With This Report, a New Look

The format of this year's TIAA-CREF Mutual Funds Annual Report is new. While the page size is smaller, the report offers more information about the funds in which you've invested. This smaller size cuts printing costs—savings that benefit all investors.

We have added new features, including an Investor Insight box with useful information about each fund, and a description of each fund's benchmark. These features respond to requests from investors and are part of our ongoing commitment to communicate clearly about investment performance.

For your reference, the chart on the facing page shows the performance of all 11 funds. If you need further information, visit the TIAA-CREF Web Center at www.tiaa-cref.org or call us at 800 223-1200. On our Web Center you can also sign up for e-delivery of annual reports. E-delivery allows you to get this information much sooner.

As always, you should carefully consider the investment objectives, risks, and charges and expenses of any fund before investing. (Unlike many mutual funds, TIAA-CREF Mutual Funds do not contain a sales charge.) Please visit the Web Center for a prospectus that contains this and other important information and read it before investing.

Contents

Report to Investors
2

Fund Performance

   International Equity Fund
4

   Growth Equity Fund
7

   Growth & Income Fund
10

   Equity Index Fund
13

   Social Choice Equity Fund
16

   Managed Allocation Fund
19

   High-Yield Bond Fund
22

   Short-Term Bond Fund
25

   Tax-Exempt Bond Fund
28

   Bond Plus Fund
31

   Money Market Fund
34

Statement of Investments

   International Equity Fund
37

   Growth Equity Fund
44

   Growth & Income Fund
48

   Equity Index Fund
53

   Social Choice Equity Fund
91

   Managed Allocation Fund
104

   High-Yield Bond Fund
105

   Short-Term Bond Fund
115

   Tax-Exempt Bond Fund
122

   Bond Plus Fund
126

   Money Market Fund
137

Financial Statements

   Report of Management Responsibility
140

   Report of the Audit Committee
141

   Statements of Assets and Liabilities
142

   Statements of Operations
146

   Statement of Cash Flows
150

   Statements of Changes in Net Assets
152

   Financial Highlights
160

   Notes to Financial Statements
182

Report of Independent Auditors
189

2003 TIAA-CREF Mutual Funds Special Meeting
191

Management
192

Important Tax Information
200

For More Information
Inside Back Cover

Report to Investors

World stock markets rebounded strongly in 2003. The Morgan Stanley World Index^SM, which tracks stocks in 23 developed markets, soared to a 33.11% gain—its best performance in 17 years. About one-quarter of that advance resulted from the declining value of the dollar against several major currencies.

The rally was spurred, in part, by signs of economic recovery in the United States and by surging growth in China, both of which improved expectations for growth worldwide. In the United States, the Russell 3000^® Index, a measure of the broad domestic market, rose 31.06%—the best performance by the index since 1997. With prospects brightening, U.S. investors showed renewed confidence, and long-term mutual funds registered inflows of capital totaling more than $217 billion. That represented a 79% increase over 2002.

When stock markets turn sharply upwards, as happened during the second quarter of 2003, TIAA-CREF’s strategy of remaining fully invested at all times enables its portfolios to capture these market gains. Money managers who maintained a cushion of cash holdings found themselves chasing returns as the rally continued and intensified in the fourth quarter.

The rally in domestic stocks was fueled by improved corporate earnings and higher productivity. The nation’s gross domestic product (GDP) increased at an 8.2% rate in the third quarter. Even at half that rate, GDP growth would be above long-term trends in the United States.

Small-Cap Stocks Lead the Way
The advance in U.S. stocks was led by smaller issues: the small-cap Russell 2000^® Index jumped 47.25%—its largest one-year increase ever. The Russell Midcap^® Index advanced 40.06%, and the Russell 1000^®, which consists mostly of large-cap stocks, rose 29.89%. While gains varied widely among companies of different sizes, all 12 Russell industry sectors shared in the rally, with returns ranging from 17.3% for utilities to 50% in the technology sector.

Our equity funds shared in the broad-based advance by both foreign and domestic stocks, with returns that ranged from 25.83% for the Growth & Income Fund to 40.86% for the International Equity Fund.

Bond Markets Are Buffeted
With the unemployment rate at its highest level since 1994 and a sizable portion of the nation’s productive

Being fully invested at all times means the TIAA-CREF Mutual Funds’ portfolios capture the market’s gains.

2 2003 Annual Report TIAA-CREF Mutual Funds

capacity still idle, the Federal Reserve Board cut short-term rates in June to their lowest levels in 45 years and kept them there through December. Reflecting this action, the 10-year Treasury rate dropped to 3.11% in June but climbed back to 4.25% by year’s end. That increase in longer-term rates constrained returns in the fixed-income markets. The Lehman Brothers Aggregate Bond Index, which tracks corporate, government, and asset-backed bonds, returned 4.10% for the year, after posting a return of 10.26% in 2002.

All four of our fixed-income funds outpaced their benchmarks, a noteworthy achievement in a year of high volatility in the bond markets. Their returns varied from 3.51% for the Short-Term Bond Fund to 23.24% for the High-Yield Bond Fund.

Historically, low short-term interest rates have reduced money market yields, but the Money Market Fund was able to add value above that of its benchmark by allocating assets successfully and maintaining low expenses. This report provides details of each fund’s holdings and performance as of December 31, 2003.

The six new funds that we launched in October 2002 now have a full year’s performance behind them. They are offered to individual investors through the Retail Class of the TIAA-CREF Institutional Mutual Funds and, in conjunction with our other funds, provide coverage across company sizes and styles. (A full description of each fund appears in the joint prospectus that you received in the mail recently.) Up-to-date returns for all of our funds can be found 24 hours a day at our Web Center (www.tiaa-cref.org) or by phoning 800 842-2252.

As always, we urge you to consider the benefits of a well-diversified portfolio, positioned to take advantage of upward market movements, wherever they may occur.

/s/ Scott Evans
______________________

Scott Evans
Executive Vice President,
Equity Investments

/s/ John Somers
________________________

John Somers
Executive Vice President,
Fixed-Income Investments

TIAA-CREF Mutual Funds 2003 Annual Report 3

International Equity Fund Foreign Stocks

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003
The International Equity Fund gained 40.86% for the year, outperforming both the 38.59% return of its benchmark, the MSCI EAFE^® Index, and the 33.32% average return of similar funds, as measured by the Morningstar Foreign Large Blend category.

Foreign Stocks Soar in 2003
Foreign stocks got off to a rocky start in 2003; the EAFE Index lost 8.21% in the first quarter. However, despite the sluggish global economy, foreign markets soared 19.27% in the second quarter. The EAFE Index gained an additional 8.13% in the third quarter as renewed vigor in the United States helped increase exports of the nation’s trading partners. During the final three months, the index soared 17.08%. (Please note that investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes.)

Superior Stock Selections
Help the Fund Top the Benchmark
The fund’s performance exceeded the benchmark’s as a result of individual stock selections in both the European and Asia-Pacific regions. In the European segment, relative performance benefited from holdings such as the Netherlands’ ASM Lithography, Swiss testing company Surveillance S.A., and German athletic apparel manufacturer Puma. These strong positive effects more than offset the underperforming positions in firms that included Swiss biotechnology company Lonza AG, British consumer products company Reckitt Benckiser, and Finnish mobile communications company Nokia.

In the Asia-Pacific region, positive performance, relative to the benchmark, benefited from selections that included two Japanese companies: technology firm Advantest and computer printer manufacturer Seiko Epson. An underweight position in Mitsubishi Tokyo Financial also helped returns. These contributors more than offset such detractors as Japanese firms Sony and Takeda Chemical Industries, a drug manufacturer. Also detracting from performance was an underweight position in Japanese bank holding company UFJ Holdings.

4 2003 Annual Report TIAA-CREF Mutual Funds

International Equity Fund Foreign Stocks

PERFORMANCE

Investment Objective
Seeks favorable long-term returns, mainly through capital appreciation

$10,000 Since 9/2/1997 Inception

Performance as of 12/31/2003

Average Annual Compound
Rates of Total Return¹ Cumulative Rates
of Total Return¹

since since

1 year 5 years inception² 5 years inception²

International Equity Fund
    40.86%

     2.30%

   4.29%

12.05%

     30.57%

Benchmark:

    Morgan Stanley EAFE® Index
38.59

–0.01

2.47

–0.06

16.73

Peer group:

     Morningstar Foreign Large Blend
33.32

  0.49

1.91

2.47

14.07

¹Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund's recent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org or call 800 223-1200.

² Inception date of the International Equity Fund was 9/2/1997.

TIAA-CREF Mutual Funds 2003 Annual Report 5

International Equity Fund Foreign Stocks

PROFILE

Ten Largest Holdings (as of 12/31/2003)

Percent of

Company (Country)
Net Assets

Nokia Oyj (Finland)
2.84

E.ON AG. (Germany)
2.79

Novartis AG (Regd) (Switzerland)
2.55

Vinci S.A. (France)
2.28

Nobel Biocare Holding AG (Switzerland)
2.15

Royal Bank of Scotland Group plc (United Kingdom)
2.13

Man Group plc (United Kingdom)
2.10

Reckitt Benckiser plc (United Kingdom)
2.02

BP plc (United Kingdom)
1.95

Sandvik ABj (Sweden)
1.95

Total
22.76

Fund Facts

Inception Date 9/2/1997

Net Assets (12/31/2003) $286.77 million

2003 Actual Expense Charge 0.49%

The Fund’s Benchmark
The Morgan Stanley Capital International EAFE^® (Europe, Australasia, Far East) Index tracks the performance of stocks in developed countries around the world, excluding the United States and Canada. The index is weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole.

International funds invest in stocks outside the United States. Global funds can invest in stocks anywhere in the world, including the United States.

6 2003 Annual Report TIAA-CREF Mutual Funds

Growth Equity Fund Large Cap Growth Stocks

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003
The Growth Equity Fund gained 28.06% for the year, compared with 29.75% for its benchmark, the Russell 1000^® Growth Index, and the 28.55% average return of similar funds, as measured by the Morningstar Large Growth category.

Growth and Value: Neck and Neck
The large-cap growth stocks of the Russell 1000 Growth Index rebounded powerfully in 2003, but their return slightly trailed the 30.03% gain of the predominantly large-cap Russell 1000 Value Index. This marked the fourth year in a row that growth stocks trailed value stocks, as measured by Russell. (In the years 1996–1999, however, growth beat value three out of four times.)

Both large-cap indexes underperformed the broad domestic market as represented by the Russell 3000^® Index, which advanced 31.06%. The gain of the Russell 3000 was boosted by the extraordinary returns of 48.54% for small-cap growth stocks and 42.71% for mid-cap growth stocks, as measured by their respective Russell indexes. (Small- and mid-cap stocks may have limited marketability and may be
subject to more abrupt or erratic movements than large-cap stocks.

Fund Contributors and Detractors
The fund had a strong year but lagged its benchmark because of a number of stock selections that did not perform as anticipated. These included Taiwan Semiconductor Manufacturing, PepsiCo, and Amylin Pharmaceuticals. The fund had larger weightings of these stocks than the benchmark. (Foreign stocks are subject to additional risks not associated with domestic investments, such as currency fluctuation.) Underweight holdings that included General Electric and Microsoft also detracted from performance.

Positive contributions to relative performance came from holdings such as Cisco Systems, Boston Scientific, Texas Instruments, and SAP AG, a German-based leader in business-to-business software. The fund had larger weightings of these stocks than the benchmark. The fund also benefited from its below-benchmark weightings in firms that included Kohl’s department stores, and health care companies HCA and Eli Lilly.

TIAA-CREF Mutual Funds 2003 Annual Report 7

Growth Equity Fund Large Cap Growth Stocks

PERFORMANCE

Investment Objective
Seeks a favorable long-term return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks

$10,000 Since 9/2/1997 Inception

Performance as of 12/31/2003

Average Annual Compound
Rates of Total Return¹       Cumulative Rates
of Total Return¹


since


since

1 year

5 years

inception²

5 years

inception²

Growth Equity Fund
28.06%

–6.09%

1.14%

–26.97%

7.44%

Benchmark:

     Russell 1000® Growth Index³
29.75

–5.11

2.04

–23.08

13.64

Peer group:

     Morningstar Large Growth
28.55

–3.20

2.33

–15.02

18.11

² Inception date of the Growth Equity Fund was 9/2/1997.

³ Russell 1000 is a trademark and service mark of the Frank Russell Company.

8 2003 Annual Report TIAA-CREF Mutual Funds

Growth Equity Fund Large Cap Growth Stocks

PROFILE

Ten Largest Holdings (as of 12/31/2003)

Percent of

Company
Net Assets

General Electric Co
6.20

Pfizer, Inc
6.16

Cisco Systems, Inc
3.95

Microsoft Corp
3.86

Intel Corp
3.25

Fannie Mae
3.24

Procter & Gamble Co
3.23

Johnson & Johnson
2.27

Wal-Mart Stores, Inc
2.11

Int’l Business Machines Corp
2.10

Total
36.37

Fund Facts

Inception Date 9/2/1997

Net Assets (12/31/2003) $549.88 million

2003 Actual Expense Charge 0.45%

The Fund’s Benchmark
The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which tracks the stocks of large domestic companies, based on total market capitalization. The Russell 1000 Growth Index represents those stocks of the Russell 1000 with higher price-to-book ratios and higher relative forecasted growth rates. Both indexes are weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole.

“Growth” companies tend to have higher-than-average rates of growth in sales or earnings. Their stocks typically also have higher prices than other stocks, relative to their earnings per share.

TIAA-CREF Mutual Funds 2003 Annual Report 9

Growth & Income Fund Large Cap, Dividend-Paying Stocks

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003
The Growth & Income Fund posted a return of 25.83% for the year, compared with 28.68% for its benchmark, the S&P 500^® Index, and the 26.72% average return of similar funds, as measured by the Morningstar Large Blend category.

Large-Cap Stocks Rebound After a Slow Start
After three consecutive years of negative returns, the large-cap stocks of the S&P 500 Index lost an additional 3.15% in the first quarter of 2003. But a combination of measures designed to stimulate the economy, including a reduction of short-term interest rates by the Federal Reserve in June and a round of tax cuts, coupled with increasing consumer confidence, helped spark a rally that started during the second quarter and lasted through year-end. All ten sectors of the S&P 500 advanced for the year, with eight generating double-digit returns. The highest gains came from the information technology sector, which rose 46.55%. The weakest sector was telecommunications, which returned only 3.28%.

Fund Contributors and Detractors
The fund had a strong year but lagged its benchmark because a number of stock selections did not perform as anticipated. These included above-benchmark holdings in Pepsi Bottling Group, software company Oracle, Verizon Communications, and Level 3 Communications. Underweight holdings that included Tyco International and health care company Baxter Interna-tional also detracted from performance versus the benchmark.

Positive contributions to relative performance came from such holdings as software company Symantec, HMO Aetna, accessories retailer Coach, and auto safety company Autoliv. Below-benchmark weightings in companies such as SBC Communications and Time Warner also boosted returns.

The fund had 3.52% of its net assets in foreign securities as of December 31, 2003. (Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuations and political and economic changes.)

10 2003 Annual Report TIAA-CREF Mutual Funds

Growth & Income Fund Large Cap, Dividend-Paying Stocks

PERFORMANCE

Investment Objective
Seeks a favorable long-term return through capital appreciation and investment income, primarily from a broadly diversified portfolio of common stocks

$10,000 Since 9/2/1997 Inception

Performance as of 12/31/2003

Average Annual Compound   Cumulative Rates

  Rates of Total Return¹     of Total Return¹

since

since

1 year

5 years

inception²

5 years

inception²

Growth & Income Fund

25.83%

–0.87%

4.89%

–4.27%

35.39%

Benchmark:

    S&P 500® Index

28.68

–0.57

4.92

–2.82

35.58

Peer group:

    Morningstar Large Blend

26.72

–0.43

3.81

–2.13

28.17

¹Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund'srecent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF WebCenter at www.tiaa-cref.org or call 800 223-1200.

² Inception date of the Growth & Income Fund was 9/2/1997.

________________

Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes.

TIAA-CREF Mutual Funds 2003 Annual Report 11

Growth & Income Fund Large Cap, Dividend-Paying Stocks

PROFILE

Ten Largest Holdings (as of 12/31/2003)

Percent of

Company
Net Assets

ExxonMobil Corp
3.95

Citigroup, Inc
3.77

Microsoft Corp
3.20

Procter & Gamble Co
2.75

Int’l Business Machines Corp
2.21

Pfizer, Inc
2.18

Cisco Systems, Inc
2.10

Fannie Mae
2.06

PepsiCo, Inc
2.03

American Express Co
1.88

Total
26.13

Fund Facts

Inception Date 9/2/1997

Net Assets (12/31/2003) $441.44 million

2003 Actual Expense Charge 0.43%

The Fund’s Benchmark
The S&P 500^® Index tracks the stocks of the 500 largest companies in the United States, in terms of market capitalization. The index is weighted, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole.

In selecting stocks to overweight in this portfolio, the fund’s managers look for stocks that are well priced, show growth potential, and provide a stream of dividend income.

12 2003 Annual Report TIAA-CREF Mutual Funds

Equity Index Fund U.S. Stocks

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003
The Equity Index Fund gained 30.67% for the year, closely tracking the 31.06% return of its benchmark, the Russell 3000^® Index, but surpassing the 26.72% average return of similar funds, as measured by the Morningstar Large Blend category.

After a Slow Start, Stocks Surge
Stock prices lost ground in the first quarter, when the Russell 3000 declined 3.04%, but the index jumped 16.24% in the second quarter—its largest quarterly advance since 1998—and rose another 3.43%
in the third quarter.

At the end of September, some market observers worried that investor confidence might be shaken by the numerous scandals in the mutual fund industry. There was also concern that stocks had risen too quickly, making a correction seem possible. Both fears turned out to be unfounded. While investors did pull money out of the fund families that were tarred by the scandals, the benchmark gained an additional 12.43% in the fourth quarter, ending three consecutive years of negative returns in the U.S. equity market.

Small Caps Lead the Way
Within the benchmark Russell 3000, every industry segment shared in the year’s advance, with gains ranging from 17.30% in the utilities sector to 50.00% among technology stocks. Investors, however, showed a clear preference for small caps: the Russell 2000^® Index, which tracks the 2,000 smallest companies in the Russell 3000, gained a record 47.25%. Mid-cap stocks also performed superbly, gaining 40.06%, as measured by the Russell Midcap^® Index. (Small- and mid-cap stocks have limited marketability and may be subject to more abrupt or erratic movements than large-cap stocks.) The predominantly large-cap Russell 1000^® Index returned 29.89%. There was little difference between growth and value issues, with the Russell 3000 Value Index up 31.14% and the Russell 3000 Growth Index just behind it with a 30.97% return.

An indexed portfolio seeks to match the risk/return profile of its benchmark in order to produce an equivalent return. Differences between the return of the portfolio and that of the benchmark are caused by the deviations in their respective compositions during the period, some of which are the inevitable result of the fund’s cash flows. The return of the fund is determined by the performance of the portfolio minus an expense charge, which the return of the benchmark does not include.

TIAA-CREF Mutual Funds 2003 Annual Report 13

Equity Index Fund U.S. Stocks

PERFORMANCE

Investment Objective
Seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the United States, as represented by a broad stock market index

$10,000 Since 4/3/2000 Inception

Performance as of 12/31/2003

Average Annual Compound    Cumulative Rates

Rates of Total Return¹ of Total Return¹

since since

1 year inception² inception²

Equity Index Fund
30.67%

–5.64%

–19.58%

Benchmark:

     Russell 3000® Index³
31.06

–5.59

–19.43

Peer group:

     Morningstar Large Blend
26.72

-6.04

–20.02

² Inception date of the Equity Index Fund was 4/3/2000.

³ Russell 3000 is a trademark and service mark of the Frank Russell Company.

14 2003 Annual Report TIAA-CREF Mutual Funds

Equity Index Fund U.S. Stocks

PROFILE

Ten Largest Holdings (as of 12/31/2003)

Percent of

Company
Net Assets

General Electric Co
2.60

Pfizer, Inc
2.35

ExxonMobil Corp
2.31

Citigroup, Inc
2.11

Microsoft Corp
2.08

Intel Corp
1.77

Cisco Systems, Inc
1.44

Johnson & Johnson
1.29

American Int’l Group, Inc
1.28

Int’l Business Machines Corp
1.27

Total
18.50

Fund Facts

Inception Date 4/3/2000

Net Assets (12/31/2003) $338.19 million

2003 Actual Expense Charge 0.26%

The Fund’s Benchmark
The Russell 3000^® Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on total market capitalization, and represents about 98% of the publicly traded U.S. equity market. The index is weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole.

This fund uses an index strategy exclusively. Many of our other equity funds use active stock selection along with quantitative techniques to control risk.

TIAA-CREF Mutual Funds 2003 Annual Report 15

Social Choice Equity Fund Socially Screened Stocks

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The Social Choice Equity Fund returned 29.87% for the year, compared with the 31.06% return of its benchmark, the Russell 3000^® Index. It strongly outperformed the 26.72% average return of similar funds, as measured by the Morningstar Large Blend category. Neither the benchmark nor the Morningstar category screens investments for social criteria.

Excluded Stocks Affect Performance
The fund’s social screens helped its performance relative to the Russell 3000 by excluding several stocks that significantly underperformed the index. These stocks included Pfizer, Wal-Mart, and ExxonMobil. The positive effects of the screens were more than offset by the screens’ exclusion of several well-performing stocks. Among these were Citigroup and Genentech, which is owned by Roche Holdings.

Managing Risk
Because the social screens prevent the fund’s owning some of the stocks in the Russell 3000 Index, the fund’s managers use statistical techniques to ensure that the risk characteristics of the portfolio closely resemble those of the index. The result was overweight holdings, relative to the benchmark, in several stocks that underperformed the index and detracted from relative performance, including Merck and Johnson & Johnson. The negative effects of these holdings were partly offset by positions in such stocks as Intel and FleetBoston, which outperformed the index and enhanced relative performance. (Note: Because its social criteria exclude some investments, the fund may not be able to take advantage of the same opportunities or market trends as do funds that do not use such criteria.)

16 2003 Annual Report TIAA-CREF Mutual Funds

Social Choice Equity Fund Socially Screened Stocks

PERFORMANCE

Investment Objective
Seeks a favorable long-term rate of return that tracks the investment performance of the U.S. stock market while giving special consideration to certain social criteria. Investments must pass multiple social screens.

$10,000 Since 4/3/2000 Inception

Performance as of 12/31/2003

Average Annual Compound Cumulative Rates

Rates of Total Return¹ of Total Return¹

since

since

1 year

inception²

inception²

Social Choice Equity Fund
     29.87%

    –5.33%

    –18.60%

Benchmark:

     Russell 3000® Index³
31.06

–5.59

–19.43

Peer group:

     Morningstar Large Blend
26.72

–6.04

–20.02

¹Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund'srecent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF WebCenter at www.tiaa-cref.org or call 800 223-1200.

² Inception date of the Social Choice Equity Fund was 4/3/2000.

³ Russell 3000 is a trademark and a service mark of the Frank Russell Company.

TIAA-CREF Mutual Funds 2003 Annual Report 17

Social Choice Equity Fund Socially Screened Stocks

PROFILE

Ten Largest Holdings (as of 12/31/2003)

Percent of

Company
Net Assets

Microsoft Corp
2.57

Johnson & Johnson
2.28

Intel Corp
2.27

Procter & Gamble Co
2.14

American Int’l Group, Inc
2.09

Int’l Business Machines Corp
1.96

Bank of America Corp
1.88

Cisco Systems, Inc
1.77

Merck & Co, Inc
1.68

Wells Fargo & Co
1.67

Total
20.31

Fund Facts

Inception Date 4/3/2000

Net Assets (12/31/2003) $70.19 million

2003 Actual Expense Charge 0.27%

This portfolio’s investments must pass two kinds of social screens. The first kind excludes companies whose revenues are derived from alcohol, tobacco, gambling, weapons production, or nuclear power. Remain- ing companies are then evaluated and selected based on such criteria as respect for the environment, diversity, charitable giving, fair labor and governance practice, and other issues.

18 2003 Annual Report TIAA-CREF Mutual Funds

Managed Allocation Fund Stocks and Bonds

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The Managed Allocation Fund posted a return of 22.45% for the year, outperforming the 21.18% return for its benchmark, the Managed Allocation Composite Index. On May 1, 2003, the Russell 3000^® Index replaced the S&P 500^® Index as the domestic stock component of the Composite Index. The average return for similar funds for the year was 20.06%, as measured by the Morningstar Moderate Allocation category.

Strong Underlying Fund Performance
During the year, there were no changes in the fund’s 60%/40% target allocation ratio of equity to fixed-income investments. However, on May 5, 2003, we reallocated a portion of the fund’s domestic equity exposure by replacing the Growth & Income Fund with investments in the Large-Cap Value and Small-Cap Equity Funds that are offered through the Retail Class of the TIAA-CREF Institutional Mutual Funds. The Growth Equity Fund continues to constitute the substantial remainder of the fund’s domestic equity component.

The fund’s performance exceeded its benchmark’s largely because of continued strong relative performance by the Bond Plus Fund and successful stock selections by the Large-Cap Value Fund and the International Equity Fund. A slight tilt toward equities despite frequent rebalancing also boosted performance. These positive contributions more than offset the relative underperformance of the Growth Equity and Equity Index Funds.

The fund’s asset allocation at year’s end, shown in the Asset Allocation table following, differed slightly from the current target allocation because of fluctuations in the value of the securities in which the funds invest.

TIAA-CREF Mutual Funds 2003 Annual Report 19

Managed Allocation Fund Stocks and Bonds

PERFORMANCE

Investment Objective
Seeks a return that reflects the broad investment performance of the financial markets through capital appreciation and investment income

$10,000 Since 9/2/1997 Inception

The Managed Allocation Composite benchmark in the Performance Table differs from the returns listed for the same benchmark in the chart showing returns for a $10,000 hypothetical investment. The benchmark return since inception is 42.24% versus 45.82% in the $10,000 hypothetical chart. The difference is due to how the benchmark is calculated in linking returns for the $10,000 calculation.

Performance as of 12/31/2003



Average Annual Compound Cumulative Rates

Rates of Total Return¹ of Total Return¹

since

since

1 year

5 years

inception²

5 years

inception²

Managed Allocation Fund

22.45%

2.20%

5.74%

11.52%

42.49%

Benchmarks:

    Fund Composite Index (new)³

21.18

3.01

5.71

16.01

42.24

    Fund Composite Index (old)⁴

20.04

2.61

5.65

13.76

41.67

Peer group:

   Morningstar Moderate Allocation

20.06

2.48

4.74

13.02

35.15

¹Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund'srecent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF WebCenter at www.tiaa-cref.org or call 800 223-1200.

² Inception date of the Managed Allocation Fund was 9/2/97.

³ Current Composite Index: 48% Russell 3000^® Index; 40% Lehman Brothers Aggregate Bond Index; 12% Morgan Stanley EAFE^® Index. (Russell 3000 is a trademark and a service mark of the Frank Russell Company.)

⁴ Prior to 5/1/2003, the Composite Index was: 48% S&P 500^® Index; 40% Lehman Brothers Aggregate Bond Index; 12% Morgan Stanley EAFE Index.

______________________
Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes.

20 2003 Annual Report TIAA-CREF Mutual Funds

Managed Allocation Fund Stocks and Bonds

PROFILE

Asset Allocation (as of 12/31/2003)

Percent of

Fund
Net Assets

Bond Plus Fund
34.2

Institutional Large-Cap Value Fund
22.6

Growth Equity Fund
21.2

International Equity Fund
11.9

Institutional Small-Cap Equity Fund
3.5

High-Yield Bond Fund
2.8

Equity Index Fund
1.2

Short-Term Bond Fund
1.2

Institutional Real Estate Securities Fund
1.0

Money Market Fund
0.3

Short-Term Investments
0.1*

Total
100.0

* Percent is based on cash available minus $0.5 million after adjustment is made for committed cash.

Fund Facts

Inception Date 9/2/1997

Net Assets (12/31/2003) $397.99 million

2003 Actual Expense Charge 0.39%

Deciding how to allocate funds among different kinds of investments is a challenging task. This fund gives investors the opportunity to have professional money managers make those choices for them.
The Fund’s Benchmark
The fund’s benchmark is a composite index, a weighted average of the benchmarks of the individual funds that the Managed Allocation Fund invests in. Therefore, the effect of a given benchmark on the return of the composite index depends on the weighting of that fund in the portfolio.
About the Fund’s Expenses
The Managed Allocation Fund operates at a zero expense ratio because the fund advisor does not receive a management fee for its services to the fund and has agreed to be responsible for providing the services reasonably necessary for the ordinary operations of the fund. Shareholders indirectly bear their pro rata share of the fees and expenses of the funds in which the Managed Allocation Fund invests. Based on the fund’s allocations during 2003, the expense ratio was 0.39% for the year.

TIAA-CREF Mutual Funds 2003 Annual Report     21

High-Yield Bond Fund   High-Yield Bonds

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003
The High-Yield Bond Fund returned 23.24% for the year, outperforming the 22.78% return of its benchmark, the Merrill Lynch BB/B Cash Pay Issuer Constrained Index, and underperforming the 24.07% average return of similar funds, as measured by the Morningstar High-Yield Bond category.
     It was a strong year for the fund and for the high-yield bond market as a whole. Given investors’ overall confidence in the economy, their search for yield, and their quest for a relatively safe haven from rising interest rates, there was a strong demand for the high-yield bond asset class throughout the year. (Please note that high-yield bonds involve a greater risk of default and price volatility than U.S. government and other high-quality bonds. Investing in non-investment-grade securities presents special risks, including significantly higher credit risk.)
     High-yield bond mutual funds had record inflows in 2003, totaling $32.79 billion. Record demand for high-yield bonds in the year was met with record supply, with $141 billion of high-yield bonds issued. Capital expenditures by corporations remained relatively low, and there was limited leveraged buy-out activity. The primary reason companies issued high-yield bonds during 2003 was to refinance debt, with companies that were closest to defaulting on their existing debt benefiting most from this ability. This availability of capital for distressed companies was a significant factor in the decline in the high-yield bond default rate from 7.3% at the end of 2002 to 5.4% at the close of 2003, according to Moody’s.

The Market Rewards Risk
The best returns were provided by the riskier end of the market, e.g., B- and C-rated securities, with C-rated securities delivering a 53.96% return. Among the industry sectors, those industries with the most distressed debt at the beginning of the year, such as electric utilities and power generators, gas pipelines, and cable television, led the market higher in 2003. A primary factor in the fund’s outperforming the benchmark was an overweight position relative to the benchmark in cable television, including holdings in Adelphia Communications, Charter Communications, and Insight Communications. Other significant positive factors in the fund’s perfor-mance included holdings in Advanstar, EMI Group, Mail-Well, and Von Hoffman. Factors that detracted from the fund’s performance during the year included an underweight portfolio position in the hotel industry and underperforming company selections in the portfolio’s health care sector.

22     2003 Annual Report TIAA-CREF Mutual Funds

High-Yield Bond Fund High-Yield Bonds

PERFORMANCE
Investment Objective
Seeks high current income and, when consistent with its primary objective,
capital appreciation
$10,000 Since 4/3/2000 Inception

Performance as of 12/31/2003

Average Annual Compound       Cumulative Rates

           Rates of Total Return¹ of Total Return¹

since since

1 year inception² inception²

High-Yield Bond Fund 23.24% 8.14% 34.14%

Benchmarks:

Merrill Lynch BB/B Cash Pay

Issuer Constrained Index 22.78 7.64 31.84

Merrill Lynch BB/B Cash Pay Index³ 22.85 7.05 29.14

Peer group:

Morningstar High-Yield Bond 24.07 4.35 18.14

¹Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund's recent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org or call 800 223-1200.
²Inception date of the High-Yield Bond Fund was 4/3/2000.
³This was the fund’s benchmark through 12/31/2002.

TIAA-CREF Mutual Funds 2003 Annual Report     23

High-Yield Bond Fund    High-Yield Bonds

PROFILE

Credit Quality of Portfolio Assets (as of 12/31/03)

Percent of

Rating
Portfolio

Money market instruments (not rated)
2.9

Bonds

      Baa/BBB
1.7

      Ba/BB
35.9

      B/B
55.7

      Below B/B
3.3

      Not Rated
0.5

Total
100.0

Fund Facts

   Inception Date 4/3/2000

   Net Assets (12/31/2003) $228.32 million

   2003 Actual Expense Charge 0.34%

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

One of the ways the fund’s managers control risk is to ensure that the fund’s holdings are diversified by industry, geographic region, maturity date, duration, and credit quality.

24     2003 Annual Report TIAA-CREF Mutual Funds

Short-Term Bond Fund     Short-Term Bonds

DISCUSSION
Performance in the Twelve Months
Ended December 31, 2003
The Short-Term Bond Fund returned 3.51% for the year, outpacing the 3.35% return of its benchmark, the Lehman Brothers U.S. Government/ Credit 1-5 Year Index, and the 2.39% average return of similar funds, as measured by the Morningstar Short-Term Bond category.
     During 2003, stocks outperformed fixed-income investments for the first time since 1999. The year began with rising international tensions and
concerns about deflation; economic growth prospects seemed weak. However, as the year unfolded,
deflation worries subsided, economic prospects brightened, and interest rates rose modestly. The yield on the two-year U.S. Treasury note was 1.82% at year-end—an increase of 0.22 percentage points during the 12–month period.
Corporate Bonds Lead the Market
The corporate sector was the star performer in the bond market during 2003. Lower-quality bonds (triple-B-rated) posted higher returns than top-rated corporate debt (double-A), as investors continued to purchase the highest-yielding securities and companies’ bottom-line results improved. U.S. Treasury inflation-protected securities (TIPS) posted another year of solid performance, primarily because of increased demand from investors new to the asset class and because of concerns that inflation would increase as economic growth accelerated.
Maintaining Credit Quality
The fund outpaced its benchmark on the strength of successful allocations among different kinds of bonds. Throughout the year, it maintained a modest overweight in corporate securities focused primarily in the automotive, telecom, cable, and utilities sectors. Additional contributions to performance came from the fund’s substantial holdings in TIPS during the first quarter. (These are not included in the benchmark.)
TIAA-CREF Mutual Funds 2003 Annual Report    25

Short-Term Bond Fund     Short-Term Bonds

PERFORMANCE
Investment Objective
Seeks high current income consistent with preservation of capital

$10,000 Since 4/3/2000 Inception

Performance as of 12/31/2003

Average Annual Compound
Rates of Total Return¹ Cumulative Rates
of Total Return¹

since since

1 year inception² inception²

Short-Term Bond Fund 3.51% 7.52% 31.29%

Benchmark

   Lehman Brothers U.S. Govt./

      Credit 1-5 Year Index 3.35 7.46 31.02

Peer group:

  Morningstar Short-Term Bond 2.39 5.71 23.19

¹Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund's recent performance may differ from the figures shownabove. For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org or call 800 223-1200.
²     Inception date of the Short-Term Bond Fund was 4/3/2000.
_________
The fund is not insured or guaranteed by any U.S. government agency.

26     2003 Annual Report TIAA-CREF Mutual Funds

Short-Term Bond Fund     Short-Term Bonds
PROFILE

Short-Term Credit Quality of Portfolio Assets (as of12/31/03)

Percent of

Type of Asset
Portfolio

Money market instruments (not rated)
3.7

U.S. Treasury and agency securities
62.3

Asset-backed securities
0.3

Mortgage-backed securities
1.0

Corporate bonds

      Aaa/AAA
1.9

      Aa/AA
7.3

      A/A
12.4

      Baa/BBB
11.1

Total
100.0

Fund Facts

   Inception Date 4/3/2000

   Net Assets (12/31/2003) $211.08 million

   2003 Actual Expense Charge 0.30%

The Fund’s Benchmark
The Lehman Brothers U.S. Govt./Credit 1-5 Year Index tracks the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1-5 year maturities.

While short-term bond funds generally produce lower yields than the overall bond market, their returns are less
affected by changes in interest rates.

TIAA-CREF Mutual Funds 2003 Annual Report     27

Tax-Exempt Bond Fund   Tax-Exempt Bonds

DISCUSSION
Performance in the Twelve Months
Ended December 31, 2003
The Tax-Exempt Bond Fund returned 5.87%, outperforming the 5.70% return of its benchmark, the Lehman Brothers 10-Year Municipal Bond Index, and substantially outperforming the 4.88% average return of similar funds, as measured by the Morningstar Municipal National Long category.
     During 2003, an improving economy and rising longer-term interest rates led to weaker performance in the municipal bond market than in 2002, but rates of return still compared favorably to those of U.S. Treasury securities. Municipal bond yields declined over the year, and Treasury yields rose. Since declining yields produce higher prices for bonds, this allowed municipals to outperform their taxable counterparts. Overall, long-term interest rates hit bottom in June, but they increased sharply when expected actions by the Fed to keep rates low did not materialize and economic data began to improve. The yield on triple-A-rated 30-year General Obligation bonds, which is considered to be a barometer of the market for municipal bonds, hit a low of 4.20% in June and rose to a high of 5.09% in August; it finished the year at 4.63%.
A Record Year for Munis
Issues in the municipal market set a new record of over $382 billion during 2003, the highest amount ever and a 6.7% increase over 2002. Despite rating downgrades for several major issuers, including California and Michigan, the state sector remained the most creditworthy sector, with approximately 90% of U.S. states carrying credit ratings in Standard & Poor’s two highest rating categories of AA or AAA. Although the first half of the year saw a net positive inflow into municipal bond funds, by year’s end there had been a net outflow of more than $7 billion compared with December 2002.
     The strong relative performance of the fund over the year resulted in part from its positions in issuers such as Texas, New York, Puerto Rico, and Pennsylvania, which have income tax structures or other qualities that often lead them to be traded above or below prevailing general market levels. We believe the fund is well positioned overall, with substantial holdings of non-call, longer-duration bonds that perform very well in a rising market, as well as a core holding of bonds designed to hold their value in a declining market.
28     2003 Annual Report TIAA-CREF Mutual Funds

Tax-Exempt Bond Fund   Tax-Exempt Bonds

PERFORMANCE
Investment Objective
Seeks a high level of current income that is exempt from regular federal income tax, consistent with preservation of capital
$10,000 Since 4/3/2000 Inception

Performance as of 12/31/2003

Average Annual Compound Cumulative Rates

Rates of Total Return¹ of Total Return¹

since since

1 year inception² inception²

Tax-Exempt Bond Fund 5.87% 7.81% 32.59%

Benchmark:

   Lehman Brothers 10-Year

      Municipal Bond Index 5.70 7.65 31.87

Peer group:

   Morningstar Muni National Long 4.88 6.66 27.35

¹Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund's recent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org or call 800 223-1200.
²Inception date of the Tax-Exempt Bond Fund was 4/3/2000.
     The fund is not insured or guaranteed by any U.S. government agency.
_________
TIAA-CREF Mutual Funds 2003 Annual Report

TIAA-CREF Mutual Funds 2003 Annual Report     29

Tax-Exempt Bond Fund    Tax-Exempt Bonds

PROFILE

Credit Quality of Portfolio Assets (as of 12/31/03)

Percent of

Rating Portfolio

Money market instruments (not rated) 0.5

Long-term municipal bonds

      Aaa/AAA 43.7

      Aa/AA 15.0

      A/A 23.8

      Baa/BBB 15.0

      B/B 0.5

      Not Rated 1.5

Total 100.0

Fund Facts

   Inception Date 4/3/2000

   Net Assets (12/31/2003) $168.38 million

   2003 Actual Expense Charge 0.30%

The Fund’s Benchmark
The Lehman Brothers 10-Year Municipal Bond Index tracks the performance of long-term, tax-exempt bonds. These bonds must have a minimum credit rating of Baa and an outstanding par value of at least $5 million, and be issued as part of a transaction of at least $50 million. The index is weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole.

This fund may not be an appropriate investment for use in a tax-favored product such as IRAs or by investors who are in a low tax bracket.

30     2003 Annual Report TIAA-CREF Mutual Funds

Bond Plus Fund   Intermediate-Term Bonds

DISCUSSION
Performance in the Twelve Months
Ended December 31, 2003
The Bond Plus Fund returned 4.38% for the year, outpacing the 4.10% return of its benchmark, the Lehman Brothers Aggregate Bond Index, but trailing the 4.92% average return of similar funds, measured by the Morningstar Intermediate-Term Bond category.
     During 2003, stocks outperformed fixed-income investments for the first time since 1999. The year began with rising international tensions and
concerns about deflation; economic growth prospects seemed weak. However, as the year unfolded,
deflation worries subsided, economic prospects brightened, and longer-term interest rates rose modestly. The yield on the five-year U.S. Treasury note was 3.25% at year-end—an increase of about half a percentage point during the 12–month period.
Corporate Bonds Lead the Market
The corporate sector was the star performer in the bond market during 2003. Lower-quality bonds (triple-B-rated) posted higher returns than top-rated corporate debt, as investors continued to purchase the highest-yielding securities and companies’ bottom-line results improved. U.S. Treasury inflation-protected securities (TIPS) posted another year of solid performance, primarily because of increased demand from investors new to the asset class and because of concerns that inflation would increase as economic growth accelerated.
Maintaining Credit Quality
The fund outpaced its benchmark on the strength of successful allocations among different kinds of bonds. In order to preserve the fund’s creditworthiness, we did not overweight high-yield bonds. Throughout the year, the fund maintained a modest overweight in corporate securities, focused primarily in the automotive, telecom, cable, and utilities sectors. Additional contributions to performance came from the fund’s substantial holdings in TIPS during the first quarter. (These are not included in the benchmark.) Perfor-mance was also boosted by an
overweight position, during the first half of the year, in mortgage-backed securities. With interest rates stable, these did well because investors
favored higher-yielding liquid assets while international tensions were high and deflation seemed a threat.
     The fund’s option-adjusted duration was 4.62 years as of December 31, 2003, versus 4.50 for the benchmark. Keeping the duration of the fund’s holdings close to that of the benchmark helps mitigate risk by ensuring that the fund’s performance closely tracks that of the index.

TIAA-CREF Mutual Funds 2003 Annual Report 31

Bond Plus Fund Intermediate-Term Bonds

PERFORMANCE

Investment Objective

Seeks a favorable long-term return, primarily through high current income consistent with preserving capital

$10,000 Since 9/2/1997 Inception

Performance as of 12/31/2003

Average Annual Compound Cumulative Rates

Rates of Total Return¹ of Total Return¹

since since

1 year 5 years inception² 5 years inception²

Bond Plus Fund 4.38% 6.63% 7.37% 37.90% 56.99%

Benchmark:

  Lehman Brothers

    Aggregate Bond Index 4.10 6.62 7.31 37.80 56.46

Peer group:

  Morningstar

    Intermediate-Term Bond 4.92 5.67 6.23 31.72 46.80

² Inception date of the Bond Plus Fund was 9/2/1997.

__________

The fund is not insured or guaranteed by any U.S. government agency.

32 2003 Annual Report TIAA-CREF Mutual Funds

Bond Plus Fund Intermediate-Term Bonds

PROFILE

Holdings by Market Sector (as of 12/31/2003)

Mortgage-backed securities* 36%

U.S. government securities 35

Corporate bonds 25

Money market instruments 2

Yankees** 2

Total 100

* Includes government-backed, private-label, and asset- backed securities

** Foreign government and corporate bonds denominated in U.S. dollars

Fund Facts

Inception Date 9/2/1997

Net Assets (12/31/2003) $426.44 million

2003 Actual Expense Charge 0.30%

Bond prices and interest rates move in opposite directions. Therefore, as interest rates rise, the value of a bond fund declines and vice versa.

Risk Characteristics*:
Bond Plus vs. Benchmark (as of 12/31/2003)

Option-Adjusted

Average Maturity Duration

(In Years) (In Years)

Bond Plus 6.60 4.62

Lehman Brothers

Aggregate

Bond Index 7.57 4.50

* As calculated using an analytical model developed by CMS Bond Edge, a widely recognized risk analytic software package

About Duration

Duration indicates the sensitivity of a bond to changes in interest rates and is measured in years: the lower the duration, the lower the bond's potential volatility. In order to minimize risk, we seek to keep the fund's average duration similar to the benchmark's.

The Fund’s Benchmark

The Lehman Brothers Aggregate Bond Index tracks the performance of the U.S. investment-grade fixed-rate bond market, including government and agency securities, corporate bonds, and mortgage-backed and asset-backed securities.

TIAA-CREF Mutual Funds 2003 Annual Report 33

Money Market Fund Cash Equivalents

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The Money Market Fund returned 0.93% for the year, outperforming the 0.63% return of its benchmark, the iMoneyNet Money Fund Report Averages^TM—All Taxable.

The year began with historically low short-term interest rates and the federal funds rate at a record low of 1.25%. With economic growth lagging, there was the fear that the Federal Reserve would cut the rate to 0.75%. The expected cut came in June, but only as far as 1.00%, where the rate remained through the end of the year. These very low short-term interest rates, accompanied by very low rates in the short-term corporate debt market, depressed returns throughout the money market universe.

Added Value from Asset Allocations

Over the course of the year, the fund’s asset allocation was adjusted to reflect our continuing reassessment of the short-term credit market. Holdings in commercial paper were reduced from 89% at the end of 2002 to 81% at the close of 2003.

Holdings of U.S. government and agency securities were boosted from 6% to 10%, and bank obligations were increased from 2% to 7%. Floating-rate securities were reduced from 3% to 2%. Together, these
asset allocations enabled the fund to outpace its benchmark.

During 2003, the fund’s weighted average maturity varied from 45 days to 68 days, reflecting the objective of maintaining an average maturity similar to that of the benchmark. (“Weighted” means that larger holdings have a greater effect on the average.) At year-end, the fund’s weighted average maturity was 59 days, while the benchmark’s was 56 days.

34 2003 Annual Report TIAA-CREF Mutual Funds

Money Market Fund Cash Equivalents

PERFORMANCE

Investment Objective

Seeks high current income consistent with maintaining liquidity and preserving capital

$10,000 Since 9/2/1997 Inception

Net Annualized Yield (for the 7 days ending 12/29/2003)

Current Yield Effective Yield

Money Market Fund 0.83% 0.84%

iMoneyNet Money Fund

Report Averages^TM—

All Taxable 0.53% 0.53%

Average Maturity (as of 12/29/2003)

Days

Money Market Fund 59

iMoneyNet Money Fund

Report Averages—All Taxable 56

Performance as of 12/31/2003

Average Annual Compound Cumulative Rates

Rates of Total Return¹ of Total Return¹

since since

1 year 5 years inception² 5 years inception²

Money Market Fund 0.93% 3.58% 3.98% 19.26% 28.03%

Benchmark:

iMoneyNet Money Fund

Report Averages—All Taxable 0.63 3.22 3.61 17.05 25.03

² Inception date of the Money Market Fund was 9/2/1997.

An investment in the TIAA-CREF Money Market Fund, as in the other TIAA-CREF Mutual Funds, is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund.

TIAA-CREF Mutual Funds 2003 Annual Report 35

Money Market Fund Cash Equivalents

PROFILE

Asset Allocation (as of 12/31/2003)

Percent of

Net Assets

Commercial paper and corporate notes 81

U.S. government and agency securities 10

Bank liabilities 7

Floating-rate securities 2

Total 100

Fund Facts

Inception Date 9/2/1997

Net Assets (12/31/2003) $622.23 million

2003 Actual Expense Charge 0.29%

The Fund’s Benchmark

The iMoneyNet Money Fund Report Averages^TM—All Taxable category is a simple average of over 1,000 taxable money market funds.

This portfolio’s investments are highly responsive to changes in the rate of inflation because many of its holdings mature in 60 days or less.

36 2003 Annual Report TIAA-CREF Mutual Funds

Statement of Investments - International Equity Fund - December 31, 2003

Summary by Country

VALUE

%

DOMESTIC

United States $ 3,702,366 1.29%

TOTAL DOMESTIC 3,702,366 1.29

FOREIGN

Australia 14,656,088 5.12

Austria 2,224 0.00

China 634,604 0.22

Finland 8,140,700 2.84

France 16,706,367 5.83

Germany 25,089,418 8.76

Greece 2,054,437 0.72

Hong Kong 3,569,789 1.25

Italy 3,881,615 1.36

Japan 60,557,730 21.15

Netherlands 13,823,326 4.83

New Zealand 956,953 0.33

Portugal 110,460 0.04

Singapore 1,011,932 0.35

Spain 7,841,831 2.74

Sweden 7,972,167 2.79

Switzerland 45,456,656 15.88

Taiwan 1,579,663 0.55

United Kingdom 68,583,939 23.95

TOTAL FOREIGN 282,629,899 98.71

TOTAL PORTFOLIO $286,332,265 100.00%

Summary by Industry

VALUE

%

BONDS

CORPORATE BONDS

INSURANCE CARRIERS $ 17,224 0.01%

TOTAL CORPORATE BONDS

   (Cost $12,724) 17,224 0.01

PREFERRED STOCK

PRINTING AND PUBLISHING 576,691 0.20

TOTAL PREFERRED STOCK
   (Cost $479,856) 576,691 0.20

COMMON STOCK

Apparel and Other Textile
   Products 238,611 0.08

Building Materials and Garden
   Supplies 2,935,510 1.02

Business Services 22,761,700 7.94

Chemicals and Allied Products 36,502,669 12.73

Coal Mining 634,604 0.22

Communications 15,003,065 5.23

Depository Institutions 37,657,158 13.13

Electric, Gas, and Sanitary
   Services 14,931,724 5.21

Electronic and Other Electric
   Equipment $ 22,181,169 7.74%

Engineering and Management
   Services 3,698,574 1.29

Fabricated Metal Products 5,104,645 1.78

Food and Kindred Products 8,028,776 2.80

Food Stores 5,336,270 1.86

Furniture and Homefurnishings
   Stores 464,141 0.16

General Building Contractors 781,506 0.27

General Merchandise Stores 288,966 0.10

Heavy Construction, Except
   Building 6,653,481 2.32

Holding and Other Investment
   Offices 11,441,365 3.99

Industrial Machinery and
   Equipment 6,479,870 2.26

Instruments and Related
   Products 8,404,980 2.93

Insurance Carriers 12,109,794 4.22

Leather and Leather Products 376,752 0.13

Local and Interurban Passenger
   Transit 722,068 0.25

Lumber and Wood Products 144,611 0.05

Metal Mining 3,317,132 1.16

Miscellaneous Manufacturing
   Industries 317,477 0.11

Miscellaneous Retail 289,652 0.10

Nondepository Institutions 5,283,709 1.84

Nonmetallic Minerals, Except Fuels
32,248
0.01

Oil and Gas Extraction 3,117,466 1.09

Paper and Allied Products 1,385,341 0.48

Petroleum and Coal Products 12,943,142 4.52

Primary Metal Industries 2,095,165 0.73

Printing and Publishing 3,166,223 1.10

Railroad Transportation 1,041,213 0.36

Real Estate 1,962,802 0.68

Rubber and Miscellaneous
   Plastic Products 551,283 0.19

Security and Commodity
   Brokers 9,265,553 3.23

Special Trade Contractors 116,637 0.04

Stone, Clay, and Glass Products 213,493 0.08

Textile Mill Products 251,320 0.09

Tobacco Products 161,146 0.06

Transportation By Air 134,674 0.05

Transportation Equipment 5,758,725 2.01

Trucking and Warehousing 282,616 0.10

Water Transportation 410,358 0.14

Wholesale Trade-Durable Goods 621,898 0.22

Wholesale Trade-Nondurable Goods
8,817,138
3.08

TOTAL COMMON STOCK

   (Cost $239,215,146) 284,418,420 99.18

SEE NOTES TO FINANCIAL STATEMENTS
TIAA-CREF Mutual Funds 2003 Annual Report 37

Statement of Investments - International Equity Fund - December 31, 2003

	VALUE	%

SHORT TERM INVESTMENTS
U.S. Government and Agencies Discount Notes	$ 1,319,930	0.46%

TOTAL SHORT TERM INVESTMENTS
(Cost $1,319,849)	1,319,930	0.46

TOTAL PORTFOLIO
(Cost $241,027,575)	286,332,265	99.85
OTHER ASSETS & LIABILITIES, NET	437,367	0.15

NET ASSETS	$286,769,632	100.00%

PRINCIPAL      VALUE

CORPORATE BONDS—0.01%

   INSURANCE CARRIERS—0.01%

$ 854 * AXA 0.009%, 12/21/04 $ 17,224

TOTAL INSURANCE

   CARRIERS 17,224

TOTAL CORPORATE

   BONDS

   (Cost $12,724) 17,224

    SHARES

PREFERRED STOCK—0.20%

   PRINTING AND PUBLISHING—0.20%

76,540 News Corp Ltd 576,691

TOTAL PRINTING AND

   PUBLISHING 576,691

TOTAL

   PREFERRED STOCK (Cost $479,856) 576,691

COMMON STOCK—99.18%

   APPAREL AND OTHER TEXTILE
     PRODUCTS—0.08%

24,000 Kuraray Co Ltd 202,445

74,000 Wing Tai Holdings Ltd 36,166

TOTAL APPAREL AND OTHER

   TEXTILE PRODUCTS 238,611

BUILDING MATERIALS AND GARDEN
     SUPPLIES—1.02%

207,571 Wolseley plc 2,935,510

TOTAL BUILDING MATERIALS

   AND GARDEN SUPPLIES 2,935,510

BUSINESS SERVICES—7.94%

64,352 Adecco S.A. (Regd) 4,136,636

5,200 Oracle Corp Japan 269,292

    SHARES

VALUE

83,100 Public Power Corp $ 2,054,437

19,214 SAP AG. 3,226,969

41,600 Seiko Epson Corp 1,940,842

8,291 SGS S.A. 5,202,196

4,800 Sumisho Lease Co Ltd 152,729

21,000 Tokyu Corp 107,773

30,000 Wharf Holdings Ltd 83,080

569,076 WPP Group plc 5,587,746

TOTAL BUSINESS

SERVICES 22,761,700

   CHEMICALS AND ALLIED
PRODUCTS—12.73%

28,197 * Actelion NV 3,043,703

140,668 Akzo Nobel NV 5,429,409

60,000 Asahi Kasei Corp 325,837

24,931 AstraZeneca plc

(United Kingdom) 1,196,091

6,000 Daiichi Pharmaceutical

Co Ltd 108,109

13,000 Dainippon Ink &

Chemicals, Inc 24,746

10,000 Denki Kagaku Kogyo KK 32,192

4,300 Givaudan S.A. (Regd) 2,232,141

186,275 GlaxoSmithKline plc 4,268,294

35,000 Kao Corp 711,953

8,000 Kyowa Hakko Kogyo Co Ltd 50,910

91,000 Mitsubishi Chemical Corp 236,904

13,000 Nippon Kayaku Co Ltd 64,412

11,000 Nippon Sanso Corp 46,496

160,945 Novartis AG. (Regd) 7,307,105

255,520 Reckitt Benckiser plc 5,781,782

29,000 Sankyo Co Ltd 545,255

10,000 Sekisui Chemical Co Ltd 50,947

22,485 Shin-Etsu Chemical Co Ltd 918,954

70,000 Shionogi & Co Ltd 1,303,723

18,000 Shiseido Co Ltd 218,849

39,000 Showa Denko KK 87,702

54,000 Sumitomo Bakelite Co Ltd 352,207

38,422 Takeda Chemical

Industries Ltd 1,523,687

30,000 Teijin Ltd 88,178

70,000 Toray Industries, Inc 292,619

11,000 Tosoh Corp 36,745

7,200 Yamanouchi

Pharmaceutical Co Ltd 223,719

TOTAL CHEMICALS AND

   ALLIED PRODUCTS 36,502,669

   COAL MINING—0.22%

240,920 Byd Co Ltd (H Shs) 634,604

TOTAL COAL MINING 634,604

38 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - International Equity Fund - December 31, 2003


	SHARES			VALUE

COMMUNICATIONS—5.23%
	38,000		COMSYS Holdings Corp	$ 243,240
	6,991	*	Deutsche Telekom AG.
			(Regd)	127,951
	163,517	*	Ericsson (LM) (B Shs)	293,159
	27,554	*	France Telecom S.A.	787,554
	479		KDDI Corp	2,744,294
	157		Nippon Telegraph &
			Telephone Corp	757,385
	4,930		Nippon Television Network Corp	732,807
	239		NTT Docomo, Inc	541,915
	1,859		Societe Television
			Francaise 1 (T.F.1)	64,905
	271,424		Telecom Corp of
			New Zealand Ltd	956,953
	175,712		Telefonica S.A.	2,579,825
	2,086,457		Vodafone Group plc	5,173,077

			TOTAL COMMUNICATIONS	15,003,065

DEPOSITORY INSTITUTIONS—13.13%
	186,647		ABN Amro Holding NV	4,367,176
	2,000	*	Ashikaga Financial
			Group, Inc	56
	55,434		Australia & New Zealand
			Banking Group Ltd	738,436
	7,442		Banca Fideuram S.p.A.	44,213
	49,476		Banco Comercial Portugues
			S.A. (Regd)	110,460
	444,273		Banco Santander Central
			Hispano S.A.	5,262,006
	13,000		Bank Of Fukuoka Ltd	54,586
	89,000		Bank Of Yokohama Ltd	413,567
	29,876		Barclays plc	266,477
	8,580	*	Bayerische Hypo-und
			Vereinsbank AG.	198,483
	11,652		BNP Paribas	733,687
	78,000		BOC Hong Kong
			Holdings Ltd	146,685
	16,000		Chiba Bank Ltd	65,541
	39,869	*	Commonwealth Bank of
			Australia	884,657
	2,973		Credit Agricole S.A.	70,987
	10,285		DBS Group Holdings Ltd	89,024
	18		Erste Bank Der
			Oesterreichischen
			Sparkassen AG.	2,224
	106,341		ForeningsSparbanken AB	2,091,261
	9,000		Gunma Bank Ltd	40,226
	78,957		Hang Seng Bank Ltd	1,037,356
	257,000		Hokugin Financial
			Group, Inc	347,719

	287,637		HSBC Holdings plc
			(United Kingdom)	4,520,943
	17,000		Joyo Bank Ltd	55,519
	150,000		Mitsubishi Securities
			Co Ltd	1,633,386
	143		Mitsubishi Tokyo Financial
			Group, Inc	1,115,499
	55,295		National Australia Bank Ltd	1,247,778
	29,400		Oversea-Chinese Banking
			Corp Ltd	209,468
	207,426		Royal Bank Of Scotland
			Group plc	6,111,992
	32,000		Shizuoka Bank Ltd	236,484
	1,011		Societe Generale (A Shs)	89,266
	265,942		Standard Chartered plc	4,391,805
	9,000		Sumitomo Trust &
			Banking Co Ltd	52,907
	63		UFJ Holdings, Inc	302,743
	45,000		United Overseas Bank Ltd	349,762
	31,108		Westpac Banking Corp	374,779

			TOTAL DEPOSITORY
			INSTITUTIONS	37,657,158

ELECTRIC, GAS, AND SANITARY SERVICES—5.21%
	34,900		Chubu Electric Power
			Co, Inc	727,830
	45,500		CLP Holdings Ltd	216,845
	122,803		E.ON AG.	8,014,404
	35,000		Hong Kong Electric
			Holdings Ltd	138,402
	18,700		Kansai Electric Power
			Co, Inc	327,691
	25,200		Kyushu Electric Power
			Co, Inc	433,364
	50,000		Osaka Gas Co Ltd	135,299
	18,680		Puma AG. Rudolf
			Dassler Sport	3,298,684
	10,800		Tohoku Electric Power
			Co, Inc	179,076
	43,100		Tokyo Electric Power Co, Inc	945,087
	63,000		Tokyo Gas Co Ltd	224,559
	20,860		United Utilities plc (A Shs)	113,708
	45		West Japan Railway Co	176,775

			TOTAL ELECTRIC, GAS, AND
			SANITARY SERVICES	14,931,724

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT—7.74%
	12,615		Advantest Corp	1,000,537
	5	*	ARM Holdings plc	12
	135,787	*	ASML Holding NV	2,692,443
	12,800		Hirose Electric Co Ltd	1,469,068
	28,100		Kyocera Corp	1,872,110

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 39

Statement of Investments - International Equity Fund - December 31, 2003

	SHARES			VALUE

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT—(Continued)
	68,000		Matsushita Electric
			Industrial Co Ltd	$ 940,338
	26,000		Matsushita Electric
			Works Ltd	233,629
	9,700		NEC Electronics Corp	709,602
	12,000		Nippon Electric Glass
			Co Ltd	233,461
	470,748		Nokia Oyj	8,140,700
	37,000		Sanyo Electric Co Ltd	193,338
	16,000		Sharp Corp	252,459
	71,500		Sony Corp	2,475,180
	15,000		Stanley Electric Co Ltd	290,426
	844,560	*	Taiwan Semiconductor
			Manufacturing Co Ltd	1,579,663
	4,615		Thomson	98,203

			TOTAL ELECTRONIC AND
			OTHER ELECTRIC
			EQUIPMENT	22,181,169

ENGINEERING AND MANAGEMENT SERVICES—1.29%
	1,119,820		Michael Page
			International plc	3,698,574

			TOTAL ENGINEERING
			AND MANAGEMENT
			SERVICES	3,698,574

FABRICATED METAL PRODUCTS—1.78%
	9,891		Geberit AG. (Regd)	4,862,525
	52,000		NHK Spring Co Ltd	242,120

			TOTAL FABRICATED METAL
			PRODUCTS	5,104,645

FOOD AND KINDRED PRODUCTS—2.80%
	94,000		Ajinomoto Co, Inc	1,081,478
	25,300		Asahi Breweries Ltd	230,644
	173,889		Coca-Cola Amatil Ltd	816,234
	22,243		Groupe Danone	3,630,475
	19,000		Kirin Brewery Co Ltd	162,042
	18,958		Pernod-Ricard	2,107,903

			TOTAL FOOD AND KINDRED
			PRODUCTS	8,028,776

FOOD STORES—1.86%
	126	*	Casino Guichard-Perrachon
			B Wts 12/15/05	86
	9,000		Ito-Yokado Co Ltd	283,008
	6,000	*	Mycal Corp	56
	1,095,144		Tesco plc	5,053,120

			TOTAL FOOD STORES	5,336,270

FURNITURE AND HOMEFURNISHINGS
     STORES—0.16%

77,000 Hitachi Ltd $ 464,141

TOTAL FURNITURE AND

HOMEFURNISHINGS

STORES 464,141

GENERAL BUILDING CONTRACTORS—0.27%

186,000 Allgreen Properties Ltd 122,664

5,220 Bouygues S.A. 182,515

12,000 Shimizu Corp 45,684

41,000 Sumitomo Realty &

Development Co Ltd 361,146

19,000 Taisei Corp 69,497

TOTAL GENERAL BUILDING

CONTRACTORS 781,506

GENERAL MERCHANDISE STORES—0.10%

5,000 Aeon Co Ltd 167,491

8,000 Marui Co Ltd 100,774

2,900 Takashimaya Co Ltd 20,701

TOTAL GENERAL

MERCHANDISE STORES 288,966

HEAVY CONSTRUCTION, EXCEPT
     BUILDING—2.32%

4,000 JGC Corp 41,728

22,000 Kajima Corp 71,438

78,982 Vinci S.A. 6,540,315

TOTAL HEAVY

CONSTRUCTION, EXCEPT

BUILDING 6,653,481

HOLDING AND OTHER INVESTMENT
     OFFICES—3.99%

15,348 Centro Properties Group 46,025

181,888 Deutsche Office Trust 150,748

29,900 Hutchison Whampoa Ltd 220,487

110,995 Investa Property Group 163,913

17,418 iShares MSCI EAFE

Index Fund 2,382,434

29 Japan Real Estate

Investment Corp 183,466

35,474 Macquarie Goodman

Industrial Trust 45,170

358,085 Macquarie Infrastructure Group

917,317

60,943 Nobel Biocare Holding AG. 6,171,911

316,000 * Orient Corp 663,432

47,000 Sumitomo Corp 350,406

54,452 Westfield Trust (Units) 146,056

TOTAL HOLDING AND OTHER

INVESTMENT OFFICES 11,441,365

40 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - International Equity Fund - December 31, 2003

	SHARES			VALUE

INDUSTRIAL MACHINERY AND EQUIPMENT—2.26%
	26,000	Ishikawajima-Harima
		Heavy Industries Co Ltd		$ 37,119
	24,000	Komatsu Ltd		152,281
	24,000	Kubota Corp		98,983
	44,000	Makino Milling Machine
		Co Ltd		223,346
	3,000	Makita Corp		30,036
	126,000	Mitsubishi Heavy
		Industries Ltd		350,359
	162,119	Sandvik AB		5,587,746

		TOTAL INDUSTRIAL
		MACHINERY AND
		EQUIPMENT		6,479,870

INSTRUMENTS AND RELATED PRODUCTS—2.93%
	13,000	Canon, Inc		605,300
	4,000	Casio Computer Co Ltd		42,325
	28,000	Citizen Watch Co Ltd		257,348
	11,821	Fuji Photo Film Co Ltd		381,643
	6,825	Keyence Corp		1,438,619
	10,000	Konica Corp		134,459
	16,000	Ricoh Co Ltd		315,760
	5,284	Synthes-Stratec, Inc		5,229,526

		TOTAL INSTRUMENTS AND
		RELATED PRODUCTS		8,404,980

INSURANCE CARRIERS—4.22%
	8,211	Allianz AG. (Regd)		1,036,524
	33,012	AMP Ltd		124,613
	35,677	AXA		763,670
	82,293	Converium Holding AG.		4,374,987
	6,427	Mediolanum S.p.A.		50,667
	120	Millea Holdings, Inc		1,567,603
	7,031	Muenchener Rueckver AG.
		(Regd)		852,446
	179,401	Promina Group Ltd		443,357
	20,121	Zurich Financial Services AG	.	2,895,927

		TOTAL INSURANCE
		CARRIERS		12,109,794

LEATHER AND LEATHER PRODUCTS—0.13%
	137,000	Yue Yuen Industrial
		Holdings		376,752

		TOTAL LEATHER AND
		LEATHER PRODUCTS		376,752

62,368

LOCAL AND INTERURBAN PASSENGER TRANSIT—0.25%
	140		East Japan Railway Co	$ 659,700
	12,000		Keio Electric Railway Co Ltd

			TOTAL LOCAL AND
			INTERURBAN PASSENGER
			TRANSIT	722,068

LUMBER AND WOOD PRODUCTS—0.05%
	14,000		Sekisui House Ltd	144,611

			TOTAL LUMBER AND WOOD PRODUCTS	144,611

METAL MINING—1.16%
	208,751		Alumina Ltd	1,033,352
	124,000		Mitsubishi Materials Corp	190,912
	13,000		Mitsui Mining & Smelting
			Co Ltd	53,980
	90,968		Newcrest Mining Ltd	887,591
	16,000		Sumitomo Metal Mining
			Co Ltd	118,690
	243,429	*	WMC Resources Ltd	1,032,607

			TOTAL METAL MINING	3,317,132

MISCELLANEOUS MANUFACTURING INDUSTRIES—0.11%
	2,500		Nintendo Co Ltd	234,674
	8,700	*	Sega Corp	82,803

			TOTAL MISCELLANEOUS
			MANUFACTURING
			INDUSTRIES	317,477

MISCELLANEOUS RETAIL—0.10%
	83,000		Nippon Mining
			Holdings, Inc	289,652

			TOTAL MISCELLANEOUS
			RETAIL	289,652

NONDEPOSITORY INSTITUTIONS—1.84%
	15,800		Credit Saison Co Ltd	356,779
	580,000	*	China Life Insurance Co
			Ltd (H Shs)	474,393
	9,582		HBOS plc	124,104
	173,400		Hypo Real Estate Holding	4,328,433

			TOTAL NONDEPOSITORY
			INSTITUTIONS	5,283,709

NONMETALLIC MINERALS, EXCEPT FUELS—0.01%
	6,000		Dowa Mining Co Ltd	32,248

			TOTAL NONMETALLIC
			MINERALS, EXCEPT FUELS	32,248

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 41

Statement of Investments - International Equity Fund - December 31, 2003


	SHARES		VALUE

OIL AND GAS EXTRACTION—1.09%
	252,920	Origin Energy Ltd	$ 905,172
	79,687	Shell Transport & Trading
		Co plc	592,718
	8,711	Total S.A.	1,619,576

		TOTAL OIL AND GAS
		EXTRACTION	3,117,466

PAPER AND ALLIED PRODUCTS—0.48%
	118,000	NGK Insulators Ltd	880,844
	79	Nippon Unipac Holding	407,642
	15,000	OJI Paper Co Ltd	96,855

		TOTAL PAPER AND ALLIED
		PRODUCTS	1,385,341

PETROLEUM AND COAL PRODUCTS—4.52%
	226,243	BHP Billiton Ltd	2,077,942
	690,985	BP plc	5,603,464
	200,677	ENI S.p.A.	3,786,736
	25,307	Royal Dutch Petroleum Co	1,334,298
	17,000	TonenGeneral Sekiyu KK	140,702

		TOTAL PETROLEUM AND
		COAL PRODUCTS	12,943,142

PRIMARY METAL INDUSTRIES—0.73%
	940,308	Nippon Steel Corp	2,018,017
	78,000	Sumitomo Metal
		Industries Ltd	77,148

		TOTAL PRIMARY METAL INDUSTRIES	2,095,165

PRINTING AND PUBLISHING—1.10%
	15,000	Dai Nippon Printing Co Ltd	210,647
	53,430	News Corp Ltd	482,679
	278,229	Reed Elsevier plc	2,327,241
	14,000	Toppan Printing Co Ltd	145,656

		TOTAL PRINTING AND
		PUBLISHING	3,166,223

RAILROAD TRANSPORTATION—0.36%
	221,822	Brambles Industries Ltd	882,456
	20,000	Nippon Express Co Ltd	94,429
	18,000	Tobu Railway Co Ltd	64,328

		TOTAL RAILROAD
		TRANSPORTATION	1,041,213

REAL ESTATE—0.68%
	102,668	CapitaLand Ltd	93,703
	161,596	CFS Gandel Retail Trust	163,151
	63,600	Cheung Kong Holdings Ltd	505,861
	31,200	City Developments Ltd	111,146
	240,169	Commonwealth Property
		Office Fund	208,099
	49,213	General Property Trust	110,868
	16,951	Mirvac Group	55,174
	24,000	Mitsubishi Estate Co Ltd	227,526

	227		Stockland	$ 862
	29,617		Stockland Trust Group	116,484
	44,700		Sun Hung Kai
			Properties Ltd	369,928

			TOTAL REAL ESTATE	1,962,802

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS—0.19%
	41,000		Bridgestone Corp	551,283

			TOTAL RUBBER AND
			MISCELLANEOUS
			PLASTIC PRODUCTS	551,283

SECURITY AND COMMODITY BROKERS—3.23%
	33,012	*	HHG plc	23,878
	34,000		Itochu Corp	112,308
	230,391		Man Group plc	6,025,672
	32,000		Marubeni Corp	61,211
	56,000		Mitsubishi Corp	593,599
	44,000		Mitsui & Co Ltd	354,316
	123,000		Nomura Holdings, Inc	2,094,569

			TOTAL SECURITY AND
			COMMODITY BROKERS	9,265,553

SPECIAL TRADE CONTRACTORS—0.04%
	25,000		Kinden Corp	116,637

			TOTAL SPECIAL TRADE
			CONTRACTORS	116,637

STONE, CLAY, AND GLASS PRODUCTS—0.08%
	26,000		Asahi Glass Co Ltd	213,493

			TOTAL STONE, CLAY, AND
			GLASS PRODUCTS	213,493

TEXTILE MILL PRODUCTS—0.09%
	67,000		Mitsubishi Rayon Co Ltd	251,320

			TOTAL TEXTILE MILL
			PRODUCTS	251,320

TOBACCO PRODUCTS—0.06%
	22		Japan Tobacco, Inc	161,146

			TOTAL TOBACCO
			PRODUCTS	161,146

TRANSPORTATION BY AIR—0.05%
	51,000	*	Japan Airlines System Corp	134,674

			TOTAL TRANSPORTATION
			BY AIR	134,674

TRANSPORTATION EQUIPMENT—2.01%
	12,300		Denso Corp	242,167
	23,700		Honda Motor Co Ltd	1,052,645
	31,000		Kawasaki Heavy
			Industries Ltd	38,182

42 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - International Equity Fund - December 31, 2003

	SHARES		VALUE

TRANSPORTATION EQUIPMENT—(Continued)
	102,400	Nissan Motor Co Ltd	$ 1,169,521
	96,400	Toyota Motor Corp	3,256,210

		TOTAL TRANSPORTATION
		EQUIPMENT	5,758,725

TRUCKING AND WAREHOUSING—0.10%
	24,000	Yamato Transport Co Ltd	282,616

		TOTAL TRUCKING AND
		WAREHOUSING	282,616

WATER TRANSPORTATION—0.14%
	12,000	Kawasaki Kisen Kaisha Ltd	59,681
	19,000	Mitsui OSK Lines Ltd	92,722
	57,000	Nippon Yusen Kabushiki
		Kaisha	257,955

		TOTAL WATER
		TRANSPORTATION	410,358

WHOLESALE TRADE-DURABLE GOODS—0.22%
	13,000	Fuji Electric Co Ltd	28,506
	9,400	Mitsumi Electric Co Ltd	103,488
	25,800	Terumo Corp	489,904

		TOTAL WHOLESALE TRADE-
		DURABLE GOODS	621,898

WHOLESALE TRADE-NONDURABLE GOODS—3.08%
	349,068	British American Tobacco plc	4,811,611
	82,590	Celesio AG.	4,005,527

		TOTAL WHOLESALE TRADE-
		NONDURABLE GOODS	8,817,138

		TOTAL COMMON STOCK
		(Cost $239,215,146)	284,418,420

	PRINCIPAL		VALUE

SHORT TERM INVESTMENTS—0.46%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES—0.46%
	$1,320,000	Federal Home Loan Bank
		(FHLB)
		1.040%,01/02/04	$ 1,319,930

		TOTAL U.S. GOVERNMENT
		AND AGENCIES
		DISCOUNT NOTES	1,319,930

		TOTAL SHORT TERM
		INVESTMENTS
		(Cost $1,319,849)	1,319,930

		TOTAL PORTFOLIO—99.85%
		(Cost $241,027,575)	286,332,265
		OTHER ASSETS &
		LIABILITIES, NET—0.15%	437,367

		NET ASSETS—100.00%	$286,769,632

*		Non-income producing

		At December 31,2003, the aggregate cost of portfolio investments for federal income tax purposes was $244,604,849. Net unrealized appreciation of portfolio investments aggregated $41,727,416 of which $49,550,785 related to appreciated portfolio investments and $7,823,369 related to depreciated portfolio investments.

