N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number File No. 811-08055

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

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: December 31

Date of reporting period: March 31, 2007

Item 1. Schedule of Investments.

TIAA-CREF MUTUAL FUNDS - International Equity Fund

TIAA-CREF MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (unaudited)
March 31, 2007

SHARES		COMPANY	VALUE
COMMON STOCKS - 100.48%
AMUSEMENT AND RECREATION SERVICES - 0.18%
2,300		Nintendo Co Ltd	$	668,491
1,100		Oriental Land Co Ltd		65,436
4,100		Sega Sammy Holdings, Inc		95,681
11,400		TABCORP Holdings Ltd		152,100
		TOTAL AMUSEMENT AND RECREATION SERVICES		981,708
APPAREL AND ACCESSORY STORES - 0.02%
1,200		Fast Retailing Co Ltd		93,177
		TOTAL APPAREL AND ACCESSORY STORES		93,177
APPAREL AND OTHER TEXTILE PRODUCTS - 0.04%
4,000		Asics Corp		44,773
12,000		Mitsubishi Rayon Co Ltd		79,939
3,000		Onward Kashiyama Co Ltd		41,726
500		Shimamura Co Ltd		54,990
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		221,428
AUTO REPAIR, SERVICES AND PARKING - 0.04%
4,200		Aisin Seiki Co Ltd		147,200
2,500		NOK Corp		42,536
3,800		Sumitomo Rubber Industries, Inc		41,631
		TOTAL AUTO REPAIR, SERVICES AND PARKING		231,367
BUSINESS SERVICES - 0.97%
35,645		Adecco S.A.		2,263,105
163		COSCO Pacific Ltd		404
1,500		CSK Holdings Corp		62,882
2,200	*	Elpida Memory, Inc		85,319
41,000		Fujitsu Ltd		273,125
2,100		Konami Corp		56,135
45,000		NEC Corp		241,344
2,500		Nomura Research Institute Ltd		73,617
139		NTT Data Corp		706,560
167		Rakuten, Inc		79,504
2,500		Trend Micro, Inc		68,313
89,490		WPP Group plc		1,355,989
334	*	Yahoo! Japan Corp		115,216
		TOTAL BUSINESS SERVICES		5,381,513
CHEMICALS AND ALLIED PRODUCTS - 12.06%
372	*	Arkema		21,328
27,000		Asahi Kasei Corp		196,589
780,299		Bayer AG.		49,866,421
6,100		Chugai Pharmaceutical Co Ltd		154,260
4,000		CSL Ltd		266,583

1

TIAA-CREF MUTUAL FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
6,000		Daicel Chemical Industries Ltd	$	40,988
313,200		Daiichi Sankyo Co Ltd		9,594,807
14,000		Dainippon Ink and Chemicals, Inc		55,601
5,700		Eisai Co Ltd		273,294
2,300		Hitachi Chemical Co Ltd		54,065
11,000		Kao Corp		322,047
11,650		Kuraray Co Ltd		125,852
6,000		Kyowa Hakko Kogyo Co Ltd		55,499
3,800		Mediceo Paltac Holdings Co Ltd		72,395
25,000		Mitsubishi Chemical Holdings Corp		212,789
8,000		Mitsubishi Gas Chemical Co, Inc		76,714
4,000		Nissan Chemical Industries Ltd		51,663
63,619		Reckitt Benckiser plc		3,312,590
1,600		Santen Pharmaceutical Co Ltd		41,141
20,896		Shin-Etsu Chemical Co Ltd		1,274,968
6,000		Shionogi & Co Ltd		107,943
7,000		Shiseido Co Ltd		142,269
23,000		Showa Denko KK		86,465
33,000		Sumitomo Chemical Co Ltd		249,236
4,000		Taisho Pharmaceutical Co Ltd		73,320
6,000		Taiyo Nippon Sanso Corp		54,175
5,000		Tanabe Seiyaku Co Ltd		68,016
5,000		Tokuyama Corp		87,407
28,000		Toray Industries, Inc		202,444
10,000		Tosoh Corp		51,511
4,000		Zeon Corp		41,310
		TOTAL CHEMICALS AND ALLIED PRODUCTS		67,233,690
COAL MINING - 1.27%
6,604,600	*	China Coal Energy Co		7,058,093
		TOTAL COAL MINING		7,058,093
COMMUNICATIONS - 0.88%
13,657		News Corp (Class B)		335,917
151		Nippon Telegraph & Telephone Corp		798,311
416		NTT DoCoMo, Inc		769,586
156,544		Royal KPN NV		2,438,321
161,000		Singapore Telecommunications Ltd		348,074
62,600		Telstra Corp Ltd		236,028
		TOTAL COMMUNICATIONS		4,926,237
DEPOSITORY INSTITUTIONS - 6.21%
41,700		Australia & New Zealand Banking Group Ltd		1,002,063
6,000		Bank of Kyoto Ltd		68,890
28,950		Commonwealth Bank of Australia		1,177,263
25,256		DBS Group Holdings Ltd		356,246
13,000	v	Fukuoka Financial Group, Inc		104,913
17,200		Hang Seng Bank Ltd		244,346
51,692		Julius Baer Holding AG.		7,053,066
36,300		National Australia Bank Ltd		1,186,562
13,000		Nishi-Nippon City Bank Ltd		57,697
329,817		Nordea Bank AB		5,266,454
56,000		Oversea-Chinese Banking Corp		332,202
3,302		Resona Holdings, Inc		8,882,671

2

TIAA-CREF MUTUAL FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
6		Sapporo Hokuyo Holdings, Inc	$	60,081
27,127		Societe Generale		4,688,040
252		Sumitomo Mitsui Financial Group, Inc		2,288,187
5,000		Suruga Bank Ltd		65,173
25,000		United Overseas Bank Ltd		346,044
41,400		Westpac Banking Corp		882,640
164,775	*	Yes Bank Ltd		530,737
		TOTAL DEPOSITORY INSTITUTIONS		34,593,275
EDUCATIONAL SERVICES - 0.01%
1,400		Benesse Corp		52,037
		TOTAL EDUCATIONAL SERVICES		52,037
ELECTRIC, GAS, AND SANITARY SERVICES - 3.46%
15,000		Chubu Electric Power Co, Inc		515,530
40,500		CLP Holdings Ltd		295,709
3,500		Electric Power Development Co		176,129
541,188		Fortum Oyj		15,781,849
4,000		Hokkaido Electric Power Co, Inc		106,246
17,300		Kansai Electric Power Co, Inc		497,683
8,500		Kyushu Electric Power Co, Inc		241,641
43,000		Osaka Gas Co Ltd		166,760
14,000	*	Sojitz Holdings Corp		58,333
9,600		Tohoku Electric Power Co, Inc		243,585
27,400		Tokyo Electric Power Co, Inc		937,050
50,000		Tokyo Gas Co Ltd		278,768
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		19,299,283
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.39%
3,900		Alps Electric Co Ltd		45,672
5,000		Dainippon Screen Manufacturing Co Ltd		37,805
5,920		Fanuc Ltd		551,107
12,000		Fuji Electric Holdings Co Ltd		55,703
1,334		Hitachi High-Technologies Corp		36,452
174,340		Hoya Corp		5,784,703
2,900		Ibiden Co Ltd		150,365
11,640		Kyocera Corp		1,097,424
44,000		Matsushita Electric Industrial Co Ltd		886,796
6,000		Matsushita Electric Works Ltd		68,788
7,000		Minebea Co Ltd		43,364
43,000		Mitsubishi Electric Corp		442,990
4,600		Murata Manufacturing Co Ltd		335,709
6,890	*	NEC Electronics Corp		166,637
2,300		Nidec Corp		148,337
3,600		Nitto Denko Corp		168,941
5,000		Omron Corp		134,504
3,300		Pioneer Corp		43,126
15,000		Ricoh Co Ltd		337,958
3,270		Rohm Co Ltd		296,642
35,000	*	Sanyo Electric Co Ltd		59,700
23,000		Sharp Corp		443,058
30,730		Sony Corp		1,562,056
3,300		Stanley Electric Co Ltd		67,070
2,000		Taiyo Yuden Co Ltd		41,667

3

TIAA-CREF MUTUAL FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
2,800		TDK Corp	$	242,838
2,500		Ushio, Inc		48,265
4,000		Yaskawa Electric Corp		47,250
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		13,344,927
ENGINEERING AND MANAGEMENT SERVICES - 0.01%
5,000		JGC Corp		82,060
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		82,060
FABRICATED METAL PRODUCTS - 0.04%
5,900		JS Group Corp		127,923
3,600		Toyo Seikan Kaisha Ltd		72,556
		TOTAL FABRICATED METAL PRODUCTS		200,479
FOOD AND KINDRED PRODUCTS - 3.49%
24,700		Ajinomoto Co, Inc		284,226
8,200		Asahi Breweries Ltd		131,517
69,538		Groupe Danone		11,360,688
6,000		Kaneka Corp		57,230
3,000		Kikkoman Corp		38,442
17,000		Kirin Brewery Co Ltd		245,536
6,000		Meiji Dairies Corp		47,098
10,200		Meiji Seika Kaisha Ltd		47,347
4,000		Nippon Meat Packers, Inc		48,914
4,000		Nisshin Seifun Group, Inc		40,699
257,700		Olam International Ltd		519,765
217,302		Sampo Oyj (A Shares)		6,595,201
2,300		Yakult Honsha Co Ltd		58,749
		TOTAL FOOD AND KINDRED PRODUCTS		19,475,412
FOOD STORES - 2.65%
175,642		Carrefour S.A.		12,846,016
25,500		Coles Myer Ltd		335,271
1,400		FamilyMart Co Ltd		38,968
1,400		Lawson, Inc		53,819
18,500		Seven & I Holdings Co Ltd		563,603
42,217		Woolworths Ltd		928,751
		TOTAL FOOD STORES		14,766,428
FURNITURE AND HOME FURNISHINGS STORES - 0.03%
1,800		Yamada Denki Co Ltd		167,719
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		167,719
GENERAL BUILDING CONTRACTORS - 0.45%
12,000		Daiwa House Industry Co Ltd		196,843
96,887		Fletcher Building Ltd		761,326
16,000	*	Haseko Corp		58,384
19,000		Kajima Corp		97,064
14,000		Obayashi Corp		90,292
2,962,884		Shanghai Forte Land Co		1,239,986
21,000		Taisei Corp		77,877
		TOTAL GENERAL BUILDING CONTRACTORS		2,521,772

4

TIAA-CREF MUTUAL FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
GENERAL MERCHANDISE STORES - 0.19%
14,300		Aeon Co Ltd	$	285,175
5,000		Daimaru, Inc		64,791
4,100		Isetan Co Ltd		71,499
12,000		Keio Corp		83,401
35,000		Kintetsu Corp		110,192
6,900		Marui Co Ltd		84,610
8,000		Mitsukoshi Ltd		36,728
6,000		Takashimaya Co Ltd		73,880
23,000		Tokyu Corp		179,175
4,000		UNY Co Ltd		54,888
		TOTAL GENERAL MERCHANDISE STORES		1,044,339
HEAVY CONSTRUCTION, EXCEPT BUILDING - 3.97%
3,000		Chiyoda Corp		65,810
142,180		Vinci S.A.		22,035,725
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		22,101,535
HOLDING AND OTHER INVESTMENT OFFICES - 5.70%
1,885,833		Ashmore Group plc		10,752,703
434,338		GEA Group AG.		12,021,912
42,300		GPT Group		169,071
7		Japan Retail Fund Investment Corp		68,907
12,600		JFE Holdings, Inc		745,265
669,672		Man Group plc		7,313,851
10		Nippon Building Fund, Inc		165,479
33,273		Noble Group Ltd		32,897
5		Nomura Real Estate Office Fund, Inc		64,070
16,700	*	Softbank Corp		429,404
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		31,763,559
HOTELS AND OTHER LODGING PLACES - 4.46%
259,898		Accor S.A.		24,837,498
24,800	*	Shanghai Jin Jiang International Hotels Group Co Ltd		14,442
		TOTAL HOTELS AND OTHER LODGING PLACES		24,851,940
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.47%
7,000		Amada Co Ltd		80,015
34,933	*	Brambles Ltd		384,677
48,260		Canon, Inc		2,592,378
5,000		Casio Computer Co Ltd		109,470
7,900		Citizen Watch Co Ltd		74,146
5,100		Daikin Industries Ltd		177,444
25,770		FUJIFILM Holdings Corp		1,054,068
2,200		Hitachi Construction Machinery Co Ltd		59,555
26,000		Ishikawajima-Harima Heavy Industries Co Ltd		108,113
6,000		Japan Steel Works Ltd		72,149
57,940		Komatsu Ltd		1,219,375
27,075		Krones AG.		5,316,695
24,000		Kubota Corp		210,387
2,500		Kurita Water Industries Ltd		60,463
2,400		Makita Corp		89,002
72,000		Mitsubishi Heavy Industries Ltd		465,580
34,000		Mitsui & Co Ltd		634,759
15,000		Mitsui Engineering & Shipbuilding Co Ltd		63,518

5

TIAA-CREF MUTUAL FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
53,700		Modec, Inc	$	1,522,047
8,000		NTN Corp		69,246
99,925		Rheinmetall AG.		9,263,809
3,000		Seiko Epson Corp		88,340
34,400		Sumitomo Heavy Industries Ltd		342,716
2,700		THK Co Ltd		63,582
3,700		Tokyo Electron Ltd		258,724
65,000		Toshiba Corp		434,106
4,800		Yokogawa Electric Corp		73,564
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		24,887,928
INSTRUMENTS AND RELATED PRODUCTS - 2.92%
800		Keyence Corp		180,516
6,000		Nikon Corp		126,527
7,500		Nippon Electric Glass Co Ltd		131,428
5,000		Olympus Corp		170,995
133,557		Phonak Holding AG.		10,221,620
76,810		Tecan Group AG.		5,461,370
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		16,292,456
INSURANCE AGENTS, BROKERS AND SERVICE - 0.12%
17,500		QBE Insurance Group Ltd		446,583
12,150		Suncorp-Metway Ltd		204,476
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		651,059
INSURANCE CARRIERS - 1.88%
47,804		Admiral Group plc		1,080,874
36,000		Insurance Australia Group Ltd		170,688
15,383		Millea Holdings, Inc		569,161
27,000		Mitsui Sumitomo Insurance Co Ltd		338,875
18,000		Sompo Japan Insurance, Inc		224,389
7,630		T&D Holdings, Inc		526,408
26,272		Zurich Financial Services AG.		7,583,347
		TOTAL INSURANCE CARRIERS		10,493,742
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.03%
9,000		Keihin Electric Express Railway Co Ltd		69,043
17,000		Tobu Railway Co Ltd		81,653
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		150,696
METAL MINING - 2.44%
76,201		BHP Billiton Ltd		1,842,847
44,623		MMC Norilsk Nickel (ADR)		8,478,370
14,780		Newcrest Mining Ltd		284,493
46,734	*	Paladin Resources Ltd		367,916
35,286	*	Polyus Gold (ADR)		1,697,257
10,281		Rio Tinto Ltd		655,570
416		Sumitomo Titanium Corp		46,210
18,575		Zinifex Ltd		237,158
		TOTAL METAL MINING		13,609,821
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.04%
4,600		Namco Bandai Holdings, Inc		71,787
1,200		Sankyo Co Ltd		52,749

6

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
3,900		Yamaha Corp	$	87,042
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		211,578
MISCELLANEOUS RETAIL - 0.20%
48,000		Hutchison Whampoa Ltd		461,663
19,500		Nippon Mining Holdings, Inc		168,292
63,800		Origin Energy Ltd		465,102
500		Ryohin Keikaku Co Ltd		31,611
		TOTAL MISCELLANEOUS RETAIL		1,126,668
MOTION PICTURES - 0.01%
3,100		Toho Co Ltd		60,506
		TOTAL MOTION PICTURES		60,506
NONDEPOSITORY INSTITUTIONS - 4.15%
475,702		Collins Stewart plc		2,382,395
9,700		Credit Saison Co Ltd		319,382
87,858		Deutsche Postbank AG.		7,660,390
124,631		Hypo Real Estate Holding AG.		7,948,121
1,750		Promise Co Ltd		65,937
2,420		Takefuji Corp		97,137
488,003		Tullett Prebon plc		4,638,319
		TOTAL NONDEPOSITORY INSTITUTIONS		23,111,681
NONMETALLIC MINERALS, EXCEPT FUELS - 0.06%
33,000		Itochu Corp		327,088
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		327,088
OIL AND GAS EXTRACTION - 1.12%
21,500	*	Compagnie Generale de Geophysique S.A.		4,509,144
35		Inpex Holdings, Inc		302,953
11,130		Total S.A.		779,824
19,803		Woodside Petroleum Ltd		632,733
		TOTAL OIL AND GAS EXTRACTION		6,224,654
PAPER AND ALLIED PRODUCTS - 0.03%
16,000		OJI Paper Co Ltd		84,861
900		Uni-Charm Corp		56,976
		TOTAL PAPER AND ALLIED PRODUCTS		141,837
PETROLEUM AND COAL PRODUCTS - 0.50%
81,690		ENI S.p.A.		2,658,289
4,100		Showa Shell Sekiyu KK		50,206
6,000		TonenGeneral Sekiyu KK		67,006
		TOTAL PETROLEUM AND COAL PRODUCTS		2,775,501
PRIMARY METAL INDUSTRIES - 0.72%
7,000		Daido Steel Co Ltd		45,443
6,000		DOWA HOLDINGS CO Ltd		60,998
7,000		Fujikura Ltd		49,364
14,000		Furukawa Electric Co Ltd		85,540
61,000		Kobe Steel Ltd		245,884
21,000		Mitsubishi Materials Corp		99,618
13,000		Mitsui Mining & Smelting Co Ltd		71,376

7

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY	VALUE
225,900		Nippon Steel Corp	$	1,587,281
18,000		Nisshin Steel Co Ltd		77,597
16,200		Sumitomo Electric Industries Ltd		246,354
92,000		Sumitomo Metal Industries Ltd		475,458
51,100		Sumitomo Metal Mining Co Ltd		986,528
		TOTAL PRIMARY METAL INDUSTRIES		4,031,441
PRINTING AND PUBLISHING - 0.06%
14,000		Dai Nippon Printing Co Ltd		220,265
12,000		Toppan Printing Co Ltd		125,255
		TOTAL PRINTING AND PUBLISHING		345,520
RAILROAD TRANSPORTATION - 0.29%
173		East Japan Railway Co		1,347,709
14,000		Odakyu Electric Railway Co Ltd		102,291
38		West Japan Railway Co		175,424
		TOTAL RAILROAD TRANSPORTATION		1,625,424
REAL ESTATE - 7.33%
200,000		Atrium Co Ltd		5,770,536
18		City Developments Ltd		173
2,039		ORIX Corp		531,206
2,994		Risa Partners, Inc		8,841,752
2,871,400	*	Shui On Land Ltd		2,377,674
29,850		Stockland Trust Group		196,836
6,000		Tokyo Tatemono Co Ltd		90,530
1,538,100		Urban Corp		22,593,781
28,471		Westfield Group		473,849
		TOTAL REAL ESTATE		40,876,337
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.08%
13,500		Bridgestone Corp		269,794
10,000		Denki Kagaku Kogyo KK		46,843
14,000		Mitsui Chemicals, Inc		122,369
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		439,006
SECURITY AND COMMODITY BROKERS - 0.39%
28,000		Daiwa Securities Group, Inc		338,119
24,800		Hong Kong Exchanges and Clearing Ltd		241,700
5,439		Macquarie Bank Ltd		364,158
5,000	*	Mitsubishi Securities Co		57,111
18,000		Nikko Cordial Corp		257,077
39,800		Nomura Holdings, Inc		829,167
167		SBI Holdings, Inc		63,348
10,000	*	Shinko Securities Co Ltd		50,662
		TOTAL SECURITY AND COMMODITY BROKERS		2,201,342
SPECIAL TRADE CONTRACTORS - 0.09%
52,900		Takasago Thermal Engineering Co Ltd		478,093
		TOTAL SPECIAL TRADE CONTRACTORS		478,093
STONE, CLAY, AND GLASS PRODUCTS - 5.73%
21,000		Asahi Glass Co Ltd		295,647
18,251		CSR Ltd		50,355

8

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES	COMPANY	VALUE
31,969	Holcim Ltd	$	3,201,767
2,159,000	Nippon Sheet Glass Co Ltd		11,322,658
20,400	Rinker Group Ltd		297,927
5,508,900	Sumitomo Osaka Cement Co Ltd		16,549,140
19,000	Taiheiyo Cement Corp		84,004
6,000	Toto Ltd		60,132
20,000	UBE Industries Ltd		63,476
	TOTAL STONE, CLAY, AND GLASS PRODUCTS		31,925,106
TOBACCO PRODUCTS - 2.28%
2,585	Japan Tobacco, Inc		12,701,247
	TOTAL TOBACCO PRODUCTS		12,701,247
TRANSPORTATION BY AIR - 2.45%
21,000	All Nippon Airways Co Ltd		82,510
183,989	Fraport AG. Frankfurt Airport Services Worldwide		13,439,291
12,000	Singapore Airlines Ltd		131,299
	TOTAL TRANSPORTATION BY AIR		13,653,100
TRANSPORTATION EQUIPMENT - 5.87%
15,090	Denso Corp		560,881
903,856	Fiat S.p.A.		22,783,851
26,000	Hankyu Hanshin Holdings, Inc		157,315
4,200	JTEKT Corp		73,600
29,000	Kawasaki Heavy Industries Ltd		122,802
1,600	Shimano, Inc		49,423
32,670	Siemens AG.		3,492,237
85,330	Toyota Motor Corp		5,467,087
	TOTAL TRANSPORTATION EQUIPMENT		32,707,196
TRANSPORTATION SERVICES - 0.03%
11,747	Toll Holdings Ltd		194,842
	TOTAL TRANSPORTATION SERVICES		194,842
TRUCKING AND WAREHOUSING - 3.14%
569,820	Deutsche Post AG.		17,248,589
5,000	Kamigumi Co Ltd		43,024
17,000	Nippon Express Co Ltd		106,611
7,000	Yamato Transport Co Ltd		112,865
	TOTAL TRUCKING AND WAREHOUSING		17,511,089
WATER TRANSPORTATION - 0.10%
11,000	Kawasaki Kisen Kaisha Ltd		104,362
24,000	Mitsui OSK Lines Ltd		266,395
23,000	Nippon Yusen Kabushiki Kaisha		184,445
	TOTAL WATER TRANSPORTATION		555,202
WHOLESALE TRADE-DURABLE GOODS - 5.12%
497,000	Kloeckner & Co AG.		27,320,095
50,900	Nissan Motor Co Ltd		545,542
23,110	Sumitomo Corp		415,760
8,705	Wesfarmers Ltd		265,882
	TOTAL WHOLESALE TRADE-DURABLE GOODS		28,547,279

9

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY	VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 0.31%
23,500		Esprit Holdings Ltd	$	275,648
45,450		Foster's Group Ltd		251,899
33,000		Marubeni Corp		200,509
30,440		Mitsubishi Corp		706,495
27,000		Nippon Oil Corp		219,043
1,600		Suzuken Co Ltd		56,755
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,710,349
		TOTAL COMMON STOCKS		559,959,766
		(Cost $470,678,119)
		TOTAL PORTFOLIO - 100.48%		559,959,766
		(Cost $470,678,119)
		OTHER ASSETS & LIABILITIES, NET - (0.48%)		(2,675,497	)
		NET ASSETS - 100.00%	$	557,284,269
	*	Non-income producing
		ABBREVIATION:
		ADR - American Depositary Receipt

10

TIAA-CREF MUTUAL FUNDS - International Equity Fund

     TIAA-CREF MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
March 31, 2007

			% OF
	VALUE		MARKET VALUE
FOREIGN
AUSTRALIA	$	14,460,240	2.58	%
FINLAND		22,377,049	4.00
FRANCE		81,078,265	14.48
GERMANY		153,577,561	27.43
HONG KONG		12,209,665	2.18
INDIA		530,737	0.09
ITALY		25,442,139	4.54
JAPAN		162,954,687	29.10
NETHERLANDS		2,438,321	0.43
NEW ZEALAND		761,326	0.14
RUSSIA		10,175,627	1.82
SINGAPORE		2,066,699	0.37
SWEDEN		5,266,454	0.94
SWITZERLAND		35,784,275	6.39
UNITED KINGDOM		30,836,721	5.51
TOTAL FOREIGN		559,959,766	100.00
TOTAL PORTFOLIO	$	559,959,766	100.00	%

11

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund

TIAA-CREF MUTUAL FUNDS
GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (unaudited)
March 31, 2007

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.33%
AMUSEMENT AND RECREATION SERVICES - 0.54%
145,897	*	Activision, Inc	$	2,763,289
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,763,289
APPAREL AND OTHER TEXTILE PRODUCTS - 0.88%
51,715		Polo Ralph Lauren Corp		4,558,677
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		4,558,677
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.99%
161,617		Lowe's Cos, Inc		5,089,319
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		5,089,319
BUSINESS SERVICES - 13.76%
256,656	*	Adobe Systems, Inc		10,702,555
14,318	*	Cognizant Technology Solutions Corp (Class A)		1,263,850
195,638	*	eBay, Inc		6,485,400
124,128	*	Electronic Arts, Inc		6,251,086
25,833	*	Google, Inc (Class A)		11,835,647
144,295	*	Juniper Networks, Inc		2,839,726
425,426		Microsoft Corp		11,856,623
61,659		Omnicom Group, Inc		6,312,648
147,400	*	Oracle Corp		2,672,362
344,577	*	Yahoo!, Inc		10,781,814
		TOTAL BUSINESS SERVICES		71,001,711
CHEMICALS AND ALLIED PRODUCTS - 14.57%
216,131		Abbott Laboratories		12,060,110
48,400	*	Amgen, Inc		2,704,592
62,000		Colgate-Palmolive Co		4,140,980
77,713		Eli Lilly & Co		4,173,965
81,878	*	Genentech, Inc		6,723,821
118,553	*	Gilead Sciences, Inc		9,069,305
100,891	*	Keryx Biopharmaceuticals, Inc		1,061,373
70,034		Merck & Co, Inc		3,093,402
159,025		Monsanto Co		8,740,014
45,000		Novartis AG.		2,581,163
90,177		Procter & Gamble Co		5,695,579
34,400		Roche Holding AG.		6,086,491
111,565		Schering-Plough Corp		2,846,023
165,776		Teva Pharmaceutical Industries Ltd (ADR)		6,204,996
		TOTAL CHEMICALS AND ALLIED PRODUCTS		75,181,814
COMMUNICATIONS - 2.85%
99,361		America Movil S.A. de C.V. (ADR) (Series L)		4,748,462
104,278		AT&T, Inc		4,111,682
134,298	*	Comcast Corp (Class A)		3,485,033

12

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY	VALUE
78,939		Grupo Televisa S.A. (ADR)	$	2,352,382
		TOTAL COMMUNICATIONS		14,697,559
DEPOSITORY INSTITUTIONS - 0.69%
103,900		Wells Fargo & Co		3,577,277
		TOTAL DEPOSITORY INSTITUTIONS		3,577,277
ELECTRIC, GAS, AND SANITARY SERVICES - 0.82%
145,839		Fortum Oyj		4,252,883
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,252,883
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 15.68%
136,822	*	Apple Computer, Inc		12,712,132
630,776	*	Cisco Systems, Inc		16,103,711
134,394		Cooper Industries Ltd (Class A)		6,046,386
203,225		Emerson Electric Co		8,756,965
246,307	*	Marvell Technology Group Ltd		4,140,421
94,700		Maxim Integrated Products, Inc		2,784,180
57,772	*	MEMC Electronic Materials, Inc		3,499,828
171,794		National Semiconductor Corp		4,147,107
103,368	*	Network Appliance, Inc		3,774,999
45,169	*	Nvidia Corp		1,299,964
71,100	*	Polycom, Inc		2,369,763
326,721		Qualcomm, Inc		13,937,918
45,220		Texas Instruments, Inc		1,361,122
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		80,934,496
ENGINEERING AND MANAGEMENT SERVICES - 1.91%
76,782	*	Celgene Corp		4,027,984
37,490		Fluor Corp		3,363,603
64,555		Paychex, Inc		2,444,698
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		9,836,285
FOOD AND KINDRED PRODUCTS - 2.73%
221,995		PepsiCo, Inc		14,110,002
		TOTAL FOOD AND KINDRED PRODUCTS		14,110,002
FURNITURE AND HOME FURNISHINGS STORES - 0.74%
117,494	*	GameStop Corp (Class A)		3,826,780
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		3,826,780
GENERAL MERCHANDISE STORES - 2.02%
163,655		Target Corp		9,698,195
15,694		Wal-Mart Stores, Inc		736,833
		TOTAL GENERAL MERCHANDISE STORES		10,435,028
HEALTH SERVICES - 1.78%
64,770		McKesson Corp		3,791,636
74,615	*	Medco Health Solutions, Inc		5,411,826
		TOTAL HEALTH SERVICES		9,203,462
HOLDING AND OTHER INVESTMENT OFFICES - 0.97%
22,141		Alcon, Inc		2,918,627
708		Hugoton Royalty Trust		17,827

13

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY	VALUE
37,500		iShares Russell 1000 Growth Index Fund	$	2,086,875
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,023,329
HOTELS AND OTHER LODGING PLACES - 2.44%
233,348		Hilton Hotels Corp		8,391,194
65,066		Starwood Hotels & Resorts Worldwide, Inc		4,219,530
		TOTAL HOTELS AND OTHER LODGING PLACES		12,610,724
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.49%
38,321	*	Alstom RGPT		4,973,196
85,004	*	Dell, Inc		1,972,943
140,096		General Electric Co		4,953,795
227,519		Hewlett-Packard Co		9,132,613
14,890		International Business Machines Corp		1,403,531
145,409		International Game Technology		5,871,615
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		28,307,693
INSTRUMENTS AND RELATED PRODUCTS - 3.14%
109,999		Johnson & Johnson		6,628,540
54,251		Medtronic, Inc		2,661,554
81,130	*	Zimmer Holdings, Inc		6,929,313
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		16,219,407
INSURANCE CARRIERS - 1.91%
89,001		Aetna, Inc		3,897,354
69,261		American International Group, Inc		4,655,724
59,624		Progressive Corp		1,300,996
		TOTAL INSURANCE CARRIERS		9,854,074
LEATHER AND LEATHER PRODUCTS - 1.75%
180,520	*	Coach, Inc		9,035,026
		TOTAL LEATHER AND LEATHER PRODUCTS		9,035,026
METAL MINING - 0.99%
96,531		Anglo American plc		5,085,178
		TOTAL METAL MINING		5,085,178
MISCELLANEOUS RETAIL - 3.19%
91,096		Best Buy Co, Inc		4,438,197
151,100		CVS Corp		5,158,554
265,117		Staples, Inc		6,850,623
		TOTAL MISCELLANEOUS RETAIL		16,447,374
MOTION PICTURES - 0.32%
11,769	*	National CineMedia, Inc		314,232
38,372		Walt Disney Co		1,321,148
		TOTAL MOTION PICTURES		1,635,380
NONDEPOSITORY INSTITUTIONS - 2.03%
185,879		American Express Co		10,483,576
		TOTAL NONDEPOSITORY INSTITUTIONS		10,483,576
OIL AND GAS EXTRACTION - 2.75%
21,457	*	National Oilwell Varco, Inc		1,669,140

14

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY	VALUE
52,776		Schlumberger Ltd	$	3,646,822
161,607		XTO Energy, Inc		8,857,680
		TOTAL OIL AND GAS EXTRACTION		14,173,642
PETROLEUM AND COAL PRODUCTS - 0.88%
29,198		Apache Corp		2,064,299
32,708	*	Suncor Energy, Inc		2,497,256
		TOTAL PETROLEUM AND COAL PRODUCTS		4,561,555
PRIMARY METAL INDUSTRIES - 0.90%
209,417		BHP Billiton plc		4,669,096
		TOTAL PRIMARY METAL INDUSTRIES		4,669,096
RAILROAD TRANSPORTATION - 0.47%
60,965		CSX Corp		2,441,648
		TOTAL RAILROAD TRANSPORTATION		2,441,648
SECURITY AND COMMODITY BROKERS - 4.84%
530,363		Charles Schwab Corp		9,700,339
6,209		Chicago Mercantile Exchange Holdings, Inc		3,306,044
33,212		Goldman Sachs Group, Inc		6,862,596
62,278		Merrill Lynch & Co, Inc		5,086,244
		TOTAL SECURITY AND COMMODITY BROKERS		24,955,223
TOBACCO PRODUCTS - 0.60%
35,211		Altria Group, Inc		3,091,878
		TOTAL TOBACCO PRODUCTS		3,091,878
TRANSPORTATION EQUIPMENT - 5.69%
136,112		Boeing Co		12,101,718
99,518		ITT Industries, Inc		6,002,926
173,155		United Technologies Corp		11,255,075
		TOTAL TRANSPORTATION EQUIPMENT		29,359,719
TRANSPORTATION SERVICES - 0.71%
27,200		CH Robinson Worldwide, Inc		1,298,800
96,200		UTI Worldwide, Inc		2,364,596
		TOTAL TRANSPORTATION SERVICES		3,663,396
TRUCKING AND WAREHOUSING - 0.30%
21,748		United Parcel Service, Inc (Class B)		1,524,535
		TOTAL TRUCKING AND WAREHOUSING		1,524,535
		TOTAL COMMON STOCKS		512,611,035
		(Cost $462,978,613)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.06%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.06%
$     290,000		Federal Home Loan Bank, 4.900%, 04/02/07		289,882
		TOTAL SHORT-TERM INVESTMENTS		289,882
		(Cost $289,960)

15

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund
		COMPANY		VALUE
		TOTAL PORTFOLIO - 99.39%	$	512,900,917
		(Cost $463,268,573)
		OTHER ASSETS & LIABILITIES, NET - 0.61%		3,154,181
		NET ASSETS - 100.00%	$	516,055,098
	*	Non-income producing
		ABBREVIATION:
		ADR - American Depositary Receipt

16

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund

TIAA-CREF MUTUAL FUNDS
GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS (unaudited)
March 31, 2007

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.25%
AMUSEMENT AND RECREATION SERVICES - 1.59%
167,217	*	Activision, Inc	$	3,167,090
9,100		Nintendo Co Ltd		2,644,900
70,920	*	Penn National Gaming, Inc		3,008,426
		TOTAL AMUSEMENT AND RECREATION SERVICES		8,820,416
APPAREL AND ACCESSORY STORES - 0.43%
59,567	*	J Crew Group, Inc		2,392,806
		TOTAL APPAREL AND ACCESSORY STORES		2,392,806
APPAREL AND OTHER TEXTILE PRODUCTS - 0.38%
49,577		Liz Claiborne, Inc		2,124,374
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		2,124,374
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.37%
55,306		Home Depot, Inc		2,031,942
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,031,942
BUSINESS SERVICES - 5.45%
79,448	*	Adobe Systems, Inc		3,312,982
31,174	*	Akamai Technologies, Inc		1,556,206
189,877	*	BEA Systems, Inc		2,200,674
18,200		Ctrip.com International Ltd (ADR)		1,219,127
9,093	*	Google, Inc (Class A)		4,166,049
70,463	*	Iron Mountain, Inc		1,841,198
376,168		Microsoft Corp		10,483,802
163,211		WPP Group plc		2,473,040
92,241	*	Yahoo!, Inc		2,886,221
		TOTAL BUSINESS SERVICES		30,139,299
CHEMICALS AND ALLIED PRODUCTS - 14.53%
151,419		Abbott Laboratories		8,449,180
68,699		Air Products & Chemicals, Inc		5,080,978
35,766	*	Amgen, Inc		1,998,604
45,570		Bayer AG.		2,912,233
77,788		Bristol-Myers Squibb Co		2,159,395
52,610	*	Chattem, Inc		3,100,833
75,497		Colgate-Palmolive Co		5,042,445
62,623		Du Pont (E.I.) de Nemours & Co		3,095,455
57,636	*	Genzyme Corp		3,459,313
74,163	*	Gilead Sciences, Inc		5,673,469
191,137		Merck & Co, Inc		8,442,521
65,768		Monsanto Co		3,614,609
108,246	*	Mosaic Co		2,885,838
60,617		Novartis AG. (ADR)		3,311,507
30,700		PPG Industries, Inc		2,158,517

17

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY	VALUE
99,532		Procter & Gamble Co	$	6,286,441
198,943		Schering-Plough Corp		5,075,036
90,384		Unilever plc		2,723,063
44,691	*	Vertex Pharmaceuticals, Inc		1,253,136
72,498		Wyeth		3,627,075
		TOTAL CHEMICALS AND ALLIED PRODUCTS		80,349,648
COMMUNICATIONS - 2.74%
49,248		America Movil S.A. de C.V. (ADR) (Series L)		2,353,562
262,965		AT&T, Inc		10,368,710
64,386		Verizon Communications, Inc		2,441,517
		TOTAL COMMUNICATIONS		15,163,789
DEPOSITORY INSTITUTIONS - 9.29%
146,041		Bank of America Corp		7,451,012
149,966		Citigroup, Inc		7,699,254
25,751		First Horizon National Corp		1,069,439
220,853		JPMorgan Chase & Co		10,684,868
92,271		Northern Trust Corp		5,549,178
77,321		SunTrust Banks, Inc		6,420,736
132,961		US Bancorp		4,649,646
228,521		Wells Fargo & Co		7,867,978
		TOTAL DEPOSITORY INSTITUTIONS		51,392,111
EATING AND DRINKING PLACES - 1.52%
25,924	*	Chipotle Mexican Grill, Inc (Class A)		1,609,880
67,887		Darden Restaurants, Inc		2,796,265
88,720		McDonald's Corp		3,996,836
		TOTAL EATING AND DRINKING PLACES		8,402,981
ELECTRIC, GAS, AND SANITARY SERVICES - 2.81%
97,488		American Electric Power Co, Inc		4,752,540
109,166		CMS Energy Corp		1,943,155
60,516		Constellation Energy Group, Inc		5,261,866
115,651		DPL, Inc		3,595,590
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		15,553,151
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 11.70%
150,409	*	Agere Systems, Inc		3,402,252
61,823	*	Apple Computer, Inc		5,743,975
116,117	*	Broadcom Corp (Class A)		3,723,872
464,844	*	Cisco Systems, Inc		11,867,467
134,489		Emerson Electric Co		5,795,131
61,075	*	First Solar, Inc		3,176,511
69,624		Gamesa Corp Tecnologica S.A.		2,520,486
155,009		Honeywell International, Inc		7,139,714
267,467		Intel Corp		5,116,644
33,978		L-3 Communications Holdings, Inc		2,972,056
41,500		Maxim Integrated Products, Inc		1,220,100
92,400		Motorola, Inc		1,632,708
65,339	*	Network Appliance, Inc		2,386,180
54,783	*	Nvidia Corp		1,576,655
150,512		Qualcomm, Inc		6,420,842
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		64,694,593

18

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY	VALUE
FOOD AND KINDRED PRODUCTS - 3.16%
66,792		Coca-Cola Co	$	3,206,016
19,357		Groupe Danone		3,162,427
46,960		Hershey Co		2,566,834
134,415		PepsiCo, Inc		8,543,417
		TOTAL FOOD AND KINDRED PRODUCTS		17,478,694
GENERAL MERCHANDISE STORES - 2.32%
142,637		Saks, Inc		2,972,555
77,445		Target Corp		4,589,391
123,980		TJX Cos, Inc		3,342,501
41,103		Wal-Mart Stores, Inc		1,929,786
		TOTAL GENERAL MERCHANDISE STORES		12,834,233
HEALTH SERVICES - 0.95%
72,091	*	Medco Health Solutions, Inc		5,228,760
		TOTAL HEALTH SERVICES		5,228,760
HOLDING AND OTHER INVESTMENT OFFICES - 0.05%
1,860		SPDR Trust Series 1		264,120
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		264,120
HOTELS AND OTHER LODGING PLACES - 1.37%
42,182		Accor S.A.		4,031,179
59,179		Orient-Express Hotels Ltd (Class A)		3,540,088
		TOTAL HOTELS AND OTHER LODGING PLACES		7,571,267
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.40%
40,756	*	Alstom		5,289,204
40,022		Deere & Co		4,347,990
498,665		General Electric Co		17,632,794
247,042		Hewlett-Packard Co		9,916,266
69,254		International Business Machines Corp		6,527,882
67,900		International Game Technology		2,741,802
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		46,455,938
INSTRUMENTS AND RELATED PRODUCTS - 1.19%
48,609	*	Millipore Corp		3,522,694
65,240	*	Thermo Electron Corp		3,049,970
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		6,572,664
INSURANCE AGENTS, BROKERS AND SERVICE - 0.91%
52,415		Hartford Financial Services Group, Inc		5,009,826
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		5,009,826
INSURANCE CARRIERS - 3.58%
110,445		ACE Ltd		6,301,992
56,733		Aflac, Inc		2,669,855
143,660		American International Group, Inc		9,656,825
58,371	*	Employers Holdings, Inc		1,168,587
		TOTAL INSURANCE CARRIERS		19,797,259

19

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY	VALUE
METAL MINING - 0.71%
74,919		Anglo American plc	$	3,946,675
		TOTAL METAL MINING		3,946,675
MISCELLANEOUS RETAIL - 0.25%
26,744	*	Nutri/System, Inc		1,401,653
		TOTAL MISCELLANEOUS RETAIL		1,401,653
MOTION PICTURES - 2.99%
75,003	*	DreamWorks Animation SKG, Inc (Class A)		2,293,592
268,542		News Corp (Class A)		6,208,691
101,818		Regal Entertainment Group (Class A)		2,023,124
67,096	*	Viacom, Inc (Class B)		2,758,317
93,878		Walt Disney Co		3,232,220
		TOTAL MOTION PICTURES		16,515,944
NONDEPOSITORY INSTITUTIONS - 2.07%
115,822		American Express Co		6,532,361
90,003		Fannie Mae		4,912,364
		TOTAL NONDEPOSITORY INSTITUTIONS		11,444,725
OIL AND GAS EXTRACTION - 2.72%
55,776	*	Cameron International Corp		3,502,175
71,400	*	Pride International, Inc		2,149,140
102,429		Schlumberger Ltd		7,077,844
48,700		Smith International, Inc		2,340,035
		TOTAL OIL AND GAS EXTRACTION		15,069,194
PETROLEUM AND COAL PRODUCTS - 7.16%
38,502		Cabot Oil & Gas Corp		2,591,955
66,022		Devon Energy Corp		4,570,043
280,053		Exxon Mobil Corp		21,129,999
40,635		Marathon Oil Corp		4,015,957
56,712		Noble Energy, Inc		3,382,871
11,936		Petroleo Brasileiro S.A. (ADR)		1,187,751
38,607		Sunoco, Inc		2,719,477
		TOTAL PETROLEUM AND COAL PRODUCTS		39,598,053
REAL ESTATE - 0.21%
78,600		Urban Corp		1,154,588
		TOTAL REAL ESTATE		1,154,588
SECURITY AND COMMODITY BROKERS - 3.22%
32,183		AllianceBernstein Holding LP		2,848,195
25,205		Bear Stearns Cos, Inc		3,789,572
77,936		Lazard Ltd (Class A)		3,910,828
92,193		Morgan Stanley		7,261,121
		TOTAL SECURITY AND COMMODITY BROKERS		17,809,716
TOBACCO PRODUCTS - 3.62%
228,227		Altria Group, Inc		20,040,613
		TOTAL TOBACCO PRODUCTS		20,040,613
TRANSPORTATION EQUIPMENT - 3.15%
88,470		Boeing Co		7,865,868

20

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY	VALUE
74,231		ITT Industries, Inc	$	4,477,614
19,735		Lockheed Martin Corp		1,914,690
8,328		Raytheon Co		436,887
42,102		United Technologies Corp		2,736,630
		TOTAL TRANSPORTATION EQUIPMENT		17,431,689
TRANSPORTATION SERVICES - 0.41%
91,222		UTI Worldwide, Inc		2,242,237
		TOTAL TRANSPORTATION SERVICES		2,242,237
		TOTAL COMMON STOCKS		548,932,958
		(Cost $462,423,987)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.19%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.19%
$   1,050,000		Federal Home Loan Bank, 4.900%, 04/02/07		1,049,571
		TOTAL SHORT-TERM INVESTMENTS		1,049,571
		(Cost $1,049,854)
		TOTAL PORTFOLIO - 99.44%		549,982,529
		(Cost $463,473,841)
		OTHER ASSETS & LIABILITIES, NET - 0.56%		3,092,849
		NET ASSETS - 100.00%	$	553,075,378
	*	Non-income producing
		ABBREVIATION:
		ADR - American Depositary Receipt
		SPDR - Standard & Poor’s Depository Receipts

21

TIAA-CREF MUTUAL FUNDS - Equity Index Fund

TIAA-CREF MUTUAL FUNDS
EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (unaudited)
March 31, 2007

