SEMI-ANNUAL REPORT 1999
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Financial statements (unaudited)
including statements of investments
June 30, 1999
TIAA-CREF Mutual Funds
Money Market Fund
Bond PLUS Fund
Growth & Income Fund
Growth Equity Fund
International Equity Fund
Managed Allocation Fund
[LOGO]
<PAGE>
TIAA-CREF MUTUAL FUNDS
1999 SEMI-ANNUAL REPORT CONTENTS
FUND PERFORMANCE
6 MONEY MARKET FUND
7 BOND PLUS FUND
8 GROWTH & INCOME FUND
9 GROWTH EQUITY FUND
10 INTERNATIONAL EQUITY FUND
11 MANAGED ALLOCATION FUND
FINANCIAL STATEMENTS
12 STATEMENTS OF ASSETS AND LIABILITIES
13 STATEMENTS OF OPERATIONS
14 STATEMENTS OF CHANGES IS NET ASSETS
16 FINANCIAL HIGHLIGHTS
20 NOTES TO FINANCIAL STATEMENTS
STATEMENTS OF INVESTMENTS
24 MONEY MARKET FUND
27 BOND PLUS FUND
31 GROWTH & INCOME FUND
41 GROWTH EQUITY FUND
57 INTERNATIONAL EQUITY FUND
65 MANAGED ALLOCATION FUND
67 TIAA-CREF PRODUCTS AND SERVICES
The Fund Managers
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Money Market Fund
STEVEN TRAUM, MANAGING DIRECTOR, TEACHERS ADVISORS
Mr. Traum joined TIAA-CREF in 1983. He has been responsible for managing the
CREF Money Market Account since its inception in 1988, and he has also been
responsible for managing the CREF Inflation-Linked Bond Account since its
inception in 1997. In addition, he manages the cash components of the other
TIAA-CREF Mutual Funds and the CREF Accounts.
Bond PLUS Fund
ELIZABETH BLACK, MANAGING DIRECTOR, PORTFOLIO MANAGEMENT, TEACHERS ADVISORS
Ms. Black has been with TIAA-CREF for twelve years and is also responsible for
managing the investments in CREF's Bond Market Account ($3.1 billion in assets)
and the fixed-income portion of CREF's Social Choice Account ($1.3 billion in
assets).
Growth & Income Fund
CARLTON N. MARTIN, MANAGING DIRECTOR, GLOBAL RESEARCH, TEACHERS ADVISORS
Mr. Martin joined TIAA-CREF in 1980. He is also responsible for managing the
actively managed domestic component of the CREF Global Equities Account.
Growth Equity Fund
GROWTH PORTFOLIO MANAGEMENT GROUP, TEACHERS ADVISORS
The Growth Equity Fund is managed by the Growth Portfolio Management Group of
Teachers Advisors. Nancy Wadelton and Willard T. Wolff are responsible for the
day-to-day management of the fund's stock selection portfolio. A team of
individuals from the Teachers Advisors quantitative investment unit manages the
"Enhanced Index" subportfolio.
International Equity Fund
CHRIS SEMENUK, DIRECTOR, GLOBAL PORTFOLIO MANAGEMENT, TEACHERS ADVISORS
Mr. Semenuk joined TIAA-CREF in 1993. He is also responsible for managing the
international component of the CREF Global Equities Account.
Managed Allocation Fund
JAMES G. FLEISHMANN, SENIOR MANAGING DIRECTOR, GLOBAL RESEARCH,
TEACHERS ADVISORS
Mr. Fleischmann joined TIAA-CREF in 1994 and is also responsible for global
equity research for the CREF accounts.
EDWARD J. GRZYBOWSKI, MANAGING DIRECTOR, TEACHERS ADVISORS
Mr. Grzybowski joined TIAA-CREF in 1987; he also has supervisory responsibility
over investments in CREF's Bond Market, Money Market, and Inflation-Linked Bond
Accounts.
<PAGE>
DEAR TIAA-CREF MUTUAL FUND PARTICIPANT:
Since the TIAA-CREF Mutual Funds were launched in 1997, they have attracted over
$1.5 billion in assets, and over 90,000 individuals have invested in the funds.
We are fortunate to have received praise from the financial press for our
commitment to service, our nonprofit operations, and our continuing efforts to
maintain low expenses and achieve excellent investment performance. Of course,
past performance does not guarantee future returns.
One of the hallmarks of TIAA-CREF's equity funds is the TIAA-CREF Dual
Investment Management Strategy.SM Our Growth & Income, Growth Equity, and
International Equity Funds each employ this innovative investment strategy, the
same fundamental approach that CREF has used over the years to manage more than
$160 billion in pension assets.
Using the Dual Investment Management Strategy,SM each equity fund is comprised
of two subportfolios: an actively managed "Stock Selection" component and an
"Enhanced Index" segment. The Stock Selection subportfolio holds a relatively
small number of stocks that the fund's management believes offer superior
returns. Money that is not invested in the fund's Stock Selection subportfolio
is invested in the Enhanced Index component, which seeks to outperform the
fund's benchmark index while also limiting the possibility of underperforming
that benchmark. This dual investment approach enables the funds to remain fully
invested even during periods when a fund's management cannot find attractive,
undervalued investment opportunities for the Stock Selection subportfolio.
In this semi-annual report, you will see that all of TIAA-CREF's equity funds
and our Money Market Fund performed extremely well during the first half of
1999, posting strong returns against their peer groups and respective benchmark
indices. As our domestic and global economic reports suggest, overall
performance of our funds has benefited from a strong domestic stock market, a
healthy U.S. economy, and favorable global conditions.
We believe that our innovative and traditional investment strategies, combined
with our commitment to low expenses, have contributed to the ongoing success of
the TIAA-CREFMutual Funds.
/s/ Martin L. Leibowitz
--Martin L. Leibowitz
VICE CHAIRMAN AND
CHIEF INVESTMENT OFFICER
<PAGE>
THE ECONOMIC ENVIRONMENT IN 1999
THE U.S. ECONOMY
For the first half of 1999, the U.S. economy has defied expectations and
produced amazingly strong growth. After a roaring 6 percent growth rate in the
fourth quarter of 1998, the first half of 1999 is running at close to a 4
percent pace. Inflation remains in check; full- year 1998 Consumer Price Index
(CPI) growth was only 1.6 percent, and this year's monthly increases are not
seriously higher.
Economic forecasters expected a much weaker economy in the first half of 1999 as
a follow-up to difficulties in the financial markets last fall. The Federal
Reserve responded promptly to offset market turbulence with three interest rate
cuts and vigorous money supply growth.
The lower interest rates were a boon to consumers, encouraging home mortgage
refinancing, home purchases, and overall consumer spending. Consumers got
another boost this year from fiscal policy in the form of new household tax
credits and education credits. On top of this, strong stock market performance
early this year increased the value of individual investment assets. The
combined stimulus of lower interest rates and tax credits fueled an explosive
6.7 percent rate of increase in consumer spending in the first quarter, the
strongest in ten years.
The U.S. manufacturing sector also perked up during the first half of 1999,
after many months of languor related to poor international trade conditions.
Improved manufacturing conditions strengthened corporate profits growth and
business investment spending as well.
Looking ahead, most forecasters expect the U.S. economy to slow down to the 3
percent growth range for the remainder of 1999. This is likely to result in part
from higher interest rates, which have curtailed the incentive for home mortgage
refinancing and home purchases that until now have been such powerful sources of
growth. Slower growth
FIGURE 1
REAL GROWTH AND INFLATION IN THE U.S. ECONOMY IN THE 1990S
(Seasonally adjusted annualized rates, quarterly)
[The following table represents a chart in the printed material]
GDP CPI
3/90 3.90% 7.10%
1.20% 4.10%
-1.90% 7.10%
-4.10% 7.00%
3/91 -2.10% 3.00%
1.80% 2.40%
1.00% 3.10%
1.00% 3.40%
3/92 4.70% 2.70%
2.50% 3.10%
3.00% 3.10%
4.30% 3.50%
3/93 0.10% 2.80%
2.00% 3.00%
2.10% 1.90%
5.30% 3.30%
3/94 3.00% 1.90%
4.70% 2.60%
1.80% 3.80%
3.60% 2.40%
3/95 0.90% 2.60%
0.30% 3.40%
3.00% 2.10%
2.20% 2.50%
3/96 1.80% 3.20%
6.00% 3.70%
1.00% 2.40%
4.30% 3.30%
3/97 4.90% 2.20%
3.30% 1.30%
3.10% 1.90%
3.70% 1.80%
3/98 4.80% 1.00%
7.40% 1.80%
3.90% 1.60%
6.00% 1.70%
3/99 4.30% 1.50%
QUARTERLY
SOURCE: FEDERAL RESERVE ECONOMIC DATABASE (FRED(R)
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will also come from the increasingly tight labor market--without available
labor, the economy must slow. The unemployment rate has been holding at 4.5
percent or less for more than a year and businesses are struggling to fill jobs.
The actions of the Federal Reserve will continue to play an important role in
shaping the economy in the near future. The Fed has already raised interest
rates once in 1999. Such tightening validates the Fed's commitment to keep
inflation in check and at the same time influences the path of growth through
next year.
/s/Martha S. Peyton
--Martha S. Peyton
MANAGING DIRECTOR
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4 TIAA-CREF Mutual Funds 1999 SEMI-ANNUAL REPORT
<PAGE>
THE GLOBAL ECONOMIC OUTLOOK
Global equity markets, destabilized by the Russian market crisis of last August,
have demonstrated remarkable resilience and achieved a solid recovery (see
Figure 1). Contributing to this recovery were the decisive and timely actions of
the U.S. Federal Reserve. The Fed helped to limit and ultimately reduce the
extensive risks to interdependent financial markets and companies in those
markets by reducing short-term interest rates--its first adjustment of policy
rates in eighteen months. Short-term interest rates in the Euro area and Japan
continued to trend lower to extraordinary levels (see Figure 2).
Leading indicators of economic activity for the Organization for Economic
Cooper-ation and Development (OECD) improved steadily from a low in October `98,
signaling a potentially stronger global economy (see Figure 3). Investors tended
to respond positively to the improved outlook. World equity markets in the first
half of 1999 grew by 12.3 percent, when valued in the currencies of individual
countries, and by 7.9 percent, when valued in the strong U.S. dollar. A benign
global inflation picture (notwith-standing the rebound in oil prices to
late-1997 levels) has provided support for global equities markets.
The Japanese economy, an important key to global economic growth, shows signs of
progress after its protracted decline. Short-term interest rates have stayed
very close to zero percent, with long-term interest rates around 1.5 percenta
result of unprecedented ease in monetary policy. In the longer term, the massive
budget deficits could pose difficulties. Required to finance ongoing fiscal
stimulus, they are expected to push the gross general government debt to about
120 percent of GDP--one of the highest ratios in the OECD. Nevertheless, the
nearly 30 percent year-to-date rise in Japan's equity market can be attributed
to continuing positive policy initiatives, signs of improved private sector
demand, and corporate restructuring.
In Euro-area markets, consumer confidence remains high. European business
confidence, shaken by the Asian crisis and turbulence in Russia and Brazil, is
picking up as the reverberations of those problems fade, and monetary policy
remains highly accommodative. Implementation of the single currency (Euro) from
January 1, 1999, will result in increased transparency of pricing and massive
rationalization of business enterprises, including ongoing privatization,
leading to more effective, globally competitive enterprises.
In contrast to most of Europe, the United Kingdom is experiencing tight labor
markets, with unemployment at a very low 4.5 percent. Domestic demand remains
strong, on the back of solid income generation.
On balance, stimulative macroeconomic policies on a global basis (despite a
modest tightening of monetary policy in the U.S.) will support improved growth
prospects ahead, with continued relatively benign inflation consequences--a
combination of factors that is resulting in a more favorable outlook for
corporate profitability.
--Harvey Kerrich
TIAA-CREF ECONOMIST
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FIGURE 1
MSCI WORLD INDEX (in U.S. dollars)
[The following table represents a chart in the printed material]
12/97 936.59
962
1013.37
3/98 1073.26
1059.3
1064.55
6/98 1072.12
1083.38
1016.31
9/98 952.39
1012.67
1109.53
12/98 1148.2
1154.44
1151.82
3/99 1187.55
1244.93
1191.73
6/99 1240.75
Source: Morgan Stanley Capital International, Inc.
FIGURE 2
SHORT-TERM INTEREST RATES
[The following table represents a chart in the printed material]
Short-Term Short-Term Short-Term Short-Term
Interest Rates Interest Rates Interest Rates Interest Rates
U.S. Euro Area Japan U.K.
12/97 5.91 4.34 0.74 7.72
5.66 4.23 0.75 7.59
5.63 4.2 0.84 7.54
3/98 5.69 4.08 0.73 7.57
5.69 4.07 0.66 7.54
5.69 4.04 0.57 7.49
6/98 5.69 4 0.57 7.71
5.69 3.94 0.64 7.81
5.68 3.92 0,65 7.73
9/98 5.5 3.91 0.48 7.47
5.27 3.8 0.4 7.22
5.32 3.69 0.4 6.97
12/98 5.23 3.36 0.5 6.46
5.01 3.13 0.51 5.92
5 3.09 0.38 5.53
3/99 5.01 3.05 0.2 5.4
5 2.7 0.15 5.32
5.02 2.58 0.11 5.35
6/99 5.18 2.63 0.1 5.22
SOURCE: OECD
FIGURE 3
OECD COMPOSITE LEADING INDICATORS
[The following table represents a chart in the printed material]
12/97 116.2
116.4
116.5
3/98 117
116.9
116.8
6/98 116.7
116.7
116.2
9/98 115.5
115.4
115.9
12/98 116.7
117.4
118
3/99 118.2
118.6
6/99
SOURCE: OECD
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TIAA-CREF Mutual Funds 1999 SEMI-ANNUAL REPORT 5
<PAGE>
MONEY MARKET FUND
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RISK FACTOR Very low
INVESTMENT OBJECTIVE
The TIAA-CREF Money Market Fund seeks high current income, to the extent
consistent with maintaining liquidity and preserving capital.
PORTFOLIO PROFILE
o Invests in money market securities classified as "first-tier securities,"
which are ranked in the highest category by nationally recognized statistical
rating organizations.
o Average weighted maturity of 90 days or less.
o Longest maturity will be 397 days.
PERFORMANCE IN 1999
The TIAA-CREF Money Market Fund's total rate of return for the first six months
of 1999 was 2.36 percent. The Money Market Fund achieved a one-year average
annual compound rate of total return of 5.09 percent, exceeding the 4.68 percent
of IBC's Money Fund Report AverageTM--All Taxable.
During the second quarter of 1999, the weighted average maturity of Money Market
Fund investments varied from a low of 56 days to a high of 65 days, compared
with a range of 57 to 61 days for IBC's Money Fund Report Average.
Asset-allocation changes in the second quarter included an increase in holdings
of floating/variable-rate securities and bank liabilities and a decrease in our
holdings of commercial paper and U.S. government agency securities.
ASSET ALLOCATION AS OF 6/30/99
[PIE CHART DATA]
Commercial Paper 66%
Medium term &
variable rate notes 17%
Bankers' acceptances &
bank notes 8%
Certificates of
deposit 7%
U.S. government
agency discount
notes 2%
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$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Lipper IBC Money
Money Market Fund Report Money
Funds Average-- Market
Average All Taxable Fund
10000 10000 10000
Sep-97 10040 10041 10044
10081 10084 10090
10121 10126 10132
Dec-97 10164 10170 10179
10207 10214 10226
10244 10253 10269
Mar-98 10286 10297 10317
10328 10340 10363
10370 10384 10407
Jun-98 10411 10426 10456
10454 10471 10504
10497 10515 10552
Sep-98 10538 10558 10598
10579 10601 10643
10618 10641 10689
Dec-98 10658 10683 10734
10697 10724 10780
10732 10759 10819
Mar-99 10769 10799 10862
10806 10838 10904
10844 10877 10947
Jun-99 10881 10915 10989
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<TABLE>
<CAPTION>
PERFORMANCE AT A GLANCE
Net Annualized Yield
AS OF 6/30/99 Average Annual Compound Cumulative Rates Average FOR THE 7 DAYS ENDING
Rates of Total Return(1) of Total Return(1) Maturity 6/29/99
SINCE SINCE Expense (days) Net Assets CURRENT EFFECTIVE
1 YEAR INCEPTION(2) 1 YEAR INCEPTION(2) Ratio AS OF 6/29/99 IN MILLIONS YIELD YIELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONEY MARKET FUND 5.09% 5.30% 5.09% 9.89% 0.29%(3) 56 $287.54 4.73% 4.84%
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IBC's Money Fund Report 4.68 4.90 4.68 9.15 0.49 57 -- 4.35 4.44
AverageTM--All Taxable
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Lipper Money Market
Funds Average 4.51 4.71 4.51 8.78 -- -- -- -- --
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</TABLE>
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF
RETURN FROM THE MONEY MARKET FUND. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE
VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL VALUE UPON REDEMPTION. 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.
2 INCEPTION DATE OF THE MONEY MARKET FUND WAS 9/2/97.
3 THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2000.
THE TIAA-CREF MONEY MARKET FUND IS NEITHER INSURED NOR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER U.S. GOVERNMENT AGENCY.
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6 TIAA-CREF Mutual Funds 1999 SEMI-ANNUAL REPORT
<PAGE>
BOND PLUS FUND
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RISK FACTOR Low to moderate
INVESTMENT OBJECTIVE
The TIAA-CREF Bond PLUS Fund seeks a favorable long-term rate of return,
primarily through high current income consistent with preserving capital.
PORTFOLIO PROFILE
o Aims to match the risk characteristics of the benchmark, so returns should be
similar to those of the benchmark index.
o Overweights investments in undervalued securities as compared with the
benchmark, and underweights investments in overvalued securities as compared
with the benchmark.
o Utilizes sector allocation strategies to maintain optimum portfolio structure.
PERFORMANCE IN 1999
In the second quarter of 1999, the Bond PLUS Fund posted a return of -1.18
percent. The fund trailed its benchmark, the Lehman Brothers Aggregate Bond
Index, which showed a return of -0.88 percent.
As compared with its benchmark, the fund's performance resulted primarily from
security selection and expenses. The PLUS component of the fund made up only 4
percent of the fund's holdings at the end of the second quarter.
As of June 30, 1999, the Bond PLUS Fund's holdings were overweight in
asset-backed, mortgage-backed, and U.S. agency securities, versus the holdings
in the Lehman Brothers Aggregate Bond Index, and were neutral in corporate
holdings.
BOND PLUS VS. BENCHMARK: RISK CHARACTERISTICS
Measure* Average Life Option-Adjusted Duration
(IN YEARS) 6/30/99 (IN YEARS) 6/30/99
Bond PLUS 8.56 4.88
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Lehman Brothers
Aggregate Bond Index 8.54 4.88
*AS CALCULATED USING AN ANALYTICAL MODEL DEVELOPED BY BARRA, A WIDELY RECOGNIZED
INVESTMENT RESEARCH FIRM THAT CREATED THE FIRST MULTIPLE-FACTOR BOND RISK
MODEL.
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TOP FIVE MARKET SECTORS 12/31/98 6/30/99
Mortgage-backed securities* 30% 43%
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Corporate bonds 23 27
U.S. government securities 43 26
Yankees** 1 2
Money market instruments 3 2
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* INCLUDES GOVERNMENT-BACKED AND PRIVATE-LABEL SECURITIES AND ASSET-BACKED
SECURITIES
** FOREIGN GOVERNMENT AND CORPORATE BONDS DENOMINATED IN U.S. DOLLARS
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$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
LIPPER INTERMEDIATE LEHMAN BROTHERS BOND
INVESTMENT GRADE AGGREGATE BOND PLUS
DEBT INDEX INDEX FUND
10000 10000 10000
Sep-97 10144 10147 10143
10266 10295 10286
10295 10342 10345
Dec-97 10389 10446 10451
10527 10580 10591
10513 10571 10575
Mar-98 10552 10607 10627
10601 10662 10687
10697 10764 10781
Jun-98 10782 10855 10883
10804 10878 10914
10950 11055 11114
Sep-98 11195 11314 11369
11104 11247 11301
11160 11311 11328
Dec-98 11208 11345 11385
11277 11435 11446
11077 11235 11250
Mar-99 11164 11297 11324
11202 11333 11365
11088 11234 11250
Jun-99 11050 11198 11191
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<TABLE>
<CAPTION>
PERFORMANCE AT A GLANCE
AS OF 6/30/99 Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return1 Expense Net Assets
1 YEAR SINCE INCEPTION(2) 1 YEAR SINCE INCEPTION2 Ratio IN MILLIONS
<S> <C> <C> <C> <C> <C> <C>
BOND PLUS FUND 2.82% 6.35% 2.82% 11.91% 0.30%(3) $193.22
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Lehman Brothers 3.15 6.39 3.15 11.98 -- --
Aggregate Bond Index
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Lipper Intermediate
Investment 2.48 5.60 2.48 10.49 -- --
Grade Debt Index
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</TABLE>
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF
RETURN FROM THE BOND Plus FUND. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE
VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL VALUE UPON REDEMPTION.
2 INCEPTION DATE OF THE BOND Plus FUND WAS 9/2/97.
3 THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2000.
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TIAA-CREF Mutual Funds 1999 SEMI-ANNUAL REPORT 7
<PAGE>
GROWTH & INCOME FUND
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RISK FACTOR Moderate
INVESTMENT OBJECTIVE
The TIAA-CREF Growth & Income Fund seeks favorable long-term returns through
capital appreciation and investment income, primarily from a broadly diversified
portfolio of common stocks.
PORTFOLIO PROFILE
o Employs TIAA-CREF's Dual Investment Management Strategy.SM Indexed portion
aims to slightly exceed the fund's benchmark, the S&P 500, with low
volatility.
o Active portion (40 percent as of 6/30/99) buys stocks when priced fairly or at
a discount to growth potential and asset values.
o Occasionally acquires stocks of foreign-based companies not in the benchmark.
PERFORMANCE IN 1999
For the first half of 1999, the Growth and Income Fund posted a 14.89 percent
return, versus 12.38 percent for the S&P 500 and 11.59 percent for the Lipper
Growth and Income Fund Index.
The fund's positive performance in the first half of 1999 was partly the result
of stock selection in telecommunication companies. The fund also achieved good
returns in the energy sector and in basic industries.
The fund reflected some weakness in pharmaceutical stocks in which we remain
confident for the long run. Returns in the financial sector lagged because of
weaker performance by insurance company stocks.
TEN LARGEST HOLDINGS AS OF 6/30/99
Company Shares Market Value (000)
Microsoft Corp 153,096 $13,807
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General Electric Co 106,453 12,029
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Wal-Mart Stores, Inc 181,509 8,758
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IBM Corp 61,306 7,924
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Lucent Technologies, Inc 110,845 7,475
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AT&T Corp 128,870 7,193
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Cisco Systems, Inc 105,761 6,815
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Intel Corp 111,577 6,639
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Exxon Corp 82,541 6,366
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MCI WorldCom, Inc 70,378 6,057
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$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Lipper
Growth & S&P Growth &
Income 500 Income
Fund Index Fund
10000 10000 10000
Sep-97 10505 10548 10542
10156 10195 10207
10440 10667 10667
Dec-97 10616 10851 10837
10636 10971 10952
11303 11762 11708
Mar-98 11826 12365 12430
11890 12490 12651
11708 12275 12451
Jun-98 11849 12773 12917
11559 12636 12854
9926 10809 10934
Sep-98 10372 11502 11499
11125 12437 12482
11661 13191 13296
Dec-98 12058 13951 14143
12171 14535 14823
11902 14083 14314
Mar-99 12313 14646 15017
13111 15214 15687
12921 14854 15273
Jun-99 13456 15679 16249
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<TABLE>
<CAPTION>
PERFORMANCE AT A GLANCE
AS OF 6/30/99 Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Expense Net Assets
1 YEAR SINCE INCEPTION(2) 1 YEAR SINCE INCEPTION(2) Ratio IN MILLIONS
<S> <C> <C> <C> <C> <C> <C>
GROWTH & INCOME FUND 25.79% 30.43% 25.79% 62.49% 0.43%(3) $389.71
- ------------------------------------------------------------------------------------------------------------------------------------
S&P 500 Index 22.76 27.90 22.76 56.79 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Lipper Growth &
Income Fund Index 13.56 17.56 13.56 34.45 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF
RETURN FROM THE GROWTH & INCOME FUND. FUTURE RETURNS WILL FLUCTUATE, AS WILL
THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.
2 INCEPTION DATE OF THE GROWTH & INCOME FUND WAS 9/2/97.
3 THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2000.
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8 TIAA-CREF Mutual Funds 1999 SEMI-ANNUAL REPORT
<PAGE>
GROWTH EQUITY FUND
RISK FACTOR Moderate to high
INVESTMENT OBJECTIVE
The TIAA-CREF Growth Equity Fund seeks a favorable rate of return, mainly
through the capital appreciation of a diversified portfolio of common stocks
that have the potential for strong growth.
PORTFOLIO PROFILE
o Employs TIAA-CREF's Dual Investment Management Strategy.SM Indexed portion
aims to exceed the fund's benchmark, the Russell 3000(R) Growth Index, with
low volatility.
o Actively managed part of the fund (62 percent as of 6/30/99) is concentrated
in stocks of rapidly growing companies dominant in products and/or services.
o Actively selects international stocks outside of the benchmark as
opportunities arise.
PERFORMANCE IN 1999
During the first half of 1999, the Growth Equity Fund returned 12.3 percent,
topping its benchmark, the Russell 3000(R) Growth Index, by roughly 1.7 percent.
The Growth Equity Fund also exceeded the Lipper Growth Fund Index by nearly half
a percentage point.
The Growth Equity Fund took advantage of weakness in health care and technology
stocks to increase its exposure to those sectors.
Toward the end of the second quarter, the fund increased its holdings in
software and semi-conductor stocks. However, the fund remained conservative
toward acquiring internet stocks because of their high valuations.
TEN LARGEST HOLDINGS AS OF 6/30/99
Company Shares Market Value (000)
Microsoft Corp 269,580 $24,313
- --------------------------------------------------------------------------------
Tyco International Ltd 231,903 21,973
- --------------------------------------------------------------------------------
General Electric Co 182,935 20,672
- --------------------------------------------------------------------------------
MCI WorldCom, Inc 236,048 20,315
- --------------------------------------------------------------------------------
Intel Corp 273,841 16,294
- --------------------------------------------------------------------------------
Cisco Systems, Inc 232,454 14,979
- --------------------------------------------------------------------------------
Merck & Co, Inc 175,918 13,018
- --------------------------------------------------------------------------------
Waste Management, Inc 189,547 10,188
- --------------------------------------------------------------------------------
AT&T Corp 169,419 9,456
- --------------------------------------------------------------------------------
Chancellor Media Corp (Class A) 163,690 9,023
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Lipper Russell Growth
Growth 3000(R) Equity
Fund Index Growth Index Fund
10000 10000 10000
Sep-97 10572 10524 10535
10231 10109 10189
10466 10469 10640
Dec-97 10643 10575 10819
10714 10847 11097
11469 11675 11899
Mar-98 11960 12144 12434
12088 12303 12658
11791 11903 12327
Jun-98 12300 12578 13064
12170 12409 12883
10215 10465 10638
Sep-98 10897 11288 11461
11651 12171 12402
12345 13098 13300
Dec-98 13377 14280 14711
13948 15102 15606
13473 14362 14905
Mar-99 14057 15101 15520
14414 15211 15649
14133 14780 15390
Jun-99 14967 15796 16522
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERFORMANCE AT A GLANCE
AS OF 6/30/99 Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Expense Net Assets
1 YEAR SINCE INCEPTION2 1 YEAR SINCE INCEPTION(2) Ratio IN MILLIONS
<S> <C> <C> <C> <C> <C> <C>
GROWTH EQUITY FUND 26.47% 31.62% 26.47% 65.22% 0.45%(3) $465.78
- ------------------------------------------------------------------------------------------------------------------------------------
Russell 3000(R)Growth Index 25.58 28.42 25.58 57.96 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Lipper Growth Fund Index 21.69 24.65 21.69 49.67 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF
RETURN FROM THE GROWTH EQUITY FUND. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE
VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL VALUE UPON REDEMPTION.
2 INCEPTION DATE OF THE GROWTH EQUITY FUND WAS 9/2/97.
3 THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2000.
- --------------------------------------------------------------------------------
TIAA-CREF Mutual Funds 1999 SEMI-ANNUAL REPORT 9
<PAGE>
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
RISK FACTOR Moderate to high
INVESTMENT OBJECTIVE
The TIAA-CREF International Equity Fund seeks a favorable long-term return,
mainly through capital appreciation from a broadly diversified portfolio
consisting primarily of foreign equity investments.
PORTFOLIO PROFILE
o Employs TIAA-CREF's Dual Investment Management StrategySM to achieve returns
on international equities.
o Indexed portion of the fund aims to slightly exceed the fund's benchmark, the
Morgan Stanley Europe, Australasia, Far East (EAFE) Index.
o Actively managed (50 percent as of 6/30/99) part is comprised of
international stocks of companies we believe have strong management and
excellent prospects for growth.
PERFORMANCE IN 1999
For the first half of 1999, the International Equity Fund posted a return of
5.60 percent, leading its benchmark, the Morgan Stanley EAFE Index (3.97
percent).
As overall performance in the Asia-Pacific region improved since last year, the
fund invested in Asian companies it viewed as being significantly undervalued,
based on future expected growth rates. Most of the fund's investments in Asia
are in the telecommunications, technology and consumer cyclical sectors.
The fund's European investments emphasized mobile communications companies, such
as the British company Vodafone and the German company Mannesman.
TEN LARGEST HOLDINGS AS OF 6/30/99
Market
Company Country Shares Value (000)
Mannesmann AG. Germany 27,800 $4,157
- --------------------------------------------------------------------------------
Invensys PLC United Kingdom 872,038 4,127
- --------------------------------------------------------------------------------
Vodafone Group PLC United Kingdom 192,367 3,790
- --------------------------------------------------------------------------------
Pearson PLC United Kingdom 149,800 3,044
- --------------------------------------------------------------------------------
Ericsson Telefon (LM)
AB Series B Sweden 94,300 3,023
- --------------------------------------------------------------------------------
Airtours PLC United Kingdom 362,100 2,888
- --------------------------------------------------------------------------------
Hays PLC United Kingdom 259,400 2,733
- --------------------------------------------------------------------------------
Koninklijke Ahold NV Netherlands 73,554 2,534
- --------------------------------------------------------------------------------
Ryohin Keikaku Co Ltd Japan 8,500 2,138
- --------------------------------------------------------------------------------
Bank of Tokyo Mitsubishi Ltd Japan 146,000 2,078
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Lipper
International Morgan Stanley International
Fund Index EAFE Index Equity Fund
10000 10000 10000
Sep-97 10642 10560 10570
9834 9748 9759
9753 9649 9682
Dec-97 9830 9733 9770
10068 10178 10186
10712 10831 10767
Mar-98 11294 11165 11194
11467 11253 11292
11490 11253 11303
Jun-98 11390 11339 11391
11565 11453 11479
9901 10034 9967
Sep-98 9593 9726 9562
10298 10739 10094
10814 11289 11095
Dec-98 11080 11680 11652
11148 11645 11973
10861 11368 11741
Mar-99 11223 11842 12017
11746 12322 12349
11309 11687 11741
Jun-99 11845 12143 12305
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERFORMANCE AT A GLANCE
AS OF 6/30/99 Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Expense Net Assets
1 YEAR SINCE INCEPTION(2) 1 YEAR SINCE INCEPTION(2) Ratio IN MILLIONS
<S> <C> <C> <C> <C> <C> <C>
INTERNATIONAL EQUITY FUND 8.02% 12.02% 8.02% 23.05% 0.49%(3) $146.14
- ------------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley EAFE Index 7.62 11.21 7.62 21.43 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Lipper International
Fund Index 4.00 9.65 4.00 18.37 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF
RETURN FROM THE INTERNATIONAL EQUITY FUND. FUTURE RETURNS WILL FLUCTUATE, AS
WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE
OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.