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

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 43

Statement of Investments - Growth Equity Fund - December 31, 2003

Summary by Industry
	VALUE	%

COMMON STOCK
Apparel and Accessory Stores	$ 6,837,620	1.24%
Auto Repair, Services and Parking	0	0.00
Building Materials and Garden Supplies	19,077,709	3.47
Business Services	50,447,878	9.17
Chemicals and Allied Products	106,744,975	19.41
Communications	18,677,942	3.40
Depository Institutions	7,957,346	1.45
Eating and Drinking Places	4,016,189	0.73
Educational Services	4,907,696	0.89
Electric, Gas, and Sanitary Services	5	0.00
Electronic and Other Electric Equipment	90,081,042	16.38
Engineering and Management Services	7,444,219	1.35
Food and Kindred Products	20,258,727	3.68
Furniture and Fixtures	61,500	0.01
General Merchandise Stores	13,592,618	2.47
Health Services	11,748,728	2.14
Holding and Other Investment Offices	10	0.00
Hotels and Other Lodging Places	5,502,259	1.00
Industrial Machinery and Equipment	53,342,904	9.70
Instruments and Related Products	26,401,192	4.80
Insurance Carriers	13,062,296	2.38
Miscellaneous Manufacturing Industries	96	0.00
Miscellaneous Retail	9,750,783	1.77
Motion Pictures	8,249,715	1.50
Nondepository Institutions	32,800,414	5.97
Oil and Gas Extraction	3,641,719	0.66
Personal Services	88,251	0.02
Printing and Publishing	53,596	0.01
Rubber and Miscellaneous Plastic Products	750	0.00
Security and Commodity Brokers	379,275	0.07
Tobacco Products	5,632,688	1.02
Transportation By Air	1,364,992	0.25
Transportation Equipment	9,709,437	1.77
Trucking and Warehousing	3,881,073	0.71
Wholesale Trade-Durable Goods	12,482,502	2.27
Wholesale Trade-Nondurable Goods	1,255,582	0.23

TOTAL COMMON STOCK
(Cost $547,190,927)	549,453,728	99.92

SHORT TERM INVESTMENTS
U.S. Government and Agencies Discount Notes	759,960	0.14

TOTAL SHORT TERM INVESTMENTS (Cost $759,970)	759,960	0.14

TOTAL PORTFOLIO (Cost $547,950,897)	550,213,688	100.06
OTHER ASSETS & LIABILITIES, NET	(329,636)	(0.06)

NET ASSETS	$549,884,052	100.00%

SHARES

VALUE

COMMON STOCK—99.92%

   APPAREL AND ACCESSORY STORES—1.24%

294,598 Gap, Inc $ 6,837,620

TOTAL APPAREL AND

ACCESSORY STORES
6,837,620

AUTO REPAIR, SERVICES AND
     PARKING—0.00%

1,087 b* ANC Rental Corp 0

TOTAL AUTO REPAIR,

SERVICES AND PARKING 0

BUILDING MATERIALS AND GARDEN
     SUPPLIES—3.47%

290,811 Home Depot, Inc 10,320,882

158,094 Lowe’s Cos 8,756,827

TOTAL BUILDING MATERIALS

AND GARDEN SUPPLIES 19,077,709

BUSINESS SERVICES—9.17%

1
*
Artemis International

Solutions Corp 2

125,559
*
BEA Systems, Inc 1,544,376

328

Certegy, Inc 10,758

69,417
*
DST Systems, Inc 2,898,854

1,121
*
Genesisintermedia, Inc 0

15,133
*
i2 Technologies, Inc 25,121

192
*
InterActiveCorp 8,198

99,861
*
Intuit, Inc 5,283,646

770,244

Microsoft Corp 21,212,520

634,303
*
Oracle Corp 8,372,800

4,065
*
Peregrine Systems, Inc 2,033

1,800
*
ProcureNet, Inc 270

900
b*
Quintus Corp 270

2
b*
Quokka Sports, Inc 0

164,744

SAP AG. (Spon ADR) 6,846,761

122,432
*
Symantec Corp 4,242,269

40
*
US Interactive, Inc 0

TOTAL BUSINESS SERVICES 50,447,878

CHEMICALS AND ALLIED
     PRODUCTS—19.41%

62,254 Abbott Laboratories 2,901,036

165,123 * Amgen, Inc 10,204,601

100,181 * Amylin Pharmaceuticals,

Inc 2,226,022

71,923 Avon Products, Inc 4,854,083

1,800 Bristol-Myers Squibb Co 51,480

19,132 Colgate-Palmolive Co 957,557

75,700 Dow Chemical Co 3,146,849

78,200 * Forest Laboratories, Inc 4,832,760

34,264 * Genentech, Inc 3,206,082

85,594 * Gilead Sciences, Inc 4,976,435

1,300 Gillette Co 47,749

61,387 Lilly (Eli) & Co
4,317,348

44 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Growth Equity Fund - December 31, 2003

	SHARES			VALUE

CHEMICALS AND ALLIED PRODUCTS—(Continued)
	1,200		Merck & Co, Inc	$ 55,440
	86,888		Mylan Laboratories, Inc	2,194,791
	958,713		Pfizer, Inc	33,871,330
	177,823		Procter & Gamble Co	17,760,961
	262,437		Wyeth	11,140,451

			TOTAL CHEMICALS AND
			ALLIED PRODUCTS	106,744,975

COMMUNICATIONS—3.40%
	3,400	*	Advanced Radio Telecom Corp	1
	193,568		Clear Channel
			Communications, Inc	9,064,789
	93,928	*	Comcast Corp	3,087,413
	1,619	*	Comcast Corp Special	50,642
	400	b*	Convergent
			Communications, Inc	0
	2,600	b*	e.spire
			Communications, Inc	1
	1	*	EchoStar Communications Corp (Class A)
	15,300	*	Global Telesystems, Inc	18
	117,492	*	InterActiveCorp	3,986,504
	88,679	*	Nextel
			Communications, Inc
			(Class A)	2,488,333
	2,800	b*	NorthPoint Communications
			Group, Inc	2
	3,700	b*	Rhythms
			Netconnections, Inc	0
	1,500	*	Teligent, Inc (Class A)	2
	800	b*	U.S. Wireless Corp	0
	62	*	Vast Solutions, Inc
			(Class B1)	0
	62	*	Vast Solutions, Inc
			(Class B2)	0
	62	*	Vast Solutions, Inc
			(Class B3)	0
	644	*	Viatel, Inc	16
	6,150	b*	WinStar
			Communications, Inc	6
	3,694	b*	WorldCom, Inc (MCI Group)	181

			TOTAL COMMUNICATIONS	18,677,942

DEPOSITORY INSTITUTIONS—1.45%
	89,582		Citigroup, Inc	4,348,310
	112,396		Mellon Financial Corp	3,609,036

			TOTAL DEPOSITORY
			INSTITUTIONS	7,957,346

EATING AND DRINKING PLACES—0.73%
	14,172		Aramark Corp (Class B)	$ 388,596
	65,745	*	Brinker International, Inc	2,180,104
	68,797		Darden Restaurants, Inc	1,447,489

			TOTAL EATING AND
			DRINKING PLACES	4,016,189

EDUCATIONAL SERVICES—0.89%
	72,172	*	Apollo Group, Inc (Class A)	4,907,696

			TOTAL EDUCATIONAL
			SERVICES	4,907,696

ELECTRIC, GAS, AND SANITARY SERVICES—0.00%
	1,277	b*	Covanta Energy Corp	5

			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES	5

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT—16.38%
	2,500	b*	Adaptive Broadband Corp	6
	7	*	Broadcom Corp (Class A)	239
	1,101,088		General Electric Co	34,111,706
	555,219		Intel Corp	17,878,052
	115,137		Maxim Integrated
			Products, Inc	5,733,823
	140,288	*	Novellus Systems, Inc	5,899,110
	133,510		Qualcomm, Inc	7,200,194
	823,047	*	Taiwan Semiconductor
			Manufacturing Co Ltd
			(Spon ADR)	8,428,001
	368,615		Texas Instruments, Inc	10,829,909
	2,300	b*	World Access, Inc	2

			TOTAL ELECTRONIC AND
			OTHER ELECTRIC
			EQUIPMENT	90,081,042

ENGINEERING AND MANAGEMENT SERVICES—1.35%
	282,835	*	Accenture Ltd (Class A)	7,444,217
	5,068	b*	marchFirst, Inc	2

			TOTAL ENGINEERING AND
			MANAGEMENT SERVICES	7,444,219

FOOD AND KINDRED PRODUCTS—3.68%
	32,492		Anheuser-Busch Cos, Inc	1,711,679
	74,716		Coca-Cola Co	3,791,837
	80,806	*	Constellation Brands, Inc
			(Class A)	2,660,942
	27,500	*	Del Monte Foods Co	286,000
	37,409		Pepsi Bottling Group, Inc	904,550
	233,885		PepsiCo, Inc	10,903,719

			TOTAL FOOD AND KINDRED
			PRODUCTS	20,258,727

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 45

Statement of Investments - Growth Equity Fund - December 31, 2003

	SHARES			VALUE

FURNITURE AND FIXTURES—0.01%
	2,534		Herman Miller, Inc	$ 61,500

			TOTAL FURNITURE AND
			FIXTURES	61,500

GENERAL MERCHANDISE STORES—2.47%
	6,239	*	Big Lots, Inc	88,656
	49,510		Target Corp	1,901,184
	218,714		Wal-Mart Stores, Inc	11,602,778

			TOTAL GENERAL
			MERCHANDISE STORES	13,592,618

HEALTH SERVICES—2.14%
	104,991	*	Express Scripts, Inc	6,974,552
	100		HCA, Inc	4,296
	198,745		Health Management
			Associates, Inc (Class A)	4,769,880

			TOTAL HEALTH SERVICES	11,748,728

HOLDING AND OTHER INVESTMENT OFFICES—0.00%
	103	*	Morgan Group Holding Co	10

			TOTAL HOLDING AND OTHER
			INVESTMENT OFFICES	10

HOTELS AND OTHER LODGING PLACES—1.00%
	152,968		Starwood Hotels & Resorts
			Worldwide, Inc	5,502,259

			TOTAL HOTELS AND OTHER LODGING PLACES	5,502,259

INDUSTRIAL MACHINERY AND EQUIPMENT—9.70%
	22,506		3M Co	1,913,685
	31,231	*	Applied Materials, Inc	701,136
	893,675	*	Cisco Systems, Inc	21,707,366
	6,605	*	Cooper Cameron Corp	307,793
	311,980	*	Dell, Inc	10,594,841
	94,103	*	EMC Corp	1,215,811
	124,858		International Business
			Machines Corp	11,571,839
	132,136		International Game
			Technology	4,717,255
	27,423	*	National-Oilwell, Inc	613,178

			TOTAL INDUSTRIAL
			MACHINERY AND
			EQUIPMENT	53,342,904

INSTRUMENTS AND RELATED PRODUCTS—4.80%
	1,469		Baxter International, Inc	44,834
	265,886	*	Boston Scientific Corp	9,773,969
	31,399		Guidant Corp	1,890,220
	43,958		Medtronic, Inc	2,136,798

	6,031	*	Mettler-Toledo
			International, Inc	$ 254,569
	113,540	*	St. Jude Medical, Inc	6,965,679
	75,783	*	Zimmer Holdings, Inc	5,335,123

			TOTAL INSTRUMENTS AND
			RELATED PRODUCTS	26,401,192

INSURANCE CARRIERS—2.38%
	66,868		Aetna, Inc	4,518,939
	57,830		American International
			Group, Inc	3,832,972
	61,253	*	Anthem, Inc	4,593,975
	279		Progressive Corp	23,322
	1,600		UnitedHealth Group, Inc	93,088

			TOTAL INSURANCE
			CARRIERS	13,062,296

MISCELLANEOUS MANUFACTURING INDUSTRIES—0.00%
	5		Mattel, Inc	96

			TOTAL MISCELLANEOUS
			MANUFACTURING
			INDUSTRIES	96

MISCELLANEOUS RETAIL—1.77%
	20,444		Borders Group, Inc	448,132
	88,938	*	eBay, Inc	5,744,505
	130,335	*	Staples, Inc	3,558,146
	800	b*	Value America, Inc	0

			TOTAL MISCELLANEOUS
			RETAIL	9,750,783

MOTION PICTURES—1.50%
	40,800		Blockbuster, Inc (Class A)	732,360
	417,863	*	Time Warner, Inc	7,517,355

			TOTAL MOTION PICTURES	8,249,715

NONDEPOSITORY INSTITUTIONS—5.97%
	182,536		American Express Co	8,803,711
	237,394		Fannie Mae	17,818,794
	248,608		MBNA Corp	6,177,909

			TOTAL NONDEPOSITORY
			INSTITUTIONS	32,800,414

OIL AND GAS EXTRACTION—0.66%
	55,600		Diamond Offshore
			Drilling, Inc	1,140,356
	16,565	b*	Enron Corp	464
	6,100		GlobalSantaFe Corp	151,463
	15	*	Nabors Industries Ltd	623
	14,955	*	Newfield Exploration Co	666,096
	16,408		Noble Energy, Inc	729,007
	31,918		Tidewater, Inc	953,710

			TOTAL OIL AND GAS
			EXTRACTION	3,641,719

46 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Growth Equity Fund - December 31, 2003

	SHARES			VALUE

PERSONAL SERVICES—0.02%
	2,300	*	Weight Watchers
			International, Inc	$ 88,251

			TOTAL PERSONAL
			SERVICES	88,251

PRINTING AND PUBLISHING—0.01%
	2,059		Wiley (John) & Sons, Inc
			(Class A)	53,596

			TOTAL PRINTING AND
			PUBLISHING	53,596

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS—0.00%
	73		Packaging Dynamics Corp	750

			TOTAL RUBBER AND
			MISCELLANEOUS
			PLASTIC PRODUCTS	750

SECURITY AND COMMODITY BROKERS—0.07%
	32,500	*	LaBranche & Co, Inc	379,275

			TOTAL SECURITY AND
			COMMODITY BROKERS	379,275

TOBACCO PRODUCTS—1.02%
	103,504		Altria Group, Inc	5,632,688

			TOTAL TOBACCO PRODUCTS	5,632,688

TRANSPORTATION BY AIR—0.25%
	84,572		Southwest Airlines Co	1,364,992

			TOTAL TRANSPORTATION
			BY AIR	1,364,992

TRANSPORTATION EQUIPMENT—1.77%
	2,500		Boeing Co	105,350
	101,341		United Technologies Corp	9,604,087

			TOTAL TRANSPORTATION
			EQUIPMENT	9,709,437

TRUCKING AND WAREHOUSING—0.71%
	52,060		United Parcel Service, Inc
			(Class B)	3,881,073

			TOTAL TRUCKING AND
			WAREHOUSING	3,881,073

WHOLESALE TRADE-DURABLE GOODS—2.27%
	241,628		Johnson & Johnson	12,482,502

			TOTAL WHOLESALE TRADE-
			DURABLE GOODS	12,482,502

WHOLESALE TRADE-NONDURABLE GOODS—0.23%
	20,037	Cardinal Health, Inc	$ 1,225,463
	809	Sysco Corp	30,119

		TOTAL WHOLESALE TRADE-
		NONDURABLE GOODS	1,255,582

		TOTAL COMMON STOCK
		(Cost $547,190,927)	549,453,728

	PRINCIPAL		VALUE

SHORT TERM INVESTMENTS—0.14%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES—0.14%
		Federal Home Loan
		Bank (FHLB)
	$760,000	1.040%,01/02/04	759,960

		TOTAL U.S. GOVERNMENT
		AND AGENCIES
		DISCOUNT NOTES	759,960

		TOTAL SHORT TERM
		INVESTMENTS
		(Cost $759,970)	759,960

		TOTAL PORTFOLIO—
		100.06%
		(Cost $547,950,897)	550,213,688
		OTHER ASSETS &
		LIABILITIES, NET—
		(0.06%)	(329,636)

		NET ASSETS—100.00%	$549,884,052

* Non-income producing

b In bankruptcy

At December 31,2003, the aggregate cost of portfolio investments for federal income tax purposes was $561,060,654. Net unrealized depreciation of portfolio investments aggregated $10,846,966 of which $39,343,390 related to appreciated portfolio investments and $50,190,356 related to depreciated portfolio investments.

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

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 47

Statement of Investments - Growth & Income Fund - December 31, 2003

Summary by Industry
	VALUE	%

COMMON STOCK
Apparel and Accessory Stores	$ 2,321,000	0.42%
Auto Repair, Services and Parking	14,377	0.00
Building Materials and Garden Supplies	10,905,768	1.98
Business Services	32,776,094	5.94
Chemicals and Allied Products	65,857,160	11.94
Communications	28,624,514	5.19
Depository Institutions	56,271,257	10.20
Eating and Drinking Places	4,778,775	0.87
Electric, Gas, and Sanitary Services	12,220,136	2.22
Electronic and Other Electric Equipment	33,542,153	6.08
Engineering and Management Services	6,793,748	1.23
Fabricated Metal Products	4,969,329	0.90
Food and Kindred Products	23,004,700	4.17
Food Stores	2,673,449	0.48
Forestry	1,708,800	0.31
Furniture and Homefurnishings Stores	1,299,366	0.24
General Building Contractors	96	0.00
General Merchandise Stores	13,967,476	2.53
Health Services	5,172,248	0.94
Heavy Construction, Except Building	5,712,073	1.04
Holding and Other Investment Offices	2,038,973	0.37
Industrial Machinery and Equipment	51,598,344	9.36
Instruments and Related Products	21,123,519	3.83
Insurance Carriers	29,651,155	5.38
Leather and Leather Products	2,350,995	0.43
Metal Mining	2,223,309	0.40
Miscellaneous Retail	3,080,943	0.55
Motion Pictures	8,056,555	1.46
Nondepository Institutions	28,756,910	5.21
Oil and Gas Extraction	4,728,614	0.86
Paper and Allied Products	2,905,405	0.53
Personal Services	33,988	0.01
Petroleum and Coal Products	28,270,295	5.13
Printing and Publishing	1,398,125	0.25
Railroad Transportation	8,361,882	1.52
Rubber and Miscellaneous Plastic Products	180,336	0.03
Security and Commodity Brokers	7,330,840	1.33
Tobacco Products	6,375,966	1.16
Transportation By Air	103,893	0.02
Transportation Equipment	11,959,922	2.17
Trucking and Warehousing	8,071,305	1.46

VALUE

%

Water Transportation $ 3,830,379 0.69%

Wholesale Trade-Durable Goods 4,389,609 0.80

TOTAL COMMON STOCK
   (Cost $509,423,871) 549,433,781 99.63

SHORT TERM INVESTMENTS

U.S. Government and Agencies
   Discount Notes 1,959,897 0.36

TOTAL SHORT TERM INVESTMENTS
   (Cost $1,959,924) 1,959,897 0.36

TOTAL PORTFOLIO
   (Cost $511,383,795) 551,393,678 99.99

OTHER ASSETS & LIABILITIES, NET
50,398
0.01

NET ASSETS $551,444,076 100.00%

SHARES VALUE

COMMON STOCK—99.63%

   APPAREL AND ACCESSORY STORES—0.42%

100,000 Gap, Inc $ 2,321,000

TOTAL APPAREL AND

ACCESSORY STORES 2,321,000

AUTO REPAIR, SERVICES AND
     PARKING—0.00%

421 Ryder System, Inc 14,377

TOTAL AUTO REPAIR,

SERVICES AND PARKING 14,377

BUILDING MATERIALS AND GARDEN

     SUPPLIES—1.98%

189,037 Home Depot, Inc 6,708,923

75,769 Lowe’s Cos 4,196,845

TOTAL BUILDING

MATERIALS AND GARDEN

SUPPLIES 10,905,768

BUSINESS SERVICES—5.94%

3,834 Automatic Data Processing, Inc

42,400 Computer Associates

International, Inc 1,159,216

40,100 Manpower, Inc 1,887,908

641,509 Microsoft Corp 17,667,158

15 * Novell, Inc 158

508,314 * Oracle Corp 6,709,745

1 * PalmSource, Inc 22

3 * Roxio, Inc 14

60,187 SAP AG. (Spon ADR) 2,501,372

181,600 * Siebel Systems, Inc 2,518,792

48 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Growth & Income Fund - December 31, 2003

	SHARES			VALUE

BUSINESS SERVICES—(Continued)
	20,940	*	Sun Microsystems, Inc	$ 94,021
	1,900	*	Yahoo!, Inc	85,823

			TOTAL BUSINESS SERVICES	32,776,094

CHEMICALS AND ALLIED PRODUCTS—11.94%
	77,467		Air Products &
			Chemicals, Inc	4,092,582
	73,660	*	Amgen, Inc	4,552,188
	82,612	*	Amylin
			Pharmaceuticals, Inc	1,835,639
	4,100		Avery Dennison Corp	229,682
	441		Clorox Co	21,415
	228,300		Dow Chemical Co	9,490,431
	4,190		Eastman Chemical Co	165,631
	36,200	*	Forest Laboratories, Inc	2,237,160
	30,277	*	Gilead Sciences, Inc	1,760,305
	78,676		Lilly (Eli) & Co	5,533,283
	61,300		Merck & Co, Inc	2,832,060
	340,317		Pfizer, Inc	12,023,400
	151,913		Procter & Gamble Co	15,173,070
	139,230		Wyeth	5,910,314

			TOTAL CHEMICALS AND
			ALLIED PRODUCTS	65,857,160

COMMUNICATIONS—5.19%
	152,796		AT&T Corp	3,101,759
	29,429		BellSouth Corp	832,841
	92,133		Clear Channel
			Communications, Inc	4,314,588
	195,174	*	Comcast Corp	6,415,369
	5	*	Global Crossing Ltd	0
	221,274	*	Lucent Technologies, Inc	628,418
	251,000		SBC Communications, Inc	6,543,570
	14,076		Sprint Corp (FON Group)	231,128
	68,502		Verizon
			Communications, Inc	2,403,050
	93,596		Viacom, Inc (Class B)	4,153,790
	56	*	WorldCom, Inc
			(WorldCom Group)	1

			TOTAL COMMUNICATIONS	28,624,514

DEPOSITORY INSTITUTIONS—10.20%
	47,766		Bank Of America Corp	3,841,819
	428,168		Citigroup, Inc	20,783,275
	200		Comerica, Inc	11,212
	7,150		Fifth Third Bancorp	422,565
	62,900		FleetBoston Financial Corp	2,745,585
	113,700		Greenpoint Financial Corp	4,015,884
	40,878		J.P. Morgan Chase & Co	1,501,449
	37		Marshall & Ilsley Corp	1,415
	93,200		Mellon Financial Corp	2,992,652
	317		Northern Trust Corp	14,715

	37,200		PNC Financial Services
			Group, Inc	$ 2,035,956
	71		Regions Financial Corp	2,641
	5		SouthTrust Corp	164
	23,800		Sovereign Bancorp, Inc	565,250
	287,693		U.S. Bancorp	8,567,498
	2,846		Union Planters Corp	89,621
	3,633		Wachovia Corp	169,261
	143,262		Wells Fargo & Co	8,436,699
	1,200		Zions Bancorp	73,596

			TOTAL DEPOSITORY
			INSTITUTIONS	56,271,257

EATING AND DRINKING PLACES—0.87%
	59,400	*	Brinker International, Inc	1,969,704
	112,500		McDonald’s Corp	2,793,375
	400		Wendy’s International, Inc	15,696

			TOTAL EATING AND
			DRINKING PLACES	4,778,775

ELECTRIC, GAS, AND SANITARY SERVICES—2.22%
	6,700	*	Allegheny Energy, Inc	85,492
	3,200	*	Allied Waste Industries, Inc	44,416
	5,693		Ameren Corp	261,878
	15,123		American Electric
			Power Co, Inc	461,403
	800		Cinergy Corp	31,048
	454	*	CMS Energy Corp	3,868
	2,067		Consolidated Edison, Inc	88,902
	91,122		E.ON AG.	5,946,829
	56,700		Entergy Corp	3,239,271
	500		KeySpan Corp	18,400
	22,507	b*	Mirant Corp	8,778
	1		National Grid Group plc
			(Spon ADR)	36
	1,443	*	NiSource, Inc (Sails)	3,694
	500	*	Progress Energy, Inc (Cvo)	225
	8,000		Southern Co	242,000
	1		Texas Genco Holdings, Inc	33
	59,768		Waste Management, Inc	1,769,133
	1,500		Williams Cos, Inc	14,730

			TOTAL ELECTRIC, GAS, AND
			SANITARY SERVICES	12,220,136

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT—6.08%
	87,345		American Power
			Conversion Corp	2,135,585
	15,690	*	Broadcom Corp (Class A)	534,872
	1,200		Cooper Industries Ltd
			(Class A)	69,516

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 49

Statement of Investments - Growth & Income Fund - December 31, 2003

	SHARES			VALUE

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT—(Continued)
	101,755		General Electric Co	$ 3,152,370
	259,452		Intel Corp	8,354,354
	19,717	*	Marvell Technology
			Group Ltd	$747,866
	72,817		Maxim Integrated
			Products, Inc	3,626,287
	9	*	MIPS Technologies, Inc	49
	74,000	*	Novellus Systems, Inc	3,111,700
	455	*	PMC-Sierra, Inc	9,168
	61,449		Qualcomm, Inc	3,313,945
	297,784	*	Taiwan Semiconductor
			Manufacturing Co Ltd
			(Spon ADR)	3,049,308
	183,826		Texas Instruments, Inc	5,400,808
	500		Whirlpool Corp	36,325

			TOTAL ELECTRONIC AND
			OTHER ELECTRIC
			EQUIPMENT	33,542,153

ENGINEERING AND MANAGEMENT SERVICES—1.23%
	104,992	*	Accenture Ltd (Class A)	2,763,389
	137,754		Monsanto Co	3,964,560
	900		Quest Diagnostics, Inc	65,799

			TOTAL ENGINEERING AND
			MANAGEMENT SERVICES	6,793,748

FABRICATED METAL PRODUCTS—0.90%
	58,300		Illinois Tool Works, Inc	4,891,953
	2,400		Snap-On, Inc	77,376

			TOTAL FABRICATED METAL
			PRODUCTS	4,969,329

FOOD AND KINDRED PRODUCTS—4.17%
	500		Anheuser-Busch Cos, Inc	26,340
	127,353		Coca-Cola Co	6,463,165
	10,800		Conagra Foods, Inc	285,012
	103,800	*	Dean Foods Co	3,411,906
	20,014		General Mills, Inc	906,634
	3,511		H.J. Heinz Co	127,906
	4,400		Hershey Foods Corp	338,756
	7,200		Kellogg Co	274,176
	239,614		PepsiCo, Inc	11,170,805

			TOTAL FOOD AND KINDRED
			PRODUCTS	23,004,700

FOOD STORES—0.48%
	19,700		Albertson’s, Inc	446,205
	8,500	*	Safeway, Inc	186,235
	8	*	Starbucks Corp	264
	205,100		Winn-Dixie Stores, Inc	2,040,745

			TOTAL FOOD STORES	2,673,449

FORESTRY—0.31%
	26,700		Weyerhaeuser Co	$ 1,708,800

			TOTAL FORESTRY	1,708,800

FURNITURE AND HOMEFURNISHINGS STORES—0.24%
	24,873		Best Buy Co, Inc	1,299,366

			TOTAL FURNITURE AND
			HOMEFURNISHINGS
			STORES	1,299,366

GENERAL BUILDING CONTRACTORS—0.00%
	4	*	Cavco Industries, Inc	96

			TOTAL GENERAL BUILDING
			CONTRACTORS	96

GENERAL MERCHANDISE STORES—2.53%
	78,324	*	Costco Wholesale Corp	2,912,086
	1,014		Federated Department
			Stores, Inc	47,790
	29,379		May Department Stores Co	854,048
	882		Sears Roebuck & Co	40,122
	147,600		Target Corp	5,667,840
	83,800		Wal-Mart Stores, Inc	4,445,590

			TOTAL GENERAL
			MERCHANDISE STORES	13,967,476

HEALTH SERVICES—0.94%
	52,047	*	Express Scripts, Inc	3,457,482
	1,658		HCA, Inc	71,228
	49,400	*	Triad Hospitals, Inc	1,643,538

			TOTAL HEALTH SERVICES	5,172,248

HEAVY CONSTRUCTION, EXCEPT BUILDING—1.04%
	68,980		Vinci S.A.	5,712,073

			TOTAL HEAVY
			CONSTRUCTION, EXCEPT
			BUILDING	5,712,073

HOLDING AND OTHER INVESTMENT OFFICES—0.37%
	2,400		Equity Office Properties
			Trust	68,760
	49,108		Washington Mutual, Inc	1,970,213

			TOTAL HOLDING AND
			OTHER INVESTMENT
			OFFICES	2,038,973

INDUSTRIAL MACHINERY AND EQUIPMENT—9.36%
	78,700		3M Co	6,691,861
	138,596		Baker Hughes, Inc	4,457,247
	1,100		Black & Decker Corp	54,252
	40,000		Caterpillar, Inc	3,320,800

50 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Growth & Income Fund - December 31, 2003

	SHARES			VALUE

INDUSTRIAL MACHINERY AND EQUIPMENT—(Continued)
	476,909	*	Cisco Systems, Inc	$ 11,584,120
	64,299		Deere & Co	4,182,650
	187,972	*	Dell, Inc	6,383,529
	111,512	*	EMC Corp	1,440,735
	3	*	FMC Technologies, Inc	70
	43,006		Hewlett-Packard Co	987,848
	1,334		Ingersoll-Rand Co (Class A)	90,552
	131,645		International Business
			Machines Corp	12,200,859
	7	*	Network Appliance, Inc	144
	4	*	PalmOne, Inc	47
	4,648		Pitney Bowes, Inc	188,802
	48	*	Riverstone Networks, Inc	53
	2,500	*	Solectron Corp	14,775

			TOTAL INDUSTRIAL
			MACHINERY AND
			EQUIPMENT	51,598,344

INSTRUMENTS AND RELATED PRODUCTS—3.83%
	200	*	Agilent Technologies, Inc	5,848
	400		Becton Dickinson & Co	16,456
	140,900	*	Boston Scientific Corp	5,179,484
	1,300		Eastman Kodak Co	33,371
	48,700		Guidant Corp	2,931,740
	94,600		Medtronic, Inc	4,598,506
	69,107	*	St. Jude Medical, Inc	4,239,714
	58,500	*	Zimmer Holdings, Inc	4,118,400

			TOTAL INSTRUMENTS AND
			RELATED PRODUCTS	21,123,519

INSURANCE CARRIERS—5.38%
	6,400		ACE Ltd	265,088
	71,683		Aetna, Inc	4,844,337
	92,559		American International
			Group, Inc	6,134,811
	68,600	*	Anthem, Inc	5,145,000
	116,071		Safeco Corp	4,518,644
	33,894		St. Paul Cos, Inc	1,343,897
	436,027		Travelers Property Casualty
			Corp (Class B)	7,399,378

			TOTAL INSURANCE
			CARRIERS	29,651,155

LEATHER AND LEATHER PRODUCTS—0.43%
	62,278	*	Coach, Inc	2,350,995

			TOTAL LEATHER AND
			LEATHER PRODUCTS	2,350,995

METAL MINING—0.40%
	97,900	*	Barrick Gold Corp (U.S.)	2,223,309

			TOTAL METAL MINING	2,223,309

MISCELLANEOUS RETAIL—0.55%
	47,700	*	eBay, Inc	$ 3,080,943

			TOTAL MISCELLANEOUS
			RETAIL	3,080,943

MOTION PICTURES—1.46%
	309,982	*	Time Warner, Inc	5,576,576
	106,300		Walt Disney Co	2,479,979

			TOTAL MOTION PICTURES	8,056,555

NONDEPOSITORY INSTITUTIONS—5.21%
	215,189		American Express Co	10,378,565
	151,059		Fannie Mae	11,338,489
	283,294		MBNA Corp	7,039,856

			TOTAL NONDEPOSITORY
			INSTITUTIONS	28,756,910

OIL AND GAS EXTRACTION—0.86%
	32,878		Apache Corp	2,666,406
	30,334		Burlington Resources, Inc	1,679,897
	554		Kerr-McGee Corp	25,755
	6,516		Schlumberger Ltd	356,556

			TOTAL OIL AND GAS
			EXTRACTION	4,728,614

PAPER AND ALLIED PRODUCTS—0.53%
	1,000		Bemis Co	50,000
	3,100		Boise Cascade Corp	101,866
	52,400		International Paper Co	2,258,964
	5,102		Kimberly-Clark Corp	301,477
	5,726		MeadWestvaco Corp	170,349
	363		Temple-Inland, Inc	22,749

			TOTAL PAPER AND ALLIED
			PRODUCTS	2,905,405

PERSONAL SERVICES—0.01%
	678		Cintas Corp	33,988

			TOTAL PERSONAL SERVICES	33,988

PETROLEUM AND COAL PRODUCTS—5.13%
	23,562		ChevronTexaco Corp	2,035,521
	67,600		ConocoPhillips	4,432,532
	531,762		ExxonMobil Corp	21,802,242

			TOTAL PETROLEUM AND
			COAL PRODUCTS	28,270,295

PRINTING AND PUBLISHING—0.25%
	14,400		Gannett Co, Inc	1,283,904
	3,785		R.R. Donnelley & Sons Co	114,118
	2		Tribune Co	103

			TOTAL PRINTING AND
			PUBLISHING	1,398,125

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 51

Statement of Investments - Growth & Income Fund - December 31, 2003

	SHARES		VALUE

RAILROAD TRANSPORTATION—1.52%
	132,141	Canadian National
		Railway Co	$ 8,361,882

		TOTAL RAILROAD
		TRANSPORTATION	8,361,882

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS—0.03%
	10,400	Tupperware Corp	180,336

		TOTAL RUBBER AND
		MISCELLANEOUS
		PLASTIC PRODUCTS	180,336

SECURITY AND COMMODITY BROKERS—1.33%
	25,071	Goldman Sachs Group, Inc	2,475,260
	19,900	Lehman Brothers
		Holdings, Inc	1,536,678
	57,351	Morgan Stanley	3,318,902

		TOTAL SECURITY AND
		COMMODITY BROKERS	7,330,840

TOBACCO PRODUCTS—1.16%
	62,147	Altria Group, Inc	3,382,040
	40,500	R.J. Reynolds Tobacco
		Holdings, Inc	2,355,075
	17,900	UST, Inc	638,851

		TOTAL TOBACCO
		PRODUCTS	6,375,966

TRANSPORTATION BY AIR—0.02%
	6,437	Southwest Airlines Co	103,893

		TOTAL TRANSPORTATION
		BY AIR	103,893

TRANSPORTATION EQUIPMENT—2.17%
	70,301	Autoliv, Inc	2,646,833
	6,396	Boeing Co	269,527
	600	Lockheed Martin Corp	30,840
	95,101	United Technologies Corp	9,012,722

		TOTAL TRANSPORTATION
		EQUIPMENT	11,959,922

TRUCKING AND WAREHOUSING—1.46%
	108,267	United Parcel Service, Inc
		(Class B)	8,071,305

		TOTAL TRUCKING AND
		WAREHOUSING	8,071,305

WATER TRANSPORTATION—0.69%
	110,100	Royal Caribbean
		Cruises Ltd	3,830,379

		TOTAL WATER
		TRANSPORTATION	3,830,379

WHOLESALE TRADE- DURABLE GOODS—0.80%
	83,644	Johnson & Johnson	$ 4,321,049
	1,446	W.W. Grainger, Inc	68,560

		TOTAL WHOLESALE TRADE-
		DURABLE GOODS	4,389,609

		TOTAL COMMON STOCK
		(Cost $509,423,871)	549,433,781

	PRINCIPAL		VALUE

SHORT TERM INVESTMENTS—0.36%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES—0.36%
		Federal Home Loan Bank
		(FHLB)
	$1,960,000	1.040%, 01/02/04	1,959,897

		TOTAL U.S. GOVERNMENT
		AND AGENCIES
		DISCOUNT NOTES	1,959,897

		TOTAL SHORT TERM
		INVESTMENTS
		(Cost $1,959,924)	1,959,897

		TOTAL PORTFOLIO—
		99.99%
		(Cost $511,383,795)	551,393,678
		OTHER ASSETS &
		LIABILITIES, NET—
		0.01%	50,398

		NET ASSETS—100.00%	$551,444,076

* Non-income producing

At December 31, 2003, the aggregate cost of portfolio investments for federal income tax purposes was $521,161,397. Net unrealized appreciation of portfolio investments aggregated $30,232,281 of which $49,929,559 related to appreciated portfolio investments and $19,697,278 related to depreciated portfolio investments.

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

52 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

Summary by Industry
	VALUE	%

COMMON STOCK
Agricultural Production-Crops	$ 33,495	0.01%
Agricultural Production-Livestock	2,820	0.00
Agricultural Services	26,147	0.01
Amusement and Recreation Services	427,608	0.13
Apparel and Accessory Stores	1,877,892	0.56
Apparel and Other Textile Products	493,307	0.15
Auto Repair, Services and Parking	86,933	0.03
Automotive Dealers and Service Stations	593,847	0.18
Building Materials and Garden Supplies	3,686,732	1.09
Business Services	22,679,009	6.71
Chemicals and Allied Products	38,304,875	11.33
Coal Mining	127,811	0.04
Communications	17,456,273	5.16
Depository Institutions	35,783,654	10.58
Eating and Drinking Places	2,254,361	0.67
Educational Services	680,240	0.20
Electric, Gas, and Sanitary Services	11,188,494	3.31
Electronic and Other Electric Equipment	27,940,970	8.26
Engineering and Management Services	2,618,021	0.77
Fabricated Metal Products	2,194,903	0.65
Food and Kindred Products	11,070,127	3.27
Food Stores	1,475,182	0.44
Forestry	398,336	0.12
Furniture and Fixtures	1,080,890	0.32
Furniture and Homefurnishings Stores	1,228,485	0.36
General Building Contractors	1,122,418	0.33
General Merchandise Stores	7,684,487	2.27
Health Services	2,524,881	0.75
Heavy Construction, Except Building	39,537	0.01
Holding and Other Investment Offices	7,227,268	2.14
Hotels and Other Lodging Places	953,214	0.28
Industrial Machinery and Equipment	24,533,106	7.25
Instruments and Related Products	9,657,409	2.86
Insurance Agents, Brokers and Service	1,333,711	0.39
Insurance Carriers	15,577,951	4.61
Justice, Public Order and Safety	2,280	0.00
Leather and Leather Products	292,882	0.09
Legal Services	4,519	0.00
Lumber and Wood Products	315,085	0.09
Metal Mining	996,221	0.29
Miscellaneous Manufacturing Industries	502,806	0.15
Miscellaneous Retail	4,101,082	1.21
Motion Pictures	4,688,412	1.39

VALUE

%

Nondepository Institutions $ 7,513,324 2.22%

Nonmetallic Minerals, Except Fuels
142,763
0.04

Oil and Gas Extraction 4,747,246 1.40

Paper and Allied Products 2,390,827 0.71

Personal Services 669,480 0.20

Petroleum and Coal Products 12,525,165 3.70

Primary Metal Industries 1,745,175 0.52

Printing and Publishing 2,749,996 0.81

Railroad Transportation 1,380,047 0.41

Real Estate 215,586 0.06

Rubber and Miscellaneous Plastic
   Products 732,058 0.22

Security and Commodity Brokers 6,831,253 2.02

Social Services 13,356 0.00

Special Trade Contractors 119,682 0.03

Stone, Clay, and Glass Products 597,844 0.18

Textile Mill Products 128,455 0.04

Tobacco Products 3,502,934 1.03

Transportation By Air 1,280,349 0.38

Transportation Equipment 8,563,579 2.53

Transportation Services 344,884 0.10

Trucking and Warehousing 1,399,356 0.41

Water Transportation 91,548 0.03

Wholesale Trade-Durable Goods 5,701,238 1.68

Wholesale Trade-Nondurable Goods
2,628,951
0.78

TOTAL COMMON STOCK
   (Cost $315,099,106) 331,282,777 97.96

SHORT TERM INVESTMENT

U.S. Government and Agencies
   Discount Notes 5,859,691 1.73

TOTAL SHORT TERM INVESTMENT
   (Cost $5,859,772) 5,859,691 1.73

TOTAL PORTFOLIO
   (Cost $320,958,878) 337,142,468 99.69

OTHER ASSETS & LIABILITIES, NET
1,045,736
0.31

NET ASSETS $338,188,204 100.00%

SHARES     VALUE

COMMON STOCK—97.96%

   AGRICULTURAL PRODUCTION-
     CROPS—0.01%

200 Alico, Inc $ 6,952

1,045 Delta & Pine Land Co 26,543

TOTAL AGRICULTURAL

PRODUCTION-CROPS 33,495

SEE NOTES TO FINANCIAL STATEMENTS
TIAA-CREF Mutual Funds 2003 Annual Report 53

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

AGRICULTURAL PRODUCTION- LIVESTOCK—0.00%
	10		Seaboard Corp	$ 2,820

			TOTAL AGRICULTURAL
			PRODUCTION-LIVESTOCK	2,820

AGRICULTURAL SERVICES—0.01%
	844	*	VCA Antech, Inc	26,147

			TOTAL AGRICULTURAL
			SERVICES	26,147

AMUSEMENT AND RECREATION SERVICES—0.13%
	1,225	*	Alliance Gaming Corp	30,196
	641	*	Argosy Gaming Co	16,660
	950	*	Aztar Corp	21,375
	790	*	Bally Total Fitness
			Holding Corp	5,530
	273		Churchill Downs, Inc	9,883
	305		Dover Downs Gaming &
			Entertainment, Inc	2,885
	151		Dover Motorsport, Inc	529
	568	*	Gaylord Entertainment Co	16,955
	2,963		Harrah’s Entertainment, Inc	147,469
	879		International Speedway
			Corp (Class A)	39,256
	243	*	Isle Of Capri Casinos, Inc	5,217
	1,100		Magna Entertainment Corp
			(Class A)	5,577
	1,000	*	MTR Gaming Group, Inc	10,300
	285	*	Multimedia Games, Inc	11,714
	750	*	Penn National Gaming, Inc	17,310
	2,074	*	Six Flags, Inc	15,596
	587		Speedway Motorsports, Inc	16,976
	872		Station Casinos, Inc	26,709
	886	*	WMS Industries, Inc	23,213
	325		World Wrestling Federation
			Entertainment, Inc	4,258

			TOTAL AMUSEMENT AND RECREATION SERVICES	427,608

APPAREL AND ACCESSORY STORES—0.56%
	2,454	*	Abercrombie & Fitch Co
			(Class A)	60,638
	471	*	Aeropostale, Inc	12,915
	1,217	*	American Eagle
			Outfitters, Inc	19,959
	1,312	*	AnnTaylor Stores Corp	51,168
	110	*	Bebe Stores, Inc	2,859
	100		Buckle, Inc	2,215
	444		Burlington Coat Factory
			Warehouse Corp	9,395
	457		Cato Corp (Class A)	9,369

SHARES VALUE

152 * Charlotte Russe

Holding, Inc $ 2,107

3,171 * Charming Shoppes, Inc 17,123

2,340 * Chico’s FAS, Inc 86,463

217 * Children’s Place Retail

Stores, Inc 5,800

933 Christopher & Banks Corp 18,221

2,312 Claire’s Stores, Inc 43,558

58 Deb Shops, Inc 1,247

618 * Dress Barn, Inc 9,264

600 * Finish Line, Inc (Class A) 17,982

4,196 Foot Locker, Inc 98,396

1,033 * Footstar, Inc 3,977

18,623 Gap, Inc 432,240

646 * Genesco, Inc 9,774

216 Goody’s Family

Clothing, Inc 2,022

510 * Gymboree Corp 8,787

1,266 * Hot Topic, Inc 37,296

119 * JOS A. Bank Clothiers, Inc 4,128

12,073 Limited Brands, Inc 217,676

100 * Mothers Work, Inc 2,440

2,603 Nordstrom, Inc 89,283

333 Oshkosh B’gosh, Inc

(Class A) 7,146

1,809 * Pacific Sunwear Of

California, Inc 38,206

1,721 * Payless Shoesource, Inc 23,061

4,566 Ross Stores, Inc 120,679

98 * Shoe Carnival, Inc 1,744

473 * Stage Stores, Inc 13,197

646 Talbots, Inc 19,884

14,687 TJX Cos, Inc 323,848

963 * Too, Inc 16,255

660 * Urban Outfitters, Inc 24,453

1,291 * Wet Seal, Inc (Class A) 12,768

100 * Wilsons The Leather

Experts, Inc 349

TOTAL APPAREL AND

ACCESSORY STORES 1,877,892

APPAREL AND OTHER TEXTILE
PRODUCTS—0.15%

270 * Collins & Aikman Corp 1,169

371 * Columbia Sportswear Co 20,220

543 * DHB Industries, Inc 3,801

203 * Guess?, Inc 2,450

3,514 Jones Apparel Group, Inc 123,798

705 Kellwood Co 28,905

3,160 Liz Claiborne, Inc 112,054

310 Oxford Industries, Inc 10,503

685 Phillips-Van Heusen Corp 12,152

1,021 Polo Ralph Lauren Corp 29,405

54 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

APPAREL AND OTHER TEXTILE PRODUCTS—(Continued)
	1,457	*	Quiksilver, Inc	$ 25,833
	2,513		VF Corp	108,662
	900	*	Warnaco Group, Inc	14,355

			TOTAL APPAREL AND
			OTHER TEXTILE
			PRODUCTS	493,307

AUTO REPAIR, SERVICES AND PARKING—0.03%
	346		Central Parking Corp	5,166
	891	*	Dollar Thrifty Automotive
			Group, Inc	23,113
	730	*	Midas, Inc	10,439
	109	*	Monro Muffler Brake, Inc	2,181
	1,348		Ryder System, Inc	46,034

			TOTAL AUTO REPAIR,
			SERVICES AND PARKING	86,933

AUTOMOTIVE DEALERS AND SERVICE STATIONS—0.18%
	792	*	Advance Auto Parts	64,469
	109	*	America’s Car Mart, Inc	2,934
	500	*	Asbury Automotive
			Group, Inc	8,955
	5,122	*	Autonation, Inc	94,091
	1,931	*	Autozone, Inc	164,541
	3,064	*	Carmax, Inc	94,770
	2,357	*	Copart, Inc	38,891
	892	*	CSK Auto Corp	16,743
	457	*	Group 1 Automotive, Inc	16,539
	500		Lithia Motors, Inc
			(Class A)	12,605
	100	*	MarineMax, Inc	1,943
	1,128	*	O’Reilly Automotive, Inc	43,270
	900		Sonic Automotive, Inc	20,628
	305		United Auto Group, Inc	9,547
	141	*	West Marine, Inc	3,921

			TOTAL AUTOMOTIVE
			DEALERS AND SERVICE
			STATIONS	593,847

BUILDING MATERIALS AND GARDEN SUPPLIES—1.09%
	200		Building Materials
			Holding Corp	3,106
	395	*	Central Garden & Pet Co	11,072
	1,810		Fastenal Co	90,391
	65,471		Home Depot, Inc	2,323,566
	2,901	*	Louisiana-Pacific Corp	51,870
	21,786		Lowe’s Cos	1,206,727

			TOTAL BUILDING MATERIALS
			AND GARDEN SUPPLIES	3,686,732

SHARES VALUE

BUSINESS SERVICES—6.71%

9,899 * 3Com Corp $ 80,875

550 Aaron Rents, Inc 11,072

1,217 ABM Industries, Inc 21,188

942 * ActivCard Corp 7,423

2,698 * Activision, Inc 49,104

1,973 * Acxiom Corp 36,639

862 * Administaff, Inc 14,982

6,770 Adobe Systems, Inc 266,061

794 * Advent Software, Inc 13,839

839 Advo, Inc 26,647

3,000 * Aether Systems, Inc 14,250

3,228 * Affiliated Computer

Services, Inc (Class A) 175,797

800 * Agile Software Corp 7,920

4,920 * Akamai Technologies, Inc 52,890

919 * Alliance Data

Systems Corp 25,438

229 * Altiris, Inc 8,354

915 * American Management Systems, Inc

13,789

791 * AMN Healthcare

Services, Inc 13,574

174 * Ansoft Corp 2,232

600 * Ansys, Inc 23,820

705 * Anteon International Corp 25,415

100 * APAC Customer

Services, Inc 260

2,300 * Aquantive, Inc 23,575

699 * Arbitron, Inc 29,162

6,400 * Ariba, Inc 19,200

1,200 * Armor Holdings, Inc 31,572

1,837 * Ascential Software Corp 47,633

798 * Asiainfo Holdings, Inc 5,331

900 * Ask Jeeves, Inc 16,308

3,079 * Aspect Communications

Corp 48,525

2,395 * Aspen Technology, Inc 24,573

698 * At Road, Inc 9,283

100 * Atari, Inc 420

750 * Autobytel, Inc 6,810

3,014 Autodesk, Inc 74,084

17,194 Automatic Data

Processing, Inc 681,054

151 * Bankrate, Inc 1,869

366 Barra, Inc 12,989

10,635 * BEA Systems, Inc 130,811

3,007 * Bisys Group, Inc 44,744

6,670 * BMC Software, Inc 124,396

1,500 * Borland Software Corp 14,595

479 Brady Corp (Class A) 19,519

1,480 Brink’s Co 33,463

689 * Broadvision, Inc
2,935

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 55

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

BUSINESS SERVICES—(Continued)
	6,766	*	Brocade Communications
			Systems, Inc	$ 39,107
	945	*	CACI International, Inc
			(Class A)	45,946
	7,517	*	Cadence Design
			Systems, Inc	135,156
	1,041	*	Catalina Marketing Corp	20,987
	694	*	CCC Information Services
			Group, Inc	11,729
	462		CDI Corp	15,131
	28,890	*	Cendant Corp	643,380
	3,721	*	Ceridian Corp	77,918
	731	*	Cerner Corp	27,668
	1,658		Certegy, Inc	54,382
	1,840	*	Checkfree Corp	50,876
	2,263	*	ChoicePoint, Inc	86,198
	1,170	*	Ciber, Inc	10,132
	4,357	*	Citrix Systems, Inc	92,412
	9,912	*	CMGI, Inc	17,643
	3,399	*	CNET Networks, Inc	23,181
	1,753	*	Cognizant Technology
			Solutions Corp	80,038
	12,993		Computer Associates
			International, Inc	355,229
	429	*	Computer Horizons Corp	1,686
	167		Computer Programs &
			Systems, Inc	3,360
	5,236	*	Computer Sciences Corp	231,588
	10,671	*	Compuware Corp	64,453
	217	*	Concord
			Communications, Inc	4,333
	615	*	Concur Technologies, Inc	5,953
	3,938	*	Convergys Corp	68,757
	485	*	CoStar Group, Inc	20,215
	1,733	*	CSG Systems
			International, Inc	21,645
	274	*	Cyberguard Corp	2,389
	2,022	*	D&B Corp	102,536
	160	*	Datastream Systems, Inc	1,256
	1,576		Deluxe Corp	65,136
	704	*	Dendrite International, Inc	11,032
	100	*	Digimarc Corp	1,330
	800	*	Digital Insight Corp	19,920
	766	*	Digital River, Inc	16,929
	944	*	Digitalthink, Inc	2,653
	2,627	*	DoubleClick, Inc	26,848
	2,539	*	DST Systems, Inc	106,029
	1,500	*	E.piphany, Inc	10,815
	3,411	*	Earthlink, Inc	34,110
	570	*	Echelon Corp	6,350
	774	*	Eclipsys Corp	9,009
	313	*	eCollege.com, Inc	5,778

SHARES VALUE

1,052 * eFunds Corp $ 18,252

154 Electro Rent Corp 2,054

6,506 * Electronic Arts, Inc 310,857

12,661 Electronic Data

Systems Corp 310,701

100 * Embarcadero

Technologies, Inc 1,595

6,422 * Enterasys Networks, Inc 24,083

560 * Entrust, Inc 2,285

400 * Epicor Software Corp 5,104

350 * EPIQ Systems, Inc 5,996

4,017 Equifax, Inc 98,417

632 * eSpeed, Inc (Class A) 14,795

2,903 * Extreme Networks, Inc 20,931

900 * F5 Networks, Inc 22,590

535 Factset Research

Systems, Inc 20,442

1,111 Fair Isaac Corp 54,617

789 * Filenet Corp 21,366

298 * FindWhat.com 5,588

21,201 First Data Corp 871,149

5,163 * Fiserv, Inc 203,990

994 * Freemarkets, Inc 6,650

560 * Gerber Scientific, Inc 4,458

1,043 * Getty Images, Inc 52,286

368 Gevity HR, Inc 8,184

4 Grey Global Group, Inc 2,732

242 * Group 1 Software, Inc 4,264

219 * GSI Commerce, Inc 2,138

1,484 GTECH Holdings Corp 73,443

1,141 * Harris Interactive, Inc 9,470

226 Healthcare Services Group 4,360

247 * Heidrick & Struggles

International, Inc 5,385

1,902 Henry (Jack) &

Associates, Inc 39,143

1,600 * Homestore, Inc 7,568

150 * Hudson Highland

Group, Inc 3,578

1,021 * Hyperion Solutions Corp 30,773

453 * IDX Systems Corp 12,149

881 Imation Corp 30,967

6,884 IMS Health, Inc 171,136

1,584 * Informatica Corp 16,315

700 * Infospace, Inc 16,135

485 * infoUSA, Inc 3,599

300 Integral Systems, Inc 6,456

861 * Interactive Data Corp 14,258

38 * InterActiveCorp 1,623

1,218 * Intergraph Corp 29,135

1,031 * Internet Security

Systems, Inc 19,414

77 Interpool, Inc
1,117

56 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

BUSINESS SERVICES—(Continued)
	10,849	*	Interpublic Group Of
			Cos, Inc	$ 169,244
	1,025	*	Interwoven, Inc	12,956
	388	*	Intrado, Inc	8,517
	5,207	*	Intuit, Inc	275,502
	148	*	iPayment, Inc	5,032
	1,746	*	Iron Mountain, Inc	69,037
	844	*	JDA Software Group, Inc	13,934
	9,268	*	Juniper Networks, Inc	173,126
	619	*	Kana Software, Inc	2,086
	1,289	*	Keane, Inc	18,871
	567		Kelly Services, Inc
			(Class A)	16,182
	700	*	Keynote Systems, Inc	8,330
	889	*	KFX ,Inc	6,712
	983	*	Korn/Ferry International	13,113
	943	*	Kroll, Inc	24,518
	41	*	Kronos Worldwide, Inc	910
	774	*	Kronos, Inc	30,658
	534	*	Labor Ready, Inc	6,995
	1,880	*	Lamar Advertising Co	70,162
	300	*	Lawson Software, Inc	2,469
	606	*	Lionbridge Technologies	5,824
	3,200	*	Looksmart Ltd	4,960
	1,970	*	Macromedia, Inc	35,145
	1,186	*	Macrovision Corp	26,792
	353	*	Magma Design
			Automation, Inc	8,239
	440	*	Manhattan Associates, Inc	12,162
	2,064		Manpower, Inc	97,173
	498	*	Mantech International Corp
			(Class A)	12,425
	3,554	*	Manugistics Group, Inc	22,213
	300	*	MAPICS, Inc	3,927
	160	*	Marketwatch.com, Inc	1,377
	1,155	*	Matrixone, Inc	7,115
	134		McGrath RentCorp	3,652
	106	*	Medical Staffing Network
			Holdings, Inc	1,161
	148	*	MedQuist, Inc	2,377
	200	*	Memberworks, Inc	5,434
	1,642	*	Mentor Graphics Corp	23,875
	2,309	*	Mercury Interactive Corp	112,310
	2,358	*	Micromuse, Inc	16,270
	254,897		Microsoft Corp	7,019,863
	300	*	MicroStrategy, Inc	15,744
	311	*	Midway Games, Inc	1,207
	2,508	*	Mindspeed
			Technologies, Inc	17,180
	2,604	*	Monster Worldwide, Inc	57,184
	3,085	*	MPS Group, Inc	28,845
	204	*	MRO Software, Inc	2,746

SHARES VALUE

649 * MSC.Software Corp $ 6,133

791 National Instruments Corp 35,967

103 * National Processing, Inc 2,426

345 * NCO Group, Inc 7,856

2,599 * NCR Corp 100,841

828 NDCHealth Corp 21,213

200 * Neoforma, Inc 2,128

374 * Neoware Systems, Inc 5,124

687 * Netegrity, Inc 7,083

1,440 * NETIQ Corp 19,080

271 * Netratings, Inc 3,098

100 * Netscout Systems, Inc 760

1,700 * NetScreen

Technologies, Inc 42,075

4,191 * Network Associates, Inc 63,033

608 * Network Equipment

Technologies, Inc 6,688

1,600 * NIC, Inc 12,848

10,782 * Novell, Inc 113,427

241 * Nuance

Communications, Inc 1,841

300 * NYFIX, Inc 2,385

5,423 Omnicom Group, Inc 473,591

100 * Opnet Technologies, Inc 1,646

1,284 * Opsware, Inc 9,502

110,505 * Oracle Corp 1,458,666

800 * Packeteer, Inc 13,584

277 * PalmSource, Inc 6,036

7,896 * Parametric Technology

Corp 31,110

700 * PC-Tel, Inc 7,427

388 * PDF Solutions, Inc 5,781

122 * PDI, Inc 3,271

93 * PEC Solutions, Inc 1,576

666 * Pegasus Solutions, Inc 6,973

9,179 * Peoplesoft, Inc 209,281

2,293 * Perot Systems Corp

(Class A) 30,910

645 * Pixar, Inc 44,692

669 * Portal Software, Inc 4,502

300 * Portfolio Recovery

Associates, Inc 7,965

617 * Progress Software Corp 12,624

996 * Pumatech, Inc 3,964

88 * Quality Systems, Inc 3,924

1,385 * Quest Software, Inc 19,667

690 * R.H. Donnelley Corp 27,490

457 * Radiant Systems, Inc 3,843

438 * Radisys Corp 7,385

1,284 * Raindance

Communications, Inc 3,531

2,043 * RealNetworks, Inc 11,666

3,355 * Red Hat, Inc
62,973

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 57

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

BUSINESS SERVICES—(Continued)
	1,540	*	Redback Networks, Inc	$ 356
	648	*	Register.com, Inc	3,402
	200	*	Renaissance Learning, Inc	4,816
	1,910	*	Rent-A-Center, Inc	57,071
	663	*	Rent-Way, Inc	5,430
	1,714	*	Retek, Inc	15,906
	891	*	Rewards Network, Inc	9,498
	1,743		Reynolds & Reynolds Co (Class A)	50,634
	4,004	*	Robert Half
			International, Inc	93,453
	646		Rollins, Inc	14,567
	296	*	Roxio, Inc	1,418
	1,254	*	RSA Security, Inc	17,807
	2,656	*	S1 Corp	21,381
	230	*	SafeNet, Inc	7,077
	696	*	SAFLINK Corp	1,872
	148	*	Sanchez Computer
			Associates, Inc	614
	1,800	*	Sapient Corp	10,080
	3,235	*	Scansoft, Inc	17,210
	858	*	Secure Computing Corp	15,367
	356	*	Seebeyond Technology Corp	1,527
	849	*	Serena Software, Inc	15,579
	12,030	*	Siebel Systems, Inc	166,856
	327	*	SM&A	3,826
	500	*	Sohu.com, Inc	15,005
	2,500	*	SonicWALL, Inc	19,500
	1,568	*	Sotheby’s Holdings, Inc
			(Class A)	21,419
	311	*	Source Interlink Cos, Inc	3,303
	1,306	*	Spherion Corp	12,786
	330	*	SPSS, Inc	5,900
	228	*	SRA International, Inc
			(Class A)	9,827
	300		SS&C Technologies, Inc	8,385
	227		Startek, Inc	9,259
	472	*	Stellent, Inc	4,644
	186	*	Stratasys, Inc	5,070
	92,241	*	Sun Microsystems, Inc	414,162
	8,163	*	SunGard Data Systems, Inc	226,197
	2,587	*	Sybase, Inc	53,240
	184	*	Sykes Enterprises, Inc	1,575
	8,362	*	Symantec Corp	289,743
	3,966	*	Synopsys, Inc	133,892
	323	*	Synplicity, Inc	2,529
	77		Syntel, Inc	1,903
	1,021	*	Systems & Computer
			Technology Corp	16,693
	1,037	*	Take-Two Interactive
			Software, Inc	29,876
	364		Talx Corp	8,383

SHARES VALUE

534 * TeleTech Holdings, Inc $ 6,034

341 * TheStreet.com, Inc 1,405

1,250 * THQ, Inc 21,138

2,326 * TIBCO Software, Inc 15,747

376 * Tier Technologies, Inc

(Class B) 3,072

2,139 * Titan Corp 46,652

1,127 Total System Services, Inc 35,084

466 * TradeStation Group, Inc 4,129

1,323 * Transaction Systems

Architects, Inc (Class A) 29,939

300 * Trizetto Group, Inc 1,935

1,740 * Tyler Technologies, Inc 16,756

8,003 * Unisys Corp 118,845

1,147 * United Online, Inc 19,258

1,285 * United Rentals, Inc 24,749

775 * Universal Compression

Holdings, Inc 20,274

1,773 * Valueclick, Inc 16,099

2,321 * Vastera, Inc 9,284

6,034 * VeriSign, Inc 98,354

11,851 * Veritas Software Corp 440,383

522 * Verity, Inc 8,712

2,331 Viad Corp 58,275

6,873 * Vignette Corp 15,602

488 * VitalWorks, Inc 2,157

493 * Vitria Technology, Inc 3,500

131 * Volt Information

Sciences, Inc 2,961

882 * WatchGuard

Technologies, Inc 5,133

713 * WebEx

Communications, Inc 14,331

7,656 * WebMD Corp 68,827

1,434 * webMethods, Inc 13,121

600 * Websense, Inc 17,544

2,547 * Westwood One, Inc 87,133

1,698 * Wind River Systems, Inc 14,874

15,283 * Yahoo!, Inc 690,333

TOTAL BUSINESS

SERVICES 22,679,009

CHEMICALS AND ALLIED
PRODUCTS—11.33%

44,564 Abbott Laboratories 2,076,682

2,036 * Abgenix, Inc 25,369

400 * Able Laboratories, Inc 7,228

239 Aceto Corp 6,104

1,486 * Adolor Corp 29,750

6,398 Air Products & Chemicals, Inc

338,006

646 * Albany Molecular

Research, Inc
9,703

58 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

CHEMICALS AND ALLIED PRODUCTS—(Continued)
	948		Albemarle Corp	$ 28,412
	1,094		Alberto-Culver Co
			(Class B)	69,010
	440	*	Alexion
			Pharmaceuticals, Inc	7,489
	2,132	*	Alkermes, Inc	28,782
	3,966		Allergan, Inc	304,628
	1,204		Alpharma, Inc (Class A)	24,200
	905	*	Alteon, Inc	1,421
	600	*	American Pharmaceutical
			Partners, Inc	20,160
	36,858	*	Amgen, Inc	2,277,824
	2,692	*	Amylin
			Pharmaceuticals, Inc	59,816
	1,968	*	Andrx Corp	47,311
	200	*	Aphton Corp	1,200
	530		Arch Chemicals, Inc	13,600
	499	*	Arena Pharmaceuticals, Inc	3,094
	941	*	Atherogenics, Inc	14,068
	680	*	Atrix Laboratories, Inc	16,347
	1,624	*	Avant
			Immunotherapeutics, Inc	4,450
	3,256		Avery Dennison Corp	182,401
	556	*	AVI BioPharma, Inc	2,263
	6,719		Avon Products, Inc	453,465
	1,377	*	Barr Pharmaceuticals, Inc	105,960
	345	*	Benthley
			Pharmaceuticals, Inc	4,589
	8,494	*	Biogen Idec, Inc	312,409
	1,702	*	BioMarin
			Pharmaceutical, Inc	13,223
	300	*	Biopure Corp	714
	286	*	Biosite, Inc	8,280
	100	*	Bone Care
			International, Inc	1,274
	400	*	Bradley
			Pharmaceuticals, Inc	10,172
	55,346		Bristol-Myers Squibb Co	1,582,896
	1,371		Cabot Corp	43,653
	828		Calgon Carbon Corp	5,142
	463		Cambrex Corp	11,695
	922	*	Cell Genesys, Inc	11,931
	1,000	*	Cell Therapeutics, Inc	8,700
	1,233	*	Cephalon, Inc	59,690
	1,254	*	Charles River Laboratories
			International, Inc	43,050
	380	*	Chattem, Inc	6,802
	2,746	*	Chiron Corp	156,495
	946		Church & Dwight Co, Inc	37,462
	385	*	Cima Labs, Inc	12,559
	4,493		Clorox Co	218,180

