SEMI-ANNUAL REPORT 2000
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Financial statements (unaudited)
including statements of investments
June 30, 2000
TIAA-CREF MUTUAL FUNDS
Money Market Fund
Bond PLUS Fund
Growth & Income Fund
Growth Equity Fund
International Equity Fund
Managed Allocation Fund
Tax-Exempt Bond Fund
High-Yield Bond Fund
Short-Term Bond Fund
Social Choice Equity Fund
Equity Index Fund
[TIAA-CREF LOGO]
<PAGE>
| TIAA-CREF MUTUAL FUNDS
CONTENTS | 2000 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
18 TAX-EXEMPT BOND FUND
20 HIGH-YIELD BOND FUND
22 SHORT-TERM BOND FUND
24 SOCIAL CHOICE EQUITY FUND
26 EQUITY INDEX FUND
STATEMENTS OF INVESTMENTS
28 MONEY MARKET FUND
29 BOND PLUS FUND
34 GROWTH & INCOME FUND
42 GROWTH EQUITY FUND
62 INTERNATIONAL EQUITY FUND
75 MANAGED ALLOCATION FUND
76 TAX-EXEMPT BOND FUND
78 HIGH-YIELD BOND FUND
82 SHORT-TERM BOND FUND
84 SOCIAL CHOICE EQUITY FUND
89 EQUITY INDEX FUND
FINANCIAL STATEMENTS
122 STATEMENTS OF ASSETS AND LIABILITIES
124 STATEMENTS OF OPERATIONS
126 STATEMENTS OF CHANGES IN NET ASSETS
129 FINANCIAL HIGHLIGHTS
134 NOTES TO FINANCIAL STATEMENTS
139 TIAA-CREF PRODUCTS
AND SERVICES
<PAGE>
Dear Investor:
During the first six months of 2000, most of the TIAA-CREF Mutual Funds
generally performed well against their respective benchmarks and peer
competition, during a period when market activity was volatile and unsettled.
Most broad market indexes showed lower returns, which were attributed to a
series of interest rate hikes by the Federal Reserve Bank, intended to keep
inflation in check. On average, the S&P was essentially flat, and the NASDAQ
ended the second quarter down 2.5 percent. And while the higher interest rates
and slower economy played a role in market performance, investors also grappled
with fundamental questions regarding valuation.
The positive performance of the equity funds--with the exception of the
International Equity Fund, which underperformed--was largely the result of stock
selection within economic sectors, especially technology. We also benefited from
the use in several of our equity accounts of our Dual Investment Management
Strategy,SM which attempts to achieve consistent long-term returns through a
combination of active management and quantitative analysis. While future returns
can differ from past performance, that strategy functioned well during the first
half of the year.
Our fixed-income funds showed mixed returns. The TIAA-CREF Money Market Fund and
High-Yield Bond Fund performed extremely well, while the bond market remained
choppy. The Treasury yield curve has been inverted since January, when the
30-year Treasury rate slipped below the 10-year rate. This inversion accompanied
the Treasury's announcement of its plan to use the federal budget surplus to buy
back longer-term, higher rate bonds. Risk premiums on corporate bonds widened
particularly on medium-grade BBB and below-investment-grade issues.
The performance and financial statements of our five new mutual funds, launched
on April 3, 2000, are included in this report. These funds include three bond
funds and two equity funds. Since their inception date is so recent, future
returns of our new funds could differ from their performance to date. The new
TIAA-CREF Mutual Funds are listed below.
* TIAA-CREF Short-Term Bond Fund
* TIAA-CREF High-Yield Bond Fund
* TIAA-CREF Tax-Exempt Bond Fund
* TIAA-CREF Equity Index Fund
* TIAA-CREF Social Choice Equity Fund
We are pleased to say that these new funds, like all of the TIAA-CREF Mutual
Funds, continue our commitment to provide excellent financial management,
first-rate customer service, and low expenses.
/s/ Martin L. Leibowitz
-----------------------
Martin L. Leibowitz
VICE CHAIRMAN AND
CHIEF INVESTMENT OFFICER
<PAGE>
THE ECONOMIC ENVIRONMENT IN 2000
THE U.S. ECONOMY
During the first six months of 2000, the U.S. economy experienced uninterrupted
prosperity. GDP growth after inflation topped 5 percent during the first half of
the year. This is well above the 3.5 percent trend now viewed as the U.S.
economy's new "speed limit" of maximum growth before inflation becomes
problematic. This new limit reflects improvements in productivity driven by the
accumulation of U.S. business investment in rapidly changing technology. The
former limit of 2.5 percent became obsolete during the second half of the 1990s
when CPI inflation declined as GDP growth consistently topped 2.5 percent.
However, strong growth during the first half of 2000 was accompanied by an
uptick in inflation. The Consumer Price Index (CPI) increased at a 3.7 percent
rate during the period, the highest since 1991. Rising oil prices were largely
but not completely responsible for the increase in inflation. Core CPI, which
excludes food and energy, jumped at a 2.4 percent rate, the highest since the
first half of 1998.
These inflation rumblings intensified the efforts of the Federal Reserve to use
monetary policy to slow the economy. Between February and May, the Fed tightened
the federal funds target rate by 1 percent (100 basis points) to 6.5 percent.
This tightening followed the Fed's increase of 75 basis points during the second
half of 1999, which effectively reversed their very successful monetary efforts
to contain the Asian financial crisis in the fall of 1998.
Higher interest rates began to restrain economic activity during the spring. The
housing sector has shown the most interest-rate sensitivity; housing starts for
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BOTH SOLID ECONOMIC GROWTH AND
LOW INFLATION CONTINUE
[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]
Quarterly Real GDP Monthly CPI
Date Growth Date Inflation
(YYYYQQ) (YYYYMM)
--------- -------- ------- ---------
1990O1 5.08 1990O1 7.06
1990O2 0.92 1990O2 4.12
1990O3 -0.73 1990O3 7.08
1990O4 -3.24 1990O4 6.96
1991O1 -1.95 1991O1 3.02
1991O2 2.26 1991O2 2.39
1991O3 0.98 1991O3 3.08
1991O4 2.17 1991O4 3.35
1992O1 3.76 1992O1 2.73
1992O2 3.79 1992O2 3.11
1992O3 3.12 1992O3 3.08
1992O4 5.37 1992O4 3.54
1993O1 -0.10 1993O1 2.84
1993O2 2.45 1993O2 3.01
1993O3 1.76 1993O3 1.86
1993O4 6.17 1993O4 3.26
1994O1 3.43 1994O1 2.11
1994O2 5.69 1994O2 2.29
1994O3 2.19 1994O3 3.75
1994O4 5.02 1994O4 2.34
1995O1 1.48 1995O1 2.96
1995O2 0.78 1995O2 3.30
1995O3 3.13 1995O3 2.03
1995O4 3.23 1995O4 2.37
1996O1 2.89 1996O1 3.42
1996O2 6.75 1996O2 3.56
1996O3 2.01 1996O3 2.31
1996O4 4.63 1996O4 3.25
1997O1 4.36 1997O1 2.63
1997O2 5.88 1997O2 1.17
1997O3 4.23 1997O3 1.75
1997O4 2.76 1997O4 2.00
1998O1 6.53 1998O1 0.99
1998O2 2.92 1998O2 1.65
1998O3 3.44 1998O3 1.73
1998O4 5.59 1998O4 1.72
1999O1 3.53 1999O1 1.71
1999O2 2.45 1999O2 3.27
1999O3 5.70 1999O3 2.51
1999O4 8.25 1999O4 2.90
2000O1 4.82 2000O1 4.01
2000O2 5.18 2000O2 3.57
AVERAGE PERCENT CHANGE
QUARTERLY
Source: Bureau of Economic Analysis, Bureau of Labor Statistics
--------------------------------------------------------------------------------
the second quarter were down almost 30 percent from the first quarter's
seasonally adjusted pace. Slowing was also evident in consumer spending, which
grew in the second quarter at less than half the first quarter's torrid 7.6
percent rate. Private sector employment growth in May and June slowed, though
the unemployment rate was at a very tight 4 percent. These signs of weakening
set the stage for the "soft landing" that Mr. Greenspan's tighter monetary
policy is intended to accomplish.
/s/ Martha Peyton
-----------------
Martha Peyton
MANAGING DIRECTOR
4 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
THE GLOBAL ECONOMY
Over the first six months of 2000, global equity markets exhibited increased
volatility and a slightly negative return on the back of 1999's impressive,
sustained recovery from the turbulence of October 1998. After having posted an
especially robust 25.3 percent return over the course of 1999, Global equity
markets gave up some 2.4 percent in total return, as measured by the Morgan
Stanley Capital International (MSCI) World Index.
Prospects for the world economy are more favorable now than they have been in a
decade. Projections by the OECD, for example, for world economic growth in the
year 2000 have moved up from 3.5 percent at the end of last year to a current
4.3 percent, with a 1.0 point increase to 4.0 percent for developed economies.
Investors' caution was rooted in concerns that robust real economic growth
would, over time, absorb spare production resources, exert upward pressure on
labor and other input costs (particularly energy costs), and potentially erode
profit margins. Major central banks (with the notable exception of the Bank of
Japan) moved to ameliorate the perceived risk of the inflationary consequences
of higher growth by raising policy interest rates. The debate within central
banks regarding the extent of further tightening has added to investor concerns.
Equity markets reflected this uncertainty over corporate earnings and interest
rates, exhibiting relatively higher levels of volatility, especially within the
richly valued technology sector. Through the end of May, world equity markets
had fallen by 6 percent and the technology sector by some 9 percent from the
beginning of the year before recovering by 3 and 10 percent respectively over
the month of June.
The growth outlook for all major developed areas improved over the first half of
2000. In the euro area, growth and employment prospects are better than at any
time in more than ten years. Likely tax reforms are set to spur supply
potential, and confidence levels are near record levels. The Japanese recovery
is being led by business fixed investment and exports, while consumers have,
thus far, been reticent spenders in the face of ongoing corporate restructuring.
In North America, the resilient U.S. economy is supporting stronger growth in
Canada and Mexico.
On balance, solid global growth with moderate inflation, albeit in a somewhat
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MSCI WORLD INDEX (in U.S. dollars)
[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]
MSCI World
MSCI World Information
Index Technology Index
---------- ----------------
12/98 1149.95 100
1/99 1173.84 114.43
2/99 1141.33 102.98
3/99 1187.55 113.68
4/99 1233.06 116.53
5/99 1186.70 114.69
6/99 1240.75 129.83
7/99 1235.70 131.22
8/99 1232.16 136.43
9/99 1218.90 137.26
10/99 1280.94 142.08
11/99 1315.68 161.14
12/99 1420.89 199.59
1/00 1338.25 185.49
2/00 1340.58 207.12
3/00 1431.94 219.18
4/00 1370.11 201.63
5/00 1334.14 181.11
6/00 1377.72 198.79
Source: Morgan Stanley International Capital, Inc.
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SHORT-TERM INTEREST RATES
Euro
US Area Japan
---- ---- -----
12/98 5.23 3.36 0.50
1/99 5.01 3.13 0.51
2/99 5.00 3.09 0.38
3/99 5.01 3.05 0.20
4/99 5.00 2.70 0.15
5/99 5.02 2.58 0.11
6/99 5.18 2.63 0.10
7/99 5.31 2.68 0.11
8/99 5.45 2.69 0.09
9/99 5.57 2.73 0.10
10/99 6.18 3.38 0.25
11/99 6.10 3.47 0.30
12/99 6.13 3.44 0.31
1/00 6.04 3.34 0.15
2/00 6.10 3.54 0.13
3/00 6.20 3.75 0.14
4/00 6.31 3.93 0.12
5/00 6.75 4.35 0.10
6/00 6.79 4.50 0.13
Source: British Bankers Association and Datastream
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higher interest rate environment, under vigilant central banks, presents the
prospect of improved sustainability of the current business cycle, and corporate
profitability.
/s/ Harvey Kerrich
------------------
Harvey Kerrich
TIAA-CREF ECONOMIST
2000 SEMI-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 at the time of purchase as
"first-tier securities," which are ranked in the highest category by at least
two nationally recognized statistical rating organizations.
> Average weighted maturity of 90 days or less.
> Longest maturity will be 397 days.
PERFORMANCE IN 2000
During the first six months of 2000, the Money Market Fund returned 2.96
percent, outperforming its benchmark, iMoneyNet Fund Report AverageTM--All
Taxable by 0.22 percent. The fund was 0.30 percent ahead of its competition as
measured by the Lipper Money Market Funds Average.
Over the first half of this year, the Federal Reserve Bank raised interest rates
three times. Since we believed that the Federal Reserve was going to tighten
interest rates, we positioned the Money Market Fund to have a shorter weighted
average maturity than the iMoneyNet Fund Report AverageTM--All Taxable. During
the six-month period ending June 30, the fund varied from a low of 35 days to a
high of 52 days, as compared with a low of 44 days to a high of 53 days for the
benchmark.
We made a few asset allocation changes to the portfolio composition of the fund.
We increased our holdings of commercial paper and floating/variable- rate
securities to 90 percent and 9 percent from 80 percent and 6 percent six months
earlier. We decreased our holdings in bank liabilities and U.S. government
agency securities to 1 percent and 0 percent from previous levels of 9 percent
and 5 percent. For the last six months, commercial paper provided the best
relative value for all classes of money market securities.
As of June 30, the fund's assets surpassed $500 million.
6 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
MONEY MARKET Fund
ASSET ALLOCATION AS OF 6/30/00
[PIE CHART OMITTED]
Commercial Paper 90%
Floating and Variable Notes 9%
Certificates of Deposit
and Bank Notes 1%
$10,000 OVER LIFE OF FUND
[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]
Lipper Money iMoneyNet 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
11,183 11,226 11,330
11,228 11,272 11,381
Mar-00 11,277 11,323 11,436
11,326 11,374 11,491
11,378 11,429 11,549
Jun-00 11,431 11,483 11,609
PERFORMANCE AT A GLANCE AS OF 6/30/00
<TABLE>
<CAPTION>
NET ANNUALIZED YIELD
AVERAGE FOR THE 7 DAYS ENDING
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES MATURITY NET 6/27/00
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 6/27/00 IN MILLIONS YIELD YIELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONEY MARKET FUND 5.66% 5.42% 5.66% 16.11% 0.29%(3) 49 $500.37 6.36% 6.56%
iMoneyNet Money Fund
Report Average(TM)--
All Taxable 5.21 5.24 5.21 14.84 0.49 52 -- 5.91 6.08
Lipper Money Market
Funds Average 5.06 4.84 5.06 14.33 -- -- -- -- --
</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. 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, like the other TIAA-CREF Mutual Funds, is
not a deposit of any bank and is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other U.S. government agency.
2000 SEMI-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.
> The fund's portfolio is divided into two segments. The first segment, which
makes up at least 75 percent of the fund, is invested in a broad range of
investment-grade debt securities, such as U.S. Treasury and Agency
securities, corporate bonds, and mortgage-backed securities.
> The fund's second segment seeks enhanced returns through investments in
illiquid or non-investment-grade securities, which won't be more than 25
percent of the fund's assets. Currently, this segment is less than 5 percent
of the portfolio.
PERFORMANCE IN 2000
For the first six months of 2000, the Bond PLUS Fund had a return of 3.91
percent, which was .08 percentage points behind the Lehman Brothers Aggregate
Bond Index, and 0.61 percentage points ahead of the competition as measured by
the Lipper Intermediate Investment Grade Debt Index.
We began to reduce our overweight positions in corporate, agency, and
agency-backed securities in January, making them roughly equivalent to the
benchmark. The bond portfolio, however, slightly underperformed its benchmark in
the first quarter, but managed to beat the returns posted by the peer group.
Relative to the benchmark, beginning with the second quarter of 2000, we had a
modest overweight position in certain spread sector securities, such as
mortgage-backed and asset-backed bonds. (The spread is the difference between
the yield of a bond and a Treasury security of similar duration.) We had a
neutral position in corporate bonds, and an underweight position in U.S agency
securities and commercial mortgage-backed securities. By the end of the second
quarter, our exposure to spread sector securities was again close to neutral
compared with the benchmark. Several factors led to further widening in spreads
in the corporate bond, U.S. agency, and asset-backed sectors. First, the Federal
Reserve was clearly in a tightening mode with the goal of slowing down the
economy. Second, the Treasury Department was buying back long-dated treasuries,
boosting the value of these securities versus other fixed-income securities.
Spreads in the mortgage-backed and commercial mortgage-backed (CMBS) sectors
were unchanged.
The overall performance of the fund for the first six months of 2000 closely
matched its benchmark. During this period, we also kept the fund close to its
benchmark in terms of spread sector allocations and yield-curve positioning. The
option-adjusted duration of the bond portfolio was within 1 percent of the
benchmark throughout the quarter.
8 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
BOND PLUS Fund
TOP FIVE MARKET SECTORS
12/31/99 6/30/00
Mortgage-backed securities* 46% 47%
----------------------------------------------------
Corporate bonds 27 24
----------------------------------------------------
U.S. government securities 23 26
----------------------------------------------------
Yankees** 3 3
----------------------------------------------------
Money market instruments 1 0
----------------------------------------------------
* 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 6/30/00
Measure* Average Life Option-Adjusted Duration
(IN YEARS) 6/30/00 (IN YEARS) 6/30/00
Bond PLUS 8.50 4.86
-------------------------------------------------------------------------------
Lehman Brothers
Aggregate Bond Index 8.70 4.88
-------------------------------------------------------------------------------
* AS CALCULATED USING AN ANALYTICAL MODEL DEVELOPED BY CMS BOND EDGE, A WIDELY
RECOGNIZED RISK ANALYTIC SOFTWARE PACKAGE.
$10,000 OVER LIFE OF FUND
[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]
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
11,059 11,220 11,223
11,180 11,356 11,363
Mar-00 11,317 11,506 11,504
11,247 11,473 11,491
11,227 11,467 11,468
Jun-00 11,465 11,706 11,711
PERFORMANCE AT A GLANCE AS OF 6/30/00
<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 4.65% 5.74% 4.65% 17.11% 0.30%(3) $230.25
Lehman Brothers Aggregate
Bond Index 4.56 5.73 4.56 17.09 -- --
Lipper Intermediate
Investment Grade Debt
Index 3.76 4.94 3.76 14.64 -- --
</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.
2000 SEMI-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 (46 percent as of 6/30/00) buys stocks when they are
attractively priced compared to growth potential and asset value.
> Occasionally acquires stocks of foreign-based companies not in the benchmark.
PERFORMANCE IN 2000
For the six months ended June 30, 2000, the Growth & Income Fund posted a return
of 1.58 percent, 2.0 percent ahead of its benchmark, the S&P 500 Index. The fund
held a 2.45 percent lead over its peer competition, the Lipper Growth & Income
Fund Index.
Although the first six months of the year saw a turbulent market (especially for
technology stocks), the Growth & Income Fund posted a solid performance. More
traditional "old economy" sectors performed well, whereas the technology sector
lagged during the beginning of the second quarter as the NASDAQ experienced a
correction.
Despite the correction in the NASDAQ, the fund mostly benefited by selecting
stocks within the technology sector. For example, both Sanmina and EMC performed
well during the volatile second quarter. We benefited from being underexposed to
Microsoft and Texas Instruments. Holdings in other sectors contributed to the
fund's performance, including Cardinal Health, Nabisco, and John Hancock
Financial. Our underweight position versus the benchmark in Johnson & Johnson
and LSI Logic detracted from the fund's performance.
10 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
GROWTH & INCOME Fund
TEN LARGEST HOLDINGS AS OF 6/30/00
COMPANY % OF NET ASSETS MARKET VALUE
General Electric Co 4.12% $26,569,430
-------------------------------------------------------
Cisco Systems, Inc 3.81 24,588,898
-------------------------------------------------------
Intel Corp 3.68 23,710,681
-------------------------------------------------------
Microsoft Corp 3.05 19,649,280
-------------------------------------------------------
Exxon Mobil Corp 2.50 16,118,405
-------------------------------------------------------
Pfizer, Inc 2.40 15,489,828
-------------------------------------------------------
Wal-Mart Stores, Inc 2.12 13,688,473
-------------------------------------------------------
Oracle Corp 2.12 13,674,446
-------------------------------------------------------
EMC Corp 1.67 10,787,714
-------------------------------------------------------
Merck & Co, Inc 1.59 10,285,833
-------------------------------------------------------
$10,000 OVER LIFE OF FUND
[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]
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
12,960 16,037 16,763
12,539 15,733 16,674
Mar-00 13,716 17,273 18,337
13,472 16,753 17,795
13,422 16,409 17,418
Jun-00 13,371 16,814 17,881
PERFORMANCE AT A GLANCE AS OF 6/30/00
<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 10.05% 22.82% 10.05% 78.83% 0.43%(3) $645.01
S&P 500 Index 7.25 20.16 7.25 68.15 -- --
Lipper Growth & Income
Fund Index -0.63 10.77 -0.63 33.60 -- --
</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.
2000 SEMI-ANNUAL REPORT TIAA-CREF Mutual Funds 11
<PAGE>
GROWTH EQUITY
FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Growth Equity Fund seeks a favorable long-term 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 (58 percent as of 6/30/00) is concentrated
in stocks of rapidly growing companies with products and/or services dominant
in their sector.
> This fund may invest up to 40 percent of the portfolio in international
stocks outside of the benchmark as opportunities arise.
PERFORMANCE IN 2000
For the six months ended June 30, 2000, the Growth Equity Fund posted a return
of 6.98 percent, which was 2.94 percent ahead of the Russell 3000(R) Growth
Index and 4.17 percent ahead of the competition as measured by the Lipper Growth
FunD Index.
The fund remained overweight versus the benchmark in technology, media, and
telecommunications equipment. Good stock selection, however, helped overcome the
weakness in these broader sectors and helped us record positive performance.
Positions in EMC Corp. in the data storage area, Oracle in the enterprise
software area, and Siebel Systems, another enterprise software company, all made
positive contributions to performance. From the media group, AMFM Inc., a radio
company that is merging with two other holdings, Clear Channel Communications
and SFX Entertainment, made a positive contribution, as did Viacom, which merged
with CBS Corp. In the telecommunications infrastructure area, Ciena Corp., a
telecommunications switch company, helped performance.
On the negative side, our underweight position versus the benchmark in the
health care sector hurt performance, although good stock selection helped
mitigate these effects. Cardinal Health Inc. was a strong performer in the drug
distribution area. Our underweight position in Johnson & Johnson hurt
performance, as did underweight positions in consumer non-cyclical stocks like
Coca-Cola and Pepsico. Underweight positions in other consumer-oriented stocks
such as retailers and food companies helped performance.
12 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
GROWTH EQUITY FUND
TEN LARGEST HOLDINGS AS OF 6/30/00
COMPANY % OF NET ASSETS MARKET VALUE
-----------------------------------------------------------------------
Intel Corp 5.65% $51,504,178
-----------------------------------------------------------------------
Cisco Systems, Inc 5.61 51,228,069
-----------------------------------------------------------------------
General Electric Co 4.80 43,813,033
-----------------------------------------------------------------------
Oracle Corp 4.31 39,281,061
-----------------------------------------------------------------------
Microsoft Corp 3.87 35,348,000
-----------------------------------------------------------------------
EMC Corp 2.97 27,120,161
-----------------------------------------------------------------------
Pfizer, Inc 2.82 25,695,600
-----------------------------------------------------------------------
Tyco International Ltd 2.53 23,076,646
-----------------------------------------------------------------------
Lucent Technologies, Inc 2.27 20,675,465
-----------------------------------------------------------------------
International Business Machines Corp 1.93 17,584,781
-----------------------------------------------------------------------
$10,000 OVER LIFE OF FUND
[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]
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
16,500 18,268 18,712
17,475 19,409 20,090
Mar-00 18,364 20,506 21,490
17,446 19,451 20,556
16,677 18,422 19,384
Jun-00 17,599 19,884 20,932
PERFORMANCE AT A GLANCE AS OF 6/30/00
<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 26.69% 29.85% 26.69% 109.32% 0.45%(3) $912.36
Russell 3000(R)
Growth Index(4) 25.86 27.48 25.86 98.80 -- --
Lipper Growth Fund Index 17.57 22.07 17.57 75.97 -- --
</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).
2000 SEMI-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
primarily consisting of foreign equity investments.
PORTFOLIO PROFILE
> Employs TIAA-CREF's Dual Investment Management Strategy.SM
> Indexed portion of the fund aims to slightly exceed the fund's benchmark, the
Morgan Stanley Europe, Australasia, Far East (EAFE) Index.
> Actively managed (43 percent as of 6/30/00) part is comprised of
international stocks of companies we believe have strong management and
sustainable prospects for growth.
PERFORMANCE IN 2000
For the first six months of 2000, the International Equity Fund posted a return
of -6.22 percent, which was 2.16 percent behind the Morgan Stanley-EAFE Index
and 2.11 percent behind the competition as measured by the Lipper International
Fund Index.
While the fund benefited from the changing landscape of the global
communications sector during the first quarter, foreign markets retreated in the
second quarter, because of heightened concerns over the impact of higher
interest rates on corporate earnings. Investors fled stocks related to the
telecommunications, media and technology sectors, and looked for safer havens,
such as in the health care and financial service industries. Our exposure to the
former and our lack of exposure to the latter sectors meant that we were rightly
positioned in the first quarter, but we were wrongly positioned to take
advantage of the market pullback in the second quarter.
This can be seen in our stock selection. For example, Vodafone, the world's
largest mobile communications service provider, was hampered by worries that it
would be forced to overpay for third generation licenses, and the share price
suffered after rallying strongly in the beginning of the year. Tiscali, the
Italian telecommunications company, also suffered as investors took profits
after its run-up earlier in the year. Reuters, the British-based financial
information company, has seen its stock price suffer despite our confirmation
that it improved its underlying business. In the technology field, the smaller
companies bore the brunt of investor fears. Swiss software company Fantastic and
the Australian media firm BMCMedia weighed down performance as investors shunned
smaller capitalization names in favor of larger companies.
Despite the general decline in the telecommunications and technology sectors,
there were several bright spots. The software and semiconductor sectors were
both strong during the second quarter, as were a number of non-technology-
related companies. More specifically, Tibco, a software spin-off from Reuters,
pleased the market with firm results and saw its share price recover strongly.
In addition, Infineon, the German-based semiconductor manufacturer, revised
earnings expectations upwards, which bolstered its share price performance.
On the non-technology side,
14 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
INTERNATIONAL EQUITY Fund
our ownership in the Dutch food retailer Royal Ahold Nv contributed positively
as investors warmed up to the company's growth prospects for the coming year.
Finally, IHC Caland Nv, a Dutch offshore services company, performed well on the
back of a stronger outlook for exploration and production in the oil industry.
But despite the combined positive impact of the above- mentioned holdings, they
were not enough to mitigate all of the head winds that we faced in the second
quarter.
TEN LARGEST HOLDINGS AS OF 6/30/00
% OF NET
COMPANY COUNTRY ASSETS MARKET VALUE
Vodafone Airtouch Plc United Kingdom 3.41% $10,379,299
---------------------------------------------------------------------------
Nokia Oyj Finland 2.78 8,473,198
---------------------------------------------------------------------------
Ericsson Telefon (LM)
AB Series B Sweden 2.78 8,461,558
---------------------------------------------------------------------------
Glaxo Wellcome Plc United Kingdom 2.06 6,283,916
---------------------------------------------------------------------------
WPP Group Plc United Kingdom 1.74 5,330,054
---------------------------------------------------------------------------
Reuters Group Plc United Kingdom 1.48 4,523,399
---------------------------------------------------------------------------
Royal Ahold Nv Netherlands 1.45 4,422,385
---------------------------------------------------------------------------
Pearson Plc United Kingdom 1.43 4,354,692
---------------------------------------------------------------------------
Infineon Technologies AG. Germany 1.38 4,208,768
---------------------------------------------------------------------------
IHC Caland Nv Netherlands 1.24 3,776,649
---------------------------------------------------------------------------
$10,000 OVER LIFE OF FUND
[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]
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
14,378 13,884 17,548
15,327 14,258 20,394
Mar-00 15,367 14,810 19,039
14,392 14,031 17,244
13,997 13,688 16,261
Jun-00 14,645 14,224 17,029
PERFORMANCE AT A GLANCE AS OF 6/30/00
<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 38.39% 20.71% 38.39% 70.29% 0.49%(3) $304.73
Morgan Stanley EAFE Index 17.16 13.27 17.16 42.27 -- --
Lipper International
Fund Index 23.63 14.38 23.63 46.34 -- --
</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. THERE ARE SPECIAL
RISKS ASSOCIATED WITH INVESTING IN FUNDS THAT INVEST PRIMARILY IN FOREIGN
SECURITIES, SUCH AS THE INTERNATIONAL EQUITY FUND. THESE SPECIAL RISKS
INCLUDE ERRATIC MARKET CONDITIONS, ECONOMIC AND POLITICAL INSTABILITY, AND
FLUCTUATIONS IN CURRENCY EXCHANGE RATES.
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.
2000 SEMI-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 investment 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, depending on market,
economic, and financial conditions.
> Equity portion consists of a changing mixture of three equity funds, the
International Equity, Growth Equity, and Growth & Income Funds.
> The fixed-income portion is invested mostly in shares of the Bond PLUS,
Short-Term Bond, and High-Yield Bond Funds, with occasional investments in
the Money Market Fund.
PERFORMANCE IN 2000
For the six months ended June 30, 2000, the Managed Allocation Fund, a fund
composed of investments in the other TIAA-CREF Mutual Funds, posted a return of
3.03 percent, which was 2.13 percent ahead of the MAF Composite and 1.29 percent
ahead of the competition as measured by the Lipper Balanced Fund Index.
During the first quarter, the overall allocation between equity and fixed-income
investments remained the same, at 59.5 percent equity and 40.5 percent fixed
income. However, we increased our position in the Money Market Fund from 2
percent to 3 percent. We also made several changes to the equity allocation. In
January, we increased our proportion in the International Equity Fund and funded
the change with proceeds from the Growth Equity Fund and new cash inflows. Then
in February, we reversed the increase in the International Equity Fund after it
had a very sharp upward move, and put the proceeds in the Growth & Income Fund.
During the second quarter, there were several allocation changes. Within the
equity component the allocation for the International Equity Fund was reduced
from over 25 percent to 20 percent. Proceeds from the International Equity Fund
were put into the Growth & Income and Growth Equity Funds. In late May, proceeds
from a small shift out of the Bond PLUS Fund were put into the Growth & Income
and Growth Equity Funds. Finally, in June, a small amount of assets from the
Money Market Fund were allocated to the newly created High-Yield Bond Fund. At
the end of June, the equity-to-debt mix was 60.5 percent to 39.5 percent.
16 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
MANAGED ALLOCATION Fund
ASSET ALLOCATION AS OF 6/30/00
[PIE CHART OMITTED]
Bond PLUS Fund 36%
High-Tield Bond Fund 1%
Money Market Fund/Cash 2%
International Equity Fund 13%
Growth Equity Fund 24%
Growth & Income Fund 24%
$10,000 OVER LIFE OF FUND
[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]
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
12,896 13,977 14,827
12,865 13,962 15,488
Mar-00 13,623 14,757 15,975
13,373 14,433 15,512
13,248 14,246 15,106
Jun-00 13,460 14,600 15,692
PERFORMANCE AT A GLANCE AS OF 6/30/00
<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 15.51% 17.27% 15.51% 56.92% 0.39%(3) $313.62
Managed Allocation
Composite Index(4) 7.36 13.92 7.36 44.62 -- --
Lipper Balanced
Fund Index 4.43 11.10 4.43 34.76 -- --
</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 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 COMPOSITE INDEX: 48%, S&P 500 INDEX; 40%, LEHMAN BROTHERS AGGREGATE BOND
INDEX; 12%, MORGAN STANLEY EAFE INDEX.
2000 SEMI-ANNUAL REPORT TIAA-CREF Mutual Funds 17
<PAGE>
TAX-EXEMPT BOND
FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Tax-Exempt Bond Fund seeks a high level of current income that is
exempt from regular federal income tax, consistent with preservation of capital.
PORTFOLIO PROFILE
> Invests almost all of its assets in investment-grade municipal securities
that are exempt from regular federal income tax.
> Uses yield spread and credit analysis to identify and invest in undervalued
market sectors and individual credit issues that exhibit the potential for
superior returns.
> Can invest up to 20 percent of its assets in tax-exempt private activity
bonds and lower-rated, higher-yielding securities.
PERFORMANCE IN 2000
The Tax-Exempt Bond Fund was launched on April 3, 2000. As of June 30, 2000, the
fund had return of 1.25 percent, underperforming its benchmark, the Lehman
Brothers 10-Year Municipal Bond Index, by 0.35 percent.
We began the quarter with a defensively positioned portfolio, which performs
better in declining or stable markets. High-coupon premium bonds were selected
to avoid the unfavorable tax consequences of market discount bonds in a rising
interest rate environment, and bonds with complex structure were chosen for
their attractive spreads relative to other sectors in the market. Premium
municipal bonds in particular hold their value much better in a rising interest
rate environment than current coupon or discount bonds because of a unique tax
feature of municipal bonds that affects the after-tax yield.
As interest rates rose and the Fed tightened, April and May proved to be
challenging months for the municipal bond market in terms of both restricted new
issuance and unfavorable yield curve movement. Consequently, the municipal
market exhibited a disappointing total return performance for these months. Our
strategy of a defensive portfolio allowed the fund to outperform its index in
the first two months of the quarter.
The municipal market experienced a dramatic turnaround in June. The market rally
was rooted in a combination of factors: a continued low new-issue supply
colliding with a wave of cash from June and July coupon payments, maturities and
redemptions, along with a jump in retail demand for tax-exempts amidst
stock-market volatility. The demand for intermediate municipal bonds was among
the more dramatic forces in the market during June.
The fund's underperformance in June can be largely attributable to the defensive
nature of the portfolio. Its high-coupon premium bonds and bonds with a complex
structure tend not to respond as quickly in market rallies. These bonds will
underperform current coupon and discount bonds in a rally but are stable and
usually perform well in declining or flat markets.
18 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
TAX-EXEMPT BOND Fund
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Lehman 10 Year Tax-Exempt
Municipal Bond Index Bond Fund
-------------------- ---------
Apr 3, 2000 $10,000 $10,000
Apr 30, 2000 9,950 9,951
May 31, 2000 9,891 9,903
Jun 30, 2000 10,160 10,125
PERFORMANCE AT A GLANCE AS OF 6/30/00
TOTAL RETURN(1) EXPENSE NET ASSETS
SINCE INCEPTION(2) RATIO IN MILLIONS
TAX-EXEMPT BOND FUND 1.25% 0.30%(3) $31.83
Lehman Brothers 10-Year
Municipal Bond Index 1.60 -- --
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES
OF RETURN FROM THE TAX-EXEMPT BOND 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 TAX-EXEMPT BOND FUND WAS 4/3/00.
3 THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2003.
2000 SEMI-ANNUAL REPORT TIAA-CREF Mutual Funds 19
<PAGE>
HIGH-YIELD BOND
FUND
INVESTMENT OBJECTIVE
The TIAA-CREF High-Yield Bond Fund seeks high current income, and when
consistent with its primary objective, capital appreciation.
PORTFOLIO PROFILE
> Invests primarily in lower-rated, higher-yielding fixed-income debt
securities, such as domestic and foreign corporate bonds, debentures, and
notes, as well as convertible securities and preferred stocks.
> Under normal market conditions, the fund invests at least 80 percent of its
assets in debt and other fixed-income securities rated lower than investment
grade or other non-rated high-yielding securities.
> May invest up to 20 percent of its assets in other securities, including
payment in kind or deferred interest obligations, defaulted securities,
asset-backed securities, securities rated below B- or B3, and illiquid
securities.
PERFORMANCE IN 2000
The High-Yield Bond Fund was launched on April 3, 2000. As of June 30, 2000, the
fund had a return of 3.2 percent. Over this same period, its benchmark, the
Merrill Lynch BB/B Cash Pay Index had a total return of 1.23 percent. The fund's
return was 3.6 percent ahead of the competition as measured by the Lipper
High-Yield Bond Fund Index.
During this period, the fund's management actively worked to develop a balanced,
diversified portfolio of high-yield bonds. Using a rigorous credit screening
process, we invested in companies with which we have had long familiarity as
well as in new portfolio names that offered good relative value. We are building
the portfolio on a name-by-name basis, and this process has resulted in the
portfolio being significantly underweighted versus the benchmark in a number of
industries. For example, we had very little exposure to the financial services,
paper, aerospace, airline, and lodging industries, among others.
However, this same company-by-company analysis has resulted in significantly
greater exposure versus the benchmark to other industries such as broadcasting,
cable television, diversified media, hospitals, and gaming. Our strong
performance during the period resulted for the most part from holding securities
that are generally well regarded in the high-yield market during a period when
gradually increasing market liquidity caused these securities to hold their
value or appreciate more than the market as a whole. Holdings in Allied Waste
Industries, HMH Properties, Avis Group, Lyondell Chemical Company, and Primedia
Inc. were the top five contributors to the fund's performance during the period.
20 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
HIGH-YIELD BOND Fund
$10,000 OVER LIFE OF FUND
Lipper Merrill Lynch
High-Yield BB/B Cash Pay High-Yield
Index Index Bond Fund
Apr 3, 2000 $10,000 $10,000 $10,000
Apr 30, 2000 9,956 10,012 10,106
May 31, 2000 9,779 9,926 10,106
Jun 30, 2000 9,960 10,123 10,320
PERFORMANCE AT A GLANCE AS OF 6/30/00
TOTAL RETURN(1) EXPENSE NET ASSETS
SINCE INCEPTION(2) RATIO IN MILLIONS
HIGH-YIELD BOND FUND 3.20% 0.34%(3) $58.57
Merrill Lynch BB/B Cash Pay Index 1.23 -- --
Lipper High-Yield Bond Fund Index -0.40 -- --
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES
OF RETURN FROM THE HIGH-YIELD BOND 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 HIGH-YIELD BOND FUND WAS 4/3/00.
3 THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2003.
2000 SEMI-ANNUAL REPORT TIAA-CREF Mutual Funds 21
<PAGE>
SHORT-TERM BOND
FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Short-Term Bond Fund seeks high current income consistent with
preservation of capital.
PORTFOLIO PROFILE
> Invests primarily in a broad range of debt securities comprising the Lehman
Brothers Mutual Fund Short (1-5 year) Government/Credit Index, primarily U.S.
Treasury and Agency securities, and corporate bonds with maturities from 1-5
years.
> May also invest in foreign corporate bonds, debentures and notes,
mortgage-backed securities, asset-backed securities, convertible securities,
and preferred stocks.
> Seeks to maintain an average duration (changes in the portfolio's value in
response to changes in interest rates) close to or equal to that of its
benchmark.
PERFORMANCE IN 2000
The Short-Term Bond Fund was launched April 3, 2000. As of June 30, 2000, the
fund had a return of 1.71 percent, underperforming its benchmark, the Lehman
Brothers Mutual Short (1-5 year) Government/Credit Index, by .02 percent. The
fund was 0.22 percent ahead of the competition as measured by the Lipper Short
Investment Grade Fund Index.
The fund was established with overweight positions in the spread sectors
(corporate, agency, and asset-backed securities) versus the benchmark. (The
spread is the difference between the yield of a bond and a Treasury security of
similar duration.) During the quarter, we made some changes to the fund's
composition. We replaced short-term U.S. Treasury securities with other
securities from the spread sector in the 1-3 year portion of the fund.
Approximately 60 percent of the fund's assets were invested in spread product
versus 49 percent for the benchmark. Spreads on short-term securities widened
modestly in the second quarter; however, the income returns generated by
securities offset this widening.
22 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
SHORT-TERM BOND Fund
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Lehman Brothers
Lipper Mutual Funds Short
Short-term Investment (1-5 year Government/ Short-term
Grade Index Credit Index Bond Fund
Apr 3, 2000 $10,000 $10,000 $10,000
Apr 30, 2000 10,002 10,004 10,002
May 31, 2000 10,037 10,034 10,026
Jun 30, 2000 10,148 10,173 10,171
PERFORMANCE AT A GLANCE AS OF 6/30/00
TOTAL RETURN(1) EXPENSE NET ASSETS
SINCE INCEPTION(2) RATIO IN MILLIONS
SHORT-TERM BOND FUND 1.71% 0.30%(3) $29.53
Lehman Brothers Mutual Fund Short
(1-5 yr) Gov/Credit Index 1.73 -- --
Lipper Short-Term
Investment Grade Index 1.49 -- --
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES
OF RETURN FROM THE SHORT-TERM BOND 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 SHORT-TERM BOND FUND WAS 4/3/00.
3 THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2003.
2000 SEMI-ANNUAL REPORT TIAA-CREF Mutual Funds 23
<PAGE>
SOCIAL CHOICE EQUITY
FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Social Choice Equity Fund seeks a favorable long-term rate of
return that reflects the investment performance of the U.S. stock market while
giving special consideration to certain social criteria.
PORTFOLIO PROFILE
> Invests primarily in a diversified set of common stocks. The fund attempts to
track the return of the U.S. stock market as represented by the S&P 500
Index.
> The fund does not currently invest in companies that: fail to adhere to sound
environmental policies and practices; have significant involvement in weapons
manufacturing; operate in Northern Ireland without adopting the MacBride
Principles of complying with the Fair Employment (Northern Ireland) Act of
1989; produce and market alcoholic beverages or tobacco products; produce
nuclear energy; or have a significant portion of their business in gaming or
gambling operations.
PERFORMANCE IN 2000
The Social Choice Equity Fund was launched on April 3, 2000. As of June 30,
2000, the fund had a return of -1.69 percent, outperforming its benchmark, the
S&P 500 Index, by 0.97 percent. The fund was 0.82 percent ahead of the
competition as measured by the Lipper Growth & Income Fund Index.
At the end of April 2000, the Committees on Corporate Governance and Social
Responsibility voted in favor of a formal gambling screen. The fund will not
invest in companies that have a significant involvement in gaming or gambling
operations.
Because the Social Choice Equity Fund uses investment screens, not all of the
stocks in the S&P 500 are represented in the fund.
The performance of the fund benefited by being slightly underweight compared to
the S&P 500 Index in the technology sector, most notably by not owning Motorola,
which had a -39 percent return in the benchmark for the quarter. Although the
portfolio had an underexposure to the energy sector, it benefited by its
overweight positions in oil services companies. The fund's overexposure to
health care stocks such as Johnson & Johnson positively contributed to
performance, despite not owning Warner-Lambert, which had a return of 30 percent
this quarter and completed its merger with Pfizer. The fund's overweight
positions in interest-rate sensitive stocks, namely the financial services and
utility sectors, offset the effects of our underweight positions in producer
durables to which General Electric, the largest stock in the S&P 500, belongs
but is not held by the fund.
24 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
SOCIAL CHOICE EQUITY Fund
TEN LARGEST HOLDINGS AS OF 6/30/00
% OF NET
COMPANY ASSETS MARKET VALUE
Intel Corp 3.91% $1,229,925
----------------------------------------------------------------------
Cisco Systems, Inc 3.62 1,137,768
----------------------------------------------------------------------
Microsoft Corp 3.46 1,088,000
----------------------------------------------------------------------
Wal-Mart Stores, Inc 2.21 693,574
----------------------------------------------------------------------
Citigroup, Inc 2.00 628,528
----------------------------------------------------------------------
Oracle Corp 1.95 613,656
----------------------------------------------------------------------
American International Group, Inc 1.93 606,182
----------------------------------------------------------------------
Merck & Co, Inc 1.83 573,691
----------------------------------------------------------------------
International Business Machines Corp 1.82 572,025
----------------------------------------------------------------------
Lucent Technologies, Inc 1.70 535,620
----------------------------------------------------------------------
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Lipper
Growth &
Income Fund Social Choice
Index S&P 500 Index Equity Fund
Apr 3, 2000 $10,000 $10,000 $10,000
Apr 30, 2000 9,822 9,699 9,719
May 31, 2000 9,786 9,500 9,578
Jun 30, 2000 9,748 9,734 9,831
PERFORMANCE AT A GLANCE AS OF 6/30/00
TOTAL RETURN(1) EXPENSE NET ASSETS
SINCE INCEPTION(2) RATIO IN MILLIONS
SOCIAL CHOICE EQUITY FUND -1.69% 0.27%(3) $31.42
S&P 500 Index -2.66 -- --
Lipper Growth & Income Fund Index -2.51 -- --
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES
OF RETURN FROM THE SOCIAL CHOICE 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 SOCIAL CHOICE EQUITY FUND WAS 4/3/00.
3 THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2003.
2000 SEMI-ANNUAL REPORT TIAA-CREF Mutual Funds 25
<PAGE>
EQUITY INDEX
FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Equity Index Fund seeks a favorable long-term rate of return
from a diversified portfolio selected to track the overall market for common
stocks publicly traded in the U.S., as represented by the Russell 3000(R), a
broad market index.
PORTFOLIO PROFILE
> Benchmarked to the Russell 3000(R)Index.
> Uses a sampling approach to create a portfolio that closely matches the
investment characteristics of the Russell 3000(R) Index without actually
investing in all 3,000 stocks in the index.
PERFORMANCE IN 2000
The Equity Index Fund was launched on April 3, 2000. As of June 30, 2000, the
fund had a return of -3.26 percent, outperforming its benchmark, the Russell
3000(R)a Growth Index, by 0.20 percent.
The second quarter of 2000 was initially characterized by a continued shift away
from what had been the top performing growth/momentum stocks. In the first
couple months of the year, growth stocks substantially outperformed value stocks
by any measure. By March, however, a reversal was under way, and value stocks
outperformed growth stocks in both April and May. In June, growth stocks roared
again. In all cases, the deviation between these two groups of stocks was as
high as it had ever been.
The relative performance of index portfolios, which basically aim to match the
market, is generally not affected by the relative performance of these different
groups of stocks. However, with such extreme variation in performance between
groups of stocks, even slight deviations can have some impact on performance.
26 TIAA-CREF Mutual Funds 2000 SEMI-ANNUAL REPORT
<PAGE>
EQUITY INDEX Fund
TEN LARGEST HOLDINGS AS OF 6/30/00
% OF NET
COMPANY ASSETS MARKET VALUE
General Electric Co 3.83% $2,259,496
------------------------------------------------------------------
Intel Corp 3.26 1,922,827
------------------------------------------------------------------
Cisco Systems, Inc 3.22 1,898,230
------------------------------------------------------------------
Microsoft Corp 2.26 1,331,040
------------------------------------------------------------------
Pfizer, Inc 2.21 1,302,852
------------------------------------------------------------------
Exxon Mobil Corp 1.99 1,172,319
------------------------------------------------------------------
Citigroup, Inc 1.48 874,649
------------------------------------------------------------------
International Business Machines Corp 1.41 831,469
------------------------------------------------------------------
Lucent Technologies, Inc 1.40 823,693
------------------------------------------------------------------
Oracle Corp 1.34 791,196
------------------------------------------------------------------
$10,000 OVER LIFE OF FUND
[The following table represents a chart in the printed material]
Russell 3000 Index Equity Index Fund
Apr 3, 2000 $10,000 $10,000
Apr 30, 2000 9,648 9,655
May 31, 2000 9,377 9,396
Jun 30, 2000 9,654 9,674
PERFORMANCE AT A GLANCE AS OF 6/30/00
TOTAL RETURN(1) EXPENSE NET ASSETS
SINCE INCEPTION(2) RATIO IN MILLIONS
EQUITY INDEX FUND -3.26% 0.26%(3) $58.97
Russell 3000(R)Index -3.46 -- --
1 PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES
OF RETURN FROM THE EQUITY INDEX 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 EQUITY INDEX FUND WAS 4/3/00.
3 THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2003.
2000 SEMI-ANNUAL REPORT TIAA-CREF Mutual Funds 27
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (Unaudited) MONEY MARKET FUND
JUNE 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL VALUE
--------------------------------------------------------------------------------
SHORT TERM INVESTMENTS -- 100.32%
BANK NOTES -- 0.40%
HUNTINGTON NATIONAL BANK
$2,000,000 5.660%, 07/06/00 $ 1,999,509
-----------
COMMERCIAL PAPER -- 89.21%
ABN AMRO NORTH AMERICA
FINANCE, INC
7,450,000 5.960%, 08/07/00 7,404,365
AMERICAN EXPRESS CREDIT CORP
10,464,000 6.780%, 07/07/00 10,452,175
5,460,000 6.500%, 07/10/00 5,451,127
AMERICAN HONDA FINANCE CORP
1,414,000 6.600%, 08/10/00 1,403,630
11,400,000 6.620%, 08/10/00 11,316,146
AMERICAN TELEPHONE & TELEGRAPH CO
18,000,000 6.500%, 07/20/00 17,938,250
ASSET SECURITIZATION
COOP CORP
18,000,000 c 6.650%, 08/23/00 17,823,775
BARCLAYS U.S. FUNDING CORP
18,000,000 6.520%, 07/07/00 17,980,440
BELL ATLANTIC FINANCIAL SERVICES, INC
11,000,000 6.470%, 07/10/00 10,982,193
BELL ATLANTIC NETWORK FUNDING CORP
4,150,000 6.540%, 07/24/00 4,132,659
13,500,000 6.570%, 08/16/00 13,386,667
BETA FINANCE, INC
14,500,000 c 6.670%, 08/29/00 14,341,494
BMW U.S. CAPITAL CORP
2,450,000 6.530%, 08/03/00 2,435,334
10,000,000 6.550%, 09/12/00 9,867,180
CAMPBELL SOUP CO
10,000,000 6.180%, 10/11/00 9,825,826
CATERPILLAR FINANCIAL SERVICES CORP
10,300,000 c 5.970%, 07/18/00 10,270,963
CIESCO LP
7,650,000 6.550%, 07/20/00 7,623,554
10,000,000 6.530%, 07/21/00 9,963,722
COCA COLA CO
5,000,000 6.550%, 09/01/00 4,943,597
CORPORATE ASSET FUNDING CORP, INC
14,000,000 c 6.620%, 08/03/00 13,915,043
DELAWARE FUNDING CORP
7,474,000 c 6.570%, 07/18/00 7,450,811
10,000,000 c 6.580%, 07/18/00 9,968,927
DUPONT (E.I.) DE NEMOURS & CO
$16,000,000 6.500%, 07/21/00 15,942,222
1,700,000 6.730%, 12/18/00 1,645,972
EASTMAN KODAK CO
5,000,000 6.570%, 08/08/00 4,965,325
9,800,000 6.540%, 09/05/00 9,682,497
ENTERPRISE FUNDING CORP
10,000,000 c 6.670%, 07/31/00 9,944,416
FORTUNE BRANDS, INC
15,100,000 6.610%, 10/02/00 14,842,154
GENERAL ELECTRIC CAPITAL CORP
18,000,000 6.610%, 10/12/00 17,659,585
GENERAL MILLS
9,000,000 6.540%, 09/05/00 8,892,090
GOLDMAN SACHS GROUP LP
6,150,000 6.580%, 08/09/00 6,106,160
2,160,000 6.600%, 09/11/00 2,131,488
HD REAL ESTATE FUNDING CORP
10,000,000 c 6.750%, 11/06/00 9,760,000
KELLOGG CO
3,500,000 6.500%, 07/11/00 3,493,680
KIMBERLY-CLARK CORP
7,000,000 c 6.570%, 08/25/00 6,929,737
MORGAN STANLEY DEAN WITTER
1,555,000 6.550%, 08/23/00 1,540,005
MOTIVA ENTERPRISES LLC
1,800,000 6.530%, 07/24/00 1,792,490
MOTOROLA CREDIT CORP
9,000,000 6.120%, 07/24/00 8,964,810
MOTOROLA, INC
9,000,000 6.100%, 07/07/00 8,990,850
NATIONAL RURAL UTILITIES
COOP FINANCE
1,577,000 6.110%, 07/18/00 1,572,449
10,000,000 c 6.120%, 07/19/00 9,969,400
PACCAR FINANCIAL CORP
7,800,000 6.630%, 08/31/00 7,712,373
9,800,000 6.550%, 09/13/00 9,668,053
PARK AVENUE RECEIVABLES CORP
6,330,000 c 6.750%, 07/13/00 6,315,757
6,300,000 c 6.600%, 07/24/00 6,273,435
SBC COMMUNICATIONS, INC
4,100,000 c 6.080%, 07/10/00 4,093,767
10,500,000 c 6.560%, 08/23/00 10,398,593
3,200,000 c 6.640%, 09/01/00 3,163,406
28 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS MONEY MARKET FUND
--------------------------------------------------------------------------------
PRINCIPAL VALUE
--------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
SCHERING CORP
$14,000,000 6.700%, 11/14/00 $ 13,645,644
SOUTHERN CALIFORNIA EDISON CO
10,000,000 6.140%, 08/02/00 9,945,422
STANLEY WORKS
8,355,000 6.450%, 07/05/00 8,349,012
WAL-MART STORES, INC
3,150,000 c 6.570%, 08/28/00 3,116,657
------------
446,385,327
------------
MEDIUM TERM BONDS -- 1.15%
FORD MOTOR CREDIT CO
455,000 6.375%, 10/06/00 454,984
806,000 6.250%, 11/08/00 805,496
IBM CREDIT CORP
2,000,000 5.860%, 09/01/00 1,999,489
NATIONAL RURAL UTILITIES
COOP FINANCE
2,500,000 5.810%, 07/13/00 2,500,682
------------
5,760,651
------------
U.S. GOVERNMENT AND AGENCY-- 0.17%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
840,000 6.350%, 07/05/00 839,407
------------
VARIABLE RATE NOTES -- 9.39%
CIT GROUP HOLDINGS, INC
10,000,000 6.676%, 07/16/01 9,992,031
FLEET FINANCIAL GROUP, INC
10,000,000 6.707%, 03/13/01 9,993,602
FORD MOTOR CREDIT CO
8,000,000 6.728%, 08/18/00 8,000,178
KEY BANK
4,000,000 6.700%, 07/14/00 3,998,825
NATIONAL CITY CORP
15,000,000 6.330%, 04/23/01 15,006,981
------------
46,991,617
------------
TOTAL SHORT TERM INVESTMENTS
(COST $501,976,511) 501,976,511
------------
TOTAL PORTFOLIO-- 100.32%
(COST $501,976,511) 501,976,511
OTHER ASSETS & LIABILITIES,
NET-- (0.32%) (1,610,678)
------------
NET ASSETS-- 100.00% $500,365,833
============
------------
c COMMERCIAL PAPER ISSUED UNDER THE PRIVATE PLACEMENT EXEMPTION UNDER
SECTION 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED.
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (Unaudited) BOND PLUS FUND
JUNE 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
--------------------------------------------------------------------------------
BONDS -- 98.52%
CORPORATE BONDS -- 30.44%
ASSET BACKED -- 4.63%
GE CAPITAL MORTGAGE
SERVICES, INC SERIES
1999-HE1 (CLASS A3)
$1,500,000 6.035%, 06/25/20 AAA $ 1,462,785
GREEN TREE HOME EQUITY
LOAN TRUST SERIES
1998-C (CLASS A3)
1,000,000 6.180%, 07/15/29 AAA 995,140
HOUSEHOLD AUTOMOTIVE
TRUST SERIES 2000-2
(CLASS A3)
2,000,000 7.340%, 11/17/04 AAA 2,011,400
NEWCOURT EQUIPMENT
TRUST SECURITIES SERIES
1999-1 (CLASS A4)
2,750,000 7.180%, 10/20/05 AAA 2,746,342
RESIDENTIAL ASSET
SECURITIES CORP SERIES
1999-KS3 (CLASS AI3)
2,500,000 7.180%, 01/25/25 AAA 2,472,675
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 29
<PAGE>
TIAA-CREF MUTUAL FUNDS BOND PLUS FUND
--------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
--------------------------------------------------------------------------------
ASSET BACKED -- (CONTINUED)
VANDERBILT MORTGAGE
FINANCE SERIES 1999-D
(CLASS IA2)
$1,000,000 6.815%, 08/07/12 AAA $ 981,020
-----------
TOTAL ASSET BACKED 10,669,362
-----------
ENERGY -- 0.85%
OIL, GAS AND OTHER ENERGY
SERVICES -- 0.85%
AMERADA HESS CORP
1,000,000 7.875%, 10/01/29 BAA1 977,810
CHEVRON CORP
1,000,000 6.625%, 10/01/04 AA2 982,420
-----------
TOTAL ENERGY 1,960,230
-----------
FINANCE -- 7.91%
BANKS, SAVINGS AND LOANS -- 0.75%
FLEET NATIONAL BANK
(SUB NOTE)
2,000,000 5.750%, 01/15/09 A2 1,728,440
-----------
CREDIT AND OTHER FINANCE-- 5.06%
ARISTAR, INC (SR NOTE)
2,000,000 7.250%, 06/15/06 A3 1,919,020
FORD MOTOR CREDIT
CO NOTE
1,000,000 7.500%, 03/15/05 A1 995,050
GENERAL ELECTRIC
CAPITAL CORP
(MEDIUM TERM NOTE)
1,000,000 7.000%, 03/01/02 AAA 997,660
2,000,000 7.375%, 01/19/10 AAA 2,024,120
GENERAL MOTORS
ACCEPTANCE CORP
(MEDIUM TERM NOTE)
2,000,000 5.480%, 12/16/02 A2 1,909,640
HOUSEHOLD FINANCE CO
2,000,000 5.875%, 09/25/04 A2 1,865,280
NORWEST FINANCIAL, INC
2,000,000 6.700%, 09/22/04 AA3 1,938,700
-----------
11,649,470
-----------
SECURITIES AND COMMODITIES -- 2.10%
MORGAN STANLEY
DEAN WITTER, INC
(SR UNSUBORDINATE)
1,000,000 7.125%, 01/15/03 AA3 993,590
$1,000,000 5.625%, 01/20/04 AA3 943,020
SALOMON SMITH BARNEY
HOLDINGS
3,000,000 6.250%, 05/15/03 AA3 2,901,570
-----------
4,838,180
-----------
TOTAL FINANCE 18,216,090
-----------
FOODS AND RELATED -- 1.73%
BEVERAGES, OTHER FOOD
PRODUCTS -- 1.73%
DIAGEO CAPITAL PLC
2,000,000 7.250%, 11/01/09 A1 2,005,120
SAFEWAY, INC NOTE
2,000,000 7.250%, 09/15/04 BAA2 1,967,320
-----------
TOTAL FOODS AND RELATED 3,972,440
-----------
HEALTH -- 0.42%
DRUGS AND PHARMACEUTICALS -- 0.42%
JOHNSON & JOHNSON CO
1,000,000 6.950%, 09/01/29 AAA 957,620
-----------
TOTAL HEALTH 957,620
-----------
INDUSTRIAL MACHINERY -- 1.30%
ELECTRICAL -- 0.45%
EMERSON ELECTRIC
1,000,000 7.875%, 06/01/05 AA1 1,028,020
-----------
OTHER INDUSTRIAL EQUIPMENT -- 0.85%
CATERPILLAR FINANCIAL
SERVICES
2,000,000 5.470%, 09/12/01 A2 1,957,140
-----------
TOTAL INDUSTRIAL MACHINERY 2,985,160
-----------
MEDIA AND LEISURE -- 2.81%
BROADCASTING -- 1.75%
CABLEVISION HOLDINGS
1,000,000 8.125%, 07/15/09 BA1 965,000
TIME WARNER, INC
(PASS-THRU CERT)
2,000,000 g 6.100%, 12/30/01 BAA3 1,961,820
TIME WARNER, INC DEB
1,000,000 9.125%, 01/15/13 BAA3 1,095,900
-----------
4,022,720
-----------
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
30 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS BOND PLUS FUND
--------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
--------------------------------------------------------------------------------
PUBLISHING -- 1.06%
NEWS AMERICA HOLDINGS
DEB
$1,000,000 8.250%, 08/10/18 BAA3 $ 963,440
TIMES MIRROR
1,500,000 6.650%, 10/15/01 A2 1,489,185
----------
2,452,625
----------
TOTAL MEDIA AND LEISURE 6,475,345
----------
OTHER MORTGAGE BACKED SECURITIES
-- 1.48%
CHASE MANHATTAN BANK--
FIRST UNION NATIONAL
SERIES 1999-1 (CLASS A1)
954,322 7.134%, 07/15/07 AAA 946,100
COMMERCIAL MORTGAGE
ASSET TRUST SERIES
1999-C1 (CLASS A3)
1,000,000 6.640%, 09/17/10 AAA 943,256
DLJ COMMERCIAL
MORTGAGE SERIES
2000-CF1 (CLASS A1B)
1,500,000 7.620%, 05/10/10 AAA 1,507,260
----------
TOTAL MORTGAGE BACKED
SECURITIES 3,396,616
----------
RETAIL AND WHOLESALE -- 0.87%
GENERAL MERCHANDISE STORES-- 0.87%
WAL-MART STORES, Inc
(SR NOTE)
1,000,000 6.875%, 08/10/09 AA2 976,870
1,000,000 7.550%, 02/15/30 AA2 1,023,630
----------
TOTAL RETAIL AND WHOLESALE 2,000,500
----------
TECHNOLOGY -- 1.47%
COMPUTERS AND OFFICE EQUIPMENT--
1.47%
COMDISCO, INC
2,000,000 5.950%, 04/30/02 BAA1 1,898,420
HEWLETT-PACKARD CO
1,500,000 7.150%, 06/15/05 AA2 1,502,745
----------
TOTAL TECHNOLOGY 3,401,165
----------
TRANSPORTATION -- 1.42%
AEROSPACE AND DEFENSE -- 0.43%
LOCKHEED MARTIN CORP
1,000,000 6.850%, 05/15/01 BAA1 995,040
----------
AUTOS, TIRES AND RELATED
PRODUCTS -- 0.41%
FORD MOTOR CO NOTE
1,000,000 7.450%, 07/16/31 A1 945,730
----------
RAILROADS -- 0.58%
CSX CORP
1,400,000 7.900%, 05/01/17 BAA2 1,329,804
----------
TOTAL TRANSPORTATION 3,270,574
----------
UTILITIES -- 5.55%
TELEPHONE -- 3.69%
BELLSOUTH
TELECOMMUNICATION
NOTE
2,000,000 6.500%, 06/15/05 AAA 1,927,760
DEUTSCHE TELEKOM
INTERNATIONAL
1,000,000 8.250%, 06/15/30 AA2 1,007,300
SPRINT CAPITAL CORP
(GUARANTEE NOTE)
1,500,000 7.625%, 06/10/02 BAA1 1,498,935
1,250,000 6.900%, 05/01/19 BAA1 1,111,450
U.S. WEST CAPITAL CORP
2,000,000 6.875%, 08/15/01 BAA1 1,989,560
VODAFONE AIRTOUCH PLC
1,000,000 7.750%, 02/15/10 A2 975,460
----------
8,510,465
----------
ELECTRIC, GAS AND OTHER -- 1.86%
CENTRAL POWER & LIGHT
2,500,000 6.625%, 07/01/05 A3 2,394,275
GEORGIA POWER CO
(SR NOTE)
1,000,000 5.500%, 12/01/05 A2 911,766
WILLIAMS COS, INC
1,000,000 6.200%, 08/01/02 BAA2 973,080
----------
4,279,121
----------
TOTAL UTILITIES 12,789,586
----------
TOTAL CORPORATE BONDS
(COST $71,177,497) 70,094,688
----------
GOVERNMENT BONDS -- 68.08%
AGENCY SECURITIES -- 10.19%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
5,300,000 5.000%, 01/15/04 4,964,616
3,500,000 7.375%, 05/15/03 3,533,495
+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 31
<PAGE>
TIAA-CREF MUTUAL FUNDS BOND PLUS FUND
--------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
--------------------------------------------------------------------------------
AGENCY SECURITIES -- (CONTINUED)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION (FNMA)
$1,500,000 6.375%, 01/16/02 AAA $ 1,486,635
5,000,000 5.250%, 01/15/03 AAA 4,800,000
3,700,000 7.125%, 02/15/05 AAA 3,715,022
4,850,000 7.250%, 05/15/30 AAA 4,966,303
-----------
23,466,071
-----------
FOREIGN GOVERNMENT BONDS -- 1.72%
CANADA GOVERNMENT
1,000,000 6.750%, 08/28/06 AA2 979,880
MEXICAN UNITED STATES
NOTE
500,000 9.875%, 02/01/10 BA1 522,500
QUEBEC PROVINCE CANADA
1,500,000 7.000%, 01/30/07 A2 1,470,780
1,000,000 7.500%, 09/15/29 A2 982,410
-----------
3,955,570
-----------
MORTGAGE BACKED SECURITIES -- 39.61%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
972,728 7.000%, 09/01/10 959,790
FEDERAL HOME LOAN
MORTGAGE CORP GOLD
(FGLMC)
3,000,000 h 7.000%, 07/25/15 2,945,160
6,745,311 6.500%, 01/01/29 6,374,993
11,629,135 6.500%, 09/01/29 10,990,695
850,000 h 6.500%, 07/25/30 802,255
7,250,000 h 7.000%, 07/25/30 7,005,892
6,750,000 h 7.500%, 07/25/30 6,660,900
10,050,000 h 8.000%, 07/25/30 10,106,581
6,750,000 h 8.500%, 07/25/30 6,888,172
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
1,351,545 6.000%, 12/01/08 1,299,848
906,531 6.000%, 12/01/13 858,774
4,289,357 6.500%, 12/01/13 4,143,089
2,000,000 h 6.500%, 07/25/15 1,927,960
1,239,579 8.000%, 03/01/23 1,252,099
392,015 9.000%, 11/01/25 403,732
430,956 9.000%, 10/01/26 443,703
227,776 6.000%, 10/01/28 208,508
3,295,920 6.000%, 01/01/29 3,017,118
686,101 7.500%, 01/01/29 677,956
$ 1,892,643 6.000%, 05/01/29 1,732,544
11,750,000 h 7.000%, 07/25/30 11,344,272
4,000,000 h 7.500%, 07/25/30 3,943,120
3,250,000 h 8.000%, 07/25/30 3,263,715
1,000,000 h 8.500%, 07/25/30 1,018,590
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION
(GNMA)
421,701 6.500%, 09/15/23 402,796
1,312,883 7.500%, 11/15/23 1,308,012
561,993 7.500%, 08/15/28 558,857
704,634 6.500%, 12/15/28 669,085
-----------
91,208,216
-----------
OTHER MORTGAGE BACKED
SECURITIES -- 0.82%
FANNIE MAE WHOLE LOAN
--Series 1999-WS (Class A3) (FNW)
2,000,000 5.925%, 02/25/29 1,898,120
-----------
U.S. TREASURY SECURITIES-- 15.74%
U.S. TREASURY BOND
1,000,000 8.750%, 05/15/17 1,259,530
6,000,000 8.875%, 08/15/17 7,648,140
14,130,000 d 8.875%, 02/15/19 18,185,733
700,000 6.125%, 08/15/29 707,000
U.S. TREASURY NOTE
1,250,000 5.875%, 11/30/01 1,239,837
500,000 6.250%, 01/31/02 498,280
2,500,000 5.500%, 02/28/03 2,446,100
1,000,000 6.750%, 05/15/05 1,023,280
450,000 6.500%, 02/15/10 465,388
U.S. TREASURY STRIP
5,000,000 0.000%, 11/15/09 2,760,104
-----------
36,233,392
-----------
TOTAL GOVERNMENT BONDS
(COST $157,182,054) 156,761,369
-----------
TOTAL BONDS 226,856,057
(COST $228,359,551)
SHORT TERM INVESTMENTS -- 23.99%
COMMERCIAL PAPER -- 2.17%
FEDEX CORP
5,000,000 c,d 7.150%, 07/07/00 4,994,041
-----------
U.S. GOVERNMENT AND AGENCIES-- 21.82%
FEDERAL HOME LOAN BANK (FHLB)
10,000,000 d 6.380%, 07/07/00 9,989,366
4,000,000 d 6.470%, 07/26/00 3,982,027
+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
32 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS BOND PLUS FUND
--------------------------------------------------------------------------------
PRINCIPAL VALUE
--------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCIES--(CONTINUED)
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
$ 2,274,000 d 6.570%, 07/03/00 $ 2,273,165
3,055,000 6.370%, 07/05/00 3,052,837
18,000,000 d 6.400%, 07/18/00 17,945,600
FEDERAL NATIONAL
MORTGAGE ASSOCIATION (FNMA)
6,000,000 d 6.020%, 07/06/00 5,994,983
7,000,000 d 6.025%, 07/06/00 6,994,146
------------
50,232,124
------------
TOTAL SHORT TERM INVESTMENTS
(COST $55,226,165) 55,226,165
------------
TOTAL PORTFOLIO--122.51%
(COST $283,585,716) 282,082,222
OTHER ASSETS & LIABILITIES,
NET--(22.51%) (51,828,067)
------------
NET ASSETS--100.00% $230,254,155
============
-----------
c COMMERCIAL PAPER ISSUED UNDER THE PRIVATE PLACEMENT EXEMPTION UNDER SECTION
4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED.
d ALL OR A PORTION OF THESE SECURITIES HAVE BEEN SEGREGATED BY THE CUSTODIAN TO
COVER SECURITIES PURCHASED ON A DELAYED DELIVERY BASIS.
g SECURITY IS EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES ACT OF
1933 AND MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION NORMALLY TO
QUALIFIED INSTITUTIONAL BUYERS. AT JUNE 30, 2000, THE VALUE OF THESE
SECURITIES AMOUNTED TO $1,961,820 OR 0.85% OF NET ASSETS.
h THESE SECURITIES WERE PURCHASED ON A DELAYED DELIVERY BASIS.
