ANNUAL REPORT 1999
- --------------------------------------------------------------------------------
Audited financial statements
including statements of investments
December 31, 1999
TIAA-CREF MUTUAL FUNDS
Money Market Fund
Bond PLUS Fund
Growth & Income Fund
Growth Equity Fund
International Equity Fund
Managed Allocation Fund
[TIAA-CREF LOGO]
<PAGE>
THE FUND MANAGERS
- -----------------------------------------------------
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 CREFAccounts.
BOND PLUS FUND
ELIZABETH BLACK, MANAGING DIRECTOR, PORTFOLIO MANAGEMENT, TEACHERS ADVISORS
Ms. Black has been with TIAA-CREF since 1988 and is also responsible for
managing the investments in CREF's Bond Market Account and the fixed-income
portion of CREF's Social Choice Account. 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 & 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
European component of the CREF Global Equities Account.
MANAGED ALLOCATION FUND
JAMES G. FLEISCHMANN, 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.
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.
AN INVESTMENT IN TIAA-CREF MUTUAL FUNDS IS NOT A DEPOSIT OF ANY BANK AND IS NOT
INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENT AGENCY. AN INVESTOR CAN LOSE MONEY IN ANY OF THE FUNDS, OR THE FUNDS
COULD UNDERPERFORM OTHER INVESTMENTS.
| TIAA-CREF MUTUAL FUNDS
CONTENTS | 1999 ANNUAL REPORT
FUND PERFORMANCE
6 MONEY MARKET FUND
8 BOND PLUS FUND
10 GROWTH & INCOME FUND
12 GROWTH EQUITY FUND
14 INTERNATIONAL EQUITY FUND
16 MANAGED ALLOCATION FUND
STATEMENTS OF INVESTMENTS
18 MONEY MARKET FUND
21 BOND PLUS FUND
26 GROWTH & INCOME FUND
36 GROWTH EQUITY FUND
56 INTERNATIONAL EQUITY FUND
68 MANAGED ALLOCATION FUND
FINANCIAL STATEMENTS
70 REPORT OF MANAGEMENT RESPONSIBILITY
71 REPORT OF INDEPENDENT AUDITORS
72 STATEMENTS OF ASSETS AND LIABILITIES
73 STATEMENTS OF OPERATIONS
74 STATEMENTS OF CHANGES IN NET ASSETS
76 FINANCIAL HIGHLIGHTS
80 NOTES TO FINANCIAL STATEMENTS
84 IMPORTANT TAX INFORMATION
87 TIAA-CREF PRODUCTS
AND SERVICES
<PAGE>
Dear Investor:
In 1999, the TIAA-CREF Mutual Funds entered their third year of operation. More
than 110,000 individual investors now hold our funds. In the last six months
alone, more than 30,000 individuals became investors with us, while our total
fund assets have grown to over $2 billion.
In 1999, equity markets firmly embraced the "new economy's" technology-driven
growth, as the U.S. economy approached its longest single expansion in our
nation's history. As our economic overviews show, a healthy mixture of sustained
low inflation, steadily rising productivity, and sound fiscal policy contributed
to the past year's robust economic health and growing world markets.
The TIAA-CREF Mutual Funds delivered strong overall performance in 1999. Our
equity funds performed extremely well, with the Growth & Income and
International Equity Funds surpassing their respective benchmarks. The
International Equity and Growth & Income Funds also outpaced their peer
competition by wide margins. In the international arena, the TIAA-CREF
International Equity Fund returned more than 50 percent this year, gaining from
the resurgence of global equity markets. Of course, past performance is no
guarantee of future performance.
A key to the success of TIAA-CREF's equity fund management is our Dual
Investment Management Strategy,SM which attempts to achieve consistent long-term
returns through a combination of active management and an enhanced indexing
approach based on quantitative analysis.
While 1999 was a very good year for stocks, the bond market weathered its worst
year in more than 25 years. However, on the bright side of our fixed-income
funds, our Money Market Fund retained its position as one of the top money
market funds in the country.
We are pleased to announce that we will soon be offering our mutual fund
investors a wider range of fund opportunities. In the spring of this year, we
plan to offer five new funds. These new funds will include three fixed-income
funds and two equity funds.
As with all of TIAA-CREF's financial products, we will maintain our commitment
to consistent, disciplined investment management and to low expenses.
/s/ Martin L. Leibowitz
-----------------------
Martin L. Leibowitz
VICE CHAIRMAN AND
CHIEF INVESTMENT OFFICER
<PAGE>
THE ECONOMIC ENVIRONMENT IN 1999
The U.S. Economy
As the U.S. economy posted another good year in 1999, it approached a new record
for the longest expansion ever. Last year's growth of real (i.e.,
inflation-adjusted) gross domestic product (GDP) registered 4 percent, using
annual averages, the fourth solid annual gain in a row. Inflation, as measured
by the Consumer Price Index on a twelve-month basis through December, remained
relatively benign at 2.7 percent (see Chart), but was up from 1998's low 1.6
percent rate, because of last year's sharp energy price increases. U.S. stock
markets performed well. The Russell 3000 returned 21 percent, while the
technology-driven Nasdaq shot up 86 percent.
Improved labor productivity growth has helped prolong this economic expansion,
annually averaging about 2.8 percent since 1995. This growth is more than a full
percentage point higher than the 1.7 percent average annual rate between 1983
and 1995.
In addition to recent productivity improvements, sound monetary and fiscal
policies have figured prominently in fostering low inflation and strong growth.
To stem possible inflationary pressures, the Fed raised interest rates by 3/4 of
a percentage point in 1999. While this action to quell potential inflationary
pressures will help sustain this expansion, the Fed's action, together with a
buoyant economy throughout 1999, hit bond markets especially hard. The ten-year
Treasury bond yield rose sharply, ending 1999 at 6.45 percent, up 1.8 percentage
points during the year.
Real consumption rose 5.3 percent, exceeding 1998's robust 4.9 percent pace. The
auto industry, whose sales performance is a key indicator of consumer spending,
posted a new all-time record, reporting 16.9 million light vehicles sold.
Business investment spending was up 8.3 percent in real terms, driven again by
high-tech capital spending. Expenditures for information-processing equipment
and software climbed 21.9 percent. And while mortgage rates increased because of
higher interest rates, housing starts were strong at 1.67 million for the entire
year, although softening in the second half with rising mortgage rates.
But some GDP components underperformed in 1999. Real net exports declined
because strong U.S. demand for foreign imports dramatically outpaced exports.
And government spending, in real terms, posted a moderate 3.7 percent gain, but
was up significantly from 1998's 1.7 percent gain..
BOTH SOLID ECONOMIC GROWTH AND
LOW INFLATION CONTINUE
[LINE CHART OMITTED]
Quarterly Real GDP Monthly CPI
Date Growth Date Inflation
(YYYYQQ) (YYYYMM)
198901 4.24 199101 5.64
198902 3.57 199102 5.31
198903 3.52 199103 4.90
198904 2.54 199104 4.81
199001 2.56 199105 5.03
199002 2.26 199106 4.69
199003 1.65 199107 4.36
199004 0.53 199108 3.80
199101 -1.09 199109 3.39
199102 -0.70 199110 2.85
199103 -0.23 199111 3.06
199104 1.17 199112 2.98
199201 2.67 199201 2.67
199202 3.02 199202 2.82
199203 3.47 199203 3.19
199204 4.14 199204 3.18
199301 2.86 199205 3.02
199302 2.40 199206 3.01
199303 2.01 199207 3.15
199304 2.21 199208 3.07
199401 3.31 199209 2.99
199402 4.21 199210 3.28
199403 4.39 199211 3.12
199404 4.16 199212 2.96
199501 3.63 199301 3.18
199502 2.41 199302 3.24
199503 2.64 199303 3.02
199504 2.21 199304 3.15
199601 2.55 199305 3.22
199602 4.06 199306 3.00
199603 3.82 199307 2.84
199604 4.21 199308 2.84
199701 4.72 199309 2.76
199702 4.29 199310 2.75
199703 4.74 199311 2.67
199704 4.28 199312 2.81
199801 4.72 199401 2.52
199802 3.96 199402 2.51
199803 3.91 199403 2.65
199804 4.61 199404 2.36
199901 3.87 199405 2.29
199902 3.80 199406 2.49
199903 4.27 199407 2.70
199408 2.90
199409 2.96
199410 2.61
199411 2.67
199412 2.60
199501 2.87
199502 2.86
199503 2.79
199504 3.05
199505 3.12
199506 3.04
199507 2.83
199508 2.62
199509 2.54
199510 2.81
199511 2.60
199512 2.60
199601 2.72
199602 2.72
199603 2.84
199604 2.90
199605 2.89
199606 2.82
199607 2.95
199608 2.81
199609 3.00
199610 2.99
199611 3.19
199612 3.24
199701 3.04
199702 3.03
199703 2.76
199704 2.50
199705 2.23
199706 2.23
199707 2.16
199708 2.29
199709 2.22
199710 2.02
199711 1.89
199712 1.70
199801 1.63
199802 1.44
199803 1.38
199804 1.50
199805 1.75
199806 1.68
199807 1.68
199808 1.62
199809 1.43
199810 1.49
199811 1.55
199812 1.61
199901 1.60
199902 1.60
199903 1.79
199904 2.28
199905 2.03
199906 1.96
199907 2.08
199908 2.26
199909 2.63
199910 2.62
199911 2.56
199912 2.68
Year-over-Year Percent Change
Source: Standard & Poor's DRI
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Altogether, 1999 was another stellar year, with solid real growth and relatively
low inflation. The current record for the longest expansion, which ran 106
months during the 1960s, was also a period of strong productivity growth.
However, it was ultimately derailed by unsound macroeconomic policies adopted
during the Vietnam War. The lessons learned from that experience, and the
high-inflation 1970s that followed, have enabled us to avoid similar policy
mistakes, setting the stage for recent economic gains, healthy employment, and a
new record for the longest U.S. expansion ever.
/s/ Leo C. Kamp
-------------------
Leo C. Kamp
TIAA-CREF ECONOMIST
4 TIAA-CREF Mutual Funds 1999 ANNUAL REPORT
<PAGE>
THE GLOBAL ECONOMY
Throughout 1999, global equity markets staged an impressive, sustained recovery
from the turbulence of October 1998. This resurgence in global equity markets
resulted in a 23.5 percent increase in the Morgan Stanley Capital International
(MSCI) World Index for the year.
The two primary factors affecting equity returns in 1999 were the renewed
confidence in Asian markets and an upsurge in technology investments. Most of
Asia's emerging market economies have rebounded from the depths of the 1997-98
economic crisis, and Japan shows promise. More broadly, the global information
technology sector experienced an extraordinarily powerful rally, underpinned by
growth in global trade in technology at twice the rate of growth in trade of
more traditional goods and services.
Over much of 1999, equity markets were bolstered by very accommodative monetary
policies of major central banks. But even as central bankers nudged policy rates
higher later in the year, equity markets continued to find support in improving
growth prospects in most regions. Indeed, between June and December, consensus
expectations for world real GDP growth increased significantly from 2.3 percent
to 2.9 percent.
World long-term interest rates, concomitant with stronger economic growth
prospects, went up during 1999 in anticipation of central bank efforts intended
to ward off inflationary tensions. If continued, the upward trend in interest
rates could mitigate potential gains in equity markets.
Recent leading economic indicators of the Organization for Economic Cooperation
and Development's (OECD) suggest continued gains in global economic growth,
despite rising oil prices, which were the result of production cuts by OPEC.
Prices of other commodities were mixed, suggesting a more limited threat of
inflation. Consequently, real economic growth prospects remained solid.
Japanese economic prospects, which appear to be strengthening, are a major
component of global economic growth. Japan's recent economic progress is the
result of massive fiscal stimulus measures, progress in restructuring its
corporate sector, and ongoing ease in monetary policy. Short-term interest rates
have stayed very close to zero, with long-term interest rates less than 2.0
percent. Japan's equity market has responded by rising 45 percent, as a result
of these positive
- --------------------------------------------------------------------------------
MSCI WORLD INDEX (in U.S. dollars)
[LINE CHART OMITTED]
MSCI World MSCI World
Equity Index Technology Index
------------ ----------------
12/98 1139.77 12/98 100
1/99 1173.84 1/99 114.43
2/99 1141.33 2/99 102.98
3/99 1174.09 3/99 110.28
4/99 1233.06 4/99 116.53
5/99 1186.47 5/99 114.70
6/99 1217.92 6/99 123.67
7/99 1235.70 7/99 131.22
8/99 1253.20 8/99 137.64
9/99 1207.60 9/99 136.53
10/99 1280.94 10/99 142.08
11/99 1341.77 11/99 167.99
12/99 1420.89 12/99 199.59
Source: Morgan Stanley International Capital, Inc.
- --------------------------------------------------------------------------------
policy initiatives. These measures have also contributed to gains in private
sector demand. In the longer term, however, massive budget deficits are expected
to push government debt to about 120 percent of GDP--a potential risk.
In the euro area, real GDP has accelerated to a 4 percent pace, spurred by a
combination of favorable fiscal and monetary policies, and a strong recovery in
global activity. This upswing is broad-based across economic sectors. The
introduction of the euro has eliminated currency risk throughout the area, and
contributed to substantial corporate efficiency measures. Companies there are
beginning to substitute shareholder value criteria for "stakeholder" criteria,
which attempt to balance the interests of workers, customers, suppliers, and, on
occasion, governmental entities, in addition to shareholders.
On balance, stimulative macro-economic policies on a global basis, albeit with
interest rates trending gradually higher, should contribute to sustainable
growth prospects ahead, with only modest inflationary consequences. This
combination of factors is resulting in a continually favorable outlook for
corporate profitability.
/s/ Harvey Kerrich
-------------------
Harvey Kerrich
TIAA-CREF ECONOMIST
1999 ANNUAL REPORT TIAA-CREF Mutual Funds 5
<PAGE>
MONEY MARKET
FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Money Market Fund seeks high current income, to the extent
consistent with maintaining liquidity and preserving capital.
PORTFOLIO PROFILE
> Invests in money market securities classified as "first-tier securities,"
which are ranked in the highest category by nationally recognized statistical
rating organizations.
> Average weighted maturity of 90 days or less.
> Longest maturity will be 397 days.
PERFORMANCE IN 1999
In 1999, the Money Market Fund returned 5.05 percent, exceeding the 4.64 percent
return of its benchmark, the IBC Money Fund Report AverageTM--All Taxable.
During the fourth quarter of 1999, the Money Market Fund's weighted average
maturity varied from a low of 47 days to a high of 58 days, as compared with its
benchmark, which showed a range of 51 to 57 days.
During the fourth quarter of 1999, we made some minor changes to asset
allocations. We made these changes because different money market sectors
presented better relative value than other sectors. We slightly increased our
holdings of commercial paper and U.S. government agency securities to 78 percent
and 5 percent, from 77 percent and 3 percent. We also decreased our holdings in
bank liabilities and floating/variable rate securities to 10 percent and 5
percent, from 12 percent and 8 percent.
6 TIAA-CREF Mutual Funds 1999 ANNUAL REPORT
<PAGE>
MONEY MARKET FUND
ASSET ALLOCATION AS OF 12/31/99
[PIE CHART OMITTED]
Commercial paper & medium term notes 78%
Certificates of deposit & bank notes 10%
Floating & variable-rate notes 5%
U.S. government agency discount notes 5%
Bankers' acceptances 2%
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Lipper Money IBC Money Fund
Market Funds Report Average(TM)-- Money Market
Average All Taxable Fund
------------ -------------------- ------------
$10,000 $10,000 $10,000
Sep-97 10,040 10,041 10,044
10,081 10,084 10,090
10,121 10,126 10,132
Dec-97 10,164 10,170 10,179
10,207 10,214 10,226
10,244 10,253 10,269
Mar-98 10,286 10,297 10,317
10,328 10,340 10,363
10,370 10,384 10,407
Jun-98 10,411 10,426 10,456
10,454 10,471 10,504
10,497 10,515 10,552
Sep-98 10,538 10,558 10,598
10,579 10,601 10,643
10,618 10,641 10,689
Dec-98 10,658 10,683 10,734
10,697 10,724 10,778
10,732 10,759 10,817
Mar-99 10,769 10,799 10,860
10,806 10,838 10,902
10,844 10,877 10,945
Jun-99 10,881 10,915 10,988
10,920 10,956 11,032
10,960 10,999 11,078
Sep-99 11,001 11,042 11,125
11,046 11,086 11,174
11,089 11,131 11,223
Dec-99 11,135 11,178 11,276
PERFORMANCE AT A GLANCE AS OF 12/31/99
<TABLE>
<CAPTION>
NET ANNUALIZED YIELD
AVERAGE FOR THE 7 DAYS ENDING
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES MATURITY NET 12/28/99
RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) EXPENSE (DAYS) AS OF ASSETS CURRENT EFFECTIVE
1 YEAR SINCE INCEPTION(2) 1 YEAR SINCE INCEPTION(2) RATIO 12/28/99 IN MILLIONS YIELD YIELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EFFECTIVE YIELD
MONEY MARKET FUND 5.05% 5.29% 5.05% 12.77% 0.29%3 48 $394.96 5.65% 5.81%
IBC's Money Fund Report
AverageTM--All Taxable 4.64 5.05 4.64 11.78 0.49 48 -- 5.13 5.26
Lipper Money Market
Funds Average 4.49 4.73 4.49 11.36 -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
</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. THE CURRENT YIELD MORE CLOSELY REFLECTS
THE MONEY MARKET FUND'S CURRENT EARNINGS THAN DOES THE TOTAL RETURN.
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 UNTIL JULY 1, 2003.
The TIAA-CREF Money Market Fund is not a deposit of any bank and is neither
insured nor guaranteed by the Federal Deposit Insurance Corporation or any other
U.S. government agency.
1999 ANNUAL REPORT TIAA-CREF Mutual Funds 7
<PAGE>
BOND PLUS
FUND
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
> Aims to match the risk characteristics of the benchmark, so returns should be
similar to those of the benchmark index.
> Overweights investments in securities believed to be undervalued as compared
with the benchmark, and underweights investments in securities believed to be
overvalued.
> Seeks optimum returns through market sector allocation strategies.
PERFORMANCE IN 1999
At year-end 1999, the Bond PLUS Fund posted a return of -1.01 percent, 0.19
percentage points behind the -0.82 percent return of the Lehman Brothers
Aggregate Bond Index. Both the benchmark and the Bond PLUS Fund recorded
negative returns in 1999. Against its peers, the fund lagged 0.03 percentage
points behind the Lipper Intermediate Investment Grade Debt Index return of
- -0.98 percent.
On June 30, the Federal Reserve increased the discount rate by 25 basis points
(one basis point equals .01 percent) to 5.00 percent, the first of three
identical rate hikes in 1999. Tighter spreads in all sectors (the spread is the
difference between the yield of a bond and a Treasury security of similar
duration) could not overcome the negative impact of higher U.S. Treasury yields.
Even though the spreads tightened, which usually drives bond prices higher, the
depressed prices of similar duration Treasuries dragged down prices of all
fixed-income securities. This contributed to the negative performance of both
the benchmark and the fund.
8 TIAA-CREF Mutual Funds 1999 ANNUAL REPORT
<PAGE>
BOND PLUS FUND
TOP FIVE MARKET SECTORS
6/30/99 12/31/99
Mortgage-backed securities* 43% 46%
- -------------------------------------------------
Corporate bonds 27 27
- -------------------------------------------------
U.S. government securities 26 23
- -------------------------------------------------
Yankees** 2 3
- -------------------------------------------------
Money market instruments 2 1
- -------------------------------------------------
* INCLUDES GOVERNMENT-BACKED AND PRIVATE-LABEL SECURITIES AND ASSET-BACKED
SECURITIES
** FOREIGN GOVERNMENT AND CORPORATE BONDS DENOMINATED IN U.S. DOLLARS
RISK CHARACTERISTICS: BOND PLUS VS. BENCHMARK AS OF 12/31/99
Measure* Average Life Option-Adjusted Duration
(IN YEARS) 12/31/99 (IN YEARS) 12/31/99
Bond PLUS 9.22 4.89
Lehman Brothers
Aggregate Bond Index 8.66 4.86
- -------------------------------------------------------------------------------
* AS CALCULATED USING AN ANALYTICAL MODEL DEVELOPED BY BARRA, A WIDELY
RECOGNIZED INVESTMENT RESEARCH FIRM THAT CREATED THE FIRST MULTIPLE-FACTOR
BOND RISK MODEL.
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Lipper Intermediate Lehman Brothers
Investment Grade Aggregate Bond
Debt Index Index Bond PLUS Fund
------------------- --------------- --------------
$10,000 $10,000 $10,000
Sep-97 10,144 10,147 10,143
10,266 10,295 10,286
10,295 10,342 10,345
Dec-97 10,389 10,446 10,451
10,527 10,580 10,591
10,513 10,571 10,575
Mar-98 10,552 10,607 10,627
10,601 10,662 10,687
10,697 10,764 10,781
Jun-98 10,782 10,855 10,883
10,804 10,878 10,914
10,950 11,055 11,114
Sep-98 11,195 11,314 11,369
11,104 11,254 11,301
11,160 11,318 11,328
Dec-98 11,208 11,352 11,385
11,277 11,433 11,446
11,077 11,233 11,250
Mar-99 11,164 11,294 11,324
11,202 11,331 11,365
11,088 11,231 11,250
Jun-99 11,050 11,195 11,191
11,012 11,147 11,141
10,999 11,142 11,139
Sep-99 11,120 11,271 11,273
11,137 11,312 11,317
11,151 11,312 11,315
Dec-99 11,099 11,257 11,270
PERFORMANCE AT A GLANCE AS OF 12/31/99
<TABLE>
<CAPTION>
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>
BOND PLUS FUND -1.01% 5.26% -1.01% 12.70% 0.30%3 $204.35
Lehman Brothers Aggregate
Bond Index -0.82 5.22 -0.82 12.60 -- --
Lipper Intermediate
Investment Grade Debt
Index -0.98 4.57 -0.98 10.98 -- --
</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 UNTIL JULY 1, 2003.
1999 ANNUAL REPORT TIAA-CREF Mutual Funds 9
<PAGE>
GROWTH & INCOME
FUND
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
> 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.
> Active portion (47 percent as of 12/31/99) buys stocks when perceived to be
priced fairly or at a discount to growth potential and asset values.
> Occasionally acquires stocks of foreign-based companies not in the benchmark.
PERFORMANCE IN 1999
At year-end 1999, the Growth & Income Fund posted a return of 24.46 percent,
3.42 percentage points over the S&P 500 Index return of 21.04 percent. The fund
held a wide 12.60 percentage point lead over its peer competition, the Lipper
Growth & Income Fund Index, which reported a return of 11.86 percent.
Reflecting the market's overall trends, the fund's technology holdings
significantly contributed to its strong returns. Wireless communications
companies such as Omnipoint and Nokia performed very well. Other technology
stocks that contributed to the fund's strength were Oracle, EMC, and Compaq.
Telecommunications equipment industry leaders Lucent and Cisco also delivered
solid performance. Recent fund acquisitions of IPOs have contributed to returns
but may not contribute to future returns.
Our disappointments happened mainly in insurance stocks. Specifically, Capital
Re, Allstate, and XL Capital underperformed. Other laggards included Xerox,
Republic Waste, and Office Depot, which experienced major earnings shortfalls
and looks uncertain for the longer term. We significantly reduced our positions
in Xerox and eliminated our holdings in Republic Waste and Office Depot. Two
other stocks, Tyco and Cardinal Health, suffered from issues unrelated to their
normal business operations. While these stocks continued to show strong
operating results, their stock performance suffered as a result of negative
investor perception. However, we were still convinced of their superior
long-term fundamentals and continued to hold significant positions in both
companies.
At year-end, we were overweight in technology, health care, telecommunications,
and basic industries. We have underweight positions in the following sectors:
financial services, consumer goods, and producer durables.
10 TIAA-CREF Mutual Funds 1999 ANNUAL REPORT
<PAGE>
GROWTH & INCOME FUND
TEN LARGEST HOLDINGS AS OF 12/31/99
COMPANY SHARES MARKET VALUE (000)
Microsoft Corp 208,155 $24,302
- -------------------------------------------------------
General Electric Co 136,025 21,050
- -------------------------------------------------------
Cisco Systems, Inc 151,643 16,245
- -------------------------------------------------------
Exxon Mobil Corp 179,342 14,448
- -------------------------------------------------------
Wal-Mart Stores, Inc 203,843 14,091
- -------------------------------------------------------
Intel Corp 130,934 10,778
- -------------------------------------------------------
Oracle Corp 94,084 10,543
- -------------------------------------------------------
Lucent Technologies, Inc 130,223 9,742
- -------------------------------------------------------
Citigroup, Inc 166,697 9,262
- -------------------------------------------------------
AT & T Corp 182,303 9,252
- -------------------------------------------------------
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Lipper
Growth & Income S&P 500 Growth & Income
Fund Index Index Fund
--------------- ------- ---------------
$10,000 $10,000 $10,000
Sep-97 10,505 10,548 10,542
10,156 10,195 10,207
10,440 10,667 10,667
Dec-97 10,616 10,851 10,837
10,636 10,971 10,952
11,303 11,762 11,708
Mar-98 11,826 12,365 12,430
11,890 12,490 12,651
11,708 12,275 12,451
Jun-98 11,849 12,773 12,917
11,559 12,636 12,854
9,926 10,809 10,934
Sep-98 10,372 11,502 11,499
11,125 12,437 12,482
11,661 13,191 13,296
Dec-98 12,058 13,951 14,143
12,171 14,534 14,822
11,902 14,082 14,313
Mar-99 12,313 14,645 15,016
13,111 15,212 15,686
12,921 14,853 15,271
Jun-99 13,456 15,677 16,248
13,070 15,188 15,769
12,781 15,113 15,471
Sep-99 12,379 14,698 15,100
12,909 15,628 16,029
13,023 15,946 16,466
Dec-99 13,489 16,885 17,602
PERFORMANCE AT A GLANCE AS OF 12/31/99
<TABLE>
<CAPTION>
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 24.46% 27.45% 24.46% 76.04% 0.43%3 $541.72
S&P 500 Index 21.04 25.20 21.04 68.87 -- --
Lipper Growth & Income
Fund Index 11.86 13.66 11.86 34.77 -- --
</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 UNTIL JULY 1, 2003.
1999 ANNUAL REPORT TIAA-CREF Mutual Funds 11
<PAGE>
GROWTH EQUITY
FUND
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
> 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.
> Actively managed part of the fund (54 percent as of 12/31/99) is concentrated
in stocks of rapidly growing companies dominant in products and/or services.
> Actively selects international stocks outside of the benchmark as
opportunities arise.
PERFORMANCE IN 1999
At year-end 1999, the Growth Equity Fund posted a return of 33.00 percent, which
was 0.82 percentage points behind the Russell 3000(R) Growth Index, but 5.04
percent ahead of the competition, as measured by the Lipper Growth Fund Index,
which posted a 27.96 percent return.
The fund's performance gained from the run-up in technology stocks. Investors'
love affair with technology stocks seemed to grow more intense as fears of a Y2K
economic slowdown receded.
It also spread from simple dot.com stocks to Internet infrastructure companies,
then to business-to-business software companies, and finally to wireless
telecommunications stocks. The technology-heavy Nasdaq Composite Index recorded
the largest one-year gain of any U.S. market index in history.
Our overweight positions in technology stocks included holdings in Internet
infrastructure companies, semiconductor manufacturing companies, and
computer-related companies. Oracle, which represented one of our major holdings
in the fund, performed extremely well. Recent fund acquisitions of IPOs have
contributed to returns but may not contribute to future returns. We continue to
be overweighted in advertising through our positions in radio broadcasters and
advertising agencies. These both represent consolidation stories which benefited
the fund because of the need for companies to create brand awareness by Internet
participants, as well as traditional bricks-and-mortar companies defending their
franchises.
Health care and pharmaceutical stocks exhibited weakness during the year. We
were underweight in the major pharmaceutical stocks, reflecting our concerns
regarding upcoming patent expirations and a lack of inspiring products in
development, as well as the generally unfavorable political environment in the
upcoming election year. At year-end, we were underweighted in consumer staples
because these stocks seem overpriced for usually mediocre fundamentals. For
example, we benefited from not owning Coca-Cola.
12 TIAA-CREF Mutual Funds 1999 ANNUAL REPORT
<PAGE>
GROWTH EQUITY FUND
TEN LARGEST HOLDINGS AS OF 12/31/99
COMPANY SHARES MARKET VALUE (000)
- -----------------------------------------------------------------
Microsoft Corp 340,890 $39,799
- -----------------------------------------------------------------
General Electric Co 227,487 35,204
- -----------------------------------------------------------------
Cisco Systems, Inc 276,154 29,583
- -----------------------------------------------------------------
Intel Corp 318,658 26,230
- -----------------------------------------------------------------
Oracle Corp 207,992 23,308
- -----------------------------------------------------------------
Lucent Technologies, Inc 269,853 20,188
- -----------------------------------------------------------------
Tyco International Ltd 436,206 16,958
- -----------------------------------------------------------------
EMC Corp 143,948 15,726
- -----------------------------------------------------------------
America Online, Inc 178,200 13,443
- -----------------------------------------------------------------
Merck & Co, Inc 177,079 11,875
-----------------------------------------------------------------
$10,000 OVER LIFE OF FUND
[LINE CHART OMITTED]
Lipper Growth Russell 3000(R) Growth Equity
Fund Index Growth Index Fund
------------- --------------- -------------
$10,000 $10,000 $10,000
Sep-97 10,572 10,524 10,535
10,231 10,109 10,189
10,466 10,469 10,640
Dec-97 10,643 10,575 10,819
10,714 10,847 11,097
11,469 11,675 11,899
Mar-98 11,960 12,144 12,434
12,088 12,303 12,658
11,791 11,903 12,327
Jun-98 12,300 12,578 13,064
12,170 12,409 12,883
10,215 10,465 10,638
Sep-98 10,897 11,288 11,461
11,651 12,171 12,402
12,345 13,098 13,300
Dec-98 13,377 14,280 14,711
13,948 15,104 15,606
13,473 14,364 14,905
Mar-99 14,057 15,104 15,520
14,414 15,214 15,649
14,133 14,783 15,390
Jun-99 14,969 15,799 16,522
14,599 15,297 15,951
14,434 15,488 16,102
Sep-99 14,193 15,204 15,929
15,067 16,300 16,673
15,704 17,235 17,643
Dec-99 17,118 19,112 19,566
PERFORMANCE AT A GLANCE AS OF 12/31/99
<TABLE>
<CAPTION>
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 EQUITY FUND 33.00% 33.36% 33.00% 95.66% 0.45%3 $696.27
Russell 3000(R)
Growth Index 33.82 32.01 33.82 91.08 -- --
Lipper Growth Fund Index 27.96 25.94 27.96 71.16 -- --
</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 UNTIL JULY 1, 2003.
4 RUSSELL 3000(R) GROWTH INDEX (RUSSELL 3000 IS A TRADEMARK AND A SERVICE MARK
OF THE FRANK RUSSELL COMPANY).
1999 ANNUAL REPORT TIAA-CREF Mutual Funds 13
<PAGE>
INTERNATIONAL EQUITY
FUND
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
> Employs TIAA-CREF's Dual Investment Management StrategySM to achieve returns
on international equities.
> Indexed portion of the fund aims to slightly exceed the fund's benchmark, the
Morgan Stanley Europe, Australasia, Far East (EAFE) Index.
> Actively managed (75 percent as of 12/31/99) part is comprised of
international stocks of companies we believe have strong management and
excellent prospects for growth.
PERFORMANCE IN 1999
At year-end 1999, the International Equity Fund posted a return of 55.83
percent, beating its benchmark, the MS-EAFE Index, by a wide margin of 28.86
percentage points and soundly leading its competition, the Lipper International
Fund Index, by 18.00 percentage points.
Markets around the world saw investors focus on telecommunications stocks. We
capitalized on the run-up in this sector through several fixed and wireless
network operators. The Italian start-up Tiscali, a long-distance operator,
performed very strongly as it shifted from a purely Italian-based operator to a
more pan-European operator, after it purchased two French telecommunications
companies.
We benefitted from investor recognition that wireless services will continue to
play a larger role in everyday communications. Attention was directed not only
to the service providers such as Vodafone, but even more to those companies that
provide the equipment and components necessary to enable these services. For
example, both the Singapore-based company Chartered Semiconductor and ST
Microelectronics, a French-based company, outperformed the fund's benchmark.
Recent fund acquisitions of IPOs have contributed to returns but may not
contribute to future returns.
As Internet usage grows in Europe and Asia, demand for software also grows. The
Australian-based software company Solution 6 performed particularly well
throughout the year. It is a leading provider of software to the accounting and
tax industries and uses the Internet to deliver software services.
Not all of our stocks were winners in 1999. Railtrack, the British-based rail
infrastructure operator, performed poorly in 1999, which dampened sentiment
around the entire rail industry late in the year. We sold the entire holding.
14 TIAA-CREF Mutual Funds 1999 ANNUAL REPORT
<PAGE>
INTERNATIONAL EQUITY FUND
TEN LARGEST HOLDINGS AS OF 12/31/99
COMPANY COUNTRY SHARES MARKET
VALUE (000)
Nokia OYJ Finland 49,200 $8,921
- ---------------------------------------------------------------------------
Tiscali S.P.A. Italy 18,675 7,581
- ---------------------------------------------------------------------------
Mannesmann AG. (Regd) Germany 28,968 6,989
- ---------------------------------------------------------------------------
Ericsson Telefon (LM)
AB Series B Sweden 97,851 6,297
- ---------------------------------------------------------------------------
Solution 6 Holdings Ltd Australia 542,000 5,886
- ---------------------------------------------------------------------------
Colt Telecom Group PLC United Kindgom 113,700 5,818
- ---------------------------------------------------------------------------
Murata Manufacturing Co Ltd Japan 24,628 5,782
- ---------------------------------------------------------------------------
Chartered Semiconductor
Manufacturing Ltd ADR Singapore 75,300 5,497
- ---------------------------------------------------------------------------
ST Microelectronics NV Netherlands 35,300 5,433
- ---------------------------------------------------------------------------
China Telecom Ltd ADR
(Hong Kong) Hong Kong 39,150 5,033
- ---------------------------------------------------------------------------
$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
------------- -------------- -------------
$10,000 $10,000 $10,000
Sep-97 10,642 10,560 10,570
9,834 9,748 9,759
9,753 9,649 9,682
Dec-97 9,830 9,733 9,770
10,068 10,178 10,186
10,712 10,831 10,767
Mar-98 11,294 11,165 11,194
11,467 11,253 11,292
11,490 11,198 11,303
Jun-98 11,390 11,284 11,391
11,565 11,397 11,479
9,901 9,985 9,967
Sep-98 9,593 9,679 9,562
10,298 10,687 10,394
10,814 11,235 11,095
Dec-98 11,080 11,677 11,652
11,148 11,643 11,973
10,861 11,365 11,741
Mar-99 11,223 11,840 12,017
11,746 12,319 12,349
11,309 11,685 11,741
Jun-99 11,845 12,140 12,305
12,109 12,501 12,990
12,205 12,547 13,056
Sep-99 12,244 12,673 13,289
12,671 13,148 13,863
13,600 13,605 15,610
Dec-99 15,271 14,826 18,158
PERFORMANCE AT A GLANCE AS OF 12/31/99
<TABLE>
<CAPTION>
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 55.83% 29.16% 55.83% 81.58% 0.49%(3) $255.82
Morgan Stanley EAFE Index 26.97 18.41 26.97 48.29 -- --
Lipper International
Fund Index 37.83 19.89 37.83 52.61 -- --
</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 UNTIL JULY 1, 2003.
1999 ANNUAL REPORT TIAA-CREF Mutual Funds 15
<PAGE>
MANAGED ALLOCATION
FUND
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
> 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.
> Equity portion consists of a changing mixture of three equity funds, the
International, Growth Equity, and Growth & Income Funds.
> Fixed-income portion is invested mostly in the Bond PLUS Fund, with
occasional investments in the Money Market Fund.
