	8.500	10/20/30		49,840
14,275		GNMA	7.000	06/20/31		14,919
158,891		GNMA	5.000	02/15/33		156,229
1,941,167		GNMA	5.000	09/15/33		1,908,652
412,021		GNMA	5.500	11/20/33		411,866
1,734,838		GNMA	5.500	02/20/35		1,732,885
607,595		GNMA	5.500	03/20/35		606,911
515,877		GNMA	6.000	10/20/36		523,029
518,612		GNMA	6.000	01/20/37		526,202
1,461,720		GNMA	6.000	12/15/37		1,485,534
997,789	h	GNMA	5.500	07/15/38		1,000,326
997,438	h	GNMA	5.500	07/20/38		995,924
631,355	h	GNMA	6.000	08/15/38		641,641

423

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      525,303	h	GNMA	6.000%	08/20/38		$	532,879
1,000,000	h	GNMA	5.500	10/15/38			1,000,938
500,000		GNMA	6.230	9/15/2043			501,946
		TOTAL MORTGAGE BACKED					191,205,565
U.S. TREASURY SECURITIES - 10.18%
8,302,000		United States Treasury Bond	8.000	11/15/21			11,359,469
6,600,000	d,i	United States Treasury Bond	5.250	02/15/29			7,318,265
507,000		United States Treasury Bond	4.500	02/15/36			520,388
1,929,000		United States Treasury Bond	5.000	05/15/37			2,145,862
205,000		United States Treasury Bond	4.375	02/15/38			207,610
3,947,026	k	United States Treasury Inflation Indexed Bonds	0.875	04/15/10			3,877,337
692,506	k	United States Treasury Inflation Indexed Bonds	2.375	04/15/11			700,405
670,000		United States Treasury Note	1.750	03/31/10			668,482
380,000		United States Treasury Note	3.125	04/30/13			383,266
25,000		United States Treasury Note	3.500	05/31/13			25,613
2,680,000		United States Treasury Note	3.375	06/30/13			2,733,809
8,300,000		United States Treasury Note	3.375	07/31/13			8,451,084
3,725,000		United States Treasury Note	3.125	08/31/13			3,753,519
838,000		United States Treasury Note	4.250	08/15/14			892,274
3,171,000		United States Treasury Note	3.500	02/15/18			3,109,562
175,000		United States Treasury Note	3.875	05/15/18			176,148
3,300,000		United States Treasury Note	4.000	08/15/18			3,346,923
2,000,000	j	United States Treasury Strip Principal		08/15/27			841,386
		TOTAL U.S. TREASURY SECURITIES					50,511,402
		TOTAL GOVERNMENT BONDS					282,970,224
		(Cost $280,191,205)
		TOTAL BONDS					401,064,348
		(Cost $410,815,425)
STRUCTURED ASSETS - 15.43%
ASSET BACKED - 7.56%
500,000		AmeriCredit Automobile Receivables Trust Series 2007-BF (Class A3A)	5.160	04/06/12	Aaa		488,584
186,350	i	AQ Finance NIM Trust Series 2004-RN2	3.407	04/25/09	Aaa		175,312
74,667	i,m,v	AQ Finance NIM Trust Series 2004-RN3	3.387	05/25/09	Aaa		71,008
1,877,781		Centex Home Equity Series 2002-A (Class AF6)	5.540	01/25/32	Aaa		1,698,529
705,000		Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		625,642
770,497	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		369,629
770,497	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M1)	5.700	02/25/35	Aa2		548,127
469,385		CIT Group Home Equity Loan Trust Series 2002-2 (Class BF)	6.830	06/25/33	Ba1		243,753
682,305		CIT Group Home Equity Loan Trust Series 2002-2 (Class MF2)	6.390	12/25/30	A3		459,996
146,127	i	Countrywide Home Equity Loan Trust Series 2004-B (Class 1A)
187,628		Credit-Based Asset Servicing and Securitization LLC Series 2007-MX1 (Class A1)	6.159	12/25/36	Aaa		182,976
3,000,000		Flagstar Home Equity Loan Trust Series 2007-1A (Class AF3)	5.781	01/25/35	A2		2,424,124
2,650,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	10/25/29	Aa1		2,299,154
2,650,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	10/25/29	A1		1,709,181
251,988	i	GSAA Trust Series 2004-3 (Class AF3)	5.691	04/25/34	Aaa		249,181
321,962		HFC Home Equity Loan Asset Backed Certificates Series 2006-4 (Class A1F)	5.790	03/20/36	Aaa		318,030
1,007,519		HFC Home Equity Loan Asset Backed
		Certificates Series 2007-1 (Class A1F)	5.910	03/20/36	Aaa		994,919
2,250,000		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A3)	5.190	02/15/11	Aaa		2,246,151

424

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,156,554		Marriott Vacation Club Owner Trust Series 2006-
		1A (Class A)	5.737%	04/20/28	Aaa	$	1,119,710
304,304		Marriott Vacation Club Owner Trust Series 2007-
		1A (Class A)	5.518	05/20/29	Aaa		279,114
140,772	m,v	New York City Tax Lien Series 2006-AA
		(Class A)	5.930	11/10/19	Aaa		92,712
200,000		Nissan Auto Lease Trust Series 2006-A
		(Class A4)	5.100	07/16/12	Aaa		197,070
1,000,000		Renaissance Home Equity Loan Trust Series
		2006-3 (Class AF3)	5.586	11/25/36	Aaa		879,006
883,326		Residential Asset Mortgage Products, Inc Series
		2003-RZ5 (Class A7)	4.970	09/25/33	Aaa		793,976
5,000,000	d,i	Residential Asset Mortgage Products, Inc Series
		2004-RS11 (Class M1)	3.827	11/25/34	Aa1		4,096,382
448,718	i	Residential Asset Securities Corp Series 2001-KS2
		(Class AI6)	6.489	10/25/30	Aaa		407,718
7,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-H12 (Class A3)	5.790	02/25/36	Aa3		5,253,439
500,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M1)	6.010	02/25/36	Aa1		282,532
1,500,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		580,868
1,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A3)	5.960	02/25/36	Aa3		738,845
3,528,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A3)	5.440	09/25/36	Aa3		2,161,569
250,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A2)	5.520	04/25/21	Aa1		196,594
879,753		Saxon Asset Securities Trust Series 2002-2
		(Class AF6)	6.120	11/25/30	Aaa		804,038
1,397,900	m	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	A2		1,334,015
1,482,584	m,v	Wachovia Amortization Controlled Heloc NIM
		Series 2006-N1 (Class N1)	5.683	08/12/47	A3		1,421,053
1,382,195		Wachovia Auto Loan Owner Trust Series 2006-
		2A (Class A3)	5.230	08/22/11	Aaa		1,383,290
333,699	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	3.567	05/25/35	NR		291,939
		TOTAL ASSET BACKED					37,490,175
OTHER MORTGAGE BACKED - 7.87%
80,000		Banc of America Commercial Mortgage, Inc
		Series 2006-4 (Class A4)	5.634	07/10/46	Aaa		71,209
400,000		Banc of America Commercial Mortgage, Inc
		Series 2006-6 (Class AJ)	5.421	10/10/45	Aaa		286,318
350,000	i	Banc of America Commercial Mortgage, Inc
		Series 2007-2 (Class A2)	5.634	04/10/49	NR		326,839
554,134		Banc of America Mortgage Securities, Inc Series
		2006-1 (Class A8)	6.000	05/25/36	Aaa		555,251
173,585		Bank of America Alternative Loan Trust Series
		2004-8 (Class 3A1)	5.500	09/25/19	Aaa		170,185
1,175,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-PW13 (Class A4)	5.540	09/11/41	NR		1,046,729
700,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-PW14 (Class A4)	5.201	12/11/38	NR		605,943

425

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      600,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-T24 (Class A4)	5.537%	10/12/41	Aaa	$	534,031
550,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2007-PW16 (Class AJ)	5.712	06/11/40	Aaa		363,744
368,071	i	Bear Stearns Commercial Mortgage Securities
		Series 2007-PW17 (Class AM)	5.915	06/11/50	NR		287,072
365,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2007-T28 (Class AJ)	5.990	09/11/42	NR		243,553
1,300,000		Citicorp Mortgage Securities, Inc Series 2005-4
		(Class 1A7)	5.500	07/25/35	Aa1		1,106,314
1,100,000		Citigroup/Deutsche Bank Commercial Mortgage
		Trust Series 2006-CD3 (Class A5)	5.617	10/15/48	Aaa		976,935
350,000	i	Commercial Mortgage Load Trust Series 2008-
		LS1 (Class A1)	6.020	12/10/49	Aaa		276,229
500,000		Countrywide Alternative Loan Trust Series 2004-
		29CB (Class A7)	5.375	01/25/35	NR		478,873
681,656		Countrywide Alternative Loan Trust Series 2004-
		30CB (Class 1A15)	5.500	08/25/16	Aaa		639,612
1,800,000		Countrywide Alternative Loan Trust Series 2005-
		42CB (Class A12)	5.500	10/25/35	Aa1		1,249,304
651,031		Countrywide Home Loan Mortgage Pass
		Through Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	NR		645,726
750,000		Credit Suisse Mortgage Capital Certificates
		Series 2006-C4 (Class A3)	5.467	09/15/39	Aaa		659,241
1,250,000		Credit Suisse Mortgage Capital Certificates
		Series 2006-C5 (Class A3)	5.311	12/15/39	Aaa		1,083,504
75,138	i	Credit Suisse Mortgage Capital Certificates
		Series 2006-TF2A (Class A1)	4.660	10/15/21	Aaa		69,468
550,000	i	Credit Suisse Mortgage Capital Certificates
		Series 2007-C1 (Class AJ)	5.457	02/15/40	Aaa		357,806
1,250,000	i	Credit Suisse Mortgage Capital Certificates
		Series 2007-C2 (Class A3)	5.542	01/15/49	Aaa		1,053,405
1,972,542	i	Credit Suisse/Morgan Stanley Commercial
		Mortgage Certificate Series HC1A (Class A1)	4.750	05/15/23	Aaa		1,808,828
277,894	i	GE Capital Commercial Mortgage Corp	5.334	11/10/45	Aaa		237,699
1,000,000		Greenwich Capital Commercial Funding Corp
		Series 2007-GG11 (Class A2)	5.597	12/10/49	NR		913,783
835,000		Greenwich Capital Commercial Funding Corp
		Series 2007-GG11 (Class A4)	5.736	12/10/49	NR		708,700
500,000		GS Mortgage Securities Corp II Series 2006-
		GG8 (Class A4)	5.560	11/10/39	Aaa		442,349
750,000	i	GS Mortgage Securities Corp II Series 2007-
		GG10 (Class A2)	5.778	08/10/45	Aaa		703,208
1,000,000	i	GS Mortgage Securities Corp II Series 2007-
		GG10 (Class AM)	5.799	08/10/45	Aaa		782,417
1,000,000	i	JP Morgan Chase Commercial Mortgage
		Securities Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		951,995
1,175,000	i	JP Morgan Chase Commercial Mortgage
		Securities Corp Series 2006-FL1A (Class A2)	4.740	02/15/20	Aaa		1,038,113
750,000	i	JP Morgan Chase Commercial Mortgage
		Securities Corp Series 2006-LDP7 (Class A2)	5.861	04/15/45	Aaa		730,492
1,100,000		JP Morgan Chase Commercial Mortgage
		Securities Corp Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		917,692

426

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      550,000	i	LB-UBS Commercial Mortgage Trust Series
		2007-C2 (Class AJ)	5.562%	02/15/40	NR	$	359,250
378,000	i	LB-UBS Commercial Mortgage Trust Series
		2008-C1 (Class A2)	6.317	04/15/41	Aaa		331,171
415,169	i	Lehman Brothers Floating Rate Commercial
		Mortgage Trust Series 2006-LLFA (Class A1)	4.640	09/15/21	Aaa		375,965
185,388		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.000	10/25/20	Aaa		177,295
1,000,000	i	Merrill Lynch Mortgage Trust Series 2003-
		KEY1 (Class A4)	5.236	11/12/35	NR		939,877
1,000,000	i	Merrill Lynch Mortgage Trust Series 2004-BPC1
		(Class AJ)	4.922	10/12/41	NR		801,619
241,897	i	Merrill Lynch Mortgage Trust Series 2005-CIP1
		(Class AM)	5.107	07/12/38	Aaa		204,489
275,000	i	Merrill Lynch Mortgage Trust Series 2006-C1
		(Class A4)	5.657	05/12/39	NR		248,134
480,000	i	Merrill Lynch Mortgage Trust Series 2008-C1
		(Class AJ)	6.266	02/12/51	Aaa		325,609
295,000	i	Merrill Lynch Mortgage Trust Series 2008-C1
		(Class AM)	6.266	02/12/51	Aaa		236,509
220,000		Merrill Lynch Mortgage Trust Series 2008-C1
		(Class C)	6.460	02/12/51	Aa2		134,391
250,000	i	Merrill Lynch/Countrywide Commercial
		Mortgage Trust Series 2006-1 (Class A4)	5.424	02/12/39	NR		222,682
365,000	i	Merrill Lynch/Countrywide Commercial
		Mortgage Trust Series 2007-8 (Class AM)	5.957	08/12/49	NR		298,836
295,000	i	Merrill Lynch/Countrywide Commercial
		Mortgage Trust Series 2007-9 (Class AM)	5.856	09/12/49	NR		228,525
1,097,572		Morgan Stanley Capital I Series 2005-HQ5
		(Class A2)	4.809	01/14/42	NR		1,078,765
100,000	i	Morgan Stanley Capital I Series 2006-HQ9
		(Class A4)	5.731	07/12/44	NR		89,744
250,000	i	Morgan Stanley Capital I Series 2006-IQ11
		(Class AJ)	5.776	10/15/42	NR		186,169
1,100,000		Morgan Stanley Capital I Series 2006-IQ12
		(Class A2)	5.283	12/15/43	NR		1,045,207
500,000		Morgan Stanley Capital I Series 2007-HQ11
		(Class A31)	5.439	02/12/44	Aaa		446,878
420,000		Morgan Stanley Capital I Series 2007-IQ13
		(Class A4)	5.364	03/15/44	NR		349,714
400,000		Residential Accredit Loans, Inc Series 2005-
		QS17 (Class A1)	6.000	12/25/35	Aaa		294,383
940,000		Residential Accredit Loans, Inc Series 2005-QS6
		(Class A7)	5.750	05/25/35	Aa1		769,747
530,000	i	Wachovia Bank Commercial Mortgage Trust
		Series 2006-WL7A (Class A2)	4.680	09/15/21	Aaa		480,169
3,350,000	i	Wachovia Bank Commercial Mortgage Trust
		Series 2007-C30 (Class AJ)	5.413	12/15/43	Aaa		2,168,744
100,000		Wachovia Bank Commercial Mortgage Trust
		Series 2007-C30 (Class AM)	5.383	12/15/43	Aaa		75,874
750,000		Wachovia Bank Commercial Mortgage Trust
		Series 2007-C31 (Class A2)	5.421	04/15/47	Aaa		694,990

427

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      3,742,252		Washington Mutual, Inc Series 2003-S10
		(Class A1)	4.500	10/25/18	NR	$	3,592,427
644,704	i	Wells Fargo Mortgage Backed Securities Trust
		Series 2006-AR2 (Class 2A3)	5.106	03/25/36	NR		572,644
		TOTAL OTHER MORTGAGE BACKED					39,052,374
		TOTAL STRUCTURED ASSETS					76,542,549
		(Cost $90,724,702)
SHARES		COMPANY
PREFERRED STOCK - 0.11%
DEPOSITORY INSTITUTIONS - 0.05%
14,000	e	Bank of America Corp	6.204	12/30/49	A1		254,100
		Total DEPOSITORY INSTITUTIONS					254,100
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.06%
38,322	e	Federal Home Loan Mortgage Corp
		(FHLMC)	8.375	12/30/49	Ca		62,465
110,728	e	Federal National Mortgage Association
		(FNMA)	8.250	12/30/49	Ca		241,387
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					303,852
		TOTAL PREFERRED STOCK					557,952
		(Cost $4,076,250)
TIAA-CREF MUTUAL FUNDS - 0.74%
437,253	q	TIAA-CREF Institutional High Yield Fund II					3,677,300
		TOTAL TIAA-CREF MUTUAL FUNDS					3,677,300
		(Cost $4,444,394)
SHORT-TERM INVESTMENTS - 4.26%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.83%
14,024,086		State Street Navigator Securities Lending Prime Portfolio					14,024,086
							14,024,086
PRINCIPAL		ISSUER
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.43%
7,110,000		Federal Home Loan Bank (FHLB)		10/21/08			7,108,023
							7,108,023
		TOTAL SHORT-TERM INVESTMENTS					21,132,109
		(Cost $21,125,396)
		TOTAL PORTFOLIO - 101.38%					502,974,258
		(Cost $531,186,167)
		OTHER ASSETS & LIABILITIES, NET - (1.38)%					(6,843,389	)
		NET ASSETS - 100.00%				$	496,130,869