2 INCEPTION DATE OF THE INTERNATIONAL EQUITY FUND WAS 9/2/97.
3 THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2000.
- --------------------------------------------------------------------------------
10 TIAA-CREF Mutual Funds 1999 SEMI-ANNUAL REPORT
<PAGE>
MANAGED ALLOCATION FUND
- --------------------------------------------------------------------------------
RISK FACTOR Moderate
INVESTMENT OBJECTIVE
The TIAA-CREF Managed Allocation Fund seeks a favorable total rate of return
primarily through investments in several of the other TIAA-CREF Mutual Funds
that pursue capital appreciation and current income.
PORTFOLIO PROFILE
o Allocation mixture of 60 percent equities and 40 percent fixed income may
shift up or down by up to 15 percentage points, based on the relative values
of each sector.
o Equity portion consists of a changing mixture of three equity funds, the
TIAA-CREF International, Growth Equity, and Growth & Income Funds.
o Fixed-income portion is invested mostly in the Bond PLUS Fund, with occasional
investments in the Money Market Fund.
PERFORMANCE IN 1999
For the first half of 1999, the Managed Allocation Fund returned 6.33 percent,
surpassing the 5.87 percent return of its benchmark, the Managed Allocation
Composite Index. The fund exceeded the 6.17 percent return of the Lipper
Balanced Fund Index.
Relative stability in interest rates and positive signs in both the domestic and
global economy contributed to the fund's performance, requiring no allocation
changes in either the first or second quarters.
ASSET ALLOCATION AS OF 6/30/99
[The following table represents a pie chart in the printed material]
Bond Plus Fund 39%
Money Market Fund 1%
Growth Equity Fund 24%
International Equity Fund 12%
Growth & Income Fund 24%
- --------------------------------------------------------------------------------
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Composite
Index
(48% S&P 500;
40% Lehman Brothers
Aggregate
Lipper Bond Index; Managed
Balanced 12% Morgan Stanley Allocation
Fund Index EAFE Index) Fund
10000 10000 10000
Sep-97 10399 10389 10375
10210 10182 10178
10397 10415 10396
Dec-97 10550 10555 10539
10624 10719 10728
11046 11174 11139
Mar-98 11384 11518 11499
11463 11611 11637
11347 11541 11563
Jun-98 11552 11827 11882
11417 11785 11861
10433 10809 10839
Sep-98 10884 11209 11207
11291 11755 11721
11704 12208 12203
Dec-98 12136 12640 12777
12136 12948 13178
12330 12618 12799
Mar-99 12034 12970 13164
12331 13314 13382
12736 13026 13120
Jun-99 12886 13462 13585
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERFORMANCE AT A GLANCE
AS OF 6/30/99 Average Annual Compound Cumulative Rates
Rates of Total Return1 of Total Return1 Expense Net Assets
1 YEAR SINCE INCEPTION2 1 YEAR SINCE INCEPTION2 Ratio IN MILLIONS
<S> <C> <C> <C> <C> <C> <C>
MANAGED ALLOCATION FUND 14.33% 18.25% 14.33% 35.85% 0%(3) $210.18
- ------------------------------------------------------------------------------------------------------------------------------------
Composite Index4 13.10 17.67 13.10 34.62 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Lipper Balanced Fund Index 11.54 14.95 11.54 29.04 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF
RETURN FROM THE MANAGED ALLOCATION FUND. FUTURE RETURNS WILL FLUCTUATE, AS
WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE
OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.
2 INCEPTION DATE OF THE MANAGED ALLOCATION FUND WAS 9/2/97.
3 THE MANAGED ALLOCATION FUND OPERATES AT A ZERO EXPENSE RATIO BECAUSE THE FUND
ADVISOR DOESN'T RECEIVE A MANAGEMENT FEE FOR ITS SERVICES TO THE FUND AND HAS
AGREED TO BE RESPONSIBLE FOR PROVIDING THE SERVICES RESONABLY 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. WITH A TYPICAL ASSET MIX FOR THE MANAGED ALLOCATION
FUND: 24% GROWTH EQUITY FUND, 24%GROWTH & INCOME FUND, 12% INTERNATIONAL
EQUITY FUND, AND 40% BOND Plus FUND, THE EXPENSE RATIO WOULD BE 0.39%.
4 COMPOSITE INDEX: 48%, S&P 500 INDEX; 40%, LEHMAN BROTHERS AGGREGATE BOND
INDEX; 12%, MORGAN STANLEY EAFE INDEX.
TIAA-CREF Mutual Funds 1999 SEMI-ANNUAL REPORT 11
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------------------------------------------------------
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------------------------------------------------------
MONEY BOND GROWTH & GROWTH INTERNATIONAL MANAGED
MARKET PLUS INCOME EQUITY EQUITY ALLOCATION
FUND FUND FUND FUND FUND FUND
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Portfolio investments, at cost $288,131,643 $229,984,298 $323,206,206 $396,035,491 $129,522,443 $183,684,676
Net unrealized appreciation
(depreciation) of
portfolio investments -- (3,155,444) 69,798,855 71,380,028 15,157,750 26,788,448
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio investments, at value 288,131,643 226,828,854 393,005,061 467,415,519 144,680,193 210,473,124
Cash 42,263 22,647 255,554 1,797,627 646,238 523,301
Receivable from securities
transactions -- 58,236,378 898,186 2,721,122 2,408,241 --
Receivable for Fund shares sold 1,062,272 991,874 1,185,327 992,454 190,049 598,315
Dividends receivable -- -- 278,925 293,453 348,651 --
Interest receivable 1,537,520 2,363,504 34,078 -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 290,773,698 288,443,257 395,657,131 473,220,175 148,273,372 211,594,740
- --------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued management fee 69,183 46,829 127,542 161,573 58,157 --
Payable for securities
transactions 1,980,544 95,039,090 5,610,491 6,779,365 2,067,271 1,148,429
Payable for Fund shares redeemed 1,140,129 80,142 161,433 499,565 5,934 213,235
Income distribution payable 38,926 54,020 45,878 -- -- 53,801
Other payables and accrued
expenses 1,881 1,262 2,175 1,646 848 --
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 3,230,663 95,221,343 5,947,519 7,442,149 2,132,210 1,415,465
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $287,543,035 $193,221,914 $389,709,612 $465,778,026 $146,141,162 $210,179,275
================================================================================================================================
NET ASSETS CONSIST OF:
Paid in capital $287,542,696 $199,580,662 $307,619,823 $362,144,604 $131,328,832 $183,168,458
Accumulated undistributed
(overdistributed)
net investment income -- 95 103,206 431,986 1,094,728 (1,802)
Accumulated undistributed
net realized gain (loss)
on total investments 339 (3,203,399) 12,187,728 31,821,408 (1,440,148) 224,171
Accumulated net unrealized
appreciation (depreciation)
on investments -- (3,155,444) 69,798,855 71,380,028 15,157,750 26,788,448
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $287,543,035 $193,221,914 $389,709,612 $465,778,026 $146,141,162 $210,179,275
================================================================================================================================
Outstanding shares of
beneficial interest,
unlimited shares authorized
($.0001 par value) 287,542,696 19,613,937 25,544,812 30,376,786 13,130,909 16,962,483
NET ASSET VALUE PER SHARE $1.00 $9.85 $15.26 $15.33 $11.13 $12.39
================================================================================================================================
12 1999 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS STATEMENTS OF OPERATIONS
- ------------------------------------------------------------------------------------------------------------------
For the Six Months Ended June 30, 1999 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------
MONEY BOND GROWTH & GROWTH INTERNATIONAL MANAGED
MARKET PLUS INCOME EQUITY EQUITY ALLOCATION
FUND FUND FUND FUND FUND FUND
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $6,942,141 $5,325,314 $ 175,566 $ 154,222 $ 29,843 $ 15,093
Dividends -- -- 1,934,103 1,175,766 1,576,886 2,354,563
Foreign taxes withheld -- -- (31,458) (12,046) (177,428) --
- ------------------------------------------------------------------------------------------------------------------
Total income 6,942,141 5,325,314 2,078,211 1,317,942 1,429,301 2,369,656
EXPENSES:
Management fees 1,095,441 721,428 1,483,275 1,888,562 654,093 --
Trustee fees and expenses 1,664 1,082 1,919 2,385 1,634 --
- ------------------------------------------------------------------------------------------------------------------
Total expenses before waiver 1,097,105 722,510 1,485,194 1,890,947 655,727 --
Less expenses waived by the
advisor (693,317) (450,892) (797,459) (993,980) (330,350) --
- ------------------------------------------------------------------------------------------------------------------
Net expenses 403,788 271,618 687,735 896,967 325,377 --
- ------------------------------------------------------------------------------------------------------------------
Net investment income 6,538,353 5,053,696 1,390,476 420,975 1,103,924 2,369,656
- ------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments 745 (3,030,409) 7,374,723 31,499,014 2,369,600 --
Foreign currency transactions -- -- 17,179 (2,146) (59,001) --
- ------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on total
investments 745 (3,030,409) 7,391,902 31,496,868 2,310,599 --
- ------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) on:
Portfolio investments -- (5,171,391) 36,866,376 15,191,247 3,700,181 9,316,571
Translations of assets (other than
portfolio investments) and
liabilities denominated in
foreign currencies -- -- (2,595) 1,155 59,675 --
- ------------------------------------------------------------------------------------------------------------------
Net change in unrealized
appreciation (depreciation)
on total investments -- (5,171,391) 36,863,781 15,192,402 3,759,856 9,316,571
- ------------------------------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) on total investments 745 (8,201,800) 44,255,683 46,689,270 6,070,455 9,316,571
- ------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $6,539,098 ($3,148,104) $45,646,159 $47,110,245 $7,174,379 $11,686,227
==================================================================================================================
SEE NOTES TO FINANCIAL STATEMENTS 1999 SEMI-ANNUAL REPORT 13
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- ---------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND BOND PLUS FUND
--------------------------- ---------------------------
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1999 1998 1999 1998
- ---------------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 6,538,353 $ 6,976,294 $ 5,053,696 $ 5,921,526
Net realized gain (loss) on total investment 745 (406) (3,030,409) 1,380,932
Net change in unrealized appreciation
(depreciation) on total investments -- -- (5,171,391) 1,588,693
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from operations 6,539,098 6,975,888 (3,148,104) 8,891,151
- ---------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (6,538,353) (6,976,294) (5,075,232) (5,899,894)
In excess of net investment income -- -- -- --
From net realized gain on total Investments -- -- -- (1,547,852)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions (6,538,353) (6,976,294) (5,075,232) (7,447,746)
- ---------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Seed money redemptions by TIAA (52,851,933) -- (9,103,000) --
Subscriptions 218,179,727 231,893,540 61,708,500 85,689,920
Reinvestment of distributions 6,298,070 6,807,830 4,840,231 7,241,764
Exchanges among the Funds, net (17,956,788) (13,203,378) (6,993,029) 4,219,339
Redemptions (91,314,084) (63,915,543) (4,041,167) (1,963,519)
- ---------------------------------------------------------------------------------------------------------------------------
Net increase from share transactions 62,354,992 161,582,449 46,411,535 95,187,504
- ---------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 62,355,737 161,582,043 38,188,199 96,630,909
NET ASSETS
Beginning of year 225,187,298 63,605,255 155,033,715 58,402,806
- ---------------------------------------------------------------------------------------------------------------------------
End of period $287,543,035 $225,187,298 $193,221,914 $155,033,715
===========================================================================================================================
CHANGE IN FUND SHARES:
Shares outstanding at beginning of year 225,187,704 63,605,255 15,052,690 5,788,193
- ---------------------------------------------------------------------------------------------------------------------------
Seed money shares redeemed byTIAA (52,851,933) -- (905,583) --
Shares sold 218,179,727 231,893,540 6,080,901 8,343,128
Shares issued in reinvestment of
distributions 6,298,070 6,807,830 481,314 705,275
Shares exchanged among the Funds, net (17,956,788) (13,203,378) (686,319) 406,449
Shares redeemed (91,314,084) (63,915,543) (409,066) (190,355)
- ---------------------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 62,354,992 161,582,449 4,561,247 9,264,497
- ---------------------------------------------------------------------------------------------------------------------------
Shares outstanding at end of period 287,542,696 225,187,704 19,613,937 15,052,690
===========================================================================================================================
</TABLE>
14 1999 SEMI-ANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------------------------------------
GROWTH & INCOME FUND GROWTH EQUITY FUND
------------------------- --------------------------
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1999 1998 1999 1998
- ------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
INCREASE IN NET ASSETS
OPERATIONS: <S> <C> <C> <C>
Net investment income $ 1,390,476 $ 1,351,717 $ 420,975 $ 577,489
Net realized gain (loss) on total investment 7,391,902 5,262,170 31,496,868 1,993,400
Net change in unrealized appreciation
(depreciation) on total investments 36,863,781 31,134,980 15,192,402 55,669,056
- --------------------------------------------------------------------------------------------------------------
Net increase (decrease) from operations 45,646,159 37,748,867 47,110,245 58,239,945
- --------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (1,292,787) (1,337,813) -- (530,447)
In excess of net investment income -- -- -- --
From net realized gain on total Investments -- (434,363) -- (1,784,085)
- --------------------------------------------------------------------------------------------------------------
Total distributions (1,292,787) (1,772,176) -- (2,314,532)
- --------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Seed money redemptions by TIAA (56,727,011) -- (57,185,880) --
Subscriptions 164,732,302 134,533,838 177,468,738 174,729,292
Reinvestment of distributions 1,223,869 1,709,177 -- 2,276,443
Exchanges among the Funds, net 13,859,016 3,567,587 12,212,729 4,689,150
Redemptions (10,356,578) (4,984,558) (10,189,342) (5,746,202)
- --------------------------------------------------------------------------------------------------------------
Net increase from share transactions 112,731,598 134,826,044 122,306,245 175,948,683
- --------------------------------------------------------------------------------------------------------------
Total increase in net assets 157,084,970 170,802,735 169,416,490 231,874,096
NET ASSETS
Beginning of year 232,624,642 61,821,907 296,361,536 64,487,440
- --------------------------------------------------------------------------------------------------------------
End of period $389,709,612 $232,624,642 $465,778,026 $296,361,536
==============================================================================================================
CHANGE IN FUND SHARES:
Shares outstanding at beginning of year 17,449,059 5,988,332 21,708,531 6,374,505
- --------------------------------------------------------------------------------------------------------------
Seed money shares redeemed byTIAA (3,874,248) -- (3,915,637) --
Shares sold 11,652,878 11,466,918 12,454,759 15,295,702
Shares issued in reinvestment of
distributions 82,942 138,916 -- 169,861
Shares exchanged among the Funds, net 952,770 276,826 837,374 372,059
Shares redeemed (718,589) (421,933) (708,241) (503,596)
- --------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 8,095,753 11,460,727 8,668,255 15,334,026
- --------------------------------------------------------------------------------------------------------------
Shares outstanding at end of period 25,544,812 17,449,059 30,376,786 21,708,531
==============================================================================================================
<CAPTION>
INTERNATIONAL EQUITY FUND MANAGED ALLOCATION FUND
-------------------------- ------------------------------
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1999 1998 1999 1998
- ------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 1,103,924 $ 972,710 $ 2,369,656 $ 3,057,237
Net realized gain (loss) on total investment 2,310,599 (3,533,681) -- 925,429
Net change in unrealized appreciation
(depreciation) on total investments 3,759,856 16,761,026 9,316,571 17,451,450
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) from operations 7,174,379 14,200,055 11,686,227 21,434,116
- ---------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income -- (936,202) (2,369,656) (3,754,391)
In excess of net investment income -- (157,715) (1,802) --
From net realized gain on total Investments -- -- -- (4,104)
- ---------------------------------------------------------------------------------------------------------------
Total distributions -- (1,093,917) (2,371,458) (3,758,495)
- ---------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Seed money redemptions by TIAA (13,390,000) -- (24,881,000) --
Subscriptions 35,496,675 57,707,599 66,150,152 85,698,266
Reinvestment of distributions -- 1,081,128 2,275,487 3,631,298
Exchanges among the Funds, net 633,860 434,251 (1,755,788) 293,051
Redemptions (2,328,711) (1,531,982) (3,791,320) (3,518,384)
- ---------------------------------------------------------------------------------------------------------------
Net increase from share transactions 20,411,824 57,690,996 37,997,531 86,104,231
- ---------------------------------------------------------------------------------------------------------------
Total increase in net assets 27,586,203 70,797,134 47,312,300 103,779,852
NET ASSETS
Beginning of year 118,554,959 47,757,825 162,866,975 59,087,123
- ---------------------------------------------------------------------------------------------------------------
End of period $146,141,162 $118,554,959 $210,179,275 $162,866,975
===============================================================================================================
CHANGE IN FUND SHARES:
Shares outstanding at beginning of year 11,248,585 5,356,336 13,810,531 5,904,827
- ---------------------------------------------------------------------------------------------------------------
Seed money shares redeemed by TIAA (1,239,530) -- (2,035,750) --
Shares sold 3,279,971 5,920,549 5,456,997 7,896,416
Shares issued in reinvestment of
distributions -- 103,161 186,419 324,233
Shares exchanged among the Funds, net 73,879 27,698 (142,768) 10,478
Shares redeemed (231,996) (159,159) (312,946) (325,423)
- ---------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 1,882,324 5,892,249 3,151,952 7,905,704
- ---------------------------------------------------------------------------------------------------------------
Shares outstanding at end of period 13,130,909 11,248,585 16,962,483 13,810,531
===============================================================================================================
SEE NOTES TO FINANCIAL STATEMENTS 1999 SEMI-ANNUAL REPORT 15
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND
--------------------------------------------
FOR THE PERIOD
FOR THE FOR THE JULY 17,1997
SIX MONTHS YEAR (COMMENCEMENT
ENDED ENDED OF OPERATIONS)
JUNE 30, DECEMBER 31, TO DECEMBER 31,
1999(1) 1998 1997(1)
- ---------------------------------------------------------------------------------------------------------------------------
(Unaudited)
SELECTED PER SHARE DATA
<S> <C> <C> <C>
Net asset value, beginning of period $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.02 0.05 0.02
Net realized and unrealized gain (loss)
on investments -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations 0.02 0.05 0.02
===========================================================================================================================
Less distributions from:
Net investment income (0.02) (0.05) (0.02)
Net realized gains -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions (0.02) (0.05) (0.02)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00
===========================================================================================================================
TOTAL RETURN 2.36% 5.45% 2.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $287,543 $225,187 $63,605
Ratio of expenses to average net assets
before expense waiver 0.40% 0.79% 0.36%
Ratio of expenses to average net assets
after expense waiver 0.15% 0.29% 0.13%
Ratio of net investment income to
average net assets 2.34% 5.28% 2.49%
Portfolio turnover rate n/a n/a n/a
(1) The percentages shown for this period are not annualized.
===========================================================================================================================
16 1999 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------------------------------------
BOND PLUS FUND
------------------------------------------
FOR THE PERIOD
FOR THE FOR THE JULY 17, 1997
SIX MONTHS YEAR (COMMENCEMENT
ENDED ENDED OF OPERATIONS)
JUNE 30, DECEMBER 31, TO DECEMBER 31,
1999(1) 1998 1997(1)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELECTED PER SHARE DATA
(Unaudited)
Net asset value, beginning of period $10.30 $10.09 $10.00
- -----------------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.28 0.56 0.27
Net realized and unrealized gain (loss)
on investments (0.45) 0.32 0.20
- -----------------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations (0.17) 0.88 0.47
- -----------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income (0.28) (0.56) (0.27)
Net realized gains -- (0.11) (0.11)
- -----------------------------------------------------------------------------------------------------------
Total distributions (0.28) (0.67) (0.38)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $9.85 $10.30 $10.09
===========================================================================================================
TOTAL RETURN (1.70)% 8.94% 4.79%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $193,222 $155,034 $58,403
Ratio of expenses to average net assets
before expense waiver 0.40% 0.80% 0.37%
Ratio of expenses to average net assets
after expense waiver 0.15% 0.30% 0.14%
Ratio of net investment income to
average net assets 2.78% 5.66% 2.72%
Portfolio turnover rate 395.16% 531.92% 143.61%
===========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
GROWTH & INCOME FUND
-----------------------------------------
FOR THE PERIOD
FOR THE FOR THE JULY 17, 1997
SIX MONTHS YEAR (COMMENCEMENT
ENDED ENDED OF OPERATIONS)
JUNE 30, DECEMBER 31, TO DECEMBER 31,
1999(1) 1998 1997(1)
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELECTED PER SHARE DATA
(Unaudited)
Net asset value, beginning of period $13.33 $10.32 $10.00
- -------------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.06 0.10 0.07
Net realized and unrealized gain (loss)
on investments 1.92 3.04 0.32
- -------------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations 1.98 3.14 0.39
- -------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income (0.05) (0.10) (0.07)
Net realized gains -- (0.03) --
- -------------------------------------------------------------------------------------------------------
Total distributions (0.05) (0.13) (0.07)
- -------------------------------------------------------------------------------------------------------
Net asset value, end of period $15.26 $13.33 $10.32
=======================================================================================================
TOTAL RETURN 14.89% 30.51% 3.96%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $389,710 $232,625 $61,822
Ratio of expenses to average net assets
before expense waiver 0.47% 0.93% 0.43%
Ratio of expenses to average net assets
after expense waiver 0.22% 0.43% 0.20%
Ratio of net investment income to
average net assets 0.43% 0.97% 0.76%
Portfolio turnover rate 14.84% 71.49% 1.46%
=======================================================================================================
SEE NOTES TO FINANCIAL STATEMENTS 1999 SEMI-ANNUAL REPORT 17
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS
- --------------------------------------------------------------------------------------------------
GROWTH EQUITY FUND
--------------------------------------------
FOR THE PERIOD
FOR THE FOR THE JULY 17,1997
SIX MONTHS YEAR (COMMENCEMENT
ENDED ENDED OF OPERATION)
JUNE 30, DECEMBER 31, TO DECEMBER 31,
1999(1) 1998 1997(1)
- ---------------------------------------------------------------------------------------------------
(Unaudited)
SELECTED PER SHARE DATA
<S> <C> <C> <C>
Net asset value, beginning of period $13.65 $10.12 $10.00
- ---------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.01 0.03 0.06
Net realized and unrealized gain (loss)
on investments 1.67 3.61 0.28
- ---------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations 1.68 3.64 0.34
- ---------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income -- (0.03) (0.06)
In excess of net investment income -- -- --
Net realized gains -- (0.08) (0.16)
- ---------------------------------------------------------------------------------------------------
Total distributions -- (0.11) (0.22)
Net asset value, end of period $15.33 $13.65 $10.12
===================================================================================================
TOTAL RETURN 12.31% 35.97% 3.44%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $465,778 $296,362 $64,487
Ratio of expenses to average net assets
before expense waiver 0.48% 0.95% 0.44%
Ratio of expenses to average net assets
after expense waiver 0.23% 0.45% 0.21%
Ratio of net investment income to
average net assets 0.11% 0.37% 0.68%
Portfolio turnover rate 51.95% 49.91% 29.44%
===================================================================================================
(1) The percentages shown for this period are not annualized.
- ---------------------------------------------------------------------------------------------------
18 1999 SEMI-ANNUAL REPORT
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
-------------------------------------------
FOR THE PERIOD
FOR THE FOR THE JULY 17, 1997
SIX MONTHS YEAR (COMMENCEMENT
ENDED ENDED OF OPERATIONS)
JUNE 30, DECEMBER 31, TO DECEMBER 31,
1999(1) 1998 1997(1)
- ----------------------------------------------------------------------------------------------------------------
(Unaudited)
<S> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $10.54 $8.92 $10.00
- ----------------------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.10 0.09 0.07
Net realized and unrealized gain (loss)
on investments 0.49 1.63 (1.07)
- ----------------------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations 0.59 1.72 (1.00)
- ----------------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income -- (0.08) (0.07)
In excess of net investment income -- (0.02) (0.01)
Net realized gains -- -- --
- ----------------------------------------------------------------------------------------------------------------
Total distributions -- (0.10) (0.08)
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.13 $10.54 $8.92
================================================================================================================
TOTAL RETURN 5.60% 19.27% (10.09)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $146,141 $118,555 $47,758
Ratio of expenses to average net assets
before expense waiver 0.50% 0.99% 0.46%
Ratio of expenses to average net assets
after expense waiver 0.25% 0.49% 0.23%
Ratio of net investment income to
average net assets 0.83% 1.23% 0.56%
Portfolio turnover rate 26.47% 27.20% 4.56%
================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
MANAGED ALLOCATION FUND
-----------------------------------------
FOR THE PERIOD
FOR THE FOR THE JULY 17, 1997
SIX MONTHS YEAR (COMMENCEMENT
ENDED ENDED OF OPERATIONS)
JUNE 30, DECEMBER 31, TO DECEMBER 31,
1999(1) 1998 1997(1)
- -----------------------------------------------------------------------------------------------------------
(Unaudited)
<S> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $11.79 $10.01 $10.00
- -----------------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.13 0.34 0.23
Net realized and unrealized gain (loss)
on investments 0.62 1.76 0.01
- -----------------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations 0.75 2.10 0.24
- -----------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income (0.13) (0.32) (0.23)
In excess of net investment income (0.02) -- --
Net realized gains -- -- --
- -----------------------------------------------------------------------------------------------------------
Total distributions (0.15) (0.32) (0.23)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.39 $11.79 $10.01
===========================================================================================================
TOTAL RETURN 6.33% 21.24% 2.44%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $210,179 $162,867 $59,087
Ratio of expenses to average net assets
before expense waiver 0.00% 0.00% 0.00%
Ratio of expenses to average net assets
after expense waiver 0.00% 0.00% 0.00%
Ratio of net investment income to
average net assets 1.23% 2.80% 2.46%
Portfolio turnover rate 0.00% 4.78% 0.00%
===========================================================================================================
SEE NOTES TO FINANCIAL STATEMENTS 1999 SEMI-ANNUAL REPORT 19
</TABLE>
<PAGE>
TIAA-CREF MUTUAL FUNDS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
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 ("Commission") under the Investment Company Act of 1940 as an
open-end management investment company. The Funds consist of six series (each
referred to as a "Fund"), each of which commenced operations with an investment
by Teachers Insurance and Annuity Association of America ("TIAA") on July 17,
1997. On September 2, 1997, the Funds began to publicly offer their shares,
without a sales load, through their distributor, Teachers Personal Investors
Services, Inc. ("TPIS"). TPIS, a wholly-owned indirect subsidiary of TIAA, is
registered with the Commission as a broker-dealer and is a member of the
National Association of Securities Dealers, Inc. Teachers Advisors, Inc.
("Advisors"), a wholly-owned indirect subsidiary of TIAA, is registered with the
Commission as an investment adviser. Advisors 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.
During the six months ended June 30, 1999, TIAA redeemed 52,851,933 shares from
the Money Market Fund totalling $52,851,933; 905,583 shares from the Bond PLUS
Fund totalling $9,103,000; 3,874,248 shares from the Growth & Income Fund
totalling $56,727,011; 3,915,637 shares from the Growth Equity Fund totalling
$57,185,880; 1,239,530 shares from the International Equity Fund totalling
$13,390,000 and 2,035,750 shares from the Managed Allocation Fund totalling
$24,881,000. At June 30, 1999, TIAA had redeemed all of its shares from the
Money Market, Growth & Income and Growth Equity Funds and owned 2,730,894 shares
in the Bond PLUS Fund with a value of $26,899,310; 3,237,063 shares in the
International Equity Fund with a value of $36,028,516 and 3,280,694 shares in
the Managed Allocation Fund with a value of $40,647,807.
At June 30, 1999, the Managed Allocation Fund owned 2,506,350 shares in the
Money Market Fund, which amounted to 0.87% of the total shares outstanding;
8,277,271 shares in the Bond PLUS Fund, which amounted to 42.20% of the total
shares outstanding; 3,324,243 shares in the Growth & Income Fund, which amounted
to 13.01% of the total shares outstanding; 3,309,174 shares in the Growth Equity
Fund, which amounted to 10.89% of the total shares outstanding; and 2,163,350
shares in the International Equity Fund, which amounted to 16.48% of the total
shares outstanding.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements may require management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, income,
expenses and related disclosures. Actual results may differ from those
estimates. The following is a summary of the significant accounting policies
followed by the Funds, which are in conformity with generally accepted
accounting principles.
VALUATION OF INVESTMENTS: 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, except for bonds which are valued at
the most recent bid price or the equivalent quoted yield of such bonds. 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. Values for money market instruments (other than those in the
Money Market Fund) with maturities of one year or less are obtained from either
one or more of the major market makers or derived from a pricing matrix that has
various types of money market instruments along one axis and maturities, ranging
from overnight to one year, along the other. This information is derived from
one or more financial information services. For money market instruments with
maturities longer than one year, these values are derived utilizing an
independent pricing service when such prices are believed to reflect the fair
value of these securities. For the Money Market Fund, securities are valued
using the amortized cost method. The amortized cost method initially values
securities at original cost and assumes a constant amortization to maturity of
any discount or premium. Portfolio securities for which market quotations are
not readily available (including restricted securities) are valued at fair
value, as determined in good faith under the direction of the Board of Trustees.
20 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the
date the securities are purchased or sold (trade date). Realized gains and
losses are based upon the specific identification method for both financial
statement and federal income tax purposes. Interest income is recognized on the
accrual basis, and discounts and premiums on securities purchased are amortized
using the effective yield method. Dividend income is recorded on the ex-dividend
date, except for certain foreign dividends, which are recorded as the Funds are
informed of the ex-dividend date.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: Foreign investments, bank
deposits and forward foreign currency contracts are valued in U.S. dollars,
based on the exchange rate each business day. Investments traded in foreign
currencies are translated at exchange rates prevailing on the respective dates
traded. Income is translated at approximate rates prevailing when earned. Asset
and liability accounts that are denominated in a foreign currency are adjusted
to reflect the exchange rate each business day. The cumulative impact of changes
in foreign exchange rates on portfolio investments sold during the period is
reflected in the net realized gain (loss) on portfolio investments. The
cumulative impact of changes in foreign exchange rates on portfolio investments
held at the end of each business day is reflected in the net change in
unrealized appreciation (depreciation) on portfolio investments. Currency gains
and losses arising from the settlement of forward foreign currency contracts,
changes in exchange rates between the trade and settlement dates of portfolio
investment transactions, and changes in exchange rates between the accrual and
receipt dates for dividend and interest income are recorded as net realized
gains (losses) on foreign currency transactions. For assets (other than
portfolio investments) and liabilities, changes in foreign exchanges rates are
reflected in the net change in unrealized appreciation (depreciation) on
translation of assets (other than portfolio investments) and liabilities
denominated in foreign currencies.