-----------
OTHER INFORMATION
THE COMPOSITION OF LONG-TERM DEBT HOLDINGS AS A PERCENTAGE OF TOTAL VALUE OF
INVESTMENT IN DEBT SECURITIES, IS AS FOLLOWS:
MOODY'S RATINGS
AAA, AA, A 31.20%
BAA 7.39%
BA 0.65%
U.S. GOVERNMENT OBLIGATIONS REPRESENT 60.76% OF THE LONG-TERM DEBT PORTFOLIO
VALUE AND ARE NOT REFLECTED IN THE ABOVE RATINGS.
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 33
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS GROWTH & INCOME FUND
(Unaudited)
June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
PREFERRED STOCK -- 0.00%
BASIC INDUSTRIES -- 0.00%
CHEMICALS AND PLASTIC -- 0.00%
237 SEALED AIR CORP (CLASS A) $ 11,998
-----------
TOTAL BASIC INDUSTRIES 11,998
-----------
TOTAL PREFERRED STOCK
(COST $10,769) 11,998
-----------
COMMON STOCK -- 99.40%
BASIC INDUSTRIES -- 4.13%
CHEMICALS AND PLASTIC -- 2.82%
6,200 AIR PRODUCTS & CHEMICALS, INC 191,037
1,500 ALBERTO CULVER CO (CLASS B) 45,843
43,309 AVON PRODUCTS, INC 1,927,250
6,300 CLOROX CO 282,318
62,203 COLGATE PALMOLIVE CO 3,724,404
64,495 DOW CHEMICAL CO 1,946,942
79,854 DU PONT (E.I.) DE NEMOURS & CO 3,493,612
2,100 EASTMAN CHEMICAL CO 100,275
3,900 ECOLAB, INC 152,343
1,100 * FMC CORP 63,800
2,000 * GRACE W.R. & CO 24,250
2,200 GREAT LAKES CHEMICAL CORP 69,300
3,600 HERCULES, INC 50,625
8,292 ILLINOIS TOOL WORKS, INC 472,644
2,800 INTERNATIONAL FLAVORS &
FRAGRANCES, INC 84,525
6,700 * PACTIV CORP 52,762
19,150 PERLOS OYJ 607,616
35,070 PHARMACIA CORP 1,812,680
4,600 PRAXAIR, INC 172,212
41,331 PROCTER & GAMBLE CO 2,366,199
5,921 ROHM & HAAS CO 204,274
2,268 * SEALED AIR CORP 118,786
2,400 TUPPERWARE CORP 52,800
3,600 UNION CARBIDE CORP 178,200
-----------
18,194,697
-----------
STEEL AND OTHER METALS -- 0.32%
6,000 ALCAN ALUMINIUM CO LTD (U.S.) 186,000
23,868 ALCOA, INC 692,172
2,200 ALLEGHENY TECHNOLOGIES, INC 39,600
700 BALL CORP 22,531
10,800 BARRICK GOLD CORP (U.S.) 196,425
3,800 * BETHLEHEM STEEL CORP 13,537
2,550 CRANE CO 61,996
4,700 CROWN CORK & SEAL CO, INC 70,500
4,300 ENGELHARD CORP 73,368
4,300 * FREEPORT-MCMORAN COPPER &
GOLD, INC (CLASS B) 39,775
6,000 HOMESTAKE MINING CO 41,250
6,300 * INCO LTD CO (U.S.) 96,862
4,300 NEWMONT MINING CORP 92,987
2,200 NUCOR CORP 73,012
2,950 PARKER-HANNIFIN CORP 101,037
2,096 PHELPS DODGE CORP 77,945
11,200 PLACER DOME, INC (U.S.) 107,100
2,300 USX-US STEEL GROUP, INC 42,693
2,400 WORTHINGTON INDUSTRIES, INC 25,200
-----------
2,053,990
-----------
PAPER AND FOREST PRODUCTS -- 0.99%
3,000 AVERY DENNISON CORP 201,375
1,400 BEMIS, INC 47,075
1,800 BOISE CASCADE CORP 46,575
74,124 FORT JAMES CORP 1,714,117
4,900 GEORGIA-PACIFIC CORP
(PACKING GROUP) 128,625
13,310 INTERNATIONAL PAPER CO 396,804
15,300 KIMBERLY-CLARK CORP 877,837
1,700 LOUISIANA PACIFIC CORP 18,487
2,700 MEAD CORP 68,175
200 POTLATCH CORP 6,625
103,782 * SMURFIT-STONE CONTAINER CORP 1,336,193
1,500 TEMPLE-INLAND, INC 63,000
2,700 WESTVACO CORP 66,993
31,600 WEYERHAEUSER CO 1,358,800
3,000 WILLAMETTE INDUSTRIES, INC 81,750
-----------
6,412,431
-----------
TOTAL BASIC INDUSTRIES 26,661,118
-----------
BUSINESS SERVICES -- 0.30%
ADVERTISING AND OTHER SERVICES-- 0.30%
3,100 BLOCK (H&R), INC 100,362
19,313 * CENDANT CORP 270,382
4,400 DUN & BRADSTREET CORP 125,950
8,240 INTERPUBLIC GROUP OF COS, INC 354,320
4,833 OMNICOM GROUP, INC 430,439
2,400 * QUINTILES TRANSNATIONAL CORP 33,900
7,000 * TRIMERIS, INC 489,562
2,100 YOUNG & RUBICAM, INC 120,093
-----------
TOTAL BUSINESS SERVICES 1,925,008
-----------
34 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
CONSTRUCTION AND REAL ESTATE -- 2.08%
BUILDING MATERIALS -- 1.62%
7,600 CORNING, INC $ 2,051,050
114,250 HOME DEPOT, INC 5,705,359
48,818 LOWE'S COS, INC 2,004,589
12,000 MASCO CORP 216,750
1,600 OWENS CORNING CO 14,800
3,995 * OWENS ILLINOIS, INC 46,691
4,600 PPG INDUSTRIES, INC 203,837
6,300 SHERWIN-WILLIAMS CO 133,481
1,900 VULCAN MATERIALS CO 81,106
-----------
10,457,663
-----------
CONSTRUCTION -- 0.46%
700 CENTEX CORP 16,450
2,200 FLUOR CORP 69,575
1,300 KAUFMAN & BROAD HOME CORP 25,756
1,600 MCDERMOTT INTERNATIONAL, INC 14,100
110,869 NEWELL RUBBERMAID, INC 2,854,876
200 PULTE CORP 4,325
-----------
2,985,082
-----------
TOTAL CONSTRUCTION AND
REAL ESTATE 13,442,745
-----------
CONSUMER DURABLE -- 9.79%
HOME APPLIANCES AND FURNISHINGS-- 9.03%
4,200 * ADVANCED MICRO DEVICES, INC 324,450
5,500 * ALTERA CORP 560,656
5,200 * AMERICAN POWER CONVERSION CORP 212,225
9,600 * ANALOG DEVICES, INC 729,600
14,550 * APPLIED MICRO CIRCUITS CORP 1,436,812
3,700 * BED BATH & BEYOND, INC 134,125
6,000 * CONEXANT SYSTEMS, INC 291,750
72,600 GILLETTE CO 2,536,462
177,359 INTEL CORP 23,710,681
12,430 * JDS UNIPHASE CORP 1,490,046
4,800 LEGGETT & PLATT, INC 79,200
8,400 LINEAR TECHNOLOGY CO 537,075
80,910 * LSI LOGIC CORP 4,379,253
7,500 * MAXIM INTEGRATED PRODUCTS, INC 509,531
2,500 MAYTAG CO 92,187
15,300 * MICRON TECHNOLOGY, INC 1,347,356
609 * MIPS TECHNOLOGIES, INC
(CLASS B) 23,446
5,225 MOLEX, INC 251,453
8,000 MURATA MANUFACTURING CO LTD 1,150,838
4,800 * NATIONAL SEMICONDUCTOR CORP 272,400
8,700 * PMC-SIERRA, INC 1,545,881
10,500 * SAMSUNG ELECTRONICS CORP 2,058,000
65,500 * SANMINA CORP 5,600,250
48,436 * SCG HOLDING CORP 1,059,537
2,300 SNAP-ON, INC 61,237
92,800 * SOLECTRON CORP 3,886,000
2,400 STANLEY WORKS CO 57,000
45,200 TEXAS INSTRUMENTS, INC 3,104,675
180 * WATER PIK TECHNOLOGIES, INC 1,125
1,942 WHIRLPOOL CORP 90,545
8,800 * XILINX, INC 726,550
-----------
58,260,346
-----------
TEXTILE APPAREL AND ACCESSORIES-- 0.76%
23,263 GAP, INC 726,968
54,949 * JONES APPAREL GROUP, INC 1,291,301
11,800 LIMITED, INC 255,175
1,500 LIZ CLAIBORNE, INC 52,875
7,400 NIKE, INC (CLASS B) 294,612
3,600 NORDSTROM, INC 86,850
1,200 * REEBOK INTERNATIONAL LTD 19,125
1,500 RUSSELL CORP 30,000
400 SPRINGS INDUSTRIES, INC 12,800
1,483 THE SWATCH GROUP AG. (BR) 1,891,524
8,200 TJX COS, INC 153,750
3,100 V.F. CORP 73,818
-----------
4,888,798
-----------
TOTAL CONSUMER DURABLE 63,149,144
-----------
ENERGY -- 6.26%
OIL, GAS AND OTHER ENERGY SERVICES-- 6.26%
2,800 AMERADA HESS CORP 172,900
3,400 ANADARKO PETROLEUM CORP 167,662
39,761 APACHE CORP 2,338,443
2,100 ASHLAND, INC 73,631
51,330 BURLINGTON RESOURCES, INC 1,963,372
18,000 CHEVRON CORP 1,526,625
62,464 CONOCO, INC (CLASS B) 1,534,272
55,600 CONSOL ENERGY, INC 840,950
49,200 ENRON CORP 3,173,400
205,330 EXXON MOBIL CORP 16,118,405
12,100 HALLIBURTON CO 570,968
2,990 KERR-MCGEE CORP 176,223
9,900 OCCIDENTAL PETROLEUM CORP 208,518
7,000 PHILLIPS PETROLEUM CO 354,812
2,400 * ROWAN COS, INC 72,900
106,328 ROYAL DUTCH PETROLEUM CO
(NY REGD) ADR 6,545,817
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 35
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
OIL, GAS AND OTHER ENERGY SERVICES --
(CONTINUED)
15,700 SCHLUMBERGER LTD $ 1,171,612
3,500 SUNOCO, INC 103,031
15,106 TEXACO, INC 804,394
4,600 TOSCO CORP 130,237
9,450 TOTAL FINA ELF S.A. 1,454,821
5,781 TRANSOCEAN SEDCO FOREX, INC 308,922
6,700 UNION PACIFIC RESOURCES GROUP,
INC 147,400
6,516 UNOCAL CORP 215,842
9,300 USX-MARATHON GROUP, INC 233,081
-----------
TOTAL ENERGY 40,408,238
-----------
FINANCE -- 11.83%
BANKS, SAVINGS AND LOANS -- 5.69%
9,900 AMSOUTH BANCORP 155,925
114,263 BANK OF AMERICA CORP 4,913,309
20,200 BANK OF NEW YORK CO, INC 939,300
31,634 BANK ONE CORP 840,278
9,300 BB&T CORP 222,037
90,924 CHASE MANHATTAN CORP 4,188,186
145,242 CITIGROUP, INC 8,750,830
4,150 COMERICA, INC 186,231
8,450 FIFTH THIRD BANCORP 534,462
26,996 FIRST UNION CORP 669,838
163,210 FIRSTAR CORP 3,437,610
72,801 FLEETBOSTON FINANCIAL CORP 2,475,234
6,100 GOLDEN WEST FINANCIAL CORP 248,956
6,220 HUNTINGTON BANCSHARES, INC 98,353
12,100 KEYCORP 213,262
21,975 MBNA CORP 596,071
50,593 MELLON FINANCIAL CORP 1,843,482
4,700 MORGAN (J.P.) & CO, INC 517,587
17,800 NATIONAL CITY CORP 303,712
6,000 NORTHERN TRUST CORP 390,375
3,675 OLD KENT FINANCIAL CORP 98,306
7,900 PNC FINANCIAL SERVICES
GROUP, INC 370,312
3,850 PROVIDIAN FINANCIAL CORP 346,500
5,300 REGIONS FINANCIAL CORP 105,337
4,100 SOUTHTRUST CORP 92,762
4,400 STATE STREET CORP 466,675
6,200 SUMMIT BANCORP 152,675
8,200 SUNTRUST BANKS, INC 374,637
7,400 SYNOVUS FINANCIAL CORP 130,425
20,765 U.S. BANCORP 399,726
5,000 UNION PLANTERS CORP 139,687
5,500 WACHOVIA CORP 298,375
15,730 WASHINGTON MUTUAL, INC 454,203
45,200 WELLS FARGO CO 1,751,500
-----------
36,706,158
-----------
CREDIT AND OTHER FINANCE -- 1.25%
36,800 AMERICAN EXPRESS CO 1,918,200
53,599 ASSOCIATES FIRST CAPITAL CORP 1,195,927
5,300 CAPITAL ONE FINANCIAL CORP 236,512
1,800 COUNTRYWIDE CREDIT INDUSTRIES
INC 54,562
4,000 EQUIFAX, INC 105,000
27,800 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1,450,812
19,136 FREDDIE MAC 775,008
13,026 HOUSEHOLD INTERNATIONAL, INC 541,393
78,568 * METROPOLITAN LIFE INSURANCE CO 1,654,838
3,600 SLM HOLDINGS CORP 134,775
-----------
8,067,027
-----------
INSURANCE -- 3.53%
63,351 ACE LTD 1,773,828
8 AEGON NV ARS 285
3,400 AETNA, INC 218,237
7,300 AFLAC, INC 335,343
31,919 ALLSTATE CORP 710,197
6,800 AMERICAN GENERAL CORP 414,800
77,770 AMERICAN INTERNATIONAL GROUP,
INC 9,137,975
6,850 AON CORP 212,778
63 * BERKSHIRE HATHAWAY, INC
(CLASS B) 110,880
3,500 CHUBB CORP 215,250
5,405 CIGNA CORP 505,367
4,500 CINCINNATI FINANCIAL CORP 141,468
7,124 CONSECO, INC 69,459
6,000 HARTFORD FINANCIAL SERVICES
GROUP, INC 335,625
4,500 * HUMANA, INC 21,937
2,750 JEFFERSON-PILOT CORP 155,203
92,073 * JOHN HANCOCK FINANCIAL
SERVICES, INC 2,180,979
5,800 LINCOLN NATIONAL CORP 209,525
2,800 LOEWS CORP 168,000
119,000 MANULIFE FINANCIAL CORP 2,096,215
7,350 MARSH & MCLENNAN COS, INC 767,615
2,700 MBIA, INC 130,106
3,200 MGIC INVESTMENT CORP 145,600
320,000 OLD MUTUAL PLC 703,660
2,000 PROGRESSIVE CORP 148,000
2,300 SAFECO CORP 45,712
5,950 ST. PAUL COS, INC 203,043
3,500 TORCHMARK CORP 86,406
4,600 UNITEDHEALTH GROUP, INC 394,450
36 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
--------------------------------------------------------------------------------
INSURANCE -- (CONTINUED)
6,585 UNUMPROVIDENT CORP $ 132,111
1,600 * WELLPOINT HEALTH NETWORKS,
INC 115,900
16,244 XL CAPITAL LTD 879,206
-----------
22,765,160
-----------
SECURITIES AND COMMODITIES-- 1.36%
3,046 BEAR STEARNS COS, INC 126,789
6,600 FRANKLIN RESOURCES, INC 200,475
3,300 LEHMAN BROTHERS HOLDINGS, INC 312,056
10,100 MERRILL LYNCH & CO, INC 1,161,500
64,529 MORGAN STANLEY DEAN
WITTER & CO 5,372,039
3,800 PAINE WEBBER GROUP, INC 172,900
3,500 PRICE (T. ROWE) ASSOCIATES,
INC 148,750
37,600 SCHWAB (CHARLES) CORP 1,264,300
84 WADDELL & REED FINANCIAL,
INC (CLASS A) 2,756
-----------
8,761,565
-----------
TOTAL FINANCE 76,299,910
-----------
FOODS AND RELATED -- 3.68%
BEVERAGES, OTHER FOOD PRODUCTS-- 3.40%
70 * AGRIBRANDS INTERNATIONAL, INC 2,935
11,661 ALBERTSONS, INC 387,728
40,044 ANHEUSER-BUSCH COS, INC 2,990,786
16,087 ARCHER DANIELS MIDLAND CO 157,853
7,400 BESTFOODS, INC 512,450
1,800 BROWN FORMAN, INC (CLASS B) 96,750
11,400 CAMPBELL SOUP CO 332,025
68,326 COCA COLA CO 3,924,474
11,300 COCA COLA ENTERPRISES, INC 184,331
13,700 CONAGRA, INC 261,156
900 COORS (ADOLPH) CO (CLASS B) 54,450
4,900 DARDEN RESTAURANTS, INC 79,625
4,400 FORTUNE BRANDS, INC 101,475
8,100 GENERAL MILLS, INC 309,825
1,100 GREAT ATLANTIC & PACIFIC
TEA CO, INC 18,287
9,500 HEINZ (H.J.) CO 415,625
3,700 HERSHEY FOODS CORP 179,450
11,100 KELLOGG CO 330,225
22,500 * KROGER CO 496,406
37,128 MCDONALD'S CORP 1,222,903
91,360 NABISCO GROUP HOLDINGS 2,369,650
81,379 PEPSICO, INC 3,616,279
3,600 QUAKER OATS CO 270,450
8,800 RALSTON PURINA CO 175,450
13,900 * SAFEWAY, INC 627,237
23,500 SARA LEE CORP 453,843
12,000 SEAGRAMS CO LTD (U.S.) 696,000
1,900 * STARBUCKS CORP 72,556
4,900 SUPERVALU, INC 93,406
9,200 SYSCO CORP 387,550
3,950 * TRICON GLOBAL RESTAURANTS, INC 111,587
15,717 UNILEVER NV (NEW YORK SHS) 675,831
320 * VLASIC FOODS INTERNATIONAL, INC 520
3,100 WENDY'S INTERNATIONAL, INC 55,218
3,100 WINN DIXIE STORES, INC 44,368
3,100 WRIGLEY (WM) JR CO 248,581
-----------
21,957,285
-----------
TOBACCO -- 0.28%
64,900 PHILIP MORRIS COS, INC 1,723,906
3,200 UST, INC 47,000
-----------
1,770,906
-----------
TOTAL FOODS AND RELATED 23,728,191
-----------
HEALTH -- 13.25%
DRUGS AND PHARMACEUTICALS-- 11.09%
42,761 ABBOTT LABORATORIES CO 1,905,537
20 * ALLERGAN SPECIALTY
THERAPEUTICS, INC (CLASS A) 361
3,500 ALLERGAN, INC 260,750
2,700 * ALZA CORP 159,637
105,718 AMERICAN HOME PRODUCTS CORP 6,210,932
76,909 * AMGEN, INC 5,402,857
87 BERGEN BRUNSWIG CORP (CLASS A) 478
4,000 * BIOGEN, INC 258,000
95,737 BRISTOL MYERS SQUIBB CO 5,576,680
57,813 CARDINAL HEALTH, INC 4,278,162
30 * CRESCENDO PHARMACEUTICALS CORP 603
83,930 CVS CORP 3,357,200
30,606 GLAXO WELLCOME PLC 892,863
38,400 JOHNSON & JOHNSON CO 3,912,000
50,319 LILLY (ELI) & CO 5,025,610
600 LONGS DRUG STORES CORP 13,050
133,900 LYONDELL CHEMICAL CO 2,242,825
3,200 MALLINCKRODT, INC 139,000
7,742 MCKESSON HBOC, INC 162,098
5,700 * MEDIMMUNE, INC 421,800
134,236 MERCK & CO, INC 10,285,833
322,705 PFIZER, INC 15,489,828
5,000 RITE AID CORP 32,812
86,309 SCHERING-PLOUGH CORP 4,358,604
3,900 SIGMA ALDRICH CORP 114,075
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 37
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
DRUGS AND PHARMACEUTICALS -- (CONTINUED)
27,536 WALGREEN CO $ 886,315
2,500 * WATSON PHARMACEUTICALS, INC 134,375
-----------
71,522,285
-----------
MEDICAL EQUIPMENT AND SUPPLIES -- 1.37%
12,374 * AGILENT TECHNOLOGIES, INC 912,582
1,300 BARD (C.R.), INC 62,562
1,400 BAUSCH & LOMB, INC 108,325
49,929 BAXTER INTERNATIONAL, INC 3,510,632
7,000 BECTON DICKINSON & CO 200,812
3,000 BIOMET, INC 115,312
11,100 * BOSTON SCIENTIFIC CORP 243,506
8,400 * GUIDANT CORP 415,800
2,800 JOHNSON CONTROLS, INC 143,675
5,000 * KLA-TENCOR CORP 292,812
33,000 MEDTRONIC, INC 1,643,812
1,200 MILLIPORE CORP 90,450
5,700 PE CORP-PE BIOSYSTEMS GROUP 375,487
1,200 PERKINELMER, INC 79,350
2,200 * ST. JUDE MEDICAL, INC 100,925
1,400 TEKTRONIX, INC 103,600
4,700 * TERADYNE, INC 345,450
3,500 * THERMO ELECTRON CORP 73,718
-----------
8,818,810
-----------
MEDICAL FACILITIES MANAGEMENT -- 0.79%
15,200 COLUMBIA/HCA HEALTHCARE CORP 461,700
119,637 * HEALTH MANAGEMENT ASSOCIATES,
INC (CLASS A) (NEW) 1,562,758
12,416 * HEALTHSOUTH CORP 89,240
21 * LIFEPOINT HOSPITALS, INC 467
2,700 * MANOR CARE, INC 18,900
109,285 TENET HEALTHCARE CORP 2,950,695
21 * TRIAD HOSPITALS, INC 507
-----------
5,084,267
-----------
TOTAL HEALTH 85,425,362
-----------
INDUSTRIAL MACHINERY -- 6.66%
ELECTRICAL -- 4.29%
2,500 COOPER INDUSTRIES, INC 81,406
11,700 EMERSON ELECTRIC CO 706,387
501,310 GENERAL ELECTRIC CO 26,569,430
2,500 GRAINGER (W.W.), INC 77,031
600 NATIONAL SERVICE INDUSTRIES, INC 11,700
5,100 ROCKWELL INTERNATIONAL CORP 160,650
2,000 THOMAS & BETTS CORP 38,250
-----------
27,644,854
-----------
OTHER INDUSTRIAL EQUIPMENT -- 2.37%
22,300 * APPLIED MATERIALS, INC 2,020,937
76,243 BAKER HUGHES, INC 2,439,776
2,300 BLACK & DECKER CORP 90,418
200 BRIGGS & STRATTON CORP 6,850
4,100 BRUNSWICK CORP 67,906
9,600 CATERPILLAR, INC 325,200
1,200 CUMMINS ENGINE CO, INC 32,700
6,300 DEERE & CO 233,100
5,700 DOVER CORP 231,206
4,350 INGERSOLL-RAND CO 175,087
600 MILACRON, INC 8,700
100 NACCO INDUSTRIES, INC (CLASS A) 3,512
3,600 * NOVELLUS SYSTEMS, INC 203,625
3,200 PALL CORP 59,200
1,600 TIMKEN CO 29,800
197,261 TYCO INTERNATIONAL LTD 9,345,239
-----------
15,273,256
-----------
TOTAL INDUSTRIAL MACHINERY 42,918,110
-----------
MEDIA AND LEISURE -- 3.63%
BROADCASTING -- 2.85%
38,431 * CLEAR CHANNEL COMMUNICATIONS,
INC 2,882,325
25,400 * COMCAST CORP (CLASS A) SPECIAL 1,028,700
101,585 DISNEY (WALT) CO 3,942,767
66,650 * PRICE COMMUNICATIONS CORP 1,570,440
55,971 TIME WARNER, INC 4,253,796
69,268 * VIACOM, INC (CLASS B) 4,723,211
-----------
18,401,239
-----------
LODGING/GAMING/RECREATION -- 0.23%
3,400 * HARRAH'S ENTERTAINMENT, INC 71,187
9,900 HILTON HOTELS CORP 92,812
6,700 MARRIOTT INTERNATIONAL, INC
(CLASS A) 241,618
48,002 * PREMIER PARKS, INC 1,092,045
-----------
1,497,662
-----------
PUBLISHING -- 0.55%
1,700 AMERICAN GREETINGS CORP (CLASS A) 32,300
3,200 DELUXE CORP 75,400
3,400 DONNELLEY (R.R.) & SONS CO 76,712
2,900 DOW JONES & CO, INC 212,425
7,263 GANNETT CO, INC 434,418
2,000 KNIGHT-RIDDER, INC 106,375
5,300 MCGRAW HILL COS, INC 286,200
2,000 MEREDITH CORP 67,500
4,600 NEW YORK TIMES CO (CLASS A) 181,700
38 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
PUBLISHING -- (CONTINUED)
1,000 TIMES MIRROR CO SERIES A $ 90,625
56,529 TRIBUNE CO 1,978,515
-----------
3,542,170
-----------
TOTAL MEDIA AND LEISURE 23,441,071
-----------
RETAIL AND WHOLESALE -- 3.12%
GENERAL MERCHANDISE STORES -- 3.12%
1,600 ARMSTRONG HOLDINGS, INC 24,500
2,500 * CONSOLIDATED STORES CORP 30,000
12,300 * COSTCO WHOLESALE CORP 405,900
2,500 DILLARDS, INC (CLASS A) 30,625
8,875 DOLLAR GENERAL CORP 173,062
5,900 * FEDERATED DEPARTMENT STORES, INC 199,125
2,000 HARCOURT GENERAL, INC 108,750
4,650 HASBRO, INC 70,040
11,500 * K MART CORP 78,343
9,000 * KOHLS CORP 500,625
10,200 MATTEL, INC 134,512
9,100 MAY DEPARTMENT STORES CO 218,400
10,900 MINNESOTA MINING &
MANUFACTURING CO 899,250
8,900 * OFFICE DEPOT, INC 55,625
5,800 PENNEY, (J.C.) CO, INC 106,937
10,200 SEARS ROEBUCK & CO 332,775
13,300 * STAPLES, INC 204,487
47,128 TARGET CORP 2,733,424
8,200 * TOYS `R' US, INC 119,412
237,544 WAL-MART STORES, INC 13,688,473
-----------
TOTAL RETAIL AND WHOLESALE 20,114,265
-----------
TECHNOLOGY -- 22.44%
COMMUNICATIONS EQUIPMENT -- 3.25%
8,400 * ADC TELECOMMUNICATIONS, INC 704,550
2,100 * ANDREW CORP 70,481
4,200 * COMVERSE TECHNOLOGY, INC 390,600
105,391 MOTOROLA, INC 3,062,925
87,680 NOKIA OYJ ADR 4,378,520
134,342 NORTEL NETWORKS CORP (U.S.) 9,168,841
34,514 * QUALCOMM, INC 2,070,840
4,300 SCIENTIFIC-ATLANTA, INC 320,350
11,300 * TELLABS, INC 773,343
-----------
20,940,450
-----------
COMPUTERS AND OFFICE EQUIPMENT -- 18.91%
9,600 * 3COM CORP 553,200
2,500 * ADAPTEC, INC 56,875
3,300 ADOBE SYSTEMS, INC 429,000
91,783 * AMERICA ONLINE, INC 4,841,553
8,600 * APPLE COMPUTER, INC 450,425
1,500 AUTODESK, INC 52,031
17,200 AUTOMATIC DATA PROCESSING, INC 921,275
6,500 * BMC SOFTWARE, INC 237,148
4,800 * CABLETRON SYSTEMS, INC 121,200
65,510 * CERIDIAN CORP 1,576,334
386,846 * CISCO SYSTEMS, INC 24,588,898
4,800 * CITRIX SYSTEMS, INC 90,900
176,630 COMPAQ COMPUTER CORP 4,515,104
16,250 COMPUTER ASSOCIATES
INTERNATIONAL, INC 831,796
4,500 * COMPUTER SCIENCES CORP 336,093
9,100 * COMPUWARE CORP 94,412
124,005 * DELL COMPUTER CORP 6,114,996
13,000 ELECTRONIC DATA SYSTEMS CORP 536,250
140,214 * EMC CORP 10,787,714
11,400 FIRST DATA CORP 565,725
8,800 * GATEWAY, INC 499,400
2,389 * HANDSPRING, INC 64,503
27,576 HEWLETT-PACKARD CO 3,443,553
3,500 IKON OFFICE SOLUTIONS, INC 13,562
8,300 IMS HEALTH, INC 149,400
80,546 INTERNATIONAL BUSINESS
MACHINES CORP 8,824,821
3,400 * LEXMARK INTERNATIONAL
GROUP (CLASS A) 228,650
245,616 * MICROSOFT CORP 19,649,280
2,600 * NCR CORP 101,237
8,300 * NETWORK APPLIANCE, INC 668,150
8,400 * NOVELL, INC 77,700
162,670 * ORACLE CORP 13,674,447
7,200 * PARAMETRIC TECHNOLOGY CORP 79,200
10,225 PAYCHEX, INC 429,450
7,100 * PEOPLESOFT, INC 118,925
7,200 PITNEY BOWES, INC 288,000
52,289 * PSINET, INC 1,313,761
29,326 SABRE HOLDINGS CORP 835,791
1,600 * SAPIENT CORP 171,100
6,200 * SEAGATE TECHNOLOGY, INC 341,000
1,100 SHARED MEDICAL SYSTEMS CORP 80,231
5,400 * SIEBEL SYSTEMS, INC 883,237
4,400 * SILICON GRAPHICS, INC 16,500
90,981 * SUN MICROSYSTEMS, INC 8,273,584
8,300 * UNISYS CORP 120,868
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 39
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
10,600 * VERITAS SOFTWARE CORP $ 1,197,965
21,941 * YAHOO, INC 2,717,941
------------
121,963,185
------------
ELECTRONIC AND OTHER TECHNOLOGY -- 0.12%
5,500 * BEST BUY CO, INC 347,875
5,400 CIRCUIT CITY STORES-CIRCUIT
CITY GROUP 179,212
5,200 RADIOSHACK CORP 246,350
------------
773,437
------------
INSTRUMENTS AND RELATED PRODUCTS -- 0.16%
8,500 EASTMAN KODAK CO 505,750
1,000 POLAROID CORP 18,062
318 RAYTHEON CO (CLASS A) 6,181
7,191 RAYTHEON CO (CLASS B) 138,426
17,900 XEROX CORP 371,425
------------
1,039,844
------------
TOTAL TECHNOLOGY 144,716,916
------------
TRANSPORTATION -- 2.90%
AEROSPACE AND DEFENSE -- 0.21%
18,540 GENERAL DYNAMICS CORP 968,715
3,500 GOODRICH (B.F.) CO 119,218
11,000 LOCKHEED MARTIN CORP 272,937
------------
1,360,870
------------
AIR TRANSPORTATION -- 1.19%
42,081 * AMR CORP 1,112,516
25,020 BOEING CO 1,046,148
17,284 * CONTINENTAL AIRLINES, INC
(CLASS B) 812,348
3,900 DELTA AIRLINES, INC 197,193
7,780 * FEDEX CORP 295,640
1,800 NORTHROP GRUMMAN CORP 119,250
13,525 SOUTHWEST AIRLINES CO 256,129
4,000 TEXTRON, INC 217,250
1,800 U.S. AIRWAYS GROUP, INC 70,200
13,200 UAL CORP 768,075
47,723 UNITED TECHNOLOGIES CORP 2,809,691
------------
7,704,440
------------
AUTOS, TIRES AND RELATED PRODUCTS -- 1.28%
3,600 * AUTOZONE, INC 79,200
2,700 COOPER TIRE & RUBBER CO 30,037
20,485 DAIMLERCHRYSLER (U.S.A.) 1,066,500
5,771 DANA CORP 122,273
3,800 DANAHER CORP 187,862
15,403 DELPHI AUTOMOTIVE SYSTEMS CORP 224,306
2,100 EATON CORP 140,700
32,800 FORD MOTOR CO 1,410,400
15,111 GENERAL MOTORS CORP 877,382
13,780 * GENERAL MOTORS CORP (CLASS H) 1,209,195
4,500 GENUINE PARTS CO 90,000
4,200 GOODYEAR TIRE & RUBBER CO 84,000
8,300 HARLEY DAVIDSON, INC 319,550
58,632 HONEYWELL INTERNATIONAL, INC 1,975,165
3,000 ITT INDUSTRIES, INC 91,125
1,500 * NAVISTAR INTERNATIONAL CORP 46,593
2,100 PACCAR, INC 83,343
1,600 RYDER SYSTEM, INC 30,300
3,200 TRW, INC 138,800
4,294 * VISTEON CORP 52,064
------------
8,258,795
------------
RAILROADS -- 0.17%
11,700 BURLINGTON NORTHERN SANTA FE
CORP 268,368
5,500 CSX CORP 116,531
3,000 KANSAS CITY SOUTHERN INDUSTRIES,
INC 266,062
10,300 NORFOLK SOUTHERN CORP 153,212
6,800 UNION PACIFIC CORP 252,875
------------
1,057,048
------------
WATER TRANSPORTATION -- 0.05%
16,600 CARNIVAL CORP (CLASS A) 323,700
------------
TOTAL TRANSPORTATION 18,704,853
------------
UTILITIES -- 9.33%
TELEPHONE -- 7.15%
8,600 ALLTEL CORP 532,662
87,610 AT & T CORP 2,770,666
42,608 BELL ATLANTIC CORP 2,165,019
51,900 BELLSOUTH CORP 2,212,237
35,574 BROADWING, INC 922,700
81,100 CABLE & WIRELESS PLC 1,373,877
3,600 CENTURYTEL, INC 103,500
24,305 * GLOBAL CROSSING LTD 639,525
26,600 GTE CORP 1,655,850
136,509 LUCENT TECHNOLOGIES, INC 8,088,158
16,700 * MEDIA ONE GROUP, INC 1,113,764
20,500 * NEXTEL COMMUNICATIONS, INC
(CLASS A) 1,254,343
24,556 * RCN CORP 623,108
192,681 SBC COMMUNICATIONS, INC 8,333,453
24,200 SPRINT CORP (FON GROUP) 1,234,200
25,200 * SPRINT CORP (PCS GROUP) 1,499,400
13,614 U.S. WEST, INC 1,167,400
40 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
TELEPHONE -- (CONTINUED)
94,832 * VIATEL, INC $ 2,708,639
30,250 * WESTERN WIRELESS CORP
(CLASS A) 1,648,625
132,980 * WORLDCOM, INC 6,100,457
-----------
46,147,583
-----------
ELECTRIC, GAS AND OTHER -- 2.18%
11,900 * AES CORP 542,937
7,400 * ALLIED WASTE INDUSTRIES, INC 74,000
3,800 AMEREN CORP 128,250
68,854 AMERICAN ELECTRIC POWER
CO, INC 2,039,799
49,300 CINERGY CORP 1,254,068
3,000 CMS ENERGY CORP 66,375
5,700 COASTAL CORP 346,987
2,700 COLUMBIA ENERGY GROUP 177,187
6,000 CONSOLIDATED EDISON INC 177,750
6,100 CONSTELLATION ENERGY GROUP 198,631
3,000 CP & L ENERGY, INC 95,812
5,626 DOMINION RESOURCES, INC 241,214
87,650 DTE ENERGY CO 2,678,803
8,600 DUKE ENERGY CORP 484,825
100 EASTERN ENTERPRISES CO 6,300
9,500 EDISON INTERNATIONAL CO 194,750
6,300 EL PASO ENERGY CORP 320,906
6,600 ENTERGY CORP 179,437
8,200 FIRSTENERGY CORP 191,675
500 FLORIDA PROGRESS CORP 23,437
5,755 FPL GROUP, INC 284,872
24,900 GPU, INC 673,856
4,800 NEW CENTURY ENERGIES, INC 144,000
4,354 * NIAGARA MOHAWK HOLDINGS, INC 60,683
1,200 NICOR, INC 39,150
5,300 NORTHERN STATES POWER CO 106,993
--------------------------------------------------------------------------------
SHARES/PRINCIPAL VALUE
--------------------------------------------------------------------------------
500 ONEOK, INC $ 12,968
5,900 PECO ENERGY CO 237,843
900 PEOPLES ENERGY CORP 29,137
10,600 PG&E CORP 261,025
2,100 PINNACLE WEST CAPITAL CORP 71,137
3,947 PPL CORP 86,587
5,100 PUBLIC SERVICE ENTERPRISE GROUP,
INC 176,587
4,710 RELIANT ENERGY, INC 139,239
6,873 SEMPRA ENERGY 116,841
15,600 SOUTHERN CO 363,675
26,412 TXU CORP 779,154
5,300 UNICOM CORP 205,043
16,647 WASTE MANAGEMENT, INC 316,293
12,200 WILLIAMS COS, INC 508,077
------------
14,036,303
------------
TOTAL UTILITIES 60,183,886
------------
TOTAL COMMON STOCK
(COST $545,045,842) 641,118,817
------------
SHORT TERM INVESTMENT -- 0.62%
U.S. GOVERNMENT AND AGENCY -- 0.62%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
3,986,544 6.570%, 07/03/00 3,988,000
------------
TOTAL SHORT TERM INVESTMENT
(COST $3,986,544) 3,986,544
------------
TOTAL PORTFOLIO -- 100.02%
(COST $549,043,155) 645,117,359
OTHER ASSETS & LIABILITIES, NET -- (0.02%) (106,258)
------------
NET ASSETS -- 100.00% $645,011,101
============
-----------
* NON-INCOME PRODUCING
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 41
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS GROWTH EQUITY FUND
(Unaudited)
June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
PREFERRED STOCK -- 0.00%
BASIC INDUSTRIES -- 0.00%
CHEMICALS AND PLASTIC -- 0.00%
285 SEALED AIR CORP (CLASS A) $ 14,428
-----------
TOTAL BASIC INDUSTRIES 14,428
-----------
HEALTH -- 0.00%
MEDICAL FACILITIES MANAGEMENT -- 0.00%
7 * MEDIQ, INC SERIES A 1
-----------
TOTAL HEALTH 1
-----------
TOTAL PREFERRED STOCK
(COST $12,970) 14,429
-----------
COMMON STOCK -- 99.25%
BASIC INDUSTRIES -- 1.95%
CHEMICALS AND PLASTIC -- 1.78%
100 * AEP INDUSTRIES, INC 2,525
600 * AIRGAS, INC 3,412
500 APTARGROUP, INC 13,500
200 ARCH CHEMICALS, INC 4,375
59,900 AVON PRODUCTS, INC 2,665,550
500 CABOT CORP 13,625
100 CARLISLE COS, INC 4,500
200 CARTER WALLACE, INC 4,025
1,700 CHURCH & DWIGHT CO, INC 30,600
10,438 CLOROX CO 467,752
103,700 COLGATE PALMOLIVE CO 6,209,037
1,950 CROMPTON CORP 23,887
600 * CYGNUS, INC 8,550
500 DEXTER CORP 24,000
3,900 DIAL CORP 40,462
5,213 DU PONT (E.I.) DE NEMOURS & CO 228,068
5,100 ECOLAB, INC 199,218
200 FULLER (H.B.) CO 9,112
100 GEON CO 1,850
700 GEORGIA GULF CORP 14,568
1,500 * GRACE W.R. & CO 18,187
7,300 ILLINOIS TOOL WORKS, INC 416,100
4,100 LAUDER (ESTEE) CO (CLASS A) 202,693
100 LIQUI-BOX CORP 4,950
800 MACDERMID, INC 18,800
200 NL INDUSTRIES, INC 3,050
200 OMNOVA SOLUTIONS, INC 1,250
1,200 * PACTIV CORP 9,450
29,900 PHARMACIA CORP 1,545,456
66,100 PROCTER & GAMBLE CO 3,784,225
700 * REVLON, INC (CLASS A) 4,418
1,100 * SCOTTS CO (CLASS A) 40,150
3,521 * SEALED AIR CORP 184,412
400 SPARTECH CORP 10,800
700 TREDEGAR CORP 13,300
100 * TREX CO, INC 5,000
1,400 TUPPERWARE CORP 30,800
1,200 * U.S. PLASTIC LUMBER CORP 5,287
-----------
16,266,944
-----------
STEEL AND OTHER METALS -- 0.03%
3,800 * ALPINE GROUP, INC 25,650
4,900 * BATTLE MOUNTAIN GOLD CO 10,718
200 BELDEN, INC 5,125
600 * CHART INDUSTRIES, INC 2,925
6,000 * FREEPORT-MCMORAN COPPER &
GOLD, INC (CLASS B) 55,500
600 GENERAL CABLE CORP 4,875
700 * LONE STAR TECHNOLOGIES, INC 32,375
800 MATTHEWS INTERNATIONAL CORP
(CLASS A) 23,200
400 METALS U.S.A., INC 1,875
200 * MUELLER INDUSTRIES, INC 5,600
300 * NCI BUILDING SYSTEMS, INC 6,075
300 QUANEX CORP 4,462
100 RELIANCE STEEL & ALUMINUM CO 1,912
1,700 * STEEL DYNAMICS, INC 15,406
1,750 * STILLWATER MINING CO 48,781
100 SUPERIOR TELECOM, INC 993
400 TEXAS INDUSTRIES, INC 11,550
500 * TOWER AUTOMOTIVE, INC 6,250
600 * U.S. CAN CORP 10,425
300 VALMONT INDUSTRIES, INC 5,962
-----------
279,659
-----------
PAPER AND FOREST PRODUCTS -- 0.14%
100 AMERICAN WOODMARK CORP 2,050
4,200 AVERY DENNISON CORP 281,925
700 * BUCKEYE TECHNOLOGIES, INC 15,356
200 CARAUSTAR INDUSTRIES, INC 3,025
1,200 * CHAMPION ENTERPRISES, INC 5,850
400 CLAYTON HOMES, INC 3,200
200 * DAISYTEK INTERNATIONAL CORP 1,887
100 DELTIC TIMBER CORP 2,137
7,400 FORT JAMES CORP 171,125
900 * GAYLORD CONTAINER CO 2,418
12,510 KIMBERLY-CLARK CORP 717,761
42 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
PAPER AND FOREST PRODUCTS -- (CONTINUED)
2,100 * MAIL-WELL, INC $ 18,112
600 * PALM HARBOR HOMES, INC 8,700
600 * PLAYTEX PRODUCTS, INC 6,787
1,027 * SCHOOL SPECIALTY, INC 19,063
300 ST. JOE CO 9,000
1,000 WAUSAU-MOSINEE PAPER CORP 8,562
----------
1,276,958
----------
TOTAL BASIC INDUSTRIES 17,823,561
----------
BUSINESS SERVICES -- 1.65%
ADVERTISING AND OTHER SERVICES -- 1.65%
700 * 24/7 MEDIA, INC 10,937
1,000 AARON RENTS, INC 12,562
800 ABM INDUSTRIES, INC 18,400
1,800 ACKERLEY GROUP, INC 21,150
400 * ADMINSTAFF, INC 25,400
1,000 * ADVO, INC 42,000
300 * AHL SERVICES, INC 1,837
38 * AKAMAI TECHNOLOGIES, INC 4,511
1,200 * ANSWERTHINK, INC 19,950
3,350 * APOLLO GROUP, INC (CLASS A) 93,800
1,300 BLOCK (H&R), INC 42,087
500 * BRIGHT HORIZONS FAMILY
SOLUTIONS, INC 10,687
500 * BURNS INTERNATIONAL SERVICES CORP 6,250
300 * CAREER EDUCATION CORP 14,550
200 * CAREERBUILDER, INC 662
700 * CATALINA MARKETING CORP 71,400
2,400 * CATALYTICA, INC 26,400
100 * CDI CORP 2,037
2,900 * CELGENE CORP 170,737
15,994 * CENDANT CORP 223,916
2,300 * CENTURY BUSINESS SERVICES, INC 4,456
300 * CHARLES RIVER ASSOCIATES, INC 5,287
1,600 * CHECKFREE HOLDINGS CORP 82,500
5,150 CINTAS CORP 188,940
725 * CIRCLE.COM 2,673
10,093 * CMGI, INC 462,385
800 * COINSTAR, INC 8,050
100 * CORINTHIAN COLLEGES, INC 2,343
300 * CORNELL COS, INC 2,400
300 * CORPORATE EXECUTIVE BOARD CO 17,962
2,600 * COVANCE, INC 22,912
300 CPI CORP 6,337
1,100 * CRITICAL PATH, INC 64,143
500 * CTC COMMUNICATIONS GROUP, INC$ 18,000
2,800 * DEVRY, INC 74,025
550 * DIAMOND TECHNOLOGY PARTNERS,
INC (CLASS A) 48,400
4,244 * DOUBLECLICK, INC 161,802
2,900 * EBAY, INC 157,506
1,200 * EDUCATION MANAGEMENT CORP 21,675
80 * EMERGE INTERACTIVE, INC 1,435
500 * ENTREMED, INC 14,968
800 * F.Y.I., INC 26,950
500 FAIR ISSAC & CO, INC 22,000
600 * FIRST CONSULTING GROUP, INC 3,337
200 * FORRESTER RESEARCH, INC 14,562
800 G & K SERVICES, INC (CLASS A) 20,050
2,100 GARTNER GROUP, INC (CLASS A) 25,200
1,500 * GETTY IMAGES, INC 55,593
100 * HEARME.COM 450
500 * HEIDRICK & STRUGGLES
INTERNATIONAL, INC 31,562
1,200 * INCTYE GENOMICS 98,625
700 * INTERIM SERVICES, INC 12,425
106,340 INTERPUBLIC GROUP OF COS, INC 4,572,620
500 * ITT EDUCATIONAL SERVICES, INC 8,781
600 * JACOBS ENGINEERING GROUP, INC 19,612
66 * KANA COMMUNICATIONS, INC 4,083
1,954 * KFORCE.COM, INC 13,555
700 * KORN FERRY INTERNATIONAL 22,181
1,650 * LABOR READY, INC 10,931
2,300 * LAMAR ADVERTISING CO (CLASS A) 99,618
900 LANDAUER, INC 14,006
300 * LASON, INC 750
400 * LEARNING TREE INTERNATIONAL, INC 24,500
300 MANPOWER, INC 9,600
5,668 * MARCHFIRST, INC 103,441
600 * MARKETING SERVICES GROUP 2,662
500 * MAXIMUS, INC 11,062
200 MCGRATH RENTCORP 3,400
100 * MEDIA METRIX, INC 2,543
500 * MEMBERWORKS, INC 16,812
1,000 * MESSAGEMEDIA, INC 3,500
1,600 * MODIS PROFESSIONAL SERVICES, INC 14,200
600 * NATIONAL EQUIPMENT SERVICES, INC 3,600
600 * NATIONSRENT, INC 2,287
2,200 * NAVIGANT CONSULTING CO 9,350
1,300 * NBC INTERNET, INC 16,250
100 * NEXTERA ENTERPRISES, INC 478
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 43
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
ADVERTISING AND OTHER SERVICES -- (CONTINUED)
1,800 * NOVA CORP (GEORGIA) $ 50,287
66,600 OMNICOM GROUP, INC 5,931,562
1,000 * ON ASSIGNMENT, INC 30,500
40 * OPUS360 CORP 147
1,000 * PAREXEL INTERNATIONAL CORP 9,562
800 * PEGASUS SOLUTIONS, INC 8,700
800 * PHARMACEUTICAL PRODUCT
DEVELOPMENT, INC 16,800
1,000 * PREPAID LEGAL SERVICES, INC 29,875
600 * PROBUSINESS SERVICES, INC 15,937
100 * PROFESSIONAL DETAILING, INC 3,406
1,550 * PROFIT RECOVERY GROUP
INTERNATIONAL, INC 25,768
5,182 * QUINTILES TRANSNATIONAL CORP 73,195
400 * REDBACK NETWORKS, INC 71,200
1,100 REGIS CORP 13,750
600 * RENAISSANCE WORLDWIDE, INC 937
1,000 * RENT WAY, INC 29,187
1,400 * RENT-A-CENTER, INC 31,500
8,100 * ROBERT HALF INTERNATIONAL, INC 230,850
1,200 ROLLINS, INC 17,850
12,600 SERVICEMASTER CO 143,325
2,100 * SITEL CORP 10,368
2,000 * SNYDER COMMUNICATIONS, INC 47,500
1,800 SOTHEBY'S HOLDINGS, INC (CLASS A) 31,500
800 * STAFF LEASING, INC 2,850
300 * STAFFMARK, INC 2,006
300 * STARTEK, INC 15,112
300 STRAYER EDUCATION, INC 7,200
200 * SUPERIOR CONSULTANT HOLDINGS CORP 950
1,250 * SYLVAN LEARNING SYSTEMS, INC 17,187
400 TEJON RANCH CO 9,025
1,000 * TELETECH HOLDINGS, INC 31,062
1,500 * TETRA TECH, INC 34,312
1,000 * THEGLOBE.COM, INC 1,718
2,500 * TMP WORLDWIDE, INC 184,531
1,200 TRUE NORTH COMMUNICATIONS, INC 52,800
700 * UNITED RENTALS, INC 11,987
100 * URS CORP 1,525
40 * US INTERACTIVE, INC 517
2,600 * VALASSIS COMMUNICATIONS, INC 99,125
1,200 * VALENCE TECHNOLOGY, INC 22,125
3,400 * VERTICALNET, INC 125,587
500 * WACKENHUT CORP SERIES A 6,468
1,000 * WACKENHUT CORRECTIONS CORP 7,500
600 * WEST TELESERVICES CORP 15,187
300 * XCEED, INC 2,737
1,600 YOUNG & RUBICAM, INC 91,500
-----------
TOTAL BUSINESS SERVICES 15,054,765
-----------
CONSTRUCTION AND REAL ESTATE -- 2.09%
BUILDING MATERIALS -- 1.57%
800 AMCOL INTERNATIONAL CORP 13,200
1,000 APOGEE ENTERPRISES, INC 3,531
200 CARBO CERAMICS, INC 7,025
400 CENTEX CONSTRUCTION PRODUCTS,
INC 9,075
700 * COMFORT SYSTEMS U.S.A., INC 2,800
29,915 CORNING, INC 8,073,310
1,600 * DAL-TILE INTERNATIONAL, INC 13,200
300 * DEPARTMENT 56, INC 3,300
200 * DUPONT PHOTOMASKS, INC 13,700
1,000 ELCOR CORP 23,000
1,525 * ENCOMPASS SERVICES CORP 8,768
1,000 FERRO CORP 21,000
700 FLORIDA ROCK INDUSTRIES, INC 24,937
105,800 HOME DEPOT, INC 5,283,387
700 * INTEGRATED ELECTRICAL SERVICES,
INC 3,587
300 LIBBEY, INC 9,637
100 LILLY INDUSTRIES, INC (CLASS A) 3,006
15,700 LOWE'S COS, INC 644,681
2,600 * QUANTA SERVICES, INC 143,000
600 VALSPAR CORP 20,250
500 WATSCO, INC 6,250
-----------
14,330,644
-----------
CONSTRUCTION -- 0.50%
900 * BLOUNT INTERNATIONAL, INC 6,918
1,200 CENTEX CORP 28,200
100 * CROSSMAN COMMUNITIES, INC 1,650
1,700 * DYCOM INDUSTRIES, INC 78,200
300 HON INDUSTRIES, INC 7,050
200 HORTON (D.R.), INC 2,712
1,000 * INSITUFORM TECHNOLOGIES, INC
(CLASS A) 27,125
200 KAUFMAN & BROAD HOME CORP 3,962
1,650 * MASTEC, INC 63,009
3,500 MILLER (HERMAN), INC 90,562
164,845 NEWELL RUBBERMAID, INC 4,244,758
400 * NVR, INC 22,800
600 STANDARD-PACIFIC CORP 6,000
300 * TOLL BROTHERS, INC 6,150
-----------
4,589,096
-----------
44 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
REAL ESTATE -- 0.02%
2,700 * CATELLUS DEVELOPMENT CORP $ 40,500
400 * CB RICHARD ELLIS SERVICES
GROUP, INC 3,650
1,800 * FAIRFIELD COMMUNITIES, INC 14,175
600 FOREST CITY ENTERPRISES, INC
(CLASS A) 20,025
466 * INSIGNIA FINANCIAL GROUP, INC 4,660
1,400 * JONES LANG LA SALLE 18,725
100 * PINNACLE HOLDINGS, INC 5,400
1,000 STEWART ENTERPRISES, INC
(CLASS A) 3,531
1,200 * TRAMMELL CROW CO 12,900
-----------
123,566
-----------
TOTAL CONSTRUCTION AND
REAL ESTATE 19,043,306
-----------
CONSUMER DURABLE -- 15.00%
HOME APPLIANCES AND FURNISHINGS -- 14.56%
400 * ACTEL CORP 18,250
500 * ACTION PERFORMANCE COS, INC 3,625
400 * ADVANCED ENERGY INDUSTRIES, INC 23,575
400 * ADVANCED MICRO DEVICES, INC 30,900
900 * AEROFLEX, INC 44,718
1,500 * ALPHA INDUSTRIES, INC 66,093
6,700 * ALTEON WEBSYSTEMS, INC 670,418
8,100 * ALTERA CORP 825,693
3,100 * AMERICAN POWER CONVERSION CORP 126,518
600 * AMERICAN SUPERCONDUCTOR CORP 28,950
700 * AMERICAN XTAL TECHNOLOGY, INC 30,275
3,900 * AMKOR TECHNOLOGY, INC 137,718
1,600 * AMPHENOL CORP (CLASS A) 105,900
1,300 * ANADIGICS, INC 44,281
111,600 * ANALOG DEVICES, INC 8,481,600
53,396 * APPLIED MICRO CIRCUITS CORP 5,272,855
1,600 * ARTESYN TECHNOLOGIES, INC 44,500
53,600 * ATMEL CORP 1,976,500
5,200 * BED BATH & BEYOND, INC 188,500
800 * BENCHMARK ELECTRONICS, INC 29,250
300 BMC INDUSTRIES, INC 1,218
7,050 * BOOKHAM TECHNOLOGY PL
(SPONS ADR) 417,712
1,000 * BOYDS COLLECTION LTD 8,500
5,000 * BROADCOM CORP (CLASS A) 1,094,687
1,850 * BURR BROWN CORP 160,371
200 * CATAPULT COMMUNICATIONS CORP 2,012
8,100 * CONEXANT SYSTEMS, INC 393,862
1,200 * CREE, INC 160,200
1,200 CTS CORP 54,000
2,900 * CYPRESS SEMICONDUCTOR CORP 122,525
2,800 DALLAS SEMICONDUCTOR CORP 114,100
400 * EMCORE CORP 48,000
1,500 * E-TEK DYNAMICS, INC 395,718
1,650 ETHAN ALLEN INTERIORS, INC 39,600
1,800 * FURNITURE BRANDS INTERNATIONAL,
INC 27,225
1,275 * GENERAL SEMICONDUCTOR, INC 18,806
102,400 GILLETTE CO 3,577,600
2,200 * HA-LO INDUSTRIES, INC 12,375
600 HAVERTY FURNITURE COS, INC 5,100
1,100 HELIX TECHNOLOGY CORP 42,900
200 * HI/FN, INC 8,875
700 * HUTCHINSON TECHNOLOGY, INC 9,975
9,743 * INFINEON TECHNOLOGIES AG. ADR 772,132
400 INNOVEX, INC 3,900
385,258 INTEL CORP 51,504,178
1,200 * INTERNATIONAL RECTIFIER CORP 67,200
4,900 * JABIL CIRCUIT, INC 243,162
76,284 * JDS UNIPHASE CORP 9,144,544
600 * KEMET CORP 15,037
1,400 * KOPIN CORP 96,950
500 * LASERSIGHT, INC 1,906
2,100 * LATTICE SEMICONDUCTOR CORP 145,162
400 LA-Z-BOY, INC 5,600
14,000 LINEAR TECHNOLOGY CO 895,125
1,700 * LINENS' N THINGS, INC 46,112
98,100 * LSI LOGIC CORP 5,309,662
12,900 * MAXIM INTEGRATED PRODUCTS, INC 876,393
500 * MAXWELL TECHNOLOGIES, INC 6,750
3,100 MAYTAG CO 114,312
1,100 METHODE ELECTRONICS, INC
(CLASS A) 42,487
2,400 * MICREL, INC 104,250
3,400 * MICROCHIP TECHNOLOGY, INC 198,103
3,400 * MICRON TECHNOLOGY, INC 299,412
1,400 * MMC NETWORKS, INC 74,812
1,700 MOLEX, INC 81,812
4,500 MURATA MANUFACTURING CO LTD 647,346
100 * NAVARRE CORP 131
1,100 * NEOMAGIC CORP 3,334
3,600 * NEW FOCUS, INC 295,650
1,600 * NVIDIA CORP 101,700
500 * PARKERVISION, INC 25,218
1,000 * PHOTRONICS, INC 28,375
3,900 PIER 1 IMPORTS, INC 38,025
800 * PLEXUS CORP 90,400
600 * PLX TECHNOLOGY, INC 24,900
15,500 * PMC-SIERRA, INC 2,754,156
1,000 * POWER INTEGRATIONS, INC 23,562
900 * POWER-ONE, INC 102,543
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 45
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
HOME APPLIANCES AND FURNISHINGS -- (CONTINUED)
3,300 * QLOGIC CORP $ 218,006
3,800 * RAMBUS, INC 391,400
600 * RESTORATION HARDWARE, INC 3,300
2,300 * RF MICRO DEVICES, INC 201,537
700 * S3, INC 10,325
400 * SALTON, INC 14,750
52,144 * SANMINA CORP 4,458,312
1,100 * SAWTEK, INC 63,318
60,246 * SCG HOLDING CORP 1,317,881
3,500 * SCI SYSTEMS, INC 137,156
900 * SCP POOL CORP 21,150
2,200 * SDL, INC 627,412
1,500 * SEMTECH CORP 114,726
200 * SILICONIX, INC 13,500
400 * SIMPSON MANUFACTURING CO, INC 19,125
900 * SIPEX CORP 24,918
140,662 * SOLECTRON CORP 5,890,221
600 TECHNITROL, INC 58,125
202,894 TEXAS INSTRUMENTS, INC 13,936,281
2,200 * TITAN CORP 98,450
1,800 * TRANSWITCH CORP 138,937
1,500 * TRIQUINT SEMICONDUCTOR, INC 143,531
1,000 * VARIAN SEMICONDUCTOR
EQUIPMENT ASSOCIATES, INC 62,812
7,500 * VITESSE SEMICONDUCTOR CORP 551,718
1,900 * WILLIAMS-SONOMA, INC 61,631
62,800 * XILINX, INC 5,184,925
1,000 * ZOMAX, INC 13,125
------------
132,826,393
------------
TEXTILE APPAREL AND ACCESSORIES -- 0.44%
4,236 * ABERCROMBIE & FITCH CO
(CLASS A) 51,626
800 * AMERICAN EAGLE OUTFITTERS,
INC 11,200
900 * ANN TAYLOR STORES CORP 29,812
100 * BEBE STORES, INC 837
200 * BUCKLE, INC 2,350
500 BURLINGTON COAT FACTORY
WAREHOUSE CORP 5,406
200 CATO CORP (CLASS A) 2,325
600 * CHICO'S FAS, INC 12,000
700 * CHILDREN'S PLACE RETAIL
STORES, INC 14,350
1,700 CLAIRE'S STORES, INC 32,725
200 * COLUMBIA SPORTSWEAR CO 5,375
100 * DAVID'S BRIDAL, INC 1,156
900 DEB SHOPS, INC 11,250
300 * FINISH LINE, INC (CLASS A) 2,456
500 * FOOTSTAR, INC 16,625
500 * FOSSIL, INC 9,718
29,600 GAP, INC 925,000
1,000 * GENESCO, INC 16,062
200 * GUESS ?, INC 2,800
3,650 INTIMATE BRANDS, INC
(CLASS A) 72,087
4,600 * JONES APPAREL GROUP, INC 108,100
61,300 b* JUSTFORFEET, INC 0
100 * KENNETH COLE PRODUCTIONS, INC 4,000
300 K-SWISS, INC (CLASS A) 4,781
990 LIMITED, INC 21,408
1,200 * MEN'S WEARHOUSE, INC 26,775
100 * MOHAWK INDUSTRIES, INC 2,175
400 MOVADO GROUP, INC 4,800
700 * NAUTICA ENTERPRISES, INC 7,481
52,800 NIKE, INC (CLASS B) 2,102,100
900 NORDSTROM, INC 21,712
1,100 * OAKLEY, INC 12,650
600 ONEIDA LTD 10,650
300 OSHKOSH B'GOSH, INC (CLASS A) 4,912
1,100 * PACIFIC SUNWEAR CALIFORNIA,
INC 20,625
600 * POLO RALPH LAUREN CORP 8,550
800 * QUIKSILVER, INC 12,450
1,800 ROSS STORES, INC 30,712
94 * SAMSONITE CORP 423
200 * SHOE CARNIVAL, INC 1,250
800 * STEIN MART, INC 8,200
1,500 STRIDE RITE CORP 9,187
100 TALBOTS, INC 5,493
400 * TIMBERLAND CO 28,325
13,600 TJX COS, INC 255,000
599 * TOO, INC 15,237
100 * TROPICAL SPORTSWEAR
INTERNATIONAL CORP 1,750
400 * URBAN OUTFITTERS, INC 3,525
700 WARNACO GROUP, INC (CLASS A) 5,425
1,700 WESTPOINT STEVENS, INC 18,912
700 * WET SEAL, INC (CLASS A) 9,187
------------
3,990,955
------------
TOTAL CONSUMER DURABLE 136,817,348
------------
ENERGY -- 0.22%
OIL, GAS AND OTHER ENERGY SERVICES -- 0.22%
1,200 ANADARKO PETROLEUM CORP 59,175
1,900 APACHE CORP 111,743
300 * ATWOOD OCEANICS, INC 13,312
1,400 * BARRETT RESOURCES CORP 42,612
400 * BASIN EXPLORATION, INC 7,150
46 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
OIL, GAS AND OTHER ENERGY SERVICES -- (CONTINUED)
800 BERRY PETROLEUM CO (CLASS A) $ 13,600
200 * BJ SERVICES CO 12,500
800 * BROWN (TOM), INC 18,450
200 CABOT OIL & GAS CORP (CLASS A) 4,237
200 * CAL DIVE INTERNATIONAL, INC 10,837
1,400 * CHESAPEAKE ENERGY CORP 10,850
300 CONSOL ENERGY, INC 4,537
1,700 CROSS TIMBERS OIL CO 37,612
1,200 DEVON ENERGY CORP (NEW) 67,425
900 DIAMOND OFFSHORE DRILLING, INC 31,612
38 b* EAGLE GEOPHYSICAL, INC 0
2,400 ENRON CORP 154,800
1,700 ENSCO INTERNATIONAL, INC 60,881
500 * EVERGREEN RESOURCES, INC 14,812
1,100 * FOREST OIL CORP 17,531
684 * FRIEDE GOLDMAN HALTER, INC 6,113
1,800 * GLOBAL INDUSTRIES LTD 33,975
1,000 * GLOBAL MARINE, INC 28,187
2,200 * GREY WOLF, INC 11,000
10,600 HALLIBURTON CO 500,187
2,200 * HANOVER COMPRESSOR CO 83,600
32 KERR-MCGEE CORP 1,886
1,100 * MERIDIAN RESOURCE CORP 6,256
2,600 * NABORS INDUSTRIES, INC 108,062
1,300 * NEWFIELD EXPLORATION CO 50,862
400 NOBLE AFFILIATES, INC 14,900
2,600 * NOBLE DRILLING CORP 107,087
100 * OCEANEERING INTERNATIONAL, INC 1,900
700 * PLAINS RESOURCES, INC 11,200
1,800 POGO PRODUCING CO 39,825
400 * PRIDE INTERNATIONAL, INC 9,900
3,300 * R & B FALCON CORP 77,756
700 * STONE ENERGY CORP 41,825
1,200 * SYNTROLEUM CORP 20,550
400 * TRANSMONTAIGNE, INC 2,450
1,000 USX-MARATHON GROUP, INC 25,062
800 VASTAR RESOURCES, INC 65,700
1,700 VINTAGE PETROLEUM, INC 38,356
500 WD-40 CO 10,375
700 * WEATHERFORD INTERNATIONAL, INC 27,868
----------
TOTAL ENERGY 2,018,558
-----------
FINANCE -- 2.04%
BANKS, SAVINGS AND LOANS -- 0.92%
200 ALABAMA NATIONAL BANCORP 3,962
100 BANCFIRST OHIO CORP 1,637
300 BANK OF GRANITE CORP 6,862
200 * BOK FINANCIAL CORP 3,512
400 BRENTON BANKS, INC 5,550
100 BT FINANCIAL CORP 1,725
500 CAPITOL FEDERAL FINANCIAL 5,531
100 CATHAY BANCORP, INC 4,637
740 * CENTENNIAL BANCORP 6,428
100 CENTURA BANKS, INC 3,393
1,000 CHITTENDEN CORP 24,437
45,550 CITIGROUP, INC 2,744,387
500 CITIZENS BANKING CORP
(MICHIGAN) 8,117
700 COMMERCE BANCORP, INC 32,200
1,700 COMMUNITY FIRST BANKSHARES, INC 27,731
700 CVB FINANCIAL CORP 11,068
400 F & M NATIONAL CORP 8,400
100 FARMERS CAPITAL BANK CORP 3,037
200 FCNB CORP 3,612
7,750 FIFTH THIRD BANCORP 490,187
1,200 FIRST BANCORP (PUERTO RICO) 22,275
1,530 FIRST FINANCIAL BANCORP 30,121
300 FIRST FINANCIAL HOLDINGS, INC 4,125
100 FIRST MIDWEST BANCORP, INC 2,325
300 FIRST SOURCE CORP 4,706
300 FIRST TENNESSEE NATIONAL CORP 4,968
103,900 FIRSTAR CORP 2,188,393
500 FRONTIER FINANCIAL CORP 9,187
220 GLACIER BANCORP, INC 2,901
100 GREAT SOUTHERN BANCORP 1,737
400 GREATER BAY BANCORP 18,700
700 * HAMILTON BANCORP, INC 12,250
500 HUDSON RIVER BANCORP, INC 5,937
1,868 HUDSON UNITED BANCORP 41,913
1,049 * IMPERIAL BANCORP 16,390
500 INDEPENDENT BANK CORP 5,656
400 IRWIN FINANCIAL CORP 5,775
31,875 MBNA CORP 864,609
800 MERCHANTS NEW YORK BANCORP, INC 13,750
200 MISSISSIPPI VALLEY BANCSHARES 4,850
3,600 NATIONAL COMMERCE BANCORP 57,825
310 NATIONAL PENN BANCSHARES, INC 6,393
2,500 NORTHERN TRUST CORP 162,656
2 OLD NATIONAL BANCORP 58
100 OMEGA FINANCIAL CORP 2,525
500 ORIENTAL FINANCIAL GROUP 7,218
1,000 PACIFIC CAPITAL BANCORP 25,062
300 PARK NATIONAL CORP 27,225
6,450 PROVIDIAN FINANCIAL CORP 580,500
400 QUEENS COUNTY BANCORP, INC 7,375
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 47
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
BANKS, SAVINGS AND LOANS -- (CONTINUED)
100 R&G FINANCIAL CORP (CLASS B) $ 793
100 REPUBLIC BANCORP, INC
(KENTUCKY) 1,006
25 ROSLYN BANCORP, INC 415
1,100 S & T BANCORP, INC 20,075
2,364 * S1 CORP 55,110
200 SANDY SPRING BANCORP, INC 4,087
315 SHORELINE FINANCIAL CORP 3,740
2,752 SKY FINANCIAL GROUP, INC 43,860
652 SOUTH FINANCIAL GROUP, INC 9,454
1,200 * SOUTHWEST BANCORP OF TEXAS, INC 24,900
3,300 STATE STREET CORP 350,006
1,100 STERLING BANCSHARES, INC 11,893
200 STERLING FINANCIAL CORP 3,962
5,750 SYNOVUS FINANCIAL CORP 101,343
