<PAGE> 1
TIAA-CREF
INSTITUTIONAL MUTUAL FUNDS
99
ANNUAL REPORT 1999
Audited financial statements
including statements of investments
September 30, 1999
Institutional International Equity Fund
Institutional Growth Equity Fund
Institutional Growth & Income Fund
Institutional Equity Index Fund
Institutional Social Choice Equity Fund
Institutional Bond Fund
Institutional Money Market Fund
[TIAA CREF LOGO]
<PAGE> 2
TIAA-CREF Institutional Mutual Funds
CONTENTS 1999 ANNUAL REPORT
FUND PERFORMANCE
5 Institutional International Equity Fund
6 Institutional Growth Equity Fund
7 Institutional Growth & Income Fund
8 Institutional Equity Index Fund
9 Institutional Social Choice Equity Fund
10 Institutional Bond Fund
11 Institutional Money Market Fund
FINANCIAL STATEMENTS
12 Report of Management Responsibility
13 Report of Independent Auditors
14 Statements of Assets and Liabilities
15 Statements of Operations
16 Statements of Changes in Net Assets
17 Financial Highlights
18 Notes to Financial Statements
STATEMENTS OF INVESTMENTS
22 Institutional International Equity Fund
30 Institutional Growth Equity Fund
41 Institutional Growth & Income Fund
48 Institutional Equity Index Fund
66 Institutional Social Choice Equity Fund
71 Institutional Bond Fund
74 Institutional Money Market Fund
74 Tax Information
Institutional
FUND MANAGEMENT
INSTITUTIONAL INTERNATIONAL EQUITY FUND
CHRIS SEMENUK, Director, Global Portfolio Management, Teachers Advisors
Mr. Semenuk joined TIAA-CREF in 1993. He is a member of the management group
responsible for managing the TIAA-CREF International Equity Mutual Fund and the
international component of the CREF Global Equities Account.
INSTITUTIONAL GROWTH EQUITY FUND
GROWTH PORTFOLIO MANAGEMENT GROUP, Teachers Advisors
The Institutional Growth Equity Fund is managed by the Growth Portfolio
Management Group of Teachers Advisors, whose members are responsible for the
day-to-day management of the fund's stock portfolio, and use the same investment
approach as the TIAA-CREF Growth Equity Mutual Fund. A team of individuals from
the Teachers Advisors quantitative investment unit manages the "Enhanced Index"
subportfolio.
INSTITUTIONAL GROWTH & INCOME FUND
CARLTON N. MARTIN, Managing Director, Global Research, Teachers Advisors
Mr. Martin joined TIAA-CREF in 1980. He is responsible for the actively managed
component of the TIAA-CREF Growth & Income Fund. He is also a member of the
management group responsible for the actively managed component of the CREF
Global Equities Account.
INSTITUTIONAL EQUITY INDEX FUND AND
INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
QUANTITATIVE PORTFOLIO MANAGEMENT GROUP, Teachers Advisors
The Institutional Equity Index Fund and the Institutional Social Choice Equity
Fund are managed by Teachers Advisors, Inc.'s quantitative portfolio management
group, whose members are jointly responsible for the day-to-day management of
the Funds.
INSTITUTIONAL BOND FUND
ELIZABETH BLACK, Managing Director, Portfolio Management, Teachers Advisors
Ms. Black has been with TIAA-CREF for twelve years, and is responsible for
managing the investments in the TIAA-CREF Bond Plus Mutual Fund. She is also
responsible for managing the investments in CREF's Bond Market Account ($3.0
billion in assets) and the fixed-income portion of CREF's Social Choice Account
($1.5 billion in assets).
INSTITUTIONAL MONEY MARKET FUND
STEVEN TRAUM, Managing Director, Teachers Advisors
Mr. Traum joined TIAA-CREF in 1983. He has been responsible for managing the
TIAA-CREF Money Market Mutual Fund since its inception in 1997, the CREF Money
Market Account since its inception in 1988, and the CREF Inflation-Linked Bond
Account since its inception in 1997.