SHARES VALUE

15,271 Colgate-Palmolive Co $ 764,314

206 * Collagenex

Pharmaceuticals, Inc 2,309

809 * Columbia Laboratories, Inc
5,097

900 * Connetics Corp 16,344

1,019 * Corixa Corp 6,155

3,135 Crompton Corp 22,478

794 * Cubist

Pharmaceuticals, Inc 9,655

1,142 * Cytec Industries, Inc 43,841

1,100 * Dade Behring Holdings, Inc
39,314

110 * DEL Laboratories, Inc 2,756

212 * Dendreon Corp 1,709

584 Diagnostic Products Corp 26,811

2,738 Dial Corp 77,951

300 * Digene Corp 12,030

758 * Discovery Laboratories, Inc 7,951

279 * Dov Pharmaceutical, Inc 3,758

25,910 Dow Chemical Co 1,077,079

28,503 Du Pont (E.I.) de Nemours

& Co 1,308,003

200 * Durect Corp 516

2,358 Eastman Chemical Co 93,212

5,232 Ecolab, Inc 143,200

562 * Elizabeth Arden, Inc 11,195

400 * Encysive

Pharmaceuticals, Inc 3,580

1,167 * Enzon, Inc 14,004

434 * Eon Labs, Inc 22,112

343 * EPIX Medical, Inc 5,584

791 * Esperion Therapeutics, Inc 27,377

3,038 Estee Lauder Cos (Class A)
119,272

600 * Ethyl Corp 13,122

943 Ferro Corp 25,659

306 * First Horizon

Pharmaceutical 3,427

1,078 * FMC Corp 36,792

9,796 * Forest Laboratories, Inc 605,393

5,873 * Genentech, Inc 549,537

1,261 * Genta, Inc 13,127

5,579 * Genzyme Corp 275,268

717 Georgia Gulf Corp 20,707

795 * Geron Corp 7,926

5,659 * Gilead Sciences, Inc 329,014

29,226 Gillette Co 1,073,471

1,259 Great Lakes Chemical Corp
34,232

621 * GTC Biotherapeutics, Inc 1,981

587 * Guilford

Pharmaceuticals, Inc 3,980

790 H.B. Fuller Co 23,495

118 * Hi-Tech Pharmacal Co, Inc 2,773

181 * Hollis-Eden

Pharmaceuticals
1,993

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 59

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

CHEMICALS AND ALLIED PRODUCTS—(Continued)
	3,724	*	Human Genome
			Sciences, Inc	$ 49,343
	1,408	*	ICOS Corp	58,122
	938	*	Idexx Laboratories, Inc	43,411
	1,100	*	Ilex Oncology, Inc	23,375
	2,676	*	IMC Global, Inc	26,573
	1,578	*	ImClone Systems, Inc	62,583
	514	*	Immucor, Inc	10,480
	1,000	*	Immunogen, Inc	5,050
	2,000	*	Immunomedics, Inc	9,120
	700	*	Impax Laboratories, Inc	10,073
	438	*	Indevus
			Pharmaceuticals, Inc	2,580
	800	*	Inspire
			Pharmaceuticals, Inc	11,328
	672	*	InterMune, Inc	15,564
	2,070		International Flavors &
			Fragrances, Inc	72,284
	334	*	Inverness Medical
			Innovations, Inc	7,275
	1,520	*	Invitrogen Corp	106,400
	2,316	*	Isis Pharmaceuticals, Inc	15,054
	3,822	*	IVAX Corp	91,269
	6,496	*	King Pharmaceuticals, Inc	99,129
	280	*	Kos Pharmaceuticals, Inc	12,051
	1,171	*	KV Pharmaceutical Co
			(Class A)	29,861
	1,143	*	La Jolla Pharmaceutical Co	4,903
	158	*	Lannett Co, Inc	2,656
	1,666	*	Ligand Pharmaceuticals,
			Inc (Class B)	24,474
	27,596		Lilly (Eli) & Co	1,940,827
	758		MacDermid, Inc	25,954
	600	*	Martek Biosciences Corp	38,982
	2,600	*	Medarex, Inc	16,198
	1,020	*	Medicines Co	30,049
	607		Medicis Pharmaceutical
			Corp (Class A)	43,279
	7,227	*	MedImmune, Inc	183,566
	64,024		Merck & Co, Inc	2,957,909
	264		Meridian Bioscience, Inc	2,754
	700	*	MGI Pharma, Inc	28,805
	1,457	*	Millennium Chemicals, Inc	18,475
	7,969	*	Millennium
			Pharmaceuticals, Inc	148,781
	579		Minerals Technologies, Inc	34,306
	7,870		Mylan Laboratories, Inc	198,796
	1,400	*	Nabi Biopharmaceuticals	17,794
	152		Nature’s Sunshine
			Products, Inc	1,284
	1,323	*	NBTY, Inc	35,536

SHARES VALUE

1,500 * Nektar Therapeutics $ 20,415

374 * Neose Technologies, Inc 3,441

1,057 * Neurocrine Biosciences, Inc
57,649

82 NL Industries, Inc 959

885 * Noven

Pharmaceuticals, Inc 13,461

769 * NPS Pharmaceuticals, Inc 23,639

1,097 * Nuvelo, Inc 3,807

145 Octel Corp 2,855

1,442 Olin Corp 28,927

990 * OM Group, Inc 25,928

1,924 * Omnova Solutions, Inc 9,235

639 * Onyx Pharmaceuticals, Inc 18,039

970 * OraSure Technologies, Inc 7,721

1,000 * OSI Pharmaceuticals, Inc 32,210

100 * Pain Therapeutics, Inc 695

1,123 * Palatin Technologies, Inc 2,808

700 * Penwest

Pharmaceuticals Co 12,096

900 * Peregrine

Pharmaceuticals, Inc 1,989

225,027 Pfizer, Inc 7,950,204

915 * Pharmaceutical

Resources, Inc 59,612

528 PolyMedica Corp 13,892

3,378 * PolyOne Corp 21,585

607 * Pozen, Inc 6,191

5,011 PPG Industries, Inc 320,804

1,238 * Praecis

Pharmaceuticals, Inc 7,973

9,274 Praxair, Inc 354,267

36,973 Procter & Gamble Co 3,692,863

216 * Progenics Pharmaceuticals
4,074

2,380 * Protein Design Labs, Inc 42,602

200 Quaker Chemical Corp 6,150

351 * Quidel Corp 3,798

100 * Revlon, Inc (Class A) 224

4,545 Rohm & Haas Co 194,117

3,507 RPM International, Inc 57,725

479 * Salix Pharmaceuticals Ltd 10,859

41,963 Schering-Plough Corp 729,737

1,009 * Sciclone

Pharmaceuticals, Inc 6,841

768 * Scotts Co (Class A) 45,435

2,248 * Sepracor, Inc 53,795

919 * Serologicals Corp 17,093

3,532 Sherwin-Williams Co 122,702

2,346 * SICOR, Inc 63,811

1,976 Sigma-Aldrich Corp 112,988

385 * Sirna Therapeutics, Inc 2,002

1,515 b* Solutia, Inc 553

122 Stepan Co 3,129

672 * SuperGen, Inc
7,392

60 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

CHEMICALS AND ALLIED PRODUCTS—(Continued)
	375	*	SurModics, Inc	$ 8,963
	603	*	Tanox, Inc	8,955
	644	*	Third Wave
			Technologies, Inc	2,930
	1,323	*	Unifi, Inc	8,533
	700	*	United Therapeutics Corp	16,065
	238	*	USANA Health
			Sciences, Inc	7,283
	2,541		USEC, Inc	21,344
	1,795		Valeant Pharmaceuticals
			International	45,144
	1,336		Valspar Corp	66,025
	1,886	*	Vertex Pharmaceuticals, Inc	19,294
	1,400	*	Vicuron
			Pharmaceuticals, Inc	26,110
	3,109	*	Watson
			Pharmaceuticals, Inc	143,014
	928		Wellman, Inc	9,475
	248		West Pharmaceutical
			Services, Inc	8,407
	896	*	WR Grace & Co	2,303
	37,964		Wyeth	1,611,572
	500	*	Zymogenetics, Inc	7,750

			TOTAL CHEMICALS AND
			ALLIED PRODUCTS	38,304,875

COAL MINING—0.04%
	1,220		Arch Coal, Inc	38,027
	585		Consol Energy, Inc	15,152
	1,660		Massey Energy Co	34,528
	891		Peabody Energy Corp	37,164
	168	*	Westmoreland Coal Co	2,940

			TOTAL COAL MINING	127,811

COMMUNICATIONS—5.16%
	200	*	Acme Communication, Inc	1,758
	9,031		Alltel Corp	420,664
	5,425	*	American Tower Corp
			(Class A)	58,699
	22,557		AT&T Corp	457,907
	63,847	*	AT&T Wireless Services, Inc	510,138
	11,891	*	Avaya, Inc	153,870
	81	*	Beasley Broadcast Group,
			Inc (Class A)	1,331
	52,703		BellSouth Corp	1,491,495
	400	*	Boston Communications
			Group	3,716
	3,053	*	Cablevision Systems Corp
			(Class A)	71,410
	100	*	Centennial
			Communications Corp	526
	4,097		CenturyTel, Inc	133,644

SHARES

VALUE

7,200 * Charter Communications,

Inc (Class A) $ 28,944

5,523 * Cincinnati Bell, Inc 27,891

14,830 Clear Channel

Communications, Inc 694,489

48,893 * Comcast Corp 1,607,113

12,753 * Comcast Corp Special 398,914

582 * Commonwealth Telephone

Enterprises, Inc 21,971

6,438 * Cox Communications, Inc

(Class A) 221,789

864 * Cox Radio, Inc (Class A) 21,799

4,557 * Crown Castle International

Corp 50,264

240 * Crown Media Holdings, Inc

(Class A) 1,985

470 CT Communications, Inc 6,345

1,075 * Cumulus Media, Inc

(Class A) 23,650

346 D&E Communications, Inc 5,020

771 * Digital Generation Systems
1,727

516 * Dobson Communications

Corp (Class A) 3,390

6,402 * EchoStar Communications

Corp (Class A) 217,668

1,072 * Emmis Communications

Corp (Class A) 28,998

1,079 * Entercom

Communications Corp 57,144

1,058 * Entravision

Communications Corp

(Class A) 11,744

168 * Fisher Communications, Inc
8,568

3,132 * Foundry Networks, Inc 85,692

4,933 * Fox Entertainment Group,

Inc (Class A) 143,797

1,242 * General Communication,

Inc (Class A) 10,805

882 Global Payments, Inc 41,560

336 * Golden Telecom, Inc 9,324

1,071 Gray Television, Inc 16,194

581 Hearst-Argyle

Television, Inc 16,012

400 Hickory Tech Corp 4,580

1,406 * IDT Corp 31,143

75 * IDT Corp (Class B) 1,735

600 * Infonet Services Corp

(Class B) 1,020

1,193 * Insight Communications Co, Inc

12,300

11,773 * InterActiveCorp 399,458

446 * j2 Global

Communications, Inc
11,047

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 61

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

COMMUNICATIONS—(Continued)
	14,108	*	Level 3
			Communications, Inc	$ 80,416
	361		Liberty Corp	16,314
	1,659	*	Lightbridge, Inc	15,097
	717	*	Lin TV Corp (Class A)	18,506
	281	*	Lodgenet Entertainment
			Corp	5,137
	119,297	*	Lucent Technologies, Inc	338,803
	215	*	Mastec, Inc	3,184
	205	*	McLeodUSA, Inc (Class A)	303
	1,695	*	Mediacom Communications
			Corp	14,696
	218	*	Metro One
			Telecommunications, Inc	567
	666	*	Net2Phone, Inc	4,529
	25,037	*	Nextel Communications,
			Inc (Class A)	702,538
	2,400	*	Nextel Partners, Inc
			(Class A)	32,280
	300	*	NII Holdings, Inc (Class B)	22,389
	356		North Pittsburgh
			Systems, Inc	6,732
	1,882	*	NTL, Inc	131,270
	660	*	PanAmSat Corp	14,230
	312	*	Paxson Communications
			Corp	1,201
	84	*	Pegasus Communications
			Corp	2,359
	1,163	*	Price Communications Corp	15,968
	1,319	*	Primus Telecommunications
			Group	13,427
	2,646	*	PTEK Holdings, Inc	23,311
	38,127	*	Qwest Communications
			International, Inc	164,709
	732	*	Radio One, Inc (Class A)	14,311
	1,364	*	Radio One, Inc (Class D)	26,325
	255	*	RCN Corp	204
	200	*	Regent
			Communications, Inc	1,270
	461	*	Saga Communications, Inc
			(Class A)	8,542
	100	*	Salem Communications
			Corp (Class A)	2,712
	94,784		SBC Communications, Inc	2,471,019
	144		Shenandoah Telecom Co	7,381
	694	*	Sinclair Broadcast Group,
			Inc (Class A)	10,354
	500	*	Spanish Broadcasting
			System, Inc (Class A)	5,250
	25,405		Sprint Corp (FON Group)	417,150
	22,717	*	Sprint Corp (PCS Group)	127,670
	581		SureWest Communications	23,484

SHARES

VALUE

1,014 * Talk America

Holdings, Inc $ 11,681

1,415 Telephone & Data

Systems, Inc 88,508

1,074 * Time Warner Telecom,

Inc (Class A) 10,880

1,200 * Tivo, Inc 8,880

591 * Triton PCS Holdings,

Inc (Class A) 3,298

403 * U.S. Cellular Corp 14,307

2,281 * UnitedGlobalcom, Inc

(Class A) 19,343

4,351 * Univision Communications,

Inc (Class A) 172,691

78,484 Verizon

Communications, Inc 2,753,219

44,270 Viacom, Inc (Class B) 1,964,703

144 Warwick Valley

Telephone Co 4,261

535 * West Corp 12,428

1,413 * Western Wireless Corp

(Class A) 25,943

1,100 * Wireless Facilities, Inc 16,346

2,777 * XM Satellite Radio

Holdings, Inc 73,202

185 * Young Broadcasting, Inc

(Class A) 3,707

TOTAL COMMUNICATIONS 17,456,273

DEPOSITORY INSTITUTIONS—10.58%

187 1st Source Corp 4,022

135 ABC Bancorp 2,156

179 American National

Bankshares, Inc 4,740

10,122 AmSouth Bancorp 247,989

495 Anchor Bancorp

Wisconsin, Inc 12,326

131 Arrow Financial Corp 3,638

1,860 Associated Banc-Corp 79,329

2,254 Astoria Financial Corp 83,849

53 Bancfirst Corp 3,111

2,011 Bancorpsouth, Inc 47,701

1,100 Bank Mutual Corp 12,529

42,834 Bank Of America Corp 3,445,139

378 Bank Of Granite Corp 8,233

1,602 Bank Of Hawaii Corp 67,604

22,134 Bank Of New York Co, Inc 733,078

800 Bank Of The Ozarks, Inc 18,008

32,681 Bank One Corp 1,489,927

1,300 BankAtlantic Bancorp,

Inc (Class A) 24,700

4,262 Banknorth Group, Inc
138,643

62 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

DEPOSITORY INSTITUTIONS—(Continued)
	500	*	BankUnited Financial
			Corp (Class A)	$ 12,895
	400		Banner Corp	10,060
	1,336		Bay View Capital Corp	2,859
	15,942		BB&T Corp	615,999
	145		Berkshire Hills
			Bancorp, Inc	5,249
	588	*	BOK Financial Corp	22,767
	378		Boston Private Financial
			Holdings, Inc	9,390
	300		Bryn Mawr Bank Corp	7,347
	131		BSB Bancorp, Inc	5,175
	90		C&F Financial Corp	3,573
	202		Camco Financial Corp	3,501
	110		Camden National Corp	3,340
	121		Capital City Bank
			Group, Inc	5,565
	133	*	Capital Corp of the West	5,272
	610		Capitol Federal Financial	21,997
	270		Cascade Bancorp	5,200
	713		Cathay General Bancorp	39,700
	137		Cavalry Bancorp, Inc	2,407
	49		CB Bancshares, Inc	3,143
	318		CCBT Financial Cos, Inc	11,114
	202		Center Bancorp, Inc	3,971
	111	*	Central Coast Bancorp	2,014
	264		Central Pacific Financial
			Corp	7,931
	200		Century Bancorp, Inc
			(Class A)	7,092
	175		CFS Bancorp, Inc	2,597
	154		Charter Financial Corp	5,740
	6,543		Charter One Financial, Inc	226,061
	623		Chemical Financial Corp	22,671
	876		Chittenden Corp	29,469
	146,765		Citigroup, Inc	7,123,973
	1,342		Citizens Banking Corp	43,910
	523		Citizens First Bancorp, Inc	11,924
	240		Citizens South Banking
			Corp	3,348
	400		City Bank	13,000
	463		City Holding Co	16,205
	1,146		City National Corp	71,190
	98		CNB Financial Corp	4,124
	100		Coastal Bancorp, Inc	4,111
	121		Coastal Financial Corp	2,134
	100		CoBiz, Inc	1,842
	3,466		Colonial Bancgroup, Inc	60,031
	179		Columbia Bancorp	5,719
	505		Columbia Banking
			System, Inc	10,938
	5,047		Comerica, Inc	282,935

SHARES

VALUE

1,974 Commerce Bancorp, Inc $ 103,990

1,907 Commerce

Bancshares, Inc 93,523

91 Commercial

Bankshares, Inc 3,054

1,028 Commercial Federal Corp 27,458

455 Community Bank

System, Inc 22,295

396 Community Trust

Bancorp, Inc 11,959

3,528 Compass Bancshares, Inc 138,686

14,160 * Concord EFS, Inc 210,134

470 Corus Bankshares, Inc 14,833

1,388 Cullen/Frost Bankers, Inc 56,311

1,014 CVB Financial Corp 19,564

506 Dime Community

Bancshares 15,565

532 Downey Financial Corp 26,228

553 East West Bancorp, Inc 29,685

130 Eastern Virginia

Bankshares, Inc 3,748

195 * Euronet Worldwide, Inc 3,510

113 EverTrust Financial

Group, Inc 3,598

112 Exchange National

Bancshares, Inc 4,049

112 Farmers Capital Bank Corp
3,809

110 FFLC Bancorp, Inc 3,163

500 Fidelity Bankshares, Inc 15,700

14,267 Fifth Third Bancorp 843,180

500 Financial Institutions, Inc 14,115

300 First Bancorp

(North Carolina) 9,423

1,032 First Bancorp (Puerto Rico)
40,816

141 First Busey Corp (Class A) 3,807

859 First Charter Corp 16,793

140 First Citizens Bancshares,

Inc (Class A) 17,014

1,633 First Commonwealth

Financial Corp 23,287

332 First Community Bancorp 11,998

243 First Community

Bancshares, Inc 8,061

100 First Essex Bancorp, Inc 5,814

658 First Federal Capital Corp 14,818

973 First Financial Bancorp 15,519

465 First Financial

Bankshares, Inc 19,391

446 First Financial Corp

(Indiana) 13,384

450 First Financial

Holdings, Inc 14,067

380 First Merchants Corp
9,700

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 63

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

DEPOSITORY INSTITUTIONS—(Continued)
	1,205		First Midwest
			Bancorp, Inc	$ 39,054
	304		First National Corp	9,123
	237		First Oak Brook
			Bancshares, Inc	7,112
	200		First Of Long Island Corp	8,600
	340		First Republic Bank	12,172
	750		First Sentinel Bancorp, Inc	15,795
	100		First South Bancorp, Inc	3,650
	200		First State Bancorp	6,950
	3,776		First Tennessee
			National Corp	166,522
	105		Firstbank Corp	3,272
	550		Firstfed America
			Bancorp, Inc	14,317
	669	*	FirstFed Financial Corp	29,102
	2,164		FirstMerit Corp	58,363
	176		Flag Financial Corp	2,270
	900		Flagstar Bancorp, Inc	19,278
	30,139		FleetBoston Financial Corp	1,315,567
	144		FloridaFirst Bancorp, Inc	4,766
	600		Flushing Financial Corp	10,968
	1,224		FNB Corp	43,419
	179		FNB Corp (Virginia)	5,316
	416		Frontier Financial Corp	13,795
	2,794		Fulton Financial Corp	61,218
	112		GA Financial, Inc	3,890
	120		GB&T Bancshares, Inc	2,836
	349		Glacier Bancorp, Inc	11,334
	1,000		Gold Banc Corp, Inc	14,060
	3,503		Golden West Financial Corp	361,475
	125		Great Southern
			Bancorp, Inc	5,796
	300		Greene County
			Bancshares, Inc	6,984
	3,303		Greenpoint Financial Corp	116,662
	383		Hancock Holding Co	20,900
	119		Hanmi Financial Corp	2,353
	448		Harbor Florida
			Bancshares, Inc	13,310
	701		Harleysville National Corp	21,100
	450		Heartland Financial
			U.S.A., Inc	8,370
	145		Heritage Financial Corp	3,173
	4,540		Hibernia Corp (Class A)	106,735
	1,974		Hudson City Bancorp, Inc	75,367
	438		Hudson River Bancorp, Inc	17,095
	1,309		Hudson United Bancorp	48,368
	671		Humboldt Bancorp	11,756
	6,285		Huntington
			Bancshares, Inc	141,413
	183		IberiaBank Corp	10,797

SHARES

VALUE

70 IBT Bancorp, Inc $ 4,146

283 Independent Bank Corp

(Massachusetts) 8,156

449 Independent Bank Corp

(Michigan) 12,734

1,708 IndyMac Bancorp, Inc 50,881

667 Integra Bank Corp 14,659

200 * Intercept, Inc 2,258

217 Interchange Financial

Services Corp 5,490

737 International

Bancshares Corp 34,750

441 Irwin Financial Corp 13,847

126 * Itla Capital Corp 6,313

58,039 J.P. Morgan Chase & Co 2,131,772

12,034 KeyCorp 352,837

164 Klamath First Bancorp, Inc 4,353

556 Lakeland Bancorp, Inc 8,929

69 Lakeland Financial Corp 2,437

115 LSB Bancshares, Inc 2,001

1,924 M & T Bank Corp 189,129

225 Macatawa Bank Corp 6,370

495 MAF Bancorp, Inc 20,741

400 Main Street Banks, Inc 10,600

187 MainSource Financial

Group, Inc 5,764

6,388 Marshall & Ilsley Corp 244,341

243 MB Financial, Inc 8,845

600 MBT Financial Corp 9,906

12,284 Mellon Financial Corp 394,439

129 Mercantile Bank Corp 4,709

2,241 Mercantile Bankshares

Corp 102,145

200 Merchants Bancshares, Inc
6,110

584 Mid-State Bancshares 14,857

427 Midwest Banc

Holdings, Inc 9,501

119 MutualFirst Financial, Inc 3,015

400 Nara Bancorp, Inc 10,920

200 NASB Financial, Inc 8,382

94 National Bankshares, Inc 4,641

15,864 National City Corp 538,424

5,725 National Commerce

Financial Corp 156,178

582 National Penn

Bancshares, Inc 18,718

194 NBC Capital Corp 5,174

1,016 NBT Bancorp, Inc 21,783

1,289 NetBank, Inc 17,208

5,450 New York Community

Bancorp, Inc 207,373

4,319 North Fork Bancorp, Inc 174,790

5,485 Northern Trust Corp
254,614

64 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

DEPOSITORY INSTITUTIONS—(Continued)
	255		Northwest Bancorp, Inc	$ 5,447
	88		Oak Hill Financial, Inc	2,711
	375		OceanFirst Financial Corp	10,185
	1,743	*	Ocwen Financial Corp	15,443
	1,623		Old National Bancorp	37,086
	127		Old Second Bancorp, Inc	6,287
	333		Omega Financial Corp	12,817
	189		PAB Bankshares, Inc	2,937
	1,022		Pacific Capital Bancorp	37,630
	345		Pacific Union Bank	8,808
	366		Park National Corp	41,413
	165		Parkvale Financial Corp	4,430
	300		Partners Trust Financial
			Group, Inc	10,200
	200		Peapack Gladstone
			Financial Corp	6,200
	68		Pennfed Financial
			Services, Inc	2,278
	213		Pennrock Financial
			Services Corp	6,632
	322		Peoples Bancorp, Inc	9,513
	598		People’s Bank	19,495
	150		Peoples Holding Co	4,950
	408		PFF Bancorp, Inc	14,802
	7,971		PNC Financial Services
			Group, Inc	436,253
	605		Provident Bankshares Corp	17,811
	1,277		Provident Financial
			Group, Inc	40,800
	93		Provident Financial
			Holdings	3,373
	1,300		Provident Financial
			Services, Inc	24,570
	492		R & G Financial Corp
			(Class B)	19,582
	6,441		Regions Financial Corp	239,605
	1,855		Republic Bancorp, Inc	25,024
	100		Republic Bancorp, Inc
			(Class A) (Kentucky)	1,954
	69		Republic Bancshares, Inc	2,171
	120		Resource Bankshares Corp	3,784
	691		Riggs National Corp	11,422
	300		Royal Bancshares Of
			Pennsylvania (Class A)	7,650
	701		S & T Bancorp, Inc	20,960
	400		S.Y. Bancorp, Inc	8,224
	144		Santander Bancorp	3,506
	485		Seacoast Banking Corp
			Of Florida	8,421
	600		Seacoast Financial
			Services Corp	16,446
	140		Second Bancorp, Inc	3,696

SHARES

VALUE

101 Security Bank Corp $ 3,182

300 Shore Bancshares, Inc 11,427

1,048 * Silicon Valley Bancshares 37,801

256 Simmons First National

Corp (Class A) 7,142

2,710 Sky Financial Group, Inc 70,297

355 Sound Federal Bancorp, Inc
5,534

1,740 South Financial Group, Inc 48,476

161 Southern Financial

Bancorp, Inc 6,934

9,600 SouthTrust Corp 314,208

688 Southwest Bancorp Of

Texas, Inc 26,729

340 Southwest Bancorp, Inc 6,079

8,466 Sovereign Bancorp, Inc 201,068

210 State Bancorp, Inc 5,095

137 State Financial Services

Corp (Class A) 3,639

9,505 State Street Corp 495,020

1,598 Staten Island Bancorp, Inc 35,955

400 Sterling Bancorp 11,400

1,322 Sterling Bancshares, Inc 17,622

462 Sterling Financial Corp

(Pennsylvania) 12,821

394 * Sterling Financial Corp

(Spokane) 13,487

172 Summit Bancshares, Inc 4,792

315 * Sun Bancorp, Inc

(New Jersey) 8,316

167 Sun Bancorp, Inc

(Pennsylvania) 3,166

7,046 SunTrust Banks, Inc 503,789

8,544 Synovus Financial Corp 247,092

2,246 TCF Financial Corp 115,332

584 Texas Regional Bancshares,

Inc (Class A) 21,608

200 * TierOne Corp 4,592

69 Trico Bancshares 2,178

300 Troy Financial Corp 10,500

461 Trust Co Of New Jersey 18,292

2,399 Trustco Bank Corp NY 31,547

1,343 Trustmark Corp 39,310

54,782 U.S. Bancorp 1,631,408

487 U.S.B. Holding Co, Inc 9,447

1,296 UCBH Holdings, Inc 50,505

615 UMB Financial Corp 29,237

800 Umpqua Holdings Corp 16,632

103 Union Bankshares Corp 3,142

5,746 Union Planters Corp 180,942

1,397 UnionBanCal Corp 80,383

1,161 United Bankshares, Inc 36,223

527 United Community

Banks, Inc 17,338

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 65

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

DEPOSITORY INSTITUTIONS—(Continued)
	933		United Community
			Financial Corp	$ 10,646
	172		United Securities
			Bancshares	4,979
	466		Unizan Financial Corp	9,437
	2,498		Valley National Bancorp	72,942
	128	*	Virginia Commerce Bancorp	4,100
	99		Virginia Financial
			Group, Inc	3,516
	2,094		W Holding Co, Inc	38,976
	36,594		Wachovia Corp	1,704,914
	100		Warwick Community
			Bancorp	3,440
	1,986		Washington Federal, Inc	56,402
	378		Washington Trust
			Bancorp, Inc	9,904
	1,243		Webster Financial Corp	57,004
	48,210		Wells Fargo & Co	2,839,087
	375		Wesbanco, Inc	10,384
	463		West Coast Bancorp	9,880
	942		Westamerica Bancorp	46,817
	94	*	Western Sierra Bancorp	4,418
	1,127		Whitney Holding Corp	46,196
	298		Willow Grove Bancorp, Inc	5,292
	1,780		Wilmington Trust Corp	64,080
	387		Wintrust Financial Corp	17,454
	200		WSFS Financial Corp	8,970
	210		Yadkin Valley Bank and
			Trust Co	3,591
	400		Yardville National Bancorp	10,296
	2,443		Zions Bancorp	149,829

			TOTAL DEPOSITORY
			INSTITUTIONS	35,783,654

EATING AND DRINKING PLACES—0.67%
	1,524		Applebee’s
			International, Inc	59,847
	1,912		Aramark Corp (Class B)	52,427
	945		Bob Evans Farms, Inc	30,675
	2,842	*	Brinker International, Inc	94,241
	599	*	California Pizza
			Kitchen, Inc	12,058
	1,521		CBRL Group, Inc	58,193
	554	*	CEC Entertainment, Inc	26,254
	289	*	Chicago Pizza &
			Brewery, Inc	4,312
	1,195	*	CKE Restaurants, Inc	7,636
	4,771		Darden Restaurants, Inc	100,382
	298	*	Dave & Buster’s, Inc	3,779
	571		IHOP Corp	21,972
	805	*	Jack In The Box, Inc	17,195

SHARES

VALUE

1,673 * Krispy Kreme

Doughnuts, Inc $ 61,232

601 Landry’s Restaurants, Inc 15,458

325 Lone Star Steakhouse &

Saloon, Inc 7,534

36,421 McDonald’s Corp 904,333

553 * O’Charley’s, Inc 9,926

1,699 Outback Steakhouse, Inc 75,113

821 * P.F. Chang’s China

Bistro, Inc 41,772

285 * Papa John’s

International, Inc 9,513

964 * Rare Hospitality International, Inc

235 * Red Robin Gourmet

Burgers, Inc 7,153

1,727 Ruby Tuesday, Inc 49,202

1,125 * Ryan’s Family Steak

Houses, Inc 17,033

1,214 * Sonic Corp 37,173

1,290 * The Cheesecake

Factory, Inc 56,799

890 * The Steak n Shake Co 15,887

922 Triarc Cos (Class B) 9,939

461 Triarc Cos (Class A) 5,449

3,364 Wendy’s International, Inc 132,003

8,323 * Yum! Brands, Inc 286,311

TOTAL EATING AND

DRINKING PLACES 2,254,361

EDUCATIONAL SERVICES—0.20%

3,725 * Apollo Group, Inc (Class A) 253,300

404 * Apollo Group, Inc

(University Of Phoenix

Online) 27,848

2,868 * Career Education Corp 114,921

1,304 * Corinthian Colleges, Inc 72,450

1,426 * DeVry, Inc 35,835

1,744 * Education

Management Corp 54,134

1,153 * ITT Educational

Services, Inc 54,156

262 * Learning Tree

International, Inc 4,556

220 * Princeton Review, Inc 2,145

295 Strayer Education, Inc 32,105

1,000 * Sylvan Learning

Systems, Inc 28,790

TOTAL EDUCATIONAL

SERVICES 680,240

66 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

ELECTRIC, GAS, AND SANITARY SERVICES—3.31%
	11,864	*	AES Corp	$ 111,996
	1,714		AGL Resources, Inc	49,877
	3,119	*	Allegheny Energy, Inc	39,798
	2,342		Allete, Inc	71,665
	2,879		Alliant Energy Corp	71,687
	4,550	*	Allied Waste Industries, Inc	63,154
	4,704		Ameren Corp	216,384
	11,391		American Electric
			Power Co, Inc	347,539
	401		American States Water Co	10,025
	5,595	*	Aquila, Inc	18,967
	1,469		Atmos Energy Corp	35,697
	1,238		Avista Corp	22,433
	875		Black Hills Corp	26,101
	444		California Water Service
			Group	12,166
	11,345	*	Calpine Corp	54,569
	442		Cascade Natural Gas Corp	9,322
	238	*	Casella Waste Systems,
			Inc (Class A)	3,258
	7,220		Centerpoint Energy, Inc	69,962
	400		Central Vermont Public Service Corp	9,400
	463		CH Energy Group, Inc	21,715
	150		Chesapeake Utilities Corp	3,908
	4,938		Cinergy Corp	191,644
	8,381	*	Citizens
			Communications Co	104,092
	210	*	Clean Harbors, Inc	1,871
	1,055		Cleco Corp	18,969
	4,719	*	CMS Energy Corp	40,206
	300		Connecticut Water
			Service, Inc	8,295
	6,312		Consolidated Edison, Inc	271,479
	4,447		Constellation Energy
			Group, Inc	174,145
	9,188		Dominion Resources, Inc	586,470
	3,371		DPL, Inc	70,386
	4,671		DTE Energy Co	184,037
	25,665		Duke Energy Corp	524,849
	2,278		Duquesne Light
			Holdings, Inc	41,779
	205	*	Duratek, Inc	2,673
	7,057	*	Dynegy, Inc (Class A)	30,204
	8,262		Edison International	181,186
	16,896		El Paso Corp	138,378
	1,065	*	El Paso Electric Co	14,218
	665		Empire District Electric Co	14,583
	1,138		Energen Corp	46,692
	4,093		Energy East Corp	91,683
	118		EnergySouth, Inc	4,130

SHARES

VALUE

6,353 Entergy Corp $ 362,947

1,748 Equitable Resources, Inc 75,024

9,211 Exelon Corp 611,242

8,495 FirstEnergy Corp 299,024

5,209 FPL Group, Inc 340,773

2,033 Great Plains Energy, Inc 64,690

1,121 Hawaiian Electric

Industries, Inc 53,102

1,026 Idacorp, Inc 30,698

4,393 KeySpan Corp 161,662

2,545 Kinder Morgan, Inc 150,410

511 Laclede Group, Inc 14,589

3,272 MDU Resources Group, Inc 77,906

461 MGE Energy, Inc 14,526

266 Middlesex Water Co 5,400

1,666 National Fuel Gas Co 40,717

729 New Jersey Resources Corp 28,074

1,177 Nicor, Inc 40,065

7,624 NiSource, Inc 167,271

189 * NiSource, Inc (Sails) 484

3,375 Northeast Utilities 68,074

689 Northwest Natural Gas Co 21,187

1,447 NSTAR 70,180

616 NUI Corp 9,930

2,278 OGE Energy Corp 55,105

2,138 Oneok, Inc 47,207

590 Otter Tail Corp 15,771

1,085 Peoples Energy Corp 45,613

4,528 Pepco Holdings, Inc 88,477

11,833 * PG&E Corp 328,602

2,486 Philadelphia

Suburban Corp 54,941

941 Piedmont Natural Gas

Co, Inc 40,896

2,264 Pinnacle West Capital Corp
90,605

1,197 PNM Resources, Inc 33,636

5,017 PPL Corp 219,494

6,069 Progress Energy, Inc 274,683

445 * Progress Energy, Inc (Cvo) 200

6,359 Public Service Enterprise

Group, Inc 278,524

2,695 Puget Energy, Inc 64,060

2,210 Questar Corp 77,682

8,031 * Reliant Resources, Inc 59,108

4,010 Republic Services, Inc 102,776

800 Resource America, Inc

(Class A) 12,000

3,237 SCANA Corp 110,867

508 SEMCO Energy, Inc 2,489

5,281 Sempra Energy 158,747

3,095 * Sierra Pacific Resources 22,717

108 SJW Corp 9,639

333 South Jersey Industries, Inc
13,487

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 67

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

ELECTRIC, GAS, AND SANITARY SERVICES—(Continued)
	20,532		Southern Co	$ 621,093
	1,318	*	Southern Union Co	24,266
	816		Southwest Gas Corp	18,319
	332		Southwest Water Co	5,329
	860	*	Stericycle, Inc	40,162
	4,987		TECO Energy, Inc	71,863
	411		Texas Genco Holdings, Inc	13,358
	8,973		TXU Corp	212,840
	1,330		UGI Corp	45,087
	345		UIL Holdings Corp	15,560
	764		Unisource Energy Corp	18,840
	2,227		Vectren Corp	54,896
	758	*	Waste Connections, Inc	28,630
	17,015		Waste Management, Inc	503,644
	1,967		Westar Energy, Inc	39,832
	475		Western Gas Resources, Inc	22,444
	1,375		WGL Holdings, Inc	38,211
	14,574		Williams Cos, Inc	143,117
	3,253		Wisconsin Energy Corp	108,813
	965		WPS Resources Corp	44,612
	11,230		Xcel Energy, Inc	190,685

			TOTAL ELECTRIC, GAS,
			AND SANITARY SERVICES	11,188,494

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT—8.26%
	722	*	Actel Corp	17,400
	22,678	*	ADC Telecommunications,
			Inc	67,354
	1,350		Adtran, Inc	41,850
	309	*	Advanced Energy
			Industries, Inc	8,049
	2,529	*	Advanced Fibre
			Communications, Inc	50,959
	9,777	*	Advanced Micro
			Devices, Inc	145,677
	1,672	*	Aeroflex, Inc	19,546
	8,706	*	Agere Systems, Inc
			(Class A)	26,553
	37,854	*	Agere Systems, Inc
			(Class B)	109,777
	292	*	Alliance Semiconductor
			Corp	2,076
	11,059	*	Altera Corp	251,039
	4,811		American Power
			Conversion Corp	117,629
	921		Ametek, Inc	44,447
	2,531	*	Amkor Technology, Inc	46,090
	499	*	Amphenol Corp (Class A)	31,901
	10,298		Analog Devices, Inc	470,104
	300	*	Anaren Microwave, Inc	4,236

SHARES

VALUE

514 Applica, Inc $ 3,906

9,310 * Applied Micro

Circuits Corp 55,674

235 Applied Signal

Technology, Inc 5,407

3,190 * Arris Group, Inc 23,096

326 * Artesyn Technologies, Inc 2,778

447 * Artisan Components, Inc 9,164

11,910 * Atmel Corp 71,579

576 * ATMI, Inc 13,329

2,900 * Avanex Corp 14,471

1,262 AVX Corp 20,974

810 Baldor Electric Co 18,509

257 Bel Fuse, Inc (Class B) 8,386

991 * Benchmark Electronics, Inc
34,497

6,249 * Broadcom Corp (Class A) 213,028

596 C&D Technologies, Inc 11,425

74 * Catapult

Communications Corp 1,073

431 * C-COR.net Corp 4,797

2,040 * Centillium

Communications, Inc 11,485

189 * Ceradyne, Inc 6,437

408 * Ceva, Inc 4,243

1,008 * Checkpoint Systems, Inc 19,061

2,116 * ChipPAC, Inc 16,060

13,734 * CIENA Corp 91,194

304 * Comtech

Telecommunications 8,776

4,226 * Comverse Technology, Inc 74,335

6,726 * Conexant Systems, Inc 33,428

8,200 * Corvis Corp 13,940

2,269 * Cree, Inc 40,139

404 CTS Corp 4,646

360 Cubic Corp 8,280

3,443 * Cypress Semiconductor

Corp 73,542

166 * Diodes, Inc 3,154

695 * Ditech Communications

Corp 13,275

215 * Drexler Technology Corp 2,939

795 * DSP Group, Inc 19,803

320 * Dupont Photomasks, Inc 7,725

1,002 * Electro Scientific

Industries, Inc 23,848

11,998 Emerson Electric Co 776,871

443 * Emerson Radio Corp 1,666

143 * EMS Technologies, Inc 2,937

2,251 * Energizer Holdings, Inc 84,548

200 * Energy Conversion

Devices, Inc 1,806

1,762 * Entegris, Inc 22,642

1,198 * ESS Technology, Inc 20,378

68 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT—(Continued)
	1,032	*	Exar Corp	$ 17,627
	2,533	*	Fairchild Semiconductor
			International, Inc	63,249
	3,700	*	Finisar Corp	11,581
	87		Franklin Electric Co, Inc	5,263
	800	*	FuelCell Energy, Inc	10,400
	5,278	*	Gemstar-TV Guide
			International, Inc	26,654
	283,920	d	General Electric Co	8,795,842
	818	*	Genesis Microchip, Inc	14,757
	246	*	Genlyte Group, Inc	14,361
	3,558	*	GlobespanVirata, Inc	20,921
	2,670	*	GrafTech International Ltd	36,045
	1,510		Harman International
			Industries, Inc	111,710
	1,383	*	Harmonic, Inc	10,027
	1,998		Harris Corp	75,824
	754		Helix Technology Corp	15,517
	596	*	Hexcel Corp	4,416
	1,342		Hubbell, Inc (Class B)	59,182
	593	*	Hutchinson Technology, Inc	18,229
	122	*	Inet Technologies, Inc	1,464
	1,000	*	Innovex, Inc	8,430
	1,759	*	Integrated Circuit
			Systems, Inc	50,114
	2,719	*	Integrated Device
			Technology, Inc	46,685
	300	*	Integrated Silicon
			Solution, Inc	4,701
	186,188		Intel Corp	5,995,254
	1,494	*	Interdigital
			Communications Corp	30,836
	1,777	*	International Rectifier Corp	87,802
	4,054		Intersil Corp (Class A)	100,742
	499		Inter-Tel, Inc	12,465
	916	*	InterVoice, Inc	10,873
	100	*	IXYS Corp	935
	4,177	*	Jabil Circuit, Inc	118,209
	38,259	*	JDS Uniphase Corp	139,645
	2,675	*	Kemet Corp	36,621
	2,526	*	Kopin Corp	16,949
	1,997	*	L-3 Communications
			Holdings, Inc	102,566
	2,469	*	Lattice Semiconductor Corp	23,900
	254	*	Lifeline Systems, Inc	4,826
	8,955		Linear Technology Corp	376,737
	463	*	Littelfuse, Inc	13,344
	508		LSI Industries, Inc	6,858
	10,369	*	LSI Logic Corp	91,973
	200	*	Manufacturers Services Ltd	1,216
	300	*	Mattson Technology, Inc	3,666

SHARES

VALUE

9,422 Maxim Integrated

Products, Inc $ 469,216

2,161 Maytag Corp 60,184

3,375 * McData Corp (Class A) 32,164

169 * Medis Technologies Ltd 1,808

1,479 * MEMC Electronic

Materials, Inc 14,228

597 * Mercury Computer

Systems, Inc 14,865

1,436 Methode Electronics, Inc 17,562

160 * Metrologic Instruments, Inc
4,320

1,757 * Micrel, Inc 27,374

5,932 Microchip Technology, Inc 197,892

15,280 * Micron Technology, Inc 205,822

1,200 * Microsemi Corp 29,496

95 * MIPS Technologies, Inc 517

3,603 Molex, Inc 125,709

245 * Monolithic System

Technology, Inc 2,095

374 * Moog, Inc (Class A) 18,476

66,112 Motorola, Inc 930,196

2,667 * MRV Communications, Inc 10,028

1,418 * Mykrolis Corp 22,801

128 National Presto

Industries, Inc 4,627

5,346 * National Semiconductor Corp

210,686

1,509 * New Focus, Inc 7,575

4,230 * Novellus Systems, Inc 177,872

4,162 * Nvidia Corp 96,767

671 * Omnivision

Technologies, Inc 37,073

400 * ON Semiconductor Corp 2,580

1,342 * Openwave Systems, Inc 14,762

5,270 * Oplink

Communications, Inc 12,595

347 * OSI Systems, Inc 6,666

400 Park Electrochemical Corp 10,596

668 * Pemstar, Inc 2,198

271 * Pericom Semiconductor

Corp 2,889

1,081 * Photronics, Inc 21,534

1,200 * Pixelworks, Inc 13,248

1,135 * Plantronics, Inc 37,058

1,032 * Plexus Corp 17,719

100 * Plug Power, Inc 725

4,513 * PMC-Sierra, Inc 90,937

2,974 * Polycom, Inc 58,052

100 * Powell Industries, Inc 1,915

690 * Power Integrations, Inc 23,087

1,164 * Power-One, Inc 12,606

1,462 * Powerwave

Technologies, Inc 11,184

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 69

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT—(Continued)
	1,547	*	Proxim Corp (Class A)	$ 2,583
	2,744	*	QLogic Corp	141,590
	22,608		Qualcomm, Inc	1,219,249
	2,024	*	Rambus, Inc	62,137
	177		Raven Industries, Inc	5,222
	1,638	*	Rayovac Corp	34,316
	616		Regal-Beloit Corp	13,552
	2,121	*	Remec, Inc	17,838
	4,968	*	RF Micro Devices, Inc	49,928
	100		Richardson Electronics Ltd	1,229
	5,103		Rockwell Collins, Inc	153,243
	458	*	Rogers Corp	20,207
	14,470	*	Sanmina-SCI Corp	182,467
	1,163	*	SBA Communications Corp	4,396
	200	*	SBS Technologies, Inc	2,942
	3,863		Scientific-Atlanta, Inc	105,460
	500	*	Seachange
			International, Inc	7,700
	1,640	*	Semtech Corp	37,277
	1,300	*	Silicon Image, Inc	9,399
	738	*	Silicon Laboratories, Inc	31,896
	2,500	*	Silicon Storage
			Technology, Inc	27,500
	122	*	Siliconix, Inc	5,575
	268	*	Sipex Corp	2,066
	26,861	*	Sirius Satellite Radio, Inc	84,881
	4,063	*	Skyworks Solutions, Inc	35,348
	467		Smith (A.O.) Corp	16,368
	6,304	*	Sonus Networks, Inc	47,658
	600		Spectralink Corp	11,502
	398	*	Standard Microsystems
			Corp	10,069
	176	*	Stoneridge, Inc	2,649
	3,056	*	Stratex Networks, Inc	12,988
	1,327	*	Superconductor
			Technologies	7,405
	700	*	Supertex, Inc	13,370
	3,922	*	Sycamore Networks, Inc	20,551
	1,400	*	Symmetricom, Inc	10,192
	400	*	Synaptics, Inc	5,992
	1,002	*	Technitrol, Inc	20,781
	1,594	*	Tekelec	24,787
	11,767	*	Tellabs, Inc	99,196
	1,756	*	Terayon Communication
			Systems, Inc	7,902
	49,354		Texas Instruments, Inc	1,450,021
	1,194		Thomas & Betts Corp	27,331
	600	*	Three-Five Systems, Inc	3,144
	200	*	Tollgrade
			Communications, Inc	3,506
	915	*	Transmeta Corp	3,111

SHARES

VALUE

4,142 * Triquint

Semiconductor, Inc $ 29,284

100 * TTM Technologies, Inc 1,688

100 * Ulticom, Inc 965

400 * Universal Display Corp 5,468

400 * Universal Electronics, Inc 5,096

2,035 * Utstarcom, Inc 75,437

1,329 * Valence Technology, Inc 5,117

817 * Varian Semiconductor

Equipment

Associates, Inc 35,695

300 * Verso Technologies, Inc 960

2 * Vialta, Inc 1

559 * Viasat, Inc 10,699

270 * Vicor Corp 3,081

338 * Virage Logic Corp 3,437

4,209 * Vishay Intertechnology, Inc 96,386

5,793 * Vitesse Semiconductor Corp
34,005

1,200 * Westell Technologies, Inc 7,572

1,880 Whirlpool Corp 136,582

495 * White Electronic Designs

Corp 4,356

567 * Wilson Greatbatch

Technologies, Inc 23,967

100 Woodhead Industries, Inc 1,690

1,200 * Xicor, Inc 13,608

9,656 * Xilinx, Inc 374,073

652 * Zhone Technologies, Inc 3,221

TOTAL ELECTRONIC AND

OTHER ELECTRIC

EQUIPMENT 27,940,970

ENGINEERING AND MANAGEMENT
SERVICES—0.77%

750 * aaiPharma, Inc 18,840

261 * Advisory Board Co 9,112

1,784 * Affymetrix, Inc 43,904

600 * Antigenics, Inc 6,792

1,934 * Applera Corp (Celera

Genomics Group) 26,902

936 * Ariad Pharmaceuticals, Inc
6,973

4,932 * BearingPoint, Inc 49,764

100 * Bioreliance Corp 4,782

2,195 * Celgene Corp 98,819

1,667 * Century Business

Services, Inc 7,451

118 CGI Group, Inc (Class A) 738

193 * Charles River

Associates, Inc 6,174

1,100 * Ciphergen Biosystems, Inc 12,364

379 * Cornell Cos, Inc 5,173

1,006 * Corporate Executive

Board Co 46,950

944 * Corrections Corp Of America
27,216

70 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

ENGINEERING AND MANAGEMENT SERVICES—(Continued)
	1,721	*	Covance, Inc	$ 46,123
	2,253	*	CuraGen Corp	16,514
	759	*	CV Therapeutics, Inc	11,127
	1,224	*	Decode Genetics, Inc	10,025
	800	*	Diversa Corp	7,400
	1,077	*	eResearch Technology, Inc	27,377
	600	*	Exact Sciences Corp	6,072
	2,026	*	Exelixis, Inc	14,344
	1,348	*	Exult, Inc	9,598
	164	*	First Consulting Group, Inc	923
	2,203		Fluor Corp	87,327
	595	*	Forrester Research, Inc	10,633
	1,106	*	FTI Consulting, Inc	25,847
	2,007	*	Gartner, Inc (Class A)	22,699
	700	*	Gene Logic, Inc	3,633
	100	*	Genencor International, Inc	1,575
	1,478	*	Gen-Probe, Inc	53,903
	12,574		Halliburton Co	326,924
	500	*	Hewitt Associates, Inc	14,950
	1,684	*	Incyte Corp	11,519
	1,392	*	Jacobs Engineering
			Group, Inc	66,830
	474	*	Kosan Biosciences, Inc	4,674
	230		Landauer, Inc	9,379
	843	*	Lexicon Genetics, Inc	4,965
	563	*	Luminex Corp	5,281
	643	*	MAXIMUS, Inc	25,161
	393	*	Maxygen, Inc	4,178
	7,291		Monsanto Co	209,835
	3,486		Moody’s Corp	211,077
	800	*	Myriad Genetics, Inc	10,288
	1,123	*	Navigant Consulting, Inc	21,180
	350	*	Neopharm, Inc	6,421
	227	*	Newtek Business
			Services, Inc	1,575
	695	*	Parexel International Corp	11,301
	9,405		Paychex, Inc	349,866
	1,005	*	Per-Se Technologies, Inc	15,336
	1,517	*	Pharmaceutical Product
			Development, Inc	40,913
	500	*	Pharmacopeia, Inc	7,105
	588	*	PRG-Schultz
			International, Inc	2,881
	2,037		Quest Diagnostics, Inc	148,925
	600	*	Regeneration
			Technologies, Inc	6,576
	861	*	Regeneron
			Pharmaceuticals, Inc	12,665
	734	*	Repligen Corp	3,208
	100	*	Research Frontiers, Inc	929
	460	*	Resources Connection, Inc	12,563

SHARES

VALUE

750 * Right Management

Consultants, Inc $ 13,995

1,199 * Savient

Pharmaceuticals, Inc 5,527

567 * Seattle Genetics, Inc 4,865

8,234 Servicemaster Co 95,926

140 * SFBC International, Inc 3,718

409 * Sourcecorp 10,483

700 * Symyx Technologies, Inc 14,385

125 * Tejon Ranch Co 5,126

900 * Telik, Inc 20,709

1,286 * Tetra Tech, Inc 31,970

790 * Transkaryotic Therapies, Inc
12,332

315 * TRC Cos, Inc 6,634

482 * Trimeris, Inc 10,112

1,600 * Tularik, Inc 25,840

2,203 * U.S. Oncology, Inc 23,704

596 * URS Corp 14,906

700 * Washington Group

International, Inc 23,779

846 * Watson Wyatt & Co

Holdings 20,431

TOTAL ENGINEERING AND MANAGEMENT SERVICES

2,618,021

FABRICATED METAL PRODUCTS—0.65%

1,076 * Alliant Techsystems, Inc 62,150

1,731 Ball Corp 103,116

500 CIRCOR International, Inc 12,050

1,495 Crane Co 45,956

4,887 * Crown Holdings, Inc 44,276

3,231 Danaher Corp 296,444

166 * Drew Industries, Inc 4,615

4,256 Fortune Brands, Inc 304,261

1,036 * Griffon Corp 20,989

100 * Gulf Island Fabrication, Inc
1,703

944 Harsco Corp 41,366

7,332 Illinois Tool Works, Inc 615,228

489 * Intermagnetics

General Corp 10,836

2,538 * Jacuzzi Brands, Inc 17,994

13,507 Masco Corp 370,227

339 Material Sciences Corp 3,427

356 * Mobile Mini, Inc 7,020

669 * NCI Building Systems, Inc 15,989

1,369 * Raytech Corp 4,545

1,649 * Shaw Group, Inc 22,459

141 * Silgan Holdings, Inc 6,005

362 * Simpson Manufacturing

Co, Inc 18,411

1,608 Snap-On, Inc 51,842

1,774 Stanley Works 67,181

273 Sturm Ruger & Co, Inc 3,104

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 71

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

FABRICATED METAL PRODUCTS—(Continued)
	1,351	*	Tower Automotive, Inc	$ 9,227
	566		Valmont Industries, Inc	13,103
	963		Watts Water Technologies, Inc (Class A)	21,379

			TOTAL FABRICATED
			METAL PRODUCTS	2,194,903

FOOD AND KINDRED PRODUCTS—3.27%
	400	*	American Italian Pasta Co (Class A)	16,760
	23,951		Anheuser-Busch Cos, Inc	1,261,739
	14,917		Archer Daniels Midland Co	227,037
	300	*	Boston Beer Co, Inc
			(Class A)	5,442
	6,366		Campbell Soup Co	170,609
	61,137		Coca-Cola Co	3,102,703
	6,293		Coca-Cola Enterprises, Inc	137,628
	15,257		Conagra Foods, Inc	402,632
	2,344	*	Constellation Brands, Inc
			(Class A)	77,188
	680		Coors (Adolph) Co (Class B)	38,148
	911		Corn Products
			International, Inc	31,384
	1,501	*	Darling International, Inc	4,143
	4,523	*	Dean Foods Co	148,671
	5,635	*	Del Monte Foods Co	58,604
	904		Flowers Foods, Inc	23,323
	10,651		General Mills, Inc	482,490
	10,203		H.J. Heinz Co	371,695
	2,112	*	Hercules, Inc	25,766
	2,538		Hershey Foods Corp	195,401
	400	*	Horizon Organic
			Holding Corp	9,580
	2,103		Hormel Foods Corp	54,278
	564	*	International
			Multifoods Corp	10,152
	1,096		Interstate Bakeries Corp	15,596
	284	*	J & J Snack Foods Corp	10,724
	1,441		J.M. Smucker Co	65,263
	7,073		Kellogg Co	269,340
	7,849		Kraft Foods, Inc (Class A)	252,895
	732		Lancaster Colony Corp	33,057
	991		Lance, Inc	14,895
	274	*	M&F Worldwide Corp	3,661
	4,107		McCormick & Co, Inc
			(Non-Vote)	123,621
	283	*	Peets Coffee & Tea, Inc	4,927
	4,803		Pepsi Bottling Group, Inc	116,137
	2,060		PepsiAmericas Inc	35,267
	49,125		PepsiCo, Inc	2,290,208
	161		Pilgrim’s Pride Corp	2,629

SHARES

SHARES

708 * Ralcorp Holdings, Inc $ 22,203

82 Riviana Foods, Inc 2,246

136 * Robert Mondavi Corp

(Class A) 5,282

69 Sanderson Farms, Inc 2,781

22,244 Sara Lee Corp 482,917

1,177 Sensient Technologies Corp
23,269

2,442 * Smithfield Foods, Inc 50,549

704 Tootsie Roll Industries, Inc 25,344

1,164 Topps Co, Inc 11,943

6,078 Tyson Foods, Inc (Class A) 80,473

4,795 Wrigley (Wm.) Jr Co 269,527

TOTAL FOOD AND

KINDRED PRODUCTS 11,070,127

FOOD STORES—0.44%

787 * 7-Eleven, Inc 12,631

8,940 Albertson’s, Inc 202,491

37 Arden Group, Inc (Class A) 2,868

229 * Great Atlantic & Pacific

Tea Co, Inc 1,924

636 Ingles Markets, Inc

(Class A) 6,532

21,381 * Kroger Co 395,762

947 * Panera Bread Co (Class A) 37,435

143 * Pantry, Inc 3,246

1,200 * Pathmark Stores, Inc 9,120

814 Ruddick Corp 14,571

12,618 * Safeway, Inc 276,460

11,287 * Starbucks Corp 373,148

314 Weis Markets, Inc 11,398

1,419 Whole Foods Market, Inc 95,257

665 * Wild Oats Markets, Inc 8,598

2,386 Winn-Dixie Stores, Inc 23,741

TOTAL FOOD STORES 1,475,182

FORESTRY—0.12%

6,224 Weyerhaeuser Co 398,336

TOTAL FORESTRY 398,336

FURNITURE AND FIXTURES—0.32%

300 Bassett Furniture

Industries, Inc 4,950

976 Ethan Allen Interiors, Inc 40,875

1,151 Furniture Brands

International, Inc 33,759

1,998 Herman Miller, Inc 48,491

1,481 Hillenbrand Industries, Inc 91,911

1,816 HON Industries, Inc 78,669

82 Hooker Furniture Corp 3,346

2,517 Johnson Controls, Inc 292,274

620 Kimball International, Inc

(Class B) 9,641

1,620 La-Z-Boy, Inc 33,988

72 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

FURNITURE AND FIXTURES—(Continued)
	1,871		Lear Corp	$ 114,748
	5,484		Leggett & Platt, Inc	118,619
	7,722		Newell Rubbermaid, Inc	175,830
	500	*	Select Comfort Corp	12,380
	170		Stanley Furniture Co, Inc	5,355
	1,118		Steelcase, Inc (Class A)	16,054

			TOTAL FURNITURE AND
			FIXTURES	1,080,890

FURNITURE AND HOMEFURNISHINGS STORES—0.36%
	8,434	*	Bed Bath & Beyond, Inc	365,614
	7,403		Best Buy Co, Inc	386,733
	4,664		Circuit City Stores, Inc
			(Circuit City Group)	47,246
	507	*	Cost Plus, Inc	20,787
	221	*	Electronics Boutique
			Holdings Corp	5,059
	566	*	Gamestop Corp (Class A)	8,722
	362	*	Guitar Center, Inc	11,794
	768		Haverty Furniture Cos, Inc	15,252
	607	*	Intertan, Inc	6,143
	400	*	Kirkland’s, Inc	7,064
	1,249	*	Linens ‘n Things, Inc	37,570
	2,464		Pier 1 Imports, Inc	53,863
	4,917		RadioShack Corp	150,854
	244	*	Restoration Hardware, Inc	1,159
	115	*	Rex Stores Corp	1,628
	1,353	*	The Bombay Co, Inc	11,013
	228	*	Trans World
			Entertainment Corp	1,623
	536	*	Tweeter Home
			Entertainment Group, Inc	5,065
	500	*	Ultimate Electronics, Inc	3,815
	2,516	*	Williams-Sonoma, Inc	87,481

			TOTAL FURNITURE AND
			HOMEFURNISHINGS
			STORES	1,228,485

GENERAL BUILDING CONTRACTORS—0.33%
	351		Beazer Homes U.S.A., Inc	34,279
	1,823		Centex Corp	196,246
	3,310		D.R. Horton, Inc	143,191
	432	*	Hovnanian Enterprises, Inc
			(Class A)	37,610
	1,135		KB Home	82,310
	132		Lennar Corp	12,065
	1,527		Lennar Corp (Class A)	146,592
	266		M/I Schottenstein
			Homes, Inc	10,387
	512		MDC Holdings, Inc	33,063
	400	*	Meritage Corp	26,524

SHARES

VALUE

127 * NVR, Inc $ 59,182

769 * Palm Harbor Homes, Inc 13,742

1,373 Pulte Homes, Inc 128,540

873 Ryland Group, Inc 77,383

848 Standard-Pacific Corp 41,170

1,140 * Toll Brothers, Inc 45,326

1,159 Walter Industries, Inc 15,473

594 * WCI Communities, Inc 12,242

113 * William Lyon Homes, Inc 7,093

TOTAL GENERAL BUILDING

CONTRACTORS 1,122,418

GENERAL MERCHANDISE STORES—2.27%

937 * 99 Cents Only Stores 25,515

3,615 * Big Lots, Inc 51,369

1,875 * BJ’s Wholesale Club, Inc 43,050

322 * Brookstone, Inc 6,862

1,499 Casey’s General Stores, Inc 26,472

13,119 * Costco Wholesale Corp 487,764

2,055 Dillard’s, Inc (Class A) 33,825

7,899 Dollar General Corp 165,800

3,256 * Dollar Tree Stores, Inc 97,875

4,392 Family Dollar Stores, Inc 157,585

5,198 Federated Department

Stores, Inc 244,982

983 Fred’s, Inc 30,453

7,672 J.C. Penney Co, Inc 201,620

8,291 * Kohl’s Corp 372,598

7,642 May Department Stores Co 222,153

1,066 * Neiman Marcus Group, Inc

(Class A) 57,212

3,581 * Saks, Inc 53,858

7,484 Sears Roebuck & Co 340,447

1,194 * ShopKo Stores, Inc 18,209

1,256 * Stein Mart, Inc 10,349

26,069 Target Corp 1,001,050

329 * Tuesday Morning Corp 9,952

75,881 Wal-Mart Stores, Inc 4,025,487

TOTAL GENERAL

MERCHANDISE STORES 7,684,487

HEALTH SERVICES—0.75%

1,356 * Accredo Health, Inc 42,863

704 * American Healthways, Inc 16,804

529 * Amsurg Corp 20,044

1,596 * Apria Healthcare Group, Inc
45,438

2,254 * Beverly Enterprises, Inc 19,362

7,251 * Caremark Rx, Inc 183,668

336 * Chronimed, Inc 2,849

1,259 * Community Health

Systems, Inc 33,464

90 * Corvel Corp 3,384

1,326 * Coventry Health Care, Inc 85,514

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 73

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

HEALTH SERVICES—(Continued)
	941	*	Cross Country
			Healthcare, Inc	$ 14,040
	500	*	CryoLife, Inc	2,890
	240	*	Curative Health
			Services, Inc	3,312
	1,661	*	DaVita, Inc	64,779
	152	*	Dynacq Healthcare, Inc	1,167
	576	*	Enzo Biochem, Inc	10,324
	1,865	*	Express Scripts, Inc	123,892
	2,526	*	First Health Group Corp	49,156
	341	*	Genesis HealthCare Corp	7,768
	671	*	Gentiva Health
			Services, Inc	8,481
	13,877		HCA, Inc	596,156
	6,204		Health Management
			Associates, Inc (Class A)	148,896
	1,018		Hooper Holmes, Inc	6,291
	165	*	IMPAC Medical
			Systems, Inc	4,217
	1,000	*	Inveresk Research
			Group, Inc	24,730
	354	*	Kindred Healthcare, Inc	18,401
	199	*	LabOne, Inc	6,462
	4,349	*	Laboratory Corp Of
			America Holdings	160,696
	956	*	LifePoint Hospitals, Inc	28,154
	2,772	*	Lincare Holdings, Inc	83,243
	2,573		Manor Care, Inc	88,949
	300	*	Matria Healthcare, Inc	6,339
	596	*	MIM Corp	4,190
	175	*	National Healthcare Corp	3,483
	682	*	NeighborCare, Inc	13,470
	859	*	Odyssey HealthCare, Inc	25,134
	325	*	Option Care, Inc	3,471
	1,126	*	Orthodontic Centers Of
			America, Inc	9,064
	633	*	Pediatrix Medical
			Group, Inc	34,872
	1,128	*	Province Healthcare Co	18,048
	500	*	RehabCare Group, Inc	10,630
	1,385	*	Renal Care Group, Inc	57,062
	1,628		Select Medical Corp	26,504
	100	*	Specialty
			Laboratories, Inc	1,679
	470	*	Sunrise Senior Living, Inc	18,208
	13,516	*	Tenet Healthcare Corp	216,932
	1,978	*	Triad Hospitals, Inc	65,808
	300	*	U.S. Physical Therapy, Inc	4,719
	507	*	United Surgical Partners
			International, Inc	16,974

SHARES

VALUE

1,341 Universal Health Services,

Inc (Class B) $ 72,039

309 * VistaCare, Inc (Class A) 10,861

TOTAL HEALTH SERVICES 2,524,881

HEAVY CONSTRUCTION, EXCEPT
BUILDING—0.01%

1,209 Granite Construction, Inc 28,399

675 * Insituform Technologies,

Inc (Class A) 11,138

TOTAL HEAVY

CONSTRUCTION, EXCEPT BUILDING

39,537

HOLDING AND OTHER INVESTMENT
OFFICES—2.14%

326 * 4Kids Entertainment, Inc 8,483

382 Acadia Realty Trust 4,775

336 Alabama National Bancorp
17,657

53 * Alexander’s, Inc 6,607

499 Alexandria Real Estate

Equities, Inc 28,892

461 Allegiant Bancorp, Inc 12,931

3,701 Allied Capital Corp 103,184

2,246 AMB Property Corp 73,848

806 Amcore Financial, Inc 21,778

138 American Land Lease, Inc 2,753

217 American Mortgage

Acceptance Co 3,537

394 AMLI Residential Properties Trust

10,559

2,824 Annaly Mortgage

Management, Inc 51,962

1,284 Anthracite Capital, Inc 14,214

852 Anworth Mortgage Asset

Corp 11,868

2,690 Apartment Investment &

Management Co (Class A)
92,805

5,210 Archstone-Smith Trust 145,776

1,596 Arden Realty, Inc 48,423

700 Associated Estates Realty

Corp 5,117

1,806 AvalonBay

Communities, Inc 86,327

477 Bedford Property

Investors, Inc 13,657

1,790 Boston Properties, Inc 86,260

364 * Boykin Lodging Co 3,331

673 Brandywine Realty Trust 18,016

1,428 BRE Properties, Inc

(Class A) 47,695

1,200 Brookline Bancorp, Inc 18,408

94 BRT Realty Trust 2,712

1,113 Camden Property Trust
49,306

74 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

HOLDING AND OTHER INVESTMENT OFFICES—(Continued)
	681		Capital Automotive REIT	$ 21,792
	105		Capitol Bancorp Ltd	2,982
	266		Capstead Mortgage Corp	4,463
	1,526		CarrAmerica Realty Corp	45,444
	562		CBL & Associates
			Properties, Inc	31,753
	837		Centerpoint Properties Trust	62,691
	864		Chelsea Property Group, Inc	47,356
	400		Cherokee, Inc	9,096
	398		Colonial Properties Trust	15,761
	1,177		Commercial Net Lease
			Realty, Inc	20,951
	110		Community Banks, Inc	4,334
	947		Community First
			Bankshares, Inc	27,406
	274		Connecticut
			Bancshares, Inc	14,122
	1,947		Cornerstone Realty Income
			Trust, Inc	17,056
	780		Corporate Office Properties
			Trust	16,380
	198		Correctional Properties
			Trust	5,702
	936		Cousins Properties, Inc	28,642
	1,946		Crescent Real Estate
			Equities Co	33,335
	332	*	Criimi MAE, Inc	3,463
	2,280		Developers Diversified
			Realty Corp	76,540
	3,702		Duke Realty Corp	114,762
	437		Eastgroup Properties, Inc	14,150
	463		Entertainment Properties
			Trust	16,071
	1,440		Equity Inns, Inc	13,032
	11,476		Equity Office Properties
			Trust	328,787
	800		Equity One, Inc	13,504
	7,652		Equity Residential	225,811
	446		Essex Property Trust, Inc	28,642
	1,274		Federal Realty Investment
			Trust	48,909
	1,200	*	FelCor Lodging Trust, Inc	13,296
	200		First Defiance Financial
			Corp	5,330
	378		First Indiana Corp	7,088
	943		First Industrial Realty
			Trust, Inc	31,826
	1,771		First Niagara Financial
			Group, Inc	26,406
	175		First Place Financial Corp	3,418
	2,119		Fremont General Corp	35,832