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.86%
AGRICULTURAL PRODUCTION-CROPS - 0.00%*
991	*	Chiquita Brands International, Inc	$	13,894
		TOTAL AGRICULTURAL PRODUCTION-CROPS		13,894
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
1,042		Pilgrim's Pride Corp		34,584
10		Seaboard Corp		22,600
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		57,184
AMUSEMENT AND RECREATION SERVICES - 0.26%
7,137	*	Activision, Inc		135,175
1,525	*	Bally Technologies, Inc		35,960
970	v*	Bally Total Fitness Holding Corp		1,930
518	*	Century Casinos, Inc		4,274
273		Churchill Downs, Inc		12,391
427		Dover Downs Gaming & Entertainment, Inc		5,500
102		Dover Motorsports, Inc		536
4,616		Harrah's Entertainment, Inc		389,821
879		International Speedway Corp (Class A)		45,444
594	*	Lakes Entertainment, Inc		6,623
992	*	Leapfrog Enterprises, Inc		10,614
788	*	Life Time Fitness, Inc		40,511
1,805	*	Live Nation, Inc		39,818
1,100	*	Magna Entertainment Corp		4,004
1,389	*	Marvel Entertainment, Inc		38,545
1,000	*	MTR Gaming Group, Inc		13,080
570	*	Multimedia Games, Inc		6,783
1,802	*	Penn National Gaming, Inc		76,441
1,238	*	Pinnacle Entertainment, Inc		35,989
2,074	*	Six Flags, Inc		12,465
287		Speedway Motorsports, Inc		11,121
2,388		Warner Music Group Corp		40,739
1,947		Westwood One, Inc		13,376
829	*	WMS Industries, Inc		32,530
325		World Wrestling Entertainment, Inc		5,298
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,018,968
APPAREL AND ACCESSORY STORES - 0.74%
2,205		Abercrombie & Fitch Co (Class A)		166,874
1,261	*	Aeropostale, Inc		50,730
4,251		American Eagle Outfitters, Inc		127,487
1,768	*	AnnTaylor Stores Corp		68,563
370		Bebe Stores, Inc		6,431
703		Brown Shoe Co, Inc		29,526
375		Buckle, Inc		13,388
269	*	Cache, Inc		4,775

22

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,244	*	Carter's, Inc	$	31,523
792	*	Casual Male Retail Group, Inc		9,369
685		Cato Corp (Class A)		16,022
327	*	Charlotte Russe Holding, Inc		9,440
3,171	*	Charming Shoppes, Inc		41,064
4,627	*	Chico's FAS, Inc		113,038
583	*	Children's Place Retail Stores, Inc		32,508
933		Christopher & Banks Corp		18,166
162	*	Citi Trends, Inc		6,924
2,536		Claire's Stores, Inc		81,456
58		DEB Shops, Inc		1,571
1,236	*	Dress Barn, Inc		25,721
421	*	DSW, Inc (Class A)		17,770
1,089		Finish Line, Inc (Class A)		13,721
3,896		Foot Locker, Inc		91,751
13,486		Gap, Inc		232,094
2,404	*	Hanesbrands, Inc		70,654
1,169	*	HOT Topic, Inc		12,976
400	*	J Crew Group, Inc		16,068
455	*	Jo-Ann Stores, Inc		12,399
527	*	JOS A Bank Clothiers, Inc		18,629
8,224	*	Kohl's Corp		630,041
8,803		Limited Brands, Inc		229,406
344	*	New York & Co, Inc		5,432
5,915		Nordstrom, Inc		313,140
1,709	*	Pacific Sunwear Of California, Inc		35,598
1,721	*	Payless Shoesource, Inc		57,137
3,699		Ross Stores, Inc		127,246
107	*	Shoe Carnival, Inc		3,563
1,063		Stage Stores, Inc		24,779
312	*	Syms Corp		5,819
646		Talbots, Inc		15,259
763	*	Tween Brands, Inc		27,254
539	*	Under Armour, Inc (Class A)		27,651
2,958	*	Urban Outfitters, Inc		78,417
1,096	*	Wet Seal, Inc (Class A)		7,179
		TOTAL APPAREL AND ACCESSORY STORES		2,928,559
APPAREL AND OTHER TEXTILE PRODUCTS - 0.20%
371		Columbia Sportswear Co		23,117
1,082		Guess ?, Inc		43,810
910	*	Gymboree Corp		36,464
644	*	Hartmarx Corp		4,766
2,908		Jones Apparel Group, Inc		89,363
705		Kellwood Co		20,678
2,500		Liz Claiborne, Inc		107,125
1,425		Phillips-Van Heusen Corp		83,790
1,470		Polo Ralph Lauren Corp		129,581
2,914	*	Quiksilver, Inc		33,802
335	*	True Religion Apparel, Inc		5,440
2,213		VF Corp		182,838
1,206	*	Warnaco Group, Inc		34,250
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		795,024

23

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
AUTO REPAIR, SERVICES AND PARKING - 0.06%
262	*	Amerco, Inc	$	18,337
248		Bandag, Inc		12,571
346		Central Parking Corp		7,674
654	*	Dollar Thrifty Automotive Group, Inc		33,380
730	*	Midas, Inc		15,746
302		Monro Muffler, Inc		10,600
1,367	*	PHH Corp		41,776
1,575		Ryder System, Inc		77,711
1,050	*	Wright Express Corp		31,847
		TOTAL AUTO REPAIR, SERVICES AND PARKING		249,642
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.19%
2,751		Advance Auto Parts		106,051
163	*	America's Car-Mart, Inc		2,178
500		Asbury Automotive Group, Inc		14,125
3,795	*	Autonation, Inc		80,606
1,209	*	Autozone, Inc		154,921
5,478	*	Carmax, Inc		134,430
1,757	*	Copart, Inc		49,214
892	*	CSK Auto Corp		15,342
500		Lithia Motors, Inc (Class A)		13,705
328	*	MarineMax, Inc		7,603
2,843	*	O'Reilly Automotive, Inc		94,103
547	*	Rush Enterprises, Inc (Class A)		10,508
768		Sonic Automotive, Inc (Class A)		21,888
1,402		United Auto Group, Inc		28,461
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		733,135
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.89%
387	*	Builders FirstSource, Inc		6,219
1,668	*	Central Garden and Pet Co (Class A)		24,520
3,226		Fastenal Co		113,071
53,474		Home Depot, Inc		1,964,635
39,160		Lowe's Cos, Inc		1,233,148
2,711		Sherwin-Williams Co		179,034
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		3,520,627
BUSINESS SERVICES - 7.08%
1,241	*	24/7 Real Media, Inc		9,965
9,999	*	3Com Corp		39,096
315	*	3D Systems Corp		6,902
1,127		Aaron Rents, Inc		29,798
1,217		ABM Industries, Inc		32,117
723	*	Acacia Research (Acacia Technologies)		11,438
1,472	*	Actuate Corp		7,684
2,074		Acxiom Corp		44,363
462		Administaff, Inc		16,262
15,156	*	Adobe Systems, Inc		632,005
473	*	Advent Software, Inc		16,494
2,703	*	Affiliated Computer Services, Inc (Class A)		159,153
800	*	Agile Software Corp		5,560
3,991	*	Akamai Technologies, Inc		199,231
2,116	*	Alliance Data Systems Corp		130,388

24

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
585	*	Altiris, Inc	$	19,252
671	*	American Reprographics Co		20,660
791	*	AMN Healthcare Services, Inc		17,892
348	*	Ansoft Corp		11,011
786	*	Ansys, Inc		39,905
1,968	*	aQuantive, Inc		54,927
863		Arbitron, Inc		40,518
1,822	*	Ariba, Inc		17,127
2,878	*	Art Technology Group, Inc		6,677
1,181	*	Aspen Technology, Inc		15,353
236	*	Asset Acceptance Capital Corp		3,651
1,032	*	Audible, Inc		10,722
5,883	*	Autodesk, Inc		221,201
14,478		Automatic Data Processing, Inc		700,735
2,543	*	Avis Budget Group, Inc		69,475
1,183	*	Avocent Corp		31,906
300	*	Bankrate, Inc		10,572
9,935	*	BEA Systems, Inc		115,147
4,932	*	BearingPoint, Inc		37,779
3,395	*	BISYS Group, Inc		38,907
1,136		Blackbaud, Inc		27,741
720	*	Blackboard, Inc		24,214
252	*	Blue Coat Systems, Inc		9,256
5,592	*	BMC Software, Inc		172,178
2,400	*	Borland Software Corp		12,648
350	*	Bottomline Technologies, Inc		3,815
958		Brady Corp (Class A)		29,890
1,277		Brink's Co		81,026
10,448		CA, Inc		270,708
816	*	CACI International, Inc (Class A)		38,238
7,162	*	Cadence Design Systems, Inc		150,832
1,288		Catalina Marketing Corp		40,675
1,584	*	CBIZ, Inc		11,246
3,421	*	Ceridian Corp		119,188
1,542	*	Cerner Corp		83,962
2,040	*	Checkfree Corp		75,664
2,221	*	ChoicePoint, Inc		83,132
802	*	Chordiant Software, Inc		8,301
1,170	*	Ciber, Inc		9,208
4,657	*	Citrix Systems, Inc		149,164
900	*	Clear Channel Outdoor Holdings, Inc (Class A)		23,679
9,912	*	CMGI, Inc		21,013
3,399	*	CNET Networks, Inc		29,605
900	*	Cogent Communications Group, Inc		21,267
1,121	*	Cogent, Inc		15,077
1,131		Cognex Corp		24,509
3,526	*	Cognizant Technology Solutions Corp (Class A)		311,240
167		Computer Programs & Systems, Inc		4,479
4,317	*	Computer Sciences Corp		225,045
10,298	*	Compuware Corp		97,728
435	*	COMSYS IT Partners, Inc		8,657
615	*	Concur Technologies, Inc		10,738
718	*	Convera Corp (Class A)		2,255
3,438	*	Convergys Corp		87,360

25

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
485	*	CoStar Group, Inc	$	21,670
565	*	Covansys Corp		13,944
1,338	*	CSG Systems International, Inc		33,477
769	*	Cybersource Corp		9,620
271	*	DealerTrack Holdings, Inc		8,325
1,276		Deluxe Corp		42,784
1,104	*	Dendrite International, Inc		17,289
1,024	*	Digital River, Inc		56,576
1,523	*	DST Systems, Inc		114,530
3,901	*	Earthlink, Inc		28,672
29,598	*	eBay, Inc		981,174
570	*	Echelon Corp		6,008
1,158	*	Eclipsys Corp		22,315
304	*	eCollege.com, Inc		5,457
1,052	*	eFunds Corp		28,046
490	*	Electro Rent Corp		7,056
7,700	*	Electronic Arts, Inc		387,772
13,125		Electronic Data Systems Corp		363,300
367	*	Emageon, Inc		4,037
4,121	*	Emdeon Corp		62,351
1,073	*	Epicor Software Corp		14,925
350	*	EPIQ Systems, Inc		7,133
3,183		Equifax, Inc		116,020
742	*	Equinix, Inc		63,537
632	*	eSpeed, Inc (Class A)		6,004
1,832	*	Evergreen Energy, Inc		12,036
5,420	*	Expedia, Inc		125,636
1,050	*	F5 Networks, Inc		70,014
1,079		Factset Research Systems, Inc		67,815
1,771		Fair Isaac Corp		68,502
448	*	FalconStor Software, Inc		4,668
4,845		Fidelity National Information Services, Inc		220,254
19,165		First Data Corp		515,539
4,337	*	Fiserv, Inc		230,121
595	*	Forrester Research, Inc		16,874
600		FTD Group, Inc		9,918
1,783	*	Gartner, Inc		42,703
578	*	Gerber Scientific, Inc		6,133
1,270	*	Getty Images, Inc		61,760
667		Gevity HR, Inc		13,167
858	*	Global Cash Access, Inc		14,320
5,261	*	Google, Inc (Class A)		2,410,380
296	*	H&E Equipment Services, Inc		6,364
509		Healthcare Services Group		14,583
365		Heartland Payment Systems, Inc		8,629
472	*	Heidrick & Struggles International, Inc		22,868
560	*	Hudson Highland Group, Inc		8,730
1,347	*	Hypercom Corp		8,028
1,381	*	Hyperion Solutions Corp		71,577
379	*	i2 Technologies, Inc		9,096
900	*	iGate Corp		7,416
601	*	IHS, Inc (Class A)		24,707
5,149		IMS Health, Inc		152,719
442	*	Infocrossing, Inc		6,573

26

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
2,278	*	Informatica Corp	$	30,594
899	*	Infospace, Inc		23,077
814		infoUSA, Inc		7,831
294	*	Innovative Solutions & Support, Inc		7,444
270		Integral Systems, Inc		6,526
861		Interactive Data Corp		21,310
783	*	Internap Network Services Corp		12,332
1,072	*	Internet Capital Group, Inc		11,470
306		Interpool, Inc		7,473
11,058	*	Interpublic Group of Cos, Inc		136,124
1,025	*	Interwoven, Inc		17,323
8,764	*	Intuit, Inc		239,783
754	*	inVentiv Health, Inc		28,871
1,244	*	Ipass, Inc		6,257
4,378	*	Iron Mountain, Inc		114,397
1,902		Jack Henry & Associates, Inc		45,743
844	*	JDA Software Group, Inc		12,685
14,608	*	Juniper Networks, Inc		287,485
710	*	Jupitermedia Corp		4,700
1,356	*	Keane, Inc		18,414
567		Kelly Services, Inc (Class A)		18,257
410	*	Kenexa Corp		12,763
719	*	Kforce, Inc		9,901
1,189	*	Kinetic Concepts, Inc		60,211
367	*	Knot, Inc		7,902
983	*	Korn/Ferry International		22,550
779	*	Kronos, Inc		41,677
1,234	*	Labor Ready, Inc		23,434
2,180		Lamar Advertising Co (Class A)		137,275
3,187	*	Lawson Software, Inc		25,783
1,312	*	Lionbridge Technologies		6,678
434	*	LoJack Corp		8,237
693	*	Magma Design Automation, Inc		8,288
840	*	Manhattan Associates, Inc		23,041
2,264		Manpower, Inc		167,015
498	*	Mantech International Corp (Class A)		16,638
569	*	Mapinfo Corp		11,454
508		Marchex, Inc (Class B)		7,783
400	*	Marlin Business Services, Inc		8,752
1,587		Mastercard, Inc (Class A)		168,603
4,235	*	McAfee, Inc		123,154
1,742	*	Mentor Graphics Corp		28,464
224,329		Microsoft Corp		6,252,049
305	*	MicroStrategy, Inc (Class A)		38,549
1,053	*	Midway Games, Inc		6,581
2,272		MoneyGram International, Inc		63,071
3,194	*	Monster Worldwide, Inc		151,300
2,175	*	Move, Inc		12,050
2,867	*	MPS Group, Inc		40,568
2,396	*	NAVTEQ Corp		82,662
4,568	*	NCR Corp		218,213
505	*	Neoware, Inc		5,085
700	*	Ness Technologies, Inc		8,946
1,083	*	NetFlix, Inc		25,115

27

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
271	*	Netratings, Inc	$	5,637
668	*	Netscout Systems, Inc		6,045
1,600		NIC, Inc		8,576
8,338	*	Novell, Inc		60,200
3,405	*	Nuance Communications, Inc		52,131
4,305		Omnicom Group, Inc		440,746
670	*	On Assignment, Inc		8,315
548	*	Online Resources Corp		6,286
334	*	Opnet Technologies, Inc		4,512
2,107	*	Opsware, Inc		15,276
100,328	*	Oracle Corp		1,818,947
800	*	Packeteer, Inc		9,936
2,658	*	Parametric Technology Corp		50,741
388	*	PDF Solutions, Inc		4,381
479	*	PeopleSupport, Inc		5,485
443	*	Perficient, Inc		8,763
2,293	*	Perot Systems Corp (Class A)		40,976
800	*	Phase Forward, Inc		10,504
412	*	Portfolio Recovery Associates, Inc		18,396
296	*	PRA International		6,382
2,046	*	Premiere Global Services, Inc		22,956
972	*	Progress Software Corp		30,326
361		QAD, Inc		3,285
352		Quality Systems, Inc		14,080
1,722	*	Quest Software, Inc		28,017
583	*	Radiant Systems, Inc		7,596
438	*	Radisys Corp		7,157
3,043	*	RealNetworks, Inc		23,888
4,612	*	Red Hat, Inc		105,753
200		Renaissance Learning, Inc		2,634
1,610	*	Rent-A-Center, Inc		45,048
698	*	Rewards Network, Inc		3,699
400	*	RightNow Technologies, Inc		6,552
3,898		Robert Half International, Inc		144,265
569		Rollins, Inc		13,093
2,338	*	S1 Corp		14,028
669	*	SafeNet, Inc		18,933
2,182	*	Salesforce.com, Inc		93,433
1,800	*	Sapient Corp		12,348
995	*	Secure Computing Corp		7,662
7,580		ServiceMaster Co		116,656
326	*	SI International, Inc		9,359
521	*	Smith Micro Software, Inc		9,706
500	*	Sohu.com, Inc		10,715
1,573	*	SonicWALL, Inc		13,150
6,480	*	Sonus Networks, Inc		52,294
1,566		Sotheby's		69,656
1,706	*	Spherion Corp		15,047
496	*	SPSS, Inc		17,906
995	*	SRA International, Inc (Class A)		24,238
227	*	Startek, Inc		2,222
186	*	Stratasys, Inc		7,946
89,197	*	Sun Microsystems, Inc		536,074
2,450	*	Sybase, Inc		61,936

28

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
984	*	SYKES Enterprises, Inc	$	17,948
23,917	*	Symantec Corp		413,764
319	*	SYNNEX Corp		6,776
4,000	*	Synopsys, Inc		104,920
77		Syntel, Inc		2,668
2,005	*	Take-Two Interactive Software, Inc		40,381
414		TAL International Group, Inc		9,936
819		Talx Corp		27,133
1,044	*	TeleTech Holdings, Inc		38,304
465		TheStreet.com, Inc		5,696
1,845	*	THQ, Inc		63,081
5,605	*	TIBCO Software, Inc		47,755
614		TNS, Inc		9,879
1,127		Total System Services, Inc		35,895
466	*	TradeStation Group, Inc		5,867
860	*	Transaction Systems Architects, Inc		27,855
1,400	*	Trizetto Group, Inc		28,014
431	*	Ultimate Software Group, Inc		11,288
9,103	*	Unisys Corp		76,738
1,499		United Online, Inc		21,031
1,750	*	United Rentals, Inc		48,125
780	*	Universal Compression Holdings, Inc		52,790
2,642	*	Valueclick, Inc		69,035
611	*	Vasco Data Security International		10,919
6,034	*	VeriSign, Inc		151,574
190	*	Vertrue, Inc		9,141
657		Viad Corp		25,360
687	*	Vignette Corp		12,758
202	*	Volt Information Sciences, Inc		5,290
13,773		Waste Management, Inc		473,929
1,082	*	WebEx Communications, Inc		61,523
129	*	WebMD Health Corp (Class A)		6,789
1,434	*	webMethods, Inc		10,310
1,200	*	Websense, Inc		27,588
400	*	WebSideStory, Inc		5,180
2,000	*	Wind River Systems, Inc		19,880
864	*	Witness Systems, Inc		23,285
35,462	*	Yahoo!, Inc		1,109,606
		TOTAL BUSINESS SERVICES		27,894,555
CHEMICALS AND ALLIED PRODUCTS - 9.28%
38,501		Abbott Laboratories		2,148,356
600	*	Abraxis BioScience, Inc		16,026
605	*	Acadia Pharmaceuticals, Inc		9,087
600	*	Adams Respiratory Therapeutics, Inc		20,178
1,486	*	Adolor Corp		13,003
210	*	Advanced Magnetics, Inc		12,657
1,393	*	ADVENTRX Pharmaceuticals, Inc		3,483
5,586		Air Products & Chemicals, Inc		413,141
646	*	Albany Molecular Research, Inc		6,363
1,896		Albemarle Corp		78,381
1,891		Alberto-Culver Co		43,266
811	*	Alexion Pharmaceuticals, Inc		35,068
2,524	*	Alkermes, Inc		38,971

29

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
817	*	Alnylam Pharmaceuticals, Inc	$	14,706
1,204	*	Alpharma, Inc (Class A)		28,992
1,136	*	American Oriental Bioengineering, Inc		10,667
362		American Vanguard Corp		6,187
29,709	*	Amgen, Inc		1,660,139
530		Arch Chemicals, Inc		16,547
941	*	Arena Pharmaceuticals, Inc		10,219
672	*	Array Biopharma, Inc		8,534
941	e*	Atherogenics, Inc		2,644
710	*	AVANIR Pharmaceuticals (Class A)		866
350	*	Aventine Renewable Energy Holdings, Inc		6,377
2,334		Avery Dennison Corp		149,983
1,330	*	AVI BioPharma, Inc		3,564
11,420		Avon Products, Inc		425,509
454		Balchem Corp		8,027
2,689	*	Barr Pharmaceuticals, Inc		124,635
345	*	Bentley Pharmaceuticals, Inc		2,826
590	*	BioCryst Pharmaceuticals, Inc		4,938
1,246	*	Bioenvision, Inc		5,096
8,738	*	Biogen Idec, Inc		387,792
2,402	*	BioMarin Pharmaceuticals, Inc		41,459
49,630		Bristol-Myers Squibb Co		1,377,729
1,771		Cabot Corp		84,530
828	*	Calgon Carbon Corp		6,881
692		Cambrex Corp		17,023
700	*	Caraco Pharmaceutical Laboratories Ltd		8,526
1,838		Celanese Corp (Series A)		56,684
922	*	Cell Genesys, Inc		3,872
1,633	*	Cephalon, Inc		116,286
1,411		CF Industries Holdings, Inc		54,394
1,794	*	Charles River Laboratories International, Inc		82,990
380	*	Chattem, Inc		22,397
5,934		Chemtura Corp		64,859
1,519		Church & Dwight Co, Inc		76,482
3,740		Clorox Co		238,201
477	*	Coley Pharmaceutical Group, Inc		4,570
12,987		Colgate-Palmolive Co		867,402
618	*	Combinatorx, Inc		4,320
1,403	*	Cubist Pharmaceuticals, Inc		30,964
827	*	Cypress Bioscience, Inc		6,285
942		Cytec Industries, Inc		52,978
2,200		Dade Behring Holdings, Inc		96,470
1,627	*	Dendreon Corp		21,037
395	*	Digene Corp		16,752
24,225		Dow Chemical Co		1,110,959
23,179		Du Pont (E.I.) de Nemours & Co		1,145,738
855	*	Durect Corp		3,557
1,981		Eastman Chemical Co		125,457
4,655		Ecolab, Inc		200,165
24,784		Eli Lilly & Co		1,331,149
562	*	Elizabeth Arden, Inc		12,263
594	*	Emisphere Technologies, Inc		1,901
1,500	*	Encysive Pharmaceuticals, Inc		4,065
1,167	*	Enzon Pharmaceuticals, Inc		9,511

30

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,014		Estee Lauder Cos (Class A)	$	147,234
943		Ferro Corp		20,378
979		FMC Corp		73,846
8,240	*	Forest Laboratories, Inc		423,866
11,787	*	Genentech, Inc		967,948
624	*	Genitope Corp		2,590
3,482	*	Genta, Inc		1,079
6,623	*	Genzyme Corp		397,512
876		Georgia Gulf Corp		14,200
1,870	*	Geron Corp		13,090
11,718	*	Gilead Sciences, Inc		896,427
1,580		H.B. Fuller Co		43,087
732	*	Hana Biosciences, Inc		1,398
2,712	*	Hercules, Inc		52,992
450	*	Hi-Tech Pharmacal Co, Inc		5,018
3,906	*	Hospira, Inc		159,755
3,724	*	Human Genome Sciences, Inc		39,549
2,306		Huntsman Corp		44,022
333	*	Idenix Pharmaceuticals, Inc		2,431
746	*	Idexx Laboratories, Inc		65,372
1,739	*	ImClone Systems, Inc		70,899
1,734	*	Immucor, Inc		51,032
1,204	*	Indevus Pharmaceuticals, Inc		8,512
145		Innospec, Inc		8,358
143		Inter Parfums, Inc		3,003
672	*	InterMune, Inc		16,572
2,270		International Flavors & Fragrances, Inc		107,189
718	*	Inverness Medical Innovations, Inc		31,434
1,376	*	Invitrogen Corp		87,582
609	*	Keryx Biopharmaceuticals, Inc		6,407
6,296	*	King Pharmaceuticals, Inc		123,842
256		Koppers Holdings, Inc		6,569
47		Kronos Worldwide, Inc		1,523
1,171	*	KV Pharmaceutical Co (Class A)		28,959
1,654		Lubrizol Corp		85,231
5,561		Lyondell Chemical Co		166,663
758		MacDermid, Inc		26,431
400		Mannatech, Inc		6,424
500	*	MannKind Corp		7,150
800	*	Martek Biosciences Corp		16,496
3,148	*	Medarex, Inc		40,735
1,220	*	Medicines Co		30,598
1,487		Medicis Pharmaceutical Corp (Class A)		45,829
299	*	Medifast, Inc		2,141
6,327	*	Medimmune, Inc		230,240
55,042		Merck & Co, Inc		2,431,205
424		Meridian Bioscience, Inc		11,770
2,000	*	MGI Pharma, Inc		44,940
8,169	*	Millennium Pharmaceuticals, Inc		92,800
579		Minerals Technologies, Inc		35,991
300	*	Momenta Pharmaceuticals, Inc		3,888
13,782		Monsanto Co		757,459
3,476	*	Mosaic Co		92,670
5,545		Mylan Laboratories, Inc		117,221

31

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,400	*	Nabi Biopharmaceuticals	$	7,434
2,743		Nalco Holding Co		65,558
460	*	Nastech Pharmaceutical Co, Inc		4,963
1,323	*	NBTY, Inc		70,172
1,057	*	Neurocrine Biosciences, Inc		13,213
400	*	New River Pharmaceuticals, Inc		25,452
338		NewMarket Corp		13,746
82		NL Industries, Inc		894
536	*	Northfield Laboratories, Inc		1,935
1,579	*	Novavax, Inc		4,090
885	*	Noven Pharmaceuticals, Inc		20,532
1,049	*	NPS Pharmaceuticals, Inc		3,556
1,348	*	Nuvelo, Inc		4,961
1,642		Olin Corp		27,815
690	*	OM Group, Inc		30,829
1,063	*	Omnova Solutions, Inc		5,804
939	*	Onyx Pharmaceuticals, Inc		23,325
970	*	OraSure Technologies, Inc		7,130
1,507	*	OSI Pharmaceuticals, Inc		49,731
558	*	Pacific Ethanol, Inc		9,503
1,000	*	Pain Therapeutics, Inc		7,840
1,282	*	Panacos Pharmaceuticals, Inc		5,936
915	*	Par Pharmaceutical Cos, Inc		22,985
695	*	Parexel International Corp		24,999
400	*	Parlux Fragrances, Inc		2,232
2,955	*	PDL BioPharma, Inc		64,124
700	*	Penwest Pharmaceuticals Co		7,056
4,436	*	Peregrine Pharmaceuticals, Inc		4,347
2,191		Perrigo Co		38,693
473	*	PetMed Express, Inc		5,605
185,049		Pfizer, Inc		4,674,338
635	*	Pharmion Corp		16,694
291	*	Pioneer Cos, Inc		8,043
1,878	*	PolyOne Corp		11,456
607	*	Pozen, Inc		8,953
4,132		PPG Industries, Inc		290,521
8,142		Praxair, Inc		512,620
733	*	Prestige Brands Holdings, Inc		8,686
83,056		Procter & Gamble Co		5,245,817
616	*	Progenics Pharmaceuticals, Inc		14,587
791	*	Quidel Corp		9,492
502	*	Renovis, Inc		1,757
5,592	v*	Revlon, Inc (Class A)		5,872
849	*	Rockwood Holdings, Inc		23,500
4,007		Rohm & Haas Co		207,242
2,867		RPM International, Inc		66,228
1,014	*	Salix Pharmaceuticals Ltd		12,776
1,168	*	Santarus, Inc		8,223
37,679		Schering-Plough Corp		961,191
739	*	Sciele Pharma, Inc		17,500
1,136		Scotts Miracle-Gro Co (Class A)		50,018
1,177		Sensient Technologies Corp		30,343
2,817	*	Sepracor, Inc		131,357
3,328		Sigma-Aldrich Corp		138,179

32

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
422		Stepan Co	$	11,078
1,247	*	SuperGen, Inc		7,357
371	*	SurModics, Inc		13,356
603	*	Tanox, Inc		11,312
1,073		Tronox, Inc (Class B)		15,001
1,322		UAP Holding Corp		34,174
700	*	United Therapeutics Corp		37,646
238	*	USANA Health Sciences, Inc		11,155
2,541	*	USEC, Inc		41,291
2,420	*	Valeant Pharmaceuticals International		41,842
2,627		Valspar Corp		73,109
2,139	*	VCA Antech, Inc		77,667
2,848	*	Vertex Pharmaceuticals, Inc		79,858
1,755	*	Viropharma, Inc		25,184
2,434	*	Watson Pharmaceuticals, Inc		64,331
346		Westlake Chemical Corp		9,394
1,796	*	WR Grace & Co		47,450
33,949		Wyeth		1,698,468
424	*	Xenoport, Inc		11,813
960	*	Zymogenetics, Inc		14,938
		TOTAL CHEMICALS AND ALLIED PRODUCTS		36,539,918
COAL MINING - 0.18%
1,341	*	Alpha Natural Resources, Inc		20,960
3,620		Arch Coal, Inc		111,098
4,758		Consol Energy, Inc		186,181
2,929	*	International Coal Group, Inc		15,377
340	*	James River Coal Co		2,540
2,003		Massey Energy Co		48,052
6,820		Peabody Energy Corp		274,437
479		Penn Virginia Corp		35,159
		TOTAL COAL MINING		693,804
COMMUNICATIONS - 4.86%
800		Alaska Communications Systems Group, Inc		11,800
9,078		Alltel Corp		562,836
10,630	*	American Tower Corp (Class A)		414,039
780	*	Anixter International, Inc		51,433
158,586		AT&T, Inc		6,253,046
447	*	Audiovox Corp (Class A)		6,584
11,443	*	Avaya, Inc		135,142
1,468	*	Brightpoint, Inc		16,794
5,599		Cablevision Systems Corp (Class A)		170,378
422	*	Cbeyond Communications, Inc		12,377
573	*	Centennial Communications Corp		4,716
2,912		CenturyTel, Inc		131,593
7,200	*	Charter Communications, Inc (Class A)		20,088
6,901	*	Cincinnati Bell, Inc		32,435
1,135		Citadel Broadcasting Corp		10,794
9,332		Citizens Communications Co		139,513
12,688		Clear Channel Communications, Inc		444,588
73,651	*	Comcast Corp (Class A)		1,911,243
400		Consolidated Communications Holdings, Inc		7,956
7,515	*	Covad Communications Group, Inc		9,544

33

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
864	*	Cox Radio, Inc (Class A)	$	11,794
5,223	*	Crown Castle International Corp		167,815
240	*	Crown Media Holdings, Inc (Class A)		1,279
470		CT Communications, Inc		11,327
400	*	CTC Media, Inc		10,272
1,076	*	Cumulus Media, Inc (Class A)		10,093
20,178	*	DIRECTV Group, Inc		465,506
4,000	*	Dobson Communications Corp (Class A)		34,360
5,388	*	EchoStar Communications Corp (Class A)		234,001
3,848		Embarq Corp		216,835
1,072		Emmis Communications Corp (Class A)		9,048
1,021		Entercom Communications Corp (Class A)		28,772
1,997	*	Entravision Communications Corp (Class A)		18,652
700		Fairpoint Communications, Inc		13,447
1,410	*	FiberTower Corp		7,318
168	*	Fisher Communications, Inc		8,165
3,778	*	Foundry Networks, Inc		51,267
1,242	*	General Communication, Inc (Class A)		17,388
1,764		Global Payments, Inc		60,082
565		Golden Telecom, Inc		31,290
1,071		Gray Television, Inc		11,160
616	*	Harris Stratex Networks, Inc (Class A)		11,821
548		Hearst-Argyle Television, Inc		14,900
4,384	*	IAC/InterActiveCorp		165,321
1,514		IDT Corp (Class B)		17,184
413	*	InPhonic, Inc		4,502
600		Iowa Telecommunications Services, Inc		12,000
428	*	iPCS, Inc		20,968
1,234	*	j2 Global Communications, Inc		34,206
1,136	*	Leap Wireless International, Inc		74,953
37,787	*	Level 3 Communications, Inc		230,501
10,315	*	Liberty Global, Inc (Class A)		339,673
3,548	*	Liberty Media Corp - Capital (Series A)		392,373
16,944	*	Liberty Media Holding Corp (Interactive A)		403,606
703	*	Lightbridge, Inc		12,352
717	*	Lin TV Corp (Class A)		11,400
281	*	Lodgenet Entertainment Corp		8,632
1,415	*	Mastec, Inc		15,579
1,695	*	Mediacom Communications Corp (Class A)		13,797
1,612	*	NeuStar, Inc (Class A)		45,845
3,554	*	NII Holdings, Inc		263,636
356		North Pittsburgh Systems, Inc		7,750
1,100	*	Novatel Wireless, Inc		17,644
377		NTELOS Holdings Corp		7,246
1,000	*	PAETEC Holding Corp		10,480
40,227	*	Qwest Communications International, Inc		361,641
1,864	*	Radio One, Inc (Class D)		12,041
597	*	RCN Corp		15,253
270		Salem Communications Corp (Class A)		3,375
832	*	SAVVIS, Inc		39,836
2,662	*	SBA Communications Corp (Class A)		78,662
288		Shenandoah Telecom Co		13,562
1,294		Sinclair Broadcast Group, Inc (Class A)		19,992
1,300	*	Spanish Broadcasting System, Inc (Class A)		5,200

34

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
73,217		Sprint Nextel Corp	$	1,388,194
581		SureWest Communications		14,449
449	*	Syniverse Holdings, Inc		4,732
2,830		Telephone & Data Systems, Inc		168,725
900	*	Terremark Worldwide, Inc		7,254
2,300	*	TiVo, Inc		14,605
403	*	US Cellular Corp		29,600
665		USA Mobility, Inc		13,253
73,609		Verizon Communications, Inc		2,791,253
798	*	Vonage Holdings Corp		2,753
11,106		Windstream Corp		163,147
1,100	*	Wireless Facilities, Inc		1,430
6,559	*	XM Satellite Radio Holdings, Inc (Class A)		84,742
		TOTAL COMMUNICATIONS		19,136,838
DEPOSITORY INSTITUTIONS - 9.75%
205		1st Source Corp		5,365
336		Alabama National Bancorp		23,792
806		Amcore Financial, Inc		25,591
183		AmericanWest Bancorp		3,950
162		Ameris Bancorp		3,966
495		Anchor Bancorp Wisconsin, Inc		14,033
142		Arrow Financial Corp		3,181
3,211		Associated Banc-Corp		107,890
2,359		Astoria Financial Corp		62,726
106		Bancfirst Corp		4,913
270	*	Bancorp, Inc		7,020
2,175		Bancorpsouth, Inc		53,179
300		BancTrust Financial Group, Inc		6,348
1,582		Bank Mutual Corp		17,987
115,107		Bank of America Corp		5,872,759
472		Bank of Granite Corp		8,458
1,161		Bank of Hawaii Corp		61,568
19,167		Bank of New York Co, Inc		777,222
500		Bank of the Ozarks, Inc		14,360
1,300		BankAtlantic Bancorp, Inc (Class A)		14,248
700		BankFinancial Corp		11,389
878		BankUnited Financial Corp (Class A)		18,622
400		Banner Corp		16,620
13,707		BB&T Corp		562,261
145		Berkshire Hills Bancorp, Inc		4,879
497		BOK Financial Corp		24,616
878		Boston Private Financial Holdings, Inc		24,514
2,000		Brookline Bancorp, Inc		25,340
194		Cadence Financial Corp		3,880
310		Camden National Corp		13,454
401		Capital City Bank Group, Inc		13,353
239		Capital Corp of the West		6,345
321		Capitol Bancorp Ltd		11,829
610		Capitol Federal Financial		23,064
700		Cardinal Financial Corp		6,986
721		Cascade Bancorp		18,703
145		Cass Information Systems, Inc		4,895
1,326		Cathay General Bancorp		45,057

35

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,500	*	Centennial Bank Holdings, Inc	$	12,975
297		Center Financial Corp		5,872
226		Centerstate Banks of Florida, Inc		3,993
793		Central Pacific Financial Corp		29,000
654		Chemical Financial Corp		19,483
1,202		Chittenden Corp		36,288
125,829		Citigroup, Inc		6,460,061
2,257		Citizens Banking Corp		50,015
221		Citizens First Bancorp, Inc		5,034
600		City Bank		19,266
463		City Holding Co		18,728
1,046		City National Corp		76,986
193		Coastal Financial Corp		3,017
386		CoBiz, Inc		7,685
3,766		Colonial Bancgroup, Inc		93,209
253		Columbia Bancorp		6,075
530		Columbia Banking System, Inc		17,877
3,994		Comerica, Inc		236,125
4,714		Commerce Bancorp, Inc		157,353
1,661		Commerce Bancshares, Inc		80,243
158	*	Community Bancorp		4,859
910		Community Bank System, Inc		19,037
457		Community Banks, Inc		10,909
435		Community Trust Bancorp, Inc		15,760
3,148		Compass Bancshares, Inc		216,582
940	*e	Corus Bankshares, Inc		16,036
1,487		Cullen/Frost Bankers, Inc		77,815
1,741		CVB Financial Corp		20,718
759		Dime Community Bancshares		10,042
476		Downey Financial Corp		30,721
1,506		East West Bancorp, Inc		55,376
214		Enterprise Financial Services Corp		5,992
815	*	Euronet Worldwide, Inc		21,891
112		Farmers Capital Bank Corp		3,291
11,924		Fifth Third Bancorp		461,340
450		First Bancorp		9,621
2,064		First Bancorp		27,369
211		First Busey Corp		4,522
859		First Charter Corp		18,469
140		First Citizens Bancshares, Inc (Class A)		28,140
1,674		First Commonwealth Financial Corp		19,670
595		First Community Bancorp, Inc		33,641
243		First Community Bancshares, Inc		9,477
973		First Financial Bancorp		14,702
620		First Financial Bankshares, Inc		25,928
446		First Financial Corp		13,804
450		First Financial Holdings, Inc		15,570
3,092		First Horizon National Corp		128,411
442		First Indiana Corp		9,658
380		First Merchants Corp		9,014
1,305		First Midwest Bancorp, Inc		47,959
2,877		First Niagara Financial Group, Inc		40,019
398		First Place Financial Corp		8,537
300	*	First Regional Bancorp		8,910

36

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
510		First Republic Bank	$	27,387
300		First South Bancorp, Inc		9,207
400		First State Bancorporation		9,020
369	*	FirstFed Financial Corp		20,970
2,164		FirstMerit Corp		45,682
900		Flagstar Bancorp, Inc		10,755
590		Flushing Financial Corp		9,576
1,224		FNB Corp		20,624
179		FNB Corp		6,414
529	*	Franklin Bank Corp		9,453
1,741		Fremont General Corp		12,065
936		Frontier Financial Corp		23,353
4,143		Fulton Financial Corp		60,198
150		GB&T Bancshares, Inc		2,720
1,519		Glacier Bancorp, Inc		36,517
250		Great Southern Bancorp, Inc		7,320
1,352		Greater Bay Bancorp		36,355
226		Greene County Bancshares, Inc		7,664
766		Hancock Holding Co		33,689
1,034		Hanmi Financial Corp		19,708
810		Harleysville National Corp		14,434
459		Heartland Financial USA, Inc		12,278
311		Heritage Commerce Corp		7,927
326		Horizon Financial Corp		7,198
15,008		Hudson City Bancorp, Inc		205,309
6,093		Huntington Bancshares, Inc		133,132
228		IBERIABANK Corp		12,690
283		Independent Bank Corp		9,322
493		Independent Bank Corp		10,042
1,712		IndyMac Bancorp, Inc		54,870
667		Integra Bank Corp		14,867
1,178		International Bancshares Corp		34,951
124	*	Intervest Bancshares Corp		3,559
1,375	*	Investors Bancorp, Inc		19,855
1,743		Investors Financial Services Corp		101,355
441		Irwin Financial Corp		8,220
130		ITLA Capital Corp		6,763
87,599		JPMorgan Chase & Co		4,238,040
558		Kearny Financial Corp		8,024
10,038		Keycorp		376,124
600		KNBT Bancorp, Inc		8,844
612		Lakeland Bancorp, Inc		8,293
138		Lakeland Financial Corp		3,133
1,833		M&T Bank Corp		212,316
426		Macatawa Bank Corp		7,838
757		MAF Bancorp, Inc		31,294
308		MainSource Financial Group, Inc		5,230
6,213		Marshall & Ilsley Corp		287,724
841		MB Financial, Inc		30,284
600		MBT Financial Corp		7,746
10,279		Mellon Financial Corp		443,436
148		Mercantile Bank Corp		4,807
584		Mid-State Bancshares		21,427
427		Midwest Banc Holdings, Inc		7,562

37

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
800		Nara Bancorp, Inc	$	14,008
200		NASB Financial, Inc		6,964
15,812		National City Corp		588,997
1,244		National Penn Bancshares, Inc		23,512
1,016		NBT Bancorp, Inc		23,805
1,241	*	Net 1 UEPS Technologies, Inc		30,876
1,289	*	NetBank, Inc		2,849
7,533		New York Community Bancorp, Inc		132,505
2,984		NewAlliance Bancshares, Inc		48,371
5,342		Northern Trust Corp		321,268
480		Northwest Bancorp, Inc		13,003
375		OceanFirst Financial Corp		6,506
1,788		Old National Bancorp		32,506
254		Old Second Bancorp, Inc		6,960
333		Omega Financial Corp		9,494
478		Oriental Financial Group, Inc		5,631
1,210		Pacific Capital Bancorp		38,865
344		Park National Corp		32,501
1,309		Partners Trust Financial Group, Inc		14,962
236		Pennfed Financial Services, Inc		5,114
322		Peoples Bancorp, Inc		8,504
1,508		People's Bank		66,955
612		PFF Bancorp, Inc		18,562
300	*	Pinnacle Financial Partners, Inc		9,153
299		Placer Sierra Bancshares		8,091
8,765		PNC Financial Services Group, Inc		630,817
6,955		Popular, Inc		115,175
300		Preferred Bank		11,763
378		Premierwest Bancorp		5,107
400		PrivateBancorp, Inc		14,624
893		Prosperity Bancshares, Inc		31,023
780		Provident Bankshares Corp		25,631
1,599		Provident Financial Services, Inc		27,903
1,047		Provident New York Bancorp		14,815
18,258		Regions Financial Corp		645,785
225		Renasant Corp		5,553
120		Republic Bancorp, Inc (Class A)		2,713
333		Royal Bancshares of Pennsylvania (Class A)		7,909
701		S&T Bancorp, Inc		23,161
420		S.Y. Bancorp, Inc		10,441
404		Sandy Spring Bancorp, Inc		13,995
158		Santander BanCorp		2,782
334		SCBT Financial Corp		12,111
476		Seacoast Banking Corp of Florida		10,791
202		Security Bank Corp		4,068
220		Shore Bancshares, Inc		5,819
758	*	Signature Bank		24,665
456		Simmons First National Corp (Class A)		13,712
2,518		Sky Financial Group, Inc		67,633
221		Smithtown Bancorp, Inc		5,746
1,830		South Financial Group, Inc		45,238
315		Southside Bancshares, Inc		7,217
340		Southwest Bancorp, Inc		8,735
9,475		Sovereign Bancorp, Inc		241,044

38

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
8,405		State Street Corp	$	544,224
504		Sterling Bancorp		9,122
1,983		Sterling Bancshares, Inc		22,170
721		Sterling Financial Corp		16,006
1,031		Sterling Financial Corp		32,157
278		Suffolk Bancorp		8,974
363	*	Sun Bancorp, Inc		6,748
9,191		SunTrust Banks, Inc		763,221
445	*	Superior Bancorp		4,806
1,209		Susquehanna Bancshares, Inc		28,037
916	*	SVB Financial Group		44,508
6,690		Synovus Financial Corp		216,355
156		Taylor Capital Group, Inc		5,460
3,221		TCF Financial Corp		84,906
2,303		TD Banknorth, Inc		74,064
561	*	Texas Capital Bancshares, Inc		11,501
700		TierOne Corp		18,928
268		Tompkins Trustco, Inc		11,218
360		Trico Bancshares		8,521
2,095		Trustco Bank Corp NY		20,070
1,343		Trustmark Corp		37,658
2,592		UCBH Holdings, Inc		48,263
770		UMB Financial Corp		29,075
1,513		Umpqua Holdings Corp		40,503
343		Union Bankshares Corp		8,897
1,300		UnionBanCal Corp		82,446
957		United Bankshares, Inc		33,524
790		United Community Banks, Inc		25,904
933		United Community Financial Corp		10,310
305		Univest Corp of Pennsylvania		7,555
44,849		US Bancorp		1,568,370
536		USB Holding Co, Inc		12,162
2,734		Valley National Bancorp		69,034
204		Vineyard National Bancorp		4,700
300	*	Virginia Commerce Bancorp		6,495
148		Virginia Financial Group, Inc		3,838
3,203		W Holding Co, Inc		16,015
47,563		Wachovia Corp		2,618,343
2,002		Washington Federal, Inc		46,967
22,349		Washington Mutual, Inc		902,453
378		Washington Trust Bancorp, Inc		10,134
1,157		Webster Financial Corp		55,548
84,734		Wells Fargo & Co		2,917,392
594		WesBanco, Inc		18,337
539		West Bancorporation, Inc		8,134
463		West Coast Bancorp		14,802
810		Westamerica Bancorporation		39,018
340	*	Western Alliance Bancorp		10,554
19,465		Western Union Co		427,257
984		Westfield Financial, Inc		10,548
1,690		Whitney Holding Corp		51,680
404		Willow Grove Bancorp, Inc		5,212
1,670		Wilmington Trust Corp		70,424
396		Wilshire Bancorp, Inc		6,494