428

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Plus Fund II
	+	As provided by Moody's Investors Service (unaudited).
	d	All or a portion of these securities have been segregated by the custodian to cover securities purchased
		on a delayed delivery basis.
	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, 2008, the value of these securities amounted to $23,292,566 or 4.69% 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, 2008.
	j	Zero coupon
	m	Indicates a security has been deemed illiquid.
	n	Defaulted security
	q	Affiliated fund
	v	Security valued at fair value.
		The following abbreviations are used in portfolio descriptions:
		LLC   -Limited Liability Company
		LP   -Limited Partnership
		NR   -Not rated by Moody's
		plc   -Public Limited Company

429

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SHORT-TERM BOND FUND II
SCHEDULE OF INVESTMENTS
September 30, 2008
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 86.18%
CORPORATE BONDS - 19.78%
AMUSEMENT AND RECREATION SERVICES - 0.52%
$      350,000		Walt Disney Co	5.700%	07/15/11	A2	$	360,524
1,000,000		Walt Disney Co	4.700	12/01/12	A2		995,091
		TOTAL AMUSEMENT AND RECREATION SERVICES					1,355,615
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.19%
500,000		Home Depot, Inc	3.750	09/15/09	Baa1		488,339
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					488,339
BUSINESS SERVICES - 0.54%
1,000,000		IBM International Group Capital LLC	5.050	10/22/12	A1		1,008,348
125,000		Oracle Corp	4.950	04/15/13	A2		124,596
250,000		Xerox Corp	7.625	06/15/13	Baa2		253,085
		TOTAL BUSINESS SERVICES					1,386,029
CHEMICALS AND ALLIED PRODUCTS - 0.99%
100,000		Abbott Laboratories	5.600	05/15/11	A1		103,353
200,000		Air Products & Chemicals, Inc	4.150	02/01/13	A2		191,718
1,000,000		Clorox Co	5.450	10/15/12	Baa2		996,407
1,000,000		GlaxoSmithKline Capital, Inc	4.850	05/15/13	A1		981,725
300,000		Lubrizol Corp	4.625	10/01/09	Baa2		298,572
		TOTAL CHEMICALS AND ALLIED PRODUCTS					2,571,775
COMMUNICATIONS - 0.79%
250,000	e	Allbritton Communications Co	7.750	12/15/12	B2		213,750
100,000		AT&T Corp	7.300	11/15/11	A2		103,849
500,000		Qwest Communications International, Inc	7.250	02/15/11	Ba3		473,750
295,000		Rogers Wireless, Inc	8.000	12/15/12	Ba1		294,263
600,000		Time Warner Cable, Inc	5.400	07/02/12	Baa2		570,730
200,000		Verizon Communications, Inc	5.250	04/15/13	A3		192,768
200,000		Viacom, Inc	5.750	04/30/11	Baa3		194,298
		TOTAL COMMUNICATIONS					2,043,408
DEPOSITORY INSTITUTIONS - 6.78%
4,700,000	e,g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		4,821,072
1,500,000	e	Banco Nacional de Comercio Exterior SNC	3.875	01/21/09	A1		1,496,250
300,000	e	Bank of America Corp	4.900	05/01/13	Aa2		271,394
600,000		Citigroup, Inc	5.100	09/29/11	Aa3		550,863
2,000,000		Citigroup, Inc	5.300	10/17/12	Aa3		1,780,448
130,000		Credit Suisse	5.000	05/15/13	Aa1		120,470
250,000		Deutsche Bank AG.	4.875	05/20/13	Aa1		238,794
500,000	g	FIA Card Services NA	7.125	11/15/12	Aa1		490,366
1,250,000	e	JPMorgan Chase & Co	3.500	03/15/09	Aa2		1,240,546
750,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		711,072

430

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      95,000		National City Corp	4.000%	02/01/11	A3	$	44,175
1,000,000	g	Nationwide Building Society	5.500	07/18/12	Aaa		1,030,700
250,000		Popular North America, Inc	3.875	10/01/08	WR		250,000
250,000	e	Popular North America, Inc	5.650	04/15/09	A3		246,997
625,000		US Bank NA	5.700	12/15/08	Aa2		626,354
625,000		Wachovia Corp	5.300	10/15/11	A1		521,173
2,375,000		Wells Fargo & Co	4.375	01/31/13	Aa1		2,183,152
1,000,000		Western Financial Bank	9.625	05/15/12	Aa3		932,340
		TOTAL DEPOSITORY INSTITUTIONS					17,556,166
ELECTRIC, GAS, AND SANITARY SERVICES - 1.22%
125,000	g	Abu Dhabi National Energy Co	6.600	08/01/13	Aa2		124,091
275,000		Consumers Energy Co	4.400	08/15/09	Baa1		274,216
1,250,000		Ohio Power Co	5.300	11/01/10	A3		1,257,650
625,000		ONEOK Partners LP	5.900	04/01/12	Baa2		614,850
600,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		632,699
250,000		Veolia Environnement	5.250	06/03/13	A3		245,825
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					3,149,331
FABRICATED METAL PRODUCTS - 0.39%
1,000,000	e	Stanley Works	5.000	03/15/10	A2		1,009,889
		TOTAL FABRICATED METAL PRODUCTS					1,009,889
FOOD AND KINDRED PRODUCTS - 1.73%
200,000		Bottling Group LLC	4.625	11/15/12	Aa2		196,793
625,000	g	Cadbury Schweppes US Finance LLC	3.875	10/01/08	WR		625,000
440,000		Diageo Finance BV	3.875	04/01/11	A3		435,519
600,000	g	Dr. Pepper Snapple Group, Inc	6.120	05/01/13	Baa3		595,490
125,000		General Mills, Inc	5.250	08/15/13	Baa1		124,037
625,000		Kraft Foods, Inc	4.000	10/01/08	WR		625,000
1,000,000		Kraft Foods, Inc	6.000	02/11/13	Baa2		993,875
900,000	g	SABMiller plc	5.700	01/15/14	Baa1		878,414
		TOTAL FOOD AND KINDRED PRODUCTS					4,474,128
FOOD STORES - 0.12%
300,000		Safeway, Inc	4.950	08/16/10	Baa2		300,208
		TOTAL FOOD STORES					300,208
HOLDING AND OTHER INVESTMENT OFFICES - 0.29%
150,000		Boston Properties LP	6.250	01/15/13	Baa2		148,687
625,000		Simon Property Group LP	5.600	09/01/11	A3		617,052
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					765,739
INSURANCE CARRIERS - 0.57%
250,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		246,925
1,000,000		Prudential Financial, Inc	5.800	06/15/12	A3		996,592
250,000		United Health Group, Inc	4.875	02/15/13	Baa1		238,948
		TOTAL INSURANCE CARRIERS					1,482,465
METAL MINING - 0.07%
200,000		Rio Tinto Finance USA Ltd	5.875	07/15/13	A3		196,062
		TOTAL METAL MINING					196,062

431

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
MISCELLANEOUS RETAIL - 0.45%
$      1,000,000		CVS Caremark Corp	5.750%	08/15/11	Baa2	$	1,014,761
150,000		Walgreen Co	4.875	08/01/13	A2		149,954
		TOTAL MISCELLANEOUS RETAIL					1,164,715
NONDEPOSITORY INSTITUTIONS - 1.99%
250,000		American Express Centurion Bank	5.550	10/17/12	Aa3		230,924
1,250,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		1,234,423
100,000		Capital One Financial Corp	5.700	09/15/11	A3		88,554
1,000,000	i	Countrywide Financial Corp	3.242	05/07/12	Aa2		884,727
500,000		Daimler Finance North America LLC	5.875	03/15/11	A3		498,292
100,000		Daimler Finance North America LLC	5.750	09/08/11	A3		98,730
1,250,000	e	HSBC Finance Corp	5.250	01/14/11	Aa3		1,228,174
800,000	e	HSBC Finance Corp	5.900	06/19/12	Aa3		760,713
172,000		International Lease Finance Corp	5.750	06/15/11	Baa1		123,951
		TOTAL NONDEPOSITORY INSTITUTIONS					5,148,488
OIL AND GAS EXTRACTION - 0.42%
250,000		BJ Services Co	5.750	06/01/11	Baa1		257,085
850,000		Enterprise Products Operating LP	4.625	10/15/09	Baa3		831,860
		TOTAL OIL AND GAS EXTRACTION					1,088,945
PIPELINES, EXCEPT NATURAL GAS - 0.53%
750,000		Enbridge Energy Partners LP	4.000	01/15/09	Baa2		744,700
625,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		617,164
		TOTAL PIPELINES, EXCEPT NATURAL GAS					1,361,864
PRIMARY METAL INDUSTRIES - 0.09%
250,000	e,g	ArcelorMittal	5.375	06/01/13	Baa2		236,175
		TOTAL PRIMARY METAL INDUSTRIES					236,175
PRINTING AND PUBLISHING - 0.38%
1,000,000	e	Thomson Corp	5.250	08/15/13	Baa1		985,370
		TOTAL PRINTING AND PUBLISHING					985,370
RAILROAD TRANSPORTATION - 0.28%
500,000		Canadian National Railway Co	4.950	01/15/14	A3		484,030
150,000	e	Canadian Pacific Railway Co	5.750	05/15/13	Baa3		145,585
100,000		Norfolk Southern Corp	5.750	04/01/18	Baa1		96,390
		TOTAL RAILROAD TRANSPORTATION					726,005
REAL ESTATE - 0.27%
1,500,000	g, i	USB Realty Corp	6.091	12/30/49	A1		690,000
		TOTAL REAL ESTATE					690,000
SECURITY AND COMMODITY BROKERS - 0.76%
500,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		219,655
650,000		Goldman Sachs Group, Inc	5.700	09/01/12	Aa3		559,907
500,000	n	Lehman Brothers Holdings Capital Trust V	5.857	12/30/49	Ca		50
1,250,000		Merrill Lynch & Co, Inc	4.125	09/10/09	A2		1,199,928
		TOTAL SECURITY AND COMMODITY BROKERS					1,979,540

432

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
TOBACCO PRODUCTS - 0.06%
$      150,000		Philip Morris International, Inc	4.875%	05/16/13	A2	$	147,831
		TOTAL TOBACCO PRODUCTS					147,831
TRANSPORTATION BY AIR - 0.11%
300,000		FedEx Corp	3.500	04/01/09	Baa2		297,712
		TOTAL TRANSPORTATION BY AIR					297,712
TRANSPORTATION EQUIPMENT - 0.24%
600,000	g	BAE Systems Holdings, Inc	6.400	12/15/11	Baa2		620,127
		TOTAL TRANSPORTATION EQUIPMENT					620,127
		TOTAL CORPORATE BONDS					51,225,926
		(Cost $54,122,882)
GOVERNMENT BONDS - 66.40%
AGENCY SECURITIES - 26.00%
750,000		Federal Farm Credit Bank (FFCB)	4.125	04/15/09	Aaa		753,647
4,400,000		FFCB	2.625	04/21/11	Aaa		4,306,997
2,000,000		Federal Home Loan Bank (FHLB)	5.000	10/16/09	Aaa		2,001,556
1,000,000		FHLB	2.375	04/30/10	Aaa		985,910
3,000,000		FHLB	3.375	06/24/11	Aaa		2,973,330
3,000,000		FHLB	5.375	08/19/11	Aaa		3,132,354
4,000,000		FHLB	3.625	09/16/11	Aaa		4,000,748
500,000		Federal Home Loan Mortgage Corp (FHLMC)	3.750	02/27/09	Aaa		500,938
4,700,000		FHLMC	4.750	11/03/09	Aaa		4,779,472
6,500,000		FHLMC	4.875	02/09/10	Aaa		6,645,522
2,700,000		FHLMC	7.000	03/15/10	Aaa		2,845,627
2,000,000		FHLMC	3.250	07/16/10	Aaa		2,003,770
5,000,000		FHLMC	5.000	10/01/10	Aaa		5,000,000
572,940		FHLMC	5.125	10/15/15	Aaa		578,059
3,000,000		Federal National Mortgage Association (FNMA)	5.375	08/15/09	Aaa		3,056,991
3,000,000		FNMA	4.625	12/15/09	Aaa		3,051,519
5,900,000		FNMA	7.125	06/15/10	Aaa		6,286,981
250,000		FNMA	3.250	08/12/10	Aaa		250,583
3,000,000		FNMA	2.875	10/12/10	Aaa		2,986,278
2,000,000		FNMA	3.625	02/12/13	Aaa		1,979,792
7,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		7,246,918
2,000,000		Private Export Funding Corp	3.550	04/15/13	Aaa		1,943,018
		TOTAL AGENCY SECURITIES					67,310,010
FOREIGN GOVERNMENT BONDS - 3.33%
250,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		260,455
1,100,000		Eksportfinans A/S	5.000	02/14/12	Aaa		1,130,899
400,000	g	Emirate of Abu Dhabi	5.500	08/02/12	Aa2		420,618
1,000,000		Federal Republic of Germany	0.000	06/01/10	Aaa		1,010,060
100,000		Hellenic Republic	4.625	06/25/13	A1		102,910
1,500,000		International Finance Corp	5.125	05/02/11	Aaa		1,599,170
100,000	g	Korea Railroad Corp	5.375	05/15/13	A2		93,764
1,550,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		1,578,597
250,000		Landwirtschaftliche Rentenbank	5.250	07/02/12	Aaa		263,822
1,000,000	e	Province of Manitoba Canada	4.450	04/12/10	Aa1		1,025,450
500,000	e	Province of Manitoba Canada	5.000	02/15/12	Aa1		525,455