FORWARD FOREIGN CURRENCY CONTRACTS: The Funds may enter into forward foreign
currency contracts to purchase or sell foreign currency to accommodate foreign
investment transactions. Forward foreign currency contracts are "marked-to
market" at the end of each day's trading. Daily changes in the value of such
contracts are reflected in the net change in unrealized appreciation
(depreciation) on translation of assets and liabilities denominated in foreign
currencies. When the contract is closed, payment is received or made and a
realized gain or loss on foreign currency transactions is recognized, equal to
the difference between the cost of the closing transaction and the basis in the
contract. A Fund may also enter into a forward foreign currency contract to
offset an existing contract. Forward foreign currency contracts are entered into
directly with a counterparty and a Fund is exposed to the risk of default of
such counterparty. The maximum potential loss from such risk is the aggregate
face value in U.S. dollars at the time the contract is opened. There is no daily
margin requirement for such contracts.
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. The price and interest rate of such securities is fixed
at trade date. For when-issued purchases, a Fund does not earn interest on such
security until settlement date.
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.
DIVIDENDS TO SHAREHOLDERS: Dividends from net investment income, if any, for the
Bond PLUS Fund are declared and paid monthly; for the Growth & Income and
Managed Allocation Funds are declared and paid quarterly; for the Growth Equity
and International Equity 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 to paid in capital.
21 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
INCOME TAXES: As qualified regulated investment companies under Subchapter M of
the Internal Revenue Code, the Funds will not be subject to income taxes to the
extent that they distribute substantially all taxable income each year.
NOTE 3. MANAGEMENT AGREEMENT
Under the terms of an Investment Management Agreement, each Fund pays a fee for
the management and administration of the Funds, based on the average daily net
assets of each Fund. Advisors has currently waived its right to receive a
portion of its fee from each Fund until July 1, 2000. As a result, during such
waiver period, Advisors will receive the following annual percentages of each
Fund's average daily net assets:
MANAGEMENT MANAGEMENT FEE
FEE WAIVER AFTER WAIVER
--------------- -------- ---------------
Money Market Fund 0.79% 0.50% 0.29%
Bond PLUS Fund 0.80% 0.50% 0.30%
Growth & Income Fund 0.93% 0.50% 0.43%
Growth Equity Fund 0.95% 0.50% 0.45%
International Equity Fund 0.99% 0.50% 0.49%
Managed Allocation Fund 0.00% 0.00% 0.00%
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.
NOTE 4. INVESTMENTS
At June 30, 1999, net unrealized appreciation (depreciation) of portfolio
investments, consisting of gross unrealized appreciation and gross unrealized
depreciation, was as follows:
NET UNREALIZED
GROSS UNREALIZED APPRECIATION
APPRECIATION DEPRECIATION (DEPRECIATION)
--------------- ------------- --------------
Bond PLUS Fund $ 26,320 $3,181,764 ($ 3,155,444)
Growth & Income Fund 77,166,195 7,367,340 69,798,855
Growth Equity Fund 79,550,534 8,170,506 71,380,028
International Equity Fund 23,014,213 7,856,463 15,157,750
Managed Allocation Fund 29,466,777 2,678,329 26,788,448
Purchases and sales of portfolio securities, other than short-term money market
instruments, for the Funds other than the Money Market Fund, for the six months
ended June 30, 1999, were as follows:
<TABLE>
<CAPTION>
NON- NON-
GOVERNMENT GOVERNMENT GOVERNMENT GOVERNMENT
PURCHASES PURCHASES SALES SALES
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Bond PLUS Fund $602,502,538 $143,873,111 $570,830,674 $124,293,221
Growth & Income Fund 782,164 152,923,449 1,695,468 45,147,677
Growth Equity Fund 1,548,214 32,960,002 1,277,016 203,926,239
International Equity Fund -- 56,728,075 -- 35,629,228
Managed Allocation Fund -- 37,759,129 -- --
</TABLE>
22 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 5. 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.
NOTE 6. LINE OF CREDIT
The Growth & Income, Growth Equity, International Equity, and Managed Allocation
Funds share in a $50 million unsecured revolving credit facility, for temporary
or emergency purposes, including, without limitation, funding of shareholder
redemptions that otherwise might require the untimely disposition of securities.
An annual commitment fee for the credit is borne by Advisors. Interest
associated with any borrowing under the facility will be charged to the
borrowing Funds at rates which are based on the Federal Funds Rate in effect
during the time of the borrowing. For the six months ended June 30, 1999, there
were no borrowings under the credit facility.
- --------------------------------------------------------------------------------
1999 SEMI-ANNUAL REPORT 23
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (UNAUDITED) MONEY MARKET FUND
JUNE 30, 1999 SUMMARY BY INDUSTRY
- --------------------------------------------------------------------------------
VALUE %
- --------------------------------------------------------------------------------
SHORT TERM INVESTMENTS
BANK NOTES $ 18,505,167 6.43%
CERTIFICATES OF DEPOSIT 17,773,536 6.18
COMMERCIAL PAPER 191,076,016 66.45
MEDIUM TERM BONDS 24,440,985 8.50
U.S. GOVERNMENT & AGENCIES 5,339,619 1.86
VARIABLE RATE NOTES 30,996,320 10.78
------------- ------
TOTAL SHORT TERM INVESTMENTS
(COST $288,131,643) 288,131,643 100.20
------------- ------
TOTAL PORTFOLIO
(COST $288,131,643) 288,131,643 100.20
OTHER ASSETS & LIABILITIES, NET (588,608) (0.20)
------------- ------
NET ASSETS $ 287,543,035 100.00%
============= ======
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (UNAUDITED) MONEY MARKET FUND
JUNE 30, 1999
- -----------------------------------------------------------
PRINCIPAL VALUE
- -----------------------------------------------------------
SHORT TERM INVESTMENTS -- 100.20%
BANK NOTES -- 6.43%
FCC NATIONAL BANK
$2,000,000 4.940%, 08/24/99 $ 2,000,000
2,000,000 5.000%, 11/19/99 2,000,000
MORGAN GUARANTY TRUST CO
6,000,000 5.750%, 10/08/99 6,008,946
PNC BANK NA
2,000,000 5.040%, 02/16/00 1,999,519
SOUTHTRUST
1,500,000 5.160%, 03/27/00 1,499,574
WACHOVIA BANK,
NATIONAL ASSOCIATION
5,000,000 4.900%, 01/10/00 4,997,128
-------------
18,505,167
-------------
CERTIFICATES OF DEPOSIT -- 6.18%
BANK OF MONTREAL
5,000,000 4.920%, 09/02/99 5,000,000
CANADIAN IMPERIAL BANK OF COMMERCE
3,000,000 6.475%, 01/24/00 3,023,639
2,000,000 5.200%, 02/29/00 1,999,617
CHASE MANHATTAN BANK
2,000,000 5.685%, 08/03/99 2,001,115
DRESDNER BANK
1,750,000 4.900%, 09/07/99 1,750,000
NATIONAL WESTMINSTER BANK N.Y.
2,000,000 5.175%, 03/15/00 1,999,393
WESTDEUTSCHE LANDESBANK
2,000,000 5.125%, 09/15/99 1,999,772
-------------
17,773,536
-------------
COMMERCIAL PAPER -- 66.45%
AIR PRODUCTS & CHEMICALS, INC
270,000 5.000%, 09/20/99 266,989
AMERICAN EXPRESS CREDIT CORP
300,000 5.400%, 11/22/99 293,520
AMERICAN HOME PRODUCTS
1,000,000 ~ 4.880%, 07/28/99 996,340
3,000,000 ~ 4.800%, 08/03/99 2,986,800
3,101,000 ~ 4.800%, 08/19/99 3,080,740
1,650,000 ~ 4.890%, 09/03/99 1,635,656
300,000 ~ 4.870%, 09/07/99 297,240
ASSET SECURITIZATION COOP CORP
4,000,000 ~ 4.860%, 07/15/99 3,992,440
4,000,000 ~ 4.900%, 07/29/99 3,984,755
2,275,000 ~ 5.080%, 08/13/99 2,261,196
SEE NOTES TO FINANCIAL STATEMENTS
24 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS MONEY MARKET FUND
- -----------------------------------------------------------
PRINCIPAL VALUE
- -----------------------------------------------------------
COMMERCIAL PAPER -- (Continued)
BEAR STEARNS CO, INC
$4,000,000 ~4.870%, 07/20/99 $ 3,989,719
BELLSOUTH TELECOMMUNICATIONS, INC
4,150,000 5.250%, 07/2/99 4,149,394
BETA FINANCE, INC
5,000,000 ~ 4.830%, 07/16/99 4,989,937
1,000,000 ~ 4.830%, 07/20/99 997,451
1,650,000 ~ 4.870%, 08/16/99 1,639,732
2,000,000 ~ 4.870%, 09/08/99 1,981,331
1,000,000 ~ 4.860%, 09/20/99 989,065
416,000 ~ 4.840%, 10/25/99 409,512
CAMPBELL SOUP CO
255,000 4.750%, 08/04/99 253,855
2,000,000 4.840%, 01/31/00 1,942,457
CIESCO LP
4,000,000 5.050%, 09/02/99 3,964,649
CIT GROUP HOLDINGS, INC
2,150,000 4.850%, 07/14/99 2,146,234
5,000,000 4.940%, 09/01/99 4,957,461
CORPORATE ASSET FUNDING CORP, INC
7,000,000 ~ 4.810%, 07/12/99 6,966,007
350,000 ~ 4.950%, 07/26/99 348,797
300,000 ~ 4.900%, 08/11/99 298,347
1,000,000 ~ 5.070%, 08/24/99 992,395
DAIMLERCHRYSLER
NORTH AMERICA HOLDINGS
8,600,000 4.950%, 07/22/99 8,600,000
1,000,000 4.810%, 10/14/99 985,970
DAYTON POWER & LIGHT CO
1,308,000 5.220%, 07/27/99 1,303,068
DELAWARE FUNDING CORP
1,000,000 ~ 5.220%, 07/27/99 996,230
965,000 ~ 5.300%, 08/26/99 957,044
DUPONT (E.I.) DE NEMOURS & CO
400,000 4.830%, 09/09/99 396,243
EASTMAN KODAK CO
5,000,000 4.800%, 08/12/99 4,971,999
2,000,000 5.000%, 10/05/99 1,973,544
ENTERPRISE FUNDING CORP
1,246,000 ~ 4.980%, 07/07/99 1,244,995
1,400,000 ~ 5.150%, 07/09/99 1,398,398
1,752,000 ~ 5.250%, 07/26/99 1,745,613
1,056,000 ~ 5.150%, 07/28/99 1,051,921
1,470,000 ~ 5.250%, 07/28/99 1,464,212
1,000,000 ~ 4.960%, 08/12/99 994,213
- -----------------------------------------------------------
PRINCIPAL VALUE
- -----------------------------------------------------------
EQUILON ENTERPRISES LLC
$5,000,000 4.810%, 07/07/99 $ 4,995,991
3,025,000 5.100%, 08/04/99 3,010,429
2,175,000 4.840%, 08/17/99 2,161,256
FORD MOTOR CREDIT CO
1,000,000 4.800%, 07/08/99 999,066
6,000,000 4.810%, 07/08/99 5,994,388
1,500,000 4.790%, 07/09/99 1,498,403
5,000,000 4.830%, 07/21/99 4,986,583
FORTUNE BRANDS, INC
5,000,000 ~ 5.050%, 08/05/99 4,975,451
2,000,000 ~ 4.850%, 08/26/99 1,984,911
GENERAL ELECTRIC CAPITAL CORP
250,000 4.850%, 07/12/99 249,629
350,000 4.860%, 07/12/99 349,480
2,900,000 4.840%, 07/30/99 2,888,693
321,000 5.450%, 08/02/99 319,444
500,000 4.820%, 09/08/99 495,380
GENERAL MOTORS ACCEPTANCE CORP
5,100,000 4.910%, 07/23/99 5,084,697
1,100,000 4.850%, 08/25/99 1,091,849
J.P. MORGAN & CO
280,000 4.820%, 12/10/99 273,926
JOHNSON & JOHNSON CO
250,000 ~ 5.300%, 10/20/99 245,915
McCORMICK & CO, INC
275,000 5.300%, 10/22/99 270,425
McGRAW-HILL COS, INC
3,850,000 4.830%, 07/06/99 3,847,417
NATIONAL RURAL UTILITIES
COOP FINANCE
600,000 4.850%, 07/26/99 597,979
500,000 4.850%, 07/27/99 498,248
2,500,000 4.870%, 09/09/99 2,476,326
3,000,000 4.930%, 09/10/99 2,970,830
NORTHERN INDIANA
PUBLIC SERVICE CO
4,000,000 5.000%, 07/09/99 3,995,555
PACCAR FINANCIAL CORP
2,700,000 4.920%, 07/01/99 2,700,000
3,100,000 5.000%, 07/20/99 3,091,819
4,000,000 4.800%, 08/11/99 3,978,133
1,050,000 5.060%, 09/22/99 1,037,750
PARK AVENUE RECEIVABLES CORP
4,500,000 ~ 5.000%, 07/14/99 4,491,875
2,400,000 ~ 5.050%, 07/15/99 2,395,287
5,000,000 ~ 4.880%, 07/19/99 4,987,800
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 25
<PAGE>
TIAA-CREF MUTUAL FUNDS MONEY MARKET FUND
- -----------------------------------------------------------
PRINCIPAL VALUE
- -----------------------------------------------------------
COMMERCIAL PAPER -- (Continued)
PORTLAND GENERAL ELECTRIC CO
$5,000,000 4.800%, 07/13/99 $ 4,991,999
RECEIVABLES CAPITAL CORP
548,000 ~ 4.970%, 07/22/99 546,449
2,000,000 ~ 5.070%, 08/23/99 1,985,072
SALOMON SMITH BARNEY HOLDINGS, INC
1,450,000 4.810%, 07/15/99 1,447,287
SC JOHNSON & SON, INC
1,825,000 ~ 5.750%, 07/01/99 1,825,000
633,000 ~ 5.200%, 08/17/99 628,703
2,000,000 ~ 5.150%, 09/07/99 1,980,826
SCHERING CORP
2,000,000 5.180%, 10/05/99 1,972,373
THE STANLEY WORKS
2,000,000 ~ 4.800%, 07/13/99 1,996,800
833,000 ~ 4.820%, 07/16/99 831,327
800,000 ~ 4.870%, 08/17/99 794,913
WALT DISNEY CO
2,000,000 4.830%, 09/24/99 1,977,191
300,000 ~ 4.830%, 10/28/99 295,233
2,000,000 4.795%, 11/19/99 1,962,439
-------------
191,076,016
-------------
MEDIUM TERM BONDS -- 8.50%
ALABAMA POWER CO
1,450,000 6.000%, 03/01/00 1,457,680
ASSOCIATES CORP OF NORTH AMERICA
500,000 6.125%, 11/01/99 501,616
100,000 6.000%, 03/15/00 100,521
ASSOCIATES FIRST CAPITAL CORP
500,000 6.680%, 09/17/99 501,572
CIT GROUP HOLDINGS, INC
5,000,000 5.625%, 01/18/00 5,014,981
COMMERCIAL CREDIT CO
6,150,000 6.700%, 08/01/99 6,157,783
100,000 6.125%, 03/01/00 100,565
DUKE ENERGY CORP
4,185,000 6.250%, 08/12/99 4,190,029
200,000 8.000%, 11/01/99 201,472
FLORIDA POWER & LIGHT CO
2,150,000 5.500%, 07/01/99 2,150,000
FORD MOTOR CREDIT CO
140,000 6.375%, 09/15/99 140,328
GEORGIA POWER CO
2,750,000 6.125%, 09/01/99 2,754,039
- -----------------------------------------------------------
PRINCIPAL VALUE
- -----------------------------------------------------------
MELLON FINANCIAL CO
$ 155,000 7.625%, 11/15/99 $ 156,338
PEPSICO, INC
1,000,000 6.800%, 05/15/00 1,014,061
-------------
24,440,985
-------------
U.S. GOVERNMENT & AGENCIES -- 1.86%
FEDERAL HOME LOAN BANK
1,215,000 4.780%, 01/31/00 1,180,476
FEDERAL HOME LOAN
MORTGAGE CORP
945,000 5.040%, 10/18/99 930,682
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
1,000,000 4.710%, 10/18/99 985,798
250,000 4.830%, 12/27/99 244,016
2,000,000 5.050%, 05/12/00 1,998,647
-------------
5,339,619
-------------
VARIABLE RATE NOTES -- 10.78%
AIR PRODUCTS & CHEMICALS, INC
4,000,000 5.101%, 10/25/99 4,000,925
AMERICAN EXPRESS CENTURION BANK
5,000,000 4.950%, 02/14/00 4,999,701
5,000,000 4.960%, 04/17/00 4,999,266
2,000,000 4.960%, 06/01/00 2,000,000
FIRST UNION NATIONAL BANK
(CHARLOTTE)
1,000,000 5.047%, 11/22/99 1,000,082
FIRST UNION NATIONAL BANK NC
5,000,000 5.150%, 08/20/99 5,000,000
FLEET NATIONAL BANK
3,000,000 5.070%, 04/17/00 2,999,074
GENERAL MOTORS ACCEPTANCE CORP
1,000,000 4.913%, 03/02/00 1,000,000
SOUTHTRUST
5,000,000 4.890%, 04/12/00 4,997,272
-------------
30,996,320
-------------
TOTAL SHORT TERM INVESTMENTS
(COST $288,131,643) 288,131,643
-------------
TOTAL PORTFOLIO
(COST $288,131,643) $288,131,643
============
- --------------------------------------------------------------------------------
~ COMMERCIAL PAPER ISSUED UNDER THE PRIVATE PLACEMENT EXEMPTION UNDER SECTION
4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED.
SEE NOTES TO FINANCIAL STATEMENTS
26 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (UNAUDITED) BOND PLUS FUND
JUNE 30, 1999
- -----------------------------------------------------------
VALUE %
- -----------------------------------------------------------
BONDS
CORPORATE BONDS
ASSET BACKED $ 5,884,277 3.05%
BUSINESS SERVICES 1,966,220 1.02
COMMUNICATIONS 9,676,755 5.01
DEPOSITORY INSTITUTIONS 4,790,070 2.48
ELECTRIC, GAS, AND SANITARY SERVICES 8,377,960 4.34
FOOD AND KINDRED PRODUCTS 1,003,128 0.52
INDUSTRIAL MACHINERY AND EQUIPMENT 1,960,260 1.01
MOTION PICTURES 1,999,720 1.03
NONDEPOSITORY INSTITUTIONS 10,878,995 5.63
OTHER MORTGAGE BACKED SECURITIES 3,698,956 1.91
PETROLEUM AND COAL PRODUCTS 1,878,630 0.97
PRINTING AND PUBLISHING 6,099,230 3.16
RAILROAD TRANSPORTATION 1,443,330 0.75
SECURITY AND COMMODITY BROKERS 3,926,100 2.03
TRANSPORTATION EQUIPMENT 1,010,390 0.52
----------- -----
TOTAL CORPORATE BONDS
(COST $66,453,011) 64,594,021 33.43
----------- -----
- -----------------------------------------------------------
VALUE %
- -----------------------------------------------------------
GOVERNMENT BONDS
AGENCY SECURITIES $ 23,220,455 12.02%
FOREIGN GOVERNMENT BONDS 2,931,010 1.51
MORTGAGE BACKED SECURITIES 70,544,106 36.51
OTHER MORTGAGE BACKED SECURITIES 1,960,625 1.01
U.S. TREASURY SECURITIES 26,792,593 13.87
------------ -----
TOTAL GOVERNMENT BONDS
(COST $126,745,243) 125,448,789 64.92
------------ -----
TOTAL BONDS
(COST $193,198,254) 190,042,810 98.35
------------ -----
SHORT TERM INVESTMENTS
COMMERCIAL PAPER 36,786,044 19.04
------------- -----
TOTAL SHORT TERM INVESTMENTS
(COST $36,786,044) 36,786,044 19.04
----------- -----
TOTAL PORTFOLIO
(COST $229,984,298) 226,828,854 117.39
OTHER ASSETS & LIABILITIES, NET (33,606,940)(17.39)
------------ -----
NET ASSETS $193,221,914 100.00%
============ =====
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (UNAUDITED) BOND PLUS FUND
JUNE 30, 1999
- -------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
- -------------------------------------------------------
BONDS -- 98.35%
CORPORATE BONDS -- 33.43%
ASSET BACKED -- 3.05%
CASE EQUIPMENT LOAN TRUST
SERIES 1999-A (CLASS A4)
$1,500,000 5.770%, 08/15/05 AAA $ 1,468,887
GE CAPITAL MORTGAGE
SECURITIES, INC
SERIES 1999-HE1 (CLASS A3)
1,500,000 6.035%, 06/25/20 AAA 1,473,281
GREEN TREE HOME
EQUITY LOAN TRUST
SERIES 1998-C (CLASS A3)
1,000,000 6.180%, 07/15/29 AAA 996,250
HELLER EQUIPMENT ASSET
RECEIVABLES TRUST
SERIES 1991-1 (CLASS A4)
2,000,000 5.620%, 12/13/04 AAA$ 1,945,859
-------------
5,884,277
-------------
BUSINESS SERVICES -- 1.02%
COMDISCO, INC (SR NOTE)
2,000,000 5.950%, 04/30/02 BAA1 1,966,220
-------------
COMMUNICATIONS -- 5.01%
BELLSOUTH
TELECOMMUNICATIONS NOTE
2,000,000 6.500%, 06/15/05 AAA 1,988,720
LENFEST COMMUNICATIONS
(SR NOTE)
2,000,000 8.375%, 11/01/05 BA2 2,088,860
LIBERTY MEDIA GROUP DEB
2,500,000 ^! 7.875%, 07/15/09 BAA3 2,485,100
+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 27
<PAGE>
TIAA-CREF MUTUAL FUNDS BOND PLUS FUND
- -------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
- -------------------------------------------------------
COMMUNICATIONS -- (Continued)
SPRINT CAPITAL CORP DEB
$1,250,000 6.900%, 05/01/19 BAA1 $1,157,475
WORLDCOM, INC
(SR NOTE)
2,000,000 6.400%, 08/15/05 A3 1,956,600
-------------
9,676,755
-------------
DEPOSITORY INSTITUTIONS -- 2.48%
FLEET NATIONAL BANK
(SUB NOTE)
2,000,000 5.750%, 01/15/09 A2 1,808,160
NATIONSBANK CORP
(SR NOTE)
3,000,000 5.750%, 03/15/01 AA2 2,981,910
-------------
4,790,070
-------------
ELECTRIC, GAS, AND
SANITARY SERVICES -- 4.34%
CENTRAL POWER & LIGHT
CONOTE
2,500,000 6.625%, 07/01/05 A3 2,475,100
CLEVELAND ELECTRIC
ILLUMINATING CO
(SRNOTE)
2,000,000 7.430%, 11/01/09 BA1 1,984,560
GEORGIA POWER CO
(SR NOTE)
1,000,000 5.500%, 12/01/05 A2 936,270
U.S.A. WASTE SERVICES, INC
NOTE
3,000,000 6.125%, 07/15/01 BAA2 2,982,030
-------------
8,377,960
-------------
FOOD AND KINDRED PRODUCTS -- 0.52%
DIAGEO CAPITAL PLC NOTE
1,000,000 6.625%, 06/24/04 A1 1,003,128
-------------
INDUSTRIAL MACHINERY
AND EQUIPMENT -- 1.01%
CATERPILLAR FINANCIAL
SERVICE CORP
(MEDIUMTERMNOTE)
2,000,000 5.470%, 09/12/01 A2 1,960,260
-------------
MOTION PICTURES -- 1.03%
TIME WARNER, INC
(PASS THRU ASSET TRUST)
2,000,000 ! 4.900%, 07/29/99 BAA3 1,999,720
-------------
- -------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
- -------------------------------------------------------
NONDEPOSITORY INSTITUTIONS -- 5.63%
AMERCO, INC NOTE
$1,000,000 ! 6.650%, 10/15/99 BA1 $ 998,690
ARISTAR, INC (SR NOTE)
2,000,000 7.250%, 06/15/06 A3 2,010,885
AT & T CAPITAL CORP NOTE
1,500,000 6.875%, 01/16/01 BAA3 1,500,630
CAPITAL ONE BANK
(SR NOTE)
2,500,000 7.150%, 09/15/06 BAA2 2,506,250
GENERAL MOTORS
ACCEPTANCE CORP NOTE
2,000,000 5.480%, 12/16/02 A2 1,937,920
HOUSEHOLD FINANCE CORP
(SR NOTE)
2,000,000 5.875%, 09/25/04 A2 1,924,620
-------------
10,878,995
-------------
OTHER MORTGAGE BACKED
SECURITIES -- 1.91%
CRIIMI MAE CMBS CORP
SERIES 1998-1 (CLASS A1)
863,419 ! 5.697%, 10/20/01 AAA 849,894
FIRST UNION COMMERCIAL
MORTGAGE TRUST
SERIES 1999-C1 (CLASS A2)
1,500,000 6.070%, 10/15/08 AAA 1,417,207
MORGAN STANLEY CAPTIAL I
SERIES 1999-WF1 (CLASS A2)
1,500,000 6.210%, 09/15/08 AAA 1,431,855
-------------
3,698,956
-------------
PETROLEUM AND COAL PRODUCTS -- 0.97%
CONOCO, INC DEB
1,000,000 6.950%, 04/15/29 A3 936,220
MURPHY OIL CORP DEB
1,000,000 7.050%, 05/01/29 A3 942,410
-------------
1,878,630
-------------
PRINTING AND PUBLISHING -- 3.16%
DONNELLEY (R.R.) & SONS
CO DEB
1,000,000 6.625%, 04/15/29 A1 914,490
NEWS AMERICA HOLDINGS DEB
2,000,000 8.250%, 08/10/18 BAA3 2,061,100
TIME WARNER, INC DEB
1,000,000 9.125%, 01/15/13 BAA3 1,132,060
TIME WARNER, INC
(PASS THRU CERT)
2,000,000 ! 6.100%, 12/30/01 BAA3 1,991,580
-------------
6,099,230
-------------
+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
SEE NOTES TO FINANCIAL STATEMENTS
28 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS BOND PLUS FUND
- -------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
- -------------------------------------------------------
RAILROAD TRANSPORTATION -- 0.75%
CSX CORP DEB
$1,400,000 7.900%, 05/01/17 BAA2 $ 1,443,330
-------------
SECURITY AND COMMODITY
BROKERS -- 2.03%
MORGAN STANLEY DEAN
WITTER (SR NOTE)
1,000,000 5.625%, 01/20/04 AA3 963,840
SALOMON SMITH BARNEY
HOLDINGS NOTE
3,000,000 6.250%, 05/15/03 AA3 2,962,260
-------------
3,926,100
-------------
TRANSPORTATION EQUIPMENT -- 0.52%
LOCKHEED MARTIN CORP NOTE
1,000,000 6.850%, 05/15/01 BAA1 1,010,390
------------
TOTAL CORPORATE BONDS
(COST $66,453,011) 64,594,021
------------
GOVERNMENT BONDS -- 64.92%
AGENCY SECURITIES -- 12.02%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
4,500,000 5.375%, 03/01/01 4,468,365
1,900,000 5.500%, 05/15/02 1,877,428
9,800,000 5.000%, 01/15/04 9,352,826
1,600,000 5.750%, 04/15/08 1,524,256
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
1,500,000 6.375%, 01/16/02 AAA 1,521,330
3,000,000 5.250%, 01/15/03 AAA 2,905,320
2,000,000 0.000%, 06/01/17 616,560
TENNESSEE VALLEY
AUTHORITY DEB
1,000,000 6.250%, 12/15/17 AAA 954,370
------------
23,220,455
------------
FOREIGN GOVERNMENT BONDS -- 1.51%
CANADA GOVERNMENT
1,000,000 5.250%, 11/05/08 AA2 917,610
QUEBEC PROVINCE CANADA
2,000,000 7.000%, 01/30/07 A2 2,013,400
------------
2,931,010
------------
MORTGAGE BACKED SECURITIES -- 36.51%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
1,198,581 7.000%, 09/01/10 1,208,062
- -----------------------------------------------------------
PRINCIPAL VALUE
- -----------------------------------------------------------
FEDERAL HOME LOAN
MORTGAGE CORP GOLD
(FGLMC)
$ 6,500,000 ^6.500%, 08/25/29 $ 6,274,515
5,500,000 ^7.500%, 08/25/29 5,560,115
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
1,627,306 6.000%, 12/01/08 1,583,255
1,000,000 ^6.000%, 07/25/14 965,930
1,393,680 8.000%, 03/01/23 1,434,362
530,618 9.000%, 11/01/25 560,322
490,274 9.000%, 10/01/26 517,563
1,233,567 8.500%, 02/01/28 1,289,250
243,660 6.000%, 10/01/28 228,953
792,709 7.500%, 01/01/29 801,128
2,000,695 6.000%, 05/01/29 1,879,528
3,000,000 ^6.000%, 08/25/29 2,832,656
15,250,000 ^6.500%, 08/25/29 14,711,370
18,000,000 ^7.000%, 08/25/29 17,791,740
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION
(GNMA)
458,052 6.500%, 09/15/23 443,417
1,491,789 7.500%, 11/15/23 1,509,899
1,176,521 7.000%, 05/15/28 1,161,720
908,998 7.000%, 07/15/28 897,563
624,666 7.500%, 08/15/28 631,862
5,742,786 7.000%, 10/15/28 5,670,542
755,394 6.500%, 12/15/28 727,006
864,858 7.000%, 04/15/29 853,978
1,000,000 ^7.500%, 08/25/29 1,009,370
------------
70,544,106
------------
OTHER MORTGAGE BACKED SECURITIES -- 1.01%
FANNIE MAE
WHOLE LOAN (FNW)
2,000,000 5.925%, 02/25/29 1,960,625
------------
U.S. TREASURY SECURITIES -- 13.87%
U.S. TREASURY BOND
2,000,000 14.000%, 11/15/11 2,925,623
900,000 12.000%, 08/15/13 1,263,654
6,950,000 11.250%, 02/15/15 10,403,246
1,000,000 8.750%, 05/15/17 1,262,340
5,650,000 8.875%, 08/15/17 7,217,875
800,000 6.375%, 08/15/27 819,752
2,100,000 5.250%, 11/15/28 1,861,461
+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 29
<PAGE>
TIAA-CREF MUTUAL FUNDS BOND PLUS FUND
- -------------------------------------------------------
PRINCIPAL VALUE
- -------------------------------------------------------
U.S. TREASURY SECURITIES -- (Continued)
U.S. TREASURY NOTE
$1,100,000 4.250%, 11/15/03 $ 1,038,642
------------
26,792,593
------------
TOTAL GOVERNMENT BONDS
(COST $126,745,243) 125,448,789
------------
TOTAL BONDS
(COST $193,198,254) 190,042,810
============
SHORT TERM INVESTMENTS -- 19.04%
COMMERCIAL PAPER -- 19.04%
BURLINGTON NORTHERN SANTA FE
1,600,000 * ~5.010%, 07/14/99 1,597,105
COCA COLA ENTERPRISES, INC
7,050,000 * ~4.870%, 07/14/99 7,037,602
CONAGRA, INC
1,500,000 * 6.100%, 07/01/99 1,500,000
CROWN CORK & SEAL CO, INC
7,000,000 * ~5.020%, 07/14/99 6,987,311
ENRON CORP
300,000 * 5.130%, 07/14/99 299,444
HAWAIIAN ELECTRIC CO, INC
5,800,000 * ~5.000%, 07/14/99 5,789,528
JC PENNEY Funding Corp
5,000,000 * ~5.040%, 07/14/99 4,990,900
LOCKHEED MARTIN CORP
1,600,000 * ~5.250%, 07/14/99 1,596,967
MCI WORLDCOM, INC
3,000,000 * ~5.000%, 07/14/99 2,994,583
PRAXAIR, INC
4,000,000 * ~5.120%, 07/14/99 3,992,604
------------
36,786,044
------------
TOTAL SHORT TERM INVESTMENTS
(COST $36,786,044) 36,786,044
------------
TOTAL PORTFOLIO
(COST $229,984,298) $226,828,854
============
- --------------------------------------------------------------------------------
~ COMMERCIAL PAPER ISSUED UNDER THE PRIVATE PLACEMENT EXEMPTION UNDER SECTION
4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED.