39

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
687		Wintrust Financial Corp	$	30,647
197		WSFS Financial Corp		12,703
400		Yardville National Bancorp		14,524
2,677		Zions Bancorporation		226,260
		TOTAL DEPOSITORY INSTITUTIONS		38,414,123
EATING AND DRINKING PLACES - 0.95%
512	*	AFC Enterprises		10,266
2,086		Applebees International, Inc		51,691
289	*	BJ's Restaurants, Inc		6,107
945		Bob Evans Farms, Inc		34,918
2,979		Brinker International, Inc		97,413
131	*	Buffalo Wild Wings, Inc		8,345
651		Burger King Holdings, Inc		14,062
599	*	California Pizza Kitchen, Inc		19,701
819		CBRL Group, Inc		37,920
944	*	CEC Entertainment, Inc		39,214
2,120	*	Cheesecake Factory		56,498
443	*	Chipotle Mexican Grill, Inc (Class B)		25,428
1,534		CKE Restaurants, Inc		28,931
869	*	Cosi, Inc		4,849
3,629		Darden Restaurants, Inc		149,479
2,338	*	Denny's Corp		11,456
801	*	Domino's Pizza, Inc		26,008
571		IHOP Corp		33,489
985	*	Jack in the Box, Inc		68,093
1,773	*	Krispy Kreme Doughnuts, Inc		18,067
601		Landry's Restaurants, Inc		17,790
602	*	Luby's, Inc		5,882
302	*	McCormick & Schmick's Seafood Restaurants, Inc		8,097
31,327		McDonald's Corp		1,411,281
553	*	O'Charleys, Inc		10,667
1,645		OSI Restaurant Partners, Inc		64,978
570	*	Papa John's International, Inc		16,758
797	*	PF Chang's China Bistro, Inc		33,378
964	*	Rare Hospitality International, Inc		29,007
371	*	Red Robin Gourmet Burgers, Inc		14,402
1,586		Ruby Tuesday, Inc		45,360
330	*	Ruth's Chris Steak House, Inc		6,719
2,219	*	Sonic Corp		49,439
19,466	*	Starbucks Corp		610,454
890	*	Steak N Shake Co		14,925
1,092	*	Texas Roadhouse, Inc (Class A)		15,561
4,896		Tim Hortons, Inc		148,936
1,594		Triarc Cos (Class B)		27,401
2,998		Wendy's International, Inc		93,837
6,817		Yum! Brands, Inc		393,750
		TOTAL EATING AND DRINKING PLACES		3,760,557
EDUCATIONAL SERVICES - 0.13%
3,400	*	Apollo Group, Inc (Class A)		149,260
2,538	*	Career Education Corp		77,409
2,375	*	Corinthian Colleges, Inc		32,656
1,572		DeVry, Inc		46,138

40

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
470	*	Educate, Inc	$	3,600
1,129	*	ITT Educational Services, Inc		92,002
1,166	*	Laureate Education, Inc		68,759
381		Strayer Education, Inc		47,625
561	*	Universal Technical Institute, Inc		12,948
		TOTAL EDUCATIONAL SERVICES		530,397
ELECTRIC, GAS, AND SANITARY SERVICES - 4.36%
17,012	*	AES Corp		366,098
2,014		AGL Resources, Inc		86,038
4,238	*	Allegheny Energy, Inc		208,255
547		Allete, Inc		25,501
3,079		Alliant Energy Corp		138,001
6,436	*	Allied Waste Industries, Inc		81,029
5,004		Ameren Corp		251,701
400		American Ecology Corp		7,684
9,805		American Electric Power Co, Inc		477,994
401		American States Water Co		14,785
3,314		Aqua America, Inc		74,399
9,595	*	Aquila, Inc		40,107
2,086		Atmos Energy Corp		65,250
1,238		Avista Corp		29,997
875		Black Hills Corp		32,174
444		California Water Service Group		17,014
442		Cascade Natural Gas Corp		11,647
553	*	Casella Waste Systems, Inc (Class A)		5,397
8,025		Centerpoint Energy, Inc		143,969
467		CH Energy Group, Inc		22,738
400	*	Clean Harbors, Inc		18,088
1,455		Cleco Corp		37,583
5,689		CMS Energy Corp		101,264
6,144		Consolidated Edison, Inc		313,713
4,428		Constellation Energy Group, Inc		385,015
2,952	*	Covanta Holding Corp		65,475
681		Crosstex Energy, Inc		19,579
8,797		Dominion Resources, Inc		780,910
3,071		DPL, Inc		95,477
4,381		DTE Energy Co		209,850
31,389		Duke Energy Corp		636,883
1,878		Duquesne Light Holdings, Inc		37,166
8,262		Edison International		405,912
16,666		El Paso Corp		241,157
1,465	*	El Paso Electric Co		38,603
665		Empire District Electric Co		16,492
1,914		Energen Corp		97,403
3,852		Energy East Corp		93,835
177		EnergySouth, Inc		7,422
5,170		Entergy Corp		542,436
16,881		Exelon Corp		1,159,894
8,399		FirstEnergy Corp		556,350
10,216		FPL Group, Inc		624,913
2,033		Great Plains Energy, Inc		65,971
1,942		Hawaiian Electric Industries, Inc		50,473
1,026		Idacorp, Inc		34,720

41

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,960		Integrys Energy Group, Inc	$	108,800
300		ITC Holdings Corp		12,987
4,393		KeySpan Corp		180,772
2,750		Kinder Morgan, Inc		292,738
511		Laclede Group, Inc		15,882
4,648		MDU Resources Group, Inc		133,584
670		Metal Management, Inc		30,954
461		MGE Energy, Inc		16,347
6,813	*	Mirant Corp		275,654
2,122		National Fuel Gas Co		91,798
729		New Jersey Resources Corp		36,486
1,150		Nicor, Inc		55,683
6,747		NiSource, Inc		164,897
3,964		Northeast Utilities		129,900
689		Northwest Natural Gas Co		31,467
933		NorthWestern Corp		33,056
3,471	*	NRG Energy, Inc		250,051
2,778		NSTAR		97,563
2,378		OGE Energy Corp		92,266
2,944		Oneok, Inc		132,480
300		Ormat Technologies, Inc		12,588
890		Otter Tail Corp		30,474
4,920		Pepco Holdings, Inc		142,778
8,826		PG&E Corp		426,031
90	*	Pico Holdings, Inc		3,844
2,158		Piedmont Natural Gas Co, Inc		56,928
400	*	Pike Electric Corp		7,232
2,464		Pinnacle West Capital Corp		118,888
1,364	*	Plug Power, Inc		4,310
1,795		PNM Resources, Inc		57,979
691		Portland General Electric Co		20,177
9,584		PPL Corp		391,986
6,443		Progress Energy, Inc		324,985
445	m,v*	Progress Energy, Inc		4
6,399		Public Service Enterprise Group, Inc		531,373
2,999		Puget Energy, Inc		77,014
2,210		Questar Corp		197,154
8,031	*	Reliant Energy, Inc		163,190
4,306		Republic Services, Inc		119,793
800		Resource America, Inc (Class A)		18,904
2,837		SCANA Corp		122,473
6,490		Sempra Energy		395,955
4,965	*	Sierra Pacific Resources		86,292
648		SJW Corp		26,231
672		South Jersey Industries, Inc		25,570
18,652		Southern Co		683,596
2,494		Southern Union Co		75,817
1,030		Southwest Gas Corp		40,036
487		Southwest Water Co		7,023
1,143	*	Stericycle, Inc		93,154
1,592		Synagro Technologies, Inc		9,074
5,187		TECO Energy, Inc		89,268
11,538		TXU Corp		739,586
2,660		UGI Corp		71,049

42

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
575		UIL Holdings Corp	$	19,952
758		Unisource Energy Corp		28,463
2,064		Vectren Corp		59,030
1,705	*	Waste Connections, Inc		51,048
565	*	Waste Services, Inc		5,616
2,264		Westar Energy, Inc		62,305
1,175		WGL Holdings, Inc		37,576
15,063		Williams Cos, Inc		428,693
2,853		Wisconsin Energy Corp		138,428
10,609		Xcel Energy, Inc		261,936
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		17,183,530
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.97%
722	*	Actel Corp		11,927
1,166		Acuity Brands, Inc		63,477
2,884	*	Adaptec, Inc		11,161
3,168	*	ADC Telecommunications, Inc		53,032
1,713		Adtran, Inc		41,712
938	*	Advanced Analogic Technologies, Inc		6,172
609	*	Advanced Energy Industries, Inc		12,813
13,577	*	Advanced Micro Devices, Inc		177,316
1,672	*	Aeroflex, Inc		21,987
4,255	*	Agere Systems, Inc		96,248
8,948		Altera Corp		178,871
687	*	American Superconductor Corp		9,254
2,763		Ametek, Inc		95,434
982	*	AMIS Holdings, Inc		10,753
2,073	*	Amkor Technology, Inc		25,871
2,296		Amphenol Corp (Class A)		148,253
1,240	*	Anadigics, Inc		14,657
9,019		Analog Devices, Inc		311,065
4,336	*	Andrew Corp		45,918
21,556	*	Apple Computer, Inc		2,002,768
9,310	*	Applied Micro Circuits Corp		33,981
2,569	*	Arris Group, Inc		36,172
1,331	*	Atheros Communications, Inc		31,851
10,601	*	Atmel Corp		53,323
973	*	ATMI, Inc		29,745
4,326	*	Avanex Corp		7,744
3,411	*	Avnet, Inc		123,274
1,162		AVX Corp		17,662
810		Baldor Electric Co		30,569
257		Bel Fuse, Inc (Class B)		9,948
1,878	*	Benchmark Electronics, Inc		38,799
1,449	*	Bookham, Inc		3,289
11,400	*	Broadcom Corp (Class A)		365,598
9,697	*	Brocade Communications Systems, Inc		92,315
580	*	CalAmp Corp		5,005
2,707	*	Capstone Turbine Corp		2,869
931	*	C-COR, Inc		12,904
673	*	Ceradyne, Inc		36,840
1,008	*	Checkpoint Systems, Inc		23,849
717	*	China BAK Battery, Inc		2,330
2,233	*	Ciena Corp		62,412

43

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
154,090	*	Cisco Systems, Inc	$	3,933,918
600	*	Color Kinetics, Inc		11,658
456	*	Comtech Telecommunications Corp		17,661
10,588	*	Conexant Systems, Inc		17,470
2,139	*	Cree, Inc		35,208
1,104		CTS Corp		15,257
360		Cubic Corp		7,790
3,443	*	Cypress Semiconductor Corp		63,868
513	*	Diodes, Inc		17,878
695	*	Ditech Networks, Inc		5,643
721	*	Dolby Laboratories, Inc (Class A)		24,882
795	*	DSP Group, Inc		15,105
473	*	DTS, Inc		11,461
1,002	*	Electro Scientific Industries, Inc		19,278
1,200	*	Emcore Corp		6,000
20,596		Emerson Electric Co		887,482
383	*	EMS Technologies, Inc		7,380
1,395	*	Energizer Holdings, Inc		119,035
1,010	*	Energy Conversion Devices, Inc		35,289
1,186	*	EnerSys		20,375
1,721	*	Evergreen Solar, Inc		16,780
901	*	Exar Corp		11,929
3,140	*	Fairchild Semiconductor International, Inc		52,501
4,657	*	Finisar Corp		16,299
300	*	First Solar, Inc		15,603
576		Franklin Electric Co, Inc		26,784
1,189	*	FuelCell Energy, Inc		9,346
6,578	*	Gemstar-TV Guide International, Inc		27,562
625	*	Genlyte Group, Inc		44,094
2,670	*	GrafTech International Ltd		24,244
567	*	Greatbatch, Inc		14,458
1,653		Harman International Industries, Inc		158,820
2,383	*	Harmonic, Inc		23,401
3,396		Harris Corp		173,026
2,411	*	Hexcel Corp		47,858
332	*	Hittite Microwave Corp		13,336
20,974		Honeywell International, Inc		966,062
593	*	Hutchinson Technology, Inc		13,847
296	*	ID Systems, Inc		3,561
534	*	Ikanos Communications, Inc		4,149
862		Imation Corp		34,808
5,405	*	Integrated Device Technology, Inc		83,345
147,170		Intel Corp		2,815,362
1,294	*	Interdigital Communications Corp		40,981
1,847	*	International Rectifier Corp		70,574
3,852		Intersil Corp (Class A)		102,039
499		Inter-Tel, Inc		11,796
916	*	InterVoice, Inc		6,082
290	*	iRobot Corp		3,790
529	*	IXYS Corp		5,412
1,336	*	Jarden Corp		51,169
5,274	*	JDS Uniphase Corp		80,323
2,675	*	Kemet Corp		20,464
3,051		L-3 Communications Holdings, Inc		266,871

44

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
358	*	Lamson & Sessions Co	$	9,949
2,469	*	Lattice Semiconductor Corp		14,444
1,041		Lincoln Electric Holdings, Inc		62,002
7,634		Linear Technology Corp		241,158
463	*	Littelfuse, Inc		18,798
293	*	Loral Space & Communications, Inc		14,908
508		LSI Industries, Inc		8,504
10,469	*	LSI Logic Corp		109,296
1,123	*	Mattson Technology, Inc		10,219
7,978		Maxim Integrated Products, Inc		234,553
375	*	Maxwell Technologies, Inc		4,695
366	*	Medis Technologies Ltd		6,189
3,609	*	MEMC Electronic Materials, Inc		218,633
597	*	Mercury Computer Systems, Inc		8,280
1,436		Methode Electronics, Inc		21,210
1,757	*	Micrel, Inc		19,362
5,430		Microchip Technology, Inc		192,928
18,229	*	Micron Technology, Inc		220,206
1,829	*	Microsemi Corp		38,061
1,400	*	Microtune, Inc		5,768
2,839	*	Mindspeed Technologies, Inc		6,161
1,154	*	MIPS Technologies, Inc		10,305
696	*	Mobility Electronics, Inc		2,165
3,603		Molex, Inc		101,605
700	*	Monolithic Power Systems, Inc		9,030
867	*	Moog, Inc (Class A)		36,111
603	*	MoSys, Inc		5,065
62,226		Motorola, Inc		1,099,533
2,667	*	MRV Communications, Inc		9,468
300	*	Multi-Fineline Electronix, Inc		4,605
128		National Presto Industries, Inc		7,890
8,503		National Semiconductor Corp		205,262
300	*	Netlogic Microsystems, Inc		7,986
9,543	*	Network Appliance, Inc		348,510
3,326	*	Novellus Systems, Inc		106,499
8,924	*	Nvidia Corp		256,833
1,167	*	Omnivision Technologies, Inc		15,124
3,389	*	ON Semiconductor Corp		30,230
2,142	*	Openwave Systems, Inc		17,457
752	*	Oplink Communications, Inc		13,513
517	*	Optical Communication Products, Inc		693
347	*	OSI Systems, Inc		9,175
400		Park Electrochemical Corp		10,848
474	*	Parkervision, Inc		6,262
271	*	Pericom Semiconductor Corp		2,650
1,081	*	Photronics, Inc		16,810
1,280		Plantronics, Inc		30,234
1,179	*	Plexus Corp		20,220
557	*	PLX Technology, Inc		5,425
4,913	*	PMC - Sierra, Inc		34,440
2,444	*	Polycom, Inc		81,459
108	*	Powell Industries, Inc		3,456
2,364	*	Power-One, Inc		13,522
2,962	*	Powerwave Technologies, Inc		16,854

45

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
4,162	*	QLogic Corp	$	70,754
42,270		Qualcomm, Inc		1,803,238
1,165	*	Quantum Fuel Systems Technologies Worldwide, Inc		1,421
3,459		RadioShack Corp		93,497
455	*	Radyne Corp		4,150
2,024	*	Rambus, Inc		43,010
354		Raven Industries, Inc		9,930
794		Regal-Beloit Corp		36,826
4,968	*	RF Micro Devices, Inc		30,951
458	*	Rogers Corp		20,312
14,370	*	Sanmina-SCI Corp		52,019
1,640	*	Semtech Corp		22,107
2,200	*	Silicon Image, Inc		17,952
1,289	*	Silicon Laboratories, Inc		38,567
2,309	*	Silicon Storage Technology, Inc		11,383
642	*	Sirenza Microdevices, Inc		5,534
36,213	*	Sirius Satellite Radio, Inc		115,882
3,963	*	Skyworks Solutions, Inc		22,787
850	*	Spansion, Inc (Class A)		10,361
1,075	*	Spectrum Brands, Inc		6,805
398	*	Standard Microsystems Corp		12,155
200	*	Sunpower Corp (Class A)		9,100
400	*	Supertex, Inc		13,284
5,522	*	Sycamore Networks, Inc		20,652
1,400	*	Symmetricom, Inc		11,620
620	*	Synaptics, Inc		15,860
1,002		Technitrol, Inc		26,242
1,594	*	Tekelec		23,767
991		Teleflex, Inc		67,457
11,241	*	Tellabs, Inc		111,286
1,148	*	Tessera Technologies, Inc		45,622
36,226		Texas Instruments, Inc		1,090,403
1,611	*	Thomas & Betts Corp		78,649
5,130	*	Transmeta Corp		2,924
2,723	*	Transwitch Corp		4,330
1,456	*	Trident Microsystems, Inc		29,207
2,542	*	Triquint Semiconductor, Inc		12,710
1,148	*	TTM Technologies, Inc		10,952
400	*	Universal Display Corp		6,036
400	*	Universal Electronics, Inc		11,144
2,735	*	Utstarcom, Inc		22,673
1,441	*	Varian Semiconductor Equipment Associates, Inc		76,921
559	*	Viasat, Inc		18,430
270		Vicor Corp		2,705
4,556	*	Vishay Intertechnology, Inc		63,693
392	*	Volterra Semiconductor Corp		5,120
1,812		Whirlpool Corp		153,857
8,756		Xilinx, Inc		225,292
652	*	Zhone Technologies, Inc		808
359	*	Zoltek Cos, Inc		12,540
1,164	*	Zoran Corp		19,811
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		23,515,781

46

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
ENGINEERING AND MANAGEMENT SERVICES - 0.74%
499	*	Advisory Board Co	$	25,259
2,651	*	Amylin Pharmaceuticals, Inc		99,041
1,934	*	Applera Corp (Celera Genomics Group)		27,463
1,473	*	Ariad Pharmaceuticals, Inc		6,614
462		CDI Corp		13,361
9,167	*	Celgene Corp		480,901
304	*	Cornell Cos, Inc		6,147
1,045		Corporate Executive Board Co		79,378
193	*	CRA International, Inc		10,071
1,159	*	CV Therapeutics, Inc		9,121
1,224	*	deCODE genetics, Inc		4,468
656		Diamond Management & Technology Consultants, Inc		7,669
800	*	Diversa Corp		6,248
1,615	*	eResearch Technology, Inc		12,694
2,026	*	Exelixis, Inc		20,138
338	*	Exponent, Inc		6,743
557	*	First Consulting Group, Inc		5,069
2,206		Fluor Corp		197,922
1,427	*	Gen-Probe, Inc		67,183
1,141	*	Harris Interactive, Inc		6,880
2,568	*	Hewitt Associates, Inc (Class A)		75,063
446	*	Huron Consulting Group, Inc		27,135
1,684	*	Incyte Corp		11,098
688	*	Infrasource Services, Inc		21,005
2,316	*	Isis Pharmaceuticals, Inc		21,469
3,012	*	Jacobs Engineering Group, Inc		140,510
319	*	Kendle International, Inc		11,331
230		Landauer, Inc		11,610
620	*	LECG Corp		8,978
1,784	*	Lexicon Genetics, Inc		6,476
800	*	Lifecell Corp		19,976
563	*	Luminex Corp		7,724
643		MAXIMUS, Inc		22,171
393	*	Maxygen, Inc		4,382
3,141	*	Monogram Biosciences, Inc		6,094
6,083		Moody's Corp		377,511
265	*	MTC Technologies, Inc		5,573
1,022	*	Myriad Genetics, Inc		35,218
1,293	*	Navigant Consulting, Inc		25,550
692	*	Omnicell, Inc		14,477
8,444		Paychex, Inc		319,774
551	*	PharmaNet Development Group, Inc		14,326
3,874		Quest Diagnostics, Inc		193,196
1,461	*	Regeneron Pharmaceuticals, Inc		31,587
3,534	*	Rentech, Inc		11,097
1,302	*	Resources Connection, Inc		41,651
682	*	Rigel Pharmaceuticals, Inc		7,407
1,800	*	SAIC, Inc		31,176
1,380	*	Savient Pharmaceuticals, Inc		16,588
539	*	Senomyx, Inc		6,673
2,024	*	Shaw Group, Inc		63,290
700	*	Symyx Technologies, Inc		12,404
325	*	Tejon Ranch Co		15,372
1,200	*	Telik, Inc		6,516

47

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,586	*	Tetra Tech, Inc	$	30,229
482	*	Trimeris, Inc		3,316
1,320	*	URS Corp		56,219
700	*	Washington Group International, Inc		46,494
1,094		Watson Wyatt & Co Holdings (Class A)		53,223
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,906,259
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
962	*	Home Solutions of America, Inc		4,569
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		4,569
FABRICATED METAL PRODUCTS - 0.42%
822	*	Alliant Techsystems, Inc		72,270
298		Ameron International Corp		19,626
919		Aptargroup, Inc		61,509
2,667		Ball Corp		122,282
500		CIRCOR International, Inc		17,850
3,196		Commercial Metals Co		100,195
325	*	Commercial Vehicle Group, Inc		6,695
1,378		Crane Co		55,699
4,184	*	Crown Holdings, Inc		102,341
400	*	Dynamic Materials Corp		13,088
1,009	*	Griffon Corp		24,973
100		Gulf Island Fabrication, Inc		2,674
12,491		Illinois Tool Works, Inc		644,536
367		Insteel Industries, Inc		6,162
362	*	Ladish Co, Inc		13,626
201		Lifetime Brands, Inc		4,199
913	*	Mobile Mini, Inc		24,450
2,511		Mueller Water Products, Inc (Class A)		34,677
551	*	NCI Building Systems, Inc		26,305
2,626		Pentair, Inc		81,826
576		Silgan Holdings, Inc		29,439
954		Simpson Manufacturing Co, Inc		29,421
744	*	Smith & Wesson Holding Corp		9,739
1,508		Snap-On, Inc		72,535
2,026	*	Taser International, Inc		16,269
566		Valmont Industries, Inc		32,732
763		Watts Water Technologies, Inc (Class A)		29,017
		TOTAL FABRICATED METAL PRODUCTS		1,654,135
FOOD AND KINDRED PRODUCTS - 2.81%
19,451		Anheuser-Busch Cos, Inc		981,497
16,620		Archer Daniels Midland Co		609,954
300	*	Boston Beer Co, Inc (Class A)		10,005
5,866		Campbell Soup Co		228,481
200		Coca-Cola Bottling Co Consolidated		11,326
51,407		Coca-Cola Co		2,467,536
7,594		Coca-Cola Enterprises, Inc		153,778
13,090		ConAgra Foods, Inc		326,072
5,012	*	Constellation Brands, Inc (Class A)		106,154
1,935		Corn Products International, Inc		68,867
1,501	*	Darling International, Inc		9,756
5,488		Del Monte Foods Co		63,002

48

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
401		Diamond Foods, Inc	$	6,677
300		Farmer Bros Co		6,810
1,356		Flowers Foods, Inc		40,911
8,804		General Mills, Inc		512,569
8,452		H.J. Heinz Co		398,258
1,572	*	Hansen Natural Corp		59,547
4,266		Hershey Co		233,180
1,703		Hormel Foods Corp		63,335
296		Imperial Sugar Co		9,925
568		J&J Snack Foods Corp		22,430
1,464		J.M. Smucker Co		78,060
561	*	Jones Soda Co		11,343
6,175		Kellogg Co		317,580
5,244		Kraft Foods, Inc (Class A)		166,025
532		Lancaster Colony Corp		23,509
991		Lance, Inc		20,058
274	*	M&F Worldwide Corp		13,045
3,222		McCormick & Co, Inc		124,111
239		MGP Ingredients, Inc		4,868
1,229		Molson Coors Brewing Co (Class B)		116,288
283	*	Peet's Coffee & Tea, Inc		7,816
3,429		Pepsi Bottling Group, Inc		109,351
1,453		PepsiAmericas, Inc		32,431
41,659		PepsiCo, Inc		2,647,846
1,022	*	Performance Food Group Co		31,549
358		Premium Standard Farms, Inc		7,532
708	*	Ralcorp Holdings, Inc		45,524
427		Reddy Ice Holdings, Inc		12,887
466		Sanderson Farms, Inc		17,270
19,234		Sara Lee Corp		325,439
2,442	*	Smithfield Foods, Inc		73,138
950		Tootsie Roll Industries, Inc		28,471
1,164		Topps Co, Inc		11,314
784	*	TreeHouse Foods, Inc		23,888
5,837		Tyson Foods, Inc (Class A)		113,296
5,917		Wrigley (Wm.) Jr Co		301,353
		TOTAL FOOD AND KINDRED PRODUCTS		11,054,062
FOOD STORES - 0.27%
35		Arden Group, Inc (Class A)		4,672
453		Great Atlantic & Pacific Tea Co, Inc		15,031
636		Ingles Markets, Inc (Class A)		25,974
18,259		Kroger Co		515,817
839	*	Panera Bread Co (Class A)		49,551
588	*	Pantry, Inc		26,589
1,200	*	Pathmark Stores, Inc		15,360
1,005		Ruddick Corp		30,230
5,098		Supervalu, Inc		199,179
314		Weis Markets, Inc		14,036
3,498		Whole Foods Market, Inc		156,885
665	*	Wild Oats Markets, Inc		12,103
		TOTAL FOOD STORES		1,065,427

49

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
FORESTRY - 0.13%
1,965		Rayonier, Inc	$	84,495
5,678		Weyerhaeuser Co		424,374
		TOTAL FORESTRY		508,869
FURNITURE AND FIXTURES - 0.31%
856		Ethan Allen Interiors, Inc		30,251
1,351		Furniture Brands International, Inc		21,319
1,706		Herman Miller, Inc		57,134
1,519		Hillenbrand Industries, Inc		90,183
1,341		HNI Corp		61,592
164		Hooker Furniture Corp		3,288
1,255		Interface, Inc (Class A)		20,067
4,885		Johnson Controls, Inc		462,219
620		Kimball International, Inc (Class B)		11,954
1,120		La-Z-Boy, Inc		13,866
4,711		Leggett & Platt, Inc		106,798
9,956		Masco Corp		272,794
522		Sealy Corp		9,125
1,137	*	Select Comfort Corp		20,239
340		Stanley Furniture Co, Inc		7,072
1,121		Tempur-Pedic International, Inc		29,135
764	*	Williams Scotsman International, Inc		15,020
		TOTAL FURNITURE AND FIXTURES		1,232,056
FURNITURE AND HOME FURNISHINGS STORES - 0.21%
7,082	*	Bed Bath & Beyond, Inc		284,484
4,606		Circuit City Stores, Inc		85,349
707	*	Cost Plus, Inc		7,070
3,384	*	GameStop Corp (Class A)		110,217
672	*	Guitar Center, Inc		30,321
768		Haverty Furniture Cos, Inc		10,752
864		Knoll, Inc		20,589
1,303	*	Mohawk Industries, Inc		106,911
2,367	*	Pier 1 Imports, Inc		16,356
741	*	Restoration Hardware, Inc		4,861
1,989		Steelcase, Inc (Class A)		39,561
668		Tuesday Morning Corp		9,913
2,484		Williams-Sonoma, Inc		88,083
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		814,467
GENERAL BUILDING CONTRACTORS - 0.29%
90	*	Avatar Holdings, Inc		6,430
1,053		Beazer Homes USA, Inc		30,569
344		Brookfield Homes Corp		11,042
165	*	Cavco Industries, Inc		5,767
2,932		Centex Corp		122,499
7,940		DR Horton, Inc		174,680
1,288	*	Hovnanian Enterprises, Inc (Class A)		32,406
2,070		KB Home		88,327
3,324		Lennar Corp (Class A)		140,306
325		Levitt Corp (Class A)		3,026
266		M/I Homes, Inc		7,062
532		McGrath RentCorp		16,848
834		MDC Holdings, Inc		40,090

50

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
586	*	Meritage Homes Corp	$	18,822
120	*	NVR, Inc		79,800
429	*	Palm Harbor Homes, Inc		6,152
514	*	Perini Corp		18,946
5,294		Pulte Homes, Inc		140,079
1,022		Ryland Group, Inc		43,118
1,437		Standard-Pacific Corp		29,990
382		Technical Olympic USA, Inc		1,524
3,278	*	Toll Brothers, Inc		89,752
1,122		Walter Industries, Inc		27,769
909	*	WCI Communities, Inc		19,398
		TOTAL GENERAL BUILDING CONTRACTORS		1,154,402
GENERAL MERCHANDISE STORES - 1.76%
1,137	*	99 Cents Only Stores		16,748
3,096	*	Big Lots, Inc		96,843
1,740	*	BJ's Wholesale Club, Inc		58,864
801	*	Cabela's, Inc		19,873
1,339		Casey's General Stores, Inc		33,488
207	*	Conn's, Inc		5,123
11,963		Costco Wholesale Corp		644,088
1,549		Dillard's, Inc (Class A)		50,699
8,151		Dollar General Corp		172,394
3,892		Family Dollar Stores, Inc		115,281
13,912		Federated Department Stores, Inc		626,736
1,283		Fred's, Inc		18,860
5,870		JC Penney Co, Inc		482,279
373	*	Retail Ventures, Inc		7,852
3,234		Saks, Inc		67,397
556		Stein Mart, Inc		9,074
21,818		Target Corp		1,292,935
11,517		TJX Cos, Inc		310,498
62,171		Wal-Mart Stores, Inc		2,918,928
		TOTAL GENERAL MERCHANDISE STORES		6,947,960
HEALTH SERVICES - 1.39%
1,059	*	Alliance Imaging, Inc		9,245
676	*	Amedisys, Inc		21,923
4,828		AmerisourceBergen Corp		254,677
793	*	Amsurg Corp		19,421
796	*	Apria Healthcare Group, Inc		25,671
500	*	Bio-Reference Labs, Inc		12,700
315		Brookdale Senior Living, Inc		14,068
2,603		Cigna Corp		371,344
2,381	*	Community Health Systems, Inc		83,930
135	*	Corvel Corp		4,084
1,241	*	Covance, Inc		73,641
3,958	*	Coventry Health Care, Inc		221,846
941	*	Cross Country Healthcare, Inc		17,154
2,701	*	DaVita, Inc		144,017
1,437	*	Edwards Lifesciences Corp		72,856
604	*	Enzo Biochem, Inc		9,108
2,938	*	Express Scripts, Inc		237,155
817	*	Five Star Quality Care, Inc		8,399

51

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
517	*	Genesis HealthCare Corp	$	32,628
671	*	Gentiva Health Services, Inc		13,534
5,904		Health Management Associates, Inc (Class A)		64,176
867	*	Healthways, Inc		40,532
270	*	Horizon Health Corp		5,278
708	*	Kindred Healthcare, Inc		23,208
3,121	*	Laboratory Corp of America Holdings		226,678
404		LCA-Vision, Inc		16,641
294	*	LHC Group, Inc		9,534
1,383	*	LifePoint Hospitals, Inc		52,858
2,396	*	Lincare Holdings, Inc		87,813
959	*	Magellan Health Services, Inc		40,278
1,789		Manor Care, Inc		97,250
450	*	Matria Healthcare, Inc		11,862
7,616		McKesson Corp		445,841
170	*	Medcath Corp		4,641
7,588	*	Medco Health Solutions, Inc		550,358
175		National Healthcare Corp		8,921
2,300	*	Nektar Therapeutics		30,038
631	*	Odyssey HealthCare, Inc		8,285
2,930		Omnicare, Inc		116,526
1,087		Option Care, Inc		14,457
1,266	*	Pediatrix Medical Group, Inc		72,238
2,609		Pharmaceutical Product Development, Inc		87,897
1,358	*	Psychiatric Solutions, Inc		54,741
400	*	Radiation Therapy Services, Inc		12,256
500	*	RehabCare Group, Inc		7,935
1,449	*	Sierra Health Services, Inc		59,655
610	*	Stereotaxis, Inc		7,259
594	*	Sun Healthcare Group, Inc		7,336
1,145	*	Sunrise Senior Living, Inc		45,250
467	*	Symbion, Inc		9,158
12,116	*	Tenet Healthcare Corp		77,906
2,123	*	Triad Hospitals, Inc		110,927
1,188	*	United Surgical Partners International, Inc		36,602
1,141		Universal Health Services, Inc (Class B)		65,334
309	*	VistaCare, Inc (Class A)		2,688
16,097	*	WellPoint, Inc		1,305,467
		TOTAL HEALTH SERVICES		5,465,225
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.02%
933		Granite Construction, Inc		51,558
529	*	Matrix Service Co		10,702
231	*	Sterling Construction Co, Inc		4,403
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		66,663
HOLDING AND OTHER INVESTMENT OFFICES - 2.78%
690		Acadia Realty Trust		17,988
861	*	Affiliated Managers Group, Inc		93,289
863	*	Affordable Residential Communities LP		10,468
496		Agree Realty Corp		16,933
54	*	Alexander's, Inc		22,232
586		Alexandria Real Estate Equities, Inc		58,817
3,428		Allied Capital Corp		98,761

52

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES	COMPANY	VALUE
2,246	AMB Property Corp	$	132,042
400	American Campus Communities, Inc		12,116
3,293	American Financial Realty Trust		33,193
1,135	American Home Mortgage Investment Corp		30,634
6,232	Annaly Mortgage Management, Inc		96,471
1,284	Anthracite Capital, Inc		15,408
1,557	Anworth Mortgage Asset Corp		15,212
2,490	Apartment Investment & Management Co (Class A)		143,648
2,088	Apollo Investment Corp		44,683
197	Arbor Realty Trust, Inc		5,997
5,410	Archstone-Smith Trust		293,655
1,164	Ashford Hospitality Trust, Inc		13,898
1,906	AvalonBay Communities, Inc		247,780
1,443	BioMed Realty Trust, Inc		37,951
2,922	Boston Properties, Inc		343,043
2,273	Brandywine Realty Trust		75,941
1,328	BRE Properties, Inc (Class A)		83,863
1,452	Camden Property Trust		102,090
637	Capital Lease Funding, Inc		6,822
79	Capital Southwest Corp		12,140
373	Capital Trust, Inc (Class A)		16,998
1,657	CBL & Associates Properties, Inc		74,300
777	Cedar Shopping Centers, Inc		12,587
300	Cherokee, Inc		12,918
1,100	Colonial Properties Trust		50,237
336	Compass Diversified Trust		5,635
957	Corporate Office Properties Trust		43,716
936	Cousins Properties, Inc		30,757
2,446	Crescent Real Estate Equities Co		49,067
3,920	DCT Industrial Trust, Inc		46,374
1,329	Deerfield Triarc Capital Corp		19,922
2,905	Developers Diversified Realty Corp		182,724
1,659	DiamondRock Hospitality Co		31,521
870	Digital Realty Trust, Inc		34,713
1,700	Douglas Emmett, Inc		43,401
3,598	Duke Realty Corp		156,405
570	EastGroup Properties, Inc		29,087
600	Education Realty Trust, Inc		8,868
663	Entertainment Properties Trust		39,946
1,440	Equity Inns, Inc		23,587
476	Equity Lifestyle Properties, Inc		25,709
800	Equity One, Inc		21,200
7,352	Equity Residential		354,587
618	Essex Property Trust, Inc		80,019
1,100	Extra Space Storage, Inc		20,834
1,367	Federal Realty Investment Trust		123,878
1,572	FelCor Lodging Trust, Inc		40,825
1,272	Fieldstone Investment Corp		3,905
1,143	First Industrial Realty Trust, Inc		51,778
423	First Potomac Realty Trust		12,085
1,277	Franklin Street Properties Corp		24,493
3,885	Friedman Billings Ramsey Group, Inc (Class A)		21,445
4,334	General Growth Properties, Inc		279,846
629	Getty Realty Corp		18,077

53

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
236		Gladstone Capital Corp	$	5,588
430		Gladstone Investment Corp		6,394
789		Glimcher Realty Trust		21,319
800		GMH Communities Trust		7,992
400		Gramercy Capital Corp		12,272
350	*	Harris & Harris Group, Inc		4,522
4,886		Health Care Property Investors, Inc		176,043
1,826		Health Care REIT, Inc		80,161
1,251		Healthcare Realty Trust, Inc		46,662
706		Hersha Hospitality Trust		8,317
1,539		Highland Hospitality Corp		27,394
1,624		Highwoods Properties, Inc		64,132
956		Home Properties, Inc		50,486
1,700		HomeBanc Corp		5,933
2,316		Hospitality Properties Trust		108,389
13,064		Host Marriott Corp		343,714
5,594		HRPT Properties Trust		68,806
2,165		IMPAC Mortgage Holdings, Inc		10,825
1,748		Inland Real Estate Corp		32,058
920		Innkeepers U.S.A. Trust		14,978
1,600		Investors Real Estate Trust		16,944
7,600		iShares Russell 3000 Index Fund		628,064
2,822		iStar Financial, Inc		132,154
674		JER Investors Trust, Inc		12,819
800		Kilroy Realty Corp		59,000
5,650		Kimco Realty Corp		275,381
700		Kite Realty Group Trust		13,965
1,771		KKR Financial Corp		48,579
931		LaSalle Hotel Properties		43,161
1,759		Lexington Corporate Properties Trust		37,168
2,152		Liberty Property Trust		104,845
597		LTC Properties, Inc		15,468
1,028		Luminent Mortgage Capital, Inc		9,190
1,853		Macerich Co		171,143
1,407		Mack-Cali Realty Corp		67,015
956		Maguire Properties, Inc		33,995
1,021		Medical Properties Trust, Inc		14,998
2,141		MFA Mortgage Investments, Inc		16,486
569		Mid-America Apartment Communities, Inc		32,012
1,511	*	Mills Corp		38,138
913		National Health Investors, Inc		28,613
1,450		National Retail Properties, Inc		35,075
1,874		Nationwide Health Properties, Inc		58,581
2,873		New Plan Excel Realty Trust		94,895
1,140		Newcastle Investment Corp		31,612
700		NorthStar Realty Finance Corp		10,647
704	e	Novastar Financial, Inc		3,520
1,305		Omega Healthcare Investors, Inc		22,381
509		Parkway Properties, Inc		26,595
1,044		Pennsylvania Real Estate Investment Trust		46,281
4,562		Plum Creek Timber Co, Inc		179,834
1,037		Post Properties, Inc		47,422
1,045		Potlatch Corp		47,840
6,156		Prologis		399,709

54

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
437		PS Business Parks, Inc	$	30,817
3,047		Public Storage, Inc		288,459
1,591		RAIT Investment Trust		44,453
311		Ramco-Gershenson Properties		11,106
5,957	*	Realogy Corp		176,387
2,302		Realty Income Corp		64,916
514		Redwood Trust, Inc		26,821
1,682		Regency Centers Corp		140,531
650		Republic Property Trust		7,468
340		Saul Centers, Inc		19,346
1,653		Senior Housing Properties Trust		39,507
5,559		Simon Property Group, Inc		618,439
1,336		SL Green Realty Corp		183,272
368		Sovran Self Storage, Inc		20,391
2,128		Spirit Finance Corp		31,707
478	*	Star Maritime Acquisition Corp		4,899
1,893		Strategic Hotels & Resorts, Inc		43,293
366		Sun Communities, Inc		11,353
1,496		Sunstone Hotel Investors, Inc		40,781
766		Tanger Factory Outlet Centers, Inc		30,939
273		Tarragon Corp		2,831
1,400		Taubman Centers, Inc		81,186
2,956		Thornburg Mortgage, Inc		76,856
3,488		UDR, Inc		106,803
488		Universal Health Realty Income Trust		17,446
562		Urstadt Biddle Properties, Inc (Class A)		10,993
1,218		U-Store-It Trust		24,506
2,686		Ventas, Inc		113,161
6,657		Virgin Media, Inc		168,089
3,308		Vornado Realty Trust		394,777
1,105		Washington Real Estate Investment Trust		41,349
2,101		Weingarten Realty Investors		99,924
600	*	Winston Hotels, Inc		9,018
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		10,937,858
HOTELS AND OTHER LODGING PLACES - 0.59%
632		Ameristar Casinos, Inc		20,294
469	*	Bluegreen Corp		5,295
1,136		Boyd Gaming Corp		54,119
890		Choice Hotels International, Inc		31,533
1,045	*	Gaylord Entertainment Co		55,249
665	*	Great Wolf Resorts, Inc		8,798
9,642		Hilton Hotels Corp		346,726
243	*	Isle of Capri Casinos, Inc		6,226
3,584	*	Las Vegas Sands Corp		310,410
530	*	Lodgian, Inc		7,081
485		Marcus Corp		11,281
8,054		Marriott International, Inc (Class A)		394,324
3,085	*	MGM Mirage		214,469
268	*	Monarch Casino & Resort, Inc		6,968
464	*	Morgans Hotel Group Co		9,749
300	*	Riviera Holdings Corp		8,385
5,427		Starwood Hotels & Resorts Worldwide, Inc		351,941
1,308		Station Casinos, Inc		113,234

55

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
720	*	Trump Entertainment Resorts, Inc	$	13,010
796	*	Vail Resorts, Inc		43,247
5,086	*	Wyndham Worldwide Corp		173,687
1,247		Wynn Resorts Ltd		118,290
		TOTAL HOTELS AND OTHER LODGING PLACES		2,304,316
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.19%
19,064		3M Co		1,457,062
128		Aaon, Inc		3,345
696		Actuant Corp (Class A)		35,364
2,424	*	AGCO Corp		89,615
741		Albany International Corp (Class A)		26,632
359	*	Allis-Chalmers Energy, Inc		5,654
4,397		American Standard Cos, Inc		233,129
190		Ampco-Pittsburgh Corp		5,489
35,179		Applied Materials, Inc		644,479
455	*	Astec Industries, Inc		18,314
354	*	ASV, Inc		5,402
1,413	*	Asyst Technologies, Inc		9,933
2,844	*	Axcelis Technologies, Inc		21,728
1,861		Black & Decker Corp		151,895
472		Black Box Corp		17,247
776	*	Blount International, Inc		9,661
1,362		Briggs & Stratton Corp		42,018
2,121	*	Brooks Automation, Inc		36,375
796		Bucyrus International, Inc (Class A)		40,994
1,626		Carlisle Cos, Inc		69,804
328		Cascade Corp		19,641
16,885		Caterpillar, Inc		1,131,802
1,514		CDW Corp		93,005
2,247	*	Cirrus Logic, Inc		17,212
465	*	Columbus McKinnon Corp		10,411
1,196		Cummins, Inc		173,085
1,061		Curtiss-Wright Corp		40,891
1,006	*	Cymer, Inc		41,799
5,856		Deere & Co		636,196
58,415	*	Dell, Inc		1,355,812
1,867		Diebold, Inc		89,075
1,931		Donaldson Co, Inc		69,709
5,106		Dover Corp		249,224
802	*	Dresser-Rand Group, Inc		24,429
576	*	Dril-Quip, Inc		24,929
3,825		Eaton Corp		319,617
1,285	*	Electronics for Imaging, Inc		30,133
55,977	*	EMC Corp		775,281
1,918	*	Emulex Corp		35,080
549	*	EnPro Industries, Inc		19,791
3,733	*	Entegris, Inc		39,943
2,903	*	Extreme Networks, Inc		12,280
368	*	Flanders Corp		2,668
1,341		Flowserve Corp		76,692
1,696	*	FMC Technologies, Inc		118,313
1,308	*	Gardner Denver, Inc		45,584
6,285	*	Gateway, Inc		13,764

56

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
261	*	Gehl Co	$	6,624
262,634		General Electric Co		9,286,738
996	*	Global Imaging Systems, Inc		19,422
602	*	Goodman Global, Inc		10,607
156		Gorman-Rupp Co		4,997
1,799		Graco, Inc		70,449
3,382	*	Grant Prideco, Inc		168,559
70,658		Hewlett-Packard Co		2,836,212
465	*	Hydril		44,752
1,320		IDEX Corp		67,162
1,307	*	Intermec, Inc		29,198
39,122		International Business Machines Corp		3,687,640
8,569		International Game Technology		346,016
471	*	Intevac, Inc		12,420
4,717		Jabil Circuit, Inc		100,991
3,127		Joy Global, Inc		134,148
277	*	Kadant, Inc		7,025
816		Kaydon Corp		34,729
1,026		Kennametal, Inc		69,368
700	*	Komag, Inc		22,911
1,778	*	Kulicke & Soffa Industries, Inc		16,446
3,482	*	Lam Research Corp		164,838
1,559		Lennox International, Inc		55,656
2,577	*	Lexmark International, Inc (Class A)		150,651
347		Lindsay Manufacturing Co		11,031
400		Lufkin Industries, Inc		22,472
1,577		Manitowoc Co, Inc		100,187
987	*	Micros Systems, Inc		53,288
126	*	Middleby Corp		16,612
907		Modine Manufacturing Co		20,770
142		Nacco Industries, Inc (Class A)		19,512
375	*	NATCO Group, Inc (Class A)		12,795
909	*	Netgear, Inc		25,934
286		NN, Inc		3,572
806		Nordson Corp		37,447
1,282	*	Oil States International, Inc		41,139
3,241		Pall Corp		123,158
2,354	*	Palm, Inc		42,678
3,006		Parker Hannifin Corp		259,448
1,062	*	Paxar Corp		30,479
3,577	*	Quantum Corp		9,658
714	*	Rackable Systems, Inc		12,117
535	*	RBC Bearings, Inc		17,885
115		Robbins & Myers, Inc		4,288
4,481		Rockwell Automation, Inc		268,277
3,122	*	Safeguard Scientifics, Inc		9,241
5,616	*	SanDisk Corp		245,981
270		Sauer-Danfoss, Inc		8,127
706	*	Scansource, Inc		18,949
1,684	*	Scientific Games Corp (Class A)		55,286
200	*	Semitool, Inc		2,600
571	*	Sigma Designs, Inc		14,994
23,271	*	Solectron Corp		73,304
1,571		SPX Corp		110,284