800 TEXAS REGIONAL BANCSHARES, INC
(CLASS A) 20,300
700 TRUST CO OF NEW JERSEY 12,775
2,300 TRUSTCO BANK CORP (NEW YORK) 28,750
200 U.S.B. HOLDINGS CO, INC 2,825
1,900 UNITED BANKSHARES, INC 34,556
1,800 W HOLDING CO, INC 14,850
440 WEST COAST BANCORP (OREGON) 4,400
100 WESTAMERICA BANCORP 2,612
1,700 ZIONS BANCORP 78,014
----------
8,363,544
----------
CREDIT AND OTHER FINANCE -- 0.64%
1,500 * ACNEILSEN CORP 33,000
100 * ALEXANDERS, INC 7,325
300 ALEXANDRIA REAL ESTATE
EQUITIES, INC 10,293
1,300 ALLIED CAPITAL CORP 22,100
35,400 AMERICAN EXPRESS CO 1,845,225
3,400 * AMERICREDIT CORP 57,800
9,800 ASSOCIATES FIRST CAPITAL CORP 218,662
2,500 BOSTON PROPERTIES, INC 96,562
9,000 CAPITAL ONE FINANCIAL CORP 401,625
1,000 CHARLES E. SMITH RESIDENTIAL
REALTY, INC 38,000
500 CHATEAU PROPERTIES, INC 14,125
100 CHELSEA GCA REALTY, INC 3,456
1,570 * CHOICEPOINT, INC 69,865
300 * COMPUCREDIT CORP 9,000
9,600 * CONCORD EFS, INC 249,600
1,100 COUSINS PROPERTIES, INC 42,350
900 DORAL FINANCIAL CORP 10,293
600 EAST WEST BANCORP, INC 8,625
6,300 EQUIFAX, INC 165,375
200 * FEDERAL AGRICULTURE MORTGAGE
CORP 2,912
6,500 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 339,218
400 FEDERAL REALTY INVESTMENT TRUST 8,000
400 * FINANCIAL FEDERAL CORP 6,950
1,500 * FINET.COM, INC 1,031
200 FINOVA GROUP, INC 2,600
600 * FIRSTPLUS FINANCIAL GROUP, INC 174
19,300 FREDDIE MAC 781,650
200 GETTY REALTY HOLDINGS CORP 2,175
700 HEALTH CARE PROPERTY INVESTORS,
INC 19,075
2,619 HOUSEHOLD INTERNATIONAL, INC 108,852
500 * IMC MORTGAGE CO 25
3,717 ISTAR FINANCIAL, INC 77,824
200 MANUFACTURED HOME COMMUNITIES,
INC 4,787
300 MEDALLION FINANCIAL CORP 4,631
4,500 MEDITRUST CORP PAIRED 16,875
2,550 METRIS COS, INC 64,068
35,273 * METROPOLITAN LIFE INSURANCE CO 742,937
100 MID-STATE BANCSHARES 2,725
600 MILLS CORP 11,287
500 NATIONAL GOLF PROPERTIES, INC 10,562
1,200 * NETBANK, INC 14,925
300 * NEXTCARD, INC 2,550
300 PENNSYLVANIA REAL ESTATE
INVESTMENT TRUST 5,137
500 * SIERRACITIES.COM, INC 1,875
7,200 SLM HOLDINGS CORP 269,550
500 * TELESCAN, INC 3,656
800 TOWN & COUNTRY TRUST 13,750
800 * VENTAS, INC 2,550
1,300 WASHINGTON REAL ESTATE
INVESTMENT TRUST 23,237
300 WEINGARTEN REALTY INVESTORS,
INC 12,112
----------
5,860,981
----------
INSURANCE -- 0.16%
2,300 AFLAC, INC 105,656
7,262 AMERICAN INTERNATIONAL GROUP,
INC 853,285
600 BLANCH (E.W.) HOLDINGS, INC 12,187
500 BROWN & BROWN, INC 26,000
1,500 CRAWFORD & CO (CLASS B) 16,500
1,800 * FIRST HEALTH GROUP CORP 59,062
300 * FPIC INSURANCE GROUP, INC 4,706
1,700 GALLAGHER (ARTHUR J.) & CO 71,400
300 * HEALTHAXIS, INC 1,143
600 HILB, ROGAL & HAMILTON CO 20,812
1,300 HSB GROUP, INC 40,462
1,100 * MID ATLANTIC MEDICAL SERVICES,
INC 14,850
48 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
INSURANCE -- (CONTINUED)
3,600 * OXFORD HEALTH PLANS, INC $ 85,725
200 * PACIFICARE HEALTH SYSTEMS,
INC (CLASS A) 12,037
400 PROGRESSIVE CORP 29,600
173 RADIAN GROUP, INC 8,952
100 REINSURANCE GROUP OF AMERICA,
INC 3,012
100 STANCORP FINANCIAL GROUP, INC 3,212
100 * TRIAD GUARANTY, INC 2,293
400 UNITEDHEALTH GROUP, INC 34,300
600 * WELLPOINT HEALTH NETWORKS,
INC 43,462
-----------
1,448,656
-----------
SECURITIES AND COMMODITIES -- 0.32%
1,000 * AFFILIATED MANAGERS GROUP,
INC 45,500
2,500 * AMERITRADE HOLDINGS CORP
(CLASS A) 29,062
9,490 * E TRADE GROUP, INC 156,585
1,400 EATON VANCE CORP 64,750
2,600 FEDERATED INVESTORS, INC 91,162
4,000 FRANKLIN RESOURCES, INC 121,500
900 * FRIEDMAN, BILLINGS, RAMSEY
GROUP, INC 7,312
600 * INVESTMENT TECHNOLOGY GROUP,
INC 23,700
1,200 INVESTORS FINANCIAL SERVICES
CORP 47,625
500 JOHN NUVEEN CO (CLASS A) 20,968
3,300 * KNIGHT TRADING GROUP 98,381
600 MORGAN KEEGAN, INC 8,850
500 * NATIONAL DISCOUNT BROKERS
GROUP, INC 15,937
1,100 * PIONEER GROUP, INC 46,612
4,600 PRICE (T. ROWE) ASSOCIATES,
INC 195,500
1,500 RAYMOND JAMES FINANCIAL CORP 33,750
50,862 SCHWAB (CHARLES) CORP 1,710,234
680 SOUTHWEST SECURITIES GROUP,
INC 25,330
200 THE GOLDMAN SACHS GROUP, INC 18,975
1,200 UNITED ASSET MANAGEMENT CORP 28,050
3,767 WADDELL & REED FINANCIAL, INC
(CLASS A) 123,604
-----------
2,913,387
-----------
TOTAL FINANCE 18,586,568
-----------
FOODS AND RELATED -- 2.67%
BEVERAGES, OTHER FOOD PRODUCTS -- 2.50%
520 * 7-ELEVEN, INC 7,150
3,600 ALBERTSONS, INC 119,700
900 * AMERICAN ITALIAN PASTA CO
(CLASS A) 18,618
5,900 ANHEUSER-BUSCH COS, INC 440,656
1,000 APPLEBEES INTERNATIONAL, INC 30,312
1,500 AVADO BRANDS, INC 2,250
900 * BERINGER WINE ESTATES
HOLDINGS, INC (CLASS B) 31,781
6,600 BESTFOODS, INC 457,050
1,600 * CADIZ, INC 12,800
8,100 CAMPBELL SOUP CO 235,912
100 * CANANDAIGUA BRANDS, INC
(CLASS A) 5,043
1,300 * CEC ENTERTAINMENT, INC 33,312
200 * CENTRAL GARDEN & PET CO 1,793
1,760 CKE RESTAURANTS, INC 5,280
100 COCA COLA BOTTLING CO
CONSOLIDATED 4,550
118,800 COCA COLA CO 6,823,575
10,800 COCA COLA ENTERPRISES, INC 176,175
687 * CONSOLIDATED PRODUCTS, INC 6,183
400 * DAVE & BUSTERS, INC 2,500
1,600 * DEL MONTE FOODS CO 10,900
1,700 DELTA & PINE LAND CO 42,606
600 DREYERS GRAND ICE CREAM, INC 12,600
300 EARTHGRAINS CO 5,831
500 FLOWERS INDUSTRIES, INC 9,968
6,500 GENERAL MILLS, INC 248,625
600 * GRAND UNION CO 318
1,200 * HAIN CELESTIAL GROUP, INC 44,025
4,100 HEINZ (H.J.) CO 179,375
500 HERSHEY FOODS CORP 24,250
600 * HINES HORTICULTURE, INC 4,087
600 * IHOP CORP (NEW) 10,050
1,100 * INTERNATIONAL HOME FOODS, INC 23,031
1,700 * JACK IN THE BOX, INC 41,862
1,000 KEEBLER FOODS CO 37,125
4,500 KELLOGG CO 133,875
38,000 * KROGER CO 838,375
1,100 LANCE, INC 9,900
28,800 MCDONALD'S CORP 948,600
540 MORRISON MANAGEMENT
SPECIALISTS, INC 15,221
600 * NPC INTERNATIONAL, INC 5,381
200 * O'CHARLEY'S, INC 2,725
2,850 * OUTBACK STEAKHOUSE, INC 83,362
100 * P.F. CHANGS CHINA BISTRO, INC 3,193
900 * PAPA JOHN'S INTERNATIONAL,
INC 22,050
4,400 PEPSI BOTTLING GROUP, INC 128,425
65,800 PEPSICO, INC 2,923,987
300 * PERFORMANCE FOOD GROUP CO 9,600
1,600 PILGRIMS PRIDE CORP (CLASS B) 11,400
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 49
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
BEVERAGES, OTHER FOOD PRODUCTS -- (CONTINUED)
800 b* PLANET HOLLYWOOD, INC (CLASS A) $ 8
2,700 QUAKER OATS CO 202,837
2,700 RALSTON PURINA CO 53,831
100 RIVIANA FOODS, INC 1,743
2,000 RUBY TUESDAY, INC 25,125
136,700 * SAFEWAY, INC 6,168,587
36,300 SARA LEE CORP 701,043
1,700 * SMITHFIELD FOODS, INC 47,706
950 SODEXHO MARRIOTT SERVICES, INC 15,200
900 * SONIC CORP 26,437
8,300 * STARBUCKS CORP 316,956
12,800 SYSCO CORP 539,200
1,150 * THE CHEESECAKE FACTORY CO 31,625
342 TOOTSIE ROLL INDUSTRIES, INC 11,970
600 * TRIARC COS, INC 12,300
3,460 * TRICON GLOBAL RESTAURANTS, INC 97,745
300 * UNITED NATURAL FOODS, INC 4,125
400 UNIVERSAL FOODS CORP 7,400
700 * VETERINARY CENTERS OF AMERICA, INC 9,625
2,500 VIAD CORP 68,125
1,260 * VLASIC FOODS INTERNATIONAL, INC 2,047
1,700 WHITMAN CORP 21,037
1,100 * WHOLE FOODS MARKET, INC 45,443
1,050 * WILD OATS MARKETS, INC 13,190
2,000 WRIGLEY (WM) JR CO 160,375
-----------
22,829,067
-----------
TOBACCO -- 0.17%
55,400 PHILIP MORRIS COS, INC 1,471,562
1,500 RJR REYNOLDS TOBACCO HOLDINGS,
INC 41,906
2,900 UST, INC 42,593
200 VECTOR GROUP LTD 2,950
-----------
1,559,011
-----------
TOTAL FOODS AND RELATED 24,388,078
-----------
HEALTH -- 14.89%
DRUGS AND PHARMACEUTICALS -- 13.06%
67,900 ABBOTT LABORATORIES CO 3,025,793
1,100 * ABGENIX, INC 131,845
200 * ALBANY MOLECULAR RESEARCH, INC 10,887
500 * ALGOS PHARMACEUTICAL CORP 7,625
2,200 * ALKERMES, INC 103,675
20 * ALLERGAN SPECIALTY THERAPEUTICS,
INC (CLASS A) 361
6,100 ALLERGAN, INC 454,450
1,100 ALPHARMA, INC (CLASS A) 68,475
4,100 * ALZA CORP 242,412
140,825 AMERICAN HOME PRODUCTS CORP 8,273,468
2,300 * AMERISOURCE HEALTH CORP (CLASS A) 71,300
88,300 * AMGEN, INC 6,203,075
1,600 * ANDRX CORP 102,274
400 * ANESTA CORP 9,950
700 * AVIRON, INC 21,612
900 * BARR LABORATORIES, INC 40,331
3,675 BERGEN BRUNSWIG CORP (CLASS A) 20,212
700 BINDLEY WESTERN INDUSTRIES, INC 18,506
7,000 * BIOGEN, INC 451,500
700 * BIOMATRIX, INC 15,837
2,300 * BIO-TECHNOLOGY GENERAL CORP 30,331
92,100 BRISTOL MYERS SQUIBB CO 5,364,825
161,305 CARDINAL HEALTH, INC 11,936,570
8,900 * CAREMARK RX, INC 60,631
700 * CELL PATHWAYS, INC 16,450
1,400 * CEPHALON, INC 83,825
400 * CHATTEM, INC 5,475
500 * CHIREX, INC 10,000
2,100 * CHIRON CORP 99,750
700 * COLUMBIA LABORATORIES, INC 4,025
1,100 * COR THERAPEUTICS, INC 93,843
800 * CORIXA CORP 34,350
600 * COULTER PHARMACEUTICALS, INC 12,300
35 * CRESCENDO PHARMACEUTICALS CORP 704
17,900 CVS CORP 716,000
300 DIAGNOSTIC PRODUCTS CORP 9,600
900 * DUANE READE, INC 23,175
900 * DURA PHARMACEUTICALS, INC 12,937
700 * DURAMED PHARMACEUTICALS, INC 3,806
493 * ELAN CORP PLC ADR 23,879
1,700 * ENZON, INC 72,250
3,800 * FOREST LABORATORIES, INC 383,800
400 * GELTEX PHARMACEUTICALS, INC 8,175
6,900 * GENENTECH, INC 1,186,800
1,200 * GENZYME CORP (GENERAL DIVISION) 71,325
45 * GENZYME SURGICAL PRODUCTS 447
8 * GENZYME-MOLECULAR ONCOLOGY 111
1,965 * GILEAD SCIENCES, INC 139,760
72,000 GLAXO WELLCOME PLC (SPONS ADR) 4,162,500
55,880 * GUILFORD PHARMACEUTICALS, INC 841,692
900 * HEMISPHERX BIOPHARMA, INC 5,062
2,500 * HUMAN GENOME SCIENCES, INC 333,437
3,100 ICN PHARMACEUTICALS, INC 86,218
1,800 * ICOS CORP 79,200
2,000 * IDEC PHARMACEUTICALS CORP 234,625
1,600 * IDEXX LABORATORIES, INC 36,600
300 * IGEN INTERNATIONAL, INC 4,968
50 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
DRUGS AND PHARMACEUTICALS -- (CONTINUED)
1,400 * IMCLONE SYSTEMS, INC $ 107,012
10,400 * IMMUNEX CORP 514,150
700 * INHALE THERAPEUTIC SYSTEMS 71,028
300 * INVITROGEN CORP 22,560
1,500 * ISIS PHARMACEUTICALS, INC 21,750
4,400 * IVAX CORP 182,600
67,733 JOHNSON & JOHNSON CO 6,900,299
2,550 JONES PHARMACEUTICAL, INC 101,840
2,032 * KING PHARMACEUTICALS, INC 89,154
400 * KV PHARMACEUTICAL CO (CLASS B) 10,875
2,200 * LIGAND PHARMACEUTICALS CO
(CLASS A) 29,012
91,165 LILLY (ELI) & CO 9,105,104
5,621 MCKESSON HBOC, INC 117,689
1,250 * MEDICIS PHARMACEUTICAL CORP
(CLASS A) 71,250
8,625 * MEDIMMUNE, INC 638,250
217,879 MERCK & CO, INC 16,694,978
4,200 * MILLENNIUM PHARMACEUTICALS, INC 469,875
4,900 MYLAN LABORATORIES, INC 89,425
1,000 NATURES SUNSHINE PRODUCTS, INC 7,000
1,000 * NCS HEALTHCARE, INC (CLASS A) 750
2,000 * NU SKIN ENTERPRISES, INC
(CLASS A) 11,500
1,800 OMNICARE, INC 16,312
1,350 * ORGANOGENESIS, INC 15,440
500 * PATHOGENESIS CORP 13,000
535,325 PFIZER, INC 25,695,600
700 * PHARMACYCLICS, INC 42,700
200 * PRIORITY HEALTHCARE CORP
(CLASS B) 14,862
300 * PROTEIN DESIGN LABORATORIES,
INC 49,485
600 * SAFESCIENCE, INC 3,150
600 * SANGSTAT MEDICAL CORP 17,325
500 * SCHEIN PHARMACEUTICAL, INC 10,812
200,598 SCHERING-PLOUGH CORP 10,130,199
3,300 * SEPRACOR, INC 398,062
800 * SICOR, INC 6,400
1,000 * SUPERGEN, INC 36,250
400 * SYNCOR INTERNATIONAL CORP 28,800
1,000 * TECHNE CORP 130,000
1,100 * THERAGENICS CORP 9,418
1,000 * TRANSKARYOTIC THERAPIES, INC 36,750
1,800 * TRIANGLE PHARMACEUTICALS, INC 16,312
1,133 * VENTIV HEALTH, INC 12,604
200 * VERTEX PHARMACEUTICALS, INC 21,075
800 * VICAL, INC 15,400
46,200 WALGREEN CO 1,487,062
4,100 * WATSON PHARMACEUTICALS, INC 220,375
300 WEST PHARMACEUTICAL SERVICES,
INC 6,487
------------
119,153,015
------------
MEDICAL EQUIPMENT AND SUPPLIES -- 1.52%
700 * ACUSON CORP 9,450
800 * AFFYMETRIX, INC 132,100
19,081 * AGILENT TECHNOLOGIES, INC 1,407,223
400 * APPLIED ANALYTICAL INDUSTRIES,
INC 3,837
300 ARROW INTERNATIONAL, INC 10,050
1,400 BAUSCH & LOMB, INC 108,325
2,900 BAXTER INTERNATIONAL, INC 203,906
1,300 BECKMAN COULTER, INC 75,887
7,700 BECTON DICKINSON & CO 220,893
4,800 BIOMET, INC 184,500
12,200 * BOSTON SCIENTIFIC CORP 267,637
300 * BRITESMILE, INC 1,350
200 * CLOSURE MEDICAL CORP 4,600
1,600 * COGNEX CORP 82,800
100 COHU, INC 2,696
800 * CONMED CORP 20,700
700 COOPER COS, INC 25,462
2,000 * CREDENCE SYSTEMS CORP 110,375
700 * CYBERONICS, INC 8,400
1,600 * CYTYC CORP 85,400
100 DATASCOPE CORP 3,600
400 DENTSPLY INTERNATIONAL, INC 12,325
1,200 * DIONEX CORP 32,100
200 * ECLIPSE SURGICAL TECHNOLOGIES,
INC 875
1,880 * EDWARDS LIFESCIENCES CORP 34,780
1,035 * ENZO BIOCHEMICAL, INC 71,415
900 * GENRAD, INC 8,100
400 * GLIATECH, INC 8,100
29,316 * GUIDANT CORP 1,451,142
900 * HAEMONETICS CORP 18,900
500 * HANGER ORTHOPEDIC GROUP, INC 2,468
400 * IMPATH, INC 21,700
400 INVACARE CORP 10,500
5,300 * KLA-TENCOR CORP 310,381
2,100 * LTX CORP 73,368
900 * MECHANICAL TECHNOLOGY, INC 13,500
1,600 * MEDICAL MANAGER CORP 54,500
119,568 MEDTRONIC, INC 5,955,981
800 MENTOR CORP 21,750
1,700 * METTLER-TOLEDO INTERNATIONAL,
INC 68,000
2,100 MILLIPORE CORP 158,287
1,000 * MINIMED, INC 118,000
300 * MKS INSTRUMENTS, INC 11,737
400 * MOLECULAR DEVICES CORP 27,675
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 51
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
MEDICAL EQUIPMENT AND SUPPLIES -- (CONTINUED)
600 * NOVOSTE CORP $ 36,600
600 * OCULAR SCIENCES, INC 7,050
500 * OSTEOTECH, INC 5,250
9,500 PE CORP-PE BIOSYSTEMS GROUP 625,812
1,000 PERKINELMER, INC 66,125
1,200 * RESMED, INC 32,100
1,300 * RESPIRONICS, INC 23,400
1,000 * SCOTT TECHNOLOGIES, INC 17,187
1,200 * ST. JUDE MEDICAL, INC 55,050
2,800 * STERIS CORP 24,850
6,500 STRYKER CORP 284,375
2,000 * SUMMIT TECHNOLOGY, INC 37,750
1,600 * SUNRISE TECHNOLOGIES
INTERNATIONAL, INC 16,000
4,700 * SYBRON INTERNATIONAL CORP 93,118
200 TELEFLEX, INC 7,150
6,800 * TERADYNE, INC 499,800
500 * THERMO CARDIOSYSTEMS, INC 5,000
700 * THERMO ELECTRON CORP 14,743
400 * THERMO INSTRUMENT SYSTEMS, INC 7,500
1,200 * VARIAN, INC 55,350
500 * VEECO INSTRUMENTS, INC 36,625
500 * VENTANA MEDICAL SYSTEMS, INC 11,750
2,500 * VISX, INC 70,156
2,800 * WATERS CORP 349,475
800 * WESLEY JESSEN VISIONCARE, INC 30,050
------------
13,867,041
------------
MEDICAL FACILITIES MANAGEMENT -- 0.31%
100 * ACCREDO HEALTH, INC 3,456
800 * ADVANCE PARADIGM, INC 16,400
200 * ALTERRA HEALTHCARE CORP 400
500 * AMERICAN RETIREMENT CORP 2,781
300 * AMERIPATH, INC 2,662
200 * CAREMATRIX CORP 106
100 * COVENTRY HEALTH CARE, INC 1,332
1,000 * EXPRESS SCRIPTS, INC 62,125
10,050 * HEALTH MANAGEMENT ASSOCIATES,
INC (CLASS A) (NEW) 131,278
1,948 * HEALTHSOUTH CORP 14,001
3,000 HOOPER HOLMES, INC 24,000
1,200 * LASER VISION CENTERS, INC 7,425
900 * LCA-VISION, INC 2,193
1,100 * LIFEPOINT HOSPITALS, INC 24,475
1,000 * LINCARE HOLDINGS, INC 24,625
400 * MANOR CARE, INC 2,800
300 * MARINER POST-ACUTE NETWORK, INC 40
1,800 * ORTHODONTIC CENTERS OF AMERICA,
INC 40,725
300 * PEDIATRIX MEDICAL GROUP, INC 3,487
1,800 * PHYCOR, INC 1,125
600 * PROVINCE HEALTHCARE CO 21,675
2,000 * RENAL CARE GROUP, INC 48,906
600 * RES-CARE, INC 3,225
800 * SUNRISE ASSISTED LIVING, INC 14,800
83,800 TENET HEALTHCARE CORP 2,262,600
3,301 * TOTAL RENAL CARE HOLDINGS, INC 19,806
900 * TRIAD HOSPITALS, INC 21,768
400 * UNIVERSAL HEALTH SERVICES, INC 26,200
1,400 * US ONCOLOGY, INC 7,000
800 b* VENCOR, INC 88
------------
2,791,504
------------
TOTAL HEALTH 135,811,560
------------
INDUSTRIAL MACHINERY -- 8.50%
ELECTRICAL -- 4.84%
1,500 AMETEK, INC 26,250
500 * ANICOM, INC 1,875
1,600 * ARGUSS COMMUNICATIONS, INC 30,200
600 BALDOR ELECTRIC CO 11,175
500 BARNES GROUP, INC 8,156
1,000 * BRIGHTPOINT, INC 8,656
1,200 C&D TECHNOLOGIES, INC 67,800
600 * CELLSTAR CORP 1,668
1,100 * ELECTRO SCIENTIFIC INDUSTRIES,
INC 48,434
800 * ENERGIZER HOLDINGS, INC 14,600
200 FRANKLIN ELECTRIC CO, INC 13,550
826,661 GENERAL ELECTRIC CO 43,813,033
200 * KENT ELECTRONICS CORP 5,962
500 * KOMAG, INC 875
800 * LITTELFUSE, INC 39,200
300 LSI INDUSTRIES, INC 4,556
1,200 * RAYOVAC CORP 26,850
800 SLI, INC 9,700
900 * VICOR CORP 31,331
600 * WESCO INTERNATIONAL, INC 5,737
------------
44,169,608
------------
OTHER INDUSTRIAL EQUIPMENT -- 3.66%
400 * A.S.V., INC 5,750
36,638 * APPLIED MATERIALS, INC 3,320,318
1,700 APPLIED POWER, INC (CLASS A) 56,950
700 * ASTEC INDUSTRIES, INC 17,762
1,000 * ASYST TECHNOLOGIES, INC 34,250
1,100 * ATMI, INC 51,150
600 * AVIATION SALES CO 3,712
1,010 BAKER HUGHES, INC 32,320
3,700 BLACK & DECKER CORP 145,456
52 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
OTHER INDUSTRIAL EQUIPMENT -- (CONTINUED)
600 CMI CORP (CLASS A) $ 2,100
200 * COOPER CAMERON CORP 13,200
400 * CUNO, INC 9,250
1,000 DONALDSON CO, INC 19,750
400 * DRIL-QUIP, INC 18,700
100 * ELECTROGLAS, INC 2,150
400 * FSI INTERNATIONAL, INC 8,675
600 GRACO, INC 19,500
500 * GRANT PRIDECO, INC 12,500
500 IDEX CORP 15,781
1,200 JLG INDUSTRIES, INC 14,250
500 KAYDON CORP 10,500
4,300 * LAM RESEARCH CORP 161,250
700 LINCOLN ELECTRIC HOLDINGS CO 9,975
500 LINDSAY MANUFACTURING CO 9,812
1,050 MANITOWOC CO, INC 28,087
1,100 * MSC INDUSTRIAL DIRECT CO (CLASS A) 23,031
300 NORDSON CORP 15,187
105,600 * NOVELLUS SYSTEMS, INC 5,973,000
1,000 * PRESSTEK, INC 16,312
1,000 * PRI AUTOMATION, INC 65,390
1,300 ROPER INDUSTRIES, INC 33,312
200 SAUER-DANFOSS, INC 1,975
200 * SILICON VALLEY GROUP, INC 5,175
900 * SMITH INTERNATIONAL, INC 65,531
700 * SPECIALTY EQUIPMENT COS, INC 18,987
313 * SPEEDFAM-IPEC, INC 5,692
200 STANDEX INTERNATIONAL CORP 3,175
400 TENNANT CO 15,000
900 * TEREX CORP 12,712
487,106 TYCO INTERNATIONAL LTD 23,076,646
800 * ULTRATECH STEPPER, INC 11,900
------------
33,366,173
------------
TOTAL INDUSTRIAL MACHINERY 77,535,781
------------
MEDIA AND LEISURE -- 5.47%
BROADCASTING -- 4.23%
1,900 * ADELPHIA COMMUNICATIONS CORP
(CLASS A) 89,062
700 * AMC ENTERTAINMENT, INC 3,412
40,290 * AMFM, INC 2,780,010
3,800 * CABLEVISION SYSTEMS CORP
(CLASS A) 257,925
1,300 * CITADEL COMMUNICATIONS CORP 45,418
10,300 * CLEAR CHANNEL COMMUNICATIONS, INC 772,500
35,680 * COMCAST CORP (CLASS A) SPECIAL 1,445,040
3,000 * COX COMMUNICATIONS, INC
(CLASS A) 136,687
1,200 * COX RADIO, INC (CLASS A) 33,600
1,000 * CUMULUS MEDIA, INC 9,125
128,100 DISNEY (WALT) CO 4,971,881
2,000 * EMMIS COMMUNICATIONS (CLASS A) 82,750
1,000 * ENTERCOM COMMUNICATIONS CORP 48,750
6,200 * FOX ENTERTAINMENT GROUP, INC 188,325
400 * HEARST-ARGYLE TELEVISION, INC 7,800
3,700 * HISPANIC BROADCASTING CORP 122,562
1,200 * HOLLYWOOD ENTERTAINMENT CORP 9,450
78,425 * INFINITY BROADCASTING CORP
(CLASS A) 2,857,610
100 * ON COMMAND CORP 1,425
80 * PAC-WEST TELECOMM, INC 1,600
1,000 * PANAMSAT CORP 43,687
1,600 * PAXSON COMMUNICATIONS CORP 12,800
1,000 * PEGASUS COMMUNICATIONS CORP 49,062
700 * PIXAR, INC 24,675
2,000 * PRICE COMMUNICATIONS CORP 47,125
400 * RADIO ONE, INC 11,825
800 * RADIO ONE, INC (CLASS D) 17,650
750 * SAGA COMMUNICATIONS, INC
(CLASS A) 16,500
1,100 * SIRIUS SATELLITE RADIO, INC 48,743
98,500 TIME WARNER, INC 7,486,000
273,000 TOEI CO LTD 1,999,743
1,500 * TV GUIDE, INC 51,375
500 * U.S.A. NETWORKS, INC 10,812
200 UNITED TELEVISION, INC 25,750
3,000 * UNITEDGLOBALCOM, INC (CLASS A) 140,250
3,600 * UNIVISION COMMUNICATIONS, INC 372,600
210,533 * VIACOM, INC (CLASS B) 14,355,718
1,100 * WAVO CORP 825
300 * YOUNG BROADCASTING, INC
(CLASS A) 7,706
------------
38,587,778
------------
LODGING/GAMING/RECREATION -- 1.15%
300 * ANCHOR GAMING CO 14,381
800 * ARGOSY GAMING CORP 11,500
1,200 * BALLY TOTAL FITNESS HOLDINGS
CORP 30,450
400 * CHAMPIONSHIP AUTO RACING TEAMS,
INC 10,200
2,300 * CHOICE HOTELS INTERNATIONAL, INC 22,856
300 CHURCHILL DOWNS, INC 7,012
540 * CRESTLINE CAPITAL CORP 9,213
700 DOVER DOWNS ENTERTAINMENT, INC 9,800
2,000 * EXTENDED STAY AMERICA, INC 18,500
6,747 HILTON HOTELS CORP 63,253
1,112 INTERNATIONAL SPEEDWAY CORP
(CLASS A) 46,009
3,600 MARRIOTT INTERNATIONAL, INC
(CLASS A) 129,825
362 MGM GRAND, INC 11,629
100 * PINNACLE ENTERTAINMENT, INC 1,943
201,136 * PREMIER PARKS, INC 4,575,844
117,688 * SFX ENTERTAINMENT, INC
(CLASS A) 5,332,737
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 53
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
LODGING/GAMING/RECREATION -- (CONTINUED)
600 * SPEEDWAY MOTORSPORTS, INC $ 13,800
1,400 STARWOOD HOTELS &
RESORTS WORLDWIDE 45,587
1,000 * STATION CASINOS, INC 25,000
200 * STEINWAY MUSICAL INSTRUMENTS,
INC 3,300
900 b* SUNTERRA CORP 207
200 * TRENDWEST RESORTS, INC 3,225
600 * U.S. FRANCHISE SYSTEMS, INC
(CLASS A) 2,887
500 * VAIL RESORTS, INC 8,156
2,900 * WESTWOOD ONE, INC 98,962
------------
10,496,276
------------
PUBLISHING -- 0.09%
1,200 CENTRAL NEWSPAPERS, INC
(CLASS A) 75,900
400 * CONSOLIDATED GRAPHICS, INC 3,750
1,500 DOW JONES & CO, INC 109,875
500 HARLAND (JOHN H.) CO 7,468
500 HARTE-HANKS, INC 12,500
500 HOUGHTON MIFFLIN CO 23,343
200 * INFORMATION HOLDINGS, INC 7,400
1,300 * JOURNAL REGISTER CO 23,725
2,000 LEE ENTERPRISES, INC 46,625
900 MCGRAW HILL COS, INC 48,600
200 MEDIA GENERAL, INC (CLASS A) 9,712
700 MEREDITH CORP 23,625
800 NEW ENGLAND BUSINESS SERVICES,
INC 13,000
1,100 PENTON MEDIA, INC 38,500
800 * PLAYBOY ENTERPRISES, INC
(CLASS B) 10,300
2,900 * PRIMEDIA, INC 65,975
1,200 * R.H. DONNELLEY CORP 23,250
1,900 READER'S DIGEST ASSOCIATION,
INC (CLASS A) (NON-VOTE) 75,525
400 SCHAWK, INC (CLASS A) 3,750
100 * SCHOLASTIC CORP 6,112
1,000 TIMES MIRROR CO SERIES A 90,625
1,800 * TOPPS, INC 20,700
2,100 WILEY (JOHN) & SONS, INC
(CLASS A) 47,250
53 * WORKFLOW MANAGEMENT, INC 629
------------
788,139
------------
TOTAL MEDIA AND LEISURE 49,872,193
------------
RETAIL AND WHOLESALE -- 1.77%
GENERAL MERCHANDISE STORES -- 1.77%
600 * 99 CENTS ONLY STORES 23,925
8,400 * AMAZON.COM, INC 305,025
700 * AMES DEPARTMENT STORES, INC 5,425
1,200 * BARNES & NOBLE, INC 26,700
800 * BARNESANDNOBLE.COM, INC 5,225
500 * BJ'S WHOLESALE CLUB, INC 16,500
1,600 BLYTH, INC 47,200
1,700 * BORDERS GROUP, INC 26,456
800 BRADY CORP (CLASS A) 26,000
1,300 CALLAWAY GOLF CO 21,206
2,200 CASEYS GENERAL STORES, INC 22,825
2,200 * CDW COMPUTER CENTERS, INC 137,500
100 * COLDWATER CREEK, INC 3,012
2,100 * CONSOLIDATED STORES CORP 25,200
1,000 * COST PLUS, INC 28,687
16,500 * COSTCO WHOLESALE CORP 544,500
200 * DIRECT FOCUS, INC 9,800
7,956 DOLLAR GENERAL CORP 155,142
4,650 * DOLLAR TREE STORES, INC 183,965
600 * E4L, INC 487
565 * EGGHEAD.COM, INC 1,659
200 ENESCO GROUP, INC 950
300 * ETOYS, INC 1,903
400 * FACTORY 2-U STORES, INC 15,125
6,500 FAMILY DOLLAR STORES, INC 127,156
1,200 FASTENAL CO 60,750
2,900 * HANOVER DIRECT, INC 4,531
900 * IDENTIX, INC 14,118
1,050 * INSIGHT ENTERPRISES, INC 62,278
300 * INTERNATIONAL GAME TECHNOLOGY
CO 7,950
200 * ITURF, INC 575
650 * JAKKS PACIFIC, INC 9,587
13,600 * KOHLS CORP 756,500
500 * LANDS END, INC 16,687
7,060 MATTEL, INC 93,103
800 * MICHAELS STORES, INC 36,650
1,200 * NEIMAN MARCUS GROUP, INC
(CLASS A) 35,475
10,700 * OFFICE DEPOT, INC 66,875
800 * OFFICEMAX, INC 4,000
500 * PC CONNECTION, INC 28,500
4,600 * PETSMART, INC 15,525
2,000 * SAKS, INC 21,000
1,300 * SCHEIN (HENRY), INC 22,425
700 * SHOP AT HOME, INC 3,270
20,750 * STAPLES, INC 319,031
2,400 * SUNGLASS HUT INTERNATIONAL, INC 19,725
300 * SYSTEMAX, INC 1,162
17,100 TARGET CORP 991,800
2,600 TIFFANY & CO 175,500
200 * TUESDAY MORNING CORP 2,100
87 * U.S. OFFICE PRODUCTS CO 32
54 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
GENERAL MERCHANDISE STORES -- (CONTINUED)
800 * VALUE AMERICA, INC $ 875
1,700 * VALUEVISION INTERNATIONAL, INC 40,800
200,500 WAL-MART STORES, INC 11,553,812
750 * WHITEHALL JEWELLERS, INC 13,968
800 * WMS INDUSTRIES, INC 12,350
400 * ZALE CORP 14,600
-----------
TOTAL RETAIL AND WHOLESALE 16,167,127
-----------
TECHNOLOGY -- 33.44%
COMMUNICATIONS EQUIPMENT -- 3.83%
300 * ACT NETWORKS, INC 4,593
1,600 * ACTV, INC 23,900
1,400 * ADAPTIVE BROADBAND CORP 51,450
15,290 * ADC TELECOMMUNICATIONS, INC 1,282,448
1,000 * ADTRAN, INC 59,875
3,300 * ADVANCED FIBRE COMMUNICATIONS,
INC 149,531
69,000 * AMERICAN TOWER CORP (CLASS A) 2,876,437
600 * AMPEX CORP (CLASS A) 1,012
1,100 * ANCOR COMMUNICATIONS, INC 39,342
1,000 * ANDREW CORP 33,562
1,200 * ANTEC CORP 49,875
1,600 * ASPECT COMMUNICATIONS CORP 62,900
500 * BROOKTROUT, INC 10,906
400 * CARRIER ACCESS CORP 21,150
1,300 * C-COR.NET CORP 35,100
2,500 b* CELLNET DATA SYSTEMS, INC 117
82,400 * CIENA CORP 13,735,050
1,766 * COMMSCOPE, INC 72,406
6,564 * COMVERSE TECHNOLOGY, INC 610,452
300 * COPPER MOUNTAIN NETWORKS, INC 26,437
3,000 * DIGITAL MICROWAVE CORP 114,375
4,200 * ECHOSTAR COMMUNICATIONS CORP
(CLASS A) 139,059
2,000 * ELOT, INC 3,750
700 * GLOBIX CORP 20,518
300 HARMON INDUSTRIES, INC 3,975
2,568 * HARMONIC, INC 63,558
200 * INET TECHNOLOGIES, INC 10,850
2,100 * INTERDIGITAL COMMUNICATIONS CORP 34,781
900 INTER-TEL, INC 14,456
1,300 * INTERVOICE-BRITE, INC 8,531
1,500 * L-3 COMMUNICATIONS HOLDINGS, INC 85,593
600 * METRICOM, INC 16,725
36,551 MOTOROLA, INC 1,062,263
78,932 NOKIA OYJ ADR 3,941,666
100 NORTEL NETWORKS CORP (U.S.) 6,825
2,163 * ONI SYSTEMS CORP 253,510
1,900 * P-COM, INC 10,806
700 * PLANTRONICS, INC 80,850
1,100 * POLYCOM, INC 103,503
1,900 * POWERWAVE TECHNOLOGIES, INC 83,600
52,600 * QUALCOMM, INC 3,156,000
6,500 SCIENTIFIC-ATLANTA, INC 484,250
500 * SCM MICROSYSTEMS, INC 30,281
400 * SENSORMATIC ELECTRONICS CORP 6,325
645 * SONUS NETWORKS, INC 101,829
2,891 * SYCAMORE NETWORKS, INC 319,094
1,200 * TEKELEC 57,825
77,532 * TELLABS, INC 5,306,096
1,800 * TERAYON COMMUNICATION SYSTEMS,
INC 115,621
500 * TUT SYSTEMS, INC 28,687
1,700 * WEBLINK WIRELESS, INC 22,525
700 * WESTELL TECHNOLOGIES, INC
(CLASS A) 10,500
2,300 * WORLD ACCESS, INC 25,443
400 * YOUTHSTREAM MEDIA NETWORKS, INC 2,250
700 * ZIXIT CORP 32,243
-----------
34,904,706
-----------
COMPUTERS AND OFFICE EQUIPMENT -- 28.79%
10,300 * 3COM CORP 593,537
1,500 * 3DFX INTERACTIVE, INC 11,671
200 * ABOUT.COM, INC 6,300
1,500 * ACCLAIM ENTERTAINMENT, INC 2,156
700 * ACTIVISION, INC 4,550
1,100 * ACTUATE CORP 58,712
2,800 * ACXIOM CORP 76,300
3,400 * ADAPTEC, INC 77,350
5,400 ADOBE SYSTEMS, INC 702,000
2,000 * ADVANCED DIGITAL INFORMATION
CORP 31,875
600 * ADVANTAGE LEARNING SYSTEMS, INC 9,225
1,200 * ADVENT SOFTWARE, INC 77,400
1,500 * AFFILIATED COMPUTER SERVICES, INC
(CLASS A) 49,593
500 * ALLAIRE CORP 18,375
100 * AMDOCS LTD 7,675
105,163 * AMERICA ONLINE, INC 5,547,348
1,900 * AMERICAN MANAGEMENT SYSTEMS,
INC 62,373
2,200 ANALYSTS INTERNATIONAL CORP 20,487
900 * APEX, INC 39,375
800 * APPLE COMPUTER, INC 41,900
200 * APPLIEDTHEORY CORP 3,000
300 * ASHTON TECHNOLOGY GROUP, INC 853
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 55
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
700 * ASPEN TECHNOLOGY, INC $ 26,950
400 * AUSPEX SYSTEMS, INC 1,975
300 * AUTOBYTEL.COM, INC 1,846
1,100 AUTODESK, INC 38,156
28,700 AUTOMATIC DATA PROCESSING, INC 1,537,243
1,400 * AVANT CORP 26,228
1,300 * AVT CORP 9,587
700 * AWARE, INC 35,787
1,400 * AXENT TECHNOLOGIES, INC 34,737
30 * AZTEC TECHNOLOGY PARTNERS, INC 65
800 * BARRA, INC 39,650
14,500 * BEA SYSTEMS, INC 716,843
800 * BELL & HOWELL CO 19,400
700 * BEYOND.COM CORP 940
1,700 * BILLING CONCEPTS CORP 7,543
1,300 * BINDVIEW DEVELOPMENT CORP 15,600
1,300 * BISYS GROUP, INC 79,950
1,000 * BLACK BOX CORP 79,171
107,732 * BMC SOFTWARE, INC 3,930,534
200 * BOTTOMLINE TECHNOLOGIES, INC 6,837
700 * BRIO TECHNOLOGY, INC 14,831
8,100 * BROADVISION, INC 411,581
500 * BROCADE COMMUNICATIONS SYSTEMS,
INC 91,742
1,200 * CABLETRON SYSTEMS, INC 30,300
300 * CACI INTERNATIONAL, INC (CLASS A 5,850
5,800 * CADENCE DESIGN SYSTEMS, INC 118,175
100 * CAIS INTERNET, INC 1,406
2,100 * CAMBRIDGE TECHNOLOGY PARTNERS,
INC 18,309
900 * CCC INFORMATION SERVICES GROUP,
INC 9,562
1,600 * C-CUBE MICROSYSTEMS, INC (NEW) 31,400
100,600 * CERIDIAN CORP 2,420,687
1,200 * CERNER CORP 32,700
2,000 * CIBER, INC 26,500
805,948 * CISCO SYSTEMS, INC 51,228,069
7,900 * CITRIX SYSTEMS, INC 149,606
2,100 * CNET NETWORKS, INC 51,581
200 * COGNIZANT TECHNOLOGY SOLUTIONS
CORP 6,637
600 COMDISCO, INC 13,387
172,284 COMPAQ COMPUTER CORP 4,404,009
1,100 * COMPLETE BUSINESS SOLUTIONS, INC 19,318
19,369 COMPUTER ASSOCIATES
INTERNATIONAL, INC 991,450
1,300 * COMPUTER HORIZONS CORP 17,468
1,000 * COMPUTER NETWORK TECHNOLOGY
CORP 17,375
6,400 * COMPUTER SCIENCES CORP 478,000
600 COMPUTER TASK GROUP, INC 3,037
14,100 * COMPUWARE CORP 146,287
200 COMPX INTERNATIONAL, INC 4,062
700 * CONCORD COMMUNICATIONS, INC 27,912
400 * CONCUR TECHNOLOGIES, INC 1,675
2,300 * CONCURRENT COMPUTER CORP 30,187
400 * CONVERGYS CORP 20,750
200 * COSTAR GROUP, INC 5,012
400 * COTELLIGENT, INC 2,275
2,100 * CSG SYSTEMS INTERNATIONAL, INC 117,731
400 * CYBERCASH, INC 1,900
600 * CYBEX COMPUTER PRODUCTS CORP 25,425
400 * DATA BROADCASTING CORP 2,525
600 * DATASTREAM SYSTEMS, INC 7,500
263,500 * DELL COMPUTER CORP 12,993,843
1,300 * DENDRITE INTERNATIONAL, INC 43,306
500 * DIGITAL RIVER, INC 3,843
600 * DOCUMENTUM, INC 53,625
1,200 * DSP GROUP, INC 67,200
548 * DST SYSTEMS, INC 41,716
3,107 * EARTHLINK, INC 47,964
300 * EARTHWEB, INC 4,200
900 * ECHELON CORP 52,143
1,162 * ECLIPSYS CORP 8,715
300 * EFAX.COM, INC 365
2,900 * ELECTRONIC ARTS, INC 211,518
54,500 ELECTRONIC DATA SYSTEMS CORP 2,248,125
2,200 * ELECTRONICS FOR IMAGING, INC 55,687
1,850 * ELOYALTY CORP 23,587
352,496 * EMC CORP 27,120,161
1,600 * EMULEX CORP 105,100
500 * ENGINEERING ANIMATION, INC 4,671
900 * ENTRUST TECHNOLOGIES, INC 74,475
1,200 * EPICOR SOFTWARE CORP 3,000
800 * EPRESENCE, INC 5,800
400 * EXCALIBUR TECHNOLOGIES CORP 15,975
1,100 * EXCHANGE APPLICATIONS, INC 29,287
6,358 * EXCITE AT HOME 131,928
7,800 * EXTREME NETWORKS, INC 822,900
1,000 FACTSET RESEARCH SYSTEMS, INC 28,250
1,400 * FILENET CORP 25,725
4,300 FIRST DATA CORP 213,387
5,700 * FISERV, INC 246,525
1,100 * FISHER SCIENTIFIC INTERNATIONAL,
INC 27,225
5,232 * FOUNDRY NETWORKS, INC 578,136
56 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
1,588 * GARTNER GROUP, INC (CLASS B) $ 15,681
7,000 * GATEWAY, INC 397,250
700 GERBER SCIENTIFIC, INC 8,050
300 * GLOBAL IMAGING SYSTEMS, INC 3,150
2,130 * GO.COM 25,426
1,100 * GO2NET, INC 55,343
600 * GREAT PLAINS SOFTWARE, INC 11,775
1,100 * GTECH HOLDINGS CORP 24,956
4,233 * HANDSPRING, INC 114,291
2,174 * HEALTHEON/WEBMD CORP 32,202
45,300 HEWLETT-PACKARD CO 5,656,837
1,100 * HNC SOFTWARE, INC 67,925
1,385 * HYPERION SOLUTIONS CORP 44,925
4,255 * I2 TECHNOLOGIES, INC 443,650
500 * IDX SYSTEMS CORP 7,062
1,300 * IGATE CAPITAL CORP 17,875
300 IKON OFFICE SOLUTIONS, INC 1,162
600 * IMRGLOBAL CORP 7,837
13,600 IMS HEALTH, INC 244,800
1,100 * INFOCURE CORP 6,187
100 * INFOCUS CORP 3,218
700 * INFORMATICA CORP 57,356
11,200 * INFORMIX CORP 83,300
5,200 * INFOSPACE.COM, INC 287,300
800 * INFOUSA, INC 5,200
1,200 * INGRAM MICRO, INC (CLASS A) 20,925
3,400 * INKTOMI CORP 402,050
160,500 INTERNATIONAL BUSINESS
MACHINES CORP 17,584,781
6,200 * INTUIT, INC 256,525
11,400 * IOMEGA CORP 45,600
1,100 * ISS GROUP, INC 108,607
600 * IVILLAGE, INC 5,062
1,300 * J.D. EDWARDS & CO 19,581
1,200 JACK HENRY & ASSOCIATES, INC 60,150
400 * JDA SOFTWARE GROUP, INC 7,675
2,600 * KEANE, INC 56,225
500 * KRONOS, INC 13,000
1,400 * LANIER WORLDWIDE, INC 1,400
2,900 * LEARN2.COM, INC 5,709
3,600 * LEGATO SYSTEMS, INC 54,450
5,900 * LEXMARK INTERNATIONAL GROUP
(CLASS A) 396,775
1,100 * LHS GROUP, INC 37,950
3,800 * LYCOS, INC 205,200
1,900 * MACROMEDIA, INC 183,706
1,300 * MACROVISION CORP 83,098
500 * MANUGISTICS GROUP, INC 23,375
700 * MAPICS, INC 4,025
500 * MARIMBA, INC 6,968
100 * MARKETWATCH.COM, INC 1,881
2,600 * MAXTOR CORP 27,462
300 * MCSI, INC 7,762
400 * MEDICONSULT.COM, INC 600
1,600 * MEDQUIST, INC 54,400
1,400 * MENTOR GRAPHICS CORP 27,825
30 * MERANT PLC ADR 305
700 * MERCATOR SOFTWARE, INC 48,125
900 * MERCURY COMPUTER SYSTEMS, INC 29,081
3,600 * MERCURY INTERACTIVE CORP 348,300
300 * METRO INFORMATION SERVICES, INC 3,000
1,100 * MICROMUSE, INC 182,032
1,200 * MICRON ELECTRONICS, INC 15,000
800 * MICROS SYSTEMS, INC 14,850
441,850 * MICROSOFT CORP 35,348,000
3,600 * MICROSTRATEGY, INC 108,000
900 * MIDWAY GAMES, INC 7,256
500 * MIPS TECHNOLOGIES, INC 21,250
28 * MOMENTUM BUSINESS APPLICATIONS,
INC 206
1,200 * MTI TECHNOLOGY CORP 9,600
500 * MULTEX.COM, INC 12,593
1,500 NATIONAL COMPUTER SYSTEMS, INC 73,875
1,200 NATIONAL DATA CORP 27,600
1,100 * NATIONAL INSTRUMENTS CORP 47,987
600 * NCO GROUP, INC 13,875
200 * NEON SYSTEMS, INC 3,750
300 * NET PERCEPTIONS, INC 4,762
500 * NETOBJECTS, INC 4,562
300 * NETOPIA, INC 12,075
12,400 * NETWORK APPLIANCE, INC 998,200
400 * NETWORK PERIPHERALS, INC 6,700
3,400 * NETWORK ASSOCIATES, INC 69,275
1,100 * NEW ERA OF NETWORKS, INC 46,750
14,900 * NOVELL, INC 137,825
600 * OMEGA RESEARCH, INC 1,800
800 * ONEMAIN.COM, INC 9,000
800 * ONHEALTH NETWORK CO 1,850
500 * ONYX SOFTWARE CORP 14,843
1,300 * OPEN MARKET, INC 17,956
467,284 * ORACLE CORP 39,281,061
200 OWENS & MINOR, INC 3,437
12,100 * PARAMETRIC TECHNOLOGY CORP 133,100
1,100 * PATTERSON DENTAL CO 56,100
15,084 PAYCHEX, INC 633,528
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 57
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
300 * PCORDER.COM, INC $ 2,325
9,572 * PEOPLESOFT, INC 160,331
933 * PER SE TECHNOLOGIES, INC 8,746
3,762 * PEREGRINE SYSTEMS, INC 130,494
2,400 * PEROT SYSTEMS CORP (CLASS A) 26,400
400 * PERVASIVE SOFTWARE, INC 2,250
400 * PHOENIX TECHNOLOGIES LTD 6,525
10,900 PITNEY BOWES, INC 436,000
1,700 * POLICY MANAGEMENT SYSTEMS CORP 26,137
500 * PORTAL SOFTWARE, INC 31,937
1,600 * PRICELINE.COM, INC 60,774
600 * PRIVATE BUSINESS, INC 1,500
1,800 f* PROCURENET, INC 270
735 * PRODIGY COMMUNICATIONS CORP
(CLASS A) 7,717
1,600 * PROGRESS SOFTWARE CORP 28,700
400 * PROJECT SOFTWARE & DEVELOPMENT,
INC 7,200
700 * PROXICOM, INC 33,512
500 * PROXIM, INC 49,484
900 * PROXYMED, INC 1,518
6,262 * PSINET, INC 157,332
2,800 * PSS WORLD MEDICAL, INC 18,812
1,500 * PUBLICARD, INC 4,921
550 * QRS CORP 13,509
1,700 * QUADRAMED CORP 4,250
1,200 * QUANTUM CORP-DLT & STORAGE
SYSTEMS GROUP 11,625
2,150 * QUANTUM CORP-HARD DISK DRIVE
GROUP 23,784
750 * RADIANT SYSTEMS, INC 18,000
400 * RADISYS CORP 22,700
1,800 * RARE MEDIUM GROUP, INC 33,437
4,200 * RATIONAL SOFTWARE CORP 390,337
600 * RAZORFISH, INC 9,637
3,000 * REALNETWORKS, INC 151,687
1,100 * REMEDY CORP 61,325
1,600 * RSA SECURITY, INC 110,800
6,000 SABRE HOLDINGS CORP 171,000
600 * SAFEGUARD SCIENTIFICS, INC 19,237
900 * SAGA SYSTEMS, INC 11,193
600 * SAGENT TECHNOLOGY, INC 8,550
700 * SANCHEZ COMPUTER ASSOCIATES, INC 16,625
2,300 * SANDISK CORP 140,731
1,100 * SANTA CRUZ OPERATION, INC 7,012
1,200 * SAPIENT CORP 128,325
300 * SCIENT CORP 13,237
2,900 * SEAGATE TECHNOLOGY, INC 159,500
1,700 * SEI INVESTMENTS CO 67,681
650 * SERENA SOFTWARE, INC 29,514
800 SHARED MEDICAL SYSTEMS CORP 58,350
33,600 * SIEBEL SYSTEMS, INC 5,495,700
700 * SOFTNET SYSTEMS, INC 6,737
300 * SOURCE INFORMATION MANAGEMENT
CO 4,575
800 * SOURCE MEDIA, INC 3,125
800 * SPORTSLINE.COM, INC 13,650
300 * SPSS, INC 8,737
800 * SPYGLASS, INC 25,050
700 * SS&C TECHNOLOGIES, INC 2,975
400 * STARMEDIA NETWORK, INC 7,550
1,700 * STRUCTURAL DYNAMICS RESEARCH
CORP 25,606
173,320 * SUN MICROSYSTEMS, INC 15,761,287
5,104 * SUNGARD DATA SYSTEMS, INC 158,224
1,400 * SVI HOLDINGS, INC 7,175
800 * SYBASE, INC 18,400
1,000 * SYKES ENTERPRISES, INC 12,875
2,100 * SYMANTEC CORP 113,268
6,250 SYMBOL TECHNOLOGIES, INC 337,500
2,730 * SYNOPSYS, INC 94,355
200 * SYNTEL, INC 2,000
1,400 * SYSTEMS & COMPUTER TECHNOLOGY
CORP 28,000
900 * TECH DATA CORP 39,206
1,350 * TECHNOLOGY SOLUTIONS CO 8,353
100 * TENFOLD CORP 1,643
400 * THESTREET.COM, INC 2,325
1,050 * THQ, INC 12,796
600 * TICKETMASTER ONLINE-CITYSEARCH,
INC 9,562
1,600 TOTAL SYSTEM SERVICES, INC 25,400
1,400 * TOWNE SERVICES, INC 1,312
400 * TRACK DATA CORP 512
1,400 * TRANSACTION SYSTEMS ARCHITECTS,
INC 23,975
1,500 * TYLER TECHNOLOGIES, INC 3,843
4,660 * ULTICOM, INC 111,912
400 * UNIGRAPHICS SOLUTIONS, INC 7,800
14,100 * UNISYS CORP 205,331
800 * USINTERNETWORKING, INC 16,350
3,000 * VERIO, INC 166,453
5,290 * VERISIGN, INC 933,685
64,425 * VERITAS SOFTWARE CORP 7,281,031
1,400 * VERITY, INC 53,200
3,700 * VIGNETTE CORP 192,457
1,000 * VISUAL NETWORKS, INC 28,500
1,000 * WAVE SYSTEMS CORP (CLASS A) 15,812
58 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
600 * WEBTRENDS CORP $ 23,212
2,900 * WESTERN DIGITAL CORP 14,500
2,670 * WIND RIVER SYSTEMS, INC 101,126
1,200 * XIRCOM, INC 57,000
23,382 * YAHOO, INC 2,896,445
1,100 * ZEBRA TECHNOLOGIES CORP 48,743
200 * ZIFF-DAVIS, INC -ZDNET 1,800
------------
262,694,738
------------
ELECTRONICS AND OTHER TECHNOLOGY -- 0.66%
7,700 * BEST BUY CO, INC 487,025
600 * CDNOW, INC 1,856
7,000 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 232,312
400 * CYBERIAN OUTPOST, INC 1,925
200 * ELECTRONICS BOUTIQUE HOLDINGS
CORP 3,275
800 * GUITAR CENTER, INC 8,400
200 * IDEAMALL, INC 962
400 * INTERTAN, INC 4,700
1,300 * MUSICLAND STORES CORP 9,668
110,500 RADIOSHACK CORP 5,234,937
800 * TRANS WORLD ENTERTAINMENT CORP 9,700
300 * TWEETER HOME ENTERTAINMENT
GROUP, INC 9,112
-----------
6,003,872
------------
INSTRUMENTS AND RELATED PRODUCTS -- 0.16%
700 * ANACOMP, INC 2,100
300 * AVID TECHNOLOGIES, INC 3,600
1,200 * CYMER, INC 57,300
23 * PANAVISION, INC (NEW) 189
1,700 * PINNACLE SYSTEMS, INC 38,223
1,200 * TRIMBLE NAVIGATION LTD 58,575
63,419 XEROX CORP 1,315,944
------------
1,475,931
------------
TOTAL TECHNOLOGY 305,079,247
------------
TRANSPORTATION -- 2.34%
AEROSPACE AND DEFENSE -- 0.02%
300 * ALLIANT TECHSYSTEMS, INC 20,231
2,300 GENERAL DYNAMICS CORP 120,175
1,300 NEWPORT NEWS SHIPBUILDING, INC 47,775
1,200 * ORBITAL SCIENCES CORP 14,625
300 * TELEDYNE TECHNOLOGIES, INC 5,025
------------
207,831
------------
AIR TRANSPORTATION -- 0.64%
1,600 * AIRTRAN HOLDINGS, INC 6,650
400 * ATLANTIC COAST AIRLINES HOLDINGS 12,700
750 * ATLAS AIR, INC 26,906
700 * BE AEROSPACE, INC 4,812
4,560 BOEING CO 190,665
700 * EGL, INC 21,525
300 * FRONTIER AIRLINES, INC 4,293
200 HEICO CORP 2,850
400 * MESABA HOLDINGS, INC 3,825
500 * MIDWEST EXPRESS HOLDINGS, INC 10,750
700 SKYWEST, INC 25,943
600 TEXTRON, INC 32,587
100 * TRIUMPH GROUP, INC 2,787
94,100 UNITED TECHNOLOGIES CORP 5,540,137
------------
5,886,430
------------
AUTOS, TIRES AND RELATED PRODUCTS -- 1.37%
400 * AMERICAN AXLE & MANUFACTURING
HOLDINGS, INC 5,675
7,100 * AUTONATION, INC 50,143
200 * AUTOWEB.COM, INC 425
1,900 * AUTOZONE, INC 41,800
200 * AVIS GROUP HOLDINGS, INC 3,750
500 CENTRAL PARKING CORP 11,843
1,600 * COPART, INC 25,600
900 * CSK AUTO CORP 6,806
4,400 DANAHER CORP 217,525
600 * DELCO REMY INTERNATIONAL, INC
(CLASS A) 4,987
300 * DURA AUTOMOTIVE SYSTEMS, INC 3,243
2,000 FEDERAL SIGNAL CORP 33,000
200 FLEETWOOD ENTERPRISES, INC 2,850
63,425 * GENERAL MOTORS CORP (CLASS H) 5,565,543
100 GENTEK, INC 1,118
3,300 * GENTEX CORP 82,912
600 * GROUP 1 AUTOMOTIVE, INC 7,200
95,640 HARLEY DAVIDSON, INC 3,682,140
900 * HAYES LEMMERZ INTERNATIONAL, INC 10,856
500 HERTZ CORP (CLASS A) 14,031
73,900 HONEYWELL INTERNATIONAL, INC 2,489,506
200 * KEYSTONE AUTOMOTIVE INDUSTRIES,
INC 1,387
500 * KROLL-OGARA CO 3,343
200 * LITHIA MOTORS, INC (CLASS A) 2,675
700 MASCOTECH, INC 7,568
700 MERITOR AUTOMOTIVE, INC 7,700
750 MIDAS, INC 15,000
800 * MILLER INDUSTRIES, INC 1,450
200 MODINE MANUFACTURING CO 5,400
700 * MONACO COACH CORP 9,537
300 * NATIONAL R.V. HOLDINGS, INC 3,150
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 59
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
AUTOS, TIRES AND RELATED PRODUCTS -- (CONTINUED)
1,800 * O'REILLY AUTOMOTIVE, INC $ 24,975
600 OSHKOSH TRUCK CORP 21,450
11 PEP BOYS MANNY, MOE, & JACK CO 66
1,100 * SPX CORP 133,031
200 THOR INDUSTRIES, INC 4,200
300 WINNEBAGO INDUSTRIES, INC 3,918
200 WYNNS INTERNATIONAL, INC 4,537
------------
12,510,340
------------
RAILROADS -- 0.05%
100 FLORIDA EAST COAST INDUSTRIES,
INC 4,000
5,100 KANSAS CITY SOUTHERN INDUSTRIES,
INC 452,306
462 WABTEC CORP 4,793
400 * WISCONSIN CENTRAL TRANSIT CORP 5,200
------------
466,299
------------
TRUCKING AND RELATED SERVICES -- 0.05%
500 * AMERICAN FREIGHTWAYS CORP 7,250
1,700 C.H. ROBINSON WORLDWIDE, INC 84,150
200 * CAREY INTERNATIONAL, INC 2,775
100 * CHEAP TICKETS, INC 1,200
2,200 EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC 104,500
600 * FORWARD AIR CORP 24,000
2,000 GALILEO INTERNATIONAL, INC 41,750
300 * HEARTLAND EXPRESS, INC 5,006
1,540 * IRON MOUNTAIN, INC 52,360
200 * KNIGHT TRANSPORTATION, INC 2,912
200 * LANDSTAR SYSTEM, INC 11,912
200 * M.S. CARRIERS, INC 3,525
15 * NAVIGANT INTERNATIONAL, INC 144
1,000 POLARIS INDUSTRIES, INC 32,000
1,850 * SWIFT TRANSPORTATION CO, INC 25,900
800 * TRAVELOCITY.COM, INC 13,100
------------
412,484
------------
WATER TRANSPORTATION -- 0.21%
800 * AMERICAN CLASSIC VOYAGES CO 16,500
95,562 CARNIVAL CORP (CLASS A) 1,863,459
1,000 * KIRBY CORP 21,250
------------
1,901,209
------------
TOTAL TRANSPORTATION 21,384,593
------------
UTILITIES -- 7.22%
TELEPHONE -- 6.98%
600 * ADELPHIA BUSINESS SOLUTIONS, INC 13,912
800 * ADVANCED RADIO TELECOM CORP 11,700
4,950 * ALLEGIANCE TELECOM, INC 316,800
5,100 ALLTEL CORP 315,881
410,730 * AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 9,960,202
50,378 BROADWING, INC 1,306,679
1,300 * CAPROCK COMMUNICATIONS CORP 25,350
600 CFW COMMUNICATIONS CO 22,500
800 * COM21, INC 20,000
400 * COMMONWEALTH TELEPHONE
ENTERPRISES, INC 18,825
300 COMSAT CORP 7,406
5,000 * COVAD COMMUNICATIONS GROUP, INC 80,625
1,800 * E.SPIRE COMMUNICATIONS, INC 12,150
300 * ELECTRIC LIGHTWAVE, INC (CLASS A) 5,606
336,700 ERICSSON TELEFON (LM) SERIES B
ADR 6,734,000
18,600 * EXODUS COMMUNICATIONS, INC 856,762
1,625 * GLOBAL CROSSING LTD 42,757
8,800 GLOBAL TELESYSTEMS, INC 106,150
2,100 * ICG COMMUNICATIONS, INC 46,331
1,000 * IDT CORP 33,937
2,200 * INTERMEDIA COMMUNICATIONS, INC 65,450
1,100 * INTERNATIONAL FIBERCOM, INC 28,050
500 * INTRAWARE, INC 8,031
2,100 * ITC DELTACOM, INC 46,856
500 * LAUNCH MEDIA, INC 4,625
1,050 * LEAP WIRELESS INTERNATIONAL, INC 49,350
13,100 * LEVEL 3 COMMUNICATIONS, INC 1,152,800
2,000 * LIBERTY DIGITAL, INC (CLASS A) 60,000
348,953 LUCENT TECHNOLOGIES, INC 20,675,465
18,400 * MCLEODUSA, INC (CLASS A) 380,650
5,900 * MEDIA ONE GROUP, INC 393,485
9,840 * METROMEDIA FIBER NETWORK,
INC (CLASS A) 390,525
1,200 * MGC COMMUNICATIONS, INC 71,925
600 * MOTIENT CORP 9,412
58,100 * NEXTEL COMMUNICATIONS, INC
(CLASS A) 3,554,993
9,959 * NEXTLINK COMMUNICATIONS, INC 377,819
500 NORTH PITTSBURGH SYSTEMS, INC 7,375
200 * NORTHEAST OPTIC NETWORK, INC 12,325
600 * NORTHPOINT COMMUNICATIONS
GROUP, INC 6,712
6,281 * NTL, INC 376,074
400 * PACIFIC GATEWAY EXCHANGE, INC 1,362
4,900 * PAGING NETWORK, INC 3,521
1,100 * POWERTEL, INC 78,031
1,200 * PRIMUS TELECOMMUNICATIONS
GROUP, INC 29,850
1,700 * PTEK HOLDINGS, INC 5,525
60 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
TELEPHONE -- (CONTINUED)
5,700 * QWEST COMMUNICATIONS
INTERNATIONAL , INC $ 283,218
24,000 * RCN CORP 609,000
2,500 * RHYTHMS NETCONNECTIONS, INC 31,406
86,725 SBC COMMUNICATIONS, INC 3,750,856
10 * SPECTRASITE HOLDINGS, INC 283
1,400 * SPRINT CORP (PCS GROUP) 83,300
1,900 * STAR TELECOMMUNICATIONS, INC 4,809
2,100 * TALK.COM, INC 12,206
900 * TELIGENT, INC 21,262
400 * TIME WARNER TELECOM, INC 25,750
300 * U.S. CELLULAR CORP 18,900
600 * U.S. LEC CORP (CLASS A) 10,200
10,092 U.S. WEST, INC 865,389
51,944 * VIATEL, INC 1,483,650
4,312 * VOICESTREAM WIRELESS CORP 501,472
2,100 * WESTERN WIRELESS CORP (CLASS A) 114,450
1,950 * WINSTAR COMMUNICATIONS, INC 66,056
175,914 * WORLDCOM, INC 8,070,051
200 * WORLDGATE COMMUNICATIONS, INC 3,550
500 * WORLDPAGES.COM, INC 3,000
------------
63,686,592
------------
ELECTRIC, GAS AND OTHER -- 0.24%
13,400 * AES CORP 611,375
5,900 * ALLIED WASTE INDUSTRIES, INC 59,000
700 BLACK HILLS CORP 15,793
4,100 * CALPINE CORP 269,575
600 * CASELLA WASTE SYSTEMS, INC
(CLASS A) 6,450
300 DYNEGY, INC 20,493
200 EASTERN ENTERPRISES CO 12,600
200 MDU RESOURCES GROUP, INC 4,325
2,900 * NEWPARK RESOURCES, INC 27,368
600 OGDEN CORP 5,400
100 OTTER TAIL POWER CO 2,100
100 PHILADELPHIA SUBURBAN CORP 2,050
1,700 * REPUBLIC SERVICES, INC (CLASS A) 27,200
735 * SOUTHERN UNION CO 11,622
600 * STERICYCLE, INC 14,400
12 TXU CORP 354
700 * WASTE CONNECTIONS, INC 13,825
26,955 WASTE MANAGEMENT, INC 512,145
15,000 WILLIAMS COS, INC 617,655
------------
2,233,730
------------
TOTAL UTILITIES 65,920,322
------------
TOTAL COMMON STOCK
(COST $707,549,772) 905,503,007
------------
SHORT TERM INVESTMENTS -- 0.44%
U.S. GOVERNMENT AND AGENCIES -- 0.44%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
$1,320,000 6.570, 07/03/00 1,319,518
2,700,000 6.400, 07/18/00 2,691,840
------------
4,011,358
------------
TOTAL SHORT TERM INVESTMENTS
(COST $4,011,358) 4,011,358
------------
TOTAL PORTFOLIO -- 99.69%
(COST $711,574,100) 909,528,794
OTHER ASSETS & LIABILITIES,
NET -- 0.31% 2,832,344
------------
NET ASSETS -- 100.00% $912,361,138
============
-----------
* NON-INCOME PRODUCING
b IN BANKRUPTCY
f RESTRICTED SECURITY-INVESTMENT IN SECURITIES NOT REGISTERED UNDER THE
SECURITIES ACT OF 1933 OR NOT PUBLICLY TRADED IN FOREIGN MARKETS. AT JUNE 30,
2000, THE VALUE OF THIS SECURITY AMOUNTED TO $270 OR 0.00% OF NET ASSETS.