! SECURITIES ARE EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES
ACT OF 1933 AND MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION
NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT JUNE 30, 1999, THE VALUE OF
THESE SECURITIES AMOUNTED TO $8,324,984 OR 4.31% OF NET ASSETS.
* ALL OR A PORTION OF THESE SECURITIES HAVE BEEN SEGREGATED BY THE CUSTODIAN
TO COVER SECURITIES PURCHASED ON A DELAYED DELIVERY BASIS.
^ THESE SECURITIES WERE PURCHASED ON A DELAYED DELIVERY BASIS.
OTHER INFORMATION
THE COMPOSITION OF LONG-TERM DEBT HOLDINGS AS A PERCENTAGE OF TOTAL VALUE
OF INVESTMENT IN DEBT SECURITIES, IS AS FOLOWS:
MOODY'S RATINGS
AAA, AA, A 22.96%
BAA 12.73%
BA 2.67%
U.S. GOVERNMENT OBLIGATIONS REPRESENT 61.64% OF THE LONG-TERM DEBT
PORTFOLIO VALUE AND ARE NOT REFLECTED IN THE ABOVE RATINGS.
SEE NOTES TO FINANCIAL STATEMENTS
30 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS
STATEMENT OF INVESTMENTS (UNAUDITED) GROWTH & INCOME FUND
JUNE 30, 1999 SUMMARY BY INDUSTRY
- --------------------------------------------------------------------------------
VALUE %
- --------------------------------------------------------------------------------
BONDS
CORPORATE BONDS
MISCELLANEOUS RETAIL $ 971,250 0.25%
---------- ----
TOTAL CORPORATE BONDS
(COST $1,000,000) 971,250 0.25
---------- ----
TOTAL BONDS
(COST $1,000,000) 971,250 0.25
---------- ----
PREFERRED STOCK
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS 14,812 0.00
---------- ----
TOTAL PREFERRED STOCK
(COST $10,534) 14,812 0.00
---------- ----
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS 202,475 0.05
AMUSEMENT AND RECREATION SERVICES 48,400 0.01
APPAREL AND ACCESSORY STORES 2,176,171 0.56
APPAREL AND OTHER TEXTILE PRODUCTS 447,325 0.11
AUTO REPAIR, SERVICES AND PARKING 31,891 0.01
AUTOMOTIVE DEALERS AND
SERVICE STATIONS 30,362 0.01
BUILDING MATERIALS AND
GARDEN SUPPLIES 6,250,472 1.60
BUSINESS SERVICES 26,174,182 6.72
CHEMICALS AND ALLIED PRODUCTS 47,517,495 12.19
COMMUNICATIONS 51,792,226 13.29
DEPOSITORY INSTITUTIONS 26,145,958 6.71
EATING AND DRINKING PLACES 1,489,385 0.38
ELECTRIC, GAS, AND SANITARY SERVICES 9,867,727 2.53
ELECTRONIC AND OTHER
ELECTRIC EQUIPMENT 30,466,809 7.82
ENGINEERING AND
MANAGEMENT SERVICES 53,212 0.01
FABRICATED METAL PRODUCTS 2,197,189 0.56
FOOD AND KINDRED PRODUCTS 12,180,925 3.13
FOOD STORES 2,810,216 0.72
FORESTRY 15,150 0.00
FURNITURE AND FIXTURES 180,792 0.05
FURNITURE AND
HOMEFURNISHINGS STORES 338,800 0.09
GENERAL BUILDING CONTRACTORS 50,805 0.01
GENERAL MERCHANDISE STORES 12,476,672 3.20
HEALTH SERVICES 3,284,689 0.84
HEAVY CONSTRUCTION, EXCEPT BUILDING 39,837 0.01
HOTELS AND OTHER LODGING PLACES 306,425 0.08
- --------------------------------------------------------------------------------
VALUE %
- --------------------------------------------------------------------------------
INDUSTRIAL MACHINERY AND EQUIPMENT $35,944,459 9.22%
INSTRUMENTS AND RELATED PRODUCTS 10,995,375 2.82
INSURANCE AGENTS, BROKERS
AND SERVICE 245,375 0.06
INSURANCE CARRIERS 19,001,603 4.88
LEATHER AND LEATHER PRODUCTS 3,093 0.00
LOCAL AND INTERURBAN
PASSENGER TRANSIT 253,700 0.06
LUMBER AND WOOD PRODUCTS 3,923,813 1.01
METAL MINING 539,191 0.14
MISCELLANEOUS MANUFACTURING
INDUSTRIES 614,052 0.16
MISCELLANEOUS RETAIL 2,687,628 0.69
MOTION PICTURES 4,735,351 1.22
NONDEPOSITORY INSTITUTIONS 5,336,171 1.37
OIL AND GAS EXTRACTION 6,393,780 1.64
PAPER AND ALLIED PRODUCTS 1,922,988 0.49
PERSONAL SERVICES 235,800 0.06
PETROLEUM AND COAL PRODUCTS 17,954,503 4.61
PRIMARY METAL INDUSTRIES 1,768,240 0.45
PRINTING AND PUBLISHING 3,505,536 0.90
RAILROAD TRANSPORTATION 1,100,917 0.28
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS 1,788,748 0.46
SECURITY AND COMMODITY BROKERS 4,783,218 1.23
STONE, CLAY, AND GLASS PRODUCTS 333,067 0.09
TEXTILE MILL PRODUCTS 10,212 0.00
TOBACCO PRODUCTS 1,751,020 0.45
TRANSPORTATION BY AIR 2,408,197 0.62
TRANSPORTATION EQUIPMENT 10,935,000 2.81
WATER TRANSPORTATION 582,000 0.15
WHOLESALE TRADE-DURABLE GOODS 239,250 0.06
WHOLESALE TRADE-NONDURABLE GOODS 3,801,122 0.98
------------ ------
TOTAL COMMON STOCK
(COST $310,545,672) 380,368,999 97.60
------------ ------
SHORT TERM INVESTMENT
U.S. GOVERNMENT AGENCY 11,650,000 2.99
------------ ------
TOTAL SHORT TERM INVESTMENT
(COST $11,650,000) 11,650,000 2.99
------------ ------
TOTAL PORTFOLIO
(COST $323,206,206) 393,005,061 100.84
OTHER ASSETS & LIABILITIES, NET (3,295,449) (0.84)
------------ ------
NET ASSETS $389,709,612 100.00%
============ ======
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 31
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (UNAUDITED) GROWTH & INCOME FUND
JUNE 30, 1999
- --------------------------------------------------------------------------------
PRINCIPAL/SHARES VALUE
- --------------------------------------------------------------------------------
BONDS -- 0.25%
CORPORATE BONDS -- 0.25%
MISCELLANEOUS RETAIL -- 0.25%
AMAZON.COM, INC DEB
$1,000,000 4.750%, 02/01/09 $ 971,250
------------
TOTAL CORPORATE BONDS
(COST $1,000,000) 971,250
------------
TOTAL BONDS
(COST $1,000,000) 971,250
------------
PREFERRED STOCK -- 0.00%
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS -- 0.00%
237 SEALED AIR CORP (CLASS A) 14,812
------------
TOTAL PREFERRED STOCK
(COST $10,534) 14,812
------------
COMMON STOCK -- 97.60%
AGRICULTURAL PRODUCTION-CROPS -- 0.05%
5,200 PIONEER-HI-BRED
INTERNATIONAL, INC 202,475
------------
AMUSEMENT AND RECREATION SERVICES -- 0.01%
2,200 o HARRAH'S ENTERTAINMENT, INC 48,400
------------
APPAREL AND ACCESSORY STORES -- 0.56%
3,268 o ABERCROMBIE & FITCH CO (CLASS A) 156,864
700 o CHARMING SHOPPES, INC 4,265
24,963 GAP, INC 1,257,511
11,258 LIMITED, INC 510,831
1,000 NORDSTROM, INC 33,500
6,400 TJX COS, INC 213,200
------------
2,176,171
------------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.11%
1,200 o FRUIT OF THE LOOM LTD (CLASS A) 11,700
8,800 o JONES APPAREL GROUP, INC 301,950
500 LIZ CLAIBORNE, INC 18,250
2,700 VF CORP 115,425
------------
447,325
------------
AUTO REPAIR, SERVICES AND PARKING -- 0.01%
116 MIDAS, INC 3,291
1,100 RYDER SYSTEM, INC 28,600
------------
31,891
------------
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
AUTOMOTIVE DEALERS AND
SERVICE STATIONS -- 0.01%
1,000 o AUTOZONE, INC $ 30,125
11 PEP BOYS MANNY, MOE, & JACK CO 237
------------
30,362
------------
BUILDING MATERIALS AND
GARDEN SUPPLIES -- 1.60%
38,525 HOME DEPOT, INC 2,482,454
66,470 LOWES COS, INC 3,768,018
------------
6,250,472
------------
BUSINESS SERVICES -- 6.72%
500 ADOBE SYSTEMS, INC 41,078
21,000 AMERICA ONLINE, INC 2,320,500
1,000 AUTODESK, INC 29,562
7,400 AUTOMATIC DATA PROCESSING, INC 325,600
6,900 o BMC SOFTWARE, INC 372,600
6,400 o CERIDIAN CORP 209,200
100 o CHOICEPOINT, INC 6,712
23,550 COMPUTER ASSOCIATES
INTERNATIONAL, INC 1,295,250
3,500 o COMPUTER SCIENCES CORP 242,156
13,700 o COMPUWARE CORP 435,831
4,200 ELECTRONIC DATA SYSTEMS CORP 237,562
4,000 EQUIFAX, INC 142,750
18,900 FIRST DATA CORP 924,918
5,400 IMS HEALTH, INC 168,750
300 o INTERGRAPH CORP 2,325
3,570 INTERPUBLIC GROUP OF COS, INC 309,251
153,096 o MICROSOFT CORP 13,807,345
900 o NIELSEN MEDIA RESEARCH 26,325
2,400 o NOVELL, INC 63,600
933 OMNICOM GROUP, INC 74,640
74,100 o ORACLE CORP 2,750,962
1,800 o PARAMETRIC TECHNOLOGY CORP 24,975
10,350 PAYCHEX, INC 329,906
1,650 o PRICELINE.COM, INC 190,678
21,763 o PSINET, INC 952,131
280 o SAFETY-KLEEN CORP 5,075
1,100 SHARED MEDICAL SYSTEMS CORP 71,775
11,800 o SUN MICROSYSTEMS, INC 812,725
------------
26,174,182
------------
CHEMICALS AND ALLIED PRODUCTS -- 12.19%
29,461 ABBOTT LABORATORIES CO 1,340,475
6,200 AIR PRODUCTS & CHEMICALS, INC 249,550
1,100 ALBERTO CULVER CO (CLASS B) 29,287
SEE NOTES TO FINANCIAL STATEMENTS
32 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
CHEMICALS AND ALLIED PRODUCTS -- (CONTINUED)
1,100 ALLERGAN, INC $ 122,100
20 o ALLERGAN SPECIALTY
THERAPEUTICS, INC (CLASS A) 217
600 o ALZA CORP 30,525
75,180 AMERICAN HOME PRODUCTS CORP 4,322,850
19,600 o AMGEN, INC 1,193,150
1,800 AVON PRODUCTS, INC 99,900
64,452 BRISTOL MYERS SQUIBB CO 4,539,837
2,500 CLOROX CO 267,031
20,016 COLGATE PALMOLIVE CO 1,976,580
30 o CRESCENDO PHARMACEUTICALS CORP 517
23,552 DOW CHEMICAL CO 2,988,160
43,000 DU PONT (E.I.) DE NEMOURS & CO 2,937,437
500 EASTMAN CHEMICAL CO 25,875
5,800 ECOLAB, INC 253,025
900 o FMC CORP 61,481
500 o GRACE W.R. & CO 9,187
2,600 GREAT LAKES CHEMICAL CORP 119,762
4,500 HERCULES, INC 176,906
2,000 INTERNATIONAL FLAVORS &
FRAGRANCES, INC 88,750
24,300 JOHNSON & JOHNSON CO 2,381,400
22,000 LILLY (ELI) & CO 1,575,750
76,673 LYONDELL CHEMICAL CO 1,581,380
3,200 MALLINCKRODT, INC 116,400
78,941 MERCK & CO, INC 5,841,634
16,500 MONSANTO CO 650,718
500 NALCO CHEMICAL CORP 25,937
100 o OCTEL CORP 1,250
42,960 PFIZER, INC 4,714,860
8,100 PHARMACIA & UPJOHN, INC 460,181
3,700 PPG INDUSTRIES, INC 218,531
5,300 PRAXAIR, INC 259,368
46,925 PROCTER & GAMBLE CO 4,188,056
4,521 ROHM & HAAS CO 193,837
59,466 SCHERING-PLOUGH CORP 3,151,698
6,400 SHERWIN-WILLIAMS CO 177,600
700 SIGMA ALDRICH CORP 24,106
2,100 UNION CARBIDE CORP 102,375
14,700 WARNER-LAMBERT CO 1,019,812
------------
47,517,495
------------
COMMUNICATIONS -- 13.29%
652 o ALCATEL S.A. ADR 18,500
10,200 ALLTEL CORP 729,300
16,500 AMERITECH CORP 1,212,750
128,870 AT & T CORP 7,192,556
3,478 o AT & T CORP - LIBERTY MEDIA
GROUP (CLASS A) $ 127,816
38,208 BELL ATLANTIC CORP 2,497,848
51,900 BELLSOUTH CORP 2,432,812
16,300 o CBS CORP 708,031
24,428 o CLEAR CHANNEL
COMMUNICATIONS, INC 1,684,005
13,800 COMCAST CORP (CLASS A) SPECIAL 530,437
1,100 FRONTIER CORP 64,900
22,700 GTE CORP 1,719,525
30,825 o IXC COMMUNICATIONS, INC 1,211,807
110,845 LUCENT TECHNOLOGIES, INC 7,475,109
70,378 o MCI WORLDCOM, INC 6,056,906
7,600 o MEDIA ONE GROUP, INC 565,250
3,300 o NETWORK PLUS CORP 68,887
9,900 o NEXTEL COMMUNICATIONS, INC
(CLASS A) 496,856
106,795 o OMNIPOINT CORP 3,090,380
36,094 o RCN CORP 1,502,412
90,107 SBC COMMUNICATIONS, INC 5,226,206
9,000 SPRINT CORP (FON GROUP) 475,312
9,500 o SPRINT CORP (PCS GROUP) 542,687
5,600 o TIME WARNER TELECOM, INC 162,400
17,114 U.S. WEST, INC 1,005,447
20,300 o VIACOM, INC (CLASS B) 893,200
54,492 o VIATEL, INC 3,058,363
5,292 o VODAFONE GROUP PLC ADR 1,042,524
------------
51,792,226
------------
DEPOSITORY INSTITUTIONS -- 6.71%
80,146 BANK OF AMERICA CORP 5,875,703
5,400 BANK OF NEW YORK CO, INC 198,112
29,934 BANK ONE CORP 1,782,943
32,362 BANKBOSTON CORP 1,654,507
1,100 BB&T CORP 40,356
50,572 CHASE MANHATTAN CORP 4,380,799
2,950 COMERICA, INC 175,340
3,050 FIFTH THIRD BANCORP 203,015
25,343 FIRST UNION CORP 1,191,121
3,100 o FIRSTAR CORP 86,800
24,100 FLEET FINANCIAL GROUP, INC 1,069,437
45,296 o GOLDEN STATE BANCORP, INC 996,512
1,800 GOLDEN WEST FINANCIAL CORP 176,400
4,200 HUNTINGTON BANCSHARES, INC 147,000
18,900 KEYCORP 607,162
32,175 MBNA CORP 985,359
3,600 MELLON BANK CORP 130,950
6,000 MERCANTILE BANCORP, INC 342,750
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 33
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
DEPOSITORY INSTITUTIONS -- (CONTINUED)
3,500 MORGAN (J.P.) & CO, INC $ 491,750
13,400 NATIONAL CITY CORP 877,700
1,000 o NORTHERN TRUST CORP 97,000
13,100 PNC BANK CORP 754,887
5,950 PROVIDIAN FINANCIAL CORP 556,325
500 REGIONS FINANCIAL CORP 19,218
4,500 REPUBLIC NEW YORK CORP 306,843
300 STATE STREET CORP 25,612
7,700 SUMMIT BANCORP 321,956
2,200 SUNTRUST BANKS, INC 152,762
21,165 U.S. BANCORP 719,610
5,000 UNION PLANTERS CORP 223,437
2,100 WACHOVIA CORP 179,681
10,830 WASHINGTON MUTUAL, INC 383,111
23,200 WELLS FARGO CO 991,800
------------
26,145,958
------------
EATING AND DRINKING PLACES -- 0.38%
5,300 DARDEN RESTAURANTS, INC 115,606
1,800 MARRIOTT INTERNATIONAL (CLASS A) 67,275
29,528 MCDONALD'S CORP 1,219,875
225 o SODEXHO MARRIOTT SERVICES, INC 4,317
1,050 o TRICON GLOBAL RESTAURANTS, INC 56,831
900 WENDYS INTERNATIONAL, INC 25,481
------------
1,489,385
------------
ELECTRIC, GAS, AND SANITARY SERVICES -- 2.53%
2,900 o AES CORP 168,562
4,600 AMEREN CORP 176,525
6,500 AMERICAN ELECTRIC POWER CO, INC 244,156
43,479 BROWNING FERRIS INDUSTRIES, INC1,869,597
1,000 CAROLINA POWER & LIGHT CO 42,812
7,900 CENTRAL & SOUTH WEST CORP 184,662
5,600 CINERGY CORP 179,200
9,500 COASTAL CORP 380,000
2,700 COLUMBIA ENERGY GROUP 169,256
1,600 CONSOLIDATED EDISON
CO OF N.Y., INC 72,400
2,500 CONSOLIDATED NATURAL GAS CO 151,875
5,400 CONSTELLATION ENERGY GROUP 159,975
2,600 DOMINION RESOURCES, INC 112,612
5,100 DTE ENERGY CO 204,000
2,500 DUKE ENERGY CORP 135,937
100 EASTERN ENTERPRISES CO 3,975
7,500 EDISON INTERNATIONAL CO 200,625
4,300 ENTERGY CORP 134,375
10,600 FIRSTENERGY CORP 328,600
2,755 FPL GROUP, INC 150,491
4,700 GPU, INC $ 198,281
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
4,800 NEW CENTURY ENERGIES, INC 186,300
4,354 o NIAGARA MOHWAK HOLDINGS, INC 69,936
400 NICOR, INC 15,225
5,300 NORTHERN STATES POWER CO 128,193
200 ONEOK, INC 6,350
2,000 PACIFICORP 36,750
4,900 PECO ENERGY CO 205,187
200 PEOPLES ENERGY CORP 7,537
2,800 PG&E CORP 91,000
6,547 PP&L RESOURCES, INC 201,320
5,100 PUBLIC SERVICE ENTERPRISE
GROUP, INC 208,462
4,810 RELIANT ENERGY, INC 132,876
76,960 o REPUBLIC SERVICES, INC
(CLASS A) 1,904,760
5,102 SEMPRA ENERGY 115,432
4,600 SONAT, INC 152,375
4,700 SOUTHERN CO 124,550
1,612 TEXAS UTILITIES CO 66,495
5,200 UNICOM CORP 200,525
12,147 o WASTE MANAGEMENT, INC 652,901
2,200 WILLIAMS COS, INC 93,637
------------
9,867,727
------------
ELECTRONIC AND OTHER
ELECTRIC EQUIPMENT -- 7.82%
1,000 o ADVANCED MICRO DEVICES, INC 18,062
3,600 ALLEGHENY TELEDYNE, INC 81,450
1,500 o ANDREW CORP 28,406
333 o COMMSCOPE, INC 10,239
1,750 o CONEXANT SYSTEMS, INC 101,609
800 COOPER INDUSTRIES, INC 41,600
6,200 EMERSON ELECTRIC CO 389,825
106,453 GENERAL ELECTRIC CO 12,029,189
3,300 o GENERAL INSTRUMENT CORP 140,250
250 o GENERAL SEMICONDUCTOR, INC 2,281
1,700 HARRIS CORP 66,618
111,577 INTEL CORP 6,638,831
3,100 o LSI LOGIC CORP 142,987
700 MAYTAG CO 48,781
2,400 o MICRON TECHNOLOGY, INC 96,750
12,900 MOTOROLA, INC 1,222,275
1,000 o NATIONAL SEMICONDUCTOR CORP 25,312
600 NATIONAL SERVICE INDUSTRIES, INC 21,600
44,220 o NEWBRIDGE NETWORKS CORP 1,271,325
39,054 NOKIA OYJ ADR 3,575,881
20,340 NORTEL NETWORKS CORP (U.S.) 1,765,766
19,150 o PERLOS OYJ 280,433
SEE NOTES TO FINANCIAL STATEMENTS
34 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
ELECTRONIC AND OTHER
ELECTRIC EQUIPMENT -- (CONTINUED)
1,800 RAYCHEM CORP $ 66,600
500 SCIENTIFIC-ATLANTA, INC 18,000
1,500 o SOLECTRON CORP 100,031
16,800 o TELLABS, INC 1,135,050
6,700 TEXAS INSTRUMENTS, INC 971,500
1,000 THOMAS & BETTS CORP 47,250
1,742 WHIRLPOOL CORP 128,908
------------
30,466,809
------------
ENGINEERING AND MANAGEMENT
SERVICES -- 0.01%
1,200 DUN & BRADSTREET CORP 42,525
300 EG & G, INC 10,687
------------
53,212
------------
FABRICATED METAL PRODUCTS -- 0.56%
200 BALL CORP 8,450
3,050 CRANE CO 95,884
1,900 CROWN CORK & SEAL CO, INC 54,150
33,300 GILLETTE CO 1,365,300
8,600 MASCO CORP 248,325
2,850 PARKER-HANNIFIN CORP 130,387
3,500 ROCKWELL INTERNATIONAL CORP 212,625
400 SNAP-ON, INC 14,475
2,100 STANLEY WORKS CO 67,593
------------
2,197,189
------------
FOOD AND KINDRED PRODUCTS -- 3.13%
70 o AGRIBRANDS INTERNATIONAL, INC 2,769
32,819 ANHEUSER BUSCH COS, INC 2,328,097
20,179 ARCHER DANIELS MIDLAND CO 311,513
5,800 BESTFOODS, INC 287,100
500 BROWN FORMAN, INC (CLASS B) 32,593
4,600 CAMPBELL SOUP CO 213,325
55,526 COCA COLA CO 3,470,375
13,700 COCA COLA ENTERPRISES, INC 407,575
13,300 CONAGRA, INC 354,112
300 COORS (ADOLPH) CO (CLASS B) 14,850
250 CORN PRODUCTS INTERNATIONAL, INC 7,609
5,300 GENERAL MILLS, INC 425,987
5,300 HEINZ (H.J.) CO 265,662
1,000 HERSHEY FOODS CORP 59,375
6,800 KELLOGG CO 224,400
8,200 NABISCO GROUP HOLDINGS 160,412
47,572 PEPSICO, INC 1,840,441
5,400 QUAKER OATS CO 358,425
12,300 RALSTON PURINA CO 374,381
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
6,600 SARA LEE CORP $ 149,737
3,500 SEAGRAMS CO LTD (U.S.) 176,312
9,017 UNILEVER NV (N.Y.) SHS 628,935
320 o VLASIC FOODS INTERNATIONAL, INC 2,340
700 WHITMAN CORP 12,600
800 WRIGLEY (WM) JR CO 72,000
------------
12,180,925
------------
FOOD STORES -- 0.72%
8,161 ALBERTSONS, INC 420,801
300 GREAT ATLANTIC &
PACIFIC TEA CO, INC 10,143
21,600 o KROGER CO 603,450
35,129 o SAFEWAY, INC 1,738,885
1,000 WINN DIXIE STORES, INC 36,937
------------
2,810,216
------------
FORESTRY -- 0.00%
600 GEORGIA-PACIFIC CORP
(TIMBER GROUP) 15,150
------------
FURNITURE AND FIXTURES -- 0.05%
3,888 NEWELL RUBBERMAID, INC 180,792
------------
FURNITURE AND HOMEFURNISHINGS
STORES -- 0.09%
700 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 65,100
5,600 TANDY CORP 273,700
------------
338,800
------------
GENERAL BUILDING CONTRACTORS -- 0.01%
700 CENTEX CORP 26,293
800 KAUFMAN & BROAD HOME CORP 19,900
200 PULTE CORP 4,612
------------
50,805
------------
GENERAL MERCHANDISE STORES -- 3.20%
1,400 o COSTCO COS, INC 112,087
27,447 DAYTON HUDSON CORP 1,784,055
2,200 DILLARDS, INC (CLASS A) 77,275
3,000 o FEDERATED DEPARTMENT STORES, INC 158,812
500 HARCOURT GENERAL, INC 25,781
16,700 o K MART CORP 274,506
1,500 o KOHLS CORP 115,781
4,500 MAY DEPARTMENT STORES CO 183,937
5,900 PENNEY, (J.C.) CO, INC 286,518
15,500 SEARS ROEBUCK & CO 690,718
900 o VENATOR GROUP, INC 9,393
181,509 WAL-MART STORES, INC 8,757,809
------------
12,476,672
------------
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 35
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
HEALTH SERVICES -- 0.84%
700 o BEVERLY ENTERPRISES, INC $ 5,643
6,100 COLUMBIA/HCA HEALTHCARE CORP 139,156
1,000 o HCR MANOR CARE 24,187
84,603 o HEALTH MANAGEMENT
ASSOCIATES, INC (CLASS A) (NEW) 951,783
15,116 o HEALTHSOUTH CORP 225,795
321 o LIFEPOINT HOSPITALS, INC 4,313
103,945 o TENET HEALTHCARE CORP 1,929,479
321 o TRIAD HOSPITALS, INC 4,333
------------
3,284,689
------------
HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.01%
600 FLUOR CORP 24,300
300 FOSTER WHEELER CORP 4,237
400 MCDERMOTT INTERNATIONAL, INC 11,300
------------
39,837
------------
HOTELS AND OTHER LODGING PLACES -- 0.08%
10,243 o CENDANT CORP 209,981
3,100 HILTON HOTELS CORP 43,981
3,100 o PARK PLACE ENTERTAINMENT 30,031
734 STARWOOD HOTELS & RESORTS
WORLDWIDE 22,432
------------
306,425
------------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 9.22%
67,286 o 3COM CORP 1,795,695
5,900 o APPLE COMPUTER, INC 273,243
11,600 o APPLIED MATERIALS, INC 856,950
5,840 BAKER HUGHES, INC 195,640
600 BLACK & DECKER CORP 37,875
2,700 BRUNSWICK CORP 75,262
1,100 o CABLETRON SYSTEMS, INC 14,300
500 CASE CORP 24,062
2,600 CATERPILLAR, INC 156,000
105,761 o CISCO SYSTEMS, INC 6,814,974
92,208 COMPAQ COMPUTER CORP 2,184,177
300 CUMMINS ENGINE CO, INC 17,137
300 o DATA GENERAL CORP 4,368
4,700 DEERE & CO 186,237
80,853 o DELL COMPUTER CORP 2,991,561
1,600 DOVER CORP 56,000
55,986 o EMC CORP 3,079,230
1,400 o GATEWAY, INC 82,600
300 xo HARNISCHFEGER INDUSTRIES, INC 600
28,276 HEWLETT-PACKARD CO 2,841,738
350 HUSSMANN INTERNATIONAL, INC 5,796
2,350 INGERSOLL-RAND CO 151,868
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
61,306 INTERNATIONAL BUSINESS
MACHINES CORP $ 7,923,800
600 MILACRON, INC 11,100
100 NACCO INDUSTRIES, INC (CLASS A) 7,350
900 PALL CORP 19,968
2,800 PITNEY BOWES, INC 179,900
9,600 o SEAGATE TECHNOLOGY, INC 246,000
6,400 o SILICON GRAPHICS, INC 104,800
6,700 TENNECO, INC 159,962
900 TIMKEN CO 17,550
56,735 TYCO INTERNATIONAL LTD 5,375,641
1,200 o UNISYS CORP 46,725
400 o UNOVA, INC 6,350
------------
35,944,459
------------
INSTRUMENTS AND RELATED PRODUCTS -- 2.82%
900 BARD (C.R.), INC 43,031
1,400 BAUSCH & LOMB, INC 107,100
32,042 BAXTER INTERNATIONAL, INC 1,942,546
1,600 BECTON DICKINSON & CO 48,000
800 o BIOMET, INC 31,800
13,200 o BOSTON SCIENTIFIC CORP 579,975
8,600 EASTMAN KODAK CO 582,650
13,100 o GUIDANT CORP 673,831
4,500 HONEYWELL, INC 521,437
3,200 JOHNSON CONTROLS, INC 221,800
13,100 MEDTRONIC, INC 1,020,162
300 MILLIPORE CORP 12,168
150 o PE CORP-CELERA GENOMICS GROUP 2,428
300 PE CORP-PE BIOSYSTEMS GROUP 34,425
900 POLAROID CORP 24,862
318 RAYTHEON CO (CLASS A) 21,902
4,891 RAYTHEON CO (CLASS B) 344,204
1,800 o ST. JUDE MEDICAL, INC 64,125
300 TEKTRONIX, INC 9,056
2,227 THE SWATCH GROUP AG. (BR) 1,498,428
1,000 o THERMO ELECTRON CORP 20,062
54,034 XEROX CORP 3,191,383
------------
10,995,375
------------
INSURANCE AGENTS, BROKERS AND
SERVICE -- 0.06%
3,250 MARSH & MCLENNAN COS, INC 245,375
------------
INSURANCE CARRIERS -- 4.88%
1,000 AETNA, INC 89,437
66,396 ALLSTATE CORP 2,381,956
4,500 AMERICAN GENERAL CORP 339,187
28,559 AMERICAN INTERNATIONAL
GROUP, INC 3,343,187
SEE NOTES TO FINANCIAL STATEMENTS
36 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
INSURANCE CARRIERS -- (CONTINUED)
1,650 AON CORP $ 68,062
63 o BERKSHIRE HATHAWAY, INC (CLASS B)141,120
137,149 CAPITAL RE CORP 2,202,955
1,200 CHUBB CORP 83,400
5,005 CIGNA CORP 445,445
4,500 CINCINNATI FINANCIAL CORP 169,031