57

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
344		Standex International Corp	$	9,807
2,097		Stanley Works		116,090
367	*	Tecumseh Products Co (Class A)		3,696
468		Tennant Co		14,737
2,594	*	Terex Corp		186,145
2,153		Timken Co		65,257
989		Toro Co		50,676
341	*	TurboChef Technologies, Inc		5,190
810	*	Ultratech, Inc		11,024
1,608	*	VA Software Corp		6,480
3,245	*	Varian Medical Systems, Inc		154,754
1,003	*	VeriFone Holdings, Inc		36,840
719		Watsco, Inc		36,719
5,786	*	Western Digital Corp		97,263
900		Woodward Governor Co		37,053
1,879	*	Zebra Technologies Corp (Class A)		72,548
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		28,313,857
INSTRUMENTS AND RELATED PRODUCTS - 4.17%
492	*	Abaxis, Inc		11,990
429	*	Abiomed, Inc		5,860
1,470	*	Advanced Medical Optics, Inc		54,684
1,784	*	Affymetrix, Inc		53,645
10,123	*	Agilent Technologies, Inc		341,044
1,500	*	Align Technology, Inc		23,790
3,774		Allergan, Inc		418,235
1,794	*	American Medical Systems Holdings, Inc		37,979
214	*	American Science & Engineering, Inc		11,271
360		Analogic Corp		22,637
700	*	Anaren, Inc		12,327
310	*	Angiodynamics, Inc		5,236
4,635		Applera Corp (Applied Biosystems Group)		137,057
232	*	Argon ST, Inc		6,139
785	*	Armor Holdings, Inc		52,854
547		Arrow International, Inc		17,592
700	*	Arthrocare Corp		25,228
449	*	Aspect Medical Systems, Inc		7,000
288		Badger Meter, Inc		7,646
2,573		Bard (C.R.), Inc		204,579
1,394		Bausch & Lomb, Inc		71,317
16,606		Baxter International, Inc		874,638
1,612		Beckman Coulter, Inc		102,991
6,185		Becton Dickinson & Co		475,565
6,152		Biomet, Inc		261,398
432	*	Bio-Rad Laboratories, Inc (Class A)		30,171
365	*	Biosite, Inc		30,649
31,430	*	Boston Scientific Corp		456,992
446	*	Bruker BioSciences Corp		4,692
414	*	Candela Corp		4,728
1,175	*	Cepheid, Inc		13,959
708	*	Cerus Corp		4,779
793	*	Coherent, Inc		25,170
475		Cohu, Inc		8,930
987	*	Conmed Corp		28,850

58

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,094		Cooper Cos, Inc	$	53,190
2,710	*	Credence Systems Corp		8,970
555	*	Cyberonics, Inc		10,423
5,955		Danaher Corp		425,485
446		Datascope Corp		16,141
3,900		Dentsply International, Inc		127,725
931	*	Depomed, Inc		3,324
440	*	DexCom, Inc		3,458
526	*	Dionex Corp		35,826
503	*	DJ Orthopedics, Inc		19,064
992		DRS Technologies, Inc		51,753
7,483		Eastman Kodak Co		168,816
656		EDO Corp		17,187
600	*	ESCO Technologies, Inc		26,892
565	*	Esterline Technologies Corp		23,205
127	*	ev3, Inc		2,502
245	*	Excel Technology, Inc		6,696
815	*	FEI Co		29,389
1,894	*	Flir Systems, Inc		67,559
1,180	*	Formfactor, Inc		52,805
1,212	*	Fossil, Inc		32,082
357	*	Foxhollow Technologies, Inc		7,458
675	*	Haemonetics Corp		31,556
888	*	HealthTronics, Inc		4,786
463	*	Herley Industries, Inc		7,232
1,179	*	Hologic, Inc		67,958
283	*	ICU Medical, Inc		11,094
511	*	I-Flow Corp		7,532
600	*	II-VI, Inc		20,310
1,286	*	Illumina, Inc		37,680
1,834	*	Input/Output, Inc		25,273
454	*	Integra LifeSciences Holdings Corp		20,693
343	*	Intralase Corp		8,568
937	*	Intuitive Surgical, Inc		113,911
737		Invacare Corp		12,853
900	*	Ionatron, Inc		4,194
420	*	IRIS International, Inc		5,859
593	*	Itron, Inc		38,569
995	*	Ixia		9,253
74,636		Johnson & Johnson		4,497,565
207	*	Kensey Nash Corp		6,313
4,943		Kla-Tencor Corp		263,561
2,526	*	Kopin Corp		8,538
1,137	*	Kyphon, Inc		51,324
1,243	*	L-1 Identity Solutions, Inc		20,522
1,706	*	LTX Corp		10,441
293	*	Measurement Specialties, Inc		6,610
349	*	Medical Action Industries, Inc		8,341
30,462		Medtronic, Inc		1,494,466
1,051		Mentor Corp		48,346
814	*	Merit Medical Systems, Inc		10,216
1,091	*	Mettler-Toledo International, Inc		97,721
1,370	*	Millipore Corp		99,284
801		Mine Safety Appliances Co		33,690

59

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
854	*	MKS Instruments, Inc	$	21,794
404		Movado Group, Inc		11,898
609		MTS Systems Corp		23,654
1,411		National Instruments Corp		37,011
475	*	Natus Medical, Inc		8,441
200	*	Neurometrix, Inc		1,942
1,300	*	Newport Corp		21,281
855	*	NuVasive, Inc		20,306
609		Oakley, Inc		12,265
99	*	OYO Geospace Corp		7,021
446	*	Palomar Medical Technologies, Inc		17,818
3,347		PerkinElmer, Inc		81,064
500	*	Photon Dynamics, Inc		6,305
5,539		Pitney Bowes, Inc		251,415
677		PolyMedica Corp		28,657
1,950	*	Resmed, Inc		98,221
1,862	*	Respironics, Inc		78,185
4,214		Rockwell Collins, Inc		282,043
311	*	Rofin-Sinar Technologies, Inc		18,405
2,220		Roper Industries, Inc		121,834
814	*	Rudolph Technologies, Inc		14,196
1,331	*	Sirf Technology Holdings, Inc		36,949
432		Sirona Dental Systems, Inc		14,887
491	*	Sonic Solutions, Inc		6,923
600	*	SonoSite, Inc		16,956
784	*	Spectranetics Corp		8,389
9,176	*	St. Jude Medical, Inc		345,109
1,571		STERIS Corp		41,726
7,542		Stryker Corp		500,185
892	*	Symmetry Medical, Inc		14,566
1,152	*	Techne Corp		65,779
2,257		Tektronix, Inc		63,557
901	*	Teledyne Technologies, Inc		33,733
5,161	*	Teradyne, Inc		85,363
10,566	*	Thermo Electron Corp		493,960
1,256	*	ThermoGenesis Corp		4,572
1,349	*	Thoratec Corp		28,194
2,996	*	Trimble Navigation Ltd		80,413
152		United Industrial Corp		8,390
804	*	Varian, Inc		46,841
647	*	Veeco Instruments, Inc		12,616
702	*	Ventana Medical Systems, Inc		29,414
1,005	*	Viasys Healthcare, Inc		34,160
400	*	Vital Images, Inc		13,304
178		Vital Signs, Inc		9,252
2,546	*	Waters Corp		147,668
754	*	Wright Medical Group, Inc		16,807
23,280	*	Xerox Corp		393,199
544	*	X-Rite, Inc		7,045
300		Young Innovations, Inc		8,166
6,214	*	Zimmer Holdings, Inc		530,738
600	*	Zoll Medical Corp		15,990
471	*	Zygo Corp		7,541
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		16,411,979

60

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.44%
7,455		AON Corp	$	282,992
2,944		Brown & Brown, Inc		79,635
364		Crawford & Co (Class B)		2,111
2,498		Gallagher (Arthur J.) & Co		70,768
8,109		Hartford Financial Services Group, Inc		775,058
977		Hilb Rogal & Hobbs Co		47,922
229		James River Group, Inc		7,170
14,038		Marsh & McLennan Cos, Inc		411,173
917		National Financial Partners Corp		43,016
993	*	USI Holdings Corp		16,732
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,736,577
INSURANCE CARRIERS - 4.55%
637		21st Century Insurance Group		13,504
13,336		Aetna, Inc		583,983
400		Affirmative Insurance Holdings, Inc		6,920
12,474		Aflac, Inc		587,026
988		Alfa Corp		18,258
112	*	Alleghany Corp		41,843
16,003		Allstate Corp		961,140
2,628		Ambac Financial Group, Inc		227,033
1,449		American Equity Investment Life Holding Co		19,025
2,047		American Financial Group, Inc		69,680
55,663		American International Group, Inc		3,741,667
259		American National Insurance Co		33,134
450	*	American Physicians Capital, Inc		18,036
1,329	*	AMERIGROUP Corp		40,402
723	*	Argonaut Group, Inc		23,396
3,189		Assurant, Inc		171,026
437		Baldwin & Lyons, Inc (Class B)		11,122
426		Bristol West Holdings, Inc		9,444
1,142	*	Centene Corp		23,971
10,346		Chubb Corp		534,578
3,818		Cincinnati Financial Corp		161,883
643	*	CNA Financial Corp		27,707
362	*	CNA Surety Corp		7,638
1,312		Commerce Group, Inc		39,412
3,868	*	Conseco, Inc		66,916
1,095		Delphi Financial Group, Inc (Class A)		44,052
652		Direct General Corp		13,862
156		Donegal Group, Inc (Class A)		2,649
100		EMC Insurance Group, Inc		2,580
1,560	*	Employers Holdings, Inc		31,231
1,223		Erie Indemnity Co (Class A)		64,538
572		FBL Financial Group, Inc (Class A)		22,382
5,446		Fidelity National Title Group, Inc (Class A)		130,758
576	*	First Acceptance Corp		6,031
2,132		First American Corp		108,135
226	*	Fpic Insurance Group, Inc		10,095
11,467		Genworth Financial, Inc (Class A)		400,657
101		Great American Financial Resources, Inc		2,472
1,381		Hanover Insurance Group, Inc		63,692

61

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
475		Harleysville Group, Inc	$	15,433
2,843		HCC Insurance Holdings, Inc		87,564
2,813	*	Health Net, Inc		151,368
701	*	HealthExtras, Inc		20,175
481	*	Healthspring, Inc		11,328
887		Horace Mann Educators Corp		18,228
4,145	*	Humana, Inc		240,493
180		Independence Holding Co		3,895
582		Infinity Property & Casualty Corp		27,273
91		Kansas City Life Insurance Co		4,095
473		LandAmerica Financial Group, Inc		34,959
4,218		Leucadia National Corp		124,094
7,061		Lincoln National Corp		478,665
11,041		Loews Corp		501,593
256	*	Markel Corp		124,116
3,328		MBIA, Inc		217,951
667	*	Meadowbrook Insurance Group, Inc		7,330
553		Mercury General Corp		29,331
11,647		Metlife, Inc		735,508
2,059		MGIC Investment Corp		121,316
306		Midland Co		12,981
200	*	Molina Healthcare, Inc		6,118
410		National Interstate Corp		10,562
59		National Western Life Insurance Co (Class A)		14,443
1,262		Nationwide Financial Services, Inc (Class A)		67,971
300	*	Navigators Group, Inc		15,051
151		NYMAGIC, Inc		6,168
329		Odyssey Re Holdings Corp		12,933
1,636		Ohio Casualty Corp		48,998
5,743		Old Republic International Corp		127,035
1,344	*	Philadelphia Consolidated Holding Co		59,123
2,899		Phoenix Cos, Inc		40,238
1,362	*	PMA Capital Corp (Class A)		12,789
2,108		PMI Group, Inc		95,324
370		Presidential Life Corp		7,296
6,951		Principal Financial Group		416,156
741	*	ProAssurance Corp		37,902
19,806		Progressive Corp		432,167
1,641		Protective Life Corp		72,270
12,403		Prudential Financial, Inc		1,119,495
2,026		Radian Group, Inc		111,187
834		Reinsurance Group Of America, Inc		48,138
488		RLI Corp		26,806
2,659		Safeco Corp		176,637
282		Safety Insurance Group, Inc		11,314
259	*	SCPIE Holdings, Inc		5,879
500	*	SeaBright Insurance Holdings, Inc		9,200
1,484		Selective Insurance Group, Inc		37,783
1,458		Stancorp Financial Group, Inc		71,690
374		State Auto Financial Corp		12,017
432		Stewart Information Services Corp		18,053
2,491		Torchmark Corp		163,385
435		Tower Group, Inc		14,016
598		Transatlantic Holdings, Inc		38,942

62

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
17,499		Travelers Cos, Inc/The	$	905,923
263	*	Triad Guaranty, Inc		10,891
398		United Fire & Casualty Co		13,982
34,073		UnitedHealth Group, Inc		1,804,847
1,256		Unitrin, Inc		59,120
650	*	Universal American Financial Corp		12,597
8,751		UnumProvident Corp		201,536
4,018		W.R. Berkley Corp		133,076
844	*	WellCare Health Plans, Inc		71,951
20		Wesco Financial Corp		9,200
951		Zenith National Insurance Corp		44,954
		TOTAL INSURANCE CARRIERS		17,924,737
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
1,552	*	Corrections Corp of America		81,961
600	*	Geo Group, Inc		27,192
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		109,153
LEATHER AND LEATHER PRODUCTS - 0.16%
9,750	*	Coach, Inc		487,987
254	*	CROCS, Inc		12,001
646	*	Genesco, Inc		26,828
914	*	Iconix Brand Group, Inc		18,646
402		Steven Madden Ltd		11,738
1,374	*	Timberland Co (Class A)		35,765
150		Weyco Group, Inc		3,897
1,306		Wolverine World Wide, Inc		37,312
		TOTAL LEATHER AND LEATHER PRODUCTS		634,174
LEGAL SERVICES - 0.01%
1,106	*	FTI Consulting, Inc		37,151
162	*	Pre-Paid Legal Services, Inc		8,118
		TOTAL LEGAL SERVICES		45,269
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
1,998		Laidlaw International, Inc		69,131
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		69,131
LUMBER AND WOOD PRODUCTS - 0.03%
174		American Woodmark Corp		6,396
2,253	*	Champion Enterprises, Inc		19,826
347		Deltic Timber Corp		16,642
2,601		Louisiana-Pacific Corp		52,176
134		Skyline Corp		4,521
458		Universal Forest Products, Inc		22,694
		TOTAL LUMBER AND WOOD PRODUCTS		122,255
METAL MINING - 0.31%
1,204		Cleveland-Cliffs, Inc		77,068
6,691	*	Coeur d'Alene Mines Corp		27,500
1,177		Foundation Coal Holdings, Inc		40,418
8,324		Freeport-McMoRan Copper & Gold, Inc (Class B)		550,966
2,577	*	Hecla Mining Co		23,348
10,558		Newmont Mining Corp		443,330

63

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,110	*	Rosetta Resources, Inc	$	22,799
429		Royal Gold, Inc		12,913
394		Southern Copper Corp		28,234
702	*	Stillwater Mining Co		8,908
		TOTAL METAL MINING		1,235,484
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.22%
870		Blyth, Inc		18,366
1,930		Callaway Golf Co		30,417
1,004		Daktronics, Inc		27,550
3,689		Fortune Brands, Inc		290,767
4,349		Hasbro, Inc		124,468
815	*	Jakks Pacific, Inc		19,478
1,500	*	K2, Inc		18,135
9,761		Mattel, Inc		269,111
699		Nautilus, Inc		10,786
1,187	*	Progressive Gaming International Corp		5,341
537	*	RC2 Corp		21,689
239	*	Russ Berrie & Co, Inc		3,370
1,005	*	Shuffle Master, Inc		18,341
189		Steinway Musical Instruments, Inc		6,099
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		863,918
MISCELLANEOUS RETAIL - 1.42%
1,405	*	1-800-FLOWERS.COM, Inc (Class A)		10,931
564	*	AC Moore Arts & Crafts, Inc		12,036
7,951	*	Amazon.com, Inc		316,370
1,303		Barnes & Noble, Inc		51,403
10,147		Best Buy Co, Inc		494,362
500		Big 5 Sporting Goods Corp		12,960
389	*	Blue Nile, Inc		15,817
369		Books-A-Million, Inc		5,255
1,498		Borders Group, Inc		30,589
388	*	Build-A-Bear Workshop, Inc		10,658
681		Cash America International, Inc		27,921
1,324	*	CKX, Inc		14,696
1,531	*	Coldwater Creek, Inc		31,049
39,270		CVS Corp		1,340,678
511	*	dELiA*s, Inc		4,691
844	*	Dick's Sporting Goods, Inc		49,171
2,556	*	Dollar Tree Stores, Inc		97,741
1,400	*	Drugstore.com, Inc		3,612
930	*	Ezcorp, Inc (Class A)		13,699
1,021	*	GSI Commerce, Inc		23,064
988	*	Hibbett Sports, Inc		28,247
819		Longs Drug Stores Corp		42,293
980		MSC Industrial Direct Co (Class A)		45,746
829	*	Nutri/System, Inc		43,448
7,231	*	Office Depot, Inc		254,097
1,867		OfficeMax, Inc		98,466
306	*	Overstock.com, Inc		5,080
3,618		Petsmart, Inc		119,249
719	*	Priceline.com, Inc		38,294
12,886	*	Rite Aid Corp		74,352

64

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,102	*	Sears Holdings Corp	$	378,696
490	*	Stamps.com, Inc		7,041
18,399		Staples, Inc		475,430
3,683		Tiffany & Co		167,503
394	*	Valuevision International, Inc (Class A)		4,870
25,480		Walgreen Co		1,169,277
606		World Fuel Services Corp		28,034
1,236	*	Zale Corp		32,606
373	*	Zumiez, Inc		14,965
		TOTAL MISCELLANEOUS RETAIL		5,594,397
MOTION PICTURES - 1.68%
1,023	*	Avid Technology, Inc		35,682
4,898	*	Blockbuster, Inc (Class A)		31,543
216		Carmike Cinemas, Inc		5,011
17,041		CBS Corp (Class B)		521,284
7,297	*	Discovery Holding Co (Class A)		139,592
1,054	*	DreamWorks Animation SKG, Inc (Class A)		32,231
407	*	Gaiam, Inc (Class A)		6,406
1,186	*	Macrovision Corp		29,709
1,000	*	National CineMedia, Inc		26,700
58,436		News Corp (Class A)		1,351,040
1,631		Regal Entertainment Group (Class A)		32,408
3,587	*	Time Warner Telecom, Inc (Class A)		74,502
94,778		Time Warner, Inc		1,869,022
16,082	*	Viacom, Inc (Class B)		661,131
52,587		Walt Disney Co		1,810,570
		TOTAL MOTION PICTURES		6,626,831
NONDEPOSITORY INSTITUTIONS - 1.65%
513	e*	Accredited Home Lenders Holding Co		4,756
1,900		Advance America Cash Advance Centers, Inc		29,241
391		Advanta Corp (Class B)		17,141
3,901		American Capital Strategies Ltd		172,853
27,232		American Express Co		1,535,885
3,209	*	AmeriCredit Corp		73,358
977		Ares Capital Corp		17,752
261		Asta Funding, Inc		11,270
10,052		Capital One Financial Corp		758,524
2,310		CapitalSource, Inc		58,050
1,377	*	CharterMac		26,645
4,946		CIT Group, Inc		261,742
629	*	CompuCredit Corp		19,637
15,349		Countrywide Financial Corp		516,340
245	*	Credit Acceptance Corp		6,662
2,470	*	Doral Financial Corp		4,051
24,443		Fannie Mae		1,334,099
210		Federal Agricultural Mortgage Corp (Class C)		5,712
661		Financial Federal Corp		17,398
660	*	First Cash Financial Services, Inc		14,705
1,180		First Marblehead Corp		52,970
17,440		Freddie Mac		1,037,506
1,184	*	INVESTools, Inc		16,458
1,244		MCG Capital Corp		23,337

65

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
370		Medallion Financial Corp	$	4,233
451		Nelnet, Inc (Class A)		10,810
458		NGP Capital Resources Co		7,241
815	*	Ocwen Financial Corp		10,489
10,408		SLM Corp		425,687
27		Student Loan Corp		5,020
503		Technology Investment Capital Corp		8,506
259	*	United PanAm Financial Corp		3,237
401	*	World Acceptance Corp		16,020
		TOTAL NONDEPOSITORY INSTITUTIONS		6,507,335
NONMETALLIC MINERALS, EXCEPT FUELS - 0.10%
401		AMCOL International Corp		11,890
831		Compass Minerals International, Inc		27,755
1,127		Florida Rock Industries, Inc		75,836
2,498		Vulcan Materials Co		290,967
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		406,448
OIL AND GAS EXTRACTION - 1.83%
11,637		Anadarko Petroleum Corp		500,158
278	*	Arena Resources, Inc		13,933
533	*	Atlas America, Inc		30,109
470	*	ATP Oil & Gas Corp		17,672
724	*	Atwood Oceanics, Inc		42,492
1,725	*	Aurora Oil & Gas Corp		4,502
8,204		Baker Hughes, Inc		542,531
318	*	Basic Energy Services, Inc		7,409
803		Berry Petroleum Co (Class A)		24,620
737	*	Bill Barrett Corp		23,886
7,534		BJ Services Co		210,199
436	*	Bois d'Arc Energy, Inc		5,768
625	*	Brigham Exploration Co		3,887
300	*	Bronco Drilling Co, Inc		4,971
353	*	Callon Petroleum Co		4,790
2,994	*	Cameron International Corp		187,993
498	*	Carrizo Oil & Gas, Inc		17,410
1,459	*	Cheniere Energy, Inc		45,448
10,109		Chesapeake Energy Corp		312,166
2,117		Cimarex Energy Co		78,371
92	*	Clayton Williams Energy, Inc		2,610
718	*	CNX Gas Corp		20,341
675	*	Complete Production Services, Inc		13,439
1,066	*	Comstock Resources, Inc		29,187
190	*	Dawson Geophysical Co		9,411
1,045		Delta & Pine Land Co		43,054
1,376	*	Delta Petroleum Corp		31,593
3,080	*	Denbury Resources, Inc		91,753
1,444		Diamond Offshore Drilling, Inc		116,892
8,957	*	Dynegy, Inc (Class A)		82,942
365	*	Edge Petroleum Corp		4,570
1,281	*	Encore Acquisition Co		30,987
870	*	Energy Partners Ltd		15,790
3,945		ENSCO International, Inc		214,608
2,978		Equitable Resources, Inc		143,897

66

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,000	*	EXCO Resources, Inc	$	16,580
737	*	Exploration Co of Delaware, Inc		7,996
1,291	*	Forest Oil Corp		43,081
1,694	*	Gasco Energy, Inc		4,133
2,243	*	Global Industries Ltd		41,024
206	*	GMX Resources, Inc		6,330
273	*	Goodrich Petroleum Corp		9,181
4,422	*	Grey Wolf, Inc		29,627
25,952		Halliburton Co		823,716
2,636	*	Hanover Compressor Co		58,651
1,312	*	Harvest Natural Resources, Inc		12,779
2,355	*	Helix Energy Solutions Group, Inc		87,818
2,566		Helmerich & Payne, Inc		77,852
519	*	Hercules Offshore, Inc		13,629
808	*	Houston Exploration Co		43,592
1,881	*	Mariner Energy, Inc		35,984
716	*	McMoRan Exploration Co		9,816
1,700	*	Meridian Resource Corp		4,097
410	*	Metretek Technologies, Inc		5,469
4,485	*	National Oilwell Varco, Inc		348,888
1,860	*	Newpark Resources, Inc		13,113
1,358	*	Oceaneering International, Inc		57,199
793	*	Parallel Petroleum Corp		18,199
2,546	*	Parker Drilling Co		23,907
4,247		Patterson-UTI Energy, Inc		95,303
4,209	*	PetroHawk Energy Corp		55,433
421	*	Petroleum Development Corp		22,553
1,072	*	Petroquest Energy, Inc		12,532
1,074	*	Pioneer Drilling Co		13,629
3,400		Pioneer Natural Resources Co		146,574
2,021	*	Plains Exploration & Production Co		91,228
1,361		Pogo Producing Co		65,464
4,125	*	Pride International, Inc		124,162
497	*	Quest Resource Corp		4,557
1,611	*	Quicksilver Resources, Inc		64,069
3,394		Range Resources Corp		113,360
2,739		Rowan Cos, Inc		88,935
831		RPC, Inc		13,844
525	*	SEACOR Holdings, Inc		51,660
4,974		Smith International, Inc		239,001
4,404	*	Southwestern Energy Co		180,476
1,510		St. Mary Land & Exploration Co		55,387
607	*	Stone Energy Corp		18,022
884	*	Sulphco, Inc		3,023
2,135	*	Superior Energy Services		73,593
288	*	Superior Well Services, Inc		6,581
743	*	Swift Energy Co		31,035
790	*	Syntroleum Corp		2,465
1,686	*	Tetra Technologies, Inc		41,661
1,559		Tidewater, Inc		91,326
1,595	*	Todco		64,326
565	*	Toreador Resources Corp		10,255
1,788	*	Transmeridian Exploration, Inc		5,114
302	*	Trico Marine Services, Inc		11,253

67

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
341	*	Union Drilling, Inc	$	4,842
1,202	*	Unit Corp		60,809
1,473	*	Vaalco Energy, Inc		7,630
335		W&T Offshore, Inc		9,692
1,376	*	Warren Resources, Inc		17,929
822	*	W-H Energy Services, Inc		38,420
955	*	Whiting Petroleum Corp		37,637
9,407		XTO Energy, Inc		515,598
		TOTAL OIL AND GAS EXTRACTION		7,211,428
PAPER AND ALLIED PRODUCTS - 0.57%
2,562		Bemis Co		85,545
1,495		Bowater, Inc		35,611
827	*	Buckeye Technologies, Inc		10,734
696	*	Caraustar Industries, Inc		4,371
1,296	*	Cenveo, Inc		31,493
780		Chesapeake Corp		11,778
9,893	*	Domtar Corporation		92,104
1,264		Glatfelter		18,846
2,067	*	Graphic Packaging Corp		9,798
400		Greif, Inc (Class A)		44,444
11,924		International Paper Co		434,034
11,567		Kimberly-Clark Corp		792,224
1,760		Longview Fibre Co		43,349
4,536		MeadWestvaco Corp		139,890
921	*	Mercer International, Inc		11,015
406		Neenah Paper, Inc		16,134
1,682		Packaging Corp of America		41,041
1,450	*	Playtex Products, Inc		19,676
826		Rock-Tenn Co (Class A)		27,423
456		Schweitzer-Mauduit International, Inc		11,332
6,769	*	Smurfit-Stone Container Corp		76,219
2,474		Sonoco Products Co		92,973
2,850		Temple-Inland, Inc		170,259
1,197		Wausau Paper Corp		17,189
		TOTAL PAPER AND ALLIED PRODUCTS		2,237,482
PERSONAL SERVICES - 0.15%
3,588		Cintas Corp		129,527
576	*	Coinstar, Inc		18,029
554		G & K Services, Inc (Class A)		20,099
8,328		H&R Block, Inc		175,221
800		Jackson Hewitt Tax Service, Inc		25,744
1,185		Regis Corp		47,838
1,891	*	Sally Beauty Holdings, Inc		17,378
8,069		Service Corp International		95,698
241		Unifirst Corp		9,247
1,182		Weight Watchers International, Inc		54,478
		TOTAL PERSONAL SERVICES		593,259
PETROLEUM AND COAL PRODUCTS - 6.23%
313		Alon USA Energy, Inc		11,331
8,352		Apache Corp		590,486
1,595		Ashland, Inc		104,632

68

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,179		Cabot Oil & Gas Corp	$	79,370
55,918		Chevron Corp		4,135,695
41,709		ConocoPhillips		2,850,810
11,155		Devon Energy Corp		772,149
6,086		EOG Resources, Inc		434,175
144,676		Exxon Mobil Corp		10,915,804
2,800		Frontier Oil Corp		91,392
377	*	Giant Industries, Inc		28,520
952	*	Headwaters, Inc		20,801
6,862		Hess Corp		380,635
1,200		Holly Corp		71,160
8,723		Marathon Oil Corp		862,094
4,816		Murphy Oil Corp		257,174
3,192	*	Newfield Exploration Co		133,138
4,584		Noble Energy, Inc		273,436
21,602		Occidental Petroleum Corp		1,065,195
3,342		Sunoco, Inc		235,410
1,826		Tesoro Corp		183,385
15,585		Valero Energy Corp		1,005,077
552		WD-40 Co		17,504
410		Western Refining, Inc		15,998
		TOTAL PETROLEUM AND COAL PRODUCTS		24,535,371
PIPELINES, EXCEPT NATURAL GAS - 0.10%
15,694		Spectra Energy Corp		412,281
		TOTAL PIPELINES, EXCEPT NATURAL GAS		412,281
PRIMARY METAL INDUSTRIES - 1.07%
2,561	*	AK Steel Holding Corp		59,902
22,061		Alcoa, Inc		747,868
2,590		Allegheny Technologies, Inc		276,327
1,171		Belden CDT, Inc		62,754
472	*	Brush Engineered Materials, Inc		22,878
658		Carpenter Technology Corp		79,460
500	*	Century Aluminum Co		23,440
1,276		Chaparral Steel Co		74,225
1,678	*	CommScope, Inc		71,986
39,510	*	Corning, Inc		898,457
605		Encore Wire Corp		15,319
1,176	*	General Cable Corp		62,834
474		Gibraltar Industries, Inc		10,722
1,542		Hubbell, Inc (Class B)		74,386
264	*	LB Foster Co (Class A)		5,441
818	*	Lone Star Technologies, Inc		54,013
774		Matthews International Corp (Class A)		31,502
999		Mueller Industries, Inc		30,070
7,849		Nucor Corp		511,205
212		Olympic Steel, Inc		6,570
3,520		Precision Castparts Corp		366,256
901		Quanex Corp		38,157
657	*	RTI International Metals, Inc		59,794
450		Schnitzer Steel Industries, Inc (Class A)		18,076
2,454		Steel Dynamics, Inc		106,013
300		Steel Technologies, Inc		8,874

69

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
442	*	Superior Essex, Inc	$	15,324
638		Texas Industries, Inc		48,188
1,615	*	Titanium Metals Corp		57,946
741		Tredegar Corp		16,887
3,103		United States Steel Corp		307,725
2,063		Worthington Industries, Inc		42,457
		TOTAL PRIMARY METAL INDUSTRIES		4,205,056
PRINTING AND PUBLISHING - 0.61%
990	*	ACCO Brands Corp		23,849
1,535		American Greetings Corp (Class A)		35,627
2,378		Belo (A.H.) Corp (Class A)		44,397
539		Bowne & Co, Inc		8,478
295	*	Consolidated Graphics, Inc		21,845
337		Courier Corp		13,167
162		CSS Industries, Inc		6,072
1,526		Dow Jones & Co, Inc		52,601
1,573		Dun & Bradstreet Corp		143,458
422		Ennis, Inc		11,293
2,041		EW Scripps Co (Class A)		91,192
5,938		Gannett Co, Inc		334,250
1,303		Harte-Hanks, Inc		35,950
739		John H Harland Co		37,859
1,195		John Wiley & Sons, Inc (Class A)		45,123
721		Journal Communications, Inc (Class A)		9,452
1,179		Journal Register Co		7,027
1,300		Lee Enterprises, Inc		39,065
590		Martha Stewart Living Omnimedia, Inc (Class A)		10,036
1,418		McClatchy Co (Class A)		44,823
9,035		McGraw-Hill Cos, Inc		568,121
574		Media General, Inc (Class A)		21,904
802		Meredith Corp		46,027
3,415		New York Times Co (Class A)		80,287
550	*	Playboy Enterprises, Inc (Class B)		5,659
703	*	Presstek, Inc		4,253
4,589	*	Primedia, Inc		12,207
1,381		R.H. Donnelley Corp		97,899
5,587		R.R. Donnelley & Sons Co		204,428
234		Schawk, Inc		4,238
1,013	*	Scholastic Corp		31,504
338		Standard Register Co		4,276
1,952	*	Sun-Times Media Group, Inc (Class A)		9,682
4,718		Tribune Co		151,495
1,194	*	Valassis Communications, Inc		20,525
144		Washington Post Co (Class B)		109,944
		TOTAL PRINTING AND PUBLISHING		2,388,013
RAILROAD TRANSPORTATION - 0.65%
9,211		Burlington Northern Santa Fe Corp		740,841
11,216		CSX Corp		449,201
842		Florida East Coast Industries		52,785
929	*	Genesee & Wyoming, Inc (Class A)		24,721
2,136	*	Kansas City Southern Industries, Inc		75,999
10,416		Norfolk Southern Corp		527,050

70

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
6,761		Union Pacific Corp	$	686,580
		TOTAL RAILROAD TRANSPORTATION		2,557,177
REAL ESTATE - 0.13%
201		California Coastal Communities, Inc		4,078
4,771	*	CB Richard Ellis Group, Inc (Class A)		163,073
151		Consolidated-Tomoka Land Co		11,393
1,722		Forest City Enterprises, Inc (Class A)		113,962
956		Jones Lang LaSalle, Inc		99,692
1,980		St. Joe Co		103,574
2,339		Stewart Enterprises, Inc (Class A)		18,852
		TOTAL REAL ESTATE		514,624
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.18%
186	*	AEP Industries, Inc		7,998
1,674		Cooper Tire & Rubber Co		30,617
252	*	Deckers Outdoor Corp		17,897
4,563	*	Goodyear Tire & Rubber Co		142,320
7,148		Newell Rubbermaid, Inc		222,231
272		PW Eagle, Inc		8,987
1,096		Schulman (A.), Inc		25,822
4,212		Sealed Air Corp		133,099
384	*	Skechers U.S.A., Inc (Class A)		12,891
757		Spartech Corp		22,210
500		Titan International, Inc		12,665
200	*	Trex Co, Inc		4,306
1,467		Tupperware Corp		36,572
815		West Pharmaceutical Services, Inc		37,840
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		715,455
SECURITY AND COMMODITY BROKERS - 3.14%
1,822		A.G. Edwards, Inc		126,046
5,347		Ameriprise Financial, Inc		305,528
2,970		Bear Stearns Cos, Inc		446,539
500		BlackRock, Inc		78,155
500		Calamos Asset Management, Inc (Class A)		11,160
1,364	*	Cbot Holdings, Inc (Class A)		247,566
26,396		Charles Schwab Corp		482,783
893		Chicago Mercantile Exchange Holdings, Inc		475,487
342		Cohen & Steers, Inc		14,733
10,735	*	E*Trade Financial Corp		227,797
3,131		Eaton Vance Corp		111,589
2,221		Federated Investors, Inc (Class B)		81,555
4,278		Franklin Resources, Inc		516,911
175		GAMCO Investors, Inc (Class A)		7,583
305	*	GFI Group, Inc		20,731
9,648		Goldman Sachs Group, Inc		1,993,566
454		Greenhill & Co, Inc		27,871
1,700	*	IntercontinentalExchange, Inc		207,757
987		International Securities Exchange, Inc		48,166
1,109	*	Investment Technology Group, Inc		43,473
5,681		Janus Capital Group, Inc		118,790
3,059		Jefferies Group, Inc		88,558
2,998	*	Knight Capital Group, Inc (Class A)		47,488

71

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,377	*	LaBranche & Co, Inc	$	11,236
3,192		Legg Mason, Inc		300,718
13,524		Lehman Brothers Holdings, Inc		947,627
588	*	MarketAxess Holdings, Inc		9,843
23,284		Merrill Lynch & Co, Inc		1,901,604
27,050		Morgan Stanley		2,130,458
366	*	Morningstar, Inc		18,900
2,434	*	Nasdaq Stock Market, Inc		71,584
2,042		Nuveen Investments, Inc (Class A)		96,587
200	*	Nymex Holdings, Inc		27,152
4,023	*	NYSE Group, Inc		377,156
558		optionsXpress Holdings, Inc		13,135
544	*	Piper Jaffray Cos		33,695
2,489		Raymond James Financial, Inc		74,073
284		Sanders Morris Harris Group, Inc		3,025
1,632		SEI Investments Co		98,295
202	*	Stifel Financial Corp		8,949
564		SWS Group, Inc		13,993
6,788		T Rowe Price Group, Inc		320,326
7,854	*	TD Ameritrade Holding Corp		116,868
2,327		Waddell & Reed Financial, Inc (Class A)		54,266
		TOTAL SECURITY AND COMMODITY BROKERS		12,359,322
SOCIAL SERVICES - 0.01%
636	*	Bright Horizons Family Solutions, Inc		24,009
559	*	Capital Senior Living Corp		6,490
539	*	Providence Service Corp		12,785
491	*	Res-Care, Inc		8,592
		TOTAL SOCIAL SERVICES		51,876
SPECIAL TRADE CONTRACTORS - 0.06%
200		Alico, Inc		11,466
677		Chemed Corp		33,146
1,100		Comfort Systems USA, Inc		13,178
1,044	*	Dycom Industries, Inc		27,207
808	*	EMCOR Group, Inc		47,656
675	*	Insituform Technologies, Inc (Class A)		14,033
395	*	Integrated Electrical Services, Inc		9,768
277	*	Layne Christensen Co		10,088
3,042	*	Quanta Services, Inc		76,719
		TOTAL SPECIAL TRADE CONTRACTORS		243,261
STONE, CLAY, AND GLASS PRODUCTS - 0.10%
488		Apogee Enterprises, Inc		9,780
634	*	Cabot Microelectronics Corp		21,245
477		CARBO Ceramics, Inc		22,204
1,316		Eagle Materials, Inc		58,733
4,151		Gentex Corp		67,454
3,965	*	Owens-Illinois, Inc		102,178
861	*	US Concrete, Inc		6,733
2,144	*	USG Corp		100,082
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		388,409

72

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
TEXTILE MILL PRODUCTS - 0.01%
310		Oxford Industries, Inc	$	15,326
513		Xerium Technologies, Inc		4,114
		TOTAL TEXTILE MILL PRODUCTS		19,440
TOBACCO PRODUCTS - 1.36%
52,706		Altria Group, Inc		4,628,114
2,409		Loews Corp (Carolina Group)		182,144
4,454		Reynolds American, Inc		277,974
617		Universal Corp		37,853
3,969		UST, Inc		230,123
687		Vector Group Ltd		12,854
		TOTAL TOBACCO PRODUCTS		5,369,062
TRANSPORTATION BY AIR - 0.47%
1,497	*	ABX Air, Inc		10,254
271	*	Air Methods Corp		6,509
2,312	*	Airtran Holdings, Inc		23,744
1,018	*	Alaska Air Group, Inc		38,786
6,044	*	AMR Corp		184,040
517	*	Atlas Air Worldwide Holdings, Inc		27,261
579	*	Bristow Group, Inc		21,105
2,163	*	Continental Airlines, Inc (Class B)		78,712
806	*	EGL, Inc		31,942
1,011	*	ExpressJet Holdings, Inc		5,904
7,676		FedEx Corp		824,633
799	*	Frontier Airlines Holdings, Inc		4,802
4,471	*	JetBlue Airways Corp		51,461
614	*	Mesa Air Group, Inc		4,623
353	*	PHI, Inc		9,552
836	*	Republic Airways Holdings, Inc		19,195
1,643		Skywest, Inc		44,082
20,269		Southwest Airlines Co		297,954
2,545	*	UAL Corp		97,143
1,570	*	US Airways Group, Inc		71,404
		TOTAL TRANSPORTATION BY AIR		1,853,106
TRANSPORTATION EQUIPMENT - 2.62%
467		A.O. Smith Corp		17,849
803	*	AAR Corp		22,131
500	*	Accuride Corp		7,300
603	*	Aftermarket Technology Corp		14,641
1,104		American Axle & Manufacturing Holdings, Inc		30,194
228		American Railcar Industries, Inc		6,797
468		Arctic Cat, Inc		9,121
1,592		ArvinMeritor, Inc		29,054
2,138		Autoliv, Inc		122,101
2,006	*	BE Aerospace, Inc		63,590
20,139		Boeing Co		1,790,558
2,390		Brunswick Corp		76,121
1,380		Clarcor, Inc		43,884
1,274		Federal Signal Corp		19,772
1,526	*	Fleetwood Enterprises, Inc		12,071
45,596	*	Ford Motor Co		359,752
300		Freightcar America, Inc		14,451

73

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
284	*	Fuel Systems Solutions, Inc	$	5,260
1,424	*	GenCorp, Inc		19,708
10,146		General Dynamics Corp		775,154
12,035		General Motors Corp		368,752
265	*	GenTek, Inc		9,026
4,256		Genuine Parts Co		208,544
3,019		Goodrich Corp		155,418
348		Greenbrier Cos, Inc		9,292
642		Group 1 Automotive, Inc		25,532
6,733		Harley-Davidson, Inc		395,564
2,210		Harsco Corp		99,141
719		Heico Corp		26,236
4,606		ITT Industries, Inc		277,834
493	*	K&F Industries Holdings, Inc		13,276
885		Kaman Corp		20,629
9,254		Lockheed Martin Corp		897,823
239	*	Miller Industries, Inc		5,213
783		Monaco Coach Corp		12,473
268		Noble International Ltd		4,497
8,671		Northrop Grumman Corp		643,562
1,213	*	Orbital Sciences Corp		22,732
1,933		Oshkosh Truck Corp		102,449
6,303		Paccar, Inc		462,640
3,641	*	Pactiv Corp		122,847
1,070		Polaris Industries, Inc		51,339
11,121		Raytheon Co		583,408
233	*	Sequa Corp (Class A)		27,906
1,200	*	Spirit Aerosystems Holdings, Inc (Class A)		38,220
574		Superior Industries International, Inc		11,956
1,117	*	Tenneco, Inc		28,439
3,266		Textron, Inc		293,287
904		Thor Industries, Inc		35,609
289	*	TransDigm Group, Inc		10,514
2,034		Trinity Industries, Inc		85,265
316		Triumph Group, Inc		17,487
1,123	*	TRW Automotive Holdings Corp		39,103
25,494		United Technologies Corp		1,657,110
2,804	*	Visteon Corp		23,946
969		Wabash National Corp		14,942
1,181		Westinghouse Air Brake Technologies Corp		40,733
730		Winnebago Industries, Inc		24,550
		TOTAL TRANSPORTATION EQUIPMENT		10,306,803
TRANSPORTATION SERVICES - 0.20%
532		Ambassadors Group, Inc		17,684
4,462		CH Robinson Worldwide, Inc		213,060
400	*	Dynamex, Inc		10,176
5,370		Expeditors International Washington, Inc		221,888
1,234		GATX Corp		58,985
1,800	*	Hertz Global Holdings, Inc		42,660
1,028	*	HUB Group, Inc (Class A)		29,802
1,571	*	Lear Corp		57,357
966		Pacer International, Inc		26,024
3,423		Sabre Holdings Corp (Class A)		112,103

74

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
		TOTAL TRANSPORTATION SERVICES	$	789,739
TRUCKING AND WAREHOUSING - 0.40%
600		Arkansas Best Corp		21,330
594	*	Celadon Group, Inc		9,920
1,136		Con-way, Inc		56,618
909		Forward Air Corp		29,888
1,616		Heartland Express, Inc		25,662
2,869		J.B. Hunt Transport Services, Inc		75,283
1,380		Landstar System, Inc		63,259
385	*	Marten Transport Ltd		6,114
672	*	Old Dominion Freight Line		19,360
400	*	P.A.M. Transportation Services, Inc		8,248
399	*	Saia, Inc		9,476
900	*	SIRVA, Inc		3,213
1,374	*	Swift Transportation Co, Inc		42,814
200	*	U.S. Xpress Enterprises, Inc (Class A)		3,452
16,189		United Parcel Service, Inc (Class B)		1,134,849
151	*	Universal Truckload Services, Inc		3,656
1,281		Werner Enterprises, Inc		23,276
1,431	*	YRC Worldwide, Inc		57,555
		TOTAL TRUCKING AND WAREHOUSING		1,593,973
WATER TRANSPORTATION - 0.06%
1,029		Alexander & Baldwin, Inc		51,903
1,592	*	American Commercial Lines, Inc		50,068
484	*	Gulfmark Offshore, Inc		21,127
359		Horizon Lines, Inc (Class A)		11,782
635	*	Hornbeck Offshore Services, Inc		18,193
1,364	*	Kirby Corp		47,713
772		Overseas Shipholding Group, Inc		48,327
		TOTAL WATER TRANSPORTATION		249,113
WHOLESALE TRADE-DURABLE GOODS - 0.42%
2,330		Adesa, Inc		64,378
1,111		Agilysys, Inc		24,964
1,302		Applied Industrial Technologies, Inc		31,951
3,068	*	Arrow Electronics, Inc		115,817
884		Barnes Group, Inc		20,341
1,124	*	Beacon Roofing Supply, Inc		18,186
700		BlueLinx Holdings, Inc		7,350
1,472		BorgWarner, Inc		111,018
728		Building Material Holding Corp		13,184
400		Castle (A.M.) & Co		11,744
578	*	Conceptus, Inc		11,560
2,908	*	Cytyc Corp		99,483
604	*	Digi International, Inc		7,671
332	*	Drew Industries, Inc		9,522
818	*	Genesis Microchip, Inc		7,599
3,161		IKON Office Solutions, Inc		45,424
3,621	*	Ingram Micro, Inc (Class A)		69,922
1,245	*	Insight Enterprises, Inc		22,385
704	*	Interline Brands, Inc		15,432
440	*	Keystone Automotive Industries, Inc		14,828

75

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
1,558		Knight Transportation, Inc	$	27,764
122		Lawson Products, Inc		4,621
1,160	*	LKQ Corp		25,358
1,179		Martin Marietta Materials, Inc		159,401
309	*	Merge Technologies, Inc		1,505
1,158		Owens & Minor, Inc		42,533
3,578	*	Patterson Cos, Inc		126,983
1,474		PEP Boys-Manny Moe & Jack		28,139
1,396		Pool Corp		49,977
1,667	*	PSS World Medical, Inc		35,240
1,612		Reliance Steel & Aluminum Co		78,021
644		Ryerson Tull, Inc		25,515
1,588	*	Tech Data Corp		56,866
1,740	*	Tyler Technologies, Inc		22,098
1,867		W.W. Grainger, Inc		144,207
1,246	*	WESCO International, Inc		78,224
441	*	West Marine, Inc		8,031
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,637,242
WHOLESALE TRADE-NONDURABLE GOODS - 0.88%
1,707		Airgas, Inc		71,950
1,145	*	Akorn, Inc		7,729
1,977	*	Alliance One International, Inc		18,248
1,194	*	Allscripts Healthcare Solutions, Inc		32,011
342		Andersons, Inc		15,185
1,496		Brown-Forman Corp (Class B)		98,078
10,482		Cardinal Health, Inc		764,662
873	*	Central European Distribution Corp		25,413
256	*	Core-Mark Holding Co, Inc		9,134
3,424		Dean Foods Co		160,038
3,432	*	Endo Pharmaceuticals Holdings, Inc		100,901
200	*	Green Mountain Coffee Roasters, Inc		12,610
797	*	Hain Celestial Group, Inc		23,966
2,300	*	Henry Schein, Inc		126,914
3,680		Idearc, Inc		129,168
300		Kenneth Cole Productions, Inc (Class A)		7,701
648		K-Swiss, Inc (Class A)		17,509
1,144		Men's Wearhouse, Inc		53,825
685		Myers Industries, Inc		12,796
331		Nash Finch Co		11,406
4,852		Nike, Inc (Class B)		515,574
1,471		Nu Skin Enterprises, Inc (Class A)		24,301
278	*	Nuco2, Inc		7,011
565	*	Perry Ellis International, Inc		18,074
11,320		Safeway, Inc		414,765
596	*	School Specialty, Inc		21,522
352	*	Smart & Final, Inc		7,663
857	*	Source Interlink Cos, Inc		5,750
535		Spartan Stores, Inc		14,338
1,173		Stride Rite Corp		18,052
15,669		Sysco Corp		530,082
2,443	*	Terra Industries, Inc		42,753
932	*	Tractor Supply Co		47,998
1,020	*	United Natural Foods, Inc		31,253

76

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY	VALUE
711	*	United Stationers, Inc	$	42,603
340	*	Volcom, Inc		11,682
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,452,665
		TOTAL COMMON STOCKS		393,388,506
		(Cost $289,956,818)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.02%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.02%
$     55,565		State Street Navigator Securities Lending Prime Portfolio		55,565
		TOTAL SHORT- TERM INVESTMENTS		55,565
		(Cost $55,565)
		TOTAL PORTFOLIO - 99.88%		393,444,071
		(Cost $290,012,383)
		OTHER ASSETS & LIABILITIES, NET - 0.12%		488,779
		NET ASSETS - 100%	$	393,932,850
	*	Non-income producing.
	**	Percentage less than 0.01%
	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.