ADDITIONAL INFORMATION ON EACH RESTRICTED SECURITY IS AS FOLLOWS:
ACQUISITION ACQUISITION
SECURITY DATE COST
----------- -------- --------
Procurenet, Inc 04/15/99 $270
====
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 61
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS INTERNATIONAL EQUITY FUND
(Unaudited) SUMMARY BY COUNTRY
--------------------------------------------------------------------------------
VALUE %
--------------------------------------------------------------------------------
DOMESTIC
UNITED STATES $ 7,299,505 2.40%
------------ ------
TOTAL DOMESTIC 7,299,505 2.40
------------ ------
FOREIGN
AUSTRALIA 5,803,843 1.91
AUSTRIA 340,808 0.11
BELGIUM 1,608,655 0.53
CANADA 1,018,911 0.34
DENMARK 1,293,414 0.43
FINLAND 14,462,969 4.75
FRANCE 22,420,120 7.37
GERMANY 26,516,911 8.72
HONG KONG 8,262,202 2.72
INDIA 2,023,695 0.67
IRELAND 1,183,961 0.39
ISRAEL 3,409,175 1.12
ITALY 8,262,772 2.72
JAPAN 65,406,850 21.50
MALAYSIA 16,260 0.01
NETHERLANDS 22,607,032 7.43
NEW ZEALAND 252,910 0.08
NORWAY 661,904 0.22
PORTUGAL 828,721 0.27
SINGAPORE 6,221,370 2.01
SPAIN 5,198,291 1.71
SWEDEN 13,592,748 4.47
SWITZERLAND 9,882,114 3.25
TAIWAN 1,512,800 0.50
UNITED KINGDOM 74,130,981 24.37
------------ ------
TOTAL FOREIGN 296,919,417 97.60
------------ ------
TOTAL PORTFOLIO $304,218,922 100.00%
============ ======
62 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS INTERNATIONAL EQUITY FUND
(Unaudited)
June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL/SHARES VALUE
--------------------------------------------------------------------------------
BONDS -- 0.01%
CORPORATE BONDS -- 0.01%
FINANCE -- 0.01%
CREDIT AND OTHER FINANCE -- 0.01%
BG TRANSCO HOLDINGS
5,000(1) 0.900%, 12/14/09 $ 7,642
5,000(1) 4.187%, 12/14/22 7,370
5,000(1) 7.000%, 12/16/24 7,306
------------
TOTAL FINANCE 22,318
------------
TRANSPORTATION -- 0.00%
AIR TRANSPORTATION -- 0.00%
2,627(1) *BAE SYSTEMS PLC
7.450%, 11/30/03 3,917
------------
TOTAL TRANSPORTATION 3,917
------------
TOTAL CORPORATE BONDS
(COST $38,383) 26,235
-----------
TOTAL BONDS
(COST $38,383) 26,235
------------
-----------
(1) DENOMINATED IN BRITISH POUND.
PREFERRED STOCK -- 0.94%
CONSTRUCTION AND REAL ESTATE -- 0.01%
BUILDING MATERIALS -- 0.01%
1,523 DYCKERHOFF ZEMENTWERKE AG. 38,688
------------
CONSTRUCTION -- 0.00%
111 * BAU HOLDING AG. 4,564
------------
TOTAL CONSTRUCTION AND
REAL ESTATE 43,252
------------
CONSUMER DURABLE -- 0.01%
TEXTILE APPAREL AND ACCESSORIES -- 0.01%
295 ESCADA AG. 28,849
------------
TOTAL CONSUMER DURABLE 28,849
------------
MEDIA AND LEISURE -- 0.85%
BROADCASTING -- 0.76%
18,398 PROSIEBEN MEDIA AG. 2,310,331
------------
PUBLISHING -- 0.09%
22,206 NEWS CORP LTD ( LTD- VOTE) 268,858
------------
TOTAL MEDIA AND LEISURE 2,579,189
------------
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
TECHNOLOGY -- 0.07%
COMPUTERS AND OFFICE EQUIPMENT -- 0.07%
1,200 SAP AG. $ 222,584
------------
TOTAL PREFERRED STOCK
(COST $2,273,434) 2,873,874
------------
COMMON STOCK -- 98.88%
BASIC INDUSTRIES -- 3.17%
CHEMICALS AND PLASTIC -- 1.97%
21,000 ASAHI CHEMICAL INDUSTRY CO LTD 148,864
11,494 BASF AG. 463,858
10,653 BOC GROUP PLC 153,211
22,092 DAICEL CHEMICAL INDUSTRIES LTD 71,411
17,000 DAINIPPON INK & CHEMICAL, INC 80,178
11,890 DENKI KAGKU KOGYO 52,818
470 * DYNO ASA 10,298
1,100 FANCL CORP 104,904
150 * GIVAUDAN AG. 45,800
3,300 GREENCORE GROUP PLC 8,857
2,468 KANEKA CORP 27,269
12,727 KAO CORP 389,745
1,791 KEMIRA OY 8,755
12,000 KUREHA CHEMICAL INDUSTRY CO LTD 36,067
1,283 L'AIR LIQUIDE 168,000
61 LONZA AG. (REGD) 31,886
1,144 LOREAL S.A. 994,639
44,263 MITSUBISHI CHEMICAL CORP 181,986
21,000 MITSUBISHI GAS CHEMICAL CO, INC 70,462
1,000 MITSUI CHEMICALS INC 7,003
1,000 * NIPPON SHOKUBAI CO LTD 6,389
391,331 OMNI INDUSTRIES LTD 645,059
2,428 ORICA LTD 11,047
23,750 SEKISUI CHEMICAL CO LTD 91,586
6,597 SHIN-ETSU CHEMICAL CO LTD 335,458
6,633 SHISEIDO & CO LTD 102,816
1,000 * SHOWA DENKO K.K. 1,474
103 SIKA FINANZ AG. (BR) 34,585
16,791 SNIA S.P.A. 16,803
1,515 SOLVAY ET CIE S.A. 102,384
22,564 SUMITOMO CHEMICAL CO LTD 136,065
15,919 TAKEDA CHEMICAL INDUSTRIES LTD 1,047,212
17,000 TEIJIN LTD 83,070
28,000 TORAY INDUSTRIES, INC 113,798
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 63
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
CHEMICALS AND PLASTIC -- (CONTINUED)
13,000 TOSOH CORP $ 65,736
11,714 UBE INDUSTRIES LTD 36,758
1,819 URALITA S.A. 10,985
6,363 WESFARMERS LTD 50,812
300 ZODIAC S.A. 61,282
----------
6,009,330
----------
STEEL AND OTHER METALS -- 0.79%
588 ACERINOX S.A. 17,078
97 * ALUSUISSE LONZA GROUP AG.
(REGD) 63,411
1,759 * ASTRUIANA DE ZINC S.A. MINES 16,861
414 BEKAERT S.A. 21,469
191 BOHLER-UDDEHOLM AG. (BR) 6,710
1,126 * DANIELI & CO 5,234
13,754 * DELTA GOLD LTD 10,248
625 ELKEM AS 11,772
126 * FISCHER (GEORGE) LTD (REGD) 39,286
13,166 * GKN PLC 168,026
225 GROUP 4 FALCK A/S 36,256
5,287 ILUKA RESOURCES LTD 15,176
2,000 * JAPAN STEEL WORKS LTD 2,703
4,193 JOHNSON MATTHEY PLC 59,034
20,000 KAWASAKI STEEL CORP 28,733
5,535 MAGNETI MARELLI S.P.A. 28,969
12,847 MIM HOLDINGS LTD 6,942
16,000 MITSUBISHI MATERIALS CORP 65,632
2,688 MITSUI MINING & SMELTING CO LTD 20,451
320 * NEWCREST MINING LTD 864
41,000 NIPPON LIGHT METAL CO LTD 40,689
96,000 NIPPON STEEL CORP 202,341
60,000 * NKK CORP 38,562
78 NKT HOLDINGS AS 13,029
9,000 NORMANDY MINING LTD 4,863
8,117 NORTH LTD 19,250
1,786 OUTOKUMPU OYJ SERIES A 17,120
2,261 PECHINEY S.A. 94,714
2,922 PREUSSAG AKTIEGESELLSCHAFT AG. 94,813
1,932 RAUTARUUKKI SERIES K 9,167
54,033 * RESOLUTE SAMANTHA LTD 4,379
4,780 RIO TINTO LTD 79,266
19,389 RIO TINTO LTD PLC (REGD) 317,012
7,000 SANWA SHUTTER CORP 22,759
546 SAPA AB 9,649
1,000 SMC CORP 188,561
4,049 SMITH (HOWARD) LTD 19,837
4,135 SONS OF GWALIA 13,034
1,180 SUMITOMO HEAVY INDUSTRIES LTD 3,959
126,000 * SUMITOMO METAL INDUSTRIES LTD 86,936
2,964 SUMITOMO METAL MINING CO LTD 14,007
1,050 SVENSKT STAL AB SERIES B 10,116
1,107 SVENSKT STAL AB SERIES A (SAAB) 11,043
7,717 THYSSEN KRUPP AG. 126,126
5,000 * TOKYO STEEL MANUFACTURING CO
LTD 16,398
3,000 TOSTEM CORP 49,054
5,185 TOYO SEIKAN KAISHA LTD 97,033
3,084 TRELLEBORG AB SERIES B FREE 21,624
471 UNION MINIERE GROUP S.A. 17,152
2,807 USINOR 34,387
21,520 WMC LTD 96,558
----------
2,398,293
----------
PAPER AND FOREST PRODUCTS -- 0.41%
7,336 AMCOR LTD 25,727
15,048 ARJO WIGGINS APPLETON PLC 58,547
2,081 ASSIDOMAN AB 29,776
1,609 BUHRMANN NV 46,193
22,653 BUNZL PLC 121,402
29,890 CARTER HOLT HARVEY LTD 26,031
280 * CORTICEIRA AMORIM S.A. 2,429
15,000 * FLETCHER CHALLENGE LTD
(FORESTS DIVISION) 5,437
11,000 FLETCHER CHALLENGE LTD
(PAPER DIVISION) 12,635
1,056 GRUPO EMPRESARIAL ENCE S.A. 17,309
648 * INVESTIMENTOS PARTICIPACOES
E GESTAO 4,155
19,144 JEFFERSON SMURFIT GROUP PLC 33,032
1,000 KOKUYO CO LTD 16,436
209 MAYR-MELNHOF KARTON AG. 9,927
20,000 MITSUBISHI PAPER MILLS LTD 46,502
6,000 NGK INSULATORS LTD 74,517
18,802 NIPPON PAPER INDUSTRIES CO 128,662
564 NORSKE SKOGINDUSTRIER SERIES A 16,166
15,000 OJI PAPER CO LTD 103,496
9,676 * PAPERLINX LTD 18,416
1,645 PORTUCEL INDUSTRIA EMPRESA 10,013
2,467 * RENO DE MEDICI S.P.A. 5,013
19,038 REXAM PLC 74,071
3,926 SCA AB SERIES B 74,977
13,635 SEKISUI HOUSE LTD 126,425
800 UNI CHARM CORP 48,543
4,598 UPM-KYMMENE OYJ 114,597
----------
1,250,434
----------
TOTAL BASIC INDUSTRIES 9,658,057
----------
64 2000 SEMI-ANNUAL REPOR SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
BUSINESS SERVICES -- 3.75%
ADVERTISING AND OTHER SERVICES -- 3.75%
346 ADECCO S.A. (REGD) $ 294,918
2,200 BENESSE CORP 152,833
3,858 CAPITA GROUP PLC 94,442
36,463 HAYS PLC 203,416
677 * ISS INTERNATIONAL SERVICE
SYSTEM AS 51,761
3,000 OYO CORP 42,164
40 * PROSEGUR COMPANIA DE
SEGURIDAD S.A. 469
41,203 RENTOKIL INITIAL PLC 93,565
265,121 REUTERS GROUP PLC 4,523,399
4,182 SECOM CO LTD 306,334
6,302 SECURITAS AB SERIES B FREE 134,364
25,000 SEMBCORP INDUSTRIES LTD 27,183
52,073 SINGAPORE TECHNOLOGIES
ENGINEERING LTD 76,499
74 SURVEILLANCE S.A. SOCIETE DE 31,173
1,412 VEDIOR NV 17,528
37,204 WHARF HOLDINGS LTD 66,580
362,996 WPP GROUP PLC 5,303,054
-----------
TOTAL BUSINESS SERVICES 11,419,682
-----------
CONSTRUCTION AND REAL ESTATE -- 2.15%
BUILDING MATERIALS -- 1.18%
24,447 ASAHI GLASS CO LTD 273,812
13,888 BLUE CIRCLE INDUSTRIES PLC 89,671
13,315 BORAL LTD 16,788
1,892 CARADON PLC 4,325
5,465 * CEMENTIR S.P.A. 8,617
2,590 CIMENTOS DE PORTUGAL 49,654
498 * CIN-CORPARACAO INDUSTRIAL DO
NORTE S.A 2,783
6,919 CRH PLC 125,353
32,482 CRH PLC (United Kingdom) 587,290
21,431 CSR LTD 59,705
101 GLAVERBEL S.A. 7,551
87,331 HANSON PLC 617,422
1,704 HEIDELBERGER ZEMENT AG.
(GERMANY) 105,519
145 HOLDERBANK FINANCIERE GLARUS
AG. (BR) 178,344
1,828 HOYA CORP 164,138
302 * IMERYS S.A. 35,202
8,486 IMPERIAL CHEMICAL INDUSTRY PLC 67,382
5,649 * INAX CORP 34,865
3,103 ITALCEMENTI S.P.A. 29,298
972 * ITALCEMENTI S.P.A. (S/S) 3,279
10,636 JAMES HARDIE INDUSTRIES LTD 28,028
11,433 KINDEN CORP 71,968
1,514 LAFARGE S.A. (BR) 118,136
49,428 MALAYAN CEMENT BERHAD 16,259
6,000 NIPPON SHEET GLASS CO LTD 83,590
21,197 * PILKINGTON PLC 30,164
669 PORTLAND VALDERRIVAS S.A. 12,505
3,935 RMC GROUP PLC 51,231
101 * SANITEC OYJ 1,016
3,364 SCHNEIDER ELECTRIC S.A. 235,402
1,771 * ST. GOBAIN S.A. 240,388
1,000 SUMITOMO OSAKA CEMENT CO LTD 5,935
41,000 TAIHEIYO CEMENT CORP 86,029
9,000 TAKARA STANDARD CO 39,300
4,000 TOTO LTD 30,774
1,036 WIENERBERGER BAUSTOFF AG. 23,625
12,473 WOLSELEY PLC 67,034
-----------
3,602,382
-----------
CONSTRUCTION -- 0.44%
684 ACS ACTIVIDADES DE CONSTRUCCION
Y SERVICIOS S.A. 19,342
3,873 AMEC PLC 10,993
3,872 AUTOPISTAS CONCESIONARIA
ESPANOLA S.A. 33,813
5,457 * AUTOPISTAS CONCESIONARIA
ESPANOLA RTS 2,353
3,205 BARRATT DEVELOPMENTS PLC 12,688
3,419 BERKELEY GROUP PLC 32,350
390 BILFINGER & BERGER AG. 5,147
489 BOUYGUES S.A. 328,125
5,493 BRISA-AUTO ESTRADAS DE
PORTUGAL S.A. 47,495
4,300 DAITO TRUST CONSTRUCTION CO LTD 71,124
14,000 DAIWA HOUSE INDUSTRY CO LTD 102,418
5,129 DRAGADOS Y CONSTRUCCIONES S.A. 36,923
6,000 * FLETCHER CHALLENGE LTD
(BUILDING DIVISION) 6,383
2,407 FOMENTO CONSTRUCCIONES Y
CONTRATAS S.A 45,685
46,000 * FUJITA CORP 22,608
691 GROUPE GTM 64,913
2,309 HOCHTIEF AG. 70,606
594 * HOLLANDSCHE BETON GROEP NV
(H.B.G.) 7,032
26,000 * HONG KONG CONSTRUCTION HOLDINGS 4,269
19,287 IMPREGILO S.P.A. 11,019
6,209 * JARVIS PLC 16,731
13,000 JGC CONSTRUCTION CORP 52,589
5,258 * LEIGHTON HOLDINGS LTD 16,984
681 MAEDA ROAD CONSTRUCTION CO LTD 3,205
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 65
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
CONSTRUCTION -- (CONTINUED)
6,000 NISHIMATSU CONSTRUCTION CO LTD $ 23,704
9,000 OBAYASHI CORP 39,895
14,000 OKUMURA CORP 50,812
1,934 SKANSKA AB SERIES B FREE 68,908
477 * SOCIEDADE DE CONSTRUCOES
SOARES DA COS 1,408
33,000 TAISEI CORP 53,024
10,077 TAYLOR WOODROW PLC 23,112
7,000 * TOA CORP 8,799
4,000 * TODA CONSTRUCTION CO 19,092
29,000 UNITED INDUSTRIAL CORP 13,669
200 VA TECHNOLOGIE AG. (BR) 10,578
----------
1,337,796
----------
REAL ESTATE -- 0.53%
13,154 BRITISH LAND PLC 80,651
80,000 * CHINESE ESTATES LTD 9,339
13,000 CITY DEVELOPMENTS LTD 50,376
14,000 DAIWA KOSHO LEASE CO LTD 46,048
23,911 DBS LAND LTD 30,978
9,000 * FIRST CAPITAL CORP LTD 8,588
25,650 GANDEL RETAIL TRUST 16,632
34,322 GENERAL PROPERTY TRUST 55,434
181 * HAMMERSON PLC 1,216
26,000 HANG LUNG DEVELOPMENT CO LTD 20,179
21,751 HENDERSON LAND DEVELOPMENT CO
LTD 95,709
16,000 * HOPEWELL HOLDINGS LTD 6,670
27,000 HYSAN DEVELOPMENT CO LTD 28,402
2,000 * IMMSI S.P.A. 2,847
4,636 MEPC PLC 38,180
1,055 METROVACESA S.A. 17,799
5,506 MIRVAC GROUP 11,207
21,000 MITSUBISHI ESTATE CO LTD 247,710
18,904 MITSUI FUDOSAN CO LTD 205,476
28,514 NEW WORLD DEVELOPMENT CO LTD 31,824
5,000 PARKWAY HOLDINGS LTD 12,782
68,130 SINO LAND CO LTD 24,035
1,168 SLOUGH ESTATES PLC 6,480
6,776 STOCKLAND TRUST GROUP (UNITS) 14,341
40,911 SUN HUNG KAI PROPERTIES LTD 293,907
19,000 TOKYO TATEMONO CO LTD 40,585
32,000 * U-CYBER TECHNOLOGY HOLDINGS LTD 4,187
432 UNIBAIL S.A. 60,046
6,000 UNITED OVERSEAS LAND LTD 5,344
4,447 * URBIS S.A. 20,461
3,722 VALLEHERMOSO S.A. 22,299
4,152 WCM BETEILIGUNGS &
GRUNDBESITZ AG. 97,869
----------
1,607,601
----------
TOTAL CONSTRUCTION AND
REAL ESTATE 6,547,779
-----------
CONSUMER DURABLE -- 11.86%
HOME APPLIANCES AND FURNISHINGS-- 11.43%
1,587 ADVANTEST CORP 354,746
114,444 ALPS ELECTRIC CO LTD 2,130,930
54,560 * ASM LITHOGRAPHY HOLDINGS NV 2,354,573
7,000 * ASM PACIFIC TECHNOLOGY LTD 26,221
241 * BANG & OLUFSEN HOLDINGS AS
(CLASS B) 8,237
228 BARCO NV 25,680
12,000 BROTHERS INDUSTRIES LTD 34,366
27,428 * CHARTERED SEMICONDUCTOR
MANUFACTURING LTDADR 2,468,520
18,279 * CHARTERED SEMICONDUCTOR
MANUFACTURING LTD (SINGAPORE) 159,639
6,302 ELECTROLUX AB SERIES B 98,078
9,000 EMAIL LTD 16,535
13,874 * EPCOS AG. 1,389,660
3,979 FAG KUGELFISCHER (GEORG)
SCHAEFER AG. 30,132
2,000 * FISHER & PAYKEL INDUSTRIES LTD 6,308
54 FORBO HOLDINGS AG. (REGD) 22,582
53,894 FUJITSU LTD 1,869,461
54,033 HITACHI LTD 781,376
53,187 * INFINEON TECHNOLOGIES AG. 4,208,768
23,839 KONINKLIJKE PHILIPS ELECTRONICS
NV 1,128,879
3,530 KYOCERA CORP 600,227
35,069 MATSUSHITA ELECTRIC INDUSTRIAL
CO LTD 911,519
14,302 MURATA MANUFACTURING CO LTD 2,057,412
6,000 NATSTEEL ELECTRONICS LTD 18,392
30,267 NIPPON ELECTRIC CORP 952,628
1,000 NITTO DENKO CORP 38,657
4,064 PIONEER CORP 158,640
7,864 ROHM CO 2,304,173
1,000 SANRIO CO LTD 26,701
36,230 SANYO ELECTRIC CO LTD 326,683
18,683 SHARP CORP 331,098
1,000 SHIMACHU CO LTD 21,266
17,938 SONY CORP 1,678,491
152,039 SPIRENT PLC 1,023,113
5,303 * ST ASSEMBLY TEST SERVICES LTD
(ADR) 136,552
53,491 ST MICROELECTRONICS NV 3,384,208
66 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
HOME APPLIANCES AND FURNISHINGS-- (CONTINUED)
39,040 TAIWAN SEMICONDUCTOR
MANUFACTURING CO LTD ADR $ 1,512,800
1,834 TAIYO YUDEN CO LTD 115,100
3,399 TOKYO ELECTRON CO LTD 466,474
61,512 TOSHIBA CORP 695,927
4,000 VARITRONIX INTERNATIONAL LTD 6,953
3,199 VENTURE MANUFACTURING LTD
(SINGAPORE) 32,563
5,458 YAMAHA CORP 59,789
33,200 YOKOWO CO LTD 848,819
-----------
34,822,876
-----------
TEXTILE APPAREL AND ACCESSORIES-- 0.43%
234 ADIDAS SALOMON AG. 12,996
4,123 AOYAMA TRADING CO LTD 59,623
30,597 BENETTON GROUP S.P.A. 64,232
4,913 BULGARI S.P.A. 65,933
744 CHARGEURS S.A. 42,791
7,759 CITIZEN WATCH CO LTD 75,095
1,364 DOUGLAS HOLDINGS AG. 39,617
26,000 ESPRIT HOLDINGS LTD 27,017
14,000 GUNZE LTD 54,517
14,601 HENNES & MAURITZ AB SERIES B 306,312
4,000 * KANEBO LTD 12,400
4,000 KURARAY CO LTD 45,973
1,009 MARZOTTO & FIGLI S.P.A. 8,269
12,000 NISSHINBO INDUSTRY, INC 63,515
21,439 NITTO BOSEKI CO LTD 37,487
1,000 ONWARD KASHIYAMA CO LTD 13,610
26,221 PACIFIC DUNLOP LTD 23,457
9,000 * RENOWN, INC 13,185
659 SHIMAMAURA CO LTD 77,173
644 THE SWATCH GROUP AG. (REGD) 168,518
1,000 TOKYO STYLE CO LTD 9,451
3,000 WACOAL CORP 30,623
15,000 WING TAI HOLDINGS LTD 10,671
1,000 * WORLD CO LTD 43,477
-----------
1,305,942
-----------
TOTAL CONSUMER DURABLE 36,128,818
-----------
ENERGY -- 5.12%
OIL, GAS AND OTHER ENERGY SERVICES-- 5.12%
373,800 BP AMOCO PLC 3,587,777
27,034 BP AMOCO PLC (SPONS ADR) 1,529,110
30,773 BROKEN HILL PROPRIETARY CO LTD 364,915
1,752 * BURMAH CASTROL PLC 44,188
551 COFLEXIP S.A. 67,079
26,000 COSMO OIL CO LTD 47,920
139,632 ENTE NAZIONALE IDROCARBURI
S.P.A. 809,790
6,191 FLETCHER CHALLENGE LTD
(ENERGY DIVISION) 20,255
77,251 IHC CALAND NV 3,776,649
24,430 LONDON & SCOTTISH MARINE OIL
PLC 51,963
28,000 NIPPON MITSUBISHI OIL CO 128,618
4,799 NORSK HYDRO AS 202,123
475 OMV AKTIENGESELLS AG. 41,435
5,500 ORIGIN ENERGY LTD 5,316
1,582 * PETROLEUM GEO-SERVICES AS 27,114
21,192 REPSOL S.A. 423,555
37,687 ROYAL DUTCH PETROLEUM CO 2,351,824
11,763 SANTOS LTD 35,949
6,000 SHOWA SHELL SEKIYU K.K. 29,716
670 SMEDVIG AS SERIES A 12,149
411 TECHNIP S.A. 49,917
6,000 TEIKOKU OIL CO LTD 19,508
12,013 TOTAL FINA ELF S.A. 1,849,394
900 TOTAL FINA S.A. (STRIP VVPR) 8
900 TOTAL FINA S.A. SERIES B 140,538
-----------
TOTAL ENERGY 15,616,810
-----------
FINANCE -- 13.95%
BANKS, SAVINGS AND LOANS -- 7.96%
32,716 ABBEY NATIONAL PLC 391,276
25,800 ABN-AMRO HOLDINGS NV 634,612
15,446 ALLIED IRISH BANK PLC 138,735
125,000 ASAHI BANK LTD 526,932
35,000 * ASHIKAGA BANK LTD 72,778
3,226 BANCA COMMERCIALE ITALIANA
S.P.A. 18,121
91,360 BANCA DI ROMA 112,623
14,046 BANCA INTESA RISP S.P.A. 33,391
77,531 BANCA INTESA S.P.A. 348,562
3,226 * BANCA INTESA S.P.A. PUT WTS
11/15/02 4,236
4,927 BANCA POPOLARE DI MILANO 35,658
17,813 BANCO COMERCIAL PORTUGUES S.A.
(REGD) 93,060
2,161 BANCO ESPIRITO SANTO S.A. 53,237
70,626 BANCO SANTANDER CENTRAL
HISPANO S.A. 748,099
2,054 BANK AUSTRIA AG. 100,455
29,038 BANK OF EAST ASIA LTD 67,798
4,000 BANK OF FUKUOKA LTD 27,296
127,000 BANK OF TOKYO MITSUBISHI LTD 1,537,668
26,000 BANK OF YOKOHAMA LTD 116,728
25,801 BARCLAYS PLC 641,757
6,450 BAYERISCHE HYPO-UND
VEREINSBANK AG. 418,334
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 67
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
BANKS, SAVINGS AND LOANS-- (CONTINUED)
53,258 BCO BILBAO VIZCAYA ARGENTARIA
S.A. $ 798,972
8,171 BNP PARIBAS GROUP 789,529
9,747 BPI-SGPS S.A. (REGD) 34,570
23,500 CHRISTIANIA BANK OG KREDITKASSE 126,745
15,000 CHUO MITSUI TRUST & BANKING CO
LTD 65,500
21,944 COMMONWEALTH BANK OF AUSTRALIA 364,833
4,822 CREDIT SUISSE GROUP (REGD) 962,285
47,850 DAIWA BANK LTD 124,372
23,786 DBS GROUP HOLDINGS LTD 305,411
966 DEN DANSKE BANK AF 1871 116,682
11,183 DEUTSCHE BANK AG. (REGD) 924,055
12,198 DNB HOLDING ASA 50,804
8,042 DRESDNER BANK AG. (REGD) 332,256
9,086 FORENINGSSPARBANKEN AB 133,637
58,185 FUJI BANK LTD 443,257
1,000 GUNMA BANK LTD 5,170
33,200 HANG SENG BANK LTD 315,175
22,000 * HOKURIKU BANK LTD 51,152
151,794 HSBC HOLDINGS PLC
(UNITED KINGDOM) 1,736,145
43,000 INDUSTRIAL BANK OF JAPAN LTD 326,764
19,000 JOYO BANK 73,269
5,332 KBC BANCASSURANCE HOLDINGS NV 235,626
94,206 LLOYDS TSB GROUP PLC 889,938
21,672 MITSUBISHI TRUST & BANKING CORP 168,581
27,207 NATIONAL AUSTRALIA BANK LTD 455,731
13,707 NORDIC BALTIC HOLDING AB 100,396
1,301 NORDIC BALTIC HOLDING-FDR 9,503
38,475 NORDIC BALTIC HOLDING (NBH) AB 291,719
21,791 OVERSEAS CHINESE BANKING CORP
LTD 149,980
42,768 ROYAL BANK OF SCOTLAND PLC 716,095
174,359 SAKURA BANK LTD 1,207,975
63,349 SAN PAOLO-IMI S.P.A. 1,128,889
49,000 SANWA BANK LTD 391,810
7,000 SEVENTY-SEVEN (77) BANK LTD 56,105
10,000 SHIZUOKA BANK LTD 85,065
12,151 * SKANDINAVISKA ENSKILDA BANKEN
SERIES A 144,774
7,697 SOCIETE GENERALE S.A. 464,830
97,339 SUMITOMO BANK LTD 1,196,024
7,738 SUNCORP-METWAY LTD 40,058
12,586 SVENSKA HANDELSBANKEN SERIES A 183,680
52,000 TOKAI BANK LTD 257,048
7,404 UBS AG. (REGD) 1,088,244
87,459 UNICREDITO ITALIANO S.P.A. 420,024
18,448 UNITED OVERSEAS BANK LTD 120,569
32,804 WESTPAC BANKING CORP 237,339
2,200 WING LUNG BANK LTD 7,281
-----------
24,249,223
-----------
CREDIT AND OTHER FINANCE -- 2.17%
2,139 ACOM CO LTD 180,337
28,331 ALLIED ZURICH PLC 335,187
48,000 * BRIERLEY INVESTMENTS LTD 7,456
10,424 * CANARY WHARF FINANCE PLC 58,152
1,261 CORPORACION FINANCIERE ALBA
S.A. 33,362
1,000 CREDIT SAISON CO LTD 23,251
1,992 DROTT AB SERIES B 21,576
167 EURAFRANCE S.A. 80,282
32,809 HALIFAX PLC 314,904
5,000 HAW PAR CORP LTD 8,097
156,977 HUTCHINSON WHAMPOA LTD 1,973,531
39,900 ICICI LTD (SPONS ADR) 748,125
16,988 ING GROEP NV 1,152,943
5,093 IRISH LIFE AND PERMANENT PLC 43,108
14,938 LAND SECURITIES PLC 178,655
7,907 LEND LEASE CORP LTD 101,160
10,261 MEDIOBANCA S.P.A. 106,229
1,400 NICHIEI CO LTD (KYOTO) 23,024
5,000 NIPPON SHINPAN CO LTD 12,239
1,300 ORIX CORP 192,294
2,300 PROMISE CO LTD 182,172
4,776 PROVIDENT FINANCIAL PLC 50,251
10,000 * QPL INTERNATIONAL HOLDINGS LTD 14,368
3,298 SCHRODERS PLC (NEW) 59,314
20,000 SUMITOMO CORP 225,517
2,800 TAKEFUJI CORP 339,013
19,000 TOKYU CORP 94,101
534 * WESTFIELD TRUST (NEW UNITS) 1,004
23,609 WESTFIELD TRUST (UNITS) 45,942
-----------
6,605,594
-----------
INSURANCE -- 3.06%
23,673 * AEGON NV 845,756
4,278 ALLIANZ AG. (REGD) 1,543,147
19,444 AMP LTD 198,467
21,855 ASSICURAZIONI GENERALI S.P.A. 752,103
6,630 AXA 1,048,648
39,916 CGNU PLC 664,716
361 COMPANHIA DE SEGUROS
TRANQUILIDADE 11,419
966 CORPORACION MAPFRE S.A. 12,287
12,916 FORTIS B 377,377
462 * FORTIS B CVG 07/20/01 3,299
4,158 FORTIS B NPV (STRIP VVPR) 39
135 GENERALI HOLDING VIENNA 21,805
68 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
INSURANCE -- (CONTINUED)
91,327 LEGAL & GENERAL GROUP PLC $ 213,611
9,000 MITSUI TAISHO MARINE & FIRE CO LTD 43,383
3,045 MUENCHENER RUECKVER AG. (REGD) 960,319
842 POHJOLA INSURANCE CO LTD SERIES B 29,880
33,756 PRUDENTIAL PLC 494,678
7,180 QBE INSURANCE GROUP LTD 35,229
12,518 RAS S.P.A. 137,995
1,234 SAI S.P.A. 21,942
1,268 SAMPO INSURANCE CO SERIES A 51,658
18,058 SKANDIA FORSAKRINGS AB 479,722
4,330 UNI-STOREBRAND AS SERIES A 31,408
9,000 SUMITOMO MARINE & FIRE
INSURANCE CO 52,485
250 SWISS REINSURANCE 511,203
29,253 * TOKIO MARINE & FIRE INSURANCE
CO LTD 338,424
831 * TOPDANMARK AS 13,668
867 ZURICH ALLIED AG. 429,750
-----------
9,324,418
-----------
SECURITIES AND COMMODITIES-- 0.76%
9,807 3I GROUP PLC 201,768
16,094 AMVESCAP PLC 258,265
21,000 DAIWA SECURITIES GROUP, INC 277,879
30,054 * ITOCHU CORP 151,972
35,000 * MARUBENI CORP 120,745
24,318 MITSUBISHI CORP 220,422
20,632 MITSUI & CO LTD 157,956
35,200 NOMURA SECURITIES CO LTD 863,356
1,427 OM GRUPPEN AB 64,103
-----------
2,316,466
-----------
TOTAL FINANCE 42,495,701
-----------
FOODS AND RELATED -- 4.83%
BEVERAGES, OTHER FOOD PRODUCTS-- 4.62%
9,825 AJINOMOTO CO LTD 126,293
7,415 ASAHI BREWERIES LTD 88,937
364 AUSTRIA TABAKWERKE AG. 13,538
4,286 AUTOGRILL S.P.A. 45,892
2,238 AZUCARERA EBRO AGRICOLAS S.A. 26,816
12,264 BASS PLC 137,948
686 * BRAU UND BRUNNEN AG. 29,460
50,579 CADBURY SCHWEPPES LTD 332,320
1,148 CARLSBERG BREWERIES AS (CLASS A) 33,928
12,675 CARREFOUR SUPERMARCHE S.A. 869,948
1,987 CASINO GUICHARD-PERRACHON S.A. 184,757
14,532 COCA COLA AMATIL LTD 28,357
676 COLRUYT S.A. 28,758
64,751 COMPASS GROUP PLC 853,320
1,030 DANISCO AS 34,544
2,127 DANONE GROUP 283,409
984 DCC PLC 8,743
893 DELHAIZE FRERES NV 53,629
57,611 DIAGEO PLC (CLASS A) 517,198
854 * EL AGUILA S.A. 6,082
7,000 * EZAKI GLICO CO LTD 38,903
26,751 FOSTERS BREWING GROUP LTD 75,490
5,000 FRASER & NEAVE LTD 17,785
3,316 FYFFES PLC 3,432
29,453 GOODMAN FIELDER LTD 21,928
5,409 HEINEKEN NV 330,544
2,813 HOUSE FOODS CORP 43,603
6,548 ITO-YOKADO CO LTD 394,856
1,653 JERONIMO MARTINS SGPS S.A. 27,349
64 KAMPS AG. 2,055
2,000 KATOKICHI CO LTD 50,755
2,959 KERRY GROUP (CLASS A) 38,831
20,626 KIRIN BREWERY CO LTD 258,309
21,000 LI & FUNG LTD 105,066
10,087 LION NATHAN LTD 22,555
1,714 LVMH MOET HENNESSY LOUIS VUITTON 709,621
5,000 MEIJI SEIKA KAISHA LTD 33,175
39 MOEVENPICK HOLDINGS (BR) 17,484
700 NESTLE S.A. (REGD) 1,405,540
1,707 NEW UNIGATE PLC 7,494
7,000 NICHIREI CORP 29,905
4,000 NIPPON MEAT PACKERS, INC 58,600
7,158 NIPPON OIL & FATS CO LTD 20,973
24,000 NIPPON SUISAN KAISHA LTD 44,007
1,337 NISSHIN FLOUR MILLING CO LTD 13,395
3,900 NISSIN FOOD PRODUCTS CO LTD 99,526
3,462 ORKLA ASA 66,020
154 OSTERREICHISCHE
BRAU-AKTIENGESELLSCHAF 7,010
821 OYJ HARTWALL ABP 16,527
27,715 PARMALAT FINANZIARIA S.P.A. 39,266
1,648 PERNOD-RICARD S.A. 90,046
5,748 * RAISIO GROUP PLC 11,405
5,704 * RINASCENTE S.P.A. 32,478
149,641 ROYAL AHOLD NV 4,422,385
10,101 SAINSBURY (J) PLC 45,875
1,870 SKYLARK CO LTD 74,056
5,000 SNOW BRAND MILK PRODUCTS CO 26,937
468 SODEXHO ALLIANCE S.A. 85,237
10,300 SOUTHCORP LTD 29,808
6,431 * SWEDISH MATCH AB RTS 408
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 69
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
BEVERAGES, OTHER FOOD PRODUCTS -- (CONTINUED)