SHARES

VALUE

2,125 Friedman Billings Ramsey Group, Inc

$ 49,045

660 Gables Residential Trust 22,928

6,447 General Growth

Properties, Inc 178,904

430 German American Bancorp 7,534

236 Gladstone Capital Corp 5,275

465 Glenborough Realty

Trust, Inc 9,277

789 Glimcher Realty Trust 17,658

381 Great Lakes REIT 5,982

1,283 Greater Bay Bancorp 36,540

420 * Hawthorne Financial Corp 11,752

1,743 Health Care Property

Investors, Inc 88,544

1,544 Health Care REIT, Inc 55,584

1,251 Healthcare Realty Trust, Inc
44,723

546 Heritage Property

Investment Trust 15,534

1,624 Highwoods Properties, Inc 41,250

776 Home Properties, Inc 31,343

1,756 Hospitality Properties Trust 72,488

7,620 * Host Marriott Corp 93,878

3,994 HRPT Properties Trust 40,299

1,539 IMPAC Mortgage

Holdings, Inc 28,025

1,296 Independence Community

Bank Corp 46,617

331 Innkeepers U.S.A. Trust 2,770

1,000 Investors Real Estate Trust 9,900

2,722 iStar Financial, Inc 105,886

500 Keystone Property Trust 11,045

705 Kilroy Realty Corp 23,089

2,855 Kimco Realty Corp 127,761

567 Koger Equity, Inc 11,867

571 Kramont Realty Trust 10,335

3,582 * La Quinta Corp 22,961

631 LaSalle Hotel Properties 11,705

840 Lexington Corporate

Properties Trust 16,960

2,252 Liberty Property Trust 87,603

677 * Local Financial Corp 14,109

355 LTC Properties, Inc 5,233

1,593 Macerich Co 70,889

1,612 Mack-Cali Realty Corp 67,091

476 Manufactured Home

Communities, Inc 17,921

52 MASSBANK Corp 2,215

980 * Meristar Hospitality Corp 6,380

1,575 MFA Mortgage

Investments, Inc 15,356

569 Mid-America Apartment

Communities, Inc
19,107

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 75

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

HOLDING AND OTHER INVESTMENT OFFICES—(Continued)
	999		Mills Corp	$ 43,956
	408		Mission West
			Properties, Inc	5,284
	913		National Health
			Investors, Inc	22,715
	200		National Health Realty, Inc	3,940
	1,874		Nationwide Health
			Properties, Inc	36,637
	2,921		New Plan Excel Realty Trust	72,061
	600		Newcastle Investment Corp	16,260
	532		Novastar Financial, Inc	22,855
	435		Oriental Financial
			Group, Inc	11,195
	970		Pan Pacific Retail
			Properties, Inc	46,221
	230		Parkway Properties, Inc	9,568
	744		Pennsylvania Real Estate Investment Trust	27,007
	5,129		Plum Creek Timber Co, Inc	156,178
	3,763		Popular, Inc	169,109
	848		Post Properties, Inc	23,676
	829		Prentiss Properties Trust	27,349
	549	*	Price Legacy Corp	2,092
	200		PrivateBancorp, Inc	9,104
	4,323		Prologis	138,725
	450		Prosperity Bancshares, Inc	10,134
	100		Provident Bancorp, Inc	4,700
	437		PS Business Parks, Inc	18,031
	2,759		Public Storage, Inc	119,713
	200		Quaker City Bancorp, Inc	9,310
	531		RAIT Investment Trust	13,594
	311		Ramco-Gershenson Properties	8,801
	1,001		Realty Income Corp	40,040
	1,277		Reckson Associates Realty
			Corp	31,031
	328		Redwood Trust, Inc	16,679
	875		Regency Centers Corp	34,869
	2,127		Rouse Co	99,969
	404		Sandy Spring Bancorp, Inc	15,110
	340		Saul Centers, Inc	9,748
	1,322		Senior Housing Properties
			Trust	22,778
	1,209		Shurgard Storage Centers,
			Inc (Class A)	45,519
	3,894		Simon Property Group, Inc	180,448
	310		Sizeler Property Investors	3,320
	735		SL Green Realty Corp	30,172
	372		Sovran Self Storage, Inc	13,820
	278		Suffolk Bancorp	9,599
	815		Summit Properties, Inc	19,576

SHARES

VALUE

366 Sun Communities, Inc $ 14,164

1,039 Susquehanna Bancshares, Inc

25,985

220 Tanger Factory Outlet

Centers, Inc 8,954

1,181 Taubman Centers, Inc 24,329

1,970 Thornburg Mortgage, Inc 53,584

222 Tompkins Trustco, Inc 10,232

559 Town & Country Trust 14,171

2,631 Trizec Properties, Inc 40,517

558 U.S. Restaurant

Properties, Inc 9,508

3,488 United Dominion Realty

Trust, Inc 66,970

149 United Mobile Homes, Inc 2,534

625 United National Bancorp 22,331

288 Universal Health Realty

Income Trust 8,669

562 Urstadt Biddle Properties, Inc (Class A)

7,952

2,092 Ventas, Inc 46,024

2,222 Vornado Realty Trust 121,655

26,438 Washington Mutual, Inc 1,060,693

1,105 Washington Real Estate

Investment Trust 32,266

873 Waypoint Financial Corp 18,948

1,201 Weingarten Realty Investors
53,264

300 Westfield Financial, Inc 7,128

600 Winston Hotels, Inc 6,120

TOTAL HOLDING AND

OTHER INVESTMENT

OFFICES 7,227,268

HOTELS AND OTHER LODGING
PLACES—0.28%

596 * Ameristar Casinos, Inc 14,584

820 * Boca Resorts, Inc (Class A)
12,267

836 Boyd Gaming Corp 13,493

506 Choice Hotels

International, Inc 17,837

1,802 Extended Stay America, Inc
26,093

8,842 Hilton Hotels Corp 151,463

1,555 Mandalay Resort Group 69,540

485 Marcus Corp 7,954

5,580 Marriott International,

Inc (Class A) 257,796

1,730 * MGM Mirage 65,065

8,388 * Park Place

Entertainment Corp 90,842

788 * Pinnacle

Entertainment, Inc 7,344

684 * Prime Hospitality Corp 6,977

76 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

HOTELS AND OTHER LODGING PLACES—(Continued)
	5,230		Starwood Hotels & Resorts
			Worldwide, Inc	$ 188,123
	84	*	Vail Resorts, Inc	1,428
	800	*	Wynn Resorts Ltd	22,408

			TOTAL HOTELS AND OTHER
			LODGING PLACES	953,214

INDUSTRIAL MACHINERY AND EQUIPMENT—7.25%
	22,400		3M Co	1,904,672
	128	*	Aaon, Inc	2,484
	568	*	Actuant Corp	20,562
	2,884	*	Adaptec, Inc	25,466
	1,946	*	Advanced Digital
			Information Corp	27,244
	1,524	*	AGCO Corp	30,693
	100		Alamo Group, Inc	1,526
	1,577	*	American Standard
			Cos, Inc	158,804
	126		Ampco-Pittsburgh Corp	1,722
	10,119	*	Apple Computer, Inc	216,243
	47,266	*	Applied Materials, Inc	1,061,122
	455	*	Astec Industries, Inc	5,583
	177	*	ASV, Inc	6,613
	613	*	Asyst Technologies, Inc	10,636
	1,183	*	Avocent Corp	43,203
	2,844	*	Axcelis Technologies, Inc	29,066
	9,604		Baker Hughes, Inc	308,865
	105		BHA Group Holdings, Inc	2,641
	2,219		Black & Decker Corp	109,441
	472		Black Box Corp	21,745
	681		Briggs & Stratton Corp	45,899
	985	*	Brooks Automation, Inc	23,807
	328		Cascade Corp	7,314
	9,926		Caterpillar, Inc	824,057
	4,647	*	Cirrus Logic, Inc	35,642
	200,057	*	Cisco Systems, Inc	4,859,385
	725	*	Computer Network
			Technology Corp	6,917
	795	*	Concurrent Computer Corp	3,474
	1,297	*	Cooper Cameron Corp	60,440
	1,755	*	Cray, Inc	17,427
	1,073		Cummins, Inc	52,513
	361	*	Cuno, Inc	16,256
	1,006	*	Cymer, Inc	46,467
	6,956		Deere & Co	452,488
	65,017	*	Dell, Inc	2,207,977
	1,967		Diebold, Inc	105,962
	1,036		Donaldson Co, Inc	61,290
	700	*	Dot Hill Systems Corp	10,605
	5,867		Dover Corp	233,213

SHARES

VALUE

88 * Dril-Quip, Inc $ 1,434

2,152 Eaton Corp 232,373

1,285 * Electronics For Imaging, Inc
33,436

67,556 * EMC Corp 872,824

2,318 * Emulex Corp 61,844

465 Engineered Support

Systems, Inc 25,603

549 * EnPro Industries, Inc 7,659

565 * Esterline Technologies Corp
15,069

448 * FalconStor Software, Inc 3,916

309 * Fargo Electronics, Inc 3,930

1,541 * Flowserve Corp 32,176

1,696 * FMC Technologies, Inc 39,517

498 * Gardner Denver, Inc 11,887

6,285 * Gateway, Inc 28,911

100 * General Binding Corp 1,800

303 * Global Power Equipment

Group, Inc 2,024

100 Gorman-Rupp Co 2,640

1,350 Graco, Inc 54,135

2,416 * Grant Prideco, Inc 31,456

87,047 Hewlett-Packard Co 1,999,470

465 * Hydril 11,127

462 * Hypercom Corp 2,199

680 IDEX Corp 28,281

885 * InFocus Corp 8,567

145 * Interland, Inc 947

46,247 d International Business

Machines Corp 4,286,172

9,836 International Game

Technology 351,145

1,363 Iomega Corp 8,151

2,392 ITT Industries, Inc 177,510

2,066 JLG Industries, Inc 31,465

1,390 Joy Global, Inc 36,349

277 * Kadant, Inc 5,997

816 Kaydon Corp 21,085

826 Kennametal, Inc 32,834

700 * Komag, Inc 10,241

1,778 * Kulicke & Soffa

Industries, Inc 25,568

3,547 * Lam Research Corp 114,568

1,100 Lennox International, Inc 18,370

3,332 * Lexmark International, Inc 262,028

1,041 Lincoln Electric

Holdings, Inc 25,754

347 Lindsay Manufacturing Co 8,762

200 Lufkin Industries, Inc 5,758

798 Manitowoc Co, Inc 24,898

5,287 * Maxtor Corp 58,686

81 * Mestek, Inc 1,560

427 * Micros Systems, Inc 18,515

218 * Milacron, Inc 909

SEE NOTES TO FINANCIAL STATEMENTS
TIAA-CREF Mutual Funds 2003 Annual Report 77

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

INDUSTRIAL MACHINERY AND EQUIPMENT—(Continued)
	1,084		Modine Manufacturing Co	$ 29,246
	108		Nacco Industries, Inc
			(Class A)	9,664
	2,350	*	National-Oilwell, Inc	52,546
	8,387	*	Network Appliance, Inc	172,185
	606		Nordson Corp	20,925
	900	*	Oil States
			International, Inc	12,546
	300	*	Omnicell, Inc	4,860
	300	*	Overland Storage, Inc	5,640
	3,290		Pall Corp	88,271
	896	*	PalmOne, Inc	10,528
	3,112		Parker Hannifin Corp	185,164
	628	*	Paxar Corp	8,415
	1,483		Pentair, Inc	67,773
	6,796		Pitney Bowes, Inc	276,054
	568	*	Planar Systems, Inc	13,814
	703	*	Presstek, Inc	5,111
	590	*	ProQuest Co	17,376
	3,577	*	Quantum Corp	11,160
	700	*	Rainbow Technologies, Inc	7,882
	115		Robbins & Myers, Inc	2,184
	1,933	*	Sandisk Corp	118,184
	45		Sauer-Danfoss, Inc	729
	234		Schawk, Inc	3,189
	2,129	*	Scientific Games
			Corp (Class A)	36,214
	200	*	Semitool, Inc	2,144
	430	*	Sigma Designs, Inc	3,238
	4,192	*	Silicon Graphics, Inc	5,743
	2,454	*	Smith International, Inc	101,890
	22,484	*	Solectron Corp	132,880
	2,198	*	SPX Corp	129,264
	344		Standex
			International Corp	9,632
	805		Stewart & Stevenson
			Services, Inc	11,310
	3,151	*	Storage Technology Corp	81,138
	6,573		Symbol Technologies, Inc	111,018
	367		Tecumseh Products Co
			(Class A)	17,774
	234		Tennant Co	10,132
	1,193	*	Terex Corp	33,977
	546		Thomas Industries, Inc	18,924
	1,676		Timken Co	33,621
	670		Toro Co	31,088
	810	*	Ultratech, Inc	23,790
	902	*	UNOVA, Inc	20,701
	647	*	Veeco Instruments, Inc	18,245
	5,186	*	Western Digital Corp	61,143
	300		Woodward Governor Co	17,049

SHARES

VALUE

21,061 * Xerox Corp $ 290,642

939 York International Corp 34,555

1,123 * Zebra Technologies Corp

(Class A) 74,534

TOTAL INDUSTRIAL

MACHINERY AND

EQUIPMENT 24,533,106

INSTRUMENTS AND RELATED
PRODUCTS—2.86%

652 * Aclara BioSciences, Inc 2,380

436 * Advanced Medical

Optics, Inc 8,567

488 * Advanced Neuromodulation

Systems, Inc 22,438

13,558 * Agilent Technologies, Inc 396,436

900 * Aksys Ltd 7,947

405 * Alaris Medical Systems, Inc
6,160

1,500 * Align Technology, Inc 24,780

968 * American Medical Systems

Holdings, Inc 21,102

223 Analogic Corp 9,143

5,835 Applera Corp (Applied

Biosystems Group) 120,843

756 Arrow International, Inc 18,885

700 * Arthrocare Corp 17,150

249 * Aspect Medical

Systems, Inc 2,841

1,433 Bard (C.R.), Inc 116,431

1,484 Bausch & Lomb, Inc 77,020

17,120 Baxter International, Inc 522,502

1,704 Beckman Coulter, Inc 86,614

7,388 Becton Dickinson & Co 303,942

171 BEI Technologies, Inc 3,420

506 * Biolase Technology, Inc 8,400

7,206 Biomet, Inc 262,370

432 * Bio-Rad Laboratories, Inc

(Class A) 24,913

18,486 * Boston Scientific Corp 679,545

446 * Bruker BioSciences Corp 2,029

207 * Candela Corp 3,763

182 * Cantel Medical Corp 2,947

1,382 * Cardiac Science, Inc 5,514

800 * Cardiodynamics

International Corp 4,776

757 * Cepheid, Inc 7,252

394 * Cerus Corp 1,789

366 * Cholestech Corp 2,793

124 * Closure Medical Corp 4,207

831 Cognex Corp 23,467

793 * Coherent, Inc 18,873

475 Cohu, Inc 9,096

500 * Cole National Corp 10,000

78 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

INSTRUMENTS AND RELATED PRODUCTS—(Continued)
	465	*	Conceptus, Inc	$ 4,938
	1,000	*	Concord Camera Corp	9,250
	987	*	Conmed Corp	23,491
	730		Cooper Cos, Inc	34,405
	2,029	*	Credence Systems Corp	26,702
	700	*	CTI Molecular
			Imaging, Inc	11,837
	867	*	Cyberonics, Inc	27,753
	2,908	*	Cytyc Corp	40,014
	446		Datascope Corp	15,989
	2,255		Dentsply International, Inc	101,858
	360	*	Dionex Corp	16,567
	300	*	DJ Orthopedics, Inc	8,040
	645	*	DRS Technologies, Inc	17,918
	7,990		Eastman Kodak Co	205,103
	656		EDO Corp	16,170
	1,737	*	Edwards Lifesciences Corp	52,249
	300	*	ESCO Technologies, Inc	13,095
	159	*	Exactech, Inc	2,345
	245	*	Excel Technology, Inc	8,051
	515	*	FEI Co	11,588
	1,451	*	Fisher Scientific
			International, Inc	60,028
	885	*	Flir Systems, Inc	32,303
	875	*	Fossil, Inc	24,509
	8,739		Guidant Corp	526,088
	364	*	Haemonetics Corp	8,696
	564	*	Hanger Orthopedic
			Group, Inc	8,781
	463	*	Herley Industries, Inc	9,584
	463	*	Hologic, Inc	8,024
	283	*	ICU Medical, Inc	9,701
	374	*	Igen International, Inc	22,032
	300	*	Ii-Vi, Inc	7,740
	717	*	Inamed Corp	34,459
	1,170	*	Input/Output, Inc	5,277
	454	*	Integra LifeSciences
			Holding	12,998
	436	*	Interpore International	5,668
	837	*	Intuitive Surgical, Inc	14,304
	737		Invacare Corp	29,753
	458	*	Invision Technologies, Inc	15,375
	461	*	Ionics, Inc	14,683
	414	*	I-Stat Corp	6,334
	593	*	Itron, Inc	10,887
	295	*	Ixia	3,452
	328		Keithley Instruments, Inc	6,002
	207	*	Kensey Nash Corp	4,813
	5,443	*	KLA-Tencor Corp	319,341
	261	*	KVH Industries, Inc	7,170
	393	*	Kyphon, Inc	9,758

SHARES

VALUE

351 * Laserscope $ 5,472

1,600 * Lexar Media, Inc 27,888

1,706 * LTX Corp 25,641

208 * Medical Action

Industries, Inc 3,892

34,928 Medtronic, Inc 1,697,850

1,244 Mentor Corp 29,931

813 * Merit Medical Systems, Inc 18,097

888 * Mettler-Toledo International, Inc

37,482

267 * Micro Therapeutics, Inc 862

1,370 * Millipore Corp 58,979

124 Mine Safety Appliances Co 9,859

854 * MKS Instruments, Inc 24,766

369 * Molecular Devices Corp 7,007

412 Movado Group, Inc 11,631

379 MTS Systems Corp 7,288

1,300 * Newport Corp 21,489

438 * Novoste Corp 2,098

609 Oakley, Inc 8,429

432 * Ocular Sciences, Inc 12,403

1,941 * Orbital Sciences Corp 23,331

883 * Orthologic Corp 5,413

411 * Osteotech, Inc 3,617

3,347 PerkinElmer, Inc 57,133

500 * Photon Dynamics, Inc 20,120

1,605 * Pinnacle Systems, Inc 13,691

500 * Possis Medical, Inc 9,875

11,653 Raytheon Co 350,056

1,112 * Resmed, Inc 46,192

1,024 * Respironics, Inc 46,172

166 * Retractable

Technologies, Inc 999

4,637 Rockwell Automation, Inc 165,077

311 * Rofin-Sinar

Technologies, Inc 10,748

702 Roper Industries, Inc 34,581

500 * Rudolph Technologies, Inc 12,270

649 * Sola International, Inc 12,201

321 * Sonic Solutions, Inc 4,911

600 * SonoSite, Inc 12,864

5,312 * St. Jude Medical, Inc 325,891

459 * Staar Surgical Co 5,168

1,532 * Steris Corp 34,623

4,016 Stryker Corp 341,400

1,064 * Sybron Dental

Specialties, Inc 29,898

227 * Synovis Life

Technologies, Inc 4,617

100 Sypris Solutions, Inc 1,681

1,152 * Techne Corp 43,523

2,034 Tektronix, Inc 64,274

1,073 Teleflex, Inc 51,858

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 79

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

INSTRUMENTS AND RELATED PRODUCTS—(Continued)
	4,861	*	Teradyne, Inc	$ 123,712
	799	*	Theragenics Corp	4,371
	647	*	Therasense, Inc	13,134
	4,661	*	Thermo Electron Corp	117,457
	1,349	*	Thoratec Corp	17,550
	850	*	Trimble Navigation Ltd	31,654
	447	*	TriPath Imaging, Inc	3,487
	152		United Industrial Corp	2,744
	2,031	*	Varian Medical
			Systems, Inc	140,342
	804	*	Varian, Inc	33,551
	351	*	Ventana Medical
			Systems, Inc	13,829
	605	*	Viasys Healthcare, Inc	12,463
	1,413	*	Visx, Inc	32,711
	240	*	Vital Images, Inc	4,282
	81		Vital Signs, Inc	2,649
	450	*	Vivus, Inc	1,706
	3,468	*	Waters Corp	114,999
	214	*	Wright Medical Group, Inc	6,514
	544		X-Rite, Inc	6,158
	300		Young Innovations, Inc	10,800
	7,059	*	Zimmer Holdings, Inc	496,954
	300	*	Zoll Medical Corp	10,644
	424	*	Zygo Corp	6,992

			TOTAL INSTRUMENTS AND
			RELATED PRODUCTS	9,657,409

INSURANCE AGENTS, BROKERS AND SERVICE—0.39%
	6,963		AON Corp	166,694
	1,268		Brown & Brown, Inc	41,349
	194	*	Clark, Inc	3,733
	364		Crawford & Co (Class B)	2,570
	2,579		Gallagher (Arthur J.) & Co	83,792
	998		Hilb, Rogal & Hamilton Co	32,006
	15,204		Marsh & McLennan Cos, Inc	728,120
	7,835	*	Medco Health Solutions, Inc	266,312
	700	*	USI Holdings Corp	9,135

			TOTAL INSURANCE AGENTS,
			BROKERS AND SERVICE	1,333,711

INSURANCE CARRIERS—4.61%
	637		21st Century Insurance Group	8,759
	2,109	*	AdvancePCS	111,060
	4,198		Aetna, Inc	283,701
	14,638		Aflac, Inc	529,603
	1,285		Alfa Corp	16,525
	181	*	Alleghany Corp	40,273
	1,604	*	Allmerica Financial Corp	49,355
	20,206		Allstate Corp	869,262
	2,347		Ambac Financial Group, Inc	162,858

SHARES

VALUE

814 American Financial

Group, Inc $ 21,538

65,549 American International

Group, Inc 4,344,588

307 * American Medical

Security Group, Inc 6,883

241 American National

Insurance Co 20,333

300 * American Physicians

Capital, Inc 5,520

531 * AMERIGROUP Corp 22,647

1,153 AmerUs Group Co 40,320

3,993 * Anthem, Inc 299,475

463 * Argonaut Group, Inc 7,195

437 Baldwin & Lyons, Inc

(Class B) 12,262

1,875 Berkley (W.R.) Corp 65,531

402 * Centene Corp 11,260

5,303 Chubb Corp 361,134

3,905 Cigna Corp 224,538

3,902 Cincinnati Financial Corp 163,416

1,209 * Citizens, Inc 11,402

643 * CNA Financial Corp 15,496

362 * CNA Surety Corp 3,443

659 Commerce Group, Inc 26,031

535 Delphi Financial Group,

Inc (Class A) 19,260

88 Donegal Group, Inc 1,938

670 Erie Indemnity Co (Class A)

579 FBL Financial Group, Inc

(Class A) 14,938

3,813 Fidelity National

Financial, Inc 147,868

213 * Financial Industries Corp 3,003

1,710 First American Corp 50,907

101 Great American Financial

Resources, Inc 1,638

695 Harleysville Group, Inc 13,824

7,989 Hartford Financial Services

Group, Inc 471,591

1,872 HCC Insurance

Holdings, Inc 59,530

2,913 * Health Net, Inc 95,255

415 * HealthExtras, Inc 5,561

887 Horace Mann Educators

Corp 12,391

4,596 * Humana, Inc 105,019

100 Independence Holding Co 2,375

334 Infinity Property &

Casualty Corp 11,039

4,057 Jefferson-Pilot Corp 205,487

8,235 John Hancock Financial

Services, Inc 308,813

80 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

INSURANCE CARRIERS—(Continued)
	91		Kansas City Life
			Insurance Co	$ 4,204
	521		Landamerica Financial
			Group, Inc	27,227
	1,450		Leucadia National Corp	66,845
	4,936		Lincoln National Corp	199,266
	3,725		Loews Corp	184,201
	215	*	Markel Corp	54,505
	4,022		MBIA, Inc	238,223
	653		Mercury General Corp	30,397
	9,824		MetLife, Inc	330,774
	2,078		MGIC Investment Corp	118,321
	1,345	*	Mid Atlantic Medical
			Services, Inc	87,156
	306		Midland Co	7,228
	1,102	*	MONY Group, Inc	34,482
	29	*	National Western Life
			Insurance Co (Class A)	4,491
	1,383		Nationwide Financial
			Services, Inc (Class A)	45,722
	300	*	Navigators Group, Inc	9,261
	329		Odyssey Re Holdings Corp	7,419
	1,397	*	Ohio Casualty Corp	24,252
	5,035		Old Republic International
			Corp	127,688
	2,307		Oxford Health Plans, Inc	100,355
	1,241	*	Pacificare Health
			Systems, Inc	83,892
	403	*	Philadelphia Consolidated
			Holding Corp	19,678
	2,472		Phoenix Cos, Inc	29,763
	90	*	Pico Holdings, Inc	1,410
	1,362	*	PMA Capital Corp (Class A)	6,973
	2,534		PMI Group, Inc	94,341
	370		Presidential Life Corp	4,869
	8,411		Principal Financial Group	278,152
	596	*	ProAssurance Corp	19,161
	5,636		Progressive Corp	471,113
	1,741		Protective Life Corp	58,915
	15,634		Prudential Financial, Inc	653,032
	2,830		Radian Group, Inc	137,963
	834		Reinsurance Group Of
			America, Inc	32,234
	488		RLI Corp	18,280
	3,650		Safeco Corp	142,095
	742		Selective Insurance
			Group, Inc	24,011
	625	*	Sierra Health Services, Inc	17,156
	5,883		St. Paul Cos, Inc	233,261
	748		Stancorp Financial
			Group, Inc	47,034
	374		State Auto Financial Corp	8,748

SHARES

VALUE

432 Stewart Information

Services Corp $ 17,518

3,301 Torchmark Corp 150,328

539 Transatlantic

Holdings, Inc 43,551

6,179 Travelers Property Casualty

Corp (Class A) 103,684

17,830 Travelers Property Casualty Corp (Class B)

302,575

205 * Triad Guaranty, Inc 10,322

928 * UICI 12,324

199 United Fire & Casualty Co 8,032

15,750 UnitedHealth Group, Inc 916,335

1,233 Unitrin, Inc 51,059

320 * Universal American Financial Corp

3,171

8,225 UnumProvident Corp 129,708

600 * WellChoice, Inc 20,700

4,335 * Wellpoint Health Networks, Inc

420,452

19 Wesco Financial Corp 6,688

128 Zenith National Insurance

Corp 4,166

TOTAL INSURANCE

CARRIERS 15,577,951

JUSTICE, PUBLIC ORDER AND
SAFETY—0.00%

100 * Wackenhut

Corrections Corp 2,280

TOTAL JUSTICE, PUBLIC

ORDER AND SAFETY 2,280

LEATHER AND LEATHER PRODUCTS—0.09%

469 Brown Shoe Co, Inc 17,789

4,978 * Coach, Inc 187,920

648 K-Swiss, Inc (Class A) 15,591

887 * Maxwell Shoe Co, Inc

(Class A) 15,052

268 * Steven Madden Ltd 5,467

513 * Timberland Co (Class A) 26,712

75 Weyco Group, Inc 2,524

1,071 Wolverine World Wide, Inc 21,827

TOTAL LEATHER AND

LEATHER PRODUCTS 292,882

LEGAL SERVICES—0.00%

173 * Pre-Paid Legal Services, Inc

TOTAL LEGAL SERVICES 4,519

LUMBER AND WOOD PRODUCTS—0.09%

87 American Woodmark Corp 4,789

3,353 * Champion Enterprises, Inc 23,471

147 Deltic Timber Corp 4,469

6,752 Georgia-Pacific Corp 207,084

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 81

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

LUMBER AND WOOD PRODUCTS—(Continued)
	400	*	Modtech Holdings, Inc	$ 3,364
	1,267		Rayonier, Inc	52,593
	134		Skyline Corp	4,673
	455		Universal Forest
			Products, Inc	14,642

			TOTAL LUMBER AND
			WOOD PRODUCTS	315,085

METAL MINING—0.29%
	231	*	Cleveland-Cliffs, Inc	11,769
	3,981	*	Coeur D’alene Mines Corp	23,010
	3,728		Freeport-McMoRan Copper
			& Gold, Inc (Class A)	157,061
	4,323	*	Hecla Mining Co	35,838
	11,058		Newmont Mining Corp	537,529
	2,243	*	Phelps Dodge Corp	170,670
	429		Royal Gold, Inc	8,979
	717		Southern Peru Copper Corp	33,814
	1,834	*	Stillwater Mining Co	17,551

			TOTAL METAL MINING	996,221

MISCELLANEOUS MANUFACTURING INDUSTRIES—0.15%
	870		Blyth, Inc	28,031
	1,530		Callaway Golf Co	25,781
	400	*	Daktronics, Inc	10,064
	3,526		Hasbro, Inc	75,033
	2,086	*	Identix, Inc	9,283
	815	*	Jakks Pacific, Inc	10,725
	1,500	*	K2, Inc	22,815
	492	*	Leapfrog Enterprises, Inc	13,053
	400	*	Lydall, Inc	4,076
	12,174		Mattel, Inc	234,593
	699		Nautilus Group, Inc	9,821
	652	*	Oneida Ltd	3,840
	300		Penn Engineering &
			Manufacturing Corp	5,709
	360	*	RC2 Corp	7,470
	239		Russ Berrie & Co, Inc	8,102
	447	*	Shuffle Master, Inc	15,475
	33	*	Steinway Musical
			Instruments, Inc	815
	663	*	Yankee Candle Co, Inc	18,120

			TOTAL MISCELLANEOUS
			MANUFACTURING
			INDUSTRIES	502,806

MISCELLANEOUS RETAIL—1.21%
	505	*	1-800-Flowers.com, Inc
			(Class A)	5,585
	164	*	AC Moore Arts & Crafts, Inc	3,159
	918	*	Alloy, Inc	4,783

SHARES

VALUE

6,436 * Amazon.com, Inc $ 338,791

1,103 * Barnes & Noble, Inc 36,234

500 * Big 5 Sporting

Goods Corp 10,475

109 Blair Corp 2,653

294 * Blue Rhino Corp 4,084

2,294 Borders Group, Inc 50,284

596 Cash America

International, Inc 12,623

922 * Coldwater Creek, Inc 10,142

11,368 CVS Corp 410,612

339 * Dick’s Sporting Goods, Inc 16,496

1,400 * Drugstore.com, Inc 7,714

620 * Duane Reade, Inc 10,490

11,956 * eBay, Inc 772,238

100 * Finlay Enterprises, Inc 1,413

300 Friedman’s, Inc (Class A) 2,013

142 * Galyans Trading Co, Inc 1,710

600 Hancock Fabrics, Inc 8,688

277 * Hibbett Sporting Goods, Inc
8,255

550 * Jill (J.) Group, Inc 6,991

455 * Jo-Ann Stores, Inc 9,282

1,017 Longs Drug Stores Corp 25,161

796 * Marvel Enterprises, Inc 23,172

1,910 Michaels Stores, Inc 84,422

682 MSC Industrial Direct Co

(Class A) 18,755

8,739 * Office Depot, Inc 146,029

2,439 Omnicare, Inc 98,511

200 * Party City Corp 2,538

121 * PC Connection, Inc 1,013

998 * Petco Animal Supplies, Inc 30,389

4,111 Petsmart, Inc 97,842

719 * Priceline.com, Inc 12,870

12,886 * Rite Aid Corp 77,831

251 * Sharper Image Corp 8,195

725 * Sports Authority, Inc 27,840

981 * Stamps.com, Inc 6,082

13,448 * Staples, Inc 367,130

900 * Summit America

Television, Inc 3,528

3,125 Tiffany & Co 141,250

5,666 Toys ‘R’ Us, Inc 71,618

394 * Valuevision International,

Inc (Class A) 6,580

29,316 Walgreen Co 1,066,516

153 * Whitehall Jewellers, Inc 1,510

253 World Fuel Services Corp 8,589

733 * Zale Corp 38,996

TOTAL MISCELLANEOUS

RETAIL 4,101,082

82 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

MOTION PICTURES—1.39%
	834	*	AMC Entertainment, Inc	$ 12,685
	884	*	Avid Technology, Inc	42,432
	900		Blockbuster, Inc (Class A)	16,155
	100	*	Carmike Cinemas, Inc	3,485
	1,323	*	Hollywood
			Entertainment Corp	18,191
	78,592	*	Liberty Media Corp
			(Class A)	934,459
	1,739	*	Metro-Goldwyn-Mayer, Inc	29,720
	650		Movie Gallery, Inc	12,142
	285	*	NetFlix, Inc	15,587
	371	*	Reading International, Inc	2,196
	947		Regal Entertainment
			Group (Class A)	19,432
	123,395	*	Time Warner, Inc	2,219,876
	58,382		Walt Disney Co	1,362,052

			TOTAL MOTION PICTURES	4,688,412

NONDEPOSITORY INSTITUTIONS—2.22%
	259	*	Accredited Home Lenders
			Holding Co	7,925
	1,075		Advanta Corp (Class A)	13,964
	1,673		American Capital
			Strategies Ltd	49,738
	32,861		American Express Co	1,584,886
	1,066		American Home Mortgage
			Investment Corp	23,996
	4,971	*	AmeriCredit Corp	79,188
	6,034		Capital One Financial Corp	369,824
	1,377		CharterMac	29,096
	5,566		CIT Group, Inc	200,098
	629	*	CompuCredit Corp	13,385
	4,617		Countrywide
			Financial Corp	350,199
	183	*	Credit Acceptance Corp	2,800
	2,370		Doral Financial Corp	76,504
	1,200	*	E-Loan, Inc	3,576
	28,021		Fannie Mae	2,103,256
	210	*	Federal Agricultural
			Mortgage Corp (Class C)	6,712
	441	*	Financial Federal Corp	13,473
	20,003		Freddie Mac	1,166,575
	30,730		MBNA Corp	763,641
	776		MCG Capital Corp	15,132
	424		Metris Cos, Inc	1,883
	760		New Century Financial Corp	30,149
	7,703	*	Providian Financial Corp	89,663
	784	*	Saxon Capital, Inc	16,425
	11,911		SLM Corp	448,806
	126		Student Loan Corp	18,396
	370		Westcorp	13,524

SHARES

VALUE

295 * WFS Financial, Inc $ 12,526

401 * World Acceptance Corp 7,984

TOTAL NONDEPOSITORY

INSTITUTIONS 7,513,324

NONMETALLIC MINERALS, EXCEPT
FUELS—0.04%

401 Amcol International Corp 8,140

2,830 Vulcan Materials Co 134,623

TOTAL NONMETALLIC

MINERALS, EXCEPT

FUELS 142,763

OIL AND GAS EXTRACTION—1.40%

7,050 Anadarko Petroleum Corp 359,621

4,700 Apache Corp 381,170

362 * Atwood Oceanics, Inc 11,562

568 Berry Petroleum Co

(Class A) 11,502

4,251 * BJ Services Co 152,611

5,855 Burlington Resources, Inc 324,250

686 Cabot Oil & Gas Corp (Class A)

20,134

944 * Cal Dive International, Inc 22,760

5,641 Chesapeake Energy Corp 76,605

962 * Cimarex Energy Co 25,676

92 * Clayton Williams

Energy, Inc 2,674

800 * Comstock Resources, Inc 15,440

1,000 * Denbury Resources, Inc 13,910

6,750 Devon Energy Corp 386,505

1,344 Diamond Offshore

Drilling, Inc 27,565

235 * Encore Acquisition Co 5,793

565 * Energy Partners Ltd 7,854

4,245 ENSCO International, Inc 115,337

3,343 EOG Resources, Inc 154,346

1,020 * Evergreen Resources, Inc 33,160

791 * Forest Oil Corp 22,599

2,729 * Global Industries Ltd 14,054

3,722 * Grey Wolf, Inc 13,920

1,130 * Hanover Compressor Co 12,600

774 * Harvest Natural

Resources, Inc 7,701

1,583 Helmerich & Payne, Inc 44,213

700 * Horizon Offshore, Inc 3,080

539 * Houston Exploration Co 19,684

1,424 * KCS Energy, Inc 15,023

2,850 Kerr-McGee Corp 132,497

2,747 * Key Energy Services, Inc 28,322

1,792 * Magnum Hunter

Resources, Inc 17,042

58 * Magnum Hunter Resources,

Inc Wts 03/21/05 32

SEE NOTES TO FINANCIAL STATEMENTS
TIAA-CREF Mutual Funds 2003 Annual Report 83

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			SHARES

OIL AND GAS EXTRACTION—(Continued)
	8,741		Marathon Oil Corp	$ 289,240
	316	*	McMoRan Exploration Co	5,925
	300	*	Meridian Resource Corp	1,782
	1,207	*	Newfield Exploration Co	53,760
	1,860	*	Newpark Resources, Inc	8,909
	1,604		Noble Energy, Inc	71,266
	562	*	Nuevo Energy Co	13,584
	10,984		Occidental Petroleum Corp	463,964
	679	*	Oceaneering
			International, Inc	19,012
	1,046	*	Parker Drilling Co	2,667
	801		Patina Oil & Gas Corp	39,241
	2,227	*	Patterson-UTI Energy, Inc	73,313
	195		Penn Virginia Corp	10,852
	144	*	Petrocorp, Inc	1,938
	421	*	Petroleum
			Development Corp	9,978
	3,475	*	Pioneer Natural
			Resources Co	110,957
	1,030	*	Plains Exploration &
			Production Co	15,852
	1,661		Pogo Producing Co	80,226
	3,217	*	Pride International, Inc	59,965
	372	*	Prima Energy Corp	13,080
	500	*	Quicksilver Resources, Inc	16,150
	1,517		Range Resources Corp	14,336
	779	*	Remington Oil & Gas Corp	15,339
	2,555	*	Rowan Cos, Inc	59,199
	150		RPC, Inc	1,649
	441	*	Seacor Smit, Inc	18,535
	1,294	*	Southwestern Energy Co	30,927
	700	*	Spinnaker Exploration Co	22,589
	755		St. Mary Land &
			Exploration Co	21,518
	607	*	Stone Energy Corp	25,767
	1,500	*	Superior Energy
			Services, Inc	14,100
	774	*	Swift Energy Co	13,042
	668	*	Tetra Technologies, Inc	16,192
	1,671		Tidewater, Inc	49,929
	922	*	Tom Brown, Inc	29,735
	464	*	Transmontaigne, Inc	2,993
	1,300	*	Unit Corp	30,615
	7,451		Unocal Corp	274,420
	2,673	*	Varco International, Inc	55,144
	1,396	*	Veritas DGC, Inc	14,630
	1,767		Vintage Petroleum, Inc	21,257
	834	*	Westport Resources Corp	24,903
	822	*	W-H Energy Services, Inc	13,316
	4,813		XTO Energy, Inc	136,208

			TOTAL OIL AND GAS
			EXTRACTION	4,747,246

SHARES

VALUE

PAPER AND ALLIED PRODUCTS—0.71%

1,481 Bemis Co $ 74,050

1,882 Boise Cascade Corp 61,843

1,395 Bowater, Inc 64,602

395 * Buckeye Technologies, Inc 3,970

696 * Caraustar Industries, Inc 9,605

780 Chesapeake Corp 20,654

1,264 Glatfelter 15,737

500 Greif, Inc (Class A) 17,755

13,625 International Paper Co 587,374

14,463 Kimberly-Clark Corp 854,619

2,195 * Longview Fibre Co 27,108

5,336 MeadWestvaco Corp 158,746

1,900 Packaging Corp Of America
41,534

4,686 * Pactiv Corp 111,995

908 * Playtex Products, Inc 7,019

420 Pope & Talbot, Inc 7,396

798 Potlatch Corp 27,746

446 Rock-Tenn Co (Class A) 7,698

456 Schweitzer-Mauduit

International, Inc 13,580

6,998 * Smurfit-Stone

Container Corp 129,953

2,484 Sonoco Products Co 61,156

1,125 Temple-Inland, Inc 70,504

1,197 Wausau-Mosinee

Paper Corp 16,183

TOTAL PAPER AND ALLIED PRODUCTS

2,390,827

PERSONAL SERVICES—0.20%

1,346 * Alderwoods Group, Inc 12,679

236 Angelica Corp 5,192

3,588 Cintas Corp 179,866

576 * Coinstar, Inc 10,403

218 CPI Corp 4,406

716 G & K Services, Inc

(Class A) 26,313

5,114 H & R Block, Inc 283,162

1,190 Regis Corp 47,029

8,724 * Service Corp International 47,022

241 Unifirst Corp 5,714

1,243 * Weight Watchers

International, Inc 47,694

TOTAL PERSONAL SERVICES
669,480

PETROLEUM AND COAL PRODUCTS—3.70%

2,163 Amerada Hess Corp 115,007

1,659 Ashland, Inc 73,096

30,609 ChevronTexaco Corp 2,644,312

19,345 ConocoPhillips 1,268,452

524 ElkCorp 13,991

190,393 ExxonMobil Corp 7,806,113

700 Frontier Oil Corp 12,054

84 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

PETROLEUM AND COAL PRODUCTS—(Continued)
	952	*	Headwaters, Inc	$ 18,678
	300		Holly Corp	8,250
	1,606		Lubrizol Corp	52,227
	4,110		Lyondell Chemical Co	69,665
	2,002		Murphy Oil Corp	130,751
	946	*	Premcor, Inc	24,596
	2,100		Sunoco, Inc	107,415
	1,685	*	Tesoro Petroleum Corp	24,550
	3,098		Valero Energy Corp	143,561
	352		WD-40 Co	12,447

			TOTAL PETROLEUM AND
			COAL PRODUCTS	12,525,165

PRIMARY METAL INDUSTRIES—0.52%
	2,192	*	AK Steel Holding Corp	11,179
	24,229		Alcoa, Inc	920,702
	2,824		Allegheny
			Technologies, Inc	37,333
	4,136	*	Andrew Corp	47,605
	592		Belden, Inc	12,485
	161	*	Brush Engineered
			Materials, Inc	2,465
	1,159	*	Cable Design
			Technologies Corp	10,419
	569		Carpenter Technology Corp	16,825
	200	*	Century Aluminum Co	3,802
	1,781	*	CommScope, Inc	29,084
	438		Curtiss-Wright Corp	19,714
	700	*	Encore Wire Corp	12,397
	3,223		Engelhard Corp	96,529
	816	*	General Cable Corp	6,650
	116		Gibraltar Steel Corp	2,917
	890	*	Lone Star
			Technologies, Inc	14,222
	774		Matthews International
			Corp (Class A)	22,903
	1,125	*	Maverick Tube Corp	21,656
	1,107	*	Mueller Industries, Inc	38,037
	286		NN, Inc	3,601
	200	*	NS Group, Inc	1,940
	2,213		Nucor Corp	123,928
	1,360		Precision Castparts Corp	61,758
	354		Quanex Corp	16,319
	857	*	RTI International
			Metals, Inc	14,458
	251		Ryerson Tull, Inc	2,874
	200		Schnitzer Steel Industries,
			Inc (Class A)	12,100
	1,067	*	Steel Dynamics, Inc	25,064
	438		Texas Industries, Inc	16,206

SHARES

VALUE

741 Tredegar Corp $ 11,508

2,813 United States Steel Corp 98,511

1,663 Worthington

Industries, Inc 29,984

TOTAL PRIMARY METAL

INDUSTRIES 1,745,175

PRINTING AND PUBLISHING—0.81%

1,357 * American Greetings Corp

(Class A) 29,678

663 Banta Corp 26,852

2,542 Belo Corp (Class A) 72,040

539 Bowne & Co, Inc 7,309

299 * Consolidated Graphics, Inc
9,442

225 Courier Corp 8,656

184 CSS Industries, Inc 5,706

1,413 Dow Jones & Co, Inc 70,438

422 Ennis Business Forms, Inc 6,457

7,764 Gannett Co, Inc 692,238

814 Harland (John H.) Co 22,222

1,803 Harte-Hanks, Inc 39,215

1,308 Hollinger International, Inc 20,431

185 * Information Holdings, Inc 4,089

679 * Journal Register Co 14,055

2,340 Knight Ridder, Inc 181,046

1,258 Lee Enterprises, Inc 54,912

345 * Mail-Well, Inc 1,590

325 * Martha Stewart Living

Omnimedia, Inc (Class A)
3,201

387 McClatchy Co (Class A) 26,626

5,483 McGraw-Hill Cos, Inc 383,371

574 Media General, Inc (Class A)
37,367

1,139 Meredith Corp 55,595

346 New England Business

Services, Inc 10,207

4,189 New York Times Co (Class A)
200,192

275 * Playboy Enterprises, Inc

(Class B) 4,444

4,589 * Primedia, Inc 12,987

227 Pulitzer, Inc 12,258

2,905 R.R. Donnelley & Sons Co 87,586

2,243 Reader’s Digest

Association, Inc (Class A)
32,882

713 * Scholastic Corp 24,271

899 Scripps (E.W.) Co (Class A) 84,632

338 Standard Register Co 5,689

300 Thomas Nelson, Inc 5,799

5,760 Tribune Co 297,216

1,194 * Valassis

Communications, Inc 35,044

159 Washington Post Co

(Class B) 125,833

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 85

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

PRINTING AND PUBLISHING—(Continued)
	1,476		Wiley (John) & Sons, Inc
			(Class A)	$ 38,420

			TOTAL PRINTING AND
			PUBLISHING	2,749,996

RAILROAD TRANSPORTATION—0.41%
	10,746		Burlington Northern
			Santa Fe Corp	347,633
	5,708		CSX Corp	205,146
	785		Florida East Coast
			Industries	25,984
	327	*	Genesee & Wyoming, Inc
			(Class A)	10,301
	1,658	*	Kansas City Southern
			Industries, Inc	23,743
	10,816		Norfolk Southern Corp	255,798
	7,361		Union Pacific Corp	511,442

			TOTAL RAILROAD
			TRANSPORTATION	1,380,047

REAL ESTATE—0.06%
	90	*	Avatar Holdings, Inc	3,325
	2,638		Catellus
			Development Corp	63,629
	151		Consolidated-Tomoka
			Land Co	4,938
	665		Forest City
			Enterprises, Inc
			(Class A)	31,594
	1,014	*	Jones Lang LaSalle, Inc	21,020
	532		LNR Property Corp	26,339
	922		St. Joe Co	34,381
	2,339	*	Stewart Enterprises, Inc
			(Class A)	13,286
	146	*	Tarragon Realty
			Investors, Inc	2,410
	991	*	Trammell Crow Co	13,131
	74		United Capital Corp	1,533

			TOTAL REAL ESTATE	215,586

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS—0.22%
	300	*	Applied Films Corp	9,906
	919		Aptargroup, Inc	35,841
	248		Bandag, Inc	10,218
	1,754		Cooper Tire & Rubber Co	37,501
	4,711	*	Goodyear Tire &
			Rubber Co	37,028
	145	*	Gundle/SLT
			Environmental, Inc	3,010
	235	*	Jarden Corp	6,425
	211		Myers Industries, Inc	2,557
	4,729		Nike, Inc (Class B)	323,747

SHARES

VALUE

168 Quixote Corp $ 4,101

1,445 Reebok International Ltd 56,817

626 Schulman (A.), Inc 13,346

2,543 * Sealed Air Corp 137,678

499 * Skechers U.S.A., Inc

(Class A) 4,067

457 Spartech Corp 11,260

200 * Trex Co, Inc 7,596

1,467 Tupperware Corp 25,438

484 * Vans, Inc 5,522

TOTAL RUBBER AND

MISCELLANEOUS

PLASTIC PRODUCTS 732,058

SECURITY AND COMMODITY
BROKERS—2.02%

2,147 A.G. Edwards, Inc 77,786

765 * Affiliated Managers

Group, Inc 53,236

6,860 * Ameritrade Holding Corp 96,520

2,761 Bear Stearns Cos, Inc 220,742

500 Blackrock, Inc 26,555

29,736 Charles Schwab Corp 352,074

128 Chicago Mercantile

Exchange 9,262

9,764 * E*Trade Financial Corp 123,515

1,876 Eaton Vance Corp 68,737

2,221 Federated Investors, Inc

(Class B) 65,209

188 First Albany Cos, Inc 2,640

4,851 Franklin Resources, Inc 252,543

175 Gabelli Asset

Management,

Inc (Class A) 6,965

8,103 Goldman Sachs

Group, Inc 800,009

2,913 * Instinet Group, Inc 15,002

1,273 * Investment Technology

Group, Inc 20,559

1,780 Investors Financial

Services Corp 68,370

7,032 Janus Capital Group, Inc 115,395

1,328 Jefferies Group, Inc 43,851

2,162 * Knight Trading Group, Inc 31,652

1,377 * LaBranche & Co, Inc 16,070

1,840 Legg Mason, Inc 142,011

7,647 Lehman Brothers

Holdings, Inc 590,501

26,570 Merrill Lynch & Co, Inc 1,558,331

30,327 Morgan Stanley 1,755,023

600 Nuveen Investments, Inc 15,996

1,033 Raymond James

Financial, Inc 38,944

86 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

SECURITY AND COMMODITY BROKERS—(Continued)
	284		Sanders Morris Harris
			Group, Inc	$ 3,522
	2,036		SEI Investments Co	62,037
	440	*	SoundView Technology
			Group, Inc	6,816
	376		SWS Group, Inc	6,693
	2,942		T Rowe Price Group, Inc	139,480
	1,927		Waddell & Reed Financial,
			Inc (Class A)	45,207

			TOTAL SECURITY AND
			COMMODITY BROKERS	6,831,253

SOCIAL SERVICES—0.00%
	318	*	Bright Horizons Family
			Solutions, Inc	13,356

			TOTAL SOCIAL SERVICES	13,356

SPECIAL TRADE CONTRACTORS—0.03%
	1,544	*	Dycom Industries, Inc	41,410
	404	*	EMCOR Group, Inc	17,736
	2,016	*	Integrated Electrical
			Services, Inc	18,648
	144	*	John B. Sanfilippo & Son	7,350
	428	*	Matrix Service Co	7,768
	2,000	*	Quanta Services, Inc	14,600
	264		Roto-Rooter, Inc	12,170

			TOTAL SPECIAL TRADE
			CONTRACTORS	119,682

STONE, CLAY, AND GLASS PRODUCTS—0.18%
	498		Ameron International Corp	17,276
	488		Apogee Enterprises, Inc	5,539
	434	*	Cabot Microelectronics Corp	21,266
	318		CARBO Ceramics, Inc	16,298
	200		Centex Construction
			Products, Inc	12,054
	37,511	*	Corning, Inc	391,240
	590		Florida Rock Industries, Inc	32,362
	824		Lafarge North America, Inc	33,388
	501		Libbey, Inc	14,268
	2,623	*	Owens-Illinois, Inc	31,187
	1,386	b*	USG Corp	22,966

			TOTAL STONE, CLAY, AND
			GLASS PRODUCTS	597,844

TEXTILE MILL PRODUCTS—0.04%
	713		Albany International
			Corp (Class A)	24,171
	54	*	Hampshire Group Ltd	1,694

SHARES

VALUE

655 * Interface, Inc (Class A) $ 3,622

1,403 * Mohawk Industries, Inc 98,968

TOTAL TEXTILE MILL

PRODUCTS 128,455

TOBACCO PRODUCTS—1.03%

57,783 Altria Group, Inc 3,144,551

1,056 Loews Corp (Carolina

Group) 26,653

2,358 R.J. Reynolds Tobacco

Holdings, Inc 137,118

617 Universal Corp (Virginia) 27,253

4,417 UST, Inc 157,643

595 Vector Group Ltd 9,716

TOTAL TOBACCO

PRODUCTS 3,502,934

TRANSPORTATION BY AIR—0.38%

2,312 * Airtran Holdings, Inc 27,513

754 * Alaska Air Group, Inc 20,577

799 * America West Holdings

Corp (Class B) 9,908

4,631 * AMR Corp 59,971

986 * Atlantic Coast Airlines

Holdings, Inc 9,761

1,663 * Continental Airlines, Inc

(Class B) 27,057

2,675 * Delta Air Lines, Inc 31,592

411 * ExpressJet Holdings, Inc 6,165

8,498 FedEx Corp 573,615

296 * Forward Air Corp 8,140

799 * Frontier Airlines, Inc 11,394

2,619 * JetBlue Airways Corp 69,456

255 * MAIR Holdings, Inc 1,856

614 * Mesa Air Group, Inc 7,687

1,683 * Northwest Airlines Corp 21,239

579 * Offshore Logistics, Inc 14,197

100 * Petroleum Helicopters (Vote)
2,450

1,458 Skywest, Inc 26,419

21,769 Southwest Airlines Co 351,352

TOTAL TRANSPORTATION

BY AIR 1,280,349

TRANSPORTATION EQUIPMENT—2.53%

803 * AAR Corp 12,005

103 * Aftermarket

Technology Corp 1,413

810 * American Axle &

Manufacturing

Holdings, Inc 32,740

468 Arctic Cat, Inc 11,560

1,592 ArvinMeritor, Inc 38,399

2,784 Autoliv, Inc 104,818

20,969 Boeing Co 883,634

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 87

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

TRANSPORTATION EQUIPMENT—(Continued)
	2,233		Brunswick Corp	$ 71,076
	690		Clarcor, Inc	30,429
	563		Coachmen Industries, Inc	10,196
	48		Curtiss-Wright Corp
			(Class B)	2,155
	3,989		Dana Corp	73,198
	13,748		Delphi Corp	140,367
	94	*	Ducommun, Inc	2,101
	158	*	Dura Automotive
			Systems, Inc	2,018
	301	*	Fairchild Corp (Class A)	1,517
	1,274		Federal Signal Corp	22,320
	726	*	Fleetwood
			Enterprises, Inc	7,449
	49,841		Ford Motor Co	797,456
	1,126		GenCorp, Inc	12,127
	5,110		General Dynamics Corp	461,893
	13,164		General Motors Corp	702,958
	2,063		Gentex Corp	91,102
	5,070		Genuine Parts Co	168,324
	3,319		Goodrich Corp	98,541
	144	*	Greenbrier Cos, Inc	2,412
	8,754		Harley-Davidson, Inc	416,078
	719		Heico Corp	13,086
	23,766		Honeywell International, Inc	794,497
	20,679	*	Hughes Electronics Corp	342,237
	885		Kaman Corp (Class A)	11,266
	10,609		Lockheed Martin Corp	545,303
	797	*	Monaco Coach Corp	18,969
	1,556	*	Navistar International Corp	74,517
	4,998		Northrop Grumman Corp	477,809
	812		Oshkosh Truck Corp	41,436
	3,077		Paccar, Inc	261,914
	656		Polaris Industries, Inc	58,108
	233	*	Sequa Corp (Class A)	11,417
	900	*	Sports Resorts
			International, Inc	4,554
	130		Standard Motor
			Products, Inc	1,580
	48	*	Strattec Security Corp	2,924
	574		Superior Industries
			International, Inc	24,980
	1,092	*	Teledyne Technologies, Inc	20,584
	517	*	Tenneco Automotive, Inc	3,459
	3,035		Textron, Inc	173,177
	452		Thor Industries, Inc	25,411
	801		Trinity Industries, Inc	24,703
	316	*	Triumph Group, Inc	11,502
	888	*	United Defense
			Industries, Inc	28,309
	13,443		United Technologies Corp	1,273,993

SHARES

VALUE

3,804 Visteon Corp $ 39,600

1,181 * Wabash National Corp 34,603

1,189 Wabtec Corp 20,261

365 Winnebago Industries, Inc 25,094

TOTAL TRANSPORTATION

EQUIPMENT 8,563,579

TRANSPORTATION SERVICES—0.10%

77 Ambassadors Group, Inc 1,809

160 Ambassadors

International, Inc 2,000

1,919 C.H. Robinson

Worldwide, Inc 72,749

805 * EGL, Inc 14,136

2,818 Expeditors International

Of Washington, Inc 106,126

1,285 GATX Corp 35,954

600 * Navigant International, Inc 8,310

600 * Pacer International, Inc 12,132

1,200 * RailAmerica, Inc 14,160

3,590 Sabre Holdings Corp 77,508

TOTAL TRANSPORTATION

SERVICES 344,884

TRUCKING AND WAREHOUSING—0.41%

600 Arkansas Best Corp 18,834

1,419 CNF, Inc 48,104

197 * Covenant Transport,

Inc (Class A) 3,745

808 Heartland Express, Inc 19,546

1,342 * Hunt (J.B.) Transport

Services, Inc 36,247

790 * Landstar System, Inc 30,052

299 * Old Dominion Freight Line 10,190

400 * P.A.M. Transportation

Services 8,532

399 * SCS Transportation, Inc 7,014

1,245 * Swift Transportation Co, Inc
26,170

200 * U.S. Xpress Enterprises, Inc

Class A) 2,450

14,737 United Parcel Service, Inc

(Class B) 1,098,643

726 USF Corp 24,822

1,281 Werner Enterprises, Inc 24,967

1,107 * Yellow Roadway Corp 40,040

TOTAL TRUCKING AND

WAREHOUSING 1,399,356

WATER TRANSPORTATION—0.03%

1,059 Alexander & Baldwin, Inc 35,678

184 * Gulfmark Offshore, Inc 2,576

492 * Kirby Corp 17,161

186 Maritrans, Inc 3,108

88 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Fund - December 31, 2003

	SHARES			VALUE

WATER TRANSPORTATION—(Continued)
	895		Overseas Shipholding
			Group, Inc	$ 30,475
	314	*	Seabulk
			International, Inc	2,550

			TOTAL WATER
			TRANSPORTATION	91,548

WHOLESALE TRADE-DURABLE GOODS—1.68%
	143	*	1-800 Contacts, Inc	3,003
	491		Action Performance
			Cos, Inc	9,624
	1,611		Agilysys, Inc	17,963
	159	*	Alliance Imaging, Inc	588
	780	*	Anixter International, Inc	20,186
	2,393	*	Apogent Technologies, Inc	55,135
	579		Applied Industrial
			Technologies, Inc	13,815
	2,761	*	Arrow Electronics, Inc	63,890
	447	*	Audiovox Corp (Class A)	5,739
	1,130	*	Aviall, Inc	17,526
	3,546	*	Avnet, Inc	76,806
	142		Barnes Group, Inc	4,588
	794		BorgWarner, Inc	67,546
	243	*	Boyds Collection Ltd	1,033
	913		Carlisle Cos, Inc	55,565
	1,785		CDW Corp	103,102
	332		Commercial Metals Co	10,093
	300	*	Compucom Systems, Inc	1,572
	351	*	Department 56, Inc	4,598
	398	*	Global Imaging Systems, Inc	12,637
	605		Handleman Co	12,421
	626		Hughes Supply, Inc	31,062
	3,961		IKON Office Solutions, Inc	46,977
	416	*	Imagistics
			International, Inc	15,600
	2,930	*	Ingram Micro, Inc (Class A)	46,587
	976	*	Insight Enterprises, Inc	18,349
	168	*	Insurance Auto
			Auctions, Inc	2,192
	84,736		Johnson & Johnson	4,377,462
	140	*	Keystone Automotive
			Industries, Inc	3,550
	693	*	Knight Transportation, Inc	17,775
	122		Lawson Products, Inc	4,048
	1,506		Martin Marietta
			Materials, Inc	70,737
	1,223		Owens & Minor, Inc	26,796
	1,679	*	Patterson Dental Co	107,725
	1,474		Pep Boys-
			Manny Moe & Jack	33,710

SHARES

VALUE

100 Pomeroy IT Solutions, Inc $ 1,474

2,367 * PSS World Medical, Inc 28,570

924 Reliance Steel &

Aluminum Co 30,686

6,993 * Safeguard Scientifics, Inc 28,252

287 * Scansource, Inc 13,093

931 * SCP Pool Corp 30,425

500 * TBC Corp 12,905

1,488 * Tech Data Corp 59,059

2,167 W.W. Grainger, Inc 102,694

564 Watsco, Inc 12,820

115 * WESCO International, Inc 1,018

1,164 * Zoran Corp 20,242

TOTAL WHOLESALE TRADE-

DURABLE GOODS 5,701,238

WHOLESALE TRADE-NONDURABLE
GOODS—0.78%

1,166 Acuity Brands, Inc 30,083

1,000 Advanced Marketing Services, Inc

11,400

1,935 Airgas, Inc 41,564

317 * Allscripts Healthcare

Solutions, Inc 1,686

3,237 AmerisourceBergen Corp 181,758

907 Brown-Forman Corp

(Class B) 84,759

12,661 Cardinal Health, Inc 774,347

187 * Central European

Distribution Corp 5,909

991 * Chiquita Brands

International, Inc 22,327

175 D&K Healthcare

Resources, Inc 2,373

1,077 DIMON, Inc 7,270

880 * Endo Pharmaceuticals

Holdings, Inc 16,949

629 Getty Realty Corp 16,448

587 * Hain Celestial Group, Inc 13,624

1,148 * Henry Schein, Inc 77,582

100 Kenneth Cole Productions,

Inc (Class A) 2,940

7,829 McKesson Corp 251,781

896 * Men’s Wearhouse, Inc 22,409

171 Nash Finch Co 3,820

872 Nu Skin Enterprises, Inc (Class A)

14,902

1,302 * Performance Food

Group Co 47,093

1,732 Perrigo Co 27,227

77 * Perry Ellis

International, Inc 1,985

1,160 * Plains Resources, Inc 18,618

SEE NOTES TO FINANCIAL STATEMENTS
TIAA-CREF Mutual Funds 2003 Annual Report 89

Statement of Investments - Equity Index Fund - December 31, 2003

SHARES

VALUE

WHOLESALE TRADE-NONDURABLE
GOODS—(Continued)

928

Priority Healthcare Corp

(Class B)

$ 22,374

707

Russell Corp

12,415

466

School Specialty, Inc

15,849

Smart & Final, Inc

282

300

Standard

Commercial Corp

6,021

1,173

Stride Rite Corp

13,349

3,535

Supervalu, Inc

101,066

18,431

Sysco Corp

686,186

772

Tractor Supply Co

30,023

460

United Natural Foods, Inc

16,519

911

United Stationers, Inc

37,231

587

Valhi, Inc

8,782

TOTAL WHOLESALE TRADE-

NONDURABLE GOODS

2,628,951

TOTAL COMMON STOCK (Cost $315,099,106)

331,282,777

PRINCIPAL

SHORT TERM INVESTMENTS—1.73%

U.S. GOVERNMENT AND AGENCIES
DISCOUNT NOTES—1.73%

Federal Home Loan Bank

(FHLB)

$5,860,000

1.040%,01/02/04

5,859,691

TOTAL U.S. GOVERNMENT

AND AGENCIES

DISCOUNT NOTES

5,859,691

TOTAL SHORT TERM

INVESTMENTS

(Cost $5,859,772)

5,859,691

TOTAL PORTFOLIO—

99.69%

(Cost $320,958,878)

337,142,468

OTHER ASSETS &

LIABILITIES, NET—0.31%

1,045,736

NET ASSETS—100.00%

$338,188,204

* Non-income producing

b In bankruptcy

d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts

At December 31,2003, the aggregate cost of portfolio investments for federal income tax purposes was $321,919,919. Net unrealized appreciation of portfolio investments aggregated $15,222,549 of which $38,208,503 related to appreciated portfolio investments and $22,985,954 related to depreciated portfolio investments.