77

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund

TIAA-CREF MUTUAL FUNDS
SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (unaudited)
March 31, 2007

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.45%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
22	*	Chiquita Brands International, Inc	$	308
		TOTAL AGRICULTURAL PRODUCTION-CROPS		308
AMUSEMENT AND RECREATION SERVICES - 0.07%
6,064	*	Activision, Inc		114,852
		TOTAL AMUSEMENT AND RECREATION SERVICES		114,852
APPAREL AND ACCESSORY STORES - 0.89%
3,150		American Eagle Outfitters, Inc		94,469
400	*	AnnTaylor Stores Corp		15,512
801		Bebe Stores, Inc		13,921
871	*	Charming Shoppes, Inc		11,279
2,890	*	Chico's FAS, Inc		70,603
2,765		Foot Locker, Inc		65,116
13,478		Gap, Inc		231,956
5,151	*	Kohl's Corp		394,618
7,247		Limited Brands, Inc		188,857
4,148		Nordstrom, Inc		219,595
151	*	Payless Shoesource, Inc		5,013
2,144		Ross Stores, Inc		73,754
675		Stage Stores, Inc		15,734
2,031	*	Urban Outfitters, Inc		53,842
		TOTAL APPAREL AND ACCESSORY STORES		1,454,269
APPAREL AND OTHER TEXTILE PRODUCTS - 0.12%
900	*	Hartmarx Corp		6,660
100		Kellwood Co		2,933
1,619		Liz Claiborne, Inc		69,374
700		Polo Ralph Lauren Corp		61,705
600		VF Corp		49,572
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		190,244
AUTO REPAIR, SERVICES AND PARKING - 0.02%
567		Bandag, Inc		28,741
248		Central Parking Corp		5,501
68		Ryder System, Inc		3,355
		TOTAL AUTO REPAIR, SERVICES AND PARKING		37,597
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
337	*	Autozone, Inc		43,183
870	*	Carmax, Inc		21,350
400	*	Copart, Inc		11,204
600	*	Rush Enterprises, Inc (Class A)		11,526
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		87,263

78

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.18%
852		Fastenal Co	$	29,863
32,484		Home Depot, Inc		1,193,462
22,800		Lowe's Cos, Inc		717,972
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,941,297
BUSINESS SERVICES - 6.56%
202	*	24/7 Real Media, Inc		1,622
5,432	*	3Com Corp		21,239
302		Administaff, Inc		10,630
8,249	*	Adobe Systems, Inc		343,983
2,519	*	Akamai Technologies, Inc		125,748
1,014	*	Alliance Data Systems Corp		62,483
326	*	aQuantive, Inc		9,099
800	*	Ariba, Inc		7,520
2,815	*	Art Technology Group, Inc		6,531
888	*	Audible, Inc		9,226
3,858	*	Autodesk, Inc		145,061
15,483		Automatic Data Processing, Inc		749,377
49	*	Avocent Corp		1,322
6,868	*	BEA Systems, Inc		79,600
3,286	*	BearingPoint, Inc		25,171
858	*	BISYS Group, Inc		9,833
358	*	Blue Coat Systems, Inc		13,149
689	*	Cerner Corp		37,516
1,200	*	Checkfree Corp		44,508
612	*	Ciber, Inc		4,816
17,828	*	CMGI, Inc		37,795
2,668	*	CNET Networks, Inc		23,238
1,465	*	Cogent Communications Group, Inc		34,618
2,191	*	Cogent, Inc		29,469
5,069	*	Compuware Corp		48,105
1,964	*	Convergys Corp		49,905
100	*	CSG Systems International, Inc		2,502
842		Deluxe Corp		28,232
261	*	Digital River, Inc		14,420
764	*	DST Systems, Inc		57,453
400	*	Earthlink, Inc		2,940
17,234	*	eBay, Inc		571,307
196	*	Eclipsys Corp		3,777
43	*	eFunds Corp		1,146
4,897	*	Electronic Arts, Inc		246,613
2,254	*	Emdeon Corp		34,103
714	*	Equinix, Inc		61,140
4,961	*	Evergreen Energy, Inc		32,594
3,843	*	Expedia, Inc		89,081
300		Fair Isaac Corp		11,604
400	*	First Advantage Corp (Class A)		9,588
3,936	*	Fiserv, Inc		208,844
50	*	Gartner, Inc		1,198
1,054	*	Getty Images, Inc		51,256
2,553	*	Google, Inc (Class A)		1,169,682
295	*	Hudson Highland Group, Inc		4,599
366	*	iGate Corp		3,016

79

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
3,736		IMS Health, Inc	$	110,810
2,300	*	Infocrossing, Inc		34,201
1,705	*	Informatica Corp		22,898
10,166	*	Innovative Solutions & Support, Inc		257,403
1,907	*	Internap Network Services Corp		30,035
4,136	*	Intuit, Inc		113,161
1,900	*	Ipass, Inc		9,557
1,915	*	Iron Mountain, Inc		50,039
620		Jack Henry & Associates, Inc		14,911
328	*	Jupitermedia Corp		2,171
861	*	Kinetic Concepts, Inc		43,601
938		Lamar Advertising Co (Class A)		59,066
2,204	*	Lawson Software, Inc		17,830
801	*	Lionbridge Technologies		4,077
1,013		Manpower, Inc		74,729
900		Marchex, Inc (Class B)		13,788
746	*	Mentor Graphics Corp		12,190
114,821	d	Microsoft Corp		3,200,061
1,574	*	Midway Games, Inc		9,838
1,644		MoneyGram International, Inc		45,637
1,966	*	Monster Worldwide, Inc		93,129
1,102		NIC, Inc		5,907
6,916	*	Novell, Inc		49,934
2,906	*	Nuance Communications, Inc		44,491
4,313		Omnicom Group, Inc		441,565
1,848	*	Opsware, Inc		13,398
687	*	Parametric Technology Corp		13,115
1,100		QAD, Inc		10,010
1,390	*	Quest Software, Inc		22,615
1,527	*	RealNetworks, Inc		11,987
2,700	*	Rewards Network, Inc		14,310
2,625		Robert Half International, Inc		97,151
1,832	*	Salesforce.com, Inc		78,446
4,349	*	Sapient Corp		29,834
748		ServiceMaster Co		11,512
1,799	*	Smith Micro Software, Inc		33,515
350	*	Sohu.com, Inc		7,501
7,211	*	Sonus Networks, Inc		58,193
1,789	*	Spherion Corp		15,779
3,200	*	Startek, Inc		31,328
56,610	*	Sun Microsystems, Inc		340,226
1,000	*	SYKES Enterprises, Inc		18,240
17,596	*	Symantec Corp		304,411
4,220	*	TIBCO Software, Inc		35,954
2,725	*	Tiens Biotech Group USA, Inc		12,317
1,828		Total System Services, Inc		58,222
175	*	Travelzoo, Inc		6,435
580	*	Trizetto Group, Inc		11,606
5,669	*	Unisys Corp		47,790
1,246		United Online, Inc		17,481
935	*	United Rentals, Inc		25,713
1,335	*	Vasco Data Security International		23,856
4,563	*	VeriSign, Inc		114,623
200	*	WebEx Communications, Inc		11,372
		TOTAL BUSINESS SERVICES		10,774,628

80

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
CHEMICALS AND ALLIED PRODUCTS - 9.71%
25,277		Abbott Laboratories	$	1,410,457
2,685	*	Abraxis BioScience, Inc		71,716
354	*	Adolor Corp		3,098
1,973	*	ADVENTRX Pharmaceuticals, Inc		4,933
8,213		Air Products & Chemicals, Inc		607,433
64	*	Alexion Pharmaceuticals, Inc		2,767
809	*	Alkermes, Inc		12,491
18,391	*	Amgen, Inc		1,027,689
1,260	*	Arena Pharmaceuticals, Inc		13,684
300	*	Array Biopharma, Inc		3,810
392	*	Atherogenics, Inc		1,102
700	*	Auxilium Pharmaceuticals, Inc		10,276
475	*	AVANIR Pharmaceuticals (Class A)		580
3,418		Avery Dennison Corp		219,641
112	*	AVI BioPharma, Inc		300
6,444		Avon Products, Inc		240,103
675		Balchem Corp		11,934
2,656	*	Barr Pharmaceuticals, Inc		123,106
1,749	*	Bentley Pharmaceuticals, Inc		14,324
2,200	*	Bioenvision, Inc		8,998
812	*	BioMarin Pharmaceuticals, Inc		14,015
800	*	Bradley Pharmaceuticals, Inc		15,352
30,664		Bristol-Myers Squibb Co		851,233
1,225		Cabot Corp		58,469
1,400	*	Calgon Carbon Corp		11,634
1,400	*	Caraco Pharmaceutical Laboratories Ltd		17,052
2,008	*	Cell Genesys, Inc		8,434
822	*	Cephalon, Inc		58,535
600	*	Charles River Laboratories International, Inc		27,756
9,194		Colgate-Palmolive Co		614,067
1,271	*	Combinatorx, Inc		8,884
1,400		Dade Behring Holdings, Inc		61,390
3,385	*	Dendreon Corp		43,768
298	*	Digene Corp		12,638
5,738	*	Durect Corp		23,870
6,792		Ecolab, Inc		292,056
828	*	Encysive Pharmaceuticals, Inc		2,244
700	*	Enzon Pharmaceuticals, Inc		5,705
7,198	*	Forest Laboratories, Inc		370,265
6,647	*	Genentech, Inc		545,852
4,347	*	Genzyme Corp		260,907
860	*	Geron Corp		6,020
7,506	*	Gilead Sciences, Inc		574,209
136		H.B. Fuller Co		3,709
1,041	*	Hospira, Inc		42,577
1,961	*	Human Genome Sciences, Inc		20,826
1,486		Huntsman Corp		28,368
595	*	Idenix Pharmaceuticals, Inc		4,344
1,545	*	Inverness Medical Innovations, Inc		67,640
500	*	Invitrogen Corp		31,825
6,847	*	King Pharmaceuticals, Inc		134,680

81

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
1,200		Lubrizol Corp	$	61,836
1,851		Mannatech, Inc		29,727
1,010	*	Medarex, Inc		13,069
1,712		Medicis Pharmaceutical Corp (Class A)		52,764
3,855	*	Medimmune, Inc		140,283
38,848		Merck & Co, Inc		1,715,916
688	*	MGI Pharma, Inc		15,459
4,469	*	Millennium Pharmaceuticals, Inc		50,768
7,494		Mylan Laboratories, Inc		158,423
573	*	Nabi Biopharmaceuticals		3,043
1,484	*	Nastech Pharmaceutical Co, Inc		16,012
700	*	NBTY, Inc		37,128
2,019	*	Neurocrine Biosciences, Inc		25,238
1,937	*	Noven Pharmaceuticals, Inc		44,938
217	*	NPS Pharmaceuticals, Inc		736
700	*	Nuvelo, Inc		2,576
319	*	OraSure Technologies, Inc		2,345
751	*	Pacific Ethanol, Inc		12,790
900	*	Par Pharmaceutical Cos, Inc		22,608
1,466	*	PDL BioPharma, Inc		31,812
2,010	*	Penwest Pharmaceuticals Co		20,261
4,279		Perrigo Co		75,567
1,200	*	Pharmion Corp		31,548
924	*	Pozen, Inc		13,629
1,403		PPG Industries, Inc		98,645
10,918		Praxair, Inc		687,397
1,133	*	Prestige Brands Holdings, Inc		13,426
47,157		Procter & Gamble Co		2,978,436
937	*	Progenics Pharmaceuticals, Inc		22,188
617	*	Renovis, Inc		2,160
6,483		Rohm & Haas Co		335,301
2,600		RPM International, Inc		60,060
1,668	*	Salix Pharmaceuticals Ltd		21,017
23,272		Schering-Plough Corp		593,669
500	*	Sciele Pharma, Inc		11,840
1,235	*	Sepracor, Inc		57,588
3,812		Sigma-Aldrich Corp		158,274
909	*	Somaxon Pharmaceuticals, Inc		11,090
1,211	*	SuperGen, Inc		7,145
530	*	Tanox, Inc		9,943
235	*	United Therapeutics Corp		12,638
962	*	USANA Health Sciences, Inc		45,089
2,200		Valspar Corp		61,226
1,302	*	VCA Antech, Inc		47,276
1,138	*	Vertex Pharmaceuticals, Inc		31,910
3,448	*	Watson Pharmaceuticals, Inc		91,131
400	*	Zymogenetics, Inc		6,224
		TOTAL CHEMICALS AND ALLIED PRODUCTS		15,948,915
COMMUNICATIONS - 5.22%
4,549		Alltel Corp		282,038
4,800	*	American Tower Corp (Class A)		186,960
89,550		AT&T, Inc		3,530,957
5,566		Cablevision Systems Corp (Class A)		169,373

82

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
5,900		Citadel Broadcasting Corp	$	56,109
968	*	Covad Communications Group, Inc		1,229
1,500	*	Crown Castle International Corp		48,195
1,653	*	Crown Media Holdings, Inc (Class A)		8,810
864		Embarq Corp		48,686
400		Entercom Communications Corp (Class A)		11,272
500	*	Entravision Communications Corp (Class A)		4,670
602	*	FiberTower Corp		3,124
400	*	Fisher Communications, Inc		19,440
421		Global Payments, Inc		14,339
2,200		Gray Television, Inc		22,924
3,430	*	IAC/InterActiveCorp		129,345
11,037	*	Level 3 Communications, Inc		67,326
9,835	*	Liberty Global, Inc (Class A)		323,867
4,375	*	Liberty Media Corp - Capital (Series A)		483,831
10,483	*	Liberty Media Holding Corp (Interactive A)		249,705
2,100	*	Lin TV Corp (Class A)		33,390
1,600	*	Mediacom Communications Corp (Class A)		13,024
384	*	NeuStar, Inc (Class A)		10,921
1,800	*	NII Holdings, Inc		133,524
1,042	*	Novatel Wireless, Inc		16,714
1,179	*	Radio One, Inc (Class D)		7,616
400		Salem Communications Corp (Class A)		5,000
750	*	SAVVIS, Inc		35,910
285	*	SBA Communications Corp (Class A)		8,422
2,000	*	Spanish Broadcasting System, Inc (Class A)		8,000
37,789		Sprint Nextel Corp		716,479
2,625	*	TiVo, Inc		16,669
208		USA Mobility, Inc		4,145
46,176		Verizon Communications, Inc		1,750,994
5,254		Windstream Corp		77,181
5,905	*	XM Satellite Radio Holdings, Inc (Class A)		76,293
		TOTAL COMMUNICATIONS		8,576,482
DEPOSITORY INSTITUTIONS - 9.90%
58,486		Bank of America Corp		2,983,956
14,107		BB&T Corp		578,669
17,271		Cadence Financial Corp		345,420
3,969		Comerica, Inc		234,647
400		Commerce Bancorp, Inc		13,352
400		Compass Bancshares, Inc		27,520
12,758		Fifth Third Bancorp		493,607
2,900		Fremont General Corp		20,097
1,191		IndyMac Bancorp, Inc		38,172
11,672		Keycorp		437,350
1,100		M&T Bank Corp		127,413
4,800		Marshall & Ilsley Corp		222,288
10,665		Mellon Financial Corp		460,088
17,280		National City Corp		643,680
2,400		New York Community Bancorp, Inc		42,216
3,981		Northern Trust Corp		239,417
7,664		PNC Financial Services Group, Inc		551,578
4,720		Popular, Inc		78,163
20,226		Regions Financial Corp		715,394

83

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
4,092		Sovereign Bancorp, Inc	$	104,100
7,399		State Street Corp		479,085
9,054		SunTrust Banks, Inc		751,844
100	*	Superior Bancorp		1,080
5,386		Synovus Financial Corp		174,183
1,100		TD Banknorth, Inc		35,376
1,400		UnionBanCal Corp		88,788
40,458		US Bancorp		1,414,816
36,042		Wachovia Corp		1,984,112
23,057		Washington Mutual, Inc		931,042
57,098		Wells Fargo & Co		1,965,884
900		Zions Bancorporation		76,068
		TOTAL DEPOSITORY INSTITUTIONS		16,259,405
EATING AND DRINKING PLACES - 1.38%
2,300	*	AFC Enterprises		46,115
1,000		Applebees International, Inc		24,780
400	*	Cheesecake Factory		10,660
3,240		Darden Restaurants, Inc		133,456
30,463		McDonald's Corp		1,372,358
700	*	O'Charleys, Inc		13,503
200		Ruby Tuesday, Inc		5,720
13,780	*	Starbucks Corp		432,141
4,517		Tim Hortons, Inc		137,407
2,697		Wendy's International, Inc		84,416
		TOTAL EATING AND DRINKING PLACES		2,260,556
ELECTRIC, GAS, AND SANITARY SERVICES - 5.73%
16,683	*	AES Corp		359,018
5,496		AGL Resources, Inc		234,789
3,033		Allete, Inc		141,398
4,312		Alliant Energy Corp		193,264
2,000		Aqua America, Inc		44,900
6,200		Atmos Energy Corp		193,936
8,785		Avista Corp		212,861
2,200		Cascade Natural Gas Corp		57,970
1,800		CH Energy Group, Inc		87,642
7,601		Cleco Corp		196,334
7,767		Consolidated Edison, Inc		396,583
3,939		Crosstex Energy, Inc		113,246
1,900		Duquesne Light Holdings, Inc		37,601
16,027		El Paso Corp		231,911
10,686		Empire District Electric Co		265,013
2,600		Energen Corp		132,314
2,165		Energy East Corp		52,739
800		EnergySouth, Inc		33,544
8,910		Hawaiian Electric Industries, Inc		231,571
7,750		Idacorp, Inc		262,260
400		Integrys Energy Group, Inc		22,204
600		ITC Holdings Corp		25,974
9,534		KeySpan Corp		392,324
5,670		Kinder Morgan, Inc		603,572
400		Laclede Group, Inc		12,432
1,570		Markwest Hydrocarbon, Inc		97,340

84

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
1,700		Metal Management, Inc	$	78,540
3,914		MGE Energy, Inc		138,790
6,291		National Fuel Gas Co		272,149
862		Nicor, Inc		41,738
22,178		NiSource, Inc		542,030
2,575		Northeast Utilities		84,383
3,400		NSTAR		119,408
12,169		OGE Energy Corp		472,157
3,100		Oneok, Inc		139,500
3,014		Otter Tail Corp		103,199
22,084		Pepco Holdings, Inc		640,878
2,700		Piedmont Natural Gas Co, Inc		71,226
966	*	Plug Power, Inc		3,053
22,459		Puget Energy, Inc		576,747
3,400		Questar Corp		303,314
897		Resource America, Inc (Class A)		21,196
7,894	*	Sierra Pacific Resources		137,198
1,200		SJW Corp		48,576
1,400		South Jersey Industries, Inc		53,270
3,400		Synagro Technologies, Inc		19,380
4,164		TECO Energy, Inc		71,662
2,900		UGI Corp		77,459
1,100		UIL Holdings Corp		38,170
5,063		Unisource Energy Corp		190,116
1,480	*	Waste Services, Inc		14,711
3,500		WGL Holdings, Inc		111,930
14,640		Williams Cos, Inc		416,654
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		9,420,174
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.33%
7,379	*	Advanced Micro Devices, Inc		96,370
3,820	*	Agere Systems, Inc		86,408
2,181		Ametek, Inc		75,332
10,479	*	Apple Computer, Inc		973,604
2,545	*	Arris Group, Inc		35,834
1,216	*	Atheros Communications, Inc		29,099
961		Baldor Electric Co		36,268
114	*	Benchmark Electronics, Inc		2,355
233	*	Bookham, Inc		529
6,728	*	Brocade Communications Systems, Inc		64,051
1,000	*	CalAmp Corp		8,630
3,799	*	Capstone Turbine Corp		4,027
821	*	C-COR, Inc		11,379
76,463	*	Cisco Systems, Inc		1,952,100
12	*	Color Kinetics, Inc		233
16,506	*	Conexant Systems, Inc		27,235
1,090	*	Cree, Inc		17,941
2,030	*	Ditech Networks, Inc		16,484
300	*	Dolby Laboratories, Inc (Class A)		10,353
2,324	*	Emcore Corp		11,620
27,156		Emerson Electric Co		1,170,152
300	*	Energizer Holdings, Inc		25,599
393	*	Energy Conversion Devices, Inc		13,731
709	*	Evergreen Solar, Inc		6,913

85

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
9,228	*	Finisar Corp	$	32,298
594	*	FuelCell Energy, Inc		4,669
1,601	*	GrafTech International Ltd		14,537
300	*	Greatbatch, Inc		7,650
900		Harman International Industries, Inc		86,472
2,048	*	Harmonic, Inc		20,111
77,657		Intel Corp		1,485,578
1,135	*	Interdigital Communications Corp		35,945
2,483	*	InterVoice, Inc		16,487
136		Lincoln Electric Holdings, Inc		8,100
286		LSI Industries, Inc		4,788
7,142	*	LSI Logic Corp		74,562
730	*	Medis Technologies Ltd		12,344
12,043	*	Micron Technology, Inc		145,479
1,197	*	Microtune, Inc		4,932
4,735		Molex, Inc		133,527
36,247		Motorola, Inc		640,484
5,740	*	MRV Communications, Inc		20,377
5,801		National Semiconductor Corp		140,036
1,193	*	Novellus Systems, Inc		38,200
1,177	*	Omnivision Technologies, Inc		15,254
4,933	*	ON Semiconductor Corp		44,002
6,139	*	Optical Communication Products, Inc		8,226
1,526		Plantronics, Inc		36,044
644	*	Plexus Corp		11,045
183	*	PLX Technology, Inc		1,782
1,279	*	Polycom, Inc		42,629
1,716	*	Power-One, Inc		9,816
3,075	*	Powerwave Technologies, Inc		17,497
1,986	*	QLogic Corp		33,762
24,073		Qualcomm, Inc		1,026,954
4,296	*	Quantum Fuel Systems Technologies Worldwide, Inc		5,241
571		RadioShack Corp		15,434
3,582	*	RF Micro Devices, Inc		22,316
772	*	Silicon Image, Inc		6,300
28,640	*	Sirius Satellite Radio, Inc		91,648
2,651	*	Sycamore Networks, Inc		9,915
200	*	Symmetricom, Inc		1,660
900		Technitrol, Inc		23,571
700	*	Tekelec		10,437
2,441		Teleflex, Inc		166,159
9,443	*	Tellabs, Inc		93,486
16	*	Tessera Technologies, Inc		636
23,374		Texas Instruments, Inc		703,557
1,538	*	Thomas & Betts Corp		75,085
7,174	*	Transmeta Corp		4,089
5,767	*	Transwitch Corp		9,170
1,102	*	Trident Microsystems, Inc		22,106
1,390	*	Triquint Semiconductor, Inc		6,950
700		Whirlpool Corp		59,437
6,538		Xilinx, Inc		168,223
15,725	*	Zhone Technologies, Inc		19,499
716	*	Zoltek Cos, Inc		25,010
485	*	Zoran Corp		8,255
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		10,398,018

86

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
ENGINEERING AND MANAGEMENT SERVICES - 0.71%
1,300	*	Amylin Pharmaceuticals, Inc	$	48,568
1,251	*	Applera Corp (Celera Genomics Group)		17,764
436	*	Ariad Pharmaceuticals, Inc		1,958
4,150	*	Celgene Corp		217,709
200		Corporate Executive Board Co		15,192
360	*	CV Therapeutics, Inc		2,833
1,000	*	First Consulting Group, Inc		9,100
200	*	Gen-Probe, Inc		9,416
1,400	*	Harris Interactive, Inc		8,442
39	*	Hewitt Associates, Inc (Class A)		1,140
2,197	*	Incyte Corp		14,478
2,102	*	Isis Pharmaceuticals, Inc		19,486
1,827	*	Lexicon Genetics, Inc		6,632
473	*	Lifecell Corp		11,811
400	*	Maxygen, Inc		4,460
1,900	*	Monogram Biosciences, Inc		3,686
4,442		Moody's Corp		275,671
6,720		Paychex, Inc		254,486
3,832		Quest Diagnostics, Inc		191,102
608	*	Regeneron Pharmaceuticals, Inc		13,145
3,603	*	Rentech, Inc		11,313
1,573	*	Savient Pharmaceuticals, Inc		18,907
19	*	Symyx Technologies, Inc		337
620	*	Tetra Tech, Inc		11,817
590	*	Trimeris, Inc		4,059
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,173,512
FABRICATED METAL PRODUCTS - 0.75%
400		Ameron International Corp		26,344
4,764		Commercial Metals Co		149,351
1,344	*	Dynamic Materials Corp		43,976
744		Gulf Island Fabrication, Inc		19,895
14,402		Illinois Tool Works, Inc		743,143
600		Insteel Industries, Inc		10,074
2,000		Pentair, Inc		62,320
700		Shiloh Industries, Inc		7,896
1,700		Silgan Holdings, Inc		86,887
900		Snap-On, Inc		43,290
583		Valmont Industries, Inc		33,715
		TOTAL FABRICATED METAL PRODUCTS		1,226,891
FOOD AND KINDRED PRODUCTS - 2.68%
7,203		Campbell Soup Co		280,557
6,359		Coca-Cola Enterprises, Inc		128,770
8,864		General Mills, Inc		516,062
7,208		H.J. Heinz Co		339,641
676	*	Hansen Natural Corp		25,607
3,964		Hershey Co		216,672
911		Imperial Sugar Co		30,546
2,700	*	Jones Soda Co		54,594
10,164		Kellogg Co		522,735

87

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
1,500		Pepsi Bottling Group, Inc	$	47,835
29,074		PepsiCo, Inc		1,847,943
6,377		Sara Lee Corp		107,899
5,525		Wrigley (Wm.) Jr Co		281,388
		TOTAL FOOD AND KINDRED PRODUCTS		4,400,249
FOOD STORES - 0.33%
13,265		Kroger Co		374,736
2,280		Supervalu, Inc		89,080
1,587		Whole Foods Market, Inc		71,177
		TOTAL FOOD STORES		534,993
FORESTRY - 0.12%
2,651		Weyerhaeuser Co		198,136
		TOTAL FORESTRY		198,136
FURNITURE AND FIXTURES - 0.58%
930		Hillenbrand Industries, Inc		55,214
5,194		Johnson Controls, Inc		491,456
3,685		Leggett & Platt, Inc		83,539
11,028		Masco Corp		302,167
533		Tempur-Pedic International, Inc		13,853
		TOTAL FURNITURE AND FIXTURES		946,229
FURNITURE AND HOME FURNISHINGS STORES - 0.10%
3,353	*	Bed Bath & Beyond, Inc		134,690
1,379		Circuit City Stores, Inc		25,553
1,000	*	Pier 1 Imports, Inc		6,910
76		Williams-Sonoma, Inc		2,695
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		169,848
GENERAL BUILDING CONTRACTORS - 0.42%
100		Amrep Corp		7,725
121	*	Avatar Holdings, Inc		8,644
500		Beazer Homes USA, Inc		14,515
2,224		Centex Corp		92,919
5,669		DR Horton, Inc		124,718
1,068	*	Hovnanian Enterprises, Inc (Class A)		26,871
64		Lennar Corp (B Shares)		2,524
2,940		Lennar Corp (Class A)		124,097
600		MDC Holdings, Inc		28,842
149	*	Meritage Homes Corp		4,786
42	*	NVR, Inc		27,930
3,996		Pulte Homes, Inc		105,734
600		Ryland Group, Inc		25,314
700		Standard-Pacific Corp		14,609
2,200		Technical Olympic USA, Inc		8,778
2,653	*	Toll Brothers, Inc		72,639
273	*	WCI Communities, Inc		5,826
		TOTAL GENERAL BUILDING CONTRACTORS		696,471
GENERAL MERCHANDISE STORES - 1.29%
41	*	BJ's Wholesale Club, Inc		1,387
424		Bon-Ton Stores, Inc		23,846

88

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
9,298		Costco Wholesale Corp	$	500,604
3,008		Dollar General Corp		63,619
2,521		Family Dollar Stores, Inc		74,672
3,991		JC Penney Co, Inc		327,901
14,778		Target Corp		875,744
9,354		TJX Cos, Inc		252,184
		TOTAL GENERAL MERCHANDISE STORES		2,119,957
HEALTH SERVICES - 1.43%
1,915	*	Alliance Imaging, Inc		16,718
900	*	Bio-Reference Labs, Inc		22,860
939		Brookdale Senior Living, Inc		41,936
534	*	Community Health Systems, Inc		18,824
450	*	Corvel Corp		13,613
1,957	*	DaVita, Inc		104,347
2,590	*	Express Scripts, Inc		209,065
304	*	Five Star Quality Care, Inc		3,125
4,541		Health Management Associates, Inc (Class A)		49,361
699	*	Healthways, Inc		32,678
1,570	*	Hythiam, Inc		10,676
2,955	*	Laboratory Corp of America Holdings		214,622
900	*	LHC Group, Inc		29,187
394	*	LifePoint Hospitals, Inc		15,059
1,209	*	Lincare Holdings, Inc		44,310
900	*	Medcath Corp		24,570
100		National Healthcare Corp		5,098
3,064	*	Nektar Therapeutics		40,016
2,234		Omnicare, Inc		88,846
800		Option Care, Inc		10,640
500	*	Pediatrix Medical Group, Inc		28,530
2,157		Pharmaceutical Product Development, Inc		72,669
856	*	Psychiatric Solutions, Inc		34,505
800	*	RehabCare Group, Inc		12,696
1,435	*	Sierra Health Services, Inc		59,079
1,338	*	Sunrise Senior Living, Inc		52,878
400	*	Symbion, Inc		7,844
845	*	Triad Hospitals, Inc		44,151
400		Universal Health Services, Inc (Class B)		22,904
1,500	*	VistaCare, Inc (Class A)		13,050
12,419	*	WellPoint, Inc		1,007,181
		TOTAL HEALTH SERVICES		2,351,038
HOLDING AND OTHER INVESTMENT OFFICES - 2.66%
8,224		Allied Capital Corp		236,933
584		AMB Property Corp		34,333
1,800		American Financial Realty Trust		18,144
1,100		Annaly Mortgage Management, Inc		17,028
6,691		Archstone-Smith Trust		363,187
1,147		AvalonBay Communities, Inc		149,110
2,085		Boston Properties, Inc		244,779
1,100		Cherokee, Inc		47,366
1,632		Crescent Real Estate Equities Co		32,738
200		Developers Diversified Realty Corp		12,580
3,116		Duke Realty Corp		135,453

89

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
8,962		Equity Residential	$	432,237
2,980		General Growth Properties, Inc		192,419
700		Gladstone Capital Corp		16,576
1,600	*	Harris & Harris Group, Inc		20,672
1,300		Health Care Property Investors, Inc		46,839
800		Hospitality Properties Trust		37,440
7,900		Host Marriott Corp		207,849
2,700		HRPT Properties Trust		33,210
2,829		iStar Financial, Inc		132,482
4,500		Kimco Realty Corp		219,330
2,900		Luminent Mortgage Capital, Inc		25,926
1,300		MFA Mortgage Investments, Inc		10,010
800		NorthStar Realty Finance Corp		12,168
817		Potlatch Corp		37,402
5,933		Prologis		385,230
2,182		Public Storage, Inc		206,570
5,237		Simon Property Group, Inc		582,616
1,718		Virgin Media, Inc		43,380
3,003		Vornado Realty Trust		358,378
1,500		Weingarten Realty Investors		71,340
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,363,725
HOTELS AND OTHER LODGING PLACES - 0.27%
2,600		Choice Hotels International, Inc		92,118
2,851	*	Gaylord Entertainment Co		150,732
6,000	*	Great Wolf Resorts, Inc		79,380
4,400	*	Lodgian, Inc		58,784
2,256		Marcus Corp		52,475
600	*	Outdoor Channel Holdings, Inc		6,132
		TOTAL HOTELS AND OTHER LODGING PLACES		439,621
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.02%
17,166		3M Co		1,311,997
2,700	*	AGCO Corp		99,819
4,100		American Standard Cos, Inc		217,382
500		Ampco-Pittsburgh Corp		14,445
27,711		Applied Materials, Inc		507,666
700	*	Astec Industries, Inc		28,175
169	*	Asyst Technologies, Inc		1,188
359	*	Axcelis Technologies, Inc		2,743
2,047		Black & Decker Corp		167,076
900		Briggs & Stratton Corp		27,765
1,010	*	Brooks Automation, Inc		17,322
400	*	Columbus McKinnon Corp		8,956
1,034		Cummins, Inc		149,640
6,567		Deere & Co		713,439
31,801	*	Dell, Inc		738,101
300		Donaldson Co, Inc		10,830
37,354	*	EMC Corp		517,353
539	*	Emulex Corp		9,858
266	*	ENGlobal Corp		1,476
233	*	Extreme Networks, Inc		986
300		Flowserve Corp		17,157
900	*	FMC Technologies, Inc		62,784

90

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
843	*	Gehl Co	$	21,395
696		Graco, Inc		27,255
2,598	*	Grant Prideco, Inc		129,484
39,947		Hewlett-Packard Co		1,603,473
25,931		International Business Machines Corp		2,444,256
314	*	Intevac, Inc		8,280
67	*	Komag, Inc		2,193
2,287	*	Lam Research Corp		108,267
1,488	*	Lexmark International, Inc (Class A)		86,988
500		Lufkin Industries, Inc		28,090
1,625		Manitowoc Co, Inc		103,236
992		Modine Manufacturing Co		22,717
500		NN, Inc		6,245
787		Nordson Corp		36,564
700	*	Oil States International, Inc		22,463
2,100		Pall Corp		79,800
324	*	Rackable Systems, Inc		5,498
2,459	*	Semitool, Inc		31,967
1,102	*	Sigma Designs, Inc		28,939
24,230	*	Solectron Corp		76,324
948		SPX Corp		66,550
2,100		Stanley Works		116,256
2,800		Tennant Co		88,172
650	*	TurboChef Technologies, Inc		9,893
5,222	*	VA Software Corp		21,045
1,870	*	Varian Medical Systems, Inc		89,180
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,890,688
INSTRUMENTS AND RELATED PRODUCTS - 5.02%
267	*	Advanced Medical Optics, Inc		9,932
856	*	Affymetrix, Inc		25,740
300		Analogic Corp		18,864
1,892		Bard (C.R.), Inc		150,433
583		Bausch & Lomb, Inc		29,826
13,631		Baxter International, Inc		717,945
722		Beckman Coulter, Inc		46,129
6,035		Becton Dickinson & Co		464,031
4,606		Biomet, Inc		195,709
19,140	*	Boston Scientific Corp		278,296
864	*	Bruker BioSciences Corp		9,089
533	*	Cepheid, Inc		6,332
300		Cooper Cos, Inc		14,586
4,403	*	Credence Systems Corp		14,574
1,612		Dentsply International, Inc		52,793
1,700	*	Depomed, Inc		6,069
118	*	DexCom, Inc		927
500	*	DJ Orthopedics, Inc		18,950
311	*	Formfactor, Inc		13,917
348	*	Hologic, Inc		20,059
18	*	Illumina, Inc		527
1,074	*	Input/Output, Inc		14,800
454	*	Intuitive Surgical, Inc		55,193
1,710	*	Ixia		15,903
50,422		Johnson & Johnson		3,038,430

91

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
3,411		Kla-Tencor Corp	$	181,875
82	*	L-1 Identity Solutions, Inc		1,354
2,123	*	LTX Corp		12,993
19,176		Medtronic, Inc		940,775
195	*	Millipore Corp		14,132
305	*	MKS Instruments, Inc		7,784
301	*	OYO Geospace Corp		21,347
4,442		Pitney Bowes, Inc		201,622
315		Roper Industries, Inc		17,287
5,480	*	St. Jude Medical, Inc		206,103
6,192		Stryker Corp		410,653
1,500		Tektronix, Inc		42,240
6,266	*	Thermo Electron Corp		292,935
1,647	*	Waters Corp		95,526
13,987	*	Xerox Corp		236,240
4,086	*	Zimmer Holdings, Inc		348,985
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		8,250,905
INSURANCE AGENTS, BROKERS AND SERVICE - 0.51%
1,640		Brown & Brown, Inc		44,362
3,500		Crawford & Co (Class B)		20,300
7,996		Hartford Financial Services Group, Inc		764,258
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		828,920
INSURANCE CARRIERS - 4.56%
9,924		Aetna, Inc		434,572
400		Affirmative Insurance Holdings, Inc		6,920
14,694		Aflac, Inc		691,500
3,000		Ambac Financial Group, Inc		259,170
1,050		American Financial Group, Inc		35,742
1,549	*	AMERIGROUP Corp		47,090
2,300		Assurant, Inc		123,349
742	*	Centene Corp		15,575
12,896		Chubb Corp		666,336
8,075		Cincinnati Financial Corp		342,380
800		Commerce Group, Inc		24,032
737		Erie Indemnity Co (Class A)		38,891
900		HCC Insurance Holdings, Inc		27,720
561	*	HealthExtras, Inc		16,146
9,786		Lincoln National Corp		663,393
3,793		MBIA, Inc		248,404
900		Mercury General Corp		47,736
2,005		MGIC Investment Corp		118,135
648	*	Molina Healthcare, Inc		19,822
900		Phoenix Cos, Inc		12,492
1,000		PMI Group, Inc		45,220
8,228		Principal Financial Group		492,610
17,932		Progressive Corp		391,276
300		Protective Life Corp		13,212
13,359		Prudential Financial, Inc		1,205,783
1,400		Radian Group, Inc		76,832
4,593		Safeco Corp		305,113
1,100		Tower Group, Inc		35,442
17,554		Travelers Cos, Inc/The		908,771

92

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
2,700		W.R. Berkley Corp	$	89,424
1,049	*	WellCare Health Plans, Inc		89,427
		TOTAL INSURANCE CARRIERS		7,492,515
LEATHER AND LEATHER PRODUCTS - 0.20%
5,576	*	Coach, Inc		279,079
1,700		Weyco Group, Inc		44,166
		TOTAL LEATHER AND LEATHER PRODUCTS		323,245
LUMBER AND WOOD PRODUCTS - 0.01%
1,174	*	Champion Enterprises, Inc		10,331
300		Skyline Corp		10,122
		TOTAL LUMBER AND WOOD PRODUCTS		20,453
METAL MINING - 0.08%
4,351		Royal Gold, Inc		130,965
		TOTAL METAL MINING		130,965
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.20%
709		Callaway Golf Co		11,174
600		Daktronics, Inc		16,464
900		Marine Products Corp		8,613
9,534		Mattel, Inc		262,852
161		Nautilus, Inc		2,484
1,783	*	Russ Berrie & Co, Inc		25,140
87		Steinway Musical Instruments, Inc		2,807
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		329,534
MISCELLANEOUS RETAIL - 1.29%
4,539	*	Amazon.com, Inc		180,607
5,851		Best Buy Co, Inc		285,061
49	*	Coldwater Creek, Inc		994
12,118		CVS Corp		413,709
326	*	GSI Commerce, Inc		7,364
151	*	Nutri/System, Inc		7,914
3,460	*	Office Depot, Inc		121,584
351		Petsmart, Inc		11,569
129	*	Priceline.com, Inc		6,871
12,734		Staples, Inc		329,047
594		Tiffany & Co		27,015
14,090		Walgreen Co		646,590
1,762		World Fuel Services Corp		81,510
		TOTAL MISCELLANEOUS RETAIL		2,119,835
MOTION PICTURES - 2.08%
5,902	*	Discovery Holding Co (Class A)		112,905
79,362		Time Warner, Inc		1,565,019
7,596	*	Viacom, Inc (Class B)		312,272
41,546		Walt Disney Co		1,430,429
		TOTAL MOTION PICTURES		3,420,625
NONDEPOSITORY INSTITUTIONS - 2.87%
647	*	Accredited Home Lenders Holding Co		5,998
1,014		Advanta Corp (Class A)		40,641

93

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
4,068		American Capital Strategies Ltd	$	180,253
23,853		American Express Co		1,345,309
2,446	*	AmeriCredit Corp		55,916
100		Ares Capital Corp		1,817
500		Asta Funding, Inc		21,590
6,491		Capital One Financial Corp		489,811
2,678		CapitalSource, Inc		67,298
5,580		CIT Group, Inc		295,294
500	*	CompuCredit Corp		15,610
11,392		Countrywide Financial Corp		383,227
1,446	*	Credit Acceptance Corp		39,317
2,900	*	Doral Financial Corp		4,756
1,200		Federal Agricultural Mortgage Corp (Class C)		32,640
1,518		First Marblehead Corp		68,143
17,580		Freddie Mac		1,045,834
1,200	*	INVESTools, Inc		16,680
4,300		MCG Capital Corp		80,668
3,800		Medallion Financial Corp		43,472
11,005		SLM Corp		450,104
608	*	World Acceptance Corp		24,290
		TOTAL NONDEPOSITORY INSTITUTIONS		4,708,668
NONMETALLIC MINERALS, EXCEPT FUELS - 0.24%
2,751		AMCOL International Corp		81,567
600		Florida Rock Industries, Inc		40,374
2,397		Vulcan Materials Co		279,203
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		401,144
OIL AND GAS EXTRACTION - 3.06%
758	*	Atlas America, Inc		42,819
959	*	ATP Oil & Gas Corp		36,058
3,681		Baker Hughes, Inc		243,425
1,400		Berry Petroleum Co (Class A)		42,924
2,100	*	Callon Petroleum Co		28,497
2,400	*	Cameron International Corp		150,696
1,800	*	Cheniere Energy, Inc		56,070
8,196		Chesapeake Energy Corp		253,092
4,009		Cimarex Energy Co		148,413
500	*	Delta Petroleum Corp		11,480
4,330	*	Denbury Resources, Inc		128,991
2,000	*	Edge Petroleum Corp		25,040
1,600	*	Encore Acquisition Co		38,704
1,136	*	Energy Partners Ltd		20,618
4,117		ENSCO International, Inc		223,965
7,766		Equitable Resources, Inc		375,253
2,600	*	Exploration Co of Delaware, Inc		28,210
3,043	*	Forest Oil Corp		101,545
854	*	Gasco Energy, Inc		2,084
3,100	*	GeoGlobal Resources, Inc		18,941
2,700	*	Global Industries Ltd		49,383
700	*	Goodrich Petroleum Corp		23,541
4,000	*	Grey Wolf, Inc		26,800
1,548	*	Helix Energy Solutions Group, Inc		57,725
3,998		Helmerich & Payne, Inc		121,299