PERFORMANCE IN 1999
At year-end 1999, the Managed Allocation Fund, a fund composed of other
TIAA-CREF Mutual Funds, returned 19.20 percent, finishing the year 6.19
percentage points ahead of the 13.01 percent return of its benchmark, the
Managed Allocation Composite Index.
The fund finished the year 10.22 percent ahead of its competition, represented
by the Lipper Balanced Fund Index, which posted an 8.98 percent return. Toward
the end of the year, as bonds slumped and international stocks gained, we made
allocation changes that slightly decreased the fixed-income component of the
fund and significantly increased its international component. In October, we
increased the International Equity component by 25 percent with funds from the
Growth Equity and Growth & Income components to take advantage of the rising
gains in international markets. Later in the year, in December, we increased the
International Equity component by 5.11 percent.
16 TIAA-CREF Mutual Funds 1999 ANNUAL REPORT
<PAGE>
MANAGED ALLOCATION FUND
ASSET ALLOCATION AS OF 12/31/99
[PIE CHART OMITTED]
Money Market Fund 1%
Bond PLUS Fund 37%
Growth Equity Fund 23%
Growth & Income Fund 22%
International Equity Fund 17%
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Managed Allocation
Composite Index
(48% S&P 500,
40% Lehman Brothers
Lipper Aggregate Bond Index, Managed
Balanced 12% Morgan Stanley Allocation
Fund Index EAFE Index) Fund
---------- -------------------- ----------
$10,000 $10,000 $10,000
Sep-97 10,399 10,388 10,375
10,210 10,235 10,178
10,397 10,537 10,396
Dec-97 10,550 10,689 10,539
10,624 10,859 10,728
11,046 11,315 11,139
Mar-98 11,384 11,651 11,499
11,463 11,743 11,637
11,347 11,684 11,563
Jun-98 11,552 11,963 11,882
11,417 11,927 11,861
10,433 10,999 10,839
Sep-98 10,884 11,399 11,207
11,291 11,962 11,721
11,704 12,411 12,203
Dec-98 12,136 12,828 12,777
12,330 13,117 13,178
12,034 12,793 12,799
Mar-99 12,331 13,131 13,164
12,736 13,455 13,382
12,540 13,172 13,120
Jun-99 12,886 13,568 13,585
12,645 13,390 13,443
12,512 13,362 13,421
Sep-99 12,352 13,264 13,409
12,710 13,746 13,829
12,848 13,937 14,336
Dec-99 13,228 14,454 15,231
PERFORMANCE AT A GLANCE AS OF 12/31/99
<TABLE>
<CAPTION>
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>
Managed Allocation Fund 19.20% 19.78% 19.20% 52.30% 0%(3) $244.37
Managed Allocation
Composite Index(4) 13.01 16.89 13.01 43.89 -- --
Lipper Balanced Fund
Index 8.98 12.82 8.98 32.45 -- --
</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 REASONABLY NECESSARY FOR
THE ORDINARY OPERATIONS OF THE FUND. SHAREHOLDERS INDIRECTLY BEAR THEIR PRO
RATA SHARE OF THE FEES AND EXPENSES OF THE FUNDS IN WHICH THE MANAGED
ALLOCATION FUND INVESTS. 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.
1999 Annual Report TIAA-CREF Mutual Funds 17
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS MONEY MARKET FUND
DECEMBER 31, 1999 SUMMARY BY INDUSTRY
- -----------------------------------------------------------
VALUE %
- -----------------------------------------------------------
SHORT TERM INVESTMENTS
BANK NOTES $ 15,499,239 3.92%
CERTIFICATES OF DEPOSIT 18,802,394 4.76
COMMERCIAL PAPER 290,733,920 73.61
CORPORATE BONDS 7,060,880 1.79
MEDIUM TERM BONDS 19,833,646 5.02
U.S. GOVERNMENT AND AGENCIES 18,960,499 4.80
VARIABLE RATE NOTES 24,997,319 6.33
------------- -----
TOTAL SHORT TERM INVESTMENTS
(COST $395,887,897) 395,887,897 100.23
------------- -----
TOTAL PORTFOLIO
(COST $395,887,897) 395,887,897 100.23
OTHER ASSETS & LIABILITIES, NET (922,937) (0.23)
------------- ------
NET ASSETS $ 394,964,960 100.00%
============= ======
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS MONEY MARKET FUND
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
- --------------------------------------------------------------------------------
SHORT TERM INVESTMENTS--100.23%
BANK NOTES--3.92%
BANK OF AMERICA
$5,000,000 5.950%, 02/04/00 $ 5,000,000
HUNTINGTON NATIONAL BANK
2,000,000 5.660%, 07/06/00 1,999,607
PNC BANK NA
2,000,000 5.040%, 02/16/00 1,999,903
SOUTHTRUST Bank NA
1,500,000 5.160%, 03/27/00 1,499,864
WACHOVIA BANK,
NATIONAL ASSOCIATION
5,000,000 4.900%, 01/10/00 4,999,865
-----------
15,499,239
-----------
CERTIFICATES OF DEPOSIT--4.76%
CANADIAN IMPERIAL BANK OF
COMMERCE
3,000,000 6.475%, 01/24/00 3,002,663
2,000,000 5.200%, 02/29/00 1,999,907
DRESDNER BANK
6,800,000 6.280%, 01/04/00 6,800,000
NATIONAL WESTMINSTER BANK
(NEW YORK)
$2,000,000 5.175%, 03/15/00 $ 1,999,824
WESTDEUTSCHE LANDESBANK
5,000,000 5.980%, 03/01/00 5,000,000
-----------
18,802,394
-----------
COMMERCIAL PAPER--73.61%
ABBOTT LABORATORIES
2,000,000 5.670%, 01/06/00 1,998,425
AMERICAN TELEPHONE &
TELEGRAPH CO
1,475,000 5.900%, 01/12/00 1,472,341
500,000 6.280%, 01/28/00 497,645
ANHEUSER-BUSCH CO
6,000,000 6.120%, 02/11/00 5,958,180
ASSET SECURITIZATION COOP CORP
2,550,000 5.800%, 01/19/00 2,542,605
10,000,000 5.900%, 01/26/00 9,959,028
BEAR STEARNS CO, INC
5,000,000 6.000%, 01/19/00 4,985,000
6,530,000 5.950%, 02/17/00 6,479,275
1,910,000 5.990%, 03/10/00 1,888,072
18 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
- --------------------------------------------------------------------------------
COMMERCIAL PAPER--(Continued)
BELL ATLANTIC FINANCIAL
SERVICES, INC
$6,800,000 ~5.820%, 01/20/00 $6,779,113
BELLSOUTH CAPITAL FUNDING
CORP
7,050,000 ~5.860%, 02/24/00 6,988,031
BELLSOUTH TELECOMMUNICATIONS,
INC
3,000,000 ~5.770%, 02/25/00 2,973,554
BETA FINANCE, INC
3,000,000 ~5.850%, 01/18/00 2,991,713
1,000,000 ~5.970%, 02/11/00 993,201
CAMPBELL SOUP CO
2,000,000 ~4.840%, 01/31/00 1,991,933
CANADIAN WHEAT BOARD
540,000 ~5.720%, 03/17/00 533,479
CIT GROUP HOLDINGS, INC
5,000,000 ~5.820%, 01/07/00 4,995,150
COCA COLA CO
500,000 ~5.850%, 01/24/00 498,131
5,000,000 ~5.800%, 02/18/00 4,961,333
5,000,000 ~5.980%, 03/03/00 4,948,506
CORPORATE ASSET FUNDING CORP,
INC
1,500,000 6.020%, 01/21/00 1,494,983
3,344,000 6.070%, 01/21/00 3,332,723
5,000,000 5.900%, 01/27/00 4,978,694
3,000,000 5.880%, 02/11/00 2,979,910
DAIMLERCHRYSLER NORTH
AMERICA HOLDINGS
6,100,000 5.950%, 01/18/00 6,082,860
2,000,000 5.900%, 04/14/00 1,965,911
DAYTON POWER & LIGHT CO
2,240,000 5.950%, 03/07/00 2,215,565
DELAWARE FUNDING CORP
3,000,000 5.850%, 01/20/00 2,990,738
2,483,000 5.880%, 01/28/00 2,472,050
2,000,000 5.920%, 01/28/00 1,991,120
ENTERPRISE FUNDING CORP
4,000,000 5.930%, 01/20/00 3,987,481
2,000,000 6.030%, 01/25/00 1,991,960
2,500,000 5.870%, 02/04/00 2,486,140
6,200,000 6.020%, 03/10/00 6,128,462
EQUILON ENTERPRISES LLC
1,475,000 5.750%, 02/10/00 1,465,576
5,000,000 5.930%, 02/23/00 4,956,349
FORD MOTOR CREDIT CO
2,000,000 5.800%, 01/04/00 1,999,033
$3,354,000 6.360%, 01/19/00 $3,343,334
2,225,000 5.680%, 01/26/00 2,216,224
3,350,000 5.500%, 02/22/00 3,323,386
GENERAL ELECTRIC CAPITAL CORP
2,100,000 6.330%, 01/14/00 2,095,200
300,000 6.000%, 01/20/00 299,050
1,000,000 6.000%, 01/21/00 996,667
5,000,000 5.700%, 02/15/00 4,964,375
1,000,000 5.930%, 02/22/00 991,434
4,500,000 5.930%, 02/28/00 4,457,008
500,000 6.050%, 03/15/00 493,782
GENERAL MOTORS ACCEPTANCE CORP
3,875,000 5.990%, 01/25/00 3,859,526
500,000 5.960%, 02/11/00 496,606
GEORGIA POWER CO
5,000,000 5.900%, 02/10/00 4,967,222
GOLDMAN SACHS GROUP LP
3,625,000 6.150%, 02/22/00 3,592,798
6,170,000 6.125%, 03/21/00 6,086,019
GTE FUNDING, INC
4,000,000 6.020%, 03/08/00 3,955,184
J.P. MORGAN & CO
6,675,000 6.040%, 02/02/00 6,639,163
4,675,000 5.960%, 03/20/00 4,613,856
JOHNSON & JOHNSON CO
5,150,000 ~5.750%, 05/26/00 5,029,905
425,000 ~5.700%, 06/30/00 412,820
LUCENT TECHNOLOGIES, INC
5,000,000 5.950%, 03/31/00 4,925,625
MERRILL LYNCH & CO, INC
4,800,000 5.990%, 02/08/00 4,769,651
MORGAN STANLEY DEAN WITTER
5,000,000 6.060%, 01/11/00 4,991,583
3,000,000 6.100%, 01/13/00 2,993,900
MOTIVA ENTERPRISES LLC
2,490,000 5.810%, 01/12/00 2,485,580
3,678,000 5.960%, 01/13/00 3,670,693
NATIONAL RURAL UTILITIES
COOP FINANCE
6,000,000 ~5.790%, 02/14/00 5,957,540
2,425,000 ~5.860%, 03/09/00 2,398,158
NORDSTROM CREDIT, INC
3,275,000 5.800%, 02/07/00 3,255,477
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 19
<PAGE>
TIAA-CREF Mutual Funds MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
- --------------------------------------------------------------------------------
COMMERCIAL PAPER--(Continued)
PACCAR FINANCIAL CORP
$ 450,000 6.500%, 01/05/00 $ 449,675
4,000,000 5.880%, 02/03/00 3,978,440
5,975,000 5.770%, 02/10/00 5,936,694
2,000,000 5.800%, 02/10/00 1,987,111
PARK AVENUE RECEIVABLES CORP
540,000 6.650%, 01/10/00 539,102
3,000,000 6.250%, 01/19/00 2,990,625
302,000 6.650%, 01/19/00 300,996
2,810,000 6.650%, 01/20/00 2,800,138
3,000,000 5.930%, 01/21/00 2,990,117
506,000 6.060%, 01/27/00 503,785
1,340,000 6.000%, 02/02/00 1,332,853
2,790,000 5.890%, 02/11/00 2,771,284
PFIZER, INC
800,000 5.950%, 01/25/00 796,827
PROCTOR & GAMBLE CO
4,000,000 5.850%, 02/07/00 3,975,950
RECEIVABLES CAPITAL CORP
2,000,000 5.940%, 01/24/00 1,992,410
4,003,000 6.050%, 01/24/00 3,987,527
2,700,000 6.170%, 01/27/00 2,687,969
2,000,000 6.050%, 01/28/00 1,990,925
4,000,000 5.910%, 02/09/00 3,974,390
SALOMON SMITH BARNEY
HOLDINGS, INC
4,700,000 5.920%, 02/01/00 4,676,040
SBC COMMUNICATIONS, INC
1,100,000 5.750%, 03/17/00 1,086,647
SCHERING CORP
1,675,000 6.500%, 01/14/00 1,671,068
VIRGINIA ELECTRIC & POWER CO
9,125,000 6.080%, 01/31/00 9,078,767
WAL-MART STORES, INC
2,000,000 6.550%, 01/05/00 1,998,544
--------------
290,733,920
--------------
CORPORATE BONDS--1.79%
AMERICAN EXPRESS CREDIT CORP
250,000 6.125%, 06/15/00 250,300
ASSOCIATEs CORP OF NORTH AMERICA
1,150,000 6.000%, 03/15/00 1,149,818
COMMERCIAL CREDIT CO
1,375,000 6.000%, 04/15/00 1,374,528
INTERNATIONAL BUSINESS MACHINES
CORP
$4,280,000 6.375%, 06/15/00 $4,286,234
--------------
7,060,880
--------------
MEDIUM TERM BONDS--5.02%
ALABAMA POWER CO
3,950,000 6.000%, 03/01/00 3,951,045
ASSOCIATES CORP OF NORTH AMERICA
300,000 7.400%, 03/31/00 300,833
CIT GROUP HOLDINGS, INC
5,000,000 5.625%, 01/18/00 5,001,284
Commercial Credit Co
300,000 6.125%, 03/01/00 300,088
FORD MOTOR CREDIT CO
455,000 6.375%, 10/06/00 454,970
806,000 6.250%, 11/08/00 805,266
GENERAL MOTORS ACCEPTANCE CORP
1,000,000 6.250%, 01/06/00 999,997
2,500,000 7.375%, 06/22/00 2,515,574
INTERNATIONAL BUSINESS
MACHINES CREDIT CORP
2,000,000 5.860%, 09/01/00 1,997,989
NATIONAL RURAL UTILITIES
COOP FINANCE
2,500,000 5.810%, 07/13/00 2,500,573
PEPSICO, INC
1,000,000 6.800%, 05/15/00 1,006,027
--------------
19,833,646
--------------
U.S. GOVERNMENT AND AGENCIES--4.80%
FEDERAL HOME LOAN BANK (FHLB)
2,000,000 5.180%, 01/05/00 1,998,849
2,200,000 5.570%, 01/28/00 2,190,809
1,215,000 4.780%, 01/31/00 1,210,160
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
2,000,000 5.460%, 01/03/00 1,999,393
1,005,000 5.520%, 01/12/00 1,003,305
3,000,000 5.550%, 01/14/00 2,993,988
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
5,650,000 5.670%, 04/06/00 5,564,572
2,000,000 5.050%, 05/12/00 1,999,423
--------------
18,960,499
--------------
20 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS MONEY MARKET FUND
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
- --------------------------------------------------------------------------------
VARIABLE RATE NOTES--6.33%
AMERICAN EXPRESS CENTURION BANK
$5,000,000 5.700%, 02/14/00 $ 4,999,942
5,000,000 6.420%, 04/17/00 4,999,729
2,000,000 5.710%, 06/01/00 2,000,000
FLEET NATIONAL BANK
3,000,000 5.040%, 04/17/00 2,999,656
GENERAL MOTORS ACCEPTANCE CORP
1,000,000 6.452%, 03/02/00 1,000,000
KEY BANK
$4,000,000 5.700%, 07/14/00 $ 3,998,958
SOUTHTRUST
5,000,000 5.640%, 04/12/00 4,999,034
--------------
24,997,319
--------------
TOTAL SHORT TERM INVESTMENTS
(COST $395,887,897) 395,887,897
--------------
TOTAL PORTFOLIO
(COST $395,887,897) $395,887,897
--------------
- -----------------
COMMERCIAL PAPER ISSUED UNDER THE PRIVATE PLACEMENT EXEMPTION UNDER SECTION
4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED.
THE COST OF INVESTMENTS FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE
SAME AS THE AMOUNT DISCLOSED ABOVE.
TIAA-CREF Mutual Funds STATEMENT OF INVESTMENTS BOND PLUS FUND
DECEMBER 31, 1999 SUMMARY BY INDUSTRY
- --------------------------------------------------------------------------------
VALUE %
- --------------------------------------------------------------------------------
BONDS
CORPORATE BONDS
ASSET BACKED $ 8,686,197 4.25%
BUSINESS SERVICES 1,926,180 0.94
CHEMICALS AND ALLIED PRODUCTS 2,969,670 1.45
COMMUNICATIONS 7,992,840 3.91
DEPOSITORY INSTITUTIONS 4,719,060 2.31
ELECTRIC, GAS, AND SANITARY SERVICES 6,172,365 3.02
FOOD AND KINDRED PRODUCTS 1,959,680 0.96
INDUSTRIAL MACHINERY AND EQUIPMENT 1,952,420 0.96
NONDEPOSITORY INSTITUTIONS 9,215,335 4.51
OTHER MORTGAGE BACKED SECURITIES 2,779,120 1.36
PETROLEUM AND COAL PRODUCTS 3,345,020 1.64
PRINTING AND PUBLISHING 6,549,235 3.20
RAILROAD TRANSPORTATION 1,387,274 0.68
SECURITY AND COMMODITY BROKERS 4,849,340 2.37
TRANSPORTATION EQUIPMENT 2,917,200 1.43
------------ -----
TOTAL CORPORATE BONDS
(COST $70,265,078) 67,420,936 32.99
------------ -----
GOVERNMENT BONDS
AGENCY SECURITIES $ 29,137,474 14.26%
FOREIGN GOVERNMENT BONDS 3,909,820 1.91
MORTGAGE BACKED SECURITIES 79,963,262 39.13
OTHER MORTGAGE BACKED SECURITIES 1,915,000 0.94
U.S. TREASURY SECURITIES 18,085,773 8.85
------------ -----
TOTAL GOVERNMENT BONDS
(COST $135,661,647) 133,011,329 65.09
------------ -----
TOTAL BONDS
(COST $205,926,725) 200,432,265 98.08
------------ -----
SHORT TERM INVESTMENTS
COMMERCIAL PAPER 33,611,025 16.45
U.S. GOVERNMENT AND AGENCIES 5,068,021 2.48
------------ -----
TOTAL SHORT TERM INVESTMENTS
(COST $38,679,046) 38,679,046 18.93
------------ -----
TOTAL PORTFOLIO
(COST $244,605,771) 239,111,311 117.01
OTHER ASSETS & LIABILITIES, NET (34,765,458)(17.01)
------------ ------
NET ASSETS $204,345,853 100.00%
============ ======
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 21
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS BOND PLUS FUND
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
- --------------------------------------------------------------------------------
BONDS--98.08%
CORPORATE BONDS--32.99%
ASSET BACKED--4.25%
GENERAL ELECTRIC CAPITAL
MORTGAGE SERVICES, INC
SERIES 1999-HE1 (CLASS A3)
$1,500,000 6.035%, 06/25/20 AAA $ 1,461,738
GREEN TREE HOME EQUITY
LOAN TRUST
SERIES 1998-C (CLASS A3)
1,000,000 6.180%, 07/15/29 AAA 991,560
NEWCOURT EQUIPMENT
TRUST SECURITIES
SERIES 1999-1 (CLASS A4)
2,750,000 7.180%, 10/20/05 AAA 2,756,552
RESIDENTIAL ASSET
SECURITIES CORP
SERIES 1999-KS3 (CLASS AI3)
2,500,000 7.180%, 01/25/25 AAA 2,486,816
VANDERBILT MORTGAGE
FINANCE
SERIES 1999-D (CLASS 1A2)
1,000,000 6.815%, 08/07/12 AAA 989,531
------------
8,686,197
------------
BUSINESS SERVICES--0.94%
COMDISCO, INC NOTE
2,000,000 5.950%, 04/30/02 BAA1 1,926,180
CHEMICALS AND ALLIED PRODUCTS --1.45%
PROCTER & GAMBLE CO
(UNSUB NOTE)
1,500,000 6.875%, 09/15/09 AA2 1,465,275
ROHM & HAAS CO DEB
1,500,000 7.850%, 07/15/29 A3 1,504,395
------------
2,969,670
------------
COMMUNICATIONS--3.91%
BELLSOUTH
TELECOMMUNICATIONs NOTE
2,000,000 6.500%, 06/15/05 AAA 1,940,700
LENFEST COMMUNICATIONS
(SR NOTE)
1,000,000 8.375%, 11/01/05 BA2 1,017,930
MCI WORLDCOM, INC
(SR NOTE)
$2,000,000 6.400%, 08/15/05 A3 $ 1,915,660
SPRINT CAPITAL CORP
(GUARANTEE NOTE)
1,250,000 6.900%, 05/01/19 BAA1 1,136,850
U.S. WEST CAPitAL FUNDING,
INC (GUARANTEE NOTE)
2,000,000 6.875%, 08/15/01 BAA1 1,981,700
------------
7,992,840
------------
DEPOSITORY INSTITUTIONS--2.31%
FLEET NATIONAL BANK
(SUB NOTE)
2,000,000 5.750%, 01/15/09 A2 1,756,740
NATIONSBANK CORP
(SR NOTE)
3,000,000 5.750%, 03/15/01 AA2 2,962,320
------------
4,719,060
------------
ELECTRIC, GAS, AND SANITARY SERVICES--3.02%
CENTRAL POWER & LIGHT CO
(FIRST MORTGAGE DEB)
2,500,000 6.625%, 07/01/05 A3 2,409,400
CLEVELAND ELECTRIC
ILLUMINATING
(SR NOTE)
2,000,000 7.430%, 11/01/09 BA1 1,898,460
GEORGIA POWER CO
(SR NOTE)
1,000,000 5.500%, 12/01/05 A2 912,755
U.S.A. WASTE SERVICES,
INC NOTE
1,000,000 6.125%, 07/15/01 BA1 951,750
------------
6,172,365
------------
FOOD AND KINDRED PRODUCTS--0.96%
DIAGEO CAPITAL PLC
2,000,000 7.250%, 11/01/09 A1 1,959,680
INDUSTRIAL MACHINERY ANDEQUIPMENT--0.96%
CATERPILLAR FINANCIAL
SERVICE
2,000,000 5.470%, 09/12/01 A2 1,952,420
------------
+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
22 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS BOND PLUS FUND
- --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
- --------------------------------------------------------------------------------
NONDEPOSITORY INSTITUTIONS--4.51%
AT & T CAPITAL CORP
(GUARANTEE NOTE)
$1,500,000 6.875%, 01/16/01 BAA3 $ 1,499,715
ARISTAR, INC (SR NOTE)
2,000,000 7.250%, 06/15/06 A3 1,956,780
GENERAL MOTORS
ACCEPTANCE CORP
(MEDIUM TERM NOTE)
2,000,000 5.480%, 12/16/02 A2 1,915,380
HOUSEHOLD FINANCE CORP
(SR NOTE)
2,000,000 5.875%, 09/25/04 A2 1,887,260
NORWEST FINANCIAL, INC
(SR NOTE)
2,000,000 6.700%, 09/22/04 AA3 1,956,200
------------
9,215,335
------------
OTHER MORTGAGE BACKED SECURITIES--1.36%
COMMERCIAL MORTGAGE
ASSET TRUST
SERIES 1999-C1 (CLASS A3)
1,000,000 6.640%, 09/17/10 AAA 937,695
FIRST UNION COMMERCIAL
MORTGAGE TRUST
SERIES 1999-C1 (CLASS A2)
500,000 6.070%, 10/15/08 AAA 456,855
MORGAN STANLEY CAPITAL
SERIES 1999-WF1 (CLASS A2)
1,500,000 6.210%, 09/15/08 AAA 1,384,570
------------
2,779,120
------------
PETROLEUM AND COAL PRODUCTS--1.64%
AMERADA HESS CORP DEB
1,500,000 7.875%, 10/01/29 BAA1 1,462,950
CHEVRON CORP NOTE
1,000,000 6.625%, 10/01/04 AA2 983,300
MURPHY OIL CORP Deb
1,000,000 7.050%, 05/01/29 A3 898,770
------------
3,345,020
------------
PRINTING AND PUBLISHING--3.20%
NEWS AMERICA HOLDINGS DEB
2,000,000 8.250%, 08/10/18 BAA3 2,000,860
TIMES MIRROR CO NOTE
$1,500,000 6.650%, 10/15/01 A2 $ 1,492,875
TIME WARNER, INC deb
2,000,000 ^ 6.100%, 12/30/01 BAA3 1,960,340
1,000,000 9.125%, 01/15/13 BAA3 1,095,160
------------
6,549,235
------------
RAILROAD TRANSPORTATION--0.68%
CSX CORP DEB
1,400,000 7.900%, 05/01/17 BAA2 1,387,274
SECURITY AND COMMODITYBROKERS--2.37%
MORGAN STANLEY DEAN
WITTER, INC NOTE
1,000,000 7.125%, 01/15/03 AA3 999,210
1,000,000 5.625%, 01/20/04 AA3 941,930
SALOMON SMITH BARNEY
HOLDINGS
3,000,000 6.250%, 05/15/03 AA3 2,908,200
------------
4,849,340
------------
TRANSPORTATION EQUIPMENT--1.43%
FORD MOTOR CO deb
2,000,000 7.450%, 07/16/31 A1 1,924,080
LOCKHEED MARTIN CORP
(GUARANTEE NOTE)
1,000,000 6.850%, 05/15/01 BAA1 993,120
------------
2,917,200
------------
TOTAL CORPORATE BONDS
(COST $70,265,078) 67,420,936
------------
GOVERNMENT BONDS--65.09%
AGENCY SECURITIES--14.26%
FEDERAL HOME LOAN MORTGAGE
CORP (FHLMC)
4,500,000 5.375%, 03/01/01 AAA 4,445,865
4,400,000 5.500%, 05/15/02 AAA 4,294,136
10,300,000 5.000%, 01/15/04 AAA 9,646,568
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
1,500,000 6.375%, 01/16/02 AAA 1,491,555
5,000,000 5.250%, 01/15/03 AAA 4,809,350
5,000,000 6.250%, 05/15/29 AAA 4,450,000
------------
29,137,474
------------
+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 23
<PAGE>
TIAA-CREF MUTUAL FUNDS BOND PLUS FUND
- --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
- --------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS--1.91%
CANADA GOVERNMENT
$1,000,000 6.750%, 08/28/06AA2 $ 984,250
QUEBEC PROVINCE CANADA
2,000,000 7.000%, 01/30/07 A2 1,956,200
1,000,000 7.500%, 09/15/29 A2 969,370
------------
3,909,820
------------
MORTGAGE BACKED SECURITIES--39.13%
FEDERAL HOME LOAN MORTGAGE
CORP (FHLMC)
1,069,960 7.000%, 09/01/10 1,061,261
FEDERAL HOME LOAN MORTGAGE
CORP GOLD (FGLMC)
3,000,000 7.000%, 01/25/15 2,966,250
6,865,267 6.500%, 01/01/29 6,472,642
14,950,543(0) 6.500%, 09/01/29 14,095,521
8,250,000 7.000%, 01/25/30 7,984,433
3,750,000 << 7.500%, 01/25/30 3,711,300
4,750,000 8.000%, 01/25/30 4,795,980
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
1,473,217 6.000%, 12/01/08 1,415,687
957,884 6.000%, 12/01/13 909,386
4,588,331 6.500%, 10/01/14 4,453,525
2,000,000 6.500%, 01/25/15 1,940,000
1,265,445 8.000%, 03/01/23 1,280,858
429,006 9.000%, 11/01/25 446,432
433,591 9.000%, 10/01/26 451,069
1,031,435 8.500%, 02/01/28 1,058,345
235,538 6.000%, 10/01/28 215,441
6,363,678 6.000%, 01/01/29 5,820,729
724,882 7.500%, 01/01/29 717,857
1,966,233 6.000%, 05/01/29 1,798,474
3,250,000 7.000%, 01/25/30 3,142,327
3,000,000 7.500%, 01/25/30 2,966,250
GOVERNMENT NATIONAL
MORTGAGE
ASSOCIATION (GNMA)
426,512 6.500%, 09/15/23 404,785
1,386,998 7.500%, 11/15/23 1,378,329
580,818 7.500%, 08/15/28 574,829
745,952 6.500%, 12/15/28 700,023
8,500,000 7.000%, 01/25/30 8,207,779
1,000,000 7.500%, 01/25/30 993,750
------------
79,963,262
------------
OTHER MORTGAGE BACKED SECURITIES--0.94%
FANNIE MAE WHOLE LOAN (FNW)
$2,000,000 5.925%, 02/25/29 $ 1,915,000
U.S. TREASURY SECURITIES--8.85%
U.S. TREASURY BONDS
1,000,000 7.500%, 11/15/01 1,021,720
1,000,000 8.750%, 05/15/17 1,194,370
6,000,000 8.875%, 08/15/17 7,251,540
6,435,000 8.875%, 02/15/19 7,832,617
950,000 5.250%, 02/15/29 785,526
------------
18,085,773
------------
TOTAL GOVERNMENT BONDS
(COST $135,661,647) 133,011,329
------------
TOTAL BONDS
(COST $205,926,725) 200,432,265
------------
SHORT TERM INVESTMENTS--18.93%
COMMERCIAL PAPER--16.45%
AMERICAN TELEPHONE & TELEGRAPH CO
4,300,000 5.950%, 01/19/00 4,287,207
CIESCO LP
1,950,000(0) 5.875%, 01/24/00 1,942,681
COCA COLA ENTERPRISES, INC
2,000,000 6.300%, 01/19/00 1,993,700
DELAWARE FUNDING CORP
4,960,000(0) 5.930%, 01/18/00 4,946,111
MOTIVA ENTERPRISES LLC
7,000,000(0) 5.810%, 01/19/00 6,979,665
NEWELL RUBBERMAID, INC
5,953,000(0) 6.250%, 01/19/00 5,934,397
PARK AVENUE RECEIVABLES CORP
2,750,000(0) 6.150%, 01/19/00 2,741,544
RECEIVABLES CAPITAL CORP
4,800,000(0) 5.950%, 01/19/00 4,785,720
------------
33,611,025
------------
+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
24 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS BOND PLUS FUND
- --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
- --------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCIES--2.48%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
$ 100,000 5.450%, 02/25/00 $ 99,167
FEDERAL NATIONAL
MORTGAGE ASSOCIATION (fnma)
5,000,000 5.750%, 02/09/00 4,968,854
------------
5,068,021
------------
TOTAL SHORT TERM INVESTMENTS
(COST $38,679,046) 38,679,046
------------
TOTAL PORTFOLIO
(COST $244,605,771) $239,111,311
------------
- -----------
OTHER INFORMATION
~ COMMERCIAL PAPER ISSUED UNDER THE PRIVATE PLACEMENT EXEMPTION UNDER SECTION
4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED.
^ SECURITY IS 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 DECEMBER 31, 1999, THE VALUE OF THIS
SECURITY AMOUNTED TO $1,960,340 OR 0.96% OF NET ASSETS.
(0)ALL OR A PORTION OF THESE SECURITIES HAVE BEEN SEGREGATED BY THE CUSTODIAN TO
COVER SECURITIES PURCHASED ON A DELAYED DELIVERY BASIS.
<< THIS SECURITY WAS PURCHASED ON A DELAYED DELIVERY BASIS.
- -----------
OTHER INFORMATION (UNAUDITED)
THE COMPOSITION OF LONG-TERM DEBT HOLDINGS AS A PERCENTAGE OF TOTAL VALUE
OF INVESTMENT IN DEBT SECURITIES, IS AS FOLLOWS:
MOODY'S RATINGS
AAA, AA, A 40.49%
BAA 7.71%
BA 1.93%
U.S. GOVERNMENT OBLIGATIONS REPRESENT 49.87% OF THE LONG-TERM DEBT
PORTFOLIO VALUE AND ARE NOT REFLECTED IN THE ABOVE RATINGS.
AT DECEMBER 31, 1999, THE AGGREGATE COST OF PORTFOLIO INVESTMENTS FOR
FEDERAL INCOME TAX PURPOSES WAS $244,838,751. NET UNREALIZED DEPRECIATION
AGGREGATED ($5,727,440), OF WHICH $7,571 RELATED TO APPRECIATED PORTFOLIO
INVESTMENTS AND $5,735,011 RELATED TO DEPRECIATED PORTFOLIO INVESTMENTS.