433

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      600,000		Province of Ontario	3.125%	09/08/10	Aa1	$	604,374
		TOTAL FOREIGN GOVERNMENT BONDS					8,615,574
MORTGAGE BACKED SECURITIES - 0.84%
617,325		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			635,969
105,860		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	12/01/17			108,286
479,844		FGLMC	5.500	01/01/19			486,822
428,268		FGLMC	5.500	01/01/19			434,495
73,525		Federal National Mortgage Association (FNMA)	5.000	06/01/13			74,055
445,564		FNMA	5.000	02/25/35			444,919
		TOTAL MORTGAGE BACKED SECURITIES					2,184,546
U.S. TREASURY SECURITIES - 36.23%
10,314,507		United States Treasury Inflation Indexed Bonds	0.875	04/15/10			10,132,395
692,506		United States Treasury Inflation Indexed Bonds	2.375	04/15/11			700,405
3,251,400		United States Treasury Inflation Indexed Bonds	2.000	04/15/12			3,259,275
6,000,000		United States Treasury Note/Bond	2.000	02/28/10			6,004,686
3,500,000		United States Treasury Note/Bond	2.375	08/31/10			3,526,796
2,500,000		United States Treasury Note/Bond	4.500	11/30/11			2,656,835
21,211,000		United States Treasury Note/Bond	4.625	12/31/11			22,627,831
13,641,000		United States Treasury Note/Bond	2.750	02/28/13			13,570,667
14,274,000		United States Treasury Note/Bond	2.500	03/31/13			14,045,388
5,000,000		United States Treasury Note/Bond	3.125	04/30/13			5,042,970
50,000		United States Treasury Note/Bond	3.500	05/31/13			51,227
1,590,000		United States Treasury Note/Bond	3.375	06/30/13			1,621,924
10,200,000		United States Treasury Note/Bond	3.375	07/31/13			10,385,671
175,000		United States Treasury Note/Bond	3.875	05/15/18			176,148
		TOTAL U.S. TREASURY SECURITIES					93,802,218
		TOTAL GOVERNMENT BONDS					171,912,348
		(Cost $169,642,568)
		TOTAL BONDS					223,138,274
		(Cost $223,765,450)
STRUCTURED ASSETS - 8.99%
ASSET BACKED - 7.11%
1,000,000		AmeriCredit Automobile Receivables Trust Series 2006-
		AF (Class A4)	5.640	09/06/13	Aaa		970,127
55,677		Asset Backed Funding Corp NIM Trust Series 2005-
		WMC1 (Class N1)	5.900	07/26/35	NR		6
250,370		Centex Home Equity Series 2002-A (Class AF6)	5.540	01/25/32	Aaa		226,471
1,383,412		Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	Aa3		785,737
385,248	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		184,814
385,248	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1M2)	5.700	02/25/35	A2		254,096
682,304		CIT Group Home Equity Loan Trust Series 2002-2 (Class
		MF2)	6.390	12/25/30	A3		459,996
600,000		Citicorp Mortgage Securities, Inc Series 2006-1
		(Class A3)	5.706	07/25/36	Aaa		570,336
495,003	i	Countrywide Asset-Backed Certificates Series 2006-S3
		(Class A1)	3.317	06/25/21	Baa3		396,245

434

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$      2,000,000		Flagstar Home Equity Loan Trust Series 2007-1A (Class
		AF3)	5.781%	01/25/35	A2	$	1,616,083
123,297	i	GMAC Mortgage Corporation Loan Trust 2005-HE2
		A3	4.622	11/25/35	A2		113,567
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV
		A3	5.590	10/25/29	Aa1		1,735,210
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV
		A4	5.810	10/25/29	A1		1,289,948
250,000		JPMorgan Auto Receivables Trust Series 2007-A (Class
		A3)	5.190	02/15/11	Aaa		249,572
1,619,176		Marriott Vacation Club Owner Trust Series 2006-1A
		(Class A)	5.737	04/20/28	Aaa		1,567,594
124,210	m, v	New York City Tax Lien Series 2006-AA (Class A)	5.930	11/10/19	Aaa		81,804
500,000		Renaissance Home Equity Loan Trust Series 2006-3 (Class
		AF3)	5.586	11/25/36	Aaa		439,503
4,000,000		Residential Funding Mortgage Securities II, Inc Series
		2006-H12 (Class A3)	5.790	02/25/36	Aa3		3,001,966
500,000		Residential Funding Mortgage Securities II, Inc Series
		2006-HI1 (Class M2)	6.060	02/25/36	Aa2		193,623
2,000,000		Residential Funding Mortgage Securities II, Inc Series
		2006-HI3 (Class A2)	5.950	02/25/36	Aa1		1,768,813
1,300,000		Residential Funding Mortgage Securities II, Inc Series
		2006-HI3 (Class A3)	5.960	02/25/36	Aa3		960,498
879,753		Saxon Asset Securities Trust Series 2002-2 (Class AF6)	6.120	11/25/30	Aaa		804,038
776,611	m	Sierra Receivables Funding Co Series 2006-1A (Class A1)
			5.840	05/20/18	A2		741,120
		TOTAL ASSET BACKED					18,411,167
OTHER MORTGAGE BACKED SECURITIES - 1.88%
243,528		Aames Mortgage Trust Series 2002-1 (Class A3)	6.896	06/25/32	Aaa		226,192
357,877		Banc of America Mortgage Securities, Inc Series 2006-1
		(Class A8)	6.000	05/25/36	Aaa		358,599
469,385		CIT Group Home Equity Loan Trust Series 2002-2 (Class
		BF)	6.830	06/25/33	Ba1		243,753
38,525	i	Credit Suisse Mortgage Capital Certificates Series 2006-
		TF2A (Class A1)	4.660	10/15/21	Aaa		35,618
335,815		First Horizon Asset Securities, Inc Series 2003-9 (Class
		1A4)	5.500	11/25/33	NR		336,375
350,000	i	JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2006-LDP7 (Class A2)	5.861	04/15/45	Aaa		340,896
883,275	i	JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2007-FL1A (Class A1)	4.935	07/15/19	Aaa		840,500
215,664	i	Lehman Brothers Floating Rate Commercial Mortgage Trust
		Series 2006-LLFA (Class A1)	4.640	09/15/21	Aaa		195,300
1,097,571		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	NR		1,078,766
660,000		Morgan Stanley Capital I Series 2006-IQ12 (Class A2)	5.283	12/15/43	NR		627,124
300,000	i	Wachovia Bank Commercial Mortgage Trust Series 2006-
		WL7A (Class A2)	4.680	09/15/21	Aaa		271,794
350,000		Wachovia Bank Commercial Mortgage Trust Series 2007-
		C31 (Class A2)	5.421	04/15/47	Aaa		324,329
		TOTAL OTHER MORTGAGE BACKED SECURITIES					4,879,246
		TOTAL STRUCTURED ASSETS					23,290,413
		(Cost $28,467,210)

435

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short-Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
PREFERRED STOCKS - 0.06%
NONDEPOSITORY INSTITUTIONS - 0.06%
$      15,738	e,i	Federal Home Loan Mortgage Corp (FHLMC)	8.375%	12/30/49	Ca	$	25,653
55,841	e,i	Federal National Mortgage Association (FNMA)	8.250	12/30/49	Ca		121,733
		TOTAL NONDEPOSITORY INSTITUTIONS					147,386
		TOTAL PREFERRED STOCKS					147,386
		(Cost $1,789,475)
SHORT-TERM INVESTMENTS - 4.77%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 4.77%
12,360,000		Federal Home Loan Bank (FHLB)		10/1/08			12,360,000
							12,360,000
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.93%
10,173,168		State Street Navigator Securities Lending Prime Portfolio					10,173,168
							10,173,168
		TOTAL SHORT-TERM INVESTMENTS					22,533,168
		(Cost $22,533,168)
		TOTAL PORTFOLIO - 103.93%					269,109,241
		(Cost $276,555,303)
		OTHER ASSETS & LIABILITIES, NET - (3.93)%					(10,173,163	)
		NET ASSETS - 100.00%				$	258,936,078
	+	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, 2008, the value of these securities amounted to $12,107,165 or 4.68% of net assets.
	i	Floating rate or variable rate securities reflects the rate at September 30, 2008.
	v	Security valued at fair value.
		The following abbreviations are used in portfolio descriptions:
		LLC - Limited Liability Company
		LP - Limited Partnership
		NR - Not rated by Moody's

436

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
HIGH-YIELD FUND II
SCHEDULE OF INVESTMENTS
September 30, 2008
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BANK LOAN OBLIGATIONS - 1.01%
$     2,000,000	h,v	HCA, Inc	6.753%	11/18/13	Ba3	$	1,770,000
2,178,000	m,v	Texas Competive Electric	6.230	10/10/14	Ba3		1,829,520
		TOTAL BANK LOAN OBLIGATIONS					3,599,520
		(Cost $3,990,085)
CORPORATE BONDS - 87.68%
AMUSEMENT AND RECREATION SERVICES - 1.70%
$ 1,675,000	g	Harrah's Operation Co, Inc	10.750	02/01/16	Caa1		854,250
2,175,000	g	Pokagon Gaming Authority	10.375	06/15/14	B2		2,202,188
1,500,000	g	Seminole Indian Tribe of Florida	7.804	10/01/20	Ba1		1,394,745
1,750,000		Speedway Motorsports, Inc	6.750	06/01/13	Ba2		1,645,000
		TOTAL AMUSEMENT AND RECREATION SERVICES					6,096,183
APPAREL AND ACCESSORY STORES - 0.20%
1,348,000	e	Broder Brothers Co	11.250	10/15/10	Caa2		700,960
		TOTAL APPAREL AND ACCESSORY STORES					700,960
AUTO REPAIR, SERVICES AND PARKING - 0.78%
1,640,000		Hertz Corp	8.875	01/01/14	B1		1,414,500
1,646,000	e	Hertz Corp	10.500	01/01/16	B2		1,374,410
		TOTAL AUTO REPAIR, SERVICES AND PARKING					2,788,910
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 1.52%
2,755,000	e	Asbury Automotive Group, Inc	8.000	03/15/14	B3		1,935,388
2,723,000	e	Autonation, Inc	7.000	04/15/14	Ba2		2,369,009
1,690,000	e	Sonic Automotive, Inc	8.625	08/15/13	B1		1,149,200
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					5,453,597
BUSINESS SERVICES - 3.94%
1,700,000		Activant Solutions, Inc	9.500	05/01/16	Caa1		1,258,000
1,894,000	g	Ceridian Corp	11.250	11/15/15	Caa2		1,562,550
990,000	e,g,o	Ceridian Corp	12.250	11/15/15	Caa2		806,850
4,750,000	e	Lamar Media Corp	7.250	01/01/13	Ba3		4,298,750
625,000		Lamar Media Corp	6.625	08/15/15	Ba3		517,188
852,000		Lamar Media Corp	6.625	08/15/15	Ba3		705,030
1,259,000	g	Open Solutions, Inc	9.750	02/01/15	Caa1		818,350
1,750,000		Sungard Data Systems, Inc	9.125	08/15/13	Caa1		1,575,000
1,490,000	e	Sungard Data Systems, Inc	10.250	08/15/15	Caa1		1,292,575
750,000		United Rentals North America, Inc	6.500	02/15/12	B1		626,250
852,000	e	United Rentals North America, Inc	7.750	11/15/13	B2		649,650
		TOTAL BUSINESS SERVICES					14,110,193
CHEMICALS AND ALLIED PRODUCTS - 3.11%
1,880,000		Chemtura Corp	6.875	06/01/16	Ba2		1,504,000
1,000,000		Church & Dwight Co, Inc	6.000	12/15/12	Ba2		945,000

437

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     2,350,000	j	Koppers Holdings, Inc (Step Bond 0.000% until
		11/15/09, 9.875% until 11/15/14)		11/15/14	B2	$	2,103,250
1,500,000		Momentive Performance Materials, Inc	9.750%	12/01/14	B3		1,185,000
1,600,000	e	Momentive Performance Materials, Inc	11.500	12/01/16	Caa2		1,088,000
2,510,000		Nalco Co	7.750	11/15/11	B1		2,459,800
1,933,000	g	Reichhold Industries, Inc	9.000	08/15/14	B2		1,855,680
		TOTAL CHEMICALS AND ALLIED PRODUCTS					11,140,730
COAL MINING - 3.25%
2,050,000		Arch Western Finance LLC	6.750	07/01/13	B1		1,927,000
3,225,000		Consol Energy, Inc	7.875	03/01/12	Ba1		3,208,875
7,676,000	g	Griffin Coal Mining Co Pty Ltd	9.500	12/01/16	Ba3		4,912,640
1,625,000		Peabody Energy Corp	6.875	03/15/13	Ba1		1,568,125
		TOTAL COAL MINING					11,616,640
COMMUNICATIONS - 10.86%
4,402,000		Allbritton Communications Co	7.750	12/15/12	B2		3,763,710
1,250,000	g	Charter Communications Operating LLC	8.000	04/30/12	B3		1,118,750
661,000	g	Charter Communications, Inc	10.875	09/15/14	B3		641,170
250,000		Citizens Communications Co	9.250	05/15/11	Ba2		250,000
1,530,000		Citizens Communications Co	7.125	03/15/19	Ba2		1,216,350
1,950,000		Citizens Communications Co	9.000	08/15/31	Ba2		1,491,750
2,536,000		CSC Holdings, Inc	7.625	04/01/11	B1		2,434,560
1,500,000	g	CSC Holdings, Inc	8.500	06/15/15	B1		1,393,125
1,000,000		DirecTV Holdings LLC	8.375	03/15/13	Ba3		987,500
1,860,000	g	DirecTV Holdings LLC	7.625	05/15/16	Ba3		1,683,300
1,700,000		Echostar DBS Corp	6.375	10/01/11	Ba3		1,564,000
1,000,000		Echostar DBS Corp	6.625	10/01/14	Ba3		802,500
750,000		MetroPCS Wireless, Inc	9.250	11/01/14	Caa1		701,250
5,830,000		Qwest Communications International, Inc	7.250	02/15/11	Ba3		5,523,924
1,000,000		Qwest Communications International, Inc	7.500	02/15/14	Ba3		865,000
3,720,000		Qwest Corp	8.875	03/15/12	Ba1		3,645,600
4,213,000		Sprint Capital Corp	6.875	11/15/28	Baa3		2,822,710
4,375,000		Sprint Nextel Corp	6.000	12/01/16	Baa3		3,368,750
1,250,000		Videotron Ltee	6.875	01/15/14	Ba2		1,181,250
860,000	g	Videotron Ltee	9.125	04/15/18	Ba2		868,600
2,650,000		Windstream Corp	8.125	08/01/13	Ba3		2,517,500
		TOTAL COMMUNICATIONS					38,841,299
DEPOSITORY INSTITUTIONS - 0.36%
2,750,000		National City Corp	4.000	02/01/11	A3		1,278,750
		TOTAL DEPOSITORY INSTITUTIONS					1,278,750
ELECTRIC, GAS, AND SANITARY SERVICES - 11.61%
2,000,000	g	AES Corp	8.750	05/15/13	Ba3		2,010,000
1,500,000	e	AES Corp	8.000	10/15/17	B1		1,353,750
500,000		Allied Waste North America, Inc	6.375	04/15/11	B1		485,000
3,200,000		Allied Waste North America, Inc	7.875	04/15/13	B1		3,176,000
3,006,000		Dynegy Holdings, Inc	8.750	02/15/12	B2		2,840,670
2,775,000		Edison Mission Energy	7.500	06/15/13	B1		2,664,000
1,275,000		Edison Mission Energy	7.000	05/15/17	B1		1,147,500
4,275,000	g	El Paso Performance-Linked Trust	7.750	07/15/11	Ba3		4,329,002
2,375,000	g,v	Energy Future Holdings Corp	10.875	11/01/17	B3		2,143,438

438

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     3,750,000	g	Intergen NV	9.000%	06/30/17	Ba3	$	3,749,999
2,000,000	g	Ipalco Enterprises, Inc	7.250	04/01/16	Ba1		1,910,000
1,669,600		Midwest Generation LLC	8.560	01/02/16	Baa3		1,719,689
2,315,000		Mirant North America LLC	7.375	12/31/13	B1		2,176,100
2,500,000		NRG Energy, Inc	7.250	02/01/14	B1		2,318,750
2,500,000		NRG Energy, Inc	7.375	02/01/16	B1		2,250,000
2,100,000		Reliant Energy, Inc	7.625	06/15/14	B1		1,575,000
3,725,000	e	Sabine Pass LNG LP	7.250	11/30/13	B2		2,942,750
1,526,000	e	Sabine Pass LNG LP	7.500	11/30/16	B2		1,190,280
1,500,000	e	Sierra Pacific Resources	8.625	03/15/14	Ba3		1,536,267
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					41,518,195
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 1.65%
2,302,000		Freescale Semiconductor, Inc	8.875	12/15/14	B2		1,588,380
3,500,000		L-3 Communications Corp	7.625	06/15/12	Ba3		3,447,500
845,000		Nortel Networks Ltd	10.125	07/15/13	B3		538,687
515,000	g	Nortel Networks Ltd	10.750	07/15/16	B3		315,438
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					5,890,005
ENGINEERING AND MANAGEMENT SERVICES - 0.16%
1,000,000	e	Station Casinos, Inc	6.000	04/01/12	Caa2		560,000
		TOTAL ENGINEERING AND MANAGEMENT SERVICES					560,000
FABRICATED METAL PRODUCTS - 0.73%
1,250,000		Ball Corp	6.875	12/15/12	Ba1		1,248,438
1,400,000		Crown Americas LLC	7.625	11/15/13	B1		1,379,000
		TOTAL FABRICATED METAL PRODUCTS					2,627,438
FOOD AND KINDRED PRODUCTS - 0.86%
1,140,000		Constellation Brands, Inc	8.375	12/15/14	Ba3		1,128,600
637,000		Constellation Brands, Inc	7.250	05/15/17	Ba3		586,040
1,750,000	e	Smithfield Foods, Inc	7.750	07/01/17	B3		1,373,750
		TOTAL FOOD AND KINDRED PRODUCTS					3,088,390
FOOD STORES - 1.24%
4,108,000	e	Stater Brothers Holdings	8.125	06/15/12	B2		4,025,840
426,000		Stater Brothers Holdings	7.750	04/15/15	B2		398,310
		TOTAL FOOD STORES					4,424,150
FURNITURE AND FIXTURES - 0.19%
700,000		BE Aerospace, Inc	8.500	07/01/18	Ba3		679,000
		TOTAL FURNITURE AND FIXTURES					679,000
FURNITURE AND HOME FURNISHINGS STORES - 0.95%
3,400,000		GSC Holdings Corp	8.000	10/01/12	Ba1		3,417,000
		TOTAL FURNITURE AND HOME FURNISHINGS STORES					3,417,000
HEALTH SERVICES - 2.85%
1,750,000		DaVita, Inc	6.625	03/15/13	B1		1,662,500
1,850,000	e	DaVita, Inc	7.250	03/15/15	B2		1,757,500
2,490,000		FMC Finance III S.A.	6.875	07/15/17	Ba2		2,396,625
3,860,000		HCA, Inc	9.125	11/15/14	B2		3,753,850