94

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
300	*	Houston Exploration Co	$	16,185
5,079	*	Meridian Resource Corp		12,240
3,887	*	National Oilwell Varco, Inc		302,370
200	*	Oceaneering International, Inc		8,424
2,200	*	Parallel Petroleum Corp		50,490
7,423	*	PetroHawk Energy Corp		97,761
623	*	Petroleum Development Corp		33,374
3,147	*	Petroquest Energy, Inc		36,788
4,916		Pioneer Natural Resources Co		211,929
2,509	*	Plains Exploration & Production Co		113,256
3,597		Pogo Producing Co		173,016
3,452	*	Pride International, Inc		103,905
199	*	Quicksilver Resources, Inc		7,914
3,504		Range Resources Corp		117,034
2,457		Rowan Cos, Inc		79,779
300		RPC, Inc		4,998
4,484		Smith International, Inc		215,456
2,329	*	Southwestern Energy Co		95,442
2,000		St. Mary Land & Exploration Co		73,360
1,555	*	Stone Energy Corp		46,168
1,232	*	Superior Energy Services		42,467
1,641	*	Swift Energy Co		68,545
2,200		Tidewater, Inc		128,876
949	*	Toreador Resources Corp		17,224
1,000	*	Unit Corp		50,590
1,000		W&T Offshore, Inc		28,930
1,000	*	Whiting Petroleum Corp		39,410
10,886		XTO Energy, Inc		596,662
		TOTAL OIL AND GAS EXTRACTION		5,028,166
PAPER AND ALLIED PRODUCTS - 0.88%
1,600		Bemis Co		53,424
1,600		Bowater, Inc		38,112
3,300	*	Buckeye Technologies, Inc		42,834
2,100		Chesapeake Corp		31,710
690	*	Domtar Corporation		6,424
800		Glatfelter		11,928
6,425		International Paper Co		233,870
8,700		Kimberly-Clark Corp		595,863
5,776		MeadWestvaco Corp		178,132
100		Packaging Corp of America		2,440
900		Rock-Tenn Co (Class A)		29,880
108	*	Smurfit-Stone Container Corp		1,216
1,971		Sonoco Products Co		74,070
2,422		Temple-Inland, Inc		144,690
		TOTAL PAPER AND ALLIED PRODUCTS		1,444,593
PERSONAL SERVICES - 0.01%
300		Weight Watchers International, Inc		13,827
		TOTAL PERSONAL SERVICES		13,827
PETROLEUM AND COAL PRODUCTS - 3.12%
2,101		Alon USA Energy, Inc		76,056
11,634		Apache Corp		822,524

95

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
200		Ashland, Inc	$	13,120
1,950		Cabot Oil & Gas Corp		131,274
13,434		Devon Energy Corp		929,901
6,516		EOG Resources, Inc		464,851
5,344		Frontier Oil Corp		174,428
978	*	Headwaters, Inc		21,369
6,142		Hess Corp		340,697
2,271		Holly Corp		134,670
5,581		Murphy Oil Corp		298,025
3,996	*	Newfield Exploration Co		166,673
6,762		Noble Energy, Inc		403,353
4,034		Sunoco, Inc		284,155
11,568		Valero Energy Corp		746,020
3,049		Western Refining, Inc		118,972
		TOTAL PETROLEUM AND COAL PRODUCTS		5,126,088
PRIMARY METAL INDUSTRIES - 1.56%
538	*	Brush Engineered Materials, Inc		26,077
1,451	*	Century Aluminum Co		68,023
2,354		Chaparral Steel Co		136,932
661	*	CommScope, Inc		28,357
22,383	*	Corning, Inc		508,989
2,368		Gibraltar Industries, Inc		53,564
1,700		Hubbell, Inc (Class B)		82,008
1,700	*	LB Foster Co (Class A)		35,037
1,023	*	Lone Star Technologies, Inc		67,549
2,369		Mueller Industries, Inc		71,307
7,143		Nucor Corp		465,224
2,190		Olympic Steel, Inc		67,868
1,575		Quanex Corp		66,701
5,060		Steel Dynamics, Inc		218,592
2,300		Steel Technologies, Inc		68,034
3,180		Tredegar Corp		72,472
3,455		United States Steel Corp		342,632
3,300	*	Wheeling-Pittsburgh Corp		78,177
5,088		Worthington Industries, Inc		104,711
		TOTAL PRIMARY METAL INDUSTRIES		2,562,254
PRINTING AND PUBLISHING - 0.82%
919		Dow Jones & Co, Inc		31,678
908		Dun & Bradstreet Corp		82,810
4,090		EW Scripps Co (Class A)		182,741
9,270		McGraw-Hill Cos, Inc		582,898
2,996		New York Times Co (Class A)		70,436
200	*	Presstek, Inc		1,210
417		R.H. Donnelley Corp		29,561
6,297		Tribune Co		202,197
137	*	Valassis Communications, Inc		2,355
218		Washington Post Co (Class B)		166,443
		TOTAL PRINTING AND PUBLISHING		1,352,329
RAILROAD TRANSPORTATION - 0.65%
9,328		CSX Corp		373,586
2,161	*	Kansas City Southern Industries, Inc		76,888

96

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
12,274		Norfolk Southern Corp	$	621,064
		TOTAL RAILROAD TRANSPORTATION		1,071,538
REAL ESTATE - 0.08%
2,517	*	CB Richard Ellis Group, Inc (Class A)		86,031
400		Forest City Enterprises, Inc (Class A)		26,472
2,380		Stewart Enterprises, Inc (Class A)		19,183
		TOTAL REAL ESTATE		131,686
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.09%
1,671		Cooper Tire & Rubber Co		30,563
2,590		Sealed Air Corp		81,844
1,100		Spartech Corp		32,274
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		144,681
SECURITY AND COMMODITY BROKERS - 3.39%
990		A.G. Edwards, Inc		68,488
2,386		Ameriprise Financial, Inc		136,336
200		BlackRock, Inc		31,262
407	*	Cbot Holdings, Inc (Class A)		73,870
20,486		Charles Schwab Corp		374,689
500		Chicago Mercantile Exchange Holdings, Inc		266,230
4,728	*	E*Trade Financial Corp		100,328
900		Eaton Vance Corp		32,076
796		Federated Investors, Inc (Class B)		29,229
5,236		Franklin Resources, Inc		632,666
6,636		Goldman Sachs Group, Inc		1,371,197
851	*	IntercontinentalExchange, Inc		104,001
440		International Securities Exchange, Inc		21,472
3,086		Janus Capital Group, Inc		64,528
2,096		Legg Mason, Inc		197,464
18,286		Merrill Lynch & Co, Inc		1,493,418
968	*	Nasdaq Stock Market, Inc		28,469
1,996		NYSE Group, Inc		187,125
738		SEI Investments Co		44,450
6,726		T Rowe Price Group, Inc		317,400
		TOTAL SECURITY AND COMMODITY BROKERS		5,574,698
SOCIAL SERVICES - 0.03%
3,600	*	Capital Senior Living Corp		41,796
		TOTAL SOCIAL SERVICES		41,796
SPECIAL TRADE CONTRACTORS - 0.06%
1,404	*	Layne Christensen Co		51,134
2,119	*	Quanta Services, Inc		53,441
		TOTAL SPECIAL TRADE CONTRACTORS		104,575
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
241		Apogee Enterprises, Inc		4,830
48	*	Cabot Microelectronics Corp		1,608
541		Eagle Materials, Inc		24,145
3,242		Gentex Corp		52,683
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		83,266

97

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
TRANSPORTATION BY AIR - 0.71%
800	*	Air Methods Corp	$	19,216
2,858	*	Airtran Holdings, Inc		29,352
705	*	Alaska Air Group, Inc		26,860
2,505	*	Continental Airlines, Inc (Class B)		91,157
4,691	*	ExpressJet Holdings, Inc		27,395
4,890		FedEx Corp		525,333
4,368	*	Frontier Airlines Holdings, Inc		26,252
4,578	*	JetBlue Airways Corp		52,693
4,332	*	Mesa Air Group, Inc		32,620
1,722		Skywest, Inc		46,201
19,931		Southwest Airlines Co		292,986
		TOTAL TRANSPORTATION BY AIR		1,170,065
TRANSPORTATION EQUIPMENT - 0.99%
1,500		American Axle & Manufacturing Holdings, Inc		41,025
1,603		ArvinMeritor, Inc		29,255
2,760		Autoliv, Inc		157,624
7,400	*	BE Aerospace, Inc		234,580
1,937		Brunswick Corp		61,693
200		Federal Signal Corp		3,104
1,100	*	Fuel Systems Solutions, Inc		20,372
8,030		Genuine Parts Co		393,470
5,276		Harley-Davidson, Inc		309,965
3,454		Harsco Corp		154,946
1,050		Noble International Ltd		17,619
1,600		Superior Industries International, Inc		33,328
1,182	*	Tenneco, Inc		30,094
300		Thor Industries, Inc		11,817
1,600	*	TRW Automotive Holdings Corp		55,712
3,511	*	Visteon Corp		29,984
1,200		Westinghouse Air Brake Technologies Corp		41,388
		TOTAL TRANSPORTATION EQUIPMENT		1,625,976
TRANSPORTATION SERVICES - 0.10%
500		CH Robinson Worldwide, Inc		23,875
1,000		Expeditors International Washington, Inc		41,320
2,816		Sabre Holdings Corp (Class A)		92,224
		TOTAL TRANSPORTATION SERVICES		157,419
TRUCKING AND WAREHOUSING - 0.57%
13,457		United Parcel Service, Inc (Class B)		943,336
		TOTAL TRUCKING AND WAREHOUSING		943,336
WATER TRANSPORTATION - 0.03%
300	*	Gulfmark Offshore, Inc		13,095
1,200	*	Hornbeck Offshore Services, Inc		34,380
		TOTAL WATER TRANSPORTATION		47,475
WHOLESALE TRADE-DURABLE GOODS - 0.62%
1,000		Adesa, Inc		27,630
5,538		Barnes Group, Inc		127,429
1,298		BorgWarner, Inc		97,895
2,116		Castle (A.M.) & Co		62,126

98

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
496	*	Cytyc Corp	$	16,968
240		Martin Marietta Materials, Inc		32,448
140	*	Merge Technologies, Inc		682
700	*	MWI Veterinary Supply, Inc		23,100
2,096	*	Patterson Cos, Inc		74,387
3,984		Reliance Steel & Aluminum Co		192,826
3,530		Ryerson Tull, Inc		139,859
2,424		W.W. Grainger, Inc		187,230
614	*	WESCO International, Inc		38,547
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,021,127
WHOLESALE TRADE-NONDURABLE GOODS - 1.05%
300		Airgas, Inc		12,645
150	*	Akorn, Inc		1,012
590	*	Allscripts Healthcare Solutions, Inc		15,818
3,200	*	Endo Pharmaceuticals Holdings, Inc		94,080
486	*	Henry Schein, Inc		26,817
2,308		Idearc, Inc		81,011
300		Men's Wearhouse, Inc		14,115
600		Nash Finch Co		20,676
5,700		Nike, Inc (Class B)		605,682
8,400		Safeway, Inc		307,776
1,270		Spartan Stores, Inc		34,036
15,094		Sysco Corp		510,630
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,724,298
		TOTAL COMMON STOCKS		163,371,368
		(Cost $137,837,118)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.48%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.48%
$  790,000	d	Federal Home Loan Bank, 4.900%, 04/02/07		789,677
		TOTAL SHORT-TERM INVESTMENTS		789,677
		(Cost $789,890)
		TOTAL PORTFOLIO - 99.93%		164,161,045
		(Cost $138,627,008)
		OTHER ASSETS & LIABILITIES, NET - 0.07%		119,898
		NET ASSETS - 100.00%	$	164,280,943
	*	Non-income producing
	**	Percentage less than 0.01%
	d	All or a portion of these securities have beeen segregated by the custodian to cover margin or other
		requirements on open futures contracts in the amount of $837,050.

99

TIAA-CREF MUTUAL FUNDS - Managed Allocation Fund
	TIAA-CREF MUTUAL FUNDS
	MANAGED ALLOCATION FUND
	STATEMENT OF INVESTMENTS (unaudited)
	March 31, 2007
SHARES	COMPANY		VALUE
	TIAA-CREF FUNDS - 100.08%
22,369,401	TIAA-CREF Bond Plus Fund	$	225,483,565
12,250,205	TIAA-CREF Growth Equity Fund		125,564,606
543,751	TIAA-CREF High-Yield Bond Fund		5,067,755
7,701,174	TIAA-CREF Institutional Large-Cap Value Fund - Retail Class		123,064,758
7,222	TIAA-CREF Institutional Real Estate Securities Fund - Retail Class		116,775
1,483,988	TIAA-CREF Institutional Small-Cap Equity Fund - Retail Class		23,254,090
4,854,001	TIAA-CREF International Equity Fund		72,664,397
40,263	TIAA-CREF Money Market Fund		40,263
425,394	TIAA-CREF Short-Term Bond Fund		4,394,325
	TOTAL TIAA-CREF FUNDS		579,650,534
	(Cost $534,978,030)
	TOTAL PORTFOLIO - 100.08%		579,650,534
	(Cost $534,978,030)
	OTHER ASSETS & LIABILITIES, NET - (0.08)%		(469,986	)
	NET ASSETS - 100.00%	$	579,180,548

100

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

TIAA-CREF MUTUAL FUNDS
HIGH-YIELD BOND FUND
STATEMENT OF INVESTMENTS (unaudited)
March 31, 2007

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
CORPORATE BONDS - 94.82%
AMUSEMENT AND RECREATION SERVICES - 2.57%
$  1,700,000	g	Buffalo Thunder Development Authority	9.375%	12/15/14	B2	$	1,734,000
1,000,000		Mohegan Tribal Gaming Authority	6.125	02/15/13	Baa3		985,000
375,000		Mohegan Tribal Gaming Authority	6.875	02/15/15	Ba2		374,063
1,950,000	g	Pokagon Gaming Authority	10.375	06/15/14	B3		2,149,875
2,000,000		Speedway Motorsports, Inc	6.750	06/01/13	Ba2		1,985,000
		TOTAL AMUSEMENT AND RECREATION SERVICES					7,227,938
APPAREL AND OTHER TEXTILE PRODUCTS - 0.40%
1,102,000		Broder Brothers	11.250	10/15/10	B2		1,124,040
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS					1,124,040
AUTO REPAIR, SERVICES AND PARKING - 2.54%
1,297,000	g	Avis Budget Car Rental LLC	7.625	05/15/14	Ba3		1,322,940
530,000		Hertz Corp	8.875	01/01/14	B1		571,075
1,660,000		Hertz Corp	10.500	01/01/16	B2		1,892,400
3,446,000	d	Keystone Automotive Operations, Inc	9.750	11/01/13	Caa1		3,351,235
		TOTAL AUTO REPAIR, SERVICES AND PARKING					7,137,650
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 1.50%
1,780,000		Asbury Automotive Group, Inc	8.000	03/15/14	B3		1,820,050
1,000,000		Autonation, Inc	7.000	04/15/14	Ba2		1,010,000
1,330,000		Sonic Automotive, Inc	8.625	08/15/13	B1		1,383,200
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					4,213,250
BUSINESS SERVICES - 3.26%
1,375,000		Activant Solutions, Inc	9.500	05/01/16	Caa1		1,354,375
1,750,000		Advanstar Communications, Inc	10.750	08/15/10	B1		1,894,375
1,000,000		Advanstar, Inc	15.000	10/15/11	NR		1,045,000
1,572,000		Lamar Media Corp	7.250	01/01/13	Ba3		1,591,650
650,000		Lamar Media Corp	6.625	08/15/15	Ba3		633,750
918,000	g	Open Solutions, Inc	9.750	02/01/15	Caa1		945,540
650,000		United Rentals North America, Inc	7.750	11/15/13	B3		667,875
1,000,000		Universal Compression, Inc	7.250	05/15/10	B1		1,013,750
		TOTAL BUSINESS SERVICES					9,146,315
CHEMICALS AND ALLIED PRODUCTS - 5.25%
1,216,000	g	Basell AF S.C.A	8.375	08/15/15	B2		1,267,680
1,250,000		Chemtura Corp	6.875	06/01/16	Ba1		1,209,375
1,000,000		Hercules, Inc	6.750	10/15/29	Ba3		1,000,000
1,000,000	g	Huntsman International LLC	7.875	11/15/14	B2		1,033,750
3,521,000	g	Ineos Group Holdings plc	8.500	02/15/16	B2		3,371,358
690,000	j	Koppers Holdings, Inc (Step Bond, 0.000% - 9.875% until 11/15/09)	0.000	11/15/14	B3		580,463
1,022,000		Koppers, Inc	9.875	10/15/13	B2		1,108,870

101

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$  1,215,000	g	Mosaic Co	7.375%	12/01/14	B1	$	1,266,638
1,000,000		Nalco Co	7.750	11/15/11	B1		1,025,000
2,832,000	g	Reichhold Industries, Inc	9.000	08/15/14	B2		2,902,800
		TOTAL CHEMICALS AND ALLIED PRODUCTS					14,765,934
COAL MINING - 2.55%
2,100,000		Arch Western Finance LLC	6.750	07/01/13	B1		2,065,875
500,000		Foundation PA Coal Co	7.250	08/01/14	Ba3		506,250
3,392,000	g	Griffin Coal Mining Co Pty Ltd	9.500	12/01/16	Ba2		3,578,560
1,000,000		Peabody Energy Corp	6.875	03/15/13	Ba1		1,017,500
		TOTAL COAL MINING					7,168,185
COMMUNICATIONS - 9.33%
2,902,000		Allbritton Communications Co	7.750	12/15/12	B1		2,974,550
535,000		American Cellular Corp	10.000	08/01/11	B3		566,431
1,000,000	g	Charter Communications Operating LLC	8.000	04/30/12	B3		1,041,250
1,152,000	g	Citizens Communications Co	7.125	03/15/19	Ba2		1,140,480
2,026,000		Citizens Communications Co	9.000	08/15/31	Ba2		2,218,470
1,369,000		CSC Holdings, Inc	7.625	04/01/11	B2		1,403,225
685,000		CSC Holdings, Inc	7.625	07/15/18	B2		691,850
1,450,000		Echostar DBS Corp	6.375	10/01/11	Ba3		1,459,063
1,975,000		Echostar DBS Corp	7.125	02/01/16	Ba3		2,039,188
2,720,000	g	Intelsat Bermuda Ltd	11.250	06/15/16	Caa1		3,087,200
1,315,000		Intelsat Corp	9.000	08/15/14	B2		1,423,487
1,080,000		Intelsat Subsidiary Holding Co Ltd	8.250	01/15/13	B2		1,125,900
1,000,000		Liberty Media Corp	8.250	02/01/30	Ba2		999,709
165,000		Quebecor Media, Inc	7.750	03/15/16	B2		169,538
3,980,000	d	Qwest Communications International, Inc	7.250	02/15/11	Ba3		4,074,525
800,000		Qwest Corp	7.250	10/15/35	Ba1		798,000
1,000,000		Videotron Ltee	6.875	01/15/14	Ba2		1,010,000
		TOTAL COMMUNICATIONS					26,222,866
EATING AND DRINKING PLACES - 0.26%
702,000	g	Aramark Corp	8.500	02/01/15	B3		730,080
		TOTAL EATING AND DRINKING PLACES					730,080
ELECTRIC, GAS, AND SANITARY SERVICES - 9.50%
1,000,000		AES Corp	8.875	02/15/11	B1		1,075,000
500,000	g	AES Corp	9.000	05/15/15	Ba3		534,375
1,000,000		Allied Waste North America, Inc	5.750	02/15/11	B1		975,000
2,750,000		Allied Waste North America, Inc	7.875	04/15/13	B1		2,853,125
1,931,000		Dynegy Holdings, Inc	8.750	02/15/12	B2		2,051,687
2,175,000		Edison Mission Energy	7.500	06/15/13	B1		2,245,687
1,840,000	g	El Paso Performance-Linked Trust	7.750	07/15/11	Ba3		1,957,300
2,106,971		Midwest Generation LLC	8.300	07/02/09	Ba2		2,163,818
2,690,000		Mirant North America LLC	7.375	12/31/13	B2		2,757,250
1,183,239	i,v	NRG Energy, Inc	4.645	02/01/13	Ba1		1,189,156
306,344	i,v	NRG Energy, Inc	4.645	02/01/13	Ba1		307,493
2,000,000		NRG Energy, Inc	7.375	02/01/16	B1		2,055,000
250,000		Orion Power Holdings, Inc	12.000	05/01/10	B2		288,750
700,000		Reliant Energy, Inc	6.750	12/15/14	B2		739,375
2,000,000		Sierra Pacific Resources	8.625	03/15/14	B1		2,163,460
1,000,000		Southern Natural Gas Co	8.000	03/01/32	Baa3		1,182,172

102

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$  1,000,000		Williams Cos, Inc	8.125%	03/15/12	Ba2	$	1,087,500
1,000,000		Williams Cos, Inc	7.750	06/15/31	Ba2		1,070,000
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					26,696,148
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.42%
1,997,000	g,o	Freescale Semiconductor, Inc	9.125	12/15/14	B1		1,982,022
4,020,000	g	Freescale Semiconductor, Inc	10.125	12/15/16	B2		4,030,050
710,000	g	Nortel Networks Ltd	10.125	07/15/13	B3		779,225
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					6,791,297
FABRICATED METAL PRODUCTS - 0.82%
1,000,000		Ball Corp	6.875	12/15/12	Ba1		1,010,000
1,250,000		Crown Americas LLC	7.625	11/15/13	B1		1,285,937
		TOTAL FABRICATED METAL PRODUCTS					2,295,937
FOOD STORES - 1.09%
2,983,000	d	Stater Brothers Holdings	8.125	06/15/12	B1		3,072,490
		TOTAL FOOD STORES					3,072,490
FURNITURE AND HOME FURNISHINGS STORES - 0.87%
2,300,000		GSC Holdings Corp	8.000	10/01/12	B1		2,438,000
		TOTAL FURNITURE AND HOME FURNISHINGS STORES					2,438,000
HEALTH SERVICES - 2.16%
1,000,000		DaVita, Inc	6.625	03/15/13	B1		1,000,000
1,500,000		DaVita, Inc	7.250	03/15/15	B2		1,516,875
2,720,000	g	HCA, Inc	9.125	11/15/14	B2		2,907,000
750,000		HCA, Inc	7.500	11/06/33	Caa1		639,375
		TOTAL HEALTH SERVICES					6,063,250
HOLDING AND OTHER INVESTMENT OFFICES - 1.32%
1,000,000		Sungard Data Systems, Inc	9.125	08/15/13	Caa1		1,072,500
1,190,000		Sungard Data Systems, Inc	10.250	08/15/15	Caa1		1,298,587
1,228,000		Susser Holdings LLC	10.625	12/15/13	B2		1,340,055
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					3,711,142
HOTELS AND OTHER LODGING PLACES - 1.86%
2,750,000	d	MGM Mirage	6.750	09/01/12	Ba2		2,732,812
1,500,000	g,i	Seminole Hard Rock Entertainment, Inc	7.848	03/15/14	B1		1,530,000
1,000,000		Station Casinos, Inc	6.000	04/01/12	Ba2		968,750
		TOTAL HOTELS AND OTHER LODGING PLACES					5,231,562
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.95%
2,709,000		Scientific Games Corp	6.250	12/15/12	Ba3		2,654,820
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					2,654,820
INSURANCE CARRIERS - 0.46%
1,282,000	g	Centene Corp	7.250	04/01/14	Ba3		1,288,410
		TOTAL INSURANCE CARRIERS					1,288,410

103

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
JUSTICE, PUBLIC ORDER AND SAFETY - 0.18%
$      500,000		Corrections Corp of America	6.250%	03/15/13	Ba2	$	500,000
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY					500,000
LEGAL SERVICES - 0.81%
2,177,000		FTI Consulting, Inc	7.750	10/01/16	Ba2		2,285,850
		TOTAL LEGAL SERVICES					2,285,850
METAL MINING - 1.47%
2,560,000		Freeport-McMoRan Copper & Gold, Inc	8.250	04/01/15	Ba3		2,755,200
1,280,000		Freeport-McMoRan Copper & Gold, Inc	8.375	04/01/17	Ba3		1,384,000
		TOTAL METAL MINING					4,139,200
MISCELLANEOUS RETAIL - 3.60%
1,250,000		AmeriGas Partners LP	7.125	05/20/16	B1		1,253,125
2,184,000		Couche-Tard US LP	7.500	12/15/13	Ba2		2,244,060
944,000		FTD, Inc	7.750	02/15/14	B3		951,080
1,250,000		Inergy LP	8.250	03/01/16	B1		1,312,500
1,050,000	g	Michaels Stores, Inc	11.375	11/01/16	Caa1		1,131,375
1,000,000		Rite Aid Corp	7.500	01/15/15	B3		997,500
2,176,000	g	Sally Holdings LLC	9.250	11/15/14	B2		2,235,840
		TOTAL MISCELLANEOUS RETAIL					10,125,480
NONDEPOSITORY INSTITUTIONS - 3.61%
1,250,000		Ford Motor Credit Co	5.700	01/15/10	B1		1,196,589
1,300,000		Ford Motor Credit Co	7.875	06/15/10	B1		1,304,835
980,000	g	Ford Motor Credit Co	9.750	09/15/10	B1		1,032,275
710,000		Ford Motor Credit Co	9.875	08/10/11	B1		751,893
1,250,000		Ford Motor Credit Co	7.000	10/01/13	B1		1,161,984
1,450,000		General Motors Acceptance Corp LLC	5.625	05/15/09	Ba1		1,423,691
710,000		General Motors Acceptance Corp LLC	7.750	01/19/10	Ba1		728,759
1,600,000		General Motors Acceptance Corp LLC	7.250	03/02/11	Ba1		1,608,829
885,000		General Motors Acceptance Corp LLC	8.000	11/01/31	Ba1		948,847
		TOTAL NONDEPOSITORY INSTITUTIONS					10,157,702
OIL AND GAS EXTRACTION - 8.24%
1,060,000		Chesapeake Energy Corp	7.625	07/15/13	Ba2		1,126,250
750,000		Chesapeake Energy Corp	7.500	09/15/13	Ba2		783,750
2,000,000		Chesapeake Energy Corp	7.750	01/15/15	Ba2		2,085,000
620,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		612,250
3,000,000		Chesapeake Energy Corp	6.875	11/15/20	Ba2		2,985,000
1,300,000		Chesapeake Energy Corp	2.750	11/15/35	Ba2		1,363,323
2,125,000	g	Complete Production Services, Inc	8.000	12/15/16	B2		2,178,125
1,630,000		Denbury Resources, Inc	7.500	04/01/13	B1		1,646,300
865,000		Denbury Resources, Inc	7.500	12/15/15	B1		873,650
1,450,000		Encore Acquisition Co	6.000	07/15/15	B1		1,290,500
425,000		Encore Acquisition Co	7.250	12/01/17	B1		403,750
1,000,000		Hanover Compressor Co	9.000	06/01/14	B2		1,082,500
1,500,000		Plains Exploration & Production Co	7.000	03/15/17	Ba3		1,507,500
1,440,000		Pogo Producing Co	7.875	05/01/13	B1		1,450,800
1,030,000		Range Resources Corp	7.500	05/15/16	B1		1,060,900
2,700,000	g	Sabine Pass LNG LP	7.250	11/30/13	Ba3		2,720,250
		TOTAL OIL AND GAS EXTRACTION					23,169,848

104

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
PAPER AND ALLIED PRODUCTS - 5.52%
$      842,000		Abitibi-Consolidated Co of Canada	6.000%	06/20/13	B3	$	715,700
1,666,000		Abitibi-Consolidated, Inc	8.550	08/01/10	B3		1,686,825
1,421,000		Caraustar Industries, Inc	7.375	06/01/09	B3		1,385,475
2,955,000		Cenveo Corp	7.875	12/01/13	B3		2,895,900
689,000		Domtar, Inc	7.875	10/15/11	B2		721,727
810,000		Domtar, Inc	7.125	08/15/15	B2		805,950
1,380,000	g	Georgia-Pacific Corp	7.000	01/15/15	Ba3		1,386,900
1,020,000	g	Greif, Inc	6.750	02/01/17	Ba2		1,027,650
1,450,000		Jefferson Smurfit Corp US	8.250	10/01/12	B3		1,450,000
681,000		Jefferson Smurfit Corp US	7.500	06/01/13	B3		660,570
2,552,000		NewPage Corp	12.000	05/01/13	B3		2,768,920
		TOTAL PAPER AND ALLIED PRODUCTS					15,505,617
PERSONAL SERVICES - 0.69%
1,900,000		Mac-Gray Corp	7.625	08/15/15	B2		1,938,000
		TOTAL PERSONAL SERVICES					1,938,000
PETROLEUM AND COAL PRODUCTS - 1.20%
3,210,000		Lyondell Chemical Co	8.000	09/15/14	B1		3,362,475
		TOTAL PETROLEUM AND COAL PRODUCTS					3,362,475
PRIMARY METAL INDUSTRIES - 2.01%
500,000		AK Steel Corp	7.875	02/15/09	B2		500,000
1,150,000	g	Belden CDT, Inc	7.000	03/15/17	Ba2		1,173,025
1,762,000	g	General Cable Corp	7.125	04/01/17	B1		1,773,012
1,630,000		Novelis, Inc	7.250	02/15/15	B2		1,723,725
480,000	g,h	Steel Dynamics, Inc	6.750	04/01/15	Ba2		480,600
		TOTAL PRIMARY METAL INDUSTRIES					5,650,362
PRINTING AND PUBLISHING - 5.57%
1,121,692	o	AAC Group Holding Corp	12.750	10/01/12	Caa1		1,261,904
1,200,000		American Achievement Corp	8.250	04/01/12	B1		1,224,000
1,326,000	g	Idearc, Inc	8.000	11/15/16	B2		1,364,123
1,180,000		Medianews Group, Inc	6.875	10/01/13	B2		1,073,800
1,360,000		Medianews Group, Inc	6.375	04/01/14	B2		1,193,400
2,490,000	d	Morris Publishing Group LLC	7.000	08/01/13	B1		2,377,950
1,000,000		Primedia, Inc	8.875	05/15/11	B2		1,027,500
1,348,000	g	Quebecor World Capital Corp	8.750	03/15/16	B2		1,364,850
3,060,000	d	RH Donnelley Corp	8.875	01/15/16	B3		3,251,250
1,500,000		Visant Corp	7.625	10/01/12	B2		1,526,250
		TOTAL PRINTING AND PUBLISHING					15,665,027
SECURITY AND COMMODITY BROKERS - 0.30%
800,000		E*Trade Financial Corp	7.375	09/15/13	Ba2		836,000
		TOTAL SECURITY AND COMMODITY BROKERS					836,000
SOCIAL SERVICES - 0.31%
882,000	g	Knowledge Learning Corp, Inc	7.750	02/01/15	B2		866,565
		TOTAL SOCIAL SERVICES					866,565
STONE, CLAY, AND GLASS PRODUCTS - 1.01%
1,000,000		Owens Brockway Glass Container, Inc	8.875	02/15/09	Ba2		1,020,000

105

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$  1,250,000		Owens Brockway Glass Container, Inc	7.750%	05/15/11	Ba2	$	1,290,625
500,000		Owens Brockway Glass Container, Inc	8.750	11/15/12	Ba2		526,250
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					2,836,875
TRANSPORTATION EQUIPMENT - 4.77%
125,000	g	American Railcar Industries, Inc	7.500	03/01/14	B1		128,437
1,746,000	g	Bombardier, Inc	6.750	05/01/12	Ba2		1,737,270
898,000	g	Bombardier, Inc	8.000	11/15/14	Ba2		929,430
1,400,000		General Motors Corp	7.200	01/15/11	Caa1		1,330,000
1,400,000		General Motors Corp	7.125	07/15/13	Caa1		1,309,000
450,000		General Motors Corp	7.700	04/15/16	Caa1		418,500
1,201,000		General Motors Corp	9.400	07/15/21	Caa1		1,176,980
2,750,000		General Motors Corp	8.375	07/15/33	Caa1		2,468,125
1,459,000	g	Hawker Beechcraft Acquisition Co LLC	9.750	04/01/17	Caa1		1,524,655
700,000		Lear Corp	8.500	12/01/13	B3		676,375
1,750,000	g	TRW Automotive, Inc	7.000	03/15/14	Ba3		1,715,000
		TOTAL TRANSPORTATION EQUIPMENT					13,413,772
TRANSPORTATION SERVICES - 0.30%
850,000		United Rentals North America, Inc	6.500	02/15/12	B1		847,875
		TOTAL TRANSPORTATION SERVICES					847,875
WATER TRANSPORTATION - 1.08%
3,000,000		Gulfmark Offshore, Inc	7.750	07/15/14	B1		3,045,000
		TOTAL WATER TRANSPORTATION					3,045,000
WHOLESALE TRADE-DURABLE GOODS - 4.16%
2,770,000	g	Baker & Taylor, Inc	11.500	07/01/13	B2		2,880,800
1,892,000	g,i,o	CDRV Investors, Inc	9.860	12/01/11	Caa1		1,882,540
1,500,000		IKON Office Solutions, Inc	7.750	09/15/15	Ba3		1,567,500
1,273,000		Interline Brands, Inc	8.125	06/15/14	B3		1,314,372
750,000		Russel Metals, Inc	6.375	03/01/14	Ba2		718,125
3,300,000		Ryerson, Inc	8.250	12/15/11	B3		3,333,000
		TOTAL WHOLESALE TRADE-DURABLE GOODS					11,696,337
WHOLESALE TRADE-NONDURABLE GOODS - 0.88%
1,121,000		Dean Foods Co	7.000	06/01/16	Ba2		1,125,204
1,300,000		Supervalu, Inc	7.500	11/15/14	B1		1,355,250
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					2,480,454
		TOTAL CORPORATE BONDS					266,501,753
		(Cost $260,973,450)
SHARES		COMPANY
WARRANTS - 0.00%**
HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**
1,500	v	Advanstar Holdings Corp, expires 10/15/11					15
		TOTAL WARRANTS					15
		(Cost $137,096)

106

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE		VALUE
SHORT-TERM INVESTMENTS - 3.29%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 3.29%
$ 9,250,000	Federal Home Loan Bank (FHLB)	4.900%	04/02/07	$	9,246,223
	TOTAL SHORT-TERM INVESTMENTS				9,246,223
	(Cost $9,248,715)
	TOTAL PORTFOLIO - 98.11%				275,747,991
	(Cost $270,359,261)
	OTHER ASSETS & LIABILITIES, NET - 1.89%				5,322,820
	NET ASSETS - 100.00%			$	281,070,811

**	Percentage is less than 0.01%
+	As provide by Moody's Investor Service (unaudited)
d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.
g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2007, the value of these securities amounted to $70,113,255 or 24.95% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflects the rate at March 31, 2007.
j	Zero coupon
o	Payment-in-kind security.
v	Security valued at fair value.
	ABBREVIATION: NR - Not Rated

107

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
TIAA-CREF MUTUAL FUNDS
SHORT-TERM BOND FUND
STATEMENT OF INVESTMENTS (unaudited)
March 31, 2007
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 99.11%
CORPORATE BONDS - 46.54%
ASSET BACKED - 13.34%
$      56,010		Asset Backed Funding Corp NIM Trust Series 2005-WMC1
		(Class N1)	5.900%	07/26/35	NR	$	55,966
1,500,000	i	Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	A2		1,443,888
500,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1B)	5.700	02/25/35	Baa2		442,484
500,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1M2)	5.700	02/25/35	A2		476,563
415,099		Chase Manhattan Auto Owner Trust Series 2004-A (Class A4)	2.830	09/15/10	Aaa		408,851
1,320,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		1,308,960
411,535	i	CIT Group Home Equity Loan Trust Series 2002-2 (Class MF2)	6.390	12/25/30	A3		407,950
2,500,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706	07/25/36	Aaa		2,509,378
442,528	i	GMAC Mortgage Corporation Loan Trust 2005-HE2 A3	4.622	11/25/35	Aaa		438,255
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	10/25/29	Aaa		2,003,696
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	10/25/29	Aaa		2,009,250
500,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		503,373
272,305		Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877	06/25/46	NR		271,970
1,756,286		Marriott Vacation Club Owner Trust Series 2006-1A (Class A)	5.737	04/20/28	Aaa		1,783,550
493,095	v	New York City Tax Lien Series 2006-AA (Class A)	5.930	07/01/36	Aaa		495,099
3,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-H12
		(Class A3)	5.790	02/25/36	Aaa		3,017,523
2,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class A3)	5.570	02/25/36	Aaa		2,002,568
500,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M2)	6.060	02/25/36	Aa2		501,798
1,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI3
		(Class A2)	5.950	02/25/36	Aaa		1,004,249
1,300,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI3
		(Class A3)	5.960	02/25/36	Aaa		1,312,324
500,000	i	Saxon Asset Securities Trust Series 2002-2 (Class AF6)	5.620	11/25/30	Aaa		498,157
1,286,038	v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		1,300,794
		TOTAL ASSET BACKED					24,196,646
CHEMICALS AND ALLIED PRODUCTS - 0.82%
250,000		Abbott Laboratories	5.600	05/15/11	A1		254,911
1,000,000		Eli Lilly & Co	2.900	03/15/08	Aa3		979,614
250,000		Lubrizol Corp	4.625	10/01/09	Baa3		246,777
		TOTAL CHEMICALS AND ALLIED PRODUCTS					1,481,302
COMMUNICATIONS - 1.09%
250,000		Alamosa Delaware, Inc	11.000	07/31/10	Baa3		267,188
1,000,000		Alamosa Delaware, Inc	8.500	01/31/12	Baa3		1,056,520
500,000		CBS Corp	5.625	05/01/07	Baa3		500,054
150,000		Viacom, Inc	5.750	04/30/11	Baa3		151,978
		TOTAL COMMUNICATIONS					1,975,740

108

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
DEPOSITORY INSTITUTIONS - 7.16%
$     250,000		Bank of America Corp	5.375%	08/15/11	Aa1	$	252,607
1,000,000		Bank One NA	3.700	01/15/08	Aaa		988,803
500,000		Citigroup, Inc	5.100	09/29/11	Aa1		499,319
3,000,000		Citigroup, Inc	5.250	02/27/12	Aa1		3,012,159
1,000,000		JPMorgan Chase & Co	3.500	03/15/09	Aa2		971,254
250,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		248,857
500,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		491,149
500,000		Mellon Funding Corp	4.875	06/15/07	Aa3		499,534
250,000		Popular North America, Inc	3.875	10/01/08	A2		244,012
250,000		Popular North America, Inc	5.650	04/15/09	A2		251,034
500,000		US Bank NA	5.700	12/15/08	Aa2		504,299
500,000		Wachovia Bank NA	4.850	07/30/07	Aa1		499,087
500,000		Wachovia Corp	5.300	10/15/11	Aa3		503,106
250,000		Washington Mutual, Inc	5.500	08/24/11	A2		251,105
1,750,000		Wells Fargo & Co	4.875	01/12/11	Aa1		1,739,196
1,000,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		1,045,170
900,000		Western Financial Bank	9.625	05/15/12	Aa3		986,643
		TOTAL DEPOSITORY INSTITUTIONS					12,987,334
EATING AND DRINKING PLACES - 0.28%
500,000		McDonald's Corp	5.950	01/15/08	A2		502,465
		TOTAL EATING AND DRINKING PLACES					502,465
ELECTRIC, GAS, AND SANITARY SERVICES - 3.75%
500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		485,874
50,000		Commonwealth Edison Co	3.700	02/01/08	Baa2		49,078
250,000		Consumers Energy Co	4.400	08/15/09	Baa2		244,950
2,000,000		Duke Energy Corp	3.750	03/05/08	A2		1,973,090
500,000		Midamerican Energy Holdings Co	4.625	10/01/07	Baa1		497,858
1,000,000		Ohio Power Co	5.300	11/01/10	A3		1,005,965
500,000		ONEOK Partners LP	5.900	04/01/12	Baa2		511,613
500,000		Pepco Holdings, Inc	5.500	08/15/07	Baa3		499,804
1,000,000		Tampa Electric Co	5.375	08/15/07	Baa2		999,705
500,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		533,147
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					6,801,084
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.69%
500,000		Cisco Systems, Inc	5.250	02/22/11	A1		502,690
500,000		Cooper Industries, Inc	5.250	07/01/07	A3		499,203
250,000		Hewlett-Packard Co	3.625	03/15/08	A2		246,458
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					1,248,351
FOOD AND KINDRED PRODUCTS - 1.03%
500,000	g	Cadbury Schweppes US Finance LLC	3.875	10/01/08	Baa2		489,507
900,000		Diageo Capital plc	5.125	01/30/12	A3		894,382
500,000		Kraft Foods, Inc	4.000	10/01/08	A3		491,368
		TOTAL FOOD AND KINDRED PRODUCTS					1,875,257
FOOD STORES - 0.55%
500,000		Fred Meyer, Inc	7.450	03/01/08	Baa2		509,411
500,000		Safeway, Inc	4.125	11/01/08	Baa2		491,085
		TOTAL FOOD STORES					1,000,496

109

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
FURNITURE AND FIXTURES - 0.27%
$      500,000		Masco Corp	4.625%	08/15/07	Baa1	$	498,127
		TOTAL FURNITURE AND FIXTURES					498,127
GENERAL BUILDING CONTRACTORS - 0.31%
500,000		DR Horton, Inc	9.750	09/15/10	Ba1		553,001
		TOTAL GENERAL BUILDING CONTRACTORS					553,001
GENERAL MERCHANDISE STORES - 1.36%
1,000,000		May Department Stores Co	3.950	07/15/07	Baa2		994,907
500,000		Target Corp	3.375	03/01/08	A1		491,956
500,000		Wal-Mart Stores, Inc	4.375	07/12/07	Aa2		498,883
500,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		487,972
		TOTAL GENERAL MERCHANDISE STORES					2,473,718
HOLDING AND OTHER INVESTMENT OFFICES - 0.28%
500,000		Simon Property Group LP	5.600	09/01/11	A3		507,497
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					507,497
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.28%
500,000		Stanley Works	5.000	03/15/10	A2		498,531
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					498,531
INSURANCE CARRIERS - 0.69%
250,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		246,804
500,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		501,503
500,000		WellPoint, Inc	5.000	01/15/11	Baa1		496,998
		TOTAL INSURANCE CARRIERS					1,245,305
MOTION PICTURES - 0.14%
250,000		Walt Disney Co	5.700	07/15/11	A3		255,844
		TOTAL MOTION PICTURES					255,844
NONDEPOSITORY INSTITUTIONS - 5.36%
250,000		American General Finance Corp	2.750	06/15/08	A1		242,973
1,000,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		1,001,857
500,000		Boeing Capital Corp Ltd	6.100	03/01/11	A3		519,063
250,000		Caterpillar Financial Services Corp	4.875	06/15/07	A2		249,737
1,000,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		968,436
250,000		CIT Group, Inc	5.400	02/13/12	A2		250,043
140,000		FIA Card Services NA	5.375	01/15/08	Aaa		139,993
500,000		Ford Motor Credit Co	5.700	01/15/10	B1		478,635
200,000		Ford Motor Credit Co	9.875	08/10/11	B1		211,801
500,000		General Motors Acceptance Corp LLC	6.125	08/28/07	Ba1		499,702
1,000,000		HSBC Finance Corp	5.250	01/14/11	Aa3		999,094
1,500,000		HSBC Finance Corp	5.700	06/01/11	Aa3		1,522,368
1,000,000	g	IBM Canada Credit Services Co	3.750	11/30/07	A1		991,097
500,000		International Lease Finance Corp	5.450	03/24/11	A1		504,360
500,000		Residential Capital LLC	6.125	11/21/08	Baa3		499,673
250,000		SLM Corp	5.400	10/25/11	A2		250,146
400,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		388,444
		TOTAL NONDEPOSITORY INSTITUTIONS					9,717,422