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 25
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS GROWTH & INCOME FUND
DECEMBER 31, 1999 SUMMARY BY INDUSTRY
- --------------------------------------------------------------------------------
VALUE %
- --------------------------------------------------------------------------------
BONDS
corporate bonds
MISCELLANEOUS RETAIL $ 1,207,500 0.22%
------------ -----
TOTAL CORPORATE BONDS
(COST $1,000,000) 1,207,500 0.22
------------ -----
TOTAL BONDS
(COST $1,000,000) 1,207,500 0.22
------------ -----
PREFERRED STOCK
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCT S11,968 0.00
------------ -----
TOTAL PREFERRED STOCK
(COST $10,534) 11,968 0.00
------------ -----
COMMON STOCK
AMUSEMENT AND RECREATION SERVICES 104,099 0.02
APPAREL AND ACCESSORY STORES 1,296,381 0.24
APPAREL AND OTHER TEXTILE PRODUCTS 1,392,303 0.26
AUTO REPAIR, SERVICES AND PARKING 29,418 0.01
AUTOMOTIVE DEALERS AND
SERVICE STATIONS 107,150 0.02
BUILDING MATERIALS AND
GARDEN SUPPLIES 9,333,232 1.72
BUSINESS SERVICES 62,018,014 11.45
CHEMICALS AND ALLIED PRODUCTS 55,843,406 10.31
COMMUNICATIONS 63,531,558 11.73
DEPOSITORY INSTITUTIONS 24,913,750 4.60
EATING AND DRINKING PLACES 1,654,777 0.31
ELECTRIC, GAS, AND
SANITARY SERVICES 5,993,019 1.11
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 56,825,962 10.49
ENGINEERING AND MANAGEMENT SERVICES 207,718 0.04
FABRICATED METAL PRODUCTS 3,075,864 0.57
FOOD AND KINDRED PRODUCTS 13,456,956 2.48
FOOD STORES 1,252,448 0.23
FURNITURE AND FIXTURES 1,267,589 0.23
FURNITURE AND HOMEFURNISHINGS STORES 747,262 0.14
GENERAL BUILDING CONTRACTORS 41,131 0.01
GENERAL MERCHANDISE STORES 19,032,748 3.51
HEALTH SERVICES 4,682,870 0.86
HEAVY CONSTRUCTION, EXCEPT BUILDING 108,987 0.02
HOTELS AND OTHER LODGING PLACES 47,162 0.01
INDUSTRIAL MACHINERY AND EQUIPMENT 52,951,454 9.77
INSTRUMENTS AND RELATED PRODUCTS 9,454,480 1.75
INSURANCE AGENTS, BROKERS
AND SERVICE 1,258,180 0.23
INSURANCE CARRIERS 22,662,027 4.18
LUMBER AND WOOD PRODUCTS 631,131 0.12
METAL MINING 885,618 0.16
MISCELLANEOUS MANUFACTURING
INDUSTRIES 1,246,252 0.23%
MISCELLANEOUS RETAIL 3,865,133 0.71
MOTION PICTURES 5,939,522 1.10
NONDEPOSITORY INSTITUTIONS 5,838,250 1.08
NONMETALLIC MINERALS, EXCEPT FUELS 3,993 0.00
OIL AND GAS EXTRACTION 7,654,384 1.41
PAPER AND ALLIED PRODUCTS 3,806,501 0.70
PERSONAL SERVICES 203,656 0.04
PETROLEUM AND COAL PRODUCTS 21,365,430 3.94
PRIMARY METAL INDUSTRIES 3,981,206 0.73
PRINTING AND PUBLISHING 4,293,685 0.79
RAILROAD TRANSPORTATION 1,044,862 0.19
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS 1,926,399 0.36
SECURITY AND COMMODITY BROKERS 5,768,775 1.06
STONE, CLAY, AND GLASS PRODUCTS 890,662 0.16
TEXTILE MILL PRODUCTS 29,118 0.01
TOBACCO PRODUCTS 1,302,581 0.24
TRANSPORTATION BY AIR 2,352,425 0.43
TRANSPORTATION EQUIPMENT 14,345,833 2.65
WATER TRANSPORTATION 592,875 0.11
WHOLESALE TRADE-DURABLE GOODS 170,053 0.04
WHOLESALE TRADE-NONDURABLE GOODS 3,936,469 0.73
------------ -----
TOTAL COMMON STOCK
(COST $409,157,015) 505,364,758 93.29
------------ -----
SHORT TERM INVESTMENTs
U.S. GOVERNMENT AND AGENCIES 34,221,304 6.32
------------ -----
TOTAL SHORT TERM INVESTMENTS
(COST $34,221,304) 34,221,304 6.32
------------ -----
TOTAL PORTFOLIO
(COST $444,388,853) 540,805,530 99.83
OTHER ASSETS & LIABILITIES, NET 912,769 0.17
------------ -----
NET ASSETS $541,718,299 100.00%
============ ======
26 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS GROWTH & INCOME FUND
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL/SHARES VALUE
- --------------------------------------------------------------------------------
BONDS--0.22%
CORPORATE BONDS--0.22%
MISCELLANEOUS RETAIL--0.22%
AMAZON.COM, INCDEB
$1,000,000 4.750%, 02/01/09 $ 1,207,500
-------------
TOTAL CORPORATE BONDS
(COST $1,000,000) 1,207,500
-------------
TOTAL BONDS
(COST $1,000,000) 1,207,500
-------------
PREFERRED STOCK--0.00%
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS--0.00%
237 SEALED AIR CORP (CLASS A) 11,968
-------------
TOTAL PREFERRED STOCK
(COST $10,534) 11,968
-------------
COMMON STOCK--93.29%
AMUSEMENT AND RECREATION SERVICES--0.02%
2,200 * HARRAH'S ENTERTAINMENT, INC 58,162
3,000 * MIRAGE RESORTS, INC 45,937
-------------
104,099
-------------
APPAREL AND ACCESSORY STORES--0.24%
19,863 GAP, INC 913,698
3,900 LIMITED, INC 168,918
1,900 NORDSTROM, INC 49,756
7,700 TJX COS, INC 157,368
385 * TOO, INC 6,641
-------------
1,296,381
-------------
APPAREL AND OTHER TEXTILE PRODUCTS--0.26%
6,500 x* FRUIT OF THE LOOM LTD (CLASS A) 9,343
47,305 * JONES APPAREL GROUP, INC 1,283,148
500 LIZ CLAIBORNE, INC 18,812
2,700 VF CORP 81,000
-------------
1,392,303
-------------
AUTO REPAIR, SERVICES AND PARKING--0.01%
116 MIDAS, INC 2,537
1,100 RYDER SYSTEM, INC 26,881
-------------
29,418
-------------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.02%
3,200 * AUTOZONE, INC 103,400
411 PEP BOYS MANNY, MOE,
& JACK CO 3,750
-------------
107,150
-------------
BUILDING MATERIALS AND GARDEN SUPPLIES--1.72%
98,812 HOME DEPOT, INC $ 6,774,797
42,819 LOWES COS, INC 2,558,435
-------------
9,333,232
-------------
BUSINESS SERVICES--11.45%
3,000 ADOBE SYSTEMS, INC 201,750
94,746 * AMERICA ONLINE, INC 7,147,401
1,000 AUTODESK, INC 33,750
13,000 AUTOMATIC DATA PROCESSING, INC 700,375
29,461 * BMC SOFTWARE, INC 2,355,038
15,713 * CENDANT CORP 417,376
58,300 * CERIDIAN CORP 1,257,093
900 * CITRIX SYSTEMS, INC 110,700
12,250 COMPUTER ASSOCIATES
INTERNATIONAL, INC 856,734
4,000 * COMPUTER SCIENCES CORP 378,500
9,100 * COMPUWARE CORP 338,975
14,300 ELECTRONIC DATA SYSTEMS CORP 957,206
4,000 EQUIFAX, INC 94,250
13,600 FIRST DATA CORP 670,650
446 * FREEMARKETS, INC 152,225
6,900 IMS HEALTH, INC 187,593
6,640 INTERPUBLIC GROUP OF COS, INC 383,045
208,155 * MICROSOFT CORP 24,302,096
3,400 * NETWORK APPLIANCE, INC 282,412
6,500 * NOVELL, INC 259,593
3,133 OMNICOM GROUP, INC 313,300
94,084 * ORACLE CORP 10,543,288
5,200 * PARAMETRIC TECHNOLOGY CORP 140,725
6,850 PAYCHEX, INC 274,000
5,100 * PEOPLESOFT, INC 108,693
43,479 * PSINET, INC 2,684,828
1,100 SHARED MEDICAL SYSTEMS CORP 56,031
37,100 * SUN MICROSYSTEMS, INC 2,872,931
9,100 * YAHOO, INC 3,937,456
-------------
62,018,014
-------------
CHEMICALS AND ALLIED PRODUCTS--10.31%
36,361 ABBOTT LABORATORIES CO 1,320,358
6,200 AIR PRODUCTS & CHEMICALS, INC 208,087
1,100 ALBERTO CULVER CO (CLASS B) 28,393
20 * ALLERGAN SPECIALTY
THERAPEUTICS, INC (CLASS A) 252
2,200 ALLERGAN, INC 109,450
1,200 * ALZA CORP 41,550
89,118 AMERICAN HOME PRODUCTS CORP 3,514,591
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 27
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
CHEMICALS AND ALLIED PRODUCTS--(Continued)
48,600 * AMGEN, INC $ 2,919,037
4,900 AVON PRODUCTS, INC 161,700
79,352 BRISTOL MYERS SQUIBB CO 5,093,406
5,000 CLOROX CO 251,875
53,329 COLGATE PALMOLIVE CO 3,466,385
30 * CRESCENDO PHARMACEUTICALS CORP 548
31,189 DOW CHEMICAL CO 4,167,630
42,875 DU PONT (E.I.)
DE NEMOURS & CO 2,824,390
1,100 EASTMAN CHEMICAL CO 52,456
4,800 ECOLAB, INC 187,800
1,300 * FMC CORP 74,506
2,000 * GRACE W.R. & CO 27,750
2,600 GREAT LAKES CHEMICAL CORP 99,287
4,900 HERCULES, INC 136,587
2,000 INTERNATIONAL FLAVORS &
FRAGRANCES, INC 75,500
33,300 JOHNSON & JOHNSON CO 3,101,062
40,320 LILLY (ELI) & CO 2,681,280
3,200 MALLINCKRODT, INC 101,800
99,075 MERCK & CO, INC 6,644,217
12,400 MONSANTO CO 441,750
100 * OCTEL CORP 1,037
157,330 PFIZER, INC 5,103,391
10,400 PHARMACIA & UPJOHN, INC 468,000
3,700 PPG INDUSTRIES, INC 231,481
5,300 PRAXAIR, INC 266,656
51,565 PROCTER & GAMBLE CO 5,649,590
4,521 ROHM & HAAS CO 183,948
73,947 SCHERING-PLOUGH CORP 3,119,639
6,400 SHERWIN-WILLIAMS CO 134,400
4,300 SIGMA ALDRICH CORP 129,268
800 UNION CARBIDE CORP 53,400
32,900 WARNER-LAMBERT CO 2,695,743
2,100 * WATSON PHARMACEUTICALS, INC 75,206
-------------
55,843,406
-------------
COMMUNICATIONS--11.73%
6,900 ALLTEL CORP 570,543
182,303 AT & T CORP 9,251,877
38,808 BELL ATLANTIC CORP 2,389,117
45,400 BELLSOUTH CORP 2,125,287
81,100 * CABLE & WIRELESS PLC 1,373,688
40,786 * CBS CORP 2,607,754
300 CENTURYTEL, INC 14,212
31,351 * CLEAR CHANNEL
COMMUNICATIONS, INC 2,798,076
17,800 COMCAST CORP (CLASS A) SPECIAL 900,012
30,700 * ERICSSON TELEFON (LM)
SERIES B ADR 2,016,606
16,205 * GLOBAL CROSSING LTD 810,250
25,800 GTE CORP 1,820,512
130,223 LUCENT TECHNOLOGIES, INC 9,742,308
113,047 * MCI WORLDCOM, INC 5,998,556
12,100 * MEDIA ONE GROUP, INC 929,431
9,000 * NEXTEL COMMUNICATIONS, INC
(CLASS A) 928,125
14,795 * OMNIPOINT CORP 1,784,646
21,173 * RCN CORP 1,026,890
162,221 SBC COMMUNICATIONS, INC 7,908,273
17,500 SPRINT CORP (FON GROUP) 1,177,968
10,000 * SPRINT CORP (PCS GROUP) 1,025,000
13,214 U.S. WEST, INC 951,408
18,100 * VIACOM, INC (CLASS B) 1,093,918
49,711 * VIATEL, INC 2,665,752
65,000 * YOKOWO CO LTD 1,621,349
-------------
63,531,558
-------------
DEPOSITORY INSTITUTIONS--4.60%
9,500 AMSOUTH BANCORP 183,468
101,919 BANK OF AMERICA CORP 5,115,059
13,400 BANK OF NEW YORK CO, INC 536,000
30,834 BANK ONE CORP 988,615
1,800 BB&T CORP 49,275
52,503 CHASE MANHATTAN CORP 4,078,826
3,950 COMERICA, INC 184,415
4,950 FIFTH THIRD BANCORP 363,206
23,078 FIRST UNION CORP 757,246
87,346 FIRSTAR CORP 1,845,184
62,924 FLEETBOSTON FINANCIAL CORP 2,190,541
6,300 GOLDEN WEST FINANCIAL CORP 211,050
4,620 HUNTINGTON BANCSHARES, INC 110,302
12,100 KEYCORP 267,712
19,975 MBNA CORP 544,318
40,445 MELLON FINANCIAL CORP 1,377,657
3,200 MORGAN (J.P.) & CO, INC 405,200
19,800 NATIONAL CITY CORP 469,012
2,000 NORTHERN TRUST CORP 106,000
13,300 PNC BANK CORP 591,850
4,950 PROVIDIAN FINANCIAL CORP 450,759
500 REGIONS FINANCIAL CORP 12,562
4,500 REPUBLIC NEW YORK CORP 324,000
700 SOUTHTRUST CORP 26,468
2,500 STATE STREET CORP 182,656
7,700 SUMMIT BANCORP 235,812
5,900 SUNTRUST BANKS, INC 405,993
3,700 SYNOVUS FINANCIAL CORP 73,537
28 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
DEPOSITORY INSTITUTIONS--(Continued)
20,165 U.S. BANCORP $ 480,179
5,000 UNION PLANTERS CORP 197,187
3,600 WACHOVIA CORP 244,800
11,830 WASHINGTON MUTUAL, INC 307,580
39,500 WELLS FARGO CO 1,597,281
-------------
24,913,750
-------------
EATING AND DRINKING PLACES--0.31%
5,300 DARDEN RESTAURANTS, INC 96,062
5,200 MARRIOTT INTERNATIONAL (CLASS A) 164,125
30,528 MCDONALD'S CORP 1,230,660
3,550 * TRICON GLOBAL RESTAURANTS, INC 137,118
1,300 WENDY'S INTERNATIONAL, INC 26,812
-------------
1,654,777
-------------
ELECTRIC, GAS, AND SANITARY SERVICES--1.11%
4,000 * AES CORP 299,000
7,400 * ALLIED WASTE INDUSTRIES, INC 65,212
5,000 AMEREN CORP 163,750
300 AMERICAN ELECTRIC POWER CO, INC 9,637
1,100 CAROLINA POWER & LIGHT CO 33,481
7,900 CENTRAL & SOUTH WEST CORP 158,000
3,600 CINERGY CORP 86,850
1,200 * CMS ENERGY CORP 37,425
5,700 COASTAL CORP 201,993
2,700 COLUMBIA ENERGY GROUP 170,775
1,600 CONSOLIDATED EDISON CO OF
NEW YORK, INC 55,200
2,500 CONSOLIDATED NATURAL GAS CO 162,343
6,400 CONSTELLATION ENERGY GROUP 185,600
2,600 DOMINION RESOURCES, INC 102,050
6,300 DTE ENERGY CO 197,662
6,600 DUKE ENERGY CORP 330,825
100 EASTERN ENTERPRISES CO 5,743
7,500 EDISON INTERNATIONAL CO 196,406
4,600 EL PASO ENERGY CORP 178,537
4,300 ENTERGY CORP 110,725
9,100 FIRSTENERGY CORP 206,456
500 FLORIDA PROGRESS CORP 21,156
6,155 FPL GROUP, INC 263,510
2,600 GPU, INC 77,837
4,800 NEW CENTURY ENERGIES, INC 145,800
4,354 * NIAGARA MOHAWK HOLDINGS, INC 60,683
500 NICOR, INC 16,250
5,300 NORTHERN STATES POWER CO 103,350
200 ONEOK, INC 5,025
8,000 PECO ENERGY CO 278,000
200 PEOPLES ENERGY CORP $ 6,700
3,400 PG&E CORP 69,700
1,700 * PINNACLE WEST CAPITAL CORP 51,956
6,547 PP&L RESOURCES, INC 149,762
5,100 PUBLIC SERVICE ENTERPRISE
GROUP, INC 177,543
4,010 RELIANT ENERGY, INC 91,728
8,302 SEMPRA ENERGY 144,247
12,600 SOUTHERN CO 296,100
13,112 TEXAS UTILITIES CO 466,295
5,200 UNICOM CORP 174,200
13,247 WASTE MANAGEMENT, INC 227,682
6,800 WILLIAMS COS, INC 207,825
-------------
5,993,019
-------------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--10.49%
3,400 * ADC TELECOMMUNICATIONS, INC 246,712
3,300 * ADVANCED MICRO DEVICES, INC 95,493
3,800 * ANALOG DEVICES, INC 353,400
2,100 * ANDREW CORP 39,768
32,450 * CIENA CORP 1,865,875
1,700 * COMVERSE TECHNOLOGY, INC 246,075
800 COOPER INDUSTRIES, INC 32,350
11,000 EMERSON ELECTRIC CO 631,125
136,025 GENERAL ELECTRIC CO 21,049,868
4,100 * GENERAL INSTRUMENT CORP 348,500
250 * GENERAL SEMICONDUCTOR, INC 3,546
130,934 INTEL CORP 10,777,504
4,100 * LSI LOGIC CORP 276,750
10,000 * MATSUSHITA COMMUNICATIONS
INDUSTRIAL CO 2,641,113
2,700 MAYTAG CO 129,600
5,100 * MICRON TECHNOLOGY, INC 396,525
200 MOLEX, INC 11,337
14,000 MOTOROLA, INC 2,061,500
8,000 * MURATA MANUFACTURING CO LTD 1,878,124
3,500 * NATIONAL SEMICONDUCTOR CORP 149,843
600 NATIONAL SERVICE
INDUSTRIES, INC 17,700
20,629 NOKIA OYJ ADR 3,919,510
34,580 NORTEL NETWORKS CORP (U.S.) 3,492,580
14,400 * QUALCOMM, INC 2,536,200
2,000 SCIENTIFIC-ATLANTA, INC 111,250
5,600 * SOLECTRON CORP 532,700
10,900 * TELLABS, INC 699,643
18,700 TEXAS INSTRUMENTS, INC 1,811,562
2,000 THOMAS & BETTS CORP 63,750
180 * WATER PIK TECHNOLOGIES, INC 1,721
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 29
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(Continued)
1,742 WHIRLPOOL CORP $ 113,338
6,400 * XILINX, INC 291,000
-------------
56,825,962
-------------
ENGINEERING AND MANAGEMENT SERVICES--0.04%
5,800 DUN & BRADSTREET CORP 171,100
1,700 * QUINTILES TRANSNATIONAL CORP 31,768
514 * TELEDYNE TECHNOLOGIES, INC 4,850
-------------
207,718
-------------
FABRICATED METAL PRODUCTS--0.57%
92,965 AMERICAN NATIONAL CAN
GROUP, INC 1,208,545
200 BALL CORP 7,875
3,050 CRANE CO 60,618
6,400 CROWN CORK & SEAL CO, INC 143,200
23,100 GILLETTE CO 951,431
8,600 MASCO CORP 218,225
2,850 PARKER-HANNIFIN CORP 146,240
3,500 ROCKWELL INTERNATIONAL CORP 167,562
4,100 SNAP-ON, INC 108,906
2,100 STANLEY WORKS CO 63,262
-------------
3,075,864
-------------
FOOD AND KINDRED PRODUCTS--2.48%
70 * AGRIBRANDS INTERNATIONAL, INC 3,220
35,035 ANHEUSER BUSCH COS, INC 2,483,105
9,487 ARCHER DANIELS MIDLAND CO 115,622
5,800 BESTFOODS, INC 304,862
500 BROWN FORMAN, INC (CLASS B) 28,625
11,400 CAMPBELL SOUP CO 441,037
58,826 COCA COLA CO 3,426,614
13,700 COCA COLA ENTERPRISES, INC 275,712
14,200 CONAGRA, INC 320,387
300 COORS (ADOLPH) CO (CLASS B) 15,750
250 CORN PRODUCTS INTERNATIONAL, INC 8,187
2,800 FORTUNE BRANDS, INC 92,575
7,100 GENERAL MILLS, INC 253,825
9,500 HEINZ (H.J.) CO 378,218
2,500 HERSHEY FOODS CORP 118,750
8,000 KELLOGG CO 246,500
18,000 NABISCO GROUP HOLDINGS 191,250
67,861 PEPSICO, INC 2,392,100
3,200 QUAKER OATS CO 210,000
9,100 RALSTON PURINA CO 253,662
19,500 SARA LEE CORP 430,218
15,700 SEAGRAMS CO LTD (U.S.) 705,518
11,817 UNILEVER NV (New York SHS) $ 643,287
320 * VLASIC FOODS INTERNATIONAL, INC 1,820
1,400 WRIGLEY (WM) JR CO 116,112
-------------
13,456,956
-------------
FOOD STORES--0.23%
9,661 ALBERTSONS, INC 311,567
1,800 GREAT ATLANTIC & PACIFIC
TEA CO, INC 50,175
26,200 * KROGER CO 494,525
10,400 * SAFEWAY, INC 369,850
1,100 WINN DIXIE STORES, INC 26,331
-------------
1,252,448
-------------
FURNITURE AND FIXTURES--0.23%
2,600 LEGGETT & PLATT, INC 55,737
41,788 NEWELL RUBBERMAID, INC 1,211,852
-------------
1,267,589
-------------
FURNITURE AND HOMEFURNISHINGS STORES--0.14%
1,800 * BED BATH & BEYOND, INC 62,550
4,400 * BEST BUY, INC 220,825
4,400 CIRCUIT CITY STORES-CIRCUIT
CITY GROUP 198,275
5,400 TANDY CORP 265,612
-------------
747,262
-------------
GENERAL BUILDING CONTRACTORS--0.01%
700 CENTEX CORP 17,281
800 KAUFMAN & BROAD HOME CORP 19,350
200 PULTE CORP 4,500
-------------
41,131
-------------
GENERAL MERCHANDISE STORES--3.51%
1,600 * CONSOLIDATED STORES CORP 26,000
4,700 * COSTCO WHOLESALE CORP 428,875
39,578 DAYTON HUDSON CORP 2,906,509
3,600 DOLLAR GENERAL CORP 81,900
4,600 * FEDERATED DEPARTMENT
STORES, INC 232,587
2,200 HARCOURT GENERAL, INC 88,550
9,700 * K MART CORP 97,606
4,100 * KOHLS CORP 295,968
7,300 MAY DEPARTMENT STORES CO 235,425
662 * NEIMAN MARCUS GROUP, INC
(CLASS B) 17,832
5,100 PENNEY, (J.C.) CO, INC 101,681
14,100 SEARS ROEBUCK & CO 429,168
203,843 WAL-MART STORES, INC 14,090,647
-------------
19,032,748
-------------
30 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
HEALTH SERVICES--0.86%
13,000 COLUMBIA/HCA HEALTHCARE CORP $ 381,062
103,482 * HEALTH MANAGEMENT
ASSOCIATES, INC
(CLASS A) (NEW) 1,384,071
13,816 * HEALTHSOUTH CORP 74,261
21 * LIFEPOINT HOSPITALS, INC 248
1,000 * MANOR CARE, INC 16,000
120,101 * TENET HEALTHCARE CORP 2,822,373
321 * TRIAD HOSPITALS, INC 4,855
-------------
4,682,870
-------------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.02%
2,200 FLUOR CORP 100,925
500 FOSTER WHEELER CORP 4,437
400 MCDERMOTT INTERNATIONAL, INC 3,625
-------------
108,987
-------------
HOTELS AND OTHER LODGING PLACES--0.01%
4,900 HILTON HOTELS CORP 47,162
-------------
INDUSTRIAL MACHINERY AND EQUIPMENT--9.77%
9,700 * 3 COM CORP 455,900
2,200 * ADAPTEC, INC 109,725
3,000 * APPLE COMPUTER, INC 308,437
9,600 * APPLIED MATERIALS, INC 1,216,200
36,740 BAKER HUGHES, INC 773,836
2,200 BLACK & DECKER CORP 114,950
4,100 BRUNSWICK CORP 91,225
2,900 * CABLETRON SYSTEMS, INC 75,400
6,700 CATERPILLAR, INC 315,318
151,643 * CISCO SYSTEMS, INC 16,244,756
113,321 COMPAQ COMPUTER CORP 3,066,749
1,400 CUMMINS ENGINE CO, INC 67,637
4,700 DEERE & CO 203,862
80,401 * DELL COMPUTER CORP 4,100,451
5,700 DOVER CORP 258,637
57,389 * EMC CORP 6,269,748
6,800 * GATEWAY, INC 490,025
21,976 HEWLETT-PACKARD CO 2,503,890
350 HUSSMANN INTERNATIONAL, INC 5,271
2,450 INGERSOLL-RAND CO 134,903
70,096 INTERNATIONAL BUSINESS
MACHINES CORP 7,570,368
3,000 * LEXMARK INTERNATIONAL GROUP
(CLASS A) 271,500
600 MILACRON, INC 9,225
100 NACCO INDUSTRIES, INC (CLASS A) 5,556
2,500 PALL CORP $ 53,906
9,800 PITNEY BOWES, INC 473,462
5,000 * SEAGATE TECHNOLOGY, INC 232,812
4,400 * SILICON GRAPHICS, INC 43,175
1,340 * TENNECO AUTOMOTIVE, INC 12,478
900 TIMKEN CO 18,393
186,394 TYCO INTERNATIONAL LTD 7,246,066
6,500 * UNISYS CORP 207,593
-------------
52,951,454
-------------
INSTRUMENTS AND RELATED PRODUCTS--1.75%
900 BARD (C.R.), INC 47,700
1,400 BAUSCH & LOMB, INC 95,812
43,074 BAXTER INTERNATIONAL, INC 2,705,585
5,300 BECTON DICKINSON & CO 141,775
1,600 BIOMET, INC 64,000
8,600 * BOSTON SCIENTIFIC CORP 188,125
7,600 EASTMAN KODAK CO 503,500
6,300 * GUIDANT CORP 296,100
3,200 JOHNSON CONTROLS, INC 182,000
1,900 * KLA-TENCOR CORP 211,612
26,500 MEDTRONIC, INC 965,593
400 MILLIPORE CORP 15,450
1,900 PE CORP-PE BIOSYSTEMS GROUP 228,593
400 PERKINELMER, INC 16,675
900 POLAROID CORP 16,931
318 RAYTHEON CO (CLASS A) 7,890
5,491 RAYTHEON CO (CLASS B) 145,854
2,100 * ST. JUDE MEDICAL, INC 64,443
1,500 TEKTRONIX, INC 58,312
3,300 * TERADYNE, INC 217,800
2,503 THE SWATCH GROUP AG. (BR) 2,883,118
1,400 * THERMO ELECTRON CORP 21,000
16,600 XEROX CORP 376,612
-------------
9,454,480
-------------
INSURANCE AGENTS, BROKERS AND SERVICE--0.23%
4,050 MARSH & MCLENNAN COS, INC 387,534
320,000 * OLD MUTUAL PLC 870,646
-------------
1,258,180
-------------
INSURANCE CARRIERS--4.18%
109,229 ACE LTD 1,822,758
4 AEGON NV ARS 382
2,500 AETNA, INC 139,531
6,300 AFLAC, INC 297,281
24,070 ALLSTATE CORP 577,680
6,400 AMERICAN GENERAL CORP 485,600
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 31
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
INSURANCE CARRIERS--(Continued)
35,398 AMERICAN INTERNATIONAL
GROUP, INC $ 3,827,408
3,950 AON CORP 158,000
63 * BERKSHIRE HATHAWAY, INC
(CLASS B) 115,290
2,700 CHUBB CORP 152,043
7,005 CIGNA CORP 564,340
4,500 CINCINNATI FINANCIAL CORP 140,343
166,697 CITIGROUP, INC 9,262,102
4,124 CONSECO, INC 73,716
4,000 HARTFORD FINANCIAL SERVICES
GROUP, INC 189,500
2,200 * HUMANA, INC 18,012
1,550 JEFFERSON-PILOT CORP 105,787
7,800 LINCOLN NATIONAL CORP 312,000
3,800 LOEWS CORP 230,612
119,000 * MANULIFE FINANCIAL CORP 1,515,008
1,000 MBIA, INC 52,812
6,500 MGIC INVESTMENT CORP 391,218
2,000 PROGRESSIVE CORP 146,250
1,000 SAFECO CORP 24,875
3,450 ST. PAUL COS, INC 116,221
1,800 TORCHMARK CORP 52,312
4,900 UNITED HEALTHCARE CORP 260,312
5,685 UNUMPROVIDENT CORP 182,275
1,100 * WELLPOINT HEALTH NETWORKS, INC 72,531
26,522 XL CAPITAL LTD 1,375,828
-------------
22,662,027
-------------
LUMBER AND WOOD PRODUCTS--0.12%
5,900 GEORGIA-PACIFIC CORP
(PACKING GROUP) 299,425
600 LOUISIANA PACIFIC CORP 8,550
4,500 WEYERHAEUSER CO 323,156
-------------
631,131
-------------
METAL MINING--0.16%
1,200 BARRICK GOLD CORP (U.S.) 21,225
4,300 * FREEPORT-MCMORAN COPPER
& GOLD, INC (CLASS B) 90,837
1,000 HOMESTAKE MINING CO 7,812
14,300 * INCO LTD CO (U.S.) 336,050
1,700 NEWMONT MINING CORP 41,650
496 PHELPS DODGE CORP 33,294
33,000 PLACER DOME, INC (U.S.) 354,750
-------------
885,618
-------------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.23%
1,350 HASBRO, INC $ 25,734
500 JOSTENS, INC 12,156
7,800 MATTEL, INC 102,375
11,300 MINNESOTA MINING &
MANUFACTURING CO 1,105,987
-------------
1,246,252
-------------
MISCELLANEOUS RETAIL--0.71%
69,085 CVS CORP 2,759,082
600 LONGS DRUG STORES CORP 15,487
9,800 * OFFICE DEPOT, INC 107,187
5,000 RITE AID CORP 55,937
8,400 * STAPLES, INC 174,300
8,200 * TOYS R US, INC 117,362
21,736 WALGREEN CO 635,778
-------------
3,865,133
-------------
MOTION PICTURES--1.10%
51,400 DISNEY (WALT) CO 1,503,450
61,240 TIME WARNER, INC 4,436,072
-------------
5,939,522
-------------
NONDEPOSITORY INSTITUTIONS--1.08%
11,000 AMERICAN EXPRESS CO 1,828,750
44,660 ASSOCIATES FIRST CAPITAL CORP 1,225,358
5,300 CAPITAL ONE FINANCIAL CORP 255,393
700 COUNTRYWIDE CREDIT
INDUSTRIES, INC 17,675
21,500 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1,342,406
14,136 FREDDIE MAC 665,275
11,926 HOUSEHOLD INTERNATIONAL, INC 444,243
1,400 SLM HOLDINGS CORP 59,150
-------------
5,838,250
-------------
NONMETALLIC MINERALS, EXCEPT FUELS--0.00%
100 VULCAN MATERIALS CO 3,993
-------------
OIL AND GAS EXTRACTION--1.41%
2,200 ANADARKO PETROLEUM CORP 75,075
47,497 APACHE CORP 1,754,420
3,805 BURLINGTON RESOURCES, INC 125,802
134 DEVON ENERGY CORP (NEW) 4,405
8,500 HALLIBURTON CO 342,125
400 HELMERICH & PAYNE, INC 8,725
3,590 KERR-MCGEE CORP 222,580
2,700 OCCIDENTAL PETROLEUM CORP 58,387
2,200 * ROWAN COS, INC 47,712
-------------
32 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
OIL AND GAS EXTRACTION--(Continued)
48,028 ROYAL DUTCH PETROLEUM CO
(NEW YORK REGD) ADR $ 2,902,692
12,300 SCHLUMBERGER LTD 691,875
9,450 TOTAL FINA S.A. 1,261,327
2,381 * TRANSOCEAN SEDCO FOREX, INC 80,209
6,200 UNION PACIFIC RESOURCES
GROUP, INC 79,050
-------------
7,654,384
-------------
PAPER AND ALLIED PRODUCTS--0.70%
2,400 AVERY DENNISON CORP 174,900
400 BEMIS, INC 13,950
1,800 BOISE CASCADE CORP 72,900
2,200 CHAMPION INTERNATIONAL CORP 136,262
64,000 FORT JAMES CORP 1,752,000
8,342 INTERNATIONAL PAPER CO 470,801
12,700 KIMBERLY-CLARK CORP 828,675
2,500 MEAD CORP 108,593
200 POTLATCH CORP 8,925
83 * SMURFIT-STONE CONTAINER CORP 2,033
400 TEMPLE-INLAND, INC 26,375
2,200 WESTVACO CORP 71,775
3,000 WILLAMETTE INDUSTRIES, INC 139,312
-------------
3,806,501
-------------
PERSONAL SERVICES--0.04%
4,100 BLOCK (H&R), INC 179,375
3,500 SERVICE CORP INTERNATIONAL 24,281
-------------
203,656
-------------
PETROLEUM AND COAL PRODUCTS--3.94%
2,800 AMERADA HESS CORP 158,900
2,100 ASHLAND, INC 69,168
1,200 ATLANTIC RICHFIELD CO 103,800
38,438 BP AMOCO PLC (SPONS ADR) 2,279,853
13,900 CHEVRON CORP 1,204,087
60,361 CONOCO, INC (CLASS B) 1,501,479
179,342 EXXON MOBIL CORP 14,448,239
6,800 PHILLIPS PETROLEUM CO 319,600
3,500 SUNOCO, INC 82,250
10,406 TEXACO, INC 565,175
7,200 TOSCO CORP 195,750
5,448 UNOCAL CORP 182,848
10,300 USX-MARATHON GROUP, INC 254,281
-------------
21,365,430
-------------
PRIMARY METAL INDUSTRIES--0.73%
268 AK STEEL HOLDINGS CORP 5,058
3,500 ALCAN ALUMINUM CO LTD (U.S.) 144,156
41,725 ALCOA, INC 3,463,175
1,500 ALLEGHENY TECHNOLOGIES, INC 33,656
3,800 * BETHLEHEM STEEL CORP 31,825
4,300 ENGELHARD CORP 81,162
900 NUCOR CORP 49,331
1,200 REYNOLDS METALS CO 91,950
2,100 USX-US STEEL GROUP, INC 69,300
700 WORTHINGTON INDUSTRIES, INC 11,593
-------------
3,981,206
-------------
PRINTING AND PUBLISHING--0.79%
500 AMERICAN GREETINGS CORP
(CLASS A) 11,812
3,200 DELUXE CORP 87,800
2,800 DONNELLEY (R.R.) & SONS CO 69,475
3,300 DOW JONES & CO, INC 224,400
9,263 GANNETT CO, INC 755,513
700 KNIGHT-RIDDER, INC 41,650
1,600 MCGRAW HILL COS, INC 98,600
2,000 MEREDITH CORP 83,375
3,100 NEW YORK TIMES CO (CLASS A) 152,287
1,500 TIMES MIRROR CO SERIES A 100,500
48,459 TRIBUNE CO 2,668,273
-------------
4,293,685
-------------
RAILROAD TRANSPORTATION--0.19%
12,700 BURLINGTON NORTHERN
SANTA FE CORP 307,975
4,700 CSX CORP 147,462
4,000 KANSAS CITY SOUTHERN
INDUSTRIES, INC 298,500
2,700 NORFOLK SOUTHERN CORP 55,350
5,400 UNION PACIFIC CORP 235,575
-------------
1,044,862
-------------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.36%
2,900 ARMSTRONG WORLD INDUSTRIES, INC 96,787
2,700 COOPER TIRE & RUBBER CO 42,018
2,800 GOODYEAR TIRE & RUBBER CO 78,925
6,492 ILLINOIS TOOL WORKS, INC 438,615
7,100 NIKE, INC (CLASS B) 351,893
6,700 * PACTIV CORP 71,187
19,150 * PERLOS OYJ 675,176
400 * REEBOK INTERNATIONAL LTD 3,275
2,468 * SEALED AIR CORP 127,873
2,400 TUPPERWARE CORP 40,650
-------------
1,926,399
-------------
SECURITY AND COMMODITY BROKERS--1.06%
946 BEAR STEARNS COS, INC 40,441
6,600 FRANKLIN RESOURCES, INC 211,612
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 33
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
SECURITY AND COMMODITY BROKERS--(CONTINUED)
2,800 LEHMAN BROTHERS HOLDINGS, INC $ 237,125
7,200 MERRILL LYNCH & CO, INC 601,200
25,976 MORGAN STANLEY, DEAN
WITTER, & CO 3,708,074
1,500 PAINE WEBBER GROUP, INC 58,218
3,500 PRICE (T. ROWE) ASSOCIATES, INC 129,281
20,200 SCHWAB (CHARLES) CORP 775,175
56 WADDELL & REED FINANCIAL, INC
(CLASS A) 1,519
244 WADDELL & REED FINANCIAL, INC
(CLASS B) 6,130
-------------
5,768,775
-------------
STONE, CLAY, AND GLASS PRODUCTS--0.16%
5,200 CORNING, INC 670,475
4,400 OWENS CORNING CO 84,975
5,395 * OWENS ILLINOIS, INC 135,212
-------------
890,662
-------------
TEXTILE MILL PRODUCTS--0.01%
1,500 RUSSELL CORP 25,125
100 SPRING INDUSTRIES, INC 3,993
-------------
29,118
-------------
TOBACCO PRODUCTS--0.24%
52,700 PHILIP MORRIS COS, INC 1,221,981
3,200 UST, INC 80,600
-------------
1,302,581
-------------
TRANSPORTATION BY AIR--0.43%
3,200 * AMR CORP 214,400
14,858 * CONTINENTAL AIRLINES, INC
(CLASS B) 659,323
4,200 DELTA AIRLINES, INC 209,212
6,780 * FDX CORP 277,556
58,901 SOUTHWEST AIRLINES CO 953,459
1,200 * U.S. AIRWAYS GROUP, INC 38,475
-------------
2,352,425
-------------
TRANSPORTATION EQUIPMENT--2.65%
21,220 BOEING CO 881,956
18,163 DAIMLERCHRYSLER (U.S.A.) 1,421,254
5,771 DANA CORP 172,769
2,500 DANAHER CORP 120,625
10,903 DELPHI AUTOMOTIVE SYSTEMS CORP 171,722
2,500 EATON CORP 181,562
200 FLEETWOOD ENTERPRISES, INC 4,125
22,700 FORD MOTOR CO 1,213,031
4,100 GENERAL DYNAMICS CORP 216,275
16,900 GENERAL MOTORS CORP 1,228,418
22,269 * GENERAL MOTORS CORP (CLASS H) 2,137,824
5,400 GOODRICH (B.F.) CO 148,500
52,009 HONEYWELL International, INC 3,000,269
4,200 ITT INDUSTRIES, INC 140,437
6,300 LOCKHEED MARTIN CORP 137,812
1,500 * NAVISTAR INTERNATIONAL CORP 71,062
1,300 NORTHROP GRUMMAN CORP 70,281
2,400 PACCAR, INC 106,350
2,500 TEXTRON, INC 191,718
2,500 TRW, INC 129,843
40,000 UNITED TECHNOLOGIES CORP 2,600,000
-------------
14,345,833
-------------
WATER TRANSPORTATION--0.11%
12,400 CARNIVAL CORP (CLASS A) 592,875
-------------
WHOLESALE TRADE-DURABLE GOODS--0.04%
200 BRIGGS & STRATTON CORP 10,725
1,700 GENUINE PARTS CO 42,181
2,100 GRAINGER (W.W.), INC 100,406
677 * HUTTIG BUILDING PRODUCTS, INC 3,342
1,000 IKON OFFICE SOLUTIONS, INC 6,812
1,700 * LANIER WORLDWIDE, INC 6,587
-------------
170,053
-------------
WHOLESALE TRADE-NONDURABLE GOODS--0.73%
87 BERGEN BRUNSWIG CORP (CLASS A) 723
60,246 CARDINAL HEALTH, INC 2,884,050
12,900 ENRON CORP 572,437
5,142 MCKESSON HBOC, INC 116,016
5,700 SUPERVALU, INC 114,000
6,300 SYSCO CORP 249,243
-------------
3,936,469
-------------
TOTAL COMMON STOCK
(COST $409,157,015) 505,364,758
-------------
SHORT TERM INVESTMENTS--6.32%
U.S. GOVERNMENT AND AGENCIES--6.32%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
$1,025,000 5.000%, 01/13/00 1,023,292
5,300,000 (0)5.600%, 01/13/00 5,290,107
6,000,000 (0)5.640%, 01/13/00 5,988,720
10,100,000 (0)5.720%, 01/25/00 10,061,485
1,900,000 5.550%, 03/16/00 1,878,031
34 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCIES--(CONTINUED)
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
$10,000,000 (0)5.630%, 01/14/00 $ 9,979,669
-------------
34,221,304
-------------
TOTAL SHORT TERM INVESTMENTS
(COST $34,221,304) 34,221,304
-------------
TOTAL PORTFOLIO
(COST $444,388,853) $540,805,530
-------------
- ---------------
* NON-INCOME PRODUCING
X IN BANKRUPTCY
(0) ALL OR A PORTION OF THESE SECURITIES HAVE BEEN SEGREGATED BY THE CUSTODIAN
TO COVER MARGIN OR OTHER REQUIREMENTS ON OPEN FUTURES CONTRACTS.