439

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$        900,000		HCA, Inc	7.500%	11/06/33	Caa1	$	639,000
		TOTAL HEALTH SERVICES					10,209,475
HOLDING AND OTHER INVESTMENT OFFICES - 0.33%
2,517,000	g	LyondellBasell Industries AF S.C.A.	8.375	08/15/15	B3		1,182,990
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					1,182,990
HOTELS AND OTHER LODGING PLACES - 1.41%
300,000		MGM Mirage	8.500	09/15/10	Ba2		276,000
1,700,000	e	MGM Mirage	8.375	02/01/11	B1		1,389,750
3,250,000		MGM Mirage	6.750	09/01/12	Ba2		2,543,125
1,100,000	g,i	Seminole Hard Rock Entertainment, Inc	5.319	03/15/14	B1		825,000
		TOTAL HOTELS AND OTHER LODGING PLACES					5,033,875
INDUSTRIAL MACHINERY AND EQUIPMENT - 1.62%
950,000		Jefferson Smurfit Corp US	8.250	10/01/12	B3		793,250
844,000		Jefferson Smurfit Corp US	7.500	06/01/13	B3		683,640
3,625,000		Scientific Games Corp	6.250	12/15/12	Ba3		3,498,125
860,000	g	Scientific Games Corp	7.875	06/15/16	Ba3		819,150
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					5,794,165
INSTRUMENTS AND RELATED PRODUCTS - 0.51%
1,828,000	e	Biomet, Inc	11.625	10/15/17	Caa1		1,837,140
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					1,837,140
JUSTICE, PUBLIC ORDER AND SAFETY - 0.13%
500,000		Corrections Corp of America	6.250	03/15/13	Ba2		467,500
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY					467,500
LEGAL SERVICES - 1.17%
1,500,000		FTI Consulting, Inc	7.625	06/15/13	Ba2		1,528,125
2,614,000		FTI Consulting, Inc	7.750	10/01/16	Ba2		2,656,478
		TOTAL LEGAL SERVICES					4,184,603
METAL MINING - 1.88%
3,400,000		Freeport-McMoRan Copper & Gold, Inc	8.250	04/01/15	Ba2		3,340,500
1,705,000		Freeport-McMoRan Copper & Gold, Inc	8.375	04/01/17	Ba2		1,679,425
2,000,000	g	Vedanta Resources plc	9.500	07/18/18	Ba1		1,697,800
		TOTAL METAL MINING					6,717,725
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.86%
4,170,000		WMG Acquisition Corp	7.375	04/15/14	B3		3,096,225
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					3,096,225
MISCELLANEOUS RETAIL - 1.09%
3,974,000		Susser Holdings LLC	10.625	12/15/13	B3		3,904,455
		TOTAL MISCELLANEOUS RETAIL					3,904,455
NONDEPOSITORY INSTITUTIONS - 5.99%
3,390,000	g	Baker & Taylor, Inc	11.500	07/01/13	B2		2,644,200
2,100,000	g	Buffalo Thunder Development Authority	9.375	12/15/14	B2		882,000
1,700,000	e	Countrywide Financial Corp	6.250	05/15/16	Aa3		1,210,267
875,000		Ford Motor Credit Co	6.375	11/05/08	B1		862,627
1,500,000		Ford Motor Credit Co	5.800	01/12/09	B1		1,425,986

440

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,475,000		Ford Motor Credit Co	5.700%	01/15/10	B1	$	1,129,608
2,500,000		Ford Motor Credit Co	9.750	09/15/10	B1		1,792,707
3,466,000		Ford Motor Credit Co	9.875	08/10/11	B1		2,391,154
1,500,000		Ford Motor Credit Co	7.000	10/01/13	B1		921,836
2,750,000		Ford Motor Credit Co	8.000	12/15/16	B1		1,738,765
4,000,000		General Motors Acceptance Corp LLC	7.250	03/02/11	B3		1,891,927
1,912,500		General Motors Acceptance Corp LLC	6.875	09/15/11	B3		853,333
2,000,000		General Motors Acceptance Corp LLC	6.875	08/28/12	B3		794,956
2,995,000	e	General Motors Acceptance Corp LLC	8.000	11/01/31	B3		1,129,945
1,800,000	g	Lender Processing Services, Inc	8.125	07/01/16	Ba2		1,755,000
		TOTAL NONDEPOSITORY INSTITUTIONS					21,424,311
OIL AND GAS EXTRACTION - 6.81%
2,800,000	g	Atlas Energy Resources LLC	10.750	02/01/18	B3		2,520,000
1,265,000		Chesapeake Energy Corp	7.625	07/15/13	Ba3		1,208,075
1,000,000		Chesapeake Energy Corp	7.500	09/15/13	Ba3		967,500
4,375,000		Chesapeake Energy Corp	6.875	11/15/20	Ba3		3,740,625
2,276,000		Cimarex Energy Co	7.125	05/01/17	Ba3		2,093,920
3,125,000		Complete Production Services, Inc	8.000	12/15/16	B2		2,968,750
2,410,000		Denbury Resources, Inc	7.500	04/01/13	B1		2,277,450
1,575,000		Encore Acquisition Co	6.000	07/15/15	B1		1,252,125
675,000		Encore Acquisition Co	7.250	12/01/17	B1		553,500
1,720,000		Key Energy Services, Inc	8.375	12/01/14	B1		1,651,200
1,375,000	e	Plains Exploration & Production Co	7.000	03/15/17	B1		1,196,250
1,233,000		Range Resources Corp	7.500	05/15/16	Ba3		1,177,515
1,750,000		Range Resources Corp	7.500	10/01/17	Ba3		1,653,750
250,000		Range Resources Corp	7.250	05/01/18	Ba3		236,250
900,000	g	Southwestern Energy Co	7.500	02/01/18	Ba2		873,000
		TOTAL OIL AND GAS EXTRACTION					24,369,910
PAPER AND ALLIED PRODUCTS - 3.28%
2,985,000		Cenveo Corp	7.875	12/01/13	B3		2,298,450
1,100,000	g	Cenveo Corp	10.500	08/15/16	B2		1,017,500
1,846,000		Domtar Corp	7.875	10/15/11	Ba3		1,836,770
1,680,000	g	Georgia-Pacific LLC	7.000	01/15/15	Ba3		1,528,800
4,025,000	e	Graphic Packaging International, Inc	8.500	08/15/11	B3		3,823,750
1,260,000		Greif, Inc	6.750	02/01/17	Ba2		1,215,900
		TOTAL PAPER AND ALLIED PRODUCTS					11,721,170
PERSONAL SERVICES - 0.64%
2,400,000		Mac-Gray Corp	7.625	08/15/15	B3		2,292,000
		TOTAL PERSONAL SERVICES					2,292,000
PETROLEUM AND COAL PRODUCTS - 1.58%
1,750,000	e	Frontier Oil Corp	6.625	10/01/11	Ba3		1,653,750
2,500,000		Frontier Oil Corp	8.500	09/15/16	Ba3		2,406,250
2,000,000		Tesoro Corp	6.500	06/01/17	Ba1		1,600,000
		TOTAL PETROLEUM AND COAL PRODUCTS					5,660,000
PRIMARY METAL INDUSTRIES - 1.86%
1,700,000	i	Noranda Aluminium Acquisition Corp	6.828	05/15/15	B3		1,292,000
2,030,000		Novelis, Inc	7.250	02/15/15	B3		1,766,100
1,000,000		Steel Dynamics, Inc	7.375	11/01/12	Ba2		915,000

441

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
					MATURITY
PRINCIPAL		ISSUER	RATE		DATE	RATING+		VALUE
$     640,000		Steel Dynamics, Inc	6.750	%	04/01/15	Ba2	$	550,400
450,000	g	Steel Dynamics, Inc	7.750		04/15/16	Ba2		400,500
2,000,000	g	Texas Industries, Inc	7.250		07/15/13	Ba3		1,740,000
		TOTAL PRIMARY METAL INDUSTRIES						6,664,000
PRINTING AND PUBLISHING - 0.88%
640,000	g	American Achievement Corp	8.250		04/01/12	NR		638,400
3,525,000	e	Morris Publishing Group LLC	7.000		08/01/13	Caa1		846,000
21,000	e	RH Donnelley Corp	8.875		10/15/17	B3		7,140
2,700,000	e,g	RH Donnelley, Inc	11.750		05/15/15	B1		1,647,000
		TOTAL PRINTING AND PUBLISHING						3,138,540
SECURITY AND COMMODITY BROKERS - 0.95%
4,405,000	g	Nuveen Investments, Inc	10.500		11/15/15	B3		3,391,850
		TOTAL SECURITY AND COMMODITY BROKERS						3,391,850
SOCIAL SERVICES - 0.69%
2,780,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15	B2		2,460,300
		TOTAL SOCIAL SERVICES						2,460,300
STONE, CLAY, AND GLASS PRODUCTS - 0.23%
840,000		Owens Brockway Glass Container, Inc	8.250		05/15/13	Ba3		835,800
		TOTAL STONE, CLAY, AND GLASS PRODUCTS						835,800
TRANSPORTATION BY AIR - 0.82%
3,278,000		Bristow Group, Inc	7.500		09/15/17	Ba2		2,917,420
		TOTAL TRANSPORTATION BY AIR						2,917,420
TRANSPORTATION EQUIPMENT - 2.28%
500,000	e,g	Allison Transmission	11.000		11/01/15	Caa1		435,000
1,250,000		American Railcar Industries, Inc	7.500		03/01/14	B1		1,106,250
2,452,000	g	Bombardier, Inc	6.750		05/01/12	Ba2		2,353,920
1,109,000	e,g	Bombardier, Inc	8.000		11/15/14	Ba2		1,097,910
650,000	e	General Motors Corp	7.700		04/15/16	Caa2		260,000
1,420,000	e	General Motors Corp	8.375		07/15/33	Caa2		568,000
1,061,000	e	Hawker Beechcraft Acquisition Co LLC	9.750		04/01/17	Caa1		949,595
966,000		Trinity Industries, Inc	6.500		03/15/14	Baa3		910,455
566,000	e,g	TRW Automotive, Inc	7.000		03/15/14	Ba3		466,950
		TOTAL TRANSPORTATION EQUIPMENT						8,148,080
WATER TRANSPORTATION - 1.06%
4,021,000		Gulfmark Offshore, Inc	7.750		07/15/14	B1		3,779,740
		TOTAL WATER TRANSPORTATION						3,779,740
WHOLESALE TRADE-DURABLE GOODS - 2.99%
4,000,000	g	Ace Hardware Corp	9.125		06/01/16	Ba2		3,420,000
3,369,000		IKON Office Solutions, Inc	7.750		09/15/15	Ba3		3,520,605
1,270,000		Interline Brands, Inc	8.125		06/15/14	B3		1,257,300
1,000,000		Russel Metals, Inc	6.375		03/01/14	Ba2		901,250
1,900,000	g	Ryerson, Inc	12.000		11/01/15	B2		1,615,000
		TOTAL WHOLESALE TRADE-DURABLE GOODS						10,714,155

442

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 2.67%
$     1,620,000	g	Airgas, Inc	7.125%	10/01/18	Ba2	$	1,579,500
1,500,000		AmeriGas Partners LP	7.125	05/20/16	Ba3		1,342,500
2,130,000		Idearc, Inc	8.000	11/15/16	B3		580,425
2,080,000	e,g	Ineos Group Holdings plc	8.500	02/15/16	B3		1,123,200
850,000		Inergy LP	6.875	12/15/14	B1		743,750
2,750,000		Inergy LP	8.250	03/01/16	B1		2,530,000
1,700,000	e	Supervalu, Inc	7.500	11/15/14	B1		1,649,000
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					9,548,375
		TOTAL CORPORATE BONDS					313,725,244
		(Cost $361,355,045)
SHORT-TERM INVESTMENTS - 17.59%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 7.08%
25,350,000		Federal Home Loan Bank (FHLB)		10/01/08			25,350,000
							25,350,000
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOAN
37,588,738		State Street Navigator Securities Lending Prime Portfolio					37,588,738
							37,588,738
		TOTAL SHORT-TERM INVESTMENTS					62,938,738
		(Cost $62,938,738)
		TOTAL PORTFOLIO - 106.29%					380,263,502
		(Cost $428,283,868)
		OTHER ASSETS & LIABILITIES, NET - (6.29)%					(22,496,019)
		NET ASSETS - 100.00%					$ 357,767,483
	+	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, 2008, the value of these securities amounted to $72,685,045 or 20.32% 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, 2008.
	j	Zero coupon
	m	Indicates a security that has been deemed illiquid.
	o	Payment in Kind Bond
	v	Security valued at fair value.
		The following abbreviations are used in portfolio descriptions:
		LLC - Limited Liability Company
		LP - Limited Partnership
		NR - Not rated by Moody's
		plc - Public Limited Company

443

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
TAX-EXEMPT BOND FUND II
SCHEDULE OF INVESTMENTS
September 30, 2008

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
LONG -TERM MUNICIPAL BONDS - 97.35%
ALABAMA - 1.79%
250,000		City of Birmingham AL	5.125%	01/01/17	A2	$	254,212
150,000		City of Birmingham AL, GO	5.000	12/01/16	Aa3		159,062
2,420,000		Courtland Industrial Development Board	5.000	11/01/13	Baa3		2,285,811
1,785,000		Southeast Alabama Gas District	5.000	06/01/18	A3		1,709,762
		TOTAL ALABAMA					4,408,847
ALASKA - 0.60%
1,410,000		Alaska Railroad Corp	5.250	08/01/16	A1		1,471,462
		TOTAL ALASKA					1,471,462
ARIZONA - 1.25%
490,000		Arizona Health Facilities Authority, ETM	6.375	12/01/12	NR		545,301
1,090,000		Arizona Health Facilities Authority, ETM	5.625	12/01/15	A2		1,170,464
1,260,000		Tucson AZ, COP	5.250	07/01/14	A1		1,354,210
		TOTAL ARIZONA					3,069,975
ARKANSAS - 1.85%
1,185,000		Arkansas Development Finance Authority	5.000	11/01/14	Aaa		1,269,455
1,600,000		Arkansas Development Finance Authority	5.500	12/01/18	NR		1,731,952
650,000		Fayetteville AR	5.000	11/01/16	Aaa		694,935
765,000		North Little Rock AR	6.500	07/01/15	A2		851,437
		TOTAL ARKANSAS					4,547,779
CALIFORNIA - 3.57%
1,000,000	i	California Pollution Control Financing Authority,	5.125	11/01/23	NR		799,950
125,000		City of San Bernardino CA, ETM	7.500	05/01/23	Aaa		152,145
20,000	i	Delta Counties Home Mortgage Finance Authority,	6.700	06/01/24	A2		20,032
1,900,000		Los Angeles Unified School District, COP	5.000	10/01/17	Aa3		1,991,124
440,000		Metropolitan Water District of Southern California	5.750	07/01/21	Aa2		487,951
1,370,000		Palmdale Elementary School District	5.300	08/01/14	Aaa		1,445,734
535,000		Sacramento City Financing Authority	5.400	11/01/20	Aa3		556,058
2,700,000		State of California, GO	5.000	03/01/17	A1		2,799,305
550,000		Vallejo Sanitation & Flood Control District, COP	5.000	07/01/19	NR		514,943
		TOTAL CALIFORNIA					8,767,242
COLORADO - 0.04%
120,000		Vista Ridge Metropolitan District, GO	4.125	12/01/16	A3		106,302
		TOTAL COLORADO					106,302
CONNECTICUT - 0.64%
1,345,000		Connecticut Municipal Electric Energy Cooperative,	7.000	01/01/15	Aaa		1,564,692
		TOTAL CONNECTICUT					1,564,692