124,273 CITIGROUP, INC 5,902,967
7,424 CONSECO, INC 225,968
1,600 HARTFORD FINANCIAL
SERVICES GROUP, INC 93,300
1,100 o HUMANA, INC 14,231
1,450 JEFFERSON-PILOT CORP 95,971
8,400 LINCOLN NATIONAL CORP 439,425
4,500 LOEWS CORP 356,062
600 MBIA, INC 38,850
4,300 MGIC INVESTMENT CORP 209,087
1,400 PROGRESSIVE CORP 203,000
4,500 PROVIDENT COS, INC 180,000
900 SAFECO CORP 39,712
1,650 ST. PAUL COS, INC 52,490
1,000 TORCHMARK CORP 34,125
1,000 TRANSAMERICA CORP 75,000
4,900 UNITED HEALTHCARE CORP 306,862
2,900 UNUM CORP 158,775
1,000 o WELLPOINT HEALTH NETWORKS, INC 84,875
21,719 XL CAPITAL LTD 1,227,123
------------
19,001,603
------------
LEATHER AND LEATHER PRODUCTS-- 0.00%
300 STRIDE RITE CORP 3,093
------------
LOCAL AND INTERURBAN PASSENGER
TRANSIT -- 0.06%
34,400 LAIDLAW, INC 253,700
------------
LUMBER AND WOOD PRODUCTS -- 1.01%
53,044 o CHAMPION ENTERPRISES, INC 987,944
6,800 GEORGIA-PACIFIC CORP
(PACKAGING GROUP) 322,150
4,800 LOUISIANA PACIFIC CORP 114,000
135,000 MACMILLAN BLOEDEL LTD 2,403,469
1,400 WEYERHAEUSER CO 96,250
------------
3,923,813
------------
METAL MINING -- 0.14%
10,100 BARRICK GOLD CORP 195,687
1,600 o BATTLE MOUNTAIN GOLD CO 3,900
600 CYPRUS AMAX MINERALS CO 9,112
1,000 o ECHO BAY MINES LTD (U.S.) 1,437
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
4,300 o FREEPORT-MCMORAN
COPPER & GOLD, INC (CLASS B) $ 77,131
1,000 HOMESTAKE MINING CO 8,187
7,400 o INCO LTD CO (U.S.) 133,200
1,700 NEWMONT MINING CORP 33,787
400 PHELPS DODGE CORP 24,775
4,400 PLACER DOME, INC 51,975
------------
539,191
------------
MISCELLANEOUS MANUFACTURING
INDUSTRIES -- 0.16%
1,350 HASBRO, INC 37,715
500 JOSTENS, INC 10,531
2,000 MATTEL, INC 52,875
5,900 MINNESOTA MINING &
MANUFACTURING CO 512,931
------------
614,052
------------
MISCELLANEOUS RETAIL -- 0.69%
1,500 o BARNESANDNOBLE.COM, INC 27,000
36,296 CVS CORP 1,842,022
600 LONGS DRUG STORES CORP 20,737
1,600 RITE AID CORP 39,400
6,000 o STAPLES, INC 185,625
10,600 o TOYS R US, INC 219,287
12,036 WALGREEN CO 353,557
------------
2,687,628
------------
MOTION PICTURES -- 1.22%
48,100 o DISNEY (WALT) CO 1,482,081
600 o KING WORLD PRODUCTIONS, INC 20,887
43,978 TIME WARNER, INC 3,232,383
------------
4,735,351
------------
NONDEPOSITORY INSTITUTIONS -- 1.37%
8,400 AMERICAN EXPRESS CO 1,093,050
32,161 ASSOCIATES FIRST CAPITAL CORP 1,425,134
2,900 CAPITAL ONE FINANCIAL CORP 161,493
700 COUNTRYWIDE CREDIT INDUSTRIES, INC29,925
25,900 FEDERAL NATIONAL
MORTGAGE ASSOCIATION 1,770,912
12,036 FREDDIE MAC 698,088
3,326 HOUSEHOLD INTERNATIONAL, INC 157,569
------------
5,336,171
------------
OIL AND GAS EXTRACTION -- 1.64%
44,092 APACHE CORP 1,719,588
501,800 o BRITISH-BORNEO OIL & GAS PLC 1,550,335
1,205 BURLINGTON RESOURCES, INC 52,116
250 o EEX CORP 1,734
4,800 HALLIBURTON CO 217,200
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 37
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
OIL AND GAS EXTRACTION-- (CONTINUED)
400 HELMERICH & PAYNE, INC $ 9,525
1,290 KERR-MCGEE CORP 64,741
2,300 OCCIDENTAL PETROLEUM CORP 48,587
2,200 o ROWAN COS, INC 40,562
32,828 ROYAL DUTCH PETROLEUM CO
ADR(N.Y. REGD) 1,977,887
700 o SANTA FE SNYDER CORP 5,337
9,500 SCHLUMBERGER LTD 605,031
6,200 UNION PACIFIC RESOURCES
GROUP, INC 101,137
------------
6,393,780
------------
PAPER AND ALLIED PRODUCTS -- 0.49%
2,400 AVERY DENNISON CORP 144,900
400 BEMIS, INC 15,900
1,800 BOISE CASCADE CORP 77,175
2,200 CHAMPION INTERNATIONAL CORP 105,325
8,700 FORT JAMES CORP 329,512
2,842 INTERNATIONAL PAPER CO 143,521
12,800 KIMBERLY-CLARK CORP 729,600
2,500 MEAD CORP 104,375
200 POTLATCH CORP 8,787
1,683 o SMURFIT-STONE CONTAINER CORP 34,606
400 TEMPLE-INLAND, INC 27,300
2,200 WESTVACO CORP 63,800
3,000 WILLAMETTE INDUSTRIES, INC 138,187
------------
1,922,988
------------
PERSONAL SERVICES -- 0.06%
4,100 BLOCK (H&R), INC 205,000
1,600 SERVICE CORP INTERNATIONAL 30,800
------------
235,800
------------
PETROLEUM AND COAL PRODUCTS-- 4.61%
1,600 AMERADA HESS CORP 95,200
3,100 ASHLAND, INC 124,387
2,200 ATLANTIC RICHFIELD CO 183,837
34,349 BP AMOCO PLC (SPONS ADR) 3,726,866
8,600 CHEVRON CORP 818,612
82,541 EXXON CORP 6,365,974
30,892 MOBIL CORP 3,058,308
300 PENNZENERGY CO 5,006
300 PENNZOIL-QUAKER STATE CO 4,500
6,300 PHILLIPS PETROLEUM CO 316,968
3,500 SUNOCO, INC 105,656
41,552 TEXACO, INC 2,597,000
5,389 UNOCAL CORP 213,539
10,400 USX-MARATHON GROUP, INC 338,650
------------
17,954,503
------------
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
PRIMARY METAL INDUSTRIES -- 0.45%
5,900 ALCAN ALUMINIUM CO LTD (U.S.) $ 188,431
22,747 ALCOA, INC 1,407,470
700 o ARMCO, INC 4,637
300 ASARCO, INC 5,643
1,400 o BETHLEHEM STEEL CORP 10,762
1,000 ENGELHARD CORP 22,625
600 NUCOR CORP 28,462
500 REYNOLDS METALS CO 29,500
111 RYERSON TULL, INC 2,504
2,100 USX-US STEEL GROUP, INC 56,700
700 WORTHINGTON INDUSTRIES, INC 11,506
------------
1,768,240
------------
PRINTING AND PUBLISHING -- 0.90%
500 AMERICAN GREETINGS CORP (CLASS A) 15,062
1,700 DELUXE CORP 66,193
1,000 DONNELLEY (R.R.) & SONS CO 37,062
3,300 DOW JONES & CO, INC 175,106
11,163 GANNETT CO, INC 796,759
200 HARLAND (JOHN H.) CO 3,987
600 KNIGHT-RIDDER, INC 32,962
1,400 MCGRAW HILL COS, INC 75,512
2,000 MEREDITH CORP 69,250
600 MOORE CORP LTD (U.S.) 5,025
1,400 NEW YORK TIMES CO (CLASS A) 51,537
240 o R.H. DONNELLEY CORP 4,695
2,400 TIMES MIRROR CO SERIES A 142,200
23,302 TRIBUNE CO 2,030,186
------------
3,505,536
------------
RAILROAD TRANSPORTATION -- 0.28%
9,500 BURLINGTON NORTHERN
SANTA FE CORP 294,500
6,100 CSX CORP 276,406
1,000 KANSAS CITY SOUTHERN
INDUSTRIES, INC 63,812
2,700 NORFOLK SOUTHERN CORP 81,337
6,600 UNION PACIFIC CORP 384,862
------------
1,100,917
------------
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS -- 0.46%
700 ARMSTRONG WORLD INDUSTRIES, INC 40,468
500 COOPER TIRE & RUBBER CO 11,812
2,000 GOODYEAR TIRE & RUBBER CO 117,625
10,392 ILLINOIS TOOL WORKS, INC 852,144
7,800 NIKE, INC (CLASS B) 493,837
400 o REEBOK INTERNATIONAL LTD 7,450
SEE NOTES TO FINANCIAL STATEMENTS
38 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS -- (CONTINUED)
3,468 o SEALED AIR CORP $ 224,986
820 o SOLUTIA, INC 17,476
900 TUPPERWARE CORP 22,950
------------
1,788,748
------------
SECURITY AND COMMODITY BROKERS -- 1.23%
2,520 BEAR STEARNS COS, INC 117,810
3,000 o DLJDIRECT 88,500
5,100 LEHMAN BROTHERS HOLDINGS, INC 317,475
2,300 MERRILL LYNCH & CO, INC 183,856
23,764 MORGAN STANLEY,
DEAN WITTER, & CO 2,435,810
14,850 SCHWAB (CHARLES) CORP 1,631,643
56 WADDELL & REED FINANCIAL, INC
(CLASS A) 1,536
244 WADDELL & REED FINANCIAL, INC
(CLASS B) 6,588
------------
4,783,218
------------
STONE, CLAY, AND GLASS PRODUCTS-- 0.09%
1,600 CORNING, INC 112,200
1,200 OWENS CORNING CO 41,250
5,495 o OWENS ILLINOIS, INC 179,617
------------
333,067
------------
TEXTILE MILL PRODUCTS -- 0.00%
300 RUSSELL CORP 5,850
100 SPRING INDUSTRIES, INC 4,362
------------
10,212
------------
TOBACCO PRODUCTS -- 0.45%
39,100 PHILIP MORRIS COS, INC 1,571,331
2,733 o RJR REYNOLDS TOBACCO
HOLDINGS, INC 86,089
3,200 UST, INC 93,600
------------
1,751,020
------------
TRANSPORTATION BY AIR -- 0.62%
2,100 o AMR CORP 143,325
12,189 o CONTINENTAL AIRLINES, INC
(CLASS B) 458,611
5,000 DELTA AIRLINES, INC 288,125
7,480 o FDX CORP 405,790
32,379 SOUTHWEST AIRLINES CO 1,007,796
2,400 o U.S. AIRWAYS GROUP, INC 104,550
------------
2,408,197
------------
TRANSPORTATION EQUIPMENT -- 2.81%
34,588 ALLIED SIGNAL, INC 2,179,044
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
17,020 BOEING CO $ 752,071
22,041 DAIMLERCHRYSLER (U.S.A.) 1,958,893
6,371 DANA CORP 293,464
10,903 DELPHI AUTOMOTIVE SYSTEMS CORP 202,386
3,200 EATON CORP 294,400
200 FLEETWOOD ENTERPRISES, INC 5,287
14,700 FORD MOTOR CO 829,631
3,000 GENERAL DYNAMICS CORP 205,500
15,600 GENERAL MOTORS CORP 1,029,600
18,249 o GENERAL MOTORS CORP (CLASS H) 1,026,506
2,900 GOODRICH (B.F.) CO 123,250
800 ITT INDUSTRIES, INC 30,500
5,800 LOCKHEED MARTIN CORP 216,050
500 MERITOR AUTOMOTIVE, INC 12,750
1,500 o NAVISTAR INTERNATIONAL CORP 75,000
1,300 NORTHROP GRUMMAN CORP 86,206
2,700 PACCAR, INC 144,112
170 o SPX CORP 14,195
2,100 TEXTRON, INC 172,856
1,700 TRW, INC 93,287
16,600 UNITED TECHNOLOGIES CORP 1,190,012
------------
10,935,000
------------
WATER TRANSPORTATION -- 0.15%
12,000 CARNIVAL CORP (CLASS A) 582,000
------------
WHOLESALE TRADE-DURABLE GOODS -- 0.06%
200 BRIGGS & STRATTON CORP 11,550
1,200 GENUINE PARTS CO 42,000
3,200 GRAINGER (W.W.), INC 172,200
900 IKON OFFICE SOLUTIONS, INC 13,500
------------
239,250
------------
WHOLESALE TRADE-NONDURABLE GOODS -- 0.98%
87 BERGEN BRUNSWIG CORP (CLASS A) 1,500
48,190 CARDINAL HEALTH, INC 3,087,568
2,600 ENRON CORP 212,550
1,200 FORTUNE BRANDS, INC 49,650
6,142 MCKESSON HBOC, INC 197,311
3,100 SUPERVALU, INC 79,631
5,800 SYSCO CORP 172,912
------------
3,801,122
------------
TOTAL COMMON STOCK
(COST $310,545,672) 380,368,999
------------
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 39
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
- --------------------------------------------------------------------------------
SHORT TERM INVESTMENT -- 2.99%
U.S. GOVERNMENT AGENCY -- 2.99%
FEDERAL HOME LOAN BANK
$11,650,000 4.490 %, 07/01/99 $ 11,650,000
------------
TOTAL SHORT TERM INVESTMENT
(COST $11,650,000) 11,650,000
------------
TOTAL PORTFOLIO
(COST $323,206,206) $393,005,061
============
_________________
o NON-INCOME PRODUCING
x IN BANKRUPTCY
SEE NOTES TO FINANCIAL STATEMENTS
40 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (UNAUDITED) GROWTH EQUITY FUND
JUNE 30, 1999 SUMMARY BY INDUSTRY
- --------------------------------------------------------------------------------
VALUE %
- --------------------------------------------------------------------------------
PREFERRED STOCK
HEALTH SERVICES $ 38 0.00%
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS 17,812 0.00
------------ ------
TOTAL PREFERRED STOCK
(COST $12,766) 17,850 0.00
------------ ------
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS 96,031 0.02
AGRICULTURAL SERVICES 9,493 0.00
AMUSEMENT AND RECREATION SERVICES 11,680,234 2.51
APPAREL AND ACCESSORY STORES 1,746,506 0.37
APPAREL AND OTHER TEXTILE PRODUCTS 180,099 0.04
AUTO REPAIR, SERVICES AND PARKING 10,412 0.00
AUTOMOTIVE DEALERS AND
SERVICE STATIONS 256,361 0.06
BUILDING MATERIALS AND
GARDEN SUPPLIES 3,189,849 0.69
BUSINESS SERVICES 60,822,787 13.06
CHEMICALS AND ALLIED PRODUCTS 65,312,371 14.02
COMMUNICATIONS 73,785,116 15.84
DEPOSITORY INSTITUTIONS 4,021,549 0.86
EATING AND DRINKING PLACES 1,604,938 0.35
EDUCATIONAL SERVICES 147,592 0.03
ELECTRIC, GAS, AND SANITARY SERVICES14,325,824 3.08
ELECTRONIC AND OTHER
ELECTRIC EQUIPMENT 58,510,850 12.56
ENGINEERING AND MANAGEMENT
SERVICES 430,540 0.09
FABRICATED METAL PRODUCTS 1,666,750 0.36
FOOD AND KINDRED PRODUCTS 12,747,136 2.74
FOOD STORES 5,637,133 1.21
FURNITURE AND FIXTURES 376,078 0.08
FURNITURE AND HOMEFURNISHINGS STORES 1,163,680 0.25
GENERAL BUILDING CONTRACTORS 32,493 0.01
GENERAL MERCHANDISE STORES 5,606,271 1.20
HEALTH SERVICES 1,971,021 0.42
HEAVY CONSTRUCTION, EXCEPT BUILDING 32,262 0.01
HOLDING AND OTHER INVESTMENT OFFICES 305,912 0.07
HOTELS AND OTHER LODGING PLACES 525,734 0.11
INDUSTRIAL MACHINERY AND EQUIPMENT 62,752,936 13.47
INSTRUMENTS AND RELATED PRODUCTS 12,140,357 2.61
INSURANCE AGENTS, BROKERS AND SERVICE 59,268 0.01
INSURANCE CARRIERS 6,007,250 1.29
LEATHER AND LEATHER PRODUCTS 10,869 0.00
LEGAL SERVICES 27,187 0.01
- --------------------------------------------------------------------------------
VALUE %
- --------------------------------------------------------------------------------
LOCAL AND INTERURBAN
PASSENGER TRANSIT $ 67,793 0.01%
LUMBER AND WOOD PRODUCTS 56,512 0.01
METAL MINING 109,938 0.02
MISCELLANEOUS MANUFACTURING
INDUSTRIES 768,879 0.17
MISCELLANEOUS RETAIL 2,403,003 0.52
MOTION PICTURES 2,788,168 0.60
NONDEPOSITORY INSTITUTIONS 7,356,500 1.58
OIL AND GAS EXTRACTION 1,228,317 0.26
PAPER AND ALLIED PRODUCTS 1,250,280 0.27
PERSONAL SERVICES 367,117 0.08
PETROLEUM AND COAL PRODUCTS 66,061 0.01
PRIMARY METAL INDUSTRIES 106,275 0.02
PRINTING AND PUBLISHING 957,420 0.21
RAILROAD TRANSPORTATION 178,675 0.04
REAL ESTATE 22,743 0.00
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS 3,345,855 0.72
SECURITY AND COMMODITY BROKERS 1,659,830 0.36
SOCIAL SERVICES 13,650 0.00
SPECIAL TRADE CONTRACTORS 16,987 0.00
STONE, CLAY, AND GLASS PRODUCTS 504,112 0.11
TEXTILE MILL PRODUCTS 65,662 0.01
TOBACCO PRODUCTS 5,234,318 1.13
TRANSPORTATION BY AIR 119,111 0.03
TRANSPORTATION EQUIPMENT 11,840,386 2.54
TRANSPORTATION SERVICES 193,986 0.04
TRUCKING AND WAREHOUSING 42,900 0.01
WATER TRANSPORTATION 6,203,157 1.33
WHOLESALE TRADE-DURABLE GOODS 338,997 0.07
WHOLESALE TRADE-NONDURABLE GOODS 8,698,148 1.87
------------ ------
TOTAL COMMON STOCK
(COST $391,822,725) 463,197,669 99.45
------------ ----
SHORT TERM INVESTMENT
U.S. GOVERNMENT AGENCY 4,200,000 0.90
------------ ------
TOTAL SHORT TERM INVESTMENT
(COST $4,200,000) 4,200,000 0.90
------------ ------
TOTAL PORTFOLIO
(COST $396,035,491) 467,415,519 100.35
OTHER ASSETS & LIABILITIES, NET (1,637,493) (0.35)
------------ ------
NET ASSETS $465,778,026 100.00%
============ ======
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 41
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (UNAUDITED) GROWTH EQUITY FUND
JUNE 30, 1999
- -------------------------------------------------------
SHARES VALUE
- -------------------------------------------------------
PREFERRED STOCK -- 0.00%
HEALTH SERVICES -- 0.00%
7 o MEDIQ, INC SERIES A $ 38
------------
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS -- 0.00%
285 o SEALED AIR CORP (CLASS A) 17,812
------------
TOTAL PREFERRED STOCK
(COST $12,766) 17,850
------------
COMMON STOCK -- 99.45%
AGRICULTURAL PRODUCTION-CROPS -- 0.02%
700 DELTA & PINE LAND CO 22,050
1,900 PIONEER-HI-BRED
INTERNATIONAL, INC 73,981
------------
96,031
------------
AGRICULTURAL SERVICES -- 0.00%
700 o VETERINARY CENTERS OF
AMERICA, INC 9,493
------------
AMUSEMENT AND RECREATION SERVICES -- 2.51%
400 o ANCHOR GAMING CO 19,225
700 DOVER DOWNS ENTERTAINMENT, INC 12,381
500 o FLORIDA PANTHERS HOLDINGS, INC 5,343
2,100 o HARRAH'S ENTERTAINMENT, INC 46,200
1,000 o INTERNATIONAL SPEEDWAY CORP
(CLASS A) 47,500
300 o PENSKE MOTORSPORTS, INC 14,887
160,636 o PREMIER PARKS, INC 5,903,373
87,292 o SFX ENTERTAINMENT,
INC (CLASS A) 5,586,688
500 o SPEEDWAY MOTORSPORTS, INC 19,656
700 o WESTWOOD ONE, INC 24,981
------------
11,680,234
------------
APPAREL AND ACCESSORY STORES -- 0.37%
2,536 o ABERCROMBIE & FITCH CO (CLASS A) 121,728
1,400 o AMERICAN EAGLE OUTFITTERS, INC 63,700
800 o CHILDRENS PLACE RETAIL STORES 32,400
1,500 CLAIRES STORES, INC 38,437
2,100 o FOOTSTAR, INC 78,093
200 o GADZOOKS, INC 3,200
17,000 GAP, INC 856,375
4,500 o GENESCO, INC 65,531
525 INTIMATE BRANDS, INC (CLASS A) 24,871
695 LIMITED, INC 31,535
1,100 o MENS WAREHOUSE, INC 28,050
900 o PACIFIC SUNWEAR CALIFORNIA, INC 21,937
- -------------------------------------------------------
SHARES VALUE
- -------------------------------------------------------
1,100 ROSS STORES, INC $ 55,412
700 o STAGE STORES, INC 4,550
800 o STEIN MART, INC 7,500
8,800 TJX COS, INC 293,150
700 o WET SEAL, INC (CLASS A) 20,037
------------
1,746,506
------------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.04%
200 o GUESS ?, INC 2,762
2,200 o JONES APPAREL GROUP, INC 75,487
400 LIZ CLAIBORNE, INC 14,600
1,800 o NAUTICA ENTERPRISES, INC 30,375
600 o POLO RALPH LAUREN CORP 11,400
1,700 WARNACO GROUP, INC (CLASS A) 45,475
------------
180,099
------------
AUTO REPAIR, SERVICES AND PARKING-- 0.00%
500 o BUDGET GROUP, INC 6,156
150 MIDAS, INC 4,256
------------
10,412
------------
AUTOMOTIVE DEALERS AND
SERVICE STATIONS -- 0.06%
5,600 o AUTONATION, INC 99,750
2,700 o AUTOZONE, INC 81,337
1,100 o CSK AUTO CORP 29,700
900 o OREILLY AUTOMOTIVE, INC 45,337
11 PEP BOYS MANNY, MOE, & JACK CO 237
------------
256,361
------------
BUILDING MATERIALS AND
GARDEN SUPPLIES -- 0.69%
700 FASTENAL CO 36,706
40,400 HOME DEPOT, INC 2,603,275
9,700 LOWES COS, INC 549,868
------------
3,189,849
------------
BUSINESS SERVICES -- 13.06%
1,500 o AARON RENTS, INC 33,375
200 o ABACUS DIRECT CORP 18,300
1,500 o ACCLAIM ENTERTAINMENT, INC 9,562
400 o ACKERLEY GROUP, INC 7,275
700 o ACTIVISION, INC 10,193
1,400 o ACXIOM CORP 34,912
900 ADOBE SYSTEMS, INC 73,940
500 o ADVO, INC 10,375
1,300 o AFFILIATED COMPUTER SERVICES, INC
(CLASS A) 65,812
800 o ALTERNATIVE RESOURCES CORP 5,600
SEE NOTES TO FINANCIAL STATEMENTS
42 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
BUSINESS SERVICES -- (CONTINUED)
42,300 AMERICA ONLINE, INC $ 4,674,150
2,400 o AMERICAN MANAGEMENT
SYSTEMS, INC 76,950
700 ANALYSTS INTERNATIONAL CORP 10,062
300 o APAC TELESERVICES, INC 975
400 o ASPECT DEVELOPMENT, INC 7,400
1,500 AUTODESK, INC 44,343
14,200 AUTOMATIC DATA PROCESSING, INC 624,800
1,400 o AVANT CORP 17,675
2,000 o AVT CORP 75,750
30 o AZTEC TECHNOLOGY PARTNERS, INC 56
500 o BEA SYSTEMS, INC 14,281
800 o BILLING CONCEPTS CORP 8,950
700 o BISYS GROUP, INC 40,950
51,232 o BMC SOFTWARE, INC 2,766,528
500 o BORON, LEPORE & ASSOCIATES, INC 4,187
1,700 o BROADVISION, INC 125,375
5,100 o CADENCE DESIGN SYSTEMS, INC 65,025
1,000 o CAMBRIDGE TECHNOLOGY
PARTNERS, INC 17,562
200 o CARIBINER INTERNATIONAL, INC 1,237
500 o CCC INFORMATION SERVICES
GROUP, INC 6,437
1,000 o CDI CORP 34,062
4,700 o CENTURY BUSINESS SERVICES, INC 68,150
36,600 o CERIDIAN CORP 1,196,362
1,300 o CERNER CORP 27,259
1,200 o CHECKFREE HOLDINGS CORP 33,075
830 o CHOICEPOINT, INC 55,713
2,300 o CIBER, INC 43,987
1,600 o CITRIX SYSTEMS, INC 90,400
1,600 o CMGI, INC 182,500
800 o CNET, INC 46,100
500 o COMPLETE BUSINESS SOLUTIONS, INC 8,968
12,600 COMPUTER ASSOCIATES
INTERNATIONAL, INC 693,000
4,600 o COMPUTER SCIENCES CORP 318,262
800 COMPUTER TASK GROUP, INC 13,600
80,733 o COMPUWARE CORP 2,568,318
800 o CONCORD COMMUNICATIONS, INC 36,000
3,400 o CONVERGYS CORP 65,450
200 o CORT BUSINESS SERVICES CORP 4,787
3,100 o CSG SYSTEMS INTERNATIONAL, INC 81,181
3,000 o DATASTREAM SYSTEMS, INC 48,000
1,300 o DBT ONLINE, INC 42,575
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
700 o DENDRITE INTERNATIONAL, INC $ 25,287
200 o DOCUMENTUM, INC 2,612
700 o DOUBLECLICK, INC 64,225
248 o DST SYSTEMS, INC 15,593
200 o EARTHLINK NETWORK, INC 12,287
62 o ECLIPSYS CORP 1,484
1,800 o ELECTRONIC ARTS, INC 97,650
39,100 ELECTRONIC DATA SYSTEMS CORP 2,211,593
1,800 o ELECTRONICS FOR IMAGING, INC 92,475
500 o ENGINEERING ANIMATION, INC 10,593
2,700 EQUIFAX, INC 96,356
2,858 o EXCITE AT HOME 154,153
150 o FACTSET RESEARCH SYSTEMS, INC 8,493
500 FAIR ISSAC & CO, INC 17,531
10,200 FIRST DATA CORP 499,162
1,800 o FISERV, INC 56,362
1,800 GERBER SCIENTIFIC, INC 39,712
3,700 o GTECH HOLDINGS CORP 87,181
750 o HARBINGER CORP 9,375
85 o HYPERION SOLUTIONS CORP 1,514
200 o I2 TECHNOLOGIES, INC 8,600
500 o IDENTIX, INC 4,906
300 o IMRGLOBAL CORP 5,775
4,700 IMS HEALTH, INC 146,875
600 o INDUSTRI-MATEMATIK
INTERNATIONAL CORP 1,462
600 o INFOSEEK CORP 28,762
900 o INFOUSA, INC (CLASS B) 7,650
1,200 o INTEGRATED SYSTEMS, INC 14,100
1,500 o INTERNATIONAL NETWORK SERVICES 60,562
200 o INTERNATIONAL TELECOMMUNICATIONS 3,200
3,000 INTERPUBLIC GROUP OF COS, INC 259,875
1,100 o INTUIT, INC 99,137
93,675 o J.D. EDWARDS & CO 1,732,987
300 o JDA SOFTWARE GROUP, INC 2,793
2,100 o KEANE, INC 47,512
800 KELLY SERVICES, INC (CLASS A) 25,700
1,500 o LABOR READY, INC 48,750
800 o LAMAR ADVERTISING CO (CLASS A) 32,750
200 o LEGATO SYSTEMS, INC 11,550
200 o LHS GROUP, INC 6,625
1,000 o LYCOS, INC 91,875
700 o MACROMEDIA, INC 24,675
1,700 MANPOWER, INC 38,462
400 o MANUGISTICS GROUP, INC 5,800
700 o MAPICS, INC 7,393
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 43
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
BUSINESS SERVICES -- (CONTINUED)
2,500 o MASTECH CORP $ 46,562
1,100 o MEDQUIST, INC 48,125
330 o MERANT PLC ADR 6,435
300 o MERCURY INTERACTIVE CORP 10,612
1,600 o METAMOR WORLDWIDE, INC 38,500
269,580 o MICROSOFT CORP 24,312,746
100 o MIDWAY GAMES, INC 1,293
800 o MINDSPRING ENTERPRISES, INC 35,450
1,600 o MODIS PROFESSIONAL SERVICES 22,000
28 o MOMENTUM BUSINESS
APPLICANTS, INC 197
1,700 NATIONAL DATA CORP 72,675
1,200 o NETWORK APPLIANCE, INC 67,050
500 o NETWORK SOLUTIONS, INC 39,562
3,100 o NETWORKS ASSOCIATES, INC 45,531
1,966 o NIELSEN MEDIA RESEARCH 57,505
700 NORRELL CORP 13,168
900 o NOVA CORP (GEORGIA) 22,500
1,400 o NOVACARE EMPLOYEE SERVICES, INC 3,850
42,200 OMNICOM GROUP, INC 3,376,000
190,193 o ORACLE CORP 7,060,915
900 o OUTDOOR SYSTEMS, INC 32,850
5,200 o PARAMETRIC TECHNOLOGY CORP 72,150
7,200 PAYCHEX, INC 229,500
2,800 o PEOPLESOFT, INC 48,300
2,000 o PEREGRINE SYSTEMS, INC 51,375
1,700 o POLICY MANAGEMENT SYSTEMS CORP 51,000
700 o PREVIEW TRAVEL, INC 15,356
1,800 #o PROCURENET, INC 270
2,300 o PROGRESS SOFTWARE CORP 64,975
2,300 o PSINET, INC 100,625
500 o QRS CORP 39,000