AT DECEMBER 31, 1999, THE AGGREGATE COST OF PORTFOLIO INVESTMENTS FOR FEDERAL
INCOME TAX PURPOSES WAS $446,565,600. NET UNREALIZED APPRECIATION AGGREGATED
$94,239,930, OF WHICH $115,069,100 RELATED TO APPRECIATED PORTFOLIO INVESTMENTS
AND $20,829,170 RELATED TO DEPRECIATED PORTFOLIO INVESTMENTS.
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 35
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS GROWTH EQUITY FUND
DECEMBER 31, 1999 SUMMARY BY INDUSTRY
- --------------------------------------------------------------------------------
VALUE %
- --------------------------------------------------------------------------------
PREFERRED STOCK
HEALTH SERVICES $ 10 0.00%
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS 14,392 0.00
------------ ------
TOTAL PREFERRED STOCK
(COST $12,766) 14,402 0.00
------------ ------
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS 17,224 0.00
AGRICULTURAL SERVICES 13,762 0.00
AMUSEMENT AND RECREATION SERVICES 8,343,895 1.20
APPAREL AND ACCESSORY STORES 2,040,461 0.29
APPAREL AND OTHER TEXTILE PRODUCTS 194,961 0.03
AUTO REPAIR, SERVICES AND PARKING 5,456 0.00
AUTOMOTIVE DEALERS AND SERVICE
STATIONS 212,012 0.03
BUILDING MATERIALS AND GARDEN
SUPPLIES 6,991,468 1.00
BUSINESS SERVICES 143,954,668 20.68
CHEMICALS AND ALLIED PRODUCTS 71,726,773 10.30
COMMUNICATIONS 92,882,009 13.34
DEPOSITORY INSTITUTIONS 5,159,525 0.74
EATING AND DRINKING PLACES 1,751,468 0.25
EDUCATIONAL SERVICES 132,696 0.02
ELECTRIC, GAS, AND SANITARY
SERVICES 1,395,924 0.20
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 116,342,636 16.71
ENGINEERING AND MANAGEMENT
SERVICES 737,163 0.11
FABRICATED METAL PRODUCTS 1,891,723 0.27
FOOD AND KINDRED PRODUCTS 11,303,191 1.63
FOOD STORES 4,870,295 0.70
FURNITURE AND FIXTURES 2,741,476 0.39
FURNITURE AND HOMEFURNISHINGS
STORES 5,278,451 0.76
GENERAL BUILDING CONTRACTORS 44,112 0.01
GENERAL MERCHANDISE STORES 10,308,963 1.48
HEALTH SERVICES 429,736 0.06
HEAVY CONSTRUCTION, EXCEPT BUILDING 123,662 0.02
HOLDING AND OTHER INVESTMENT
OFFICES 288,745 0.04
HOTELS AND OTHER LODGING PLACES 118,428 0.02
INDUSTRIAL MACHINERY AND EQUIPMENT 97,572,556 14.02
INSTRUMENTS AND RELATED PRODUCTS 10,025,555 1.44
INSURANCE AGENTS, BROKERS
AND SERVICE 81,400 0.01
INSURANCE CARRIERS 5,112,379 0.73
LEATHER AND LEATHER PRODUCTS 18,271 0.00
LEGAL SERVICES 24,000 0.00
LOCAL AND INTERURBAN
PASSENGER TRANSIT 9,450 0.00
LUMBER AND WOOD PRODUCTS 105,512 0.02%
METAL MINING 210,780 0.03
MISCELLANEOUS MANUFACTURING
INDUSTRIES 213,982 0.03
MISCELLANEOUS RETAIL 5,810,221 0.83
MOTION PICTURES 3,893,200 0.56
NONDEPOSITORY INSTITUTIONS 5,799,572 0.83
NONMETALLIC MINERALS, EXCEPT FUELS 8,062 0.00
OIL AND GAS EXTRACTION 1,124,855 0.16
PAPER AND ALLIED PRODUCTS 1,311,704 0.19
PERSONAL SERVICES 238,287 0.03
PETROLEUM AND COAL PRODUCTS 150,322 0.02
PRIMARY METAL INDUSTRIES 102,543 0.01
PRINTING AND PUBLISHING 606,134 0.09
RAILROAD TRANSPORTATION 387,162 0.06
REAL ESTATE 49,003 0.01
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS 2,807,037 0.40
SECURITY AND COMMODITY BROKERS 2,020,454 0.29
SOCIAL SERVICES 17,025 0.00
SPECIAL TRADE CONTRACTORS 56,586 0.01
STONE, CLAY, AND GLASS PRODUCTS 1,423,031 0.20
TEXTILE MILL PRODUCTS 44,843 0.01
TOBACCO PRODUCTS 1,346,000 0.19
TRANSPORTATION BY AIR 39,703 0.01
TRANSPORTATION EQUIPMENT 17,122,386 2.46
TRANSPORTATION SERVICES 221,448 0.03
TRUCKING AND WAREHOUSING 110,617 0.02
WATER TRANSPORTATION 4,635,995 0.67
WHOLESALE TRADE-DURABLE GOODS 343,733 0.05
WHOLESALE TRADE-NONDURABLE GOODS 6,968,380 1.00
------------ ------
TOTAL COMMON STOCK
(COST $493,031,918) 659,313,071 94.69
------------ ------
SHORT TERM INVESTMENTS
U.S. GOVERNMENT and AGENCIES 35,349,251 5.08
------------ ------
TOTAL SHORT TERM INVESTMENTs
(COST $35,349,251) 35,349,251 5.08
------------ ------
TOTAL PORTFOLIO
(COST $528,393,935) 694,676,724 99.77
OTHER ASSETS & LIABILITIES, NET 1,595,163 0.23
------------ ------
NET ASSETS $696,271,887 100.00%
============ ======
36 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS GROWTH EQUITY FUND
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
PREFERRED STOCK--0.00%
HEALTH SERVICES--0.00%
7 * MEDIQ, INC SERIES A $ 10
------------
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS--0 .00%
285 SEALED AIR CORP (CLASS A) 14,392
------------
TOTAL PREFERRED STOCK
(COST $12,766) 14,402
------------
COMMON STOCK--94.69%
AGRICULTURAL PRODUCTION-CROPS--0.00%
700 DELTA & PINE LAND CO 12,162
600 * HINES HORTICULTURE, INC 5,062
------------
17,224
------------
AGRICULTURAL SERVICES--0.00%
500 * CADIZ, INC 4,750
700 * VETERINARY CENTERS OF
AMERICA, INC 9,012
------------
13,762
------------
AMUSEMENT AND RECREATION SERVICES--1.20%
400 * ANCHOR GAMING CO 17,375
1,500 * ARGOSY GAMING CORP 23,343
400 * BALLY TOTAL FITNESS
HOLDINGS CORP 10,675
400 * CHAMPIONSHIP AUTO RACING
TEAMS, INC 9,200
700 DOVER DOWNS ENTERTAINMENT, INC 13,125
1,312 INTERNATIONAL SPEEDWAY CORP
(CLASS A) 66,092
160,636 * PREMIER PARKS, INC 4,638,364
93,788 * SFX ENTERTAINMENT, INC
(CLASS A) 3,393,953
500 * SPEEDWAY MOTORSPORTS, INC 13,906
600 * STATION CASINOS, INC 13,462
1,900 * WESTWOOD ONE, INC 144,400
------------
8,343,895
------------
APPAREL AND ACCESSORY STORES--0.29%
4,536 * ABERCROMBIE & FITCH CO
(CLASS A) 121,054
1,200 * AMERICAN EAGLE OUTFITTERS, INC 54,000
200 * ANN TAYLOR STORES CORP 6,887
100 * BEBE STORES, INC 2,700
1,900 BURLINGTON COAT FACTORY
WAREHOUSE CORP 26,362
200 CATO CORP (CLASS A) 2,525
1,300 * CHILDRENS PLACE RETAIL STORES 21,368
2,100 CLAIRES STORES, INC 46,987
900 DEB SHOPS, INC 16,650
1,300 * FOOTSTAR, INC 39,650
26,500 GAP, INC 1,219,000
2,200 * GENESCO, INC 28,600
925 INTIMATE BRANDS, INC (CLASS A) 39,890
1,300 x*JUST FOR FEET, INC 1,625
695 LIMITED, INC 30,102
1,300 * MEN'S WEARHOUSE, INC 38,187
900 * PACIFIC SUNWEAR CALIFORNIA, INC 28,687
2,900 ROSS STORES, INC 52,018
800 * STEIN MART, INC 4,550
12,200 TJX COS, INC 249,337
99 * TOO, INC 1,707
700 * WET SEAL, INC (CLASS A) 8,575
------------
2,040,461
------------
APPAREL AND OTHER TEXTILE PRODUCTS--0.03%
200 * GUESS ?, INC 4,350
4,300 * JONES APPAREL GROUP, INC 116,637
1,700 * NAUTICA ENTERPRISES, INC 19,231
1,800 * POLO RALPH LAUREN CORP 30,712
200 * QUIKSILVER, INC 3,100
1,700 WARNACO GROUP, INC (CLASS A) 20,931
------------
194,961
------------
AUTO REPAIR, SERVICES AND PARKING--0.00%
200 * AUTOWEB.COM, INC 2,175
150 MIDAS, INC 3,281
------------
5,456
------------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.03%
6,400 * AUTONATION, INC 59,200
2,200 * AUTOZONE, INC 71,087
100 * COPART, INC 4,350
2,000 * CSK AUTO CORP 35,000
200 * LITHIA MOTORS, INC (CLASS A) 3,575
1,800 * OREILLY AUTOMOTIVE, INC 38,700
11 PEP BOYS MANNY, MOE, & JACK CO 100
------------
212,012
------------
BUILDING MATERIALS AND GARDEN SUPPLIES--1.00%
700 FASTENAL CO 31,456
89,400 HOME DEPOT, INC 6,129,487
13,900 LOWES COS, INC 830,525
------------
6,991,468
------------
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 37
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
BUSINESS SERVICES--20.68%
400 * 24/7 MEDIA, INC $ 22,500
1,600 AARON RENTS, INC 28,400
300 ABM INDUSTRIES, INC 6,112
300 * ABOUT.COM, INC 26,925
1,500 * ACCLAIM ENTERTAINMENT, INC 7,687
1,300 ACKERLEY GROUP, INC 23,562
500 * ACNEILSEN CORP 12,312
700 * ACTIVISION, INC 10,718
1,000 * ACTUATE CORP 42,875
2,400 * ACXIOM CORP 57,600
400 * ADFORCE, INC 28,550
5,400 ADOBE SYSTEMS, INC 363,150
300 * ADVANTAGE LEARNING SYSTEMS, INC 3,356
300 * ADVENT SOFTWARE, INC 19,331
1,500 * ADVO, INC 35,625
2,200 * AFFILIATED COMPUTER SERVICES, INC
(CLASS A) 101,200
100 * ALLAIRE CORP 14,631
826 * AMDOCS LTD 28,497
178,200 * AMERICA ONLINE, INC 13,442,962
2,700 * AMERICAN MANAGEMENT
SYSTEMS, INC 84,712
700 ANALYSTS INTERNATIONAL CORP 8,750
1,400 * ANSWERTHINK CONSULTING GROUP 47,950
300 * APPLIEDTHEORY CORP 8,325
1,100 * ARDENT SOFTWARE, INC 42,900
300 * ASHTON TECHNOLOGY GROUP, INC 1,931
600 * ASPECT DEVELOPMENT, INC 41,100
200 * ASPEN TECHNOLOGY, INC 5,287
300 * AUTOBYTEL.COM, INC 4,556
1,500 AUTODESK, INC 50,625
25,000 AUTOMATIC DATA
PROCESSING, INC 1,346,875
1,400 * AVANT CORP 21,000
1,000 * AVT CORP 47,000
1,000 * AWARE, INC 36,375
1,000 * AXENT TECHNOLOGIES, INC 21,000
30 * AZTEC TECHNOLOGY PARTNERS, INC 136
400 * BANYAN SYSTEMS, INC 8,000
800 * BARRA, INC 25,400
6,200 * BEA SYSTEMS, INC 433,612
200 * BEST SOFTWARE, INC 5,900
700 * BEYOND.COM CORP 5,468
800 * BILLING CONCEPTS CORP 5,200
400 * BINDVIEW DEVELOPMENT CORP 19,875
900 * BISYS GROUP, INC 58,725
91,732 * BMC SOFTWARE, INC 7,332,826
200 * BOTTOMLINE TECHNOLOGIES, INC 7,200
500 * BRIO TECHNOLOGY, INC 21,000
2,200 * BROADVISION, INC 374,137
100 * BROCADE COMMUNICATIONS
SYSTEMS, INC 17,700
500 * BUILDING ONE SERVICES CORP 4,718
300 * CACI INTERNATIONAL, INC (CLASS A) 6,787
5,100 * CADENCE DESIGN SYSTEMS, INC 122,400
1,400 * CAMBRIDGE TECHNOLOGY
PARTNERS, INC 36,750
200 * CAREERBUILDER, INC 1,287
900 * CATALINA MARKETING CORP 104,175
700 * CCC INFORMATION SERVICES
GROUP, INC 11,987
1,400 * CDI CORP 33,775
15,194 * CENDANT CORP 403,590
3,200 * CENTURY BUSINESS SERVICES, INC 27,000
77,100 * CERIDIAN CORP 1,662,468
1,300 * CERNER CORP 25,593
1,400 * CHECKFREE HOLDINGS CORP 146,300
1,660 * CHOICEPOINT, INC 68,682
2,300 * CIBER, INC 63,250
3,300 * CITRIX SYSTEMS, INC 405,900
700 * CLARIFY, INC 88,200
3,000 * CMGI, INC 830,625
1,900 * CNET, INC 107,825
100 * COGNIZANT TECHnology SOLUTIONS 10,931
800 * COMPLETE BUSINESS SOLUTIONS, INC 20,100
17,100 COMPUTER ASSOCIATES
INTERNATIONAL, INC 1,195,931
600 * COMPUTER HORIZONS CORP 9,712
700 * COMPUTER NETWORK
TECHNOLOGY CORP 16,056
4,800 * COMPUTER SCIENCES CORP 454,200
800 COMPUTER TASK GROUP, INC 11,850
13,100 * COMPUWARE CORP 487,975
800 * CONCORD COMMUNICATIONS, INC 35,500
400 * CONCUR TECHNOLOGIES, INC 11,600
1,400 * CONVERGYS CORP 43,050
200 * CORT BUSINESS SERVICES CORP 3,487
400 * COSTAR GROUP 14,350
2,000 * COTELLIGENT, INC 10,750
700 * CRITICAL PATH, INC 66,062
2,600 * CSG SYSTEMS INTERNATIONAL, INC 103,675
700 * CTC COMMUNICATIONS GROUP 27,310
38 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
BUSINESS SERVICES--(Continued)
100 * CYBERCASH, INC $ 925
400 * DATA BROADCASTING CORP 3,300
1,600 * DATASTREAM SYSTEMS, INC 39,300
1,000 * DBT ONLINE, INC 24,375
1,200 * DENDRITE INTERNATIONAL, INC 40,650
500 * DIGITAL RIVER, INC 16,656
400 * DOCUMENTUM, INC 23,950
1,322 * DOUBLECLICK, INC 334,548
300 * DSP GROUP, INC 27,900
248 * DST SYSTEMS, INC 18,925
500 * EARTHLINK NETWORK, INC 21,250
300 * EARTHWEB, INC 15,093
3,700 * EBAY, INC 463,193
400 * ECHELON CORP 7,825
1,162 * ECLIPSYS CORP 29,776
2,400 * ELECTRONIC ARTS, INC 201,600
78,000 ELECTRONIC DATA SYSTEMS CORP 5,221,125
2,300 * ELECTRONICS FOR IMAGING, INC 133,687
600 * ENGINEERING ANIMATION, INC 5,250
400 * ENTRUST TECHNOLOGIES, INC 23,975
1,200 * EPICOR SOFTWARE CORP 6,075
7,100 EQUIFAX, INC 167,293
1,000 * EXCALIBUR TECHNOLOGIES CORP 20,625
300 * EXCHANGE APPLICATIONS, inc 16,762
5,358 * EXCITE AT HOME 229,724
150 FACTSET RESEARCH SYSTEMS, INC 11,943
500 FAIR ISSAC & CO, INC 26,500
1,100 * FILENET CORP 28,050
4,800 FIRST DATA CORP 236,700
3,900 * FISERV, INC 149,418
576 * FREEMARKETS, INC 196,596
1,588 * GARTNER GROUP, INC (CLASS B) 21,934
200 * GENESYS TELECOMMUNICATIONS
LABORATORIES, INC 10,800
1,200 GERBER SCIENTIFIC, INC 26,325
600 * GETTY IMAGES, INC 29,325
2,430 * GO.COM 57,864
900 * GO2NET, INC 78,300
600 * GREAT PLAINS SOFTWARE, INC 44,850
2,100 * GTECH HOLDINGS CORP 46,200
1,850 * HARBINGER CORP 58,853
574 * HEALTHEON/WEBMD CORP 21,525
100 * HEIDRICK & STRUGGLES
INTERNATIONAL, INC 4,225
700 * HNC SOFTWARE 74,025
885 * HYPERION SOLUTIONS CORP 38,497
1,200 * I2 TECHNOLOGIES, INC 234,000
300 * IMRGLOBAL CORP 3,768
13,200 IMS HEALTH, INC 358,875
1,400 * INFOCURE CORP 43,662
200 * INFORMATICA CORP 21,275
9,500 * INFORMIX CORP 108,656
1,000 * INFOSPACE.COM, INC 214,000
1,300 * INFOUSA, INC 18,118
3,000 * INKTOMI CORP 266,250
1,100 * INTEGRATED SYSTEMS, INC 36,918
400 * INTERIM SERVICES, INC 9,900
51 * INTERNET CAPITAL GROUP, INC 8,670
82,000 INTERPUBLIC GROUP OF COS, INC 4,730,375
500 * INTERVU, INC 52,500
5,000 * INTUIT, INC 299,687
700 * ISS GROUP, INC 49,787
1,100 * IVILLAGE, INC 22,275
700 * J.D. EDWARDS & CO 20,912
600 JACK HENRY & ASSOCIATES, INC 32,212
500 * JDA SOFTWARE GROUP, INC 8,187
2,100 * KEANE, INC 66,675
200 * KORN FERRY INTERNATIONAL 7,275
2,250 * LABOR READY, INC 27,281
1,100 * LAMAR ADVERTISING CO (CLASS A) 66,618
3,000 * LEARN2.COM, INC 9,843
11,300 * LEGATO SYSTEMS, INC 777,581
700 * LHS GROUP, INC 17,193
2,800 * LYCOS, INC 222,775
1,300 * MACROMEDIA, INC 95,062
500 * MACROVISION CORP 37,000
1,400 MANPOWER, INC 52,675
400 * MANUGISTICS GROUP, INC 12,925
700 * MAPICS, INC 8,837
200 * MARIMBA, INC 9,212
2,300 * MASTECH CORP 56,925
400 * MEDICONSULT.COM, INC 2,500
2,100 * MEDQUIST, INC 54,206
200 * MEMBERWORKS, INC 6,637
1,500 * MENTOR GRAPHICS CORP 19,781
30 * MERANT PLC ADR 930
1,300 * MERCURY INTERACTIVE CORP 140,318
1,000 * MESSAGEMEDIA, INC 14,062
1,600 * METAMOR WORLDWIDE, INC 46,600
300 * MICROMUSE, INC 51,000
340,890 * MICROSOFT CORP 39,798,907
1,500 * MICROSTRATEGY, INC 315,000
600 * MIDWAY GAMES, INC 14,362
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 39
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
BUSINESS SERVICES--(CONTINUED)
1,000 * MINDSPRING ENTERPRISES, INC $ 26,406
1,600 * MODIS PROFESSIONAL SERVICES 22,800
28 * MOMENTUM BUSINESS
APPLICATIONS, INC 220
100 * MPATH INTERACTIVE, INC 2,662
100 * MULTEX.COM, INC 3,762
500 NATIONAL COMPUTER SYSTEMS, INC 18,812
1,700 NATIONAL DATA CORP 57,693
300 * NBC INTERNET, INC 23,175
600 * NCO GROUP, INC 18,075
200 * NEON SYSTEMS, INC 7,850
100 * NET PERCEPTIONS, INC 4,200
1,000 * NETOBJECTS, INC 16,500
200 * NETOPIA, INC 10,862
5,200 * NETWORK APPLIANCE, INC 431,925
300 * NETWORK PERIPHERALS, INC 14,175
500 * NETWORK SOLUTIONS, INC 108,781
3,700 * NETWORKS ASSOCIATES, INC 98,743
900 * NEW ERA OF NETWORKS, INC 42,862
2,700 * NOVA CORP (GEORGIA) 85,218
14,000 * NOVELL, INC 559,125
600 * OMEGA RESEARCH, INC 3,600
45,200 OMNICOM GROUP, INC 4,520,000
300 * ON ASSIGNMENT, INC 8,962
800 * ONEMAIN.COM, INC 12,000
1,300 * ONHEALTH NETWORK CO 11,618
400 * ONYX SOFTWARE CORP 14,800
1,000 * OPEN MARKET, INC 45,125
2,355 * OPENTV CORP 188,988
207,992 * ORACLE CORP 23,308,103
11,100 * PARAMETRIC TECHNOLOGY CORP 300,393
9,300 PAYCHEX, INC 372,000
400 * PCORDER.COM, INC 20,400
200 * PEGASUS SYSTEMS, INC 12,062
7,672 * PEOPLESOFT, INC 163,509
333 * PER SE TECHNOLOGIES, INC 2,799
1,300 * PEREGRINE SYSTEMS, INC 109,443
3,100 * PEROT SYSTEMS CORP (CLASS A) 58,900
300 * PERVASIVE SOFTWARE, INC 5,081
1,700 * POLICY MANAGEMENT
SYSTEMS CORP 43,456
500 * PORTAL SOFTWARE, INC 51,437
700 * PREVIEW TRAVEL, INC 36,487
1,300 * PRICELINE.COM, INC 61,587
600 * PRIVATE BUSINESS, INC 2,887
1,800 #* PROCURENET, INC 270
800 * PRODIGY COMMUNICATIONS CORP 15,500
1,100 * PROGRESS SOFTWARE CORP 62,425
200 * PROJECT SOFTWARE &
DEVELOPMENT, INC 11,100
500 * PROXICOM, INC 62,156
900 * PROXYMED, INC 8,775
2,056 * PSINET, INC 126,958
650 * QRS CORP 68,250
1,700 * QUADRAMED CORP 14,821
100 * RADIANT SYSTEMS, INC 4,018
100 * RADISYS CORP 5,100
1,200 * RARE MEDIUM GROUP, INC 37,204
3,400 * RATIONAL SOFTWARE CORP 167,025
100 * RAZORFISH, INC 9,512
1,300 * REALNETWORKS, INC 156,406
100 * REDBACK NETWORKS, INC 17,750
800 * REMEDY CORP 37,900
1,900 * RENT WAY, INC 35,506
1,400 * RENT-A-CENTER, INC 27,737
2,700 * ROBERT HALF INTERNATIONAL, INC 77,118
1,200 ROLLINS, INC 18,000
1,954 * ROMAC INTERNATIONAL, INC 26,256
1,200 * RSA SECURITY, INC 93,000
1,100 * SABRE HOLDINGS CORP 56,375
800 * SAGA SYSTEMS, INC 15,950
1,000 * SAGENT TECHNOLOGY, INC 29,937
800 * SANCHEZ COMPUTER ASSOCIATES, INC 32,950
1,200 * SANTA CRUZ OPERATION, INC 36,450
1,000 * SAPIENT CORP 140,937
400 * SCIENT CORP 34,575
800 SEI INVESTMENT CO 95,212
500 * SERENA SOFTWARE, INC 15,468
800 SHARED MEDICAL SYSTEMS CORP 40,750
29,500 * SIEBEL SYSTEMS, INC 2,478,000
2,100 * SITEL CORP 14,700
2,700 * SNYDER COMMUNICATIONS, INC 51,975
300 * SOFTNET SYSTEMS, INC 7,537
500 SOTHEBYS HOLDINGS, INC (CLASS A) 15,000
800 * SOURCE MEDIA, INC 14,800
500 * SPORTSLINE.COM 25,062
400 * SPYGLASS, INC 15,168
700 * SS&C TECHNOLOGIES, INC 4,550
300 * STAFFMARK, INC 2,268
500 * STARMEDIA NETWORK, INC 20,031
200 * STARTEK, INC 7,250
2,800 * STERLING COMMERCE, INC 95,375
1,100 * STERLING SOFTWARE, INC 34,650
40 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
BUSINESS SERVICES--(CONTINUED)
1,700 * STRUCTURAL DYNAMICS
RESEARCH CORP $ 21,675
88,000 * SUN MICROSYSTEMS, INC 6,814,500
4,604 * SUNGARD DATA SYSTEMS, INC 109,345
1,400 * SVI HOLDINGS, INC 16,800
800 * SYBASE, INC 13,600
1,000 * SYKES ENTERPRISES, INC 43,875
2,200 * SYMANTEC CORP 128,975
2,930 * SYNOPSYS, INC 195,577
800 * SYSTEMS & COMPUTER
TECHNOLOGY CORP 13,000
1,250 * TECHNOLOGY SOLUTIONS CO 40,937
100 * TELETECH HOLDINGS, INC 3,370
1,000 * THEGLOBE.COM, INC 8,375
400 * THESTREET.COM 7,675
1,050 * THQ, INC 24,346
300 * TICKETMASTER ONLINE-
CITYSEARCH, INC 11,531
900 * TMP WORLDWIDE, INC 127,800
600 TOTAL SYSTEM SERVICES, INC 9,787
1,400 * TOWNE SERVICES, INC 5,600
400 * TRACK DATA CORP 4,075
700 * TRANSACTION SYSTEM ARCHITECTURE 19,600
1,900 TRUE NORTH COMMUNICATIONS, INC 84,906
900 * TSI INTERNATIONAL SOFTWARE LTD 50,962
500 * TYLER TECHNOLOGIES, INC 2,750
500 * UNIGRAPHICS SOLUTIONS, INC 13,500
2,200 * UNITED RENTALS, INC 37,675
40 * US INTERACTIVE, INC 1,720
300 * USINTERNETWORKING, INC 20,962
3,300 * USWEB CORP 146,643
215 * VA LINUX SYSTEMS, INC 44,424
2,600 * VALASSIS COMMUNICATIONS, INC 109,850
2,800 * VERIO, INC 129,325
3,200 * VERISIGN, INC 611,000
34,750 * VERITAS SOFTWARE CORP 4,973,593
1,500 * VERITY, INC 63,843
1,200 * VERTICALNET, INC 196,800
800 * VIGNETTE CORP 130,400
800 * VISIO CORP 38,000
500 WACKENHUT CORP SERIES A 7,468
800 * WAVE SYSTEMS CORP (CLASS A) 9,550
200 * WEBTRENDS CORP 16,200
1,500 * WEST TELESERVICES CORP 36,656
950 * WIND RIVER SYSTEMS, INC 34,793
9,891 * YAHOO, INC 4,279,712
31,900 YOUNG & RUBICAM, INC 2,256,925
------------
143,954,668
------------
CHEMICALS AND ALLIED PRODUCTS--10.30%
57,500 ABBOTT LABORATORIES CO 2,087,968
500 * ABGENIX, INC 66,250
500 * ALGOS PHARMACEUTICAL CORP 5,500
800 * ALKERMES, INC 39,300
20 * ALLERGAN SPECIALTY
THERAPEUTICS, INC (CLASS A) 252
5,000 ALLERGAN, INC 248,750
1,400 ALPHARMA, INC (CLASS A) 43,050
2,800 * ALZA CORP 96,950
112,625 AMERICAN HOME PRODUCTS CORP 4,441,648
41,200 * AMGEN, INC 2,474,575
800 * ANDRX CORP 33,850
400 * ANESTA CORP 6,875
500 * AVIRON, INC 7,906
10,200 AVON PRODUCTS, INC 336,600
400 * BARR LABORATORIES, INC 12,550
1,300 * BIO-TECHNOLOGY GENERAL CORP 19,825
6,300 * BIOGEN, INC 532,350
600 * BIOMATRIX, INC 11,550
75,200 BRISTOL MYERS SQUIBB CO 4,826,900
200 CABOT CORP 4,075
7,800 * CAREMARK RX, INC 39,487
1,200 * CELL PATHWAYS, INC 11,100
1,400 * CEPHALON, INC 48,387
100 * CHATTEM, INC 1,900
800 * CHIREX, INC 11,700
1,400 * CHIRON CORP 59,325
1,000 CHURCH & DWIGHT CO, INC 26,687
2,600 CK WITCO CORP 34,775
9,538 CLOROX CO 480,476
23,600 COLGATE PALMOLIVE CO 1,534,000
800 * COLUMBIA LABORATORIES, INC 6,000
1,400 * COR THERAPEUTICS, INC 37,625
1,000 * CORIXA CORP 17,000
700 * COULTER PHARMACEUTICAL, INC 15,881
900 * CREATIVE BIOMOLECULES, INC 4,443
635 * CRESCENDO PHARMACEUTICALS CORP 11,608
900 * CYGNUS, INC 16,425
300 DIAGNOSTIC PRODUCTS CORP 7,350
4,000 DIAL CORP 97,250
5,113 DU PONT (E.I.) DE NEMOURS & CO 336,818
2,100 * DURA PHARMACEUTICALS, INC 29,268
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 41
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
CHEMICALS AND ALLIED PRODUCTS--(CONTINUED)
700 * DURAMED PHARMACEUTICALS, INC $ 4,987
4,500 ECOLAB, INC 176,062
81,160 * ELAN CORP PLC ADR 2,394,220
1,400 * ENZON, INC 60,725
1,000 FERRO CORP 22,000
3,100 * FOREST LABORATORIES, INC 190,456
900 FULLER (H.B.) CO 50,343
1,500 * GENZYME CORP (GENERAL DIVISION) 67,500
79 * GENZYME SURGICAL PRODUCTS 459
8 * GENZYME-MOLECULAR ONCOLOGY 56
1,565 * GILEAD SCIENCES, INC 84,705
3,400 * GRACE W.R. & CO 47,175
53,980 * GUILFORD PHARMACEUTICALS, INC 917,660
1,800 * HEMISPHERX BIOPHARMA, INC 17,887
800 * HUMAN GENOME SCIENCES, INC 122,100
3,400 ICN PHARMACEUTICALS, INC 86,062
1,700 * ICOS CORP 49,725
1,800 * IDEC PHARMACEUTICALS CORP 176,850
900 * IDEXX LABORATORIES, INC 14,512
100 * IGEN INTERNATIONAL, INC 2,975
1,200 * IMCLONE SYSTEMS, INC 47,550
2,900 * IMMUNEX CORP 317,550
1,100 * INHALE THERAPEUTIC SYSTEMS 46,818
1,400 * ISIS PHARMACEUTICALS, INC 8,750
2,400 * IVAX CORP 61,800
58,933 JOHNSON & JOHNSON CO 5,488,135
1,800 JONES PHARMACEUTICALS, INC 78,187
950 * KING PHARMACEUTICALS, INC 53,259
300 * KV PHARMACEUTICAL CO (CLASS B) 6,431
3,600 LAUDER (ESTEE) CO (CLASS A) 181,575
1,100 * LIGAND PHARMACEUTICALS CO
(CLASS A) 14,162
74,065 LILLY (ELI) & CO 4,925,322
2,100 * LIPOSOME CO, INC 25,626
900 MACDERMID, INC 36,956
600 * MEDCO RESEARCH, INC 18,037
1,050 * MEDICIS PHARMACEUTICALS CORP
(CLASS A) 44,690
2,075 * MEDIMMUNE, INC 344,190
177,079 MERCK & CO, INC 11,875,360
1,300 * MILLENNIUM
PHARMACEUTICALS, INC 158,600
26,100 MONSANTO CO 929,812
3,600 MYLAN LABORATORIES, INC 90,675
1,000 NATURES SUNSHINE PRODUCTS, INC 8,000
75 * OCTEL CORP 778
750 * ORGANOGENESIS, INC $ 6,515
500 * PATHOGENESIS CORP 10,718
173,500 PFIZER, INC 5,627,906
300 * PHARMACYCLICS, INC 12,375
59,600 PROCTER & GAMBLE CO 6,529,925
300 * PROTEIN DESIGN
LABORATORIES, INC 21,000
200 * REVLON, INC (CLASS A) 1,587
1,700 * REXALL SUNDOWN, INC 17,531
600 * SAFESCIENCE, INC 6,975
400 * SANGSTAT MEDICAL CORP 11,900
1,400 * SCHEIN PHARMACEUTICALS, INC 16,975
161,698 SCHERING-PLOUGH CORP 6,821,634
600 * SCOTTS CO (CLASS A) 24,150
1,200 * SEPRACOR, INC 119,025
800 * SICOR, INC 6,200
1,000 * SUPERGEN, INC 29,375
1,300 * TECHNE CORP 71,581
1,100 * THERAGENICS CORP 9,968
1,000 * TRANSKARYOTIC THERAPIES, INC 38,500
2,200 * TRIANGLE PHARMACEUTICALS, INC 28,187
800 VALSPAR CORP 33,500
1,133 * VENTIV HEALTH, INC 10,409
600 * VERTEX PHARMACEUTICALS, INC 21,000
800 * VICAL, INC 23,950
57,300 WARNER-LAMBERT CO 4,695,018
3,900 * WATSON PHARMACEUTICALS, INC 139,668
400 WEST PHARMACEUTICALS SERVICES 12,375
2,000 * ZILA, INC 5,875
------------
71,726,773
------------
COMMUNICATIONS--13.34%
1,000 * ADELPHIA BUSINESS SOLUTIONS, INC 48,000
2,000 * ADELPHIA COMMUNICATIONS CORP
(CLASS A) 131,250
400 * ADVANCED RADIO TELECOM CORP 9,600
300 * AERIAL COMMUNICATIONS, INC 18,262
2,400 * ALLEGIANCE TELECOM, INC 221,400
3,600 ALLTEL CORP 297,675
1,000 * AMERICAN MOBILE SATELLITE CORP 21,062
105,690 * AMFM, INC 8,270,242
79,545 AT & T CORP 4,036,908