444

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
DISTRICT OF COLUMBIA - 1.16%
$     725,000		District of Columbia, COP	5.250%	01/01/14	A2	$	752,159
2,000,000		District of Columbia, GO	5.000	06/01/16	Aa3		2,093,100
		TOTAL DISTRICT OF COLUMBIA					2,845,259
FLORIDA - 7.12%
1,500,000		Broward County School Board, COP	5.250	07/01/15	Aaa		1,578,975
1,485,000		Broward County School Board, COP	5.250	07/01/16	Aa3		1,530,590
550,000		Charlotte County FL	5.000	10/01/14	Aaa		583,572
322,000		City of Lakeland FL, ETM	5.750	10/01/19	NR		340,225
1,000,000		County of Brevard FL, GO	5.000	07/01/16	Aa3		1,032,980
1,600,000		First Governmental Financing Commission	5.500	07/01/15	Aa3		1,710,288
2,200,000		Florida Department of Transportation	5.000	07/01/18	Aa2		2,289,386
1,890,000		Florida State Board of Education	5.000	07/01/14	Aa3		1,954,638
725,000		Florida State Board of Education	5.000	07/01/18	A2		736,513
220,000		JEA	6.800	07/01/12	Aaa		236,515
2,000,000		Lake County School Board, COP	5.250	06/01/17	Aa3		2,075,959
1,275,000		Lake County School Board, COP	5.250	06/01/18	Aa3		1,303,025
940,000		Orange County Health Facilities Authority, ETM	6.250	10/01/10	A2		1,003,610
100,000		Orange County Health Facilities Authority, ETM	5.700	10/01/12	Aaa		109,108
1,000,000		State of Flordia, GO	5.250	07/01/21	Aa1		1,009,520
		TOTAL FLORIDA					17,494,904
GEORGIA - 2.09%
10,000		Cherokee County Water & Sewer Authority	5.500	08/01/18	Aa3		10,754
270,000		City of Atlanta GA	5.500	11/01/10	Baa1		281,605
300,000		City of Atlanta GA	5.500	11/01/13	Baa1		318,924
2,080,000		City of Atlanta GA	5.500	11/01/14	Baa1		2,208,752
215,000		City of Atlanta GA	5.500	11/01/17	Baa1		224,834
125,000		City of Atlanta GA	5.500	11/01/22	Baa1		123,696
1,000,000	n	Main Street Natural Gas Inc	0.000	01/00/00	A2		130,000
475,000		Metropolitan Atlanta Rapid Transit Authority	7.000	07/01/11	NR		512,858
695,000		Metropolitan Atlanta Rapid Transit Authority	6.250	07/01/18	A2		777,281
480,000		Municipal Electric Authority of Georgia	6.500	01/01/17	A1		544,656
		TOTAL GEORGIA					5,133,360
ILLINOIS - 3.23%
1,030,000		Chicago Board of Education	6.000	01/01/20	A1		1,127,840
1,920,000		Chicago Board of Education, GO	5.000	12/01/17	A1		2,000,101
		Chicago Metropolitan Water Reclamation District-Greater
390,000		Chicago, ETM	7.000	01/01/11	Aaa		410,315
350,000		Chicago O'Hare International Airport	5.000	01/01/16	Aaa		358,519
1,000,000		Chicago Public Building Commission Building	5.000	03/01/15	Aa3		1,038,820
400,000		City of Chicago IL, GO	5.000	12/01/15	Aa3		419,592
655,000		Cook County Community Consolidated School District No
		64, GO	5.500	12/01/14	Aaa		717,500

445

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     675,000	i	Illinois Finance Authority	5.500%	03/01/14	Ba1	$	644,369
900,000		Illinois Municipal Electric Agency	5.250	02/01/17	A1		933,723
175,000		Kendall-Grundy Etc Counties High School District	5.000	10/01/14	Aaa		186,841
		Madison-Bond Etc Counties Community Unit School
100,000		District No 5, GO	5.000	02/01/19	NR		95,607
		TOTAL ILLINOIS					7,933,227
INDIANA - 7.22%
2,500,000		Avon Community School Building Corp	5.000	07/15/17	Aa3		2,575,049
1,285,000		Center Grove School Building Corp	5.000	07/15/14	NR		1,361,573
1,120,000		Franklin Community Multi-School Building	5.000	07/15/22	NR		1,040,021
1,000,000		Griffith Multi-School Building Corp	5.000	07/15/15	Aaa		1,068,640
1,520,000		Hammond Multi-School Building Corp	5.000	07/15/17	NR		1,582,381
2,120,000		Indiana Bond Bank	5.250	04/01/19	Aa3		2,203,251
600,000		Indiana State Finance Authority Revenue	5.000	02/01/15	Aaa		641,520
1,030,000		Indiana Toll Road Commission, ETM	9.000	01/01/15	Aaa		1,239,760
1,065,000		Indiana Transportation Finance Authority	5.500	12/01/14	Aa2		1,165,398
1,240,000		Indianapolis Local Public Improvement Bond Bank	5.000	07/01/16	A1		1,314,177
515,000		New Albany Floyd County School Building Corp	5.000	07/15/15	Aaa		550,350
1,615,000		South Bend Community School Building Corp	5.000	01/15/16	NR		1,677,775
1,225,000		South Bend Redevelopment Authority	5.750	08/15/18	A1		1,322,437
		TOTAL INDIANA					17,742,332
KENTUCKY - 0.29%
680,000		Kentucky Turnpike Authority, ETM	6.000	07/01/11	Aaa		720,888
		TOTAL KENTUCKY					720,888
LOUISIANA - 2.05%
1,950,000		City of New Orleans LA, GO	5.500	12/01/21	Baa3		1,801,196
3,020,000		Desoto Parish LA	5.000	10/01/12	Baa3		2,902,552
335,000		St Tammany Parish LA	5.000	04/01/18	NR		342,882
		TOTAL LOUISIANA					5,046,630
MASSACHUSETTS - 0.73%
875,000		Commonwealth of Massachusetts, GO	5.000	10/01/13	Aa2		920,325
900,000		Massachusetts Housing Finance Agency	4.700	12/01/16	Aa3		883,215
		TOTAL MASSACHUSETTS					1,803,540
MICHIGAN - 5.97%
575,000		Ann Arbor School District, GO	5.000	05/01/15	Aa2		609,316
1,405,000		Caledonia Community Schools, GO	5.000	05/01/15	Aa3		1,488,850
2,030,000		Detroit City School District	6.000	05/02/21	Aa3		2,170,720
1,500,000	i	Detroit MI	5.500	01/01/12	A2		1,571,445
885,000		Detroit MI	5.000	07/01/14	Aaa		930,896
300,000		Forest Hills Public Schools, GO	5.000	05/01/15	Aaa		320,589
1,550,000		L'Anse Creuse Public Schools, GO	5.000	05/01/15	Aaa		1,656,377
1,130,000		Michigan Municipal Bond Authority	5.000	05/01/19	Aa3		1,143,232
395,000		New Haven Community Schools, GO	5.250	05/01/16	Aaa		427,528
1,325,000		State of Michigan	5.500	11/01/16	Aa3		1,439,083
225,000		State of Michigan	5.250	05/15/18	Aaa		241,313
1,395,000		State of Michigan	5.500	11/01/18	Aaa		1,524,720

446

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE	RATING+		VALUE
$     1,150,000	Wayne County Airport Authority	5.000%	12/01/17	A2	$	1,155,796
	TOTAL MICHIGAN					14,679,865
MINNESOTA - 0.44%
1,000,000	Minnesota Public Facilities Authority	5.000	03/01/16	Aaa		1,068,850
	TOTAL MINNESOTA					1,068,850
MISSISSIPPI - 3.09%
550,000	County of Lowndes Ms	6.800	04/01/22	Baa2		540,023
1,120,000	Harrison County Wasterwater Management District,	5.000	02/01/15	Baa1		1,193,774
2,000,000	Mississippi Development Bank Special Obligation	5.000	07/01/17	Aa3		2,092,100
1,090,000	Mississippi Development Bank Special Obligation	5.000	11/01/17	Aa3		1,139,301
300,000	State of Mississippi, GO	5.000	12/01/13	Aa3		320,775
2,175,000	State of Mississippi, GO	5.000	12/01/17	Aa3		2,300,976
	TOTAL MISSISSIPPI					7,586,949
MISSOURI - 2.82%
2,025,000	City of Sikeston MO	5.000	06/01/22	A2		1,908,056
1,425,000	Missouri State Board of Public Buildings	5.000	10/01/16	Aa1		1,524,693
1,200,000	Missouri State Environmental Improvement & Energy
	Resources Authority	5.500	07/01/12	Aaa		1,299,252
2,040,000	St Louis Regional Convention & Sports Complex
	Authority	5.250	08/15/14	Aa3		2,185,289
	TOTAL MISSOURI					6,917,290
NEBRASKA - 1.02%
1,000,000	Central Plains Energy Project	5.000	12/01/15	Aa3		845,510
1,000,000	Central Plains Energy Project	5.250	12/01/18	Aa3		802,730
620,000	Nebraska Investment Finance Authority	5.950	09/01/31	NR		579,595
300,000	Nebraska Investment Finance Authority, AMT	5.900	09/01/24	NR		285,384
	TOTAL NEBRASKA					2,513,219
NEVADA - 0.20%
500,000	County of Clark NV	5.300	10/01/11	NR		493,350
	TOTAL NEVADA					493,350
NEW JERSEY - 4.67%
1,900,000	Garden State Preservation Trust	6.375	11/01/15	Aa3		2,151,921
25,000	Garden State Preservation Trust	5.125	11/01/18	Aaa		26,254
690,000	New Jersey Economic Development Authority	5.375	06/15/14	A3		685,432
1,000,000	New Jersey Economic Development Authority	5.000	09/01/16	A1		1,041,040
635,000	New Jersey Environmental Infrastructure Trust	5.250	09/01/21	Aaa		662,235
95,000	New Jersey State Turnpike Authority	6.500	01/01/16	A2		106,879
800,000	New Jersey State Turnpike Authority, ETM	5.700	05/01/13	Aaa		849,512
25,000	New Jersey State Turnpike Authority, ETM	6.500	01/01/16	A3		28,125
280,000	New Jersey State Turnpike Authority, ETM	6.500	01/01/16	A3		315,011
260,000	New Jersey Transportation Trust Fund Authority	5.500	12/15/15	Aa3		278,460
765,000	New Jersey Transportation Trust Fund Authority	5.500	12/15/17	A1		809,645
1,500,000	New Jersey Transportation Trust Fund Authority	5.250	12/15/19	A1		1,551,270
1,000,000	New Jersey Transportation Trust Fund Authority	5.250	12/15/20	Aaa		1,029,930

447

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE	RATING+		VALUE
$     1,455,000	Newark Housing Authority	5.250%	01/01/24	A2	$	1,429,436
350,000	State of New Jersey, GO	5.500	07/15/16	Aa3		383,569
120,000	Tobacco Settlement Financing Corp, ETM	6.375	06/01/13	Aaa		133,352
	TOTAL NEW JERSEY					11,482,071
NEW MEXICO - 0.74%
1,495,000	New Mexico Finance Authority	5.000	12/15/14	Aa2		1,603,433
205,000	New Mexico Mortgage Finance Authority, ETM	6.000	07/01/10	Aaa		217,019
	TOTAL NEW MEXICO					1,820,452
NEW YORK - 4.05%
70,000	Dutchess County Resource Recovery Agency, AMT	5.000	01/01/10	A2		70,776
310,000	East Rochester Housing Authority	4.200	08/15/17	NR		293,471
195,000	Lackawanna Housing Authority	5.000	09/01/16	NR		201,685
1,775,000	Long Island Power Authority	5.250	12/01/14	A3		1,882,068
1,000,000	New York State Dormitory Authority	5.000	07/01/15	A1		1,052,500
1,000,000	New York State Dormitory Authority	5.000	01/15/16	A1		1,043,950
1,000,000	New York State Dormitory Authority	5.000	07/01/16	Ba2		964,450
1,085,000	New York State Dormitory Authority	5.000	07/01/17	NR		1,097,174
710,000	New York State Dormitory Authority	4.150	08/15/17	NR		666,172
700,000	New York State Dormitory Authority	5.000	02/01/18	Aa2		710,906
370,000	New York State Environmental Facilities Corp	5.000	03/15/14	NR		394,853
200,000	New York State Environmental Facilities Corp	5.250	12/15/18	NR		214,688
130,000	New York State Thruway Authority	5.500	04/01/12	A1		138,746
1,050,000	Tobacco Settlement Financing Authority	5.500	06/01/16	A1		1,078,644
135,000	Westchester county Industrial Development Agency,
	AMT	5.500	07/01/09	Baa3		135,302
	TOTAL NEW YORK					9,945,385
NORTH CAROLINA - 0.44%
40,000	North Carolina Municipal Power Agency No 1	6.000	01/01/11	A2		42,360
1,035,000	Pitt County NC, ETM	5.250	12/01/21	Aaa		1,047,979
	TOTAL NORTH CAROLINA					1,090,339
OHIO - 3.96%
1,000,000	Buckeye Tobacco Settlement Financing Authority	5.000	06/01/15	Baa3		942,610
1,820,000	Cincinnati City School District, GO	5.000	12/01/16	Aa3		1,917,042
200,000	Dayton OH	6.050	10/01/09	NR		206,310
100,000	Ohio State Water Development Authority, ETM	6.000	12/01/16	Aaa		108,909
4,000,000	State of Ohio	4.950	09/01/20	NR		3,576,241
1,400,000	State of Ohio, GO	5.000	06/15/14	Aa1		1,496,390
1,390,000	State of Ohio, GO	5.000	05/01/17	Aa1		1,471,412
	TOTAL OHIO					9,718,914
OKLAHOMA - 0.06%
130,000	Grand River Dam Authority	5.500	06/01/13	Aa3		140,043
	TOTAL OKLAHOMA					140,043