<PAGE> 3
[PHOTO]
A LETTER FROM THE CHAIRMAN
This is the first annual report of the TIAA-CREF Institutional Mutual Funds. We
began offering the funds on July 1, 1999. We saw a need to extend our full
service, low cost, and investment management expertise to institutional mutual
fund investors. Our institutional mutual funds are available to all clients of
our newly established TIAA-CREF Trust Services Company, FSB. The TIAA-CREF
Institutional Mutual Funds are also available to fund the state-sponsored
college savings programs that we currently administer.
TIAA-CREF AND ITS MISSION: TIAA-CREF was founded in 1918 by the Carnegie
Foundation for the Advancement of Teaching, exclusively to help colleges and
their employees by creating a viable retirement system. The system and related
insurance products are offered at the lowest possible cost to employers and
participants. CREF, a companion organization, was created in 1952 to offer the
first variable annuity. The TIAA-CREF system now provides retirement and
insurance plans at over 9,300 institutions, benefiting more than two million
participants.
LOW OPERATING COSTS: TIAA-CREF Institutional Mutual Funds are managed to be
low-cost, like all the other retirement and insurance products that we offer. In
fact, with no account maintenance, transaction, or 12b-1 fees, our funds'
expenses are truly among the lowest in the mutual fund industry.
These Institutional Mutual Funds are the result of many years of investment
management experience; a tradition of prudence, consistency, and focus on
performance; and our unceasing efforts to expand the range of products and
services we provide to help achieve your financial goals.
/s/ JOHN H. BIGGS
JOHN H. BIGGS
Chairman of the Board
1999 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 3
<PAGE> 4
[PHOTO]
A MESSAGE FROM THE CHIEF INVESTMENT OFFICER
We are fortunate to have received praise from the financial press for our
tradition of excellent service and low expenses. These hallmarks have earned us
distinction for making quality investment decisions in our highly regarded
financial products. The launch of our TIAA-CREF Institutional Mutual Funds on
July 1, 1999 is a part of this tradition. While some companies focus on
short-term returns, TIAA-CREF invests for the long term. Of course, past
investment performance does not guarantee future returns, and since the start-up
of our institutional mutual funds is so recent, the TIAA-CREF Institutional
Mutual Funds' future performance could be significantly different from their
performance to date.
The TIAA-CREF Institutional Mutual Funds draw on our traditional principles of
flexible and consistent investment strategies. As a part of this tradition,
several of TIAA-CREF's Institutional Equity Mutual Funds utilize our Dual
Investment Management Strategy(SM) In this strategy, each equity fund consists
of two separate subportfolios. One subportfolio is an actively managed Stock
Selection component, while the other is a quantitative, Enhanced Index
subportfolio. The Stock Selection subportfolio holds a relatively small number
of stocks that the fund's management believes offer superior returns. The
Enhanced Index subportfolio utilizes the quantitative strategy in order to
outperform the fund's benchmark index, while limiting the possibility of
underperforming that benchmark. We feel that this approach enables the funds to
remain fully invested even when a fund's management cannot find attractive,
undervalued investment opportunities for the Stock Selection subportfolio.
In the first three months of their operation, the TIAA-CREF Institutional Mutual
Funds generally had mixed results against their respective benchmarks, but
outperformed their peer competition. In the third quarter of 1999, when the
TIAA-CREF Institutional Mutual Funds were launched, the broad domestic stock
indices lost ground, as they were challenged by the Federal Reserve Board's
moves to raise interest rates. Market leaders were reduced to a narrow field of
technology, energy, and communications services stocks (particularly wireless
companies). However, the setback in the large indices masked more severe
corrections in many sectors, particularly in interest-rate sensitive groups.
These market conditions persist going into the fourth quarter. Inflation fears,
particularly related to wage pressures, rising commodity prices, strong consumer
spending, and a weakening dollar, have prompted the Federal Reserve Board to
assume a continued bias toward tightening interest rates. Y2K anxiety is another
element weighing on market sentiment. Against these concerns the positive
outlook for corporate profits continued.