163,665 * AT & T CORP-LIBERTY
MEDIA GROUP (CLASS A) 9,287,988
6,378 BROADWING, INC 235,188
3,800 * CABLEVISION SYSTEMS CORP
(CLASS A) 286,900
42 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
COMMUNICATIONS--(CONTINUED)
1,100 * CAPROCK COMMUNICATIONS CORP $ 35,681
154,138 * CBS CORP 9,855,198
400 * CITADEL COMMUNICATIONS CORP 25,950
74,204 * CLEAR CHANNEL
COMMUNICATIONS, INC 6,622,707
400 * COM21, INC 8,975
30,300 COMCAST CORP (CLASS A)
SPECIAL 1,532,043
200 * COMMNET CELLULAR, INC 6,425
300 * COMMONWEALTH TELEPHONE
ENTERPRISES 15,862
1,900 * CONCENTRIC NETWORK CORP 58,543
2,400 * COVAD COMMUNICATIONS GROUP 134,250
800 * COX COMMUNICATIONS, INC
(CLASS A) 41,200
300 * COX RADIO, INC (CLASS A) 29,925
300 * CUMULUS MEDIA, INC 15,225
1,800 * E.SPIRE COMMUNICATIONS, INC 10,462
400 * EMMIS COMMUNICATIONS (CLASS A) 49,856
600 * ENTERCOM COMMUNICATIONS CORP 39,600
72,200 ERICSSON TELEFON (LM)
SERIES B ADR 4,742,637
6,700 * EXODUS COMMUNICATIONS, INC 595,043
100 * FLASHNET 618
3,500 * FOX ENTERTAINMENT GROUP, INC 87,281
10 * GLOBAL CROSSING LTD 500
6,900 * GLOBAL TELESYSTEMS GROUP, INC 238,912
1,800 * HEARST-ARGYLE TELEVISION, INC 47,925
1,100 * HISPANIC BROADCASTING CORP 101,440
1,700 * ICG COMMUNICATIONS, INC 31,875
500 * IDT CORP 9,437
12,925 * INFINITY BROADCASTING CORP
(CLASS A) 467,723
1,600 * INTERMEDIA COMMUNICATIONS, INC 62,100
700 * INTRAWARE, INC 55,956
1,300 * ITC DELTACOM, INC 35,912
1,200 * JONES INTERCABLE, INC (CLASS A) 83,175
1,000 * LAUNCH MEDIA, INC 18,937
550 * LEAP WIRELESS INTERNATIONAL, INC 43,175
10,800 * LEVEL 3 COMMUNICATIONS, INC 884,250
1,700 * LIBERTY DIGITAL, INC
(CLASS A) 126,225
269,853 LUCENT TECHNOLOGIES, INC 20,188,377
217,114 * MCI WORLDCOM, INC 11,520,611
3,900 * MCLEODUSA, INC (CLASS A) 229,612
4,200 * MEDIA ONE GROUP, INC 322,612
4,570 * METROMEDIA FIBER NETWORK
(CLASS A) 219,074
500 * MGC COMMUNICATIONS, INC 25,375
400 * NETWORK EVENT THEATER, INC 11,900
2,130 * NEXT LEVEL COMMUNICATIONS, INC 159,483
6,800 * NEXTEL COMMUNICATIONS, INC
(CLASS A) 701,250
2,700 * NEXTLINK COMMUNICATIONS, INC 224,268
300 * NORTHEAST OPTIC NETWORK, INC 18,768
300 * NORTHPOINT COMMUNICATIONS
GROUP, INC 7,200
4,325 * NTL, INC 539,543
1,100 * OMNIPOINT CORP 132,687
80 * PAC-WEST TELECOMM, INC 2,120
200 * PACIFIC GATEWAY EXCHANGE, INC 3,412
10,500 * PAGING NETWORK, INC 8,531
1,500 * PANAMSAT CORP 89,062
1,600 * PAXSON COMMUNICATIONS CORP 19,100
700 * PEGASUS COMMUNICATIONS CORP 68,425
1,100 * POWERTEL, INC 110,412
1,700 * PREMIERE TECHNOLOGIES, INC 11,900
700 * PRICE COMMUNICATIONS CORP 19,468
1,400 * PRIMUS TELECOMMUNICATIONS
GROUP, INC 53,550
5,100 * QWEST COMMUNICATIONS
INTERNATIONAL, INC 219,300
1,900 * RCN CORP 92,150
2,500 * RHYTHMS NETCONNECTIONS, INC 77,500
750 * SAGA COMMUNICATIONS, INC
(CLASS A) 15,187
70,925 SBC COMMUNICATIONS, INC 3,457,593
800 * SIRIUS SATELLITE RADIO, INC 35,600
510 * SPECTRASITE HOLDINGS, INC 5,546
1,150 * SPRINT CORP (PCS GROUP) 117,875
1,900 * STAR TELECOMMUNICATIONS, INC 15,021
2,500 * TALK.COM, INC 44,375
700 * TELIGENT, INC 43,225
100 * TIME WARNER TELECOM, INC 4,993
2,000 * TV GUIDE, INC 86,000
1,700 * U.S. LEC CORP (CLASS A) 54,825
9,592 U.S. WEST, INC 690,624
500 * U.S.A. NETWORKS, INC 27,625
2,000 * UNITEDGLOBALCOM, INC (CLASS A) 141,250
3,700 * UNIVISION COMMUNICATIONS, INC 378,093
10,800 * VIACOM, INC (CLASS B) 652,725
40,944 * VIATEL, INC 2,195,622
2,300 * VOICESTREAM WIRELESS CORP 327,318
1,100 * WAVO CORP 4,262
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 43
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
COMMUNICATIONS--(CONTINUED)
1,400 * WESTERN WIRELESS CORP
(CLASS A) $ 93,450
11,500 * WILLIAMS COMMUNICATIONS
GROUP, INC 332,781
1,100 * WINSTAR COMMUNICATIONS, INC 82,775
100 * WORLDGATE COMMUNICATIONS, INC 4,756
300 * YOUNG BROADCASTING, INC
(CLASS A) 15,300
------------
92,882,009
------------
DEPOSITORY INSTITUTIONS--0.74%
200 ALABAMA NATIONAL BANCORP 3,775
200 BANK OF GRANITE CORP 4,300
400 * CENTENNIAL BANCORP 4,300
2,100 CHITTENDEN CORP 62,212
1,500 COMMUNITY FIRST BANKSHARES, INC 23,625
7,800 * CONCORD EFS, INC 200,850
200 FCNB CORP 3,050
6,750 FIFTH THIRD BANCORP 495,281
1,300 FIRST BANCORP (PUERTO RICO) 26,975
330 FIRST FINANCIAL BANCORP 7,053
300 FIRST FINANCIAL HOLDINGS, INC 4,800
85,900 FIRSTAR CORP 1,814,637
300 * FRONTIER FINANCIAL CORP 6,000
200 GLACIER BANCORP, INC 3,225
400 GREATER BAY BANCORP 17,150
800 * HAMILTON BANCORP, INC 14,200
700 HUDSON RIVER BANCORP, INC 7,087
4,868 HUDSON UNITED BANCORP 124,438
1,620 * IMPERIAL BANCORP 39,082
500 INDEPENDENT BANK CORP 6,250
29,175 MBNA CORP 795,018
800 NATIONAL COMMERCE BANCORP 18,150
210 NATIONAL PENN BANCSHARES, INC 5,276
1,200 * NETBANK, INC 22,200
3,200 NORTHERN TRUST CORP 169,600
2 OLD NATIONAL BANCORP 64
100 OMEGA FINANCIAL CORP 2,900
200 PACIFIC CAPITAL BANCORP 6,150
300 PREMIER BANCSHARES, INC 4,087
5,950 PROVIDIAN FINANCIAL CORP 541,821
100 REPUBLIC BANCORP, INC (KENTUCKY) 856
25 ROSLYN BANCORP, INC 462
100 S & T BANCORP, INC 2,318
1,164 * SI CORP 90,937
100 SANDY SPRING BANCORP, INC 2,700
300 SHORELINE FINANCIAL CORP 5,550
5,352 SKY FINANCIAL GROUP, INC 107,709
300 * SOUTHWEST BANCORP OF TEXAS, INC 5,943
2,200 STATE STREET CORP 160,737
300 STERLING BANCSHARES, INC 3,356
3,350 SYNOVUS FINANCIAL CORP 66,581
1,800 * TELEBANC FINANCIAL CORP 46,800
800 TEXAS REGIONAL BANCSHARES, INC
(CLASS A) 23,200
600 TRIANGLE BANCORP, INC 11,625
700 TRUST CO OF NEW JERSEY 16,012
400 TRUSTCO BANK CORP 5,300
399 U.S. BANCORP 9,501
600 U.S. TRUST CORP 48,112
700 UNITED BANKSHARES, INC 16,712
1,800 W HOLDING CO, INC 18,675
440 WEST COAST BANCORP (OREGON) 5,940
1,300 ZIONS BANCORP 76,943
------------
5,159,525
------------
EATING AND DRINKING PLACES--0.25%
1,100 APPLEBEES INTERNATIONAL, INC 32,450
2,300 * CEC ENTERTAINMENT, INC 65,262
1,760 CKE RESTAURANTS, INC 10,340
687 * CONSOLIDATED PRODUCTS, INC 6,955
100 * DAVE & BUSTERS, INC 818
300 * IHOP CORP (NEW) 5,006
3,200 * JACK IN THE BOX, INC 66,200
4,800 MARRIOTT INTERNATIONAL
(CLASS A) 151,500
27,100 MCDONALD'S CORP 1,092,468
200 MORRISON MANAGEMENT
SPECIALISTS, INC 4,312
600 * NPC INTERNATIONAL, INC 4,725
1,350 * OUTBACK STEAKHOUSE, INC 35,015
100 * P F CHANGS CHINA BISTRO, INC 2,487
900 * PAPA JOHNS INTERNATIONAL, INC 23,456
800 x* PLANET HOLLYWOOD, INC (CLASS A) 57
2,000 RUBY TUESDAY, INC 36,375
250 SODEXHO MARRIOTT SERVICES, INC 3,250
1,100 * SONIC CORP 31,350
300 * THE CHEESECAKE FACTORY CO 10,500
3,060 * TRICON GLOBAL RESTAURANTS, INC 118,192
700 * U.S. FOODSERVICE, INC 11,725
1,400 VIAD CORP 39,025
------------
1,751,468
------------
44 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
EDUCATIONAL SERVICES--0.02%
2,050 * APOLLO GROUP, INC (CLASS A) $ 41,128
2,200 * DEVRY, INC 40,975
1,200 * EDUCATION MANAGEMENT CORP 16,800
100 * ITT EDUCATIONAL SERVICES, INC 1,543
200 * LEARNING TREE
INTERNATIONAL, INC 5,600
2,050 * SYLVAN LEARNING SYSTEMS, INC 26,650
------------
132,696
------------
ELECTRIC, GAS, AND SANITARY SERVICES--0.20%
5,300 * AES CORP 396,175
7,100 * ALLIED WASTE INDUSTRIES, INC 62,568
2,700 BLACK HILLS CORP 59,906
1,400 * CALPINE CORP 89,600
700 * NEWPARK RESOURCES, INC 4,287
300 * REPUBLIC SERVICES, INC (CLASS A) 4,312
12 TEXAS UTILITIES CO 426
700 * WASTE CONNECTIONS, INC 10,106
23,555 WASTE MANAGEMENT, INC 404,851
11,900 WILLIAMS COS, INC 363,693
------------
1,395,924
------------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--16.71%
500 * ACTEL CORP 12,000
1,600 * ACTV, INC 73,100
300 * ADAPTIVE BROADBAND CORP 22,143
5,700 * ADC TELECOMMUNICATIONS, INC 413,606
1,100 * ADTRAN, INC 56,581
400 * ADVANCED ENERGY INDUSTRIES, INC 19,700
2,700 * ADVANCED FIBRE COMMUNICATIONS 120,656
700 * ADVANCED MICRO DEVICES, INC 20,256
1,100 * AEROFLEX, INC 11,412
1,100 * ALPHA INDUSTRIES, INC 63,043
7,100 * ALTERA CORP 351,893
3,600 * AMERICAN POWER
CONVERSION CORP 94,950
1,200 * AMERICAN SUPERCONDUCTOR CORP 33,600
125,300 * AMERICAN TOWER SYSTEMS
(CLASS A) 3,829,481
400 * AMERICAN XTAL TECHNOLOGY, INC 6,975
2,600 AMETEK, INC 49,562
3,300 * AMKOR TECHNOLOGY, INC 93,225
900 * AMPHENOL CORP (CLASS A) 59,906
500 * ANADIGICS, INC 23,593
57,400 * ANALOG DEVICES, INC 5,338,200
1,100 * ANCOR COMMUNICATIONS, INC 74,662
1,600 * ANDREW CORP 30,300
500 * ANTEC CORP 18,250
14,100 * APPLIED MICRO CIRCUITS CORP 1,794,225
100 * ARGUSS HOLDINGS, INC 1,300
1,400 * ARTESYN TECHNOLOGIES, INC 29,400
1,400 * ASPECT COMMUNICATIONS CORP 54,775
42,600 * ATMEL CORP 1,259,362
200 BALDOR ELECTRIC CO 3,625
600 * BENCHMARK ELECTRONICS, INC 13,762
1,300 BMC INDUSTRIES, INC 6,337
2,200 * BROADCOM CORP (CLASS A) 599,225
750 * BURR BROWN CORP 27,093
500 * C-COR.NET CORP 38,312
400 * CARRIER ACCESS CORP 26,925
500 * CATAPULT COMMUNICATIONS CORP 4,968
2,500 * CELLNET DATA SYSTEMS, INC 2,812
58,400 * CIENA CORP 3,358,000
2,166 * COMMSCOPE, INC 87,316
2,632 * COMVERSE TECHNOLOGY, INC 380,982
6,500 * CONEXANT SYSTEMS, INC 431,437
1,100 * CREE RESEARCH, INC 93,912
1,400 CTS CORP 105,525
2,300 * CYPRESS SEMICONDUCTOR CORP 74,462
800 DALLAS SEMICONDUCTOR CORP 51,550
1,800 * DIGITAL MICROWAVE CORP 42,187
1,400 * DII GROUP, INC 99,356
900 * E-TEK DYNAMICS, INC 121,162
1,600 * ECHOSTAR COMMUNICATIONS CORP
(CLASS A) 156,000
200 * ELECTRO SCIENTIFIC
INDUSTRIES, INC 14,600
600 * EMCORE CORP 20,400
500 * EXECUTONE INFORMATION
SYSTEMS, INC 2,718
1,429 * FINISAR CORP 128,431
227,487 GENERAL ELECTRIC CO 35,203,613
4,900 * GENERAL INSTRUMENT CORP 416,500
675 * GENERAL SEMICONDUCTOR, INC 9,576
400 * GLOBIX CORP 24,000
100 * HADCO CORP 5,100
900 * HARMONIC LIGHTWAVES, INC 85,443
900 HELIX TECHNOLOGY CORP 40,331
200 * HI / FN, INC 7,750
1,200 * HMT TECHNOLOGY CORP 4,800
300 * HUTCHINSON TECHNOLOGY, INC 6,375
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 45
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT--(CONTINUED)
300 * INET TECHNOLOGIES, INC $ 20,962
400 INNOVEX, INC 3,750
318,658 INTEL CORP 26,229,536
400 INTER-TEL, INC 10,000
1,500 * INTERDIGITAL COMMUNICATIONS
CORP 112,500
600 * INTERNATIONAL RECTIFIER CORP 15,600
600 * INTERVOICE-BRITE, INC 13,950
400 * IPC COMMUNICATIONS, INC 28,400
1,700 * JABIL CIRCUIT, INC 124,100
9,200 * JDS UNIPHASE CORP 1,484,075
300 * KEMET CORP 13,518
500 * KOMAG, INC 1,562
1,400 * KOPIN CORP 58,800
1,400 * L-3 COMMUNICATIONs HOLDINGS, INC 58,275
400 * LASERSIGHT, INC 4,000
1,800 * LATTICE SEMICONDUCTOR CORP 84,825
6,200 LINEAR TECHNOLOGY CO 443,687
1,700 * LITTLEFUSE, INC 41,251
45,000 * LSI LOGIC CORP 3,037,500
10,600 * MAXIM INTEGRATED PRODUCTS 500,187
500 * MAXWELL TECHNOLOGIES, INC 5,000
3,500 MAYTAG CO 168,000
1,500 METHODE ELECTRONICS, INC
(CLASS A) 48,187
500 * METRICOM, INC 39,312
1,000 * MICREL, INC 56,937
2,300 * MICROCHIP TECHNOLOGY, INC 157,406
1,500 * MICRON TECHNOLOGY, INC 116,625
1,200 * MMC NETWORKS, INC 41,250
1,600 MOLEX, INC 90,700
7,500 MOTOROLA, INC 1,104,375
1,100 * NEOMAGIC CORP 12,031
18,408 * NOKIA OYJ ADR 3,497,520
900 * NVIDIA CORP 42,243
500 * OAK INDUSTRIES, INC 53,062
1,100 * P-COM, INC 9,728
2,100 * PAIRGAIN TECHNOLOGIES, INC 29,793
800 * PARKERVISION, INC 24,600
500 * PHOTRONICS, INC 14,312
1,200 PITTWAY CORP (CLASS A) 53,775
1,000 * PLANTRONICS, INC 71,562
1,000 * PLEXUS CORP 44,000
900 * PLX TECHNOLOGY, INC 17,043
2,600 * PMC-SIERRA, INC 416,812
1,000 * POLYCOM, INC 63,687
1,100 * POWER INTEGRATIONS, INC 52,731
100 * POWER-ONE, INC 4,581
500 * POWERWAVE TECHNOLOGIES, INC 29,187
1,600 * QLOGIC CORP 255,800
23,200 * QUALCOMM, INC 4,086,100
500 * RAMBUS, INC 33,718
900 * RAYOVAC CORP 16,987
2,100 * RF MICRO DEVICES, INC 143,718
1,100 * S3, INC 12,718
400 * SALTON, INC 13,375
2,200 * SANMINA CORP 219,725
1,200 * SAWTEK, INC 79,875
1,800 * SCI SYSTEMS, INC 147,937
2,600 SCIENTIFIC-ATLANTA, INC 144,625
400 * SCM MICROSYSTEMS, INC 25,575
900 * SDL, INC 196,200
1,500 * SEMTECH CORP 78,187
200 * SIPEX CORP 4,912
200 * SLI, INC 2,712
42,806 * SOLECTRON CORP 4,071,920
897 * SYCAMORE NETWORKS, INC 276,276
800 TECHNITROL, INC 35,600
1,400 * TEKELEC 31,500
13,532 * TELLABS, INC 868,585
700 * TERAYON COMMUNICATION
SYSTEMS, INC 43,968
84,247 TEXAS INSTRUMENTS, INC 8,161,428
1,300 * TITAN CORP 61,262
1,000 * TRANSWITCH CORP 72,562
700 * TRIQUINT SEMICONDUCTOR, INC 77,875
600 * TUT SYSTEMS, INC 32,175
400 * VARIAN SEMICONDUCTOR
EQUIPMENT ASSOCIATES, INC 13,600
200 * VICOR CORP 8,100
6,000 * VITESSE SEMICONDUCTOR CORP 314,625
2,600 * WEBLINK WIRELESS, INC 40,300
100 * WESTELL TECHNOLOGIES, INC
(CLASS A) 1,075
2,200 * WORLD ACCESS, INC 42,350
54,600 * XILINX, INC 2,482,593
800 * Zenith Electronics Corp 0
400 * ZIXIT CORP 15,850
600 * ZOMAX, INC 27,150
------------
116,342,636
------------
46 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
ENGINEERING AND MANAGEMENT SERVICES--0.11%
400 * AHL SERVICES, INC $ 8,350
2,800 * CATALYTICA, INC 37,975
800 * CELGENE CORP 56,000
100 * CHARLES RIVER ASSOCIATES 3,350
725 * CIRCLE.COM 8,926
300 * CORPORATE EXECUTIVE BOARD CO 16,762
1,900 * COVANCE, INC 20,543
500 * DATA TRANSMISSION NETWORK CORP 8,625
350 * DIAMOND TECHnology PARTNERS, INC
(CLASS A) 30,078
500 * ENTREMED, INC 12,812
1,000 * F.Y.I., INC 34,000
200 * FIRST CONSULTING GROUP, INC 3,100
300 * FLYCAST COMMUNICATIONS CORP 38,981
900 GARTNER GROUP, INC (CLASS A) 13,725
500 * INCYTE PHARMACEUTICALS, INC 30,000
900 LANDAUER, INC 19,687
300 * LASON, INC 3,300
500 * MARKETING SERVICES GROUP 8,375
200 * MAXIMUS, INC 6,787
2,200 * NAVIGANT CONSULTING CO 23,925
100 * NEXTERA ENTERPRISES, INC 1,287
1,100 * NFO WORLDWIDE, INC 24,612
100 * PAREXEL INTERNATIONAL CORP 1,181
950 * PROFIT RECOVERY GROUP
INTERNATIONAL 25,234
3,682 * QUINTILES TRANSNATIONAL CORP 68,807
400 * RENAISSANCE WORLDWIDE, INC 2,950
8,200 SERVICEMASTER CO 100,962
400 TEJON RANCH CO 9,500
500 * TETRA TECH, INC 7,687
100 * URS CORP 2,168
1,500 * VALENCE TECHNOLOGY, INC 28,500
1,000 * WACKENHUT CORRECTIONS CORP 11,687
1,100 * WHITTMAN HART, INC 58,987
200 * XCEED, INC 8,300
------------
737,163
------------
FABRICATED METAL PRODUCTS--0.27%
200 * ALLIANT TECHSYSTEMS, INC 12,462
500 BARNES GROUP, INC 8,156
43,800 GILLETTE CO 1,804,012
200 * NCI BUILDING SYSTEMS, INC 3,700
1,000 * SIMPSON MANUFACTURING CO, INC 43,750
500 * TOWER AUTOMOTIVE, INC 7,718
600 * U.S. CAN CORP 11,925
------------
1,891,723
------------
FOOD AND KINDRED PRODUCTS--1.63%
90 * AGRIBRANDS INTERNATIONAL, INC 4,140
400 * AMERICAN ITALIAN PASTA CO
(CLASS A) 12,300
5,300 ANHEUSER-BUSCH COS, INC 375,637
100 * BERINGER WINE ESTATES
HOLDINGS, INC (CLASS B) 3,987
6,200 BESTFOODS, INC 325,887
6,500 CAMPBELL SOUP CO 251,468
400 * CANANDAIGUA BRANDS, INC
(CLASS A) 20,400
103,500 COCA COLA CO 6,028,875
10,500 COCA COLA ENTERPRISES, INC 211,312
2,500 * DEL MONTE FOODS CO 30,781
300 EARTHGRAINS CO 4,837
1,600 FLOWERS INDUSTRIES, INC 25,500
4,500 GENERAL MILLS, INC 160,875
100 * HAIN FOOD GROUP, INC 2,237
2,400 HEINZ (H.J.) CO 95,550
1,000 HERSHEY FOODS CORP 47,500
1,900 * INTERNATIONAL HOME FOODS, INC 33,012
1,800 * KEEBLER FOODS CO 50,625
4,100 KELLOGG CO 126,331
1,500 LANCE, INC 15,000
5,200 PEPSI BOTTLING GROUP, INC 86,125
59,000 PEPSICO, INC 2,079,750
1,900 PILGRIMS PRIDE CORP (CLASS B) 15,793
2,900 QUAKER OATS CO 190,312
3,500 RALSTON PURINA CO 97,562
34,300 SARA LEE CORP 756,743
1,500 * SMITHFIELD FOODS, INC 36,000
1,133 TOOTSIE ROLL INDUSTRIES, INC 37,318
1,400 UNIVERSAL FOODS CORP 28,525
1,260 * VLASIC FOODS INTERNATIONAL, INC 7,166
1,900 WHITMAN CORP 25,531
1,400 WRIGLEY (WM) JR CO 116,112
------------
11,303,191
------------
FOOD STORES--0.70%
2,800 ALBERTSONS, INC 90,300
2,400 * GRAND UNION CO 24,300
400 HANNAFORD BROTHERS, INC 27,725
34,500 * KROGER CO 651,187
108,200 * SAFEWAY, INC 3,847,862
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 47
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
FOOD STORES--(CONTINUED)
6,600 * STARBUCKS CORP $ 160,050
600 * WHOLE FOODS MARKET, INC 27,825
1,850 * WILD OATS MARKETS, INC 41,046
------------
4,870,295
------------
FURNITURE AND FIXTURES--0.39%
1,150 ETHAN ALLEN INTERIORS, INC 36,871
3,100 * FURNITURE BRANDS
INTERNATIONAL, INC 68,200
1,600 HON INDUSTRIES, INC 35,100
3,600 MILLER (HERMAN), INC 82,800
86,845 NEWELL RUBBERMAID, INC 2,518,505
------------
2,741,476
------------
FURNITURE AND HOMEFURNISHINGS STORES--0.76%
4,600 * BED BATH & BEYOND, INC 159,850
6,600 * BEST BUY, INC 331,237
800 * CDNOW, INC 7,900
5,900 CIRCUIT CITY STORES-CIRCUIT
CITY GROUP 265,868
3,100 * COMPUSA, INC 15,887
300 * CREATIVE COMPUTERS, INC 2,193
800 * CYBERIAN OUTPOST, INC 7,950
400 * GUITAR CENTER, INC 4,025
900 HAVERTY FURNITURE COS, INC 11,362
1,800 * LINENS `N THINGS, INC 53,325
1,300 * MUSICLAND STORES CORP 10,968
4,300 PIER 1 IMPORTS, INC 27,412
600 * RESTORATION HARDWARE, INC 4,087
87,400 TANDY CORP 4,298,987
800 * TRANS WORLD ENTERTAINMENT CORP 8,400
1,500 * WILLIAMS-SONOMA, INC 69,000
------------
5,278,451
------------
GENERAL BUILDING CONTRACTORS--0.01%
300 * NVR, INC 14,325
2,200 STANDARD-PACIFIC CORP 24,200
300 * TOLL BROTHERS, INC 5,587
------------
44,112
------------
GENERAL MERCHANDISE STORES--1.48%
525 * 99 CENTS ONLY STORES 20,081
500 * AMES DEPARTMENT STORES, INC 14,406
2,900 CASEYS GENERAL STORES, INC 30,268
2,100 * CONSOLIDATED STORES CORP 34,125
900 * COST PLUS, INC 32,062
7,600 * COSTCO WHOLESALE CORP 693,500
14,900 DAYTON HUDSON CORP 1,094,218
6,025 DOLLAR GENERAL CORP 137,068
2,800 * DOLLAR TREE STORES, INC 135,625
300 * FACTORY 2-U STORES, INC 8,512
4,800 FAMILY DOLLAR STORES, INC 78,300
6,100 * KOHLS CORP 440,343
400 * NEIMAN MARCUS GROUP, INC
(CLASS A) 11,175
1,300 * SAKS, INC 20,231
200 * TUESDAY MORNING CORP 3,687
109,300 WAL-MART STORES, INC 7,555,362
------------
10,308,963
------------
HEALTH SERVICES--0.06%
400 * ADVANCE PARADIGM, INC 8,625
200 * ALTERRA HEALTHCARE CORP 1,662
1,400 * APPLIED ANALYTICAL
INDUSTRIES, INC 12,775
200 * CAREMATRIX CORP 500
200 * CURATIVE HEALTH SERVICES, INC 1,550
735 * ENZO BIOCHEMICAL, INC 33,120
1,200 * EXPRESS SCRIPTS, INC 76,800
7,650 * HEALTH MANAGEMENT ASSOCIATES,
INC (CLASS A) (NEW) 102,318
4,148 * HEALTHSOUTH CORP 22,295
600 HOOPER HOLMES, INC 15,450
1,200 * LASER VISION CENTERS, INC 12,675
100 * LCA-VISION, INC 468
1,200 * LIFEPOINT HOSPITALS, INC 14,175
1,200 * LINCARE HOLDINGS, INC 41,625
300 * MARINER POST-ACUTE NETWORK, INC 21
900 * ORTHODONTIC CENTERS OF
AMERICA, INC 10,743
300 * PEDIATRIX MEDICAL GROUP, INC 2,100
1,800 * PHYCOR, INC 3,375
1,100 * RENAL CARE GROUP, INC 25,712
3,301 * TOTAL RENAL CARE HOLDINGS, INC 22,075
600 * UNIVERSAL HEALTH SERVICES, INC 21,600
800 x* VENCOR, INC 72
------------
429,736
------------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.02%
1,000 * DYCOM INDUSTRIES, INC 44,062
1,400 * INSITUFORM TECHNOLOGIES, INC
(CLASS A) 39,550
900 * MASTEC, INC 40,050
------------
123,662
------------
48 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
HOLDING AND OTHER INVESTMENT OFFICES--0.04%
26 APARTMENT INVESTMENT &
MANAGEMENT CO $ 1,035
1,800 BOSTON PROPERTIES, INC 56,025
1,200 COUSINS PROPERTIES, INC 40,725
600 EAST WEST BANCORP, INC 6,862
800 * FIDELITY HOLDINGS, INC 15,150
400 HEALTH CARE PROPERTY
INVESTORS, INC 9,550
2,700 MEDITRUST CORP PAIRED 14,850
500 NATIONAL GOLF PROPERTIES, INC 9,875
700 PENNSYLVANIA REAL ESTATE
INVESTMENT TRUST 10,193
2,817 STARWOOD FINANCIAL TRUST 47,712
500 * TELEsCAN, INC 12,343
800 TOWN & COUNTRY TRUST 14,350
800 VENTAS, INC 3,350
1,200 WEINGARTEN REALTY
INVESTORS, INC 46,725
------------
288,745
------------
HOTELS AND OTHER LODGING PLACES--0.02%
540 * CRESTLINE CAPITAL CORP 11,137
2,200 * EXTENDED STAY AMERICA, INC 16,775
5,044 HILTON HOTELS CORP 48,548
181 * MGM GRAND, INC 9,106
500 STARWOOD HOTELS & RESORTS
WORLDWIDE 11,750
900 * SUNTERRA CORP 10,350
600 * VAIL RESORTS, INC 10,762
------------
118,428
------------
INDUSTRIAL MACHINERY AND EQUIPMENT--14.02%
9,300 * 3COM CORP 437,100
1,500 * 3DFX INTERACTIVE, INC 14,718
100 * A.S.V., INC 1,362
3,100 * ADAPTEC, INC 154,612
700 * ADVANCED DIGITAL
INFORMATION CORP 34,037
600 * APEX, INC 19,350
500 * APPLE COMPUTER, INC 51,406
15,200 * APPLIED MATERIALS, INC 1,925,650
700 APPLIED POWER, INC (CLASS A) 25,725
400 * ASTEC INDUSTRIES, INC 7,525
500 * ASYST TECHNOLOGIES, INC 32,781
400 * ATMI, INC 13,225
400 * AUSPEX SYSTEMS, INC 4,100
4,310 BAKER HUGHES, INC 90,779
1,500 * BELL & HOWELL CO 47,718
3,000 BLACK & DECKER CORP 156,750
500 * BLACK BOX CORP 33,500
1,300 * C-CUBE MICROSYSTEMS, INC 80,925
1,300 * CABLETRON SYSTEMS, INC 33,800
276,154 * CISCO SYSTEMS, INC 29,582,997
39,384 COMPAQ COMPUTER CORP 1,065,829
1,600 * CONCURRENT COMPUTER CORP 29,900
800 * COOPER CAMERON CORP 39,150
400 * CYBEX COMPUTER PRODUCTS CORP 16,200
211,800 * DELL COMPUTER CORP 10,801,800
1,600 DONALDSON CO, INC 38,500
700 * EFAX.COM 5,053
143,948 * EMC CORP 15,726,319
1,300 * EMULEX CORP 146,250
600 * ENCAD, INC 2,868
700 * ETEC SYSTEMS, INC 31,412
900 * EXTREME NETWORKS, INC 75,150
1,116 * FOUNDRY NETWORKS, INC 336,683
600 * FSI INTERNATIONAL, INC 6,900
6,000 * GATEWAY, INC 432,375
500 * GLOBAL IMAGING SYSTEMS, INC 6,125
1,500 GRACO, INC 53,812
39,800 HEWLETT-PACKARD CO 4,534,712
100 * IN FOCUS SYSTEMS, INC 2,318
67,400 INTERNATIONAL BUSINESS
MACHINES CORP 7,279,200
10,700 * IOMEGA CORP 36,112
500 JLG INDUSTRIES, INC 7,968
500 * KRONOS, INC 30,000
300 * KULICHE & SOFFA INDUSTRIES, INC 12,768
1,100 * LAM RESEARCH CORP 122,718
5,400 * LEXMARK INTERNATIONAL GROUP
(CLASS A) 488,700
700 LINCOLN ELECTRIC HOLDINGS CO 14,437
400 LINDSAY MANUFACTURING CO 7,300
1,150 MANITOWOC, INC 39,100
2,400 * MAXTOR CORP 17,400
600 * MERCURY COMPUTER SYSTEMS, INC 21,000
700 * MICRON ELECTRONICS, INC 7,787
1,000 * MICROS SYSTEMS, INC 74,000
600 * MIPS TECHNOLOGIES, INC 31,200
1,000 * MTI TECHNOLOGY CORP 36,875
1,200 * NATIONAL INSTRUMENTS CORP 45,900
35,600 * NOVELLUS SYSTEMS, INC 4,362,112
10,600 PITNEY BOWES, INC 512,112
700 * PRESSTEK, INC 9,712
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 49
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
INDUSTRIAL MACHINERY AND
EQUIPMENT--(CONTINUED)
1,000 * PRI AUTOMATION, INC $ 67,125
500 * PROXIM, INC 55,000
1,200 * QUANTUM CORP-DLT & STORAGE
SYSTEMS GROUP 18,150
1,950 * QUANTUM CORP-HARD DISK
DRIVE GROUP 13,528
1,200 ROPER INDUSTRIES, INC 45,375
800 * SANDISK CORP 77,000
2,900 * SEAGATE TECHNOLOGY, INC 135,031
800 * SMITH INTERNATIONAL, INC 39,750
1,000 * SPECIALTY EQUIPMENT COS, INC 23,937
213 * SPEEDFAM-IPEC, INC 2,755
200 STANDEX INTERNATIONAL CORP 4,187
3,300 SYMBOL TECHNOLOGIES, INC 209,756
400 TENNANT CO 13,100
900 * TEREX CORP 24,975
436,206 TYCO INTERNATIONAL LTD 16,957,508
1,400 * ULTRATECH STEPPER, INC 22,575
12,000 * UNISYS CORP 383,250