448

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
PENNSYLVANIA - 7.20%
$     370,000		Allegheny County Hospital Development Authority	5.300%	07/01/26	A2	$	370,614
1,580,000		Carbon County Hospital Authority	5.400	11/15/14	Aa3		1,646,644
2,060,000		Carbon County Industrial Development Authority,	6.650	05/01/10	NR		2,088,758
400,000		City of Philadelphia PA	5.000	07/01/15	Aaa		427,808
600,000		City of Philadelphia PA	5.000	08/01/16	Aa3		626,010
150,000		City of Philadelphia PA, ETM	7.000	05/15/20	Aaa		174,188
1,005,000		City of Pittsburgh PA, GO	5.000	09/01/13	Aaa		1,067,320
445,000		Commonwealth of Pennsylvania, GO	5.000	01/01/16	Aa2		473,872
2,075,000		Delaware Valley Regional Financial Authority	5.500	07/01/12	Aa2		2,201,368
285,000		Pennsylvania Economic Development Financing
		Authority	5.250	12/01/16	NR		250,797
1,030,000		Pennsylvania Economic Development Financing
		Authority, AMT	6.000	11/01/09	A2		1,056,420
115,000		Pennsylvania Economic Development Financing
		Authority, AMT	6.000	11/01/11	A2		118,734
1,255,000		Pennsylvania Economic Development Financing
		Authority, AMT	6.500	11/01/16	A2		1,288,633
280,000		Pennsylvania Economic Development Financing
		Authority, AMT	6.250	11/01/31	A2		253,100
280,000		Pennsylvania Economic Development Financing
		Authority, AMT	6.375	11/01/41	A2		252,745
565,000		Philadelphia Authority for Industrial Development	4.250	09/01/19	NR		484,601
2,000,000		Philadelphia School District, GO	5.000	06/01/24	Aaa		1,930,360
610,000		Pittsburgh Urban Redevelopment Authority	6.500	09/01/13	NR		657,830
490,000		Pittsburgh Urban Redevelopment Authority	6.500	09/01/13	NR		541,151
1,600,000		Pittsburgh Urban Redevelopment Authority, ETM	6.000	09/01/16	Aaa		1,782,175
		TOTAL PENNSYLVANIA					17,693,128
PUERTO RICO - 7.31%
1,200,000		Commonwealth of Puerto Rico, GO	5.250	07/01/12	Baa3		1,224,804
560,000		Commonwealth of Puerto Rico, GO	5.000	07/01/13	Baa3		563,478
2,015,000		Commonwealth of Puerto Rico, GO	5.500	07/01/15	Baa3		2,051,128
1,000,000		Commonwealth of Puerto Rico, GO	5.250	07/01/16	Baa3		997,400
1,250,000		Government Development Bank for Puerto Rico	5.000	12/01/16	Baa3		1,230,200
2,300,000		Puerto Rico Highway & Transportation Authority	5.000	07/01/14	Baa3		2,300,965
2,000,000		Puerto Rico Highway & Transportation Authority	5.250	07/01/22	Aaa		1,953,920
2,670,000	i	Puerto Rico Public Buildings Authority	5.000	07/01/12	Baa3		2,675,207
995,000		Puerto Rico Public Buildings Authority	5.500	07/01/13	Baa3		1,022,034
5,000		Puerto Rico Public Buildings Authority, ETM	5.500	07/01/13	Baa3		5,422
500,000	i	Puerto Rico Public Finance Corp	5.250	02/01/12	Ba1		500,115
3,405,000	i	Puerto Rico Public Finance Corp	5.750	02/01/12	Ba1		3,441,604
		TOTAL PUERTO RICO					17,966,277
RHODE ISLAND - 1.13%
400,000		Providence Housing Authority	5.000	09/01/17	Aa3		408,636
420,000		Providence Housing Authority	5.000	09/01/18	Aa3		424,234
1,015,000		Rhode Island State & Providence Plantations, COP	5.250	10/01/14	A1		1,090,983
800,000		Rhode Island State & Providence Plantations, COP	5.000	10/01/16	Aaa		851,464
		TOTAL RHODE ISLAND					2,775,317

449

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
SOUTH CAROLINA - 0.79%
$     385,000		County of Greenville SC, COP	5.000%	04/01/17	Aa3	$	390,944
150,000		Georgetown County SC	5.700	04/01/14	Baa3		146,418
1,320,000		Scago Educational Facilities Corp for Colleton School
		District	5.000	12/01/16	Aaa		1,399,742
		TOTAL SOUTH CAROLINA					1,937,104
SOUTH DAKOTA - 0.70%
1,000,000		Sioux Falls SD	6.750	11/15/12	NR		1,133,800
500,000		State of South Dakota	6.700	09/01/17	Aaa		575,765
		TOTAL SOUTH DAKOTA					1,709,565
TENNESSEE - 2.21%
125,000		Clarksville Natural Gas Acquisition Corp	5.000	12/15/16	A2		110,880
990,000		Memphis-Shelby County Airport Authority	5.000	09/01/09	Baa2		1,000,068
105,000		Shelby County Health Educational & Housing
		Facilities Board, EMT	5.500	08/15/19	A2		114,510
300,000		Tennessee Energy Acquisition Corp	5.000	09/01/11	Aa3		283,542
4,500,000		Tennessee Energy Acquisition Corp	5.000	09/01/16	Aa3		3,911,670
		TOTAL TENNESSEE					5,420,670
TEXAS - 13.26%
2,600,000		Alliance Airport Authority, AMT	4.850	04/01/21	Baa2		2,068,092
1,170,000		Bexar Metropolitan Water District	5.000	05/01/17	A3		1,193,669
25,000	i	Brazos River Authority	5.750	11/01/11	Caa1		23,113
4,285,000		Brazos River Authority	4.900	10/01/15	A2		4,300,084
160,000	i	Brazos River Authority	5.375	04/01/19	Ba1		145,664
985,000		Brazos River Authority	5.125	05/01/19	Aa3		1,005,301
350,000	i	Brazos River Authority	5.125	05/01/19	Aa3		357,214
740,000		Brazos River Authority	5.125	11/01/20	Aa3		744,240
180,000	i	Brazos River Authority, AMT	6.300	07/01/32	Caa1		134,458
130,000		Brazos River Authority, AMT	7.700	04/01/33	Caa1		113,624
400,000		Charterwood Municipal Utility District	5.950	05/01/12	NR		401,096
405,000		City of Corpus Christi TX	5.000	07/15/15	Aa3		428,089
170,000		City of Houston TX, ETM	5.800	07/01/10	Aaa		175,146
1,000,000		County of Fort Bend TX, GO	5.000	03/01/16	Aa2		1,056,330
1,500,000		County of Harris TX	5.000	08/15/16	Aa3		1,579,605
500,000		Guadalupe-Blanco River Authority	5.250	04/15/19	A1		511,510
35,000		Harris County Flood Control District, GO	5.000	10/01/14	Aa1		37,484
1,840,000		Harris County Flood Control District, GO	5.250	10/01/18	Aa1		1,966,905
1,895,000		Humble Independent School District, GO	5.000	02/15/18	Aaa		1,985,865
1,205,000		Lower Colorado River Authority	5.000	05/15/17	A1		1,228,293
1,265,000		Lower Colorado River Authority, ETM	6.000	01/01/17	Aa3		1,420,316
155,000		North Central Texas Health Facility Development
		Corp, ETM	5.500	06/01/21	Aaa		165,439
1,000,000		SA Energy Acquisition Public Facility Corp	5.250	08/01/16	Aa3		878,710
500,000		SA Energy Acquisition Public Facility Corp	5.250	08/01/18	Aa3		425,655
2,000,000		SA Energy Acquisition Public Facility Corp	5.500	08/01/18	Aa3		1,723,600
75,000	i	Sabine River Authority	5.500	11/01/11	Caa1		69,602
1,145,000	i	Sabine River Authority	5.800	07/01/22	Caa1		907,172
1,845,000		Sabine River Authority	6.150	08/01/22	Caa1		1,512,863

450

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     2,760,000		State of Texas, AMT, GO	5.000%	08/01/18	Aa1	$	2,740,790
2,500,000		Texas Municipal Gas Acquisition & Supply Corp I	5.250	12/15/17	A2		2,217,150
985,000		Texas Public Building Authority	7.125	08/01/11	Aa2		1,056,156
		TOTAL TEXAS					32,573,235
VERMONT - 0.68%
1,695,000		Vermont Housing Finance Agency, AMT	5.500	11/01/21	Aaa		1,677,406
		TOTAL VERMONT					1,677,406
VIRGIN ISLANDS - 0.34%
800,000		Virgin Islands Public Finance Authority	5.250	10/01/17	Aaa		824,440
		TOTAL VIRGIN ISLANDS					824,440
VIRGINIA - 0.50%
150,000		Tobacco Settlement Financing Corp	5.500	06/01/15	Aaa		158,504
1,000,000		Virginia College Building Authority	5.000	09/01/14	Aa1		1,071,170
		TOTAL VIRGINIA					1,229,674
WASHINGTON - 2.11%
125,000		Cowlitz County Public Utility District No 1	5.000	09/01/11	Aa3		131,381
75,000		Cowlitz County Public Utility District No 1, ETM	5.000	09/01/11	Aa3		79,408
690,000		Port of Seattle WA	5.000	03/01/15	Aa3		709,003
3,275,000		Port of Seattle WA	5.500	09/01/17	A1		3,533,070
700,000		Washington Economic Development Finance	5.000	06/01/16	Aa2		737,261
		TOTAL WASHINGTON					5,190,123
WISCONSIN - 0.03%
70,000		State of Wisconsin	6.875	06/01/11	Aa1		74,255
		TOTAL WISCONSIN					74,255
		TOTAL LONG-TERM MUNICIPAL BONDS					239,184,360
		(Cost $249,591,734)
SHORT -TERM MUNICIPAL BONDS - 0.20%
ALASKA - 0.08%
200,000	z	City of Valdez AK	3.000	10/01/08	Aaa		200,000
		TOTAL ALASKA					200,000
KANAS - 0.74%
1,325,000	z	Kansas State Department of Transportation	1.280	10/01/08	Aa2		1,325,000
500,000	z	Kansas State Department of Transportation	2.000	10/01/08	Aa2		500,000
		TOTAL KENTUCKY					1,825,000
TEXAS - 0.09%
210,000	z	Gulf Coast Waste Disposal Authority	0.980	10/01/08	Aaa		210,000
		TOTAL TEXAS					210,000

451

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
WYOMING - 0.37%
$     200,000	z	Lincoln County WY	0.980%	10/01/08	Aaa	$	200,000
720,000	z	Lincoln County WY	0.980	10/01/08	Aaa		720,000
		TOTAL WYOMING					920,000
		TOTAL SHORT-TERM MUNICIPAL BONDS					3,155,000
		(Cost $3,155,000)
		TOTAL PORTFOLIO - 98.63%					242,339,360
		(Cost $252,746,734)
		OTHER ASSETS AND LIABILITIES, NET - 1.37%					3,363,977
		NET ASSETS - 100.00%				$	245,703,337
		The following abbreviations are used in portfolio
		descriptions:
		AMT - Alternative Minimum Tax
		COP - Certificate of Participation
		ETM - Escrowed to Maturity
		GO - General Obligation
		NR - Not Rated
	i	Floating rate or variable rate securities reflects the rate in effect as of September 30, 2008.
	n	Defaulted security
	z	Variable rate demand note (VRDN)

452

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INFLATION-LINKED BOND FUND
SCHEDULE OF INVESTMENTS
September 30, 2008
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
GOVERNMENT BONDS - 99.09%
U.S. TREASURY SECURITIES - 99.09%
$      14,241,617	k	United States Treasury Inflation Indexed Notes	4.250%	01/15/10	$	14,657,743
43,138,672	k	United States Treasury Inflation Indexed Notes	0.875	04/15/10		42,377,016
18,524,522	k	United States Treasury Inflation Indexed Notes	3.500	01/15/11		19,264,059
28,043,733	k	United States Treasury Inflation Indexed Notes	2.375	04/15/11		28,363,600
10,212,009	k	United States Treasury Inflation Indexed Notes	3.375	01/15/12		10,710,642
21,432,145	k	United States Treasury Inflation Indexed Notes	2.000	04/15/12		21,484,053
36,615,593	k	United States Treasury Inflation Indexed Notes	3.000	07/15/12		38,111,670
11,705,625	k	United States Treasury Inflation Indexed Notes	0.625	04/15/13		11,047,183
32,767,671	k	United States Treasury Inflation Indexed Notes	1.875	07/15/13		32,670,385
34,023,010	k	United States Treasury Inflation Indexed Notes	2.000	01/15/14		33,953,910
30,498,322	k	United States Treasury Inflation Indexed Notes	2.000	07/15/14		30,422,076
30,781,053	k	United States Treasury Inflation Indexed Notes	1.625	01/15/15		29,970,650
28,379,817	k	United States Treasury Inflation Indexed Notes	1.875	07/15/15		27,938,596
26,100,353	k	United States Treasury Inflation Indexed Notes	2.000	01/15/16		25,784,304
29,179,755	k	United States Treasury Inflation Indexed Notes	2.500	07/15/16		29,865,946
23,082,908	k	United States Treasury Inflation Indexed Notes	2.375	01/15/17		23,277,682
20,877,732	k	United States Treasury Inflation Indexed Notes	2.625	07/15/17		21,500,808
20,680,666	k	United States Treasury Inflation Indexed Notes	1.625	01/15/18		19,588,479
10,606,648	k	United States Treasury Inflation Indexed Notes	1.375	07/15/18		9,797,064
42,328,964	k	United States Treasury Inflation Indexed Bonds	2.375	01/15/25		41,012,788
27,064,365	k	United States Treasury Inflation Indexed Bonds	2.000	01/15/26		24,711,038
21,512,189	k	United States Treasury Inflation Indexed Bonds	2.375	01/15/27		20,804,632
20,680,666	k	United States Treasury Inflation Indexed Bonds	1.750	01/15/28		18,042,268
27,480,547	k	United States Treasury Inflation Indexed Bonds	3.625	04/15/28		31,615,518
31,873,085	k	United States Treasury Inflation Indexed Bonds	3.875	04/15/29		38,115,715
8,388,165	k	United States Treasury Inflation Indexed Bonds	3.375	04/15/32		9,616,243
		TOTAL U.S. TREASURY SECURITIES				654,704,068
		TOTAL GOVERNMENT BONDS				654,704,068
		(Cost $672,299,045)
		TOTAL PORTFOLIO - 99.09%				654,704,068
		(Cost $672,299,045)
		OTHER ASSETS & LIABILITIES, NET - 0.91%				5,990,397
		NET ASSETS - 100.00%			$	660,694,465
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

453

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
September 30, 2008
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE		VALUE
SHORT-TERM INVESTMENTS - 100.09%
BANK ACCEPTANCES - 3.95%
$      2,966,000	Bank of America NA		10/27/08	$	2,960,216
4,000,000	Bank of America NA		10/28/08		3,992,350
1,468,000	Bank of America NA		10/30/08		1,464,807
4,706,000	Bank of America NA		11/07/08		4,693,425
2,000,000	Bank of America NA		11/28/08		1,991,461
1,010,000	Bank of America NA		12/02/08		1,005,304
2,089,000	Bank of America NA		12/03/08		2,079,129
1,153,000	Bank of America NA		12/04/08		1,147,466
3,190,000	Bank of America NA		12/10/08		3,173,253
2,574,000	Bank of America NA		12/11/08		2,560,293
2,126,000	Bank of America NA		12/29/08		2,111,756
4,000,000	Bank of America NA		02/19/09		3,954,567
3,142,000	JPMorgan Chase Bank NA		10/06/08		3,140,865
1,025,000	JPMorgan Chase Bank NA		10/09/08		1,024,408
1,025,000	JPMorgan Chase Bank NA		10/14/08		1,024,038
1,451,000	JPMorgan Chase Bank NA		10/27/08		1,448,275
1,365,000	JPMorgan Chase Bank NA		11/13/08		1,360,679
4,696,000	JPMorgan Chase Bank NA		11/17/08		4,679,753
1,129,000	JPMorgan Chase Bank NA		11/20/08		1,124,845
5,000,000	JPMorgan Chase Bank NA		11/24/08		4,980,125
1,601,000	JPMorgan Chase Bank NA		12/11/08		1,592,475
1,396,000	JPMorgan Chase Bank NA		12/19/08		1,387,729
1,206,000	JPMorgan Chase Bank NA		12/22/08		1,198,720
4,500,000	Wachovia Bank NA		10/21/08		4,494,200
	TOTAL BANK ACCEPTANCES				58,590,139
BANK NOTES - 0.67%
10,000,000	Wells Fargo Bank NA	2.500%	10/29/08		10,000,000
	TOTAL BANK NOTE				10,000,000
CERTIFICATES OF DEPOSIT - 6.19%
5,000,000	Abbey National Treasury	2.740	11/10/08		5,000,110
2,980,000	Abbey National Treasury	2.820	11/13/08		2,980,071
3,575,000	Bank of America NA	2.920	02/06/09		3,575,000
10,000,000	Bank of Nova Scotia	2.670	11/18/08		10,000,000
4,000,000	Deutsche Bank AG.	2.650	11/21/08		4,000,113
5,000,000	Lloyds Bank plc	2.720	10/02/08		5,000,003
5,000,000	Rabobank USA Financial Corp	2.950	02/17/09		5,000,000
5,000,000	Royal Bank of Canada	2.700	11/19/08		5,000,135
2,700,000	Royal Bank of Canada	5.290	02/02/09		2,724,466
5,000,000	Societe Generale North America, Inc	2.800	10/29/08		5,000,000
5,000,000	Toronto Dominion Bank	2.670	10/09/08		4,999,900
3,000,000	Toronto Dominion Bank	2.720	10/20/08		3,000,000
5,000,000	Toronto Dominion Bank	2.650	10/28/08		5,000,000
5,000,000	Toronto Dominion Bank	2.600	10/31/08		5,000,000
10,000,000	Toronto Dominion Bank	2.780	12/16/08		10,000,000