110

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
OIL AND GAS EXTRACTION - 0.52%
$     500,000		Anadarko Petroleum Corp	3.250%	05/01/08	Baa3	$	488,760
200,000		BJ Services Co	5.750	06/01/11	Baa1		202,458
250,000		Devon OEI Operating, Inc	4.375	10/01/07	Baa3		248,653
		TOTAL OIL AND GAS EXTRACTION					939,871
OTHER MORTGAGE BACKED SECURITIES - 2.95%
428,070		Banc of America Mortgage Securities Series 2006-1 (Class A8)	6.000	05/01/36	Aaa		429,539
555,976	i	CIT Group Home Equity Loan Trust Series 2002-2 (Class BF)	6.830	06/25/33	Ba1		505,483
439,275		First Horizon Asset Securities, Inc Series 2003-9 (Class 1A4)	5.500	11/25/33	NR		440,481
1,000,000	i	Flagstar Home Equity Loan Trust Series 2007-1A (Class AF3)	5.781	01/25/35	Aaa		1,007,072
2,000,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class A2)	4.553	07/15/30	Aaa		1,970,338
1,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	NR		992,477
		TOTAL OTHER MORTGAGE BACKED SECURITIES					5,345,390
PIPELINES, EXCEPT NATURAL GAS - 1.77%
750,000		Enbridge Energy Partners LP	4.000	01/15/09	Baa2		735,033
1,000,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		992,711
500,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		495,866
500,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		495,069
500,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		493,502
		TOTAL PIPELINES, EXCEPT NATURAL GAS					3,212,181
RAILROAD TRANSPORTATION - 0.32%
87,000		Norfolk Southern Corp	7.350	05/15/07	Baa1		87,181
500,000		Union Pacific Corp	5.750	10/15/07	Baa2		500,791
		TOTAL RAILROAD TRANSPORTATION					587,972
REAL ESTATE - 0.61%
1,100,000	g,i	USB Realty Corp	6.091	12/30/49	A1		1,106,278
		TOTAL REAL ESTATE					1,106,278
SECURITY AND COMMODITY BROKERS - 2.04%
500,000		Franklin Resources, Inc	3.700	04/15/08	A1		492,444
500,000		Goldman Sachs Group, Inc	5.300	02/14/12	Aa3		500,089
500,000		Lehman Brothers Holdings, Inc	5.250	02/06/12	A1		498,997
1,000,000		Merrill Lynch & Co, Inc	4.125	09/10/09	Aa3		977,820
500,000		Morgan Stanley	5.800	04/01/07	Aa3		500,000
750,000		Morgan Stanley	3.625	04/01/08	Aa3		738,694
		TOTAL SECURITY AND COMMODITY BROKERS					3,708,044
TRANSPORTATION BY AIR - 0.11%
200,000		FedEx Corp	5.500	08/15/09	Baa2		200,905
		TOTAL TRANSPORTATION BY AIR					200,905
TRANSPORTATION EQUIPMENT - 0.82%
500,000		DaimlerChrysler NA Holding Corp	5.875	03/15/11	Baa1		509,513
1,000,000		General Dynamics Corp	3.000	05/15/08	A2		977,006
		TOTAL TRANSPORTATION EQUIPMENT					1,486,519
		TOTAL CORPORATE BONDS					84,405,280
		(Cost $84,645,044)

111

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
GOVERNMENT BONDS - 52.57%
AGENCY SECURITIES - 26.70%
$      750,000	d	Federal Farm Credit Bank (FFCB)	3.375%	07/15/08	Aaa	$	735,196
750,000		FFCB	4.125	04/15/09	Aaa		739,753
4,000,000		FFCB	5.375	07/18/11	Aaa		4,084,468
2,000,000		Federal Home Loan Bank (FHLB)	5.375	08/19/11	Aaa		2,042,246
500,000		Federal Home Loan Mortgage Corp (FHLMC)	3.750	02/27/09	Aaa		489,803
3,700,000		FHLMC	4.750	11/03/09	Aaa		3,695,515
2,500,000		FHLMC	4.875	02/09/10	Aaa		2,505,208
2,700,000		FHLMC	7.000	03/15/10	Aaa		2,861,353
750,000		FHLMC	5.250	07/18/11	Aaa		762,096
770,569		FHLMC	5.125	10/15/15	NR		766,146
469,818		FHLMC	6.000	09/15/16	NR		478,886
5,000,000		Federal National Mortgage Association (FNMA)	6.000	05/15/08	Aaa		5,052,128
2,000,000		FNMA	5.000	09/15/08	Aaa		2,001,492
3,000,000	d	FNMA	5.375	08/15/09	Aaa		3,037,900
1,000,000		FNMA	4.625	12/15/09	Aaa		995,521
8,900,000		FNMA	7.125	06/15/10	Aaa		9,507,707
3,500,000		FNMA	6.250	02/01/11	Aa2		3,659,967
5,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		5,008,460
		TOTAL AGENCY SECURITIES					48,423,845
FOREIGN GOVERNMENT BONDS - 3.14%
250,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		249,568
800,000		Eksportfinans A/S	5.000	02/14/12	Aaa		804,914
1,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		977,171
1,000,000		International Finance Corp	5.125	05/02/11	Aaa		1,011,750
1,250,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		1,261,843
150,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		152,293
1,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		988,518
250,000		Province of Manitoba Canada	5.000	02/15/12	Aa1		251,335
		TOTAL FOREIGN GOVERNMENT BONDS					5,697,392
MORTGAGE BACKED SECURITIES - 2.04%
222,877		Federal Home Loan Mortgage Corp (FHLMC)	6.000	12/15/30			223,969
136,517		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	12/01/17			138,943
607,971		FGLMC	5.500	01/01/19			610,587
535,742		FGLMC	5.500	01/01/19			538,048
551,262		Federal National Mortgage Association (FNMA)	6.143	02/01/08			549,812
854,455		FNMA	6.366	12/01/08			851,908
116,472		FNMA	5.000	06/01/13			116,211
517,538		FNMA	5.000	02/25/35			512,228
152,525	i	Government National Mortgage Association (GNMA)	6.229	06/16/21			153,582
		TOTAL MORTGAGE BACKED SECURITIES					3,695,288
MUNICIPAL BONDS - 0.56%
1,000,000		Grand Prairie Sports Facilities	7.130	09/15/18	Aaa		1,008,570
		TOTAL MUNICIPAL BONDS					1,008,570
U.S. TREASURY SECURITIES - 20.13%
9,950,000		United States Treasury Note	4.375	12/31/07			9,904,131
500,000		United States Treasury Note	4.875	04/30/08			499,985
4,000,000		United States Treasury Note	4.875	10/31/08			4,008,800
1,000,000		United States Treasury Note	4.750	12/31/08			1,001,500

112

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE		VALUE
$   1,360,000	United States Treasury Note	4.875%	01/31/09	$	1,365,522
5,000,000	United States Treasury Note	4.875	05/15/09		5,027,800
14,270,000	United States Treasury Note	4.625	12/31/11		14,318,660
390,000	United States Treasury Note	4.625	02/29/12		391,529
	TOTAL U.S. TREASURY SECURITIES				36,517,927
	TOTAL GOVERNMENT BONDS				95,343,022
	(Cost $95,270,999)
	TOTAL BONDS				179,748,302
	(Cost $179,916,043)
	TOTAL PORTFOLIO - 99.11%				179,748,302
	(Cost $179,916,043)
	OTHER ASSETS & LIABILITIES, NET - 0.89%				1,613,256
	NET ASSETS - 100.00%			$	181,361,558

+	As provide by Moody's Investor Service (unaudited)
d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.
g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers.
	At March 31, 2007, the value of these securities amounted to $4,812,714 or 2.65% of net assets.
i	Floating rate or variable rate securities reflects the rate at March 31, 2007.
v	Security valued at fair value.
	ABBREVIATION: NR - Not Rated

113

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
TIAA-CREF MUTUAL FUNDS
TAX-EXEMPT BOND FUND
STATEMENT OF INVESTMENTS (unaudited)
March 31, 2007
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
LONG -TERM MUNICIPAL BONDS - 98.08%
ALABAMA - 1.38%
$     265,000		Birmingham Industrial Water Board, ETM	6.000%	07/01/07	NR	$	266,503
2,300,000		Courtland IDB, International Paper Project, Series 2003A	5.000	11/01/13	Baa3		2,404,696
		TOTAL ALABAMA					2,671,199
ARIZONA - 3.73%
1,000,000		Arizona Health Facilities Authority	6.375	12/01/37	NR		1,142,410
700,000		Arizona State Transportation Board, Grant Anticipation Note	5.000	07/01/14	Aa3		754,544
1,535,000		Arizona Water Infrastructure Finance Authority, Water Quality	5.000	10/01/16	Aaa		1,679,351
2,045,000		Greater Arizona Development Authority	5.000	08/01/14	Aaa		2,210,032
1,310,000		Tucson AZ, COP	5.250	07/01/14	Aaa		1,431,044
		TOTAL ARIZONA					7,217,381
ARKANSAS - 2.85%
1,260,000		Arkansas Development Finance Authority	5.000	11/01/14	NR		1,359,540
1,600,000		Arkansas Development Finance Authority, Waste Water Revenue, Series 2001-A	5.500	12/01/18	NR		1,816,992
345,000		Arkansas Housing Development Agency, ETM	8.375	07/01/10	NR		369,302
1,000,000		Fayetteville	5.000	11/01/16	Aaa		1,091,340
765,000		North Little Rock	6.500	07/01/15	Aaa		873,332
		TOTAL ARKANSAS					5,510,506
CALIFORNIA - 1.08%
1,385,000	d	California State Department of Water Resources	5.500	05/01/12	A1		1,500,675
45,000	i	Delta Counties Home Mortgage Finance Authority, AMT	6.700	06/01/24	Aaa		45,729
500,000		Los Angeles Unified School District	5.000	07/01/17	Aaa		548,700
		TOTAL CALIFORNIA					2,095,104
CONNECTICUT - 0.77%
1,240,000		Connecticut Municipal Electric Energy Cooperative, ETM	7.000	01/01/15	#Aaa		1,487,913
		TOTAL CONNECTICUT					1,487,913
DISTRICT OF COLUMBIA - 0.17%
300,000		District of Columbia	6.000	08/15/10	Aaa		322,113
		TOTAL DISTRICT OF COLUMBIA					322,113
FLORIDA - 5.99%
1,500,000		Broward County School Board, COP	5.250	07/01/15	Aaa		1,634,850
1,785,000		Broward County School Board, COP	5.250	07/01/16	Aaa		1,954,414
1,600,000		First Florida Governmental Financing Commission, Series 2001B	5.500	07/01/15	Aaa		1,789,616
725,000		Florida State Board of Education Lottery Revenue	5.000	07/01/18	Aaa		772,386
2,000,000		Lake County School Board, COP	5.250	06/01/17	Aaa		2,212,200
1,925,000		Lake County School Board, COP	5.250	06/01/18	Aaa		2,130,629
1,000,000		Pinellas County Health Facility Authority Baycare	5.500	11/15/33	Aa3		1,097,640
		TOTAL FLORIDA					11,591,735

114

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE	RATING+		VALUE
GEORGIA - 1.17%
$   1,015,000	Atlanta, GA Water & Waste Water, Series 1999-A	5.500%	11/01/14	Aaa	$	1,124,102
1,055,000	Georgia State GO	5.000	07/01/13	Aaa		1,133,186
	TOTAL GEORGIA					2,257,288
ILLINOIS - 2.83%
855,000	Chicago Metropolitan Water Reclamation District-Greater
	Chicago, ETM	7.000	01/01/11	#Aaa		923,981
1,000,000	Chicago Public Building Commission Building	5.000	03/01/15	Aaa		1,079,850
740,000	Cook County Community Consolidated School District No 64	5.500	12/01/14	Aaa		823,909
1,175,000	Kendall-Grundy Etc Counties High School District No 18	5.000	10/01/14	Aaa		1,267,766
1,260,000	Metropolitan Pier & Exposition Authority	5.375	06/01/13	Aaa		1,375,933
	TOTAL ILLINOIS					5,471,439
INDIANA - 4.85%
1,165,000	Anderson School Building Corp, 1st Mtge, ETM	5.250	07/15/14	Aaa		1,257,047
1,340,000	Benton School Improvement Building Corp	5.000	07/15/15	NR		1,450,282
1,200,000	Center Grove School Building Corp	5.000	07/15/14	Aaa		1,292,352
1,000,000	Griffith Multi-School Building Corp	5.000	07/15/15	Aaa		1,082,300
2,000,000	New Albany Floyd County School Building Corp, 1st Mtge	5.000	07/15/15	NR		2,164,600
2,000,000	South Madison Elementary School Building Corp 1st Mtge	5.000	07/15/15	Aaa		2,142,200
	TOTAL INDIANA					9,388,781
KENTUCKY - 0.96%
1,775,000	Kentucky Turnpike Authority, Toll Revenue, ETM	6.000	07/01/11	#Aaa		1,860,715
	TOTAL KENTUCKY					1,860,715
LOUISIANA - 1.20%
2,235,000	Desoto Parish LA, Pollution Control Revenue, International Paper, Series 2002A	5.000	10/01/12	Baa3		2,326,322
	TOTAL LOUISIANA					2,326,322
MARYLAND - 1.30%
1,280,000	Maryland State GO	5.000	03/01/16	Aaa		1,400,179
1,000,000	Maryland State GO	5.250	03/01/17	Aaa		1,119,630
	TOTAL MARYLAND					2,519,809
MASSACHUSETTS - 0.90%
1,600,000	Massachusetts St Water Pollution Abatement	5.000	08/01/16	Aaa		1,744,240
	TOTAL MASSACHUSETTS					1,744,240
MICHIGAN - 5.41%
2,020,000	Ann Arbor School District	5.000	05/01/15	Aaa		2,188,609
1,535,000	Bedford Public School District	5.000	05/01/14	Aaa		1,654,208
1,705,000	Caledonia Community Schools	5.000	05/01/15	Aaa		1,847,316
1,000,000	Detroit MI	5.000	07/01/14	Aaa		1,079,230
800,000	Forest Hills Public Schools	5.000	05/01/15	Aaa		866,776
1,750,000	L'Anse Creuse Public Schools	5.000	05/01/15	Aaa		1,896,073
850,000	New Haven Community Schools	5.250	05/01/16	Aaa		940,389
	TOTAL MICHIGAN					10,472,601
MINNESOTA - 0.17%
305,000	Western Minnesota Municipal Power Agency, ETM	6.375	01/01/16	#Aaa		337,565
	TOTAL MINNESOTA					337,565

115

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
MISSISSIPPI - 1.31%
$   1,120,000		Harrison County Wasterwater Management District, ETM	5.000%	02/01/15	Baa1	$	1,197,963
250,000		Mississippi Development Bank Special Obligation	5.000	11/01/18	Aaa		266,880
1,000,000		State of Mississippi	5.000	12/01/13	Aaa		1,076,050
		TOTAL MISSISSIPPI					2,540,893
MISSOURI - 1.67%
300,000		Missouri State Board of Public Buildings	5.000	10/01/16	Aa1		328,212
1,325,000		Missouri State Environmental Improvement & Energy
		Resources Authority	5.500	07/01/12	Aaa		1,440,898
1,250,000		Missouri State Health & Educational Facilities Authority, BJC Health Project, ETM	6.750	05/15/13	#Aaa		1,456,838
		TOTAL MISSOURI					3,225,948
NEBRASKA - 0.56%
1,000,000		Central Plains Energy Project	5.250	12/01/18	Aa3		1,094,020
		TOTAL NEBRASKA					1,094,020
NEVADA - 0.41%
800,000		Clark County, NV, Pollution Control Revenue Nevada Power Project	5.300	10/01/11	NR		801,472
		TOTAL NEVADA					801,472
NEW JERSEY - 6.39%
2,610,000		Garden State Preservation Trust, Series 2005-C	5.125	11/01/18	Aaa		2,897,753
1,425,000		New Jersey Economic Development Authority, School Facilities Construction	5.250	09/01/14	Aaa		1,562,099
350,000		New Jersey State GO	5.500	07/15/16	Aaa		394,688
1,285,000		New Jersey State Turnpike Authority, ETM	5.700	05/01/13	#Aaa		1,347,618
20,000		New Jersey State Turnpike Authority	6.500	01/01/16	A3		23,230
835,000		New Jersey State Turnpike Authority	6.500	01/01/16	Aaa		962,079
90,000		New Jersey State Turnpike Authority	6.500	01/01/16	A3		104,540
55,000		New Jersey State Turnpike Authority	6.500	01/01/16	Aaa		63,886
2,000,000		New Jersey Transportation Trust Fund Authority, ETM	5.750	12/15/14	#Aaa		2,270,900
260,000		New Jersey Transportation Trust Fund Authority	5.500	12/15/15	Aaa		292,050
1,400,000		Tobacco Settlement Financing Authority	5.500	06/01/16	A1		1,487,906
770,000		Tobacco Settlement Financing Corp	5.750	06/01/32	#Aaa		824,239
120,000		Tobacco Settlement Financing Corp	6.375	06/01/32	#Aaa		136,116
		TOTAL NEW JERSEY					12,367,104
NEW MEXICO - 1.36%
280,000		Dona Ana County NM, County Administrative Facilities Project, Series 2004A	5.500	12/01/17	NR		305,718
1,995,000		New Mexico Finance Authority	5.000	12/15/14	Aa2		2,164,455
150,000		New Mexico Mortgage Finance Authority, ETM	6.000	07/01/10	#Aaa		160,818
		TOTAL NEW MEXICO					2,630,991
NEW YORK - 11.69%
100,000		Dutchess County Resource Recovery Agency, AMT	5.000	01/01/10	Aaa		101,600
2,000,000		Long Island Power Authority	5.250	12/01/14	A3		2,188,240
2,100,000	d	Metropolitan Transportation Authority	5.500	11/15/13	Aaa		2,322,474
1,950,000		Metropolitan Transportation Authority, Dedicated Tax	5.500	11/15/16	Aaa		2,211,437
2,650,000		Metropolitan Transportation Authority, Service Contract	5.500	07/01/16	A1		2,947,807
1,500,000		Metropolitan Transportation Authority, Service Contract	5.750	01/01/18	Aaa		1,740,090
500,000		New York State Dormitory Authority	4.050	02/15/16	NR		500,350
1,000,000		New York State Dormitory Authority	5.000	07/01/16	Ba2		1,039,510
2,500,000		New York State Dormitory Authority	5.500	05/15/17	Aaa		2,840,525

116

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$  1,825,000		New York State Environmental Facilities Corp	5.000%	03/15/14	NR	$	1,961,036
2,600,000		New York State Environmental Facilities Corp	5.250	06/15/18	Aaa		2,781,194
1,830,000		New York State Thruway Authority, Service Contract	5.500	04/01/12	A1		1,978,871
		TOTAL NEW YORK					22,613,134
NORTH CAROLINA - 0.17%
40,000		North Carolina Municipal Power Agency No 1 Catawba	6.000	01/01/11	Aaa		43,184
250,000		North Carolina Municipal Power Agency No 1 Catawba	5.500	01/01/15	Aaa		278,435
		TOTAL NORTH CAROLINA					321,619
OHIO - 3.28%
1,800,000		Akron OH	5.000	12/01/17	Aaa		1,974,528
1,820,000		Cincinnati City School District, GO	5.000	12/01/16	Aaa		1,987,404
200,000		Dayton OH	6.050	10/01/09	NR		211,088
75,000		Ohio State Water Development Authority , ETM	6.000	12/01/16	#Aaa		83,255
1,000,000		Olentangy Local School District	5.500	12/01/19	Aaa		1,102,320
900,000		State of Ohio	5.000	11/01/16	Aa1		980,703
		TOTAL OHIO					6,339,298
OKLAHOMA - 0.24%
440,000	d	Tulsa County Home Finance Authority, ETM	6.900	08/01/10	Aaa		460,750
		TOTAL OKLAHOMA					460,750
OREGON - 0.99%
1,795,000		Oregon State Department of Administrative Services, Lottery Revenue	5.000	04/01/13	Aaa		1,918,370
		TOTAL OREGON					1,918,370
PENNSYLVANIA - 7.25%
1,845,000		Carbon County Hospital Authority	5.400	11/15/14	Aaa		1,980,977
2,220,000	d	Carbon County IDA, Panter Creek	6.650	05/01/10	NR		2,293,637
600,000		City of Philadelphia PA	5.000	07/01/15	Aaa		650,946
1,000,000	h	City of Philadelphia PA	5.000	08/01/16	Aaa		1,080,480
230,000		City of Pittsburgh PA	5.000	09/01/13	Aaa		246,100
1,000,000		Commonwealth of Pennsylvania	5.000	01/01/16	Aa2		1,084,620
1,950,000		Commonwealth of Pennsylvania	5.375	07/01/17	Aa2		2,187,315
1,030,000		Pennsylvania Economic Development Financing Authority, Amtrak	6.000	11/01/09	A3		1,068,903
1,250,000		Pennsylvania Economic Development Financing Authority, Amtrak	6.500	11/01/16	A3		1,355,912
230,000		Pennsylvania Economic Development Financing Authority, Amtrak	6.250	11/01/31	A3		247,544
120,000		Pennsylvania Economic Development Financing Authority, Amtrak	6.375	11/01/41	A3		129,660
235,000		Pennsylvania Economic Development Financing Authority, Fayetle Thermal	5.250	12/01/16	NR		244,823
1,265,000		Pittsburgh Urban Redevelopment Authority	6.000	09/01/16	#Aaa		1,457,811
		TOTAL PENNSYLVANIA					14,028,728
PUERTO RICO - 7.02%
2,645,000		Commonwealth of Puerto Rico GO	5.000	07/01/12	Baa3		2,780,292
1,200,000		Commonwealth of Puerto Rico GO	5.250	07/01/12	Baa3		1,275,468
560,000		Commonwealth of Puerto Rico GO	5.000	07/01/13	Baa3		592,530
1,000,000		Commonwealth of Puerto Rico GO	5.250	07/01/16	Baa3		1,087,660
1,270,000	i	Commonwealth of Puerto Rico GO, Mandatory Put 07/01/12	5.000	07/01/30	Baa3		1,326,388
1,000,000		Puerto Rico Government Development Bank	5.000	12/01/16	Baa3		1,071,130
2,300,000		Puerto Rico Highway & Transportation Authority, Series 2005A	5.000	07/01/14	Baa3		2,446,211
1,000,000		Puerto Rico Public Buildings Authority	5.500	07/01/13	Baa3		1,085,510
1,800,000	i	Puerto Rico Public Finance Corp	5.750	08/01/27	Ba1		1,928,700
		TOTAL PUERTO RICO					13,593,889

117

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE	RATING+		VALUE
RHODE ISLAND - 0.54%
$    950,000	Rhode Island State & Providence Plantations, COP	5.250%	10/01/14	Aaa	$	1,042,967
	TOTAL RHODE ISLAND					1,042,967
SOUTH CAROLINA - 1.35%
150,000	Georgetown County	5.700	04/01/14	Baa3		163,225
385,000	Greenville County, COP, Greenville Technical College	5.000	04/01/17	Aaa		398,102
1,900,000	Scago Educational Facilities Corp for Colleton School District	5.000	12/01/16	Aaa		2,058,802
	TOTAL SOUTH CAROLINA					2,620,129
SOUTH DAKOTA - 0.60%
1,000,000	Sioux Falls SD	6.750	11/15/33	NR		1,152,190
	TOTAL SOUTH DAKOTA					1,152,190
TENNESSEE - 2.73%
1,000,000	City of Memphis	5.000	10/01/15	Aaa		1,087,150
890,000	Memphis-Shelby County Airport Authority, Federal Express Project	5.000	09/01/09	Baa2		911,849
545,000	Shelby County Health Educational & Housing Facilities
	Board, ETM	5.500	08/15/19	Aaa		608,803
2,500,000	Tennessee Energy Acquisition Corp	5.000	09/01/16	Aa3		2,674,075
	TOTAL TENNESSEE					5,281,877
TEXAS - 8.30%
3,520,000	Brazos River Authority Houston Industries Project, Series 1998-D	4.900	10/01/15	Aaa		3,788,189
540,000	Brazos River Authority Houston Industries Project, Series 1998-A	5.125	05/01/19	Aaa		557,998
1,390,000	Corpus Christi, Utility System Revenue, Series 2005-A	5.000	07/15/15	Aaa		1,503,368
400,000	Cypress-Fairbanks Independent School District	5.000	02/15/16	Aaa		433,000
500,000	Guadalupe-Blanco River Authority, Western Canyon Water	5.250	04/15/19	Aaa		534,850
1,035,000	Harris County Flood Control District GO	5.000	10/01/14	Aa1		1,113,919
345,000	Houston Air System, ETM	5.800	07/01/10	#Aaa		355,526
1,425,000	Houston Utility System Revenue	5.000	11/15/14	Aaa		1,538,059
920,000	Lower Colorado River Authority, ETM	6.000	01/01/17	Aaa		1,076,906
1,505,000	Lower Colorado River Authority	5.000	05/15/17	Aaa		1,595,902
2,500,000	Texas Municipal Gas Acquisition & Supply Corp I	5.250	12/15/17	Aa3		2,728,675
765,000	Texas Public Building Authority, ETM	7.125	08/01/11	Aaa		832,175
	TOTAL TEXAS					16,058,567
VIRGINIA - 2.01%
1,700,000	Hopewell GO	5.000	07/15/09	A2		1,728,356
2,000,000	Virginia College Building Authority	5.000	09/01/14	Aa1		2,165,720
	TOTAL VIRGINIA					3,894,076
WASHINGTON - 3.44%
75,000	Cowlitz County Public Utility District No 1, ETM	5.000	09/01/11	Aaa		79,054
125,000	Cowlitz County Public Utility District No 1	5.000	09/01/11	Aaa		131,550
350,000	Energy Northwest	5.000	07/01/13	Aaa		362,229
1,540,000	King County School District No 401	5.125	12/01/20	Aaa		1,628,781
1,050,000	Port of Seattle	5.000	03/01/15	Aaa		1,132,362
2,925,000	Port of Seattle	5.500	09/01/17	Aaa		3,314,083
	TOTAL WASHINGTON					6,648,059

118

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
WISCONSIN - 2.01%
$   3,500,000		Wisconsin GO	5.250	05/01/15	Aaa	$	3,847,410
40,000		State of Wisconsin	6.875%	06/01/11	Aa1		43,487
		TOTAL WISCONSIN					3,890,897
		TOTAL LONG -TERM MUNICIPAL BONDS					189,799,689
		(Cost $188,354,851)
SHORT -TERM MUNICIPAL BONDS - 1.10%
NEW YORK - 0.49%
530,000	i	New York City Transitional Finance Authority	1.000	08/01/31	Aa1		530,000
415,000	i	New York City Municipal Water Finance Authority, Series 2003-F2	0.900	06/15/35	Aa2		415,000
		TOTAL NEW YORK					945,000
WYOMING - 0.45%
880,000	i	Lincoln County WY	1.000	11/01/14	Aaa/P-1		880,000
		TOTAL WYOMING					880,000
TEXAS - 0.16%
300,000	i	Harris County Industrial Development Corp	1.613	03/01/24	Aaa		300,000
		TOTAL TEXAS					300,000
		TOTAL SHORT -TERM MUNICIPAL BONDS					2,125,000
		(Cost $2,125,000)
		TOTAL PORTFOLIO - 99.18%					191,924,689
		(Cost $190,479,851)
		OTHER ASSETS & LIABILITIES, NET - 0.82%					1,583,814
		NET ASSETS - 100.00%				$	193,508,503

+	As provide by Moody's Investor Service (unaudited)
d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflects the rate at March 31, 2007.
	ABBREVIATION: AMT - Alternative Minimum Tax COP - Certificate of Participation ETM - Escrowed to Maturity GO - General Obligation Mtge - Mortgage NR - Not Rated

119

TIAA-CREF MUTUAL FUNDS - Bond PlusFund

TIAA-CREF MUTUAL FUNDS
BOND PLUS FUND
STATEMENT OF INVESTMENTS (unaudited)
March 31, 2007

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
BONDS - 98.57%
CORPORATE BONDS - 47.53%
ASSET BACKED - 15.36%
$     200,060	i	AQ Finance NIM Trust Series 2004-RN2	5.520%	04/25/09	Aaa	$	199,985
74,669	i,v	AQ Finance NIM Trust Series 2004-RN3	5.500	05/25/09	Aaa		74,670
2,378,152		Centex Home Equity Series 2002-A (Class AF6)	5.540	01/25/32	Aaa		2,369,353
505,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		507,515
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		884,968
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1M1)	5.700	02/25/35	Aa2		984,848
1,000,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		991,636
555,976	i	CIT Group Home Equity Loan Trust Series 2002-2 (Class BF)	6.830	06/25/33	Ba1		505,483
411,535	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class MF2)	6.390	12/25/30	A3		407,950
3,000,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706	07/25/36	Aaa		3,011,253
1,700,000		Citicorp Mortgage Securities, Inc Series 2006-2 (Class A3)	5.563	09/25/36	Aaa		1,701,488
234,042	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	5.540	02/15/29	Aaa		234,171
177,168		Detroit Edison Securitization Funding LLC Series 2001-1
		(Class A3)	5.875	03/01/10	Aaa		177,855
2,000,000	i	Flagstar Home Equity Loan Trust Series 2007-1A (Class AF3)	5.781	01/25/35	Aaa		2,014,144
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	10/25/29	Aaa		2,003,696
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	10/25/29	Aaa		2,009,250
1,010,771	i	Golden Securities Corp Series 2003-A (Class A1)	5.620	12/02/13	Aaa		1,000,057
4,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A3)	5.010	02/25/11	Aaa		3,992,820
400,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A5)	5.080	11/25/11	Aaa		399,481
1,106,171		HFC Home Equity Loan Asset Backed Certificates Series
		2006-4 (Class A1F)	5.790	03/20/36	Aaa		1,104,633
3,000,000		Honda Auto Receivables Owner Trust Series 2007-1
		(Class A4)	5.090	07/18/13	NR		3,011,205
500,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		503,373
2,500,000		Household Automotive Trust Series 2006-3 (Class A4)	5.340	09/17/13	Aaa		2,526,508
2,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1 (Class A2)	5.460	03/25/36	Aaa		2,000,422
742,505		JPMorgan Auto Receivables Trust Series 2007-A (Class A1)	5.344	02/15/08	P1		742,446
2,000,000		JPMorgan Auto Receivables Trust Series 2007-A (Class A3)	5.190	02/15/11	Aaa		2,006,350
453,841		Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877	06/25/46	NR		453,283
814,082	v	Long Beach Asset Holdings Corp Series 2006-6 (Class N1)	6.072	09/25/46	NR		610,562
1,405,028		Marriott Vacation Club Owner Trust Series 2006-1A (Class A)	5.737	04/20/28	Aaa		1,426,840
1,582,067		Marriott Vacation Club Owner Trust Series 2006-2A (Class A)	5.362	10/20/28	Aaa		1,580,686
591,714	v	New York City Tax Lien Series 2006-AA (Class A)	5.930	07/01/36	Aaa		594,118
1,000,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		1,007,006
355,052		Public Service New Hampshire Funding LLC Series 2001-1
		(Class A2)	5.730	11/01/10	Aaa		356,598

120

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
$       500,000	i	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586%	11/25/36	Aaa	$	500,744
1,000,000	i	Residential Asset Mortgage Products, Inc Series 2003-RZ5
		(Class A7)	4.970	09/25/33	Aaa		987,601
5,000,000	d,i	Residential Asset Mortgage Products, Inc Series 2004-RS11
		(Class M1)	5.940	11/25/34	Aa1		5,011,780
613,304		Residential Asset Securities Corp Series 2001-KS2
		(Class AI6)	6.489	10/25/30	Aaa		612,177
6,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-H12
		(Class A3)	5.790	02/25/36	Aaa		6,035,046
500,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M1)	6.010	02/25/36	Aa1		503,430
1,500,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M2)	6.060	02/25/36	Aa2		1,505,394
1,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI3
		(Class A3)	5.960	02/25/36	Aaa		1,009,480
3,528,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A3)	5.440	09/25/36	Aaa		3,517,871
3,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HSA2
		(Class AI3)	5.550	03/25/36	Aaa		3,002,844
500,000	i	Saxon Asset Securities Trust Series 2002-2 (Class AF6)	5.620	11/25/30	Aaa		498,157
2,572,076	v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		2,601,589
3,997,486	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		3,984,057
		Wachovia Amortization Controlled Heloc NIM Series 2006-N1
2,000,000	v	(Class N1)	5.683	08/12/47	A3		1,987,188
2,000,000		Wachovia Auto Loan Owner Trust Series 2006-2A (Class A3)	5.230	08/22/11	Aaa		2,005,088
480,618	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.680	05/25/35	NR		480,345
		TOTAL ASSET BACKED					75,637,444
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.15%
500,000		Home Depot, Inc	5.400	03/01/16	Aa3		488,434
250,000		Lowe's Cos, Inc	8.250	06/01/10	A1		271,559
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					759,993
CHEMICALS AND ALLIED PRODUCTS - 0.40%
500,000		Abbott Laboratories	5.600	05/15/11	A1		509,822
500,000		Chemtura Corp	6.875	06/01/16	Ba1		483,750
500,000		Lubrizol Corp	4.625	10/01/09	Baa3		493,553
500,000		Lubrizol Corp	5.500	10/01/14	Baa3		489,668
		TOTAL CHEMICALS AND ALLIED PRODUCTS					1,976,793
COMMUNICATIONS - 2.56%
500,000		Alamosa Delaware, Inc	11.000	07/31/10	Baa3		534,375
250,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		245,285
500,000		AT&T, Inc	5.100	09/15/14	A2		488,656
250,000		AT&T, Inc	6.150	09/15/34	A2		246,675
750,000		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		858,863
1,000,000		Comcast Corp	5.875	02/15/18	Baa2		1,004,766
250,000		Comcast Corp	5.650	06/15/35	Baa2		227,090
500,000		Comcast Corp	6.500	11/15/35	Baa2		506,367
250,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		309,649
250,000		France Telecom S.A.	7.750	03/01/11	A3		272,089
250,000		Gray Television, Inc	9.250	12/15/11	B1		261,563

121

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
$       250,000		New Cingular Wireless Services, Inc	7.875%	03/01/11	Baa1	$	273,553
250,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa1		323,587
500,000		Rogers Cable, Inc	6.750	03/15/15	Baa3		523,750
500,000		Rogers Wireless, Inc	7.500	03/15/15	Baa3		547,500
1,750,000		Sprint Capital Corp	8.375	03/15/12	Baa3		1,952,416
250,000		Telecom Italia Capital S.A.	5.250	11/15/13	Baa2		242,854
250,000		Verizon Global Funding Corp	5.850	09/15/35	A3		236,398
2,000,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		2,023,971
250,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		235,206
250,000		Viacom, Inc	5.750	04/30/11	Baa3		253,297
300,000		Viacom, Inc	6.875	04/30/36	Baa3		301,988
250,000		Vodafone Group plc	5.625	02/27/17	A3		247,571
500,000		Vodafone Group plc	6.150	02/27/37	A3		482,004
		TOTAL COMMUNICATIONS					12,599,473
DEPOSITORY INSTITUTIONS - 3.13%
250,000		Bank of America Corp	6.250	04/15/12	Aa1		262,014
500,000		Bank of America NA	5.300	03/15/17	Aa1		493,740
1,000,000		Bank of America NA	6.000	10/15/36	Aa1		1,002,498
500,000		Bank One Corp	5.250	01/30/13	Aa3		497,627
500,000	g,i	BOI Capital Funding No. 2 LP	5.571	12/30/49	A2		488,440
250,000		Capital One Bank	5.125	02/15/14	A2		243,783
250,000		Citigroup, Inc	5.100	09/29/11	Aa1		249,659
1,000,000		Citigroup, Inc	5.250	02/27/12	Aa1		1,004,053
500,000		Citigroup, Inc	5.125	05/05/14	Aa1		494,442
500,000		Citigroup, Inc	5.850	12/11/34	Aa1		497,121
250,000		Golden West Financial Corp	4.750	10/01/12	Aa3		244,862
250,000		Greenpoint Financial Corp	3.200	06/06/08	A3		243,968
500,000		JPMorgan Chase & Co	7.875	06/15/10	Aa3		539,513
250,000		JPMorgan Chase & Co	4.500	01/15/12	Aa2		243,119
250,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		248,857
550,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		540,263
250,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A3		248,229
1,000,000		Mellon Funding Corp	6.400	05/14/11	A1		1,044,882
250,000		Popular North America, Inc	5.650	04/15/09	A2		251,034
250,000	g,i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		240,976
500,000		Regions Financial Corp	6.375	05/15/12	A2		524,387
250,000	g,h,i	Societe Generale	5.922	12/30/49	A1		249,850
500,000		US Bank NA	5.700	12/15/08	Aa2		504,299
750,000		Wachovia Bank NA	4.800	11/01/14	Aa3		718,026
250,000		Wachovia Bank NA	5.850	02/01/37	Aa3		243,723
750,000		Wachovia Corp	5.250	08/01/14	A1		739,894
1,000,000		Wells Fargo & Co	5.300	08/26/11	Aa1		1,007,188
750,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		783,877
1,650,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		1,581,532
		TOTAL DEPOSITORY INSTITUTIONS					15,431,856
ELECTRIC, GAS, AND SANITARY SERVICES - 2.44%
500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		485,874
250,000		Carolina Power & Light Co	5.700	04/01/35	A3		240,182
500,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		555,570
250,000		CenterPoint Energy Resources Corp	6.250	02/01/37	Baa3		248,267
500,000		Centerpoint Energy, Inc	5.950	02/01/17	Ba1		502,018

122

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
$       500,000		Commonwealth Edison Co	3.700%	02/01/08	Baa2	$	490,775
750,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa1		780,648
250,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa1		242,791
500,000		Consumers Energy Co	4.400	08/15/09	Baa2		489,901
1,000,000		FirstEnergy Corp	6.450	11/15/11	Baa3		1,047,181
500,000		Florida Power & Light Co	4.850	02/01/13	Aa3		490,168
500,000		Florida Power Corp	4.500	06/01/10	A2		490,094
250,000	i	FPL Group Capital, Inc	6.350	10/01/66	A3		251,340
250,000		National Fuel Gas Co	5.250	03/01/13	Baa1		247,559
500,000		National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		508,046
250,000		Nevada Power Co	6.650	04/01/36	Ba1		260,527
250,000		Northern States Power Co	6.250	06/01/36	A2		267,492
500,000		Northern States Power-Minnesota	5.250	07/15/35	A2		461,188
1,000,000		Pacific Gas & Electric Co	4.200	03/01/11	Baa1		965,476
250,000		Pacific Gas & Electric Co	5.800	03/01/37	Baa1		242,017
250,000		Public Service Co of Colorado	5.500	04/01/14	A3		250,658
200,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		201,950
250,000		Southern California Edison Co	5.350	07/15/35	A2		234,044
500,000		Texas Eastern Transmission LP	5.250	07/15/07	A3		499,212
500,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		533,147
250,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		242,291
250,000		Waste Management, Inc	7.750	05/15/32	Baa3		289,729
500,000		Westar Energy, Inc	6.000	07/01/14	Baa2		513,402
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					12,031,547
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.36%
1,000,000		Cisco Systems, Inc	5.250	02/22/11	A1		1,005,380
250,000		Cisco Systems, Inc	5.500	02/22/16	A1		252,360
500,000		Cooper Industries, Inc	5.250	07/01/07	A3		499,203
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					1,756,943
FABRICATED METAL PRODUCTS - 0.05%
250,000		Fortune Brands, Inc	4.875	12/01/13	Baa2		236,363
		TOTAL FABRICATED METAL PRODUCTS					236,363
FOOD AND KINDRED PRODUCTS - 0.62%
250,000		Bottling Group LLC	4.625	11/15/12	Aa3		243,837
250,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		250,753
250,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		236,008
500,000		Companhia Brasileira de Bebidas	8.750	09/15/13	Baa1		580,044
500,000		Coors Brewing Co	6.375	05/15/12	Baa2		520,748
500,000		Diageo Capital plc	5.125	01/30/12	A3		496,879
500,000		Kraft Foods, Inc	6.500	11/01/31	A3		507,256
250,000		WM Wrigley Jr Co	4.650	07/15/15	A1		237,516
		TOTAL FOOD AND KINDRED PRODUCTS					3,073,041
FOOD STORES - 0.21%
500,000	d	Kroger Co	6.800	04/01/11	Baa2		524,256
500,000		Safeway, Inc	4.125	11/01/08	Baa2		491,085
		TOTAL FOOD STORES					1,015,341
FURNITURE AND FIXTURES - 0.10%
500,000		Masco Corp	4.625	08/15/07	Baa1		498,127
		TOTAL FURNITURE AND FIXTURES					498,127

123

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
GENERAL BUILDING CONTRACTORS - 0.24%
$       700,000		Centex Corp	5.250%	06/15/15	Baa2	$	636,886
500,000		DR Horton, Inc	9.750	09/15/10	Ba1		553,001
		TOTAL GENERAL BUILDING CONTRACTORS					1,189,887
GENERAL MERCHANDISE STORES - 0.46%
1,000,000		Target Corp	5.875	07/15/16	A1		1,030,985
500,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		487,972
750,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		727,523
		TOTAL GENERAL MERCHANDISE STORES					2,246,480
HEALTH SERVICES - 0.10%
500,000		Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		492,219
		TOTAL HEALTH SERVICES					492,219
HOLDING AND OTHER INVESTMENT OFFICES - 0.62%
250,000		Archstone-Smith Trust	5.750	03/15/16	Baa1		253,585
250,000		BHP Billiton Finance Ltd	5.400	03/29/17	A1		248,965
250,000		Colonial Properties Trust	6.250	06/15/14	Baa3		257,646
500,000		iStar Financial, Inc	5.150	03/01/12	Baa2		488,656
250,000		iStar Financial, Inc	5.700	03/01/14	Baa2		248,644
500,000		iStar Financial, Inc	5.850	03/15/17	Baa2		492,050
500,000		Simon Property Group LP	5.600	09/01/11	A3		507,497
510,000		Sungard Data Systems, Inc	10.250	08/15/15	Caa1		556,537
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					3,053,580
HOTELS AND OTHER LODGING PLACES - 0.05%
250,000		MGM Mirage	6.000	10/01/09	Ba2		250,312
		TOTAL HOTELS AND OTHER LODGING PLACES					250,312
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.26%
500,000		Caterpillar, Inc	6.050	08/15/36	A2		509,544
250,000		Hewlett-Packard Co	5.250	03/01/12	A2		251,013
500,000		Hewlett-Packard Co	5.400	03/01/17	A2		500,568
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					1,261,125
INSTRUMENTS AND RELATED PRODUCTS - 0.14%
250,000		Johnson & Johnson	3.800	05/15/13	Aaa		234,406
250,000		Medtronic, Inc	4.750	09/15/15	A1		237,543
250,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		236,272
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					708,221
INSURANCE CARRIERS - 1.20%
500,000		Aetna, Inc	6.625	06/15/36	A3		533,272
250,000		Allstate Corp	5.000	08/15/14	A1		244,054
500,000		American International Group, Inc	5.050	10/01/15	Aa2		490,054
500,000	i	Chubb Corp	6.375	03/29/67	A3		499,885
250,000	i	ING Groep NV	5.775	12/30/49	A1		247,971
250,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa3		242,176
200,000	i	Lincoln National Corp	6.050	04/20/67	Baa2		196,662
250,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		246,804

124

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
$       500,000		Metlife, Inc	5.000%	06/15/15	A2	$	487,028
250,000		Metlife, Inc	5.700	06/15/35	A2		240,435
500,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		488,636
500,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		498,681
250,000	g	Prudential Funding LLC	6.750	09/15/23	A1		267,251
500,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		501,503
500,000		WellPoint, Inc	5.000	01/15/11	Baa1		496,998
250,000		WellPoint, Inc	5.850	01/15/36	Baa1		240,507
		TOTAL INSURANCE CARRIERS					5,921,917
METAL MINING - 0.15%
250,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		239,698
250,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		239,900
250,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		254,453
		TOTAL METAL MINING					734,051
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.15%
250,000	g	Controladora Mabe S.A. C.V.	6.500	12/15/15	NR		254,250
500,000		Harsco Corp	5.125	09/15/13	A3		491,572
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					745,822
MISCELLANEOUS RETAIL - 0.04%
200,000		CVS Corp	6.125	08/15/16	Baa2		206,614
		TOTAL MISCELLANEOUS RETAIL					206,614
MOTION PICTURES - 0.77%
250,000		Historic TW, Inc	6.625	05/15/29	Baa2		253,272
1,000,000		News America Holdings, Inc	8.250	08/10/18	Baa2		1,179,253
250,000		News America, Inc	7.625	11/30/28	Baa2		280,165
500,000	g	News America, Inc	6.150	03/01/37	Baa2		481,366
1,250,000		Time Warner, Inc	6.875	05/01/12	Baa2		1,331,263
250,000		Walt Disney Co	5.700	07/15/11	A3		255,844
		TOTAL MOTION PICTURES					3,781,163
NONDEPOSITORY INSTITUTIONS - 3.11%
500,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		500,929
250,000		Boeing Capital Corp Ltd	6.100	03/01/11	A3		259,532
500,000		Capital One Financial Corp	5.700	09/15/11	A3		504,198
500,000		Capital One Financial Corp	5.500	06/01/15	A3		492,723
250,000		Capital One Financial Corp	6.150	09/01/16	Baa1		253,653
500,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		484,218
250,000		CIT Group Funding Co of Canada	5.200	06/01/15	A2		240,446
400,000		CIT Group, Inc	5.400	02/13/12	A2		400,069
500,000		CIT Group, Inc	5.650	02/13/17	A2		492,755
250,000		FIA Card Services NA	5.375	01/15/08	Aaa		249,988
500,000		Ford Motor Credit Co	5.700	01/15/10	B1		478,636
500,000		Ford Motor Credit Co	9.875	08/10/11	B1		529,502
2,500,000		General Electric Capital Corp	6.000	06/15/12	Aaa		2,599,861
250,000	g,i	HSBC Capital Funding LP	4.610	12/30/49	A1		238,503
500,000		HSBC Finance Corp	5.250	01/14/11	Aa3		499,547
1,000,000		HSBC Finance Corp	5.700	06/01/11	Aa3		1,014,912
500,000		HSBC Finance Corp	5.250	04/15/15	Aa3		491,182
1,250,000		HSBC Finance Corp	5.500	01/19/16	Aa3		1,243,501