800 * VISUAL NETWORKS, INC 63,400
400 WATKINS-JOHNSON CO 16,000
1,800 * WESTERN DIGITAL CORP 7,537
1,200 * XIRCOM, INC 90,000
800 * ZEBRA TECHNOLOGY CORP 46,800
------------
97,572,556
------------
INSTRUMENTS AND RELATED PRODUCTS--1.44%
300 * ACUSON CORP 3,768
600 * AFFYMETRIX, INC 101,812
2,000 * ANACOMP, INC 36,375
700 * AVID TECHNOLOGIES, INC 9,143
600 BAUSCH & LOMB, INC 41,062
2,700 BAXTER INTERNATIONAL, INC 169,593
1,700 BECKMAN COULTER, INC 86,487
6,000 BECTON DICKINSON & CO 160,500
3,300 BIOMET, INC 132,000
10,300 * BOSTON SCIENTIFIC CORP 225,312
800 * BRITESMILE, INC 6,500
700 * COGNEX CORP 27,300
800 * CONMED CORP 20,700
800 COOPER COS, INC 24,100
800 * CREDENCE SYSTEMS CORP 69,200
300 * CYBERONICS, INC 4,781
1,100 * CYMER, INC 50,600
600 * CYTYC CORP 36,637
1,300 DENTSPLY INTERNATIONAL, INC 30,712
1,200 * DIONEX CORP 49,425
200 * ECLIPSE SURGICAL TECHNOLOGY, INC 1,475
500 * FOSSIL, INC 11,562
700 * GENRAD, INC 11,287
700 * GLIATECH, INC 11,637
25,716 * GUIDANT CORP 1,208,652
400 * HOLOGIC, INC 2,300
600 INVACARE CORP 12,037
2,400 * KLA-TENCOR CORP 267,300
1,000 * LTX CORP 22,375
300 * MECHANICAL TECHNOLOGY, INC 6,975
1,000 * MEDICAL MANAGER CORP 84,250
98,768 MEDTRONIC, INC 3,598,859
400 MENTOR CORP 10,325
2,200 * METTLER-TOLEDO
INTERNATIONAL, INC 84,012
1,900 MILLIPORE CORP 73,387
600 * MINIMED, INC 43,950
300 * MKS INSTRUMENTS, INC 10,837
500 * MOLECULAR DEVICES CORP 26,000
400 MOVADO GROUP, INC 8,725
800 * NOVOSTE CORP 13,200
500 * OAKLEY, INC 2,781
300 * OCULAR SCIENCES, INC 5,662
400 OPTICAL COATING
LABORATORIES, INC 118,400
100 * OSTEOTECH, INC 1,337
23 * PANAVISION, INC (NEW) 107
3,900 PE CORP-PE BIOSYSTEMS GROUP 469,218
500 PERKINELMER, INC 20,843
1,100 * PINNACLE SYSTEMS, INC 44,756
600 * RESMED, INC 25,050
700 * RESPIRONICS, INC 5,578
1,429 * RUDOLPH TECHNOLOGIES, INC 47,871
1,300 * SCOTT TECHNOLOGIES, INC 24,537
1,700 * ST. JUDE MEDICAL, INC 52,168
1,800 * STERIS CORP 18,562
2,900 STRYKER CORP 201,912
1,300 * SUMMIT TECHNOLOGY, INC 15,193
1,400 * SUNRISE TECHNOLOGY
INTERNATIONAL, INC 16,537
3,600 * SYBRON INTERNATIONAL CORP 88,875
6,200 * TERADYNE, INC 409,200
300 * THERMO BIOANALYSIS CORP 5,512
500 * THERMO CARDIOSYSTEMS, INC 3,281
2,400 * THERMO ELECTRON CORP 36,000
1,500 * TRIMBLE NAVIGATION LTD 32,437
50 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
INSTRUMENTS AND RELATED
PRODUCTS--(CONTINUED)
400 * VARIAN, INC $ 9,000
600 * VEECO INSTRUMENTS, INC 28,087
400 * VENTANA MEDICAL SYSTEMS, INC 9,950
2,400 * VISX, INC 124,200
2,800 * WATERS CORP 148,400
1,100 * WESLEY JESSEN VISIONCARE, INC 41,662
53,919 XEROX CORP 1,223,287
------------
10,025,555
------------
INSURANCE AGENTS, BROKERS AND SERVICE--0.01%
300 BLANCH (E.W.) HOLDINGS, INC 18,375
600 CRAWFORD & CO (CLASS B) 8,175
1,800 * FIRST HEALTH GROUP CORP 48,375
100 GALLAGHER (ARTHUR J.) & CO 6,475
------------
81,400
------------
INSURANCE CARRIERS--0.73%
2,400 AFLAC, INC 113,250
6,662 AMERICAN INTERNATIONAL
GROUP, INC 720,328
52 * BERKSHIRE HATHAWAY, INC
(CLASS B) 95,160
70,950 CITIGROUP, INC 3,942,159
1,100 * MID ATLANTIC MEDICAL
SERVICES, INC 9,143
2,900 * OXFORD HEALTH PLANS, INC 36,793
400 * PACIFICARE HEALTH SYSTEMS, INC
(CLASS A) 21,200
600 PROGRESSIVE CORP 43,875
100 * PROVIDENT AMERICAN CORP 3,518
973 RADIAN GROUP, INC 46,460
100 * TRIAD GUARANTY, INC 2,275
1,100 UNITED HEALTHCARE CORP 58,437
300 * WELLPOINT HEALTH NETWORKS, INC 19,781
------------
5,112,379
------------
LEATHER AND LEATHER PRODUCTS--0.00%
94 * SAMSONITE CORP 546
1,100 STRIDE RITE CORP 7,150
200 * TIMBERLAND CO 10,575
------------
18,271
------------
LEGAL SERVICES--0.00%
1,000 * PREPAID LEGAL SERVICES, INC 24,000
LOCAL AND INTERURBAN PASSENGER TRANSIT--0.00%
1,800 LAIDLAW, INC (U.S.) 9,450
LUMBER AND WOOD PRODUCTS--0.02%
100 AMERICAN WOODMARK CORP 2,425
2,400 * CHAMPION ENTERPRISES, INC 20,550
8,200 CLAYTON HOMES, INC 75,337
400 * PALM HARBOR HOMES, INC 7,200
------------
105,512
------------
METAL MINING--0.03%
2,000 * BATTLE MOUNTAIN GOLD CO 4,125
8,500 * FREEPORT-MCMORAN COPPER &
GOLD, INC (CLASS B) 179,562
850 * STILLWATER MINING CO 27,093
------------
210,780
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.03%
900 * BLYTH INDUSTRIES, INC 22,106
1,000 BRADY CORP (CLASS A) 33,937
100 * DIRECT FOCUS, INC 2,775
500 * IDENTIX, INC 4,531
750 * JAKKS PACIFIC, INC 14,015
1,700 JOSTENS, INC 41,331
7,260 MATTEL, INC 95,287
------------
213,982
------------
MISCELLANEOUS RETAIL--0.83%
35,700 * AMAZON.COM, INC 2,717,662
1,500 * BARNES & NOBLE, INC 30,937
200 * BARNESANDNOBLE.COM, INC 2,837
2,200 * BORDERS GROUP, INC 35,337
1,200 * CDW COMPUTER CENTERS, INC 94,350
16,100 CVS CORP 642,993
1,100 * DUANE READE, INC 30,318
2,900 * E4L, INC 7,250
565 * EGGHEAD.COM, INC 9,145
200 ENESCO GROUP, INC 2,212
300 * ETOYS, INC 7,875
400 * FATBRAIN.COM, INC 10,025
1,800 * HANOVER DIRECT, INC 6,525
1,050 * INSIGHT ENTERPRISES, INC 42,656
600 * ITURF, INC 7,462
400 * LANDS END, INC 13,900
1,000 * MICHAELS STORES, INC 28,500
200 * MICRO WAREHOUSE, INC 3,700
11,300 * OFFICE DEPOT, INC 123,593
2,900 OMNICARE, INC 34,800
400 * PC CONNECTION, INC 13,800
4,100 * PETSMART, INC 23,575
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 51
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
MISCELLANEOUS RETAIL--(CONTINUED)
1,500 * SCHEIN (HENRY), INC $ 19,968
700 * SHOP AT HOME, INC 6,956
18,750 * STAPLES, INC 389,062
2,400 * SUNGLASS HUT INTERNATIONAL, INC 27,000
300 * SYSTEMAX, INC 2,550
2,300 TIFFANY & CO 205,275
87 * U.S. OFFICE PRODUCTS CO 271
800 * VALUE AMERICA, INC 4,050
1,200 * VALUEVISION INTERNATIONAL, INC 68,775
39,800 WALGREEN CO 1,164,150
100 * WHITEHALL JEWELLERS, INC 3,687
600 * ZALE CORP 29,025
------------
5,810,221
------------
MOTION PICTURES--0.56%
400 * AMC ENTERTAINMENT, INC 3,450
12,400 DISNEY (WALT) CO 362,700
1,500 * HOLLYWOOD ENTERTAINMENT CORP 21,750
800 * PIXAR, INC 28,300
48,000 TIME WARNER, INC 3,477,000
------------
3,893,200
------------
NONDEPOSITORY INSTITUTIONS--0.83%
10,600 AMERICAN EXPRESS CO 1,762,250
4,400 * AMERICREDIT CORP 81,400
700 * AMRESCO, INC 984
67,000 ASSOCIATES FIRST CAPITAL CORP 1,838,312
8,400 CAPITAL ONE FINANCIAL CORP 404,775
300 * COMPUCREDIT CORP 11,550
400 * CREDITRUST CORP 3,075
1,600 DORAL FINANCIAL CORP 19,700
6,100 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 380,868
1,500 * FINET.COM, INC 1,968
800 FINOVA GROUP, INC 28,400
300 * FIRST SIERRA FINANCIAL, INC 5,137
600 * FIRSTPLUS FINANCIAL GROUP, INC 42
17,300 FREDDIE MAC 814,181
2,919 HOUSEHOLD INTERNATIONAL, INC 108,732
500 * IMC MORTGAGE CO 5
2,000 METRIS COS, INC 71,375
900 * NEXTCARD, INC 25,987
5,700 SLM HOLDINGS CORP 240,825
200 X* SOUTHERN PACIFIC FUNDING CORP 6
------------
5,799,572
------------
NONMETALLIC MINERALS, EXCEPT FUELS--0.00%
500 AMCOL INTERNATIONAL CORP 8,062
------------
OIL AND GAS EXTRACTION--0.16%
1,900 ANADARKO PETROLEUM CORP 64,837
2,300 APACHE CORP 84,956
100 * ATWOOD OCEANICS, INC 3,862
800 BERRY PETROLEUM CO (CLASS A) 12,100
1,600 * BROWN (TOM), INC 21,400
200 * CAL DIVE INTERNATIONAL, INC 6,625
1,500 CONSOL ENERGY, INC 15,187
1,900 CROSS TIMBERS OIL CO 17,218
400 DEVON ENERGY CORP (NEW) 13,150
1,800 DIAMOND OFFSHORE DRILLING, INC 55,012
38 x* EAGLE GEOPHYSICAL, INC 0
4,000 ENSCO INTERNATIONAL, INC 91,500
800 * FOREST OIL CORP 10,550
684 * FRIEDE GOLDMAN HALTER, INC 4,745
1,500 * GLOBAL INDUSTRIES LTD 12,937
1,200 * GLOBAL MARINE, INC 19,950
4,700 * GREY WOLF, INC 13,512
8,800 HALLIBURTON CO 354,200
900 * HANOVER COMPRESSOR CO 33,975
32 KERR-MCGEE CORP 1,984
300 * KEY ENERGY SERVICES, INC 1,556
1,300 * NOBLE DRILLING CORP 42,575
200 POGO PRODUCING CO 4,100
600 * PRIDE INTERNATIONAL, INC 8,775
3,300 * R & B FALCON CORP 43,725
300 * STONE ENERGY CORP 10,687
400 * SYNTROLEUM CORP 3,250
1,000 * TRANSOCEAN SEDCO FOREX, INC 33,687
2,000 VASTAR RESOURCES, INC 118,000
400 * VINTAGE PETROLEUM, INC 4,825
400 * WEATHERFORD INTERNATIONAL 15,975
------------
1,124,855
------------
PAPER AND ALLIED PRODUCTS--0.19%
3,800 AVERY DENNISON CORP 276,925
1,700 * BUCKEYE TECHNOLOGIES, INC 25,287
6,700 FORT JAMES CORP 183,412
11,900 KIMBERLY-CLARK CORP 776,475
2,400 * MAIL-WELL, INC 32,400
600 * SHOREWOOD PACKAGING CORP 11,362
500 WAUSAU-MOSINEE PAPER CORP 5,843
------------
1,311,704
------------
52 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
PERSONAL SERVICES--0.03%
1,600 BLOCK (H&R), INC $ 70,000
2,400 CINTAS CORP 127,500
1,700 * COINSTAR, INC 23,800
900 REGIS CORP 16,987
------------
238,287
------------
PETROLEUM AND COAL PRODUCTS--0.02%
1,500 ELCOR CORP 45,187
91 TEXACO, INC 4,942
3,700 USX-MARATHON GROUP, INC 91,343
400 WD-40 CO 8,850
------------
150,322
------------
PRIMARY METAL INDUSTRIES--0.01%
1,200 BELDEN, INC 25,200
900 MATTHEWS INTERNATIONAL CORP
(CLASS A) 24,750
1,500 QUANEX CORP 38,250
900 * STEEL DYNAMICS, INC 14,343
------------
102,543
------------
PRINTING AND PUBLISHING--0.09%
600 CENTRAL NEWSPAPERS, INC (CLASS A) 23,625
400 * CONSOLIDATED GRAPHICS, INC 5,975
1,600 DOW JONES & CO, INC 108,800
2,000 HARLAND (JOHN H.) CO 36,625
800 * JOURNAL REGISTER CO 12,350
2,100 LEE ENTERPRISES, INC 67,068
800 MCGRAW HILL COS, INC 49,300
800 MEDIA GENERAL, INC (CLASS A) 41,600
1,900 MEREDITH CORP 79,206
1,100 NEW ENGLAND BUSINESS
SERVICES, INC 26,881
200 PENTON MEDIA, INC 4,800
1,300 * PRIMEDIA, INC 21,450
800 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) 23,400
1,200 TIMES MIRROR CO SERIES A 80,400
1,100 * TOPPS, INC 11,412
700 WILEY (JOHN) & SONS, INC (CLASS A)11,725
53 * WORKFLOW MANAGEMENT, INC 1,517
------------
606,134
------------
RAILROAD TRANSPORTATION--0.06%
4,900 KANSAS CITY SOUTHERN
INDUSTRIES, INC 365,662
1,600 * WISCONSIN CENTRAL TRANSIT CORP 21,500
------------
387,162
------------
REAL ESTATE--0.01%
1,100 * CATELLUS DEVELOPMENT CORP $ 14,093
800 * FAIRFIELD COMMUNITIES, INC 8,600
466 * INSIGNIA FINANCIAL GROUP, INC 4,048
700 * JONES LANG LA SALLE 8,312
1,200 * TRAMMELL CROW CO 13,950
------------
49,003
------------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.40%
800 APTARGROUP, INC 20,100
6,400 ILLINOIS TOOL WORKS, INC 432,400
43,300 NIKE, INC (CLASS B) 2,146,056
2,100 * SAFESKIN CORP 25,462
2,921 * SEALED AIR CORP 151,344
400 TREDEGAR CORP 8,275
1,200 TUPPERWARE CORP 20,325
400 * U.S. PLASTIC LUMBER CORP 3,075
------------
2,807,037
------------
SECURITY AND COMMODITY BROKERS--0.29%
1,400 * AFFILIATED MANAGERS GROUP, INC 56,612
2,100 * AMERITRADE HOLDINGS CORP
(CLASS A) 45,543
200 DUFF & PHELPS CREDIT RATING CO 17,787
6,700 * E TRADE GROUP, INC 175,037
1,300 EATON VANCE CORP 49,400
2,700 FEDERATED INVESTorS, INC 54,168
4,400 FRANKLIN RESOURCES, INC 141,075
900 * FRIEDMAN, BILLINGS, RAMSEY
GROUP, INC 7,087
700 INVESTMENT TECHNOLOGY
GROUP, INC 20,125
100 INVESTORS FINANCIAL
SERVICES CORP 4,600
700 JEFFERIES GROUP, INC (NEW) 15,400
600 JOHN NUVEEN CO (CLASS A) 21,637
2,800 * KNIGHT/TRIMARK GROUP, INC 128,800
100 * NATIONAL DISCOUNT BROKERS
GROUP, INC 2,637
3,100 PRICE (T. ROWE)
ASSOCIATES, INC 114,506
100 R&G FINANCIAL CORP (CLASS B) 1,150
600 RAYMOND JAMES FINANCIAL CORP 11,212
26,800 SCHWAB (CHARLES) CORP 1,028,450
880 SOUTHWEST SECURITIES
GROUP, INC 24,090
500 THE GOLDMAN SACHS GROUP, INC 47,093
800 UNITED ASSET MANAGEMENT CORP 14,850
1,445 WADDELL & REED FINANCIAL,
INC (CLASS A) 39,195
------------
2,020,454
------------
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 53
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
SOCIAL SERVICES--0.00%
500 * BRIGHT HORIZONS FAMILY
SOLUTIONS, INC $ 9,375
600 * RES-CARE, INC 7,650
------------
17,025
------------
SPECIAL TRADE CONTRACTORS--0.01%
1,000 APOGEE ENTERPRISES, INC 5,062
700 * COMFORT SYSTEMS U.S.A., INC 5,162
1,600 * QUANTA SERVICES, INC 45,200
200 * SERVICE EXPERTS, INC 1,162
------------
56,586
------------
STONE, CLAY, AND GLASS PRODUCTS--0.20%
1,700 CENTEX CONSTRUCTION
PRODUCTS, INC 66,300
10,000 CORNING, INC 1,289,375
1,200 * DEPARTMENT 56, INC 27,150
500 * DUPONT PHOTOMASKS, INC 24,125
300 FLORIDA ROCK INDUSTRIES, INC 10,331
200 LIBBEY, INC 5,750
------------
1,423,031
------------
TEXTILE MILL PRODUCTS--0.01%
1,500 * PUBLICARD, INC 9,843
2,000 WESTPOINT STEVENS, INC 35,000
------------
44,843
------------
TOBACCO PRODUCTS--0.19%
52,400 PHILIP MORRIS COS, INC 1,215,025
5,200 UST, INC 130,975
------------
1,346,000
------------
TRANSPORTATION BY AIR--0.01%
750 * ATLAS AIR, INC 20,578
600 * MIDWEST EXPRESS HOLDINGS, INC 19,125
------------
39,703
------------
TRANSPORTATION EQUIPMENT--2.46%
3,560 BOEING CO 147,962
98 BORG-WARNER AUTOMOTIVE, INC 3,969
500 CORDANT TECHNOLOGIES, INC 16,500
3,400 DANAHER CORP 164,050
400 FEDERAL SIGNAL CORP 6,425
1,800 GENERAL DYNAMICS CORP 94,950
63,625 * GENERAL MOTORS CORP (CLASS H) 6,108,000
2,800 * GENTEX CORP 77,700
30,970 HARLEY DAVIDSON, INC 1,984,015
900 * HAYES LEMMERZ
INTERNATIONAL, INC 15,693
57,800 HONEYWELL INTERNATIONAL, INC 3,334,337
1,900 * HOWMET INTERNATIONAL, INC 34,318
100 * KROLL-O `GARA CO $ 1,650
1,000 MASCOTECH, INC 12,687
2,600 MERITOR AUTOMOTIVE, INC 50,375
100 MODINE MANUFACTURING CO 2,500
1,400 * MONACO COACH CORP 35,787
1,100 POLARIS INDUSTRIES, INC 39,875
1,100 * SPX CORP 88,893
75,300 UNITED TECHNOLOGIES CORP 4,894,500
462 WESTINGHOUSE AIR BRAKE CO 8,200
------------
17,122,386
------------
TRANSPORTATION SERVICES--0.03%
1,700 C.H. ROBINSON WORLDWIDE, INC 67,575
100 * CHEAP TICKETS, INC 1,368
300 * EAGLE U.S.A. AIRFREIGHT, INC 12,937
1,200 EXPEDITORS INTERNATIONAL OF
WASHINGTON 52,575
2,900 GALILEO INTERNATIONAL, INC 86,818
15 * NAVIGANT INTERNATIONAL, INC 175
------------
221,448
------------
TRUCKING AND WAREHOUSING--0.02%
400 * AMERICAN FREIGHTWAYS CORP 6,475
1,800 * COVENANT TRANSPORT, INC
(CLASS A) 31,275
200 * IRON MOUNTAIN, INC 7,862
200 * LANDSTAR SYSTEM, INC 8,562
200 * M.S. CARRIERS, INC 4,775
400 * PIERCE LEAHY CORP 17,300
1,950 * SWIFT TRANSPORTATION CO, INC 34,368
------------
110,617
------------
WATER TRANSPORTATION--0.67%
96,962 CARNIVAL CORP (CLASS A) 4,635,995
WHOLESALE TRADE-DURABLE GOODS--0.05%
300 * ACTION PERFORMANCE COS, INC 3,450
300 * AVIATION SALES CO 4,950
200 * BOYDS COLLECTION LTD 1,387
1,700 * BRIGHTPOINT, INC 22,312
600 * CELLSTAR CORP 5,925
900 * CHS ELECTRONICS, INC 1,012
300 COMPX INTERNATIONAL, INC 5,512
1,500 * FISHER SCIENTIFIC
INTERNATIONAL, INC 54,187
600 * HA-LO INDUSTRIES, INC 4,500
800 IKON OFFICE SOLUTIONS, INC 5,450
1,400 * INGRAM MICRO, INC (CLASS A) 18,375
800 * JLK DIRECT DISTRIBUTION, INC
(CLASS A) 8,250
700 * KENT ELECTRONICS CORP 15,925
200 * KEYSTONE AUTOMOTIVE
INDUSTRIES, INC 1,175
54 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
SHARES/PRINCIPAL VALUE
- --------------------------------------------------------------------------------
WHOLESALE TRADE-DURABLE GOODS--(CONTINUED)
600 * LANIER WORLDWIDE, INC $ 2,325
800 * MSC INDUSTRIAL DIRECT CO
(CLASS A) 10,600
100 * NAVARRE CORP 575
1,500 * PATTERSON DENTAL CO 63,937
3,200 * PSS WORLD MEDICAL, INC 30,200
300 * SAFEGUARD SCIENTIFICS, INC 48,618
800 * SCP POOL CORP 20,750
400 * TECH DATA CORP 10,850
300 WATSCO, INC 3,468
------------
343,733
------------
WHOLESALE TRADE-NONDURABLE GOODS--1.00%
2,800 * AIRGAS, INC 26,600
2,100 * AMERISOURCE HEALTH CORP
(CLASS A) 31,893
300 * BARNETT RESOURCES CORP 8,831
2,275 BERGEN BRUNSWIG CORP (CLASS A) 18,910
127,905 CARDINAL HEALTH, INC 6,123,451
400 * CENTRAL GARDEN & PET CO 4,150
2,000 ENRON CORP 88,750
100 * KENNETH COLE PRODUCTIONS, INC 4,575
5,921 MCKESSON HBOC, INC 133,592
1,000 * NCS HEALTHCARE, INC (CLASS A) 2,406
2,700 * NU SKIN ENTERPRISES, INC
(CLASS A) 24,468
600 * PRIORITY HEALTHCARE CORP
(CLASS B) 17,362
1,427 * SCHOOL SPECIALTY, INC 21,583
100 * SYNCOR INTERNATIONAL CORP 2,912
11,600 SYSCO CORP 458,897
------------
6,968,380
------------
TOTAL COMMON STOCK
(COST $493,031,918) 659,313,071
------------
SHORT TERM INVESTMENTS--5.08%
U.S. GOVERNMENT AND AGENCIES--5.08%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
$ 1,500,000 (0)5.600%, 01/11/00 $ 1,497,667
2,300,000 (0)5.590%, 01/12/00 2,296,072
1,650,000 5.000%, 01/13/00 1,647,250
1,000,000 (0)5.600%, 01/13/00 998,133
2,000,000 (0)5.640%, 01/13/00 1,996,240
5,000,000 (0)5.720%, 01/25/00 4,980,933
10,000,000 (0)5.730%, 01/31/00 9,952,250
5,000,000 5.580%, 02/18/00 4,962,800
7,100,000 (0)5.550%, 03/16/00 7,017,906
------------
35,349,251
------------
TOTAL SHORT TERM INVESTMENTS
(COST $35,349,251) 35,349,251
------------
TOTAL PORTFOLIO
(COST $528,393,935) $694,676,724
------------
- -------------
* NON-INCOME PRODUCING
X IN BANKRUPTCY
(0) ALL OR A PORTION OF THESE SECURITIES HAVE BEEN SEGREGATED BY THE CUSTODIAN
TO COVER MARGIN OR OTHER REQUIREMENTS ON OPEN FUTURES CONTRACTS.
# RESTRICTED SECURITY-INVESTMENT IN SECURITY NOT REGISTERED UNDER THE
SECURITIES ACT OF 1933 OR NOT PUBLICLY TRADED ON FOREIGN MARKETS. AT
DECEMBER 31, 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
========
AT DECEMBER 31, 1999, THE AGGREGATE COST OF PORTFOLIO INVESTMENTS FOR FEDERAL
INCOME TAX PURPOSES WAS $531,573,536. NET REALIZED APPRECIATION AGGREGATED
$163,103,188, OF WHICH $187,191,460 RELATED TO APPRECIATED PORTFOLIO INVESTMENTS
AND $24,088,272 RELATED TO DEPRECIATED PORTFOLIO INVESTMENTS.
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 55
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS INTERNATIONAL EQUITY FUND
DECEMBER 31, 1999 SUMMARY BY INDUSTRY
- --------------------------------------------------------------------------------
VALUE %
- --------------------------------------------------------------------------------
BONDS
CORPORATE BONDS
HOLDING AND OTHER
INVESTMENT OFFICES $ 24,027 0.01%
INSURANCE CARRIERS 4,997 0.00
TRANSPORTATION EQUIPMENT 4,178 0.00
------------ ------
TOTAL CORPORATE BONDS
(COST $28,309) 33,202 0.01
------------ ------
TOTAL BONDS
(COST $28,309) 33,202 0.01
------------ ------
PREFERRED STOCK
APPAREL AND OTHER TEXTILE PRODUCTS 5,610 0.00
BUSINESS SERVICES 5,005,902 1.96
PRINTING AND PUBLISHING 189,203 0.07
STONE, CLAY, AND GLASS PRODUCTS 21,436 0.01
------------ ------
TOTAL PREFERRED STOCK
(COST $3,927,400) 5,222,151 2.04
COMMON STOCK
AMUSEMENT AND RECREATION SERVICES 160,623 0.06
APPAREL AND ACCESSORY STORES 225,950 0.09
APPAREL AND OTHER TEXTILE PRODUCTS 189,257 0.07
BUILDING MATERIALS AND
GARDEN SUPPLIES 379,894 0.15
BUSINESS SERVICES 37,934,686 14.83
CHEMICALS AND ALLIED PRODUCTS 8,605,924 3.36
COMMUNICATIONS 46,371,134 18.13
DEPOSITORY INSTITUTIONS 16,941,927 6.62
EATING AND DRINKING PLACES 2,279,693 0.89
ELECTRIC, GAS, AND SANITARY
SERVICES 2,706,049 1.06
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 46,006,231 17.98
ENGINEERING AND MANAGEMENT SERVICES 9,880 0.00
FABRICATED METAL PRODUCTS 94,242 0.04
FOOD AND KINDRED PRODUCTS 2,206,897 0.86
FOOD STORES 1,247,719 0.49
GENERAL BUILDING CONTRACTORS 206,565 0.08
GENERAL MERCHANDISE STORES 2,423,597 0.95
HEAVY CONSTRUCTION, EXCEPT BUILDING 594,363 0.23
HOLDING AND OTHER INVESTMENT
OFFICES 1,501,071 0.59
HOTELS AND OTHER LODGING PLACES 172,132 0.07
INDUSTRIAL MACHINERY AND EQUIPMENT 2,193,641 0.86
INSTRUMENTS AND RELATED PRODUCTS 6,749,601 2.64
INSURANCE AGENTS, BROKERS
AND SERVICE 274,354 0.11
INSURANCE CARRIERS 2,854,774 1.12
LOCAL AND INTERURBAN PASSENGER
TRANSIT 1,516,611 0.59%
LUMBER AND WOOD PRODUCTS 78,597 0.03
METAL MINING 460,678 0.18
MISCELLANEOUS MANUFACTURING
INDUSTRIES 168,959 0.07
MISCELLANEOUS RETAIL 729,947 0.29
MOTION PICTURES 48,088 0.02
NONDEPOSITORY INSTITUTIONS 2,612,916 1.02
OIL AND GAS EXTRACTION 1,155,921 0.45
PAPER AND ALLIED PRODUCTS 411,100 0.16
PETROLEUM AND COAL PRODUCTS 4,410,376 1.72
PRIMARY METAL INDUSTRIES 9,226,120 3.61
PRINTING AND PUBLISHING 8,940,770 3.50
RAILROAD TRANSPORTATION 216,888 0.08
REAL ESTATE 1,225,895 0.48
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS 1,660,094 0.65
SECURITY AND COMMODITY BROKERS 662,342 0.26
SPECIAL TRADE CONTRACTORS 96,890 0.04
STONE, CLAY, AND GLASS PRODUCTS 4,282,530 1.67
TEXTILE MILL PRODUCTS 26,760 0.01
TOBACCO PRODUCTS 223,290 0.09
TRANSPORTATION BY AIR 1,674,210 0.65
TRANSPORTATION EQUIPMENT 3,901,788 1.53
TRANSPORTATION SERVICES 3,432,855 1.34
TRUCKING AND WAREHOUSING 263,205 0.10
WATER TRANSPORTATION 465,024 0.18
WHOLESALE TRADE-DURABLE GOODS 60,427 0.02
WHOLESALE TRADE-NONDURABLE GOODS 411,137 0.16
------------ ------
TOTAL COMMON STOCK
(COST $148,597,370) 230,693,622 90.18
------------ ------
SHORT TERM INVESTMENTS
U.S. GOVERNMENT and AGENCIES 14,238,696 5.57
------------ ------
TOTAL SHORT TERM INVESTMENTS
(COST $14,238,696) 14,238,696 5.57
------------ ------
TOTAL PORTFOLIO
(COST $166,791,775) 250,187,671 97.80
OTHER ASSETS & LIABILITIES, NET 5,631,419 2.20
------------ ------
NET ASSETS $255,819,090 100.00%
============ ======
56 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS
STATEMENT OF INVESTMENTS (UNAUDITED) INTERNATIONAL EQUITY FUND
DECEMBER 31, 1999 SUMMARY BY COUNTRY
- --------------------------------------------------------------------------------
VALUE %
- --------------------------------------------------------------------------------
FOREIGN
AUSTRALIA $ 9,307,361 3.72%
AUSTRIA 177,723 0.07
BELGIUM 986,040 0.39
DENMARK 666,066 0.27
FINLAND 8,993,364 3.60
FRANCE 11,114,212 4.44
GERMANY 23,637,057 9.45
HONG KONG 11,459,955 4.58
INDIA 4,087,936 1.63
IRELAND 2,211,097 0.88
ISRAEL 530,437 0.21
ITALY 9,940,113 3.97
JAPAN 63,661,535 25.45
MALAYSIA 18,403 0.01
NETHERLANDS 7,355,794 2.94
NEW ZEALAND 139,701 0.06
NORWAY 231,192 0.09
PORTUGAL 832,161 0.33
SINGAPORE 9,832,926 3.93
SPAIN 4,493,482 1.80
SWEDEN 7,605,771 3.04
SWITZERLAND 4,306,035 1.72
THAILAND 399,760 0.16
UNITED KINGDOM 53,960,854 21.57
------------ ------
TOTAL FOREIGN 235,948,975 94.31
TOTAL SHORT TERM 14,238,696 5.69
------------ ------
TOTAL PORTFOLIO $250,187,671 100.00%
============ ======
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 57
<PAGE>
TIAA-CREF Mutual Funds STATEMENT OF INVESTMENTS INTERNATIONAL EQUITY FUND
December 31, 1999
PRINCIPAL/SHARES VALUE
- ------------------------------------------------------------------------
BONDS--0.01%
CORPORATE BONDS--0.01%
HOLDING AND OTHER INVESTMENT OFFICES--0.01%
BG TRANSCO HOLDINGS
5,000(1) 7.057%, 12/14/09 $ 8,074
5,000(1) 4.188%, 12/14/22 8,101
5,000(1) 7.000%, 12/16/24 7,852
------------
24,027
------------
INSURANCE CARRIERS--0.00%
AMP AUSTRALIA
82(2) 7.000%, 02/10/05 4,997
------------
TRANSPORTATION EQUIPMENT--0.00%
BRITISH AEROSPACE PLC
2,627(1) 7.450%, 11/30/03 4,178
------------
TOTAL CORPORATE BONDS
(COST $28,309) 33,202
------------
TOTAL BONDS
(COST $28,309) 33,202
------------
- -------
(1)DENOMINATED IN BRITISH POUND.
(2)DENOMINATED IN AUSTRALIAN DOLLAR.