6,431 SWEDISH MATCH CO $ 19,943
3,765 TAKARA SHUZO CO LTD 94,124
7,950 * TATE & LYLE PLC 39,717
1,854 * TELEPIZZA S.A. 10,485
148,019 * TESCO PLC 460,496
40,796 UNILEVER LTD 247,044
10,044 UNILEVER NV CERTIFICATE 462,628
4,259 UNY CO LTD 58,973
156 VALORA HOLDINGS AG. (REGD) 43,459
22,297 WOOLWORTHS LTD 82,534
1,000 YAKULT HONSHA CO LTD 13,317
3,000 * YAMAZAKI BAKING CO LTD 29,489
-----------
14,084,725
-----------
TOBACCO -- 0.21%
6,793 ALTADIS S.A. 104,773
4,881 BRITISH AMERICAN TOBACCO
AUSTRALIA LTD 30,771
34,236 BRITISH AMERICAN TOBACCO PLC 228,569
32 JAPAN TOBACCO, INC 281,585
-----------
645,698
-----------
TOTAL FOODS AND RELATED 14,730,423
-----------
HEALTH -- 6.54%
DRUGS AND PHARMACEUTICALS -- 5.65%
4,934 AKZO NOBEL NV 210,470
10,140 ASTRAZENECA PLC 474,008
22,300 ASTRAZENECA PLC
(UNITED KINGDOM) 1,041,494
14,090 AVENTIS S.A. 1,032,573
11,397 BAYER AG. 446,615
1,920 BEIERSDORF AG. 165,644
14,173 BOOTS CO LTD 107,926
4,347 * CELLTECH GROUP PLC 84,235
2,684 CHUGAI PHARMACEUTICAL CO LTD 50,863
1,642 CSL LTD 32,568
7,515 DAIICHI PHARMACEUTICAL CO LTD 191,069
4,644 EISAI CO LTD 149,238
4,844 F.H. FAULDING & CO LTD 23,802
1,272 GEHE AG. 42,066
215,403 GLAXO WELLCOME PLC 6,283,916
11,331 KYOWA HAKKO KOGYO 111,059
4,013 MERCK & CO KGAA 128,868
1,243 NOVARTIS AG. (REGD) 1,975,266
1,378 NOVO NORDISK AS (CLASS B) 235,505
6,027 NYCOMED AMERSHAM PLC 59,855
14 ROCHE HOLDINGS AG. (BR) 148,561
136 ROCHE HOLDINGS AG.
(GENUSSCHEINE) 1,328,163
6,486 SANKYO CO LTD 146,822
11,311 SANOFI-SYNTHELABO S.A. 541,045
3,963 SCHERING AG. 218,056
5,539 SHIONOGI & CO LTD 105,491
96,992 * SMITHKLINE BEECHAM/BECKMAN LTD 1,270,132
5,623 TAISHO PHARMACEUTICAL CO LTD 201,958
2,484 UCB S.A. 91,626
6,000 YAMANOUCHI PHARMACEUTICAL CO
LTD 328,352
-----------
17,227,246
-----------
MEDICAL EQUIPMENT AND SUPPLIES -- 0.89%
323 ESSILOR INTERNATIONAL S.A. 92,949
3,694 FANUC LTD 376,728
1,801 FRESENIUS MEDICAL CARE AG. 144,190
4,508 GAMBRO AB (CLASS A) 37,006
1,348 GAMBRO AB (CLASS B) 10,758
25,832 IMI PLC 110,672
62,182 INVENSYS PLC 233,460
4,625 KEYENCE CORP 1,529,993
200 * RADIOMETER AS (CLASS B) 6,322
14,237 SMITH & NEPHEW PLC 52,590
1,310 WILLIAM DEMANT AS 38,885
2,768 WILLIAMS PLC 16,133
5,000 YOKOGAWA ELECTRIC CORP 50,094
-----------
2,699,780
-----------
TOTAL HEALTH 19,927,026
-----------
INDUSTRIAL MACHINERY -- 3.34%
ELECTRICAL -- 2.52%
1,231 ABB LTD 143,441
3,845 ABB LTD (SWITZERLAND) 461,688
331,125 * ARM HOLDINGS PLC 3,549,132
5,155 * ELECTROCOMPONENTS PLC 52,678
227 * EMPRESA FABRIL DE MAQUINAS
ELECTRICAS 1,436
145,126 ERG LTD 1,130,161
1,000 FUJI MACHINE MANUFACTURING CO 52,645
10,000 FURUKAWA ELECTRIC CO LTD 209,355
700 HIROSE ELECTRIC CO LTD 109,233
130,393 JOHNSON ELECTRIC HOLDINGS LTD 1,233,667
41,211 MITSUBISHI ELECTRIC CORP 447,162
3,000 NGK SPARK PLUG CO LTD 46,530
16 * SGL CARBON AG. 1,068
14,222 SUMITOMO ELECTRIC INDUSTRIES
CO 244,379
-----------
7,682,575
-----------
OTHER INDUSTRIAL EQUIPMENT -- 0.82%
1,845 AGIV AG. 19,649
7,669 AMADA CO LTD 65,236
70 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
OTHER INDUSTRIAL EQUIPMENT-- (CONTINUED)
3,660 ATLAS COPCO AB SERIES B FREE $ 68,854
1,909 BUDERUS AG. 30,468
4,000 * DAI NIPPON SCREEN MANUFACTURING
CO LTD 38,147
4,000 DAIFUKU CO LTD 44,460
6,000 DAIKIN INDUSTRIES LTD 139,790
5,000 EBARA CORP 67,910
16,615 FKI PLC 59,110
860 FLS INDUSTRIES AS (CLASS B) 13,261
416 * INDUSTRIE-WERKE KARLSRUHE
AUGSBURG AG. 6,579
16,000 * ISHIKAWAJIMA-HARIMA HEAVY
INDUSTRIES 29,035
21,596 KOMATSU LTD 152,272
908 KOMORI CORP 15,911
273 KONE CORP SERIES B 16,486
1,000 KOYO SEIKO CO LTD 8,705
27,000 KUBOTA CORP 98,250
903 LINDE AG. 36,442
2,696 MAKINO MILLING MACHINE CO LTD 26,501
796 MAKITA CORP 7,606
930 METRA CO SERIES B 16,091
1,949 METSO OYJ 23,540
8,000 MINEBEA CO LTD 100,566
73,000 MITSUBISHI HEAVY INDUSTRIES LTD 324,287
12,408 NSK LTD 109,067
13,296 NTN TOYO BEARING CO LTD 56,928
4,000 * OKUMA CORP 17,542
376 * PROXIMA ASA 4,267
4,572 SANDVIK AB 96,436
33 SCHINDLER HOLDINGS LTD (REGD) 50,735
460 * STORK NV 6,261
55 * SULZER WINTERTHUR AG. (REGD) 36,699
2,205 SVENKA KULLAGERFABRIKEN AB
SERIES B 37,082
10,300 THK CO LTD 521,809
1,259 TOMRA SYSTEMS AS 33,509
6,000 * TSUBAKIMOTO CHAIN CO 30,623
1,910 VESTAS WIND SYSTEMS A/S 70,439
1,300 ZARDOYA OTIS S.A. 11,564
-----------
2,492,117
-----------
TOTAL INDUSTRIAL MACHINERY 10,174,692
-----------
MEDIA AND LEISURE -- 4.87%
BROADCASTING -- 1.78%
1,000 ASATSU, INC 41,114
30,385 * BRITISH SKY BROADCASTING GROUP
PLC 594,317
1,874 CANAL PLUS S.A. 316,165
4,491 CARLTON COMMUNICATIONS PLC 57,790
1,422 * EM.TV & MERCHANDISING AG. 84,104
123 FUJI TELEVISION NETWORK, INC 1,929,848
20,559 MEDIASET S.P.A. 315,322
43,455 RANK GROUP PLC 100,653
214 * SERVICOS TELECOMUNICACOE
MULTIMEDIA S.A. 10,667
6,000 TELEVISION BROADCASTS LTD 40,025
17,990 TF1 TV FRANCAISE 1,258,886
35,000 TOEI CO LTD 256,377
100 * TOHO CO LTD 17,069
9,422 TOKYO BROADCASTING SYSTEMS, INC 407,866
-----------
5,430,203
-----------
LODGING/GAMING/RECREATION -- 0.33%
4,519 ACCOR S.A. 185,966
1 CLUB MEDITERRANEE S.A. 136
11,268 EMI GROUP PLC 102,351
30,974 GRANADA GROUP LTD (CLASS A) 309,483
27,325 HILTON GROUP PLC 95,972
4,000 HONG KONG & SHANGHAI HOTELS LTD 2,321
5,000 HOTEL PROPERTIES LTD 4,453
19,000 * MIRAMAR HOTEL & INVESTMENT CO LTD 10,968
1,828 ORIENTAL LAND CO LTD 187,117
4,000 OVERSEAS UNION ENTERPRISES LTD 9,716
192,000 * REGAL HOTELS INTERNATIONAL LTD 6,527
30,000 SHANGRI-LA ASIA LTD 35,407
3,492 * SOL MELIA S.A. 39,164
4,870 TABCORP HOLDINGS LTD 28,070
-----------
1,017,651
-----------
PUBLISHING -- 2.76%
11,679 DAI NIPPON PRINTING CO LTD 206,312
12,122 ELSEVIER UTIGEVERSMIJ NV 147,458
8,966 INDEPENDENT NEWS & MEDIA PLC 32,659
200 KADOKAWA SHOTEN PUBLISHING CO
LTD 20,226
26,834 LAGARDERE SCA 2,057,822
2,193 MONDADORI (ARNOLDO) EDITORE S.P.A. 50,242
48,187 NEWS CORP LTD 665,446
136,975 PEARSON PLC 4,354,692
23,247 REED INTERNATIONAL PLC 202,363
1,081 SCHIBSTED ASA 20,108
5,900 SHOBUNSHA PUBLICATIONS, INC 206,888
6,000 SINGAPORE PRESS HOLDINGS LTD 93,696
42,000 SOUTH CHINA MORNING POST 32,597
16,000 TOPPAN PRINTING CO LTD 169,676
5,039 WOLTERS KLUWER NV 134,766
-----------
8,394,951
-----------
TOTAL MEDIA AND LEISURE 14,842,805
-----------
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 71
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
RETAIL AND WHOLESALE -- 1.12%
GENERAL MERCHANDISE STORES-- 1.12%
427 * AMER GROUP LTD PLC SERIES A $ 11,788
17,811 COLES MYER LTD 68,591
1,351 CORTEFIEL S.A. 29,423
1,000 DAIEI, INC 3,761
15,363 DAVID JONES LTD 11,456
17,000 GIORDANO INTERNATIONAL LTD 25,843
26,897 GREAT UNIVERSAL STORES PLC 173,057
1,837 HAGEMEYER NV 50,855
1,000 * HANKYU DEPARTMENT STORES, INC 5,349
4,000 ISETAN CO LTD 49,148
24 JELMOLI HOLDINGS AG. (BR) 30,257
3,775 JUSCO CO LTD 71,717
896 KARSTADT QUELLE AG. 23,447
1,332 KESCO OYJ 13,598
20,167 KINGFISHER PLC 183,642
50,215 MARKS & SPENCER PLC 176,557
8,646 MARUI CO LTD 165,890
4,006 METRO AG. 142,045
3,000 * MITSUKOSHI LTD 13,326
15,000 MYCAL CORP 51,464
7,960 NINTENDO CO LTD 1,393,362
2,286 PINAULT-PRINTEMPS-REDOUTE S.A. 509,923
346 RHI AG. 8,470
2,000 * ROBINSON & CO LTD 4,511
600 * SEGA ENTERPRISES LTD 9,243
32,100 SONAE SGPS S.A. 56,618
724 STOCKMANN B FREE 11,069
9,000 TAKASHIMAYA CO LTD 84,044
4,700 * THE WAREHOUSE GROUP LTD 11,438
13,000 * WATERFORD WEDGWOOD PLC (UNITS) 14,206
----------
TOTAL RETAIL AND WHOLESALE 3,404,098
----------
TECHNOLOGY -- 13.67%
COMMUNICATIONS EQUIPMENT -- 3.12%
165,374 NOKIA OYJ 8,473,198
14,700 NORTEL NETWORKS CORP 1,018,911
2,000 SIRTI S.P.A. 3,345
----------
9,495,454
----------
COMPUTERS AND OFFICE EQUIPMENT-- 9.92%
77,749 * ADCORE AB 602,793
14,000 AETHER SYSTEMS, INC 2,870,000
2,000 AMANO CORP 22,381
24,600 AMDOCS LTD 1,888,050
262,327 * ANITE GROUP PLC 625,490
3,198 * BAAN CO NV 8,736
1,000 CANON SALES CO, INC 17,958
1,884 CAP GEMINI S.A. 333,203
16,100 * CHECK POINT SOFTWARE
TECHNOLOGIES LTD 3,409,175
154,125 COMPTEL OYJ 3,117,367
10,379 COMPUTERSHARE LTD 53,530
1,750 CREATIVE TECHNOLOGY LTD 42,207
1,393 CSK CORP 43,185
1,682 DASSAULT SYSTEMS S.A. 157,526
20,080 * DIXONS GROUP PLC (NEW) 81,773
458 * EST ASIATIQUE 6,826
82,556 * FRAMTIDSFABRIKEN AB 1,143,640
900 * FUJI SOFT ABC, INC 53,506
5,100 FUJITSU SUPPORT & SERVICE, INC 506,138
5,877 GETRONICS NV 90,983
323 INSTRUMENTARIUM GROUP SERIES B
FREE 7,740
6,487 * INTERSHOP COMMUNICATIONS AG. 2,941,287
16,000 KEPPEL CORP LTD 34,610
2,100 KONAMI CO LTD 132,985
76,004 LOGICA PLC 1,799,575
505 LONDON BRIDGE SOFTWARE
HOLDINGS PLC 3,707
1,690 * MERKANTILDATA ASA 8,719
6,235 MISYS PLC 52,670
500 NAMCO LTD 18,052
455 * NAVISION SOFTWARE AS 19,001
1,148 NIDEC CORP 99,825
4,000 OMRON CORP 108,883
1,400 ORACLE CORP (JAPAN) 508,123
700 * ORACLE CORP (JAPAN) (NEW) 257,700
90,000 * PACIFIC CENTURY CYBERWORKS LTD 177,805
14,192 * PIXELPARK AG. 979,509
1,439 * PSION PLC 13,920
25,222 SAGE GROUP PLC 204,282
4,447 SAP AG. 667,135
1,495 * SATAMA INTERACTIVE 5,804
3,716 SEMA GROUP PLC 52,881
50,580 * SILVERLINE INDUSTRIES LTD
(DEMAT) 497,070
36,000 * SILVERLINE TECHNOLOGIES LTD ADR 778,500
4,000 SINGAPORE COMPUTER SYSTEMS LTD 8,652
5,658 SOFTBANK CORP 770,079
6,561 SSL INTERNATIONAL PLC 70,770
109,462 * STONESOFT OYJ 1,741,822
4,000 TERUMO CORP 135,726
23,700 TIBCO SOFTWARE, INC 2,541,454
1,327 TIETOENATOR CORP 44,458
869 TOYO INFORMATION SYSTEMS CO LTD 48,377
2,700 TRANS COSMOS 406,271
72 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
COMPUTERS AND OFFICE EQUIPMENT-- (CONTINUED)
6,285 WM-DATA AB SERIES B $ 34,754
-----------
30,246,613
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 0.63%
15,078 CANON, INC 752,467
8,368 FUJI PHOTO FILM CO LTD 343,258
6,000 KONICA CORP 51,039
6,530 NIKON CORP 242,558
1,231 OCE NV 20,237
6,000 OLYMPUS OPTICAL CO LTD 107,806
11,000 RICOH CO LTD 233,409
139 SAGEM S.A. (NEW) 163,623
-----------
1,914,397
-----------
TOTAL TECHNOLOGY 41,656,464
-----------
TRANSPORTATION -- 4.71%
AEROSPACE AND DEFENSE -- 0.03%
18,000 * KAWASAKI HEAVY INDUSTRIES LTD 27,561
744 * KVAERNER INDUSTRIER AS SERIES A 7,833
381 * KVAERNER INDUSTRIER AS
SERIES A RTS 213
1,598 THOMSON-CSF 63,203
-----------
98,810
-----------
AIR TRANSPORTATION -- 0.99%
26,068 * ALITALIA S.P.A. 53,975
6,800 * AUCKLAND INTERNATIONAL
AIRPORT LTD 8,066
592 AUSTRIAN AIRLINES/OEST LUFTV AG. 8,597
47,908 * BAE SYSTEMS PLC 298,814
26,080 BRITISH AIRPORT AUTHORITIES PLC 209,257
20,385 BRITISH AIRWAYS PLC 117,271
65,000 CATHAY PACIFIC AIRWAYS LTD 120,493
8,224 DEUTSCHE LUFTHANSA AG. (REGD) 190,857
346 FLUGHAFEN WIEN AG. 12,368
30,000 JAPAN AIRLINES CO LTD 114,271
808 KLM (ROYAL DUTCH AIRLINES) NV 21,842
372 ROLLS-ROYCE PLC 1,320
6,160 * RYANAIR HOLDINGS PLC 44,877
188 SAIRGROUP 31,447
1,007 SAS DANMARK AS 8,475
428 * SAS NORGE ASA SERIES B 3,605
11,000 SINGAPORE AIRLINES LTD 108,792
143,245 SINGAPORE AIRLINES LTD (LR) 1,416,726
6,032 SMITHS INDUSTRIES PLC 78,533
26,000 SWIRE PACIFIC LTD (CLASS A) 152,096
-----------
3,001,682
-----------
AUTOS, TIRES AND RELATED PRODUCTS -- 2.31%
100 * AUTOBACS SEVEN CO LTD 3,336
15,000 BRIDGESTONE CORP 318,286
13,000 * COMFORT GROUP LTD 6,466
4,322 CONTINENTAL AG. 72,917
6,000 CYCLE & CARRIAGE LTD 14,089
1,890 DAIMLERCHRYSLER (U.S.A.) 98,398
14,970 DAIMLERCHRYSLER AG. 783,944
14,000 DENSO CORP 341,395
94 DIETEREN S.A. 23,878
8,166 FIAT S.P.A. 212,760
16,719 HONDA MOTOR CO LTD 570,462
1,971 LEX SERVICE GROUP LTD 9,921
3,109 MAN AG. 94,354
3,957 MICHELIN S.A. (CLASS B) 127,487
72,312 * NISSAN MOTOR CO LTD 427,169
11,000 * ORIENT CORP 62,069
1,043 PEUGEOT S.A. 210,159
34,102 PIRELLI S.P.A. 90,060
850 RHEINMETALL AG. 10,836
1,000 SHIMANO, INC 24,101
12,957 TI GROUP PLC 70,616
65,823 TOYOTA MOTOR CORP 3,004,932
1,359 VALEO S.A. 72,952
5,980 VOLKSWAGEN AG. 227,517
7,476 VOLVO AB SERIES B FREE 163,231
7,476 * VOLVO AB SERIES B FREE RTS 6,776
-----------
7,048,111
-----------
RAILROADS -- 0.64%
4,052 BRAMBLES INDUSTRIES LTD 124,895
7,000 KEIHIN ELECTRIC EXPRESS RAILWAY
CO LTD 26,398
21,695 KINKI NIPPON RAILWAY CO LTD 88,173
4,130 MAYNE NICKLESS LTD 8,505
12,821 NIPPON EXPRESS CO LTD 78,888
8,000 NIPPON SHARYO LTD 16,786
5,934 RAILTRACK GROUP PLC 92,215
10,042 SIEMENS AG. (REGD) 1,520,931
3,000 TOBU RAILWAY CO LTD 8,591
-----------
1,965,382
-----------
TRUCKING AND RELATED SERVICES -- 0.51%
46 CENTRAL JAPAN RAILWAY CO 260,866
114 EAST JAPAN RAILWAY CO 663,736
795 KONINKLIJKE VOPAK NV 17,527
40 KUONI REISEN HOLDING (REGD)
(CLASS B) 18,572
17,000 * MITSUI-SOKO CO LTD 37,116
9,000 SEINO TRANSPORTATION CO LTD 45,424
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 73
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
TRUCKING AND RELATED SERVICES-- (CONTINUED)
33,504 STAGECOACH HOLDINGS PLC $ 37,026
8,242 TNT POST GROUP NV 223,194
10,595 YAMATO TRANSPORT CO LTD 263,870
-----------
1,567,331
-----------
WATER TRANSPORTATION -- 0.23%
688 * ASKO OYJ SERIES A 13,025
1,210 BERGESEN D.Y. AS (CLASS B) 23,287
128 CMB CIE MARITIME BELGE S.A. 6,748
16 DAMPSKIBSSELSKABET AF 1912
(CLASS B) 170,646
10 DAMPSKIBSSELSKABET SVENDBORG
(CLASS B) 148,416
340 * FINNLINES OYJ 7,398
5,000 KAMIGUMI CO LTD 26,417
342 * KONINKLIJKE NEDLLOYD GROEP NV 6,651
329 * LEIF HOEGH & CO 2,886
24,000 * NEPTUNE ORIENT LINES LTD 22,209
29,000 NIPPON YUSEN KABUSHIKI KAISHA 139,790
2,320 * OCEAN GROUP PLC 38,283
7,117 PENINSULAR & ORIENTAL STEAM
NAVIGATION CO 60,983
12,297 * TDG PLC 34,533
-----------
701,272
-----------
TOTAL TRANSPORTATION 14,382,588
-----------
UTILITIES -- 19.80%
TELEPHONE -- 17.22%
19,485 ALCATEL 1,283,185
109,178 BRITISH TELECOMMUNICATIONS
PLC 1,411,529
221,137 CABLE & WIRELESS HKT LTD 486,527
205,213 CABLE & WIRELESS PLC 3,476,417
14,160 * CHINA TELECOM LTD (HONG KONG)
(SPON ADR) 2,517,825
77,205 * COLT TELECOM GROUP PLC 2,571,372
53,100 DEUTSCHE TELEKOM AG. 3,043,884
39,057 EIRCOM PLC 104,830
425,295 ERICSSON TELEFON (LM) AB
SERIES B 8,461,558
24,455 FRANCE TELECOM S.A. 3,431,951
10,000 FUJIKURA LTD 66,634
16,751 KPN NV 752,285
47,241 MARCONI PLC 615,055
1,787 * NETCOM AB SERIES B 132,638
237 NIPPON TELEGRAPH & TELEPHONE
CORP 3,158,474
43 NTT DOCOMO, INC 1,166,434
84,102 * OLIVETTI GROUP S.P.A. 307,159
19,108 PORTUGAL TELECOM S.A. 215,404
250 PUBLICIS S.A. 98,495
107,000 SINGAPORE TELECOMMUNICATIONS
LTD 156,572
12,880 SONERA GROUP OYJ 589,551
1,244 SWISSCOM AG. (REGD) 432,245
129,095 TELECOM ITALIA MOBILE S.P.A. 1,324,114
3,958 TELE DANMARK AS 267,523
31,700 TELECOM CORP OF NEW ZEALAND 111,175
71,883 TELECOM ITALIA 992,250
85,309 * TELEFONICA DE ESPANA S.A. 1,839,966
7,962 * TELIA AB 75,346
139,553 TELSTRA CORP 568,099
137 * TERRA NETWORKS S.A. 5,318
2,567,792 VODAFONE AIRTOUCH PLC 10,379,299
58,903 VODAFONE AIRTOUCH PLC ADR 2,440,793
-----------
52,483,907
-----------
ELECTRIC, GAS AND OTHER -- 2.58%
3,401 AGUAS DE BARCELONA S.A. 45,642
10 AGUAS DE BARCELONA S.A. (NEW) 130
13,560 ANGLIAN WATER PLC 125,223
4,933 AUSTRALIA GAS LIGHT CO 29,470
28 BEWCKISER WASSER TECHNIK AG. 9,890
58,978 BG GROUP PLC 381,254
87,070 CENTRICA PLC 290,652
38,200 CLP HOLDINGS LTD 177,890
11,304 CONTACT ENERGY LTD 15,166
974 ELECTRABEL NV 241,726
11,000 ELECTRICIDADE DE PORTUGAL S.A. 200,555
17,666 ENDESA S.A. 343,599
126,952 ENEL S.P.A. 564,663
7,102 GAS NATURAL SDG S.A. 127,988
432 GROUPE BRUXELLES LAMBERT S.A. 108,289
621 HAFSLUND AS SERIES A 2,869
93,286 HONG KONG & CHINA GAS CO LTD 104,714
16,491 IBERDROLA S.A. 213,409
11,750 ITALGAS S.P.A. 52,149
18,900 KANSAI ELECTRIC POWER CO, INC 339,053
1,000 KURITA WATER INDUSTRIES LTD 22,069
20,867 * NATIONAL GRID GROUP PLC 164,586
34,111 NATIONAL POWER PLC 217,406
19,000 OSAKA GAS CO LTD 54,772
600 OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG. 61,828
10,099 * RHEIN-WESTFALEN ELECTRIC AG. 343,668
32,793 SCOTTISH POWER PLC 278,013
76,000 SHUN TAK HOLDINGS LTD 8,969
700 * SUEZ LYONNAISE (STRIP VVPR) 6
74 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
ELECTRIC, GAS AND OTHER-- (CONTINUED)
700 SUEZ LYONNAISE DES EAUX $ 122,862
2,835 SUEZ LYONNAISE DES EAUX S.A. 498,679
12,739 TOHOKU ELECTRIC POWER CO, INC 172,179
24,046 TOKYO ELECTRIC POWER CO, INC 587,507
35,000 TOKYO GAS CO LTD 98,581
5,712 UNION ELECTRICA FENOSA S.A. 103,759
11,316 UNITED UTILITIES PLC 112,038
12,337 VEBA AG. 695,260
10,533 VIVENDI S.A. 933,450
------------
7,849,963
------------
TOTAL UTILITIES 60,333,870
------------
TOTAL COMMON STOCK
(COST $284,700,445) 301,318,813
TOTAL PORTFOLIO-- 99.83%
(COST $287,012,262) 304,218,922
OTHER ASSETS
& LIABILITIES, NET-- 0.17% 514,218
------------
NET ASSETS-- 100.00% $304,733,140
============
-----------
* NON-INCOME PRODUCING
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS MANAGED ALLOCATION FUND
(Unaudited)
June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
TIAA-CREF MUTUAL FUNDS -- 99.92%
11,775,266 BOND PLUS FUND $114,220,083
4,650,754 GROWTH & INCOME FUND 75,016,659
4,144,819 GROWTH EQUITY FUND 76,223,222
315,919 HIGH-YIELD BOND FUND 3,124,440
2,600,157 INTERNATIONAL EQUITY FUND 39,210,363
5,567,958 MONEY MARKET FUND 5,567,958
------------
TOTAL TIAA-CREF MUTUAL FUNDS 313,362,725
------------
(COST $267,230,918)
SHORT TERM INVESTMENT -- 0.07%
U.S. GOVERNMENT AND AGENCY-- 0.07%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
$213,000 6.570%, 07/03/00 $ 212,922
------------
TOTAL SHORT TERM INVESTMENT
(COST $212,922) 212,922
------------
TOTAL PORTFOLIO -- 99.99%
(COST $267,443,840) 313,575,647
OTHER ASSETS & LIABILITIES, NET-- 0.01% 40,090
------------
NET ASSETS-- 100.00% $313,615,737
============
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 75
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS TAX-EXEMPT BOND FUND
(Unaudited)
June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
MUNICIPAL BONDS -- 104.78%
LONG TERM MUNICIPAL BONDS -- 95.99%
ALABAMA -- 6.87%
BIRMINGHAM INDUSTRIAL WATER
BOARD (WATER SUPPLY REVENUE)
$ 1,000,000 6.000%, 07/01/07 $ 1,063,800
WEST JEFFERSON AMUSEMENT
& PUBLIC PARK AUTHORITY
1,030,000 7.500%, 12/01/08 1,122,875
------------
2,186,675
------------
ARKANSAS -- 3.27%
ARKANSAS STATE DEVELOPMENT
AUTHORITY (MORTGAGE REVENUE)
1,000,000 6.600%, 07/01/07 1,041,160
------------
COLORADO -- 3.30%
COLORADO HOUSING FINANCE
AUTHORITY
1,000,000 7.450%, 11/01/27 1,049,380
------------
CONNECTICUT -- 3.26%
CONNECTICUT STATE HEALTH &
EDUCATIONAL FACILITY
(AUTHORITY REVENUE)
1,000,000 6.750%, 07/01/12 1,039,020
------------
DISTRICT OF COLUMBIA -- 6.55%
DISTRICT OF COLUMBIA
1,000,000 6.000%, 08/15/10 1,063,910
DISTRICT OF COLUMBIA
(HOSPITAL REVENUE)
1,030,000 5.500%, 06/01/10 1,020,910
------------
2,084,820
------------
ILLINOIS -- 3.34%
CHICAGO CITY COLLEGES
CAPITAL IMPROVEMENT
1,000,000 6.000%, 01/01/11 1,064,450
------------
KENTUCKY -- 3.90%
KENTUCKY STATE TURNPIKE
AUTHORITY TOLL
1,185,000 6.000%, 07/01/11 1,242,852
------------
LOUISIANA -- 3.50%
WEBSTER PARISH LOUISIANA
POLLUTION CONTROL REVENUE
1,200,000 5.200%, 03/01/11 1,112,772
------------
MASSACHUSETTS -- 3.35%
MASSACHUSETTS STATE PORT
AUTHORITY
1,000,000 6.000%, 02/01/11 1,067,320
------------
MISSISSIPPI -- 0.75%
PERRY COUNTY POLLUTION CONTROL
(LEAF RIVER FOREST PROJECT)
260,000 5.200%, 10/01/12 237,484
------------
MISSOURI -- 6.85%
KANSAS CITY MISSOURI INDUSTRIAL
DEVELOPMENT AUTHORITY
1,250,000 4.900%, 12/31/08 1,170,200
MISSOURI STATE ENVIRONMENT
IMPROVEMENT & ENERGY
RESOURCES
1,000,000 5.800%, 09/01/09 1,008,730
------------
2,178,930
------------
NEVADA -- 6.06%
CLARK COUNTY NEVADA
SCHOOL DISTRICT
1,000,000 5.500%, 06/15/11 1,027,710
CLARK COUNTY NEVADA
POLLUTION CONTROL REVENUE
1,030,000 5.300%, 10/01/11 900,720
------------
1,928,430
------------
NEW JERSEY -- 3.23%
NEW JERSEY STATE
(GENERAL OBLIGATION)
1,000,000 5.500%, 02/01/11 1,028,300
------------
NEW YORK -- 6.75%
NASSAU COUNTY NEW YORK
(GENERAL OBLIGATION REVENUE)
1,000,000 7.000%, 03/01/09 1,124,290
NEW YORK STATE DORM
AUTHORITY REVENUE
1,000,000 5.500%, 02/01/11 1,024,500
------------
2,148,790
------------
NORTH CAROLINA -- 3.30%
NORTH CAROLINA MUNICIPAL
POWER AGENCY
(CATAWBA ELECTRIC REVENUE)
1,000,000 5.500%, 02/01/11 1,050,390
------------
76 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS TAX-EXEMPT BOND FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
OHIO -- 3.23%
MONTGOMERY COUNTY OHIO
REVENUE(CATHOLIC HEALTH)
$1,000,000 6.000%, 12/01/10 $ 1,028,650
-----------
PENNSYLVANIA -- 6.29%
CARBON COUNTY PENNSYLVANIA
INDUSTRIAL DEVELOPMENT
AUTHORITY REVENUE
1,000,000 1.000%, 05/01/10 1,002,500
MIDDLETOWN TOWNSHIP
PENNSYLVANIA
(GENERAL OBLIGATION REVENUE)
1,000,000 5.200%, 10/15/12 999,740
-----------
2,002,240
-----------
SOUTH CAROLINA -- 3.22%
YORK COUNTY SOUTH CAROLINA
POLLUTION CONTROL REVENUE
1,000,000 7.400%, 01/01/10 1,025,140
-----------
TEXAS -- 5.92%
HOUSTON TEXAS AIRPORT
(SYSTEM REVENUE)
1,000,000 5.800%, 07/01/10 1,026,970
RICHARDSON TEXAS
(HOTEL OCCUPANCY CERTIFICATE)
850,000 5.450%, 02/15/12 859,027
-----------
1,885,997
-----------
WASHINGTON -- 9.81%
SNOHOMISH COUNTY WASHINGTON
SCHOOL DISTRICT 2
1,000,000 5.500%, 12/01/09 1,028,280
WASHINGTON STATE
(GENERAL OBLOGATION)
1,000,000 6.000%, 01/01/10 1,064,220
WASHINGTON STATE PUBLIC
POWER SUPPLY
1,000,000 5.750%, 07/01/09 1,030,580
-----------
3,123,080
-----------
WISCONSIN -- 3.24%
WISCONSIN STATE TRANSPORTATION
REVENUE
1,000,000 5.500%, 07/01/10 1,030,530
-----------
TOTAL LONG TERM MUNICIPAL BONDS
(COST $30,205,645) 30,556,410
-----------
SHORT TERM MUNICIPAL BONDS -- 8.79%
FLORIDA -- 0.62%
UNIVERSITY ATHLETIC ASSOCIATION, INC
(FLORIDA CAPITAL IMPROVEMENT
REVENUE)
200,000 4.750%, 02/01/20 200,000
-----------
MISSOURI -- 4.40%
KANSAS CITY MO INDUSTRIAL
DEVELOPMENT AUTHORITY
1,400,000 4.750%, 10/15/15 1,400,000
-----------
NEW YORK -- 3.77%
NEW YORK CITY (GENERAL OBLIGAITON)
200,000 4.750%, 08/01/16 200,000
100,000 4.750%, 08/01/17 100,000
900,000 4.750%, 08/15/21 900,000
-----------
1,200,000
-----------
TOTAL SHORT TERM MUNICIPAL BONDS
(COST $2,800,000) 2,800,000
-----------
TOTAL PORTFOLIO -- 104.78%
(COST $33,005,645) 33,356,410
OTHER ASSETS & LIABILITIES, NET-- (4.78%) (1,522,184)
-----------
NET ASSETS-- 100.00% $31,834,226
===========
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 77
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS HIGH-YIELD BOND FUND
(Unaudited)
June 30, 2000
-------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
-------------------------------------------------------------------------------
BONDS -- 83.28%
CORPORATE BONDS -- 83.28%
BASIC INDUSTRIES -- 11.70%
CHEMICALS AND PLASTIC -- 3.72%
BORDEN CHEMICAL BOND
$500,000 9.500%, 05/01/05 B1 $ 442,500
GEORGIA GULF
500,000 10.375%, 11/01/07 B1 513,750
ISP HOLDINGS NOTE
500,000 9.750%, 02/15/02 BA3 483,750
SCOTTS CO
500,000 8.625%, 01/15/09 B2 482,500
SOV SPECIAL CHEMICAL
250,000 11.875%, 03/15/10 B3 257,500
-----------
2,180,000
-----------
STEEL AND OTHER METALS -- 4.57%
AK STEEL CORP
500,000 7.875%, 02/15/09 BA2 443,750
AK STEEL CORP
250,000 9.125%, 12/15/06 BA2 239,375
JORGENSEN EARLE M.CO
250,000 9.500%, 04/01/05 B3 231,875
LTV CORP
500,000 11.750%, 11/15/09 BA3 420,000
METALS USA
500,000 8.625%, 02/15/08 B2 430,000
P&L COAL HOLDINGS
1,000,000 9.625%, 05/15/08 B2 915,000
-----------
2,680,000
-----------
PAPER AND FOREST PRODUCTS -- 3.41%
APP CHINA GROUP
150,000 g 14.000%, 03/15/10 B3 93,750
BUHRMANN
750,000 12.250%, 11/01/09 B2 776,250
HUNTSMAN PACKAGE
250,000 g 13.000%, 06/01/10 B3 250,000
MAIL-WELL, INC NOTE
500,000 5.000%, 11/01/02 B2 400,000
TEMBEC INDUSTRIES
500,000 8.625%, 06/30/09 BAA2 475,000
-----------
1,995,000
-----------
TOTAL BASIC INDUSTRIES 6,855,000
-----------
BUSINESS SERVICES -- 6.08%
ADVERTISING AND OTHER SERVICES -- 6.08%
ADVANSTAR COMMUNICATION
1,500,000 9.250%, 05/01/08 B2 1,440,000
COINMACH CORP
500,000 11.750%, 11/15/05 B2 480,000
LAMAR MEDIA CORP
1,000,000 8.625%, 09/15/07 B1 960,000
TRI-STATE OUTDOOR ME
250,000 11.000%, 05/15/08 NR 230,000
UNITED RENTAL
500,000 9.250%, 01/15/09 B1 450,000
-----------
TOTAL BUSINESS SERVICES 3,560,000
-----------
CONSTRUCTION AND REAL ESTATE -- 4.53%
BUILDING MATERIALS -- 0.82%
OWENS ILLINOIS
500,000 7.850%, 05/15/04 BA1 478,665
-----------
CONSTRUCTION --- 3.71%
DR HORTON NOTE
500,000 10.500%, 04/01/05 BA1 498,750
LEAR CORP NOTE
250,000 7.960%, 05/15/05 BA1 234,485
LEAR CORP
500,000 8.110%, 05/15/09 BA1 451,425
LENNAR CORP NOTE
500,000 g 9.950%, 05/01/10 BA1 492,500
MORRISON KNUDSEN
500,000 g 11.000%, 07/01/10 BA2 497,500
-----------
2,174,660
-----------
TOTAL CONSTRUCTION AND
REAL ESTATE 2,653,325
-----------
CONSUMER DURABLE -- 2.48%
HOME APPLIANCES AND
FURNISHINGS -- 0.86%
FLEXTRONICS INTERNATIONAL
500,000 g 9.875%, 07/01/10 BA3 505,000
-----------
TEXTILE APPAREL AND
ACCESSORIES -- 1.62%
COLLINS & AIKMAN
500,000 11.500%, 04/15/06 B2 492,500
JOSTENS, INC NOTE
250,000 12.750%, 05/01/10 B3 248,125
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
78 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS HIGH-YIELD BOND FUND
-------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
-------------------------------------------------------------------------------
TEXTILE APPAREL AND ACCESSORIES --
(CONTINUED)
SAMSONITE CORP
$ 250,000 10.750%, 06/15/08 CAA1 $ 208,125
-----------
948,750
-----------
TOTAL CONSUMER DURABLE 1,453,750
-----------
ENERGY -- 3.40%
OIL, GAS AND OTHER ENERGY
SERVICES -- 3.40%
CHESAPEAKE ENERGY
750,000 9.625%, 05/01/05 B3 733,125
EOTT ENERGY PART
500,000 11.000%, 10/01/09 BA2 505,000
LOMAK PETROLEUM NOTE
400,000 6.000%, 02/01/07 CAA1 238,000
PIONEER NATURAL
500,000 9.625%, 04/01/10 BA2 515,000
-----------
TOTAL ENERGY 1,991,125
-----------
FINANCE -- 0.42%
BANKS, SAVINGS AND LOANS -- 0.42%
SOVEREIGN BANCORP
250,000 10.250%, 05/15/04 BA3 246,522
-----------
TOTAL FINANCE 246,522
-----------
FOODS AND RELATED -- 2.17%
BEVERAGES, OTHER FOOD
PRODUCTS -- 2.17%
PACKAGED ICE, INC
300,000 9.750%, 02/01/05 B3 249,000
SBARRO, INC
1,000,000 11.000%, 09/15/09 BA3 1,020,000
-----------
TOTAL FOODS AND RELATED 1,269,000
-----------
HEALTH -- 6.91%
DRUGS AND PHARMACEUTICALS -- 0.85%
LYONDELL CHEMICAL
250,000 9.625%, 05/01/07 BA3 247,500
250,000 10.875%, 05/01/09 B2 248,125
-----------
495,625
-----------
MEDICAL FACILITIES
MANAGEMENT -- 6.06%
COLUMBIA/HCA
$1,000,000 8.120%, 08/04/03 BA2 967,970
EXPRESS SCRIPTS
500,000 9.625%, 06/15/09 BA2 485,000
HEALTHSOUTH CORP
750,000 9.500%, 04/01/01 BA2 747,885
HEALTHSOUTH CORP
500,000 3.250%, 04/01/03 BA2 392,500
TENET HEALTHCARE CORP
(SR NOTE)
1,000,000 8.000%, 01/15/05 BA1 957,500
-----------
3,550,855
-----------
TOTAL HEALTH 4,046,480
-----------
INDUSTRIAL MACHINERY -- 0.81%
ELECTRICAL -- 0.43%
ORION POWER HOLDINGS
250,000 g 12.000%, 05/01/10 BA3 253,750
-----------
OTHER INDUSTRIAL EQUIPMENT -- 0.38%
TENNECO, INC
250,000 11.625%, 10/15/09 B2 221,875
-----------
TOTAL INDUSTRIAL MACHINERY 475,625
-----------
MEDIA AND LEISURE -- 18.36%
BROADCASTING -- 6.15%
ACME TELEVISION
250,000 0.000%, 09/30/04 B3 238,750
ADELPHIA COMMUNICATION
500,000 7.750%, 01/15/09 B1 422,500
ALLBRITTON COMMUNICATION
500,000 8.875%, 02/01/08 B3 457,500
CABLEVISION SA
250,000 g 13.750%, 04/30/07 B1 231,250
CENTURY COMMUNICATION
250,000 0.000%, 01/15/08 B1 101,250
CHANCELLOR MEDIA 8%
1,000,000 8.000%, 11/01/08 BA2 1,003,750
CHARTER COMMUNICATION
HOLDINGS
500,000 8.625%, 04/01/09 B2 441,875
INTERNATIONAL GAME
TECHNOLOGY
500,000 8.375%, 05/15/09 BA1 472,500
YOUNG BROADCASTING
250,000 9.000%, 01/15/06 B2 233,750
-----------
3,603,125
-----------
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 79
<PAGE>
TIAA-CREF MUTUAL FUNDS HIGH-YIELD BOND FUND
-------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
-------------------------------------------------------------------------------
LODGING/GAMING/RECREATION -- 8.09%
BOYD GAMING CORP
$ 250,000 9.250%, 10/01/03 BA3 $ 248,125
BOYD GAMING CORP
250,000 9.500%, 07/15/07 B1 240,000
CIRCUS CIRCUS
250,000 9.250%, 12/01/05 BA2 241,875
HARRAH's ENTERTAINMENT,
INC
250,000 7.875%, 12/15/05 BA2 235,000
HMH PROPERTIES
500,000 7.875%, 08/01/05 BA2 462,500
MGM GRAND, INC
250,000 9.750%, 06/01/07 BA2 253,750
PARK PLACE ENTERTAINMENT
250,000 7.875%, 12/15/05 BA2 235,000
PREMIER PARKS
250,000 10.000%, 04/01/08 B3 170,000
1,000,000 9.750%, 06/15/07 B3 962,500
SIX FLAGS ENTERTAINMENT
500,000 8.875%, 04/01/06 B2 476,250
STATION CASINOS
500,000 g 9.875%, 07/01/10 B1 501,250
YANKEE NETS
750,000 g 12.750%, 03/01/07 B1 712,500
-----------
4,738,750
-----------
PUBLISHING -- 4.12%
HOLLINGER PUB
1,000,000 9.250%, 02/01/06 BA3 985,000
500,000 9.250%, 03/15/07 BA3 492,500
LIBERTY GROUP
500,000 9.375%, 02/01/08 B3 460,000
WORLD COLOR PRESS
500,000 8.375%, 11/15/08 BAA3 475,635
-----------
2,413,135
-----------
TOTAL MEDIA AND LEISURE 10,755,010
-----------
RETAIL AND WHOLESALE -- 1.63%
GENERAL MERCHANDISE STORES -- 0.82%
INTERNATIONAL GAME
500,000 7.875%, 05/15/04 BA1 480,000
RETAIL TRADE -- 0.81%
K MART CORP NOTE
500,000 8.375%, 12/01/04 BA1 474,375
-----------
TOTAL RETAIL AND WHOLESALE 954,375
-----------
TECHNOLOGY -- 1.69%
COMMUNICATIONS EQUIPMENT -- 1.69%
UNITED PAN
1,000,000 11.250%, 02/01/10 B2 867,500
UNITED PAN (STEP)
250,000 13.750%, 02/01/10 B2 120,000
-----------
TOTAL TECHNOLOGY 987,500
-----------
TRANSPORTATION -- 5.88%
AIR TRANSPORTATION -- 2.81%
NORTHWEST AIRLINES
500,000 8.375%, 03/15/04 BA2 471,334
SEQUA CORP NOTE
1,250,000 9.000%, 08/01/09 BA2 1,175,000
-----------
1,646,334
-----------
AUTOS, TIRES AND RELATED
PRODUCTS -- 2.32%
AVIS RENT A CAR
750,000 11.000%, 05/01/09 B2 780,000
FEDERAL MOGUL CORP
500,000 7.500%, 01/15/09 BA2 350,000
HAYES WHEELS
INTERNATIONAL
250,000 9.125%, 07/15/07 B2 226,250
-----------
1,356,250
-----------
TRUCKING AND RELATED
SERVICES -- 0.75%
PIERCE LEAHY CO
500,000 8.125%, 05/15/08 B3 437,500
-----------
TOTAL TRANSPORTATION 3,440,084
UTILITIES -- 17.22%
TELEPHONE -- 9.95%
AZURIX CORP
500,000 g 10.750%, 02/15/10 BA3 481,250
CROWN CASTLE
INTERNATIONAL
500,000 10.750%, 08/01/11 B3 506,875
DOBSON COMM CORP
250,000 10.875%, 07/01/10 NR 250,625
EXODUS COMMUNICATIONS
250,000 g 11.625%, 07/15/10 NR 250,625
FAIRPOINT COMMUNICATIONS
500,000 g 12.500%, 05/01/10 B3 500,000
FLAG TELECOM HOLDINGS
250,000 g 11.625%, 03/30/10 B2 240,625
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
80 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS HIGH-YIELD BOND FUND
-------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
-------------------------------------------------------------------------------
TELEPHONE -- (CONTINUED)
GLOBAL CROSSING
$ 500,000 9.500%, 11/15/09 BA2 $ 482,500
GRAY COMMUNICATIONS
500,000 10.625%, 10/01/06 B3 498,750
HYPERION
TELECOMMUNICATIONS
1,000,000 0.000%, 04/15/03 B3 920,000
PF. NET COMMUNICATIONS,
INC NR
500,000 13.750%, 05/15/10 501,250
WILLIAMS
COMMUNICATIONS
500,000 10.875%, 10/01/09 B2 490,000
WINSTAR COMMUNICATIONS,
INC
500,000 g 12.500%, 04/15/08 B3 475,000
WINSTAR COMMUNICATIONS,
INC
500,000 g 14.750%, 04/15/10 B3 230,000
-----------
5,827,500
-----------
ELECTRIC, GAS AND OTHER -- 7.27%
ALLIED WASTE NA
1,000,000 7.625%, 01/01/06 BA3 870,000
250,000 10.000%, 08/01/09 B2 211,250
LEVIATHAN GAS PIPE
500,000 10.375%, 06/01/09 B2 508,750
NEXTEL COMMUNICATIONS,
INC
1,250,000 9.375%, 11/15/09 B1 1,193,750
PRIMEDIA, INC
500,000 7.625%, 04/01/08 BA3 452,500
STERICYCLE, INC
500,000 12.375%, 11/15/09 B3 510,000
TNP ENTERPRISES
500,000 g 10.250%, 04/01/10 BA3 512,501
-----------
4,258,751
-----------
TOTAL UTILITIES 10,086,251
-----------
TOTAL CORPORATE BONDS
(COST $50,297,786) 48,774,047
-----------
TOTAL BONDS
(COST $50,297,786) 48,774,047
-----------
PREFERRED STOCK -- 1.87%
MEDIA AND LEISURE -- 0.82%
PUBLISHING -- 0.82%
5,000 PRIMEDIA, INC 480,000
-----------
TOTAL MEDIA AND LEISURE 480,000
-----------
UTILITIES -- 1.05%
TELEPHONE -- 1.05%
2,000 GLOBAL CROSSING LTD 438,500
1,800 GLOBALCROSSING Holdings LTD 173,700
-----------
TOTAL UTILITIES 612,200
-----------
TOTAL PREFERRED STOCK
(COST $1,105,000) 1,092,200
-----------
SHORT TERM INVESTMENTS -- 15.03%
U.S. GOVERNMENT AND AGENCIES-- 15.03%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
3,810,000 6.570%, 07/03/00 3,808,609
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
5,000,000 6.025%, 07/06/00 4,995,816
-----------
8,804,425
-----------
TOTAL SHORT TERM INVESTMENTS
(COST $8,804,425) 8,804,425
-----------
TOTAL PORTFOLIO -- 100.18%
(COST $59,102,212) 58,670,672
OTHER ASSETS & LIABILITIES, NET-- (0.18%) (103,311)
-----------
NET ASSETS-- 100.00% $58,567,361
===========
-----------
g SECURITY IS EXEMPT FROM REGISTRATION UNDER RULE 144(A) OF THE SECURITIES ACT
OF 1933 AND MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION TO
QUALIFIED INSTITUTIONAL BUYERS. AT JUNE 30, 2000, THE VALUE OF THESE
SECURITIES AMOUNTED TO $6,960,626 OR 11.88% OF NET ASSETS.
-----------
OTHER INFORMATION
THE COMPOSITION OF LONG-TERM DEBT HOLDINGS AS A PERCENT OF TOTAL VALUE OF
INVESTMENT IN DEBT SECURITIES, IS AS FOLLOWS:
MOODY'S RATINGS
BAA 1.95%
BA 44.01%
B 50.60%
CAA 0.91%
THE PERCENTAGE NOT RATED BY MOODY'S INVESTORS SERVICES AMOUNTS TO 2.53%.
+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 81
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS SHORT-TERM BOND FUND
(Unaudited)
June 30, 2000
-------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
-------------------------------------------------------------------------------
BONDS -- 92.59%
CORPORATE BONDS -- 44.72%
ASSET BACKED -- 5.01%
ADVANTA MORTGAGE LOAN
TRUST SERIES 1998-1
(CLASS A3)
$ 1,500,000 6.270%, 12/25/17 AAA $ 1,479,780
-----------
ENERGY -- 2.43%
OIL, GAS AND OTHER ENERGY
SERVICES -- 2.43%
CONOCO, INC NOTE
750,000 5.900%, 04/15/04 A3 716,197
-----------
TOTAL ENERGY 716,197
-----------
FINANCE -- 13.28%
CREDIT AND OTHER FINANCE -- 11.60%
DAIMLERCHRYSLER NA
HOLDINGS
(MEDIUM TERM NOTE)
500,000 6.670%, 02/15/02 A1 495,225
FORD MOTOR CREDIT CO NOTE
500,000 6.550%, 09/10/02 490,245
500,000 6.700%, 07/16/04 A1 484,430
GENERAL ELECTRIC CAPITAL
CORP (MEDIUM TERM NOTE)
500,000 6.650%, 09/03/02 AAA 495,165
GENERAL MOTORS ACCEPTANCE
CORP (MEDIUM TERM NOTE)
500,000 6.850%, 06/17/04 A2 487,995
500,000 6.750%, 12/10/02 A2 491,495
HOUSEHOLD FINANCE CORP
NOTE
500,000 5.875%, 11/01/02 A2 480,395
-----------
3,424,950
-----------
SECURITIES AND COMMODITIES -- 1.68%
MORGAN STANLEY DEAN
WITTER CO
500,000 7.125%, 01/15/03 AA3 496,795
-----------
TOTAL FINANCE 3,921,745
-----------
FOODS AND RELATED -- 4.99%
BEVERAGES, OTHER FOOD
PRODUCTS -- 4.99%
DIAGEO CAPITAL PLC NOTE
500,000 6.625%, 06/24/04 A1 485,905
SAFEWAY, INC
1,000,000 7.000%, 09/15/02 BAA2 988,810
-----------
TOTAL FOODS AND RELATED 1,474,715
-----------
RETAIL AND WHOLESALE -- 1.68%
GENERAL MERCHANDISE
STORES -- 1.68%
WAL-MART STORES
500,000 6.150%, 08/10/01 AA2 495,670
-----------
TOTAL RETAIL AND
WHOLESALE 495,670
-----------
TECHNOLOGY -- 3.32%
COMPUTERS AND OFFICE EQUIPMENT--
1.62%
COMDISCO, INC (SR NOTE)
500,000 6.000%, 01/30/02 BAA1 477,940
-----------
INSTRUMENTS AND RELATED
PRODUCTS -- 1.70%
RAYTHEON CO
500,000 g 7.900%, 03/01/03 BAA2 502,985
-----------
TOTAL TECHNOLOGY 980,925
-----------
TRANSPORTATION -- 1.66%
AUTOS, TIRES AND RELATED
PRODUCTS -- 1.66%
BOMBARDIER CAPITAL
500,000 g 7.300%, 12/15/02 AA3 491,726
-----------
TOTAL TRANSPORTATION 491,726
-----------
UTILITIES -- 12.35%
TELEPHONE -- 5.06%
SPRINT CAPITAL CORP
500,000 7.625%, 06/10/02 BAA1 499,645
US WEST CAPITAL CORP
1,000,000 6.875%, 08/15/01 BAA1 994,780
-----------
1,494,425
-----------
ELECTRIC, GAS AND OTHER -- 7.29%
DUKE CAPITAL NOTE
200,000 7.250%, 10/01/04 A3 197,060
K N ENERGY, INC
(SR NOTE)
1,000,000 6.450%, 11/30/01 BAA2 984,300
WILLIAMS COS, INC
1,000,000 6.200%, 08/01/02 BAA2 973,080
-----------
2,154,440
-----------
TOTAL UTILITIES 3,648,865
-----------
+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
82 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS SHORT-TERM BOND FUND
-------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE
-------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(COST $13,220,993) $13,209,623
-----------
GOVERNMENT BONDS -- 47.87%
AGENCY SECURITIES -- 12.85%
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
(FNMA)
2,000,000 4.750%, 11/14/03 1,864,380
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
2,000,000 5.750%, 07/15/03 1,931,560
-----------
3,795,940
-----------
FOREIGN GOVERNMENT BONDS -- 0.33%
CANADA GOVERNMENT
100,000 6.375%, 11/30/04 AA2 97,463
-----------
U.S. TREASURY SECURITIES-- 34.69%
U.S. TREASURY NOTE
2,500,000 6.250%, 02/28/02 2,491,400
1,200,000 5.750%, 10/31/02 1,182,937
3,000,000 6.250%, 02/15/03 2,989,230
3,500,000 6.750%, 05/15/05 3,581,480
-----------
10,245,047
-----------
TOTAL GOVERNMENT BONDS
(COST $14,108,844) 14,138,450
-----------
TOTAL BONDS
(COST $ 27,329,837) 27,348,073
-----------
SHORT TERM INVESTMENT -- 0.44%
U.S. GOVERNMENT AND AGENCY-- 0.44%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
$ 129,000 6.570%, 07/03/00 128,953
-----------
TOTAL SHORT TERM INVESTMENT
(COST $128,953) 128,953
-----------
TOTAL PORTFOLIO -- 93.03%
(COST $27,458,790) 27,477,026
OTHER ASSETS & LIABILITIES, NET-- 6.97% 2,057,691
-----------
NET ASSETS-- 100.00% $29,534,717
-----------
-----------
g SECURITY IS EXEMPT FROM REGISTRATION UNDER RULE 144(A) OF THE SECURITIES ACT
OF 1933 AND MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION TO
QUALIFIED INSTITUTIONAL BUYERS. AT JUNE 30, 2000, THE VALUE OF THESE
SECURITIES AMOUNTED TO $994,711 OR 3.37% OF NET ASSETS.
-----------------
OTHER INFORMATION
THE COMPOSITION OF LONG-TERM DEBT HOLDINGS AS A PERCENTAGE OF TOTAL VALUE OF
INVESTMENT IN SECURITIES, IS AS FOLLOWS:
MOODY'S RATINGS
AAA, AA, A 28.84%
BAA 19.82%
U.S. GOVERNMENT OBLIGATIONS REPRESENT 51.34% OF THE LONG-TERM DEBT PORTFOLIO
VALUE AND ARE NOT REFLECTED IN THE ABOVE RATINGS.