1,900 o RATIONAL SOFTWARE CORP 62,581
800 o REALNETWORKS, INC 55,100
500 o REMEDY CORP 13,437
1,500 o RENT WAY, INC 36,937
800 o RENT-A-CENTER, INC 19,200
300 o RENTAL SERVICE CORP 8,587
1,600 o ROBERT HALF INTERNATIONAL, INC 41,600
400 ROLLINS, INC 6,375
1,954 o ROMAC INTERNATIONAL, INC 17,341
300 o SABRE GROUP HOLDINGS, INC 20,625
100 o SAPIENT CORP 5,662
700 SEI INVESTMENT CO 61,775
800 SHARED MEDICAL SYSTEMS CORP 52,200
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
1,800 o SIEBEL SYSTEMS, INC $ 119,475
900 o SITEL CORP 2,643
3,400 o SNYDER COMMUNICATIONS, INC 111,350
100 o SPORTSLINE U.S.A., INC 3,587
300 o STAFFMARK, INC 3,009
2,100 o STERLING COMMERCE, INC 76,650
1,100 o STERLING SOFTWARE, INC 29,356
1,700 o STRUCTURAL DYNAMICS
RESEARCH CORP 31,556
19,100 o SUN MICROSYSTEMS, INC 1,315,512
3,004 o SUNGARD DATA SYSTEMS, INC 103,638
1,000 o SYKES ENTERPRISES, INC 33,375
3,200 o SYMANTEC CORP 81,600
930 o SYNOPSYS, INC 51,324
800 o SYSTEMS & COMPUTER
TECHNOLOGY CORP 11,650
450 o TECHNOLOGY SOLUTIONS CO 4,865
700 o TMP WORLDWIDE, INC 44,450
400 TOTAL SYSTEM SERVICES, INC 7,600
500 o TRANSACTION SYSTEM ARCHITECTURE 19,500
2,300 TRUE NORTH COMMUNICATIONS, INC 69,000
2,700 o UNITED RENTALS, INC 79,650
1,900 o USWEB CORP 42,156
200 o VERIO, INC 13,900
100 o VERISIGN, INC 8,625
1,250 o VERITAS SOFTWARE CORP 118,671
500 o VIASOFT, INC 1,750
600 o VISIO CORP 22,837
200 o VOLT INFORMATION SCIENCES, INC 4,575
600 o WEST TELESERVICES CORP 5,625
350 o WIND RIVER SYSTEMS, INC 5,621
6,933 o YAHOO, INC 1,194,209
1,900 o YOUNG & RUBICAM, INC 86,331
------------
60,822,787
------------
CHEMICALS AND ALLIED PRODUCTS -- 14.02%
52,800 ABBOTT LABORATORIES CO 2,402,400
900 o ADVANCED TISSUE SCIENCE CO 2,925
500 o ALGOS PHARMACEUTICAL CORP 11,031
300 o ALKERMES, INC 6,937
20 o ALLERGAN SPECIALTY
THERAPEUTICS, INC (CLASS A) 217
1,500 o ALZA CORP 76,312
110,225 AMERICAN HOME PRODUCTS CORP 6,337,937
14,600 o AMGEN, INC 888,775
500 o ANDRX CORP 38,562
SEE NOTES TO FINANCIAL STATEMENTS
44 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
CHEMICALS AND ALLIED PRODUCTS -- (CONTINUED)
6,600 AVON PRODUCTS, INC $ 366,300
1,000 o AXYS PHARMACEUTICALS, INC 3,375
200 o BARR LABORATORIES, INC 7,975
1,000 o BIO-TECHNOLOGY GENERAL CORP 6,500
3,000 o BIOGEN, INC 192,937
600 o BIOMATRIX, INC 12,975
54,500 BRISTOL MYERS SQUIBB CO 3,838,843
200 o CABOT CORP 4,837
1,500 o CAMBREX CORP 39,375
2,400 o CENTOCOR, INC 111,900
900 o CEPHALON, INC 15,637
100 o CHATTEM, INC 3,181
800 o CHIREX, INC 25,700
1,200 o CHIRON CORP 24,900
200 CHURCH & DWIGHT CO, INC 8,700
1,569 CLOROX CO 167,588
6,900 COLGATE PALMOLIVE CO 681,375
800 o COLUMBIA LABORATORIES, INC 6,850
600 o COR THERAPEUTICS, INC 8,850
1,000 o CREATIVE BIOMOLECULES, INC 3,625
735 o CRESCENDO PHARMACEUTICALS CORP 12,678
2,600 o CROMPTON & KNOWLES CORP 50,862
2,200 o CYTEC INDUSTRIES, INC 70,125
1,200 DIAL CORP 44,625
7,100 DU PONT (E.I.) DE NEMOURS & CO 485,018
2,200 o DURA PHARMACEUTICALS, INC 26,262
3,400 ECOLAB, INC 148,325
183,360 o ELAN CORP PLC ADR 5,088,240
1,000 FERRO CORP 27,500
1,100 o FOREST LABORATORIES, INC 50,875
1,500 o GENZYME CORP (GENERAL DIVISION) 72,750
108 o GENZYME-MOLECULAR ONCOLOGY 297
200 o GILEAD SCIENCES, INC 10,450
4,800 o GRACE W.R. & CO 88,200
54,180 o GUILFORD PHARMACEUTICALS, INC 690,795
1,600 HERCULES, INC 62,900
500 o HUMAN GENOME SCIENCES, INC 19,750
1,700 o ICOS CORP 69,381
1,100 o IDEC PHARMACEUTICALS CORP 84,768
1,000 o IMMUNEX CORP 127,437
400 o INHALE THERAPEUTIC SYSTEMS 9,525
600 INTERNATIONAL FLAVORS &
FRAGRANCES, INC 26,625
900 o ISIS PHARMACEUTICALS, INC 9,168
45,600 JOHNSON & JOHNSON CO 4,468,800
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
1,200 JONES PHARMACEUTICAL, INC $ 47,250
3,700 LAUDER (ESTEE) CO (CLASS A) 185,462
1,000 o LIGAND PHARMACEUTICALS CO
(CLASS A) 11,125
68,865 LILLY (ELI) & CO 4,932,455
2,200 o LIPOSOME CO, INC 42,075
900 MACDERMID, INC 41,850
1,050 o MEDICIS PHARMACEUTICAL CORP
(CLASS A) 26,643
1,700 o MEDIMMUNE, INC 115,175
175,918 MERCK & CO, INC 13,017,932
700 o MILLENNIUM PHARMACEUTICALS, INC 25,200
17,900 MONSANTO CO 705,931
2,300 MYLAN LABORATORIES, INC 60,950
1,000 NATURES SUNSHINE PRODUCTS, INC 10,500
1,200 o NBTY, INC 7,800
700 o NEXSTAR PHARMACEUTICALS, INC 13,956
75 o OCTEL CORP 937
750 o ORGANOGENESIS, INC 7,031
500 o PATHOGENESIS CORP 7,093
39,400 PFIZER, INC 4,324,150
200 PRAXAIR, INC 9,787
42,500 PROCTER & GAMBLE CO 3,793,125
300 o PROTEIN DESIGN LABORATORIES, INC 6,656
200 o REVLON, INC (CLASS A) 6,050
1,700 o REXALL SUNDOWN, INC 20,718
258 ROHM & HAAS CO 11,061
400 o SANGSTAT MEDICAL CORP 6,900
3,400 o SCHEIN PHARMACEUTICAL, INC 41,012
141,098 SCHERING-PLOUGH CORP 7,478,194
800 o SICOR, INC 3,400
100 o SUGEN, INC 2,950
1,300 o TECHNE CORP 32,987
600 o THERAGENICS CORP 4,162
400 o THERMOLASE CORP 525
1,000 o TRANSKARYOTIC THERAPIES, INC 33,000
2,200 o TRIANGLE PHARMACEUTICALS, INC 39,600
1,200 o TWINLAB CORP 10,312
800 VALSPAR CORP 30,400
600 o VERTEX PHARMACEUTICALS, INC 14,475
800 o VICAL, INC 9,700
44,300 WARNER-LAMBERT CO 3,073,312
1,500 o WATSON PHARMACEUTICALS, INC 52,593
2,000 o ZILA, INC 6,062
------------
65,312,371
------------
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 45
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
COMMUNICATIONS -- 15.84%
400 o ADELPHIA COMMUNICATIONS CORP
(CLASS A) $ 25,450
1,300 ALLTEL CORP 92,950
400 o AMERICAN MOBILE SATELLITE CORP 6,550
169,419 AT & T CORP 9,455,697
22,880 o AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 840,840
4,040 BELL ATLANTIC CORP 264,115
900 o CABLEVISION SYSTEMS CORP (CLASS A)63,000
146,238 o CBS CORP 6,352,213
800 o CD RADIO, INC 24,375
163,690 o CHANCELLOR MEDIA CORP (CLASS A)9,023,411
3,100 CINCINNATI BELL, INC 77,306
99,504 o CLEAR CHANNEL
COMMUNICATIONS, INC 6,859,557
13,600 COMCAST CORP (CLASS A) SPECIAL 522,750
1,100 o CONCENTRIC NETWORK CORP 43,725
600 o COX COMMUNICATIONS, INC (CLASS A) 22,087
300 o COX RADIO, INC (CLASS A) 16,275
400 o EMMIS COMMUNICATIONS (CLASS A) 19,750
72,200 ERICSSON TELEFON
(LM) SERIES B ADR 2,378,087
600 o EXODUS COMMUNICATIONS, INC 71,962
3,100 FRONTIER CORP 182,900
1,300 o GLOBAL TELESYSTEMS GROUP, INC 105,300
5,500 GTE CORP 416,625
3,100 o HEARST-ARGYLE TELEVISION, INC 74,400
900 o HISPANIC BROADCASTING CORP 68,287
1,700 o ICG COMMUNICATIONS, INC 36,337
1,500 o INTERMEDIA COMMUNICATIONS, INC 45,000
50 o LEAP WIRELESS INTERNATIONAL, INC 1,012
800 o LEVEL 3 COMMUNICATIONS, INC 48,050
122,805 LUCENT TECHNOLOGIES, INC 8,281,662
236,048 o MCI WORLDCOM, INC 20,314,881
4,000 o MEDIA ONE GROUP, INC 297,500
500 o METROMEDIA FIBER NETWORK
(CLASS A) 17,968
4,555 o NETWORK PLUS CORP 95,085
1,300 o NEXTLINK COMMUNICATIONS, INC 96,687
1,400 o NTL, INC 120,662
1,400 o PAGEMART WIRELESS, INC (CLASS A) 10,587
5,200 o PAGING NETWORK, INC 25,025
100 o PREMIERE TECHNOLOGIES, INC 1,150
300 o PRIMUS TELECOMMUNICATIONS
GROUP, INC 6,731
4,500 o QWEST COMMUNICATIONS
INTERNATIONAL, INC 148,781
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
1,200 o RCN CORP $ 49,950
65,125 SBC COMMUNICATIONS, INC 3,777,250
2,200 o SKYTEL COMMUNICATIONS, INC 46,062
1,900 SPRINT CORP (FON GROUP) 100,343
3,350 o SPRINT CORP (PCS GROUP) 191,368
700 TCA CABLE TV, INC 38,850
1,200 o TV GUIDE, INC 43,950
1,000 o U.S. LEC CORP (CLASS A) 22,500
2,200 o U.S. SATELLITE BROADCASTING, INC
(CLASS A) 40,150
92 U.S. WEST, INC 5,405
800 o UNITED INTERNATIONAL
HOLDINGS, INC 54,100
2,100 o UNIVISION COMMUNICATIONS, INC 138,600
5,300 o VIACOM, INC (CLASS B) 233,200
8,250 o VODAFONE GROUP PLC ADR 1,625,250
2,900 o VOICESTREAM WIRELESS CORP 82,468
1,400 o WESTERN WIRELESS CORP (CLASS A) 37,800
14,982 o WINSTAR COMMUNICATIONS, INC 730,372
300 o YOUNG BROADCASTING, INC
(CLASS A) 12,768
------------
73,785,116
------------
DEPOSITORY INSTITUTIONS -- 0.86%
2,600 BANK OF NEW YORK CO, INC 95,387
3,200 BANK ONE CORP 190,600
1,500 COMMUNITY FIRST BANKSHARES, INC 35,812
1,800 o CONCORD EFS, INC 76,162
4,350 FIFTH THIRD BANCORP 289,546
1,300 FIRST BANCORP (PUERTO RICO) 29,331
11,900 FIRSTAR CORP 333,200
1,000 o GREENPOINT FINANCIAL CORP 32,812
2,900 HUDSON UNITED BANCORP 88,812
1,620 o IMPERIAL BANCORP 32,096
18,075 MBNA CORP 553,546
3,200 MELLON BANK CORP 116,400
4,200 o NORTH FORK BANCORP, INC 89,512
1,600 NORTHERN TRUST CORP 155,200
200 o OCWEN FINANCIAL CORP 1,775
1,102 OLD NATIONAL BANCORP 33,128
4,350 PROVIDIAN FINANCIAL CORP 406,725
1,025 ROSLYN BANCORP, INC 17,617
300 o SILICON VALLEY BANCSHARES 7,425
3,900 SKY FINANCIAL GROUP, INC 106,275
SEE NOTES TO FINANCIAL STATEMENTS
46 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
DEPOSITORY INSTITUTIONS -- (CONTINUED)
300 o SOUTHWEST BANCORP OF
TEXAS, INC $ 5,400
3,300 STATE STREET CORP 281,737
2,350 SYNOVUS FINANCIAL CORP 46,706
700 TRUST CO OF New jersey 16,450
14,012 U.S. BANCORP 476,408
100 U.S. TRUST CORP 9,250
700 UNITED BANKSHARES, INC 18,550
4,400 WASHINGTON MUTUAL, INC 155,650
4,700 WELLS FARGO CO 200,925
300 WESTERN BANCORP 13,050
1,800 WESTERNBANK PUERTO RICO 23,512
1,300 ZIONS BANCORP 82,550
------------
4,021,549
------------
EATING AND DRINKING PLACES -- 0.35%
600 o APPLEBEES INTERNATIONAL, INC 18,075
600 o BRINKER INTERNATIONAL, INC 16,312
2,000 o CEC ENTERTAINMENT, INC 84,500
1,760 CKE RESTAURANTS, INC 28,600
625 o CONSOLIDATED PRODUCTS, INC 11,250
1,900 o FOODMAKER, INC 53,912
3,695 HOST MARRIOTT CORP (NEW) 43,878
500 o HOST MARRIOTT SERVICES CORP 4,062
300 o LANDRYS SEAFOOD RESTAURANTS, INC 2,400
5,200 MARRIOTT INTERNATIONAL (CLASS A) 194,350
21,500 MCDONALD'S CORP 888,218
600 o NPC INTERNATIONAL, INC 9,225
1,050 o OUTBACK STEAKHOUSE, INC 41,278
900 o PAPA JOHNS INTERNATIONAL, INC 40,218
800 o PLANET HOLLYWOOD, INC (CLASS A) 550
250 o SODEXHO MARRIOTT SERVICES, INC 4,796
700 o SONIC CORP 22,837
300 o THE CHEESECAKE FACTORY CO 9,150
1,260 o TRICON GLOBAL RESTAURANTS, INC 68,197
1,400 VIAD CORP 43,312
700 WENDYS INTERNATIONAL, INC 19,818
------------
1,604,938
------------
EDUCATIONAL SERVICES -- 0.03%
450 o APOLLO GROUP, INC (CLASS A) 11,953
200 o COMPUTER LEARNING CENTERS, INC 987
2,200 o DEVRY, INC 49,225
1,200 o EDUCATION MANAGEMENT CORP 24,900
100 o ITT EDUCATIONAL SERVICES, INC 2,606
200 o LEARNING TREE INTERNATIONAL, INC 2,187
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
2,050 o SYLVAN LEARNING SYSTEMS, INC $ 55,734
------------
147,592
------------
ELECTRIC, GAS, AND SANITARY SERVICES -- 3.08%
2,400 o AES CORP 139,500
4,400 o ALLIED WASTE INDUSTRIES, INC 86,900
3,000 o AQUA ALLIANCE, INC 3,000
2,700 BLACK HILLS CORP 62,437
30,928 BROWNING FERRIS INDUSTRIES, INC1,329,904
700 o NEWPARK RESOURCES, INC 6,212
93,866 o REPUBLIC SERVICES, INC
(CLASS A) 2,323,183
3,100 SEMPRA ENERGY 70,137
300 SONAT, INC 9,937
1,100 o SUPERIOR SERVICES, INC 29,356
12 TEXAS UTILITIES CO 495
189,547 o WASTE MANAGEMENT, INC 10,188,151
1,800 WILLIAMS COS, INC 76,612
------------
14,325,824
------------
ELECTRONIC AND OTHER
ELECTRIC EQUIPMENT -- 12.56%
500 o ACTEL CORP 7,375
3,200 o ADC TELECOMMUNICATIONS, INC 145,800
1,100 o ADTRAN, INC 40,012
1,100 o ADVANCED FIBRE COMMUNICATIONS 17,187
5,000 o ALTERA CORP 184,062
4,800 o AMERICAN POWER CONVERSION CORP 96,600
247,700 o AMERICAN TOWER SYSTEMS
(CLASS A) 5,944,800
2,600 AMETEK, INC 59,800
1,000 o AMKOR TECHNOLOGY, INC 10,250
53,900 o ANALOG DEVICES, INC 2,705,106
4,500 o ANDREW CORP 85,218
400 o APPLIED MICRO CIRCUITS CORP 32,900
700 o ARTESYN TECHNOLOGIES, INC 15,531
1,400 o ASPECT TELECOMMUNICATIONS CORP 13,650
21,400 o ATMEL CORP 560,412
600 o BROADCOM CORP (CLASS A) 86,737
2,400 o CELLNET DATA SYSTEMS, INC 21,600
3,000 o CIENA CORP 90,562
2,366 o COMMSCOPE, INC 72,754
2,632 o COMVERSE TECHNOLOGY, INC 198,716
100 CTS CORP 7,000
800 DALLAS SEMICONDUCTOR CORP 40,400
200 o DAVOX CORP 2,387
1,000 o DIGITAL MICROWAVE CORP 12,750
1,400 o DII GROUP, INC 52,237
800 o DSP COMMUNICATIONS, INC 23,100
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 47
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
ELECTRONIC AND OTHER
ELECTRIC EQUIPMENT -- (CONTINUED)
400 EMERSON ELECTRIC CO $ 25,150
182,935 GENERAL ELECTRIC CO 20,671,655
1,200 o GENERAL INSTRUMENT CORP 51,000
275 o GENERAL SEMICONDUCTOR, INC 2,509
600 o HMT TECHNOLOGY CORP 1,500
100 o HUTCHINSON TECHNOLOGY, INC 2,775
400 INNOVEX, INC 5,600
273,841 INTEL CORP 16,293,539
900 o JABIL CIRCUIT, INC 40,612
200 o LATTICE SEMICONDUCTOR CORP 12,450
950 o LEVEL ONE COMMUNICATIONS, INC 46,490
3,400 LINEAR TECHNOLOGY CO 228,650
1,400 o LITTLEFUSE, INC 26,950
900 o LO-JACK CORP 7,537
6,600 o LSI LOGIC CORP 304,425
2,700 o MAXIM INTEGRATED PRODUCTS 179,550
1,000 MAYTAG CO 69,687
300 o MICREL, INC 22,200
2,100 o MICROCHIP TECHNOLOGY, INC 99,487
1,200 o MICRON TECHNOLOGY, INC 48,375
1,700 o MMC NETWORKS, INC 76,075
2,200 MOLEX, INC 81,400
6,500 MOTOROLA, INC 615,875
500 o MRV COMMUNICATIONS, INC 6,562
500 o NATIONAL SEMICONDUCTOR CORP 12,656
300 o NATURAL MICROSYSTEMS CORP 2,868
1,100 o NEOMAGIC CORP 9,246
18,408 o NOKIA OYJ ADR 1,685,482
1,000 o P-COM, INC 5,234
500 o PHOTRONICS, INC 12,250
500 o PLANTRONICS, INC 32,562
800 o PLEXUS CORP 24,100
1,600 o PMC-SIERRA, INC 94,300
1,000 o POLYCOM, INC 39,000
100 o POWERWAVE TECHNOLOGIES, INC 3,225
200 o PREMISYS COMMUNICATIONS, INC 1,462
300 o QLOGIC CORP 39,600
2,800 o QUALCOMM, INC 401,800
2,100 RAYCHEM CORP 77,700
900 o RAYOVAC CORP 20,418
200 o REMEC, INC 3,225
300 o ROYAL APPLIANCE
MANUFACTURING CO, INC 2,081
1,100 o S3, INC 10,003
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
1,100 o SANMINA CORP $ 83,462
900 o SCI SYSTEMS, INC 42,750
1,200 SCIENTIFIC-ATLANTA, INC 43,200
1,200 o SDL, INC 61,275
1,200 o SEMTECH CORP 62,550
200 o SIPEX CORP 4,100
4,900 o SOLECTRON CORP 326,768
200 o SPECTRIAN CORP 2,900
7,800 o SUNBEAM CORP 61,912
800 TECHNITROL, INC 25,800
800 o TEKELEC 9,750
10,332 o TELLABS, INC 698,055
27,200 TEXAS INSTRUMENTS, INC 3,944,000
1,800 THOMAS & BETTS CORP 85,050
500 o UCAR INTERNATIONAL, INC 12,625
900 o UNIPHASE CORP 149,400
600 o UNITRODE CORP 17,212
1,500 o VITESSE SEMICONDUCTOR CORP 101,156
500 o WORLD ACCESS, INC 7,062
14,800 o XILINX, INC 847,300
800 xo ZENITH ELECTRONICS CORP 312
------------
58,510,850
------------
ENGINEERING AND
MANAGEMENT SERVICES -- 0.09%
2,800 o CATALYTICA, INC 39,200
500 o DATA TRANSMISSION NETWORK CORP 14,062
100 o DIAMOND TECHnology PARTNERS, INC
(CLASS A) 2,237
1,300 DUN & BRADSTREET CORP 46,068
600 o F.Y.I., INC 18,825
900 o GARTNER GROUP, INC (CLASS A) 18,450
500 o INCYTE PHARMACEUTICALS, INC 13,218
1,100 o METZLER GROUP, INC 30,387
1,100 o NFO WORLDWIDE, INC 15,400
2,382 o QUINTILES TRANSNATIONAL CORP 100,044
400 o RENAISSANCE WORLDWIDE, INC 3,187
4,800 o SERVICEMASTER CO 90,000
400 o TEJON RANCH CO 10,100
200 o WACKENHUT CORRECTIONS CORP 3,962
800 o WHITTMAN HART, INC 25,400
------------
430,540
------------
FABRICATED METAL PRODUCTS -- 0.36%
500 BARNES GROUP, INC 10,875
450 CRANE CO 14,146
1,900 CROWN CORK & SEAL CO, INC 54,150
SEE NOTES TO FINANCIAL STATEMENTS
48 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
FABRICATED METAL PRODUCTS -- (CONTINUED)
33,450 GILLETTE CO $ 1,371,450
4,300 MASCO CORP 124,162
1,400 o SIMPSON MANUFACTURING CO, INC 66,500
200 SNAP-ON, INC 7,237
500 STANLEY WORKS CO 16,093
200 STRUM, RUGER & CO, INC 2,137
------------
1,666,750
------------
FOOD AND KINDRED PRODUCTS -- 2.74%
1,090 o AGRIBRANDS INTERNATIONAL, INC 43,123
1,300 ANHEUSER BUSCH COS, INC 92,218
5,300 BESTFOODS, INC 262,350
300 BROWN FORMAN, INC (CLASS B) 19,556
4,600 CAMPBELL SOUP CO 213,325
70,700 COCA COLA CO 4,418,750
8,500 COCA COLA ENTERPRISES, INC 252,875
11,100 CONAGRA, INC 295,537
500 DEAN FOODS CO 20,781
1,800 DOLE FOOD, INC 52,875
2,200 FLOWERS INDUSTRIES, INC 47,712
1,900 GENERAL MILLS, INC 152,712
3,000 HEINZ (H.J.) CO 150,375
1,000 HERSHEY FOODS CORP 59,375
2,400 o INTERNATIONAL HOME FOODS, INC 44,250
900 INTERSTATE BAKERIES CORP 20,193
121,922 o KEEBLER FOODS CO 3,703,380
1,300 KELLOGG CO 42,900
1,500 LANCASTER COLONY CORP 51,750
37,000 PEPSICO, INC 1,431,437
1,200 o PILGRIMS PRIDE CORP (CLASS B) 36,000
2,800 QUAKER OATS CO 185,850
6,400 RALSTON PURINA CO 194,800
21,800 SARA LEE CORP 494,587
1,500 o SMITHFIELD FOODS, INC 50,156
1,400 o SUIZA FOODS CORP 58,625
3,300 TCBY ENTERPRISES, INC 20,006
2,933 TOOTSIE ROLL INDUSTRIES, INC 113,287
2,500 TYSON FOODS, INC 56,250
260 o VLASIC FOODS INTERNATIONAL, INC 1,901
1,900 WHITMAN CORP 34,200
1,400 WRIGLEY (WM) JR CO 126,000
------------
12,747,136
------------
FOOD STORES -- 1.21%
400 ALBERTSONS, INC 20,625
1,500 FOOD LION, INC (CLASS B) 17,343
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
2,000 o GENERAL NUTRITION COS, INC $ 46,625
11,200 o KROGER CO 312,900
102,200 o SAFEWAY, INC 5,058,900
3,600 o STARBUCKS CORP 135,225
1,500 o WILD OATS MARKETS, INC 45,515
------------
5,637,133
------------
FURNITURE AND FIXTURES -- 0.08%
100 BUSH INDUSTRIES, INC (CLASS A) 1,662
150 ETHAN ALLEN INTERIORS, INC 5,662
2,000 o FURNITURE BRANDS
INTERNATIONAL, INC 55,750
1,600 HON INDUSTRIES, INC 46,700
800 o KNOLL, INC 21,300
1,000 o LEGGETT & PLATT, INC 27,812
3,600 MILLER (HERMAN), INC 75,600
3,045 NEWELL RUBBERMAID, INC 141,592
------------
376,078
------------
FURNITURE AND
HOMEFURNISHINGS STORES -- 0.25%
2,700 o BED BATH & BEYOND, INC 103,950
1,900 o BEST BUY, INC 128,250
100 o CDNOW, INC 1,762
700 CIRCUIT CITY STORES-Circuit
CITY GROUP 65,100
3,100 o COMPUSA, INC 23,056
400 o GUITAR CENTER, INC 4,175
1,800 o LINENS N THINGS, INC 78,750
2,400 o MUSICLAND STORES CORP 21,300
4,300 PIER 1 IMPORTS, INC 48,375
13,200 TANDY CORP 645,150
800 o TRANS WORLD ENTERTAINMENT CORP 9,000
1,000 o WILLIAMS-SONOMA, INC 34,812
------------
1,163,680
------------
GENERAL BUILDING CONTRACTORS-- 0.01%
1,300 LENNAR CORP 31,200
100 o STANDARD-PACIFIC CORP 1,293
------------
32,493
------------
GENERAL MERCHANDISE STORES -- 1.20%
125 o 99 CENTS ONLY STORES 6,242
2,400 CASEYS GENERAL STORES, INC 36,000
2,100 o CONSOLIDATED STORES CORP 56,700
400 o COST PLUS, INC 18,200
4,900 o COSTCO COS, INC 392,306
9,700 DAYTON HUDSON CORP 630,500
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 49
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
GENERAL MERCHANDISE STORES-- (CONTINUED)
8,025 DOLLAR GENERAL CORP $ 232,725
1,500 o DOLLAR TREE STORES, INC 66,000
4,800 FAMILY DOLLAR STORES, INC 115,200
3,700 o KOHLS CORP 285,593
400 o NEIMAN-MARCUS GROUP, INC 10,275
1,100 o SAKS, INC 31,762
2,300 SEARS ROEBUCK & CO 102,493
800 o VENATOR GROUP, INC 8,350
74,900 WAL-MART STORES, INC 3,613,925
------------
5,606,271
------------
HEALTH SERVICES -- 0.42%
200 o ALTERRA HEALTHCARE CORP 2,750
4,000 o BEVERLY ENTERPRISES, INC 32,250
200 o CAREMATRIX CORP 2,487
1,600 o COVANCE, INC 38,300
400 o CURATIVE HEALTH SERVICES, INC 2,200
735 o ENZO BIOCHEMICAL, INC 7,258
1,900 o EXPRESS SCRIPTS, INC 114,356
113,750 o HEALTH MANAGEMENT
ASSOCIATES, INC (CLASS A) (NEW)1,279,687
1,600 HEALTHPLAN SERVICES CORP 10,900
10,048 o HEALTHSOUTH CORP 150,092
600 o HOOPER HOLMES, INC 12,225
2,100 o LINCARE HOLDINGS, INC 52,500
400 o MAGELLAN HEALTH SERVICES, INC 4,000
300 o MARINER POST-ACUTE NETWORK, INC 121
7,700 o MEDPARTNERS, INC 58,231
900 o ORTHODONTIC CENTERS OF
AMERICA, INC 12,712
300 o PEDIATRIX MEDICAL GROUP, INC 6,375
1,800 o PHYCOR, INC 13,331
2,700 o QUORUM HEALTH GROUP, INC 33,918
900 o RENAL CARE GROUP, INC 23,287
3,000 o TENET HEALTHCARE CORP 55,687
1,901 o TOTAL RENAL CARE HOLDINGS, INC 29,584
600 o UNIVERSAL HEALTH SERVICES, INC 28,650
800 o VENCOR, INC 120
------------
1,971,021
------------
HEAVY CONSTRUCTION,
EXCEPT BUILDING -- 0.01%
1,100 o INSITUFORM TECHNOLOGIES, INC
(CLASS A) 23,787
300 o MASTEC, INC 8,475
------------
32,262
------------
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
HOLDING AND OTHER
INVESTMENT OFFICES -- 0.07%
26 APARTMENT INVESTMENT &
MANAGEMENT CO $ 1,111
1,800 BOSTON PROPERTIES, INC 64,575
1,200 COUSINS PROPERTIES, INC 40,575
411 FELCOR LODGING TRUST, INC 8,528
700 GENERAL GROWTH PROPERTIES, INC 24,850
100 HEALTH CARE PROPERTY
INVESTORS, INC 2,887
1,600 MACERICH CO 42,000
2,700 MEDITRUST CORP 35,268
500 MERISTAR HOSPITALITY CORP 11,218
100 STARWOOD FINANCIAL TRUST 6,200
800 TOWN & COUNTRY TRUST 14,300
800 VENTAS, INC 4,300
1,200 WEINGARTEN REALTY INVESTORS, INC 50,100
------------
305,912
------------
HOTELS AND OTHER LODGING PLACES -- 0.11%
30 o BRISTOL HOTELS & RESORTS, INC 2,250
17,964 o CENDANT CORP 368,262
140 o CRESTLINE CAPITAL CORP 2,353
2,200 o EXTENDED STAY AMERICA, INC 26,400
1,300 HILTON HOTELS CORP 18,443
2,800 o LODGIAN, INC 18,375
300 o MERISTAR HOTELS & RESORTS, INC 1,031
2,000 o PARK PLACE ENTERTAINMENT 19,375
1,895 o PROMUS HOTEL CORP 58,745
600 o VAIL RESORTS, INC 10,500
------------
525,734
------------
INDUSTRIAL MACHINERY
AND EQUIPMENT -- 13.47%
6,100 o 3COM CORP 162,794
1,900 o ADAPTEC, INC 67,093
3,200 o AMERICAN STANDARD COS, INC 153,600
10,200 o APPLIED MATERIALS, INC 753,525
100 o ASYST TECHNOLOGIES, INC 2,993
3,910 BAKER HUGHES, INC 130,985
300 o BELL & HOWELL CO 11,343