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

90 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Equity Fund - December 31, 2003

Summary by Industry
	VALUE	%

COMMON STOCK
Amusement and Recreation Services	$ 19,432	0.03%
Apparel and Accessory Stores	345,138	0.49
Apparel and Other Textile Products	153,876	0.22
Auto Repair, Services and Parking	9,414	0.01
Automotive Dealers and Service Stations	65,399	0.09
Building Materials and Garden Supplies	935,386	1.33
Business Services	4,606,657	6.56
Chemicals and Allied Products	7,365,239	10.49
Communications	3,154,486	4.49
Depository Institutions	7,677,402	10.94
Eating and Drinking Places	511,914	0.73
Educational Services	75,888	0.11
Electric, Gas, and Sanitary Services	3,268,677	4.66
Electronic and Other Electric Equipment	4,616,428	6.58
Engineering and Management Services	485,922	0.69
Fabricated Metal Products	698,279	1.00
Food and Kindred Products	2,668,633	3.80
Food Stores	453,386	0.65
Furniture and Fixtures	336,837	0.48
Furniture and Homefurnishings Stores	231,208	0.33
General Building Contractors	143,192	0.20
General Merchandise Stores	1,035,424	1.48
Health Services	289,355	0.41
Holding and Other Investment Offices	1,824,176	2.60
Hotels and Other Lodging Places	89,181	0.13
Industrial Machinery and Equipment	6,464,266	9.21
Instruments and Related Products	2,472,374	3.52
Insurance Agents, Brokers and Service	568,191	0.81
Insurance Carriers	3,713,867	5.29
Leather and Leather Products	37,297	0.05
Lumber and Wood Products	10,318	0.02
Metal Mining	99,464	0.14
Miscellaneous Manufacturing Industries	126,589	0.18
Miscellaneous Retail	966,893	1.38
Motion Pictures	1,238,085	1.77
Nondepository Institutions	2,739,290	3.90
Nonmetallic Minerals, Except Fuels	124,391	0.18
Oil and Gas Extraction	1,897,080	2.70
Paper and Allied Products	457,850	0.65

Personal Services	$ 80,866	0.12%
Petroleum and Coal Products	304,152	0.43
Primary Metal Industries	524,898	0.75
Printing and Publishing	669,390	0.96
Railroad Transportation	227,299	0.32
Real Estate	8,268	0.01
Rubber and Miscellaneous Plastic Products	49,108	0.07
Security and Commodity Brokers	1,244,427	1.77
Special Trade Contractors	16,816	0.02
Stone, Clay, and Glass Products	87,599	0.13
Transportation By Air	455,046	0.65
Transportation Equipment	653,348	0.93
Transportation Services	65,294	0.09
Trucking and Warehousing	421,729	0.60
Wholesale Trade-Durable Goods	1,923,564	2.74
Wholesale Trade-Nondurable Goods	808,553	1.15

TOTAL COMMON STOCK (Cost $75,980,269)	69,517,241	99.04

SHORT TERM INVESTMENT
U.S. Government and Agencies Discount Notes	299,984	0.43

TOTAL SHORT TERM INVESTMENT (Cost $299,988)	299,984	0.43

TOTAL PORTFOLIO (Cost $76,280,257)	69,817,225	99.47
OTHER ASSETS & LIABILITIES, NET	375,129	0.53

NET ASSETS	$70,192,354	100.00%

SHARES VALUE

COMMON STOCK—99.04%

   AMUSEMENT AND RECREATION
     SERVICES—0.03%

651 * Gaylord Entertainment Co $ 19,432

TOTAL AMUSEMENT AND

RECREATION SERVICES 19,432

APPAREL AND ACCESSORY
     STORES—0.49%

71 * Charming Shoppes, Inc 383

1,165 Foot Locker, Inc 27,319

5,478 Gap, Inc 127,144

1,424 Nordstrom, Inc 48,843

1,344 Ross Stores, Inc 35,522

4,554 TJX Cos, Inc 100,416

1,579 * Wilsons The Leather

Experts, Inc 5,511

TOTAL APPAREL AND

ACCESSORY STORES 345,138

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 91

Statement of Investments - Social Choice Equity Fund - December 31, 2003

	SHARES			VALUE

APPAREL AND OTHER TEXTILE PRODUCTS—0.22%
	2,525	*	Collins & Aikman Corp	$ 10,933
	819		Liz Claiborne, Inc	29,042
	648		Oxford Industries, Inc	21,954
	491		Phillips-Van Heusen Corp	8,710
	1,925		VF Corp	83,237

			TOTAL APPAREL AND
			OTHER TEXTILE
			PRODUCTS	153,876

AUTO REPAIR, SERVICES AND PARKING—0.01%
	248		Central Parking Corp	3,703
	237	*	Midas, Inc	3,389
	68		Ryder System, Inc	2,322

			TOTAL AUTO REPAIR,
			SERVICES AND PARKING	9,414

AUTOMOTIVE DEALERS AND SERVICE STATIONS—0.09%
	537	*	Autozone, Inc	45,758
	635	*	Carmax, Inc	19,641

			TOTAL AUTOMOTIVE
			DEALERS AND SERVICE
			STATIONS	65,399

BUILDING MATERIALS AND GARDEN SUPPLIES—1.33%
	276		Fastenal Co	13,783
	17,384		Home Depot, Inc	616,958
	5,500		Lowe’s Cos	304,645

			TOTAL BUILDING
			MATERIALS AND GARDEN SUPPLIES	935,386

BUSINESS SERVICES—6.56%
	3,949	*	3Com Corp	32,263
	100	*	Administaff, Inc	1,738
	1,481		Adobe Systems, Inc	58,203
	1,043	*	Akamai Technologies, Inc	11,212
	2,144	*	APAC Customer
			Services, Inc	5,574
	613	*	Aspect
			Communications Corp	9,661
	6,383		Automatic Data Processing, Inc
	1,870	*	BEA Systems, Inc	23,001
	858	*	Bisys Group, Inc	12,767
	1,215	*	BMC Software, Inc	22,660
	1,714	*	Brocade Communications
			Systems, Inc	9,907
	1,658	*	Cadence Design
			Systems, Inc	29,811
	100	*	Catalina Marketing Corp	2,016


1,848	*	Ceridian Corp	$ 38,697
615		Certegy, Inc	20,172
612	*	Ciber, Inc	5,300
600	*	Citrix Systems, Inc	12,726
2,458	*	CNET Networks, Inc	16,764
2,364	*	Computer Horizons Corp	9,291
3,367	*	Compuware Corp	20,337
1,964	*	Convergys Corp	34,291
100	*	CSG Systems
		International, Inc	1,249
608	*	D&B Corp	30,832
342		Deluxe Corp	14,135
100	*	Digital Insight Corp	2,490
1,364	*	DST Systems, Inc	56,961
1	*	E.piphany, Inc	7
400	*	Earthlink, Inc	4,000
43	*	eFunds Corp	746
1,326	*	Electronic Arts, Inc	63,356
6,316		Electronic Data
		Systems Corp	154,995
233	*	Extreme Networks, Inc	1,680
200		Fair Isaac Corp	9,832
2,323	*	Fiserv, Inc	91,782
90	*	Getty Images, Inc	4,512
2,026	*	GSI Commerce, Inc	19,776
620		Henry (Jack) &
		Associates, Inc	12,760
3,600	*	Homestore, Inc	17,028
272	*	ICT Group, Inc	3,196
366	*	iGate Corp	2,873
2,136		IMS Health, Inc	53,101
1,090	*	Intuit, Inc	57,672
585	*	Iron Mountain, Inc	23,131
1,985	*	Juniper Networks, Inc	37,080
938	*	Lamar Advertising Co	35,006
213		Manpower, Inc	10,028
41	*	Mercury Interactive Corp	1,994
65,442		Microsoft Corp	1,802,273
1,291	*	Monster Worldwide, Inc	28,350
600	*	National Processing, Inc	14,130
300	*	NCR Corp	11,640
200	*	Netegrity, Inc	2,062
2,402	*	NIC, Inc	19,288
4,100	*	Novell, Inc	43,132
1,252	*	Nuance
		Communications, Inc	9,565
1,713		Omnicom Group, Inc	149,596
26,703	*	Oracle Corp	352,480
100	*	PalmSource, Inc	2,179
800	*	PDI, Inc	21,448
1,659	*	Peoplesoft, Inc	37,825
1,100	*	Perot Systems Corp
		(Class A)	14,828

92 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Equity Fund - December 31, 2003

	SHARES			VALUE

BUSINESS SERVICES—(Continued)
	354	*	Pixar, Inc	$ 24,529
	15	*	Portal Software, Inc	101
	500	*	Retek, Inc	4,640
	1,525	*	Robert Half
			International, Inc	35,594
	821	*	Sapient Corp	4,598
	224	*	Scansoft, Inc	1,192
	3,600	*	Siebel Systems, Inc	49,932
	1,789	*	Spherion Corp	17,514
	25,675	*	Sun Microsystems, Inc	115,281
	2,752	*	SunGard Data Systems, Inc	76,258
	1,220	*	Symantec Corp	42,273
	504	*	Synopsys, Inc	17,015
	1,828		Total System Services, Inc	56,906
	580	*	Trizetto Group, Inc	3,741
	2,369	*	Unisys Corp	35,180
	2,432	*	VeriSign, Inc	39,642
	2,595	*	Veritas Software Corp	96,430
	694	*	Vitria Technology, Inc	4,927
	2,937	*	Yahoo!, Inc	132,664

			TOTAL BUSINESS SERVICES	4,606,657

CHEMICALS AND ALLIED PRODUCTS—10.49%
	762	*	Abgenix, Inc	9,495
	192	*	Able Laboratories, Inc	3,469
	354	*	Adolor Corp	7,087
	3,413		Air Products &
			Chemicals, Inc	180,309
	64	*	Alexion
			Pharmaceuticals, Inc	1,089
	309	*	Alkermes, Inc	4,172
	2,055		Allergan, Inc	157,845
	1,705		Alpharma, Inc (Class A)	34,271
	9,411	*	Amgen, Inc	581,600
	900	*	Amylin
			Pharmaceuticals, Inc	19,998
	1,846	*	Andrx Corp	44,378
	2,380	*	Aphton Corp	14,280
	220	*	Arena Pharmaceuticals, Inc	1,364
	227	*	Atherogenics, Inc	3,394
	1,052	*	Atrix Laboratories, Inc	25,290
	1,313	*	Avant
			Immunotherapeutics, Inc	3,598
	1,918		Avery Dennison Corp	107,446
	489	*	AVI BioPharma, Inc	1,990
	1,222		Avon Products, Inc	82,473
	971	*	Barr Pharmaceuticals, Inc	74,718
	1,749	*	Benthley
			Pharmaceuticals, Inc	23,262
	2,231	*	Biogen Idec, Inc	82,056

1,012	*	BioMarin
		Pharmaceutical, Inc	$ 7,862
1,921	*	Biopure Corp	4,572
223	*	Biosite, Inc	6,456
1,619	*	Bone Care
		International, Inc	20,626
890	*	Bradley
		Pharmaceuticals, Inc	22,633
1,225		Cabot Corp	39,004
416	*	Cell Therapeutics, Inc	3,619
422	*	Cephalon, Inc	20,429
100	*	Charles River Laboratories International, Inc	3,433
430	*	Chattem, Inc	7,697
720	*	Cima Labs, Inc	23,486
1,023		Clorox Co	49,677
5,894		Colgate-Palmolive Co	294,995
2,161	*	Collagenex
		Pharmaceuticals, Inc	24,225
2,689	*	Columbia Laboratories, Inc	16,941
692	*	Cubist
		Pharmaceuticals, Inc	8,415
174	*	Dendreon Corp	1,402
1,044		Diagnostic Products Corp	47,930
298	*	Digene Corp	11,950
1,723	*	Dov Pharmaceutical, Inc	23,209
9,538	*	Durect Corp	24,608
3,392		Ecolab, Inc	92,839
1,366	*	Encysive
		Pharmaceuticals, Inc	12,226
400	*	Enzon, Inc	4,800
751	*	Eon Labs, Inc	38,263
600	*	EPIX Medical, Inc	9,768
1,492	*	Esperion Therapeutics, Inc	51,638
6,137	*	First Horizon
		Pharmaceutical	68,734
3,598	*	Forest Laboratories, Inc	222,356
274	*	Genta, Inc	2,852
1,785	*	Genzyme Corp	88,072
860	*	Geron Corp	8,574
1,453	*	Gilead Sciences, Inc	84,477
9,614		Gillette Co	353,122
1,654	*	GTC Biotherapeutics, Inc	5,276
837	*	Guilford
		Pharmaceuticals, Inc	5,675
68		H.B. Fuller Co	2,022
1,380	*	Hollis-Eden
		Pharmaceuticals	15,194
1,487	*	Human Genome
		Sciences, Inc	19,703
504	*	ICOS Corp	20,805
859	*	Idexx Laboratories, Inc	39,755
988	*	Ilex Oncology, Inc	20,995

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 93

Statement of Investments - Social Choice Equity Fund - December 31, 2003

SHARES				VALUE

CHEMICALS AND ALLIED PRODUCTS—(Continued)
	1,892	*	Immunogen, Inc	$ 9,555
	1,170	*	Immunomedics, Inc	5,335
	2,869	*	Impax Laboratories, Inc	41,285
	3,178	*	Indevus
			Pharmaceuticals, Inc	18,718
	179	*	InterMune, Inc	4,146
	845	*	Inverness Medical
			Innovations, Inc	18,404
	500	*	Invitrogen Corp	35,000
	1,426	*	Isis Pharmaceuticals, Inc	9,269
	3,278	*	IVAX Corp	78,279
	3,547	*	King Pharmaceuticals, Inc	54,127
	13	*	Kos Pharmaceuticals, Inc	560
	450	*	KV Pharmaceutical Co
			(Class A)	11,475
	2,654	*	La Jolla Pharmaceutical Co Inc (Class B)	11,386
	627	*	Lannett Co, Inc	10,540
	625	*	Ligand Pharmaceuticals,	9,181
	725	*	Martek Biosciences Corp	47,103
	1,010	*	Medarex, Inc	6,292
	556		Medicis Pharmaceutical
			Corp (Class A)	39,643
	1,855	*	MedImmune, Inc	47,117
	25,548		Merck & Co, Inc	1,180,318
	577		Meridian Bioscience, Inc	6,018
	344	*	MGI Pharma, Inc	14,156
	2,369	*	Millennium Pharmaceuticals, Inc	44,229
	4,594		Mylan Laboratories, Inc	116,044
	573	*	Nabi Biopharmaceuticals	7,283
	1,057	*	Nektar Therapeutics	14,386
	722	*	Neose Technologies, Inc	6,642
	1,237	*	Noven
			Pharmaceuticals, Inc	18,815
	100	*	NPS Pharmaceuticals, Inc	3,074
	319	*	OraSure Technologies, Inc	2,539
	268	*	OSI Pharmaceuticals, Inc	8,632
	3,549	*	Pain Therapeutics, Inc	24,666
	5,794	*	Palatin Technologies, Inc	14,485
	1,110	*	Penwest
			Pharmaceuticals Co	19,181
	3,966	*	Peregrine
			Pharmaceuticals, Inc	8,765
	500	*	Pharmaceutical
			Resources, Inc	32,575
	1,724	*	Pozen, Inc	17,585
	2,195	*	Praecis
			Pharmaceuticals, Inc	14,136
	3,318		Praxair, Inc	126,748
	15,037		Procter & Gamble Co	1,501,896

SHARES

VALUE

1,137

*
Progenics Pharmaceuticals $ 21,444

592

Protein Design Labs, Inc 10,597

2,183

Rohm & Haas Co 93,236

1,112

*
Salix Pharmaceuticals Ltd 25,209

1,190

*
Sepracor, Inc 28,477

1,048

*
SICOR, Inc 28,506

906

Sigma-Aldrich Corp 51,805

2,611

*
SuperGen, Inc 28,721

530

*
Tanox, Inc 7,871

369

*
Third Wave

Technologies, Inc 1,679

1,543

*
Unifi, Inc 9,952

235

*
United Therapeutics Corp 5,393

719

*
Vertex

Pharmaceuticals, Inc 7,355

8

*
Vicuron

Pharmaceuticals, Inc 149

1,848

*
Watson

Pharmaceuticals, Inc 85,008

1,700

*
Zymogenetics, Inc 26,350

TOTAL CHEMICALS AND

ALLIED PRODUCTS 7,365,239



   COMMUNICATIONS—4.49%

1,749 Alltel Corp 81,468

5,200 AT&T Corp 105,560

11,968 AT&T Wireless Services, Inc 95,624

3,528 Avaya, Inc 45,652

13,832 BellSouth Corp 391,446

1,410 Cablevision Systems Corp (Class A)

32,980

8,261 Comcast Corp 271,539

6,583 Comcast Corp Special 205,916

846 Infonet Services Corp

(Class B) 1,438

2,560 InterActiveCorp 86,861

38,659 Lucent Technologies, Inc 109,792

620 Mastec, Inc 9,182

3,127 Nextel Communications,

Inc (Class A) 87,744

26,948 SBC Communications, Inc 702,534

5,706 Sprint Corp (FON Group) 93,693

1,879 Sprint Corp (PCS Group) 10,560

861 Univision Communications,

Inc (Class A) 34,173

22,176 Verizon

Communications, Inc 777,934

142 West Corp 3,299

269 XM Satellite Radio

Holdings, Inc 7,091

TOTAL COMMUNICATIONS 3,154,486



94  2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Equity Fund - December 31, 2003


	SHARES				VALUE

DEPOSITORY INSTITUTIONS—10.94%
	1,893			AmSouth Bancorp	$ 46,379
	16,450			Bank Of America Corp	1,323,074
	13,286			Bank One Corp	605,709
	5,007			BB&T Corp	193,470
	811			Charter One Financial, Inc	28,020
	1,269			Comerica, Inc	71,140
	4,187		*	Concord EFS, Inc	62,135
	5,158			Fifth Third Bancorp	304,838
	11,669			FleetBoston Financial Corp	509,352
	1,544			Golden West Financial Corp	159,325
	636			Greenpoint Financial Corp	22,464
	91			IndyMac Bancorp, Inc	2,711
	389		*	Intercept, Inc	4,392
	16,901			J.P. Morgan Chase & Co	620,774
	4,772			KeyCorp	139,915
	3,665			Mellon Financial Corp	117,683
	7,840			National City Corp	266,090
	1,381			Northern Trust Corp	64,106
	3,264			PNC Financial Services
				Group, Inc	178,639
	1,823			Regions Financial Corp	67,816
	98			Sovereign Bancorp, Inc	2,328
	2,499			State Street Corp	130,148
	3,054			SunTrust Banks, Inc	218,361
	1,486			Synovus Financial Corp	42,975
	18,458			U.S. Bancorp	549,679
	988			Union Planters Corp	31,112
	16,009			Wachovia Corp	745,859
	19,849			Wells Fargo & Co	1,168,908

				TOTAL DEPOSITORY
				INSTITUTIONS	7,677,402

;EATING AND DRINKING PLACES—0.73%
	200			Applebee’s International, Inc	7,854
	1,540			Darden Restaurants, Inc	32,402
	16,263			McDonald’s Corp	403,810
	561			Outback Steakhouse, Inc	24,802
	1,097			Wendy’s International, Inc	43,046

				TOTAL EATING AND
				DRINKING PLACES	511,914

EDUCATIONAL SERVICES—0.11%
	1,116	*		Apollo Group, Inc (Class A)	75,888

				TOTAL EDUCATIONAL
				SERVICES	75,888

ELECTRIC, GAS, AND SANITARY SERVICES—4.66%
	7,183	*		AES Corp	67,808
	1,296			AGL Resources, Inc	37,714
	7,064	*		Allegheny Energy, Inc	90,137
	2,700			Allete, Inc	82,620

SHARES

VALUE

9,827 * Aquila, Inc $ 33,314

3,285 Avista Corp 59,524

1,292 Black Hills Corp 38,540

5,796 * Calpine Corp 27,879

1,015 * Casella Waste

    Systems, Inc (Class A) 13,895

1,300 Chesapeake Utilities Corp 33,865

500 * Citizens

    Communications Co 6,210

3,901 Cleco Corp 70,140

100 Connecticut Water

    Service, Inc 2,765

8,914 DPL, Inc 186,124

3,486 Empire District Electric Co 76,448

3,583 Equitable Resources, Inc 153,782

3,455 Hawaiian Electric

Industries, Inc 163,663

4,750 Idacorp, Inc 142,120

4,734 KeySpan Corp 174,211

2,970 Kinder Morgan, Inc 175,527

2,828 MGE Energy, Inc 89,110

5,091 National Fuel Gas Co 124,424

300 New Jersey Resources Corp 11,553

1,262 Nicor, Inc 42,958

6,745 NiSource, Inc 147,985

1,086 * NiSource, Inc (Sails) 2,780

12,669 OGE Energy Corp 306,463

914 Otter Tail Corp 24,431

2,275 Peoples Energy Corp 95,641

6,984 Pepco Holdings, Inc 136,467

400 Piedmont Natural Gas

    Co, Inc 17,384

8,959 Puget Energy, Inc 212,955

2,700 Questar Corp 94,905

897 Resource America, Inc

(Class A) 13,455

221 SEMCO Energy, Inc 1,083

5,294 * Sierra Pacific Resources 38,858

200 SJW Corp 17,850

32 * Southern Union Co 599

131 * Stericycle, Inc 6,118

900 UGI Corp 30,510

2,363 Unisource Energy Corp 58,272

294 * Waste Connections, Inc 11,104

807 Western Gas

    Resources, Inc 38,131

1,200 WGL Holdings, Inc 33,348

7,740 Williams Cos, Inc 76,007

TOTAL ELECTRIC, GAS,

AND SANITARY SERVICES 3,268,677

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 95

Statement of Investments - Social Choice Equity Fund - December 31, 2003


	SHARES			VALUE

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT—6.58%
	12,084	*	ADC
			Telecommunications, Inc	$ 35,889
	200	*	Advanced Fibre
			Communications, Inc	4,030
	3,298	*	Advanced Micro
			Devices, Inc	49,140
	365	*	Agere Systems, Inc
			(Class A)	1,113
	2,200	*	Altera Corp	49,940
	1,500		American Power
			Conversion Corp	36,675
	1,977		Ametek, Inc	95,410
	86	*	Amkor Technology, Inc	1,566
	2,300		Analog Devices, Inc	104,995
	671	*	Arris Group, Inc	4,858
	2,200	*	Artesyn Technologies, Inc	18,744
	2,119	*	Avanex Corp	10,574
	1,842		AVX Corp	30,614
	961		Baldor Electric Co	21,959
	1,175	*	Broadcom Corp (Class A)	40,056
	821	*	C-COR.net Corp	9,138
	1,588	*	Ceva, Inc	16,515
	5,101	*	CIENA Corp	33,871
	1,015	*	Comverse Technology, Inc	17,854
	581	*	Conexant Systems, Inc	2,888
	4,983	*	Corvis Corp	8,471
	9,278		Emerson Electric Co	600,751
	500	*	Energizer Holdings, Inc	18,780
	1,273	*	Finisar Corp	3,984
	259	*	FuelCell Energy, Inc	3,367
	200		Harman International
			Industries, Inc	14,796
	600	*	Harmonic, Inc	4,350
	600		Hubbell, Inc (Class B)	26,460
	49,400		Intel Corp	1,590,680
	600		Intersil Corp (Class A)	14,910
	1,283	*	InterVoice, Inc	15,229
	1,207	*	Jabil Circuit, Inc	34,158
	9,368	*	JDS Uniphase Corp	34,193
	576	*	Kemet Corp	7,885
	286		LSI Industries, Inc	3,861
	3,500	*	LSI Logic Corp	31,045
	2,097		Maxim Integrated
			Products, Inc	104,431
	488	*	McData Corp (Class A)	4,651
	1,000		Microchip Technology, Inc	33,360
	4,132	*	Micron Technology, Inc	55,658
	1,635		Molex, Inc	57,045
	18,647		Motorola, Inc	262,363
	4,302	*	MRV Communications, Inc	16,176
	864	*	Mykrolis Corp	13,893

SHARES

VALUE

1,251 * National Semiconductor

    Corp $ 49,302

51 * New Focus, Inc 256

903 * Novellus Systems, Inc 37,971

894 * Nvidia Corp 20,786

403 * Openwave Systems, Inc 4,433

2,339 * Optical Communication

    Products, Inc 8,654

200 * Polycom, Inc 3,904

4,149 * Proxim Corp (Class A) 6,929

200 * QLogic Corp 10,320

5,000 Qualcomm, Inc 269,650

1,064 Scientific-Atlanta, Inc 29,047

8,669 * Sirius Satellite Radio, Inc 27,394

1,259 * Stratex Networks, Inc 5,351

1,488 * Sycamore Networks, Inc 7,797

3,690 * Tellabs, Inc 31,107

1,300 * Terayon Communication

    Systems, Inc 5,850

12,774 Texas Instruments, Inc 375,300

1,538 Thomas & Betts Corp 35,205

622 * Three-Five Systems, Inc 3,259

332 * Utstarcom, Inc 12,307

600 * Vishay Intertechnology, Inc 13,740

1,600 * Vitesse

Semiconductor Corp 9,392

2,200 * Xilinx, Inc 85,228

3,425 * Zhone Technologies, Inc 16,920

TOTAL ELECTRONIC AND

OTHER ELECTRIC

EQUIPMENT 4,616,428



ENGINEERING AND MANAGEMENT
    SERVICES—0.69%

601 * aaiPharma, Inc 15,097

200 * Affymetrix, Inc 4,922

575 * Antigenics, Inc 6,509

651 * Applera Corp (Celera

    Genomics Group) 9,055

636 * Ariad Pharmaceuticals, Inc 4,738

2,292 * BearingPoint, Inc 23,126

766 * Ciphergen Biosystems, Inc 8,610

873 * CuraGen Corp 6,399

232 * CV Therapeutics, Inc 3,401

3,086 * Decode Genetics, Inc 25,274

480 * Digitas, Inc 4,474

196 * Exult, Inc 1,396

50 * Gartner, Inc (Class A) 566

1,187 * Gene Logic, Inc 6,161

2,397 * Incyte Corp 16,395

464 * Kosan Biosciences, Inc 4,575

527 * Lexicon Genetics, Inc 3,104

918 * Luminex Corp 8,611

96 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Equity Fund - December 31, 2003


	SHARES			VALUE

ENGINEERING AND MANAGEMENT SERVICES—(Continued)
	1,471		Moody’s Corp	$ 89,069
	39	*	Neopharm, Inc	716
	3,754		Paychex, Inc	139,649
	200	*	Pharmaceutical Product
			Development, Inc	5,394
	608	*	Regeneron
			Pharmaceuticals, Inc	8,944
	106	*	Research Frontiers, Inc	985
	850	*	Savient
			Pharmaceuticals, Inc	3,919
	2,549	*	Seattle Genetics, Inc	21,870
	19	*	Symyx Technologies, Inc	390
	1,289	*	Transkaryotic
			Therapies, Inc	20,121
	517	*	TRC Cos, Inc	10,888
	1,656	*	Tularik, Inc	26,744
	448	*	U.S. Oncology, Inc	4,820

			TOTAL ENGINEERING AND
			MANAGEMENT SERVICES	485,922

FABRICATED METAL PRODUCTS—1.00%
	2,449	*	Crown Holdings, Inc	22,188
	727		Harsco Corp	31,857
	4,301		Illinois Tool Works, Inc	360,897
	5,928		Masco Corp	162,486
	1,856		Material Sciences Corp	18,764
	600		Snap-On, Inc	19,344
	1,800		Stanley Works	68,166
	1,853	*	Tower Automotive, Inc	12,656
	83		Valmont Industries, Inc	1,921

			TOTAL FABRICATED METAL
			PRODUCTS	698,279

FOOD AND KINDRED PRODUCTS—3.80%
	2,703		Campbell Soup Co	72,440
	21,754		Coca-Cola Co	1,104,016
	1,559		Coca-Cola Enterprises, Inc	34,095
	3,364		General Mills, Inc	152,389
	4,108		H.J. Heinz Co	149,654
	1,082		Hershey Foods Corp	83,303
	2,664		Kellogg Co	101,445
	600		Pepsi Bottling Group, Inc	14,508
	17,774		PepsiCo, Inc	828,624
	2,280		Wrigley (Wm.) Jr Co	128,159

			TOTAL FOOD AND KINDRED
			PRODUCTS	2,668,633

FOOD STORES—0.65%
	5,183		Albertson’s, Inc	117,395
	6,965	*	Kroger Co	128,922
	800	*	Pathmark Stores, Inc	6,080
	4,500	*	Safeway, Inc	98,595

SHARES

VALUE

3,090 * Starbucks Corp $ 102,155

24 Winn-Dixie Stores, Inc 239

TOTAL FOOD STORES 453,386

FURNITURE AND FIXTURES—0.48%

1,130 Hillenbrand Industries, Inc 70,128

1,497 Johnson Controls, Inc 173,832

518 Lear Corp 31,769

1,285 Leggett & Platt, Inc 27,795

1,463 Newell Rubbermaid, Inc 33,313

TOTAL FURNITURE AND

FIXTURES 336,837

FURNITURE AND HOMEFURNISHINGS
STORES—0.33%

2,053 * Bed Bath & Beyond, Inc 88,998

1,834 Best Buy Co, Inc 95,808

1,379 Circuit City Stores, Inc

(Circuit City Group) 13,969

971 RadioShack Corp 29,790

76 * Williams-Sonoma, Inc 2,643

TOTAL FURNITURE AND

HOMEFURNISHINGS

STORES 231,208

GENERAL BUILDING
CONTRACTORS—0.20%

362 Centex Corp 38,969

768 D.R. Horton, Inc 33,224

32 Lennar Corp 2,925

320 Lennar Corp (Class A) 30,720

399 Pulte Homes, Inc 37,354

TOTAL GENERAL BUILDING

CONTRACTORS 143,192

GENERAL MERCHANDISE STORES—1.48%

331 * Big Lots, Inc 4,704

41 * BJ’s Wholesale Club, Inc 941

3,677 * Costco Wholesale Corp 136,711

55 Dillard’s, Inc (Class A) 905

2,008 Dollar General Corp 42,148

702 * Dollar Tree Stores, Inc 21,102

1,021 Family Dollar Stores, Inc 36,633

2,391 J.C. Penney Co, Inc 62,835

2,451 * Kohl’s Corp 110,148

6,218 May Department Stores Co 180,757

45 * Saks, Inc 677

3,313 Sears Roebuck & Co 150,708

7,478 Target Corp 287,155

TOTAL GENERAL

MERCHANDISE STORES 1,035,424

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 97

Statement of Investments - Social Choice Equity Fund - December 31, 2003

	SHARES			VALUE

HEALTH SERVICES—0.41%
	1,922	*	Caremark Rx, Inc	$ 48,684
	100	*	Coventry Health Care, Inc	6,449
	431	*	Express Scripts, Inc	28,631
	1,095	*	First Health Group Corp	21,309
	2,241		Health Management
			Associates, Inc (Class A)	53,784
	104		Hooper Holmes, Inc	643
	34	*	LifePoint Hospitals, Inc	1,001
	885	*	Lincare Holdings, Inc	26,577
	1,241		Manor Care, Inc	42,901
	229	*	NeighborCare, Inc	4,523
	645	*	Option Care, Inc	6,889
	329	*	Orthodontic Centers Of
			America, Inc	2,648
	365	*	Specialty Laboratories, Inc	6,128
	398	*	Triad Hospitals, Inc	13,241
	483		Universal Health
			Services, Inc (Class B)	25,947

			TOTAL HEALTH SERVICES	289,355

HOLDING AND OTHER INVESTMENT OFFICES—2.60%
	2,724		Allied Capital Corp	75,945
	884		AMB Property Corp	29,066
	2,591		Archstone-Smith Trust	72,496
	447		AvalonBay
			Communities, Inc	21,367
	585		Boston Properties, Inc	28,191
	1,632		Crescent Real Estate
			Equities Co	27,956
	1,234		Duke Realty Corp	38,254
	8,389		Equity Office
			Properties Trust	240,345
	4,862		Equity Residential	143,478
	1,000		First Industrial Realty
			Trust, Inc	33,750
	1,500		General Growth
			Properties, Inc	41,625
	829		iStar Financial, Inc	32,248
	700		Kimco Realty Corp	31,325
	4,417		Plum Creek Timber Co, Inc	134,498
	2,293		Prologis	73,582
	1,482		Public Storage, Inc	64,304
	397		Rouse Co	18,659
	2,937		Simon Property Group, Inc	136,101
	1,103		Vornado Realty Trust	60,389
	12,976		Washington Mutual, Inc	520,597

			TOTAL HOLDING AND
			OTHER INVESTMENT
			OFFICES	1,824,176

SHARES

VALUE

HOTELS AND OTHER LODGING
PLACES—0.13%

1,362 * Boca Resorts, Inc

(Class A) $ 20,376

1,403 Extended Stay

America, Inc 20,315

556 Marcus Corp 9,118

3,655 * Prime Hospitality Corp 37,281

123 * Vail Resorts, Inc 2,091

TOTAL HOTELS AND OTHER

LODGING PLACES 89,181

INDUSTRIAL MACHINERY AND
EQUIPMENT—9.21%

10,966 3M Co 932,439

500 Alamo Group, Inc 7,630

627 * American Standard

Cos, Inc 63,139

600 Ampco-Pittsburgh Corp 8,202

2,668 * Apple Computer, Inc 57,015

11,468 * Applied Materials, Inc 257,457

8,200 Baker Hughes, Inc 263,712

647 Black & Decker Corp 31,910

375 * Brooks Automation, Inc 9,064

490 * Cirrus Logic, Inc 3,758

51,100 * Cisco Systems, Inc 1,241,219

934 * Concurrent Computer Corp 4,082

400 * Cooper Cameron Corp 18,640

834 Cummins, Inc 40,816

2,767 Deere & Co 179,993

15,000 * Dell, Inc 509,400

400 Diebold, Inc 21,548

15,642 * EMC Corp 202,095

441 * Emulex Corp 11,766

3,621 * Gateway, Inc 16,657

800 * Global Power Equipment

Group, Inc 5,344

464 Graco, Inc 18,606

2,598 * Grant Prideco, Inc 33,826

22,047 Hewlett-Packard Co 506,420

1,742 * InFocus Corp 16,863

681 * Interland, Inc 4,447

14,821 International Business

Machines Corp 1,373,610

600 * Lam Research Corp 19,380

819 * Lexmark International, Inc 64,406

136 Lincoln Electric

Holdings, Inc 3,365

1,000 * Maxtor Corp 11,100

1,736 * Milacron, Inc 7,239

992 Modine Manufacturing Co 26,764

1,811 * Network Appliance, Inc 37,180

976 Nordson Corp 33,701

98 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Equity Fund - December 31, 2003

	SHARES			VALUE

INDUSTRIAL MACHINERY AND EQUIPMENT—(Continued)
	719	*	PalmOne, Inc	$ 8,448
	100		Pentair, Inc	4,570
	3,642		Pitney Bowes, Inc	147,938
	200	*	Presstek, Inc	1,454
	300	*	Quantum Corp	936
	2,759	*	Semitool, Inc	29,579
	679	*	Simpletech, Inc	4,081
	842	*	Smith International, Inc	34,960
	8,205	*	Solectron Corp	48,492
	648	*	SPX Corp	38,109
	271	*	Storage Technology Corp	6,978
	1,305		Symbol Technologies, Inc	22,041
	152	*	UNOVA, Inc	3,488
	485	*	Western Digital Corp	5,718
	4,687	*	Xerox Corp	64,681

			TOTAL INDUSTRIAL
			MACHINERY AND
			EQUIPMENT	6,464,266

INSTRUMENTS AND RELATED PRODUCTS—3.52%
	567	*	Advanced Medical
			Optics, Inc	11,142
	73	*	Aksys Ltd	645
	497	*	Align Technology, Inc	8,210
	2,400		Applera Corp (Applied
			Biosystems Group)	49,704
	446		Bard (C.R.), Inc	36,238
	483		Bausch & Lomb, Inc	25,068
	7,331		Baxter International, Inc	223,742
	522		Beckman Coulter, Inc	26,533
	3,735		Becton Dickinson & Co	153,658
	2,606		Biomet, Inc	94,884
	5,408	*	Boston Scientific Corp	198,798
	864	*	Bruker BioSciences Corp	3,931
	1,930	*	Cardiac Science, Inc	7,701
	972	*	Cerus Corp	4,413
	975	*	Closure Medical Corp	33,082
	500	*	Concord Camera Corp	4,625
	681	*	Credence Systems Corp	8,962
	496	*	Cytyc Corp	6,825
	706		Dentsply International, Inc	31,890
	1,400	*	DJ Orthopedics, Inc	37,520
	207	*	Edwards Lifesciences Corp	6,227
	2,453		Guidant Corp	147,671
	543	*	Input/Output, Inc	2,449
	1,719	*	Invision Technologies, Inc	57,707
	1,135	*	KLA-Tencor Corp	66,590
	200	*	LTX Corp	3,006
	12,076		Medtronic, Inc	587,014
	195	*	Millipore Corp	8,395

SHARES

VALUE

305 * MKS Instruments, Inc $ 8,845

596 Oakley, Inc 8,249

1,038 * Orthologic Corp 6,363

2,064 PerkinElmer, Inc 35,232

1,490 * St. Jude Medical, Inc 91,412

1,846 Stryker Corp 156,928

100 * Techne Corp 3,778

400 Tektronix, Inc 12,640

641 Teleflex, Inc 30,980

389 * Theragenics Corp 2,128

400 * Therasense, Inc 8,120

1,450 * Thermo Electron Corp 36,540

1,349 * TriPath Imaging, Inc 10,522

535 * Varian Medical

Systems, Inc 36,969

901 * Vivus, Inc 3,415

847 * Waters Corp 28,087

1,986 * Zimmer Holdings, Inc 139,814

347 * Zygo Corp 5,722

TOTAL INSTRUMENTS AND RELATED PRODUCTS

2,472,374

INSURANCE AGENTS, BROKERS AND
SERVICE—0.81%

3,395 AON Corp 81,276

320 Brown & Brown, Inc 10,435

964 Gallagher (Arthur J.) & Co 31,320

6,998 Marsh & McLennan

Cos, Inc 335,134

3,237 * Medco Health

Solutions, Inc 110,026

TOTAL INSURANCE AGENTS, BROKERS AND SERVICE

568,191

INSURANCE CARRIERS—5.29%

500 * AdvancePCS 26,330

1,500 Aetna, Inc 101,370

4,694 Aflac, Inc 169,829

22,123 American International

Group, Inc 1,466,312

1,387 * Anthem, Inc 104,025

1,498 Chubb Corp 102,014

1,291 Cigna Corp 74,233

1,757 Cincinnati Financial Corp 73,583

737 Erie Indemnity Co (Class A) 31,234

178 Fidelity National

Financial, Inc 6,903

1,996 Hartford Financial Services

Group, Inc 117,824

1,222 * Health Net, Inc 39,959

2,323 * Humana, Inc 53,081

1,199 Jefferson-Pilot Corp 60,729

2,097 Lincoln National Corp 84,656

593 MBIA, Inc 35,123

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 99

Statement of Investments - Social Choice Equity Fund - December 31, 2003

	SHARES			VALUE

INSURANCE CARRIERS—(Continued)
	105		MGIC Investment Corp	$ 5,979
	884		Oxford Health Plans, Inc	38,454
	900		Phoenix Cos, Inc	10,836
	2,728		Principal Financial Group	90,215
	1,263		Progressive Corp	105,574
	5,959		Prudential Financial, Inc	248,907
	1,093		Safeco Corp	42,550
	1,824		St. Paul Cos, Inc	72,322
	4,100		Travelers Property Casualty
			Corp (Class B)	69,577
	5,400		UnitedHealth Group, Inc	314,172
	1,863		UnumProvident Corp	29,380
	1,430	*	Wellpoint Health
			Networks, Inc	138,696

			TOTAL INSURANCE
			CARRIERS	3,713,867

LEATHER AND LEATHER PRODUCTS—0.05%
	988	*	Coach, Inc	37,297

			TOTAL LEATHER AND
			LEATHER PRODUCTS	37,297

LUMBER AND WOOD PRODUCTS—0.02%
	1,474	*	Champion Enterprises, Inc	10,318

			TOTAL LUMBER AND WOOD
			PRODUCTS	10,318

METAL MINING—0.14%
	1,435	*	Cleveland-Cliffs, Inc	73,113
	1,259		Royal Gold, Inc	26,351

			TOTAL METAL MINING	99,464

MISCELLANEOUS MANUFACTURING INDUSTRIES—0.18%
	609		Callaway Golf Co	10,262
	5,134		Mattel, Inc	98,932
	161		Nautilus Group, Inc	2,262
	383		Russ Berrie & Co, Inc	12,984
	87	*	Steinway Musical
			Instruments, Inc	2,149

			TOTAL MISCELLANEOUS
			MANUFACTURING
			INDUSTRIES	126,589

MISCELLANEOUS RETAIL—1.38%
	1,195	*	Amazon.com, Inc	62,905
	910	*	Blue Rhino Corp	12,640
	3,609		CVS Corp	130,357
	2,898	*	eBay, Inc	187,182
	228		Michaels Stores, Inc	10,078
	1,860	*	Office Depot, Inc	31,081
	782		Omnicare, Inc	31,585
	451		Petsmart, Inc	10,734

SHARES

VALUE

3,523 * Staples, Inc $ 96,178

694 Tiffany & Co 31,369

1,535 * Toys ‘R’ Us, Inc 19,402

8,290 Walgreen Co 301,590

1,231 World Fuel Services Corp 41,792

TOTAL MISCELLANEOUS

RETAIL 966,893

MOTION PICTURES—1.77%

20,508 * Liberty Media Corp

(Class A) 243,840

2,489 * Metro-Goldwyn-Mayer, Inc 42,537

522 Regal Entertainment

Group (Class A) 10,711

27,462 * Time Warner, Inc 494,041

19,158 Walt Disney Co 446,956

TOTAL MOTION PICTURES 1,238,085

NONDEPOSITORY INSTITUTIONS—3.90%

1,014 Advanta Corp (Class A) 13,172

668 American Capital

Strategies Ltd 19,860

11,153 American Express Co 537,909

1,633 Capital One Financial Corp 100,087

1,680 CIT Group, Inc 60,396

981 Countrywide Financial Corp 74,409

12,533 Fannie Mae 940,727

7,980 Freddie Mac 465,394

11,072 MBNA Corp 275,139

2,148 * Providian Financial Corp 25,003

5,305 SLM Corp 199,892

187 Student Loan Corp 27,302

TOTAL NONDEPOSITORY

INSTITUTIONS 2,739,290

NONMETALLIC MINERALS, EXCEPT
FUELS—0.18%

2,151 Amcol International Corp 43,665

1,697 Vulcan Materials Co 80,726

TOTAL NONMETALLIC

MINERALS, EXCEPT FUELS 124,391

OIL AND GAS EXTRACTION—2.70%

4,761 Anadarko Petroleum Corp 242,859

3,417 Apache Corp 277,119

3,596 Chesapeake Energy Corp 48,834

638 * Cimarex Energy Co 17,028

394 * Clayton Williams

Energy, Inc 11,454

288 * Comstock Resources, Inc 5,558

1,565 * Denbury Resources, Inc 21,769

4,317 Devon Energy Corp 247,191

1,136 * Energy Partners Ltd 15,790

1,717 ENSCO International, Inc 46,651

3,508 EOG Resources, Inc 161,964

100 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Equity Fund - December 31, 2003

	SHARES			VALUE

OIL AND GAS EXTRACTION—(Continued)
	1,243	*	Forest Oil Corp	$ 35,513
	300	*	Grey Wolf, Inc	1,122
	598	*	Harvest Natural
			Resources, Inc	5,950
	1,099		Helmerich & Payne, Inc	30,695
	3,548	*	Horizon Offshore, Inc	15,611
	300	*	Houston Exploration Co	10,956
	245	*	KCS Energy, Inc	2,585
	895	*	Magnum Hunter
			Resources, Inc	8,511
	2,779	*	Meridian Resource Corp	16,507
	1,298	*	Newfield Exploration Co	57,813
	2,585		Noble Energy, Inc	114,852
	685	*	Nuevo Energy Co	16,556
	709	*	Patterson-UTI Energy, Inc	23,340
	2,114	*	Pioneer Natural
			Resources Co	67,500
	1,797		Pogo Producing Co	86,795
	652	*	Pride International, Inc	12,153
	603		Range Resources Corp	5,698
	1,457	*	Rowan Cos, Inc	33,759
	355	*	Stone Energy Corp	15,070
	1,641	*	Swift Energy Co	27,651
	900		Tidewater, Inc	26,892
	300	*	Tom Brown, Inc	9,675
	8,181	*	Transmontaigne, Inc	52,767
	800	*	Varco International, Inc	16,504
	1,700		Vintage Petroleum, Inc	20,451
	1,009	*	Westport Resources Corp	30,129
	1,972		XTO Energy, Inc	55,808

			TOTAL OIL AND GAS
			EXTRACTION	1,897,080

PAPER AND ALLIED PRODUCTS—0.65%
	5,300		Kimberly-Clark Corp	313,177
	2,376		MeadWestvaco Corp	70,686
	100	*	Pactiv Corp	2,390
	2,371		Sonoco Products Co	58,374
	211		Temple-Inland, Inc	13,223

			TOTAL PAPER AND
			ALLIED PRODUCTS	457,850

PERSONAL SERVICES—0.12%
	484		CPI Corp	9,782
	1,418		Cintas Corp	71,084

			TOTAL PERSONAL
			SERVICES	80,866

PETROLEUM AND COAL PRODUCTS—0.43%
	1,336		Frontier Oil Corp	23,006
	1,678	*	Headwaters, Inc	32,922

SHARES

VALUE

2,867 Sunoco, Inc $ 146,647

2,192 Valero Energy Corp 101,577

TOTAL PETROLEUM AND

COAL PRODUCTS 304,152

PRIMARY METAL INDUSTRIES—0.75%

500 * Andrew Corp 5,755

368 Belden, Inc 7,761

381 * Cable Design

Technologies Corp 3,425

3,679 * Century Aluminum Co 69,938

3,400 Engelhard Corp 101,830

648 * General Cable Corp 5,281

212 Gibraltar Steel Corp 5,332

3,532 * Liquidmetal

Technologies, Inc 10,031

223 * Lone Star Technologies, Inc 3,564

252 * Maverick Tube Corp 4,851

869 * Mueller Industries, Inc 29,859

1,624 * NS Group, Inc 15,753

1,370 Nucor Corp 76,720

3,130 Ryerson Tull, Inc 35,839

1,032 Schnitzer Steel

Industries, Inc (Class A) 62,436

1,030 * Steel Dynamics, Inc 24,195

80 Tredegar Corp 1,242

3,388 Worthington Industries, Inc 61,086

TOTAL PRIMARY METAL

INDUSTRIES 524,898

PRINTING AND PUBLISHING—0.96%

919 Dow Jones & Co, Inc 45,812

300 Harte-Hanks, Inc 6,525

2,485 McGraw-Hill Cos, Inc 173,751

1,296 New York Times Co

(Class A) 61,936

1,023 R.R. Donnelley & Sons Co 30,843

395 Scripps (E.W.) Co (Class A) 37,185

2,651 Tribune Co 136,792

137 * Valassis

Communications, Inc 4,021

218 Washington Post Co

(Class B) 172,525

TOTAL PRINTING AND

PUBLISHING 669,390

RAILROAD TRANSPORTATION—0.32%

61 * Kansas City Southern

Industries, Inc 874

9,574 Norfolk Southern Corp 226,425

TOTAL RAILROAD

TRANSPORTATION 227,299

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 101

Statement of Investments - Social Choice Equity Fund - December 31, 2003

	SHARES			VALUE

REAL ESTATE—0.01%
	121	*	Avatar Holdings, Inc	$ 4,470
	68		Catellus Development Corp	1,640
	380	*	Stewart Enterprises, Inc
			(Class A)	2,158

			TOTAL REAL ESTATE	8,268

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS—0.07%
	67		Bandag, Inc	2,760
	471		Cooper Tire & Rubber Co	10,070
	101		Reebok International Ltd	3,971
	295	*	Sealed Air Corp	15,971
	169	*	Skechers U.S.A., Inc
			(Class A)	1,377
	1,311	*	Vans, Inc	14,959

			TOTAL RUBBER AND
			MISCELLANEOUS
			PLASTIC PRODUCTS	49,108

SECURITY AND COMMODITY BROKERS—1.77%
	790		A.G. Edwards, Inc	28,622
	1,696	*	Ameritrade Holding Corp	23,863
	10,286		Charles Schwab Corp	121,786
	50		Eaton Vance Corp	1,832
	796		Federated Investors, Inc
			(Class B)	23,371
	2,736		Franklin Resources, Inc	142,436
	2,736		Goldman Sachs Group, Inc	270,125
	7,451	*	Instinet Group, Inc	38,373
	1,486		Janus Capital Group, Inc	24,385
	331		Legg Mason, Inc	25,547
	7,686		Merrill Lynch & Co, Inc	450,784
	738		SEI Investments Co	22,487
	400	*	SoundView Technology
			Group, Inc	6,196
	1,363		T Rowe Price Group, Inc	64,620

			TOTAL SECURITY AND
			COMMODITY BROKERS	1,244,427

SPECIAL TRADE CONTRACTORS—0.02%
	1,106	*	Integrated Electrical
			Services, Inc	10,231
	902	*	Quanta Services, Inc	6,585

			TOTAL SPECIAL TRADE
			CONTRACTORS	16,816

SHARES

VALUE

STONE, CLAY, AND GLASS
PRODUCTS—0.13%

241 Apogee Enterprises, Inc $ 2,735

48 * Cabot Microelectronics

Corp 2,352

7,911 * Corning, Inc 82,512

TOTAL STONE, CLAY, AND

GLASS PRODUCTS 87,599

TRANSPORTATION BY AIR—0.65%

2,587 * AMR Corp 33,502

128 * Atlantic Coast Airlines

Holdings, Inc 1,267

1,483 * Continental Airlines, Inc

(Class B) 24,128

2,144 * Delta Air Lines, Inc 25,321

2,290 FedEx Corp 154,575

1,111 * Frontier Airlines, Inc 15,843

975 * JetBlue Airways Corp 25,857

732 * Mesa Air Group, Inc 9,165

378 * Petroleum Helicopters

(Vote) 9,261

565 Skywest, Inc 10,238

9,039 Southwest Airlines Co 145,889

TOTAL TRANSPORTATION

BY AIR 455,046

TRANSPORTATION EQUIPMENT—0.93%

303 ArvinMeritor, Inc 7,308

2,260 Autoliv, Inc 85,089

1,037 Brunswick Corp 33,008

1,923 Dana Corp 35,287

10,175 Delphi Corp 103,887

200 * Dura Automotive

Systems, Inc 2,554

1,100 * Fleetwood Enterprises, Inc 11,286

671 Gentex Corp 29,631

3,430 Genuine Parts Co 113,876

553 * Greenbrier Cos, Inc 9,263

3,376 Harley-Davidson, Inc 160,461

718 * Sports Resorts

International, Inc 3,633

133 Standard Motor

Products, Inc 1,616

382 * Tenneco Automotive, Inc 2,556

4,600 Visteon Corp 47,886

205 * Wabash National Corp 6,007

TOTAL TRANSPORTATION

EQUIPMENT 653,348

102 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Equity Fund - December 31, 2003

	SHARES			VALUE

TRANSPORTATION SERVICES—0.09%
	1,276		GATX Corp	$ 35,702
	283	*	RailAmerica, Inc	3,339
	1,216		Sabre Holdings Corp	26,253

			TOTAL TRANSPORTATION
			SERVICES	65,294

TRUCKING AND WAREHOUSING—0.60%
	5,657		United Parcel Service, Inc
			(Class B)	421,729

			TOTAL TRUCKING AND WAREHOUSING	421,729

WHOLESALE TRADE-DURABLE GOODS—2.74%
	551	*	Apogent Technologies, Inc	12,695
	1,069		Barnes Group, Inc	34,539
	99		BorgWarner, Inc	8,422
	333		CDW Corp	19,234
	623		Commercial Metals Co	18,939
	2,800		IKON Office Solutions, Inc	33,208
	300	*	Ingram Micro, Inc (Class A)	4,770
	31,022		Johnson & Johnson	1,602,597
	598	*	Patterson Dental Co	38,368
	420		Pomeroy IT Solutions, Inc	6,191
	1,592		Reliance Steel &
			Aluminum Co	52,870
	137	*	Safeguard Scientifics, Inc	553
	1,924		W.W. Grainger, Inc	91,178

			TOTAL WHOLESALE TRADE-
			DURABLE GOODS	1,923,564

WHOLESALE TRADE-NONDURABLE GOODS—1.15%
	1,290	*	Allscripts Healthcare
			Solutions, Inc	6,863
	4,838		Cardinal Health, Inc	295,892
	1,176		D&K Healthcare
			Resources, Inc	15,947
	243	*	Henry Schein, Inc	16,422
	4,364		McKesson Corp	140,346
	2,279		Perrigo Co	35,826
	3,818	*	Plains Resources, Inc	61,279
	1,085	*	Priority Healthcare Corp
			(Class B)	26,152
	382		Russell Corp	6,708
	202		Stride Rite Corp	2,299
	5,394		Sysco Corp	200,819

			TOTAL WHOLESALE
			TRADE-NONDURABLE
			GOODS	808,553

			TOTAL COMMON STOCK
			(Cost $75,980,269)	69,517,241

PRINCIPAL

VALUE

SHORT TERM INVESTMENTS—0.43%

U.S. GOVERNMENT AND AGENCIES
DISCOUNT NOTES—0.43%

Federal Home Loan Bank

(FHLB)

$300,000 1.040%,01/02/04 $ 299,984

TOTAL U.S. GOVERNMENT

AND AGENCIES

DISCOUNT NOTES 299,984

TOTAL SHORT TERM

INVESTMENTS

(Cost $299,988) 299,984

TOTAL PORTFOLIO—

99.47%

(Cost $76,280,257) 69,817,225

OTHER ASSETS &

LIABILITIES, NET—0.53% 375,129

NET ASSETS—100.00% $70,192,354

* Non-income producing

At December 31,2003, the aggregate cost of portfolio investments for federal income tax purposes was $76,629,289. Net unrealized depreciation of portfolio investments aggregated $6,812,064 of which $7,821,771 related to appreciated portfolio investments and $14,633,835 related to depreciated portfolio investments.

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

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 103

Statement of Investments - Managed Allocation Fund - December 31, 2003

	SHARES/ PRINCIPAL		VALUE

TIAA-CREF MUTUAL FUNDS—99.89%
	13,203,613	TIAA-CREF Bond Plus
		Fund	$136,261,291
	600,800	TIAA-CREF Equity Index
		Fund	4,746,320
	9,703,986	TIAA-CREF Growth Equity
		Fund	84,424,677
	1,194,554	TIAA-CREF High-Yield
		Bond Fund	11,133,246
	7,161,631	TIAA-CREF Institutional
		Large Cap Value Fund	89,806,853
	316,656	TIAA-CREF Institutional
		Real Estate
		Securities Fund	3,806,208
	1,045,418	TIAA-CREF Institutional
		Small-Cap Equity Fund	14,039,963
	5,129,270	TIAA-CREF International
		Equity Fund	47,394,450
	1,205,584	TIAA-CREF Money
		Market Fund	1,205,584
	440,964	TIAA-CREF Short-Term
		Bond Fund	4,713,908

		TOTAL TIAA-CREF MUTUAL
		FUNDS
		(Cost $408,446,999)	397,532,500

SHORT TERM INVESTMENTS—0.16%
U.S. GOVERNMENT AND AGENCY DISCOUNT NOTE—0.16%
		Federal Home Loan Bank
		(FHLB)
	$ 640,000	1.070%, 01/02/04	639,966
		TOTAL U.S. GOVERNMENT
		AND AGENCY DISCOUNT
		NOTE	639,966

		TOTAL SHORT TERM
		INVESTMENTS
		(Cost $639,966)	639,966

		TOTAL PORTFOLIO—
		100.05%
		(Cost $409,086,965)	398,172,466
		OTHER ASSETS &
		LIABILITIES,
		NET—(0.05%)	(180,947)

		NET ASSETS—100.00%	$397,991,519

At December 31,2003, the aggregate cost of portfolio investments for federal income tax purposes was $409,978,773. Net unrealized depreciation of portfolio investments aggregated $11,806,307, of which $20,243,289 related to appreciated portfolio investments and $32,049,596 related to depreciated portfolio investments.

104 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - High-Yield Bond Fund - December 31, 2003

Summary by Industry

VALUE %

CORPORATE BONDS

Agricultural Production-Crops $ 2,125,000 0.93%

Amusement And Recreation
   Services 6,908,750 3.03

Apparel And Other Textile Products 3,381,250 1.48

Automotive Dealers And
   Service Stations 1,736,875 0.76

Business Services 12,857,625 5.63

Chemicals And Allied Products 12,121,372 5.31

Coal Mining 3,132,500 1.37

Communications 25,161,719 11.02

Eating And Drinking Places 1,720,000 0.75

Electric, Gas, And
   Sanitary Services 31,666,428 13.87

Electronic And Other
    Electric Equipment 3,725,000 1.63

Engineering And Management
   Services 1,070,000 0.47

Fabricated Metal Products 2,199,375 0.96

Food And Kindred Products 3,765,000 1.65

General Building Contractors 6,617,500 2.90

General Merchandise Stores 1,061,250 0.46

Health Services 3,134,734 1.37

Holding And Other
   Investment Offices 3,225,757 1.41

Hotels And Other Lodging Places 6,508,125 2.85

Industrial Machinery And
   Equipment 2,837,500 1.24

Instruments And
    Related Products 6,043,336 2.65

Metal Mining 1,152,500 0.51

Miscellaneous Manufacturing
    Industries 4,853,750 2.13

Miscellaneous Retail 5,347,390 2.34

Nondepository Institutions 1,063,750 0.47

Oil And Gas Extraction 8,420,000 3.69

Paper And Allied Products 14,797,739 6.48

Personal Services 2,128,750 0.93

Petroleum And Coal Products 2,130,000 0.93

Primary Metal Industries 1,555,000 0.68

Printing And Publishing 12,630,000 5.53

Rubber And Miscellaneous
   Plastic Products 1,653,125 0.72

Transportation By Air 226,875 0.10

Transportation Equipment 3,966,875 1.74

Transportation Services 515,000 0.23

Water Transportation 4,137,500 1.81

Wholesale Trade-Durable Goods 7,000,000 3.07

   VALUE %

Wholesale Trade-Nondurable
   Goods $ 4,811,250 2.11%

TOTAL CORPORATE BONDS
   (Cost $201,298,917) 217,388,600 95.21

PREFERRED STOCK

Communications 75,023 0.03

TOTAL PREFERRED STOCK
   (Cost $1,346,750) 75,023 0.03

COMMON STOCK

Automotive Dealers And
   Service Stations 15 0.00

Business Services 15 0.00

Communications 63,002 0.03

Paper And Allied Products 3 0.00

TOTAL COMMON STOCK
   (Cost $884,384) 63,035 0.03

SHORT TERM INVESTMENTS

U.S. Government And Agency
   Discount Notes 6,619,651 2.90

TOTAL SHORT TERM INVESTMENTS
   (Cost $6,619,651) 6,619,651 2.90

TOTAL PORTFOLIO
   (Cost $210,149,702) 224,146,309 98.17

OTHER ASSETS &
   LIABILITIES, NET 4,177,492 1.83

NET ASSETS $228,323,801 100.00%

PRINCIPAL RATINGS^† VALUE

      CORPORATE BONDS—95.21%

            AGRICULTURAL PRODUCTION-
               CROPS—0.93%

Dole Food Co Inc

   (Sr Note)

$ 1,000,000    8.875%, 03/15/11 B2 $ 1,097,500

United Agri Products

   (Sr Note)

1,000,000    8.250%, 12/15/11 B3 1,027,500

TOTAL

   AGRICULTURAL

   PRODUCTION-

   CROPS 2,125,000

      AMUSEMENT AND RECREATION
         SERVICES—3.03%

Caesars Entertainment,

   Inc (Sr Note)

1,500,000    7.000%, 04/15/13 Ba1 1,601,250

Isle of Capri Casinos,

   Inc (Guarantee Note)

500,000    9.000%, 03/15/12 B2 556,250

† As provided by Moody’s Investors Services (unaudited)

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds 2003 Annual Report 105

Statement of Investments - High-Yield Bond Fund - December 31, 2003

PRINCIPAL RATINGS^† VALUE

AMUSEMENT AND RECREATION

   SERVICES—(Continued)

Park Place

   Entertainment

   Corp (Sr Sub note)

$ 1,000,000    7.500%, 09/01/09 Ba1 $ 1,100,000

Six Flags, Inc (Sr Note)

1,000,000    9.750%, 06/15/07 B2 1,048,750

1,000,000    9.750%, 04/15/13 B2 1,052,500

Speedway Motorsports

   Inc (Sr Sub Note)

1,000,000    6.750%, 06/01/13 Ba2 1,032,500

Station Casinos, Inc

   (Sr Sub Note)

500,000    8.875%, 12/01/08 B2 517,500

TOTAL AMUSEMENT

   AND RECREATION

   SERVICES 6,908,750

APPAREL AND OTHER

   TEXTILE PRODUCTS—1.48%

Broder Brothers

   (Sr Note)

2,000,000    11.250%, 10/15/10 B3 1,970,000

Collins & Aikman

   Products

   (Guarantee Note)

1,000,000    11.500%, 04/15/06 B3 920,000

500,000    10.750%, 12/31/11 B2 491,250

TOTAL APPAREL AND

   OTHER TEXTILE

   PRODUCTS 3,381,250

AUTOMOTIVE DEALERS AND

   SERVICE STATIONS—0.76%

Autonation, Inc

   (Guarantee Note)

500,000    9.000%, 08/01/08 Ba2 573,750

Lear Corp

   (Guarantee Note)

500,000    8.110%, 05/15/09 Ba1 588,125

Travelcenters Of

America, Inc

(Guarantee Note)

500,000    12.750%, 05/01/09 B3 575,000

TOTAL AUTOMOTIVE

   DEALERS AND

   SERVICE STATIONS 1,736,875

BUSINESS SERVICES—5.63%

Advanstar

   Communications

   Inc (Secured Note)

600,000    10.750%, 08/15/10 B3 649,500

500,000    12.000%, 02/15/11 Caa2 526,250

1,500,000    0.000%, 10/15/11 NA 1,171,875

PRINCIPAL RATINGS^† VALUE

Cooperative

   Computing, Inc

   (Sr Note)

$ 1,000,000    10.500%, 06/15/11 B2 $ 1,076,250

Iron Mountain, Inc

   (Guarantee Note)

1,000,000    8.625%, 04/01/13 B2 1,080,000

2,000,000    6.625%, 01/01/16 B2 1,945,000

Lamar Media Corp

   (Guarantee Note)

1,000,000    7.250%, 01/01/13 Ba3 1,075,000

Nexstar Finance, Inc

   (Guarantee Note)

1,000,000    12.000%, 04/01/08 B3 1,127,500

1,000,000    7.000%, 01/15/14 B3 1,005,000

Rent-A-Center, Inc

   (Guarantee Note)

1,000,000    7.500%, 05/01/10 B1 1,055,000

United Rentals North

   America, Inc

   (Guarantee Note)

1,000,000    10.750%, 04/15/08 B1 1,125,000

   (Sr Sub Note)

1,000,000    7.750%, 11/15/13 B2 1,021,250

TOTAL BUSINESS

   SERVICES 12,857,625

CHEMICALS AND ALLIED
   PRODUCTS—5.31%

Acetex Corp (Sr Note)

825,000    10.875%, 08/01/09 B2 915,750

Equistar Chemicals

   LP Note

500,000    8.750%, 02/15/09 B2 522,500

500,000    10.625%, 05/01/11 B2 552,500

FMC Corp

   (Secured Note)

750,000    10.250%, 11/01/09 Ba2 877,500

Georgia Gulf Corp

   (Sr Note)

1,000,000    7.125%, 12/15/13 B1 1,040,000

Hercules, Inc

   (Guarantee Note)

750,000    11.125%, 11/15/07 Ba2 898,125

IMC Global, Inc

   (Sr Note)

1,000,000    10.875%, 08/01/13 B1 1,095,000

IMC Global, Inc

   (Guarantee Note)

500,000    11.250%, 06/01/11 B1 550,000

ISP Chemo, Inc

   (Guarantee Note)

500,000    10.250%, 07/01/11 B2 562,497

† As provided by Moody’s Investors Services (unaudited)

106 2003 Annual Report TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - High-Yield Bond Fund - December 31, 2003

PRINCIPAL RATINGS^† VALUE

CHEMICALS AND ALLIED

   PRODUCTS—(Continued)

ISP Holdings, Inc

   (Secured Note)

$ 500,000    10.625%, 12/15/09 B2 $ 550,000

Johnsondiversey, Inc

   (Guarantee Note)

500,000    9.625%, 05/15/12 B2 557,500

KRATON Polymers LLC/

   Capital Corp

(Sr Sub Note)

750,000    8.125%, 01/15/14 B3 780,000

Lyondell Chemical Co

   (Guarantee Note)

500,000    9.500%, 12/15/08 B1 522,500

500,000    11.125%, 7/15/12 B1 555,000

Rockwood Specialties

   Group, Inc

   (Sr Sub Note)

1,000,000    10.625%, 05/15/11 B3 1,115,000

Scotts Co/The

   (Sr Sub Note)

1,000,000    6.625%, 11/15/13 Ba3 1,027,500

TOTAL CHEMICALS AND

   ALLIED PRODUCTS 12,121,372

COAL MINING—1.37%

Arch Western

   Finance LLC

   (Sr Note)

1,500,000    6.750%, 07/01/13 Ba2 1,541,250

Luscar Coal Ltd

   (Sr Note)

500,000    9.750%, 10/15/11 Ba3 566,250

Massey Energy Co

   (Sr Note)

1,000,000    6.625%, 11/15/10 Ba3 1,025,000

TOTAL COAL MINING 3,132,500

COMMUNICATIONS—11.02%

ACC Escrow Corp

   (Sr Note)

2,000,000    10.000%, 08/01/11 B2 2,230,000

Asia Global

   Crossing Ltd

   (Sr Note)

500,000    13.375%, 10/15/10 NR 55,000

Avaya, Inc

   (Secured Note)

1,000,000    11.125%, 04/01/09 B2 1,170,000

Century

   Communications

   (Sr Note)

1,250,000    0.000%, 01/15/08 NR 762,500

PRINCIPAL RATINGS^† VALUE

Charter

   Communications

   Holdings Capital Corp

   (Sr Note)

$ 500,000    10.750%, 10/01/09 Ca $ 458,750

Corus Entertainment,

   Inc (Sr Sub Note)

1,000,000    8.750%, 03/01/12 B1 1,100,000

CSC Holdings, Inc

   (Sr Note)

1,000,000    7.631%, 04/01/11 B1 1,052,500

1,000,000    10.500%, 05/15/16 B2 1,145,000

Echostar DBS Corp

   (Sr Note)

325,000    9.125%, 01/15/09 Ba3 363,594

1,000,000    9.375%, 02/01/09 Ba3 1,051,250

2,000,000    6.375%, 10/01/11 Ba3 2,050,000

Fairpoint

   Communications,

   Inc (Sr Note)

1,000,000    11.875%, 03/01/10 B3 1,165,000

General Cable Corp

   (Sr Note)

1,000,000    9.500%, 11/15/10 B2 1,070,000

Granite Broadcasting

   Corp (Secured Note)

2,000,000 9.750%, 12/01/10 B3 1,995,000

Gray Television, Inc

(Guarantee Note)

1,000,000    9.250%, 12/15/11 B2 1,115,000

Insight Midwest LP/

   Insight Capital, Inc

   (Sr Note)

500,000    10.500%, 11/01/10 B2 543,750

Nextel Communications,

   Inc (Sr Note)

1,000,000    9.500%, 02/01/11 B2 1,130,000

500,000    6.875%, 10/31/13 B2 528,750

1,500,000    7.375%, 08/01/15 B2 1,612,500

Qwest Corp Note

1,500,000    8.875%, 03/15/12 Ba3 1,721,250

Rogers Cantel,

   Inc Deb

500,000    9.375%, 06/01/08 Ba3 523,125

1,000,000    9.750%, 06/01/16 Ba3 1,205,000

Rogers Wireless

   Communications, Inc

   (Secured Note)

500,000    9.625%, 05/01/11 Ba3 597,500

Videotron (Sr Note)

500,000 g    6.875%, 01/15/14 Ba3 516,250

TOTAL

   COMMUNICATIONS 25,161,719

† As provided by Moody’s Investors Services (unaudited)

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds 2003 Annual Report 107

Statement of Investments - High-Yield Bond Fund - December 31, 2003

PRINCIPAL RATINGS^† VALUE

EATING AND DRINKING

   PLACES—0.75%

Carrols Corp

   (Guarantee Note)

$ 500,000    9.500%, 12/01/08 B3 $ 507,500

Yum! Brands, Inc

   (Sr. Note)

1,000,000    8.875%, 04/15/11 Ba1 1,212,500

TOTAL EATING AND

   DRINKING PLACES 1,720,000

ELECTRIC, GAS, AND
   SANITARY SERVICES—13.87%

AES Corp (Sr Note)

500,000    9.375%, 09/15/10 B3 554,375

500,000    9.000%, 05/15/15 B2 565,000

1,000,000    8.875%, 02/15/11 B3 1,090,000

500,000    8.375%, 08/15/07 Caa1 506,250

Allegheny Energy

   Supply Bond

500,000    8.750%, 04/15/12 B3 471,250

Allied Waste

   North America

   (Guarantee Note)

1,000,000    7.625%, 01/01/06 Ba3 1,052,500

1,000,000 g    6.500%, 11/15/10 Ba3 1,025,000

1,000,000    7.875%, 04/15/13 Ba3 1,082,500

ANR Pipeline Co Note

1,000,000    8.875%, 03/15/10 B1 1,125,000

Aquila Inc (Sr Note)

500,000    14.875%, 07/01/12 Caa1 668,750

Avista Corp (Sr Note)

1,000,000    9.750%, 06/01/08 Ba1 1,190,000

BRL Universal

   Equipment

   2001 A LP

   (Secured Note)

500,000    8.875%, 02/15/08 Ba3 536,250

Calpine Corp

   (Secured Note)

500,000    8.500%, 07/15/10 NA 487,500

1,000,000    8.750%, 07/15/13 NA 975,000

CMS Energy Corp

   (Sr Note)

750,000    8.500%, 04/15/11 B3 810,000

Edison Mission Energy

   (Sr Note)

500,000    10.000%, 08/15/08 B2 518,750

El Paso Corp Note

1,000,000    7.875%, 06/15/12 Caa1 945,000

1,000,000    7.750%, 01/15/32 Caa1 852,500

PRINCIPAL RATINGS^† VALUE

El Paso Energy Partners

   LP/El Paso Energy

   Partners Finance Corp

   (Guarantee Note)

$ 167,000    8.500%, 06/01/11 B1 $ 187,875

Empresa Nacional de

   Electricidad SA/

   Chile Note

1,000,000    8.625%, 08/01/15 Ba2 1,139,301

Illinois Power Co

   (First Mortgage

   Bond)

1,000,000    11.500%, 12/15/10 B3 1,200,000

Leviathan Gas Pipeline

   Partners/Leviathan

   Finance Corp

   (Guarantee Note)

500,000    10.375%, 06/01/09 B1 542,500

Nevada Power Co Note

1,000,000    8.250%, 06/01/11 Ba2 1,091,250

Nevada Power Co

   (Second Mortgage

   Bond)

500,000    9.000%, 08/15/13 Ba2 553,125

NRG Energy, Inc

   (Secured Note)

1,000,000    8.000%, 12/15/13 B2 1,051,250

Orion Power Holdings,

   Inc (Sr Note)

250,000    12.000%, 05/01/10 B2 303,750

Peabody Energy Corp

   (Guarantee Note)

500,000    6.875%, 03/15/13 Ba3 527,500

Reliant Resources, Inc

   (Secured Note)

1,000,000    9.500%, 07/15/13 B1 1,070,000

Southern California

   Edison Co Note

1,000,000    7.625%, 01/15/10 Baa3 1,151,127

Southern Natural Gas

   Co Note

500,000    8.875%, 03/15/10 B1 562,500

Stericycle, Inc

(Guarantee Note)

325,000    12.375%, 11/15/09 B3 373,750

TECO Energy, Inc

   (Sr Note)