125

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
$       500,000		International Lease Finance Corp	5.450%	03/24/11	A1	$	504,360
250,000		John Deere Capital Corp	7.000	03/15/12	A2		269,607
300,000		Kreditanstalt fuer Wiederaufbau	4.875	01/17/17	Aaa		297,692
500,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		506,937
250,000		MBNA Corp	6.125	03/01/13	Aa1		259,392
500,000		Residential Capital LLC	6.125	11/21/08	Baa3		499,673
1,000,000		Residential Capital LLC	6.500	04/17/13	Baa3		989,454
250,000		SLM Corp	5.400	10/25/11	A2		250,146
500,000	g	TNK-BP Finance S.A.	6.625	03/20/17	Baa2		496,250
250,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		242,777
		TOTAL NONDEPOSITORY INSTITUTIONS					15,290,443
OIL AND GAS EXTRACTION - 1.28%
500,000		Apache Corp	6.000	01/15/37	A3		499,845
250,000		Baker Hughes, Inc	6.875	01/15/29	A2		279,260
250,000		BJ Services Co	5.750	06/01/11	Baa1		253,072
500,000		Burlington Resources Finance Co	6.400	08/15/11	A2		524,707
250,000		Burlington Resources Finance Co	7.200	08/15/31	A2		291,287
250,000		Canadian Natural Resources Ltd	6.250	03/15/38	Baa2		246,238
1,000,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		987,500
750,000		Devon OEI Operating, Inc	4.375	10/01/07	Baa3		745,959
250,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		265,282
250,000		Equitable Resources, Inc	5.150	11/15/12	A2		245,347
250,000		Nexen, Inc	5.050	11/20/13	Baa2		243,470
250,000		PC Financial Partnership	5.000	11/15/14	Baa2		240,867
500,000		Petro-Canada	5.950	05/15/35	Baa2		478,194
500,000		Weatherford International Ltd	6.500	08/01/36	Baa1		502,449
500,000		XTO Energy, Inc	6.250	04/15/13	Baa2		519,964
		TOTAL OIL AND GAS EXTRACTION					6,323,441
OTHER MORTGAGE BACKED SECURITIES - 8.84%
3,000,000	d	Banc of America Commercial Mortgage, Inc Series 2002-2
		(Class A3)	5.118	07/11/43	NR		2,993,838
1,000,000	i	Banc of America Commercial Mortgage, Inc Series 2005-1
		(Class B)	5.005	11/10/42	NR		989,975
225,000	i	Banc of America Commercial Mortgage, Inc Series 2005-6
		(Class AJ)	5.182	09/10/47	Aaa		222,802
500,000		Banc of America Commercial Mortgage, Inc Series 2006-5
		(Class A4)	5.414	09/10/47	Aaa		501,704
856,141		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		859,078
224,394		Bank of America Alternative Loan Trust Series 2004-8
		(Class 3A1)	5.500	09/25/19	Aaa		225,088
700,000	i	Bear Stearns Commercial Mortgage Securities Series 2005-PW10
		(Class AJ)	5.459	12/11/40	Aaa		705,898
500,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-PW11
		(Class A4)	5.458	03/11/39	NR		506,671
200,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-PW12
		(Class A4)	5.711	09/11/38	Aaa		206,142
1,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW13
		(Class A4)	5.540	09/11/41	NR		1,011,785
700,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW14
		(Class A4)	5.201	12/11/38	NR		690,179

126

TIAA-CREF MUTUAL FUNDS - Bond PlusFund

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
$       300,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-T22
		(Class A4)	5.467%	04/12/38	Aaa	$	305,257
600,000		Bear Stearns Commercial Mortgage Securities Series 2006-T24
		(Class A4)	5.537	10/12/41	Aaa		607,729
1,000,000		Citicorp Mortgage Securities, Inc Series 2005-4 (Class 1A7)	5.500	07/25/35	Aa1		974,745
1,000,000		Citigroup/Deutsche Bank Commercial Mortgage Trust Series
		2006-CD3 (Class A5)	5.617	10/15/48	Aaa		1,015,845
1,732,043		Citimortgage Alternative Loan Trust Series 2006-A1
		(Class 2A1)	5.250	03/25/21	Aaa		1,715,807
1,400,000		Countrywide Alternative Loan Trust Series 2005-42CB
		(Class A12 )	5.500	10/25/35	Aa1		1,356,477
2,000,000	i,v	Countrywide Asset-Backed Certificates Series 2007-S2
		(Class A3 )	5.813	05/25/37	Aaa		1,999,899
852,457		Countrywide Home Loan Mortgage Pass Through Trust Series
		2005-17 (Class 1A10)	5.250	09/25/35	NR		849,811
650,000		Credit Suisse Mortgage Capital Certificates Series 2006-C4
		(Class A3)	5.467	09/15/39	Aaa		653,654
1,000,000		Credit Suisse Mortgage Capital Certificates Series 2006-C5
		(Class A3)	5.311	12/15/39	Aaa		993,545
2,000,000	i	Credit Suisse/Morgan Stanley Commercial Mortgage
		Certificate Series HC1A (Class A1)	5.510	05/15/23	Aaa		2,000,432
1,000,000		GE Capital Commercial Mortgage Corp Series 2003-C2
		(Class A4)	5.145	07/10/37	Aaa		995,652
500,000		GS Mortgage Securities Corp II Series 2006-GG8 (Class A4)	5.560	11/10/39	Aaa		506,945
1,000,000		JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		1,001,034
1,000,000		JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		1,003,591
700,000		LB-UBS Commercial Mortgage Trust Series 2005-C3
		(Class A2 )	4.553	07/15/30	Aaa		689,618
1,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5
		(Class AJ)	5.057	09/15/40	NR		977,038
240,515		MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.000	10/25/20	Aaa		239,038
1,000,000	i	Merrill Lynch Mortgage Trust Series 2003-KEY1 (Class A4)	5.236	11/12/35	NR		998,538
1,000,000	i	Merrill Lynch Mortgage Trust Series 2004-BPC1 (Class AJ)	4.922	10/12/41	A		971,860
425,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		423,175
200,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.660	05/12/39	NR		205,376
		Merrill Lynch/Countrywide Commercial Mortgage Trust
250,000	i	Series 2006-1 (Class A4)	5.432	02/12/39	NR		252,557
1,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	NR		992,477
1,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.440	01/25/36	Aaa		1,000,091
550,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.476	03/12/44	Aaa		556,238
250,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)	5.780	10/15/42	NR		255,794
690,000		Residential Accredit Loans, Inc Series 2005-QS6 (Class A7)	5.750	05/25/35	Aa1		682,551
		Wachovia Bank Commercial Mortgage Trust Series 2005-C20
1,000,000	i	(Class A7)	5.118	07/15/42	Aaa		985,913
4,614,699		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500	10/25/18	NR		4,486,480
2,809,829		Wells Fargo Mortgage Backed Securities Trust Series 2004-7
		(Class 1A1)	4.500	07/25/19	NR		2,697,875
2,242,406		Wells Fargo Mortgage Backed Securities Trust Series 2005-1
		(Class 2A1)	5.000	01/25/20	Aaa		2,224,178
		TOTAL OTHER MORTGAGE BACKED SECURITIES					43,532,380

127

TIAA-CREF MUTUAL FUNDS - Bond PlusFund

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
PAPER AND ALLIED PRODUCTS - 0.61%
$       500,000		Bemis Co, Inc	4.875%	04/01/12	Baa1	$	487,900
510,000		Cenveo Corp	7.875	12/01/13	B3		499,800
2,000,000		Kimberly-Clark Corp	7.100	08/01/07	Aa3		2,010,820
		TOTAL PAPER AND ALLIED PRODUCTS					2,998,520
PETROLEUM AND COAL PRODUCTS - 0.21%
1,000,000		Conoco Funding Co	6.350	10/15/11	A1		1,049,054
		TOTAL PETROLEUM AND COAL PRODUCTS					1,049,054
PIPELINES, EXCEPT NATURAL GAS - 0.55%
250,000		Enbridge Energy Partners LP	4.000	01/15/09	Baa2		245,011
250,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		248,178
500,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		495,866
250,000		Enterprise Products Operating LP	5.600	10/15/14	Baa3		249,321
500,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		495,069
500,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		493,502
250,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		231,807
250,000		TransCanada Pipelines Ltd	5.850	03/15/36	A2		244,813
		TOTAL PIPELINES, EXCEPT NATURAL GAS					2,703,567
PRIMARY METAL INDUSTRIES - 0.10%
500,000	g	Alcoa, Inc	5.720	02/23/19	A2		494,693
		TOTAL PRIMARY METAL INDUSTRIES					494,693
PRINTING AND PUBLISHING - 0.13%
500,000	g	Idearc, Inc	8.000	11/15/16	B2		514,375
110,000		Morris Publishing Group LLC	7.000	08/01/13	B1		105,050
		TOTAL PRINTING AND PUBLISHING					619,425
RAILROAD TRANSPORTATION - 0.44%
250,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		262,895
500,000		Canadian National Railway Co	4.400	03/15/13	A3		476,175
250,000		Canadian National Railway Co	6.200	06/01/36	A3		261,369
250,000		CSX Corp	6.000	10/01/36	Baa2		239,629
174,000		Norfolk Southern Corp	7.350	05/15/07	Baa1		174,362
250,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		229,398
500,000		Union Pacific Corp	6.500	04/15/12	Baa2		523,200
		TOTAL RAILROAD TRANSPORTATION					2,167,028
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
250,000	g	Sealed Air Corp	5.375	04/15/08	Baa3		248,800
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					248,800
SECURITY AND COMMODITY BROKERS - 1.36%
250,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		251,758
500,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa3		506,467
500,000		Franklin Resources, Inc	3.700	04/15/08	A1		492,444
250,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		248,414
500,000		Goldman Sachs Group, Inc	5.300	02/14/12	Aa3		500,089
250,000		Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		249,303
500,000		Goldman Sachs Group, Inc	5.950	01/15/27	A1		485,617
500,000		Lehman Brothers Holdings, Inc	5.250	02/06/12	A1		498,997

128

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
$       500,000		Lehman Brothers Holdings, Inc	5.750%	01/03/17	A2	$	500,902
250,000		Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		243,989
250,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		250,223
250,000		Merrill Lynch & Co, Inc	6.110	01/29/37	A1		242,910
1,250,000		Morgan Stanley	3.625	04/01/08	Aa3		1,231,156
750,000		Morgan Stanley	5.750	10/18/16	Aa3		754,118
250,000		Morgan Stanley	6.250	08/09/26	Aa3		256,738
		TOTAL SECURITY AND COMMODITY BROKERS					6,713,125
TOBACCO PRODUCTS - 0.05%
250,000		Reynolds American, Inc	6.500	06/01/07	NR		250,206
		TOTAL TOBACCO PRODUCTS					250,206
TRANSPORTATION BY AIR - 0.10%
500,000		FedEx Corp	5.500	08/15/09	Baa2		502,262
		TOTAL TRANSPORTATION BY AIR					502,262
TRANSPORTATION EQUIPMENT - 0.79%
250,000		DaimlerChrysler NA Holding Corp	5.875	03/15/11	Baa1		254,756
250,000		DaimlerChrysler NA Holding Corp	5.750	09/08/11	Baa1		253,949
250,000		DaimlerChrysler NA Holding Corp	6.500	11/15/13	Baa1		262,932
250,000		General Dynamics Corp	3.000	05/15/08	A2		244,251
500,000		Honeywell International, Inc	5.700	03/15/37	A2		485,889
500,000		Lockheed Martin Corp	6.150	09/01/36	Baa1		518,634
250,000		Northrop Grumman Corp	7.750	02/15/31	Baa2		306,148
1,000,000		United Technologies Corp	6.350	03/01/11	A2		1,046,192
500,000		United Technologies Corp	6.050	06/01/36	A2		510,917
		TOTAL TRANSPORTATION EQUIPMENT					3,883,668
WHOLESALE TRADE-DURABLE GOODS - 0.10%
500,000		Vale Overseas Ltd	6.250	01/23/17	Baa3		508,855
		TOTAL WHOLESALE TRADE-DURABLE GOODS					508,855
WHOLESALE TRADE-NONDURABLE GOODS - 0.25%
750,000		Procter & Gamble Co	4.950	08/15/14	Aa3		736,155
500,000		Procter & Gamble Co	5.550	03/05/37	Aa3		489,113
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					1,225,268
		TOTAL CORPORATE BONDS					234,119,047
		(Cost $234,053,474)
GOVERNMENT BONDS - 51.04%
AGENCY SECURITIES - 11.08%
2,877,058		Cal Dive I- Title XI, Inc	4.930	02/01/27	NR		2,783,928
500,000		Federal Home Loan Mortgage Corp (FHLMC)	4.260	07/19/07	Aaa		498,500
2,000,000		FHLMC	3.500	05/21/08	Aaa		1,967,298
1,000,000	h	FHLMC	6.000	05/15/37	NR		1,007,500
2,500,000		Federal National Mortgage Association (FNMA)	5.250	12/03/07	Aaa		2,500,720
3,250,000		FNMA	5.000	09/15/08	Aaa		3,252,424
2,500,000		FNMA	4.125	01/30/12	Aaa		2,408,493
6,000,000		FNMA	5.250	08/01/12	Aa2		6,071,045
6,000,000	h	FNMA	6.000	05/25/37	NR		6,041,250

129

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
$     17,000,000	h	FNMA	6.500%	05/25/37	NR	$	17,334,696
1,000,000		FNMA	6.210	08/06/38	Aaa		1,142,813
8,514,000	d	Housing Urban Development	4.790	08/01/11	NR		8,492,596
1,000,000		Private Export Funding Corp	7.200	01/15/10	Aaa		1,060,557
		TOTAL AGENCY SECURITIES					54,561,820
FOREIGN GOVERNMENT BONDS - 3.37%
500,000		African Development Bank	3.250	08/01/08	Aaa		489,551
500,000		Brazilian Government International Bond	10.500	07/14/14	Ba2		642,500
250,000		Chile Government International Bond	5.500	01/15/13	A2		253,634
500,000		China Development Bank	5.000	10/15/15	A2		489,986
450,000		Colombia Government International Bond	7.375	09/18/37	Ba2		489,825
250,000		Development Bank of Japan	4.250	06/09/15	Aaa		236,130
500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		486,447
250,000		Eksportfinans A/S	5.000	02/14/12	Aaa		251,536
250,000		European Investment Bank	4.875	02/15/36	Aaa		235,343
500,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		488,586
3,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		3,007,506
400,000		International Finance Corp	5.125	05/02/11	Aaa		404,700
650,000		Israel Government International Bond	5.500	11/09/16	A2		651,198
250,000		Italy Government International Bond	5.250	09/20/16	NR		252,705
1,000,000		Italy Government International Bond	6.875	09/27/23	Aa2		1,155,595
250,000		Korea Development Bank	5.750	09/10/13	A3		255,458
250,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		252,369
400,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		406,116
148,000		Mexico Government International Bond	6.375	01/16/13	Baa1		155,811
879,000		Mexico Government International Bond	5.875	01/15/14	Baa1		905,308
500,000	d	Mexico Government International Bond	6.750	09/27/34	Baa1		545,025
500,000		Philippine Government International Bond	6.375	01/15/32	B1		485,625
500,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		494,259
500,000		Province of Manitoba Canada	5.000	02/15/12	Aa1		502,669
500,000		Province of Ontario	4.750	01/19/16	Aa1		489,613
250,000		Province of Quebec Canada	5.125	11/14/16	Aa2		249,999
500,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		574,647
1,000,000		Svensk Exportkredit AB	5.125	03/01/17	Aa1		1,002,327
250,000		Turkey Government International Bond	7.375	02/05/25	Ba3		256,875
500,000		Turkey Government International Bond	6.875	03/17/36	Ba3		478,125
		TOTAL FOREIGN GOVERNMENT BONDS					16,589,468
MORTGAGE BACKED SECURITIES - 29.07%
2,161,167		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			2,202,875
2,000,000		FHLMC	5.000	06/15/29			1,981,340
464,890		FHLMC	6.000	12/15/30			467,167
3,000,000		FHLMC	5.000	06/15/31			2,945,499
1,500,000		FHLMC	5.500	05/15/33			1,493,046
903,588		FHLMC	4.500	09/15/35			873,248
1,291,465	h,i	FHLMC	5.092	02/01/36			1,291,128
938,948	i	FHLMC	5.001	09/01/36			935,217
1,027,806	i	FHLMC	5.717	02/01/37			1,036,818
3,000,000	i	FHLMC	5.810	03/01/37			3,032,586
55,653		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10			56,748
147,969		FGLMC	6.500	12/01/16			151,656
1,339,356		FGLMC	5.500	01/01/19			1,345,119

130

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
$       465,388		FGLMC	4.500%	07/01/20		$	450,627
100,924		FGLMC	7.000	10/01/20			105,451
1,719,970		FGLMC	5.500	08/01/21			1,723,604
313,458	d	FGLMC	6.500	01/01/29			323,328
26,885		FGLMC	8.000	01/01/31			28,300
4,319,812		FGLMC	5.500	12/01/33			4,284,818
2,431,835		FGLMC	5.000	01/01/34			2,356,404
1,085,648		FGLMC	4.500	10/01/34			1,023,506
809,441		FGLMC	5.500	12/01/34			802,294
1,888,343		FGLMC	5.500	03/01/35			1,870,463
2,737,445		FGLMC	6.000	05/01/35			2,761,226
1,272,889		FGLMC	5.500	06/01/35			1,260,837
2,602,297		FGLMC	5.500	06/01/35			2,577,656
449,326		FGLMC	5.000	10/01/35			434,690
881,934		FGLMC	5.000	11/01/35			853,205
1,184,251		FGLMC	7.000	01/01/36			1,226,512
940,406		FGLMC	5.500	04/01/36			930,575
943,705	h	FGLMC	6.500	10/01/36			962,401
472,999		FGLMC	6.500	12/01/36			480,143
998,836		FGLMC	5.500	01/01/37			988,395
854,455		Federal National Mortgage Association (FNMA)	6.366	12/01/08			851,908
77,648		FNMA	5.000	06/01/13			77,474
3,288,646		FNMA	4.778	02/01/14			3,246,019
2,901,192		FNMA	4.640	11/01/14			2,825,054
466,680		FNMA	4.551	01/01/15			454,152
1,643,391		FNMA	6.000	06/25/16			1,654,546
338,735	d	FNMA	6.500	10/01/16			347,215
122,600		FNMA	6.500	11/01/16			125,670
217,534		FNMA	6.500	02/01/18			222,746
471,612		FNMA	5.500	04/01/18			473,762
159,357		FNMA	5.500	05/01/18			160,085
231,223	d	FNMA	6.000	01/01/19			235,751
1,000,000		FNMA	4.000	02/25/19			910,044
1,581,703		FNMA	4.500	04/01/19			1,533,350
44,140		FNMA	8.000	03/01/23			46,638
830,966		FNMA	5.500	02/01/24			828,642
1,932,066		FNMA	5.500	07/01/24			1,925,520
4,370,177		FNMA	5.000	10/01/25			4,260,460
27,624		FNMA	9.000	11/01/25			30,036
27,405		FNMA	7.500	01/01/29			28,750
535,510	d	FNMA	7.000	07/01/32			558,044
209,890		FNMA	5.000	02/01/33			203,321
954,614		FNMA	4.500	03/25/33			927,311
1,307,716		FNMA	5.500	06/01/33			1,297,001
1,421,677		FNMA	4.500	08/01/33			1,339,735
1,000,915		FNMA	5.000	08/01/33			969,587
1,500,000		FNMA	5.500	08/25/33			1,498,155
1,479,676		FNMA	4.500	10/01/33			1,394,391
636,490		FNMA	5.000	10/01/33			616,569
658,829		FNMA	5.000	10/01/33			638,209
1,331,929		FNMA	5.000	11/01/33			1,290,241
1,265,095		FNMA	5.000	11/01/33			1,225,499
1,269,813		FNMA	5.000	11/01/33			1,230,070

131

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+	VALUE
$       539,402		FNMA	5.500%	12/01/33		$	534,983
525,279		FNMA	5.500	12/01/33			520,975
981,073		FNMA	5.500	12/01/33			973,035
658,271		FNMA	5.500	01/01/34			652,878
321,236		FNMA	5.000	03/01/34			311,183
1,304,505		FNMA	5.000	03/01/34			1,263,676
261,872		FNMA	5.000	03/01/34			253,676
321,504		FNMA	5.000	03/01/34			311,442
2,635,631		FNMA	5.000	03/01/34			2,553,139
2,064,661		FNMA	5.000	04/01/34			1,998,367
6,002,220		FNMA	5.000	08/01/34			5,809,495
600,000		FNMA	5.500	10/25/34			593,596
782,306		FNMA	5.500	01/01/35			775,442
1,587,308		FNMA	5.500	02/01/35			1,574,302
2,587,692		FNMA	5.000	02/25/35			2,561,140
1,729,108		FNMA	5.500	04/01/35			1,713,938
3,950,424		FNMA	5.500	05/01/35			3,913,136
4,853,958		FNMA	5.500	05/01/35			4,808,142
3,161,425		FNMA	6.000	05/01/35			3,187,068
140,544		FNMA	7.500	06/01/35			145,711
700,960		FNMA	6.000	07/01/35			706,646
4,950,086	d	FNMA	6.000	08/01/35			4,990,236
1,368,697		FNMA	5.500	09/01/35			1,357,482
278,055		FNMA	5.000	10/01/35			268,915
1,271,527		FNMA	5.500	12/01/35			1,259,525
169,213		FNMA	6.000	03/01/36			169,657
1,818,088		FNMA	6.000	03/01/36			1,831,603
3,663,410		FNMA	5.000	05/01/36			3,510,471
1,858,929	i	FNMA	5.969	07/01/36			1,884,737
6,539,171	i	FNMA	5.745	09/01/36			6,613,600
984,718		FNMA	6.000	10/01/36			992,038
699,701		FNMA	5.500	12/01/36			689,409
999,863		FNMA	6.500	12/01/36			1,015,277
499,614		FNMA	7.000	02/01/37			515,342
25,535		Government National Mortgage Association (GNMA)	6.500	09/15/23			26,246
58,427		GNMA	7.500	11/15/23			60,969
6,404		GNMA	7.500	08/15/28			6,691
88,123		GNMA	6.500	12/15/28			90,752
162,181		GNMA	6.500	03/15/29			167,011
57,493		GNMA	8.500	10/20/30			61,549
19,857		GNMA	7.000	06/20/31			20,697
2,455,553		GNMA	5.000	09/15/33			2,393,312
514,235		GNMA	5.500	11/20/33			511,289
2,183,884		GNMA	5.500	02/20/35			2,169,812
755,766		GNMA	5.500	03/20/35			750,896
		TOTAL MORTGAGE BACKED SECURITIES					143,202,323
U.S. TREASURY SECURITIES - 7.52%
12,548,000	d	United States Treasury Bond	8.000	11/15/21			16,591,845
5,700,000		United States Treasury Bond	5.250	02/15/29			5,956,557
330,000		United States Treasury Bond	5.375	02/15/31			352,252
335,000		United States Treasury Bond	4.500	02/15/36			316,287
1,798,000		United States Treasury Bond	4.750	02/15/37			1,771,875

132

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	VALUE
$     2,940,000		United States Treasury Note	4.625%	02/29/12	$	2,951,525
4,010,000		United States Treasury Note	4.625	11/15/16		4,000,296
5,081,000		United States Treasury Note	4.625	02/15/17		5,073,074
		TOTAL U.S. TREASURY SECURITIES				37,013,711
		TOTAL GOVERNMENT BONDS				251,367,322
		(Cost $252,758,435)
		TOTAL BONDS				485,486,369
		(Cost $486,811,909)
SHARES		COMPANY
PREFERRED STOCKS - 0.06%
DEPOSITORY INSTITUTIONS - 0.06%
10,000		Bank of America Corp				262,500
		TOTAL PREFERRED STOCKS				262,500
		(Cost $250,000)
TIAA-CREF MUTUAL FUNDS - 0.80%
424,287		TIAA-CREF High-Yield Bond Fund				3,954,356
		TOTAL TIAA-CREF MUTUAL FUNDS				3,954,356
		(Cost $3,974,483)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 5.28%
COMMERCIAL PAPER - 1.01%
$     5,000,000	d	Barclays U.S. Funding Corp	5.235	05/07/07		4,974,479
		TOTAL COMMERCIAL PAPER				4,974,479
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 4.27%
10,850,000		Federal Home Loan Bank (FHLB)	4.900	04/02/07		10,845,570
10,215,000		Federal National Mortgage Association (FNMA)	5.180	04/16/07		10,194,621
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				21,040,191
		TOTAL SHORT-TERM INVESTMENTS				26,014,670
		(Cost $26,015,398)
		TOTAL PORTFOLIO - 104.71%				515,717,895
		(Cost $517,051,790)
		OTHER ASSETS & LIABILITIES, NET - (4.71)%				(23,182,975	)
		NET ASSETS - 100.00%			$	492,534,920
	+	As provided by Moody's Investors Service (unaudited).
	d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.
	g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and be resold in transactions exempt from registration to qualified institutional buyers.
		At March 31, 2007, the value of these securities amounted to $9,953,254 or 2.02% of net
	h	These securities were purchased on a delayed delivery basis.

133

TIAA-CREF MUTUAL FUNDS - Bond PlusFund

i	Floating rate or variable rate securities reflect the rate at March 31, 2007.
v	Security valued at fair value.
	ABBREVIATION:
	NR - Not Rated

134

TIAA-CREF MUTUAL FUNDS - Money Market Fund

TIAA-CREF MUTUAL FUNDS
MONEY MARKET FUND
STATEMENT OF INVESTMENTS (unaudited)
March 31, 2007

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	VALUE
SHORT-TERM INVESTMENTS - 100.39%
BANKERS ACCEPTANCES - 0.75%
$     2,224,000		JPMorgan Chase Bank NA	5.230%	05/07/07	$	2,212,692
1,906,000		JPMorgan Chase Bank NA	5.180	07/09/07		1,879,000
1,210,000		JPMorgan Chase Bank NA	5.160	09/04/07		1,182,944
		TOTAL BANK NOTES				5,274,636
CERTIFICATES OF DEPOSIT - 4.41%
5,000,000		Banco Bilbao Vizcaya, S.A.	5.315	05/08/07		5,000,025
4,695,000		Canadian Imperial Bank of Commerce	5.300	04/16/07		4,695,000
2,465,000		Deutsche Bank	5.295	05/11/07		2,465,027
5,000,000		Deutsche Bank	5.315	07/17/07		5,000,145
7,000,000		Deutsche Bank	5.350	08/06/07		7,000,240
3,000,000		Dexia Bank	5.300	04/30/07		3,000,024
2,000,000		Royal Bank of Canada	5.285	05/03/07		2,000,018
1,955,000		Toronto Dominion Bank	5.315	07/12/07		1,955,000
		TOTAL CERTIFICATES OF DEPOSIT				31,115,479
COMMERCIAL PAPER - 89.44%
4,135,000	c	Abbott Laboratories, Inc	5.225	04/17/07		4,125,398
4,000,000	c	Abbott Laboratories, Inc	5.240	04/18/07		3,990,377
10,860,000		American Honda Finance Corp	5.235	04/23/07		10,825,900
2,760,000		American Honda Finance Corp	5.220	04/25/07		2,750,395
2,450,000		American Honda Finance Corp	5.230	04/26/07		2,441,102
6,745,000		American Honda Finance Corp	5.215	05/04/07		6,713,303
2,000,000		American Honda Finance Corp	5.230	05/24/07		1,984,601
3,000,000	c	Atlantis One Funding Corp	5.185	06/25/07		2,963,273
2,000,000		Bank of America	5.200	07/20/07		1,968,222
3,050,000		Bank of Montreal	5.220	06/01/07		3,023,310
1,405,000		Barclays U.S. Funding Corp	5.250	04/10/07		1,403,156
2,200,000		Barclays U.S. Funding Corp	5.250	04/23/07		2,193,301
5,000,000		Barclays U.S. Funding Corp	5.235	05/07/07		4,973,825
5,000,000		Barclays U.S. Funding Corp	5.235	06/25/07		4,938,198
2,990,000	c	Beta Finance, Inc	5.245	05/18/07		2,969,526
5,000,000	c	Beta Finance, Inc	5.220	06/11/07		4,948,525
5,000,000	c	BMW US Capital Corp	5.230	04/04/07		4,997,821
5,000,000	c	BMW US Capital Corp	5.215	05/14/07		4,969,265
12,000,000	c	BMW US Capital Corp	5.215	05/17/07		11,922,667
3,210,000		Calyon North America, Inc	5.215	05/21/07		3,186,750
402,000		Canadian Imperial Holding, Inc	5.280	05/01/07		400,260
1,015,000	c	CC (USA), Inc	5.240	04/04/07		1,014,557
4,155,000	c	CC (USA), Inc	5.240	04/11/07		4,148,952
5,000,000	c	CC (USA), Inc	5.245	05/14/07		4,968,676
2,000,000	c	CC (USA), Inc	5.240	05/15/07		1,987,332
5,000,000	c	Ciesco LP	5.245	04/30/07		4,978,874
5,725,000		Citigroup Funding, Inc	5.240	04/10/07		5,717,500

135

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	VALUE
$     3,000,000		Citigroup Funding, Inc	5.230%	04/17/07	$	2,993,027
3,200,000		Citigroup Funding, Inc	5.245	05/18/07		3,178,088
1,655,000		Citigroup Funding, Inc	5.230	06/01/07		1,640,333
4,000,000		Citigroup Funding, Inc	5.230	06/05/07		3,962,228
7,500,000		Citigroup Funding, Inc	5.245	06/08/07		7,425,696
4,900,000	c	Coca-Cola Co	5.240	04/27/07		4,881,932
5,280,000	c	Corporate Asset Funding Corp, Inc	5.250	04/12/07		5,271,530
2,000,000	c	Corporate Asset Funding Corp, Inc	5.250	04/17/07		1,995,333
3,590,000	c	Corporate Asset Funding Corp, Inc	5.250	04/25/07		3,577,435
3,000,000	c	Corporate Asset Funding Corp, Inc	5.260	04/26/07		2,989,042
1,115,000	c	Corporate Asset Funding Corp, Inc	5.260	04/30/07		1,110,275
3,000,000	c	Corporate Asset Funding Corp, Inc	5.260	05/01/07		2,986,850
2,302,000	c	Corporate Asset Funding Corp, Inc	5.270	05/07/07		2,289,868
3,000,000	c	Danske Corp	5.240	04/02/07		2,999,563
4,838,000	c	Danske Corp	5.235	04/05/07		4,835,186
5,000,000	c	Danske Corp	5.235	04/09/07		4,994,183
3,000,000	c	Dorada Finance, Inc	5.245	04/27/07		2,988,952
5,000,000	c	Dorada Finance, Inc	5.245	05/08/07		4,973,047
2,000,000	c	Dorada Finance, Inc	5.245	05/09/07		1,988,927
3,000,000	c	Dorada Finance, Inc	5.245	05/16/07		2,980,764
1,100,000	c	Dorada Finance, Inc	5.250	05/18/07		1,092,460
5,000,000	c	Dorada Finance, Inc	5.240	06/21/07		4,941,050
635,000		Dresdner US Finance, Inc	5.240	04/16/07		633,614
1,925,000		Dresdner US Finance, Inc	5.240	04/17/07		1,920,517
3,800,000	c	Edison Asset Securitization LLC	5.240	05/01/07		3,783,407
7,566,000	c	Edison Asset Securitization LLC	5.240	06/01/07		7,499,040
5,000,000	c	Edison Asset Securitization LLC	5.160	07/06/07		4,931,200
5,000,000	c	Edison Asset Securitization LLC	5.180	07/11/07		4,927,336
6,081,000	c	Fairway Finance Corp	5.260	04/13/07		6,070,498
2,438,000	c	Fairway Finance Corp	5.240	04/16/07		2,432,677
7,000,000	c	Fairway Finance Corp	5.260	04/18/07		6,982,622
3,000,000	c	Fairway Finance Corp	5.255	04/26/07		2,989,301
1,000,000		General Electric Capital Corp	5.230	04/18/07		997,530
6,000,000		General Electric Capital Corp	5.230	05/08/07		5,967,748
2,390,000		General Electric Capital Corp	5.170	06/27/07		2,360,139
3,300,000		General Electric Co	5.190	06/05/07		3,269,076
6,445,000		Goldman Sachs Group LP	5.260	05/23/07		6,396,032
1,000,000	c	Govco, Inc	5.240	04/10/07		998,690
2,000,000	c	Govco, Inc	5.240	04/19/07		1,994,760
5,000,000	c	Govco, Inc	5.240	05/11/07		4,971,090
4,995,000	c	Govco, Inc	5.240	05/21/07		4,958,648
5,000,000	c	Govco, Inc	5.240	05/24/07		4,961,428
1,055,000	c	Govco, Inc	5.220	06/07/07		1,044,751
5,440,000	c	Govco, Inc	5.230	06/13/07		5,382,312
3,000,000	c	Grampian Funding LLC	5.240	05/15/07		2,980,836
5,000,000	c	Grampian Funding LLC	5.235	05/21/07		4,963,646
2,000,000	c	Grampian Funding LLC	5.220	06/11/07		1,979,546
1,320,000	c	Grampian Funding LLC	5.205	07/23/07		1,298,434
1,000,000	c	Grampian Funding LLC	5.205	08/06/07		981,638
2,000,000	c	Grampian Funding LLC	5.190	08/15/07		1,960,787
5,000,000		Greenwich Capital Holdings, Inc	5.245	04/02/07		4,999,272
1,215,000		Greenwich Capital Holdings, Inc	5.225	06/15/07		1,201,774
5,000,000		Greenwich Capital Holdings, Inc	5.225	06/18/07		4,944,078

136

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	VALUE
$     2,510,000		Greenwich Capital Holdings, Inc	5.180%	06/26/07	$	2,478,940
5,000,000		Greenwich Capital Holdings, Inc	5.215	07/16/07		4,923,703
2,185,000	c	Greyhawk Funding LLC	5.220	04/02/07		2,184,683
5,000,000	c	Greyhawk Funding LLC	5.250	05/23/07		4,962,083
1,335,000	c	Greyhawk Funding LLC	5.215	08/13/07		1,309,086
1,950,000	c	Harley-Davidson Funding Corp	5.220	04/11/07		1,947,173
1,830,000	c	Harrier Finance Funding LLC	5.205	04/03/07		1,829,475
3,180,000	c	Harrier Finance Funding LLC	5.240	04/12/07		3,174,908
3,000,000		HBOS Treasury Services plc	5.240	04/17/07		2,993,013
3,200,000		HBOS Treasury Services plc	5.250	04/23/07		3,189,733
3,570,000		HBOS Treasury Services plc	5.240	04/30/07		3,554,931
1,575,000		HBOS Treasury Services plc	5.250	05/04/07		1,567,539
3,000,000		HBOS Treasury Services plc	5.245	05/14/07		2,981,221
3,840,000		HBOS Treasury Services plc	5.250	05/15/07		3,815,930
3,500,000		HBOS Treasury Services plc	5.220	05/16/07		3,478,076
395,000		HBOS Treasury Services plc	5.225	06/08/07		391,102
2,200,000		HBOS Treasury Services plc	5.230	06/14/07		2,176,349
1,900,000		ING Finance	5.230	04/19/07		1,895,031
465,000		ING Finance	5.245	04/25/07		463,374
6,000,000		ING Finance	5.235	05/03/07		5,972,080
1,300,000		ING Finance	5.250	05/15/07		1,291,658
2,000,000	c	International Business Machines Capital, Inc	5.190	06/07/07		1,980,889
5,000,000	c	International Business Machines Capital, Inc	5.200	06/18/07		4,944,260
3,500,000	c	International Business Machines Corp	5.175	06/29/07		3,455,222
3,800,000	c	Johnson & Johnson, Inc	5.205	05/31/07		3,767,035
7,325,000		JPMorgan Chase & Co	5.240	04/24/07		7,300,873
4,855,000		JPMorgan Chase & Co	5.250	04/25/07		4,838,007
3,330,000	c	Kitty Hawk Funding Corp	5.240	04/27/07		3,317,398
5,995,000	c	Kitty Hawk Funding Corp	5.220	06/15/07		5,929,804
6,545,000	c	Kitty Hawk Funding Corp	5.230	06/29/07		6,460,375
2,000,000	c	Links Finance LLC	5.250	04/12/07		1,996,829
4,065,000	c	Links Finance LLC	5.235	06/18/07		4,018,906
3,000,000	c	Links Finance LLC	5.190	08/28/07		2,935,910
740,000		McGraw-Hill, Inc	5.230	05/02/07		736,667
1,345,000		Morgan Stanley Dean Witter	5.230	04/16/07		1,342,069
3,950,000		Morgan Stanley Dean Witter	5.220	04/20/07		3,939,118
1,800,000		Morgan Stanley Dean Witter	5.220	05/04/07		1,791,387
1,000,000	c	Nestle Capital Corp	5.120	08/10/07		981,369
6,200,000		Paccar Financial Corp	5.220	04/04/07		6,197,303
2,000,000		Paccar Financial Corp	5.225	04/18/07		1,995,065
3,515,000		Paccar Financial Corp	5.220	05/17/07		3,491,555
3,795,000		Paccar Financial Corp	5.220	05/30/07		3,762,534
4,000,000		Paccar Financial Corp	5.210	05/31/07		3,965,648
2,000,000		Paccar Financial Corp	5.210	06/27/07		1,974,818
1,715,000		Paccar Financial Corp	5.220	06/28/07		1,693,117
3,685,000	c	Park Avenue Receivables Corp	5.240	04/27/07		3,671,054
3,198,000	c	Park Avenue Receivables Corp	5.270	05/04/07		3,183,654
1,362,000	c	Park Avenue Receivables Corp	5.220	06/04/07		1,349,361
1,500,000		PNC Bank	5.135	09/27/07		1,461,701
2,000,000	c	Private Export Funding Corp	5.215	05/16/07		1,986,962
5,000,000	c	Private Export Funding Corp	5.225	05/22/07		4,963,892
3,000,000	c	Private Export Funding Corp	5.215	05/24/07		2,976,967
4,290,000	c	Private Export Funding Corp	5.210	06/07/07		4,248,486

137

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	VALUE
$       625,000	c	Private Export Funding Corp	5.215%	06/20/07	$	617,757
2,000,000	c	Private Export Funding Corp	5.160	06/26/07		1,975,347
6,450,000		Procter & Gamble International S.C.A.	5.235	04/09/07		6,442,496
7,000,000	c	Procter & Gamble International S.C.A.	5.230	04/19/07		6,981,707
1,000,000	c	Procter & Gamble International S.C.A.	5.240	04/23/07		996,849
3,281,000	c	Procter & Gamble International S.C.A.	5.230	05/10/07		3,262,410
5,000,000	c	Procter & Gamble International S.C.A.	5.230	05/18/07		4,965,860
2,300,000	c	Procter & Gamble International S.C.A.	5.220	05/22/07		2,282,991
5,000,000		Rabobank USA Financial Corp	5.230	04/09/07		4,994,189
5,000,000	c	Ranger Funding Co LLC	5.260	05/03/07		4,976,622
2,582,000	c	Ranger Funding Co LLC	5.280	05/09/07		2,567,952
1,000,000	c	Ranger Funding Co LLC	5.230	06/11/07		989,685
1,294,000	c	Scaldis Capital LLC	5.220	04/05/07		1,293,249
3,063,000	c	Scaldis Capital LLC	5.260	04/26/07		3,052,320
2,000,000	c	Scaldis Capital LLC	5.240	05/21/07		1,985,444
6,000,000	c	Scaldis Capital LLC	5.215	06/05/07		5,943,504
1,322,000	c	Scaldis Capital LLC	5.250	06/12/07		1,308,119
1,531,000	c	Scaldis Capital LLC	5.195	07/13/07		1,508,244
3,000,000	c	Scaldis Capital LLC	5.180	08/28/07		2,935,682
2,875,000	c	Sheffield Receivables Corp	5.240	04/03/07		2,874,163
2,000,000	c	Sheffield Receivables Corp	5.260	04/13/07		1,996,493
5,000,000	c	Sheffield Receivables Corp	5.240	04/20/07		4,986,172
1,640,000	c	Sheffield Receivables Corp	5.280	04/26/07		1,633,987
5,000,000	c	Shell International Finance B.V.	5.200	06/27/07		4,937,842
2,900,000	c	Sigma Finance, Inc	5.210	05/02/07		2,886,989
5,000,000	c	Sigma Finance, Inc	5.220	05/10/07		4,971,961
2,255,000	c	Sigma Finance, Inc	5.240	05/16/07		2,240,230
2,000,000	c	Sigma Finance, Inc	5.220	07/16/07		1,969,260
1,100,000		Societe Generale North America, Inc	5.260	04/02/07		1,099,841
1,500,000		Societe Generale North America, Inc	5.250	05/09/07		1,491,806
4,100,000		Societe Generale North America, Inc	5.240	05/10/07		4,076,726
1,500,000		Societe Generale North America, Inc	5.200	06/11/07		1,484,617
3,000,000		Societe Generale North America, Inc	5.210	06/20/07		2,965,267
2,300,000		Swedish Export Credit Corp	5.220	04/12/07		2,296,331
4,000,000		Toronto-Dominion Holdings USA, Inc	5.220	08/07/07		3,925,760
6,000,000		Toyota Motor Credit Corp	5.230	04/03/07		5,998,257
7,500,000		Toyota Motor Credit Corp	5.235	04/24/07		7,474,916
4,500,000		Toyota Motor Credit Corp	5.230	05/07/07		4,476,465
5,000,000		Toyota Motor Credit Corp	5.220	06/14/07		4,946,350
4,900,000		UBS Finance, (Delaware), Inc	5.240	04/02/07		4,899,287
1,000,000		UBS Finance, (Delaware), Inc	5.250	04/05/07		999,417
2,000,000		UBS Finance, (Delaware), Inc	5.230	04/11/07		1,997,094
1,960,000		UBS Finance, (Delaware), Inc	5.240	04/25/07		1,953,153
1,200,000		UBS Finance, (Delaware), Inc	5.230	05/08/07		1,193,550
2,700,000		UBS Finance, (Delaware), Inc	5.250	05/15/07		2,682,798
1,395,000		UBS Finance, (Delaware), Inc	5.225	06/01/07		1,382,649
1,250,000		UBS Finance, (Delaware), Inc	5.230	06/06/07		1,238,015
3,700,000		UBS Finance, (Delaware), Inc	5.190	06/25/07		3,654,660
4,000,000	c	Wal-Mart Stores, Inc	5.205	06/26/07		3,950,263
4,590,000	c	Wal-Mart Stores, Inc	5.180	07/31/07		4,510,086
1,284,000	c	Yorktown Capital LLC	5.260	04/16/07		1,281,246
4,685,000	c	Yorktown Capital LLC	5.270	04/20/07		4,672,110
1,961,000	c	Yorktown Capital LLC	5.260	04/25/07		1,954,123

138

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	VALUE
$     3,110,000	c	Yorktown Capital LLC	5.240%	05/01/07	$	3,096,420
2,338,000	c	Yorktown Capital LLC	5.255	05/18/07		2,321,960
		TOTAL COMMERCIAL PAPER				630,222,276
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.11%
732,000		Federal Home Loan Bank (FHLB)	5.145	05/11/07		727,815
75,000		Federal Home Loan Mortgage Corp (FHLMC)	5.160	06/29/07		74,043
		TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES				801,858
VARIABLE NOTES - 5.68%
5,000,000	i	International Business Machines Corp	5.363	06/28/07		5,000,546
5,000,000	i	National City Bank of Indiana	5.365	06/04/07		5,000,632
8,000,000	i	PNC Bank NA	5.265	01/02/08		7,998,489
5,000,000	i	Suntrust Bank	5.290	05/01/07		5,000,022
4,000,000	i	Suntrust Bank	5.265	09/27/07		3,999,894
5,000,000	i	US Bank NA	5.290	11/30/07		5,000,150
3,000,000	i	US Bank NA	5.290	12/05/07		3,000,341
5,000,000	i	Wells Fargo & Co	5.370	03/10/08		5,004,098
		TOTAL VARIABLE NOTES				40,004,172
		TOTAL SHORT-TERM INVESTMENTS				707,418,421
		(Cost $707,418,421)
		TOTAL PORTFOLIO - 100.39%				707,418,421
		(Cost $707,418,421)
		OTHER ASSETS & LIABILITIES, NET - (0.39)%				(2,773,275	)
		NET ASSETS - 100.00%				704,645,146
	c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended.
	i	Floating rate or variable rate securities reflects the rate at March 31, 2007.

139

Item 2. 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 quarterly reporting period.

         (b) There were no changes in the Registrant’s internal controls over financial reporting that occurred during the Registrant’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the 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 MUTUAL FUNDS
Date:	May 24, 2007	By:	/s/ Scott C. Evans
			Scott C. Evans
			Principal Executive Officer and President

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

Date:	May 24, 2007	By:	/s/ Scott C. Evans
			Scott C. Evans
			Principal Executive Officer and President
			(principal executive officer)
Date:	May 24, 2007	By:	/s/ Phillip G. Goff
			Phillip G. Goff
			Principal Financial Officer, Principal Accounting
			Officer and Treasurer
			(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the principal financial officer

EX-99.CERT

EX-99.CERT

CERTIFICATION

I, Scott C. Evans, certify that:

1. I have reviewed this report on Form N-Q of the TIAA-CREF Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 24, 2007	By:	/s/ Scott C. Evans
		Scott C. Evans
		Principal Executive Officer and President
		(principal executive officer)

CERTIFICATION

I, Phillip G. Goff, certify that:

1. I have reviewed this report on Form N-Q of the TIAA-CREF Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 24, 2007	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal
		Accounting Officer and Treasurer
		(principal financial officer)