We believe that our innovative and traditional investment strategies, combined
with our commitment to low expenses, allows us to provide enhanced investment
performance to our investors. Also, we are pleased to say that we are waiving a
portion of management fees for the funds and limiting certain other expenses
until 2002.
/s/ MARTIN L. LEIBOWITZ
MARTIN L. LEIBOWITZ
Vice Chairman and
Chief Investment Officer
4 TIAA-CREF Institutional Mutual Funds 1999 ANNUAL REPORT
<PAGE> 5
Institutional
INTERNATIONAL EQUITY FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Institutional International Equity Fund seeks a favorable
long-term return, mainly through capital appreciation from a broadly diversified
portfolio consisting primarily of foreign equity investments.
PORTFOLIO PROFILE
- - Employs TIAA-CREF's Dual Investment Management Strategy(SM) to achieve
returns on international equities.
- - Indexed portion of the fund aims to slightly exceed the fund's benchmark,
the Morgan Stanley Europe, Australasia, Far East (EAFE) Index.
- - Actively managed (50 percent as of 9/30/99) part is comprised of
international stocks of companies we believe have strong management and
excellent prospects for growth.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
INSTITUTIONAL
INTERNATIONAL MORGAN STANLEY LIPPER INTERNATIONAL
EQUITY FUND EAFE INDEX FUND INDEX
<S> <C> <C> <C>
July 1, 1999 10000 10000 10000
July 31, 1999 10576 10297 10223
August 31, 1999 10606 10335 10304
September 30, 1999 10786 10439 10337
</TABLE>
PERFORMANCE AT A GLANCE AS OF 9/30/99
<TABLE>
<CAPTION>
Total Return(1) Expense Net Assets
since inception(2) Ratio in millions
<S> <C> <C> <C>
INSTITUTIONAL
INTERNATIONAL EQUITY FUND 7.68% 0.29%(3) $27.5
- ---------------------------------------------------------------------------------
Morgan Stanley EAFE Index 4.39 -- --
- ---------------------------------------------------------------------------------
Lipper International Fund Index 3.37 -- --
- ---------------------------------------------------------------------------------
</TABLE>
PERFORMANCE IN 1999
During the third quarter of 1999, the Institutional International Equity Fund
had a return of 7.68 percent, soundly beating its benchmark, the Morgan Stanley
EAFE Index, by 3.29 percent. Also at the end of the third quarter, the fund was
4.31 percent ahead of the 3.37 percent return of the Lipper International Fund
Index.
Stock selection was the primary driver of the fund's performance during the
third quarter. Especially strong were our investments in the Asia-Pacific
region. Four of the fund's top performing stocks for the third quarter were
headquartered in Japan. Names such as Ryohin Keikaku, the innovative Japanese
retailer, and NTT Mobile Communications, the leading Japanese mobile
telecommunications company, posted strong gains. In addition, our investments in
Nissan Motors and the electrical components company Murata Manufacturing
continued to perform well throughout the quarter. Our investments in the
European mobile telecommunications industry--in particular, the German company
Mannesmann and the British company Vodafone Airtouch--performed strongly during
the quarter.
There have been some disappointments as well. The British tour operator
Airtours, a strong performer in the first half of the year, did poorly during
the third quarter--the result of government disapproval of a recent acquisition.
We continue to believe in the company's future growth prospects. Our investment
in Freeserve, Europe's largest Internet service provider, detracted from the
fund's performance, since sentiment in the sector waned worldwide.
TEN LARGEST HOLDINGS AS OF 9/30/99
<TABLE>
<CAPTION>
Company Country Shares Market Value (000)
<S> <C> <C> <C>
Vodafone Airtouch PLC United Kingdom 35,600 $843
Mannesmann AG. Germany 5,050 807
Invensys PLC United Kingdom 156,700 764
Murata Manufacturing Co Ltd Japan 5,372 540
ST Microelectronics NV Netherlands 6,000 468
Hays PLC United Kingdom 42,500 460
Colt Telecom Group PLC United Kingdom 19,050 453
Renault S.A. France 7,800 431
Sakura Bank Ltd Japan 56,000 421
Nissan Motor Co Ltd Japan 68,000 412
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Institutional International Equity Fund. Future returns
will fluctuate, as will the value of investment principal. The shares you
own may be worth more or less than their original value upon redemption.