1,000,000    10.500%, 12/01/07 Ba1 1,167,500

† As provided by Moody’s Investors Services (unaudited)

108 2003 Annual Report TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - High-Yield Bond Fund - December 31, 2003

PRINCIPAL RATINGS^† VALUE

ELECTRIC, GAS, AND SANITARY

   SERVICES—(Continued)

Tiverton Power

   Assocs Ltd/

   Rumford Power

   Assocs Ltd LP

   (Pass-Thru Cert)

$ 500,000    9.000%, 07/15/18 B3 $ 415,000

TNP Enterprises, Inc

   (Sr Sub Note)

500,000    10.250%, 04/01/10 Ba3 545,000

Transcontinental Gas

   Pipelines (Sr Note)

1,000,000    8.875%, 07/15/12 B1 1,182,500

Vivendi Universal SA

   (Sr Note)

500,000    9.250%, 04/15/10 B1 592,500

Williams Cos, Inc

   (Sr Note)

250,000    8.625%, 06/01/10 B3 280,625

1,000,000    8.125%, 03/15/12 B3 1,110,000

1,000,000    7.750%, 06/15/31 B3 1,033,750

1,000,000    8.750%, 03/15/32 B3 1,130,000

TOTAL ELECTRIC,

   GAS, AND

   SANITARY

   SERVICES 31,666,428

ELECTRONIC AND OTHER
   ELECTRIC EQUIPMENT—1.63%

Flextronics

   International

   Ltd (Sr Sub Note)

1,500,000    6.500%, 05/15/13 Ba2 1,552,500

L-3 Communications

   Corp (Sr Sub Note)

1,000,000    6.125%, 01/15/14 Ba3 1,002,500

Sanmina-SCI Corp

   (Guarantee Note)

1,000,000    10.375%, 01/15/10 Ba2 1,170,000

TOTAL ELECTRONIC

   AND OTHER

   ELECTRIC EQUIPMENT 3,725,000

ENGINEERING AND MANAGEMENT
   SERVICES—0.47%

Nalco Co (Sr Note)

1,000,000    7.750%, 11/15/11 B2 1,070,000

TOTAL ENGINEERING

   AND MANAGEMENT

   SERVICES 1,070,000

PRINCIPAL RATINGS^† VALUE

FABRICATED METAL PRODUCTS—0.96%

Ball Corp
   (Guarantee Note)

$ 1,000,000    6.875%, 12/15/12 Ba3 $ 1,045,000

Crown European

   Holdings SA

   (Secured Note)

500,000    9.500%, 03/01/11 B1 566,250

500,000    10.875%, 03/01/13 B2 588,125

TOTAL FABRICATED

   METAL PRODUCTS 2,199,375

FOOD AND KINDRED PRODUCTS—1.65%

Burns Philp Capital

   Property Ltd

   (Guarantee Note)

1,000,000    9.750%, 07/15/12 B3 1,070,000

Del Monte Corp

   (Guarantee Note)

1,000,000    9.250%, 05/15/11 B2 1,105,000

Reddy Ice Group Inc

   (Sr Sub Note)

500,000    8.875%, 08/01/11 B3 530,000

Swift & Co

   (Guarantee Note)

1,000,000    10.125%, 10/01/09 B1 1,060,000

TOTAL FOOD AND

   KINDRED

   PRODUCTS 3,765,000

GENERAL BUILDING
   CONTRACTORS—2.90%

Beazer Homes USA,

   Inc (Guarantee Note)

1,000,000    8.375%, 04/15/12 Ba2 1,102,500

DR Horton, Inc

   (Sr Sub Note)

1,000,000    9.750%, 09/15/10 Ba2 1,190,000

1,000,000    7.875%, 08/15/11 Ba1 1,135,000

Hovnanian

   Enterprises

   Inc (Guarantee Note)

1,000,000    6.500%, 01/15/14 Ba2 996,250

KB Home

   (Sr Sub Note)

500,000    8.625%, 12/15/08 Ba2 560,000

500,000    7.750%, 02/01/10 Ba2 530,000

Toll Corp

   (Sr Sub Note)

1,000,000    8.250%, 12/01/11 Ba2 1,103,750

TOTAL GENERAL

   BUILDING

   CONTRACTORS 6,617,500

† As provided by Moody’s Investors Services (unaudited)

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds 2003 Annual Report 109

Statement of Investments - High-Yield Bond Fund - December 31, 2003

PRINCIPAL RATINGS^† VALUE

GENERAL MERCHANDISE STORES—0.46%

JC Penney Co, Inc/

   New Deb

$ 1,000,000    7.125%, 11/15/23 Ba3 $ 1,061,250

TOTAL GENERAL

   MERCHANDISE

   STORES 1,061,250

HEALTH SERVICES—1.37%

HCA, Inc Note

500,000    5.250%, 11/06/08 Ba1 509,569

500,000    7.875%, 02/01/11 Ba1 570,256

1,000,000    6.300%, 10/01/12 Ba1 1,031,016

500,000    7.500%, 11/06/33 Ba1 521,393

Tenet Healthcare

   Corp Note

500,000    7.375%, 02/01/13 B1 502,500

TOTAL HEALTH

   SERVICES 3,134,734

HOLDING AND OTHER
   INVESTMENT OFFICES—1.41%

Capitol Records, Inc

   (Guarantee Note)

1,000,000    8.375%, 08/15/09 Ba1 1,050,757

iStar Financial, Inc

   (Sr Note)

1,000,000    8.750%, 08/15/08 Ba1 1,155,000

1,000,000    6.000%, 12/15/10 Ba1 1,020,000

TOTAL HOLDING AND

   OTHER INVESTMENT

   OFFICES 3,225,757

HOTELS AND OTHER
   LODGING PLACES—2.85%

Boyd Gaming Corp

   (Guarantee Note)

500,000    9.250%, 08/01/09 Ba3 558,750

500,000 8.750%, 04/15/12 B1 548,750

   Felcor Lodging LP

   (Guarantee Note)

500,000    10.000%, 09/15/08 B1 540,000

Mandalay Resort

   Group (Sr Sub Note)

500,000    9.375%, 02/15/10 Ba3 582,500

1,000,000    6.375%, 12/15/11 Ba2 1,027,500

MGM Mirage

   (Guarantee Note)

250,000    9.750%, 06/01/07 Ba2 285,000

750,000    8.500%, 09/15/10 Ba1 860,625

Mirage Resorts,

   Inc Deb

1,000,000    7.250%, 08/01/17 Ba1 1,010,000

PRINCIPAL RATINGS^† VALUE

Mohegan Tribal

   Gaming Authority

   (Sr Sub Note)

$ 500,000    8.375%, 07/01/11 Ba3 $ 545,000

Station Casinos, Inc

   (Sr Sub Note)

500,000    9.875%, 07/01/10 B2 550,000

TOTAL HOTELS AND

   OTHER LODGING

   PLACES 6,508,125

INDUSTRIAL MACHINERY AND
   EQUIPMENT—1.24%

Case New Holland, Inc

   (Sr Note)

1,000,000    9.250%, 08/01/11 Ba3 1,120,000

Cummins, Inc

   (Sr Note)

1,000,000 g    9.500%, 12/01/10 Ba2 1,150,000

Solectron Corp Note

1,000,000    0.000%, 11/20/20 B1 567,500

TOTAL INDUSTRIAL

   MACHINERY AND

   EQUIPMENT 2,837,500

INSTRUMENTS AND
   RELATED PRODUCTS—2.65%

DirecTV Holdings LLC

   (Sr Note)

1,500,000    8.375%, 03/15/13 B1 1,740,000

Eastman Kodak

   Co Note

1,000,000    7.250%, 11/15/13 Baa3 1,045,371

Fisher Scientific

   International

   (Sr Sub Note)

434,000    8.125%, 05/01/12 B2 465,465

1,000,000    8.000%, 09/01/13 B2 1,072,500

Hanger Orthopedic

   Group, Inc

   (Guarantee Note)

1,000,000    10.375%, 02/15/09 B2 1,135,000

Xerox Corp

   (Guarantee Note)

500,000    9.750%, 01/15/09 B1 585,000

TOTAL INSTRUMENTS

   AND RELATED

   PRODUCTS 6,043,336

† As provided by Moody’s Investors Services (unaudited)

110 2003 Annual Report TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - High-Yield Bond Fund - December 31, 2003

PRINCIPAL RATINGS^† VALUE

METAL MINING—0.51%

Freeport-McMoRan

   Copper & Gold, Inc

   (Sr Note)

$ 1,000,000    10.125%, 02/01/10 B2 $ 1,152,500

TOTAL METAL MINING 1,152,500

MISCELLANEOUS MANUFACTURING
   INDUSTRIES—2.13%

Koppers Inc

   (Guarantee Note)

1,500,000    9.875%, 10/15/13 B2 1,653,750

Tyco International

   Group SA

   (Guarantee Note)

1,000,000    6.750%, 02/15/11 Ba2 1,092,500

1,000,000    6.375%, 10/15/11 Ba2 1,068,750

Tyco International

   Group SA

   (Guarantee Note)

1,000,000    7.000%, 06/15/28 Ba2 1,038,750

TOTAL MISCELLANEOUS

   MANUFACTURING

   INDUSTRIES 4,853,750

MISCELLANEOUS RETAIL—2.34%

Amerigas Partners LP/

   Amerigas Eagle

   Finance Corp

   (Sr Note)

1,000,000    10.000%, 04/15/06 B2 1,097,500

Couche-Tard US LP/

   Couche-Tard Finance

   Corp (Sr Sub Note)

1,000,000    7.500%, 12/15/13 Ba3 1,047,500

Office Depot, Inc

   (Sr Sub Note)

500,000    10.000%, 07/15/08 Ba1 595,000

Rite Aid Corp

   (Secured Note)

1,000,000    8.125%, 05/01/10 B2 1,075,000

Toys ‘R’ Us Inc Note

1,000,000    7.375%, 10/15/18 Baa3 996,361

500,000    7.875%, 04/15/13 Baa3 536,029

TOTAL MISCELLANEOUS

   RETAIL 5,347,390

      NONDEPOSITORY INSTITUTIONS—0.47%

TD Funding Corp

   (Guarantee Note)

1,000,000    8.375%, 07/15/11 B3 1,063,750

TOTAL NONDEPOSITORY

   INSTITUTIONS 1,063,750

PRINCIPAL RATINGS^† VALUE

OIL AND GAS EXTRACTION—3.69%

Chesapeake

   Energy Corp

   (Guarantee Note)

$ 1,000,000    8.125%, 04/01/11 Ba3 $ 1,110,000

1,000,000    7.750%, 01/15/15 Ba3 1,085,000

750,000    6.875%, 01/15/16 Ba3 772,500

Hanover Equipment

   Trust (Secured Note)

500,000    8.500%, 09/01/08 B2 530,000

500,000    8.750%, 09/01/11 B2 530,000

Magnum Hunter

   Resources, Inc

   (Guarantee Note)

1,000,000    9.600%, 03/15/12 B2 1,135,000

Nuevo Energy Co

   (Sr Sub Note)

1,000,000    9.375%, 10/01/10 B2 1,097,500

Pogo Producing Co

   (Sr Sub Note)

1,000,000    10.375%, 02/15/09 Ba3 1,060,000

Westport Resources

   Corp (Guarantee

   Note)

1,000,000    8.250%, 11/01/11 Ba3 1,100,000

TOTAL OIL AND

   GAS EXTRACTION 8,420,000

PAPER AND ALLIED PRODUCTS—6.48%

Boise Cascade Corp

   (Sr Note)

1,500,000    6.500%, 11/01/10 Ba2 1,564,739

Caraustar Industries,

   Inc (Guarantee

   Note)

1,000,000    9.875%, 04/01/11 B2 1,080,000

Fibermark, Inc

   (Sr Note)

500,000    10.750%, 04/15/11 Caa1 310,000

Georgia-Pacific Corp

   (Guarantee Note)

1,000,000    8.875%, 02/01/10 Ba2 1,140,000

500,000    9.375%, 02/01/13 Ba2 575,000

1,000,000    8.000%, 01/15/24 Ba3 1,020,000

1,500,000    9.500%, 12/01/11 Ba3 1,740,000

1,000,000    8.875%, 05/15/31 Ba3 1,100,000

Graphic Packaging

   International Corp

   (Sr Sub Note)

1,000,000    9.500%, 08/15/13 B3 1,105,000

Greif, Inc

   (Guarantee Note)

880,000    8.875%, 08/01/12 B2 968,000

† As provided by Moody’s Investors Services (unaudited)

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds 2003 Annual Report 111

Statement of Investments - High-Yield Bond Fund - December 31, 2003

PRINCIPAL RATINGS^† VALUE



PAPER AND ALLIED PRODUCTS—(Continued)

Millar Western Forest
   Products Ltd (Sr Note)

$ 2,000,000 g    7.750%, 11/15/13 B3 $ 2,075,000

Pliant Corp

   (Secured Note)

1,000,000    11.125%, 09/01/09 B3 1,080,000

Smurfit-Stone

   Container Corp

   (Guarantee Note)

500,000    8.250%, 10/01/12 B2 542,500

Tembec Industries Inc

   (Guarantee Note)

500,000    7.750%, 03/15/12 Ba3 497,500

TOTAL PAPER AND

   ALLIED PRODUCTS 14,797,739

PERSONAL SERVICES—0.93%

Coinmach Corp

   (Sr Note)

1,000,000    9.000%, 02/01/10 B2 1,085,000

Service Corp

   International/

   US Note

500,000    6.000%, 12/15/05 B1 510,000

500,000    7.700%, 04/15/09 B1 533,750

TOTAL PERSONAL

   SERVICES 2,128,750

PETROLEUM AND
   COAL PRODUCTS—0.93%

Equistar Chemicals LP/

   Equistar Funding Corp

   (Guarantee Note)

500,000    10.125%, 09/01/08 B2 547,500

Tesoro Petroleum Corp

   (Guarantee Note)

500,000    9.000%, 07/01/08 B3 518,750

500,000    9.625%, 11/01/08 B3 532,500

500,000    8.000%, 04/15/08 Ba3 531,250

TOTAL PETROLEUM AND

   COAL PRODUCTS 2,130,000

PRIMARY METAL INDUSTRIES—0.68%

AK Steel Corp

   (Guarantee Note)

500,000    7.750%, 06/15/12 B3 427,500

Texas Industries, Inc

   (Sr Note)

500,000    10.250%, 06/15/11 B1 565,000

PRINCIPAL RATINGS^† VALUE

United States Steel

   Corp (Sr Note)

$ 500,000    9.750%, 05/15/10 B1 $ 562,500

TOTAL PRIMARY METAL

   INDUSTRIES 1,555,000

PRINTING AND PUBLISHING—5.53%

American Achievement

   Corp (Guarantee Note)

1,000,000    11.625%, 01/01/07 B1 1,100,000

Block Communications,

   Inc (Guarantee Note)

1,500,000    9.250%, 04/15/09 B2 1,612,500

CanWest Media, Inc

   (Sr Sub Note)

1,000,000    10.625%, 05/15/11 B2 1,142,500

500,000    7.625%, 04/15/13 B1 547,500

Dex Media East LLC/

   Dex Media East

   Finance Co

   (Guarantee Note)

500,000    9.875%, 11/15/09 B2 572,500

Dex Media, Inc Note

1,000,000    8.000%, 11/15/13 Caa1 1,050,000

Dex Media West LLC/

   Dex Media Finance

   Co (Sr Sub Note)

1,000,000    9.875%, 08/15/13 B3 1,162,500

Liberty Group

   Operating, Inc

   (Guarantee Note)

500,000    9.375%, 02/01/08 Caa1 505,000

Mail Well I Corp

   (Guarantee Note)

1,000,000    9.625%, 03/15/12 B1 1,110,000

Moore North America

   Finance, Inc

   (Sr Sub Note)

500,000    7.875%, 01/15/11 B1 566,250

Primedia, Inc

   (Guarantee Note)

1,000,000    7.625%, 04/01/08 B3 1,010,000

RH Donnelley Finance

   Corp I

   (Guarantee Note)

1,000,000    10.875%, 12/15/12 B2 1,186,250

Von Hoffmann

   Press Inc

   (Guarantee Note)

1,000,000    10.250%, 03/15/09 B2 1,065,000

TOTAL PRINTING AND

   PUBLISHING 12,630,000

† As provided by Moody’s Investors Services (unaudited)

112 2003 Annual Report TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - High-Yield Bond Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS—0.72%

Owens-Brockway

(Secured Note)

$ 500,000

8.750%, 11/15/12

$ 556,875

Owens-Brockway

Glass Co

(Guarantee Note)

1,000,000

8.875%, 02/15/09

1,096,250

TOTAL RUBBER AND

MISCELLANEOUS

PLASTIC

PRODUCTS

1,653,125

TRANSPORTATION BY AIR—0.10%

Northwest Airlines,

Inc (Guarantee

Note)

250,000

8.875%, 06/01/06

Caa1

226,875

TOTAL TRANSPORTATION

BY AIR

226,875

TRANSPORTATION EQUIPMENT—1.74%

Dana Corp Note

500,000

10.125%, 03/15/10

Ba3

582,500

1,000,000

9.000%, 08/15/11

Ba3

1,205,000

500,000

7.000%, 03/01/29

Ba3

496,875

Sequa Corp (Sr Note)

500,000

8.875%, 04/01/08

542,500

500,000

9.000%, 08/01/09

551,250

TRW Automotive, Inc

(Sr Sub Note)

500,000

11.000%, 02/15/13

588,750

TOTAL TRANSPORTATION

EQUIPMENT

3,966,875

TRANSPORTATION SERVICES—0.23%

Worldspan LP/

WS Financing Corp

(Sr Note)

500,000

9.625%, 06/15/11

515,000

TOTAL TRANSPORTATION

SERVICES

515,000

WATER TRANSPORTATION—1.81%

Ship Finance

International

Ltd (Sr Note)

2,000,000

8.500%, 12/15/13

1,980,000

Stena AB (Sr Sub Note)

1,000,000

9.625%, 12/01/12

Ba3

1,127,500

1,000,000

7.500%, 11/01/13

Ba3

1,030,000

TOTAL WATER

TRANSPORTATION

4,137,500

PRINCIPAL/SHARES RATINGS^† VALUE

WHOLESALE TRADE-DURABLE
     GOODS—3.07%

Avnet, Inc Notes

$ 1,000,000 9.750%, 02/15/08 Ba2 $ 1,162,500

Ingram Micro, Inc

(Sr Sub Note)

1,500,000 9.875%, 08/15/08 Ba2 1,657,500

Keystone Automotive

Operations Inc

(Sr Sub Note)

2,000,000 9.750%, 11/01/13 B3 2,150,000

Ryerson Tull Inc

1,000,000 9.125%, 07/15/06 B1 995,000

Wesco Distribution,

Inc (Guarantee Note)

1,000,000 9.125%, 06/01/08 B3 1,035,000

TOTAL WHOLESALE

TRADE-DURABLE

GOODS
7,000,000

WHOLESALE TRADE-NONDURABLE
     GOODS—2.11%

Airgas, Inc

(Guarantee Note)

1,000,000 9.125%, 10/01/11 Ba2 1,122,500

AmerisourceBergen

Corp (Sr Note)

500,000 8.125%, 09/01/08 Ba3 563,750

1,000,000 7.250%, 11/15/12 Ba3 1,077,500

NeighborCare, Inc

(Sr Sub Note)

1,000,000 6.875%, 11/15/13 Ba3 1,017,500

Valeant Pharmaceuticals

International (Sr Note)

1,000,000 7.000%, 12/15/11 B1 1,030,000

TOTAL WHOLESALE

TRADE-NONDURABLE

GOODS
4,811,250

TOTAL CORPORATE BONDS
(Cost $201,298,917)
217,388,600

PREFERRED STOCK—0.03%

   COMMUNICATIONS—0.03%

5,000 * Adelphia Communications
75,000

1,894 * Global Crossing

Holding Ltd
19

3,800 Global Crossing Ltd
4

TOTAL COMMUNICATIONS
75,023

TOTAL PREFERRED STOCK

(Cost $1,346,750)
75,023

† As provided by Moody’s Investors Services (unaudited)

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds 2003 Annual Report 113

Statement of Investments - High-Yield Bond Fund - December 31, 2003

SHARES/
PRINCIPAL

VALUE

COMMON STOCK—0.03%

   AUTOMOTIVE DEALERS AND
SERVICE STATIONS—0.00%

TravelCenters of

   America, Inc

$ 1,500 *    Wts 05/01/09 $ 15

TOTAL AUTOMOTIVE

   DEALERS AND SERVICE

   STATIONS 15

   BUSINESS SERVICES—0.00%

Advanstar Holdings Corp

1,500    Wts 10/15/11 15

TOTAL BUSINESS

   SERVICES 15

   COMMUNICATIONS—0.03%

1,853 * Global Crossing Ltd 63,002

TOTAL COMMUNICATIONS 63,002

Pliant Corp

250    Wts 06/01/10 3

TOTAL PAPER AND ALLIED

   PRODUCTS 3

TOTAL COMMON STOCK

   (Cost $884,384) 63,035

SHORT TERM INVESTMENTS—2.90%

   U.S. GOVERNMENT AND
      AGENCY DISCOUNT NOTES—2.90%

Federal Home Loan Bank

   (FHLB)

6,620,000    1.040%, 01/02/04 6,619,651

TOTAL U.S. GOVERNMENT

   AND AGENCY

   DISCOUNT NOTE 6,619,651

TOTAL SHORT TERM

   INVESTMENTS

   (Cost $6,619,651) 6,619,651

TOTAL

   PORTFOLIO—98.17%
   (Cost $210,149,702)
224,146,309

OTHER ASSETS &

   LIABILITIES, NET—

   1.83% 4,177,492

NET ASSETS—100.00% $228,323,801

* Non-income producing

g Security is exempt from registration under Rule 144 (a) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31,2003, the value of these securities amounted to $5,893,750 or 2.58% of net assets.

At December 31,2003, the aggregate cost of portfolio investments for federal income tax purposes was $210,374,274. Net unrealized appreciation of portfolio investments aggregated $13,772,035, of which $17,064,820 related to appreciated portfolio investments and $3,292,785 related to depreciated portfolio investments.

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

114

2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Short Term Bond Fund - December 31, 2003

Summary by Industry
	VALUE	%

BONDS
CORPORATE BONDS
Asset Backed	$ 560,650	0.27%
Business Services	514,911	0.24
Chemicals And Allied Products	5,148,436	2.44
Communications	9,128,085	4.32
Depository Institutions	10,043,186	4.76
Eating And Drinking Places	547,270	0.26
Electric, Gas, And Sanitary Services	7,986,488	3.78
Electronic And Other Electric Equipment	534,587	0.25
Food And Kindred Products	5,591,110	2.65
Food Stores	521,612	0.25
Forestry	1,071,823	0.51
Furniture And Fixtures	520,380	0.25
General Building Contractors	516,169	0.24
General Merchandise Stores	1,611,440	0.76
Holding And Other Investment Offices	1,833,924	0.87
Industrial Machinery And Equipment	1,023,338	0.48
Instruments And Related Products	531,176	0.25
Insurance Agents, Brokers And Service	533,567	0.25
Insurance Carriers	1,004,377	0.48
Motion Pictures	2,639,730	1.25
National Security And International Affairs	543,566	0.26
Nondepository Institutions	9,192,894	4.36
Oil And Gas Extraction	2,560,491	1.21
Paper And Allied Products	792,250	0.38
Petroleum And Coal Products	382,482	0.18
Primary Metal Industries	531,487	0.25
Printing And Publishing	539,225	0.25
Railroad Transportation	1,266,098	0.60
Rubber And Miscellaneous Plastic Products	528,079	0.25
Security And Commodity Brokers	3,656,733	1.73
Transportation Equipment	2,526,607	1.20

TOTAL CORPORATE BONDS (Cost $72,768,603)	74,382,171	35.23

GOVERNMENT BONDS
Agency Securities	83,090,627	39.36
Foreign Government Bonds	1,680,483	0.80
Mortgage Backed Securities	2,102,647	1.00
U.S. Treasury Securities	46,309,515	21.94

TOTAL GOVERNMENT BONDS (Cost $132,077,679)	133,183,272	63.10

VALUE
%

TOTAL BONDS
(Cost $204,846,282) $207,565,443 98.33%

TOTAL PORTFOLIO
(Cost $204,846,282) 207,565,443 98.33

OTHER ASSETS & LIABILITIES, NET 3,517,198 1.67

NET ASSETS $211,082,641 100.00%

PRINCIPAL
RATINGS^† VALUE

BONDS—98.33%

   CORPORATE BONDS—35.23%

      ASSET BACKED—0.27%

Residential Asset

   Securities Corp

   Series 2001-KS2

   (Class AI3)

$ 136,992    5.751%, 03/25/27 Aaa $ 137,082

Citibank Omni-S

   Master Trust

   Series 1998-2

   (Class A)

416,666    5.250%, 10/16/08 Aaa 423,568

TOTAL ASSET

   BACKED 560,650

      BUSINESS SERVICES—0.24%

Equifax, Inc Note

500,000    4.950%, 11/01/07 Baa1 514,911

TOTAL BUSINESS

   SERVICES 514,911

      CHEMICALS AND
ALLIED PRODUCTS—2.44%

Du Pont EI de

   Nemours &

   Co Note

1,000,000    6.750%, 10/15/04 Aa3 1,041,307

Eli Lilly & Co Note

1,000,000    2.900%, 03/15/08 Aa3 978,619

Gillette Co/The

   (Sr Note)

1,000,000    4.125%, 08/30/07 Aa3 1,040,442

Merck & Co, Inc Note

500,000    5.250%, 07/01/06 Aaa 534,317

Pfizer, Inc Note

1,000,000    3.625%, 11/01/04 Aaa 1,018,611

500,000    5.625%, 02/01/06 Aaa 535,140

TOTAL CHEMICALS AND

   ALLIED PRODUCTS 5,148,436

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds 2003 Annual Report 115

Statement of Investments - Short Term Bond Fund - December 31, 2003

PRINCIPAL			RATINGS^†	VALUE

COMMUNICATIONS—4.32%
		360 Communications Co
		(Sr Note)
	$ 500,000	7.500%, 03/01/06	A2	$ 552,091
		AT&T Corp (Sr Note)
	500,000	6.50%, 11/15/06	Baa2	552,445
		AT&T Wireless
		Services, Inc
		(Sr Note)
	500,000	6.875%, 04/18/05	Baa2	529,079
		BellSouth
		Telecommunication
		Note
	500,000	6.500%, 06/15/05	Aa3	533,325
		Citizens
		Communications
		Co Note
	250,000	8.500%, 05/15/06	Baa2	273,687
		Clear Channel
		Communications,
		Inc Note
	1,000,000	3.125%, 02/01/07	Baa3	1,003,421
		Comcast Cable
		Communications
		(Sr Note)
	550,000	6.375%, 01/30/06	Baa3	591,469
		Cox Communications,
		Inc Note
	500,000	7.750%, 08/15/06	Baa2	561,391
		Deutsche Telekom
		International Finance
		BV (Guarantee Note)
	1,000,000	8.250%, 06/15/05	Baa3	1,087,047
	500,000	3.875%, 07/22/08	Baa3	501,404
		SBC Communications,
		Inc Note
	1,000,000	5.750%, 05/02/06	A1	1,073,809
		Sprint Capital Corp
		(Guarantee Note)
	500,000	6.000%, 01/15/07	Baa3	532,820
		Verizon Global Funding
		Corp Note
	500,000	6.125%, 06/15/07	A2	548,408
		Verizon Wireless
		Capital LLC Note
	500,000	5.375%, 12/15/06	A3	533,707
		Vodafone Group plc Note
	250,000	3.950%, 01/30/08	A2	253,982


		TOTAL COMMUNICATIONS		9,128,085

PRINCIPAL
RATINGS^† VALUE

DEPOSITORY INSTITUTIONS—4.76%

Bank of America Corp

   (Sr Note)

$ 500,000    5.250%, 02/01/07 Aa2 $ 534,622

250,000    3.875%, 01/15/08 Aa2 254,852

Bank One Corp Note

1,000,000    6.500%, 02/01/06 Aa3 1,084,806

Citigroup, Inc Note

500,000    4.125%, 06/30/05 Aa1 516,926

1,000,000    5.750%, 05/10/06 Aa1 1,075,499

250,000    3.500%, 02/01/08 Aa1 250,781

Credit Suisse First

   Boston USA, Inc Note

500,000    5.750%, 04/15/07 Aa3 540,427

FleetBoston

   Financial Corp

   (Sub Note)

500,000    8.125%, 07/01/04 A2 516,080

JP Morgan Chase & Co

   (Sr Note)

500,000    3.625%, 05/01/08 A1 500,940

KFW International

   Finance

   (Guarantee Note)

500,000    2.500%, 10/17/05 505,801

Marshall & Isley Bank

   (Sr Note)

250,000    4.125%, 09/04/07 Aa3 257,713

Mellon Funding Corp

   (Guarantee Note)

500,000    4.875%, 06/15/07 A1 527,572

National City Bank/

   Indiana Note

250,000    4.875%, 07/20/07 Aa3 264,444

Suntrust Bank

   (Sub Note)

480,000    7.250%, 09/15/06 Aa3 537,190

US Bancorp (Sr Note)

500,000    5.100%, 07/15/07 Aa3 531,939

Wachovia Bank NA/

   Note

500,000    4.850%, 07/30/07 Aa2 528,090

Washington Mutual,

   Inc Note

500,000    7.500%, 08/15/06 A3 558,928

Wells Fargo & Co

   (Sr Note)

500,000    6.625%, 07/15/04 Aa1 513,779

500,000    7.250%, 08/24/05 Aa1 542,797

TOTAL DEPOSITORY

   INSTITUTIONS 10,043,186

† As provided by Moody’s Investors Services (Unaudited)

116 2003 Annual Report TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Short Term Bond Fund - December 31, 2003

PRINCIPAL
RATINGS^† VALUE

EATING AND DRINKING PLACES—0.26%

McDonald’s Corp Note

$ 500,000    5.950%, 01/15/08 A2 $ 547,270

TOTAL EATING AND

   DRINKING PLACES 547,270

ELECTRIC, GAS, AND
   SANITARY SERVICES—3.78%

American Electric

   Power Co, Inc Note

500,000    6.125%, 05/15/06 Baa3 538,514

Consolidated

   Natural Gas

   Co, Note

500,000    7.250%, 10/01/04 A3 519,808

Consumers Energy Co

   (First Mortgage

   Bond)

250,000    4.250%, 04/15/08 Baa3 252,497

Consumers Energy Co

   (Sr Note)

500,000    6.000%, 03/15/05 Baa3 520,422

Dominion Resources,

   Inc/VA Note

500,000    2.800%, 02/15/05 Baa1 505,249

Duke Energy Corp

   (First Mortgage

   Bond)

2,000,000    3.750%, 03/05/08 A3 2,009,390

FirstEnergy Corp Note

500,000    5.500%, 11/15/06 Baa2 517,322

KeySpan Corp Note

500,000    6.150%, 06/01/06 A3 540,022

Midamerican Energy

   Holdings Co (Sr Note)

500,000    4.625%, 10/01/07 Baa3 515,778

Nisource Finance Corp

   (Guarantee Note)

1,000,000    3.200%, 11/01/06 Baa3 1,004,698

Tampa Electric Co

   Note

1,000,000    5.375%, 08/15/07 Baa1 1,062,788

TOTAL ELECTRIC, GAS

   AND SANITARY

   SERVICES 7,986,488

PRINCIPAL
RATINGS^† VALUE

ELECTRONIC AND OTHER
ELECTRIC EQUIPMENT—0.25%

Cooper Industries, Inc

   (Guarantee Note)

$ 500,000    5.250%, 07/01/07 A3 $ 534,587

TOTAL ELECTRONIC

   AND OTHER ELECTRIC
   EQUIPMENT 534,587

FOOD AND KINDRED PRODUCTS—2.65%

Cadbury Schweppes US
   Finance LLC Note

500,000    3.875%, 10/01/08 NA 497,730

Coca-Cola Co Note

500,000    4.000%, 06/01/05 Aa3 515,898

Coca-Cola Enterprises,
   Inc Note

1,000,000    2.500%, 09/15/06 A2 995,968

Diageo Capital plc

   (Guarantee Note)

500,000    6.625%, 06/24/04 A2 512,579

General Mills,

   Inc Note

1,000,000 5.125%, 02/15/07 Baa2 1,061,444

PepsiCo, Inc Note

1,000,000    4.500%, 09/15/04 A1 1,021,804

Sara Lee Corp Note

1,000,000    1.950%, 06/15/06 A3 985,687

TOTAL FOOD AND

   KINDRED

   PRODUCTS 5,591,110

FOOD STORES—0.25%

Safeway, Inc Note

500,000    4.800%, 07/16/07 Baa2 521,612

TOTAL FOOD

   STORES 521,612

FORESTRY—0.51%

Weyerhaeuser Co

   Note

1,000,000    6.000%, 08/01/06 Baa2 1,071,823

TOTAL FORESTRY 1,071,823

FURNITURE AND FIXTURES—0.25%

Masco Corp Note

500,000    4.625%, 08/15/07 Baa1 520,380

TOTAL FURNITURE AND

   FIXTURES 520,380

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds 2003 Annual Report 117

Statement of Investments - Short Term Bond Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

GENERAL BUILDING
CONTRACTORS—0.24%

Centex Corp Note

$ 500,000

4.750%, 01/15/08

Baa2

$ 516,169

TOTAL GENERAL

BUILDING

CONTRACTORS

516,169

GENERAL MERCHANDISE STORES—0.76%

Fred Meyer, Inc

Holding Co

(Guarantee Note)

500,000

7.450%, 03/01/08

Baa3

570,511

Wal-Mart Stores,

Inc Note

500,000

4.150%, 06/15/05

Aa2

517,405

500,000

4.375%, 07/12/07

Aa2

523,524

TOTAL GENERAL

MERCHANDISE

STORES

1,611,440

HOLDING AND OTHER
INVESTMENT OFFICES—0.87%

EOP Operating

LP Note

250,000

8.375%, 03/15/06

Baa1

280,760

Pepco Holdings,

Inc Note

1,000,000

3.750%, 02/15/06

Baa2

1,018,879

500,000

5.500%, 08/15/07

Baa2

534,285

TOTAL HOLDING AND

OTHER INVESTMENT

OFFICES

1,833,924

INDUSTRIAL MACHINERY AND
EQUIPMENT—0.48%

Caterpillar Financial

Services Corp Note

(Sr Note)

250,000

4.875%, 06/15/07

265,094

Hewlett-Packard

Co Note

250,000

3.625%, 03/15/08

250,719

John Deere Capital

Corp Note

500,000

3.900%, 01/15/08

507,525

TOTAL INDUSTRIAL

MACHINERY AND

EQUIPMENT

1,023,338

PRINCIPAL RATINGS^† VALUE

INSTRUMENTS AND
     RELATED PRODUCTS—0.25%

Raytheon Co Note

$ 500,000 6.500%, 07/15/05 Baa3 $ 531,176

TOTAL INSTRUMENTS

AND RELATED

PRODUCTS 531,176

INSURANCE AGENTS, BROKERS AND
     SERVICE—0.25%

Marsh & McLennan

Cos, Inc (Sr Note)

500,000 5.375%, 03/15/07 A2 533,567

TOTAL INSURANCE

AGENTS, BROKERS

AND SERVICE 533,567

INSURANCE CARRIERS—0.48%

American General

Finance Corp Note

250,000 2.750%, 06/15/08 A1 240,255

Lincoln National

Corp Note

250,000 5.250%, 06/15/07 A3 263,895

UnitedHealth

Group, Inc

(Sr Note)

500,000 3.300%, 01/30/08 A3 500,227

TOTAL INSURANCE

CARRIERS 1,004,377

MOTION PICTURES—1.25%

AOL Time Warner, Inc

(Guarantee Note)

1,530,000 5.625%, 05/01/05 Baa1 1,601,785

Liberty Media

Corp Note

500,000 3.500%, 09/25/06 Baa3 502,770

Walt Disney Co Note

500,000 5.500%, 12/29/06 Baa1 535,175

TOTAL MOTION PICTURES
2,639,730

NATIONAL SECURITY AND
     INTERNATIONAL AFFAIRS—0.26%

Inter-American

Development

Bank

500,000 5.375%, 01/18/06 Aaa 543,566

TOTAL NATIONAL

SECURITY

AND INTERNATIONAL

AFFAIRS 543,566

† As provided by Moody’s Investors Services (Unaudited)

118 2003 Annual Report TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Short Term Bond Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

NONDEPOSITORY INSTITUTIONS—4.36%

American Express

Co Note

$ 250,000

3.750%, 11/20/07

$ 254,094

CIT Group, Inc

(Sr Sub Note)

500,000

4.125%, 02/21/06

516,532

Countrywide Home

Loans, Inc

(Guarantee Note)

500,000

5.500%, 08/01/06

534,892

Ford Motor Credit Co

(Sr Note)

500,000

6.125%, 03/20/04

504,540

1,250,000

6.500%, 01/25/07

1,331,618

General Electric Capital

Corp Note

500,000

5.350%, 03/30/06

Aaa

533,277

1,000,000

3.500%, 05/01/08

Aaa

999,692

General Motors

Acceptance

Corp Note

750,000

6.750%, 01/15/06

804,366

500,000

6.125%, 08/28/07

534,796

Household Finance

Corp (Sr Note)

500,000

5.875%, 09/25/04

516,273

500,000

8.000%, 05/09/05

541,398

500,000

4.625%, 01/15/08

519,730

International Lease

Finance Corp Note

500,000

5.125%, 08/01/04

510,144

MBNA America

Bank Note

140,000

5.375%, 01/15/08

Baa1

149,387

National Rural

Utility Coop

Finance Note

500,000

6.500%, 03/01/07

550,622

Toyota Motor Credit Corp

Note

400,000

2.875%, 08/01/08

391,533

TOTAL NONDEPOSITORY

INSTITUTIONS

9,192,894

OIL AND GAS EXTRACTION—1.21%

Anadarko Petroleum

Corp Note

500,000

3.250%, 05/01/08

Baa1

490,523

Conoco Funding Co

(Guarantee Note)

750,000

5.450%, 10/15/06

804,917

PRINCIPAL RATINGS^† VALUE

Devon Energy Corp

(Sr Note)

$ 500,000 2.750%, 08/01/06 Baa2 $ 498,327

Ocean Energy, Inc

(Guarantee Note)

250,000 4.375%, 10/01/07 Baa3 256,932

Panhandle Eastern

Pipe Line Note

500,000 4.800%, 08/15/08 Baa3 509,792

TOTAL OIL AND GAS

EXTRACTION 2,560,491

PAPER AND ALLIED PRODUCTS—0.38%

International

Paper Co Note

500,000 8.125%, 07/08/05 Baa2 543,298

250,000 3.800%, 04/01/08 Baa2 248,952

TOTAL PAPER AND

ALLIED PRODUCTS 792,250

PETROLEUM AND
     COAL PRODUCTS—0.18%

ConocoPhillips Note

350,000 8.500%, 05/25/05 A3 382,482

TOTAL PETROLEUM AND

COAL PRODUCTS 382,482

PRIMARY METAL
     INDUSTRIES—0.25%

Alcoa, Inc Note

500,000 6.125%, 06/15/05 A2 531,487

TOTAL PRIMARY METAL

INDUSTRIES 531,487

PRINTING AND
     PUBLISHING—0.25%

Viacom, Inc

(Guarantee Note)

500,000 5.625%, 05/01/07 A3 539,225

TOTAL PRINTING AND

PUBLISHING 539,225

RAILROAD TRANSPORTATION—0.60%

Norfolk Southern

Corp Note

500,000 7.350%, 05/15/07 Baa1 565,097

Union Pacific

Corp Note

150,000 7.600%, 05/01/05 Baa2 160,810

500,000 5.750%, 10/15/07 Baa2 540,191

TOTAL RAILROAD

TRANSPORTATION 1,266,098

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds 2003 Annual Report 119

Statement of Investments - Short Term Bond Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS—0.25%

Newell Rubbermaid,

Inc Note

$ 500,000

6.000%, 03/15/07

Baa2

$ 528,079

TOTAL RUBBER AND

MISCELLANEOUS

PLASTIC

PRODUCTS

528,079

SECURITY AND
COMMODITY BROKERS—1.73%

Bear Stearns Cos,

Inc Note

500,000

5.700%, 01/15/07

539,441

Franklin Resources,

Inc Note

500,000

3.700%, 04/15/08

499,451

Goldman Sachs

Group, Inc Note

1,000,000

4.125%, 01/15/08

Aa3

1,024,214

Lehman Brothers

Holdings, Inc Note

500,000

6.250%, 05/15/06

543,090

500,000

4.000%, 01/22/08

509,243

Morgan Stanley Bond

500,000

5.800%, 04/01/07

Aa3

541,294

TOTAL SECURITY AND

COMMODITY

BROKERS

3,656,733

TRANSPORTATION EQUIPMENT—1.20%

Boeing Capital Corp

(Sr Note)

500,000

5.750%, 02/15/07

536,564

DaimlerChrysler NA

Holding Corp

(Guarantee Note)

500,000

6.900%, 09/01/04

515,786

500,000

4.050%, 06/04/08

495,854

General Dynamics Corp

Note

1,000,000

3.000%, 05/15/08

978,403

TOTAL

TRANSPORTATION

EQUIPMENT

2,526,607

TOTAL CORPORATE

BONDS

(Cost $72,768,603)

74,382,171

PRINCIPAL RATINGS^† VALUE

GOVERNMENT BONDS—63.10%

AGENCY SECURITIES—39.36%

Federal Farm

Credit Bank

(FFCB)

$ 6,000,000 2.250%, 09/01/06 Aaa $ 5,964,600

Federal Home Loan

Mortgage Corp

(FHLMC)

17,000,000 6.875%, 01/15/05 Aaa 17,950,980

9,800,000 4.250%, 06/15/05 Aaa 10,171,714

6,000,000 3.670%, 02/12/08 Aaa 6,015,822

Federal National

Mortgage Association

(FNMA)

2,000,000 2.250%, 05/15/06 Aaa 1,999,620

26,000,000 5.250%, 06/15/06 Aaa 27,803,881

9,000,000 4.375%, 10/15/06 Aaa 9,448,740

3,500,000 5.000%, 01/15/07 Aaa 3,735,270

TOTAL AGENCY

SECURITIES
83,090,627

FOREIGN GOVERNMENT BONDS—0.80%

Province of

Manitoba Note

1,000,000 4.250%, 11/20/06 Aa2 1,044,297

Canadian Government

Bond

100,000 6.375%, 11/30/04 NA 104,564

Italy Government

International Bond

500,000 7.250%, 02/07/05 Aa2 531,622

TOTAL FOREIGN

GOVERNMENT

BONDS
1,680,483

MORTGAGE BACKED SECURITIES—1.00%

Federal Home Loan

Mortgage Corp Gold

(GLMC)

340,653 6.000%, 12/01/17
357,469

918,539 6.000%, 06/01/33
949,625

Federal National

Mortgae Association

(FNMA)

751,298 7.000%, 01/01/33
795,553

TOTAL MORTGAGE BACKED SECURITIES
2,102,647

† As provided by Moody’s Investors Services (Unaudited)

120 2003 Annual Report TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Short Term Bond Fund - December 31, 2003

	PRINCIPAL		VALUE

U.S. TREASURY SECURITIES—21.94%
		U.S. Treasury Bond
	$ 6,000,000	11.750%, 02/15/10	$ 6,684,840
		U.S. Treasury Note
	1,050,000	1.500%, 07/31/05	1,049,181
	5,000,000	7.000%, 07/15/06	5,600,700
	200,000	2.375%, 08/15/06	201,078
	2,500,000	6.500%, 10/15/06	2,784,525
	7,000,000	2.625%, 11/15/06	7,061,811
	3,450,000	3.250%, 08/15/08	3,471,183
	5,100,000	2.625%, 05/15/08	5,023,551
	150,000	3.125%, 10/15/08	149,705
	5,750,000	3.375%, 12/15/08	5,788,640
	8,500,000	3.125%, 09/15/08	8,494,301

		TOTAL U.S. TREASURY
		SECURITIES	46,309,515

		TOTAL GOVERNMENT BONDS
		(Cost $132,077,679)	133,183,272

		TOTAL BONDS
		(Cost $204,846,282)	207,565,443

		TOTAL PORTFOLIO—98.33%
		(Cost $204,846,282)	207,565,443
		OTHER ASSETS &
		LIABILITIES, NET—1.67%	3,517,198

		NET ASSETS—100.00%	$211,082,641

At December 31,2003, the aggregate cost of portfolio investments for federal income tax purposes was $204,916,502. Net unrealized appreciation of portfolio investments aggregated $2,648,941, of which $2,920,618 related to appreciated portfolio investments and $271,677 related to depreciated portfolio investments.

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

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report

121

Statement of Investments - Tax Exempt Bond Fund - December 31, 2003

	PRINCIPAL		VALUE

MUNICIPAL BONDS—98.48%
SHORT TERM MUNICIPAL BONDS—0.21%
NEW YORK—0.21%
		New York N.Y.
	$ 350,000	1.170%, 08/01/16	$ 350,000

		TOTAL SHORT TERM
		MUNICIPAL BONDS
		(Cost $350,000)	350,000

LONG TERM MUNICIPAL BONDS—98.27%
ALABAMA—3.17%
		Birmingham Industrial
		Water Board
	1,090,000	6.000%, 07/01/07	1,226,272
		Courtland Alabama
		Industrial Development
		Board
	2,500,000	5.000%, 11/01/13	2,620,300
		West Jefferson Amusement
		& Public Park Authority
		Revenue
	1,310,000	7.500%, 12/01/08	1,489,588

			5,336,160

CALIFORNIA—16.94%
		California State
		(General Obligation)
	2,000,000	5.500%, 06/01/10	2,221,460
	4,280,000	5.000%, 02/01/11	4,604,082
	2,000,000	5.000%, 02/01/12	2,134,220
	3,150,000	5.000%, 02/01/13	3,353,994
	1,000,000	5.000%, 02/01/13	1,064,760
	1,000,000	5.400%, 09/01/15	1,069,030
		California State Department
		of Water Resources
	3,975,000	5.500%, 05/01/12	4,447,946
		Delta Counties Home
		Mortgage Finance Authority
	280,000	6.700%, 06/01/24	290,212
		Fairfield California Public
		Funding Authority
	2,975,000	4.000%, 08/01/13	3,091,293
		San Diego California
		Convention Center
	2,995,000	5.250%, 04/01/13	3,326,606
		San Francisco California
		City & County
	2,675,000	5.200%, 06/15/15	2,913,395

			28,516,998

COLORADO—1.54%
		Colorado Springs Sales
	2,400,000	5.000%, 12/01/14	2,595,384

			2,595,384

PRINCIPAL

VALUE

     DISTRICT OF COLUMBIA—0.71%

District of Columbia

Hospital Revenue Bond

$ 1,000,000 6.000%, 08/15/10 $ 1,195,800

1,195,800

      FLORIDA—2.66%

Broward County Resource

Recovery Revenue

1,500,000 5.375%, 12/01/10 1,655,985

Miami-Dade County Florida

School Board Revenue

2,550,000 5.000%, 05/01/31 2,823,054

4,479,039

      ILLINOIS—2.76%

Cook County Community

Consolidated School

District

1,210,000 5.500%, 12/01/14 1,414,248

Lake County Ill Fst Presv

District

1,150,000 5.000%, 12/15/12 1,290,335

Metropolitan Pier &

Exposition

1,700,000 5.375%, 06/01/13 1,948,403

4,652,986

      INDIANA—2.68%

Indianapolis Indiana

Multi-Family Revenue

815,000 4.875%, 12/01/11 849,947

Ivy Technical State College

Indiana College

2,100,000 5.000%, 07/01/12 2,348,178

Petersburg Indiana

Pollution Control

Revenue

500,000 5.400%, 08/01/17 539,925

Valparaiso Indiana

Middle School

Building Corp

685,000 5.250%, 07/15/10 777,468

4,515,518

      KENTUCKY—1.24%

Kentucky Sate Turnpike

Authority Toll Road

Revenue

1,830,000 6.000%, 07/01/11 2,081,625

2,081,625

122 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Tax Exempt Bond Fund - December 31, 2003

	PRINCIPAL		VALUE

LOUISIANA—1.25%
		DeSoto Parish Louisiana
		Pollution Control
		Revenue
	$ 2,000,000	5.000%, 10/01/12	$ 2,103,380

			2,103,380

MARYLAND—0.75%
		Frederick County Economic
		Development Authority
	1,250,000	7.250%, 04/01/17	1,260,175

			1,260,175

MASSACHUSETTS—6.41%
		Massachusetts State
		(General Obligation)
	950,000	5.000%, 12/01/10	1,063,943
	1,200,000	5.500%, 01/01/11	1,368,444
	300,000	5.500%, 11/01/11	345,888
	3,900,000	5.500%, 11/01/12	4,501,614
	825,000	5.500%, 11/01/12	952,265
		Massachusetts State
		College Building
	2,250,000	5.375%, 05/01/18	2,558,070

			10,790,224

MISSOURI—1.17%
		Missouri State Environmental
		Improvement & Energy
		Resources Authority
	1,700,000	5.500%, 07/01/12	1,974,091

			1,974,091

NEVADA—0.44%
		Clark County Nevada
		Pollution Control Revenue
	800,000	5.300%, 10/01/11	736,144

			736,144

NEW JERSEY—5.58%
		Middlesex County
		New Jersey (Certificate
		of Participation)
	710,000	5.100%, 06/15/14	783,741
		New Jersey State
	2,000,000	5.125%, 07/15/18	2,250,600
		New Jersey State Turnpike
		Authority Revenue
	2,945,000	5.700%, 05/01/13	3,336,802
		New Jersey Transportation
		Trust Fund Authority
	2,700,000	5.000%, 12/15/11	3,022,947

			9,394,090

PRINCIPAL

VALUE

     NEW MEXICO—0.07%

New Mexico Mortgage

Finance Authority

$ 105,000 6.000%, 07/01/10 $ 125,215

125,215

      NEW YORK—19.71%

Long Island Power

Authority New York

Electricial System

Revenue

2,200,000 5.250%, 12/1/14 2,430,032

Metropolitan Transportation

Authority New York

2,500,000 5.500%, 11/15/13 2,917,425

Nassau County New York

Interim Finance Authority

Revenue

1,200,000 5.000%, 11/15/12 1,349,136

2,150,000 5.000%, 11/15/13 2,419,890

New York City

(General Obligation)

2,370,000 5.000%, 03/01/12 2,549,196

2,650,000 5.250%, 11/15/23 2,909,568

New York City Transitional

Finance Authority

1,740,000 5.250%, 05/01/14 1,900,167

New York State Dormitory

Authority Revenue

2,000,000 5.500%, 02/01/11 2,293,240

2,500,000 5.250%, 07/01/12 2,731,150

New York State

Environmental Facilities

2,670,000 5.000%, 03/15/14 2,925,706

New York State Thruway

Authority Service

Contract Revenue

3,000,000 5.500%, 04/01/12 3,422,190

Tobacco Settlement

Funding Corp Revenue

4,000,000 5.000%, 06/01/12 4,322,440

Triborough Bridges &

Tunnel Authority New York

Revenue

900,000 5.250%, 11/15/14 1,023,506

33,193,646

      NORTH CAROLINA—0.35%

North Carolina Municipal

Power Agency No 1

Catawba, NC

500,000 6.000%, 01/01/11 589,825

589,825

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 123

Statement of Investments - Tax Exempt Bond Fund - December 31, 2003

	PRINCIPAL		VALUE

OHIO—1.53%
		Ohio State Air Quality
		Development Authority
	$ 2,500,000	6.000%, 12/01/13	$ 2,583,000

			2,583,000

PENNSYLVANIA—4.23%
		Allegheny County Industrial
		Development Authority
	500,000	4.350%, 12/01/13	535,535
		Carbon County Industrial
		Development Authority
	3,080,000	6.650%, 05/01/10	3,326,554
		Pennsylvania Economic
		Development Financing
		Authority
	975,000	6.000%, 11/01/08	1,018,456
	1,030,000	6.000%, 11/01/09	1,068,780
	1,145,000	6.500%, 11/01/16	1,176,807

			7,126,132

PUERTO RICO—5.80%
		Puerto Rico
		Commonwealth
		(General Obligation)
	2,800,000	5.500%, 07/01/10	3,183,292
	1,955,000	5.000%, 07/01/13	2,142,836
		Puerto Rico Public
		Buildings Authority
		Revenue
	3,900,000	5.500%, 07/01/10	4,433,871

			9,759,999

SOUTH CAROLINA—1.88%
		South Carolina
		Transportation
		Infrastructure
	2,900,000	5.000%, 10/01/15	3,164,973

			3,164,973

TENNESSEE—2.24%
		Memphis-Shelby County
		Airport Authority
	1,925,000	5.000%, 09/01/09	2,076,267
		Putnam County Tennessee
		Revenue
	1,490,000	5.250%, 04/01/17	1,699,464

			3,775,731

TEXAS—6.76%
		Bexar County Texas
		Revenue
	255,000	5.500%, 08/15/09	291,317

PRINCIPAL

VALUE

Brazos River Authority

Texas Revenue

$ 5,010,000 4.900%, 10/01/15 $   5,551,431

600,000 5.130%, 05/01/19 631,440

Houston Texas Airport

System Revenue

725,000 5.800%, 07/01/10 804,801

Houston Texas Hotel

Occupancy Tax & Special Revenue

1,000,000 5.500%, 09/01/11 1,153,000

San Antonio Texas Electric

& Gas Revenue

2,700,000 5.250%, 02/01/15 2,955,393

11,387,382

      UTAH—0.55%

Utah County Municipal

Building Authority

820,000 5.000%, 11/01/11 919,728

919,728

      VIRGIN ISLANDS—0.75%

Virgin Islands Water &

Power Authority Water

System Revenue

1,175,000 5.000%, 07/01/09 1,260,810

1,260,810

      VIRGINIA—0.63%

York County Industrial

Development Authority

Pollution Control Revenue

1,000,000 5.500%, 07/01/09 1,064,850

1,064,850

      WASHINGTON—6.47%

Cowlitz County Public

Utility District No 1

Electric Distribution

System Revenue

1,000,000 5.000%, 09/01/11 1,119,310

King County Washington

School Disrict No 412

(General Obligation)

2,050,000 5.500%, 12/01/11 2,368,119

Kitsap County Washington

School District No 400

North Kitsap,

(General Obligation)

1,150,000 5.000%, 06/01/11 1,286,183

124 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Tax Exempt Bond Fund - December 31, 2003

PRINCIPAL

VALUE

WASHINGTON—(Continued)

Snohomish County

Washington Public

Utility District No 1

Generation System

Revenue

$ 3,000,000

5.250%, 12/01/12

$ 3,416,940

Washington State Public

Power Supply

2,500,000

5.000%, 07/01/13

2,694,100

10,884,652

TOTAL LONG TERM

MUNICIPAL BONDS

(Cost $161,040,663)

165,467,557

TOTAL PORTFOLIO—98.48%

(Cost $161,390,663)

165,817,557

OTHER ASSETS &

LIABILITIES,

NET—1.52%

2,562,197

NET ASSETS—100.00%

$168,379,754

At December 31,2003, the aggregate cost of portfolio investments for federal income tax purposes was $161,418,812. Net unrealized appreciation of portfolio investments aggregated $4,398,745, of which $4,692,120 related to appreciated portfolio investments and $293,375 related to depreciated portfolio investments.

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 125

Statement of Investments - Bond Plus Fund - December 31, 2003

Summary by Industry
	VALUE	%

BONDS
CORPORATE BONDS
Asset Backed	$10,857,871	2.55%
Business Services	794,253	0.19
Chemicals and Allied Products	1,919,060	0.45
Communications	17,398,655	4.08
Depository Institutions	13,678,031	3.21
Electric, Gas, and Sanitary Services	10,323,079	2.42
Electronic and Other Electric Equipment	2,304,645	0.54
Fabricated Metal Products	250,607	0.06
Food and Kindred Products	6,849,920	1.61
Food Stores	2,632,862	0.62
Forestry	1,083,145	0.25
Furniture and Fixtures	520,380	0.12
General Building Contractors	1,546,942	0.36
General Merchandise Stores	776,312	0.18
Health Services	258,095	0.06
Holding and Other Investment Offices	1,068,475	0.25
Hotels and Other Lodging Places	513,750	0.12
Industrial Machinery and Equipment	1,029,162	0.24
Instruments and Related Products	493,657	0.12
Insurance Agents, Brokers and Service	547,128	0.13
Insurance Carriers	2,637,079	0.62
Metal Mining	507,591	0.12
Miscellaneous Manufacturing Industries	257,500	0.06
Miscellaneous Retail	268,015	0.06
Motion Pictures	3,117,233	0.73
National Security and International Affairs	469,089	0.11
Nondepository Institutions	6,052,131	1.42
Oil and Gas Extraction	4,518,509	1.06
Other Mortgage Backed Securities	7,187,893	1.69
Paper and Allied Products	4,104,796	0.96
Petroleum and Coal Products	3,457,865	0.81
Pipelines, Except Natural Gas	1,558,709	0.36
Primary Metal Industries	504,417	0.12
Printing and Publishing	2,276,017	0.53
Railroad Transportation	2,169,933	0.51
Rubber and Miscellaneous Plastic Products	1,320,130	0.31
Security and Commodity Brokers	5,154,530	1.21
Stone, Clay, and Glass Products	257,336	0.06
Tobacco Products	252,500	0.06
Transportation Equipment	7,119,488	1.67

TOTAL CORPORATE BONDS (Cost $117,578,025)	128,036,790	30.03

VALUE

%

GOVERNMENT BONDS

Agency Securities $ 73,981,949 17.35%

Foreign Government Bonds 6,390,280 1.50

Mortgage Backed Securities 134,698,278 31.58

U.S. Treasury Securities 76,015,681 17.83

TOTAL GOVERNMENT BONDS
   (Cost $295,610,406) 291,086,188 68.26

TOTAL BONDS
   (Cost $413,188,431) 419,122,978 98.29

TIAA-CREF MUTUAL FUND
   (Cost $3,154,923) 3,122,529 0.73

SHORT TERM INVESTMENTS

Commercial Paper 598,993 0.14

U.S. Government and Agencies
   Discount Note 31,175,631 7.31

TOTAL SHORT TERM INVESTMENTS
   (Cost $31,773,380) 31,774,624 7.45

TOTAL PORTFOLIO
   (Cost $448,116,734) 454,020,131 106.47

OTHER ASSETS & LIABILITIES, NET (27,580,602) (6.47)

NET ASSETS $426,439,529 100.00%

PRINCIPAL RATINGS^† VALUE

BONDS—98.29%

CORPORATE BONDS—30.03%

ASSET BACKED—2.55%

Chase Funding Mortgage

Loan Series 2001-4

(Class1A3)

$ 926,469 5.053%, 02/25/23 Aaa $ 929,197

Detroit Edison

Securitization Funding

Llc Series 2001-1

(Class A3)

500,000 5.875%, 03/01/10 Aaa 543,014

Golden Securities Corp

Series 2003-A

(Class A1)

2,000,000 1.420%, 12/02/13 Aaa 1,999,844

Household Automotive

Trust Series 2000-2

(Class A3)

945,949 3.680%, 04/17/06 Aaa 953,967

Nissan Auto

Receivables

Owner Trust Series

2001-C (Class A4)

1,000,000 4.800%, 02/15/07 Aaa 1,021,799

† As provided by Moody’s Investors Services (Unaudited)

126 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Plus Fund - December 31, 2003

	PRINCIPAL		RATINGS^†	VALUE

ASSET BACKED—(Continued)
		Peco Energy
		Transition Trust
		Series 1999-A
		(Class A7)
	$ 1,000,000	6.130%, 03/01/09	Aaa	$ 1,104,381
		Public Service New
		Hampshire
		Funding LLC
		Series 2001-1
		(Class A2)
	921,826	5.730%, 11/01/10	Aaa	992,399
		Residential Asset
		Securities Corp
		Series 1999-Ks2
		(Class Ai9)
	1,090,473	7.150%, 07/25/30	Aaa	1,141,724
		Residential Asset
		Securities Corp
		Series 2001-Ks2
		(Class Ai3)
	68,496	5.751%, 03/25/27	Aaa	68,541
		Residential Asset
		Securities Corp
		Series 2001-Ks2
		(Class Ai4)
	1,000,000	6.417%, 02/25/29	Aaa	1,025,425
		Residential Asset
		Securities Corp
		Series 2001-Ks2
		(Class Ai6)
	1,000,000	6.489%, 10/25/30	Aaa	1,077,580

		TOTAL ASSET
		BACKED		10,857,871

BUSINESS SERVICES—0.19%
		Cendant Corp
		(Sr Note)
	250,000	7.375%, 01/15/13	Baa1	287,974
		Equifax, Inc Note
	250,000	4.950%, 11/01/07	Baa1	257,456
		Fiserv Inc Note
	250,000	4.000%, 04/15/08	Baa2	248,823

		TOTAL BUSINESS
		SERVICES		794,253

PRINCIPAL RATINGS^† VALUE

CHEMICALS AND ALLIED
PRODUCTS—0.45%

Du Pont EI de

Nemours &

Co Note

$ 500,000 4.750%, 11/15/12
Johnson & Johnson Deb Aa3
$ 505,643

250,000 3.800%, 05/15/13
Aaa 235,758

1,000,000 6.950%, 09/01/29 Aaa
1,177,659

TOTAL CHEMICALS AND ALLIED PRODUCTS
1,919,060

COMMUNICATIONS—4.08%

360 Communications

Co (Sr Note)

500,000 7.500%, 03/01/06
A2

552,091

AT&T Corp (Sr Note)

1,000,000 7.250%, 11/15/06 Baa2 1,104,889

500,000 8.375%, 03/15/13 Baa3 611,496

AT&T Wireless

Services, Inc

(Sr Note)

250,000 7.875%, 03/01/11 Baa2 287,736

500,000 8.125%, 05/01/12 Baa2 586,266

250,000 8.750%, 03/01/31 Baa2 306,301

BellSouth

Telecommunication

Note

2,000,000 6.500%, 06/15/05
Aa3

2,133,300

Citizens

Communications

Co Note

500,000 8.500%, 05/15/06 Baa2 547,374

Clear Channel

Communications, Inc

(Sr Note)

250,000 7.650%, 09/15/10 Baa3 292,554

500,000 4.400%, 05/15/11 Baa3 485,776

Comcast Cable

Communications

(Sr Note)

250,000 6.750%, 01/30/11 Baa3 278,436

Comcast Corp

(Guarantee Note)

250,000 6.500%, 01/15/15 Baa3 271,705

500,000 7.050%, 03/15/33 Baa3 543,912

Cox Communications,

Inc Note

1,000,000 7.875%, 08/15/09 Baa2 1,180,272

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 127

Statement of Investments - Bond Plus Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

COMMUNICATIONS—(Continued)

Deutsche Telekom

International

Finance BV

(Guarantee Note)

$ 500,000

3.875%, 07/22/08

Baa3

$ 501,404

250,000

8.250%, 06/15/30

Baa3

319,374

Intelsat Ltd Note

250,000

6.500%, 11/01/13

Baa3

262,707

SBC Communications,

Inc Note

1,000,000

6.250%, 03/15/11

1,092,900

Sprint Capital Corp

(Guarantee Note)

1,500,000

6.000%, 01/15/07

Baa3

1,598,461

500,000

8.375%, 03/15/12

Baa3

582,591

250,000

6.900%, 05/01/19

Baa3

256,356

Telecom Italia

Capital SA

(Guarantee Note)

250,000

6.375%, 11/15/33

Baa2

251,394

US Cellular Corp Note

250,000

6.700%, 12/15/33

Baa1

251,205

Verizon Global

Funding Corp Note

250,000

4.375%, 06/01/13

235,089

Verizon Maryland,

Inc Bond

250,000

5.125%, 06/15/33

214,360

Verizon New Jersey,

Inc Deb

2,000,000

5.875%, 01/17/12

Aa3

2,116,999

Verizon Wireless

Capital LLC Note

500,000

5.375%, 12/15/06

533,707

TOTAL

COMMUNICATIONS

17,398,655

DEPOSITORY INSTITUTIONS—3.21%

Bank of America Corp

(Sr Note)

250,000

3.875%, 01/15/08

Aa2

254,852

750,000

4.875%, 01/15/13

Aa2

747,925

600,000

7.400%, 01/15/11

Aa3

702,665

250,000

4.750%, 08/15/13

Aa3

245,011

Bank One NA

Illinois Note

1,000,000

5.500%, 03/26/07

Aa2

1,076,642

BB & T Corp (Sub Note)

250,000

6.500%, 08/01/11

279,549

PRINCIPAL RATINGS^† VALUE

Citigroup, Inc

(Sub Note)

$ 1,250,000 7.250%, 10/01/10 Aa2 $ 1,454,162

750,000 5.625%, 08/27/12 Aa2 791,559

Credit Suisse

First Boston

USA, Inc Note

500,000 4.625%, 01/15/08 Aa3 520,494

Golden West Financial

Corp (Sr Note)

250,000 4.750%, 10/01/12 A1 249,222

Greenpoint

Financial Corp

(Sr Note)

250,000 3.200%, 06/06/08 Baa1 242,177

HSBC Holdings plc

(Sub Note)

250,000 5.250%, 12/12/12 A1 256,034

JP Morgan Chase & Co

(Sub Note)

500,000 7.875%, 06/15/10 A2 594,144

250,000 4.500%, 11/15/10 A1 251,761

Marshall & Isley Bank

(Sr Note)

250,000 4.125%, 09/04/07 Aa3 257,713

Mellon Funding Corp

(Guarantee Note)

1,000,000 6.400%, 05/14/11 A2 1,121,115

PNC Funding Corp

(Guarantee Note)

1,000,000 5.750%, 08/01/06 A2 1,076,760

Regions Financial Corp

(Sub Note)

500,000 6.375%, 05/15/12 A2 551,452

Suntrust Bank

(Sub Note)

500,000 7.250%, 09/15/06 Aa3 559,573

US Bancorp (Sr Note)

500,000 5.100%, 07/15/07 Aa3 531,939

Wachovia Bank NA/Old

(Sub Note)

250,000 5.000%, 08/15/15 Aa3 247,098

Washington Mutual,

Inc Note

500,000 7.500%, 08/15/06 A3 558,928

Wells Fargo Bank NA

(Sub Note)

500,000 6.450%, 02/01/11 Aa1 560,712

† As provided by Moody’s Investors Services (Unaudited)

128 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Plus Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

DEPOSITORY
INSTITUTIONS—(Continued)

Wells Fargo Financial,

Inc Note

$ 500,000

6.125%, 04/18/12

Aa1

$ 546,544

TOTAL DEPOSITORY

INSTITUTIONS

13,678,031

ELECTRIC, GAS AND SANITARY
SERVICES—2.42%

American Electric

Power Co, Inc Note

500,000

6.125%, 05/15/06

Baa3

538,514

Carolina Power &

Light Co (First

Mortgage Bond)

250,000

5.125%, 09/15/13

253,074

250,000

6.125%, 09/15/33

254,909

CenterPoint Energy

Resources Corp Note

250,000

7.875%, 04/01/13

Ba1

283,024

Commonwealth

Edison Co

(Secured Note)

250,000

5.875%, 02/01/33

248,021

Consolidated Edison

Co of New York

Note Deb

250,000

4.875%, 02/01/13

250,208

250,000

5.100%, 06/15/33

221,195

Consolidated

Natural Gas

Co (Sr Note)

1,000,000

6.250%, 11/01/11

1,092,781

Consumers Energy Co

(First Mortgage

Bond)

500,000

4.250%, 04/15/08

Baa3

504,994

Consumers Energy Co

(Sr Note)

1,000,000

6.000%, 03/15/05

Baa3

1,040,843

Detroit Edison Co (First

Mortgage Bond)

1,000,000

6.125%, 10/01/10

1,107,769

FirstEnergy Corp Note

500,000

6.450%, 11/15/11

Baa2

518,253

Georgia Power Co

(Sr Note)

1,000,000

5.500%, 12/01/05

1,060,872

KeySpan Corp Bond

500,000

5.875%, 04/01/33

496,012

PRINCIPAL RATINGS^† VALUE

National Fuel Gas

Co Note

$ 250,000 5.250%, 03/01/13 A3 $ 250,649

National Rural Utility

Coop Finance Note

500,000 5.750%, 08/28/09 A2 537,692

Nisource Finance Corp

(Guarantee Note)

250,000 7.875%, 11/15/10 Baa3 297,444

Oncor Electric

Delivery Co

(Secured Note)