PREFERRED STOCK--2.04%
APPAREL AND OTHER TEXTILE PRODUCTS--0.00%
50 ESCADA AG. 5,610
------------
BUSINESS SERVICES--1.96%
8,310 SAP AG. 5,005,902
------------
PRINTING AND PUBLISHING--0.07%
22,162 NEWS CORP LTD (LTD-VOTE) 189,203
------------
STONE, CLAY, AND GLASS PRODUCTS--0.01%
700 * DYCKERHOFF ZEMENTWERKE AG. 21,436
------------
TOTAL PREFERRED STOCK
(COST $3,927,400) 5,222,151
------------
COMMON STOCK--90.18%
AMUSEMENT AND RECREATION SERVICES--0.06%
1,100 EMI GROUP PLC 10,790
12,790 GRANADA GROUP LTD (CLASS A) 129,591
3,000 TABCORP HOLDINGS LTD 20,242
------------
160,623
------------
APPAREL AND ACCESSORY STORES--0.09%
500 *DOUGLAS HOLDINGS AG. $ 21,532
------------
4,400 HENNES & MAURITZ AB SERIES B 147,529
359 *SHIMAMAURA CO LTD 56,889
------------
225,950
------------
APPAREL AND OTHER TEXTILE PRODUCTS--0.07%
1,823 *AOYAMA TRADING CO LTD 39,052
9,624 BENETTON GROUP S.P.A. 22,103
9,000 *GUNZE LTD 23,946
1,000 KURARAY CO LTD 10,124
1,000 ONWARD KASHIYMA CO LTD 13,694
11,000 PACIFIC DUNLOP LTD 15,515
9,000 *RENOWN, INC 22,009
2,000 TOKYO STYLE CO LTD 16,433
3,000 WACOAL CORP 26,381
------------
189,257
------------
BUILDING MATERIALS AND GARDENSUPPLIES--0.15%
13,019 CRH PLC 280,654
7,933 MEYER INTERNATIONAL PLC 49,252
300 PORTLAND VALDERRIVAS S.A. 7,827
5,500 WOLSELEY PLC 42,161
------------
379,894
------------
BUSINESS SERVICES--14.83%
177 ADECCO S.A. (REGD) 137,847
83,800 *BMCMEDIA.COM 158,983
423 CAP GEMINI S.A. 107,379
93 CSK CORP 15,101
429 *DASSAULT SYSTEMS S.A. 27,960
670 *FREENET.DE AG. 74,106
341,000 *FREESERVE PLC 3,248,615
7,400 *FUJITSU SUPPORT & SERVICE, INC 3,626,541
800 *GETRONICS NV 63,825
261,700 HAYS PLC 4,166,511
300 *ISS INTERNATIONAL SERVICE
SYSTEM AS SE 20,192
2,000 *KYOWA EXEO CORP 17,411
600 *LAGARDERE S.C.A. 32,638
145,900 LOGICA PLC 3,762,288
23 MISYS PLC 358
3,300 *ORACLE CORP (JAPAN) 1,533,312
23,200 RENTOKIL INITIAL PLC 84,568
6,380 REUTERS GROUP PLC 87,513
3,900 *SAGE GROUP PLC 47,576
175 SAP AG. 86,203
58 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF Mutual Funds INTERNATIONAL EQUITY FUND
SHARES VALUE
- ------------------------------------------------------------------------
BUSINESS SERVICES--(Continued)
1,747 SECOM CO LTD $ 192,251
50,500 SECURICOR PLC 131,079
1,000 SECURITAS AB SERIES B FREE 18,117
900 *SEMA GROUP PLC 16,188
158,343 *SILVERLINE INDUSTRIES LTD 2,955,735
2,486 *SOFTBANK CORP 2,378,281
542,000 *SOLUTION 6 HOLDINGS LTD 5,885,966
18,675 *TISCALI S.P.A. 7,581,338
16,000 TOKYU CORP 38,971
3,200 TRANS COSMOS 1,364,770
30,204 WHARF HOLDINGS LTD 70,133
185 *WPP GROUP PLC 2,930
------------
37,934,686
------------
CHEMICALS AND ALLIED PRODUCTS--3.36%
2,100 AKZO NOBEL NV 105,348
10,000 ASAHI CHEMICAL INDUSTRY CO LTD 51,354
10,140 ASTRAZENECA PLC 429,458
3,919 AVENTIS S.A. 227,788
3,409 BASF AG. 175,136
3,700 BAYER AG. 175,178
519 BEIERSDORF AG. 34,850
2,000 BOC GROUP PLC 42,951
1,684 CHUGAI PHARMACEUTICALS CO LTD 18,202
92 DAICEL CHEMICAL INDUSTRIES LTD 256
3,515 DAIICHI PHARMACEUTICALs CO LTD 45,695
7,890 DENKI KAGKU KOGYO 23,539
2,644 EISAI CO LTD 50,821
2,700 *FANCL CORP 723,664
49,181 GLAXO WELLCOME PLC 1,389,719
7,600 IMPERIAL CHEMICAL INDUSTRY PLC 80,441
1,468 KANEKA CORP 18,768
26,387 KAO CORP 752,405
7,000 KUREHA CHEMICAL INDUSTRY CO LTD 17,186
409 L'AIR LIQUIDE 68,475
37 *LONZA AG. (REGD) 22,494
413 LOREAL S.A. 331,372
756 MERCK & CO KGAA 23,455
12,263 MITSUBISHI CHEMICAL CORP 43,183
9,000 MITSUBISHI GAS CHEMICAL CO, INC 17,519
15,461 *MONTEDISON S.P.A. 25,308
450 NOVARTIS AG. (REGD) 660,783
613 NOVO NORDISK AS (CLASS B) 81,358
2,400 *NYCOMED AMERSHAM PLC 14,939
1,000 ORICA LTD 5,370
14 ROCHE HOLDINGS AG.(BR) 228,614
91 ROCHE HOLDINGS AG.(GENUSSCHEINE) $ 1,080,203
3,486 SANKYO CO LTD 71,609
3,700 *SANOFI-SYNTHELABO S.A. 154,082
500 SCHERING AG. 60,440
4,750 SEKISUI CHEMICAL CO LTD 21,048
2,597 SHIN-ETSU CHEMICAL CO LTD 111,775
1,539 SHIONOGI & CO LTD 18,682
2,633 SHISEIDO & CO LTD 38,376
9,000 *SHOWA DENKO K.K. 10,300
34,129 SMITHKLINE BEECHAM/BECKMAN LTD 435,354
12,000 SUMITOMO CHEMICAL CO LTD 56,343
3,623 TAISHO PHARMACEUTICAL CO LTD 106,319
6,919 TAKEDA CHEMICAL INDUSTRIES LTD 341,788
13,000 TORAY INDUSTRIES, INC 50,357
3,000 *TOSOH CORP 11,444
4,714 UBE INDUSTRIES LTD 9,821
2,000 WESFARMERS LTD 16,446
3,000 YAMANOUCHI PHARMACEUTICAL CO LTD 104,764
100 ZODIAC S.A. 21,144
------------
8,605,924
------------
COMMUNICATIONS--18.13%
1,168 ALCATEL 268,261
8,400 BRITISH SKY BROADCASTING GROUP PLC 135,160
110,930 BRITISH TELECOMMUNICATIONS PLC 2,710,065
153,137 CABLE & WIRELESS HKT LTD 442,262
184,000 CABLE & WIRELESS PLC 3,116,629
665 CANAL PLUS S.A. 96,798
3,400 CARLTON COMMUNICATIONS PLC 33,104
39,150 *CHINA TELECOM LTD (Hong Kong)
(spons ADR) 5,033,221
113,700 *COLT TELECOM GROUP PLC 5,818,011
16,022 DEUTSCHE TELEKOM AG. 1,141,080
97,851 ERICSSON TELEFON (LM) AB SERIES B 6,297,001
5,376 FRANCE TELECOM S.A. 711,056
3,000 FUJIKURA LTD 11,914
800 *HIKARI TSUSHIN, INC 1,604,231
3,400 KONINKLIJKE KPN NV 331,881
12,300 MARCONI PLC 217,575
6,300 MEDIASET S.P.A. 97,986
111 NIPPON TELEGRAPH & TELEPHONE CORP 1,900,134
119 NTT MOBILE COMMUNICATIONS 4,574,701
25,600 *OLIVETTI GROUP S.P.A. 74,140
20,500 *PARTNER COMMUNICATIONS CO LTD ADR 530,437
15,950 PORTUGAL TELECOM S.A. 174,972
7,500 *SERVICOS TELECOMUNICACOE
MULTIMEDIA S.A. 426,637
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 59
<PAGE>
SHARES VALUE
- ------------------------------------------------------------------------
COMMUNICATIONS--(Continued)
57,000 SINGAPORE TELECOMMUNICATIONS LTD $ 117,695
149 SONERA OYJ 10,213
500 SWISSCOM AG. (REGD) 202,235
29,300 TELECOM CORP OF NEW ZEALAND 137,545
21,653 TELECOM ITALIA 305,369
38,731 TELECOM ITALIA MOBILE S.P.A. 432,683
2,200 TELE DANMARK AS 163,573
60,451 *TELEFONICA DE ESPANA S.A. 1,510,203
44,000 TELSTRA CORP 238,338
6,750 *TERRA NETWORKS S.A. 368,878
1,748 TOKYO BROADCASTING SYSTEMS, INC 59,161
999,935 VODAFONE AIRTOUCH PLC 4,952,770
85,200 *YOKOWO CO LTD 2,125,215
------------
46,371,134
------------
DEPOSITORY INSTITUTIONS-- 6.62%
6,000 ABBEY NATIONAL PLC 95,913
10,431 ABN-AMRO HOLDINGS NV 260,590
8,080 ALLIED IRISH BANK PLC 92,137
2,800 ARGENTARIA, CAJA POSTAL Y BCO HIPOTECA 65,804
205,000 ASAHI BANK LTD 1,263,332
3,226 BANCA COMMERCIALE ITALIANA S.P.A. 17,548
28,300 *BANCA DI ROMA 36,376
18,797 BANCA INTESA S.P.A. 76,308
3,226 *BANCA INTESA S.P.A. PUT WTS 11/15/02 5,654
6,500 *BANCA INTESA S.P.A. RISP 13,226
2,200 *BANCA POPOLARE DI MILANO 17,130
10,900 BANCO BILBAO VIZCAYA S.A. (REGD) 155,258
13,000 BANCO COMERCIAL PORTUGUES S.A. (REGD) 72,156
41 BANCO ESPIRITO SANTO S.A. 1,152
19,250 BANCO SANTANDER CENTRAL HISPANO S.A. 217,960
849 BANK AUSTRIA AG. 47,893
5,000 BANK OF FUKUOKA LTD 34,676
162,000 BANK OF TOKYO MITSUBISHI LTD 2,256,566
8,000 BANK OF YOKOHAMA LTD 36,858
2,542 BANQUE NATIONALE DE PARIS 234,558
21,315 BARCLAYS PLC 613,316
2,069 BAYERISCHE HYPO-UND VEREINSBANK AG. 141,309
282 *BPI-SGPS S.A. (REGD) 1,201
23,500 CHRISTIANIA BANK OG KREDITKASSE 115,922
1,900 CREDIT SUISSE GROUP (REGD) 377,684
7,000 DAIWA BANK LTD $ 20,541
7,786 *DBS GROUP HOLDINGS LTD 127,585
329 DEN DANSKE BANK AF 1871 36,090
1,134 *DEN NORSKE BANK ASA 4,659
3,156 *DEUTSCHE BANK AG. (REGD) 266,575
2,900 *DRESDNER BANK AG. (REGD) 157,750
3,500 FORENINGSSPARBANKEN AB 51,470
22,185 FUJI BANK LTD 215,492
2,000 GUNMA BANK LTD 13,009
15,400 HANG SENG BANK LTD 175,821
14,000 *HOKURIKU BANK LTD 33,141
48,307 HSBC HOLDINGS PLC (United Kingdom) 673,151
18,000 INDUSTRIAL BANK OF JAPAN LTD 173,433
2,000 JOYO BANK 9,194
2,500 KBC BANCASSURANCE HOLDINGS NV 134,733
31,757 LLOYDS TSB GROUP PLC 397,148
275 MERITA LTD 1,620
7,672 MITSUBISHI TRUST & BANKING CORP 67,542
13,000 MITSUI TRUST & BANKING CO LTD 29,375
12,400 NATIONAL AUSTRALIA BANK LTD 189,011
23,430 *OVERSEAS CHINESE BANKING CORP LTD 215,173
4,970 ROYAL BANK OF SCOTLAND PLC 88,115
321,359 SAKURA BANK LTD 1,860,952
7,490 SAN PAOLO-IMI S.P.A. 101,782
131,000 SANWA BANK LTD 1,592,816
2,000 SEVENTY-SEVEN (77) BANK LTD 20,952
6,000 SHIZUOKA BANK LTD 61,508
4,640 SKANDINAVISKA ENSKILDA BANKEN SERIES A 46,945
674 SOCIETE GENERALE S.A. 156,838
142,339 SUMITOMO BANK LTD 1,947,891
2,000 *SUNCORP-METWAY LTD 10,741
4,600 SVENSKA HANDELSBANKEN SERIES A 57,905
16,000 TOKAI BANK LTD 100,792
1,453 UBS AG. (REGD) 392,406
26,400 UNiCREDITO ITALIANO S.P.A. 129,778
500 *UNI BANKDANMARK AS (CLASS A) 35,211
110,880 *UNITED OVERSEAS BANK LTD 978,352
16,862 WESTPAC BANKING CORP 115,903
------------
16,941,927
------------
EATING AND DRINKING PLACES--0.89%
1,300 *AUTOGRILL S.P.A. 16,369
160,411 COMPASS GROUP PLC 2,201,633
1,870 SKYLARK CO LTD 43,992
100 SODEXHO ALLIANCE S.A. 17,699
------------
2,279,693
------------
60 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF Mutual Funds INTERNATIONAL EQUITY FUND
SHARES VALUE
- ------------------------------------------------------------------------
ELECTRIC, GAS, AND SANITARY SERVICES--1.06%
1,077 AGUAS DE BARCELONA S.A. $ 15,774
10 *AGUAS DE BARCELONA S.A. (NEW) 145
2,054 AUSTRALIA GAS LIGHT CO 12,012
20,635 *BG GROUP PLC 133,277
12,080 CENTRICA PLC 34,232
23,500 CLP HOLDINGS LTD 108,226
600 ELECTRABEL NV 196,433
8,700 ELECTRICIDADE DE PORTUGAL S.A. 151,879
5,500 ENDESA S.A. 109,201
38,500 *ENEL S.P.A. 161,337
2,500 GAS NATURAL SDG S.A. 57,595
1,988 HONG KONG & CHINA GAS CO LTD 2,723
4,600 IBERDROLA S.A. 63,761
5,900 ITALGAS S.P.A. 22,347
6,900 KANSAI ELECTRIC POWER CO, INC 120,208
2,700 NATIONAL GRID GROUP PLC 20,534
7,625 NATIONAL POWER PLC 44,138
11,000 OSAKA GAS CO LTD 26,469
600 *OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG. 84,315
3,200 RHEIN-WESTFALEN ELECTRIC AG. 125,394
10,600 SCOTTISH POWER PLC 80,273
700 SUEZ LYONNAISE DES EAUX 112,752
500 SUEZ LYONNAISE DES EAUX S.A. 80,134
700 SUEZ LYONNAISE (STRIP VVPR) 7
5,000 THAMES WATER PLC 62,327
4,239 TOHOKU ELECTRIC POWER CO, INC 63,027
9,046 TOKYO ELECTRIC POWER CO, INC 242,454
10,000 TOKYO GAS CO LTD 24,356
1,846 *UNION ELECTRICA FENOSA S.A. 32,244
2,731 UNITED UTILITIES PLC 28,376
2,800 VEBA AG. 136,092
3,177 VIAG AG. 58,246
3,275 VIVENDI S.A. 295,761
------------
2,706,049
------------
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT--17.98%
1,231 *ABB LTD 150,182
775 *ABB LTD (SWITZERLAND) 94,794
687 ADVANTEST CORP 181,444
1,798 ALPS ELECTRIC CO LTD 27,419
100 BANG & OLUFSEN HOLDINGS AS (CLASS B) 3,656
483 BARCO NV 67,630
5,000 BROTHERS INDUSTRIES LTD 11,493
1,943,000 *CCT TELECOM HOLDINGS LTD $ 1,437,222
75,300 *CHARTERED SEMICONDUCTOR
MANUFACTURING LTD ADR 5,496,900
129,000 *CLARION CO LTD 903,495
2,200 ELECTROCOMPONENTS PLC 24,351
2,011 ELECTROLUX AB SERIES B 50,629
4,000 EMAIL LTD 6,332
64,850 *EPCOS AG. 4,866,833
266,600 ERG LTD 1,491,202
54,894 FUJITSU LTD 2,502,269
6,000 FURUKAWA ELECTRIC CO LTD 90,971
22,033 HITACHI LTD 353,460
306,000 JOHNSON ELECTRIC HOLDINGS LTD 1,964,289
2,443 KONINKLIJKE PHILIPS ELECTRONICS NV 332,228
1,473 KYOCERA CORP 381,831
13,706 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD 379,420
17,000 MITSUBISHI ELECTRIC CORP 109,752
24,628 MURATA MANUFACTURING CO LTD 5,781,807
11,192 NIPPON ELECTRIC CORP 266,581
49,200 *NOKIA OYJ 8,921,088
1,000 PIONEER CORP 26,411
1,700 RACAL ELECTRONICS PLC 15,234
4,764 ROHM CO 1,957,240
14,892 SANYO ELECTRIC CO LTD 60,453
8,683 SHARP CORP 222,108
2,000 SIRTI S.P.A. 7,152
6,269 SONY CORP 1,858,078
35,300 ST MICROELECTRONICS NV 5,433,482
5,222 SUMITOMO ELECTRIC INDUSTRIES CO 60,326
834 TAIYO YUDEN CO LTD 49,438
1,753 TOKYO ELECTRON CO LTD 240,067
20,512 TOSHIBA CORP 156,504
3,458 YAMAHA CORP 22,460
------------
46,006,231
------------
ENGINEERING AND MANAGEMENT SERVICES-- 0.00%
1,073 SINGAPORE TECHNOLOGIES ENGINEERING LTD 1,661
800 VEDIOR NV 8,219
------------
9,880
------------
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 61
<PAGE>
TIAA-CREF Mutual Funds INTERNATIONAL EQUITY FUND
SHARES VALUE
- ------------------------------------------------------------------------
FABRICATED METAL PRODUCTS-- 0.04%
3,700 CARADON PLC $ 9,320
2,100 GKN PLC 33,060
1,000 *TAKARA STANDARD CO 4,959
1,000 TOSTEM CORP 17,949
2,000 TOYO SEIKAN KAISHA LTD 28,954
------------
94,242
------------
FOOD AND KINDRED PRODUCTS-- 0.86%
2,256 AJINOMOTO CO LTD 23,502
4,000 ASAHI BREWERIES LTD 43,744
700 AZUCARERA EBRO AGRICOLAS S.A. 10,210
4,200 BASS PLC 52,253
200 *BRAU UND BRUNNEN AG. 9,469
16,400 CADBURY SCHWEPPES LTD 99,039
500 CARLSBERG BREWERIES AS (CLASS A) 18,418
7,310 COCA COLA AMATIL LTD 19,893
400 DANISCO AS 15,601
509 DANONE GROUP 119,981
18,944 DIAGEO PLC (CLASS A) 152,332
40 ERIDANIA BEGHIN-SAY S.A. 4,303
16,000 *FOSTERS BREWING GROUP LTD 45,741
11,000 *GOODMAN FIELDER LTD 9,786
2,200 HEINEKEN NV 107,306
600 HOLSTEN BRAUEREI AG. 10,274
1,813 HOUSE FOODS CORP 27,488
168 KERRY GROUP (CLASS A) 2,013
8,626 KIRIN BREWERY CO LTD 90,707
565 LVMH MOET HENNESSY LOUIS VUITTON 253,102
2,000 MEIJI SEIKA KAISHA LTD 11,366
280 NESTLE S.A. (REGD) 512,975
6,000 NICHIREI CORP 15,553
1,000 NIPPON MEAT PACKERS, INC 12,961
9,158 NIPPON OIL & FATS CO LTD 21,679
12,000 *NIPPON SUISAN KAISHA LTD 18,429
901 ORKLA ASA 15,527
12,800 PARMALAT FINANZIARIA S.P.A. 16,375
637 PERNOD-RICARD S.A. 36,447
6,000 SOUTHCORP LTD 21,078
1,765 TAKARA SHUZO CO LTD 27,814
2,700 TATE & LYLE PLC 17,351
14,679 UNILEVER LTD 107,963
4,093 UNILEVER NV CERTificate 226,109
1,000 YAKULT HONSHA CO LTD 8,412
2,000 YAMAZAKI BAKING CO LTD 21,696
------------
2,206,897
------------
FOOD STORES-- 0.49%
1,962 CARREFOUR SUPERMARCHE S.A. $ 361,882
500 CASINO GUICHARD-PERRACHON S.A. 57,267
500 DELHAIZE FRERES NV 37,674
3,548 ITO-YOKADO CO LTD 385,238
73 JERONIMO MARTINS SGPS S.A. 1,867
4,495 KONINKLIJKE AHOLD NV 133,078
2,500 RINASCENTE S.P.A. 16,042
5,545 SAINSBURY (J) PLC 31,270
52,400 TESCO PLC 159,278
3,000 UNY CO LTD 29,316
10,154 WOOLWORTHS LTD 34,807
------------
1,247,719
------------
GENERAL BUILDING CONTRACTORS-- 0.08%
4,000 BARRATT DEVELOPMENTS PLC 18,213
2,200 *BERKELEY GROUP PLC 25,399
1,000 DAITO TRUST CONSTRUCTION CO LTD 11,151
5,000 DAIWA HOUSE INDUSTRY CO LTD 37,171
16,000 *FUJITA CORP 8,608
5,000 OBAYASHI CORP 23,623
1,548 SKANSKA AB SERIES B FREE 57,731
13,000 TAISEI CORP 24,669
------------
206,565
------------
GENERAL MERCHANDISE STORES-- 0.95%
10,167 COLES MYER LTD 52,332
400 *CORTEFIEL S.A. 10,476
6,000 *DAIMARU, INC 20,307
7,000 *DAVID JONES LTD 6,319
1,100 *DIXONS GROUP PLC 26,447
800 *HAGEMEYER NV 18,527
1,775 JUSCO CO LTD 30,923
800 *KARSTADT AG. 32,074
8,103 KINGFISHER PLC 89,886
8,900 MARKS & SPENCER PLC 42,358
2,646 MARUI CO LTD 39,497
1,544 METRO AG. 83,055
7,000 *MITSUKOSHI LTD 24,650
7,000 MYCAL CORP 30,470
721 PINAULT-PRINTEMPS-REDOUTE S.A. 190,290
8,500 RYOHIN KEIKAKU CO LTD 1,705,327
3,000 *TAKASHIMAYA CO LTD 20,659
------------
2,423,597
------------
62 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF Mutual Funds INTERNATIONAL EQUITY FUND
SHARES VALUE
- ------------------------------------------------------------------------
HEAVY CONSTRUCTION, EXCEPT BUILDING-- 0.23%
200 *ACS ACTIVIDADES DE CONSTRUCCION
Y SERVICIOS S.A. $ 4,744
1,719 AUTOPISTAS CONCESIONARIA ESPANOLA S.A. 16,710
600 *BILFINGER & BERGER AG. 13,055
100 *BOUYGUES S.A. 63,563
1,711 DRAGADOS Y CONSTRUCCIONES S.A. 15,098
800 *FOMENTO CONSTRUCCIONES Y CONTRATAS S.A. 16,278
4,000 GROUPE GTM 388,836
500 *HOCHTIEF AG. 18,635
7,000 *JGC CONSTRUCTION CORP 16,981
7,000 KAJIMA CORP 20,884
2,681 *MAEDA ROAD CONSTRUCTION CO LTD 12,981
100 *VA TECHNOLOGIE AG. (BR) 6,598
------------
594,363
------------
HOLDING AND OTHER INVESTMENT OFFICES-- 0.59%
8,886 ALLIED ZURICH PLC 104,670
1,500 *CANARY WHARF FINANCE PLC 9,288
1,546 DROTT AB SERIES B 17,642
80,640 HUTCHINSON WHAMPOA LTD 1,172,228
1,300 LAND SECURITIES PLC 14,567
3,475 *LEND LEASE CORP LTD 48,513
800 PROMISE CO LTD 40,692
5,000 SUMITOMO CORP 48,469
38,022 UNIONE IMMOBILIARE S.P.A. 17,618
14,000 *WESTFIELD TRUST (UNITS) 27,384
------------
1,501,071
------------
HOTELS AND OTHER LODGING PLACES-- 0.07%
2,000 ACCOR S.A. 96,645
9,100 HILTON GROUP PLC 29,130
58,000 *HONG KONG & SHANGHAI HOTELS LTD 38,425
700 *SOL MELIA S.A. 7,932
------------
172,132
------------
INDUSTRIAL MACHINERY AND EQUIPMENT-- 0.86%
5,412 *AMADA CO LTD 29,593
1,000 *ATLAS COPCO AB SERIES B FREE 28,470
900 *BUDERUS AG. 15,231
3,000 DAI NIPPON SCREEN MANUFACTURING CO LTD 17,900
2,000 *DAIKIN INDUSTRIES LTD $ 27,193
1,494 FANUC LTD 190,130
2,500 *FKI PLC 9,688
300 *FLS INDUSTRIES AS (CLASS B) 7,557
800 *INDUSTRIE-WERKE KARLSRUHE AUGSBURG AG. 16,842
29,000 KEPPEL CORP ltd 75,894
67,596 KOMATSU LTD 310,772
908 KOMORI CORP 17,310
12,000 KUBOTA CORP 45,896
400 *LINDE AG. 21,879
1,796 MAKITA CORP 16,162
4,000 MINEBEA CO LTD 68,590
26,000 MITSUBISHI HEAVY INDUSTRIES LTD 86,726
1,000 *MORI SEIKI CO LTD 13,401
174 NIDEC CORP 50,210
2,408 NSK LTD 16,464
6,296 NTN TOYO BEARING CO LTD 18,599
2,000 OMRON CORP 46,072
1,000 *SANDVIK AB SERIES A 31,352
75 *SIDEL S.A. 7,744
25,200 THK CO LTD 1,018,061
600 ZARDOYA OTIS S.A. 5,905
------------
2,193,641
------------
INSTRUMENTS AND RELATED PRODUCTS-- 2.64%
6,078 CANON, INC 241,384
3,759 CITIZEN WATCH CO LTD 23,900
300 *FRESENIUS MEDICAL CARE AG. 25,657
4,368 FUJI PHOTO FILM CO LTD 159,372
1,000 *GAMBRO AB (CLASS A) 9,000
9,200 IMI PLC 39,812
720,845 INVENSYS PLC 3,922,506
4,100 KEYENCE CORP 1,664,390
6,000 KONICA CORP 22,302
3,530 NIKON CORP 103,590
700 OCE NV 11,832
1,000 OLYMPUS OPTICAL CO LTD 14,134
22,000 RICOH CO LTD 414,478
171 *THE SWATCH GROUP AG. (REGD) 39,844
6,416 WILLIAMS PLC 29,189
4,000 YOKOGAWA ELECTRIC CORP 28,211
------------
6,749,601
------------
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 63
<PAGE>
TIAA-CREF Mutual Funds INTERNATIONAL EQUITY FUND
SHARES VALUE
- ------------------------------------------------------------------------
INSURANCE AGENTS, BROKERS ANDSERVICE-- 0.11%
7,558 FORTIS B $ 272,717
462 *FORTIS B CVG 07/20/01 1,596
4,158 *FORTIS B NPV (STRIP VVPR) 41
------------
274,354
------------
INSURANCE CARRIERS-- 1.12%
3,219 AEGON NV ARS 310,970
1,313 ALLIANZ AG. (REGD) 441,103
9,000 AMP LTD 99,091
5,460 ASSICURAZIONI GENERALI S.P.A. 180,404
2,000 AXA 278,834
5,900 CGU PLC 95,029
8,000 *COLONIAL LTD 35,640
34,600 INSTITUTO NAZIONALE DELLE ASSICURAZION 91,666
36,500 LEGAL & GENERAL GROUP PLC 99,308
5,000 MITSUI TAISHO MARINE & FIRE CO LTD 29,639
1,074 MUENCHENER RUECKVER AG. (REGD) 272,420
9,100 PRUDENTIAL PLC 179,264
2,000 *QBE INSURANCE GROUP LTD 9,289
3,700 *RAS S.P.A. 37,122
1,300 *SAI S.P.A. 14,549
3,000 SKANDIA FORSAKRINGS AB 90,705
4,000 SUMITOMO MARINE & FIRE INSURANCE CO 24,650
100 SWISS REINSURANCE 205,439
11,253 TOKIO MARINE & FIRE INSURANCE CO LTD 131,540
400 ZURICH ALLIED AG. 228,112
------------
2,854,774
------------
LOCAL AND INTERURBAN PASSENGERTRANSIT-- 0.59%
15 CENTRAL JAPAN RAILWAY CO 94,052
147 EAST JAPAN RAILWAY CO 792,304
244,717 STAGECOACH HOLDINGS PLC 630,255
------------
1,516,611
------------
LUMBER AND WOOD PRODUCTS-- 0.03%
1,653 CARTER HOLT HARVEY LTD 2,155
8,635 SEKISUI HOUSE LTD 76,442
------------
78,597
------------
METAL MINING-- 0.18%
40 *ALUSUISSE LONZA HOLDINGS AG. (REGD) $ 29,493
1,000 JOHNSON MATTHEY PLC 11,141
19,178 MIM HOLDINGS LTD 19,697
10,000 *MITSUBISHI MATERIALS CORP 24,454
688 *MITSUI MINING & SMELTING CO LTD 3,250
14,000 *NIPPON LIGHT METAL CO LTD 13,009
9,000 *NORMANDY MINING LTD 6,358
8,708 NORTH LTD 20,451
2,451 RIO TINTO LTD 52,466
6,738 RIO TINTO ltd PLC (REGD) 162,653
1,354 SMITH (HOWARD) LTD 9,212
1,029 SONS OF GWALIA NL 3,433
7,000 *SUMITOMO METAL MINING CO LTD 15,611
1,065 UNION MINIERE GROUP S.A. 41,411
8,742 WMC LTD 48,039
------------
460,678
------------
MISCELLANEOUS MANUFACTURINGINDUSTRIES-- 0.07%
100 *BIC S.A. 4,551
2,400 *BULGARI S.P.A. 21,565
860 NINTENDO CO LTD 142,843
------------
168,959
------------
MISCELLANEOUS RETAIL-- 0.29%
8,400 BOOTS CO LTD 81,652
4,800 GREAT UNIVERSAL STORES PLC 28,057
26,400 *QXL.COM PLC LTD 620,238
------------
729,947
------------
MOTION PICTURES-- 0.02%
700 EM.TV & MERCHANDISING AG. 45,129
935 RANK GROUP PLC 2,959
------------
48,088
------------
NONDEPOSITORY INSTITUTIONS-- 1.02%
839 ACOM CO LTD 82,152
500 CORPORACION FINANCIERE ALBA S.A. 17,104
1,000 *CREDIT SAISON CO LTD 17,411
10,997 HALIFAX PLC 121,900
81,600 *ICICI LTD (SPONS ADR) 1,132,200
6,734 ING GROEP NV 406,602
222 IRISH LIFE & PERMANENT PLC 2,102
3,100 MEDIOBANCA S.P.A. 31,633
4,000 NIPPON SHINPAN CO LTD 9,312
3,050 SCHROEDERS LTD 61,363
1,500 SHOHKOH FUND & CO 593,516
1,100 TAKEFUJI CORP 137,621
------------
2,612,916
------------
64 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF Mutual Funds INTERNATIONAL EQUITY FUND
SHARES VALUE
- ------------------------------------------------------------------------
OIL AND GAS EXTRACTION-- 0.45%
15,600 IHC CALAND NV $ 569,656
7,658 LONDON & SCOTTISH MARINE OIL PLC 14,560
164 *OMV AKTIENGESELLS AG. 15,942
259 TECHNIP S.A. 26,559
3,058 TOTAL FINA S.A. 408,162
900 TOTAL FINA S.A. (class B) 121,033
900 *TOTAL FINA S.A. (STRIP VVPR) 9
------------
1,155,921
------------
PAPER AND ALLIED PRODUCTS-- 0.16%
4,000 AMCOR LTD 18,668
4,227 *ARJO WIGGINS APPLETON PLC 15,357
600 *BUHRMANN NV 9,035
9,088 BUNZL PLC 50,039
300 EMPRESA NATIONAL DE CELULOSAS S.A. 5,998
1,036 *JEFFERSON SMURFIT GROUP PLC 3,130
9,000 *MITSUBISHI PAPER MILLS LTD 12,061
2,000 NGK INSULATORS LTD 14,848
5,802 NIPPON PAPER INDUSTRIES CO 31,952
3,107 NORD-EST S.A. 84,849
6,000 OJI PAPER CO LTD 36,095
2,900 REXAM PLC 11,706
1,920 SCA AB SERIES B 56,922
1,500 UPM-KYMMENE OY 60,440
------------
411,100
------------
PETROLEUM AND COAL PRODUCTS-- 1.72%
223,930 BP AMOCO PLC 2,250,834
7,800 BP AMOCO PLC (SPONS ADR) 462,637
15,617 BROKEN HILL PROPRIETARY CO LTD 204,342
7,000 COSMO OIL CO LTD 10,476
42,475 ENTE NAZIONALE IDROCARBURI S.P.A. 233,617
12,000 NIPPON MITSUBISHI OIL CO 52,822
2,266 NORSK HYDRO AS 95,082
6,325 REPSOL S.A. 146,671
15,000 ROYAL DUTCH PETROLEUM CO 919,458
7,100 SANTOS LTD 19,276
5,000 TEIKOKU OIL CO LTD 15,161
------------
4,410,376
------------
PRIMARY METAL INDUSTRIES-- 3.61%
300 *ACERINOX S.A. $ 11,967
9,054 *CORUS GROUP PLC 23,537
12,000 *JAPAN STEEL WORKS LTD 13,146
22,000 *KAWASAKI STEEL CORP 39,381
28,968 *MANNESMANN AG. (REGD) 6,988,826
40,000 NIPPON STEEL CORP 93,514
589 *PECHINEY S.A. 42,096
33,790 *PREUSSAG AKTIEGESELLSCHAFT AG. 1,882,320
1,180 *SUMITOMO HEAVY INDUSTRIES LTD 3,231
41,000 *SUMITOMO METAL INDUSTRIES LTD 30,881
2,500 *THYSSEN KRUPP AG. 76,180
1,120 USINOR 21,041
------------
9,226,120
------------
PRINTING AND PUBLISHING-- 3.50%
6,000 DAI NIPPON PRINTING CO LTD 95,666
281,500 ELSEVIER UTIGEVERSMIJ NV 3,363,127
756 MONDADORI (ARNOLDO) EDITORE S.P.A. 23,989
135,400 PEARSON PLC 4,381,353
5,000 REED INTERNATIONAL PLC 37,420
14,700 *SHOBUNSHA PUBLICATIONS, INC 920,281
5,000 TOPPAN PRINTING CO LTD 49,887
2,040 WOLTERS KLUWER NV 69,047
------------
8,940,770
------------
RAILROAD TRANSPORTATION-- 0.08%
1,000 BRAMBLES INDUSTRIES LTD 27,556
11,000 KEIHIN ELECTRIC EXPRESS RAILWAY 37,660
7,000 KINKI NIPPON RAILWAY CO LTD 28,074
4,130 MAYNE NICKLESS LTD 10,618
6,821 NIPPON EXPRESS CO LTD 37,698
4,483 RAILTRACK GROUP PLC 75,282
------------
216,888
------------
REAL ESTATE-- 0.48%
19,000 CHEUNG KONG HOLDINGS LTD 241,364
12,000 CITY DEVELOPMENT LTD 70,228
5,000 DAIWA KOSHO LEASE CO LTD 16,091
911 *DBS LAND LTD 1,793
14,274 GENERAL PROPERTY TRUST 23,158
1,300 *MEPC PLC 9,760
200 METROVACESA S.A. 3,465
8,000 MITSUBISHI ESTATE CO LTD 78,020
7,696 MITSUI FUDOSAN CO LTD 52,094
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 65
<PAGE>
TIAA-CREF Mutual Funds INTERNATIONAL EQUITY FUND
SHARES VALUE
- ------------------------------------------------------------------------
REAL ESTATE-- (Continued)
18,514 NEW WORLD DEVELOPMENT CO LTD $ 41,679
2,307 SINO LAND CO LTD 1,328
12,200 SLOUGH ESTATES PLC 69,637
53,566 SUN HUNG KAI PROPERTIES LTD 558,158
6,000 TOKYO TATEMONO CO LTD 10,681
1,200 *URBIS S.A. 5,439
600 *VALLEHERMOSO S.A. 4,218
1,000 *WCM BETEILIGUNGS & GRUNDBESITZ AG. 38,782
------------
1,225,895
------------
RUBBER AND MISCELLANEOUS PLASTICPRODUCTS-- 0.65%
164 ADIDAS SALOMON AG. 12,307
6,000 BRIDGESTONE CORP 132,055
1,500 *CONTINENTAL AG. 29,993
1,009 MICHELIN S.A. (CLASS B) 39,640
782,000 *OMNI INDUSTRIES LTD 1,417,551
10,400 PIRELLI S.P.A. 28,548
------------
1,660,094
------------
SECURITY AND COMMODITY BROKERS-- 0.26%
1,100 3I GROUP PLC 19,627
1,800 *AMVESCAP PLC 20,926
9,000 DAIWA SECURITIES GROUP, INC 140,771
12,054 *ITOCHU CORP 60,016
8,000 *MARUBENI CORP 33,571
10,318 MITSUBISHI CORP 79,633
11,000 MITSUI & CO LTD 76,934
12,792 NOMURA SECURITIES CO LTD 230,864
------------
662,342
------------
SPECIAL TRADE CONTRACTORS-- 0.04%
2,433 KINDEN CORP 18,682
996 SCHNEIDER ELECTRIC S.A. 78,208
------------
96,890
------------
STONE, CLAY, AND GLASS PRODUCTS-- 1.67%
8,447 ASAHI GLASS CO LTD 65,358
11,000 BORAL LTD 16,983
138 *CIMENTOS DE PORTUGAL 2,293
85,600 CRH PLC 1,831,058
10,900 CSR LTD 26,383
209,112 HANSON PLC 1,752,420
500 *HEIDELBERGER ZEMENT AG. (GERMANY) 39,286
68 HOLDERBANK FINANCIERE GLARUS AG. (BR) 93,103
1,828 HOYA CORP 143,944
1,649 INAX CORP 9,226
1,700 *ITALCEMENTI S.P.A. $ 20,549
677 LAFARGE S.A. (BR) 78,836
63,000 MALAYAN CEMENT BERHAD 18,402
2,000 *NIPPON SHEET GLASS CO LTD 10,368
12,400 *PILKINGTON PLC 16,918
8,000 *PIONEER INTERNATIONAL LTD 24,022
415 ST. GOBAIN S.A. 78,049
12,000 *SUMITOMO OSAKA CEMENT CO LTD 15,846
15,000 TAIHEIYO CEMENT CORP 28,612
500 *WIENERBERGER BAUSTOFF AG. 10,874
------------
4,282,530
------------
TEXTILE MILL PRODUCTS-- 0.01%
200 *CHARGEURS S.A. 11,262
1,000 NISSHINBO INDUSTRY, INC 4,519
8,439 *NITTO BOSEKI CO LTD 10,979
------------
26,760
------------
TOBACCO PRODUCTS-- 0.09%
1,400 ALTADIS S.A. 20,026
15,586 BRITISH AMERICAN TOBACCO PLC 88,523
15 JAPAN TOBACCO, INC 114,741
------------
223,290
------------
TRANSPORTATION BY AIR-- 0.65%
9,500 *ALITALIA S.P.A. 22,632
200 *AUSTRIAN AIRLINES/OEST LUFTV AG. 3,787
5,465 BRITISH AIRPORT AUTHORITIES PLC 38,385
44,000 CATHAY PACIFIC AIRWAYS LTD 78,394
2,400 DEUTSCHE LUFTHANSA AG. (REGD) 55,847
100 *FLUGHAFEN WIEN AG. 3,476
12,000 JAPAN AIRLINES CO LTD 35,566
450 KLM (ROYAL DUTCH AIRLINES) NV 11,559
117,245 SINGAPORE AIRLINES LTD (LR) 1,330,090
16,000 SWIRE PACIFIC LTD (CLASS A) 94,474
------------
1,674,210
------------
TRANSPORTATION EQUIPMENT-- 1.53%
16,462 BRITISH AEROSPACE PLC 108,982
5,232 DAIMLERCHRYSLER AG. 406,878
100 DAIMLERCHRYSLER (U.S.A.) 7,825
6,000 DENSO CORP 143,207
2,420 FIAT S.P.A. 69,111
7,000 HONDA MOTOR CO LTD 260,198
331 MAN AG. 12,437
2,000 NIPPON SHARYO LTD 4,304
220,590 *NISSAN MOTOR CO LTD 907,875
8,000 ORIENT CORP 23,163
300 PEUGEOT S.A. 68,116
66 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF Mutual Funds INTERNATIONAL EQUITY FUND
SHARES VALUE
- ------------------------------------------------------------------------
TRANSPORTATION EQUIPMENT-- (Continued)
3,145 *SIEMENS AG. (REGD) $ 400,132
1,800 SMITHS INDUSTRIES PLC 26,884
534 *THOMSON-CSF 17,638
1,352 *TI GROUP PLC 10,369
24,667 TOYOTA MOTOR CORP 1,234,831
400 *VALEO S.A. 30,865
1,850 VOLKSWAGEN AG. 104,268
2,500 VOLVO AB SERIES B FREE 64,705
------------
3,901,788
------------
TRANSPORTATION SERVICES-- 1.34%
300,900 AIRTOURS PLC 1,846,280
100,000 *AMADEUS GLOBAL TRAVEL DISTRIBUTION S.A. 1,586,575
------------
3,432,855
------------
TRUCKING AND WAREHOUSING-- 0.10%
5,000 SEINO TRANSPORTATION CO LTD 26,508
3,400 TNT POST GROUP NV 97,440
3,595 YAMATO TRANSPORT CO LTD 139,257
------------
263,205
------------
WATER TRANSPORTATION-- 0.18%
10 DAMPSKIBSSELSKABET AF 1912 (CLASS B) 117,824
10 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) 166,579
5,000 *KAMIGUMI CO LTD 21,031
14,000 NIPPON YUSEN KABUSHIKI KAISHA 57,243
6,136 PENINSULAR & ORIENTAL STEAM NAVIGATION CO 102,347
------------
465,024
------------
WHOLESALE TRADE-DURABLE GOODS-- 0.02%
500 *ARM HOLDINGS PLC 33,723
1,000 TERUMO CORP 26,704
------------
60,427
------------
WHOLESALE TRADE-NONDURABLEGOODS-- 0.16%
100 *AUSTRIA TABAKWERKE AG. 4,835
1,000 F.H. FAULDING & CO LTD 6,542
105 THAI UNION FROZEN PRODUCTS (FR) 399,760
------------
411,137
------------
TOTAL COMMON STOCK
(COST $148,597,370) 230,693,622
------------
SHORT TERM INVESTMENTS-- 5.57%
U.S. GOVERNMENT AND AGENCIES-- 5.57%
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
$ 525,000(0) 5.000%, 01/13/00 $ 524,125
13,875,000(0) 5.550%, 03/16/00 13,714,571
------------
14,238,696
------------
TOTAL SHORT TERM INVESTMENTS
(COST $14,238,696) 14,238,696
------------
TOTAL PORTFOLIO
(COST $166,791,775) $250,187,671
============
- ---------
* NON-INCOME PRODUCING
(0) ALL OR A PORTION OF THESE SECURITIES HAVE BEEN SEGREGATED BY THE
CUSTODIAN TO COVER MARGIN OR OTHER REQUIREMENTS ON OPEN FUTURES
CONTRACTS.