(2) Inception date of the Institutional International Equity Fund was 7/1/99.
(3) The annualized expense ratio (and performance return) of the fund reflect
contractual agreements in place through July 1, 2002 to waive a portion of
the fund's management fee and limit the fund's other expenses.
1999 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 5
<PAGE> 6
Institutional
GROWTH EQUITY FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Institutional Growth Equity Fund seeks a favorable rate of return,
mainly through the capital appreciation of a diversified portfolio of common
stocks that have the potential for strong growth.
PORTFOLIO PROFILE
- - Employs TIAA-CREF's Dual Investment Management Strategy(SM) Indexed portion
aims to exceed the fund's benchmark, the Russell 3000(R) Growth Index, with
low volatility.
- - Actively managed part of the fund (62 percent as of 9/30/99) is
concentrated in stocks of rapidly growing companies dominant in products
and/or services.
- - Actively selects international stocks outside of the benchmark as
opportunities arise.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
INSTITUTIONAL
GROWTH EQUITY RUSSELL 3000(R) LIPPER GROWTH
FUND GROWTH INDEX FUND INDEX
<S> <C> <C> <C>
July 1, 1999 10000 10000 10000
July 31, 1999 9684 9683 9753
August 31, 1999 9809 9803 9643
September 30, 1999 9703 9624 9482
</TABLE>
PERFORMANCE AT A GLANCE AS OF 9/30/99
<TABLE>
<CAPTION>
Total Return(1) Expense Net Assets
since inception(2) Ratio in millions
<S> <C> <C> <C>
INSTITUTIONAL
GROWTH EQUITY FUND -2.97% 0.22%(3) $30.5
- --------------------------------------------------------------------------------
Russell 3000(R) Growth Index -3.76 -- --
- --------------------------------------------------------------------------------
Lipper Growth Fund Index -5.18 -- --
- --------------------------------------------------------------------------------
</TABLE>
PERFORMANCE IN 1999
While equity markets lost ground during the third quarter of 1999, the
Institutional Growth Equity Fund had a return of -2.97 percent, outperforming
the -3.76 percent return of its benchmark, the Russell 3000(R) Growth Index, by
0.79 percent. The fund was clearly ahead of the competition, as it exceeded the
- -5.18 percent return of the Lipper Growth Fund Index.
Our stock selection in technology with an emphasis on software stocks such as
Oracle provided substantial gains. Tyco International, one of our largest
positions, continued to gain ground, as did the fund's large exposure to
broadcasting and communications stocks. Omnipoint, a wireless communications
stock, stood out as a strong contributor in the third quarter.
Another positive performance feature resulted from the Institutional Growth
Equity Fund's low exposure to consumer staples stocks, an expensive group with
many companies experiencing a disappointing earnings trend. The fund's
performance also benefited from being underweight in the financial services
group. On the negative side, our exposure to the waste industry through Waste
Management and Republic Industries was a major setback.
TEN LARGEST HOLDINGS AS OF 9/30/99
<TABLE>
<CAPTION>
Company Shares Market Value (000)
<S> <C> <C>
Microsoft Corp 19,568 $1,772
General Electric Co 13,342 1,582
Tyco International Ltd 14,377 1,484
Intel Corp 18,731 1,392
Cisco Systems, Inc 16,032 1,099
Lucent Technologies, Inc 11,874 770
Merck & Co, Inc 10,405 674
Oracle Corp 14,724 670
MCI Worldcom, Inc 8,719 627
EMC Corp 8,420 602
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Institutional 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 Institutional Growth Equity Fund was 7/1/99.
(3) The annualized expense ratio (and performance return) of the fund reflect
contractual agreements in place through July 1, 2002 to waive a portion of
the fund's management fee and limit the fund's other expenses.