500 BLACK & DECKER CORP 31,562
300 o C-CUBE MICROSYSTEMS, INC 9,506
1,300 o CABLETRON SYSTEMS, INC 16,900
232,454 o CISCO SYSTEMS, INC 14,978,754
1,000 o COLTEC INDUSTRIES, INC 21,687
112,557 COMPAQ COMPUTER CORP 2,666,193
800 o COOPER CAMERON CORP 29,650
SEE NOTES TO FINANCIAL STATEMENTS
50 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
INDUSTRIAL MACHINERY
AND EQUIPMENT -- (CONTINUED)
162,100 o DELL COMPUTER CORP $ 5,997,700
1,000 DIEBOLD, INC 28,750
800 DOVER CORP 28,000
130,448 o EMC CORP 7,174,640
300 o ENCAD, INC 1,950
600 o ETEC SYSTEMS, INC 19,950
100 o GARDNER DENVER, INC 1,612
1,500 o GATEWAY, INC 88,500
1,100 GRACO, INC 32,312
26,700 HEWLETT-PACKARD CO 2,683,350
450 HUSSMANN INTERNATIONAL, INC 7,453
6,900 INTERNATIONAL BUSINESS
MACHINES CORP 891,825
3,200 o IOMEGA CORP 15,800
300 o KULICHE & SOFFA INDUSTRIES, INC 8,043
4,300 o LEXMARK INTERNATIONAL GROUP
(CLASS A) 284,068
1,050 MANITOWOC, INC 43,706
400 o MICROS SYSTEMS, INC 13,600
800 o NOVELLUS SYSTEMS, INC 54,600
800 o PENTAIR, INC 36,600
5,200 PITNEY BOWES, INC 334,100
700 o PRESSTEK, INC 5,053
3,900 o QUANTUM CORP 94,087
1,200 o ROPER INDUSTRIES, INC 38,400
1,000 o SANDISK CORP 45,000
3,700 o SEAGATE TECHNOLOGY, INC 94,812
800 o SMITH INTERNATIONAL, INC 34,750
213 o SPEEDFAM-IPEC, INC 3,421
300 o SPLASH TECHNOLOGY HOLDINGS, INC 2,109
200 o STANDEX INTERNATIONAL CORP 5,475
2,100 o STORAGE TECHNOLOGY CORP 47,775
600 SYMBOL TECHNOLOGIES, INC 22,125
400 TENNANT CO 12,800
700 o TEREX CORP 21,306
231,903 TYCO INTERNATIONAL LTD 21,972,809
88,715 o UNISYS CORP 3,454,340
3,000 o VARCO INTERNATIONAL, INC 32,812
800 o VISUAL NETWORKS, INC 25,600
1,900 o XIRCOM, INC 57,118
------------
62,752,936
------------
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
INSTRUMENTS AND RELATED PRODUCTS -- 2.61%
300 o ACUSON CORP $ 5,156
700 o ADAC LABORATORIES, INC 5,075
600 o AFFYMETRIX, INC 29,625
700 o AVID TECHNOLOGIES, INC 11,287
5,200 BAXTER INTERNATIONAL, INC 315,250
1,600 BECKMAN COULTER, INC 77,800
5,000 BECTON DICKINSON & CO 150,000
1,200 o BIOMET, INC 47,700
8,600 o BOSTON SCIENTIFIC CORP 377,862
500 o COGNEX CORP 15,781
2,100 o COLE NATIONAL CORP (CLASS A) 16,668
300 COOPER COS, INC 7,481
300 o CREDENCE SYSTEMS CORP 11,137
100 o CYMER, INC 2,500
200 o CYTYC CORP 3,900
3,300 DENTSPLY INTERNATIONAL, INC 92,400
1,200 o DIONEX CORP 48,600
1,000 EASTMAN KODAK CO 67,750
700 o GENRAD, INC 14,568
179 o GENZYME SURGICAL PRODUCTS 788
21,700 o GUIDANT CORP 1,116,193
400 o HOLOGIC, INC 2,250
1,200 HONEYWELL, INC 139,050
600 INVACARE CORP 16,050
1,300 o KLA-TENCOR CORP 84,337
40,085 MEDTRONIC, INC 3,121,619
2,200 o METTLER-TOLEDO INTERNATIONAL, INC 54,587
400 MILLIPORE CORP 16,225
600 o MINIMED, INC 46,162
900 o NEOPATH, INC 3,487
300 o NOVOSTE CORP 6,300
500 o OAKLEY, INC 3,562
200 o OEC MEDICAL SYSTEMS, INC 4,900
23 o PANAVISION, INC (NEW) 155
100 o PE CORP-CELERA GENOMICS GROUP 1,618
500 PE CORP-PE BIOSYSTEMS GROUP 57,375
300 o PINNACLE SYSTEMS, INC 10,087
500 o RESMED, INC 16,593
700 o RESPIRONICS, INC 10,587
200 o SABRATEK CORP 4,375
400 o SEPRACOR, INC 32,500
2,100 o ST. JUDE MEDICAL, INC 74,812
400 o STAAR SURGICAL CO 5,300
1,800 o STERIS CORP 34,875
1,300 o STRYKER CORP 78,162
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 51
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
INSTRUMENTS AND
RELATED PRODUCTS -- (CONTINUED)
3,600 o SYBRON INTERNATIONAL CORP $ 99,225
650 TEKTRONIX, INC 19,621
700 o TERADYNE, INC 50,225
500 o THERMO CARDIOSYSTEMS, INC 5,437
1,900 o TRIMBLE NAVIGATION LTD 24,462
1,900 o VISX, INC 150,456
300 o VIVUS, INC 787
1,300 o WATERS CORP 69,062
400 o WESLEY JESSEN VISIONCARE, INC 12,950
92,540 XEROX CORP 5,465,643
------------
12,140,357
------------
INSURANCE AGENTS, BROKERS
AND SERVICE -- 0.01%
300 BLANCH (E.W.) HOLDINGS, INC 20,456
1,800 o FIRST HEALTH GROUP CORP 38,812
------------
59,268
------------
INSURANCE CARRIERS -- 1.29%
200 AETNA, INC 17,887
2,100 AFLAC, INC 100,537
6,810 AMERICAN INTERNATIONAL
GROUP, INC 797,195
2,100 AON CORP 86,625
52 o BERKSHIRE HATHAWAY, INC (CLASS B)116,480
85,625 CITIGROUP, INC 4,067,187
2,332 CONSECO, INC 70,980
200 o EQUITABLE COS, INC 13,400
880 FIDELITY NATIONAL FINANCIAL, INC 18,480
400 FIRST AMERICAN FINANCIAL CORP 7,150
2,400 o FOUNDATION HEALTH SYSTEMS
(CLASS A) 36,000
900 o HUMANA, INC 11,643
4,500 MGIC INVESTMENT CORP 218,812
1,100 o MID ATLANTIC MEDICAL SERVICES, INC10,862
2,900 o OXFORD HEALTH PLANS, INC 45,131
400 o PACIFICARE HEALTH SYSTEMS, INC
(CLASS A) 28,775
700 PROGRESSIVE CORP 101,500
973 RADIAN GROUP, INC 47,494
3,100 UNITED HEALTHCARE CORP 194,137
200 o WELLPOINT HEALTH NETWORKS, INC 16,975
------------
6,007,250
------------
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
LEATHER AND LEATHER PRODUCTS-- 0.00%
194 o SAMSONITE CORP $ 970
300 STRIDE RITE CORP 3,093
100 o TIMBERLAND CO 6,806
------------
10,869
------------
LEGAL SERVICES -- 0.01%
1,000 o PREPAID LEGAL SERVICES, INC 27,187
------------
LOCAL AND INTERURBAN
PASSENGER TRANSIT -- 0.01%
1,300 o COACH U.S.A., INC 54,518
1,800 LAIDLAW, INC 13,275
------------
67,793
------------
LUMBER AND WOOD PRODUCTS -- 0.01%
2,400 o CHAMPION ENTERPRISES, INC 44,700
900 OAKWOOD HOMES CORP 11,812
------------
56,512
------------
METAL MINING -- 0.02%
1,400 o BATTLE MOUNTAIN GOLD CO 3,412
900 o ECHO BAY MINES LTD (U.S.) 1,293
4,500 o FREEPORT-MCMORAN COPPER &
GOLD, INC (CLASS B) 80,718
750 o STILLWATER MINING CO 24,515
------------
109,938
------------
MISCELLANEOUS MANUFACTURING
INDUSTRIES -- 0.17%
900 o BLYTH INDUSTRIES, INC 30,937
1,000 BRADY CORP (CLASS A) 32,500
1,700 JOSTENS, INC 35,806
10,860 MATTEL, INC 287,111
4,400 MINNESOTA MINING &
MANUFACTURING CO 382,525
------------
768,879
------------
MISCELLANEOUS RETAIL -- 0.52%
2,300 o AMAZON.COM, INC 287,787
900 o BARNES & NOBLE, INC 24,637
600 o BORDERS GROUP, INC 9,487
400 o CDW COMPUTER CENTERS, INC 17,600
1,800 o CORPORATE EXPRESS, INC 12,600
10,400 CVS CORP 527,800
1,050 o INSIGHT ENTERPRISES, INC 25,987
400 o LANDS END, INC 19,400
1,400 o MICHAELS STORES, INC 42,875
6,800 o OFFICE DEPOT, INC 150,025
2,900 OMNICARE, INC 36,612
SEE NOTES TO FINANCIAL STATEMENTS
52 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
MISCELLANEOUS RETAIL-- (CONTINUED)
1,500 o PETSMART, INC $ 15,375
1,600 RITE AID CORP 39,400
1,500 o SCHEIN (HENRY), INC 47,531
10,450 o STAPLES, INC 323,296
1,000 o SUNGLASS HUT INTERNATIONAL, INC 17,187
800 o SYSTEMAX, INC 9,900
100 TIFFANY & CO 9,650
287 o U.S. OFFICE PRODUCTS CO 1,542
26,700 WALGREEN CO 784,312
------------
2,403,003
------------
MOTION PICTURES -- 0.60%
53,800 o DISNEY (WALT) CO 1,657,712
900 o HOLLYWOOD ENTERTAINMENT CORP 17,606
5,600 o METROMEDIA INTERNATIONAL
GROUP, INC 42,000
800 o PIXAR, INC 34,500
14,100 TIME WARNER, INC 1,036,350
------------
2,788,168
------------
NONDEPOSITORY INSTITUTIONS -- 1.58%
200 o AAMES FINANCIAL CORP 262
10,000 AMERICAN EXPRESS CO 1,301,250
3,200 o AMERICREDIT CORP 51,200
600 o AMRESCO, INC 3,862
72,100 ASSOCIATES FIRST CAPITAL CORP 3,194,931
4,200 CAPITAL ONE FINANCIAL CORP 233,887
200 o CONTIFINANCIAL CORP 712
200 COUNTRYWIDE CREDIT INDUSTRIES, INC 8,550
1,600 DORAL FINANCIAL CORP 27,600
14,700 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1,005,112
800 FINOVA GROUP, INC 42,100
600 o FIRSTPLUS FINANCIAL GROUP, INC 187
19,300 FREDDIE MAC 1,119,400
3,119 HOUSEHOLD INTERNATIONAL, INC 147,762
500 o IMC MORTGAGE CO 52
600 o IMPERIAL CREDIT INDUSTRIES, INC 4,256
1,800 METRIS COS, INC 73,350
3,100 SLM HOLDINGS CORP 142,018
200 o SOUTHERN PACIFIC FUNDING CORP 9
------------
7,356,500
------------
OIL AND GAS EXTRACTION -- 0.26%
1,600 ANADARKO PETROLEUM CORP 58,900
1,500 o BROWN (TOM), INC 23,343
2,500 o COMSTOCK RESOURCES, INC 8,281
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
100 o CROSS TIMBERS OIL CO $ 1,487
2,100 DIAMOND OFFSHORE DRILLING, INC 59,587
38 o EAGLE GEOPHYSICAL, INC 28
2,417 o EEX CORP 16,767
5,200 ENSCO INTERNATIONAL, INC 103,675
1,500 o GLOBAL INDUSTRIES LTD 19,218
3,900 o GLOBAL MARINE, INC 60,206
8,000 o GREY WOLF, INC 20,000
7,900 HALLIBURTON CO 357,475
900 o HANOVER COMPRESSOR CO 28,912
2,900 o HARKEN ENERGY CORP 4,712
2,332 KERR-MCGEE CORP 117,037
300 o KEY ENERGY SERVICES, INC 1,068
2,400 o MARINE DRILLING CO, INC 32,850
700 o NOBLE DRILLING CORP 13,781
600 o PATTERSON ENERGY, INC 5,925
200 o PRIDE INTERNATIONAL, INC 2,112
5,480 o R & B FALCON CORP 51,375
1,400 o RANGE RESOURCES CORP 8,575
2,600 o ROWAN COS, INC 47,937
600 o SANTA FE SNYDER CORP 4,575
600 o SEITEL, INC 9,712
300 o STONE ENERGY CORP 12,712
2,200 TRANSOCEAN OFFSHORE, INC 57,750
1,400 o TUBOSCOPE, INC 19,162
500 VASTAR RESOURCES, INC 26,218
600 o VERITAS DGC, INC 10,987
1,200 o WEATHERFORD INTERNATIONAL 43,950
------------
1,228,317
------------
PAPER AND ALLIED PRODUCTS -- 0.27%
1,900 AVERY DENNISON CORP 114,712
300 BEMIS, INC 11,925
800 o BUCKEYE TECHNOLOGIES, INC 12,150
6,700 FORT JAMES CORP 253,762
800 o IVEX PACKAGING CORP 17,600
13,900 KIMBERLY-CLARK CORP 792,300
2,400 o MAIL-WELL, INC 38,850
300 SONOCO PRODUCTS CO 8,981
------------
1,250,280
------------
PERSONAL SERVICES -- 0.08%
2,900 BLOCK (H&R), INC 145,000
1,800 CINTAS CORP 120,937
1,000 o COINMACH LAUNDRY CORP 12,687
900 REGIS CORP 17,268
3,700 SERVICE CORP INTERNATIONAL 71,225
------------
367,117
------------
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 53
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
PETROLEUM AND COAL PRODUCTS-- 0.01%
1,000 o ELCOR CORP $ 43,687
1,000 PENNZENERGY CO 16,687
91 TEXACO, INC 5,687
------------
66,061
------------
PRIMARY METAL INDUSTRIES -- 0.02%
300 o ARMCO, INC 1,987
1,000 o BELDEN, INC 23,937
200 o MAVERICK TUBE CORP 2,787
700 o NS GROUP, INC 6,475
200 NUCOR CORP 9,487
1,500 o QUANEX CORP 42,750
900 o STEEL DYNAMICS, INC 13,921
300 WORTHINGTON INDUSTRIES, INC 4,931
------------
106,275
------------
PRINTING AND PUBLISHING -- 0.21%
400 AMERICAN GREETINGS CORP
(CLASS A) 12,050
100 o APPLIED GRAPHICS TECHNOLOGIES, INC 1,262
4,200 o BELO (A.H.) CORP SERIES A 82,687
400 o BIG FLOWER HOLDINGS, INC 12,750
200 o CONSOLIDATED GRAPHICS, INC 10,000
500 DOW JONES & CO, INC 26,531
4,100 GANNETT CO, INC 292,637
200 HARLAND (JOHN H.) CO 3,987
700 o JOURNAL REGISTER CO 15,750
2,000 LEE ENTERPRISES, INC 61,000
800 MCGRAW HILL COS, INC 43,150
800 MEDIA GENERAL, INC (CLASS A) 40,800
1,500 MEREDITH CORP 51,937
600 MERRILL CORP 8,700
1,000 NEW YORK TIMES CO (CLASS A) 36,812
800 o PAXAR CORP 7,200
200 o PENTON MEDIA, INC 4,850
1,400 REYNOLDS & REYNOLDS CO (CLASS A) 32,637
1,200 TIMES MIRROR CO SERIES A 71,100
1,600 TRIBUNE CO 139,400
153 o WORKFLOW MANAGEMENT, INC 2,180
------------
957,420
------------
RAILROAD TRANSPORTATION -- 0.04%
2,800 KANSAS CITY SOUTHERN
INDUSTRIES, INC 178,675
------------
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
REAL ESTATE -- 0.00%
1,100 o CATELLUS DEVELOPMENT CORP $ 17,050
1,000 o GRUBB & ELLIS CO 5,000
66 o INSIGNIA FINANCIAL GROUP, INC 693
------------
22,743
------------
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS -- 0.72%
800 APTARGROUP, INC 24,000
4,600 ILLINOIS TOOL WORKS, INC 377,200
42,900 NIKE, INC (CLASS B) 2,716,106
2,300 o SAFESKIN CORP 27,600
1,321 o SEALED AIR CORP 85,699
400 o SYNETIC, INC 27,500
400 TREDEGAR CORP 8,700
3,100 TUPPERWARE CORP 79,050
------------
3,345,855
------------
SECURITY AND COMMODITY BROKERS -- 0.36%
400 o AFFILIATED MANAGERS GROUP, INC 12,075
600 o AMERITRADE HOLDINGS CORP
(CLASS A) 63,600
4,900 o E TRADE GROUP, INC 195,693
1,300 EATON VANCE CORP 44,768
5,100 FRANKLIN RESOURCES, INC 207,187
700 INVESTMENT TECHNOLOGY GROUP, INC 22,662
700 JEFFERIES GROUP, INC 21,000
500 o JOHN NUVEEN CO (CLASS A) 21,343
2,200 PRICE (T. ROWE) ASSOCIATES, INC 84,425
8,450 SCHWAB (CHARLES) CORP 928,443
800 SOUTHWEST SECURITIES GROUP, INC 57,400
45 WADDELL & REED FINANCIAL, INC
(CLASS A) 1,234
------------
1,659,830
------------
SOCIAL SERVICES -- 0.00%
600 o RES-CARE, INC 13,650
------------
SPECIAL TRADE CONTRACTORS -- 0.00%
700 o COMFORT SYSTEMS U.S.A., INC 12,600
200 o SERVICE EXPERTS, INC 4,387
------------
16,987
------------
STONE, CLAY, AND GLASS PRODUCTS -- 0.11%
1,000 CENTEX CONSTRUCTION
PRODUCTS, INC 34,125
5,300 CORNING, INC 371,662
1,800 o DEPARTMENT 56, INC 48,375
SEE NOTES TO FINANCIAL STATEMENTS
54 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
STONE, CLAY, AND GLASS PRODUCTS -- (CONTINUED)
200 LIBBEY, INC $ 5,800
600 SOUTHDOWN, INC 38,550
100 USG CORP 5,600
------------
504,112
------------
TEXTILE MILL PRODUCTS -- 0.01%
700 INTERFACE, INC (CLASS A) 6,037
2,000 WESTPOINT STEVENS, INC 59,625
------------
65,662
------------
TOBACCO PRODUCTS -- 1.13%
127,700 PHILIP MORRIS COS, INC 5,131,943
3,500 UST, INC 102,375
------------
5,234,318
------------
TRANSPORTATION BY AIR -- 0.03%
900 o AIRNET SYSTEMS, INC 12,150
750 o ATLAS AIR, INC 24,187
2,200 COMAIR HOLDINGS, INC 45,787
200 o FDX CORP 10,850
600 o U.S. AIRWAYS GROUP, INC 26,137
------------
119,111
------------
TRANSPORTATION EQUIPMENT -- 2.54%
55,600 ALLIED SIGNAL, INC 3,502,800
19,360 BOEING CO 855,470
598 BORG-WARNER AUTOMOTIVE, INC 32,890
500 o CLARCOR, INC 9,593
1,000 o CORDANT TECHNOLOGIES, INC 45,187
2,100 DANAHER CORP 122,062
2,300 o DELPHI AUTOMOTIVE SYSTEMS CORP 42,693
1,900 FEDERAL-MOGUL CORP 98,800
40,325 o GENERAL MOTORS CORP (CLASS H) 2,268,281
2,800 o GENTEX CORP 78,400
1,800 GOODRICH (B.F.) CO 76,500
1,400 o GULFSTREAM AEROSPACE CORP 94,587
2,900 HARLEY DAVIDSON, INC 157,687
800 o HAYES LEMMERZ INTERNATIONAL, INC 23,500
1,900 o HOWMET INTERNATIONAL, INC 32,656
1,000 MASCOTECH, INC 16,937
3,000 MERITOR AUTOMOTIVE, INC 76,500
600 POLARIS INDUSTRIES, INC 26,100
59,700 UNITED TECHNOLOGIES CORP 4,279,743
------------
11,840,386
------------
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
TRANSPORTATION SERVICES -- 0.04%
1,700 C.H. ROBINSON WORLDWIDE, INC $ 62,475
200 o EAGLE U.S.A. AIRFREIGHT, INC 8,487
2,300 GALILEO INTERNATIONAL, INC 122,906
15 o NAVIGANT INTERNATIONAL, INC 118
------------
193,986
------------
TRUCKING AND WAREHOUSING -- 0.01%
1,950 o SWIFT TRANSPORTATION CO, INC 42,900
------------
WATER TRANSPORTATION -- 1.33%
125,762 CARNIVAL CORP (CLASS A) 6,099,457
3,400 TIDEWATER, INC 103,700
------------
6,203,157
------------
WHOLESALE TRADE-DURABLE GOODS -- 0.07%
300 o ACTION PERFORMANCE COS, INC 9,900
200 BRIGGS & STRATTON CORP 11,550
1,400 o BRIGHTPOINT, INC 8,487
600 o CELLSTAR CORP 4,725
900 o CHS ELECTRONICS, INC 3,937
1,800 o FISHER SCIENTIFIC
INTERNATIONAL, INC 40,162
600 o HA-LO INDUSTRIES, INC 5,925
800 IKON OFFICE SOLUTIONS, INC 12,000
2,600 o INGRAM MICRO, INC (CLASS A) 66,950
700 o KENT ELECTRONICS CORP 13,868
800 o MSC INDUSTRIAL DIRECT CO (CLASS A) 8,200
1,500 o NATIONAL-OILWELL, INC 21,000
1,500 o PATTERSON DENTAL CO 52,125
1,700 o PSS WORLD MEDICAL, INC 19,018
800 o SAFEGUARD SCIENTIFICS, INC 49,600
200 o TECH DATA CORP 7,650
300 o WILMAR INDUSTRIES, INC 3,900
------------
338,997
------------
WHOLESALE TRADE-NONDURABLE GOODS -- 1.87%
2,800 o AIRGAS, INC 34,300
2,100 o AMERISOURCE HEALTH CORP (CLASS A) 53,550
100 o BARNETT RESOURCES CORP 3,837
1,575 BERGEN BRUNSWIG CORP (CLASS A) 27,168
122,805 CARDINAL HEALTH, INC 7,885,888
400 o CENTRAL GARDEN & PET CO 4,100
1,500 DIMON, INC 7,781
1,000 ENRON CORP 81,750
400 HUNT CORP 3,300
6,621 MCKESSON HBOC, INC 212,699
2,700 o NU SKIN ENTERPRISES, INC
(CLASS A) 53,831
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 55
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- ----------------------------------------------------------
SHARES/PRINCIPAL VALUE
- ----------------------------------------------------------
WHOLESALE TRADE-NONDURABLE
GOODS -- (CONTINUED)
1,200 o PRIORITY HEALTHCARE CORP
(CLASS B) $ 41,400
1,200 o SCHOOL SPECIALTY, INC 2,039
8,300 SYSCO CORP 247,443
1,000 o UNITED STATIONERS, INC 22,000
600 UNIVERSAL CORP 17,062
------------
8,698,148
------------
TOTAL COMMON STOCK
(COST $391,822,725) 463,197,669
------------
SHORT TERM INVESTMENT -- 0.90%
U.S. GOVERNMENT AGENCY -- 0.90%
FEDERAL HOME LOAN BANK
$4,200,000 4.490%, 07/01/99 4,200,000
------------
TOTAL SHORT TERM INVESTMENT
(COST $4,200,000) 4,200,000
------------
TOTAL PORTFOLIO
(COST $396,035,491) $467,415,519
============
o NON-INCOME PRODUCING
x IN BANKRUPTCY
# RESTRICTED SECURITY-INVESTMENT IN SECURITY NOT REGISTERED UNDER THE
SECURITIES ACT OF 1933 OR NOT PUBLICLY TRADED IN FOREIGN MARKETS. AT JUNE 30,
1999, THE VALUE OF THIS SECURITY AMOUNTED TO $270 OR 0.00% OF NET ASSETS.
ADDITIONAL INFORMATION ON THE RESTRICTED SECURITY IS AS FOLLOWS:
ACQUISITION ACQUISITION
SECURITY DATE COST
--------------- ------------- --------
PROCURENET, INC 04/15/99 $270
=======
56 1999 SEMI-ANNUAL REPORT
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS INTERNATIONAL EQUITY FUND
(UNAUDITED)
JUNE 30, 1999 SUMMARY BY INDUSTRY
- ----------------------------------------------------------
VALUE %
- ----------------------------------------------------------
PREFERRED STOCK
BUSINESS SERVICES $ 159,847 0.11%
PRINTING AND PUBLISHING 168,152 0.11
------------ ------
TOTAL PREFERRED STOCK
(COST $216,755) 327,999 0.22
------------ ------
COMMON STOCK
AMUSEMENT AND RECREATION SERVICES 166,884 0.11
APPAREL AND ACCESSORY STORES 207,486 0.14
APPAREL AND OTHER TEXTILE PRODUCTS 93,657 0.06
BUILDING MATERIALS AND GARDEN SUPPLIES 275,274 0.19
BUSINESS SERVICES 6,127,919 4.19
CHEMICALS AND ALLIED PRODUCTS 10,153,409 6.95
COMMUNICATIONS 19,833,847 13.57
DEPOSITORY INSTITUTIONS 15,668,609 10.72
EATING AND DRINKING PLACES 1,591,673 1.09
ELECTRIC, GAS, AND SANITARY SERVICES 3,981,564 2.72
ELECTRONIC AND OTHER
ELECTRIC EQUIPMENT 11,088,522 7.59
FABRICATED METAL PRODUCTS 232,729 0.16
FOOD AND KINDRED PRODUCTS 4,074,353 2.79
FOOD STORES 4,791,749 3.28
GENERAL BUILDING CONTRACTORS 234,671 0.16
GENERAL MERCHANDISE STORES 3,191,353 2.18
HEAVY CONSTRUCTION, EXCEPT BUILDING 2,788,832 1.91
HOLDING AND OTHER INVESTMENT OFFICES 746,882 0.51
HOTELS AND OTHER LODGING PLACES 270,968 0.19
INDUSTRIAL MACHINERY AND EQUIPMENT 2,766,039 1.89
INSTRUMENTS AND RELATED PRODUCTS 5,489,430 3.76
INSURANCE AGENTS, BROKERS AND SERVICE 274,551 0.19
INSURANCE CARRIERS 5,332,718 3.65
LOCAL AND INTERURBAN PASSENGER
TRANSIT 1,474,289 1.01
LUMBER AND WOOD PRODUCTS 129,482 0.09
METAL MINING 637,642 0.44
- ----------------------------------------------------------
VALUE %
- ----------------------------------------------------------
MISCELLANEOUS RETAIL $ 228,001 0.16%
MOTION PICTURES 185,505 0.13
NONDEPOSITORY INSTITUTIONS 1,944,675 1.33
OIL AND GAS EXTRACTION 1,743,697 1.19
PAPER AND ALLIED PRODUCTS 562,490 0.38
PETROLEUM AND COAL PRODUCTS 5,181,126 3.55
PRIMARY METAL INDUSTRIES 6,399,720 4.38
PRINTING AND PUBLISHING 4,995,832 3.42
RAILROAD TRANSPORTATION 1,178,825 0.81
REAL ESTATE 1,052,042 0.72
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS 528,825 0.36
SECURITY AND COMMODITY BROKERS 540,069 0.37
SPECIAL TRADE CONTRACTORS 132,522 0.09
STONE, CLAY, AND GLASS PRODUCTS 5,908,781 4.04
TEXTILE MILL PRODUCTS 74,110 0.05
TOBACCO PRODUCTS 116,460 0.08
TRANSPORTATION BY AIR 455,506 0.31
TRANSPORTATION EQUIPMENT 6,518,782 4.46
TRANSPORTATION SERVICES 3,125,614 2.14
TRUCKING AND WAREHOUSING 203,863 0.14
WATER TRANSPORTATION 556,036 0.38
WHOLESALE TRADE-NONDURABLE GOODS 370,181 0.25
------------ ------
TOTAL COMMON STOCK
(COST $128,580,688) 143,627,194 98.28
------------ ------
SHORT TERM INVESTMENT
U.S. GOVERNMENT AGENCY 725,000 0.50
------------ ------
TOTAL SHORT TERM INVESTMENT
(COST $725,000) 725,000 0.50
------------ ------
TOTAL PORTFOLIO
(COST $129,522,443) 144,680,193 99.00
OTHER ASSETS & LIABILITIES, NET 1,460,969 1.00
------------ ------
NET ASSETS $146,141,162 100.00%
============ ======
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 57
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS INTERNATIONAL EQUITY FUND
(UNAUDITED)
JUNE 30, 1999 SUMMARY BY COUNTRY
- ----------------------------------------------------------
VALUE %
- ----------------------------------------------------------
DOMESTIC
UNITED STATES $ 291,600 0.20%
------------ ------
TOTAL DOMESTIC 291,600 0.20
------------ ------
FOREIGN
AUSTRALIA 2,279,701 1.58
AUSTRIA 305,792 0.21
BELGIUM 1,010,779 0.70
DENMARK 557,093 0.39
FINLAND 1,608,062 1.11
FRANCE 11,096,889 7.67
GERMANY 12,608,172 8.71
GREECE 1,223,460 0.85
HONG KONG 3,589,506 2.48
IRELAND 2,731,767 1.89
ITALY 3,477,834 2.40
JAPAN 33,847,807 23.39
MALAYSIA 37,323 0.03
NETHERLANDS 11,098,247 7.67
NEW ZEALAND 125,765 0.09
NORWAY 470,025 0.32
PORTUGAL 342,044 0.24
SINGAPORE 1,064,534 0.74
SPAIN 3,180,961 2.20
SWEDEN 4,086,720 2.82
SWITZERLAND 5,817,756 4.02
THAILAND 370,181 0.26
UNITED KINGDOM 42,733,175 29.53
------------ ------
TOTAL FOREIGN 143,663,593 99.30
TOTAL SHORT TERM 725,000 0.50
------------ ------
TOTAL PORTFOLIO $144,680,193 100.00%
============ ======
SEE NOTES TO FINANCIAL STATEMENTS
58 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS INTERNATIONAL EQUITY FUND
(UNAUDITED)