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 83
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS SOCIAL CHOICE EQUITY FUND
(Unaudited)
June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
COMMON STOCK -- 98.34%
BASIC INDUSTRIES -- 3.84%
CHEMICALS AND PLASTIC -- 2.91%
1,913 AIR PRODUCTS & CHEMICALS, INC $ 58,944
1,025 AVON PRODUCTS, INC 45,612
725 CABOT CORP 19,756
1,123 CLOROX CO 50,324
2,403 COLGATE PALMOLIVE CO 143,879
1,200 ECOLAB, INC 46,875
234 FULLER (H.B.) CO 10,661
1,055 HANNA (M.A.) CO 9,495
1,601 ILLINOIS TOOL WORKS, INC 91,257
723 INTERNATIONAL FLAVORS &
FRAGRANCES, INC 21,825
214 NCH CORP 7,744
1,237 PHARMACIA CORP 63,937
1,475 PRAXAIR, INC 55,220
4,885 PROCTER & GAMBLE CO 279,666
846 SCHULMAN (A.), INC 10,204
-----------
915,399
-----------
STEEL AND OTHER METALS -- 0.40%
1,262 BIRMINGHAM STEEL CORP 4,890
2,464 CROWN CORK & SEAL CO, INC 36,960
281 MARK IV INDUSTRIES, INC 5,865
1,498 NUCOR CORP 49,714
2,600 WORTHINGTON INDUSTRIES, INC 27,300
-----------
124,729
-----------
PAPER AND FOREST PRODUCTS -- 0.53%
1,323 AVERY DENNISON CORP 88,806
1,160 CONSOLIDATED PAPERS, INC 42,412
1,771 SONOCO PRODUCTS CO 36,416
-----------
167,634
-----------
TOTAL BASIC INDUSTRIES 1,207,762
-----------
BUSINESS SERVICES -- 0.29%
ADVERTISING AND OTHER SERVICES-- 0.29%
1,017 DUN & BRADSTREET CORP 29,111
50 GARTNER GROUP, INC (CLASS A) 600
705 OMNICOM GROUP, INC 62,789
-----------
TOTAL BUSINESS SERVICES 92,500
-----------
CONSTRUCTION AND REAL ESTATE -- 2.46%
BUILDING MATERIALS -- 2.30%
809 CORNING, INC 218,328
6,584 HOME DEPOT, INC 328,788
1,021 LOWE'S COS, INC 41,924
1,828 MASCO CORP 33,018
2,304 PPG INDUSTRIES, INC 102,096
-----------
724,154
-----------
CONSTRUCTION -- 0.16%
351 HILLENBRAND INDUSTRIES, INC 10,990
1,467 NEWELL RUBBERMAID, INC 37,775
-----------
48,765
-----------
TOTAL CONSTRUCTION AND
REAL ESTATE 772,919
-----------
CONSUMER DURABLE -- 7.63%
HOME APPLIANCES AND FURNISHINGS-- 7.21%
453 * ADVANCED MICRO DEVICES, INC 34,994
500 * ALTERA CORP 50,968
400 * AMERICAN POWER CONVERSION
CORP 16,325
900 * ANALOG DEVICES, INC 68,400
3,714 GILLETTE CO 129,757
9,200 INTEL CORP 1,229,925
700 * LSI LOGIC CORP 37,887
1,532 * MICRON TECHNOLOGY, INC 134,911
738 MOLEX, INC 35,516
554 * NATIONAL SEMICONDUCTOR CORP 31,439
1,688 * SOLECTRON CORP 70,685
4,674 TEXAS INSTRUMENTS, INC 321,045
439 * VISHAY INTERTECHNOLOGY, INC 16,654
460 WHIRLPOOL CORP 21,447
800 * XILINX, INC 66,050
-----------
2,266,003
-----------
TEXTILE APPAREL AND ACCESSORIES -- 0.42%
2,091 GAP, INC 65,343
600 LIMITED, INC 12,975
162 LIZ CLAIBORNE, INC 5,710
1,020 NIKE, INC (CLASS B) 40,608
358 V.F. CORP 8,524
-----------
133,160
-----------
TOTAL CONSUMER DURABLE 2,399,163
-----------
84 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
ENERGY -- 3.77%
OIL, GAS AND OTHER ENERGY SERVICES -- 3.77%
1,889 ANADARKO PETROLEUM CORP $ 93,151
1,445 APACHE CORP 84,984
381 * BJ SERVICES CO 23,812
2,592 BURLINGTON RESOURCES, INC 99,144
3,103 ENRON CORP 200,143
2,200 HALLIBURTON CO 103,812
1,204 HELMERICH & PAYNE, INC 44,999
1,201 MITCHELL ENERGY & DEVELOPMENT
CORP (CLASS A) 38,582
1,453 MURPHY OIL CORP 86,362
741 * NABORS INDUSTRIES, INC 30,797
1,285 NOBLE AFFILIATES, INC 47,866
712 * NOBLE DRILLING CORP 29,325
1,564 * PARKER DRILLING CO 9,677
959 * ROWAN COS, INC 29,129
3,499 * SANTA FE SNYDER CORP 39,801
1,207 TRANSOCEAN SEDCO FOREX, INC 64,499
3,017 UNION PACIFIC RESOURCES GROUP,
INC 66,374
809 VASTAR RESOURCES, INC 66,439
214 WD-40 CO 4,440
490 * WEATHERFORD INTERNATIONAL, INC 19,508
-----------
TOTAL ENERGY 1,182,844
-----------
FINANCE -- 16.42%
BANKS, SAVINGS AND LOANS -- 7.67%
6,181 BANK OF AMERICA CORP 265,783
2,460 BANK OF NEW YORK CO, INC 114,390
3,884 BANK ONE CORP 103,168
4,375 CHASE MANHATTAN CORP 201,523
10,432 CITIGROUP, INC 628,528
743 FIFTH THIRD BANCORP 46,994
3,910 FIRST UNION CORP 97,016
2,700 FIRSTAR CORP 56,868
2,685 FLEETBOSTON FINANCIAL CORP 91,290
1,036 KEYCORP 18,259
3,281 MBNA CORP 88,997
1,277 MELLON FINANCIAL CORP 46,530
799 MORGAN (J.P.) & CO, INC 87,989
1,860 NATIONAL CITY CORP 31,736
1,249 PNC FINANCIAL SERVICES GROUP, INC 58,546
474 PROVIDIAN FINANCIAL CORP 42,660
300 STATE STREET CORP 31,818
1,158 SUNTRUST BANKS, INC 52,906
2,240 U.S. BANCORP 43,120
845 WACHOVIA CORP 45,841
1,660 WASHINGTON MUTUAL, INC 47,932
5,401 WELLS FARGO CO 209,288
-----------
2,411,182
-----------
CREDIT AND OTHER FINANCE -- 3.20%
5,453 AMERICAN EXPRESS CO 284,237
2,534 ASSOCIATES FIRST CAPITAL CORP 56,539
600 CAPITAL ONE FINANCIAL CORP 26,775
380 CARRAMERICA REALTY CORP 10,070
100 COLONIAL PROPERTIES TRUST 2,737
1,217 CRESCENT REAL ESTATE EQUITIES CO 24,948
684 DUKE-WEEKS REALTY CORP 15,304
4,426 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 230,981
100 FINOVA GROUP, INC 1,300
350 FIRST INDUSTRIAL REALTY TRUST, INC 10,325
2,775 FREDDIE MAC 112,387
400 HIGHWOODS PROPERTIES, INC 9,600
2,388 HOUSEHOLD INTERNATIONAL, INC 99,251
150 LEUCADIA NATIONAL CORP 3,421
377 LIBERTY PROPERTY TRUST CO 9,778
397 ROUSE CO 9,825
1,192 SIMON PROPERTY GROUP, INC 26,447
773 SLM HOLDINGS CORP 28,939
288 SPIEKER PROPERTIES, INC 13,248
100 STORAGE U.S.A., INC 2,950
651 WEINGARTEN REALTY INVESTORS, INC 26,284
-----------
1,005,346
-----------
INSURANCE -- 3.68%
1,300 AEGON NV ARS 46,312
300 AETNA, INC 19,256
600 AFLAC, INC 27,562
2,651 ALLSTATE CORP 58,984
1,430 AMERICAN GENERAL CORP 87,230
5,159 AMERICAN INTERNATIONAL GROUP, INC 606,182
659 CHUBB CORP 40,528
691 CIGNA CORP 64,608
120 * CNA FINANCIAL CORP 4,080
689 CONSECO, INC 6,717
700 * HUMANA, INC 3,412
310 JEFFERSON-PILOT CORP 17,495
300 * JOHN HANCOCK FINANCIAL SERVICES,
INC 7,106
1,449 MARSH & MCLENNAN COS, INC 151,329
176 SAFECO CORP 3,498
352 ST. PAUL COS, INC 12,012
-----------
1,156,311
-----------
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 85
<PAGE>
TIAA-CREF MUTUAL FUNDS SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
SECURITIES AND COMMODITIES -- 1.87%
103 BEAR STEARNS COS, INC $ 4,287
1,282 MERRILL LYNCH & CO, INC 147,430
3,377 MORGAN STANLEY DEAN WITTER & CO 281,135
280 PAINE WEBBER GROUP, INC 12,740
3,505 SCHWAB (CHARLES) CORP 117,855
242 THE GOLDMAN SACHS GROUP, INC 22,959
-----------
586,406
-----------
TOTAL FINANCE 5,159,245
-----------
FOODS AND RELATED -- 5.49%
BEVERAGES, OTHER FOOD PRODUCTS -- 5.49%
1,394 ALBERTSONS, INC 46,350
1,267 BESTFOODS, INC 87,739
1,703 CAMPBELL SOUP CO 49,599
7,739 COCA COLA CO 444,508
1,162 COCA COLA ENTERPRISES, INC 18,955
662 DARDEN RESTAURANTS, INC 10,757
1,734 GENERAL MILLS, INC 66,325
1,908 HEINZ (H.J.) CO 83,475
782 HERSHEY FOODS CORP 37,927
1,664 KELLOGG CO 49,504
2,239 * KROGER CO 49,397
112 MCCORMICK & CO, INC (NON-VOTE) 3,640
5,651 MCDONALD'S CORP 186,129
541 NABISCO GROUP HOLDINGS 14,032
150 PEPSI BOTTLING GROUP, INC 4,378
5,010 PEPSICO, INC 222,631
815 QUAKER OATS CO 61,226
1,000 RALSTON PURINA CO 19,937
1,408 * SAFEWAY, INC 63,536
1,447 SYSCO CORP 60,954
2,084 UNILEVER NV (NEW YORK SHS) 89,612
313 WHITMAN CORP 3,873
640 WRIGLEY (WM) JR CO 51,320
-----------
TOTAL FOODS AND RELATED 1,725,804
-----------
HEALTH -- 12.15%
DRUGS AND PHARMACEUTICALS -- 9.92%
495 ALLERGAN, INC 36,877
470 * ALZA CORP 27,788
3,000 * AMGEN, INC 210,750
50 BERGEN BRUNSWIG CORP (CLASS A) 275
6,355 BRISTOL MYERS SQUIBB CO 370,178
929 CARDINAL HEALTH, INC 68,746
1,057 CVS CORP 42,280
144 * FOREST LABORATORIES, INC 14,544
120 * GENZYME CORP (GENERAL DIVISION) 7,132
63 * GENZYME SURGICAL PRODUCTS 626
154 * GENZYME-MOLECULAR ONCOLOGY 2,136
192 * IVAX CORP 7,968
4,946 JOHNSON & JOHNSON CO 503,873
3,400 LILLY (ELI) & CO 339,575
414 MALLINCKRODT, INC 17,983
705 MCKESSON HBOC, INC 14,760
7,487 MERCK & CO, INC 573,691
205 MYLAN LABORATORIES, INC 3,741
10,652 PFIZER, INC 511,296
4,762 SCHERING-PLOUGH CORP 240,481
706 SIGMA ALDRICH CORP 20,650
3,115 WALGREEN CO 100,264
-----------
3,115,614
-----------
MEDICAL EQUIPMENT AND SUPPLIES -- 1.83%
1,123 * AGILENT TECHNOLOGIES, INC 82,821
283 BAUSCH & LOMB, INC 21,897
1,227 BAXTER INTERNATIONAL, INC 86,273
1,339 BECTON DICKINSON & CO 38,412
498 BIOMET, INC 19,141
1,249 * BOSTON SCIENTIFIC CORP 27,399
145 * EDWARDS LIFESCIENCES CORP 2,682
1,060 * GUIDANT CORP 52,470
4,040 MEDTRONIC, INC 201,242
500 PE CORP-PE BIOSYSTEMS GROUP 32,937
183 * ST. JUDE MEDICAL, INC 8,395
-----------
573,669
-----------
MEDICAL FACILITIES MANAGEMENT -- 0.40%
2,650 COLUMBIA/HCA HEALTHCARE CORP 80,493
62 * LIFEPOINT HOSPITALS, INC 1,379
1,514 TENET HEALTHCARE CORP 40,878
118 * TRIAD HOSPITALS, INC 2,854
-----------
125,604
-----------
TOTAL HEALTH 3,814,887
-----------
INDUSTRIAL MACHINERY -- 2.32%
ELECTRICAL -- 0.86%
248 AVNET, INC 14,694
561 BALDOR ELECTRIC CO 10,448
1,100 COOPER INDUSTRIES, INC 35,818
3,078 EMERSON ELECTRIC CO 185,834
524 GRAINGER (W.W.), INC 16,145
438 THOMAS & BETTS CORP 8,376
-----------
271,315
-----------
86 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
OTHER INDUSTRIAL EQUIPMENT-- 1.46%
2,234 * APPLIED MATERIALS, INC $ 202,456
1,800 BAKER HUGHES, INC 57,600
434 CUMMINS ENGINE CO, INC 11,826
1,367 DEERE & CO 50,579
429 GRACO, INC 13,942
790 * GRANT PRIDECO, INC 19,750
944 INGERSOLL-RAND CO 37,996
238 NORDSON CORP 12,048
372 * SMITH INTERNATIONAL, INC 27,086
1,377 TIMKEN CO 25,646
-----------
458,929
-----------
TOTAL INDUSTRIAL MACHINERY 730,244
-----------
MEDIA AND LEISURE -- 4.38%
BROADCASTING -- 3.33%
876 * CLEAR CHANNEL COMMUNICATIONS,
INC 65,700
2,500 * COMCAST CORP (CLASS A) SPECIAL 101,250
751 * COX COMMUNICATIONS, INC (CLASS A) 34,217
6,729 DISNEY (WALT) CO 261,169
3,972 TIME WARNER, INC 301,872
4,169 * VIACOM, INC (CLASS B) 284,273
-----------
1,048,481
-----------
PUBLISHING -- 1.05%
442 DELUXE CORP 10,414
619 DOW JONES & CO, INC 45,341
1,696 GANNETT CO, INC 101,442
399 KNIGHT-RIDDER, INC 21,221
1,399 MCGRAW HILL COS, INC 75,546
825 NEW YORK TIMES CO (CLASS A) 32,587
100 * R.H. DONNELLEY CORP 1,937
447 TIMES MIRROR CO SERIES A 40,509
-----------
328,997
-----------
TOTAL MEDIA AND LEISURE 1,377,478
-----------
RETAIL AND WHOLESALE -- 3.74%
GENERAL MERCHANDISE STORES -- 3.74%
893 * COSTCO WHOLESALE CORP 29,469
204 * FEDERATED DEPARTMENT STORES, INC 6,885
787 HASBRO, INC 11,854
1,064 * K MART CORP 7,248
300 * KOHLS CORP 16,687
1,942 MATTEL, INC 25,610
719 MAY DEPARTMENT STORES CO 17,256
3,083 MINNESOTA MINING &
MANUFACTURING CO 254,347
575 PENNEY, (J.C.) CO, INC 10,601
1,059 SEARS ROEBUCK & CO 34,549
1,027 TARGET CORP 59,566
422 * TOYS `R' US, INC 6,145
12,036 WAL-MART STORES, INC 693,574
-----------
TOTAL RETAIL AND WHOLESALE 1,173,795
-----------
TECHNOLOGY -- 22.96%
COMMUNICATIONS EQUIPMENT -- 2.37%
450 * GLENAYRE TECHNOLOGIES, INC 4,753
7,800 NORTEL NETWORKS CORP (U.S.) 532,350
1,900 * QUALCOMM, INC 114,000
370 * SENSORMATIC ELECTRONICS CORP 5,850
1,280 * TELLABS, INC 87,600
-----------
744,553
-----------
COMPUTERS AND OFFICE EQUIPMENT -- 20.24%
1,049 * 3COM CORP 60,448
6,019 * AMERICA ONLINE, INC 317,502
1,194 * APPLE COMPUTER, INC 62,535
3,183 AUTOMATIC DATA PROCESSING, INC 170,489
17,900 * CISCO SYSTEMS, INC 1,137,768
4,966 COMPAQ COMPUTER CORP 126,943
1,599 COMPUTER ASSOCIATES
INTERNATIONAL, INC 81,848
6,900 * DELL COMPUTER CORP 340,256
152 DIEBOLD, INC 4,237
2,068 ELECTRONIC DATA SYSTEMS CORP 85,305
5,742 * EMC CORP 441,775
1,159 FIRST DATA CORP 57,515
755 * GATEWAY, INC 42,846
2,883 HEWLETT-PACKARD CO 360,014
569 IKON OFFICE SOLUTIONS, INC 2,204
103 * IMATION CORP 3,025
1,175 IMS HEALTH, INC 21,150
5,221 INTERNATIONAL BUSINESS
MACHINES CORP 572,025
13,600 * MICROSOFT CORP 1,088,000
500 * NETWORK APPLIANCE, INC 40,250
853 * NOVELL, INC 7,890
7,300 * ORACLE CORP 613,656
1,347 PITNEY BOWES, INC 53,880
476 SABRE HOLDINGS CORP 13,566
4,300 * SUN MICROSYSTEMS, INC 391,031
800 * VERITAS SOFTWARE CORP 90,412
1,400 * YAHOO, INC 173,425
-----------
6,359,995
-----------
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 87
<PAGE>
TIAA-CREF MUTUAL FUNDS SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
ELECTRONICS AND OTHER TECHNOLOGY -- 0.17%
500 * BEST BUY CO, INC $ 31,625
467 RADIOSHACK CORP 22,124
-----------
53,749
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 0.18%
2,673 XEROX CORP 55,464
-----------
TOTAL TECHNOLOGY 7,213,761
-----------
TRANSPORTATION -- 0.78%
AIR TRANSPORTATION -- 0.40%
759 * AMR CORP 20,066
504 DELTA AIRLINES, INC 25,483
1,046 * FEDEX CORP 39,748
1,893 SOUTHWEST AIRLINES CO 35,848
100 * U.S. AIRWAYS GROUP, INC 3,900
-----------
125,045
-----------
AUTOS, TIRES AND RELATED PRODUCTS -- 0.20%
67 BANDAG, INC 1,624
328 FEDERAL-MOGUL CORP 3,136
105 FLEETWOOD ENTERPRISES, INC 1,496
2,430 GENUINE PARTS CO 48,600
292 MODINE MANUFACTURING CO 7,884
68 RYDER SYSTEM, INC 1,287
-----------
64,027
-----------
RAILROADS -- 0.17%
3,585 NORFOLK SOUTHERN CORP 53,326
-----------
TRUCKING AND RELATED SERVICES-- 0.01%
284 ARNOLD INDUSTRIES, INC 3,425
-----------
TOTAL TRANSPORTATION 245,823
-----------
UTILITIES -- 12.11%
TELEPHONE -- 9.22%
851 ALLTEL CORP 52,708
9,022 AT & T CORP 285,320
1,330 * AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 32,252
4,776 BELL ATLANTIC CORP 242,680
6,332 BELLSOUTH CORP 269,901
2,000 * GLOBAL CROSSING LTD 52,625
9,040 LUCENT TECHNOLOGIES, INC 535,620
2,147 * MEDIA ONE GROUP, INC 143,188
1,744 * NEXTEL COMMUNICATIONS, INC
(CLASS A) 106,711
10,048 SBC COMMUNICATIONS, INC 434,576
2,415 SPRINT CORP (FON GROUP) 123,165
2,079 * SPRINT CORP (PCS GROUP) 123,700
--------------------------------------------------------------------------------
PRINCIPAL/SHARES VALUE
--------------------------------------------------------------------------------
1,848 U.S. WEST, INC $ 158,466
7,300 * WORLDCOM, INC 334,887
-----------
2,895,799
-----------
ELECTRIC, GAS AND OTHER -- 2.89%
1,096 AGL RESOURCES, INC 17,467
1,378 COLUMBIA ENERGY GROUP 90,431
2,042 EL PASO ENERGY CORP 104,014
844 EQUITABLE RESOURCES, INC 40,723
1,057 IDACORP, INC 34,088
2,145 KEYSPAN CORP 65,958
1,824 LOUISVILLE GAS & ELECTRIC ENERGY
CORP 43,548
966 MCN ENERGY GROUP, INC 20,648
1,166 NICOR, INC 38,040
1,867 NISOURCE, INC 34,772
2,787 OGE ENERGY CORP 51,559
1,079 PEOPLES ENERGY CORP 34,932
3,173 POTOMAC ELECTRIC POWER CO 79,325
2,659 PUGET SOUND ENERGY, INC 56,669
210 * SOUTHERN UNION CO 3,320
3,368 TECO ENERGY, INC 67,570
3,025 WILLIAMS COS, INC 126,081
-----------
909,145
-----------
TOTAL UTILITIES 3,804,944
-----------
TOTAL COMMON STOCK
(COST $29,691,435) 30,901,165
-----------
SHORT TERM INVESTMENT -- 1.47%
U.S. GOVERNMENT AND AGENCY -- 1.47%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
$462,000 6.570%, 07/03/00 461,831
-----------
TOTAL SHORT TERM INVESTMENT
(COST $461,831) 461,831
-----------
TOTAL PORTFOLIO -- 99.81%
(COST $30,153,266) 31,362,996
OTHER ASSETS & LIABILITIES, NET -- 0.19% 58,160
-----------
NET ASSETS-- 100.00% $31,421,156
===========
-----------
* NON-INCOME PRODUCING
88 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS STATEMENT OF INVESTMENTS (Unaudited) EQUITY INDEX FUND
June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
COMMON STOCK -- 98.87%
BASIC INDUSTRIES -- 3.82%
CHEMICALS AND PLASTIC -- 2.59%
13 * AEP INDUSTRIES, INC $ 328
898 AIR PRODUCTS & CHEMICALS, INC 27,669
235 * AIRGAS, INC 1,336
92 ALBEMARLE CORP 1,817
129 ALBERTO CULVER CO (CLASS B) 3,942
119 APTARGROUP, INC 3,213
82 ARCH CHEMICALS, INC 1,793
1,012 AVON PRODUCTS, INC 45,034
56 BLOCK DRUG, INC (CLASS A) 2,369
383 CABOT CORP 10,436
128 CALGON CARBON CORP 992
88 CAMBREX CORP 3,960
113 CARLISLE COS, INC 5,085
81 CARTER WALLACE, INC 1,630
34 CHEMED CORP 958
68 CHEMFIRST, INC 1,640
146 CHURCH & DWIGHT CO, INC 2,628
982 CLOROX CO 44,005
2,395 COLGATE PALMOLIVE CO 143,400
435 CROMPTON CORP 5,328
83 * CYGNUS, INC 1,182
161 * CYTEC INDUSTRIES, INC 3,974
87 DEXTER CORP 4,176
357 DIAL CORP 3,703
3,078 DOW CHEMICAL CO 92,917
4,193 DU PONT (E.I.) DE NEMOURS & CO 183,443
295 EASTMAN CHEMICAL CO 14,086
525 ECOLAB, INC 20,507
235 ETHYL CORP 587
99 * FMC CORP 5,742
50 FULLER (H.B.) CO 2,278
79 GEON CO 1,461
117 GEORGIA GULF CORP 2,435
249 * GRACE W.R. & CO 3,019
192 GREAT LAKES CHEMICAL CORP 6,048
184 HANNA (M.A.) CO 1,656
400 HERCULES, INC 5,625
1,153 ILLINOIS TOOL WORKS, INC 65,721
376 IMC GLOBAL, INC 4,888
56 * INTERNATIONAL SPECIALTY PRODUCTS, INC 318
396 INTERNATIONAL FLAVORS &
FRAGRANCES, INC 11,954
113 JOHNS MANVILLE CORP 1,490
429 LAUDER (ESTEE) CO (CLASS A) 21,208
12 LIQUI-BOX CORP 594
206 LUBRIZOL CORP 4,326
58 MACDERMID, INC 1,363
257 MILLENNIUM CHEMICAL, INC 4,369
71 MINERALS TECHNOLOGIES, INC 3,266
98 MISSISSIPPI CHEMICAL CORP 465
58 MYERS INDUSTRIES, INC 623
10 NCH CORP 361
82 NL INDUSTRIES, INC 1,250
45 * OCTEL CORP 351
152 OLIN CORP 2,508
90 OM GROUP, INC 3,960
124 OMNOVA SOLUTIONS, INC 775
634 * PACTIV CORP 4,992
232 * PERRIGO CO 1,464
5,412 PHARMACIA CORP 279,732
699 PRAXAIR, INC 26,168
5,748 PROCTER & GAMBLE CO 329,073
75 * REVLON, INC (CLASS A) 473
58 * ROGERS CORP 2,030
461 ROHM & HAAS CO 15,904
116 SCHULMAN (A.), INC 1,399
69 * SCOTTS CO (CLASS A) 2,518
414 * SEALED AIR CORP 21,683
415 SOLUTIA, INC 5,706
57 SPARTECH CORP 1,539
22 STEPAN CO 511
76 TREDEGAR CORP 1,444
16 * TREX CO, INC 800
217 TUPPERWARE CORP 4,774
119 * U.S. PLASTIC LUMBER CORP 524
648 UNION CARBIDE CORP 32,076
341 USEC, INC 1,577
30 VALHI, INC 311
128 WELLMAN, INC 2,072
-----------
1,526,962
-----------
STEEL AND OTHER METALS -- 0.48%
392 AK STEEL HOLDINGS CORP 3,136
3,630 ALCOA, INC 105,270
324 ALLEGHENY TECHNOLOGIES, INC 5,832
25 * ALLTRISTA CORP 534
50 * ALPINE GROUP, INC 337
129 ARCH COAL, INC 991
114 BALL CORP 3,669
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 89
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
STEEL AND OTHER METALS -- (CONTINUED)
493 * BATTLE MOUNTAIN GOLD CO $ 1,078
92 BELDEN, INC 2,357
494 * BETHLEHEM STEEL CORP 1,759
61 BRUSH ENGINEERED MATERIALS, INC 953
20 BUTLER MANUFACTURING CO 340
106 * CABLE DESIGN TECHNOLOGIES CO 3,551
69 CARPENTER TECHNOLOGY CORP 1,457
41 CASTLE (A.M.) & CO 340
61 * CHART INDUSTRIES, INC 297
42 CLEVELAND CLIFFS, INC 1,084
47 COMMERCIAL METALS CO 1,292
226 CRANE CO 5,494
487 CROWN CORK & SEAL CO, INC 7,305
19 CURTISS WRIGHT CORP 706
323 ENGELHARD CORP 5,511
526 * FREEPORT-MCMORAN COPPER &
GOLD, INC (CLASS B) 4,865
116 GENERAL CABLE CORP 942
28 GIBRALTAR STEEL CORP 392
115 * GRIFFON CORP 639
151 HARSCO CORP 3,850
877 HOMESTAKE MINING CO 6,029
55 IMCO RECYCLING, INC 299
85 INTERMET CORP 584
110 * KAISER ALUMINUM CORP 440
85 * LONE STAR TECHNOLOGIES, INC 3,931
376 LTV CORP 1,081
175 MARK IV INDUSTRIES, INC 3,653
55 MATTHEWS INTERNATIONAL CORP
` (CLASS A) 1,595
67 * MAVERICK TUBE CORP 1,951
16 * MAXXAM, INC 284
114 METALS U.S.A., INC 534
132 * MUELLER INDUSTRIES, INC 3,696
76 NATIONAL STEEL CORP (CLASS B) 318
69 * NCI BUILDING SYSTEMS, INC 1,397
731 NEWMONT MINING CORP 15,807
36 * NORTEK, INC 711
428 NUCOR CORP 14,204
9 * OPTICAL CABLE CORP 272
97 OREGON STEEL MILLS, INC 187
528 PARKER-HANNIFIN CORP 18,084
282 PHELPS DODGE CORP 10,486
16 PITT-DES MOINES, INC 304
92 PRECISION CAST PARTS CORP 4,163
33 PRIMEX TECHNOLOGIES, INC 726
54 QUANEX CORP 803
71 RELIANCE STEEL & ALUMINUM CO 1,357
33 ROUGE INDUSTRIES, INC (CLASS A) 99
57 * RTI INTERNATIONAL METALS 648
51 RYERSON TULL, INC 529
41 * SILGAN HOLDINGS, INC 402
95 SOUTHERN PERU COPPER CORP 1,157
48 * SPS TECHNOLOGIES, INC 1,971
160 * STEEL DYNAMICS, INC 1,450
142 * STILLWATER MINING CO 3,958
38 SUPERIOR TELECOM, INC 377
79 TEXAS INDUSTRIES, INC 2,281
60 TITAN INTERNATIONAL, INC 318
67 TITANIUM METALS CORP 314
151 * TOWER AUTOMOTIVE, INC 1,887
35 * U.S. CAN CORP 608
333 USX-US STEEL GROUP, INC 6,181
66 VALMONT INDUSTRIES, INC 1,311
63 WATTS INDUSTRIES, INC (CLASS A) 795
48 * WOLVERINE TUBE, INC 816
280 WORTHINGTON INDUSTRIES, INC 2,940
-----------
284,919
-----------
PAPER AND FOREST PRODUCTS -- 0.75%
18 AMERICAN WOODMARK CORP 369
465 AVERY DENNISON CORP 31,213
181 BEMIS, INC 6,086
198 BOISE CASCADE CORP 5,123
195 BOWATER, INC 8,604
95 * BUCKEYE TECHNOLOGIES, INC 2,084
96 CARAUSTAR INDUSTRIES, INC 1,452
153 * CHAMPION ENTERPRISES, INC 745
80 CHESAPEAKE CORP 2,370
403 CLAYTON HOMES, INC 3,224
213 CONSOLIDATED PAPERS, INC 7,787
65 * DAISYTEK INTERNATIONAL CORP 613
47 DELTIC TIMBER CORP 1,004
100 * EARTHSHELL CORP 303
915 FORT JAMES CORP 21,159
201 * GAYLORD CONTAINER CO 540
744 GEORGIA-PACIFIC CORP
(PACKING GROUP) 19,530
325 GEORGIA-PACIFIC CORP (TIMBER GROUP) 7,028
97 GLATFELTER (P.H.) CO 988
53 * GRAPHIC PACKAGING INTERNATIONAL
CORP 112
100 GREIF BROTHERS CORP (CLASS A) 3,075
2,085 INTERNATIONAL PAPER CO 62,159
79 * IVEX PACKAGING CORP 878
2,300 KIMBERLY-CLARK CORP 131,962
90 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
PAPER AND FOREST PRODUCTS -- (CONTINUED)
195 LONGVIEW FIBRE CO $ 2,157
401 LOUISIANA PACIFIC CORP 4,360
145 * MAIL-WELL, INC 1,250
386 MEAD CORP 9,746
177 OAKWOOD HOMES CORP 320
69 * PALM HARBOR HOMES, INC 1,000
108 * PLAYTEX PRODUCTS, INC 1,221
98 POTLATCH CORP 3,246
105 RAYONIER, INC 3,766
36 REPUBLIC GROUP, INC 324
46 ROCK-TENN CO (CLASS A) 393
66 * SCHOOL SPECIALTY, INC 1,225
56 SCHWEITZER-MAUDUIT INTERNATIONAL,
INC 700
34 SKYLINE CORP 731
438 * SMURFIT-STONE CONTAINER CORP 5,639
384 SONOCO PRODUCTS CO 7,896
122 ST. JOE CO 3,660
181 TEMPLE-INLAND, INC 7,602
122 * UNITED STATIONERS, INC 3,949
55 UNIVERSAL FOREST PRODUCTS, INC 756
194 WAUSAU-MOSINEE PAPER CORP 1,661
428 WESTVACO CORP 10,619
987 WEYERHAEUSER CO 42,441
384 WILLAMETTE INDUSTRIES, INC 10,464
-----------
443,534
-----------
TOTAL BASIC INDUSTRIES 2,255,415
-----------
BUSINESS SERVICES -- 1.07%
ADVERTISING AND OTHER SERVICES -- 1.07%
55 * 24/7 MEDIA, INC 859
67 AARON RENTS, INC 841
61 ABM INDUSTRIES, INC 1,403
44 ACKERLEY GROUP, INC 517
18 ADECCO S.A. ADR 1,910
34 * ADMINSTAFF, INC 2,159
69 * ADVO, INC 2,898
30 * AHL SERVICES, INC 183
20 * AKAMAI TECHNOLOGIES, INC 2,374
102 * ANSWERTHINK, INC 1,695
289 * APOLLO GROUP, INC (CLASS A) 8,092
10 * BERLITZ INTERNATIONAL, INC 90
369 BLOCK (H&R), INC 11,946
46 * BRIGHT HORIZONS FAMILY SOLUTIONS,
INC 983
42 * BURNS INTERNATIONAL SERVICES CORP 525
28 * CAREER EDUCATION CORP 1,358
18 * CAREERBUILDER, INC 59
43 * CARRIAGE SERVICES, INC (CLASS A) 145
59 * CATALINA MARKETING CORP 6,018
217 * CATALYTICA, INC 2,387
42 * CDI CORP 855
295 * CELGENE CORP 17,368
3,077 * CENDANT CORP 43,078
267 * CENTURY BUSINESS SERVICES, INC 517
27 * CHARLES RIVER ASSOCIATES, INC 475
137 * CHECKFREE HOLDINGS CORP 7,064
529 CINTAS CORP 19,407
927 * CMGI, INC 42,468
76 * COINSTAR, INC 764
17 * CORINTHIAN COLLEGES, INC 398
36 * CORNELL COS, INC 288
32 * CORPORATE EXECUTIVE BOARD CO 1,916
221 * COVANCE, INC 1,947
30 CPI CORP 633
74 * CRITICAL PATH, INC 4,315
49 * CTC COMMUNICATIONS GROUP, INC 1,764
226 * DEVRY, INC 5,974
47 * DIAMOND TECHNOLOGY
PARTNERS, INC (CLASS A) 4,136
427 * DOUBLECLICK, INC 16,279
706 DUN & BRADSTREET CORP 20,209
324 * EBAY, INC 17,597
72 * EDUCATION MANAGEMENT CORP 1,300
54 * ELECTRO RENT CORP 661
51 * ENTREMED, INC 1,526
45 * F.Y.I., INC 1,515
38 FAIR ISSAC & CO, INC 1,672
64 * FIRST CONSULTING GROUP, INC 356
21 * FORRESTER RESEARCH, INC 1,529
72 G & K SERVICES, INC (CLASS A) 1,804
307 GARTNER GROUP, INC (CLASS A) 3,684
110 * GETTY IMAGES, INC 4,076
42 * HEARME.COM 189
55 * HEIDRICK & STRUGGLES INTERNATIONAL,
INC 3,471
92 * INCTYE GENOMICS 7,561
44 * INSPIRE INSURANCE SOLUTIONS, INC 132
206 * INTERIM SERVICES, INC 3,656
49 INTERPOOL, INC 477
1,294 INTERPUBLIC GROUP OF COS, INC 55,642
86 * IT GROUP, INC 419
55 * ITT EDUCATIONAL SERVICES, INC 965
83 * JACOBS ENGINEERING GROUP, INC 2,713
21 * KANA COMMUNICATIONS, INC 1,299
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 91
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
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SHARES VALUE
--------------------------------------------------------------------------------
ADVERTISING AND OTHER SERVICES -- (CONTINUED)
67 KELLY SERVICES, INC (CLASS A) $ 1,549
153 * KFORCE.COM, INC 1,061
83 * KORN FERRY INTERNATIONAL 2,630
134 * LABOR READY, INC 887
199 * LAMAR ADVERTISING CO (CLASS A) 8,619
30 LANDAUER, INC 466
71 * LASON, INC 177
41 * LEARNING TREE INTERNATIONAL, INC 2,511
286 MANPOWER, INC 9,152
517 * MARCHFIRST, INC 9,435
69 * MARKETING SERVICES GROUP 306
43 * MAXIMUS, INC 951
34 MCGRATH RENTCORP 578
13 * MEDIA METRIX, INC 330
46 * MEMBERWORKS, INC 1,546
109 * MESSAGEMEDIA, INC 381
23 * MODEM MEDIA, INC 286
341 * MODIS PROFESSIONAL SERVICES, INC 3,026
90 * NATIONAL EQUIPMENT SERVICES, INC 540
153 * NATIONSRENT, INC 583
140 * NAVIGANT CONSULTING CO 595
144 * NBC INTERNET, INC 1,800
44 * NEFF CORP 167
36 * NEXTERA ENTERPRISES, INC 172
214 * NOVA CORP (GEORGIA) 5,978
768 OMNICOM GROUP, INC 68,400
82 * ON ASSIGNMENT, INC 2,501
95 * PAREXEL INTERNATIONAL CORP 908
71 * PEGASUS SOLUTIONS, INC 772
97 * PERSONNEL GROUP OF AMERICA, INC 284
69 * PHARMACEUTICAL PRODUCT DEVELOPMENT,
INC 1,449
180 PITTSTON BRINKS GROUP CO 2,463
73 * PREPAID LEGAL SERVICES, INC 2,180
55 * PROBUSINESS SERVICES, INC 1,460
14 * PROFESSIONAL DETAILING, INC 476
135 * PROFIT RECOVERY GROUP INTERNATIONAL,
INC 2,244
74 * PROTECTION ONE, INC 161
35 * PROVANT, INC 196
433 * QUINTILES TRANSNATIONAL CORP 6,116
40 * REDBACK NETWORKS, INC 7,120
112 REGIS CORP 1,400
138 * RENAISSANCE WORLDWIDE, INC 215
63 * RENT WAY, INC 1,838
66 * RENT-A-CENTER, INC 1,485
876 * ROBERT HALF INTERNATIONAL, INC 24,966
64 ROLLINS, INC 952
17 * RWD TECHNOLOGIES, INC 98
243 b* SAFETY-KLEEN CORP 17
1,024 SERVICE CORP INTERNATIONAL, INC 3,264
1,269 SERVICEMASTER CO 14,434
164 * SITEL CORP 809
205 * SNYDER COMMUNICATIONS, INC 4,868
156 SOTHEBY'S HOLDINGS, INC (CLASS A) 2,730
65 * STAFF LEASING, INC 231
111 * STAFFMARK, INC 742
27 * STARTEK, INC 1,360
34 b* STONE & WEBSTER, INC 25
28 STRAYER EDUCATION, INC 672
27 * SUPERIOR CONSULTANT HOLDINGS CORP 128
166 * SYLVAN LEARNING SYSTEMS, INC 2,282
25 TEJON RANCH CO 564
83 * TELETECH HOLDINGS, INC 2,578
129 * TETRA TECH, INC 2,950
42 * THEGLOBE.COM, INC 72
204 * TMP WORLDWIDE, INC 15,057
162 TRUE NORTH COMMUNICATIONS, INC 7,128
40 UNIFIRST CORP 315
117 * UNITED RENTALS, INC 2,003
48 * URS CORP 732
212 * VALASSIS COMMUNICATIONS, INC 8,082
90 * VALENCE TECHNOLOGY, INC 1,659
368 * VERTICALNET, INC 13,593
31 * VOLT INFORMATION SCIENCES, INC 1,021
49 * WACKENHUT CORP SERIES A 633
38 * WACKENHUT CORRECTIONS CORP 285
35 * WEST TELESERVICES CORP 885
48 * XCEED, INC 438
50 * XTRA CORP 1,971
127 YOUNG & RUBICAM, INC 7,262
-----------
TOTAL BUSINESS SERVICES 628,741
-----------
CONSTRUCTION AND REAL ESTATE -- 2.10%
BUILDING MATERIALS -- 1.84%
101 AMCOL INTERNATIONAL CORP 1,666
105 APOGEE ENTERPRISES, INC 370
18 CARBO CERAMICS, INC 632
31 CENTEX CONSTRUCTION PRODUCTS, INC 703
113 * COMFORT SYSTEMS U.S.A., INC 452
1,278 CORNING, INC 344,900
205 * DAL-TILE INTERNATIONAL, INC 1,691
63 * DEPARTMENT 56, INC 693
18 * DUPONT PHOTOMASKS, INC 1,233
74 ELCOR CORP 1,702
32 * EMCOR GROUP, INC 742
92 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
BUILDING MATERIALS -- (CONTINUED)
324 * ENCOMPASS SERVICES CORP $ 1,863
133 FERRO CORP 2,793
71 FLORIDA ROCK INDUSTRIES, INC 2,529
9,969 HOME DEPOT, INC 497,826
116 * INTEGRATED ELECTRICAL SERVICES, INC 594
124 LAFARGE CORP 2,604
60 LIBBEY, INC 1,927
86 LILLY INDUSTRIES, INC (CLASS A) 2,585
1,488 LOWE'S COS, INC 61,101
176 MARTIN MARIETTA MATERIALS, INC 7,117
1,869 MASCO CORP 33,758
26 MIKASA, INC 286
189 OWENS CORNING CO 1,748
565 * OWENS ILLINOIS, INC 6,603
854 PPG INDUSTRIES, INC 37,842
189 * QUANTA SERVICES, INC 10,395
407 RPM, INC 4,120
632 SHERWIN-WILLIAMS CO 13,390
142 SOUTHDOWN, INC 8,200
186 USG CORP 5,649
146 VALSPAR CORP 4,927
440 VULCAN MATERIALS CO 18,782
64 WATSCO, INC 800
-----------
1,082,223
-----------
CONSTRUCTION -- 0.21%
116 * BLOUNT INTERNATIONAL, INC 891
223 CENTEX CORP 5,240
27 * CROSSMAN COMMUNITIES, INC 445
244 * DYCOM INDUSTRIES, INC 11,224
286 FLUOR CORP 9,044
153 FOSTER WHEELER CORP 1,319
71 GRANITE CONSTRUCTION, INC 1,739
181 HILLENBRAND INDUSTRIES, INC 5,667
227 HON INDUSTRIES, INC 5,334
190 HORTON (D.R.), INC 2,576
75 * INSITUFORM TECHNOLOGIES, INC
(CLASS A) 2,034
180 KAUFMAN & BROAD HOME CORP 3,566
120 KIMBALL INTERNATIONAL, INC (CLASS B) 1,770
252 * LEAR CORP 5,040
247 LENNAR CORP 5,001
115 * MASTEC, INC 4,391
84 MDC HOLDINGS, INC 1,564
298 MILLER (HERMAN), INC 7,710
120 * MORRISON KNUDSEN CORP 870
1,162 NEWELL RUBBERMAID, INC 29,921
38 * NVR, INC 2,166
121 PULTE CORP 2,616
54 RYLAND GROUP, INC 1,194
95 STANDARD-PACIFIC CORP 950
228 STEELCASE, INC 3,876
78 * TOLL BROTHERS, INC 1,599
338 U.S. INDUSTRIES, INC 4,098
21 VIRCO MANUFACTURING CORP 309
159 WALTER INDUSTRIES, INC 1,818
57 * WEBB (DEL) CORP 872
-----------
124,844
-----------
REAL ESTATE -- 0.05%
209 ARDEN REALTY GROUP, INC 4,911
50 * CASTLE & COOKE, INC 965
403 * CATELLUS DEVELOPMENT CORP 6,045
78 * CB RICHARD ELLIS SERVICES GROUP, INC 711
168 * FAIRFIELD COMMUNITIES, INC 1,323
59 FOREST CITY ENTERPRISES, INC
(CLASS A) 1,969
67 * INSIGNIA FINANCIAL GROUP, INC 670
114 * JONES LANG LA SALLE 1,524
94 LNR PROPERTY CORP 1,833
105 * PINNACLE HOLDINGS, INC 5,670
152 * SECURITY CAPITAL GROUP, INC
(CLASS B) 2,584
339 STEWART ENTERPRISES, INC (CLASS A) 1,197
91 * TRAMMELL CROW CO 978
-----------
30,380
-----------
TOTAL CONSTRUCTION AND
REAL ESTATE 1,237,447
-----------
CONSUMER DURABLE -- 9.03%
HOME APPLIANCES AND FURNISHINGS -- 8.54%
77 * ACTEL CORP 3,513
56 * ACTION PERFORMANCE COS, INC 406
39 * ADVANCED ENERGY INDUSTRIES, INC 2,298
656 * ADVANCED MICRO DEVICES, INC 50,676
69 * AEROFLEX, INC 3,428
92 * ALLIANCE SEMICONDUCTOR CORP 2,259
126 * ALPHA INDUSTRIES, INC 5,551
770 * ALTERA CORP 78,491
711 * AMERICAN POWER CONVERSION CORP 29,017
58 * AMERICAN SUPERCONDUCTOR CORP 2,798
62 * AMERICAN XTAL TECHNOLOGY, INC 2,681
441 * AMKOR TECHNOLOGY, INC 15,572
222 * AMPHENOL CORP (CLASS A) 14,693
101 * ANADIGICS, INC 3,440
1,514 * ANALOG DEVICES, INC 115,064
85 * APPLICA, INC 961
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 93
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
HOME APPLIANCES AND FURNISHINGS-- (CONTINUED)
482 * APPLIED MICRO CIRCUITS CORP $ 47,597
126 * ARTESYN TECHNOLOGIES, INC 3,504
1,055 * ATMEL CORP 38,903
162 AVX CORP 3,715
46 BASSETT FURNITURE INDUSTRIES, INC 580
535 * BED BATH & BEYOND, INC 19,393
61 * BENCHMARK ELECTRONICS, INC 2,230
103 BMC INDUSTRIES, INC 418
137 * BOMBAY, INC 402
202 * BOYDS COLLECTION LTD 1,717
503 * BROADCOM CORP (CLASS A) 110,125
245 * BURR BROWN CORP 21,238
34 BUSH INDUSTRIES, INC (CLASS A) 544
18 * CATAPULT COMMUNICATIONS CORP 181
826 * CONEXANT SYSTEMS, INC 40,164
95 * CREE, INC 12,682
104 CTS CORP 4,680
495 * CYPRESS SEMICONDUCTOR CORP 20,913
221 DALLAS SEMICONDUCTOR CORP 9,005
38 * EMCORE CORP 4,560
98 * ESS TECHNOLOGY, INC 1,421
123 * E-TEK DYNAMICS, INC 32,448
154 ETHAN ALLEN INTERIORS, INC 3,696
66 * EXAR CORP 5,754
177 * FURNITURE BRANDS INTERNATIONAL,
INC 2,677
114 * GENERAL SEMICONDUCTOR, INC 1,681
4,439 GILLETTE CO 155,087
156 * HA-LO INDUSTRIES, INC 877
105 * HANDLEMAN CO 1,312
61 HARMAN INTERNATIONAL INDUSTRIES,
INC 3,721
68 HAVERTY FURNITURE COS, INC 578
228 HEILIG MEYERS CO 270
84 HELIX TECHNOLOGY CORP 3,276
26 * HI/FN, INC 1,153
93 * HUTCHINSON TECHNOLOGY, INC 1,325
56 INNOVEX, INC 546
319 * INTEGRATED DEVICE TECHNOLOGY, INC 19,100
14,383 INTEL CORP 1,922,827
288 * INTERNATIONAL RECTIFIER CORP 16,128
476 * JABIL CIRCUIT, INC 23,621
2,602 * JDS UNIPHASE CORP 311,914
288 * KEMET CORP 7,218
113 * KOPIN CORP 7,825
67 * LASERSIGHT, INC 255
171 * LATTICE SEMICONDUCTOR CORP 11,820
197 LA-Z-BOY, INC 2,758
839 LEGGETT & PLATT, INC 13,843
1,352 LINEAR TECHNOLOGY CO 86,443
349 * LINENS `N THINGS, INC 9,466
1,320 * LSI LOGIC CORP 71,445
1,229 * MAXIM INTEGRATED PRODUCTS, INC 83,495
36 * MAXWELL TECHNOLOGIES, INC 486
318 MAYTAG CO 11,726
125 * MEMC ELECTRONIC MATERIALS, INC 2,250
136 METHODE ELECTRONICS, INC (CLASS A) 5,253
216 * MICREL, INC 9,382
288 * MICROCHIP TECHNOLOGY, INC 16,780
2,016 * MICRON TECHNOLOGY, INC 177,534
95 * MIPS TECHNOLOGIES, INC (CLASS B) 3,657
119 * MMC NETWORKS, INC 6,359
383 MOLEX, INC 18,431
178 * MRV COMMUNICATIONS, INC 11,970
28 NATIONAL PRESTO INDUSTRIES, INC 861
746 * NATIONAL SEMICONDUCTOR CORP 42,335
48 * NAVARRE CORP 63
95 * NEOMAGIC CORP 287
128 * NVIDIA CORP 8,136
35 PARK ELECTROCHEMICAL CORP 1,262
26 * PARKERVISION, INC 1,311
81 * PHOTRONICS, INC 2,298
364 PIER 1 IMPORTS, INC 3,549
66 * PLEXUS CORP 7,458
49 * PLX TECHNOLOGY, INC 2,033
613 * PMC-SIERRA, INC 108,922
83 * POWER INTEGRATIONS, INC 1,955
82 * POWER-ONE, INC 9,342
275 * QLOGIC CORP 18,167
280 * RAMBUS, INC 28,840
173 * READ RITE CORP 383
81 * REMEC, INC 3,391
51 * RESTORATION HARDWARE, INC 280
194 * RF MICRO DEVICES, INC 16,999
387 * S3, INC 5,708
34 * SALTON, INC 1,253
551 * SANMINA CORP 47,110
92 * SAWTEK, INC 5,295
645 * SCI SYSTEMS, INC 25,275
57 * SCP POOL CORP 1,339
344 * SDL, INC 98,104
68 * SELECT COMFORT CORP 216
120 * SEMTECH CORP 9,178
22 * SILICONIX, INC 1,485
31 * SIMPSON MANUFACTURING CO, INC 1,482
68 * SIPEX CORP 1,882
94 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
HOME APPLIANCES AND FURNISHINGS -- (CONTINUED)
220 SNAP-ON, INC $ 5,857
2,134 * SOLECTRON CORP 89,361
260 STANLEY WORKS CO 6,175
348 * SUNBEAM CORP 1,196
44 TECHNITROL, INC 4,262
7,168 TEXAS INSTRUMENTS, INC 492,352
190 * TITAN CORP 8,502
245 * TRANSWITCH CORP 18,910
111 * TRIQUINT SEMICONDUCTOR, INC 10,621
117 * VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES, INC 7,349
511 * VISHAY INTERTECHNOLOGY, INC 19,386
693 * VITESSE SEMICONDUCTOR CORP 50,978
280 WHIRLPOOL CORP 13,055
164 * WILLIAMS-SONOMA, INC 5,319
1,235 * XILINX, INC 101,964
82 * ZOMAX, INC 1,076
-----------
5,033,769
-----------
TEXTILE APPAREL AND ACCESSORIES -- 0.49%
364 * ABERCROMBIE & FITCH CO (CLASS A) 4,436
71 * ALBANY INTERNATIONAL CORP
(CLASS A) NEW 1,029
79 * AMERICAN EAGLE OUTFITTERS, INC 1,106
82 * ANN TAYLOR STORES CORP 2,716
10 * BEBE STORES, INC 83
69 BROWN SHOE CO, INC 897
30 * BUCKLE, INC 352
68 BURLINGTON COAT FACTORY
WAREHOUSE CORP 735
194 * BURLINGTON INDUSTRIES, INC 327
57 CATO CORP (CLASS A) 662
371 * CHARMING SHOPPES, INC 1,889
50 * CHICO'S FAS, INC 1,000
64 * CHILDREN'S PLACE RETAIL STORES, INC 1,312
156 CLAIRE'S STORES, INC 3,003
233 * COLLINS & AIKMAN CORP 1,208
33 * COLUMBIA SPORTSWEAR CO 886
58 * DAN RIVER, INC (CLASS A) 275
31 * DAVID'S BRIDAL, INC 358
13 DEB SHOPS, INC 162
50 * DONNA KARAN INTERNATIONAL, INC 318
59 * DRESS BARN, INC 1,305
65 * FINISH LINE, INC (CLASS A) 532
73 * FOOTSTAR, INC 2,427
53 * FOSSIL, INC 1,030
2,754 GAP, INC 86,062
85 * GENESCO, INC 1,365
19 * GLOBAL SPORTS, INC 122
71 * GOODYS FAMILY CLOTHING, INC 390
28 * GUESS ?, INC 392
60 GUILFORD MILLS, INC 255
80 * GYMBOREE CORP 240
155 INTERFACE, INC (CLASS A) 590
318 INTIMATE BRANDS, INC (CLASS A) 6,280
393 * JONES APPAREL GROUP, INC 9,235
62 JUSTIN INDUSTRIES, INC 1,356
104 KELLWOOD CO 2,197
24 K-SWISS, INC (CLASS A) 382
1,418 LIMITED, INC 30,664
223 LIZ CLAIBORNE, INC 7,860
96 * MEN'S WEARHOUSE, INC 2,142
168 * MOHAWK INDUSTRIES, INC 3,654
34 MOVADO GROUP, INC 408
117 * NAUTICA ENTERPRISES, INC 1,250
321 NIKE, INC (CLASS B) 12,779
403 NORDSTROM, INC 9,722
109 * OAKLEY, INC 1,253
52 ONEIDA LTD 923
33 OSHKOSH B'GOSH, INC (CLASS A) 540
24 OXFORD INDUSTRIES, INC 432
104 * PACIFIC SUNWEAR CALIFORNIA, INC 1,950
119 * PAYLESS SHOESOURCE, INC 6,098
85 PHILLIPS VAN HEUSEN CORP 807
34 PILLOWTEX CORP 144
210 * POLO RALPH LAUREN CORP 2,992
78 POLYMER GROUP, INC 721
81 * QUIKSILVER, INC 1,260
174 * REEBOK INTERNATIONAL LTD 2,773
333 ROSS STORES, INC 5,681
104 RUSSELL CORP 2,080
439 SHAW INDUSTRIES, INC 5,487
32 * SHOE CARNIVAL, INC 200
40 SPRINGS INDUSTRIES, INC 1,280
106 * STEIN MART, INC 1,086
173 STRIDE RITE CORP 1,059
43 TALBOTS, INC 2,362
20 * TARRANT APPAREL GROUP 178
37 * TIMBERLAND CO 2,620
1,268 TJX COS, INC 23,775
87 * TOO, INC 2,213
17 * TROPICAL SPORTSWEAR
INTERNATIONAL CORP 297
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 95
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
TEXTILE APPAREL AND ACCESSORIES-- (CONTINUED)
223 * UNIFI, INC $ 2,759
50 * UNITED RETAIL GROUP, INC 425
38 * URBAN OUTFITTERS, INC 334
360 V.F. CORP 8,572
209 WARNACO GROUP, INC (CLASS A) 1,619
140 WESTPOINT STEVENS, INC 1,557
41 * WET SEAL, INC (CLASS A) 538
155 WOLVERINE WORLD WIDE, INC 1,530
-----------
290,938
-----------
TOTAL CONSUMER DURABLE 5,324,707
-----------
ENERGY -- 4.45%
OIL, GAS AND OTHER ENERGY SERVICES -- 4.45%
297 AMERADA HESS CORP 18,339
507 ANADARKO PETROLEUM CORP 25,001
384 APACHE CORP 22,584
272 ASHLAND, INC 9,537
40 * ATWOOD OCEANICS, INC 1,775
108 * BARRETT RESOURCES CORP 3,287
54 * BASIN EXPLORATION, INC 965
35 * BELCO OIL & GAS CORP 297
68 BERRY PETROLEUM CO (CLASS A) 1,156
340 * BJ SERVICES CO 21,250
122 * BROWN (TOM), INC 2,813
919 BURLINGTON RESOURCES, INC 35,151
86 CABOT OIL & GAS CORP (CLASS A) 1,822
22 * CAL DIVE INTERNATIONAL, INC 1,192
289 * CHESAPEAKE ENERGY CORP 2,239
2,870 CHEVRON CORP 243,411
2,600 CONOCO, INC (CLASS B) 63,862
85 CONSOL ENERGY, INC 1,285
184 CROSS TIMBERS OIL CO 4,071
365 DEVON ENERGY CORP (NEW) 20,508
448 DIAMOND OFFSHORE DRILLING, INC 15,736
160 * EEX CORP 930
3,095 ENRON CORP 199,627
617 ENSCO INTERNATIONAL, INC 22,096
206 EOG RESOURCES, INC 6,901
47 * EVERGREEN RESOURCES, INC 1,392
14,934 EXXON MOBIL CORP 1,172,319
123 * FOREST OIL CORP 1,960
109 * FRIEDE GOLDMAN HALTER, INC 974
229 * GLOBAL INDUSTRIES LTD 4,322
702 * GLOBAL MARINE, INC 19,787
622 * GREY WOLF, INC 3,110
2,063 HALLIBURTON CO 97,347
216 * HANOVER COMPRESSOR CO 8,208
505 * HARKEN ENERGY CORP 315
186 HELMERICH & PAYNE, INC 6,951
31 * HOUSTON EXPLORATION CO 778
63 * HS RESOURCES, INC 1,890
426 KERR-MCGEE CORP 25,107
312 * KEY ENERGY SERVICES, INC 3,003
73 * LOUIS DREYFUS NATURAL GAS CORP 2,285
215 * MARINE DRILLING CO, INC 6,020
48 * MCMORAN EXPLORATION CO 792
100 * MERIDIAN RESOURCE CORP 568
77 MITCHELL ENERGY & DEVELOPMENT
CORP (CLASS A) 2,473
169 MURPHY OIL CORP 10,044
617 * NABORS INDUSTRIES, INC 25,644
139 * NEWFIELD EXPLORATION CO 5,438
215 NOBLE AFFILIATES, INC 8,008
595 * NOBLE DRILLING CORP 24,506
62 * NUEVO ENERGY CO 1,170
1,484 OCCIDENTAL PETROLEUM CORP 31,256
728 * OCEAN ENERGY, INC (NEW) 10,328
79 * OCEANEERING INTERNATIONAL, INC 1,501
246 * PARKER DRILLING CO 1,522
123 * PATTERSON ENERGY, INC 3,505
294 PENNZOIL-QUAKER STATE CO 3,546
897 PHILLIPS PETROLEUM CO 45,466
378 * PIONEER NATURAL RESOURCES CO 4,819
60 * PLAINS RESOURCES, INC 960
151 POGO PRODUCING CO 3,340
327 * PRIDE INTERNATIONAL, INC 8,093
743 * R & B FALCON CORP 17,506
273 * ROWAN COS, INC 8,292
50 RPC, INC 528
694 * SANTA FE SNYDER CORP 7,894
91 * SEITEL, INC 739
142 ST. MARY LAND & EXPLORATION CO 5,972
62 * STONE ENERGY CORP 3,704
440 SUNOCO, INC 12,952
74 * SWIFT ENERGY CO 2,099
101 * SYNTROLEUM CORP 1,729
122 * TESORO PETROLEUM CORP 1,235
2,282 TEXACO, INC 121,516
642 TOSCO CORP 18,176
99 * TRANSMONTAIGNE, INC 606
426 ULTRAMAR DIAMOND SHAMROCK
CORP 10,570
1,049 UNION PACIFIC RESOURCES GROUP,
INC 23,078
1,013 UNOCAL CORP 33,555
96 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
OIL, GAS AND OTHER ENERGY SERVICES -- (CONTINUED)
1,363 USX-MARATHON GROUP, INC $ 34,160
52 * UTI ENERGY CORP 2,086
186 VALERO ENERGY CORP 5,905
273 * VARCO INTERNATIONAL, INC (NEW) 6,347
65 VASTAR RESOURCES, INC 5,338
96 * VERITAS DGC, INC 2,496
167 VINTAGE PETROLEUM, INC 3,767
52 WD-40 CO 1,079
507 * WEATHERFORD INTERNATIONAL, INC 20,184
-----------
TOTAL ENERGY 2,626,095
-----------
FINANCE -- 13.89%
BANKS, SAVINGS AND LOANS -- 6.60%
36 ALABAMA NATIONAL 713
39 ALLIANCE BANCORP 641
106 AMCORE FINANCIAL, INC 1,941
1,573 AMSOUTH BANCORP 24,774
95 ANCHOR BANCORP WISCONSIN, INC 1,454
25 ANDOVER BANCORP, INC 720
45 AREA BANCSHARES CORP 1,004
265 ASSOCIATED BANC-CORP 5,780
205 ASTORIA FINANCIAL CORP 5,278
15 BANCFIRST CORP 472
25 BANCFIRST OHIO CORP 409
215 BANCORPSOUTH, INC 3,023
190 BANCWEST CORP 3,123
7,104 BANK OF AMERICA CORP 305,472
43 BANK OF GRANITE CORP 983
3,073 BANK OF NEW YORK CO, INC 142,894
5,122 BANK ONE CORP 136,053
122 BANK UNITED CORP (CLASS A) 4,292
160 BANKATLANTIC BANCORP, INC
(CLASS B) 940
544 BANKNORTH GROUP, INC 8,330
94 BAY VIEW CAPITAL CORP 922
1,456 BB&T CORP 34,762
45 * BOK FINANCIAL CORP 790
62 BRENTON BANKS, INC 860
50 BROOKLINE BANCORP, INC 571
31 BSB BANCORP, INC 621
63 BT FINANCIAL CORP 1,086
21 CAPITAL CITY BANK GROUP, INC 409
344 CAPITOL FEDERAL FINANCIAL 3,805
34 CATHAY BANCORP, INC 1,576
152 CCB FINANCIAL CORP 5,624
74 * CENTENNIAL BANCORP 642
151 CENTURA BANKS, INC 5,124
39 CENTURY SOUTH BANKS, INC 755
74 CFS BANCORP, INC 677
853 CHARTER ONE FINANCIAL, INC 19,619
5,301 CHASE MANHATTAN CORP 244,177
53 CHEMICAL FINANCIAL CORP 1,378
106 CHITTENDEN CORP 2,590
14,517 CITIGROUP, INC 874,649
153 CITIZENS BANKING CORP (MICHIGAN) 2,483
63 CITY HOLDINGS CO 370
246 CITY NATIONAL CORP 8,548
366 COLONIAL BANCGROUP, INC 3,294
689 COMERICA, INC 30,918
110 COMMERCE BANCORP, INC 5,060
236 COMMERCE BANCSHARES, INC 7,021
228 COMMERCIAL FEDERAL CORP 3,548
45 COMMONWEALTH BANCORP, INC 534
177 COMMUNITY FIRST BANKSHARES, INC 2,887
46 COMMUNITY TRUST BANCORP, INC 813
528 COMPASS BANCSHARES, INC 9,009
35 CORUS BANKSHARES, INC 925
32 CPB, INC 800
201 CULLEN FROST BANKERS, INC 5,288
54 CVB FINANCIAL CORP 853
417 DIME BANCORP, INC 6,567
48 DIME COMMUNITY BANCORP, INC 780
77 DOWNEY FINANCIAL CORP 2,233
35 F & M BANCORP, INC (MARYLAND) 691
87 F & M NATIONAL CORP 1,827
79 F.N.B. CORP 1,629
24 FARMERS CAPITAL BANK CORP 729
40 FCNB CORP 722
1,021 FIFTH THIRD BANCORP 64,578
88 FIRST BANCORP (PUERTO RICO) 1,633
41 FIRST BUSEY CORP 673
59 FIRST CHARTER CORP 929
20 FIRST CITIZENS BANCSHARES, INC
(CLASS A) 1,190
233 FIRST COMMONWEALTH FINANCIAL CORP 2,111
58 FIRST FEDERAL CAPITAL CORP 641
134 FIRST FINANCIAL BANCORP 2,638
38 FIRST FINANCIAL BANKSHARES, INC 1,045
23 FIRST FINANCIAL CORP (INDIANA) 701
50 FIRST FINANCIAL HOLDINGS, INC 687
35 FIRST INDIANA CORP 695
41 FIRST MERCHANTS CORP 868
134 FIRST MIDWEST BANCORP, INC 3,115
47 FIRST NIAGARA FINANCIAL GROUP, INC 440
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 97
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
BANKS, SAVINGS AND LOANS-- (CONTINUED)
36 * FIRST REPUBLIC BANK $ 717
837 FIRST SECURITY CORP 11,351
150 FIRST SENTINEL BANCORP, INC 1,232
42 FIRST SOURCE CORP 658
589 FIRST TENNESSEE NATIONAL CORP 9,755
4,119 FIRST UNION CORP 102,202
95 FIRST UNITED BANCSHARES, INC 1,442
187 FIRST VIRGINIA BANKS, INC 6,509
43 FIRST WASHINGTON BANCORP, INC 599
4,091 FIRSTAR CORP 86,166
69 * FIRSTFED FINANCIAL CORP 974
304 FIRSTMERIT CORP 6,498
27 FLAGSTAR BANCORP, INC 219
4,047 FLEETBOSTON FINANCIAL CORP 137,598
55 FRONTIER FINANCIAL CORP 1,010
271 FULTON FINANCIAL CORP 4,793
40 GBC BANCORP 1,170
36 GLACIER BANCORP, INC 474
255 * GOLDEN STATE BANCORP, INC 4,590
621 GOLDEN WEST FINANCIAL CORP 25,344
25 GREAT SOUTHERN BANCORP 434
51 GREATER BAY BANCORP 2,384
328 GREENPOINT FINANCIAL CORP 6,150
32 * HAMILTON BANCORP, INC 560
35 HANCOCK HOLDINGS CO 1,190
48 HARBOR FLORIDA BANCSHARES, INC 501
30 HARLEYSVILLE NATIONAL CORP 982
33 HARRIS FINANCIAL, INC 204
604 HIBERNIA CORP (CLASS A) 6,568
62 HUDSON RIVER BANCORP, INC 736
190 HUDSON UNITED BANCORP 4,263
867 HUNTINGTON BANCSHARES, INC 13,709
140 * IMPERIAL BANCORP 2,187
300 INDEPENDENCE COMMUNITY BANK
CORP 3,975
44 INDEPENDENT BANK CORP 497
67 INTEGRA BANK CORP 1,139
58 INTERNATIONAL BANCSHARES CORP 1,892
60 INTERWEST BANCORP, INC 840
41 IRWIN FINANCIAL CORP 591
1,800 KEYCORP 31,725
183 KEYSTONE FINANCIAL, INC 3,888
77 * LOCAL FINANCIAL CORP 642
29 M & T BANK CORP 13,050
91 MAF BANCORP, INC 1,655
557 MARSHALL & ILSLEY CORP 23,115
2,927 MBNA CORP 79,394
2,015 MELLON FINANCIAL CORP 73,421
260 MERCANTILE BANKSHARES CORP 7,751
72 MERCHANTS NEW YORK BANCORP, INC 1,237
32 MID-AMERICA BANCORP 800
31 MIDWEST BANC HOLDINGS, INC 430
24 MISSISSIPPI VALLEY BANCSHARES 582
761 MORGAN (J.P.) & CO, INC 83,805
56 NATIONAL BANCORP OF ALASKA, INC 2,009
2,500 NATIONAL CITY CORP 42,656
322 NATIONAL COMMERCE BANCORP 5,172
67 NATIONAL PENN BANCSHARES, INC 1,381
68 NBT BANCORP, INC 726
751 NORTH FORK BANCORP, INC 11,358
883 NORTHERN TRUST CORP 57,450
55 NORTHWEST BANCORP, INC 378
50 OCEANFIRST FINANCIAL CORP 921
143 * OCWEN FINANCIAL CORP 795
563 OLD KENT FINANCIAL CORP 15,060
182 OLD NATIONAL BANCORP 5,334
33 OMEGA FINANCIAL CORP 833
126 ONE VALLEY BANCORP, INC 3,937
43 ORIENTAL FINANCIAL GROUP 620
92 PACIFIC CAPITAL BANCORP 2,305
302 PACIFIC CENTURY FINANCIAL CORP 4,416
32 PARK NATIONAL CORP 2,904
98 PEOPLES BANK OF BRIDGEPORT CO 1,800
23 PEOPLES HOLDINGS CO 460
49 PFF BANCORP, INC 894
1,208 PNC FINANCIAL SERVICES GROUP, INC 56,625
611 POPULAR, INC 11,647
64 PREMIER NATIONAL BANCORP, INC 832
100 PROVIDENT BANKSHARES CORP 1,350
80 PROVIDENT FINANCIAL GROUP 1,905
635 PROVIDIAN FINANCIAL CORP 57,150
63 QUEENS COUNTY BANCORP, INC 1,161
38 R&G FINANCIAL CORP (CLASS B) 301
923 REGIONS FINANCIAL CORP 18,344
171 REPUBLIC BANCORP, INC 1,528
22 REPUBLIC BANCORP, INC (KENTUCKY) 221
21 * REPUBLIC BANCSHARES, INC 252
187 REPUBLIC SECURITY FINANCIAL CORP 935
116 RICHMOND COUNTY FINANCIAL CORP 2,218
72 RIGGS NATIONAL CORP 909
300 ROSLYN BANCORP, INC 4,982
101 S & T BANCORP, INC 1,843
241 * S1 CORP 5,618
36 SANDY SPRING BANCORP, INC 735
98 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
BANKS, SAVINGS AND LOANS-- (CONTINUED)
31 SANTANDER BANCORP $ 395
100 SEACOAST FINANCIAL SERVICES CORP 950
40 SECOND BANCORP, INC 607
38 SHORELINE FINANCIAL CORP 451
148 * SILICON VALLEY BANCSHARES 6,308
28 SIMMONS FIRST NATIONAL CORP
(CLASS A) 626
300 SKY FINANCIAL GROUP, INC 4,781
162 SOUTH FINANCIAL GROUP, INC 2,349
700 SOUTHTRUST CORP 15,837
105 * SOUTHWEST BANCORP OF TEXAS, INC 2,178
882 SOVEREIGN BANCORP, INC 6,201
32 ST. FRANCIS CAPITAL CORP 484
702 STATE STREET CORP 74,455
149 STATEN ISLAND BANCORP, INC 2,626
98 STERLING BANCSHARES, INC 1,059
30 STERLING FINANCIAL CORP 594
754 SUMMIT BANCORP 18,567
1,305 SUNTRUST BANKS, INC 59,622
139 SUSQUEHANNA BANCSHARES, INC 1,980
1,005 SYNOVUS FINANCIAL CORP 17,713
312 TCF FINANCIAL CORP 8,014
54 TEXAS REGIONAL BANCSHARES,
INC (CLASS A) 1,370
25 THREE RIVERS BANCORP, INC 164
61 TRUST CO OF NEW JERSEY 1,113
202 TRUSTCO BANK CORP (NEW YORK) 2,525
240 TRUSTMARK CORP 4,185
3,240 U.S. BANCORP 62,370
37 U.S.B. HOLDINGS CO, INC 522
65 UMB FINANCIAL CORP 2,132
631 UNION PLANTERS CORP 17,628
121 UNIONBANCAL CORP 2,246
161 UNITED BANKSHARES, INC 2,928
133 UNITED COMMUNITY FINANCIAL CORP
(OHIO) 885
60 UNITED NATIONAL BANCORP 1,102
50 USBANCORP, INC 178
239 VALLEY NATIONAL BANCORP 5,810
159 W HOLDING CO, INC 1,311
963 WACHOVIA CORP 52,242
206 WASHINGTON FEDERAL, INC 3,759
2,274 WASHINGTON MUTUAL, INC 65,661
143 WEBSTER FINANCIAL CORP 3,172
7,128 WELLS FARGO CO 276,210
75 WESBANCO, INC 1,818
58 WEST COAST BANCORP (OREGON) 580
142 WESTAMERICA BANCORP 3,709
40 WESTCORP 477
85 WHITNEY HOLDINGS CORP 2,905
123 WILMINGTON TRUST CORP 5,258
322 ZIONS BANCORP 14,776
-----------
3,894,802
-----------
CREDIT AND OTHER FINANCE -- 2.43%
203 * ACNEILSEN CORP 4,466
75 ADVANTA CORP (CLASS A) 914
44 ALEXANDRIA REAL ESTATE EQUITIES, INC 1,509
335 ALLIED CAPITAL CORP 5,695
279 AMB PROPERTY CORP 6,364
32 * AMERCO 640
5,858 AMERICAN EXPRESS CO 305,348
67 AMERICAN INDUSTRIAL PROPERTIES REIT 908
282 * AMERICREDIT CORP 4,794
55 AMLI RESIDENTIAL PROPERTIES TRUST 1,295
184 * AMRESCO, INC 103
451 APARTMENT INVESTMENT &
MANAGEMENT CO 19,505
321 ARCHSTONE COMMUNITIES TRUST 6,761
62 ASSOCIATED ESTATES REALTY CORP 434
149 * ASSOCIATES FIRST CAPITAL RESIDUAL
VALUE 4
3,142 ASSOCIATES FIRST CAPITAL CORP 70,105
448 AVALONBAY COMMUNITIES, INC 18,704
77 BEDFORD PROPERTY INVESTORS, INC 1,429
196 BOSTON PROPERTIES, INC 7,570
64 BOYKIN LODGING CO 864
91 BRADLEY REAL ESTATE, INC 1,939
133 BRANDYWINE REALTY TRUST 2,543
168 BRE PROPERTIES, INC (CLASS A) 4,851
121 BURNHAM PACIFIC PROPERTIES, INC 831
151 CAMDEN PROPERTY TRUST 4,435
81 CAPITAL AUTOMOTIVE REIT 1,144
842 CAPITAL ONE FINANCIAL CORP 37,574
31 CAPSTEAD MORTGAGE CORP 259
252 CARRAMERICA REALTY CORP 6,678
85 CBL & ASSOCIATES PROPERTIES, INC 2,119
90 CENTER TRUST, INC 455
78 CENTERPOINT PROPERTIES CORP 3,178
74 CHARLES E. SMITH RESIDENTIAL REALTY,
INC 2,812
77 CHARTER MUNICIPAL MORTGAGE
ACCEPTANCE 948
80 CHATEAU PROPERTIES, INC 2,260
59 CHELSEA GCA REALTY, INC 2,039
130 * CHOICEPOINT, INC 5,785
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 99
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
CREDIT AND OTHER FINANCE -- (CONTINUED)
204 CIT GROUP, INC (CLASS A) $ 3,315
98 COLONIAL PROPERTIES TRUST 2,682
114 COMMERCIAL NET LEASE REALTY, INC 1,197
29 * COMPUCREDIT CORP 870
870 * CONCORD EFS, INC 22,620
147 CORNERSTONE REALTY INCOME TRUST, INC 1,470
525 COUNTRYWIDE CREDIT INDUSTRIES, INC 15,914
91 COUSINS PROPERTIES, INC 3,503
83 * CREDIT ACCEPTANCE CORP 461
17 b* CREDITRUST CORP 22
403 CRESCENT REAL ESTATE EQUITIES CO 8,261
87 CROWN AMERICAN REALTY TRUST 467
225 DEVELOPERS DIVERSIFIED REALTY CORP 3,360
120 DORAL FINANCIAL CORP 1,372
471 DUKE-WEEKS REALTY CORP 10,538
37 * DVI, INC 592
84 EAST WEST BANCORP, INC 1,207
60 EASTGROUP PROPERTIES, INC 1,263
56 ENTERTAINMENT PROPERTIES TRUST 773
633 EQUIFAX, INC 16,616
140 EQUITY INNS, INC 857
1,384 EQUITY OFFICE PROPERTIES TRUST 38,146
476 EQUITY RESIDENTIAL PROPERTIES
TRUST CO 21,896
68 ESSEX PROPERTY TRUST, INC 2,856
29 * FEDERAL AGRICULTURE MORTGAGE CORP 422
4,451 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 232,286
152 FEDERAL REALTY INVESTMENT TRUST 3,040
218 FELCOR LODGING TRUST, INC 4,033
41 * FINANCIAL FEDERAL CORP 712
223 * FINET.COM, INC 153
231 FINOVA GROUP, INC 3,003
143 FIRST INDUSTRIAL REALTY TRUST, INC 4,218
31 FIRST WASHINGTON REALTY TRUST, INC 683
211 FRANCHISE FINANCE CORP OF AMERICA 4,853
2,912 FREDDIE MAC 117,936
96 GABLES RESIDENTIAL TRUST 2,478
195 GENERAL GROWTH PROPERTIES, INC 6,191
29 GETTY REALTY HOLDINGS CORP 315
117 GLENBOROUGH REALTY TRUST, INC 2,040
89 GLIMCHER REALTY TRUST 1,279
29 GOLF TRUST OF AMERICA, INC 460
62 GREAT LAKES REIT, INC 1,054
188 HEALTH CARE PROPERTY INVESTORS, INC 5,123
107 HEALTH CARE REIT, INC 1,738
151 HEALTHCARE REALTY TRUST, INC 2,576
158 HELLER FINANCIAL, INC 3,239
234 HIGHWOODS PROPERTIES, INC 5,616
73 HOME PROPERTIES OF NEW YORK, INC 2,190
190 HOSPITALITY PROPERTIES TRUST 4,286
2,170 HOUSEHOLD INTERNATIONAL, INC 90,190
494 HRPT PROPERTIES TRUST 3,025
97 * IMPERIAL CREDIT INDUSTRIES, INC 412
269 INDYMAC MORTGAGE HOLDINGS, INC 3,648
131 INNKEEPERS U.S.A. TRUST 1,195
125 IRT PROPERTY CO 1,062
324 ISTAR FINANCIAL, INC 6,783
127 JDN REALTY CORP 1,293
48 JP REALTY, INC 855
105 KILROY REALTY CORP 2,723
179 KIMCO REALTY CORP 7,339
101 KOGER EQUITY, INC 1,704
116 KONOVER PROPERTY TRUST, INC 551
45 LASALLE HOTEL PROPERTIES 646
350 LEUCADIA NATIONAL CORP 7,984
65 LEXINGTON CORPORATE PROPERTIES TRUST 727
252 LIBERTY PROPERTY TRUST CO 6,536
103 LTC PROPERTIES, INC 611
114 MACERICH CO 2,515
220 MACK-CALI REALTY CORP 5,651
76 MANUFACTURED HOME COMMUNITIES, INC 1,819
42 MEDALLION FINANCIAL CORP 648
469 MEDITRUST CORP PAIRED 1,758
180 MERISTAR HOSPITALITY CORP 3,780
367 METRIS COS, INC 9,220
52 MGI PROPERTIES, INC 120
69 MID-AMERICA APARTMENT
COMMUNITIES, INC 1,656
42 MID-STATE BANCSHARES 1,144
57 MILLS CORP 1,072
47 NATIONAL GOLF PROPERTIES, INC 992
92 NATIONAL HEALTH INVESTORS, INC 1,012
28 * NATIONAL PROCESSING, INC 350
174 NATIONWIDE HEALTH PROPERTIES, INC 2,425