250,000 7.250%, 01/15/33 Baa1 285,065

Public Service Co of

Colorado

(Collateral Note)

250,000 5.500%, 04/01/14 Baa1 259,635

Texas Eastern

Transmission

LP (Sr Note)

500,000 5.250%, 07/15/07 Baa2 529,427

Waste Management,

Inc (Guarantee Note)

250,000 7.750%, 05/15/32 Baa3 292,698

TOTAL ELECTRIC, GAS,

AND SANITARY

SERVICES 10,323,079

ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT—0.54%

Cooper Industries, Inc

(Guarantee Note)

500,000 5.250%, 07/01/07 A3 534,587

Emerson Electric

Co Note

500,000 5.000%, 12/15/14 A2 504,907

General Electric

Co Note

1,250,000 5.000%, 02/01/13 Aaa 1,265,151

TOTAL ELECTRONIC

AND OTHER

ELECTRIC

EQUIPMENT 2,304,645

FABRICATED METAL PRODUCTS—0.06%

Fortune Brands,

Inc Note

250,000 4.875%, 12/01/13 A2 250,607

TOTAL FABRICATED

METAL PRODUCTS 250,607

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 129

Statement of Investments - Bond Plus Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

FOOD AND KINDRED PRODUCTS—1.61%

Anheuser-Busch Cos,

Inc Deb

$ 250,000

4.375%, 01/15/13

$ 243,834

Bottling Group LLC

(Guarantee Note)

250,000

4.625%, 11/15/12

248,945

Bunge Ltd Finance

Corp Note

250,000

5.875%, 05/15/13

Baa3

254,705

Coca-Cola Enterprises

Inc Note

250,000

4.250%, 09/15/10

249,570

Coca-Cola HBC

Finance BV Note

500,000

5.125%, 09/17/13

502,317

ConAgra Foods,

Inc Note

250,000

7.875%, 09/15/10

Baa1

297,248

500,000

8.250%, 09/15/30

Baa1

622,715

Coors Brewing Co

(Guarantee Note)

500,000

6.375%, 05/15/12

Baa2

543,924

Diageo Capital plc

(Guarantee Note)

2,000,000

7.250%, 11/01/09

2,327,554

Kraft Foods, Inc Note

500,000

5.625%, 11/01/11

525,202

250,000

5.250%, 10/01/13

251,627

Miller Brewing

Co Note

250,000

5.500%, 08/15/13

Baa1

255,411

Sara Lee Corp Note

250,000

6.250%, 09/15/11

276,267

Unilever Capital Corp

(Guarantee Note)

250,000

5.900%, 11/15/32

250,601

TOTAL FOOD AND

KINDRED

PRODUCTS

6,849,920

FOOD STORES—0.62%

Kroger Co

(Guarantee Note)

500,000

6.800%, 04/01/11

Baa3

558,208

Safeway, Inc Note

2,000,000

7.250%, 09/15/04

Baa2

2,074,654

TOTAL FOOD

STORES

2,632,862

PRINCIPAL RATINGS^† VALUE

FORESTRY—0.25%

Weyerhaeuser

Co Note

$ 500,000 6.000%, 08/01/06 Baa2 $ 535,911

500,000 6.750%, 03/15/12 Baa2 547,234

TOTAL FORESTRY 1,083,145

FURNITURE AND FIXTURES—0.12%

Masco Corp Note

500,000 4.625%, 08/15/07 Baa1 520,380

TOTAL FURNITURE AND

FIXTURES 520,380

GENERAL BUILDING
CONTRACTORS—0.36%

Centex Corp Note

250,000 4.750%, 01/15/08 Baa2 258,084

250,000 5.125%, 10/01/13 Baa2 245,509

Lennar Corp Note

250,000 5.950%, 03/01/13 Baa3 261,972

MDC Holdings Inc

(Guarantee Note)

250,000 5.500%, 05/15/13 Baa3 249,747

Pulte Homes, Inc Note

500,000 6.250%, 02/15/13 Baa3 531,630

TOTAL GENERAL

BUILDING

CONTRACTORS 1,546,942

GENERAL MERCHANDISE STORES—0.18%

Target Corp Note

500,000 4.000%, 06/15/13 A2 468,316

Wal-Mart Stores,

Inc Note

250,000 7.550%, 02/15/30 Aa2 307,996

TOTAL GENERAL

MERCHANDISE

STORES 776,312

HEALTH SERVICES—0.06%

Laboratory Corp

of America

Holdings Note

250,000 5.500%, 02/01/13
Baa3

258,095

TOTAL HEALTH

SERVICES 258,095

HOLDING AND OTHER INVESTMENT
OFFICES—0.25%

Boston Properties, Inc

(Sr Note)

250,000 6.250%, 01/15/13 Baa2 267,933

† As provided by Moody’s Investors Services (Unaudited)

130 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Plus Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

HOLDING AND OTHER INVESTMENT
OFFICES—(Continued)

Chelsea Property

Group Inc Note

$ 250,000

6.000%, 01/15/13

Baa2

$ 262,032

EOP Operating LP

(Guarantee Note)

250,000

6.750%, 02/15/12

Baa1

277,257

250,000

5.875%, 01/15/13

Baa1

261,253

TOTAL HOLDING AND

OTHER INVESTMENT

OFFICES

1,068,475

HOTELS AND OTHER LODGING
PLACES—0.12%

MGM Mirage

(Guarantee Note)

500,000

6.000%, 10/01/09

Ba1

513,750

TOTAL HOTELS AND

OTHER LODGING

PLACES

513,750

INDUSTRIAL MACHINERY AND
EQUIPMENT—0.24%

Hewlett-Packard

Co Note

250,000

6.500%, 07/01/12

278,217

International Business

Machines Corp Note

250,000

4.750%, 11/29/12

250,116

Parker Hannifin Corp

(Sr Sub Note)

250,000

4.875%, 02/15/13

249,295

Stanley Works/The Note

250,000

4.900%, 11/01/12

251,534

TOTAL INDUSTRIAL

MACHINERY AND

EQUIPMENT

1,029,162

INSTRUMENTS AND RELATED
PRODUCTS—0.12%

Becton Dickinson &

Co Note

250,000

4.550%, 04/15/13

243,462

Raytheon Co Note

250,000

5.375%, 04/01/13

Baa3

250,195

TOTAL INSTRUMENTS

AND RELATED

PRODUCTS

493,657

PRINCIPAL RATINGS^† VALUE

INSURANCE AGENTS, BROKERS AND
     SERVICE—0.13%

Marsh & McLennan

Cos, Inc (Sr Note)

$ 500,000 6.250%, 03/15/12 A2 $ 547,128

TOTAL INSURANCE

AGENTS, BROKERS

AND SERVICE 547,128

INSURANCE CARRIERS—0.62%

    Allstate Corp Bond

250,000 5.350%, 06/01/33 A1 230,503

General Electric

Capital Corp

(Sr Note)

250,000 4.250%, 12/01/10 Aaa 248,969

Hartford Financial

(Sr Note)

1,000,000 6.375%, 11/01/08 A3 1,103,517

International Lease

Finance Corp Note

500,000 6.375%, 03/15/09 A1 553,863

UnitedHealth Group,

Inc (Sr Note)

500,000 3.300%, 01/30/08 A3 500,227

TOTAL INSURANCE

CARRIERS 2,637,079

METAL MINING—0.12%

Alcan, Inc

250,000 6.125%, 12/15/33 Baa1 252,840

Placer Dome,

Inc Deb

250,000 6.375%, 03/01/33 Baa2 254,751

TOTAL METAL

MINING 507,591

MISCELLANEOUS MANUFACTURING
     INDUSTRIES—0.06%

Tyco International

Group SA (Sr Note)

250,000 6.000%, 11/15/13 Ba2 257,500

TOTAL MISCELLANEOUS

MANUFACTURING

INDUSTRIES 257,500

MISCELLANEOUS RETAIL—0.06%

Toys R US, Inc Note

250,000 7.875%, 04/15/13 Baa3 268,015

TOTAL MISCELLANEOUS

RETAIL 268,015

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 131

Statement of Investments - Bond Plus Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

MOTION PICTURES—0.73%

AOL Time Warner, Inc

(Guarantee Note)

$ 650,000

5.625%, 05/01/05

Baa1

$ 680,497

750,000

6.875%, 05/01/12

Baa1

843,022

250,000

7.700%, 05/01/32

Baa1

291,053

Liberty Media

Corp Note

250,000

5.700%, 05/15/13

Baa3

253,003

Time Warner, Inc

(Guarantee Note)

500,000

6.625%, 05/15/29

Baa1

514,483

Walt Disney Co Note

500,000

5.500%, 12/29/06

Baa1

535,175

TOTAL MOTION

PICTURES

3,117,233

NATIONAL SECURITY AND
INTERNATIONAL AFFAIRS—0.11%

Inter-American

Development Bank

(Sr Unsub Note)

500,000

3.500%, 07/08/13

Aaa

469,089

TOTAL NATIONAL

SECURITY AND

INTERNATIONAL

AFFAIRS

469,089

NONDEPOSITORY INSTITUTIONS—1.42%

Capital One Financial

Corp Note

500,000

6.250%, 11/15/13

Baa3

512,596

CIT Group, Inc

(Sr Sub Note)

500,000

4.125%, 02/21/06

516,532

Countrywide Home

Loans, Inc

(Guarantee Note)

250,000

5.625%, 07/15/09

271,245

Ford Motor Credit

Co Note

250,000

6.500%, 01/25/07

266,324

1,000,000

7.000%, 10/01/13

1,048,556

General Electric

Capital Corp Note

500,000

6.750%, 03/15/32

Aaa

554,157

Household Finance

Corp (Sr Note)

1,000,000

5.875%, 09/25/04

1,032,545

500,000

4.625%, 01/15/08

519,730

250,000

6.375%, 11/27/12

274,393

250,000

7.350%, 11/27/32

292,876

PRINCIPAL RATINGS^† VALUE

MBNA America

Bank Note

$ 250,000 5.375%, 01/15/08 Baa1 $ 266,762

SLM Corp Note

250,000 4.000%, 01/15/09 A2 251,707

Toyota Motor Credit

Corp Note

250,000 2.875%, 08/01/08 NA 244,708

TOTAL NONDEPOSITORY

INSTITUTIONS
6,052,131

OIL AND GAS EXTRACTION—1.06%

Anadarko Petroleum

Corp Note

500,000 5.375%, 03/01/07 Baa1 529,742

Burlington Resource

(Guarantee Note)

500,000 6.400%, 08/15/11 Baa1 559,339

Devon Energy Corp

(Sr Note)

500,000 2.750%, 08/01/06 Baa2 498,327

Equitable Resources,

Inc Bond

250,000 5.150%, 11/15/12 A2 256,012

Ocean Energy, Inc

(Guarantee Note)

750,000 4.375%, 10/01/07 Baa3 770,797

Panhandle Eastern

Pipe Line Note

500,000 4.800%, 08/15/08 Baa3 509,792

Pemex Project Funding

Master Trust Note

500,000 6.125%, 08/15/08 Baa1 525,750

500,000 8.500%, 02/15/08 Baa1 572,500

250,000 9.125%, 10/13/10 Baa1 296,250

TOTAL OIL AND GAS

EXTRACTION 4,518,509

OTHER MORTGAGE BACKED
SECURITIES—1.69%

Banc of America

Commercial Mortgage,

Inc Series 2002-2

(Class A3)

3,000,000 5.118%, 07/11/43 Aaa 3,100,122

General Electric

Commercial Mortgage

Securities Corp Series

2003-C2 (Class A4)

1,000,000 5.145%, 07/10/37 Aaa 1,024,964

† As provided by Moody’s Investors Services (Unaudited)

132 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Plus Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

OTHER MORTGAGE BACKED
SECURITIES—(Continued)

JP Morgan Chase

Commercial Mortgage

Securities Corp

Series 2003-CB6

(Class A2)

$ 1,000,000

5.255%, 07/12/37

Aaa

$ 1,030,761

Merrill Lynch Mortgage

Trust

Series 2003-KEY1

(Class A4)

1,000,000

5.236%, 11/01/35

Aaa

1,026,083

Wachovia Bank

Commercial

Mortgage Trust Series

2003-C3 (Class A2)

1,000,000

4.867%, 02/15/35

Aaa

1,005,963

TOTAL OTHER

MORTGAGE

BACKED

SECURITIES

7,187,893

PAPER AND ALLIED PRODUCTS—0.96%

Abitibi-Consolidated,

Inc Deb

250,000

8.850%, 08/01/30

Ba1

270,257

Boise Cascade Corp

(Sr Note)

500,000

6.500%, 11/01/10

Ba2

521,580

International Paper

Co Note

250,000

3.800%, 04/01/08

Baa2

248,952

500,000

5.850%, 10/30/12

Baa2

521,193

Kimberly-Clark

Corp Note

2,000,000

7.100%, 08/01/07

Aa2

2,267,969

MeadWestvaco Corp

(Guarantee Note)

250,000

6.850%, 04/01/12

Baa2

274,845

TOTAL PAPER AND

ALLIED PRODUCTS

4,104,796

PETROLEUM AND COAL PRODUCTS—0.81%

ChevronTexaco

Corp Note

1,000,000

6.625%, 10/01/04

Aa2

1,038,697

Conoco Funding Co

(Guarantee Note)

1,000,000

6.350%, 10/15/11

1,118,041

PRINCIPAL RATINGS^† VALUE

Enterprise Products

Partners LP

(Guarantee Note)

$ 250,000 6.875%, 03/01/33 Baa2 $ 248,193

Valero Energy

Corp Note

500,000 6.125%, 04/15/07 Baa3 535,959

250,000 4.750%, 06/15/13 Baa3 239,459

250,000 7.500%, 04/15/32 Baa3 277,516

TOTAL PETROLEUM AND

COAL PRODUCTS
3,457,865

PIPELINES, EXCEPT NATURAL GAS—0.36%

Equitable Resources,

Inc Note

250,000 5.150%, 03/01/18 A2 245,961

Kaneb Pipe Line

Operating

Partnership LP

(Sr Note)

500,000 5.875%, 06/01/13 Ba1 512,743

Kinder Morgan Energy

Partners LP (Sr Note)

500,000 7.300%, 08/15/33 Baa1 568,004

TransCanada Pipelines

Ltd Note

250,000 4.000%, 06/15/13 A2 232,001

TOTAL PIPELINES,

EXCEPT NATURAL GAS

1,558,709

PRIMARY METAL INDUSTRIES—0.12%

Precision Castparts

Corp Note

500,000 5.600%, 12/15/13 Baa3 504,417

TOTAL PRIMARY METAL

INDUSTRIES
504,417

PRINTING AND PUBLISHING—0.53%

A.H. Belo Corp

Deb Note

250,000 7.250%, 09/15/27 Baa3 273,056

News America

Holdings Deb

1,000,000 8.250%, 08/10/18 Baa3 1,226,417

Scholastic Corp Note

500,000 5.000%, 04/15/13 Baa2 493,760

Viacom Inc

(Guarantee Note)

250,000 6.625%, 05/15/11 A3 282,784

TOTAL PRINTING AND

PUBLISHING
2,276,017

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 133

Statement of Investments - Bond Plus Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

RAILROAD TRANSPORTATION—0.51%

Canadian National

Railway Co Note

$ 500,000

4.400%, 03/15/13

Baa1

$ 480,082

Norfolk Southern

Corp Note

1,000,000

7.350%, 05/15/07

Baa1

1,130,194

Union Pacific

Corp Note

500,000

6.650%, 01/15/11

Baa2

559,657

TOTAL RAILROAD

TRANSPORTATION

2,169,933

RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS—0.31%

Newell Rubbermaid,

Inc Note

1,000,000

6.000%, 03/15/07

Baa2

1,056,158

Sealed Air Corp

(Sr Note)

250,000

5.375%, 04/15/08

Baa3

263,972

TOTAL RUBBER AND

MISCELLANEOUS

PLASTIC

PRODUCTS

1,320,130

SECURITY AND COMMODITY
BROKERS—1.21%

Bear Stearns Cos,

Inc Note

250,000

5.700%, 11/15/14

260,202

Franklin Resources,

Inc Note

500,000

3.700%, 04/15/08

499,451

Goldman Sachs Group

Inc Note

500,000

4.125%, 01/15/08

Aa3

512,107

250,000

4.750%, 07/15/13

Aa3

243,211

500,000

5.250%, 10/15/13

Aa3

504,417

250,000

5.250%, 04/01/13

Aa3

252,847

Lehman Brothers

Holdings, Inc Note

500,000

4.000%, 01/22/08

509,243

500,000

3.500%, 08/07/08

495,857

500,000

6.625%, 01/18/12

563,040

Morgan Stanley Note

500,000

3.625%, 04/01/08

Aa3

500,921

PRINCIPAL RATINGS^† VALUE

Morgan Stanley Note

$ 500,000 6.600%, 04/01/12 Aa3 $ 558,398

250,000 5.300%, 03/01/13 Aa3 254,836

TOTAL SECURITY AND

COMMODITY

BROKERS 5,154,530

STONE, CLAY, AND GLASS
PRODUCTS—0.06%

CRH America Inc

(Guarantee Note)

250,000 6.400%, 10/15/33 Baa1 257,336

TOTAL STONE, CLAY,

AND GLASS

PRODUCTS 257,336

TOBACCO PRODUCTS—0.06%

RJ Reynolds Tobacco

Holdings, Inc

(Guarantee Note)

250,000 6.500%, 06/01/07 Ba2 252,500

TOTAL TOBACCO

PRODUCTS 252,500

TRANSPORTATION
EQUIPMENT—1.67%

Boeing Capital Corp

250,000 5.800%, 01/15/13 A3 261,381

DaimlerChrysler

NA Holding

Corp Note

250,000 6.500%, 11/15/13 263,118

500,000 8.500%, 01/18/31 A3 596,559

Ford Motor Co

Deb Bond

1,250,000 6.625%, 10/01/28 Baa1 1,144,261

General Dynamics

Corp Note

250,000 6.500%, 05/15/13 A2 239,835

General Motors

Corp Deb

1,000,000 6.750%, 05/01/28 Baa1 968,358

500,000 8.375%, 07/15/33 Baa1 578,186

Harsco Corp Note

500,000 5.125%, 09/15/13 A3 503,951

Hyundai Motor

Manufacturing

Alabama LLC

(Guarantee Note)

500,000 5.300%, 12/19/08 Ba1 501,496

† As provided by Moody’s Investors Services (Unaudited)

134 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Plus Fund - December 31, 2003

PRINCIPAL

RATINGS^†

VALUE

TRANSPORTATION
EQUIPMENT—(Continued)

Lockheed Martin

Corp Bond

$ 500,000

8.500%, 12/01/29

Baa2

$ 651,890

Northrop Grumman

Corp (Guarantee

Note)

250,000

7.750%, 02/15/31

Baa3

304,266

United Technologies

Corp Note

1,000,000

6.350%, 03/01/11

1,106,187

TOTAL TRANSPORTATION

EQUIPMENT

7,119,488

TOTAL CORPORATE

BONDS

(Cost $117,578,025)

128,036,790

GOVERNMENT BONDS—68.26%

AGENCY SECURITIES—17.35%

Federal Farm Credit

Bank (FFCB)

10,000,000

2.250%, 09/01/06

Aaa

9,941,000

Federal Home Loan

Mortgage Corp

(FHLMC)

15,500,000

1.875%, 01/15/05

Aaa

15,572,851

3,000,000

3.670%, 02/12/08

Aaa

3,007,911

2,000,000

3.500%, 05/21/08

Aaa

2,009,756

1,250,000

6.750%, 03/15/31

Aaa

1,443,225

Federal National

Mortgage

Association (FNMA)

21,500,000

2.250%, 05/15/06

Aaa

21,495,916

16,000,000

4.375%, 10/15/06

Aaa

16,797,760

1,500,000

3.500%, 10/15/07

Aaa

1,502,370

2,000,000

6.250%, 02/01/11

Aa2

2,211,160

TOTAL AGENCY

SECURITIES

73,981,949

FOREIGN GOVERNMENT BONDS—1.50%

Brazilian Government

International Note

250,000

9.250%, 10/22/10

268,750

250,000

10.250%, 06/17/13

280,625

Canada Government

Bond

1,000,000

6.750%, 08/28/06

Aaa

1,112,572

Chile Government

International Bond

250,000

5.500%, 01/15/13

Baa1

257,125

PRINCIPAL RATINGS^† VALUE

Korea Development

Bank Note

$ 250,000 5.750%, 09/10/13 A3 $ 260,092

Mexico Government

International Note

250,000 6.375%, 01/16/13 Baa2 260,000

1,000,000 8.125%, 12/30/19 Baa2 1,120,000

Poland Government

International

(Unsub Note)

500,000 5.250%, 01/15/14 A2 500,000

Province of Ontario,

Canada Note

500,000 5.125%, 07/17/12 Aa2 524,015

Province of Quebec,

Canada Note

500,000 7.000%, 01/30/07 A2 561,476

1,000,000 7.500%, 09/15/29 A1 1,245,625

TOTAL FOREIGN

GOVERNMENT BONDS
6,390,280

MORTGAGE BACKED
SECURITIES—31.58%

Federal Home Loan

Mortgage Corp Gold

(FGLMC)

209,019 7.000%, 09/01/10 222,973

416,138 6.500%, 12/01/16 440,815

4,870,902 5.000%, 05/01/18 4,968,145

896,928 5.000%, 05/01/18 914,834

1,807,063 d 5.000%, 06/01/18 1,843,140

3,984,225 4.500%, 11/01/18 3,988,389

320,489 7.000%, 10/01/20 339,571

956,755 d 6.500%, 01/01/29 1,003,269

133,846 8.000%, 01/01/31 144,367

5,340,248 6.500%, 08/01/32 5,593,985

2,428,056 d 6.000%, 05/01/33 2,510,227

2,778,663 5.500%, 06/01/33 2,813,652

4,994,390 5.000%, 11/01/33 4,932,420

6,983,786 5.500%, 12/01/33 7,071,727

4,000,000 h 5.000%, 01/15/34 3,947,500

5,000,000 h 6.000%, 01/15/34 5,165,625

Federal National

Mortgage

Association (FNMA)

369,860 6.000%, 12/01/08 389,452

1,016,127 6.500%, 10/01/16 1,078,135

494,833 6.500%, 11/01/16 525,029

1,032,601 6.000%, 11/01/17 1,084,360

890,666 6.000%, 01/01/18 935,310

863,294 6.000%, 02/01/18 906,135

821,124 6.500%, 02/01/18 870,832

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 135

Statement of Investments - Bond Plus Fund - December 31, 2003

	PRINCIPAL			VALUE

MORTGAGE BACKED SECURITIES—(Continued)
	$ 2,668,653	d	5.500%, 03/01/18	$ 2,768,632
	4,879,788	d	5.500%, 04/01/18	5,062,604
	4,416,288		5.000%, 06/01/18	4,509,976
	615,557		6.000%, 01/01/19	640,693
	5,000,000	h	4.500%, 01/25/19	5,004,690
	210,186		8.000%, 03/01/23	229,653
	92,173		9.000%, 11/01/25	102,770
	44,437		9.000%, 10/01/26	49,336
	96,499		7.500%, 01/01/29	103,418
	2,108,920	d	7.000%, 07/01/32	2,233,144
	1,183,738		6.500%, 10/01/32	1,238,178
	9,115,333	d	6.500%, 03/01/33	9,534,484
	2,867,562		6.000%, 08/01/33	2,965,501
	7,589,542		6.000%, 08/01/33	7,848,756
	7,538,011		5.500%, 10/01/33	7,639,993
	1,997,172		5.000%, 11/01/33	1,977,384
	1,996,640		5.000%, 11/01/33	1,976,858
	18,000,000	h	5.500%, 01/25/34	18,230,616
			Government National
			Mortgage Association
			(GNMA)
	226,133		6.500%, 09/15/23	239,889
	203,153		7.500%, 11/15/23	219,190
	52,450		7.500%, 08/15/28	56,329
	412,102		6.500%, 12/15/28	435,118
	523,380		6.500%, 03/15/29	552,378
	401,196		8.500%, 10/20/30	433,358
	98,739		7.000%, 06/20/31	104,956
	2,612,709		6.000%, 05/15/33	2,717,706
	2,971,384		5.500%, 09/20/33	3,015,590
	3,000,000	h	6.000%, 01/20/34	3,117,186

			TOTAL MORTGAGE BACKED
			SECURITIES	134,698,278

U.S. TREASURY SECURITIES—17.83%
			U.S. Treasury Bond
	13,750,000		11.750%, 02/15/10	15,319,425
	4,000,000		7.250%, 05/15/16	4,989,308
	15,750,000		8.000%, 11/15/21	21,277,148
	50,000		5.375%, 02/15/31	52,141
			U.S. Treasury Note
	200,000		2.000%, 08/31/05	201,282
	5,350,000		2.625%, 05/15/08	5,269,803
	4,150,000		3.125%, 09/15/08	4,147,219
	600,000		3.125%, 10/15/08	598,818
	450,000		3.375%, 11/15/08	453,519
	7,750,000	h	3.375%, 12/15/08	7,802,080
	450,000		5.500%, 05/15/09	500,364
	335,000		4.375%, 08/15/12	341,697
	1,710,000		3.625%, 05/15/13	1,644,473
	2,280,000		4.250%, 08/15/13	2,282,941

PRINCIPAL

VALUE

$ 25,000 4.250%, 11/15/13 $ 24,973

U.S. Treasury Strip

17,000,000 0.000%, 05/15/16 9,206,690

5,000,000 0.000%, 11/15/21 1,903,800

TOTAL U.S. TREASURY

SECURITIES 76,015,681

TOTAL GOVERNMENT

BONDS

(Cost $295,610,406) 291,086,188

TOTAL BONDS

(Cost $413,188,431) 419,122,978

TIAA-CREF MUTUAL FUNDS—0.73%

335,035 TIAA-CREF High-Yield

Bond Fund 3,122,529

TOTAL TIAA-CREF

MUTUAL FUNDS

(Cost $3,154,923) 3,122,529

SHORT TERM INVESTMENTS—7.45%

   COMMERCIAL PAPER—0.14%

c CCC (USA), Inc

600,000 1.110%, 02/26/04 598,993

TOTAL COMMERCIAL

PAPER 598,993

   U.S. GOVERNMENT AND AGENCIES
     DISCOUNT NOTES—7.31%

Federal Home Loan

Mortgage Corp (FHLMC)

10,840,000 1.050%, 01/02/04 10,839,428

11,000,000 0.900%, 01/06/04 10,998,258

9,340,000 1.000%, 01/08/04 9,337,945

TOTAL U.S. GOVERNMENT

AND AGENCIES

DISCOUNT NOTES 31,175,631

TOTAL SHORT TERM

INVESTMENTS

(Cost $31,773,380) 31,774,624

136 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Plus Fund - December 31, 2003

										VALUE

						TOTAL
						PORTFOLIO—106.47%
						(Cost $448,116,734)				$454,020,131
						OTHER ASSETS &
						LIABILITIES,
						NET—(6.47%)				(27,580,602)

						NET ASSETS—100.00%				$426,439,529

c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.

d All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.

h These securities were purchased on a delayed delivery basis.

At December 31,2003, the aggregate cost of portfolio investments for federal income tax purposes was $448,310,862. Net unrealized appreciation of portfolio investments aggregated $5,709,269, of which $7,982,454 related to appreciated portfolio investments and $2,273,185 related to depreciated portfolio investments.

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

Statement of Investments - Money Market Fund - December 31, 2003

	PRINCIPAL			VALUE

SHORT TERM INVESTMENTS—100.10%
CERTIFICATES OF DEPOSIT—6.97%
			ABN Amro Bank
	$ 5,000,000		1.170%, 07/16/04	$ 5,000,000
	2,500,000		1.450%, 11/17/04	2,500,422
			Canadian Imperial Bank
			Of Commerce
	3,700,000		1.340%, 04/23/04	3,700,000
	5,000,000		1.410%, 11/08/04	5,000,000
			Lloyds Group plc
	10,000,000		1.080%, 04/30/04	9,998,992
			Royal Bank of Canada
	7,500,000		1.480%, 11/22/04	7,500,000
			Toronto Dominion Bank
	6,000,000		1.080%, 01/29/04	6,000,000
	1,000,000		1.350%, 04/15/04	1,000,000
	2,650,000		1.340%, 08/09/04	2,650,000

			TOTAL CERTIFICATES OF
			DEPOSIT	43,349,414

COMMERCIAL PAPER—78.36%
			ABN Amro Bank
	2,800,000		1.090%, 01/26/04	2,797,861
	1,500,000		1.080%, 02/03/04	1,498,501
	1,300,000		1.110%, 02/17/04	1,298,116
	5,865,000		1.080%, 02/19/04	5,856,350
	1,600,000		1.080%, 03/03/04	1,596,996
			Asset Securitization
	12,185,000	c	1.090%, 01/13/04	12,180,588

PRINCIPAL

VALUE

$ 1,800,000 c 1.080%, 01/14/04 $ 1,799,298

6,855,000 c 1.080%, 02/03/04 6,848,214

Barclay’s (US) Funding

4,000,000 1.080%, 01/20/04 3,997,700

1,800,000 1.110%, 03/05/04 1,796,448

Beta Finance, Inc

5,900,000 c 1.090%, 01/07/04 5,898,928

10,000,000 c 1.090%, 01/12/04 9,996,669

9,000,000 c 1.100%, 01/31/04 8,993,338

Caterpillar Financial

5,219,000 1.150%, 06/21/04 5,190,325

7,500,000 1.200%, 06/28/04 7,455,807

7,500,000 c 1.280%, 07/06/04 7,450,133

CC (USA), Inc

4,500,000 c 1.150%, 01/12/04 4,498,419

3,000,000 c 1.090%, 02/17/04 2,995,692

10,000,000 c 1.110%, 02/26/04 9,982,889

Ciesco LP

6,480,000 1.080%, 01/21/04 6,476,112

Citicorp

16,690,000 1.080%, 01/14/04 16,683,491

5,000,000 1.080%, 01/15/04 4,997,919

1,015,000 1.070%, 01/20/04 1,014,421

5,000,000 1.050%, 02/02/04 4,995,333

Corporate Asset Funding

3,900,000 c 1.090%, 01/06/04 3,899,410

6,970,000 c 1.080%, 01/23/04 6,965,357

4,000,000 c 1.080%, 02/05/04 3,995,800

SEE NOTES TO FINANCIAL STATEMENTS
TIAA-CREF Mutual Funds 2003 Annual Report 137

Statement of Investments - Money Market Fund - December 31, 2003

PRINCIPAL

VALUE

COMMERCIAL PAPER—(Continued)

Delaware Funding Corp

$ 4,065,000 1.080%, 01/21/04 $ 4,062,561

20,000,000 c 1.070%, 01/23/04 19,986,849

Dorada Finance, Inc

4,000,000 c 1.090%, 01/12/04 3,998,680

Edison Asset Securitization,

LLC

6,217,000 c 1.090%, 01/05/04 6,216,247

3,000,000 c 1.100%, 01/06/04 2,999,542

5,755,000 c 1.080%, 01/13/04 5,752,928

8,000,000 c 1.080%, 04/02/04 7,977,920

Fcar Owner Trust

10,000,000 1.100%, 02/04/04 9,989,611

8,000,000 1.080%, 02/18/04 7,988,480

Fortune Brands

10,000,000 c 1.080%, 01/16/04 9,995,542

2,674,000 c 1.040%, 01/29/04 2,671,837

General Electric Co

5,650,000 1.090%, 01/07/04 5,648,974

10,000,000 1.090%, 01/22/04 9,993,642

Govco, Inc

1,000,000 c 1.080%, 01/20/04 999,419

8,000,000 c 1.095%, 02/11/04 7,990,023

10,000,000 c 1.095%, 02/19/04 9,985,096

Greyhawk Funding LLC

5,000,000 c 1.100%, 01/20/04 4,997,071

17,900,000 c 1.090%, 01/28/04 17,885,367

1,335,000 c 1.100%, 02/06/04 1,333,532

IBM Capital, Inc

9,210,000 c 1.080%, 03/24/04 9,186,970

Kitty Hawk Funding Corp

494,000 c 1.100%, 01/14/04 493,804

5,000,000 c 1.070%, 01/15/04 4,997,900

3,000,000 c 1.090%, 03/16/04 2,993,188

Links Finance LLC

4,000,000 c 1.100%, 03/11/04 3,991,444

4,110,000 c 1.085%, 03/18/04 4,100,462

Morgan Stanley Dean

Witter

8,295,000 1.080%, 01/08/04 8,293,258

Paccar Financial Corp

2,611,000 1.050%, 01/16/04 2,609,858

3,410,000 1.150%, 02/03/04 3,406,405

4,000,000 1.080%, 02/12/04 3,994,960

823,000 1.100%, 03/08/04 821,315

2,891,000 1.200%, 04/05/04 2,881,845

Park Avenue Receivables

5,000,000 c 1.090%, 01/09/04 4,998,789

5,000,000 1.090%, 01/14/04 4,998,032

3,400,000 c 1.080%, 01/23/04 3,397,777

PRINCIPAL

VALUE

Preferred Receivables

$13,024,000 c 1.095%, 01/09/04 $ 13,020,831

1,208,000 c 1.085%, 01/22/04 1,207,232

Private Export Funding

5,000,000 c 5.730%, 01/15/04 5,009,016

1,475,000 c 1.040%, 01/22/04 1,474,105

3,275,000 c 1.100%, 01/28/04 3,272,298

Rabo Bank

10,500,000 1.070%, 01/30/04 10,490,893

Receiveables Capital

10,000,000 c 1.050%, 01/05/04 9,998,789

2,451,000 c 1.100%, 02/10/04 2,448,004

1,145,000 c 1.090%, 03/08/04 1,142,677

Royal Bank Of Scotland

4,500,000 1.080%, 01/20/04 4,497,426

3,250,000 1.080%, 01/22/04 3,247,940

3,000,000 1.120%, 01/26/04 2,997,750

7,175,000 1.120%, 01/27/04 7,169,379

500,000 1.120%, 02/12/04 499,353

Shell Finance plc

1,420,000 1.080%, 02/06/04 1,418,466

Sigma Finance, Inc

5,835,000 c 1.100%, 03/12/04 5,822,341

9,000,000 c 1.120%, 03/16/04 8,979,000

Societe General

8,000,000 1.080%, 02/10/04 7,990,400

3,000,000 1.080%, 03/02/04 2,994,510

3,500,000 1.085%, 03/03/04 3,493,460

UBS Finance

857,000 1.120%, 01/06/04 856,867

5,000,000 1.080%, 01/16/04 4,997,802

700,000 1.080%, 01/20/04 699,594

600,000 1.080%, 02/12/04 599,223

2,500,000 1.045%, 02/27/04 2,495,864

3,065,000 1.090%, 04/01/04 3,056,489

5,200,000 1.090%, 04/06/04 5,184,747

Variable Funding Capital

5,000,000 c 1.080%, 01/12/04 4,998,350

3,328,000 c 1.090%, 01/14/04 3,326,690

11,400,000 c 1.070%, 01/20/04 11,393,562

TOTAL COMMERCIAL

PAPER 487,582,501

U.S. GOVERNMENT AND
AGENCIES DISCOUNT NOTES—10.42%

Federal Farm Credit Bank

(FFCB)

500,000 0.900%, 01/06/04 499,938

500,000 1.150%, 02/13/04 499,313

500,000 5.000%, 05/10/04 506,643

138 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Money Market Fund - December 31, 2003

	PRINCIPAL		VALUE

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES—(Continued)
		Federal Home Loan Bank
		(FHLB)
	$ 250,000	1.025%, 01/09/04	$ 249,928
	5,000,000	1.105%, 02/06/04	4,994,475
	671,000	1.100%, 02/09/04	670,331
	750,000	4.875%, 05/14/04	759,932
	2,500,000	1.200%, 08/02/04	2,482,167
	1,340,000	1.300%, 08/10/04	1,329,258
		Federal Home Loan
		Mortgage Corp (FHLMC)
	4,400,000	1.020%, 01/08/04	4,399,089
	4,112,000	1.020%, 01/09/04	4,110,871
	5,478,000	1.050%, 03/25/04	5,462,214
	23,050,000	1.080%, 04/22/04	22,966,226
	80,000	1.120%, 06/09/04	79,602
	1,225,000	1.100%, 06/25/04	1,218,412
	1,000,000	1.520%, 12/02/04	985,852
		Federal National Mortgage
		Association (FNMA)
	1,000,000	1.050%, 01/02/04	999,971
	70,000	1.210%, 01/09/04	69,981
	2,800,000	1.000%, 01/28/04	2,797,794
	1,450,000	1.050%, 03/24/04	1,446,323
	1,580,000	1.040%, 03/31/04	1,575,892
	2,000,000	1.170%, 05/26/04	1,990,564
	540,000	1.205%, 08/20/04	535,807
	4,265,000	1.310%, 12/10/04	4,211,834

		TOTAL U.S. GOVERNMENT
		AND AGENCIES DISCOUNT
		NOTES	64,842,417

MEDIUM TERM NOTE—2.74%
		McDonald’s Corp
	16,740,000	5.150%, 07/01/04	17,069,792

		TOTAL MEDIUM TERM
		NOTE	17,069,792

VARIABLE NOTE—1.61%
		Sigma Finance, Inc
	10,000,000	1.340%, 02/25/04	10,000,000

		TOTAL VARIABLE NOTE	10,000,000

		TOTAL SHORT TERM
		INVESTMENTS
		(Cost $622,844,124)	622,844,124

		TOTAL PORTFOLIO—100.10%
		(Cost $622,844,124)	622,844,124
		OTHER ASSETS &
		LIABILITIES,
		NET—(0.10)%	(610,847)

		NET ASSETS—100.00%	$622,233,277

c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.

At December 31,2003, the aggregate cost of portfolio investments for federal income taxes purposes was $622,844,124.

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 139

Report of Management Responsibility

To the Shareholders of TIAA-CREF Mutual Funds:

The accompanying financial statements of the TIAA-CREF Mutual Funds (the “Funds”) are the responsibility of management. They have been prepared in accordance with accounting principles generally accepted in the United States and have been presented fairly and objectively in accordance with such principles.

The Funds have established and maintain a strong system of internal controls and disclosure controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management’s authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, the Funds’ internal audit personnel provide a continuing review of the internal controls and operations of the Funds, and the chief audit executive regularly reports to the Audit Committee of the Funds’ Board of Trustees.

The accompanying financial statements have been audited by the independent auditing firm of Ernst & Young LLP. To maintain auditor independence and avoid even the appearance of conflict of interest, it continues to be the Funds’ policy that any management advisory or consulting services be obtained from a firm other than the external financial audit firm. The independent auditor’s report, which follows the notes to financial statements, expresses an independent opinion on the fairness of presentation of these financial statements.

The Audit Committee of the Funds’ Board of Trustees, consisting entirely of trustees who are not officers of the TIAA-CREF Mutual Funds, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls and auditing. In addition to the annual audit of the financial statements of the Funds by the independent auditing firm, the Securities and Exchange Commission performs periodic examinations of the Funds’ operations.

/s/ Bertram L. Scott /s/ Elizabeth A. Monrad

President Executive Vice President and

Chief Financial Officer

140 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Report of the Audit Committee

To the Shareholders of TIAA-CREF Mutual Funds:

The Audit Committee oversees the financial reporting process of TIAA-CREF Mutual Funds (the “Funds”) on behalf of the Funds’ Board of Trustees. The Audit Committee operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee’s responsibilities. All members of
the Audit Committee (“Committee”) are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for the Funds’ financial statements, development and maintenance of a strong system of internal controls and disclosure controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in connection with their respective audits of the Funds. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting.

The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity and completeness of disclosures in the financial statements. The Committee has also discussed the audited financial statements with Ernst & Young LLP, the independent auditing firm responsible for expressing an opinion on the conformity of these audited financial statements with accounting principles generally accepted in the United States.

The discussion with Ernst & Young LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by the Funds, the clarity and completeness of the financial statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, internal controls, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors’ independence from management and the Funds and has received a written disclosure regarding such independence.

Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities.

Maceo K. Sloan, Audit Committee Chair
Martin J. Gruber, Audit Committee Member
Bridget A. Macaskill, Audit Committee Member

February 18, 2004

SEE NOTES TO FINANCIAL STATEMENTS
TIAA-CREF Mutual Funds 2003 Annual Report 141

Statements of Assets and Liabilities

TIAA-CREF Mutual Funds

December 31, 2003

International Growth Growth & Equity Social Choice Managed

Equity Equity Income Index Equity Allocation

Fund Fund Fund Fund Fund Fund

ASSETS

Portfolio investments, at cost $241,027,575 $547,950,897 $511,383,795 $320,958,878 $76,280,257 $409,086,965

Net unrealized appreciation (depreciation) of
      portfolio investments 45,304,690 2,262,791 40,009,883 16,183,590 (6,463,032) (10,914,499)

Portfolio investments, at value 286,332,265 550,213,688 551,393,678 337,142,468 69,817,225 398,172,466

Cash-foreign (cost of $73,836 and $9,455,
      respectively) 75,234 — 10,301 — — —

Receivable from securities transactions 122,476 1,082,644 — 12,215 3,164 —

Receivable for Fund shares sold 342,993 377,121 459,632 1,298,382 332,042 377,154

Dividends and interest receivable 369,373 610,031 666,801 423,151 75,794 1,070

      Total assets 287,242,341 552,283,484 552,530,412 338,876,216 70,228,225 398,550,690

LIABILITIES

Accrued management fee 121,705 209,589 206,484 72,230 16,304 —

Due to custodian 94,204 319,521 300,785 15,388 14,045 54,371

Payable for securities transactions — 1,113,325 — 9,206 — 89,000

Payable for Fund shares redeemed 222,139 755,766 579,067 591,188 5,522 413,422

Income distribution payable 34,661 1,231 — — — 2,378

      Total liabilities 472,709 2,399,432 1,086,336 688,012 35,871 559,171

NET ASSETS $286,769,632 $549,884,052 $551,444,076 $338,188,204 $70,192,354 $397,991,519

NET ASSETS CONSIST OF:

Paid in capital $348,588,367 $898,715,498 $672,791,849 $322,965,654 $79,115,354 $434,716,533

Accumulated undistributed (distributions in excess of)
       net investment income (107,037) (871) (14,467) — — 251,386

Accumulated net realized loss on total investments (107,020,322) (351,093,366) (161,349,316) (1,044,758) (2,459,968) (26,061,901)

Accumulated net unrealized appreciation
       (depreciation) on total investments 45,308,624 2,262,791 40,016,010 16,267,308 (6,463,032) (10,914,499)

NET ASSETS $286,769,632 $549,884,052 $551,444,076 $338,188,204 $70,192,354 $397,991,519

Outstanding shares of beneficial interest,
       unlimited shares authorized ($.0001 par value) 31,036,974 63,198,789 48,780,423 42,797,838 8,480,697 38,238,192

Net asset value per share $9.24 $8.70 $11.30 $7.90 $8.28 $10.41

142 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 143

Statements of Assets and Liabilities (continued)

TIAA-CREF Mutual Funds

December 31, 2003

High-Yield Short-Term Tax-Exempt Bond Money

Bond Bond Bond Plus Market

Fund Fund Fund Fund Fund

ASSETS

Portfolio investments, at cost $210,149,702 $204,846,282 $161,390,663 $448,116,734 $622,844,124

Net unrealized appreciation of portfolio investments 13,996,607 2,719,161 4,426,894 5,903,397 —

Portfolio investments, at value 224,146,309 207,565,443 165,817,557 454,020,131 622,844,124

Cash — — — 3,409,853 123,000

Receivable from securities transactions — 501,192 248,750 — —

Receivable for Fund shares sold 1,505,261 1,085,603 376,401 710,986 2,062,460

Dividends and interest receivable 4,379,166 2,626,325 2,069,122 3,873,714 729,691

      Total assets 230,030,736 211,778,563 168,511,830 462,014,684 625,759,275

LIABILITIES

Accrued management fee 64,782 53,991 43,808 110,901 162,283

Due to custodian 1,274,232 495,963 38,853 — —

Payable for securities transactions — — — 35,225,950 —

Payable for Fund shares redeemed 363,784 145,968 49,415 237,114 2,885,848

Income distribution payable 4,137 — — 1,190 477,867

      Total liabilities 1,706,935 695,922 132,076 35,575,155 3,525,998

NET ASSETS $228,323,801 $211,082,641 $168,379,754 $426,439,529 $622,233,277

NET ASSETS CONSIST OF:

Paid in capital $225,231,653 $208,355,419 $163,535,569 $420,825,323 $622,234,883

Accumulated undistributed net investment income 6,744 6,053 — — 396

Accumulated undistributed net realized gain (loss) on total investments (10,911,203) 2,008 417,291 (289,191) (2,002)

Accumulated net unrealized appreciation on total investments 13,996,607 2,719,161 4,426,894 5,903,397 —

NET ASSETS $228,323,801 $211,082,641 $168,379,754 $426,439,529 $622,233,277

Outstanding shares of beneficial interest,
       unlimited shares authorized ($.0001 par value) 24,506,172 19,745,892 15,413,525 41,307,647 622,295,365

Net asset value per share $9.32 $10.69 $10.92 $10.32 $1.00

144 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 145

Statements of Operations

TIAA-CREF Mutual Funds

For the Year Ended December 31, 2003

International Growth Growth & Equity Social Choice Managed

Equity Equity Income Index Equity Allocation

Fund Fund Fund Fund Fund Fund

INVESTMENT INCOME

Interest $ — $ 447,358 $ 160,814 $ 36,443 $ 11,578 $ 12,869

Dividends 6,159,862 5,200,267 8,110,208 4,277,844 1,198,271 8,388,069

Foreign taxes withheld (410,728) (2,009) (7,086) (137) — —

      Total income 5,749,134 5,645,616 8,263,936 4,314,150 1,209,849 8,400,938

EXPENSES:

Management fees 1,148,542 2,161,141 2,157,948 640,253 188,939 —

Trustee fees and expenses 8,435 4,746 11,482 2,010 1,080 —

Interest 1,060 — 9,062 — — —

      Total expenses 1,158,037 2,165,887 2,178,492 642,263 190,019 —

Net investment income 4,591,097 3,479,729 6,085,444 3,671,887 1,019,830 8,400,938

NET REALIZED AND UNREALIZED
       GAIN ON TOTAL INVESTMENTS

Realized gain (loss) on:

      Portfolio investments (7,445,614) (13,713,351) 21,630,227 8,692,332 2,976,453 (25,990,465)

      Underlying fund distributions — — (58,962) — — 8,353,924

      Foreign currency transactions 118,000 — (40,169) — — —

Net realized gain (loss) on total investments (7,327,614) (13,713,351) 21,531,096 8,692,332 2,976,453 (17,636,541)

Change in unrealized appreciation (depreciation) on:

      Portfolio investments 87,122,907 130,624,595 90,433,030 63,126,411 14,739,007 77,388,481

      Futures transactions — — — 83,718 — —

      Translation of assets (other than portfolio investments)
            and liabilities denominated in foreign currencies 14,050 — 2,729 — — —

Net change in unrealized appreciation (depreciation)
       on total investments 87,136,957 130,624,595 90,435,759 63,210,129 14,739,007 77,388,481

Net realized and unrealized gain on
      total investments 79,809,343 116,911,244 111,966,855 71,902,461 17,715,460 59,751,940

Net increase in net assets resulting
       from operations $84,400,440 $120,390,973 $118,052,299 $75,574,348 $18,735,290 $ 68,152,878

146 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 147

Statements of Operations (continued)

TIAA-CREF Mutual Funds

For the Year Ended December 31, 2003

High-Yield Short-Term Tax-Exempt Bond Money

Bond Bond Bond Plus Market

Fund Fund Fund Fund Fund

INVESTMENT INCOME

Interest $12,515,952 $5,989,361 $6,566,002 $16,148,350 $8,146,689

Dividends 17,438 — — 229,774 —

      Total income 12,533,390 5,989,361 6,566,002 16,378,124 8,146,689

EXPENSES:

Management fees 501,788 543,984 481,705 1,201,369 1,931,899

Trustee fees and expenses 1,484 1,579 1,686 4,541 10,078

Other — — — 14,124 —

      Total expenses 503,272 545,563 483,391 1,220,034 1,941,977

Net investment income 12,030,118 5,443,798 6,082,611 15,158,090 6,204,712

NET REALIZED AND UNREALIZED
      GAIN (LOSS) ON TOTAL INVESTMENTS

Net realized gain (loss) on total investments (3,834,466) 2,205,827 3,448,126 7,889,826 (2,002)

Net change in unrealized appreciation
      (depreciation) on total investments 22,716,455 (1,540,071) (327,757) (6,184,623) —

Net realized and unrealized
       gain (loss) on total investments 18,881,989 665,756 3,120,369 1,705,203 (2,002)

Net increase in net assets resulting
      from operations $30,912,107 $6,109,554 $9,202,980 $16,863,293 $6,202,710

148 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 149

Statement of Cash Flows

Bond Plus Fund

For the Year Ended December 31, 2003

CASH FLOWS FROM OPERATING ACTIVITIES:

      Net increase in net assets resulting from operations $ 16,863,293

      Adjustments to reconcile net increase
            in net assets resulting from operations to net cash
            used in operating activities:

            Purchases of long-term securities (684,037,833)

            Proceeds from sales of long-term securities 542,702,111

            Proceeds of short-term investments-net 125,665,543

            Increase in receivables (881,017)

            Decrease in payables (71,160)

            Net realized gain on total investments (7,889,826)

            Unrealized loss on total investments 6,184,623

      Net cash used in operating activities (1,464,266)

CASH FLOWS FROM FINANCING ACTIVITIES:

            Proceeds from Fund shares sold 107,484,761

            Payments for Fund shares redeemed (36,517,408)

            Cash dividends paid (1,783,509)

            Exchanges among the Funds-net (30,582,349)

            Payments for the financing of dollar roll transactions-net (33,883,672)

      Net cash provided by financing activities 4,717,823

Increase in cash 3,253,557

CASH

      Beginning of year 156,296

      End of year $ 3,409,853

Supplemental disclosure of cash flow information:

      Non-cash financing activities not included above:

            Reinvestment of distributions     $ 23,652,496

150 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

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SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 151

Statements of Changes in Net Assets

TIAA-CREF Mutual Funds

International Equity Fund   Growth Equity Fund Growth & Income Fund

For the Years Ended December 31,   For the Years Ended December 31, For the Years Ended December 31,

2003 2002 2003 2002 2003 2002

CHANGE IN NET ASSETS

OPERATIONS:

Net investment income $4,591,097 $3,585,451 $ 3,479,729 $ 2,072,188 $6,085,444 $5,495,983

Net realized gain (loss) on total investments (7,327,614) (24,168,866) (13,713,351) (148,869,863) 21,531,096 (79,119,214)

Net change in unrealized appreciation
      (depreciation) on total investments 87,136,957 (19,641,062) 130,624,595 (44,257,059) 90,435,759 (80,179,134)

      Net increase (decrease) from operations 84,400,440 (40,224,477) 120,390,973 (191,054,734) 118,052,299 (153,802,365)

DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income (5,072,699) (3,829,301) (3,706,292) (2,672,947) (6,160,816) (5,689,083)

      Total distributions (5,072,699) (3,829,301) (3,706,292) (2,672,947) (6,160,816) (5,689,083)

SHAREHOLDER TRANSACTIONS:

Subscriptions 33,836,619 170,804,301 51,004,689 61,995,163 97,396,540 79,008,711

Reinvestment of distributions 4,944,020 3,736,213 3,599,094 2,596,518 5,740,757 5,448,243

Exchanges among the Funds, net 13,018,608 (5,299,813) (3,362,832) (44,528,455) (96,050,767) 5,729,631

Redemptions (34,515,078) (165,884,852) (39,947,986) (57,598,320) (64,377,020) (71,484,138)

Redemptions by TIAA (28,635,955) — — — — —

      Net increase (decrease) from shareholder transactions (11,351,786) 3,355,849 11,292,965 (37,535,094) (57,290,490) 18,702,447

Total increase (decrease) in net assets 67,975,955 (40,697,929) 127,977,646 (231,262,775) 54,600,993 (140,789,001)

NET ASSETS

      Beginning of year 218,793,677 259,491,606 421,906,406 653,169,181 496,843,083 637,632,084

      End of year $286,769,632 $218,793,677 $549,884,052 $421,906,406 $551,444,076 $496,843,083

CHANGE IN FUND SHARES:

Shares outstanding, beginning of year 32,765,643 32,144,549 61,661,944 66,310,854 54,656,845 52,813,121

Shares sold 4,357,314 23,019,278 6,709,920 7,542,300 10,115,135 7,447,906

Shares issued in reinvestment of distributions 544,475 569,545 414,111 380,721 570,638 570,511

Shares exchanged among the Funds, net 1,717,163 (702,773) (369,159) (5,240,048) (10,031,844) 800,008

Shares redeemed (4,441,272) (22,264,956) (5,218,027) (7,331,883) (6,530,351) (6,974,701)

Shares redeemed by TIAA (3,906,349) — — — — —

      Net increase (decrease) in shares outstanding (1,728,669) 621,094 1,536,845 (4,648,910) (5,876,422) 1,843,724

Shares outstanding, end of year 31,036,974 32,765,643 63,198,789 61,661,944 48,780,423 54,656,845

152 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 153

Statements of Changes in Net Assets (continued)

TIAA-CREF Mutual Funds

Equity Index Fund   Choice Equity Fund   Social Managed Allocation Fund

For the Years Ended For the Years Ended For the Years Ended

December 31, December 31, December 31,

2003 2002 2003 2002 2003 2002

CHANGE IN NET ASSETS

OPERATIONS:

Net investment income $3,671,887 $1,861,184 $1,019,830 $ 936,728 $8,400,938 $ 8,107,744

Net realized gain (loss) on total investments 8,692,332 (2,030,410) 2,976,453 (4,506,541) (17,636,541) 1,495,343

Net change in unrealized appreciation
      (depreciation) on total investments 63,210,129 (33,210,369) 14,739,007 (13,222,086) 77,388,481 (49,595,860)

      Net increase (decrease) from operations 75,574,348 (33,379,595) 18,735,290 (16,791,899) 68,152,878 (39,992,773)

DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income (3,689,917) (1,940,680) (1,021,178) (978,777) (15,613,855) (10,731,220)

From net realized gain on total investments (6,245,640) — — — — (840,872)

      Total distributions (9,935,557) (1,940,680) (1,021,178) (978,777) (15,613,855) (11,572,092)

SHAREHOLDER TRANSACTIONS:

Subscriptions 147,882,198 53,760,318 18,164,902 24,098,833 61,916,904 45,718,988

Reinvestment of distributions 9,656,801 1,884,703 971,917 960,394 14,692,215 10,976,401

Exchanges among the Funds, net 33,843,297 30,895,671 2,483,490 1,129,310 5,137,242 (9,935,625)

Redemptions (21,640,777) (9,034,175) (4,228,665) (6,480,060) (23,766,955) (26,966,109)

Redemptions by TIAA (37,064,419) — (32,644,000) — — —

      Net increase (decrease) from shareholder
            transactions 132,677,100 77,506,517 (15,252,356) 19,708,477 57,979,406 19,793,655

Total increase (decrease) in net assets 198,315,891 42,186,242 2,461,756 1,937,801 110,518,429 (31,771,210)

NET ASSETS

      Beginning of year 139,872,313 97,686,071 67,730,598 65,792,797 287,473,090 319,244,300

      End of year $338,188,204 $139,872,313 $70,192,354 $67,730,598 $397,991,519 $287,473,090

CHANGE IN FUND SHARES:

Shares outstanding, beginning of year 22,437,334 12,134,963 10,469,957 7,941,687 32,398,366 30,409,789

Shares sold 22,306,214 7,470,787 2,446,838 3,189,095 6,382,849 4,723,313

Shares issued in reinvestment of distributions 1,223,869 303,495 117,554 149,130 1,455,718 1,205,814

Shares exchanged among the Funds, net 5,058,571 3,962,483 317,595 175,749 479,431 (931,406)

Shares redeemed (3,068,643) (1,434,394) (596,270) (985,704) (2,478,172) (3,009,144)

Shares redeemed by TIAA (5,159,507) — (4,274,977) — — —

      Net increase (decrease) in shares
            outstanding 20,360,504 10,302,371 (1,989,260) 2,528,270 5,839,826 1,988,577

Shares outstanding, end of year 42,797,838 22,437,334 8,480,697 10,469,957 38,238,192 32,398,366

154 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 155

Statements of Changes in Net Assets (continued)

TIAA-CREF Mutual Funds

High-Yield Bond Fund Short-Term Bond Fund Tax-Exempt Bond Fund

For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31,

2003 2002 2003 2002 2003 2002

CHANGE IN NET ASSETS

OPERATIONS:

Net investment income $12,030,118 $8,883,507 $5,443,798 $4,501,307 $6,082,611 $4,456,434

Net realized gain (loss) on total investments (3,834,466) (3,215,555) 2,205,827 709,937 3,448,126 1,851,480

Net change in unrealized appreciation
      (depreciation) on total investments 22,716,455 (4,124,897) (1,540,071) 2,856,361 (327,757) 4,201,050

      Net increase from operations 30,912,107 1,543,055 6,109,554 8,067,605 9,202,980 10,508,964

DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income (12,069,249) (8,876,131) (5,452,392) (4,479,568) (6,079,623) (4,464,601)

From net realized gain on total investments — — (2,336,110) (849,260) (3,234,868) (1,573,098)

      Total distributions (12,069,249) (8,876,131) (7,788,502) (5,328,828) (9,314,491) (6,037,699)

SHAREHOLDER TRANSACTIONS:

Subscriptions 211,260,350 94,895,568 124,387,667 114,260,211 76,023,110 80,804,606

Reinvestment of distributions 8,227,141 6,689,880 5,100,745 4,187,186 7,003,762 4,894,653

Exchanges among the Funds, net 5,434,230 (1,232,842) (10,212,853) 9,945,300 (21,559,445) 10,200,889

Redemptions (105,906,699) (58,296,617) (37,345,452) (43,444,049) (39,472,494) (27,549,414)

Redemptions by TIAA (13,473,547) (23,000,000) (18,169,500) — — —

      Net increase from shareholder transactions 105,541,475 19,055,989 63,760,607 84,948,648 21,994,933 68,350,734

Total increase in net assets 124,384,333 11,722,913 62,081,659 87,687,425 21,883,422 72,821,999

NET ASSETS

      Beginning of year 103,939,468 92,216,555 149,000,982 61,313,557 146,496,332 73,674,333

      End of year $228,323,801 $103,939,468 $211,082,641 $149,000,982 $168,379,754 $146,496,332

CHANGE IN FUND SHARES:

Shares outstanding, beginning of year 12,671,818 10,320,361 13,852,524 5,853,100 13,410,634 7,100,391

Shares sold 23,886,825 11,367,908 11,480,941 10,840,908 6,912,393 7,582,823

Shares issued in reinvestment of distributions 928,038 747,912 473,444 366,677 638,780 399,388

Shares exchanged among the Funds, net 645,982 (149,437) (947,735) 878,441 (1,968,455) 884,893

Shares redeemed (12,058,906) (6,997,276) (3,446,166) (4,086,602) (3,579,827) (2,556,861)

Shares redeemed by TIAA (1,567,585) (2,617,650) (1,667,116) — — —

      Net increase in shares outstanding 11,834,354 2,351,457 5,893,368 7,999,424 2,002,891 6,310,243

Shares outstanding, end of year 24,506,172 12,671,818 19,745,892 13,852,524 15,413,525 13,410,634

156 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 157

Statements of Changes in Net Assets (continued)

TIAA-CREF Mutual Funds

Bond Plus Fund    Money Market Fund

For the Years Ended
December 31,   For the Years Ended
December 31,

2003 2002 2003 2002

CHANGE IN NET ASSETS

OPERATIONS:

Net investment income $15,158,090 $16,830,665 $ 6,204,712 $11,593,201

Net realized gain (loss) on total investments 7,889,826 8,484,746 (2,002) 31,677

Net change in unrealized appreciation

      (depreciation) on total investments (6,184,623) 9,029,097 — —

      Net increase from operations 16,863,293 34,344,508 6,202,710 11,624,878

DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income (15,287,117) (16,674,580) (6,204,712) (11,593,201)

From net realized gain on total investments (10,148,888) (6,057,716) — (98,303)

      Total distributions (25,436,005) (22,732,296) (6,204,712) (11,691,504)

SHAREHOLDER TRANSACTIONS:

Subscriptions 108,042,310 90,563,928 342,293,586 417,083,091

Reinvestment of distributions 23,652,496 21,715,448 6,461,023 11,607,470

Exchanges among the Funds, net (30,582,349) (7,589,174) (30,555,027) 1,389,839

Redemptions (36,754,522) (30,512,785) (392,416,691) (493,829,609)

      Net increase (decrease) from shareholder transactions 64,357,935 74,177,417 (74,217,109) (63,749,209)

Total increase (decrease) in net assets 55,785,223 85,789,629 (74,219,111) (63,815,835)

NET ASSETS

      Beginning of year 370,654,306 284,864,677 696,452,388 760,268,223

      End of year $426,439,529 $370,654,306 $622,233,277 $696,452,388

CHANGE IN FUND SHARES:

Shares outstanding, beginning of year 35,223,000 27,982,614 696,512,131 760,201,201

Shares sold 10,216,742 8,855,629 342,293,586 417,083,091

Shares issued in reinvestment of distributions 2,259,701 2,047,590 6,461,366 11,667,609

Shares exchanged among the Funds, net (2,913,224) (723,052) (30,555,027) 1,389,839

Shares redeemed (3,478,572) (2,939,781) (392,416,691) (493,829,609)

      Net increase (decrease) in shares outstanding 6,084,647 7,240,386 (74,216,766) (63,689,070)

Shares outstanding, end of year 41,307,647 35,223,000 622,295,365 696,512,131

158 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 159

Financial Highlights

TIAA-CREF Mutual Funds

International Equity Fund

For the Years Ended December 31,

2003 2002 2001 2000 1999

SELECTED PER SHARE DATA

      Net asset value, beginning of period $ 6.68 $ 8.07 $10.75 $16.08 $10.54

Gain (loss) from investment operations:

      Net investment income 0.14( a) 0.11(a) 0.09 0.08 0.11

      Net realized and unrealized gain (loss) on total investments 2.59 (1.38) (2.70) (3.32) 5.77

Total gain (loss) from investment operations 2.73 (1.27) (2.61) (3.24) 5.88

Less distributions from:

      Net investment income (0.17) (0.12) (0.07) (0.08) (0.11)

      In excess of net investment income — — — (0.01) —

      Net realized gains — — — (2.00) (0.23)

      Total distributions (0.17) (0.12) (0.07) (2.09) (0.34)

Net asset value, end of year $ 9.24 $ 6.68 $ 8.07 $10.75 $16.08

TOTAL RETURN 40.86% (15.73)% (24.29)% (19.99)% 55.83%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $286,770 $218,794 $259,492 $270,431 $255,819

Ratio of expenses to average net assets before expense waiver 0.49%(b) 0.88% 0.99% 0.99% 0.99%

Ratio of expenses to average net assets after expense waiver 0.49% 0.49% 0.49% 0.49% 0.49%

Ratio of net investment income to average net assets 1.96% 1.47% 1.10% 0.49% 1.03%

Portfolio turnover rate 162.13% 77.61% 113.03% 138.33% 74.16%

(a) Based on average shares outstanding.

(b) Waiver was eliminated effective October 1, 2002.

160 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 161

Financial Highlights (continued)

TIAA-CREF Mutual Funds

Growth Equity Fund


For the Years Ended December 31,

2003 2002 2001 2000 1999

SELECTED PER SHARE DATA

Net asset value, beginning of period $ 6.84 $ 9.85 $12.87 $17.19 $13.65

Gain (loss) from investment operations:

      Net investment income 0.06(a) 0.03(a) 0.02 — 0.02

      Net realized and unrealized gain (loss) on total investments 1.86 (3.00) (2.98) (3.47) 4.47

Total gain (loss) from investment operations 1.92 (2.97) (2.96) (3.47) 4.49

Less distributions from:

      Net investment income (0.06) (0.04) — — (0.02)

      Net realized gains — — (0.06) (0.85) (0.93)

      Total distributions (0.06) (0.04) (0.06) (0.85) (0.95)

Net asset value, end of year $ 8.70 $ 6.84 $ 9.85 $12.87 $17.19

TOTAL RETURN 28.06% (30.12)% (23.02)% (20.29)% 33.00%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $549,884 $421,906 $653,169 $785,761 $696,272

Ratio of expenses to average net assets before expense waiver 0.45%(b) 0.85% 0.95% 0.95% 0.95%

Ratio of expenses to average net assets after expense waiver 0.45% 0.45% 0.45% 0.45% 0.45%

Ratio of net investment income to average net assets 0.72% 0.40% 0.15% 0.00% 0.16%

Portfolio turnover rate 72.50% 49.53% 38.39% 42.07% 69.56%

(a) Based on average shares outstanding.

(b) Waiver was eliminated effective October 1, 2002.

162 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 163

Financial Highlights (continued)

TIAA-CREF Mutual Funds

Growth & Income Fund


For the Years Ended December 31,

2003 2002 2001 2000 1999

SELECTED PER SHARE DATA

Net asset value, beginning of period $9.09 $12.07 $14.05 $15.93 $13.33

Gain (loss) from investment operations:

      Net investment income 0.12(a) 0.10(a) 0.10 0.11 0.11

      Net realized and unrealized gain (loss) on total investments 2.21 (2.98) (1.98) (1.27) 3.13

Total gain (loss) from investment operations 2.33 (2.88) (1.88) (1.16) 3.24

Less distributions from:

      Net investment income (0.12) (0.10) (0.10) (0.11) (0.11)

      Net realized gains — — — (0.61) (0.53)

      Total distributions (0.12) (0.10) (0.10) (0.72) (0.64)

Net asset value, end of year $11.30 $9.09 $12.07 $14.05 $15.93

TOTAL RETURN 25.83% (23.86)% (13.37)% (7.33)% 24.46%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $551,444 $496,843 $637,632 $665,956 $541,718

Ratio of expenses to average net assets before expense waiver 0.43%(b) 0.82% 0.93% 0.93% 0.93%

Ratio of expenses to average net assets after expense waiver 0.43% 0.43% 0.43% 0.43% 0.43%

Ratio of net investment income to average net assets 1.21% 0.99% 0.84% 0.72% 0.82%

Portfolio turnover rate 141.39% 112.13% 70.41% 21.41% 39.35%

(a) Based on average shares outstanding.

(b) Waiver was eliminated effective October 1, 2002.

164 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 165

Financial Highlights (continued)

TIAA-CREF Mutual Funds

Equity Index Fund

For the Period

March 1, 2000

  (commencement of

For the Years Ended December 31,     operations) to

December 31,

2003 2002 2001 2000(b)

SELECTED PER SHARE DATA

Net asset value, beginning of period $ 6.23 $ 8.05 $ 9.19 $10.00

Gain (loss) from investment operations:

      Net investment income 0.10(a) 0.10(a) 0.07 0.08

      Net realized and unrealized gain (loss) on total investments 1.81 (1.83) (1.14) (0.81)

Total gain (loss) from investment operations 1.91 (1.73) (1.07) (0.73)

Less distributions from:

      Net investment income (0.09) (0.09) (0.06) (0.08)

      Net realized gains (0.15) — (0.01) —

      Total distributions (0.24) (0.09) (0.07) (0.08)

Net asset value, end of period $ 7.90 $ 6.23 $ 8.05 $ 9.19

TOTAL RETURN 30.67% (21.52)% (11.62)% (7.32)%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $338,188 $139,872 $97,686 $67,367

Ratio of expenses to average net assets before expense waiver 0.26%(c) 0.63% 0.76% 0.64%

Ratio of expenses to average net assets after expense waiver 0.26% 0.26% 0.26% 0.22%

Ratio of net investment income to average net assets 1.49% 1.40% 1.12% 0.87%

Portfolio turnover rate 17.34% 4.41% 6.06% 5.70%

(a) Based on average shares outstanding.

(b) The percentages shown for this period are not annualized.

(c) Waiver was eliminated effective October 1, 2002.