454

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE		VALUE
$      5,545,000	Toronto Dominion Bank	2.920%	01/13/09	$	5,545,000
10,000,000	US Bank NA	2.930	02/10/09		10,000,000
	TOTAL CERTIFICATE OF DEPOSIT				91,824,798
COMMERCIAL PAPER - 57.01%
1,600,000	Abbey National LLC		10/22/08		1,597,433
10,000,000	Abbey National LLC		10/31/08		9,976,583
1,000,000	Abbey National LLC		11/12/08		996,710
5,000,000	Abbey National LLC		11/13/08		4,983,457
5,000,000	American Honda Finance Corp		11/13/08		4,986,862
2,825,000	American Honda Finance Corp		11/21/08		2,816,195
5,000,000	American Honda Finance Corp		11/24/08		4,983,050
5,000,000	American Honda Finance Corp		12/10/08		4,978,611
10,000,000	Bank of Nova Scotia		10/03/08		9,998,477
2,000,000	Bank of Nova Scotia		11/13/08		1,993,431
5,000,000	Barclays U.S. Funding LLC		10/06/08		4,998,108
5,000,000	Barclays U.S. Funding LLC		11/18/08		4,980,000
12,974,000	Ciesco LLC		11/03/08		12,940,938
14,351,000	Ciesco LLC		11/04/08		14,313,321
5,000,000	Citigroup Funding, Inc		10/06/08		4,998,111
10,000,000	Citigroup Funding, Inc		10/09/08		9,993,888
8,710,000	Citigroup Funding, Inc		10/17/08		8,699,387
10,000,000	Citigroup Funding, Inc		10/20/08		9,986,014
5,000,000	Citigroup Funding, Inc		11/05/08		4,986,292
5,000,000	Citigroup Funding, Inc		11/17/08		4,981,722
5,000,000	Citigroup Funding, Inc		01/06/09		4,960,257
5,000,000	Coca-Cola Co		10/02/08		4,999,674
2,180,000	Danske Corp		10/06/08		2,179,228
5,000,000	Danske Corp		10/31/08		4,988,625
1,860,000	Danske Corp		11/12/08		1,854,119
9,000,000	Danske Corp		11/14/08		8,970,300
5,000,000	Danske Corp		12/12/08		4,972,700
2,000,000	Danske Corp		01/26/09		1,981,085
24,360,000	Dexia Delaware LLC		12/01/08		24,246,489
3,775,000	Edison Asset Securitization LLC		10/15/08		3,771,154
10,710,000	Edison Asset Securitization LLC		10/27/08		10,689,735
5,325,000	Edison Asset Securitization LLC		12/30/08		5,289,056
2,000,000	Fairway Finance Corp		12/03/08		1,990,200
4,165,000	Fairway Finance Corp		01/16/09		4,127,862
13,595,000	General Electric Capital Corp		10/21/08		13,575,657
5,000,000	General Electric Capital Corp		10/27/08		4,990,719
5,000,000	General Electric Capital Corp		10/30/08		4,989,689
2,890,000	General Electric Capital Corp		11/13/08		2,881,646
2,435,000	General Electric Capital Corp		03/11/09		2,404,399
14,220,000	General Electric Co		10/01/08		14,220,000
3,500,000	Govco LLC		10/07/08		3,498,419
3,000,000	Govco LLC		10/20/08		2,995,693
6,500,000	Govco LLC		11/17/08		6,476,663
4,000,000	Govco LLC		12/08/08		3,976,956
5,000,000	Govco LLC		12/11/08		4,969,924
4,525,000	Govco LLC		12/15/08		4,499,358
10,000,000	Govco LLC		12/17/08		9,934,764
15,000,000	Govco LLC		12/23/08		14,883,338

455

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
		MATURITY
PRINCIPAL	ISSUER	DATE		VALUE
$      3,300,000	Govco LLC	01/26/09	$	3,268,898
10,000,000	HSBC Finance Corp	10/08/08		9,994,846
8,000,000	HSBC Finance Corp	10/10/08		7,994,700
5,230,000	HSBC Finance Corp	10/15/08		5,224,610
5,000,000	HSBC Finance Corp	11/21/08		4,980,521
5,000,000	HSBC Finance Corp	12/04/08		4,975,556
8,570,000	HSBC Finance Corp	12/08/08		8,525,484
10,000,000	IBM Capital, Inc	10/16/08		9,989,375
10,000,000	ING US Funding LLC	10/09/08		9,994,022
10,000,000	ING US Funding LLC	10/15/08		9,989,578
3,575,000	ING US Funding LLC	10/20/08		3,569,868
5,000,000	ING US Funding LLC	10/21/08		4,992,556
10,000,000	ING US Funding LLC	12/09/08		9,946,525
5,000,000	ING US Funding LLC	12/26/08		4,966,436
5,000,000	JPMorgan Chase & Co	11/24/08		4,979,375
3,870,000	JPMorgan Chase & Co	12/17/08		3,847,485
5,000,000	Kitty Hawk Funding Corp	10/02/08		4,999,608
5,000,000	Kitty Hawk Funding Corp	10/06/08		4,998,125
10,000,000	Kitty Hawk Funding Corp	10/10/08		9,992,375
4,770,000	Kitty Hawk Funding Corp	10/23/08		4,762,042
4,000,000	Kitty Hawk Funding Corp	10/27/08		3,992,056
3,984,000	Kitty Hawk Funding Corp	01/13/09		3,950,853
7,000,000	Lloyds Bank plc	10/17/08		6,992,067
3,000,000	Nestle Capital Corp	10/06/08		2,999,116
2,070,000	Nestle Capital Corp	02/18/09		2,051,888
1,000,000	Nestle Capital Corp	03/10/09		989,378
8,000,000	Nestle Capital Corp	03/12/09		7,914,680
1,000,000	Nestle Capital Corp	03/16/09		988,242
13,572,000	Old Line Funding LLC	11/05/08		13,536,155
4,650,000	Old Line Funding LLC	11/12/08		4,635,136
5,000,000	Old Line Funding LLC	11/14/08		4,983,072
3,398,000	Old Line Funding LLC	01/06/09		3,371,082
5,000,000	Old Line Funding LLC	01/08/09		4,959,850
3,000,000	PACCAR Financial Corp	11/18/08		2,991,200
4,215,000	PACCAR Financial Corp	11/19/08		4,202,379
4,100,000	PACCAR Financial Corp	11/20/08		4,087,472
4,855,000	Park Avenue Rec Corp	10/01/08		4,855,000
1,327,000	Park Avenue Rec Corp	10/23/08		1,324,794
4,594,000	Park Avenue Rec Corp	11/07/08		4,581,724
15,000,000	Pfizer, Inc	01/05/09		14,910,400
7,020,000	Pfizer, Inc	03/02/09		6,947,382
10,000,000	Private Export Funding Corp	10/07/08		9,996,266
4,800,000	Private Export Funding Corp	11/12/08		4,786,448
4,300,000	Private Export Funding Corp	12/11/08		4,279,647
5,900,000	Private Export Funding Corp	12/15/08		5,870,254
2,000,000	Private Export Funding Corp	01/02/09		1,987,755
5,000,000	Private Export Funding Corp	01/12/09		4,966,382
5,000,000	Private Export Funding Corp	01/15/09		4,965,256
15,000,000	Procter & Gamble International	10/07/08		14,994,375
9,000,000	Procter & Gamble International	11/06/08		8,980,880
2,445,000	Procter & Gamble International	11/19/08		2,437,712
1,995,000	Procter & Gamble International	02/04/09		1,979,289
4,040,000	Procter & Gamble International	03/03/09		4,001,883

456

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
		MATURITY
PRINCIPAL	ISSUER	DATE		VALUE
$      5,000,000	Rabobank USA Financial Corp	10/03/08	$	4,999,258
8,520,000	Rabobank USA Financial Corp	10/10/08		8,514,359
10,000,000	Rabobank USA Financial Corp	10/24/08		9,984,539
1,000,000	Ranger Funding Co LLC	10/02/08		999,927
10,000,000	Ranger Funding Co LLC	10/16/08		9,988,626
4,000,000	Ranger Funding Co LLC	10/23/08		3,993,302
4,605,000	Ranger Funding Co LLC	11/04/08		4,592,953
2,230,000	Ranger Funding Co LLC	11/19/08		2,221,683
5,000,000	Ranger Funding Co LLC	12/02/08		4,976,233
3,000,000	Ranger Funding Co LLC	01/06/09		2,976,720
5,000,000	Ranger Funding Co LLC	01/16/09		4,949,769
10,000,000	Royal Bank of Scotland	11/12/08		9,967,800
10,000,000	Royal Bank of Scotland	12/12/08		9,943,200
3,035,000	Sheffield Receivable	11/17/08		3,024,104
7,413,000	Societe Generale North America, Inc	11/04/08		7,393,887
4,000,000	Societe Generale North America, Inc	12/02/08		3,980,849
1,000,000	Societe Generale North America, Inc	02/09/09		989,083
5,000,000	Svensk Exportkredit AB	10/02/08		4,999,671
5,000,000	Svensk Exportkredit AB	10/30/08		4,990,011
5,000,000	Toronto Dominion Holding	10/02/08		4,999,633
5,000,000	Toronto Dominion Holding	11/06/08		4,986,350
5,000,000	Toyota Motor Credit Corp	10/22/08		4,992,125
5,000,000	Toyota Motor Credit Corp	10/28/08		4,990,513
10,000,000	Toyota Motor Credit Corp	10/29/08		9,980,477
9,000,000	Toyota Motor Credit Corp	12/01/08		8,960,198
6,000,000	Toyota Motor Credit Corp	12/09/08		5,969,410
4,000,000	Toyota Motor Credit Corp	12/18/08		3,977,033
1,150,000	UBS Finance (Delaware) LLC	10/27/08		1,147,616
6,585,000	UBS Finance (Delaware) LLC	11/10/08		6,564,020
5,250,000	Unilever Capital Corp	10/01/08		5,249,999
5,000,000	Unilever Capital Corp	10/20/08		4,992,981
4,000,000	Unilever Capital Corp	10/27/08		3,992,576
5,000,000	Unilever Capital Corp	12/01/08		4,978,396
10,000,000	Wells Fargo & Co	10/07/08		9,995,934
590,000	Wells Fargo & Co	11/25/08		587,647
10,000,000	Wells Fargo & Co	11/26/08		9,960,333
5,000,000	Yorktown Capital LLC	10/08/08		4,997,326
7,000,000	Yorktown Capital LLC	10/14/08		6,992,955
14,000,000	Yorktown Capital LLC	10/23/08		13,976,497
6,710,000	Yorktown Capital LLC	12/03/08		6,678,060
	TOTAL COMMERCIAL PAPER			846,464,410
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 27.05%
16,700,000	Federal Home Loan Bank (FHLB)	10/01/08		16,700,000
37,510,000	FHLB	10/08/08		37,493,078
5,932,000	FHLB	10/10/08		5,928,484
9,055,000	FHLB	10/14/08		9,047,381
27,100,000	FHLB	10/15/08		27,075,054
7,610,000	FHLB	10/16/08		7,602,549
5,000,000	FHLB	10/17/08		4,994,333
18,540,000	FHLB	10/23/08		18,512,808
7,813,000	FHLB	10/24/08		7,801,066
2,151,000	FHLB	10/27/08		2,147,116

457

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$      9,860,000		FHLB		10/28/08	$	9,841,253
5,494,000		FHLB		11/03/08		5,481,661
2,995,000		FHLB		11/07/08		2,987,243
3,710,000		FHLB		11/14/08		3,698,958
5,000,000		FHLB		11/19/08		4,982,782
5,070,000		FHLB		11/21/08		5,053,059
3,000,000		FHLB		11/26/08		2,987,867
5,000,000		FHLB		12/03/08		4,977,950
19,000,000		FHLB		12/04/08		18,898,773
10,000,000		FHLB		12/05/08		9,953,688
560,000		FHLB		12/09/08		557,317
5,000,000		FHLB		12/12/08		4,977,310
660,000		FHLB		01/07/09		655,742
5,800,000		FHLB		01/16/09		5,841,487
2,000,000		FHLB		01/21/09		1,985,253
10,000,000		FHLB		02/03/09		9,902,778
4,280,000		FHLB		03/13/09		4,232,134
520,000		FHLB		04/23/09		512,044
4,300,000		Federal Home Loan Mortgage Corp (FHLMC)		10/20/08		4,295,914
9,375,000		FHLMC		10/24/08		9,360,625
8,350,000		FHLMC		10/27/08		8,335,346
3,228,000		FHLMC		11/05/08		3,220,815
1,540,000		FHLMC		11/10/08		1,536,783
7,967,000		FHLMC		11/24/08		7,936,168
2,205,000		FHLMC		12/22/08		2,191,942
4,000,000		FHLMC		01/20/09		3,965,467
4,000,000		FHLMC		01/29/09		3,963,200
3,043,000		FHLMC		02/20/09		3,010,232
5,685,000		Federal National Mortgage Association (FNMA)		10/06/08		5,683,121
8,007,000		FNMA		10/08/08		8,003,297
15,140,000		FNMA		10/22/08		15,118,450
550,000		FNMA		11/05/08		548,610
10,000,000		FNMA		11/07/08		9,975,539
24,715,000		FNMA		11/10/08		24,651,015
9,043,000		FNMA		11/17/08		9,015,916
4,515,000		FNMA		11/20/08		4,499,198
100,000		FNMA		11/21/08		99,632
20,000,000		FNMA		11/26/08		19,920,666
5,688,000		FNMA		11/28/08		5,668,022
2,440,000		FNMA		12/10/08		2,428,077
4,500,000		FNMA		12/15/08		4,474,500
5,000,000		FNMA		12/19/08		4,972,460
4,000,000		FNMA		12/22/08		3,974,762
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				401,678,925
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 2.26%
10,000,000	i	Federal Farm Credit Bank (FFCB)	2.090%	03/12/09		10,000,000
5,000,000	i	Federal Home Loan Bank (FHLB)	2.060	11/20/08		5,000,000
18,500,000	i	FHLB	2.817	09/10/09		18,500,000
		TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES				33,500,000

458

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
VARIABLE NOTES - 2.96%
$      10,000,000	i	American Express Centurion Bank	2.738%	10/14/08	$	10,000,000
5,000,000	i	Bank of Scotland plc	2.667	11/12/08		5,000,000
5,000,000	i	Deutsche Bank AG.	2.240	11/03/08		5,000,000
10,000,000	i	PACCAR Financial Corp	2.835	04/27/09		9,998,913
5,000,000	i	Toyota Motor Credit Corp	2.410	07/10/09		5,000,000
9,000,000	i	Wachovia Bank NA	2.870	11/25/08		9,000,000
		TOTAL VARIABLE NOTES				43,998,913
		TOTAL SHORT-TERM INVESTMENTS				1,486,057,185
		(Cost $1,486,057,185)
		TOTAL PORTFOLIO - 100.09%				1,486,057,185
		(Cost $1,486,057,185)
		OTHER ASSETS & LIABILITIES, NET - (0.09%)				(1,325,344	)
		NET ASSETS - 100.00%			$	1,484,731,841
	i	Floating rate or variable rate securities reflects the rate at September 30, 2008.
		The following abbreviations are used in portfolio descriptions:
		LLC - Limited Liability Company
		plc - Public Limited Company