89 * NETBANK, INC 1,106
37 * NEW CENTURY FINANCIAL CORP 322
333 NEW PLAN EXCEL REALTY TRUST 4,329
20 * NEXTCARD, INC 170
75 * OMEGA HEALTHCARE INVESTORS, INC 337
67 PACIFIC GULF PROPERTIES, INC 1,679
33 PAN PACIFIC RETAIL PROPERTIES, INC 664
38 PARKWAY PROPERTIES, INC 1,159
100 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
CREDIT AND OTHER FINANCE -- (CONTINUED)
45 PENNSYLVANIA REAL ESTATE
INVESTMENT TRUST $ 770
246 POST PROPERTIES, INC 10,824
142 PRENTISS PROPERTIES TRUST 3,408
34 PRIME GROUP REALTY TRUST 516
163 PRIME RETAIL, INC 203
446 PRISON REALTY TRUST, INC 1,365
440 PROLOGIS TRUST 9,377
89 PS BUSINESS PARKS, INC 2,136
322 PUBLIC STORAGE, INC 7,546
101 REALTY INCOME CORP 2,379
152 RECKSON ASSOCIATES REALTY CORP 3,610
28 REDWOOD TRUST, INC 392
133 REGENCY REALTY CORP 3,158
88 RESOURCE AMERICA, INC (CLASS A) 574
75 RESOURCE BANCSHARES MORTGAGE
GROUP, INC 314
94 RFS HOTEL INVESTORS, INC 1,104
271 ROUSE CO 6,707
40 SAUL CENTERS, INC 645
98 SENIOR HOUSING PROPERTIES TRUST 716
109 SHURGARD STORAGE CENTERS, INC 2,452
62 * SIERRACITIES.COM, INC 232
477 SIMON PROPERTY GROUP, INC 10,583
81 SL GREEN REALTY CORP 2,166
699 SLM HOLDINGS CORP 26,168
47 SOVRAN SELF STORAGE, INC 1,007
231 SPIEKER PROPERTIES, INC 10,626
106 STORAGE U.S.A., INC 3,127
86 SUMMIT PROPERTIES, INC 1,806
66 SUN COMMUNITIES, INC 2,206
20 TANGER FACTORY OUTLET CENTERS, INC 470
130 TAUBMAN CENTERS, INC 1,430
48 * TELESCAN, INC 351
81 THORNBURG MORTAGE, INC 582
59 TOWN & COUNTRY TRUST 1,014
58 U.S. RESTAURANT PROPERTIES, INC 518
201 * UNICAPITAL CORP 100
388 UNITED DOMINION REALTY TRUST, INC 4,268
38 URBAN SHOPPING CENTERS, INC 1,280
205 * VENTAS, INC 653
324 VORNADO REALTY TRUST 11,259
134 WASHINGTON REAL ESTATE
INVESTMENT TRUST 2,395
101 WEINGARTEN REALTY INVESTORS, INC 4,077
39 WELLSFORD REAL PROPERTIES, INC 589
65 WESTERN PROPERTIES TRUST 771
109 WESTFIELD AMERICA, INC 1,464
16 WFS FINANCIAL, INC 276
-----------
1,436,270
-----------
INSURANCE -- 3.06%
328 21ST CENTURY INSURANCE GROUP 5,166
44 * ACCEPTANCE INSURANCE COS, INC 220
664 AETNA, INC 42,620
1,101 AFLAC, INC 50,577
149 ALFA CORP 2,607
18 * ALLEGHANY CORP (DELAWARE) 3,024
204 ALLMERICA FINANCIAL CORP 10,684
3,333 ALLSTATE CORP 74,159
363 AMBAC FINANCIAL GROUP, INC 19,896
143 AMERICAN FINANCIAL GROUP, INC 3,548
1,038 AMERICAN GENERAL CORP 63,318
5,585 AMERICAN INTERNATIONAL GROUP,
INC 656,237
39 AMERICAN NATIONAL INSURANCE CO 1,989
57 AMERUS LIFE HOLDINGS, INC (CLASS A) 1,175
1,149 AON CORP 35,690
33 * ARCH CAPITAL GROUP LTD 492
63 ARGONAUT GROUP, INC 1,078
700 AXA FINANCIAL, INC 23,800
50 BALDWIN & LYONS, INC (CLASS B) 853
64 BERKLEY (W.R.) CORP 1,200
50 BLANCH (E.W.) HOLDINGS, INC 1,015
40 BROWN & BROWN, INC 2,080
763 CHUBB CORP 46,924
800 CIGNA CORP 74,800
579 CINCINNATI FINANCIAL CORP 18,202
65 * CNA FINANCIAL CORP 2,210
62 CNA SURETY CORP 740
96 COMMERCE GROUP, INC 2,832
1,231 CONSECO, INC 12,002
137 CRAWFORD & CO (CLASS B) 1,507
57 * DELPHI FINANCIAL GROUP, INC 1,934
102 ENHANCE FINANCIAL SERVICES
GROUP, INC 1,466
246 ERIE INDEMNITY CO (CLASS A) 7,749
21 * FARM FAMILY HOLDINGS, INC 649
232 FIDELITY NATIONAL FINANCIAL, INC 4,248
73 FINANCIAL SECURITY ASSURANCE
HOLDINGS LTD 5,538
210 FIRST AMERICAN CORP 3,005
185 * FIRST HEALTH GROUP CORP 6,070
374 * FOUNDATION HEALTH SYSTEMS (CLASS A) 4,862
37 * FPIC INSURANCE GROUP, INC 580
219 FREMONT GENERAL CORP 862
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 101
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INSURANCE -- (CONTINUED)
114 FRONTIER INSURANCE GROUP, INC $ 85
138 GALLAGHER (ARTHUR J.) & CO 5,796
30 GREAT AMERICAN FINANCIAL RESOURCES,
INC 530
50 HARLEYSVILLE GROUP, INC 837
934 HARTFORD FINANCIAL SERVICES
GROUP, INC 52,245
151 HCC INSURANCE HOLDINGS, INC 2,850
37 * HEALTHAXIS, INC 141
149 HILB, ROGAL & HAMILTON CO 5,168
154 HORACE MANN EDUCATORS CORP 2,310
110 HSB GROUP, INC 3,423
596 * HUMANA, INC 2,905
394 JEFFERSON-PILOT CORP 22,236
26 KANSAS CITY LIFE INSURANCE CO 698
53 LANDAMERICA FINANCIAL GROUP, INC 1,215
61 LIBERTY CORP 2,562
50 LIBERTY FINANCIAL COS, INC 1,096
836 LINCOLN NATIONAL CORP 30,200
276 LOEWS CORP 16,560
16 * MARKEL CORP 2,266
1,105 MARSH & MCLENNAN COS, INC 115,403
375 MBIA, INC 18,070
89 * MEDICAL ASSURANCE, INC 1,001
101 MERCURY GENERAL CORP 2,386
498 MGIC INVESTMENT CORP 22,659
171 * MID ATLANTIC MEDICAL SERVICES, INC 2,308
17 MIDLAND CO 416
178 MONY GROUP, INC 6,018
8 * NATIONAL WESTERN LIFE INSURANCE
CO 576
90 NATIONWIDE FINANCIAL SERVICES, INC
(CLASS A) 2,958
226 OHIO CASUALTY CORP 2,401
475 OLD REPUBLIC INTERNATIONAL CORP 7,837
307 * OXFORD HEALTH PLANS, INC 7,310
141 * PACIFICARE HEALTH SYSTEMS, INC
(CLASS A) 8,486
22 * PENN TREATY AMERICAN CORP 374
32 * PHILADELPHIA CONSOLIDATED HOLDINGS
CORP 538
38 * PICO HOLDINGS, INC 534
66 PMA CAPITAL CORP (CLASS A) 1,254
114 PMI GROUP, INC 5,415
88 PRESIDENTIAL LIFE CORP 1,221
34 * PROFESSIONALS GROUP, INC 830
200 PROGRESSIVE CORP 14,800
194 PROTECTIVE LIFE CORP 5,165
137 RADIAN GROUP, INC 7,089
72 REINSURANCE GROUP OF AMERICA,
INC 2,169
240 RELIANCE GROUP HOLDINGS, INC 180
416 RELIASTAR FINANCIAL CORP 21,814
30 RLI CORP 1,042
490 SAFECO CORP 9,738
45 SCPIE HOLDINGS, INC 922
103 SELECTIVE INSURANCE GROUP, INC 1,957
101 * SIERRA HEALTH SERVICES, INC 321
1,049 ST. PAUL COS, INC 35,797
54 STANCORP FINANCIAL GROUP, INC 1,734
52 STATE AUTO FINANCIAL CORP 617
44 STEWART INFORMATION SERVICES
CORP 643
495 TORCHMARK CORP 12,220
67 TRANSATLANTIC HOLDINGS, INC 5,611
38 TRENWICK GROUP, INC 553
50 * TRIAD GUARANTY, INC 1,146
248 * TRIGON HEALTHCARE, INC 12,787
143 * UICI 938
26 UNITED FIRE & CASULTY CO 403
670 UNITEDHEALTH GROUP, INC 57,452
183 UNITRIN, INC 5,375
887 UNUMPROVIDENT CORP 17,795
340 * WELLPOINT HEALTH NETWORKS, INC 24,628
36 ZENITH NATIONAL INSURANCE CORP 765
-----------
1,802,387
-----------
SECURITIES AND COMMODITIES -- 1.80%
28 ADVEST GROUP, INC 586
87 * AFFILIATED MANAGERS GROUP, INC 3,958
241 * AMERITRADE HOLDINGS CORP (CLASS A) 2,801
527 BEAR STEARNS COS, INC 21,936
47 DAIN RAUSCHER CORP 3,102
60 DLJ DIRECT 427
128 DONALDSON, LUFKIN & JENRETTE, INC 5,432
889 * E TRADE GROUP, INC 14,668
113 EATON VANCE CORP 5,226
347 EDWARDS (A.G.), INC 13,533
214 FEDERATED INVESTORS, INC 7,503
725 FRANKLIN RESOURCES, INC 22,021
87 * FRIEDMAN, BILLINGS, RAMSEY GROUP,
INC 706
45 * INVESTMENT TECHNOLOGY GROUP, INC 1,777
110 INVESTORS FINANCIAL SERVICES CORP 4,365
80 JEFFERIES GROUP, INC (NEW) 1,615
27 JOHN NUVEEN CO (CLASS A) 1,132
102 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
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SECURITIES AND COMMODITIES-- (CONTINUED)
362 * KNIGHT TRADING GROUP $ 10,792
215 LEGG MASON, INC 10,750
552 LEHMAN BROTHERS HOLDINGS, INC 52,198
1,676 MERRILL LYNCH & CO, INC 192,740
108 MORGAN KEEGAN, INC 1,593
4,900 MORGAN STANLEY DEAN WITTER & CO 407,925
40 * NATIONAL DISCOUNT BROKERS
GROUP, INC 1,275
637 PAINE WEBBER GROUP, INC 28,983
165 PHOENIX INVESTMENT PARTNERS LTD 1,732
100 * PIONEER GROUP, INC 4,237
387 PRICE (T. ROWE) ASSOCIATES, INC 16,447
152 RAYMOND JAMES FINANCIAL CORP 3,420
4,936 SCHWAB (CHARLES) CORP 165,973
44 SOUTHWEST SECURITIES GROUP, INC 1,639
333 THE GOLDMAN SACHS GROUP, INC 31,593
58 TUCKER ANTHONY SUTRO CORP 1,044
198 UNITED ASSET MANAGEMENT CORP 4,628
7 VALUE LINE, INC 269
327 WADDELL & REED FINANCIAL, INC
(CLASS A) 10,729
-----------
1,058,755
-----------
TOTAL FINANCE 8,192,214
-----------
FOODS AND RELATED -- 4.58%
BEVERAGES, OTHER FOOD PRODUCTS -- 4.09%
88 * 7-ELEVEN, INC 1,210
123 * ADVANTICA RESTAURANT GROUP, INC 119
39 * AGRIBRANDS INTERNATIONAL, INC 1,635
1,795 ALBERTSONS, INC 59,683
69 * AMERICAN ITALIAN PASTA CO (CLASS A) 1,427
2,052 ANHEUSER-BUSCH COS, INC 153,258
92 APPLEBEES INTERNATIONAL, INC 2,788
2,491 ARCHER DANIELS MIDLAND CO 24,442
66 * AURORA FOODS, INC 264
65 AVADO BRANDS, INC 97
69 * BERINGER WINE ESTATES
HOLDINGS, INC (CLASS B) 2,436
1,250 BESTFOODS, INC 86,562
145 BOB EVANS FARMS, INC 2,165
346 * BRINKER INTERNATIONAL, INC 10,120
188 BROWN FORMAN, INC (CLASS B) 10,105
158 * BUFFETS, INC 2,004
23 * BUSH BOAKE ALLEN, INC 1,006
132 * CADIZ, INC 1,056
1,344 CAMPBELL SOUP CO 39,144
61 * CANANDAIGUA BRANDS, INC (CLASS A) 3,076
221 CBRL GROUP, INC 3,245
102 * CEC ENTERTAINMENT, INC 2,613
76 * CENTRAL GARDEN & PET CO 681
157 CHIQUITA BRANDS INTERNATIONAL,
INC 618
195 CKE RESTAURANTS, INC 585
9,891 COCA COLA CO 568,114
1,001 COCA COLA ENTERPRISES, INC 16,328
2,343 CONAGRA, INC 44,663
90 * CONSOLIDATED PRODUCTS, INC 810
134 COORS (ADOLPH) CO (CLASS B) 8,107
140 CORN PRODUCTS INTERNATIONAL, INC 3,710
495 DARDEN RESTAURANTS, INC 8,043
44 * DAVE & BUSTERS, INC 275
147 DEAN FOODS CO 4,658
196 * DEL MONTE FOODS CO 1,335
454 DELHAIZE AMERICA, INC (CLASS B) 6,980
145 DELTA & PINE LAND CO 3,634
168 DIMON, INC 357
176 DOLE FOOD, INC 2,464
52 DREYERS GRAND ICE CREAM, INC 1,092
160 EARTHGRAINS CO 3,110
377 FLOWERS INDUSTRIES, INC 7,516
718 FORTUNE BRANDS, INC 16,558
1,248 GENERAL MILLS, INC 47,736
113 * GRAND UNION CO 60
65 GREAT ATLANTIC & PACIFIC TEA CO, INC 1,080
168 * HAIN CELESTIAL GROUP, INC 6,163
118 HANNAFORD BROTHERS, INC 8,481
1,648 HEINZ (H.J.) CO 72,100
560 HERSHEY FOODS CORP 27,160
83 * HINES HORTICULTURE, INC 565
303 HORMEL FOODS CORP 5,094
750 HOST MARRIOTT CORP (NEW) 7,031
376 IBP, INC 5,804
76 * IHOP CORP (NEW) 1,273
119 IMPERIAL SUGAR CO 156
36 INGLES MARKETS, INC (CLASS A) 375
92 * INTERNATIONAL HOME FOODS, INC 1,926
64 INTERNATIONAL MULTIFOODS CORP 1,108
152 INTERSTATE BAKERIES CORP 2,128
23 * J & J SNACK FOODS CORP 411
155 * JACK IN THE BOX, INC 3,816
76 KEEBLER FOODS CO 2,821
926 KELLOGG CO 27,548
3,523 * KROGER CO 77,726
129 LANCASTER COLONY CORP 2,475
91 LANCE, INC 819
97 LANDRY'S SEAFOOD RESTAURANTS, INC 824
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 103
<PAGE>
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SHARES VALUE
--------------------------------------------------------------------------------
BEVERAGES, OTHER FOOD PRODUCTS-- (CONTINUED)
125 LONE STAR STEAKHOUSE & SALOON,
INC $ 1,265
84 LUBYS, INC 672
261 MCCORMICK & CO, INC (NON-VOTE) 8,482
5,698 MCDONALD'S CORP 187,677
54 MICHAEL FOODS, INC 1,323
50 MORRISON MANAGEMENT
SPECIALISTS, INC 1,409
1,428 NABISCO GROUP HOLDINGS 37,038
192 NABISCO HOLDINGS CORP (CLASS A) 10,080
37 * NPC INTERNATIONAL, INC 331
53 * O'CHARLEY'S, INC 722
257 * OUTBACK STEAKHOUSE, INC 7,517
23 * P.F. CHANGS CHINA BISTRO, INC 734
85 * PAPA JOHNS INTERNATIONAL, INC 2,082
376 PEPSI BOTTLING GROUP, INC 10,974
6,181 PEPSICO, INC 274,668
47 * PERFORMANCE FOOD GROUP CO 1,504
61 PILGRIMS PRIDE CORP (CLASS B) 434
550 QUAKER OATS CO 41,318
108 * RALCORP HOLDINGS, INC 1,323
1,318 RALSTON PURINA CO 26,277
27 RIVIANA FOODS, INC 470
32 * ROBERT MONDAVI CORP (CLASS A) 982
234 RUBY TUESDAY, INC 2,939
114 RUDDICK CORP 1,346
136 * RYANS FAMILY STEAK HOUSES, INC 1,147
1,999 * SAFEWAY, INC 90,204
22 SANDERSON FARMS, INC 176
3,725 SARA LEE CORP 71,939
28 * SMART & FINAL, INC 215
171 * SMITHFIELD FOODS, INC 4,798
97 SMUCKER, (J.M.) CO (CLASS A) 1,867
119 SODEXHO MARRIOTT SERVICES, INC 1,904
69 * SONIC CORP 2,026
788 * STARBUCKS CORP 30,091
117 * SUIZA FOODS CORP 5,718
551 SUPERVALU, INC 10,503
1,440 SYSCO CORP 60,660
123 * TERRA INDUSTRIES, INC 130
97 * THE CHEESECAKE FACTORY CO 2,667
126 TOOTSIE ROLL INDUSTRIES, INC 4,410
61 * TRIARC COS, INC 1,250
581 * TRICON GLOBAL RESTAURANTS, INC 16,413
472 TYSON FOODS, INC 4,130
33 * UNITED NATURAL FOODS, INC 453
117 UNIVERSAL CORP 2,471
177 UNIVERSAL FOODS CORP 3,274
81 * VETERINARY CENTERS OF AMERICA, INC 1,113
331 VIAD CORP 9,019
107 * VLASIC FOODS INTERNATIONAL, INC 173
59 WEIS MARKETS, INC 1,932
394 WENDY'S INTERNATIONAL, INC 7,018
532 WHITMAN CORP 6,583
99 * WHOLE FOODS MARKET, INC 4,089
63 * WILD OATS MARKETS, INC 791
337 WINN DIXIE STORES, INC 4,823
292 WRIGLEY (WM) JR CO 23,414
51 * ZAPATA CORP 159
-----------
2,409,900
-----------
TOBACCO -- 0.49%
10,009 PHILIP MORRIS COS, INC 265,864
413 RJR REYNOLDS TOBACCO HOLDINGS,
INC 11,538
644 UST, INC 9,458
46 VECTOR GROUP LTD 678
-----------
287,538
-----------
TOTAL FOODS AND RELATED 2,697,438
-----------
HEALTH -- 12.56%
DRUGS AND PHARMACEUTICALS-- 10.26%
6,831 ABBOTT LABORATORIES CO 304,406
168 * ABGENIX, INC 20,136
23 * ALBANY MOLECULAR RESEARCH, INC 1,252
45 * ALGOS PHARMACEUTICAL CORP 686
182 * ALKERMES, INC 8,576
610 ALLERGAN, INC 45,445
73 ALPHARMA, INC (CLASS A) 4,544
429 * ALZA CORP 25,364
5,616 AMERICAN HOME PRODUCTS CORP 329,940
183 * AMERISOURCE HEALTH CORP (CLASS A) 5,673
4,446 * AMGEN, INC 312,331
130 * ANDRX CORP 8,309
45 * ANESTA CORP 1,119
51 * AVIRON, INC 1,574
225 * BARR LABORATORIES, INC 10,082
505 BERGEN BRUNSWIG CORP (CLASS A) 2,777
102 BINDLEY WESTERN INDUSTRIES, INC 2,696
766 * BIOGEN, INC 49,407
55 * BIOMATRIX, INC 1,244
199 * BIO-TECHNOLOGY GENERAL CORP 2,624
8,469 BRISTOL MYERS SQUIBB CO 493,319
1,255 CARDINAL HEALTH, INC 92,870
751 * CAREMARK RX, INC 5,116
76 * CELL PATHWAYS, INC 1,786
104 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
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SHARES VALUE
--------------------------------------------------------------------------------
DRUGS AND PHARMACEUTICALS -- (CONTINUED)
115 * CEPHALON, INC $ 6,885
37 * CHATTEM, INC 506
52 * CHIREX, INC 1,040
386 * CHIRON CORP 18,335
87 * COLUMBIA LABORATORIES, INC 500
86 * COR THERAPEUTICS, INC 7,336
56 * CORIXA CORP 2,404
63 * COULTER PHARMACEUTICALS, INC 1,291
1,675 CVS CORP 67,000
42 DIAGNOSTIC PRODUCTS CORP 1,344
65 * DUANE READE, INC 1,673
167 * DURA PHARMACEUTICALS, INC 2,400
82 * DURAMED PHARMACEUTICALS, INC 445
56 * ELAN CORP PLC ADR 2,712
239 * ENZON, INC 10,157
415 * FOREST LABORATORIES, INC 41,915
50 * GELTEX PHARMACEUTICALS, INC 1,021
417 * GENZYME CORP (GENERAL DIVISION) 24,785
265 * GILEAD SCIENCES, INC 18,848
87 * GUILFORD PHARMACEUTICALS, INC 1,310
92 * HEMISPHERX BIOPHARMA, INC 517
50 HERBALIFE INTERNATIONAL, INC
(CLASS B) 393
275 * HUMAN GENOME SCIENCES, INC 36,678
295 ICN PHARMACEUTICALS, INC 8,204
245 * ICOS CORP 10,780
259 * IDEC PHARMACEUTICALS CORP 30,383
138 * IDEXX LABORATORIES, INC 3,156
37 * IGEN INTERNATIONAL, INC 612
107 * IMCLONE SYSTEMS, INC 8,178
1,052 * IMMUNEX CORP 52,008
151 * INHALE THERAPEUTIC SYSTEMS 15,321
24 * INVITROGEN CORP 1,804
116 * ISIS PHARMACEUTICALS, INC 1,682
625 * IVAX CORP 25,937
6,039 JOHNSON & JOHNSON CO 615,223
206 JONES PHARMACEUTICAL, INC 8,227
156 * KING PHARMACEUTICALS, INC 6,844
45 * KV PHARMACEUTICAL CO (CLASS B) 1,223
170 * LIGAND PHARMACEUTICALS CO
(CLASS A) 2,241
4,145 LILLY (ELI) & CO 413,981
117 LONGS DRUG STORES CORP 2,544
410 LYONDELL CHEMICAL CO 6,867
79 * MACROCHEM CORP (DELAWARE) 382
262 MALLINCKRODT, INC 11,380
23 * MANNATECH, INC 53
1,161 MCKESSON HBOC, INC 24,308
107 * MEDICIS PHARMACEUTICAL CORP
(CLASS A) 6,099
930 * MEDIMMUNE, INC 68,820
9,901 MERCK & CO, INC 758,664
380 * MILLENNIUM PHARMACEUTICALS, INC 42,512
487 MYLAN LABORATORIES, INC 8,887
52 NATURES SUNSHINE PRODUCTS, INC 364
208 * NBTY, INC 1,326
53 * NCS HEALTHCARE, INC (CLASS A) 39
45 * NEUROGEN CORP 1,299
172 * NU SKIN ENTERPRISES, INC (CLASS A) 989
344 OMNICARE, INC 3,117
115 * ORGANOGENESIS, INC 1,315
62 * PATHOGENESIS CORP 1,612
27,143 PFIZER, INC 1,302,852
65 * PHARMACEUTICAL RESOURCES, INC 341
57 * PHARMACYCLICS, INC 3,477
15 * PRIORITY HEALTHCARE CORP (CLASS B) 1,114
170 * PROTEIN DESIGN LABORATORIES, INC 28,042
61 * REGENERON PHARMACEUTICALS, INC 1,818
975 RITE AID CORP 6,398
34 * SAFESCIENCE, INC 178
58 * SANGSTAT MEDICAL CORP 1,674
19 * SCHEIN PHARMACEUTICAL, INC 410
6,332 SCHERING-PLOUGH CORP 319,766
354 * SEPRACOR, INC 42,701
72 * SEROLOGICALS CORP 360
334 * SICOR, INC 2,672
380 SIGMA ALDRICH CORP 11,115
72 * SUPERGEN, INC 2,610
37 * SYNCOR INTERNATIONAL CORP 2,664
76 * TECHNE CORP 9,880
99 * THERAGENICS CORP 847
75 * TRANSKARYOTIC THERAPIES, INC 2,756
123 * TRIANGLE PHARMACEUTICALS, INC 1,114
86 * TWINLAB CORP 548
62 * VENTIV HEALTH, INC 689
97 * VERTEX PHARMACEUTICALS, INC 10,221
61 * VICAL, INC 1,174
4,278 WALGREEN CO 137,698
561 * WATSON PHARMACEUTICALS, INC 30,153
48 WEST PHARMACEUTICAL SERVICES,
INC 1,038
-----------
6,051,462
-----------
MEDICAL EQUIPMENT AND SUPPLIES -- 1.99%
77 * ACUSON CORP 1,039
65 * AFFYMETRIX, INC 10,733
1,373 * AGILENT TECHNOLOGIES, INC 101,258
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 105
<PAGE>
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SHARES VALUE
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MEDICAL EQUIPMENT AND SUPPLIES -- (CONTINUED)
47 * ALARIS MEDICAL, INC $ 82
23 ANALOGIC CORP 920
37 * APPLIED ANALYTICAL INDUSTRIES, INC 354
43 ARROW INTERNATIONAL, INC 1,440
18 * BACOU U.S.A., INC 360
193 BARD (C.R.), INC 9,288
205 BAUSCH & LOMB, INC 15,861
1,195 BAXTER INTERNATIONAL, INC 84,023
102 BECKMAN COULTER, INC 5,954
1,243 BECTON DICKINSON & CO 35,658
378 BIOMET, INC 14,529
32 * BIO-RAD LABORATORIES, INC (CLASS A) 800
1,126 * BOSTON SCIENTIFIC CORP 24,701
38 * BRITESMILE, INC 171
24 * CLOSURE MEDICAL CORP 552
231 * COGNEX CORP 11,954
93 * COHERENT, INC 7,800
75 COHU, INC 2,022
58 * CONMED CORP 1,500
52 COOPER COS, INC 1,891
162 * CREDENCE SYSTEMS CORP 8,940
20 CUBIC CORP 375
67 * CYBERONICS, INC 804
136 * CYTYC CORP 7,259
46 DATASCOPE CORP 1,656
169 DENTSPLY INTERNATIONAL, INC 5,207
83 * DIONEX CORP 2,220
71 * ECLIPSE SURGICAL TECHNOLOGIES, INC 310
219 * EDWARDS LIFESCIENCES CORP 4,051
83 * ENZO BIOCHEMICAL, INC 5,727
101 * GENRAD, INC 909
36 * GLIATECH, INC 729
1,338 * GUIDANT CORP 66,231
97 * HAEMONETICS CORP 2,037
72 * HANGER ORTHOPEDIC GROUP, INC 355
30 * IMPATH, INC 1,627
170 * INPUT/OUTPUT, INC 1,434
90 INVACARE CORP 2,362
421 JOHNSON CONTROLS, INC 21,602
777 * KLA-TENCOR CORP 45,503
25 * LABORATORY CORP OF
AMERICA HOLDINGS 1,928
360 * LTX CORP 12,577
87 * MECHANICAL TECHNOLOGY, INC 1,305
132 * MEDICAL MANAGER CORP 4,496
5,019 MEDTRONIC, INC 250,008
78 MENTOR CORP 2,120
145 * METTLER-TOLEDO INTERNATIONAL, INC 5,800
270 MILLIPORE CORP 20,351
36 MINE SAFETY APPLIANCES CO 864
78 * MINIMED, INC 9,204
25 * MKS INSTRUMENTS, INC 978
36 * MOLECULAR DEVICES CORP 2,490
79 MTS SYSTEMS CORP 493
53 * NOVOSTE CORP 3,233
59 * OCULAR SCIENCES, INC 693
53 * OSTEOTECH, INC 556
197 * PE CORP-CELERA GENOMICS GROUP 18,419
881 PE CORP-PE BIOSYSTEMS GROUP 58,035
174 PERKINELMER, INC 11,505
252 * QUEST DIAGNOSTICS, INC 18,033
112 * RESMED, INC 2,996
124 * RESPIRONICS, INC 2,232
55 * SCOTT TECHNOLOGIES, INC 945
94 * SOLA INTERNATIONAL, INC 458
417 * ST. JUDE MEDICAL, INC 19,129
254 * STERIS CORP 2,254
638 STRYKER CORP 27,912
176 * SUMMIT TECHNOLOGY, INC 3,322
84 * SUNRISE MEDICAL, INC 409
174 * SUNRISE TECHNOLOGIES
INTERNATIONAL, INC 1,740
392 * SYBRON INTERNATIONAL CORP 7,766
267 * TEKTRONIX, INC 19,758
143 TELEFLEX, INC 5,112
744 * TERADYNE, INC 54,684
67 * THERMEDICS, INC 665
59 * THERMO CARDIOSYSTEMS, INC 590
696 * THERMO ELECTRON CORP 14,659
74 * THERMO INSTRUMENT SYSTEMS, INC 1,387
32 * TREX MEDICAL CORP 64
115 * VARIAN MEDICAL SYSTEMS, INC 4,499
117 * VARIAN, INC 5,396
137 * VEECO INSTRUMENTS, INC 10,035
51 * VENTANA MEDICAL SYSTEMS, INC 1,198
213 * VISX, INC 5,977
24 VITAL SIGNS, INC 435
334 * WATERS CORP 41,687
66 * WESLEY JESSEN VISIONCARE, INC 2,479
-----------
1,173,104
-----------
MEDICAL FACILITIES MANAGEMENT -- 0.31%
18 * ACCREDO HEALTH, INC 622
71 * ADVANCE PARADIGM, INC 1,455
106 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
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SHARES VALUE
--------------------------------------------------------------------------------
MEDICAL FACILITIES MANAGEMENT -- (CONTINUED)
83 * ALTERRA HEALTHCARE CORP $ 166
65 * AMERICAN RETIREMENT CORP 361
81 * AMERIPATH, INC 718
196 * APRIA HEALTHCARE GROUP, INC 2,401
354 * BEVERLY ENTERPRISES, INC 995
41 * CAPITAL SENIOR LIVING CORP 120
37 * CAREMATRIX CORP 19
2,345 COLUMBIA/HCA HEALTHCARE CORP 71,229
223 * COVENTRY HEALTH CARE, INC 2,972
79 * EXPRESS SCRIPTS, INC 4,907
66 * GENTIVA HEALTH SERVICES, INC 536
1,154 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) 15,074
1,654 * HEALTHSOUTH CORP 11,888
218 HOOPER HOLMES, INC 1,744
95 * LASER VISION CENTERS, INC 587
110 * LCA-VISION, INC 268
117 * LIFEPOINT HOSPITALS, INC 2,603
145 * LINCARE HOLDINGS, INC 3,570
120 * MAGELLAN HEALTH SERVICES, INC 150
271 * MANOR CARE, INC 1,897
138 * MATRIA HEALTHCARE, INC 633
152 * ORTHODONTIC CENTERS OF
AMERICA, INC 3,439
59 * PEDIATRIX MEDICAL GROUP, INC 685
277 * PHYCOR, INC 173
46 * PROVINCE HEALTHCARE CO 1,661
266 * QUORUM HEALTH GROUP, INC 2,743
168 * RENAL CARE GROUP, INC 4,108
73 * RES-CARE, INC 392
70 * SUNRISE ASSISTED LIVING, INC 1,295
1,272 TENET HEALTHCARE CORP 34,344
283 * TOTAL RENAL CARE HOLDINGS, INC 1,698
128 * TRIAD HOSPITALS, INC 3,096
87 * UNIVERSAL HEALTH SERVICES, INC 5,698
214 * US ONCOLOGY, INC 1,070
-----------
185,317
-----------
TOTAL HEALTH 7,409,883
-----------
INDUSTRIAL MACHINERY -- 5.56%
ELECTRICAL -- 4.25%
121 AMETEK, INC 2,117
95 * ANICOM, INC 356
80 * ANIXTER INTERNATIONAL, INC 2,120
41 * ARGUSS COMMUNICATIONS, INC 773
461 * ARROW ELECTRONICS, INC 14,291
258 AVNET, INC 15,286
122 BALDOR ELECTRIC CO 2,272
64 BARNES GROUP, INC 1,044
201 * BRIGHTPOINT, INC 1,739
96 C&D TECHNOLOGIES, INC 5,424
129 * CELLSTAR CORP 358
309 COOPER INDUSTRIES, INC 10,061
99 * ELECTRO SCIENTIFIC INDUSTRIES, INC 4,359
1,836 EMERSON ELECTRIC CO 110,848
406 * ENERGIZER HOLDINGS, INC 7,409
72 EXIDE CORP 576
17 FRANKLIN ELECTRIC CO, INC 1,151
42,632 GENERAL ELECTRIC CO 2,259,496
46 * GENLYTE GROUP, INC 968
280 GRAINGER (W.W.), INC 8,627
192 HUBBELL, INC (CLASS B) 4,896
88 HUGHES SUPPLY, INC 1,738
106 * KENT ELECTRONICS CORP 3,160
246 * KOMAG, INC 430
74 * LITTELFUSE, INC 3,626
38 LSI INDUSTRIES, INC 577
91 * MAGNETEK, INC 728
16 * MOOG, INC (CLASS A) 422
152 NATIONAL SERVICE INDUSTRIES, INC 2,964
86 PIONEER-STANDARD ELECTRONICS, INC 1,268
104 * RAYOVAC CORP 2,327
580 ROCKWELL INTERNATIONAL CORP 18,270
69 SLI, INC 836
105 STEWART & STEVENSON SERVICES, INC 1,581
218 THOMAS & BETTS CORP 4,169
60 THOMAS INDUSTRIES, INC 1,061
170 * UCAR INTERNATIONAL, INC 2,220
70 * VICOR CORP 2,436
115 * WESCO INTERNATIONAL, INC 1,099
31 WOODWARD GOVERNOR CO 877
-----------
2,503,960
-----------
OTHER INDUSTRIAL EQUIPMENT -- 1.31%
36 * A.S.V., INC 517
103 AAR CORP 1,236
224 AGCO CORP 2,744
266 * AMERICAN STANDARD COS, INC 10,906
79 APPLIED INDUSTRIAL TECHNOLOGIES, INC 1,293
3,455 * APPLIED MATERIALS, INC 313,109
247 APPLIED POWER, INC (CLASS A) 8,274
55 * ASTEC INDUSTRIES, INC 1,395
113 * ASYST TECHNOLOGIES, INC 3,870
76 * ATMI, INC 3,534
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 107
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SHARES VALUE
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OTHER INDUSTRIAL EQUIPMENT -- (CONTINUED)
43 * AVIATION SALES CO $ 266
1,211 BAKER HUGHES, INC 38,752
427 BLACK & DECKER CORP 16,786
87 BRIGGS & STRATTON CORP 2,979
42 * BROOKS AUTOMATION, INC 2,685
346 BRUNSWICK CORP 5,730
1,435 CATERPILLAR, INC 48,610
70 CMI CORP (CLASS A) 245
47 COLUMBUS MCKINNON CORP 652
202 * COOPER CAMERON CORP 13,332
158 CUMMINS ENGINE CO, INC 4,305
61 * CUNO, INC 1,410
980 DEERE & CO 36,260
32 DETROIT DIESEL CORP 472
152 DONALDSON CO, INC 3,002
967 DOVER CORP 39,223
35 * DRIL-QUIP, INC 1,636
75 * ELECTROGLAS, INC 1,612
65 * ESTERLINE TECHNOLOGIES CORP 966
59 * FAIRCHILD CORP (CLASS A) 287
113 FEDDERS CORP 656
141 FLOWSERVE CORP 2,123
93 * FSI INTERNATIONAL, INC 2,016
48 * GARDNER DENVER, INC 858
55 GRACO, INC 1,787
507 * GRANT PRIDECO, INC 12,675
112 IDEX CORP 3,535
716 INGERSOLL-RAND CO 28,819
61 * IONICS, INC 1,868
166 JLG INDUSTRIES, INC 1,971
16 * JLK DIRECT DISTRIBUTION, INC
(CLASS A) 82
116 KAYDON CORP 2,436
106 KENNAMETAL, INC 2,272
89 * KULICKE & SOFFA INDUSTRIES, INC 5,284
647 * LAM RESEARCH CORP 24,262
22 LAWSON PRODUCTS, INC 541
141 LINCOLN ELECTRIC HOLDINGS CO 2,009
47 LINDSAY MANUFACTURING CO 922
98 MANITOWOC CO, INC 2,621
11 * MESTEK, INC 193
139 MILACRON, INC 2,015
102 * MSC INDUSTRIAL DIRECT CO (CLASS A) 2,135
24 NACCO INDUSTRIES, INC (CLASS A) 843
204 * NATIONAL-OILWELL, INC 6,706
53 NORDSON CORP 2,683
540 * NOVELLUS SYSTEMS, INC 30,543
467 PALL CORP 8,639
261 PENTAIR, INC 9,265
103 * PRESSTEK, INC 1,680
75 * PRI AUTOMATION, INC 4,904
30 ROBBINS & MYERS, INC 684
114 ROPER INDUSTRIES, INC 2,921
45 SAUER-DANFOSS, INC 444
126 * SILICON VALLEY GROUP, INC 3,260
184 * SMITH INTERNATIONAL, INC 13,397
46 * SPECIALTY EQUIPMENT COS, INC 1,247
93 * SPEEDFAM-IPEC, INC 1,691
44 STANDEX INTERNATIONAL CORP 698
25 STARRETT (L.S.) CO (CLASS A) 437
67 TECUMSEH PRODUCTS CO (CLASS A) 2,558
34 TENNANT CO 1,275
93 * TEREX CORP 1,313
23 * THERMO FIBERTEK, INC 109
190 TIMKEN CO 3,538
43 TORO CO 1,416
81 * ULTRATECH STEPPER, INC 1,204
160 * UNOVA, INC 1,170
147 YORK INTERNATIONAL CORP 3,711
-----------
773,504
-----------
TOTAL INDUSTRIAL MACHINERY 3,277,464
-----------
MEDIA AND LEISURE -- 3.76%
BROADCASTING -- 2.86%
203 * ADELPHIA COMMUNICATIONS CORP
(CLASS A) 9,515
68 * AMC ENTERTAINMENT, INC 331
678 * AMFM, INC 46,782
17 BHC COMMUNICATIONS, INC (CLASS A) 2,584
565 * CABLEVISION SYSTEMS CORP (CLASS A) 38,349
35 * CARMIKE CINEMAS, INC (CLASS A) 135
62 * CHRIS CRAFT INDUSTRIES, INC 4,095
85 * CITADEL COMMUNICATIONS CORP 2,969
1,107 * CLEAR CHANNEL COMMUNICATIONS,
INC 83,025
3,395 * COMCAST CORP (CLASS A) SPECIAL 137,497
652 * COX COMMUNICATIONS, INC (CLASS A) 29,706
102 * COX RADIO, INC (CLASS A) 2,856
68 * CUMULUS MEDIA, INC 620
9,037 DISNEY (WALT) CO 350,748
172 * EMMIS COMMUNICATIONS (CLASS A) 7,116
89 * ENTERCOM COMMUNICATIONS CORP 4,338
607 * FOX ENTERTAINMENT GROUP, INC 18,437
68 GAYLORD ENTERTAINMENT CO 1,462
108 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
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SHARES VALUE
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BROADCASTING -- (CONTINUED)
21 * GC COS, INC $ 469
48 GRAY COMMUNICATIONS SYSTEMS, INC 471
81 * HEARST-ARGYLE TELEVISION, INC 1,579
514 * HISPANIC BROADCASTING CORP 17,026
119 * HOLLYWOOD ENTERTAINMENT CORP 937
1,195 * INFINITY BROADCASTING CORP (CLASS A) 43,542
52 * LOEWS CINEPLEX ENTERTAINMENT CORP 165
57 * METRO-GOLDWYN-MAYER, INC 1,489
195 * METROMEDIA INTERNATIONAL GROUP, INC 926
37 * ON COMMAND CORP 527
160 * PANAMSAT CORP 6,990
112 * PAXSON COMMUNICATIONS CORP 896
82 * PEGASUS COMMUNICATIONS CORP 4,023
45 * PIXAR, INC 1,586
163 * PRICE COMMUNICATIONS CORP 3,840
32 * RADIO ONE, INC 946
64 * RADIO ONE, INC (CLASS D) 1,412
29 * SAGA COMMUNICATIONS, INC (CLASS A) 638
94 * SINCLAIR BROADCAST GROUP, INC
(CLASS A) 1,034
61 * SIRIUS SATELLITE RADIO, INC 2,703
5,114 TIME WARNER, INC 388,664
142 * TV GUIDE, INC 4,863
507 * U.S.A. NETWORKS, INC 10,963
15 UNITED TELEVISION, INC 1,931
412 * UNITEDGLOBALCOM, INC (CLASS A) 19,261
297 * UNIVISION COMMUNICATIONS, INC 30,739
13 * VALLEY MEDIA, INC 45
5,832 * VIACOM, INC (CLASS B) 397,669
81 * WAVO CORP 60
35 * YOUNG BROADCASTING, INC (CLASS A) 899
-----------
1,686,858
-----------
LODGING/GAMING/RECREATION -- 0.28%
315 * AMF BOWLING, INC 59
27 * ANCHOR GAMING CO 1,294
73 * ARGOSY GAMING CORP 1,049
150 * AZTAR CORP 2,325
90 * BALLY TOTAL FITNESS HOLDINGS CORP 2,283
120 * BOCA RESORTS, INC (CLASS A) 1,185
136 * BOYD GAMING CORP 756
37 * CHAMPIONSHIP AUTO RACING TEAMS, INC 943
207 * CHOICE HOTELS INTERNATIONAL, INC 2,057
32 CHURCHILL DOWNS, INC 748
70 * CRESTLINE CAPITAL CORP 1,194
51 DOVER DOWNS ENTERTAINMENT, INC 714
269 * EXTENDED STAY AMERICA, INC 2,488
79 b* FAMILY GOLF CENTERS, INC 18
484 * HARRAH'S ENTERTAINMENT, INC 10,133
1,342 HILTON HOTELS CORP 12,581
101 INTERNATIONAL SPEEDWAY CORP
(CLASS A ) 4,178
90 * LODGIAN, INC 219
267 * MANDALAY RESORT GROUP 5,340
85 MARCUS CORP 1,030
829 MARRIOTT INTERNATIONAL, INC
(CLASS A) 29,895
86 MGM GRAND, INC 2,762
1,088 * PARK PLACE ENTERTAINMENT CORP 13,260
88 * PINNACLE ENTERTAINMENT, INC 1,710
295 * PREMIER PARKS, INC 6,711
184 * PRIME HOSPITALITY CORP 1,736
212 * SFX ENTERTAINMENT, INC (CLASS A) 9,606
51 * SPEEDWAY MOTORSPORTS, INC 1,173
812 STARWOOD HOTELS & RESORTS
WORLDWIDE 26,440
90 * STATION CASINOS, INC 2,250
33 * STEINWAY MUSICAL INSTRUMENTS, INC 544
136 b* SUNTERRA CORP 31
14 * TRENDWEST RESORTS, INC 225
51 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) 245
84 * VAIL RESORTS, INC 1,370
458 * WESTWOOD ONE, INC 15,629
509 * WYNDHAM INTERNATIONAL, INC 1,272
-----------
165,453
-----------
PUBLISHING -- 0.62%
225 AMERICAN GREETINGS CORP (CLASS A) 4,275
61 * APPLIED GRAPHICS TECHNOLOGIES, INC 259
100 BANTA CORP 1,893
341 BELO (A.H.) CORP SERIES A 5,903
139 BOWNE & CO, INC 1,398
106 CENTRAL NEWSPAPERS, INC (CLASS A) 6,704
48 * CONSOLIDATED GRAPHICS, INC 450
23 * CSS INDUSTRIES, INC 470
276 DELUXE CORP 6,503
354 DONNELLEY (R.R.) & SONS CO 7,987
175 DOW JONES & CO, INC 12,818
77 * FRANKLIN COVEY CO 534
1,250 GANNETT CO, INC 74,765
114 HARLAND (JOHN H.) CO 1,702
169 HARTE-HANKS, INC 4,225
27 HOLLINGER INTERNATIONAL, INC 367
103 HOUGHTON MIFFLIN CO 4,808
12 * IDG BOOKS WORLDWIDE, INC 108
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 109
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
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SHARES VALUE
--------------------------------------------------------------------------------
PUBLISHING -- (CONTINUED)
17 * INFORMATION HOLDINGS, INC $ 629
175 * JOURNAL REGISTER CO 3,193
316 KNIGHT-RIDDER, INC 16,807
166 LEE ENTERPRISES, INC 3,869
72 MCCLATCHY CO (CLASS A) 2,385
838 MCGRAW HILL COS, INC 45,252
84 MEDIA GENERAL, INC (CLASS A) 4,079
139 MEREDITH CORP 4,691
46 NEW ENGLAND BUSINESS SERVICES, INC 747
742 NEW YORK TIMES CO (CLASS A) 29,309
158 * PAXAR CORP 1,886
80 PENTON MEDIA, INC 2,800
75 * PLAYBOY ENTERPRISES, INC (CLASS B) 965
847 * PRIMEDIA, INC 19,269
27 PULITZER, INC 1,139
126 * R.H. DONNELLEY CORP 2,441
443 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) 17,609
275 REYNOLDS & REYNOLDS CO (CLASS A) 5,018
34 SCHAWK, INC (CLASS A) 318
52 * SCHOLASTIC CORP 3,178
37 * SCIENTIFIC GAMES HOLDINGS CORP 908
99 SCRIPPS (E.W.) CO (CLASS A) 4,875
47 STANDARD REGISTER, INC 669
178 TIMES MIRROR CO SERIES A 16,131
164 * TOPPS, INC 1,886
803 TRIBUNE CO 28,105
147 WALLACE COMPUTER SERVICES, INC 1,451
12 WASHINGTON POST CO (CLASS B) 5,736
176 WILEY (JOHN) & SONS, INC (CLASS A) 3,960
100 * ZIFF-DAVIS, INC -ZD 900
-----------
365,374
-----------
TOTAL MEDIA AND LEISURE 2,217,685
-----------
RETAIL AND WHOLESALE -- 2.61%
GENERAL MERCHANDISE STORES-- 2.61%
45 * 99 CENTS ONLY STORES 1,794
767 * AMAZON.COM, INC 27,851
110 * AMES DEPARTMENT STORES, INC 852
135 ARMSTRONG HOLDINGS, INC 2,067
203 * BARNES & NOBLE, INC 4,516
110 * BARNESANDNOBLE.COM, INC 718
262 * BJ'S WHOLESALE CLUB, INC 8,646
131 BLYTH, INC 3,864
294 * BORDERS GROUP, INC 4,575
79 BRADY CORP (CLASS A) 2,567
286 CALLAWAY GOLF CO 4,665
199 CASEYS GENERAL STORES, INC 2,064
96 CASH AMERICA INTERNATIONAL, INC 708
184 * CDW COMPUTER CENTERS, INC 11,500
10 * COLDWATER CREEK, INC 301
415 * CONSOLIDATED STORES CORP 4,980
77 * COST PLUS, INC 2,208
2,054 * COSTCO WHOLESALE CORP 67,782
28 * DELIA*S, INC 66
389 DILLARDS, INC (CLASS A) 4,765
33 * DIRECT FOCUS, INC 1,617
755 DOLLAR GENERAL CORP 14,722
501 * DOLLAR TREE STORES, INC 19,820
63 * E4L, INC 51
83 * EGGHEAD.COM, INC 243
51 ENESCO GROUP, INC 242
37 * ETOYS, INC 234
47 * FACTORY 2-U STORES, INC 1,777
649 FAMILY DOLLAR STORES, INC 12,696
105 FASTENAL CO 5,315
12 * FATBRAIN.COM, INC 79
890 * FEDERATED DEPARTMENT STORES, INC 30,037
448 * HANOVER DIRECT, INC 700
194 HARCOURT GENERAL, INC 10,548
730 HASBRO, INC 10,995
56 * HEXCEL CORP 532
126 * HOMEBASE, INC 196
86 * IDENTIX, INC 1,349
77 * INSIGHT ENTERPRISES, INC 4,567
298 * INTERNATIONAL GAME TECHNOLOGY
CO 7,897
18 * ITURF, INC 51
57 * JAKKS PACIFIC, INC 840
61 * JO-ANN STORES, INC (CLASS A) 427
1,964 * K MART CORP 13,379
1,310 * KOHLS CORP 72,868
150 * LANDS END, INC 5,006
59 * LYDALL, INC 626
30 * MARVEL ENTERPRISES 187
1,682 MATTEL, INC 22,181
1,549 MAY DEPARTMENT STORES CO 37,176
105 * MICHAELS STORES, INC 4,810
1,719 MINNESOTA MINING &
MANUFACTURING CO 141,817
166 * NEIMAN MARCUS GROUP, INC (CLASS A) 4,907
1,239 * OFFICE DEPOT, INC 7,743
427 * OFFICEMAX, INC 2,135
21 * PC CONNECTION, INC 1,197
972 PENNEY, (J.C.) CO, INC 17,921
110 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
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SHARES VALUE
--------------------------------------------------------------------------------
GENERAL MERCHANDISE STORES -- (CONTINUED)
79 * PETCO ANIMAL SUPPLIES, INC $ 1,550
420 * PETSMART, INC 1,417
44 * RACING CHAMPIONS CORP 74
39 RUSS BERRIE & CO, INC 750
545 * SAKS, INC 5,722
90 * SCHEIN (HENRY), INC 1,552
1,285 SEARS ROEBUCK & CO 41,923
99 * SHOP AT HOME, INC 462
114 * SHOPKO STORES, INC 1,752
61 SPIEGEL, INC (CLASS A) 518
1,869 * STAPLES, INC 28,735
154 * SUNGLASS HUT INTERNATIONAL, INC 1,265
135 * SYSTEMAX, INC 523
2,059 TARGET CORP 119,422
223 TIFFANY & CO 15,052
904 * TOYS `R' US, INC 13,164
25 * TRACTOR SUPPLY CO 414
29 * TUESDAY MORNING CORP 304
138 * U.S. OFFICE PRODUCTS CO 51
38 * VALUE AMERICA, INC 41
54 * VALUE CITY DEPARTMENT STORES, INC 513
141 * VALUEVISION INTERNATIONAL, INC 3,384
518 * VENATOR GROUP, INC 5,309
11,746 WAL-MART STORES, INC 676,863
60 * WHITEHALL JEWELLERS, INC 1,117
86 * WMS INDUSTRIES, INC 1,327
133 * ZALE CORP 4,854
-----------
TOTAL RETAIL AND WHOLESALE 1,541,435
-----------
TECHNOLOGY -- 20.81%
COMMUNICATIONS EQUIPMENT -- 1.86%
37 * ACT NETWORKS, INC 566
136 * ACTV, INC 2,031
220 * ADAPTIVE BROADBAND CORP 8,085
1,439 * ADC TELECOMMUNICATIONS, INC 120,696
75 * ADTRAN, INC 4,490
272 * ADVANCED FIBRE COMMUNICATIONS, INC 12,325
104 * ALLEN TELECOM, INC 1,839
531 * AMERICAN TOWER CORP (CLASS A) 22,136
168 * AMPEX CORP (CLASS A) 283
103 * ANCOR COMMUNICATIONS, INC 3,683
309 * ANDREW CORP 10,370
90 * ANTEC CORP 3,740
179 * ASPECT COMMUNICATIONS CORP 7,036
41 * BROOKTROUT, INC 894
36 * CARRIER ACCESS CORP 1,903
93 * C-COR.NET CORP 2,511
108 * CHECKPOINT SYSTEMS, INC 810
617 * CIENA CORP 102,846
181 * COMMSCOPE, INC 7,421
626 * COMVERSE TECHNOLOGY, INC 58,218
31 * COPPER MOUNTAIN NETWORKS, INC 2,731
256 * DIGITAL MICROWAVE CORP 9,760
704 * ECHOSTAR COMMUNICATIONS CORP
(CLASS A) 23,309
237 * ELOT, INC 444
16 * ESHARE COMMUNICATIONS, INC 112
234 * GLENAYRE TECHNOLOGIES, INC 2,471
62 * GLOBIX CORP 1,817
38 HARMON INDUSTRIES, INC 503
183 * HARMONIC, INC 4,529
298 HARRIS CORP 9,759
22 * INET TECHNOLOGIES, INC 1,193
183 * INTERDIGITAL COMMUNICATIONS CORP 3,030
15 * INTERLOGIX, INC 206
78 INTER-TEL, INC 1,252
121 * INTERVOICE-BRITE, INC 794
123 * L-3 COMMUNICATIONS HOLDINGS, INC 7,018
57 * METRICOM, INC 1,588
9,200 MOTOROLA, INC 267,375
243 * P-COM, INC 1,382
153 * PICTURETEL CORP 401
62 * PLANTRONICS, INC 7,161
81 * POLYCOM, INC 7,621
162 * POWERWAVE TECHNOLOGIES, INC 7,128
2,781 * QUALCOMM, INC 166,860
692 SCIENTIFIC-ATLANTA, INC 51,554
47 * SCM MICROSYSTEMS, INC 2,846
265 * SENSORMATIC ELECTRONICS CORP 4,190
104 * TEKELEC 5,011
1,468 * TELLABS, INC 100,466
314 * TERAYON COMMUNICATION SYSTEMS, INC 20,169
44 * TUT SYSTEMS, INC 2,524
139 * WEBLINK WIRELESS, INC 1,841
64 * WESTELL TECHNOLOGIES, INC (CLASS A) 960
170 * WORLD ACCESS, INC 1,880
48 * YOUTHSTREAM MEDIA NETWORKS, INC 270
58 * ZIXIT CORP 2,671
-----------
1,094,709
-----------
COMPUTERS AND OFFICE EQUIPMENT -- 18.44%
1,499 * 3COM CORP 86,379
78 * 3DFX INTERACTIVE, INC 606
15 * ABOUT.COM, INC 472
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 111
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
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SHARES VALUE
--------------------------------------------------------------------------------
COMPUTERS AND OFFICE EQUIPMENT-- (CONTINUED)
155 * ACCLAIM ENTERTAINMENT, INC $ 222
96 * ACTIVISION, INC 624
93 * ACTUATE CORP 4,963
221 * ACXIOM CORP 6,022
384 * ADAPTEC, INC 8,736
566 ADOBE SYSTEMS, INC 73,580
252 * ADVANCED DIGITAL INFORMATION CORP 4,016
32 * ADVANTAGE LEARNING SYSTEMS, INC 492
94 * ADVENT SOFTWARE, INC 6,063
134 * AFFILIATED COMPUTER SERVICES, INC
(CLASS A) 4,430
150 * ALLAIRE CORP 5,512
9,922 * AMERICA ONLINE, INC 523,385
158 * AMERICAN MANAGEMENT SYSTEMS, INC 5,186
80 ANALYSTS INTERNATIONAL CORP 745
69 * APEX, INC 3,018
1,412 * APPLE COMPUTER, INC 73,953
18 * APPLIEDTHEORY CORP 270
94 * ASHTON TECHNOLOGY GROUP, INC 267
95 * ASPEN TECHNOLOGY, INC 3,657
104 * AUSPEX SYSTEMS, INC 513
32 * AUTOBYTEL.COM, INC 197
207 AUTODESK, INC 7,180
2,754 AUTOMATIC DATA PROCESSING, INC 147,511
145 * AVANT CORP 2,716
93 * AVT CORP 685
61 * AWARE, INC 3,118
105 * AXENT TECHNOLOGIES, INC 2,605
42 * BARRA, INC 2,081
1,292 * BEA SYSTEMS, INC 63,873
56 * BELL & HOWELL CO 1,358
90 * BEYOND.COM CORP 120
145 * BILLING CONCEPTS CORP 643
125 * BINDVIEW DEVELOPMENT CORP 1,500
103 * BISYS GROUP, INC 6,334
72 * BLACK BOX CORP 5,700
1,019 * BMC SOFTWARE, INC 37,177
27 * BOTTOMLINE TECHNOLOGIES, INC 923
68 * BRIO TECHNOLOGY, INC 1,440
830 * BROADVISION, INC 42,174
150 * BROCADE COMMUNICATIONS
SYSTEMS, INC 27,522
700 * CABLETRON SYSTEMS, INC 17,675
35 * CACI INTERNATIONAL, INC (CLASS A) 682
1,017 * CADENCE DESIGN SYSTEMS, INC 20,721
27 * CAIS INTERNET, INC 379
193 * CAMBRIDGE TECHNOLOGY PARTNERS, INC 1,682
82 * CCC INFORMATION SERVICES GROUP,
INC 871
153 * C-CUBE MICROSYSTEMS, INC (NEW) 3,002
478 * CERIDIAN CORP 11,501
99 * CERNER CORP 2,697
188 b* CHS ELECTRONICS, INC 1
170 * CIBER, INC 2,252
247 * CIRRUS LOGIC, INC 3,952
29,864 * CISCO SYSTEMS, INC 1,898,230
736 * CITRIX SYSTEMS, INC 13,938
360 * CNET NETWORKS, INC 8,842
24 * COGNIZANT TECHNOLOGY SOLUTIONS
CORP 796
534 COMDISCO, INC 11,914
7,301 COMPAQ COMPUTER CORP 186,631
89 * COMPLETE BUSINESS SOLUTIONS, INC 1,563
179 * COMPUCOM SYSTEMS, INC 290
1,915 COMPUTER ASSOCIATES
INTERNATIONAL, INC 98,024
117 * COMPUTER HORIZONS CORP 1,572
88 * COMPUTER NETWORK TECHNOLOGY
CORP 1,529
669 * COMPUTER SCIENCES CORP 49,965
61 COMPUTER TASK GROUP, INC 308
1,270 * COMPUWARE CORP 13,176
8 COMPX INTERNATIONAL, INC 162
54 * CONCORD COMMUNICATIONS, INC 2,153
51 * CONCUR TECHNOLOGIES, INC 213
195 * CONCURRENT COMPUTER CORP 2,559
150 * CONVERGYS CORP 7,781
24 * COSTAR GROUP, INC 601
44 * COTELLIGENT, INC 250
181 * CSG SYSTEMS INTERNATIONAL, INC 10,147
66 * CYBERCASH, INC 313
59 * CYBEX COMPUTER PRODUCTS CORP 2,500
313 * DATA BROADCASTING CORP 1,975
60 * DATASTREAM SYSTEMS, INC 750
9,239 * DELL COMPUTER CORP 455,598
114 * DENDRITE INTERNATIONAL, INC 3,797
267 DIEBOLD, INC 7,442
60 * DIGITAL RIVER, INC 461
55 * DOCUMENTUM, INC 4,915
95 * DSP GROUP, INC 5,320
240 * DST SYSTEMS, INC 18,270
267 * EARTHLINK, INC 4,121
24 * EARTHWEB, INC 336
70 * ECHELON CORP 4,055
132 * ECLIPSYS CORP 990
112 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
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SHARES VALUE
--------------------------------------------------------------------------------
COMPUTERS AND OFFICE EQUIPMENT-- (CONTINUED)
32 * EFAX.COM, INC $ 39
338 * ELECTRONIC ARTS, INC 24,652
1,514 ELECTRONIC DATA SYSTEMS CORP 62,452
185 * ELECTRONICS FOR IMAGING, INC 4,682
162 * ELOYALTY CORP 2,065
9,362 * EMC CORP 720,288
123 * EMULEX CORP 8,079
45 * ENGINEERING ANIMATION, INC 420
160 * ENTRUST TECHNOLOGIES, INC 13,240
154 * EPICOR SOFTWARE CORP 385
92 * EPRESENCE, INC 667
43 * EXCALIBUR TECHNOLOGIES CORP 1,717
88 * EXCHANGE APPLICATIONS, INC 2,343
620 * EXCITE AT HOME 12,865
86 * EXTREME NETWORKS, INC 9,073
73 FACTSET RESEARCH SYSTEMS, INC 2,062
24 * FIDELITY HOLDINGS, INC 30
122 * FILENET CORP 2,241
1,715 FIRST DATA CORP 85,106
562 * FISERV, INC 24,306
151 * FISHER SCIENTIFIC INTERNATIONAL, INC 3,737
766 * GATEWAY, INC 43,470
22 GENERAL BINDING CORP 147
74 GERBER SCIENTIFIC, INC 851
25 * GLOBAL IMAGING SYSTEMS, INC 262
2 * GLOBAL SOURCES LTD 50
209 * GO.COM 2,494
86 * GO2NET, INC 4,326
38 * GREAT PLAINS SOFTWARE, INC 745
142 * GTECH HOLDINGS CORP 3,221
188 * HEALTHEON/WEBMD CORP 2,784
3,700 HEWLETT-PACKARD CO 462,037
92 * HNC SOFTWARE, INC 5,681
46 * HYPERCOM CORP 661
121 * HYPERION SOLUTIONS CORP 3,924
446 * I2 TECHNOLOGIES, INC 46,502
53 * IDX SYSTEMS CORP 748
132 * IGATE CAPITAL CORP 1,815
561 IKON OFFICE SOLUTIONS, INC 2,173
137 * IMATION CORP 4,024
74 * IMRGLOBAL CORP 966
1,259 IMS HEALTH, INC 22,662
162 b* INACOM CORP 10
110 * INFOCURE CORP 618
85 * INFOCUS CORP 2,735
27 * INFOGRAMES, INC 219
64 * INFORMATICA CORP 5,244
106 * INFORMATION RESOURCES, INC 417
1,048 * INFORMIX CORP 7,794
558 * INFOSPACE.COM, INC 30,829
85 * INFOUSA, INC 552
230 * INGRAM MICRO, INC (CLASS A) 4,010
368 * INKTOMI CORP 43,516
13 * INTERACT COMMERCE CORP 153
163 * INTERGRAPH CORP 1,232
7,589 INTERNATIONAL BUSINESS MACHINES
CORP 831,469
637 * INTUIT, INC 26,355
1,016 * IOMEGA CORP 4,064
96 * ISS GROUP, INC 9,478
62 * IVILLAGE, INC 523
163 * J.D. EDWARDS & CO 2,455
251 JACK HENRY & ASSOCIATES, INC 12,581
77 * JDA SOFTWARE GROUP, INC 1,477
25 * JUNO ONLINE SERVICES, INC 268
212 * KEANE, INC 4,584
44 * KRONOS, INC 1,144
313 * LANIER WORLDWIDE, INC 313
168 * LEARN2.COM, INC 330
384 * LEGATO SYSTEMS, INC 5,808
481 * LEXMARK INTERNATIONAL GROUP
(CLASS A) 32,347
90 * LHS GROUP, INC 3,105
397 * LYCOS, INC 21,438
261 * MACROMEDIA, INC 25,235
100 * MACROVISION CORP 6,392
16 * MANHATTAN ASSOCIATES, INC 400
77 * MANUGISTICS GROUP, INC 3,599
66 * MAPICS, INC 379
51 * MARIMBA, INC 710
12 * MARKETWATCH.COM, INC 225
257 * MAXTOR CORP 2,714
37 * MCSI, INC 957
47 * MEDICONSULT.COM, INC 70
135 * MEDQUIST, INC 4,590
242 * MENTOR GRAPHICS CORP 4,809
58 * MERCATOR SOFTWARE, INC 3,987
77 * MERCURY COMPUTER SYSTEMS, INC 2,488
289 * MERCURY INTERACTIVE CORP 27,960
102 * MERISEL, INC 76
25 * METRO INFORMATION SERVICES, INC 250
79 * MICROMUSE, INC 13,073
132 * MICRON ELECTRONICS, INC 1,650
62 * MICROS SYSTEMS, INC 1,150
16,638 * MICROSOFT CORP 1,331,040
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 113
<PAGE>
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SHARES VALUE
--------------------------------------------------------------------------------
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
290 * MICROSTRATEGY, INC $ 8,700
111 * MIDWAY GAMES, INC 894
44 * MIPS TECHNOLOGIES, INC 1,870
115 * MTI TECHNOLOGY CORP 920
51 * MULTEX.COM, INC 1,284
121 NATIONAL COMPUTER SYSTEMS, INC 5,959
128 NATIONAL DATA CORP 2,944
91 * NATIONAL INSTRUMENTS CORP 3,969
45 * NCO GROUP, INC 1,040
26 * NEON SYSTEMS, INC 487
40 * NET PERCEPTIONS, INC 635
23 * NETOBJECTS, INC 209
29 * NETOPIA, INC 1,167
1,190 * NETWORK APPLIANCE, INC 95,795
81 * NETWORK EQUIPMENT
TECHNOLOGIES, INC 815
148 * NETWORK PERIPHERALS, INC 2,479
624 * NETWORK ASSOCIATES, INC 12,714
91 * NEW ERA OF NETWORKS, INC 3,867
1,454 * NOVELL, INC 13,449
16 * OMEGA RESEARCH, INC 48
72 * ONEMAIN.COM, INC 810
58 * ONHEALTH NETWORK CO 134
250 * ONYX SOFTWARE CORP 7,421
127 * OPEN MARKET, INC 1,754
9,412 * ORACLE CORP 791,196
123 OWENS & MINOR, INC 2,114
1,132 * PARAMETRIC TECHNOLOGY CORP 12,452
91 * PATTERSON DENTAL CO 4,641
1,386 PAYCHEX, INC 58,212
9 * PCORDER.COM, INC 69
109 * PEGASYSTEMS, INC 545
910 * PEOPLESOFT, INC 15,242
105 * PER SE TECHNOLOGIES, INC 984
378 * PEREGRINE SYSTEMS, INC 13,111
193 * PEROT SYSTEMS CORP (CLASS A) 2,123
59 * PERVASIVE SOFTWARE, INC 331
89 * PHOENIX TECHNOLOGIES LTD 1,451
1,099 PITNEY BOWES, INC 43,960
134 * POLICY MANAGEMENT SYSTEMS CORP 2,060
56 * PORTAL SOFTWARE, INC 3,577
115 * PRICELINE.COM, INC 4,368
39 * PRIMARK CORP 1,452
17 * PRIVATE BUSINESS, INC 42
55 * PRODIGY COMMUNICATIONS CORP
(CLASS A) 577
117 * PROGRESS SOFTWARE CORP 2,098
149 * PROJECT SOFTWARE & DEVELOPMENT,
INC 2,682
78 * PROXICOM, INC 3,734
45 * PROXIM, INC 4,453
68 * PROXYMED, INC 114
559 * PSINET, INC 14,044
267 * PSS WORLD MEDICAL, INC 1,793
82 * PUBLICARD, INC 269
41 * QRS CORP 1,007
95 * QUADRAMED CORP 237
620 * QUANTUM CORP-DLT &
STORAGE SYSTEMS GROUP 6,006
315 * QUANTUM CORP-HARD DISK DRIVE
GROUP 3,484
57 * RADIANT SYSTEMS, INC 1,368
38 * RADISYS CORP 2,156
289 * RARE MEDIUM GROUP, INC 5,067
434 * RATIONAL SOFTWARE CORP 40,334
53 * RAZORFISH, INC 851
343 * REALNETWORKS, INC 17,342
95 * REMEDY CORP 5,296
236 * RSA SECURITY, INC 16,343
490 SABRE HOLDINGS CORP 13,965
493 * SAFEGUARD SCIENTIFICS, INC 15,806
108 * SAGA SYSTEMS, INC 1,343
49 * SAGENT TECHNOLOGY, INC 698
48 * SANCHEZ COMPUTER ASSOCIATES, INC 1,140
184 * SANDISK CORP 11,258
69 * SANTA CRUZ OPERATION, INC 439
100 * SAPIENT CORP 10,693
24 * SCIENT CORP 1,059
984 * SEAGATE TECHNOLOGY, INC 54,120
141 SEI INVESTMENTS CO 5,613
149 * SERENA SOFTWARE, INC 6,765
94 SHARED MEDICAL SYSTEMS CORP 6,856
615 * SIEBEL SYSTEMS, INC 100,590
692 * SILICON GRAPHICS, INC 2,595
1 * SIMIONE CENTRAL HOLDINGS, INC 3
71 * SOFTNET SYSTEMS, INC 683
51 * SOURCE MEDIA, INC 199
61 * SPORTSLINE.COM, INC 1,040
30 * SPSS, INC 873
64 * SPYGLASS, INC 2,004
41 * SS&C TECHNOLOGIES, INC 174
29 * STARMEDIA NETWORK, INC 547
351 * STORAGE TECHNOLOGY CORP 3,839
135 * STRUCTURAL DYNAMICS RESEARCH CORP 2,033
6,782 * SUN MICROSYSTEMS, INC 616,738
114 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
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--------------------------------------------------------------------------------
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
549 * SUNGARD DATA SYSTEMS, INC $ 17,019
14 * SUNQUEST INFORMATION SYSTEMS, INC 150
92 * SVI HOLDINGS, INC 471
407 * SYBASE, INC 9,361
84 * SYKES ENTERPRISES, INC 1,081
196 * SYMANTEC CORP 10,571
599 SYMBOL TECHNOLOGIES, INC 32,346
339 * SYNOPSYS, INC 11,716
19 * SYNTEL, INC 190
121 * SYSTEMS & COMPUTER TECHNOLOGY
CORP 2,420
196 * TECH DATA CORP 8,538
162 * TECHNOLOGY SOLUTIONS CO 1,002
18 * TENFOLD CORP 295
22 * THESTREET.COM, INC 127
67 * THQ, INC 816
85 * TICKETMASTER ONLINE-CITYSEARCH, INC 1,354
142 TOTAL SYSTEM SERVICES, INC 2,254
54 * TOWNE SERVICES, INC 50
47 * TRACK DATA CORP 60
123 * TRANSACTION SYSTEMS ARCHITECTS, INC 2,106
161 * TYLER TECHNOLOGIES, INC 412
19 * UNIGRAPHICS SOLUTIONS, INC 370
1,367 * UNISYS CORP 19,906
82 * USINTERNETWORKING, INC 1,675
356 * VERIO, INC 19,752
496 * VERISIGN, INC 87,544
1,753 * VERITAS SOFTWARE CORP 198,116
117 * VERITY, INC 4,446
373 * VIGNETTE CORP 19,401
93 * VISUAL NETWORKS, INC 2,650
152 * WAVE SYSTEMS CORP (CLASS A) 2,403
150 * WEBTRENDS CORP 5,803
486 * WESTERN DIGITAL CORP 2,430
198 * WIND RIVER SYSTEMS, INC 7,499
100 * XIRCOM, INC 4,750
1,128 * YAHOO, INC 139,731
92 * ZEBRA TECHNOLOGIES CORP 4,076
52 * ZIFF-DAVIS, INC -ZDNET 468
-----------
10,872,665
-----------
ELECTRONICS AND OTHER TECHNOLOGY -- 0.20%
729 * BEST BUY CO, INC 46,109
59 * CDNOW, INC 182
864 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 28,674
55 * CYBERIAN OUTPOST, INC 264
21 * ELECTRONICS BOUTIQUE HOLDINGS
CORP 343
83 * GUITAR CENTER, INC 871
19 * IDEAMALL, INC 91
107 * INTERTAN, INC 1,257
114 * MUSICLAND STORES CORP 847
828 RADIOSHACK CORP 39,226
122 * TRANS WORLD ENTERTAINMENT CORP 1,479
40 * TWEETER HOME ENTERTAINMENT
GROUP, INC 1,215
-----------
120,558
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 0.31%
42 * ANACOMP, INC 126
84 * AVID TECHNOLOGIES, INC 1,008
106 * CYMER, INC 5,061
1,288 EASTMAN KODAK CO 76,636
123 * LITTON INDUSTRIES, INC 5,166
146 * PINNACLE SYSTEMS, INC 3,282
168 POLAROID CORP 3,034
1,474 RAYTHEON CO (CLASS B) 28,374
80 * TRIMBLE NAVIGATION LTD 3,905
2,801 XEROX CORP 58,120
-----------
184,712
-----------
TOTAL TECHNOLOGY 12,272,644
-----------
TRANSPORTATION -- 3.01%
AEROSPACE AND DEFENSE -- 0.17%
32 * ALLIANT TECHSYSTEMS, INC 2,158
721 GENERAL DYNAMICS CORP 37,672
391 GOODRICH (B.F.) CO 13,318
1,488 LOCKHEED MARTIN CORP 36,921
117 NEWPORT NEWS SHIPBUILDING, INC 4,299
141 * ORBITAL SCIENCES CORP 1,718
73 STURM, RUGER & CO, INC 647
92 * TELEDYNE TECHNOLOGIES, INC 1,541
-----------
98,274
-----------
AIR TRANSPORTATION -- 0.86%
183 AIRBORNE FREIGHT CORP 3,465
212 * AIRTRAN HOLDINGS, INC 881
93 * ALASKA AIR GROUP, INC 2,522
124 * AMERICA WEST HOLDINGS CORP
(CLASS B) 2,123
658 * AMR CORP 17,395
13 * AMTRAN, INC 161
43 * ATLANTIC COAST AIRLINES HOLDINGS 1,365
53 * ATLAS AIR, INC 1,901
69 * AVIALL, INC 340
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 115
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
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--------------------------------------------------------------------------------
AIR TRANSPORTATION -- (CONTINUED)
88 * BE AEROSPACE, INC $ 605
3,919 BOEING CO 163,863
163 * CONTINENTAL AIRLINES, INC (CLASS B) 7,661
500 DELTA AIRLINES, INC 25,281
58 * EGL, INC 1,783
1,192 * FEDEX CORP 45,296
66 * FRONTIER AIRLINES, INC 944
19 HEICO CORP 270
85 KAMAN CORP (CLASS A) 908
45 * KELLSTROM INDUSTRIES, INC 208
114 * MESA AIR GROUP, INC 630
46 * MESABA HOLDINGS, INC 439
53 * MIDWEST EXPRESS HOLDINGS, INC 1,139
362 NORTHROP GRUMMAN CORP 23,982
95 * NORTHWEST AIRLINES CORP (CLASS A) 2,891
79 * OFFSHORE LOGISTICS, INC 1,135
39 * SEQUA CORP (CLASS A) 1,489
79 SKYWEST, INC 2,927
2,099 SOUTHWEST AIRLINES CO 39,749
472 TEXTRON, INC 25,635
221 * TRANS WORLD AIRLINES, INC 483
44 * TRIUMPH GROUP, INC 1,226
256 * U.S. AIRWAYS GROUP, INC 9,984
108 UAL CORP 6,284
1,918 UNITED TECHNOLOGIES CORP 112,922
-----------
507,887
-----------
AUTOS, TIRES AND RELATED PRODUCTS -- 1.53%
77 * AFTERMARKET TECHNOLOGY CORP 654
36 * AMERICAN AXLE & MANUFACTURING
HOLDINGS, INC 510
97 ARVIN INDUSTRIES, INC 1,685
384 AUTOLIV, INC 9,240
1,396 * AUTONATION, INC 9,859
25 * AUTOWEB.COM, INC 53
560 * AUTOZONE, INC 12,320
83 * AVIS GROUP HOLDINGS, INC 1,556
48 BANDAG, INC 1,164
94 BORG WARNER, INC 3,301
99 * BUDGET GROUP, INC 408
46 CENTRAL PARKING CORP 1,089
90 CLARCOR, INC 1,788
63 COACHMEN INDUSTRIES, INC 724
254 COOPER TIRE & RUBBER CO 2,825
138 * COPART, INC 2,208
71 * CSK AUTO CORP 536
719 DANA CORP 15,233
557 DANAHER CORP 27,536
81 * DELCO REMY INTERNATIONAL, INC
(CLASS A) 673
2,312 DELPHI AUTOMOTIVE SYSTEMS CORP 33,668
34 * DISCOUNT AUTO PARTS, INC 340
91 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC 1,677
58 * DURA AUTOMOTIVE SYSTEMS, INC 627
277 EATON CORP 18,559
174 FEDERAL SIGNAL CORP 2,871
278 FEDERAL-MOGUL CORP 2,658
126 FLEETWOOD ENTERPRISES, INC 1,795
4,781 FORD MOTOR CO 205,583
126 GENCORP, INC 1,008
2,281 GENERAL MOTORS CORP 132,440
1,068 * GENERAL MOTORS CORP (CLASS H) 93,717
57 GENTEK, INC 637
276 * GENTEX CORP 6,934
970 GENUINE PARTS CO 19,400
689 GOODYEAR TIRE & RUBBER CO 13,780
59 * GROUP 1 AUTOMOTIVE, INC 708
1,340 HARLEY DAVIDSON, INC 51,590
67 * HAYES LEMMERZ INTERNATIONAL, INC 808
78 HERTZ CORP (CLASS A) 2,188
3,372 HONEYWELL INTERNATIONAL, INC 113,594
431 ITT INDUSTRIES, INC 13,091
58 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC 402
43 * KROLL-OGARA CO 287
26 * LITHIA MOTORS, INC (CLASS A) 347
139 MASCOTECH, INC 1,502
260 MERITOR AUTOMOTIVE, INC 2,860
61 MIDAS, INC 1,220
150 * MILLER INDUSTRIES, INC 271
84 MODINE MANUFACTURING CO 2,268
65 * MONACO COACH CORP 885
32 * NATIONAL R.V. HOLDINGS, INC 336
246 * NAVISTAR INTERNATIONAL CORP 7,641
128 * O'REILLY AUTOMOTIVE, INC 1,776
54 OSHKOSH TRUCK CORP 1,930
270 PACCAR, INC 10,715
174 PEP BOYS MANNY, MOE, & JACK CO 1,044
79 REGAL-BELOIT CORP 1,268
176 ROLLINS TRUCK LEASING CORP 1,221
242 RYDER SYSTEM, INC 4,582
68 SIMPSON INDUSTRIES, INC 512
79 SMITH (A.O.) CORP 1,654
117 * SPX CORP 14,149
30 STANDARD MOTOR PRODUCTS, INC
(CLASS A) 255
46 * STONERIDGE, INC 402
116 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
