WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001030491
<NAME> TIAA-CREF
<SERIES>
<NUMBER> 5
<NAME> MANAGED ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 267443840
<INVESTMENTS-AT-VALUE> 313575647
<RECEIVABLES> 1082437
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 314658084
<PAYABLE-FOR-SECURITIES> 138717
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 903630
<TOTAL-LIABILITIES> 1042347
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 260906801
<SHARES-COMMON-STOCK> 22670403
<SHARES-COMMON-PRIOR> 17975893
<ACCUMULATED-NII-CURRENT> 11427
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6565702
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46131807
<NET-ASSETS> 313615737
<DIVIDEND-INCOME> 3697414
<INTEREST-INCOME> 19527
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3716941
<REALIZED-GAINS-CURRENT> 2206004
<APPREC-INCREASE-CURRENT> 2395815
<NET-CHANGE-FROM-OPS> 8318760
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3705154
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5792979
<NUMBER-OF-SHARES-REDEEMED> (836272)
<SHARES-REINVESTED> 250365
<NET-CHANGE-IN-ASSETS> 69243613
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4359698
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 277040183
<PER-SHARE-NAV-BEGIN> 13.590
<PER-SHARE-NII> 0.130
<PER-SHARE-GAIN-APPREC> 0.290
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.180)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.830
<EXPENSE-RATIO> 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>