JUNE 30, 1999
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
PREFERRED STOCK -- 0.22%
BUSINESS SERVICES -- 0.11%
400 SAP AG. $ 159,847
------------
PRINTING AND PUBLISHING -- 0.11%
22,071 NEWS CORP LTD (LTD- VOTE) 168,152
------------
TOTAL PREFERRED STOCK
(COST $216,755) 327,999
------------
COMMON STOCK -- 98.28%
AMUSEMENT AND RECREATION SERVICES -- 0.11%
8,995 GRANADA GROUP LTD (CLASS A) 166,884
------------
APPAREL AND ACCESSORY STORES -- 0.14%
8,400 HENNES & MAURITZ AB SERIES B 207,486
------------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.06%
2,000 o AOYAMA TRADING CO LTD 63,121
3,000 o WACOAL CORP 30,536
------------
93,657
------------
BUILDING MATERIALS AND GARDEN
SUPPLIES -- 0.19%
15,519 CRH PLC 275,274
------------
BUSINESS SERVICES -- 4.19%
200 o ADECCO S.A. (REGD) 107,166
600 CAP GEMINI S.A. 94,299
202,800 o CORPORATE SERVICES GROUP PLC 271,722
1,000 o CSK CORP 22,720
259,400 HAYS PLC 2,733,444
180,300 LOGICA PLC 1,889,975
7,000 MEITEC CORP 234,227
6,600 o MISYS PLC 56,491
21,500 RENTOKIL INITIAL PLC 83,878
12,480 RUETERS GROUP PLC 164,164
700 SAP AG. 236,780
1,000 o SECOM CO LTD 104,101
16,000 TOKYU CORP 40,318
28,000 o WHARF HOLDINGS LTD 87,335
1,400 o WHARF HOLDINGS LTD WTS 12/31/99 1,299
------------
6,127,919
------------
CHEMICALS AND ALLIED PRODUCTS -- 6.95%
4,000 AKZO NOBEL NV 168,303
6,000 o ASAHI CHEMICAL INDUSTRY CO LTD 33,262
10,140 o ASTRAZENECA PLC 394,782
10,400 ASTRAZENECA PLC (U.K.) 402,296
6,300 BASF AG. 278,397
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
6,700 BAYER AG. $ 279,144
7,100 BOC GROUP PLC 138,777
5,000 CHUGAI PHARMACEUTICAL CO LTD 53,868
25,000 DAINIPPON INK & CHEMICAL, INC 85,098
5,000 EISAI CO LTD 98,524
30,200 o ELAN CORP PLC ADR 838,050
33,264 GLAXO WELLCOME PLC 924,412
8,300 IMPERIAL CHEMICAL INDUSTRY PLC 82,032
28,000 KAO CORP 786,542
400 L'AIR LIQUIDE 62,907
700 LOREAL S.A. 473,199
1,900 MERCK & CO KGAA 61,800
33,000 MITSUBISHI CHEMICAL CORP 114,238
670 NOVARTIS AG. (REGD) 978,328
500 NOVO NORDISK AS (CLASS B) 54,020
2,700 RHONE-POULENC S.A. (CLASS A) 123,378
14 ROCHE HOLDINGS AG. (BR) 230,543
143 ROCHE HOLDINGS AG.
(GENUSSCHEINE) 1,469,930
4,000 SANKYO CO LTD 100,796
3,600 o SANOFI-SYNTHELABO S.A. 152,772
10,000 SEKISUI CHEMICAL CO LTD 57,999
4,000 SHIN-ETSU CHEMICAL CO LTD 133,844
50,460 SMITHKLINE BEECHAM/BECKMAN LTD 655,808
24,000 SUMITOMO CHEMICAL CO LTD 110,049
5,000 TAISHO PHARMACEUTICAL CO LTD 165,240
9,000 TAKEDA CHEMICAL INDUSTRIES LTD 417,148
17,000 o UBE INDUSTRIES LTD 36,658
5,000 YAMANOUCHI PHARMACEUTICAL
CO LTD 191,265
------------
10,153,409
------------
COMMUNICATIONS -- 13.57%
1,700 ALCATEL 239,306
14,900 BRITISH SKY BROADCASTING
GROUP PLC 138,220
57,800 o BRITISH TELECOMMUNICATIONS PLC 968,500
86,200 CABLE & WIRELESS PLC 1,098,566
400 o CANAL PLUS S.A. 112,243
8,000 o COLT TELECOM GROUP PLC 167,466
25,677 DEUTSCHE TELEKOM AG. 1,077,735
94,300 ERICSSON TELEFON (LM)
AB SERIES B 3,022,526
7,600 FRANCE TELECOM S.A. 574,109
3,60 o GLOBAL TELESYSTEMS GROUP, INC 291,600
147,083 HONG KONG TELECOMMUNICATIONS LTD 381,991
5,300 KONINKLIJKE KPN NV 248,691
15,500 MEDIASET S.P.A. 137,788
148 NIPPON TELEGRAPH &
TELEPHONE CORP 1,724,114
27 NTT MOBILE COMMUNICATIONS 365,841
108 o NTT MOBILE COMMUNICATIONS (NEW)1,445,519
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 59
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
COMMUNICATIONS -- (CONTINUED)
50,400 o PANAFON HELLENIC TELECOM GDR $1,223,460
2,900 PORTUGAL TELECOM S.A. 117,982
2,900 o PORTUGAL TELECOM S.A. RTS 29
57,000 o SINGAPORE TELECOMMUNICATIONS LTD 97,763
29,300 TELECOM CORP OF NEW ZEALAND 125,765
30,000 o TELECOM ITALIA 311,856
107,460 TELECOM ITALIA MOBILE S.P.A. 641,650
5,000 TELE DANMARK AS 246,114
13,543 o TELEFONICA DE ESPANA S.A. 652,376
9,000 o TELEFONICA PUBLICIDAD E
INFORMACION 179,596
79,000 TELSTRA CORP 452,690
192,367 VODAFONE GROUP PLC 3,790,351
------------
19,833,847
------------
DEPOSITORY INSTITUTIONS -- 10.72%
16,000 ABBEY NATIONAL PLC 300,379
15,145 ABN-AMRO HOLDINGS NV 327,991
8,000 ALLIED IRISH BANK PLC 105,189
8,400 ARGENTARIA, CAJA POSTAL Y BCO
HIPOTECA 191,358
20,000 ASAHI BANK LTD 95,839
27,500 BANCA COMMERCIALE ITALIANA S.P.A.200,788
12,545 BANCA INTESA S.P.A. 60,287
17,400 BANCO BILBAO VIZCAYA S.A. (REGD) 251,397
2,600 BANCO COMERCIAL
PORTUGUES S.A. (REGD) 67,381
48,850 BANCO SANTANDER CENTRAL
HISPANO S.A. 508,814
146,000 BANK OF TOKYO MITSUBISHI LTD 2,078,372
2,633 BANQUE NATIONALE DE PARIS 219,399
52,808 BARCLAYS PLC 1,536,633
5,900 BAYERISCHE HYPO-UND
VEREINSBANK AG. 383,323
23,500 CHRISTIANIA BANK OG KREDITKASSE 84,480
2,500 CREDIT SUISSE GROUP (REGD) 432,589
6,000 DEUTSCHE BANK AG. 365,998
4,900 DRESDNER BANK AG. 191,517
6,750 FORENINGSSPARBANKEN AB 95,275
45,000 FUJI BANK LTD 313,790
15,400 HANG SENG BANK LTD 172,189
14,000 o HOKURIKU BANK LTD 27,760
6,313 HSBC HOLDINGS LTD (U.K.) 223,603
19,130 HSBC HOLDINGS PLC 677,272
20,000 INDUSTRIAL BANK OF JAPAN LTD 158,630
18,000 JOYO BANK 70,045
2,500 KBC BANCASSURANCE HOLDINGS NV 148,245
51,370 LLOYDS TSB GROUP PLC 696,380
11,000 MITSUBISHI TRUST & BANKING CORP 106,877
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
13,000 MITSUI TRUST & BANKING CO LTD $ 20,729
20,400 NATIONAL AUSTRALIA BANK LTD 337,580
22,315 OVERSEAS-CHINESE BANKING
CORP LTD (FR) 186,125
9,413 ROYAL BANK OF SCOTLAND PLC 191,703
50,000 SAKURA BANK LTD 189,612
24,085 SAN PAOLO-IMI S.P.A. 327,864
85,000 SANWA BANK LTD 836,403
10,000 SHIZUOKA BANK LTD 99,639
4,700 SKANDINAVISKA ENSKILDA
BANKEN SERIES A 54,729
1,400 SOCIETE GENERALE S.A. 246,742
118,000 SUMITOMO BANK LTD 1,493,959
6,600 SVENSKA HANDELSBANKEN SERIES A 79,183
17,000 TOKAI BANK LTD 96,913
3,803 UBS AG. (REGD) 1,135,085
29,500 UNCREDITO ITALIANO S.P.A. 129,599
20,000 WESTPAC BANKING CORP 129,736
17,000 o YASUDA TRUST & BANKING CO LTD 21,208
------------
15,668,609
------------
EATING AND DRINKING PLACES -- 1.09%
156,200 COMPASS GROUP PLC 1,548,711
2,000 SKYLARK CO LTD 42,962
------------
1,591,673
------------
ELECTRIC, GAS, AND SANITARY SERVICES -- 2.72%
32,580 CENTRICA PLC 76,520
23,500 CLP HOLDINGS LTD 114,189
600 ELECTRABEL NV 193,672
8,700 ELECTRICIDADE DE PORTUGAL S.A. 156,652
11,700 ENDESA S.A. 249,522
1,600 GAS NATURAL SDG S.A. 116,327
11,300 IBERDROLA S.A. 172,120
8,900 KANSAI ELECTRIC POWER CO, INC 169,123
20,400 NATIONAL GRID GROUP PLC 141,971
11,600 NATIONAL POWER PLC 84,477
35,000 OSAKA GAS CO LTD 118,848
2,100 o OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG. 305,792
5,400 o RHEIN-WESTFALEN ELECTRIC AG.
(STAMM) 249,986
14,100 SCOTTISH POWER PLC 121,797
1,800 LYONNAISE DES EAUX S.A. 324,665
2,000 o TOHOKU ELECTRIC POWER CO, INC 30,271
13,600 TOKYO ELECTRIC POWER CO, INC 287,087
40,000 TOKYO GAS CO LTD 98,483
700 TRACTEBEL NV 98,177
3,900 UNITED UTILITIES PLC 47,397
4,400 VEBA AG. 258,643
SEE NOTES TO FINANCIAL STATEMENTS
60 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
ELECTRIC, GAS, AND SANITARY
SERVICES -- (CONTINUED)
300 VIAG AG. $ 141,696
5,236 VIVENDI S.A. 424,149
------------
3,981,564
------------
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT -- 7.59%
1,231 o ABB LTD 115,111
900 ADVANTEST CORP 98,896
16,000 o ALPS ELECTRIC CO LTD 374,764
500 BARCO INDUSTRIES NV 80,490
5,500 ELECTROLUX AB SERIES B 115,152
24,000 FUJITSU LTD 482,831
12,000 FURUKAWA ELECTRIC CO LTD 55,024
32,600 GENERAL ELECTRIC CO (U.K.) 332,476
26,000 HITACHI LTD 243,811
306,000 o JOHNSON ELECTRIC HOLDINGS LTD 1,262,081
3,643 KONINKLIJKE PHILIPS
ELECTRONICS NV 359,349
2,700 KYOCERA CORP 158,382
21,000 MATSUSHITA ELECTRIC
INDUSTRIAL CO LTD 407,729
23,000 MITSUBISHI ELECTRIC CORP 88,362
24,000 MURATA MANUFACTURING CO LTD 1,578,372
13,000 NIPPON ELECTRIC CORP 161,646
17,200 o NOKIA OYJ 1,507,720
1,000 ROHM CO 156,564
24,000 SANYO ELECTRIC CO LTD 97,557
19,600 o SGS-THOMSON MICROELECTRONICS NV1,305,755
10,000 SHARP CORP 118,146
17,000 SIRTI S.P.A. 82,048
6,800 SONY CORP 733,169
8,000 SUMITOMO ELECTRIC INDUSTRIES CO 90,948
2,000 TOKYO ELECTRON CO LTD 135,662
126,000 TOSHIBA CORP 898,393
4,000 YAMAHA CORP 48,084
------------
11,088,522
------------
FABRICATED METAL PRODUCTS -- 0.16%
11,000 GKN PLC 187,784
2,000 o TOYO SEIKAN KAISHA LTD 44,945
------------
232,729
------------
FOOD AND KINDRED PRODUCTS -- 2.79%
7,000 AJINOMOTO CO LTD 79,810
5,000 ASAHI BREWERIES LTD 62,212
10,560 ASSOCIATED BRITISH FOODS PLC 69,828
5,100 BASS PLC 74,000
300 BONGRAIN S.A. 113,233
25,800 CADBURY SCHWEPPES LTD 164,300
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
7,227 COCA COLA AMATIL LTD $ 29,127
7,004 o COCA COLA BEVERAGE 14,835
600 DANONE GROUP 154,690
35,644 DIAGEO PLC (CLASS A) 372,229
300 o ERIDANIA BEGHIN-SAY S.A. 43,004
1,900 HEINEKEN NV 97,285
2,000 o HOUSE FOODS CORP 29,478
13,000 KIRIN BREWERY CO LTD 155,738
600 LVMH MOET HENNESSY LOUIS VUITTON 175,666
600 o LVMH MOET HENNESSY
LOUIS VUITTON RTS 17,541
460 NESTLE S.A. (REGD) 828,810
2,100 PERNOD-RICARD S.A. 140,768
12,200 SCOTTISH & NEWCASTLE PLC 127,019
4,000 o TAKARA SHUZO CO LTD 32,618
32,590 UNILEVER LTD 289,992
5,893 UNILEVER NV CERT 397,150
338,000 WANT WANT HOLDINGS 605,020
------------
4,074,353
------------
FOOD STORES -- 3.28%
2,400 CARREFOUR SUPERMARCHE S.A. 352,695
800 CASINO GUICHARD-PERRACHON S.A. 70,126
2,000 DELHAIZE FRERES NV 170,263
4,000 ITO-YOKADO CO LTD 267,688
73,554 KONINKLIJKE AHOLD NV 2,533,530
200 PROMODES S.A. 131,280
14,344 SAFEWAY PLC 57,487
17,345 SAINSBURY (J) PLC 109,363
427,200 TESCO PLC 1,099,317
------------
4,791,749
------------
GENERAL BUILDING CONTRACTORS -- 0.16%
10,000 o DAIWA HOUSE INDUSTRY CO LTD 105,175
13,000 OBAYASHI CORP 65,410
1,700 SKANSKA AB SERIES B FREE 64,086
------------
234,671
------------
GENERAL MERCHANDISE STORES -- 2.18%
10,000 DAIEI, INC 34,204
6,000 o DAIMARU, INC 29,346
3,000 JUSCO CO LTD 54,529
16,600 KINGFISHER PLC 191,016
31,300 MARKS & SPENCER PLC 181,071
5,000 MARUI CO LTD 82,620
2,880 o METRO AG. 178,797
7,000 o MYCAL CORP 43,953
1,500 o PINAULT-PRINTEMPS-REDOUTE S.A. 257,405
8,500 RYOHIN KEIKAKU CO LTD 2,138,412
------------
3,191,353
------------
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 61
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
HEAVY CONSTRUCTION,
EXCEPT BUILDING -- 1.91%
6,310 GROUPE GTM $ 676,762
25,100 o GRUPO FERROVIAL 608,295
17,000 KAJIMA CORP 61,799
29,750 SOCIETE GENERALE
D'ENTERPRISES S.A. 1,441,976
------------
2,788,832
------------
HOLDING AND OTHER INVESTMENT
OFFICES -- 0.51%
12,386 ALLIED ZURICH PLC 155,704
1,700 DROTT AB SERIES B 13,797
48,000 HUTCHINSON WHAMPOA LTD 434,613
13,000 SUMITOMO CORP 95,054
107,600 UNIONE IMMOBILIARE S.P.A. 47,714
------------
746,882
------------
HOTELS AND OTHER LODGING PLACES -- 0.19%
600 ACCOR S.A. 150,668
17,900 HILTON GROUP PLC 70,962
58,000 o HONG KONG & SHANGHAI HOTELS LTD 49,338
------------
270,968
------------
INDUSTRIAL MACHINERY AND
EQUIPMENT -- 1.89%
6,000 o AMADA CO LTD 42,384
2,800 FANUC LTD 150,368
29,000 KEPPEL CORP 98,797
73,000 KOMATSU LTD 466,216
1,000 o KOMORI CORP 18,011
6,000 MAKITA CORP 67,864
7,000 MINEBEA CO LTD 78,075
286,000 MITSUBISHI HEAVY INDUSTRIES LTD1,160,199
3,000 NIDEC CORP 451,353
23,000 NTN TOYO BEARING CO LTD 78,480
4,000 OMRON CORP 69,400
5,000 TOYODA AUTOMATIC LOOM WORKS LTD 84,892
------------
2,766,039
------------
INSTRUMENTS AND RELATED PRODUCTS -- 3.76%
7,000 CANON, INC 201,262
14,000 CITIZEN WATCH CO LTD 121,451
6,000 o FUJI PHOTO FILM CO LTD 227,039
7,300 o IMI PLC 29,572
872,038 INVENSYS PLC 4,127,216
4,100 KEYENCE CORP 717,455
4,000 NIKON CORP 65,435
------------
5,489,430
------------
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
INSURANCE AGENTS, BROKERS AND
SERVICE -- 0.19%
8,658 FORTIS B $ 271,880
462 o FORTIS B CVG 2,629
4,158 o FORTIS B NPV (STRIP VVPR) 42
------------
274,551
------------
INSURANCE CARRIERS -- 3.65%
500 o AACHENER & MUNCHENER BETEIL (BR) 50,790
18,400 AEGON NV 1,334,920
2,547 o ALLIANZ AG. (REGD) 706,569
11,000 AMP LTD 120,255
11,860 ASSICURAZIONI GENERALI S.P.A. 410,957
3,500 AXA 426,998
14,700 CGU PLC 212,367
107,600 o INSTITUTO NAZIONALE DELLE
ASSICURAZION 249,671
56,800 LEGAL & GENERAL GROUP PLC 144,597
12,000 MITSUI TAISHO MARINE &
FIRE CO LTD 58,990
1,000 o MUENCHENER RUECKVER AG. (REGD) 185,113
1,000 o MUENCHENER RUECKVER AG.
(REGD)(NEW) 182,535
22,000 PRUDENTIAL CORP PLC 323,898
13,634 ROYAL & SUN ALLIANCE INSURANCE
GROUP PLC 122,285
5,000 SKANDIA FORSAKRINGS AB 93,510
11,000 SUMITOMO MARINE &
FIRE INSURANCE CO 66,343
90 o SWISS REINSURANCE 171,363
12,000 TOKIO MARINE & FIRE
INSURANCE CO LTD130,374
600 ZURICH ALLIED AG. 341,183
------------
5,332,718
------------
LOCAL AND INTERURBAN PASSENGER
TRANSIT -- 1.01%
41 EAST JAPAN RAILWAY CO 220,182
350,100 o STAGECOACH HOLDINGS PLC 1,254,107
------------
1,474,289
------------
LUMBER AND WOOD PRODUCTS -- 0.09%
12,000 SEKISUI HOUSE LTD 129,482
------------
METAL MINING -- 0.44%
4,500 JOHNSON MATTHEY PLC 43,872
4,200 o LONMIN PLC 39,060
29,708 NORTH LTD 60,172
8,800 RIO TINTO LTD 144,294
8,000 RIO TINTO PLC (REGD) 134,111
13,490 SMITH (HOWARD) LTD 103,133
1,100 UNION MINIERE GROUP S.A. 45,375
15,742 WMC LTD 67,625
------------
637,642
------------
SEE NOTES TO FINANCIAL STATEMENTS
62 1999 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
MISCELLANEOUS RETAIL -- 0.16%
9,400 BOOTS CO LTD $ 111,647
10,500 GREAT UNIVERSAL STORES PLC 116,354
------------
228,001
------------
MOTION PICTURES -- 0.13%
18,335 RANK GROUP PLC 72,903
770 TOHO CO LTD 112,602
------------
185,505
------------
NONDEPOSITORY INSTITUTIONS -- 1.33%
1,000 o ACOM CO LTD 86,337
17,297 HALIFAX PLC 206,398
9,228 ING GROEP NV 499,620
3,750 SCHROEDERS LTD 76,608
1,500 SHOHKOH FUND & CO 1,075,712
------------
1,944,675
------------
OIL AND GAS EXTRACTION -- 1.19%
24,400 IHC CALAND NV 956,195
14,500 LONDON & SCOTTISH MARINE OIL PLC 33,141
20,600 o PETROLEUM GEO-SERVICES AS 310,090
1,200 TECHNIP S.A. 134,642
2,400 o TOTAL FINA S.A. 309,629
------------
1,743,697
------------
PAPER AND ALLIED PRODUCTS -- 0.38%
9,500 BUNZL PLC 47,095
17,000 NIPPON PAPER INDUSTRIES CO 88,626
6,900 NORD-EST S.A. 189,279
5,300 SCA AB SERIES B 137,148
3,500 UPM-KYMMENE OY 100,342
------------
562,490
------------
PETROLEUM AND COAL PRODUCTS -- 3.55%
45,052 BG PLC 275,184
73,015 BP AMOCO PLC 1,308,613
3,900 BP AMOCO PLC (SPONS ADR) 423,150
28,372 BROKEN HILL PROPRIETARY CO LTD 328,650
27,000 o COSMO OIL CO LTD 49,522
3,000 ELF AQUITANE S.A. 440,250
86,900 ENTE NAZIONALE IDROCARBURI S.P.A.518,885
47,000 JAPAN ENERGY CORP 55,140
2,000 NORSK HYDRO AS 75,455
200 PETROFINA S.A. 114,883
12,300 REPSOL S.A. 251,156
21,700 ROYAL DUTCH PETROLEUM CO 1,271,104
21,100 SANTOS LTD 69,134
------------
5,181,126
------------
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
PRIMARY METAL INDUSTRIES -- 4.38%
26,900 BRITISH STEEL PLC $ 69,646
39,000 KAWASAKI STEEL CORP 72,821
27,800 MANNESMANN AG. 4,157,058
59,000 NIPPON STEEL CORP 136,975
34,450 o PREUSSAG AKTIEGESELLSCHAFT
AG. 1,850,973
41,000 o SUMITOMO METAL INDUSTRIES LTD 51,150
4,100 o USINOR 61,097
------------
6,399,720
------------
PRINTING AND PUBLISHING -- 3.42%
10,000 DAI NIPPON PRINTING CO LTD 159,869
113,000 ELSEVIER UTIGEVERSMIJ NV 1,311,004
20,443 NEWS CORP LTD 174,423
149,800 PEARSON PLC 3,043,712
8,500 REED INTERNATIONAL PLC 56,709
8,000 TOPPAN PRINTING CO LTD 89,295
4,040 WOLTERS KLUWER NV 160,820
------------
4,995,832
------------
RAILROAD TRANSPORTATION -- 0.81%
11,000 o KEIHIN ELECTRIC EXPRESS RAILWAY 36,352
17,000 KINKI NIPPON RAILWAY CO LTD 83,570
11,000 NANKAI ELECTRIC RAILWAY CO 50,984
49,300 RAILTRACK GROUP PLC 1,007,919
------------
1,178,825
------------
REAL ESTATE -- 0.72%
19,000 CHEUNG KONG HOLDINGS LTD 168,973
12,000 CITY DEVELOPMENT LTD 76,829
6,000 o HAMMERSON PLC 44,593
11,000 MITSUBISHI ESTATE CO LTD 107,331
9,000 MITSUI FUDOSAN CO LTD 72,870
19,153 NEW WORLD DEVELOPMENT CO LTD 57,395
8,500 SLOUGH ESTATES PLC 48,100
52,194 SUN HUNG KAI PROPERTIES LTD 475,951
------------
1,052,042
------------
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS -- 0.36%
700 ADIDAS SALOMON AG. 69,481
10,000 BRIDGESTONE CORP 302,389
1,514 MICHELIN S.A. (CLASS B) 61,938
34,900 PIRELLI S.P.A. 95,017
------------
528,825
------------
SECURITY AND COMMODITY BROKERS -- 0.37%
14,000 DAIWA SECURITIES GROUP, INC 92,534
14,000 MITSUBISHI CORP 94,847
17,000 MITSUI & CO LTD 118,543
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 63
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
SECURITY AND COMMODITY
BROKERS -- (CONTINUED)
20,000 NOMURA SECURITIES CO LTD $ 234,145
------------
540,069
------------
SPECIAL TRADE CONTRACTORS -- 0.09%
5,000 KINDEN CORP 53,909
1,400 SCHNEIDER ELECTRIC S.A. 78,613
------------
132,522
------------
STONE, CLAY, AND GLASS PRODUCTS -- 4.04%
15,000 ASAHI GLASS CO LTD 97,285
11,020 BLUE CIRCLE INDUSTRIES PLC 73,304
9,900 o BPB PLC 58,676
85,600 o CRH PLC 1,513,254
34,900 CSR LTD 99,796
220,800 HANSON PLC 1,961,245
104 HOLDERBANK FINANCIERE
GLARUS AG. (BR) 122,759
2,000 HOYA CORP 112,858
5,000 INAX CORP 30,528
800 LAFARGE S.A. (BR) 76,066
63,000 MALAYAN CEMENT BERHAD 37,323
9,000 o NIPPON SHEET GLASS CO LTD 32,048
28,000 o RMC GROUP PLC 450,853
7,800 ST. GOBAIN S.A. 1,242,786
------------
5,908,781
------------
TEXTILE MILL PRODUCTS -- 0.05%
26,000 MITSUBISHI RAYON CO LTD 74,110
------------
TOBACCO PRODUCTS -- 0.08%
12,386 BRITISH AMERICAN TOBACCO PLC 116,460
------------
TRANSPORTATION BY AIR -- 0.31%
7,965 BRITISH AIRPORT AUTHORITIES PLC 76,586
9,984 BRITISH AIRWAYS PLC 68,892
44,000 CATHAY PACIFIC AIRWAYS LTD 67,486
5,000 DEUTSCHE LUFTHANSA AG. (REGD) 90,648
22,000 JAPAN AIRLINES CO LTD 72,705
16,000 SWIRE PACIFIC LTD (CLASS A) 79,189
------------
455,506
------------
TRANSPORTATION EQUIPMENT -- 4.46%
14,726 BRITISH AEROSPACE PLC 95,577
8,832 DAIMLERCHRYSLER AG. 765,088
8,000 DENSO CORP 162,596
40,000 o DUCATI MOTOR HOLDINGS S.P.A. 104,777
50,200 o FIAT S.P.A. 158,933
11,000 HONDA MOTOR CO LTD 466,224
329,000 NISSAN MOTOR CO LTD 1,571,118
900 PEUGEOT S.A. 142,006
- ----------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------
24,000 o RENAULT S.A. $ 1,044,472
26,637 ROLLS ROYCE LTD 112,737
5,700 SIEMENS AG. 439,693
35,000 TOYOTA MOTOR CORP 1,107,521
3,850 VOLKSWAGEN AG. 246,561
3,500 VOLVO AB SERIES B FREE 101,479
------------
6,518,782
------------
TRANSPORTATION SERVICES -- 2.14%
362,100 AIRTOURS PLC 2,888,137
335,000 ROAD KING INFRASTRUCTURE LTD 237,477
------------
3,125,614
------------
TRUCKING AND WAREHOUSING -- 0.14%
13,000 SEINO TRANSPORTATION CO LTD 77,332
5,300 TNT POST GROUP NV 126,531
------------
203,863
------------
WATER TRANSPORTATION -- 0.38%
15 DAMPSKIBSSELSKABET AF 1912
(CLASS B) 133,068
10 DAMPSKIBSSELSKABET
SVENDBORG (CLASS B) 123,891
5,000 o KAMIGUMI CO LTD 25,653
35,000 NIPPON YUSEN KABUSHIKI KAISHA 134,753
9,236 PENINSULAR & ORIENTAL STEAM
NAVIGATION CO 138,671
------------
556,036
------------
WHOLESALE TRADE-NONDURABLE
GOODS -- 0.25%
105,000 o THAI UNION FROZEN PRODUCTS (FR) 370,181
------------
TOTAL COMMON STOCK
(COST $128,580,688) 143,627,194
------------
SHORT TERM INVESTMENT -- 0.50%
U.S. GOVERNMENT AGENCY -- 0.50%
FEDERAL HOME LOAN BANK
$725,000 4.490% 07/01/99 725,000
------------
TOTAL SHORT TERM INVESTMENT
(COST $725,000) 725,000
------------
TOTAL PORTFOLIO
(COST $129,522,443) $144,680,193
============
- ----------------------------------
o NON-INCOME Producing
SEE NOTES TO FINANCIAL STATEMENTS
64 1999 SEMI-ANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (UNAUDITED) MANAGED ALLOCATION FUND
JUNE 30, 19999
- ------------------------------------------------------------
SHARES/
PRINCIPAL VALUE %
- ------------------------------------------------------------
TIAA-CREF MUTUAL FUNDS -- 99.71%
<S> <C> <C>
8,277,271 BOND PLUS FUND $ 81,531,115 38.79%
3,324,243 GROWTH & INCOME FUND 50,727,943 24.13
3,309,174 GROWTH EQUITY FUND 50,729,633 24.14
2,163,350 INTERNATIONAL
EQUITY FUND 24,078,083 11.46
2,506,350 MONEY MARKET FUND 2,506,350 1.19
------------ ------
209,573,124 99.71
------------ ------
TOTAL TIAA-CREF MUTUAL FUNDS
(COST $182,784,676) 209,573,124 99.71
------------ ------
SHORT TERM INVESTMENT -- 0.43%
U.S. GOVERNMENT AGENCY -- 0.43%
FEDERAL HOME LOAN BANK
$900,000 4.490%, 07/01/99 900,000 0.43
------------ ------
TOTAL SHORT TERM INVESTMENT
(COST $900,000) 900,000 0.43
------------ ------
TOTAL PORTFOLIO
(COST $183,684,676) 210,473,124 100.14
OTHER ASSETS &
LIABILITIES, NET (293,849) (0.14)
------------ ------
NET ASSETS $210,179,275 100.00%
============ ======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
1999 SEMI-ANNUAL REPORT 65
<PAGE>
TIAA-CREF PRODUCTS AND SERVICES
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O TEACHERS PERSONAL ANNUITY
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INSURANCE
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RETIREMENT ANNUITIES (SRAS)
O TIAA-CREF IRAS
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TIAA-CREF Mutual FundS 1999 SEMI-ANNUAL REPORT 67
<PAGE>
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