AT DECEMBER 31, 1999, THE AGGREGATE COST OF PORTFOLIO INVESTMENTS FOR FEDERAL
INCOME TAX PURPOSES WAS $168,376,622. NET UNREALIZED APPRECIATION AGGREGATED
$81,811,049, OF WHICH $86,893,294 RELATED TO APPRECIATED PORTFOLIO INVESTMENTS
AND $5,082,245 RELATED TO DEPRECIATED PORTFOLIO INVESTMENTS.
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 67
<PAGE>
TIAA-CREF Mutual Funds STATEMENT OF INVESTMENTS MANAGED ALLOCATION FUND
December 31, 1999
SHARES/PRINCIPAL VALUE %
- --------------------------------------------------------------------------------
TIAA-CREF MUTUAL FUNDS--99.57%
9,357,110 BOND PLUS FUND $ 90,108,967 36.87%
3,350,954 GROWTH & INCOME FUND 53,380,700 21.85
3,211,222 GROWTH EQUITY FUND 55,200,900 22.59
2,558,225 INTERNATIONAL EQUITY FUND 41,136,263 16.83
3,496,424 MONEY MARKET FUND 3,496,424 1.43
------------ ------
243,323,254 99.57
------------ ------
TOTAL TIAA-CREF MUTUAL FUNDS
(COST $199,587,262) 243,323,254 99.57
------------ ------
SHORT TERM INVESTMENT--0.17%
U.S. GOVERNMENT AGENCY--0.17%
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
$425,000 5.000%, 01/13/00 424,292 0.17
------------ ------
TOTAL SHORT TERM INVESTMENT
(COST $424,292) 424,292 0.17
------------ ------
TOTAL PORTFOLIO
(COST $200,011,554) 243,747,546 99.74
OTHER ASSETS & LIABILITIES, NET 624,578 0.26
------------ ------
NET ASSETS $244,372,124 100.00%
============ =======
THE COST OF INVESTMENTS FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE
SAME AS THE AMOUNT DISCLOSED ABOVE.
68 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<PAGE>
[TIAA LOGO]
REPORT OF MANAGEMENT RESPONSIBILITY
To the Shareholders of
TIAA-CREF Mutual Funds:
The accompanying financial statements of the Money Market, Bond PLUS, Growth &
Income, Growth Equity, International Equity and Managed Allocation Funds of
TIAA-CREF Mutual Funds ("the Funds") are the responsibility of management. They
have been prepared in accordance with accounting principles generally accepted
in the United States and have been presented fairly and objectively in
accordance with such principles.
The Funds have established and maintain a strong system of internal controls
designed to provide reasonable assurance that assets are properly safeguarded
and transactions are properly executed in accordance with management's
authorization, and to carry out the ongoing responsibilities of management for
reliable financial statements. In addition, the Funds' internal audit personnel
provide a continuing review of the internal controls and operations of the
Funds, and the internal Auditor regularly reports to the Audit Committee of the
Funds' Board of Trustees.
The accompanying financial statements have been audited by the independent
auditing firm of Ernst & Young LLP. The independent auditors' report, which
appears on the following page, expresses an independent opinion on the fairness
of presentation of these financial statements.
The Audit Committee of the Funds' Board of Trustees, consisting of trustees who
are not officers of TIAA-CREF Mutual Funds, meets regularly with management,
representatives of Ernst & Young LLP and internal audit personnel to review
matters relating to financial reporting, internal controls and auditing. In
addition to the annual audit of the financial statements of the Funds by the
independent auditing firm, the Securities and Exchange Commission performs
periodic examinations of the Funds' operations.
-----------------------------------
President
-----------------------------------
Executive Vice President and
Principal Accounting Officer
70 1999 ANNUAL REPORT
<PAGE>
[ERNST & YOUNG LLP Letterhead]
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees of
TIAA-CREF Mutual Funds:
We have audited the accompanying statements of assets and liabilities, including
the statements of investments, of TIAA-CREF Mutual Funds (comprising,
respectively, the Money Market Fund, the Bond PLUS Fund, the Growth & Income
Fund, the Growth Equity Fund, the International Equity Fund, and the Managed
Allocation Fund) as of December 31, 1999, and the related statements of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended and financial highlights for each
of the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of December 31, 1999 by correspondence with
the custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
TIAA-CREF Mutual Funds at December 31, 1999, the results of their operations for
the year then ended, the changes in their net assets for each of the two years
in the period then ended and the financial highlights for each of the indicated
periods, in conformity with accounting principles generally accepted in the
United States.
/s/ Ernst & Young LLP
February 4, 2000
1999 ANNUAL REPORT 71
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENTS OF ASSETS OF LIABILITIES
- --------------------------------------------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
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 $395,887,897 $244,605,771 $444,388,853 $528,393,935 $166,791,775 $200,011,554
Net unrealized appreciation (depreciation)
of portfolio investments -- (5,494,460) 96,416,677 166,282,789 83,395,896 43,735,992
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio investments, at value 395,887,897 239,111,311 540,805,530 694,676,724 250,187,671 243,747,546
Cash 156,680 38,468 48,130 30,469 -- 15,195
Receivable from securitiestran
sactions -- 1,024,469 638,519 -- 9,779,918 --
Receivable for Fund shares sold 2,096,315 190,317 566,205 2,205,177 710,266 632,201
Dividends receivable -- -- 412,057 304,493 222,934 --
Interest receivable 1,511,607 2,588,155 19,791 -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 399,652,499 242,952,720 542,490,232 697,216,863 260,900,789 244,394,942
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued management fee 96,893 52,228 187,171 247,561 94,649 --
Due to custodian -- -- -- -- 2,869,051 --
Payable for securities transactions -- 38,207,662 -- 265,253 1,894,575 --
Payable for Fund shares redeemed 4,531,288 344,837 584,762 427,262 75,338 22,818
Income distribution payable 56,028 -- -- -- -- --
Other payables and accrued expenses 3,330 2,140 -- 4,900 148,086 --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 4,687,539 38,606,867 771,933 944,976 5,081,699 22,818
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $394,964,960 $204,345,853 $541,718,299 $696,271,887 $255,819,090 $244,372,124
====================================================================================================================================
NET ASSETS CONSIST OF:
Paid in capital $394,972,243 $215,327,667 $435,268,563 $522,766,146 $169,337,353 $196,276,434
Accumulated undistributed (overdistributed)
net investment income -- -- -- 7,956 (232,683) --
Accumulated undistributed
net realized gain (loss) on total investments (7,283) (5,487,354) 9,192,221 6,474,121 3,500,475 4,359,698
Accumulated net unrealized appreciation
(depreciation) on total investments -- (5,494,460) 97,257,515 167,023,664 83,213,945 43,735,992
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $394,964,960 $204,345,853 $541,718,299 $696,271,887 $255,819,090 $244,372,124
====================================================================================================================================
Outstanding shares of beneficial interest,
unlimited shares authorized
($.0001 par value) 394,972,243 21,219,325 34,000,823 40,499,770 15,909,110 17,975,893
NET ASSET VALUE PER SHARE $ 1.00 $ 9.63 $ 15.93 $ 17.19 $ 16.08 $ 13.59
====================================================================================================================================
</TABLE>
72 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENTS OF OPERATIONS
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
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 $ 16,391,640 $11,557,323 $ 473,002 $ 368,634 $ 74,936 $ 27,903
Dividends -- -- 4,384,682 2,497,913 2,545,508 5,522,701
Foreign taxes withheld -- -- (42,301) (12,136) (258,348) --
- ------------------------------------------------------------------------------------------------------------------------------------
Total income 16,391,640 11,557,323 4,815,383 2,854,411 2,362,096 5,550,604
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees 2,461,787 1,526,959 3,588,335 4,467,978 1,538,309 --
Trustee fees and expenses 3,113 1,960 3,811 4,623 1,515 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before waiver 2,464,900 1,528,919 3,592,146 4,472,601 1,539,824 --
Less expenses waived by the advisor (1,558,093) (954,349) (1,929,212) (2,351,567) (776,924) --
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 906,807 574,570 1,662,934 2,121,034 762,900 --
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 15,484,833 10,982,753 3,152,449 733,377 1,599,196 5,550,604
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments (6,877) (5,314,364) 21,726,944 41,673,990 10,727,134 886,335
Underlying Fund distributions -- -- -- -- -- 5,117,226
Futures transactions -- -- 11,200 6,275 -- --
Foreign currency transactions -- -- 15,050 (14,484) (129,699) --
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on total investments (6,877) (5,314,364) 21,753,194 41,665,781 10,597,435 6,003,561
- ------------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) on:
Portfolio investments -- (7,510,407) 63,481,392 110,095,163 71,986,821 26,264,115
Futures transactions -- -- 841,050 740,875 (17,500) --
Translations of assets (other than
portfolio investments) and liabilities
denominated in foreign currencies -- -- -- -- (153,269) --
- ------------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation)
on total investments -- (7,510,407) 64,322,442 110,836,038 71,816,052 26,264,115
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) on total investments (6,877) (12,824,771) 86,075,636 152,501,819 82,413,487 32,267,676
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 15,477,956 ($ 1,842,018) $ 89,228,085 $153,235,196 $ 84,012,683 $ 37,818,280
====================================================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 73
<PAGE>
TIAA-CREF Mutual Funds
<TABLE>
<CAPTION>
Money Market Fund Bond PLUS Fund
------------------------------- -------------------------------
For the Years Ended December 31, For the Years Ended December 31,
1999 1998 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 15,484,833 $ 6,976,294 $10,982,753 $ 5,921,526
Net realized gain (loss) on total investments (6,877) (406) (5,314,364) 1,380,932
Net change in unrealized appreciation
(depreciation) on total investments -- -- (7,510,407) 1,588,693
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from operations 15,477,956 6,975,888 (1,842,018) 8,891,151
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (15,484,833) (6,976,294) (10,982,753) (5,899,894)
In excess of net investment income -- -- (29,357) --
From net realized gain on total investments -- -- -- (1,547,852)
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions (15,484,833) (6,976,294) (11,012,110) (7,447,746)
- ------------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDER TRANSACTIONS:
Seed money redemptions by TIAA (52,851,933) -- (9,103,000) --
Subscriptions 457,344,272 231,893,540 88,216,517 85,689,920
Reinvestment of distributions 14,954,612 6,807,830 10,478,773 7,241,764
Exchanges among the Funds, net (32,084,331) (13,203,378) (15,044,382) 4,219,339
Redemptions (217,578,081) (63,915,543) (12,381,642) (1,963,519)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase from shareholder transactions 169,784,539 161,582,449 62,166,266 95,187,504
- ------------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 169,777,662 161,582,043 49,312,138 96,630,909
NET ASSETS
Beginning of year 225,187,298 63,605,255 155,033,715 58,402,806
- ------------------------------------------------------------------------------------------------------------------------------------
End of year $394,964,960 $225,187,298 $204,345,853 $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 by TIAA (52,851,933) -- (918,796) --
Shares sold 457,344,272 231,893,540 8,785,902 8,343,128
Shares issued in reinvestment of distributions 14,954,612 6,807,830 1,061,063 705,275
Shares exchanged among the Funds, net (32,084,331) (13,203,378) (1,656,630) 406,449
Shares redeemed (217,578,081) (63,915,543) (1,104,904) (190,355)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 169,784,539 161,582,449 6,166,635 9,264,497
- ------------------------------------------------------------------------------------------------------------------------------------
Shares outstanding at end of year 394,972,243 225,187,704 21,219,325 15,052,690
====================================================================================================================================
</TABLE>
74 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth & Income Fund Growth Equity Fund International Equity Fund Managed Allocation Fund
- ----------------------------- ----------------------------- ----------------------------- -----------------------------
For the Years Ended For the Years Ended For the Years Ended For the Years Ended
December 31, December 31, December 31, December 31,
1999 1998 1999 1998 1999 1998 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 3,152,449 $ 1,351,717 $ 733,377 $ 577,489 $ 1,599,196 $ 972,710 $ 5,550,604 $ 3,057,237
21,753,194 5,262,170 41,665,781 1,993,400 10,597,435 (3,533,681) 6,003,561 925,429
64,322,442 31,134,980 110,836,038 55,669,056 71,816,052 16,761,026 26,264,115 17,451,450
- ------------------------------------------------------------------------------------------------------------------------------------
89,228,085 37,748,867 153,235,196 58,239,945 84,012,683 14,200,055 37,818,280 21,434,116
- ------------------------------------------------------------------------------------------------------------------------------------
(3,152,449) (1,337,813) (718,684) (530,447) (1,599,196) (936,202) (6,594,363) (3,754,391)
(22,503) -- -- -- (93,788) (157,715) -- --
(17,339,813) (434,363) (35,533,948) (1,784,085) (3,475,912) -- (824,275) (4,104)
- ------------------------------------------------------------------------------------------------------------------------------------
(20,514,765) (1,772,176) (36,252,632) (2,314,532) (5,168,896) (1,093,917) (7,418,638) (3,758,495)
- ------------------------------------------------------------------------------------------------------------------------------------
(56,727,011) -- (57,185,880) -- (14,890,000) -- (59,570,000) --
290,847,934 134,533,838 316,020,250 174,729,292 72,734,618 57,707,599 120,670,740 85,698,266
19,412,362 1,709,177 35,306,048 2,276,443 5,077,311 1,081,128 7,107,275 3,631,298
17,789,301 3,567,587 23,420,253 4,689,150 12,448,805 434,251 (6,529,646) 293,051
(30,942,249) (4,984,558) (34,632,884) (5,746,202) (16,950,390) (1,531,982) (10,572,862) (3,518,384)
- ------------------------------------------------------------------------------------------------------------------------------------
240,380,337 134,826,044 282,927,787 175,948,683 58,420,344 57,690,996 51,105,507 86,104,231
- ------------------------------------------------------------------------------------------------------------------------------------
309,093,657 170,802,735 399,910,351 231,874,096 137,264,131 70,797,134 81,505,149 103,779,852
- ------------------------------------------------------------------------------------------------------------------------------------
232,624,642 61,821,907 296,361,536 64,487,440 118,554,959 47,757,825 162,866,975 59,087,123
- ------------------------------------------------------------------------------------------------------------------------------------
$541,718,299 $232,624,642 $696,271,887 $296,361,536 $255,819,090 $118,554,959 $244,372,124 $162,866,975
====================================================================================================================================
17,449,059 5,988,332 21,708,531 6,374,505 11,248,585 5,356,336 13,810,531 5,904,827
- ------------------------------------------------------------------------------------------------------------------------------------
(3,874,248) -- (3,915,637) -- (1,364,322) -- (4,822,121) --
20,004,558 11,466,918 21,269,142 15,295,702 5,899,058 5,920,549 9,801,352 7,896,416
1,243,755 138,916 2,083,043 169,861 324,287 103,161 556,145 324,233
1,153,684 276,826 1,443,973 372,059 1,197,954 27,698 (523,795) 10,478
(1,975,985) (421,933) (2,089,282) (503,596) (1,396,452) (159,159) (846,219) (325,423)
- ------------------------------------------------------------------------------------------------------------------------------------
16,551,764 11,460,727 18,791,239 15,334,026 4,660,525 5,892,249 4,165,362 7,905,704
- ------------------------------------------------------------------------------------------------------------------------------------
34,000,823 17,449,059 40,499,770 21,708,531 15,909,110 11,248,585 17,975,893 13,810,531
====================================================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 75
<PAGE>
TIAA-CREF Mutual Funds
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Money Market Fund
------------------------------------
For the Period
July 17, 1997
(Commencement
For the Years Ended of Operations)
December 31, to December 31,
--------------------- --------------------
1999 1998 1997(1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.05 0.05 0.02
Net realized and unrealized gain (loss)
on investments -- -- --
- --------------------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations 0.05 0.05 0.02
- --------------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income (0.05) (0.05) (0.02)
In excess of net investment income -- -- --
Net realized gains -- -- --
- --------------------------------------------------------------------------------------------------------------
Total distributions (0.05) (0.05) (0.02)
- --------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
==============================================================================================================
TOTAL RETURN 5.05% 5.45% 2.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $394,965 $225,187 $ 63,605
Ratio of expenses to average net assets before expense waiver 0.79% 0.79% 0.36%
Ratio of expenses to average net assets after expense waiver 0.29% 0.29% 0.13%
Ratio of net investment income to average net assets 4.97% 5.28% 2.49%
Portfolio turnover rate n/a n/a n/a
(1) The percentages shown for this period are not annualized.
==============================================================================================================
</TABLE>
76 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Bond Plus Fund Growth & Income Fund
------------------------------------------ ---------------------------------------
For the Period
For the Period July 17, 1997
July 17, 1997 (Commencement
For the Years Ended (Commencement For the Years Ended of Operations)
December 31, of Operations) December 31, to December 31,
-------------------------- to December 31, -----------------------
1999 1998 1997(1) 1999 1998 1997(1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$10.30 $10.09 $10.00 $13.33 $10.32 $10.00
- --------------------------------------------------------------------------------------------------------------
0.56 0.56 0.27 0.11 0.10 0.07
(0.66) 0.32 0.20 3.13 3.04 0.32
- --------------------------------------------------------------------------------------------------------------
(0.10) 0.88 0.47 3.24 3.14 0.39
- --------------------------------------------------------------------------------------------------------------
(0.56) (0.56) (0.27) (0.11) (0.10) (0.07)
(0.01) -- -- -- -- --
-- (0.11) (0.11) (0.53) (0.03) --
- --------------------------------------------------------------------------------------------------------------
(0.57) (0.67) (0.38) (0.64) (0.13) (0.07)
- --------------------------------------------------------------------------------------------------------------
$9.63 $10.30 $10.09 $15.93 $13.33 $10.32
==============================================================================================================
(1.01)% 8.94% 4.79% 24.46% 30.51% 3.96%
$204,346 $155,034 $58,403 $541,718 $232,625 $61,822
0.80% 0.80% 0.37% 0.93% 0.93% 0.43%
0.30% 0.30% 0.14% 0.43% 0.43% 0.20%
5.75% 5.66% 2.72% 0.82% 0.97% 0.76%
652.82% 531.92% 143.61% 39.35% 71.49% 1.46%
==============================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 77
<PAGE>
TIAA-CREF Mutual Funds
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth Equity Fund
---------------------------------------------
For the Period
July 17, 1997
For the Years Ended (Commencement
December 31, of Operations)
------------------------ to December 31,
1999 1998 1997(1)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 13.65 $ 10.12 $ 10.00
- ---------------------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.02 0.03 0.06
Net realized and unrealized gain (loss)
on investments 4.47 3.61 0.28
- ---------------------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations 4.49 3.64 0.34
- ---------------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income (0.02) (0.03) (0.06)
In excess of net investment income -- -- --
Net realized gains (0.93) (0.08) (0.16)
- ---------------------------------------------------------------------------------------------------------------
Total distributions (0.95) (0.11) (0.22)
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.19 $ 13.65 $ 10.12
===============================================================================================================
TOTAL RETURN 33.00% 35.97% 3.44%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $ 696,272 $296,362 $64,487
Ratio of expenses to average net assets before expense waiver 0.95% 0.95% 0.44%
Ratio of expenses to average net assets after expense waiver 0.45% 0.45% 0.21%
Ratio of net investment income to average net assets 0.16% 0.37% 0.68%
Portfolio turnover rate 69.56% 49.91% 29.44%
(1) The percentages shown for this period are not annualized.
===============================================================================================================
</TABLE>
78 1999 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International Equity Fund Managed Allocation Fund
---------------------------------------------------------- ---------------------------------------------------------
For the Period For the Period
July 17, 1997 July 17, 1997
(Commencement (Commencement
For the Years Ended of Operations) For the Years Ended of Operations)
December 31, to December 31, December 31, to December 31,
-------------------------------- -------------- ------------------------------------- --------------
1999 1998 1997(1) 1999 1998 1997(1)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 10.54 $ 8.92 $ 10.00 $ 11.79 $ 10.01 $ 10.00
- ------------------------------------------------------------------------------------------------------------------------------
0.11 0.09 0.07 0.38 0.34 0.23
5.77 1.63 (1.07) 1.85 1.76 0.01
- ------------------------------------------------------------------------------------------------------------------------------
5.88 1.72 (1.00) 2.23 2.10 0.24
- ------------------------------------------------------------------------------------------------------------------------------
(0.11) (0.08) (0.07) (0.38) (0.32) (0.23)
-- (0.02) (0.01) -- -- --
(0.23) -- -- (0.05) -- --
- ------------------------------------------------------------------------------------------------------------------------------
(0.34) (0.10) (0.08) (0.43) (0.32) (0.23)
- ------------------------------------------------------------------------------------------------------------------------------
$ 16.08 $ 10.54 $ 8.92 $ 13.59 $ 11.79 $ 10.01
==============================================================================================================================
55.83% 19.27% (10.09)% 19.20% 21.24% 2.44%
$255,819 $118,555 $ 47,758 $244,372 $162,867 $ 59,087
0.99% 0.99% 0.46% 0.00% 0.00% 0.00%
0.49% 0.49% 0.23% 0.00% 0.00% 0.00%
1.03% 1.23% 0.56% 5.19% 2.80% 2.46%
74.16% 27.20% 4.56% 3.90% 4.78% 0.00%
==============================================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS 1999 ANNUAL REPORT 79
<PAGE>
TIAA-CREF MUTUAL FUNDS
- --------------------------------------------------------------------------------
Notes to Financial Statements December 31, 1999
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"), a wholly-owned
indirect subsidiary of TIAA, which 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, which is registered with the Commission as an investment adviser, 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 year ended December 31, 1999, TIAA began to withdraw its seed money
shares from the Funds. The following table summarizes the activity in the Fund
shares owned by TIAA.
VALUE OF
VALUE OF SHARES SHARES
SHARES SHARES HELD AT HELD AT
WITHDRAWN WITHDRAWN DECEMBER 31, DECEMBER 31,
DURING DURING DURING DURING
1999 1999 1999 1999
--------- ---------- --------- ----------
Money Market Fund 52,851,933 $52,851,933 -- $ --
Bond PLUS Fund 918,796 9,103,000 2,813,044 27,089,616
Growth & Income Fund 3,874,248 56,727,011 -- --
Growth Equity Fund 3,915,637 57,185,880 -- --
International Equity Fund 1,364,322 14,890,000 3,178,995 51,118,237
Managed Allocation Fund 4,822,121 59,570,000 512,562 6,965,711
The following is information about the Managed Allocatation Funds' holdings in
the other Funds as of December 31, 1999.
NUMBER OF PERCENT OF TOTAL SHARES
SHARES HELD IN FUND OUTSTANDING IN THE FUND
------------------- -----------------------
Money Market Fund 3,496,424 0.89%
Bond PLUS Fund 9,357,110 44.10%
Growth & Income Fund 3,350,954 9.86%
Growth Equity Fund 3,211,222 7.93%
International Equity Fund 2,558,225 16.08%
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 consistently followed by the Funds, which
are in conformity with accounting principles generally accepted in the United
States.
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. For Funds other than the Money Market Fund, money market
instruments are valued at fair market value, except for such instruments within
60 days to maturity, which are valued at amortized cost, which approximates
market value. For the Money Market Fund, securities are valued using the
amortized cost method, which approximates market value. The amortized cost
method initially values securities at original cost and assumes a constant
amortization to
80 1999 ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS
- --------------------------------------------------------------------------------
Notes to Financial Statements December 31, 1999--(Continued)
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.
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 short term money market instruments
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: The records of the Funds are
maintained in U.S. dollars. Portfolio investments and other assets and
liabilities denominated in foreign currencies are translated into U.S. dollars
at the exchange rates prevailing at the end of the period. Purchases and sales
of securities, income receipts and expense payments made in foreign currencies
are translated into U.S. dollars at the exchange rates prevailing on the
respective dates of the transactions. The effects of changes in foreign currency
exchange rates on portfolio investments are included in the net realized and
unrealized gains and losses on investments. Net realized gains and losses on
foreign currency transactions include maturities of forward foreign currency
contracts, disposition of foreign currencies, and currency gains and losses
between the accrual and receipt dates of portfolio investment income and between
the trade and settlement dates of portfolio investment transactions.
FORWARD FOREIGN CURRENCY CONTRACTS: The Funds may use forward foreign currency
contracts to facilitate transactions in securities denominated in foreign
currencies. Such contracts are entered into directly with a counterparty and are
"marked-to-market" at the end of each day's trading. Daily changes in the value
of such contracts are reflected in net unrealized gains and losses. Gains or
losses are realized upon maturity or if the counterparties do not perform in
accordance with contractual provisions.
FUTURES CONTRACTS: The Funds may use futures contracts to manage exposure to the
stock market or for cash management purposes to remain highly invested in the
equity markets while minimizing transaction costs. Buying futures contracts
tends to increase exposure to the underlying instrument, while selling futures
contracts tends to decrease exposure to the underlying instrument or hedge other
investments. Initial margin deposits are made upon entering into a futures
contract and variation margin payments are made or received reflecting changes
in the value of the futures contracts. The underlying face amount at value of
any open futures contracts at the end of the period reflects exposure to the
underlying instrument. Futures contracts are valued at the settlement price
established each day by the board of trade or exchange on which they are traded.
Daily changes in the value of such contracts are reflected in net unrealized
gains and losses. Gains or losses are realized upon the expiration or closing of
the futures contracts, or if the counterparties do not perform in accordance
with contractual provisions.
SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Funds may
purchase securities on a when-issued or delayed delivery basis. In addition to
the normal market risks, this exposes the Funds to the risk that the transaction
may not be consummated. The price and interest rate of such securities are 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,
1999 ANNUAL REPORT 81
<PAGE>
TIAA-CREF Mutual Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements December 31, 1999--(Continued)
are declared and paid annually for each of the Funds. Undistributed net
investment income and accumulated undistributed net realized gain (loss) on
total investments may include temporary book and tax differences which will
reverse in a subsequent period. Any permanent book and tax basis differences
relating to shareholder distributions will result in reclassifications among the
respective components of net assets.
FEDERAL 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. At December 31, 1999, the Money Market and Bond PLUS Funds have
capital loss carryovers of $7,283 and $4,494,057, respectively, which begin to
expire in 2006.
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, 2003. 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 December 31, 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 $ 7,566 $ 5,502,026 ($ 5,494,460)
Growth & Income Fund 117,245,847 20,829,170 96,416,677
Growth Equity Fund 190,371,061 24,088,272 166,282,789
International Equity Fund 88,478,141 5,082,245 83,395,896
Managed Allocation Fund 48,347,953 4,611,961 43,735,992
Purchases and sales of portfolio securities, other than short-term money market
instruments, for the Funds, other than the Money Market Fund, for the year ended
December 31, 1999, were as follows:
NON- NON-
GOVERNMENT GOVERNMENT GOVERNMENT GOVERNMENT
PURCHASES PURCHASES SALES SALES
------------ ------------ ------------ ------------
Bond PLUS Fund $314,468,831 $960,325,798 $269,460,698 $937,322,888
Growth & Income Fund 339,696,920 999,600 146,920,614 2,075,790
Growth Equity Fund 536,375,279 1,638,490 321,610,910 2,063,991
International
Equity Fund 155,929,575 -- 119,431,860 --
Managed Allocation Fund 61,646,462 -- 7,971,081 --
82 1999 ANNUAL REPORT
<PAGE>
TIAA-CREF Mutual Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements December 31, 1999--(Concluded)
At December 31, 1999, the following Funds had open futures contracts in the
Standard & Poor's 500 Index expiring in March 2000.
NUMBER OF UNREALIZED
CONTRACTS VALUE GAIN/(LOSS)
--------- ----------- -----------
Growth & Income Fund 70 $25,973,500 $ 841,050
Growth Equity Fund 73 27,086,650 740,875
International Equity Fund 35 12,986,750 (17,500)
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 $2.5 billion 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.
College Retirement Equities Fund and TIAA-CREF Institutional Mutual Funds, both
of which are managed by Advisors, or an affiliate of Advisors, also participate
in this facility. An annual commitment fee for the credit facility, applicable
to the Growth & Income, Growth Equity, International Equity and Managed
Allocation Funds, 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 year ended December 31, 1999, there were no borrowings under this credit
facility.
1999 ANNUAL REPORT 83
<PAGE>
TIAA-CREF Mutual Funds
IMPORTANT TAX INFORMATION (UNAUDITED)
The following TIAA-CREF Mutual Funds paid distributions which were designated as
being from net long-term capital gains realized by the Funds during 1999:
Amount
Amount per share
----------- ---------
Growth & Income Fund $10,088,902 $0.309
Growth Equity Fund $34,008,855 $0.892
International Equity Fund $ 2,260,931 $0.147
Managed Allocation Fund $ 830,373 $0.047
The following TIAA-CREF Mutual Funds paid distributions during 1999 from
ordinary income that partially qualify for the corporate dividends received
deduction. The percentage that qualifies is noted below:
Growth & Income Fund 39.92%
Growth Equity Fund 62.81%
Managed Allocation Fund 8.32%
The International Equity Fund received income from foreign sources during 1999
of $2,547,031 ($0.1654 per share) and paid taxes to foreign countries during
1999 of $258,348 ($0.0168 per share).
By early 2000, shareholders should have received their Form 1099-DIV and tax
information letter from the Funds. For your specific situation, we recommend
that you consult a professional tax advisor.
84 1999 ANNUAL REPORT
<PAGE>
TIAA-CREF PRODUCTS AND SERVICES
O TIAA-CREF MUTUAL FUNDS
O TEACHERS PERSONAL ANNUITY
O TIAA LIFE INSURANCE COVERAGE
O TEACHERS LONGTERM CARE
INSURANCE
O TIAA-CREF RETIREMENT ANNUITIES
O TIAA-CREF SUPPLEMENTAL
RETIREMENT ANNUITIES (SRAS)
O TIAA-CREF IRAS
AUTOMATED TELEPHONE SERVICE
800 842-2252
24 hours a day, 7 days a week
TIAA-CREF MUTUAL FUNDS SHAREHOLDERS CAN CHECK FUND PERFORMANCE, CHECK THEIR
ACCOUNT BALANCES, AND INITIATE PURCHASESOR EXCHANGES.
FOR PENSION ANNUITIES, YOU CAN ALLOCATE FUTURE PREMIUMS, TRANSFER ACCUMULATIONS,
GET TIAA'S CURRENT RATES OF INTEREST, CURRENT PERFORMANCE OF THE VARIABLE
ACCOUNTS, THE LATEST ACCUMULATION UNIT VALUES, AND YOUR TOTAL ACCUMULATIONS.
PERSONAL ASSISTANCE
800 223-1200
8 a.m. to 8 p.m. ET, Monday - Friday
FOR QUESTIONS ABOUT TIAA-CREF MUTUAL FUNDS, TEACHERS PERSONAL ANNUITY, TEACHERS
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FOR QUESTIONS ABOUT RETIREMENT SAVING AND PLANNING, QUARTERLY AND ANNUITY
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THROUGH OUR INTER/ACT SYSTEM AT TIAA-CREF'S WORLD WIDE WEB SITE, YOU CAN ALSO
SEE YOUR ACCOUNT BALANCE AND TRANSACTION RECORDS, EXCHANGE SHARES BETWEEN FUNDS,
AND BUY NEW SHARES ONLINE. YOU CAN ALSO SEE THE LATEST VALUE OF YOUR RA, SRA,
AND IRA ACCUMULATION, CHECK ON THE LAST PREMIUMS PAID TO YOUR CONTRACT, REVIEW
OR CHANGE YOUR PREMIUM ALLOCATIONS, TRANSFER ACCUMULATIONS AMONG YOUR TIAA-CREF
ACCOUNTS, AND CHANGE YOUR ADDRESS.
MUTUAL FUND INFORMATION ONLINE
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<PAGE>
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