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SHARES VALUE
--------------------------------------------------------------------------------
AUTOS, TIRES AND RELATED PRODUCTS -- (CONTINUED)
74 SUPERIOR INDUSTRIES INTERNATIONAL,
INC $ 1,905
128 TENNECO AUTOMOTIVE, INC 672
26 THOR INDUSTRIES, INC 546
380 TRW, INC 16,482
81 * UNITED AUTO GROUP, INC 739
625 * VISTEON CORP 7,578
81 WABASH NATIONAL CORP 966
30 * WEST MARINE, INC 205
54 WINNEBAGO INDUSTRIES, INC 705
54 WYNNS INTERNATIONAL, INC 1,225
-----------
899,585
-----------
RAILROADS -- 0.33%
72 * ABC-NACO, INC 576
1,821 BURLINGTON NORTHERN SANTA FE
CORP 41,769
920 CSX CORP 19,492
117 FLORIDA EAST COAST INDUSTRIES, INC 4,680
185 GATX CORP 6,290
516 KANSAS CITY SOUTHERN INDUSTRIES,
INC 45,762
1,633 NORFOLK SOUTHERN CORP 24,290
349 TRINITY INDUSTRIES, INC 6,456
1,036 UNION PACIFIC CORP 38,526
160 WABTEC CORP 1,660
193 * WISCONSIN CENTRAL TRANSIT CORP 2,509
-----------
192,010
-----------
TRUCKING AND RELATED SERVICES -- 0.09%
81 * AMERICAN FREIGHTWAYS CORP 1,174
68 ARCTIC CAT, INC 807
71 ARNOLD INDUSTRIES, INC 856
155 C.H. ROBINSON WORLDWIDE, INC 7,672
36 * CAREY INTERNATIONAL, INC 499
17 * CHEAP TICKETS, INC 204
47 CIRCLE INTERNATIONAL GROUP, INC 1,180
172 CNF TRANSPORTATION, INC 3,913
75 * CONSOLIDATED FREIGHTWAYS CORP 304
29 * COVENANT TRANSPORT, INC (CLASS A) 232
180 EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC 8,550
54 * FORWARD AIR CORP 2,160
75 * FRITZ COS, INC 773
197 GALILEO INTERNATIONAL, INC 4,112
65 * HEARTLAND EXPRESS, INC 1,084
24 * HUB GROUP, INC (CLASS A) 358
80 HUNT (J.B.) TRANSPORT SERVICES, INC 1,235
125 * IRON MOUNTAIN, INC 4,250
25 * KNIGHT TRANSPORTATION, INC 364
36 * LANDSTAR SYSTEM, INC 2,144
35 * M.S. CARRIERS, INC 616
92 POLARIS INDUSTRIES, INC 2,944
48 ROADWAY EXPRESS, INC 1,125
139 * SWIFT TRANSPORTATION CO, INC 1,946
47 * TRAVELOCITY.COM, INC 769
23 * U.S. XPRESS ENTERPRISES, INC
(CLASS A) 185
100 USFREIGHTWAYS CORP 2,456
116 WERNER ENTERPRISES, INC 1,341
94 * YELLOW CORP 1,386
-----------
54,639
-----------
WATER TRANSPORTATION -- 0.03%
162 ALEXANDER & BALDWIN, INC 3,574
33 * AMERICAN CLASSIC VOYAGES CO 680
92 * KIRBY CORP 1,955
95 OVERSEAS SHIPHOLDING GROUP, INC 2,339
63 * SEACOR SMIT, INC 2,437
209 TIDEWATER, INC 7,524
-----------
18,509
-----------
TOTAL TRANSPORTATION 1,770,904
-----------
UTILITIES -- 11.62%
TELEPHONE -- 8.87%
56 * ADELPHIA BUSINESS SOLUTIONS, INC 1,298
91 * ADVANCED RADIO TELECOM CORP 1,330
467 * ALLEGIANCE TELECOM, INC 29,888
1,332 ALLTEL CORP 82,500
13,732 AT & T CORP 434,274
11,302 * AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 274,073
6,747 BELL ATLANTIC CORP 342,831
8,088 BELLSOUTH CORP 344,751
919 BROADWING, INC 23,836
125 * CAPROCK COMMUNICATIONS CORP 2,437
625 CENTURYTEL, INC 17,968
49 CFW COMMUNICATIONS CO 1,837
64 * COM21, INC 1,600
39 * COMMONWEALTH TELEPHONE
ENTERPRISES, INC 1,835
84 COMSAT CORP 2,073
511 * COVAD COMMUNICATIONS GROUP, INC 8,239
417 * CROWN CASTLE INTERNATIONAL CORP 15,220
70 CT COMMUNICATIONS, INC 1,990
192 * E.SPIRE COMMUNICATIONS, INC 1,296
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 117
<PAGE>
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SHARES VALUE
--------------------------------------------------------------------------------
TELEPHONE -- (CONTINUED)
33 * ELECTRIC LIGHTWAVE, INC (CLASS A) $ 616
1,848 * EXODUS COMMUNICATIONS, INC 85,123
142 * GENERAL COMMUNICATION, INC
(CLASS A) 727
167 * GLOBAL CROSSING LTD 4,394
778 GLOBAL TELESYSTEMS, INC 9,384
4,159 GTE CORP 258,897
179 * ICG COMMUNICATIONS, INC 3,949
75 * IDT CORP 2,545
181 * INTERMEDIA COMMUNICATIONS, INC 5,384
88 * INTERNATIONAL FIBERCOM, INC 2,244
54 * INTRAWARE, INC 867
182 * ITC DELTACOM, INC 4,060
11 * LATITUDE COMMUNICATIONS, INC 123
36 * LAUNCH MEDIA, INC 333
76 * LEAP WIRELESS INTERNATIONAL, INC 3,572
1,208 * LEVEL 3 COMMUNICATIONS, INC 106,304
172 * LIBERTY DIGITAL, INC (CLASS A) 5,160
13,902 LUCENT TECHNOLOGIES, INC 823,693
1,730 * MCLEODUSA, INC (CLASS A) 35,789
2,704 * MEDIA ONE GROUP, INC 180,336
912 * METROMEDIA FIBER NETWORK, INC
(CLASS A) 36,195
165 * MGC COMMUNICATIONS, INC 9,889
69 * MOTIENT CORP 1,082
1,614 * NEXTEL COMMUNICATIONS, INC
(CLASS A) 98,756
1,663 * NEXTLINK COMMUNICATIONS, INC 63,090
56 NORTH PITTSBURGH SYSTEMS, INC 826
19 * NORTHEAST OPTIC NETWORK, INC 1,170
57 * NORTHPOINT COMMUNICATIONS
GROUP, INC 637
596 * NTL, INC 35,685
54 * PACIFIC GATEWAY EXCHANGE, INC 183
353 * PAGING NETWORK, INC 253
93 * POWERTEL, INC 6,597
108 * PRIMUS TELECOMMUNICATIONS GROUP,
INC 2,686
177 * PTEK HOLDINGS, INC 575
659 * QWEST COMMUNICATIONS
INTERNATIONAL , INC 32,744
155 * RCN CORP 3,933
238 * RHYTHMS NETCONNECTIONS, INC 2,989
14,745 SBC COMMUNICATIONS, INC 637,721
2,882 SPRINT CORP (FON GROUP) 146,982
1,978 * SPRINT CORP (PCS GROUP) 117,691
136 * STAR TELECOMMUNICATIONS, INC 344
153 * TALK.COM, INC 889
205 TELEPHONE & DATA SYSTEMS, INC 20,551
83 * TELIGENT, INC 1,960
71 * TIME WARNER TELECOM, INC 4,570
62 * U.S. CELLULAR CORP 3,906
39 * U.S. LEC CORP (CLASS A) 663
2,203 U.S. WEST, INC 188,907
53 * VIATEL, INC 1,513
757 * VOICESTREAM WIRELESS CORP 88,036
171 * WESTERN WIRELESS CORP (CLASS A) 9,319
407 * WINSTAR COMMUNICATIONS, INC 13,787
12,487 * WORLDCOM, INC 572,841
41 * WORLDGATE COMMUNICATIONS, INC 727
45 * WORLDPAGES.COM, INC 270
-----------
5,230,743
-----------
ELECTRIC, GAS AND OTHER -- 2.75%
1,286 * AES CORP 58,673
214 AGL RESOURCES, INC 3,410
432 ALLEGHENY ENERGY, INC 11,826
295 ALLIANT ENERGY CORP 7,670
711 * ALLIED WASTE INDUSTRIES, INC 7,110
617 AMEREN CORP 20,823
1,371 AMERICAN ELECTRIC POWER CO, INC 40,615
34 AMERICAN STATES WATER CO 1,011
365 AMERICAN WATER WORKS CO, INC 9,125
117 ATMOS ENERGY CORP 2,047
238 AVISTA CORP 4,150
80 BLACK HILLS CORP 1,805
44 CALIFORNIA WATER SERVICE GROUP 1,067
674 * CALPINE CORP 44,315
42 CASCADE NATURAL GAS CORP 700
38 * CASELLA WASTE SYSTEMS, INC (CLASS A) 408
63 CH ENERGY GROUP, INC 2,138
664 CINERGY CORP 16,890
1,081 * CITIZENS COMMUNICATIONS CO 18,647
85 CLECO CORP 2,847
122 CMP GROUP, INC 3,576
390 CMS ENERGY CORP 8,628
773 COASTAL CORP 47,056
309 COLUMBIA ENERGY GROUP 20,278
310 CONECTIV, INC 4,824
932 CONSOLIDATED EDISON INC 27,610
663 CONSTELLATION ENERGY GROUP 21,588
701 CP & L ENERGY, INC 22,388
33 CTG RESOURCES, INC 1,210
1,006 DOMINION RESOURCES, INC 43,132
597 DPL, INC 13,096
278 DQE, INC 10,981
118 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
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SHARES VALUE
--------------------------------------------------------------------------------
ELECTRIC, GAS AND OTHER -- (CONTINUED)
646 DTE ENERGY CO $ 19,743
1,577 DUKE ENERGY CORP 88,903
475 DYNEGY, INC 32,448
102 EASTERN ENTERPRISES CO 6,426
1,407 EDISON INTERNATIONAL CO 28,843
224 * EL PASO ELECTRIC CO 2,506
943 EL PASO ENERGY CORP 48,034
65 EMPIRE DISTRICT ELECTRIC CO 1,434
101 ENERGEN CORP 2,203
494 ENERGY EAST CORP 9,416
1,009 ENTERGY CORP 27,432
124 EQUITABLE RESOURCES, INC 5,983
33 ETOWN CORP 2,192
977 FIRSTENERGY CORP 22,837
445 FLORIDA PROGRESS CORP 20,859
775 FPL GROUP, INC 38,362
465 GPU, INC 12,584
121 HAWAIIAN ELECTRIC INDUSTRIES, INC 3,970
142 IDACORP, INC 4,579
290 IPALCO ENTERPRISES, INC 5,836
233 KANSAS CITY POWER & LIGHT CO 5,242
604 KEYSPAN CORP 18,573
384 KINDER MORGAN, INC 13,272
71 LACLEDE GAS CO 1,366
488 LOUISVILLE GAS & ELECTRIC ENERGY
CORP 11,651
61 MADISON GAS & ELECTRIC CO 1,204
323 MCN ENERGY GROUP, INC 6,904
215 MDU RESOURCES GROUP, INC 4,649
277 MINNESOTA POWER, INC 4,795
415 MONTANA POWER CO 14,654
246 NATIONAL FUEL GAS CO 11,992
535 NEW CENTURY ENERGIES, INC 16,050
67 NEW JERSEY RESOURCES CORP 2,550
260 * NEWPARK RESOURCES, INC 2,453
705 * NIAGARA MOHAWK HOLDINGS, INC 9,825
177 NICOR, INC 5,774
471 NISOURCE, INC 8,772
595 NORTHEAST UTILITIES CO 12,941
583 NORTHERN STATES POWER CO 11,769
94 NORTHWEST NATURAL GAS CO 2,103
87 NORTHWESTERN CORP 2,011
257 NSTAR 10,456
48 NUI CORP 1,296
186 OGDEN CORP 1,674
293 OGE ENERGY CORP 5,420
119 ONEOK, INC 3,086
90 OTTER TAIL POWER CO 1,890
800 PECO ENERGY CO 32,250
134 PEOPLES ENERGY CORP 4,338
1,646 PG&E CORP 40,532
134 PHILADELPHIA SUBURBAN CORP 2,747
117 PIEDMONT NATURAL GAS CO, INC 3,107
319 PINNACLE WEST CAPITAL CORP 10,806
646 POTOMAC ELECTRIC POWER CO 16,150
641 PPL CORP 14,061
136 PUBLIC SERVICE CO OF NEW MEXICO 2,099
923 PUBLIC SERVICE ENTERPRISE GROUP, INC 31,958
318 PUGET SOUND ENERGY, INC 6,777
310 QUESTAR CORP 6,006
1,020 RELIANT ENERGY, INC 30,153
238 * REPUBLIC SERVICES, INC (CLASS A) 3,808
137 RGS ENERGY GROUP, INC 3,048
400 SCANA CORP 9,650
67 SEMCO ENERGY, INC 871
905 SEMPRA ENERGY 15,385
295 SIERRA PACIFIC RESOURCES (NEW) 3,705
8 SJW CORP 951
30 SOUTH JERSEY INDUSTRIES, INC 780
2,734 SOUTHERN CO 63,736
141 * SOUTHERN UNION CO 2,229
116 SOUTHWEST GAS CORP 2,030
94 SOUTHWESTERN ENERGY CO 587
51 * STERICYCLE, INC 1,224
487 TECO ENERGY, INC 9,770
8 * THERMO ECOTEK CORP 75
1,141 TXU CORP 33,659
50 * U.S. LIQUIDS, INC 275
120 UGI CORP 2,460
919 UNICOM CORP 35,553
122 UNISOURCE ENERGY CORP 1,830
54 UNITED ILLUMINATING CO 2,362
105 UNITED WATER RESOURCES, INC 3,661
350 UTILICORP UNITED, INC 6,956
230 VECTREN CORP 3,967
175 WASHINGTON GAS LIGHT CO 4,210
59 * WASTE CONNECTIONS, INC 1,165
11 * WASTE INDUSTRIES, INC 118
2,600 WASTE MANAGEMENT, INC 49,400
57 WESTERN GAS RESOURCES, INC 1,197
256 WESTERN RESOURCES, INC 3,968
1,937 WILLIAMS COS, INC 81,917
544 WISCONSIN ENERGY CORP 10,778
101 WPS RESOURCES CORP 3,036
-----------
1,621,951
-----------
TOTAL UTILITIES 6,852,694
-----------
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 119
<PAGE>
TIAA-CREF MUTUAL FUNDS EQUITY INDEX FUND
--------------------------------------------------------------------------------
PRINCIPAL VALUE
--------------------------------------------------------------------------------
TOTAL COMMON STOCK
(COST $57,985,749) $58,304,766
-----------
SHORT TERM INVESTMENT -- 1.00%
U.S. GOVERNMENT AND AGENCY-- 1.00%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
$592,000 6.570%, 07/03/00 591,784
-----------
TOTAL SHORT TERM INVESTMENT
(COST $591,784) 591,784
-----------
TOTAL PORTFOLIO -- 99.87%
(COST $58,577,533) 58,896,550
OTHER ASSET & LIABILITIES, NET-- 0.13% 75,168
-----------
NET ASSETS-- 100.00% $58,971,718
-----------
-------------
* NON-INCOME PRODUCING
b IN BANKRUPTCY
120 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK.
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS
---------------------------------------------------------------------------------------------------------------------------
JUNE 30, 2000
MONEY BOND GROWTH & GROWTH
MARKET PLUS INCOME EQUITY
FUND FUND FUND FUND
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Portfolio investments, at cost $501,976,511 $283,585,716 $549,043,155 $711,574,100
Net unrealized appreciation (depreciation)
of portfolio investments -- (1,503,494) 96,074,204 197,954,694
---------------------------------------------------------------------------------------------------------------------------
Portfolio investments, at value 501,976,511 282,082,222 645,117,359 909,528,794
Cash 99,948 1,004,979 19,207 27,775
Receivable from securities transactions -- 7,397,864 -- 1,192,238
Receivable for Fund shares sold 1,865,915 521,993 693,802 2,457,132
Dividends and interest receivable 584,714 2,839,594 452,950 233,106
---------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 504,527,088 293,846,652 646,283,318 913,439,045
---------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued management fee 117,182 56,022 226,021 326,510
Due to custodian -- -- -- --
Payable for securities transactions -- 63,231,239 827,426 544,446
Payable for Fund shares redeemed 3,987,806 247,589 152,432 200,397
Income distribution payable 51,945 55,042 66,039 --
Other payables and accrued expenses 4,322 2,605 299 6,554
---------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 4,161,255 63,592,497 1,272,217 1,077,907
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS $500,365,833 $230,254,155 $645,011,101 $912,361,138
===========================================================================================================================
NET ASSETS CONSIST OF:
Paid in capital $500,373,348 $239,622,382 $529,004,334 $684,487,346
Accumulated undistributed (overdistributed)
net investment income -- (20) 107,231 52,020
Accumulated undistributed net realized
gain (loss) on total investments (7,515) (7,892,162) 19,825,502 29,867,068
Accumulated net unrealized appreciation
(depreciation) on total investments -- (1,476,045) 96,074,034 197,954,704
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS $500,365,833 $230,254,155 $645,011,101 $912,361,138
===========================================================================================================================
Outstanding shares of beneficial Interest,
unlimited shares authorized
($.0001 par value) 500,373,348 23,740,494 39,975,881 49,606,246
NET ASSET VALUE PER SHARE $1.00 $9.70 $16.14 $18.39
===========================================================================================================================
</TABLE>
122 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------------------------------
(UNAUDITED)
INTERNATIONAL MANAGED TAX-EXEMPT HIGH-YIELD SHORT-TERM SOCIAL CHOICE EQUITY
EQUITY ALLOCATION BOND BOND BOND EQUITY INDEX
FUND FUND FUND FUND FUND FUND FUND
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$287,012,262 $267,443,840 $33,005,645 $59,102,212 $27,458,790 $30,153,266 $58,577,533
17,206,660 46,131,807 350,765 (431,540) 18,236 1,209,730 319,017
------------------------------------------------------------------------------------------------------------------------
304,218,922 313,575,647 33,356,410 58,670,672 27,477,026 31,362,996 58,896,550
2,550,118 -- -- 10,047 900 2,913 3,413
5,055,120 -- -- 251,875 2,260,074 -- --
1,622,662 288,875 216,960 105,407 613,719 39,461 45,155
291,689 793,562 620,401 1,058,559 440,104 22,557 46,552
------------------------------------------------------------------------------------------------------------------------
313,738,511 314,658,084 34,193,771 60,096,560 30,791,823 31,427,927 58,991,670
------------------------------------------------------------------------------------------------------------------------
119,597 -- 7,318 15,385 6,722 6,744 12,360
-- 734,648 45,985 -- -- -- --
7,973,189 138,717 2,297,428 1,494,340 1,247,825 -- --
912,585 59,999 -- -- -- -- 7,539
-- 108,983 8,787 19,422 2,533 -- --
-- -- 27 52 26 27 53
------------------------------------------------------------------------------------------------------------------------
9,005,371 1,042,347 2,359,545 1,529,199 1,257,106 6,771 19,952
------------------------------------------------------------------------------------------------------------------------
$304,733,140 $313,615,737 $31,834,226 $58,567,361 $29,534,717 $31,421,156 $58,971,718
========================================================================================================================
$239,155,821 $260,906,801 $31,518,334 $59,075,604 $29,570,331 $30,123,107 $58,471,173
754,567 11,427 933 50,587 (82,552) 74,932 137,851
47,589,570 6,565,702 (35,806) (127,290) 28,702 13,387 43,677
17,233,182 46,131,807 350,765 (431,540) 18,236 1,209,730 319,017
------------------------------------------------------------------------------------------------------------------------
$304,733,140 $313,615,737 $31,834,226 $58,567,361 $29,534,717 $31,421,156 $58,971,718
========================================================================================================================
20,207,947 22,670,403 3,148,475 5,918,960 2,956,085 2,998,511 5,845,980
$15.08 $13.83 $10.11 $9.89 $9.99 $10.48 $10.09
========================================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 123
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS
---------------------------------------------------------------------------------------------------------------------------
MONEY BOND GROWTH & GROWTH
MARKET PLUS INCOME EQUITY
FUND FUND FUND FUND
---------------------------------------------------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 2000
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $14,101,387 $7,085,548 $333,755 $312,477
Dividends -- -- 3,109,884 1,501,892
Foreign taxes withheld -- -- (37,535) (7,007)
---------------------------------------------------------------------------------------------------------------------------
Total income 14,101,387 7,085,548 3,406,104 1,807,362
---------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,804,693 858,798 2,715,040 3,718,996
Trustee fees and expenses 992 465 1,258 1,668
---------------------------------------------------------------------------------------------------------------------------
Total expenses before waiver 1,805,685 859,263 2,716,298 3,720,664
Less expenses waived by the advisor (1,142,211) (536,749) (1,459,699) (1,957,366)
---------------------------------------------------------------------------------------------------------------------------
Net expenses 663,474 322,514 1,256,599 1,763,298
---------------------------------------------------------------------------------------------------------------------------
Net investment income 13,437,913 6,763,034 2,149,505 44,064
---------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments (232) (2,404,808) 10,610,663 23,398,684
Foreign currency transactions -- -- 22,618 (5,737)
---------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on total investments (232) (2,404,808) 10,633,281 23,392,947
---------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) on:
Portfolio investments -- 4,018,415 (342,431) 31,671,915
Futures transactions -- -- (841,050) (740,875)
Translation of assets (other than
portfolio investments) and liabilities
denominated in foreign currencies -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation)
on total investments -- 4,018,415 (1,183,481) 30,931,040
---------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) on total investments (232) 1,613,607 9,449,800 54,323,987
---------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $13,437,681 $8,376,641 $11,599,305 $54,368,051
===========================================================================================================================
</TABLE>
124 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------------------------------------------------------------
(UNAUDITED)
INTERNATIONAL MANAGED TAX-EXEMPT HIGH-YIELD SHORT-TERM SOCIAL CHOICE EQUITY
EQUITY ALLOCATION BOND BOND BOND EQUITY INDEX
FUND FUND FUND FUND FUND FUND FUND
-----------------------------------------------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 2000 FOR THE PERIOD MARCH 1, 2000 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 2000
-------------------------------------- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$121,230 $19,527 $477,865 $1,597,903 $594,699 $34,561 $63,157
2,130,055 3,697,414 -- 30,481 -- 99,290 195,778
(523,540) -- -- -- -- (301) (32)
-----------------------------------------------------------------------------------------------------------------------
1,727,745 3,716,941 477,865 1,628,384 594,699 133,550 258,903
-----------------------------------------------------------------------------------------------------------------------
1,494,783 -- 71,837 144,893 69,421 70,445 135,630
653 -- 27 52 26 28 53
-----------------------------------------------------------------------------------------------------------------------
1,495,436 -- 71,864 144,945 69,447 70,473 135,683
(754,941) -- (44,898) (86,246) (43,388) (45,744) (89,230)
-----------------------------------------------------------------------------------------------------------------------
740,495 -- 26,966 58,699 26,059 24,729 46,453
-----------------------------------------------------------------------------------------------------------------------
987,250 3,716,941 450,899 1,569,685 568,640 108,821 212,450
-----------------------------------------------------------------------------------------------------------------------
44,458,177 2,206,004 (25,756) (120,799) 28,702 56,455 43,677
(369,082) -- -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------
44,089,095 2,206,004 (25,756) (120,799) 28,702 56,455 43,677
-----------------------------------------------------------------------------------------------------------------------
(65,963,833) 2,395,815 350,765 (431,540) 18,236 1,209,730 319,017
17,500 -- -- -- -- -- --
(34,430) -- -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------
(65,980,763) 2,395,815 350,765 (431,540) 18,236 1,209,730 319,017
----------------------------------------------------------------------------------------------------------------------
(21,891,668) 4,601,819 325,009 (552,339) 46,938 1,266,185 362,694
-----------------------------------------------------------------------------------------------------------------------
$(20,904,418) $8,318,760 $775,908 $1,017,346 $615,578 $1,375,006 $575,144
=======================================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 125
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS
---------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND BOND PLUS FUND
------------------------------ ---------------------------------
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999
---------------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 13,437,913 $ 15,484,833 $ 6,763,034 $ 10,982,753
Net realized gain (loss) on total investments (232) (6,877) (2,404,808) (5,314,364)
Net change in unrealized appreciation
(depreciation) on total investments -- -- 4,018,415 (7,510,407)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from operations 13,437,681 15,477,956 8,376,641 (1,842,018)
---------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (13,437,913) (15,484,833) (6,763,034) (10,982,753)
In excess of net investment income -- -- (20) (29,357)
From net realized gain on total investments -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
Total distributions (13,437,913) (15,484,833) (6,763,054) (11,012,110)
---------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Seed money redemptions by TIAA -- (52,851,933) -- (9,103,000)
Subscriptions 309,784,131 457,344,272 37,352,409 88,216,517
Reinvestment of distributions 13,058,139 14,954,612 6,448,493 10,478,773
Exchanges among the Funds, net (14,546,436) (32,084,331) (11,929,634) (15,044,382)
Redemptions (202,894,729) (217,578,081) (7,576,553) (12,381,642)
---------------------------------------------------------------------------------------------------------------------------
Net increase from shareholder transactions 105,401,105 169,784,539 24,294,715 62,166,266
---------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 105,400,873 169,777,662 25,908,302 49,312,138
NET ASSETS
Beginning of year 394,964,960 225,187,298 204,345,853 155,033,715
---------------------------------------------------------------------------------------------------------------------------
End of period $500,365,833 $394,964,960 $230,254,155 $204,345,853
===========================================================================================================================
CHANGE IN FUND SHARES:
Shares outstanding, beginning of year 394,972,243 225,187,704 21,219,325 15,052,690
---------------------------------------------------------------------------------------------------------------------------
Seed money shares redeemed by TIAA -- (52,851,933) -- (918,796)
Shares sold 309,784,131 457,344,272 3,877,593 8,785,902
Shares issued in reinvestment of distributions 13,058,139 14,954,612 670,478 1,061,063
Shares exchanged among the Funds, net (14,546,436) (32,084,331) (1,241,125) (1,656,630)
Shares redeemed (202,894,729) (217,578,081) (785,777) (1,104,904)
---------------------------------------------------------------------------------------------------------------------------
Net increase in shares outstanding 105,401,105 169,784,539 2,521,169 6,166,635
---------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 500,373,348 394,972,243 23,740,494 21,219,325
===========================================================================================================================
</TABLE>
126 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
----------------------------------------------------------------------------------------------------------------------
GROWTH & INCOME FUND GROWTH EQUITY FUND INTERNATIONAL EQUITY FUND MANAGED ALLOCATION FUND
------------------------- -------------------------- -------------------------- -----------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2000 1999 2000 1999 2000 1999 2000 1999
----------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
$ 2,149,505 $ 3,152,449 $ 44,064 $ 733,377 $ 987,250 $ 1,599,196 $ 3,716,941 $ 5,550,604
10,633,281 21,753,194 23,392,947 41,665,781 44,089,095 10,597,435 2,206,004 6,003,561
(1,183,481) 64,322,442 30,931,040 110,836,038 (65,980,763) 71,816,052 2,395,815 26,264,115
----------------------------------------------------------------------------------------------------------------------
11,599,305 89,228,085 54,368,051 153,235,196 (20,904,418) 84,012,683 8,318,760 37,818,280
----------------------------------------------------------------------------------------------------------------------
(2,042,274) (3,152,449) -- (718,684) -- (1,599,196) (3,705,514) (6,594,363)
-- (22,503) -- -- -- (93,788) -- --
-- (17,339,813) -- (35,533,948) -- (3,475,912) -- (824,275)
----------------------------------------------------------------------------------------------------------------------
(2,042,274) (20,514,765) -- (36,252,632) -- (5,168,896) (3,705,514) (7,418,638)
----------------------------------------------------------------------------------------------------------------------
-- (56,727,011) -- (57,185,880) -- (14,890,000) (6,856,299) (59,570,000)
130,325,206 290,847,934 212,424,227 316,020,250 126,448,030 72,734,618 79,381,186 120,670,740
1,926,775 19,412,362 -- 35,306,048 -- 5,077,311 3,500,852 7,107,275
(9,859,147) 17,789,301 11,797,206 23,420,253 17,750,881 12,448,805 (2,233,454) (6,529,646)
(28,657,063) (30,942,249) (62,500,233) (34,632,884) (74,380,443) (16,950,390) (9,161,918) (10,572,862)
----------------------------------------------------------------------------------------------------------------------
93,735,771 240,380,337 161,721,200 282,927,787 69,818,468 58,420,344 64,630,367 51,105,507
----------------------------------------------------------------------------------------------------------------------
103,292,802 309,093,657 216,089,251 399,910,351 48,914,050 137,264,131 69,243,613 81,505,149
541,718,299 232,624,642 696,271,887 296,361,536 255,819,090 118,554,959 244,372,124 162,866,975
----------------------------------------------------------------------------------------------------------------------
$645,011,101 $541,718,299 $912,361,138 $696,271,887 $304,733,140 $255,819,090 $313,615,737 $244,372,124
======================================================================================================================
34,000,823 17,449,059 40,499,770 21,708,531 15,909,110 11,248,585 17,975,893 13,810,531
----------------------------------------------------------------------------------------------------------------------
-- (3,874,248) -- (3,915,637) -- (1,364,322) (512,562) (4,822,121)
8,301,325 20,004,558 12,111,334 21,269,142 7,850,554 5,899,058 5,792,979 9,801,352
118,039 1,243,755 -- 2,083,043 -- 324,287 250,365 556,145
(620,278) 1,153,684 576,917 1,443,973 1,003,311 1,197,954 (166,621) (523,795)
(1,824,028) (1,975,985) (3,581,775) (2,089,282) (4,555,028) (1,396,452) (669,651) (846,219)
----------------------------------------------------------------------------------------------------------------------
5,975,058 16,551,764 9,106,476 18,791,239 4,298,837 4,660,525 (4,694,510) 4,165,362
----------------------------------------------------------------------------------------------------------------------
39,975,881 34,000,823 49,606,246 40,499,770 20,207,947 15,909,110 22,670,403 17,975,893
======================================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 127
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS STATEMENTS OF CHANGES IN NET ASSETS
---------------------------------------------------------------------------------------------------------------------------
FOR THE PERIOD MARCH 1, 2000 (COMMENCEMENT OF OPERATIONS)TO JUNE 30, 2000 (UNAUDITED)
TAX-EXEMPT HIGH-YIELD SHORT-TERM SOCIAL CHOICE EQUITY INDEX
BOND FUND BOND FUND BOND FUND EQUITY FUND FUND
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS
Net investment income $450,899 $1,569,685 $568,640 $108,821 $212,450
Net realized gain (loss) on total
investments (25,756) (120,799) 28,702 56,455 43,677
Net change in unrealized appreciation
(depreciation) on total investments 350,765 (431,540) 18,236 1,209,730 319,017
---------------------------------------------------------------------------------------------------------------------------
Net increase from operations 775,908 1,017,346 615,578 1,375,006 575,144
---------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (449,966) (1,519,098) (568,640) (33,889) (74,599)
In excess of net investment income -- -- (82,552) -- --
From net realized gain on total investments (10,050) (6,491) -- (43,068) --
---------------------------------------------------------------------------------------------------------------------------
Total distributions (460,016) (1,525,589) (651,192) (76,957) (74,599)
---------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Seed money subscriptions by TIAA 25,000,000 50,000,000 25,000,000 25,000,000 50,000,000
Subscriptions 4,903,052 4,296,617 3,999,697 3,767,731 5,172,368
Reinvestment of distributions 447,228 1,488,630 645,925 76,965 74,599
Exchanges among the Funds, net 1,174,113 3,296,188 (32,214) 1,282,906 3,299,591
Redemptions (6,059) (5,831) (43,077) (4,495) (75,385)
---------------------------------------------------------------------------------------------------------------------------
Net increase from share transactions 31,518,334 59,075,604 29,570,331 30,123,107 58,471,173
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS $31,834,226 $58,567,361 $29,534,717 $31,421,156 $58,971,718
===========================================================================================================================
CHANGE IN FUND SHARES:
Seed money shares sold to TIAA 2,500,000 5,000,000 2,500,000 2,500,000 5,000,000
Shares sold 487,544 434,903 398,826 366,370 517,554
Shares issued in reinvestment of
distributions 44,537 151,659 64,757 7,220 7,152
Shares exchanged among the Funds, net 116,993 332,988 (3,203) 125,351 328,972
Shares redeemed (599) (590) (4,295) (430) (7,698)
---------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 3,148,475 5,918,960 2,956,085 2,998,511 5,845,980
===========================================================================================================================
</TABLE>
128 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS FINANCIAL HIGHLIGHTS
---------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND
----------------------------------------------------------------------
FOR THE PERIOD
FOR THE FOR THE FOR THE JULY 17, 1997
SIX MONTHS YEAR YEAR (COMMENCEMENT
ENDED ENDED ENDED OF OPERATIONS) TO
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2000(1) 1999 1998 1997(1)
---------------------------------------------------------------------------------------------------------------------------
(Unaudited)
<S> <C> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00
---------------------------------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.02 0.05 0.05 0.02
---------------------------------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations 0.02 0.05 0.05 0.02
---------------------------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income (0.02) (0.05) (0.05) (0.02)
---------------------------------------------------------------------------------------------------------------------------
Total distributions (0.02) (0.05) (0.05) (0.02)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00
===========================================================================================================================
TOTAL RETURN 2.96% 5.05% 5.45% 2.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $500,366 $394,965 $225,187 $63,605
Ratio of expenses to average net assets
before expense waiver 0.39% 0.79% 0.79% 0.36%
Ratio of expenses to average net assets
after expense waiver 0.14% 0.29% 0.29% 0.13%
Ratio of net investment income to
average net assets 2.93% 4.97% 5.28% 2.49%
Portfolio turnover rate n/a n/a n/a n/a
(1) The percentages shown for this period are
not annualized.
===========================================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 129
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS
---------------------------------------------------------------------------------------------------------------------------
BOND PLUS FUND
---------------------------------------------------------------------------
FOR THE PERIOD
FOR THE FOR THE FOR THE JULY 17, 1997
SIX MONTHS YEAR YEAR (COMMENCEMENT
ENDED ENDED ENDED OF OPERATIONS) TO
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2000(1) 1999 1998 1997(1)
---------------------------------------------------------------------------------------------------------------------------
(Unaudited)
<S> <C> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $9.63 $10.30 $10.09 $10.00
---------------------------------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.30 0.56 0.56 0.27
Net realized and unrealized gain (loss)
on investments 0.07 (0.66) 0.32 0.20
---------------------------------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations 0.37 (0.10) 0.88 0.47
---------------------------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income (0.30) (0.56) (0.56) (0.27)
In excess of net investment income -- (0.01) -- --
Net realized gains -- -- (0.11) (0.11)
---------------------------------------------------------------------------------------------------------------------------
Total distributions (0.30) (0.57) (0.67) (0.38)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $9.70 $9.63 $10.30 $10.09
===========================================================================================================================
TOTAL RETURN 3.91% (1.01)% 8.94% 4.79%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $230,254 $204,346 $155,034 $58,403
Ratio of expenses to average net assets
before expense waiver 0.40% 0.80% 0.80% 0.37%
Ratio of expenses to average net assets
after expense waiver 0.15% 0.30% 0.30% 0.14%
Ratio of net investment income to
average net assets 3.13% 5.75% 5.66% 2.72%
Portfolio turnover rate 190.62% 652.82% 531.92% 143.61%
(1) The percentages shown for this period are
not annualized.
===========================================================================================================================
</TABLE>
130 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
---------------------------------------------------------------------------------------------------------------------------
GROWTH & INCOME FUND GROWTH EQUITY FUND
----------------------------------------------------- -------------------------------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE FOR THE FOR THE JULY 17, 1997 FOR THE FOR THE FOR THE JULY 17, 1987
SIX MONTHS YEAR YEAR (COMMENCEMENT SIX MONTHS YEAR YEAR (COMMENCEMENT
ENDED ENDED ENDED OF OPERATIONS) TO ENDED ENDED ENDED OF OPERATIONS) TO
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2000(1) 1999 1998 1997(1) 2000(1) 1999 1998 1997(1)
---------------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
$15.93 $13.33 $10.32 $10.00 $17.19 $13.65 $10.12 $10.00
---------------------------------------------------------------------------------------------------------------------------
0.06 0.11 0.10 0.07 -- 0.02 0.03 0.06
0.21 3.13 3.04 0.32 1.20 4.47 3.61 0.28
---------------------------------------------------------------------------------------------------------------------------
0.27 3.24 3.14 0.39 1.20 4.49 3.64 0.34
---------------------------------------------------------------------------------------------------------------------------
(0.06) (0.11) (0.10) (0.07) -- (0.02) (0.03) (0.06)
-- -- -- -- -- -- -- --
-- (0.53) (0.03) -- -- (0.93) (0.08) (0.16)
---------------------------------------------------------------------------------------------------------------------------
(0.06) (0.64) (0.13) (0.07) -- (0.95) (0.11) (0.22)
---------------------------------------------------------------------------------------------------------------------------
$16.14 $15.93 $13.33 $10.32 $18.39 $17.19 $13.65 $10.12
===========================================================================================================================
1.58% 24.46% 30.51% 3.96% 6.98% 33.00% 35.97% 3.44%
$645,011 $541,718 $232,625 $61,822 $912,361 $696,272 $296,362 $64,487
0.46% 0.93% 0.93% 0.43% 0.47% 0.95% 0.95% 0.44%
0.21% 0.43% 0.43% 0.20% 0.22% 0.45% 0.45% 0.21%
0.59% 0.82% 0.97% 0.76% 0.06% 0.16% 0.37% 0.68%
13.47% 39.35% 71.49% 1.46% 16.50% 69.56% 49.91% 29.44%
===========================================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 131
<PAGE>
<TABLE>
<CAPTION>
TIAA-CREF MUTUAL FUNDS
---------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
-------------------------------------------------------------------------
FOR THE PERIOD
FOR THE FOR THE FOR THE JULY 17, 1997
SIX MONTHS YEAR YEAR (COMMENCEMENT
ENDED ENDED ENDED OF OPERATIONS) TO
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2000(1) 1999 1998 1997(1)
---------------------------------------------------------------------------------------------------------------------------
(Unaudited)
<S> <C> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $16.08 $10.54 $8.92 $10.00
---------------------------------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.05 0.11 0.09 0.07
Net realized and unrealized gain (loss)
on investments (1.05) 5.77 1.63 (1.07)
---------------------------------------------------------------------------------------------------------------------------
Total gain (loss) from investment operations (1.00) 5.88 1.72 (1.00)
---------------------------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income -- (0.11) (0.08) (0.07)
In excess of net investment income -- -- (0.02) (0.01)
Net realized gain -- (0.23) -- --
---------------------------------------------------------------------------------------------------------------------------
Total distributions -- (0.34) (0.10) (0.08)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $15.08 $16.08 $10.54 $8.92
===========================================================================================================================
TOTAL RETURN (6.22)% 55.83% 19.27% (10.09)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $304,733 $255,819 $118,555 $47,758
Ratio of expenses to average net assets
before expense waiver 0.49% 0.99% 0.99% 0.46%
Ratio of expenses to average net assets
after expense waiver 0.24% 0.49% 0.49% 0.23%
Ratio of net investment income to
average net assets 0.33% 1.03% 1.23% 0.56%
Portfolio turnover rate 90.13% 74.16% 27.20% 4.56%
(1) The percentages shown for this period are
not annualized.
===========================================================================================================================
</TABLE>
132 2000 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT HIGH-YIELD SHORT-TERM SOCIAL CHOICE EQUITY INDEX
MANAGED ALLOCATION FUND BOND FUND BOND FUND BOND FUND EQUITY FUND FUND
--------------------------------------------------------------------------------------------------------------------------------
FOR THE PERIOD
FOR THE FOR THE FOR THE JULY 17, 1997
SIX MONTHS YEAR YEAR (COMMENCEMENT
ENDED ENDED ENDED OF OPERATIONS) TO
JUNE 30, DECEMBER 31,DECEMBER 31, DECEMBER 31,
2000(1) 1999 1998 1997(1) FOR THE PERIOD MARCH 1, 2000 (COMMENCEMENT OF OPERATIONS)TO JUNE 30, 2000(1)
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$13.59 $11.79 $10.01 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
--------------------------------------------------------------------------------------------------------------------------------
0.13 0.38 0.34 0.23 0.16 0.29 0.21 0.04 0.04
0.29 1.85 1.76 0.01 0.11 (0.12) 0.02 0.47 0.06
--------------------------------------------------------------------------------------------------------------------------------
0.42 2.23 2.10 0.24 0.27 0.17 0.23 0.51 0.10
--------------------------------------------------------------------------------------------------------------------------------
(0.13) (0.38) (0.32) (0.23) (0.16) (0.28) (0.21) (0.01) (0.01)
(0.05) -- -- -- -- -- (0.03) -- --
-- (0.05) -- -- -- -- -- (0.02) --
--------------------------------------------------------------------------------------------------------------------------------
(0.18) (0.43) (0.32) (0.23) (0.16) (0.28) (0.24) (0.03) (0.01)
--------------------------------------------------------------------------------------------------------------------------------
$13.83 $13.59 $11.79 $10.01 $10.11 $9.89 $9.99 $10.48 $10.09
================================================================================================================================
3.03% 19.20% 21.24% 2.44% 2.78% 1.81% 2.35% 5.10% 1.04%
$313,616 $244,372 $162,867 $59,087 $31,834 $58,567 $29,535 $31,421 $58,972
0.00% 0.00% 0.00% 0.00% 0.27% 0.28% 0.27% 0.26% 0.26%
0.00% 0.00% 0.00% 0.00% 0.10% 0.11% 0.10% 0.09% 0.09%
1.34% 2.70% 2.80% 2.46% 1.69% 3.06% 2.20% 0.40% 0.40%
0.07% 3.90% 4.78% 0.00% 139.00% 28.09% 145.19% 1.89% 1.69%
================================================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS 2000 SEMI-ANNUAL REPORT 133
<PAGE>
TIAA-CREF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (UNAUDITED)
NOTE 1. ORGANIZATION
TIAA-CREF Mutual Funds (the "Funds") is a Delaware business trust that was
organized on January 13, 1997 and is registered with the Securities and Exchange
Commission ("Commission") under the Investment Company Act of 1940 as an
open-end management investment company. The Funds consist of eleven series (each
referred to as a "Fund"). The Money Market, Bond PLUS, Growth & Income, Growth
Equity, International Equity, and Managed Allocation Funds commenced operations
on July 17, 1997 with an investment by Teachers Insurance and Annuity
Association of America ("TIAA"). The Tax-Exempt Bond, High-Yield Bond,
Short-Term Bond, Social Choice Equity, and Equity Index Funds commenced
operations on March 1, 2000 with an investment by TIAA.
The following table summarizes the activity in the Fund shares owned by TIAA
during the period ended June 30, 2000.
<TABLE>
<CAPTION>
SHARES VALUE OF SHARES
SOLD TO (REDEEMED BY) SOLD TO (REDEEMED BY) SHARES HELD VALUE OF
TIAA DURING THE PERIOD TIAA DURING THE PERIOD BY TIAA AT SHARES HELD BY
ENDED JUNE 30, 2000 ENDED JUNE 30, 2000 JUNE 30, 2000 TIAA AT JUNE 30, 2000
----------------------- ---------------------- -------------- ---------------------
<S> <C> <C> <C> <C>
Bond PLUS Fund -- $ -- 2,901,961 $28,149,026
International Equity Fund -- -- 3,178,995 47,939,242
Managed Allocation Fund (512,562) (6,856,299) -- --
Tax-Exempt Bond Fund 2,500,000 25,000,000 2,541,517 25,694,739
High-Yield Bond Fund 5,000,000 50,000,000 5,147,345 50,907,246
Short-Term Bond Fund 2,500,000 25,000,000 2,561,191 25,586,295
Social Choice Equity Fund 2,500,000 25,000,000 2,507,220 26,275,665
Equity Index Fund 5,000,000 50,000,000 5,007,152 50,522,168
</TABLE>
The Managed Allocation Funds' holdings in the other Funds as of June 30, 2000
were as follows:
<TABLE>
<CAPTION>
PERCENT OF TOTAL SHARES
NUMBER OF SHARES HELD IN FUND OUTSTANDING IN THE FUND
--------------------------------- -----------------------
<S> <C> <C>
Money Market Fund 5,567,958 1.11%
Bond PLUS Fund 11,775,266 49.60%
Growth & Income Fund 4,650,754 11.63%
Growth Equity Fund 4,144,819 8.36%
International Equity Fund 2,600,157 12.87%
High-Yield Bond Fund 315,919 5.34%
</TABLE>
The Funds 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.
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.
134 2000 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (UNAUDITED)--(CONTINUED)
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 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 on securities transactions 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, dispostition 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.
2000 SEMI-ANNUAL REPORT 135
<PAGE>
TIAA-CREF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (UNAUDITED)--(CONTINUED)
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 the 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, Short-Term Bond, Tax-Exempt Bond and High-Yield Bond Funds are
declared and paid monthly; for the Growth & Income and Managed Allocation Funds
are declared and paid quarterly; for the Growth Equity, International Equity,
Social Choice Equity and Equity Index Funds are declared and paid annually; and
for the Money Market Fund are declared daily and paid monthly. Distributions
from realized gains, if any, are declared and paid annually for each of the
Funds. Undistributed net investment income and accumulated undistributed net
realized gain (loss) on total investments may include temporary book and tax
differences which will reverse in a subsequent period. Any permanent book and
tax basis differences relating to shareholder distributions will result in
reclassifications among the respective components of net assets.
INCOME TAXES: The Funds intend to qualify as regulated investment companies
under Subchapter M of the Internal Revenue Code and will not be subject to
income taxes to the extent that they distribute substantially all taxable income
each year. At June 30, 2000, 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%
Tax-Exempt Bond Fund 0.80% 0.50% 0.30%
High-Yield Bond Fund 0.84% 0.50% 0.34%
Short-Term Bond Fund 0.80% 0.50% 0.30%
Social Choice Equity Fund 0.77% 0.50% 0.27%
Equity Index Fund 0.76% 0.50% 0.26%
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.
136 2000 SEMI-ANNUAL REPORT
<PAGE>
TIAA-CREF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (UNAUDITED)--(CONCLUDED)
NOTE 4. INVESTMENTS
At June 30, 2000, net unrealized appreciation (depreciation) of portfolio
investments, consisting of gross unrealized appreciation and gross unrealized
depreciation for the Funds were as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
GROSS UNREALIZED APPRECIATION
APPRECIATION DEPRECIATION (DEPRECIATION)
----------------- ----------------- ---------------
<S> <C> <C> <C>
Bond PLUS Fund $ 1,782,437 $ 3,285,931 ($ 1,503,494)
Growth & Income Fund 133,092,533 37,018,329 96,074,204
Growth Equity Fund 232,035,452 34,080,758 197,954,694
International Equity Fund 38,658,197 21,451,537 17,206,660
Managed Allocation Fund 49,831,969 3,700,162 46,131,807
Tax-Exempt Bond Fund 370,954 20,189 350,765
High-Yield Bond Fund 443,098 874,638 (431,540)
Short-Term Bond Fund 60,471 42,235 18,236
Social Choice Equity Fund 2,990,407 1,780,677 1,209,730
Equity Index Fund 5,359,258 5,040,241 319,017
</TABLE>
Purchases and sales of portfolio securities, other than short-term money market
instruments, for the Funds, other than the Money Market Fund, for the period
ended June 30, 2000, were as follows:
<TABLE>
<CAPTION>
NON-GOVERNMENT GOVERNMENT NON-GOVERNMENT GOVERNMENT
PURCHASES PURCHASES SALES SALES
-------------- ---------- -------------- ----------
<S> <C> <C> <C> <C>
Bond PLUS Fund $ 53,802,236 $376,003,323 $ 53,897,063 $349,756,514
Growth & Income Fund 202,809,802 654,724 77,544,175 48,828
Growth Equity Fund 326,373,653 294,107 134,441,804 149,043
International Equity Fund 366,773,107 -- 277,131,273 --
Managed Allocation Fund 82,995,467 -- 17,557,830 --
Tax-Exempt Bond Fund 72,453,470 -- 39,407,282 --
High-Yield Bond Fund 67,395,106 -- 16,795,808 --
Short-Term Bond Fund 31,530,210 32,709,709 18,230,926 18,756,462
Social Choice Equity Fund 29,845,078 369,304 563,000 16,403
Equity Index Fund 58,803,064 401,513 1,220,410 41,938
</TABLE>
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
from the Funds for their services as Trustees.
NOTE 6. LINE OF CREDIT
The Growth & Income, Growth Equity, International Equity, and Managed Allocation
Funds participate 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
Fund, 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
is borne by the participating Funds. Interest associated with any borrowing
under the facility will be charged to the borrowing Funds at rates which are
based on the Federal Funds Rate in effect during the time of the borrowing. For
the six months ended June 30, 2000, there were no borrowings under this credit
facility.
2000 SEMI-ANNUAL REPORT 137
<PAGE>
TIAA-CREF PRODUCTS AND SERVICES
o TIAA-CREF MUTUAL FUNDS
o TIAA-CREF LIFE PERSONAL
ANNUITIES
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
RETIREMENT ANNUITIES (SRAS)
[GRAPHIC OMITTED] AUTOMATED TELEPHONE SERVICE
800 842-2252
24 hours a day, 7 days a week
TIAA-CREF MUTUAL FUNDS SHAREHOLDERS CAN USE THE ATS TO CHECK
FUND PERFORMANCE AND ACCOUNT BALANCES, AND TO INITIATE
PURCHASES OR EXCHANGES.
FOR PENSION ANNUITIES, PARTICIPANTS CAN USE THE ATS TO
ALLOCATE FUTURE PREMIUMS, TRANSFER ACCUMULATIONS, GET TIAA'S
CURRENT RATES OF INTEREST, CURRENT PERFORMANCE OF THE VARIABLE
ACCOUNTS, THE LATEST ACCUMULATION UNIT VALUES, AND TOTAL
ACCUMULATIONS.
[GRAPHIC OMITTED] PERSONAL ASSISTANCE
800 223-1200
8 a.m. to 11 p.m. ET, Monday - Friday
FOR QUESTIONS ABOUT TIAA-CREF MUTUAL FUNDS, TEACHERS PERSONAL
ANNUITY, TEACHERS LONGTERM CARE, AND TIAA LIFE INSURANCE.
800 842-2776
8 a.m. to 11 p.m. ET, Monday - Friday
9 a.m. to 6 p.m. ET, Saturday and Sunday
FOR QUESTIONS ABOUT RETIREMENT SAVING AND PLANNING, QUARTERLY
AND ANNUAL BENEFITS REPORTS, RECEIVING ANNUITY PAYMENTS,
ANNUITY OPTIONS, AND TAX REPORTS.
[GRAPHIC OMITTED] INTERNET ACCESS
VISIT OUR WORLD WIDE WEB SITE:
WWW.TIAA-CREF.ORG
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 RETIREMEMENT
ANNUITIES (RAS), SUPPLEMENTAL RETIREMENT ANNUITIES (SRAS), AND
IRA ACCUMULATIONS, 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.
[GRAPHIC OMITTED] MUTUAL FUND INFORMATION ONLINE
TIAA-CREF
www.tiaa-cref.org/mfunds/
MORNINGSTAR
www.morningstar.com
LIPPER ANALYTICAL SERVICES
www.lipperweb.com
<PAGE>
[TIAA LOGO] 730 Third Avenue -----------------
New York, NY 10017-3206 PRESORTED
STANDARD
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-----------------
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