166 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 167

Financial Highlights (continued)

TIAA-CREF Mutual Funds

Social Choice Equity Fund

  For the Period

March 1, 2000

(commencement of

For the Years Ended December 31,   operations) to

December 31,

2003 2002 2001 2000(b)

SELECTED PER SHARE DATA

Net asset value, beginning of period $ 6.47 $ 8.28 $ 9.57 $10.00

Gain (loss) from investment operations:

      Net investment income 0.10(a) 0.10(a) 0.07 0.08

      Net realized and unrealized gain (loss) on total investments 1.83 (1.82) (1.29) (0.39)

Total gain (loss) from investment operations 1.93 (1.72) (1.22) (0.31)

Less distributions from:

      Net investment income (0.12) (0.09) (0.06) (0.08)

      Net realized gains — — (0.01) (0.04)

      Total distributions (0.12) (0.09) (0.07) (0.12)

Net asset value, end of period $ 8.28 $ 6.47 $ 8.28 $ 9.57

TOTAL RETURN 29.87% (20.71)% (12.75)% (3.14)%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $70,192 $67,731 $65,793 $38,812

Ratio of expenses to average net assets before expense waiver 0.27%(c) 0.65% 0.77% 0.65%

Ratio of expenses to average net assets after expense waiver 0.27% 0.27% 0.27% 0.23%

Ratio of net investment income to average net assets 1.46% 1.33% 1.09% 0.88%

Portfolio turnover rate 11.33% 29.15% 5.96% 2.34%

(a) Based on average shares outstanding.

(b) The percentages shown for this period are not annualized.

(c) Waiver was eliminated effective October 1, 2002.

168 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 169

Financial Highlights (continued)

TIAA-CREF Mutual Funds

Managed Allocation Fund

For the Years Ended December 31,

2003 2002 2001 2000 1999

SELECTED PER SHARE DATA

Net asset value, beginning of year $ 8.87 $10.50 $12.20 $13.59 $11.79

Gain (loss) from investment operations:

      Net investment income 0.25(a) 0.26(a) 0.37 0.37 0.38

      Net realized and unrealized gain (loss) on total investments 1.72 (1.52) (1.41) (1.03) 1.85

Total gain (loss) from investment operations 1.97 (1.26) (1.04) (0.66) 2.23

Less distributions from:

      Net investment income (0.43) (0.34) (0.28) (0.37) (0.38)

      Net realized gains — (0.03) (0.38) (0.36) (0.05)

      Total distributions (0.43) (0.37) (0.66) (0.73) (0.43)

Net asset value, end of year $10.41 $ 8.87 $10.50 $12.20 $13.59

TOTAL RETURN 22.45% (12.09)% (8.52)% (4.99)% 19.20%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $397,992 $287,473 $319,244 $330,814 $244,372

Ratio of expenses to average net assets before expense waiver 0.00% 0.00% 0.00% 0.00% 0.00%

Ratio of expenses to average net assets after expense waiver 0.00% 0.00% 0.00% 0.00% 0.00%

Ratio of net investment income to average net assets 2.56% 2.68% 3.34% 2.87% 2.70%

Portfolio turnover rate 37.26% 11.93% 2.97% 0.71% 3.90%

(a) Based on average shares outstanding.

170 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 171

Financial Highlights (continued)

TIAA-CREF Mutual Funds

High-Yield Bond Fund

   For the Years Ended December 31,

For the Period
March 1, 2000
(commencement of
operations) to
December 31,

2003 2002 2001 2000(b)

SELECTED PER SHARE DATA

Net asset value, beginning of period $ 8.20 $ 8.94 $ 9.41 $10.00

Gain from investment operations:

      Net investment income 0.72(a) 0.78(a) 0.93 0.78

      Net realized and unrealized gain (loss) on total investments 1.12 (0.75) (0.47) (0.59)

Total gain from investment operations 1.84 0.03 0.46 0.19

Less distributions from:

      Net investment income (0.72) (0.77) (0.93) (0.78)

      Total distributions (0.72) (0.77) (0.93) (0.78)

Net asset value, end of period $ 9.32 $ 8.20 $ 8.94 $ 9.41

TOTAL RETURN 23.24% 0.46% 4.89% 1.91%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $228,324 $103,939 $92,217 $63,897

Ratio of expenses to average net assets before expense waiver 0.34%(c) 0.72% 0.84% 0.70%

Ratio of expenses to average net assets after expense waiver 0.34% 0.34% 0.34% 0.29%

Ratio of net investment income to average net assets 8.13% 9.17% 9.97% 8.05%

Portfolio turnover rate 42.04% 74.43% 75.44% 36.99%

(a) Based on average shares outstanding.

(b) The percentages shown for this period are not annualized.

(c) Waiver was eliminated effective October 1, 2002.

172 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 173

Financial Highlights (continued)

TIAA-CREF Mutual Funds

Short-Term Bond Fund

For the Period

March 1, 2000

(commencement of

For the Years Ended December 31, operations) to

December 31,

2003 2002 2001 2000(b)

SELECTED PER SHARE DATA

Net asset value, beginning of period $10.76 $10.48 $10.23 $10.00

Gain from investment operations:

      Net investment income 0.32(a) 0.46(a) 0.57 0.54

      Net realized and unrealized gain on total investments 0.05 0.33 0.34 0.29

Total gain from investment operations 0.37 0.79 0.91 0.83

Less distributions from:

      Net investment income (0.32) (0.45) (0.57) (0.54)

      In excess of net investment income — — — (0.01)

      Net realized gains (0.12) (0.06) (0.09) (0.05)

      Total distributions (0.44) (0.51) (0.66) (0.60)

Net asset value, end of period $10.69 $10.76 $10.48 $10.23

TOTAL RETURN 3.51% 7.81% 9.10% 8.51%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $211,083 $149,001 $61,314 $29,839

Ratio of expenses to average net assets before expense waiver 0.30%(c) 0.63% 0.80% 0.67%

Ratio of expenses to average net assets after expense waiver 0.30% 0.30% 0.30% 0.25%

Ratio of net investment income to average net assets 3.00% 4.32% 5.36% 5.45%

Portfolio turnover rate 176.43% 157.26% 132.21% 387.42%

(a) Based on average shares outstanding.

(b) The percentages shown for this period are not annualized.

(c) Waiver was eliminated effective October 1, 2002.

174 2003 Annual Report TIAA-CREF Mutual Funds
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TIAA-CREF Mutual Funds 2003 Annual Report 175

Financial Highlights (continued)

TIAA-CREF Mutual Funds

Tax-Exempt Bond Fund

For the Period

March 1, 2000

(commencement of

For the Years Ended December 31,   operations) to

December 31,

2003 2002 2001 2000(b)

SELECTED PER SHARE DATA

Net asset value, beginning of period $10.92 $10.38 $10.46 $10.00

Gain from investment operations:

      Net investment income 0.42(a) 0.44(a) 0.47 0.42

      Net realized and unrealized gain on total investments 0.21 0.65 0.04 0.50

      Total gain from investment operations 0.63 1.09 0.51 0.92

Less distributions from:

      Net investment income (0.42) (0.43) (0.47) (0.42)

      Net realized gains (0.21) (0.12) (0.12) (0.04)

      Total distributions (0.63) (0.55) (0.59) (0.46)

Net asset value, end of period $10.92 $10.92 $10.38 $10.46

TOTAL RETURN 5.87% 10.70% 5.00% 9.38%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $168,380 $146,496 $73,674 $38,928

Ratio of expenses to average net assets before expense waiver 0.30%(c) 0.64% 0.80% 0.67%

Ratio of expenses to average net assets after expense waiver 0.30% 0.30% 0.30% 0.25%

Ratio of net investment income to average net assets 3.79% 4.06% 4.48% 4.27%

Portfolio turnover rate 156.76% 264.02% 298.08% 136.41%

(a) Based on average shares outstanding.

(b) The percentages shown for this period are not annualized.

(c) Waiver was eliminated effective October 1, 2002.

176 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 177

Financial Highlights (continued)

TIAA-CREF Mutual Funds

Bond Plus Fund

For the Years Ended December 31,

2003 2002 2001 2000 1999

SELECTED PER SHARE DATA

Net asset value, beginning of year $10.52 $10.18 $10.09 $ 9.63 $10.30

Gain (loss) from investment operations:

      Net investment income 0.40(a) 0.53(a) 0.59 0.62 0.56

      Net realized and unrealized gain (loss) on total investments 0.05 0.51 0.22 0.46 (0.66)

      Total gain (loss) from investment operations 0.45 1.04 0.81 1.08 (0.10)

Less distributions from:

      Net investment income (0.40) (0.52) (0.59) (0.62) (0.56)

      In excess of net investment income — — — — (0.01)

      Net realized gains (0.25) (0.18) (0.13) — —

      Total distributions (0.65) (0.70) (0.72) (0.62) (0.57)

Net asset value, end of year $10.32 $10.52 $10.18 $10.09 $ 9.63

TOTAL RETURN 4.38% 10.50% 8.14% 11.68% (1.01)%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $426,440 $370,654 $284,865 $232,617 $204,346

Ratio of expenses to average net assets before expense waiver 0.30%(c) 0.67% 0.80% 0.80% 0.80%

Ratio of expenses to average net assets after expense waiver 0.30% 0.30% 0.30% 0.30% 0.30%

Ratio of net investment income to average net assets 3.78% 5.10% 5.72% 6.41% 5.75%

Portfolio turnover rate 139.58% 243.70% 233.89% 313.29%(b) 652.82%

(a) Based on average shares outstanding.

(b) During 2000, the Bond Plus Fund began structuring dollar roll transactions as financing transactions.
Had these transactions been treated for the entire year as purchases and sales, rather than as financing
transactions the portfolio turnover rate for the year ended December 31, 2000 would have been 472.03%.

(c) Waiver was eliminated effective October 1, 2002.

178 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 179

Financial Highlights (continued)

TIAA-CREF Mutual Funds

Money Market Fund


For the Years Ended December 31,

2003 2002 2001 2000 1999

SELECTED PER SHARE DATA

Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Gain from investment operations:

      Net investment income 0.01(a) 0.02(a) 0.04 0.06 0.05

      Total gain from investment operations 0.01 0.02 0.04 0.06 0.05

Less distributions from:

      Net investment income (0.01) (0.02) (0.04) (0.06) (0.05)

      Total distributions (0.01) (0.02) (0.04) (0.06) (0.05)

Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

TOTAL RETURN 0.93% 1.64% 4.08% 6.33% 5.05%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period (in thousands) $622,233 $696,452 $760,268 $612,046 $394,965

Ratio of expenses to average net assets before expense waiver 0.29%(b) 0.67% 0.79% 0.79% 0.79%

Ratio of expenses to average net assets after expense waiver 0.29% 0.29% 0.29% 0.29% 0.29%

Ratio of net investment income to average net assets 0.93% 1.62% 3.94% 6.18% 4.97%

(a) Based on average shares outstanding.

(b) Waiver was eliminated effective October 1, 2002.

180 2003 Annual Report TIAA-CREF Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2003 Annual Report 181

Notes to Financial Statements

TIAA-CREF Mutual Funds

Note 1—Significant Accounting Policies

TIAA-CREF Mutual Funds (the “Funds”) is a Delaware business trust that was organized on January 13, 1997 and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end management investment company. The International Equity, Growth Equity, Growth & Income, Managed Allocation, Bond Plus and Money Market Funds commenced operations on July 17, 1997 with a seed money investment by Teachers Insurance and Annuity Association of America (‘’TIAA”). The Equity Index, Social Choice Equity, High-Yield Bond, Short-Term Bond and Tax-Exempt Bond Funds commenced operations on March 1, 2000 with a seed money investment by TIAA. At December 31, 2003, TIAA had a remaining investment in the Social Choice Equity Fund of $4,507,032. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States, which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

Valuation of Investments: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Fund), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. For the Money Market Fund, investments are valued using the amortized cost method. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith under the direction of the Board of Trustees. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board of Trustees if events that have a significant effect on their value occur between the time their price is determined and the time a Fund’s net asset value is calculated.

Accounting for Investments: Securities transactions are accounted for as of the trade date. Interest income is recorded as earned and includes amortization of discounts and premiums. Dividend income is recorded on the ex-dividend date or, for certain

182 2003 Annual Report TIAA-CREF Mutual Funds

Notes to Financial Statements (continued)

foreign securities, as soon thereafter as the Funds are informed of the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method for both financial statement and federal income tax purposes.

Dollar Roll Transactions: Certain of the Funds may enter into dollar rolls in which a Fund sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. Dollar rolls are recorded as financing transactions. Dollar rolls can enhance a Fund’s return by earning a spread between the yield on the underlying securities and short-term interest rates. The use of dollar roll transactions results in borrowing requiring the presentation of a statement of cash flows for the Bond Plus Fund.

Foreign Currency Transactions and Translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Forward Foreign Currency Contracts: The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Funds are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency exchange contracts which is typically limited to the unrealized gain on each open contract.

Futures Contracts: The Funds may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains

TIAA-CREF Mutual Funds 2003 Annual Report 183

Notes to Financial Statements (continued)

or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions.

Securities Purchased on a When-Issued or Delayed Delivery Basis: The Funds may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Funds to the risk that the transaction may not be consummated.

Restricted Securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded.

Distributions to Shareholders: Distributions from net investment income, if any, for the Bond Plus, Short-Term Bond, Tax-Exempt Bond and High-Yield Bond Funds are declared and paid monthly; for the Growth & Income and Managed Allocation Funds are declared and paid quarterly; for the Growth Equity, International Equity, Social Choice Equity and Equity Index Funds are declared and paid annually; and for the Money Market Fund are declared daily and paid monthly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds. Undistributed net investment income and accumulated undistributed net realized gain (loss) on total investments may include temporary book and tax differences which will reverse in a subsequent period. Any permanent book and tax basis differences relating to shareholder distributions will result in reclassifications among the respective components of net assets.

Income Taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute substantially all taxable income each year and comply with various other Code requirements. At December 31, 2003, the following Funds had capital loss carryovers which will begin to expire in 2008 and capital losses and currency losses realized after October 31, 2003, which were deferred for tax purposes to the first day of the following year:

Capital Loss Post-October Post-October

Carryovers Capital Losses Currency Losses

International Equity Fund $103,620,936 $ — $51,719

Growth Equity Fund 337,635,048 348,561 —

Growth & Income Fund 144,891,043 6,680,670 28,335

Social Choice Equity Fund 2,110,936 — —

Managed Allocation Fund 25,170,093 — —

High-Yield Bond Fund 10,686,631 — —

Bond Plus Fund — 95,063 —

Money Market Fund 1,683 319 —

184 2003 Annual Report TIAA-CREF Mutual Funds

Notes to Financial Statements (continued)

Note 2—Management Agreement

Teachers Advisors, Inc. (“Advisors”), a wholly-owned subsidiary of TIAA, and a registered investment advisor, provides investment management services for the Funds and is also responsible for providing, or obtaining at its own expense, the services reasonably necessary for the ordinary operation of the Funds. Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management and administration of the Funds’ net assets, based on the average daily net assets of each Fund. During the year ended December 31, 2003, Advisors received the following annual percentages of each Fund’s average daily net assets:

Management Fee

International Equity Fund 0.49%

Growth Equity Fund 0.45%

Growth & Income Fund 0.43%

Equity Index Fund 0.26%

Social Choice Equity Fund 0.27%

Managed Allocation Fund 0.00%

High-Yield Bond Fund 0.34%

Short-Term Bond Fund 0.30%

Tax-Exempt Bond Fund 0.30%

Bond Plus Fund 0.30%

Money Market Fund 0.29%

Advisors will not receive a management fee for its services to the Managed Allocation Fund. However, shareholders in the Managed Allocation Fund will indirectly bear their pro rata share of the fees and expenses incurred by the Funds in which the Managed Allocation Fund invests.

The Funds publicly offer their shares, without a sales load, through their distributor, Teachers Personal Investors Services, Inc. (“TPIS”), a wholly-owned subsidiary of TIAA, which is a registered broker-dealer and member of the National Association of Securities Dealers, Inc.

TIAA-CREF Mutual Funds 2003 Annual Report 185

Notes to Financial Statements (continued)

Note 3—Investments

The following is information about the holdings of the Managed Allocation Fund in the other Funds as of December 31, 2003.

Number Of Shares Percent Of Total Shares

Held In Fund Outstanding In The Fund

TIAA-CREF Mutual Funds:

International Equity Fund 5,129,270 16.53%

Growth Equity Fund 9,703,986 15.35%

Equity Index Fund 600,800 1.40%

High-Yield Bond Fund 1,194,554 4.87%

Short-Term Bond Fund 440,964 2.23%

Bond Plus Fund 13,203,613 31.96%

Money Market Fund 1,205,584 0.19%

TIAA-CREF Institutional
Mutual Funds:

Large-Cap Value Fund 7,161,631 60.67%

Small-Cap Equity Fund 1,045,418 10.95%

Real Estate Securities Fund 316,656 1.75%

The Bond Plus Fund owned 335,035 shares of the High-Yield Bond Fund representing 1.37% of its total outstanding shares outstanding.

At December 31, 2003, the Equity Index Fund held open futures contracts as follows:

	Number of	Market	Expiration	Unrealized
	Contracts	Value	Date	Gain

S&P 500 Mini Index	86	$4,775,580	March 2004	$72,646
Russell 2000 Mini Index	15	835,800	March 2004	11,072

		$5,611,380		$83,718

Purchases and sales of portfolio securities, other than short-term money market instruments, for the Funds, other than the Money Market Fund, for the year ended December 31, 2003 were as follows:

Non-Government Government Non-Government Government

Purchases Purchases Sales Sales

International Equity Fund $376,756,921 $ — $389,730,744 $ —

Growth Equity Fund 357,554,806 — 344,802,177 —

Growth & Income Fund 706,525,926 — 763,727,999 —

Equity Index Fund 162,623,965 — 42,008,739 —

Social Choice Equity Fund 7,754,610 — 23,257,682 —

Managed Allocation Fund 163,733,879 — 121,712,924 —

High-Yield Bond Fund 165,709,204 — 58,871,229 —

Short-Term Bond Fund 90,401,458 291,343,605 62,118,193 242,053,795

Tax-Exempt Bond Fund 275,624,081 — 243,814,667 —

Bond Plus Fund 116,110,232 570,876,551 85,927,845 456,568,100

186 2003 Annual Report TIAA-CREF Mutual Funds

Notes to Financial Statements (continued)

Note 4—Trustee Fees

Each Fund, other than the Managed Allocation Fund, pays the Trustees who are not also officers or affiliated persons of the Funds, certain remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees who are also officers or affiliated persons receive no remuneration for their services as Trustees of the Funds.

Note 5—Distributions to Shareholders

The tax character of distributions paid to shareholders during the years ended December 31, 2003 and 2002 were as follows:

2003 2002

Long-Term Long-Term

Ordinary Capital Ordinary Capital

Income Gain Total Income Gain Total

International
      Equity Fund $5,072,699 $ — $5,072,699 $3,829,301 $ — $3,829,301

Growth Equity Fund 3,706,292 — 3,706,292 2,672,947 — 2,672,947

Growth & Income Fund 6,160,816 — 6,160,816 5,689,083 — 5,689,083

Equity Index Fund 5,774,695 4,160,862 9,935,557 1,940,680 — 1,940,680

Social Choice
      Equity Fund 1,021,178 — 1,021,178 978,777 — 978,777

Managed Allocation
       Fund 15,613,855 — 15,613,855 10,731,220 840,872 11,572,092

High-Yield Bond Fund 12,069,249 — 12,069,249 8,876,131 — 8,876,131

Short-Term Bond Fund 7,268,145 520,357 7,788,502 4,629,367 699,461 5,328,828

Tax-Exempt Bond
      Fund(1) 7,487,674 1,826,817 9,314,491 5,364,360 673,339 6,037,699

Bond Plus Fund 23,842,034 1,593,971 25,436,005 19,769,991 $2,962,305 22,732,296

Money Market Fund 6,204,712 — 6,204,712 11,691,504 — 11,691,504

(1) Includes ordinary income which will not be taxable for federal income tax purposes in 2003 and 2002 of $6,074,110 and $4,463,303, respectively.

TIAA-CREF Mutual Funds 2003 Annual Report 187

Notes to Financial Statements (concluded)

As of December 31, 2003, the components of distributable earnings, on a tax basis, were as follows:

Undistributed Unrealized

Undistributed Long-Term Appreciation

Ordinary Income Capital Gain (Depreciation)

International Equity Fund $122,569 $ — $ 41,727,416

Growth Equity Fund — — (10,846,966)

Growth & Income Fund 13,868 — 30,232,281

Equity Index Fund — — 15,222,549

Social Choice Equity Fund — — (6,812,064)

Managed Allocation Fund 251,386 — (11,806,307)

High-Yield Bond Fund 6,744 — 13,772,035

Short-Term Bond Fund 6,053 72,228 2,648,941

Tax-Exempt Bond Fund 164,011 281,429 4,398,745

Bond Plus Fund — — 5,709,269

Money Market Fund 396 — —

The difference between book basis and tax basis unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales and the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies.

Note 6—Lines of Credit

The International Equity, Growth Equity, Growth & Income, Equity Index, Social Choice Equity, Managed Allocation, High-Yield Bond and Tax-Exempt Bond Funds participate in a $2.25 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During the year ended December 31, 2003, the Growth & Income Fund borrowed under this facility. The average daily loan balance during the two day period for which the loan was outstanding amounted to $100 million and the weighted average interest rate was 1.63%. The related interest expense was $9,062. For the year ended December 31, 2003, there were no other borrowings under this credit facility by the Funds.

The Bond Plus Fund participates in a letter of credit agreement in the amount of $2.5 million for the purpose of facilitating the settlement of transactions in the mortgage-backed securities market. For the year ended December 31, 2003, there were no borrowings under this agreement.

188 2003 Annual Report TIAA-CREF Mutual Funds

Report of Independent Auditors

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

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of TIAA-CREF Mutual Funds (comprising, respectively, the International Equity, Growth Equity, Growth & Income, Equity Index, Social Choice Equity, Managed Allocation, High-Yield Bond, Short-Term Bond, Tax-Exempt Bond, Bond Plus and Money Market Funds), as of December 31, 2003, and the related statements of operations and cash flows (for the Bond Plus Fund) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2003 by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds constituting TIAA-CREF Mutual Funds at December 31, 2003, the results of their operations and cash flows (for the Bond Plus Fund) for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the indicated periods, in conformity with accounting principles generally accepted in the United States.

New York, New York
February 18, 2004

TIAA-CREF Mutual Funds 2003 Annual Report 189

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190 2003 Annual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

2003 TIAA-CREF Mutual Funds Special Meeting

On December 15, 2003, at a special meeting of shareholders, the following persons were elected to serve on the Board:

Nominee
Dollars For

Percent
Dollars Withheld
Percent

Willard T. Carleton $1,373,306,096 97.15% $40,290,433 2.85%

Martin J. Gruber 1,372,478,640 97.09 41,117,889 2.91

Bridget A. Macaskill 1,369,823,960 96.90 43,772,569 3.10

Nancy L. Jacob, Bevis Longstreth, Stephen A. Ross, Maceo K. Sloan, and
Robert W. Vishny continued in office.

TIAA-CREF Mutual Funds 2003 Annual Report 191

Management

Current TIAA-CREF Mutual Funds Board of Trustees and Executive Officers

Disinterested Trustees

Name and Address     Age     Position(s) Held
with Fund     Term of Office and
Length of Time Served     Principal Occupation(s)
During Past 5 Years     Number of
Portfolios in
Fund Complex
Overseen by
Trustee     Other Directorships
Held by Trustee

WILLARD T.CARLETON
4915 Camino Antonio
Tucson, AZ 85718-6005
69
Trustee       Indefinite term.
Trustee since 2000.      Donald R .Diamond Professor of Finance Emeritus, University of Arizona, College of Business and Public Administration. Formerly, Donald R. Diamond Professor of Finance, University of Arizona, 1999-2001, and Karl L. Eller Professor of Finance, University of Arizona 1984-1999. Trustee of TIAA, 1984-2003. 53       None

MARTIN J. GRUBER
New York University
Stern School of Business
Henry Kaufman Management
Education Center
44 West 4th Street, Suite 988
New York, NY 10012 66 Chairman of the
Board of Trustees    Indefinite term.
Trustee since 2000.    Nomura Professor of Finance, New York University, Stern School of Business. Formerly,Chairman, Department of Finance, New York University, Stern School of Business, and Trustee of TIAA, 1996-2000. 53     Director, Scudder Investments
(New York) Funds, Japan
Equity Fund, Inc., Singapore
Fund, Inc., and the
Thai Capital Fund, Inc.

NANCY L. JACOB
Windermere Investment Associates
121 S.W. Morrison Street
Suite 925
Portland, OR 97204 61 Trustee     Indefinite term.
Trustee since 1997.    President and Managing Principal, Windermere Investment Associates. Formerly, Chairman and Chief Executive Officer, CTC Consulting, Inc., and Executive Vice President, U.S. Trust of the Pacific Northwest. 53     None

BEVIS LONGSTRETH
Debevoise & Plimpton
19 Third Avenue
New York, NY 10022-6225
70
Trustee     Indefinite term.
Trustee since 1997.    Retired Partner, Debevoise & Plimpton. Formerly,Partner and Of Counsel of Debevoise & Plimpton, Adjunct Professor at Columbia University School
of Law and Commissioner of the U.S. Securities and Exchange Commission. 53     Member of the Board of Directors
of AMVESCAP, PLC and Chairman
of the Finance Committee of the
Rockefeller Family Fund.

BRIDGET A. MACASKILL
160 East 81st Street
New York, NY 10028
55
Trustee    Indefinite term.
Trustee since 2003.   Formerly, Chairman, Oppenheimer Funds, Inc., 2000-2001. Chief Executive Officer, 1995-2001; President, 1991-2000; and Chief OperatingOfficer, 1989-1995 of that firm. 53    Director, J Sainsbury plc and
Prudential plc. International
Advisory Board, British-American
Business Council.

STEPHEN A. ROSS
Sloan School of Management
Massachusetts Institute of Technology
77 Massachusetts Avenue
Cambridge, MA 02139 59 Trustee      Indefinite term.
Trustee since 1997.     Franco Modigliani Professor of Finance and Economics, Sloan School of Management, Massachusetts Institute of Technology, Co-Chairman, Roll & Ross Asset Management Corp. Formerly, Sterling Professor of
Economics and Finance, Yale School of Management, Yale University. 53      Director, Freddie Mac;
Co-Chairman, Roll &
MRoss Asset Management
Corp.; and Principal, IV
Capital, Ltd.

192 2003 Annual Report TIAA-CREF Mutual Funds
TIAA-CREF Mutual Funds 2003 Annual Report 193

Disinterested Trustees (continued)

Name and Address     Age     Position(s) Held
with Fund     Term of Office and
Length of Time Served     Principal Occupation(s)
During Past 5 Years     Number of
Portfolios in
Fund Complex
Overseen by
Trustee     Other Directorships
Held by Trustee

MACEO K. SLOAN
NCM Capital Management Group, Inc.
103 West Main Street, Suite 400
Durham, NC 27701-3638
54
Trustee       Indefinite term.
Trustee since 1997.      Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc., and Chairman and Chief Executive Officer, NCM Capital ManagementGroup, Inc., since 1991. 53       Director, SCANA Corporation
and M&F Bancorp. Inc.

ROBERT W. VISHNY
University of Chicago
Graduate School of Business
1101 East 58th Street
Chicago, IL 60637 44 Trustee    Indefinite term.
Trustee since 1997.    Eric J. Gleacher Distinguished Service Professor of Finance, University of Chicago, Graduate School of Business. Founding Partner, LSV Asset Management. 53     None

A disinterested trustee is one who is independent, generally with no relationship
to TIAA-CREF, the funds, or the accounts they oversee, apart from personal investments they have made as private individuals.

Executive Officers

Name and Address     Age     Position(s) Held
with Fund     Term of Office and
Length of Time Served     Principal Occupation(s)
During Past 5 Years     Number of
Portfolios in
Fund Complex
Overseen by
Trustee     Other Directorships
Held by Trustee

HERBERT M.ALLISON, JR
TIAA-CREFF
730 Third Avenue
New York, NY 10017-3206
60
President and
Chief Executive
Officer        Indefinite term.
President and Chief
Executive Officer
since 2002. Chairman,PresidentandChiefExecutive Officer of TIAA. President and Chief Executive Officer of CREF, TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (these funds are collectively referred to as the “TIAA-CREF Funds”). Formerly, President and Chief Executive Officer of Alliance for LifeLong Learning, Inc., 2000-2002. President, Chief Operating Officer and Member of the Board of Directors of Merrill Lynch & Co., Inc., 1997-1999.Vice President of TIAA and Treasurer of TIAA and the TIAA-CREF Funds. N/A    Member of the Board of Directors
of the New York Stock Exchange

GARY CHINERY
TIAA-CREFF
730 Third Avenue
New York, NY 10017-3206 55 Vice President and
Treasurer
Indefinite term.
Vice President and
Treasurer since 2004.
Executive Vice President of TIAA and the TIAA-CREF Funds. N/A N/A

SCOTT C. EVANS
TIAA-CREFF
730 Third Avenue
New York, NY 10017-3206 44 Executive Vice
President Indefinite term.
Executive Vice President
since 1998. Executive Vice President of TIAA-CREF Investment Management, LLC (“Investment Management”) and Teachers Advisors, Inc. (“Advisors”) and Director of TIAA-CREF Life Insurance Company (“TIAA-CREF Life”). N/A N/A

194 2003 Annual Report TIAA-CREF Mutual Funds
TIAA-CREF Mutual Funds 2003 Annual Report 195

Executive Officers (continued)

Name and Address     Age     Position(s) Held
with Fund     Term of Office and
Length of Time Served     Principal Occupation(s)
During Past 5 Years     Number of
Portfolios in
Fund Complex
Overseen by
Trustee     Other Directorships
Held by Trustee

I. STEVEN GOLDSTEIN
TIAA-CREFF
730 Third Avenue
New York, NY 10017-3206
51
Executive Vice
President        Indefinite term.
Executive Vice President
since 2003. Executive Vice President, Public Affairs, of TIAAand the TIAA-CREF Funds. Formerly, Advisor for McKinsey & Company, 2003; Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal, 2001-2002; and Senior Vice President and Chief Communications Officer for Insurance Information Institute, 1993-2001. N/A    N/A

E. LAVERNE JONES
TIAA-CREFF
730 Third Avenue
New York, NY 10017-3206 54 Vice President and
Corporate Secretary
Indefinite term.
Vice President and
Corporate Secretary
since 1998.
Vice President and Corporate Secretary of TIAA and the TIAA-CREF Funds. N/A N/A

SUSAN S. KOZIK
TIAA-CREFF
730 Third Avenue
New York, NY 10017-3206 46 Executive Vice
President Indefinite term.
Executive Vice President
since 2003. Executive Vice President and Chief Technology Officer of TIAA and the TIAA-CREF Funds. Formerly, Vice President of IT Operations and Services, Lucent Technologies, 2000-2003; and Senior Vice President and Chief Technology Officer, Penn Mutual Life Insurance Company, 1997-2000. N/A N/A

GEORGE W. MADISON
TIAA-CREFF
730 Third Avenue
New York, NY 10017-3206 50 Executive Vice
President Indefinite term.
Executive Vice President
since 2003. Executive Vice President and General Counsel of TIAA and the TIAA-CREF Funds. Formerly, Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated. N/A N/A

ERWIN W. MARTENS
TIAA-CREFF
730 Third Avenue
New York, NY 10017-3206 47 Executive Vice
President Indefinite term.
Executive Vice President
since 2003. Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Funds. Formerly, Managing Director and Chief Risk Officer, Putnam Investments, 1999-2003; and Head and Deputy Head of Global Market Risk Management, 1997-1999. N/A N/A

ELIZABETH A. MONRAD
TIAA-CREFF
730 Third Avenue
New York, NY 10017-3206 49 Executive Vice
President Indefinite term.
Executive Vice President
since 2003. Executive Vice President and Chief Financial Officer of TIAA and the TIAA-CREF Funds. Formerly, Chief Financial Officer and Senior Vice President of General Re (2000-2003), Chief Financial Officer of its North American Reinsurance Operations (1997-2000) and Corporate Treasurer. N/A N/A

196 2003 Annual Report TIAA-CREF Mutual Funds
TIAA-CREF Mutual Funds 2003 Annual Report 197

Martin L. Leibowitz will retire as an officer of the TIAA-CREF Mutual Funds at the end of February, 2004, and is therefore not listed above.

The fund’s Statement of Additional Information (SAI) includes additional information about the fund’s directors and is available, without charge, upon request, by calling 877 518-9161.

198 2003 Annual Report TIAA-CREF Mutual Funds
TIAA-CREF Mutual Funds 2003 Annual Report 199

Important Tax Information—(Unaudited)

The following TIAA-CREF Mutual Funds paid distributions which were designated as being from net long-term capital gains realized by the Funds during 2003:

Amount

Equity Index Fund $4,160,862

Short-Term Bond Fund 520,357

Tax-Exempt Bond Fund 1,826,817

Bond Plus Fund 1,593,971

The following TIAA-CREF Mutual Funds paid distributions during 2003 from ordinary income that partially qualify for the corporate dividends received deduction. The percentage that qualifies is noted below:

Growth Equity Fund 100.00%

Growth & Income Fund 100.00%

Equity Index Fund 70.55%

Social Choice Equity Fund 100.00%

Managed Allocation Fund 15.00%

The International Equity Fund received income from foreign sources during 2003 of $5,692,435 ($0.18341 per share) and paid taxes to foreign countries during 2003 of $410,728 ($0.01323 per share)

The Tax-Exempt Bond Fund paid distributions to shareholders during 2003 totaling $9,314,491 of which $6,074,110 was exempt from federal income tax.

For the year ended December 31, 2003, certain dividends paid by certain TIAA-CREF Mutual Funds may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year, the following represents the maximum amount that may be considered qualified dividend income:

Fund
Amount

International Equity Fund $4,709,097

Growth Equity Fund 3,479,729

Growth & Income Fund 6,045,276

Equity Index Fund 3,689,905

Social Choice Equity Fund 1,019,830

Managed Allocation Fund 2,716,914

By early 2004, shareholders should receive their Form 1099-DIV and tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

200 2003 Annual Report TIAA-CREF Mutual Funds

Information

TIAA-CREF Web Center

Account performance, personal account information and transactions, product descriptions, calculators to estimate retirement income and allocate assets, and information about investment choices and income options

TIAA-CREF.org
24 hours a day, 7 days a week

Telephone Counseling Center

Retirement saving and planning, income options and payments, and tax reporting

800 842-2776
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

Planning and Service Center

TIAA-CREF Mutual Funds, after-tax annuities, and life insurance

800 223-1200
8 a.m. to 10 p.m. ET, Monday–Friday

Automated Telephone Service

Account performance, personal account information and transactions, and product information

800 842-2252
24 hours a day, 7 days a week

For Hearing- or Speech-Impaired Participants

800 842-2755
8 a.m. to 5 p.m. ET, Monday–Friday

TIAA-CREF Trust Company, FSB

Asset management, trust administration, estate planning, planned giving, and endowment management

888 842-9001
8 a.m. to 5 p.m. CT, Monday–Friday

TIAA-CREF Tuition Financing, Inc.

Tuition financing programs

888 381-8283
8 a.m. to 11 p.m. ET, Monday–Friday

TIAA-CREF Individual and Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. This report must be accompanied or preceded by a prospectus. For additional copies or for more complete information on securities products, please call 800 223-1200. Read the prospectus carefully before you invest. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

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A10841
02/04


ITEM 2. CODE OF ETHICS.

        The Board of Trustees of the TIAA-CREF  Mutual Funds (the  "Registrant")
had adopted a new code of ethics for senior  financial  officers,  including its
principal executive officer,  principal financial officer,  principal accounting
officer, or controller,  and persons performing similar functions, in conformity
with rules promulgated under the  Sarbanes-Oxley Act of 2002. The code of ethics
is filed as an exhibit to this annual report.

        During the reporting period,  there were no implicit or explicit waivers
granted by the Registrant from any provision of the code of ethics.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

        On August 20, 2003, the Board of Trustees of the  Registrant  determined
that  Maceo K.  Sloan  was  qualified  and would  serve as the  audit  committee
financial  expert  on  the  Registrant's  audit  committee.   Mr.  Sloan  is  an
independent  trustee - i.e., he is not an interested person of the Registrant as
defined in the Investment  Company Act of 1940, nor has he accepted  directly or
indirectly  any  consulting,   advisory  or  other  compensatory  fee  from  the
Registrant, other than in his capacity as Trustee.

ITEM 4.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.

        Ernst & Young performs independent audits of the Registrant's  financial
statements.  To maintain  auditor  independence and avoid even the appearance of
conflicts  of interest,  the  Registrant,  as a policy,  does not engage Ernst &
Young for management advisory or consulting services.

        AUDIT FEES. Ernst & Young's fees for professional  services rendered for
the audit of the Registrant's  annual financial  statements for the fiscal years
ended  December  31, 2003 and  December  31, 2002 were  $190,715  and  $201,075,
respectively.

        TAX FEES. Ernst & Young fees for tax services rendered to the Registrant
for the fiscal year ended  December 31, 2003 is expected to be $70,479,  and for
the fiscal year ended December 31, 2002, was $69,809.

        ALL OTHER FEES. Ernst & Young fees had no additional fees for the fiscal
years ended December 31, 2003 and 2002.

        PREAPPROVAL  POLICY.  In June of 2003, the Registrant's  audit committee
("Audit  Committee")  adopted a  Preapproval  Policy  for  External  Audit  Firm
Services (the "Policy").  The Policy describes the types of services that may be
provided by the  independent  auditor to the  Registrant  without  impairing the
auditor's  independence.  Under the Policy,  the Audit  Committee is required to
preapprove  services to be performed by the Registrant's  independent auditor in
order to ensure that such services do not impair the auditor's independence.




        The Policy  requires the Audit Committee to: (i) appoint the independent
auditor to perform the financial  statement audit for the Registrant and certain
of its  affiliates,  including  approving the terms of the  engagement  and (ii)
preapprove  the audit,  audit-related  and tax  services  to be  provided by the
independent  auditor and the fees to be charged for  provision of such  services
from year to year.

        AUDITOR FEES FOR RELATED ENTITIES.  The aggregate  non-audit fees billed
by Ernst & Young for  services  rendered  to the  Registrant  and its adviser or
affiliates  of the  adviser  performing  on-going  services  to the  Registrant,
including  TIAA (Service  Providers),  for the years ended December 31, 2003 and
2002 were $247,479 and $234,659, respectively.

        Ernst & Young's  aggregate fees for  professional  services  rendered in
connection  with the audit of financial  statements  for Teachers  Insurance and
Annuity Association of America ("TIAA") and the College Retirement Equities Fund
("CREF")  and their  affiliated  entities  were  $3,684,508  for the year  ended
December 31, 2003 and $3,167,680  for the year ended December 31, 2002.  Ernst &
Young's aggregate fees for audit related-services  provided to TIAA and CREF and
their affiliated entities were $177,000 for the year ended December 31, 2003 and
$159,000 for the year ended  December 31, 2002.  Ernst & Young's  aggregate fees
for tax services  provided to TIAA and CREF and their  affiliated  entities were
$229,871  for the year ended  December  31, 2003 and $212,625 for the year ended
December  31,  2002.  Ernst &  Young's  aggregate  fees for all  other  services
provided  to TIAA and CREF and their  affiliated  entities  were $0 for the year
ended December 31, 2003 and $22,850 for the year ended December 31, 2002.

ITEM 9. CONTROLS AND PROCEDURES.

        (a)     EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.  An evaluation
was performed  within 90 days from the date hereof under the  supervision of the
registrant's management, including the principal executive officer and principal
financial  officer,  of the  effectiveness  of the design and  operation  of the
registrant's disclosure controls and procedures.  Based on that evaluation,  the
registrant's management, including the principal executive officer and principal
financial  officer,  concluded  that the  registrant's  disclosure  controls and
procedures were effective for this annual reporting period.

        (b)     CHANGES  IN  INTERNAL  CONTROLS.  There  were no  changes in the
registrant's internal controls over financial reporting that occurred during the
registrant's last fiscal year that materially affected,  or is reasonably likely
to  materially  affect,   the  registrant's   internal  control  over  financial
reporting.

ITEM 10. EXHIBITS.

10(a)(1) Code of Ethics (EX-99.CODE ETH)

10(a)(2)(i)  Section  302  certification  of  the  principal  executive  officer
(EX-99.CERT)

10(a)(2)(ii)  Section  302  certification  of the  principal  financial  officer
(EX-99.CERT)

10(b) Section 906 certification.(EX-99.906CERT)





                                   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:    February 24, 2004            By:  /s/ Bertram L. Scott
                                           -------------------------------------
                                           Bertram L. Scott
                                           Executive Vice President

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


Date:    February 24, 2004            By:  /s/ Bertram L. Scott
                                           -------------------------------------
                                           Bertram L. Scott
                                           Executive Vice President
                                           (principal executive officer)


Date:    February 24, 2004            By:  /s/ Elizabeth A. Monrad
                                           -------------------------------------
                                           Elizabeth A. Monrad
                                           Executive Vice President
                                           (principal financial officer)





                                  EXHIBIT LIST
                                  ------------

ITEM 10. EXHIBITS.

10(a)(1) Code of Ethics (EX-99.CODE ETH)

10(a)(2)(i)  Section  302  certification  of  the  principal  executive  officer
(EX-99.CERT)

10(a)(2)(ii) Section 302 certification of the principal financial
officer (EX-99.CERT)

10(b) Section 906 certification.(EX-99.906CERT)

		Average Annual Compound Rates of Total Return
	Inception						Since
	Date	1 year		5 years			Inception

Equities
International Equity Fund	9/2/1997	40.86	%	2.30	%		4.29	%
Growth Equity Fund	9/2/1997	28.06		–6.09			1.14
Growth & Income Fund	9/2/1997	25.83		–0.87			4.89
Equity Index Fund	4/3/2000	30.67		—			–5.64
Social Choice Equity Fund	4/3/2000	29.87		—			–5.33
Equities & Fixed Income
Managed Allocation Fund	9/2/1997	22.45		2.20			5.74
Fixed Income
High-Yield Bond Fund	4/3/2000	23.24		—			8.14
Short-Term Bond Fund	4/3/2000	3.51		—			7.52
Tax-Exempt Bond Fund	4/3/2000	5.87		—			7.81
Bond Plus Fund	9/2/1997	4.38		6.63			7.37
Money Market Fund*	9/2/1997	0.93		3.58			3.98

Net Annualized Yield (30-Day Period Ended 12/29/2003)		Net Annualized Yield (30-Day Period Ended 12/29/2003)
	Current			Current		Effective
Bond Plus	3.73%	Money Market*		0.83%		0.84%

Report to Investors		2
Fund Performance
International Equity Fund		4
Growth Equity Fund		7
Growth & Income Fund		10
Equity Index Fund		13
Social Choice Equity Fund		16
Managed Allocation Fund		19
High-Yield Bond Fund		22
Short-Term Bond Fund		25
Tax-Exempt Bond Fund		28
Bond Plus Fund		31
Money Market Fund		34
Statement of Investments
International Equity Fund		37
Growth Equity Fund		44
Growth & Income Fund		48
Equity Index Fund		53
Social Choice Equity Fund		91
Managed Allocation Fund		104
High-Yield Bond Fund		105
Short-Term Bond Fund		115
Tax-Exempt Bond Fund		122
Bond Plus Fund		126
Money Market Fund		137
Financial Statements
Report of Management Responsibility		140
Report of the Audit Committee		141
Statements of Assets and Liabilities		142
Statements of Operations		146
Statement of Cash Flows		150
Statements of Changes in Net Assets		152
Financial Highlights		160
Notes to Financial Statements		182
Report of Independent Auditors		189
2003 TIAA-CREF Mutual Funds Special Meeting		191
Management		192
Important Tax Information		200
For More Information		Inside Back Cover

	Average Annual Compound Rates of Total Return¹			Cumulative Rates of Total Return¹
			since		since
	1 year	5 years	inception²	5 years	inception²

International Equity Fund	40.86%	2.30%	4.29%	12.05%	30.57%
Benchmark:
Morgan Stanley EAFE® Index	38.59	–0.01	2.47	–0.06	16.73
Peer group:
Morningstar Foreign Large Blend	33.32	0.49	1.91	2.47	14.07


		Percent of
Company (Country)		Net Assets

Nokia Oyj (Finland)		2.84
E.ON AG. (Germany)		2.79
Novartis AG (Regd) (Switzerland)		2.55
Vinci S.A. (France)		2.28
Nobel Biocare Holding AG (Switzerland)		2.15
Royal Bank of Scotland Group plc (United Kingdom)		2.13
Man Group plc (United Kingdom)		2.10
Reckitt Benckiser plc (United Kingdom)		2.02
BP plc (United Kingdom)		1.95
Sandvik ABj (Sweden)		1.95

Total		22.76


Inception Date		9/2/1997
Net Assets (12/31/2003)		$286.77 million
2003 Actual Expense Charge		0.49%


		Percent of
Company		Net Assets

General Electric Co		6.20
Pfizer, Inc		6.16
Cisco Systems, Inc		3.95
Microsoft Corp		3.86
Intel Corp		3.25
Fannie Mae		3.24
Procter & Gamble Co		3.23
Johnson & Johnson		2.27
Wal-Mart Stores, Inc		2.11
Int’l Business Machines Corp		2.10

Total		36.37


	Average Annual Compound			Cumulative Rates
	Rates of Total Return¹			of Total Return¹
			since		since
	1 year	5 years	inception²	5 years	inception²

Growth & Income Fund	25.83%	–0.87%	4.89%	–4.27%	35.39%
Benchmark:
S&P 500® Index	28.68	–0.57	4.92	–2.82	35.58
Peer group:
Morningstar Large Blend	26.72	–0.43	3.81	–2.13	28.17

Credit Quality of Portfolio Assets (as of 12/31/03)

		Percent of
Rating		Portfolio

Money market instruments (not rated)		2.9
Bonds
Baa/BBB		1.7
Ba/BB		35.9
B/B		55.7
Below B/B		3.3
Not Rated		0.5

Total		100.0


Fund Facts
Inception Date		4/3/2000
Net Assets (12/31/2003)		$228.32 million
2003 Actual Expense Charge		0.34%

Short-Term Credit Quality of Portfolio Assets (as of12/31/03)

		Percent of
Type of Asset		Portfolio

Money market instruments (not rated)		3.7
U.S. Treasury and agency securities		62.3
Asset-backed securities		0.3
Mortgage-backed securities		1.0
Corporate bonds
Aaa/AAA		1.9
Aa/AA		7.3
A/A		12.4
Baa/BBB		11.1

Total		100.0

Holdings by Market Sector (as of 12/31/2003)

Mortgage-backed securities*		36%
U.S. government securities		35
Corporate bonds		25
Money market instruments		2
Yankees**		2

Total		100

*Risk Characteristics: Bond Plus vs. Benchmark** (as of 12/31/2003)
		Option-Adjusted
	Average Maturity	Duration
	(In Years)	(In Years)

Bond Plus	6.60	4.62
Lehman Brothers
Aggregate
Bond Index	7.57	4.50

Net Annualized Yield (for the 7 days ending 12/29/2003)

	Current Yield	Effective Yield

Money Market Fund	0.83%	0.84%

iMoneyNet Money Fund
Report Averages^TM—
All Taxable	0.53%	0.53%

Average Maturity (as of 12/29/2003)

		Days

Money Market Fund		59

iMoneyNet Money Fund
Report Averages—All Taxable		56

Performance as of 12/31/2003

	Average Annual Compound			Cumulative Rates
	Rates of Total Return¹			of Total Return¹
			since		since
	1 year	5 years	inception²	5 years	inception²

Money Market Fund	0.93%	3.58%	3.98%	19.26%	28.03%

Benchmark:
iMoneyNet Money Fund
Report Averages—All Taxable	0.63	3.22	3.61	17.05	25.03

Asset Allocation (as of 12/31/2003)

		Percent of
		Net Assets

Commercial paper and corporate notes		81
U.S. government and agency securities		10
Bank liabilities		7
Floating-rate securities		2

Total		100

	VALUE	%

DOMESTIC
United States	$ 3,702,366	1.29%

TOTAL DOMESTIC	3,702,366	1.29

FOREIGN
Australia	14,656,088	5.12
Austria	2,224	0.00
China	634,604	0.22
Finland	8,140,700	2.84
France	16,706,367	5.83
Germany	25,089,418	8.76
Greece	2,054,437	0.72
Hong Kong	3,569,789	1.25
Italy	3,881,615	1.36
Japan	60,557,730	21.15
Netherlands	13,823,326	4.83
New Zealand	956,953	0.33
Portugal	110,460	0.04
Singapore	1,011,932	0.35
Spain	7,841,831	2.74
Sweden	7,972,167	2.79
Switzerland	45,456,656	15.88
Taiwan	1,579,663	0.55
United Kingdom	68,583,939	23.95

TOTAL FOREIGN	282,629,899	98.71

TOTAL PORTFOLIO	$286,332,265	100.00%

Electronic and Other Electric Equipment	$ 22,181,169	7.74%
Engineering and Management Services	3,698,574	1.29
Fabricated Metal Products	5,104,645	1.78
Food and Kindred Products	8,028,776	2.80
Food Stores	5,336,270	1.86
Furniture and Homefurnishings Stores	464,141	0.16
General Building Contractors	781,506	0.27
General Merchandise Stores	288,966	0.10
Heavy Construction, Except Building	6,653,481	2.32
Holding and Other Investment Offices	11,441,365	3.99
Industrial Machinery and Equipment	6,479,870	2.26
Instruments and Related Products	8,404,980	2.93
Insurance Carriers	12,109,794	4.22
Leather and Leather Products	376,752	0.13
Local and Interurban Passenger Transit	722,068	0.25
Lumber and Wood Products	144,611	0.05
Metal Mining	3,317,132	1.16
Miscellaneous Manufacturing Industries	317,477	0.11
Miscellaneous Retail	289,652	0.10
Nondepository Institutions	5,283,709	1.84
Nonmetallic Minerals, Except Fuels	32,248	0.01
Oil and Gas Extraction	3,117,466	1.09
Paper and Allied Products	1,385,341	0.48
Petroleum and Coal Products	12,943,142	4.52
Primary Metal Industries	2,095,165	0.73
Printing and Publishing	3,166,223	1.10
Railroad Transportation	1,041,213	0.36
Real Estate	1,962,802	0.68
Rubber and Miscellaneous Plastic Products	551,283	0.19
Security and Commodity Brokers	9,265,553	3.23
Special Trade Contractors	116,637	0.04
Stone, Clay, and Glass Products	213,493	0.08
Textile Mill Products	251,320	0.09
Tobacco Products	161,146	0.06
Transportation By Air	134,674	0.05
Transportation Equipment	5,758,725	2.01
Trucking and Warehousing	282,616	0.10
Water Transportation	410,358	0.14
Wholesale Trade-Durable Goods	621,898	0.22
Wholesale Trade-Nondurable Goods	8,817,138	3.08

TOTAL COMMON STOCK
(Cost $239,215,146)	284,418,420	99.18

	SHARES			VALUE

	83,100		Public Power Corp	$ 2,054,437
	19,214		SAP AG.	3,226,969
	41,600		Seiko Epson Corp	1,940,842
	8,291		SGS S.A.	5,202,196
	4,800		Sumisho Lease Co Ltd	152,729
	21,000		Tokyu Corp	107,773
	30,000		Wharf Holdings Ltd	83,080
	569,076		WPP Group plc	5,587,746

			TOTAL BUSINESS
			SERVICES	22,761,700

CHEMICALS AND ALLIED PRODUCTS—12.73%
	28,197	*	Actelion NV	3,043,703
	140,668		Akzo Nobel NV	5,429,409
	60,000		Asahi Kasei Corp	325,837
	24,931		AstraZeneca plc
			(United Kingdom)	1,196,091
	6,000		Daiichi Pharmaceutical
			Co Ltd	108,109
	13,000		Dainippon Ink &
			Chemicals, Inc	24,746
	10,000		Denki Kagaku Kogyo KK	32,192
	4,300		Givaudan S.A. (Regd)	2,232,141
	186,275		GlaxoSmithKline plc	4,268,294
	35,000		Kao Corp	711,953
	8,000		Kyowa Hakko Kogyo Co Ltd	50,910
	91,000		Mitsubishi Chemical Corp	236,904
	13,000		Nippon Kayaku Co Ltd	64,412
	11,000		Nippon Sanso Corp	46,496
	160,945		Novartis AG. (Regd)	7,307,105
	255,520		Reckitt Benckiser plc	5,781,782
	29,000		Sankyo Co Ltd	545,255
	10,000		Sekisui Chemical Co Ltd	50,947
	22,485		Shin-Etsu Chemical Co Ltd	918,954
	70,000		Shionogi & Co Ltd	1,303,723
	18,000		Shiseido Co Ltd	218,849
	39,000		Showa Denko KK	87,702
	54,000		Sumitomo Bakelite Co Ltd	352,207
	38,422		Takeda Chemical
			Industries Ltd	1,523,687
	30,000		Teijin Ltd	88,178
	70,000		Toray Industries, Inc	292,619
	11,000		Tosoh Corp	36,745
	7,200		Yamanouchi
			Pharmaceutical Co Ltd	223,719

			TOTAL CHEMICALS AND
			ALLIED PRODUCTS	36,502,669

COAL MINING—0.22%
	240,920		Byd Co Ltd (H Shs)	634,604

			TOTAL COAL MINING	634,604

FURNITURE AND HOMEFURNISHINGS STORES—0.16%
	77,000		Hitachi Ltd	$ 464,141

			TOTAL FURNITURE AND
			HOMEFURNISHINGS
			STORES	464,141

GENERAL BUILDING CONTRACTORS—0.27%
	186,000		Allgreen Properties Ltd	122,664
	5,220		Bouygues S.A.	182,515
	12,000		Shimizu Corp	45,684
	41,000		Sumitomo Realty &
			Development Co Ltd	361,146
	19,000		Taisei Corp	69,497

			TOTAL GENERAL BUILDING
			CONTRACTORS	781,506

GENERAL MERCHANDISE STORES—0.10%
	5,000		Aeon Co Ltd	167,491
	8,000		Marui Co Ltd	100,774
	2,900		Takashimaya Co Ltd	20,701

			TOTAL GENERAL
			MERCHANDISE STORES	288,966

HEAVY CONSTRUCTION, EXCEPT BUILDING—2.32%
	4,000		JGC Corp	41,728
	22,000		Kajima Corp	71,438
	78,982		Vinci S.A.	6,540,315

			TOTAL HEAVY
			CONSTRUCTION, EXCEPT
			BUILDING	6,653,481

HOLDING AND OTHER INVESTMENT OFFICES—3.99%
	15,348		Centro Properties Group	46,025
	181,888		Deutsche Office Trust	150,748
	29,900		Hutchison Whampoa Ltd	220,487
	110,995		Investa Property Group	163,913
	17,418		iShares MSCI EAFE
			Index Fund	2,382,434
	29		Japan Real Estate
			Investment Corp	183,466
	35,474		Macquarie Goodman
			Industrial Trust	45,170
	358,085		Macquarie Infrastructure Group	917,317
	60,943		Nobel Biocare Holding AG.	6,171,911
	316,000	*	Orient Corp	663,432
	47,000		Sumitomo Corp	350,406
	54,452		Westfield Trust (Units)	146,056

			TOTAL HOLDING AND OTHER
			INVESTMENT OFFICES	11,441,365

	SHARES			VALUE

COMMON STOCK—99.92%
APPAREL AND ACCESSORY STORES—1.24%
	294,598		Gap, Inc	$ 6,837,620

			TOTAL APPAREL AND
			ACCESSORY STORES	6,837,620

AUTO REPAIR, SERVICES AND PARKING—0.00%
	1,087	b*	ANC Rental Corp	0

			TOTAL AUTO REPAIR,
			SERVICES AND PARKING	0

BUILDING MATERIALS AND GARDEN SUPPLIES—3.47%
	290,811		Home Depot, Inc	10,320,882
	158,094		Lowe’s Cos	8,756,827

			TOTAL BUILDING MATERIALS
			AND GARDEN SUPPLIES	19,077,709

BUSINESS SERVICES—9.17%
	1	*	Artemis International
			Solutions Corp	2
	125,559	*	BEA Systems, Inc	1,544,376
	328		Certegy, Inc	10,758
	69,417	*	DST Systems, Inc	2,898,854
	1,121	*	Genesisintermedia, Inc	0
	15,133	*	i2 Technologies, Inc	25,121
	192	*	InterActiveCorp	8,198
	99,861	*	Intuit, Inc	5,283,646
	770,244		Microsoft Corp	21,212,520
	634,303	*	Oracle Corp	8,372,800
	4,065	*	Peregrine Systems, Inc	2,033
	1,800	*	ProcureNet, Inc	270
	900	b*	Quintus Corp	270
	2	b*	Quokka Sports, Inc	0
	164,744		SAP AG. (Spon ADR)	6,846,761
	122,432	*	Symantec Corp	4,242,269
	40	*	US Interactive, Inc	0

			TOTAL BUSINESS SERVICES	50,447,878

CHEMICALS AND ALLIED PRODUCTS—19.41%
	62,254		Abbott Laboratories	2,901,036
	165,123	*	Amgen, Inc	10,204,601
	100,181	*	Amylin Pharmaceuticals,
			Inc	2,226,022
	71,923		Avon Products, Inc	4,854,083
	1,800		Bristol-Myers Squibb Co	51,480
	19,132		Colgate-Palmolive Co	957,557
	75,700		Dow Chemical Co	3,146,849
	78,200	*	Forest Laboratories, Inc	4,832,760
	34,264	*	Genentech, Inc	3,206,082
	85,594	*	Gilead Sciences, Inc	4,976,435
	1,300		Gillette Co	47,749
	61,387		Lilly (Eli) & Co	4,317,348

*		Non-income producing

b		In bankruptcy

		At December 31,2003, the aggregate cost of portfolio investments for federal income tax purposes was $561,060,654. Net unrealized depreciation of portfolio investments aggregated $10,846,966 of which $39,343,390 related to appreciated portfolio investments and $50,190,356 related to depreciated portfolio investments.

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

	VALUE	%

Water Transportation	$ 3,830,379	0.69%
Wholesale Trade-Durable Goods	4,389,609	0.80

TOTAL COMMON STOCK (Cost $509,423,871)	549,433,781	99.63

SHORT TERM INVESTMENTS
U.S. Government and Agencies Discount Notes	1,959,897	0.36

TOTAL SHORT TERM INVESTMENTS (Cost $1,959,924)	1,959,897	0.36

TOTAL PORTFOLIO (Cost $511,383,795)	551,393,678	99.99
OTHER ASSETS & LIABILITIES, NET	50,398	0.01

NET ASSETS	$551,444,076	100.00%

	SHARES			VALUE


COMMON STOCK—99.63%
APPAREL AND ACCESSORY STORES—0.42%
	100,000		Gap, Inc	$ 2,321,000

			TOTAL APPAREL AND
			ACCESSORY STORES	2,321,000

AUTO REPAIR, SERVICES AND PARKING—0.00%
	421		Ryder System, Inc	14,377

			TOTAL AUTO REPAIR,
			SERVICES AND PARKING	14,377

BUILDING MATERIALS AND GARDEN
SUPPLIES—1.98%
	189,037		Home Depot, Inc	6,708,923
	75,769		Lowe’s Cos	4,196,845

			TOTAL BUILDING
			MATERIALS AND GARDEN
			SUPPLIES	10,905,768

BUSINESS SERVICES—5.94%
	3,834		Automatic Data Processing, Inc
	42,400		Computer Associates
			International, Inc	1,159,216
	40,100		Manpower, Inc	1,887,908
	641,509		Microsoft Corp	17,667,158
	15	*	Novell, Inc	158
	508,314	*	Oracle Corp	6,709,745
	1	*	PalmSource, Inc	22
	3	*	Roxio, Inc	14
	60,187		SAP AG. (Spon ADR)	2,501,372
	181,600	*	Siebel Systems, Inc	2,518,792

*		Non-income producing

		At December 31, 2003, the aggregate cost of portfolio investments for federal income tax purposes was $521,161,397. Net unrealized appreciation of portfolio investments aggregated $30,232,281 of which $49,929,559 related to appreciated portfolio investments and $19,697,278 related to depreciated portfolio investments.

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

	VALUE	%

Nondepository Institutions	$ 7,513,324	2.22%
Nonmetallic Minerals, Except Fuels	142,763	0.04
Oil and Gas Extraction	4,747,246	1.40
Paper and Allied Products	2,390,827	0.71
Personal Services	669,480	0.20
Petroleum and Coal Products	12,525,165	3.70
Primary Metal Industries	1,745,175	0.52
Printing and Publishing	2,749,996	0.81
Railroad Transportation	1,380,047	0.41
Real Estate	215,586	0.06
Rubber and Miscellaneous Plastic Products	732,058	0.22
Security and Commodity Brokers	6,831,253	2.02
Social Services	13,356	0.00
Special Trade Contractors	119,682	0.03
Stone, Clay, and Glass Products	597,844	0.18
Textile Mill Products	128,455	0.04
Tobacco Products	3,502,934	1.03
Transportation By Air	1,280,349	0.38
Transportation Equipment	8,563,579	2.53
Transportation Services	344,884	0.10
Trucking and Warehousing	1,399,356	0.41
Water Transportation	91,548	0.03
Wholesale Trade-Durable Goods	5,701,238	1.68
Wholesale Trade-Nondurable Goods	2,628,951	0.78

TOTAL COMMON STOCK (Cost $315,099,106)	331,282,777	97.96

SHORT TERM INVESTMENT
U.S. Government and Agencies Discount Notes	5,859,691	1.73

TOTAL SHORT TERM INVESTMENT (Cost $5,859,772)	5,859,691	1.73

TOTAL PORTFOLIO (Cost $320,958,878)	337,142,468	99.69
OTHER ASSETS & LIABILITIES, NET	1,045,736	0.31

NET ASSETS	$338,188,204	100.00%

	SHARES		VALUE

COMMON STOCK—97.96%
AGRICULTURAL PRODUCTION- CROPS—0.01%
	200	Alico, Inc	$ 6,952
	1,045	Delta & Pine Land Co	26,543

		TOTAL AGRICULTURAL
		PRODUCTION-CROPS	33,495

	SHARES			VALUE

	152	*	Charlotte Russe
			Holding, Inc	$ 2,107
	3,171	*	Charming Shoppes, Inc	17,123
	2,340	*	Chico’s FAS, Inc	86,463
	217	*	Children’s Place Retail
			Stores, Inc	5,800
	933		Christopher & Banks Corp	18,221
	2,312		Claire’s Stores, Inc	43,558
	58		Deb Shops, Inc	1,247
	618	*	Dress Barn, Inc	9,264
	600	*	Finish Line, Inc (Class A)	17,982
	4,196		Foot Locker, Inc	98,396
	1,033	*	Footstar, Inc	3,977
	18,623		Gap, Inc	432,240
	646	*	Genesco, Inc	9,774
	216		Goody’s Family
			Clothing, Inc	2,022
	510	*	Gymboree Corp	8,787
	1,266	*	Hot Topic, Inc	37,296
	119	*	JOS A. Bank Clothiers, Inc	4,128
	12,073		Limited Brands, Inc	217,676
	100	*	Mothers Work, Inc	2,440
	2,603		Nordstrom, Inc	89,283
	333		Oshkosh B’gosh, Inc
			(Class A)	7,146
	1,809	*	Pacific Sunwear Of
			California, Inc	38,206
	1,721	*	Payless Shoesource, Inc	23,061
	4,566		Ross Stores, Inc	120,679
	98	*	Shoe Carnival, Inc	1,744
	473	*	Stage Stores, Inc	13,197
	646		Talbots, Inc	19,884
	14,687		TJX Cos, Inc	323,848
	963	*	Too, Inc	16,255
	660	*	Urban Outfitters, Inc	24,453
	1,291	*	Wet Seal, Inc (Class A)	12,768
	100	*	Wilsons The Leather
			Experts, Inc	349

			TOTAL APPAREL AND
			ACCESSORY STORES	1,877,892

APPAREL AND OTHER TEXTILE PRODUCTS—0.15%
	270	*	Collins & Aikman Corp	1,169
	371	*	Columbia Sportswear Co	20,220
	543	*	DHB Industries, Inc	3,801
	203	*	Guess?, Inc	2,450
	3,514		Jones Apparel Group, Inc	123,798
	705		Kellwood Co	28,905
	3,160		Liz Claiborne, Inc	112,054
	310		Oxford Industries, Inc	10,503
	685		Phillips-Van Heusen Corp	12,152
	1,021		Polo Ralph Lauren Corp	29,405

	SHARES			VALUE

BUSINESS SERVICES—6.71%
	9,899	*	3Com Corp	$ 80,875
	550		Aaron Rents, Inc	11,072
	1,217		ABM Industries, Inc	21,188
	942	*	ActivCard Corp	7,423
	2,698	*	Activision, Inc	49,104
	1,973	*	Acxiom Corp	36,639
	862	*	Administaff, Inc	14,982
	6,770		Adobe Systems, Inc	266,061
	794	*	Advent Software, Inc	13,839
	839		Advo, Inc	26,647
	3,000	*	Aether Systems, Inc	14,250
	3,228	*	Affiliated Computer
			Services, Inc (Class A)	175,797
	800	*	Agile Software Corp	7,920
	4,920	*	Akamai Technologies, Inc	52,890
	919	*	Alliance Data
			Systems Corp	25,438
	229	*	Altiris, Inc	8,354
	915	*	American Management Systems, Inc	13,789
	791	*	AMN Healthcare
			Services, Inc	13,574
	174	*	Ansoft Corp	2,232
	600	*	Ansys, Inc	23,820
	705	*	Anteon International Corp	25,415
	100	*	APAC Customer
			Services, Inc	260
	2,300	*	Aquantive, Inc	23,575
	699	*	Arbitron, Inc	29,162
	6,400	*	Ariba, Inc	19,200
	1,200	*	Armor Holdings, Inc	31,572
	1,837	*	Ascential Software Corp	47,633
	798	*	Asiainfo Holdings, Inc	5,331
	900	*	Ask Jeeves, Inc	16,308
	3,079	*	Aspect Communications
			Corp	48,525
	2,395	*	Aspen Technology, Inc	24,573
	698	*	At Road, Inc	9,283
	100	*	Atari, Inc	420
	750	*	Autobytel, Inc	6,810
	3,014		Autodesk, Inc	74,084
	17,194		Automatic Data
			Processing, Inc	681,054
	151	*	Bankrate, Inc	1,869
	366		Barra, Inc	12,989
	10,635	*	BEA Systems, Inc	130,811
	3,007	*	Bisys Group, Inc	44,744
	6,670	*	BMC Software, Inc	124,396
	1,500	*	Borland Software Corp	14,595
	479		Brady Corp (Class A)	19,519
	1,480		Brink’s Co	33,463
	689	*	Broadvision, Inc	2,935

SHARES			VALUE

649	*	MSC.Software Corp	$ 6,133
791		National Instruments Corp	35,967
103	*	National Processing, Inc	2,426
345	*	NCO Group, Inc	7,856
2,599	*	NCR Corp	100,841
828		NDCHealth Corp	21,213
200	*	Neoforma, Inc	2,128
374	*	Neoware Systems, Inc	5,124
687	*	Netegrity, Inc	7,083
1,440	*	NETIQ Corp	19,080
271	*	Netratings, Inc	3,098
100	*	Netscout Systems, Inc	760
1,700	*	NetScreen
		Technologies, Inc	42,075
4,191	*	Network Associates, Inc	63,033
608	*	Network Equipment
		Technologies, Inc	6,688
1,600	*	NIC, Inc	12,848
10,782	*	Novell, Inc	113,427
241	*	Nuance
		Communications, Inc	1,841
300	*	NYFIX, Inc	2,385
5,423		Omnicom Group, Inc	473,591
100	*	Opnet Technologies, Inc	1,646
1,284	*	Opsware, Inc	9,502
110,505	*	Oracle Corp	1,458,666
800	*	Packeteer, Inc	13,584
277	*	PalmSource, Inc	6,036
7,896	*	Parametric Technology
		Corp	31,110
700	*	PC-Tel, Inc	7,427
388	*	PDF Solutions, Inc	5,781
122	*	PDI, Inc	3,271
93	*	PEC Solutions, Inc	1,576
666	*	Pegasus Solutions, Inc	6,973
9,179	*	Peoplesoft, Inc	209,281
2,293	*	Perot Systems Corp
		(Class A)	30,910
645	*	Pixar, Inc	44,692
669	*	Portal Software, Inc	4,502
300	*	Portfolio Recovery
		Associates, Inc	7,965
617	*	Progress Software Corp	12,624
996	*	Pumatech, Inc	3,964
88	*	Quality Systems, Inc	3,924
1,385	*	Quest Software, Inc	19,667
690	*	R.H. Donnelley Corp	27,490
457	*	Radiant Systems, Inc	3,843
438	*	Radisys Corp	7,385
1,284	*	Raindance
		Communications, Inc	3,531
2,043	*	RealNetworks, Inc	11,666
3,355	*	Red Hat, Inc	62,973