459

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of 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, Enhanced International Equity Index Fund, Enhanced Large-Cap Growth Index Fund, Enhanced Large-Cap Value 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") as of September 30, 2008, and for the period then ended and have issued our unqualified report thereon dated November 24, 2008 (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, 2008 appearing in Item 6 of this Form N-CSR. This Schedule is 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
New York, New York
November 24, 2008

460

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2010 FUND

SCHEDULE OF INVESTMENTS

September 30, 2008

Shares	Company		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
12,925,617	TIAA-CREF Institutional Bond Fund	$	124,990,718
2,926,392	TIAA-CREF Institutional Enhanced International Equity Index Fund		20,045,784
2,505,443	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		20,018,488
2,496,697	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		20,048,479
1,716,280	TIAA-CREF Institutional Growth & Income Fund		14,004,848
5,327,990	TIAA-CREF Institutional Growth Equity Fund		36,283,612
1,307,129	TIAA-CREF Institutional High-Yield Fund II		10,992,952
1,323,179	TIAA-CREF Institutional Inflation-Linked Bond Fund		13,324,417
2,983,179	TIAA-CREF Institutional International Equity Fund		25,893,993
472,291	TIAA-CREF Institutional Large-Cap Growth Fund		4,231,731
3,455,498	TIAA-CREF Institutional Large-Cap Value Fund		39,945,553
73,185	TIAA-CREF Institutional Mid-Cap Growth Fund		1,046,553
69,157	TIAA-CREF Institutional Mid-Cap Value Fund		1,022,145
775,149	TIAA-CREF Institutional Money Market Fund		775,149
1,843,950	TIAA-CREF Institutional Short-Term Bond Fund II		18,033,832
913,297	TIAA-CREF Institutional Small-Cap Equity Fund		11,060,028
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $413,409,552)		361,718,282
	TOTAL PORTFOLIO (Cost $413,409,552)		361,718,282
	OTHER ASSETS & LIABILITIES, NET		(162,262	)
	NET ASSETS	$	361,556,020

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

1

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2015 FUND

SCHEDULE OF INVESTMENTS

September 30, 2008

Shares	Company		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
9,305,688	TIAA-CREF Institutional Bond Fund	$	89,985,999
2,861,451	TIAA-CREF Institutional Enhanced International Equity Index Fund		19,600,943
2,415,706	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		19,301,492
2,363,022	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		18,975,066
1,690,123	TIAA-CREF Institutional Growth & Income Fund		13,791,401
5,116,534	TIAA-CREF Institutional Growth Equity Fund		34,843,596
998,614	TIAA-CREF Institutional High-Yield Fund II		8,398,340
776,522	TIAA-CREF Institutional Inflation-Linked Bond Fund		7,819,578
2,801,001	TIAA-CREF Institutional International Equity Fund		24,312,686
388,337	TIAA-CREF Institutional Large-Cap Growth Fund		3,479,501
3,338,570	TIAA-CREF Institutional Large-Cap Value Fund		38,593,869
69,366	TIAA-CREF Institutional Mid-Cap Growth Fund		991,937
65,190	TIAA-CREF Institutional Mid-Cap Value Fund		963,510
1,021,636	TIAA-CREF Institutional Short-Term Bond Fund II		9,991,602
862,584	TIAA-CREF Institutional Small-Cap Equity Fund		10,445,898
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $348,974,363)		301,495,418
	TOTAL PORTFOLIO (Cost $348,974,363)		301,495,418
	OTHER ASSETS & LIABILITIES, NET		1,396,576
	NET ASSETS	$	302,891,994

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

2

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2020 FUND

SCHEDULE OF INVESTMENTS

September 30, 2008

Shares	Company		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
7,204,382	TIAA-CREF Institutional Bond Fund	$	69,666,373
2,955,779	TIAA-CREF Institutional Enhanced International Equity Index Fund		20,247,089
2,502,566	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		19,995,502
2,516,889	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		20,210,617
2,025,642	TIAA-CREF Institutional Growth & Income Fund		16,529,236
5,196,563	TIAA-CREF Institutional Growth Equity Fund		35,388,592
1,169,685	TIAA-CREF Institutional High-Yield Fund II		9,837,048
333,458	TIAA-CREF Institutional Inflation-Linked Bond Fund		3,357,926
3,011,772	TIAA-CREF Institutional International Equity Fund		26,142,182
442,771	TIAA-CREF Institutional Large-Cap Growth Fund		3,967,225
3,385,413	TIAA-CREF Institutional Large-Cap Value Fund		39,135,373
88,353	TIAA-CREF Institutional Mid-Cap Growth Fund		1,263,441
77,504	TIAA-CREF Institutional Mid-Cap Value Fund		1,145,506
345,572	TIAA-CREF Institutional Short-Term Bond Fund II		3,379,697
914,735	TIAA-CREF Institutional Small-Cap Equity Fund		11,077,443
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $330,768,130)		281,343,250
	TOTAL PORTFOLIO (Cost $330,768,130)		281,343,250
	OTHER ASSETS & LIABILITIES, NET		1,974,971
	NET ASSETS	$	283,318,221

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

3

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2025 FUND

SCHEDULE OF INVESTMENTS

September 30, 2008

Shares	Company		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
4,957,906	TIAA-CREF Institutional Bond Fund	$	47,942,952
2,916,440	TIAA-CREF Institutional Enhanced International Equity Index Fund		19,977,616
2,450,176	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		19,576,904
2,475,306	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		19,876,707
2,079,230	TIAA-CREF Institutional Growth & Income Fund		16,966,521
5,082,864	TIAA-CREF Institutional Growth Equity Fund		34,614,303
1,050,952	TIAA-CREF Institutional High-Yield Fund II		8,838,505
2,967,315	TIAA-CREF Institutional International Equity Fund		25,756,292
392,408	TIAA-CREF Institutional Large-Cap Growth Fund		3,515,975
3,306,642	TIAA-CREF Institutional Large-Cap Value Fund		38,224,785
90,790	TIAA-CREF Institutional Mid-Cap Growth Fund		1,298,290
79,217	TIAA-CREF Institutional Mid-Cap Value Fund		1,170,831
899,495	TIAA-CREF Institutional Small-Cap Equity Fund		10,892,888
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $297,615,922)		248,652,569
	TOTAL PORTFOLIO (Cost $297,615,922)		248,652,569
	OTHER ASSETS & LIABILITIES, NET		2,486,384
	NET ASSETS	$	251,138,953

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

4

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2030 FUND

SCHEDULE OF INVESTMENTS

September 30, 2008

Shares	Company		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
2,703,213	TIAA-CREF Institutional Bond Fund	$	26,140,070
2,869,738	TIAA-CREF Institutional Enhanced International Equity Index Fund		19,657,704
2,451,788	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		19,589,784
2,453,987	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		19,705,515
2,100,963	TIAA-CREF Institutional Growth & Income Fund		17,143,855
5,097,303	TIAA-CREF Institutional Growth Equity Fund		34,712,633
913,335	TIAA-CREF Institutional High-Yield Fund II		7,681,149
2,943,368	TIAA-CREF Institutional International Equity Fund		25,548,438
338,778	TIAA-CREF Institutional Large-Cap Growth Fund		3,035,447
3,249,998	TIAA-CREF Institutional Large-Cap Value Fund		37,569,972
85,962	TIAA-CREF Institutional Mid-Cap Growth Fund		1,229,257
81,469	TIAA-CREF Institutional Mid-Cap Value Fund		1,204,116
899,550	TIAA-CREF Institutional Small-Cap Equity Fund		10,893,552
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $271,988,625)		224,111,492
	TOTAL PORTFOLIO (Cost $271,988,625)		224,111,492
	OTHER ASSETS & LIABILITIES, NET		2,279,237
	NET ASSETS	$	226,390,729

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

5

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2035 FUND

SCHEDULE OF INVESTMENTS

September 30, 2008

Shares	Company		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
1,421,991	TIAA-CREF Institutional Bond Fund	$	13,750,655
2,657,721	TIAA-CREF Institutional Enhanced International Equity Index Fund		18,205,386
2,275,680	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		18,182,684
2,303,121	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		18,494,058
2,174,336	TIAA-CREF Institutional Growth & Income Fund		17,742,578
4,420,915	TIAA-CREF Institutional Growth Equity Fund		30,106,430
785,845	TIAA-CREF Institutional High-Yield Fund II		6,608,954
2,873,818	TIAA-CREF Institutional International Equity Fund		24,944,737
395,331	TIAA-CREF Institutional Large-Cap Growth Fund		3,542,162
2,862,048	TIAA-CREF Institutional Large-Cap Value Fund		33,085,279
86,903	TIAA-CREF Institutional Mid-Cap Growth Fund		1,242,716
83,768	TIAA-CREF Institutional Mid-Cap Value Fund		1,238,097
874,492	TIAA-CREF Institutional Small-Cap Equity Fund		10,590,093
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $241,100,388)		197,733,829
	TOTAL PORTFOLIO (Cost $241,100,388)		197,733,829
	OTHER ASSETS & LIABILITIES, NET		3,091,369
	NET ASSETS	$	200,825,198

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

6

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2040 FUND

SCHEDULE OF INVESTMENTS

September 30, 2008

Shares	Company		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
2,051,478	TIAA-CREF Institutional Bond Fund	$	19,837,795
3,815,591	TIAA-CREF Institutional Enhanced International Equity Index Fund		26,136,801
3,320,962	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		26,534,489
3,363,680	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		27,010,352
3,204,714	TIAA-CREF Institutional Growth & Income Fund		26,150,463
6,280,779	TIAA-CREF Institutional Growth Equity Fund		42,772,103
1,149,393	TIAA-CREF Institutional High-Yield Fund II		9,666,398
4,178,501	TIAA-CREF Institutional International Equity Fund		36,269,390
794,007	TIAA-CREF Institutional Large-Cap Growth Fund		7,114,299
3,922,865	TIAA-CREF Institutional Large-Cap Value Fund		45,348,315
127,524	TIAA-CREF Institutional Mid-Cap Growth Fund		1,823,600
123,504	TIAA-CREF Institutional Mid-Cap Value Fund		1,825,396
1,280,805	TIAA-CREF Institutional Small-Cap Equity Fund		15,510,551
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $349,044,916)		285,999,952
	TOTAL PORTFOLIO (Cost $349,044,916)		285,999,952
	OTHER ASSETS & LIABILITIES, NET		4,885,627
	NET ASSETS	$	290,885,579

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

7

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2045 FUND

SCHEDULE OF INVESTMENTS

September 30, 2008

Shares	Company		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
32,919	TIAA-CREF Institutional Bond Fund	$	318,331
53,770	TIAA-CREF Institutional Enhanced International Equity Index Fund		368,322
45,994	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		367,492
46,659	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		374,669
45,261	TIAA-CREF Institutional Growth & Income Fund		369,333
60,042	TIAA-CREF Institutional Growth Equity Fund		408,884
12,045	TIAA-CREF Institutional High-Yield Fund II		101,302
59,872	TIAA-CREF Institutional International Equity Fund		519,689
21,912	TIAA-CREF Institutional Large-Cap Growth Fund		196,329
55,426	TIAA-CREF Institutional Large-Cap Value Fund		640,722
4,820	TIAA-CREF Institutional Mid-Cap Growth Fund		68,922
4,773	TIAA-CREF Institutional Mid-Cap Value Fund		70,544
24,101	TIAA-CREF Institutional Small-Cap Equity Fund		291,859
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $4,854,264)		4,096,398
	TOTAL PORTFOLIO (Cost $4,854,264)		4,096,398
	OTHER ASSETS & LIABILITIES, NET		(29,072	)
	NET ASSETS	$	4,067,326

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

8

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2050 FUND

SCHEDULE OF INVESTMENTS

September 30, 2008

Shares	Company		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
22,261	TIAA-CREF Institutional Bond Fund	$	215,265
37,381	TIAA-CREF Institutional Enhanced International Equity Index Fund		256,062
31,554	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		252,119
32,886	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		264,079
30,796	TIAA-CREF Institutional Growth & Income Fund		251,295
42,313	TIAA-CREF Institutional Growth Equity Fund		288,148
7,859	TIAA-CREF Institutional High-Yield Fund II		66,098
41,470	TIAA-CREF Institutional International Equity Fund		359,960
15,157	TIAA-CREF Institutional Large-Cap Growth Fund		135,804
38,376	TIAA-CREF Institutional Large-Cap Value Fund		443,630
1,948	TIAA-CREF Institutional Mid-Cap Growth Fund		27,853
2,007	TIAA-CREF Institutional Mid-Cap Value Fund		29,667
12,442	TIAA-CREF Institutional Small-Cap Equity Fund		150,676
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $3,200,957)		2,740,656
	TOTAL PORTFOLIO (Cost $3,200,957)		2,740,656
	OTHER ASSETS & LIABILITIES, NET		15,063
	NET ASSETS	$	2,755,719

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

9

TIAA-CREF LIFECYCLE FUNDS - Lifecycle Retirement Income Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE RETIREMENT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2008

Shares	Company		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (a)
612,926	TIAA-CREF Institutional Bond Fund	$	5,926,990
89,435	TIAA-CREF Institutional Enhanced International Equity Index Fund		612,632
73,004	TIAA-CREF Institutional Enhanced Large-Cap Growth Index Fund		583,302
81,788	TIAA-CREF Institutional Enhanced Large-Cap Value Index Fund		656,760
74,438	TIAA-CREF Institutional Growth & Income Fund		607,411
91,565	TIAA-CREF Institutional Growth Equity Fund		623,560
31,174	TIAA-CREF Institutional High-Yield Fund II		262,171
82,335	TIAA-CREF Institutional Inflation-Linked Bond Fund		829,108
91,743	TIAA-CREF Institutional International Equity Fund		796,326
33,354	TIAA-CREF Institutional Large-Cap Growth Fund		298,850
80,562	TIAA-CREF Institutional Large-Cap Value Fund		931,301
2,872	TIAA-CREF Institutional Mid-Cap Growth Fund		41,066
5,073	TIAA-CREF Institutional Mid-Cap Value Fund		74,972
65,518	TIAA-CREF Institutional Money Market Fund		65,518
121,281	TIAA-CREF Institutional Short-Term Bond Fund II		1,186,130
27,943	TIAA-CREF Institutional Small-Cap Equity Fund		338,390
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS (Cost $15,423,063)		13,834,487
	TOTAL PORTFOLIO (Cost $15,423,063)		13,834,487
	OTHER ASSETS & LIABILITIES, NET		(172,411	)
	NET ASSETS	$	13,662,076

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Institutional Mutual Funds.

10

Report of Independent Registered Public Accounting Firm

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

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of Lifecycle 2010 Fund, Lifecycle 2015 Fund, Lifecycle 2020 Fund, Lifecycle 2025 Fund, Lifecycle 2030 Fund, Lifecycle 2035 Fund, Lifecycle 2040 Fund, Lifecycle 2045 Fund, Lifecycle 2050 Fund and Lifecycle Retirement Income Fund (constituting the Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds, hereafter referred to as the “Funds”) as of September 30, 2008, and for the period then ended and have issued our unqualified report thereon dated November 24, 2008 (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, 2008 appearing in Item 6 of this Form N-CSR. This Schedule is 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
New York, New York
November 24, 2008

11

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)(1) Copy of current SOX code of ethics for Senior Financial Officers
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 FUNDS
		(formerly known as the TIAA-CREF Institutional Mutual
		Funds)
Date:	November 21, 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:	November 21, 2008	By:	/s/ Scott C. Evans
			Scott C. Evans
			Principal Executive Officer and President
			(principal executive officer)
Date:	November 21, 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 for Senior Financial Officers
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