6 TIAA-CREF Institutional Mutual Funds 1999 ANNUAL REPORT
<PAGE> 7
Institutional
GROWTH & INCOME FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Institutional 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 (40 percent as of 9/30/99) buys stocks when priced fairly or
at a discount to growth potential and asset values.
- - Occasionally acquires stocks of foreign-based companies not in the
benchmark.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
INSTITUTIONAL
GROWTH & INCOME S&P 500 LIPPER GROWTH &
FUND INDEX INCOME FUND INDEX
<S> <C> <C> <C>
July 1, 1999 10000 10000 10000
July 31, 1999 9733 9688 9713
August 31, 1999 9561 9640 9498
September 30, 1999 9330 9376 9200
</TABLE>
PERFORMANCE A LANCE AS OF 9/30/99
<TABLE>
<CAPTION>
Total Return(1) Expense Net Assets
since inception(2) Ratio in millions
<S> <C> <C> <C>
INSTITUTIONAL
GROWTH & INCOME FUND -6.69% 0.22%(3) $25.2
- ------------------------------------------------------------------------------------
S&P 500 Index -6.24 -- --
- ------------------------------------------------------------------------------------
Lipper Growth & Income Fund Index -8.00 -- --
- ------------------------------------------------------------------------------------
</TABLE>
PERFORMANCE IN 1999
While equity markets lost ground during the third quarter of 1999, the
Institutional Growth & Income Fund had a return of -6.69 percent,
underperforming the -6.24 percent return of its benchmark S&P 500 Index by 45
basis points, or less than half of a percentage point. The fund was up 1.3
percent over the Lipper Growth & Income Fund Index, which showed a return of -8
percent.
Stock selection was the main driver behind our underperformance for the quarter.
The market values of Viatel, Office Depot, Republic Services, and Capital
Reinsurance declined significantly due to disappointing earnings announcements
coupled with concerns over interest rate hikes. We took action by selling Office
Depot and Republic Services, while adding more to companies that have delivered
consistent results (e.g., Tyco and Cisco).
The stocks in the Institutional Growth & Income Fund exhibiting the best results
in the third quarter included Omnipoint, Banc One, Swatch Group, and Oracle. The
fund continues to emphasize both telecommunication services companies (AT&T,
AOL, MCI Worldcom, and SBC Communications) and telecommunication technology
companies (Lucent, Nokia, and Cisco).
TEN LARGEST HOLDINGS AS OF 9/30/99
<TABLE>
<CAPTION>
Company Shares Market Value (000)
<S> <C> <C>
Microsoft Corp 12,434 $1,126
General Electric Co 7,698 913
Wal-Mart Stores, Inc 12,339 587
IBM Corp 4,510 547
Lucent Technologies, Inc 8,418 546
Intel Corp 7,240 538
Cisco Systems, Inc 7,746 531
Exxon Corp 6,929 526
Tyco International Ltd 4,349 449
AT&T Corp 10,020 436
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Institutional 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 Institutional Growth & Income Fund was 7/1/99.
(3) The annualized expense ratio (and performance return) of the fund reflect
contractual agreements in place through July 1, 2002 to waive a portion of
the fund's management fee and limit the fund's other expenses.
1999 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 7
<PAGE> 8
Institutional
EQUITY INDEX FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Institutional Equity Index Fund seeks favorable long-term returns
through capital appreciation and investment income, primarily from a broadly
diversified portfolio of common stocks.
PORTFOLIO PROFILE
- - Tracks the overall market for common stocks publicly traded in the U.S.
- - 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 3000 stocks in the index.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
INSTITUTIONAL
EQUITY INDEX RUSSELL 3000(R)
FUND INDEX
<S> <C> <C>
July 1, 1999 10000 10000
July 31, 1999 9684 9697
August 31, 1999 9589 9587
September 30, 1999 9340 9342
</TABLE>
PERFORMANCE AT A GLANCE AS OF 9/30/99
<TABLE>
<CAPTION>
Total Return(1) Expense Net Assets
since inception(2) Ratio in millions
<S> <C> <C> <C>
INSTITUTIONAL
EQUITY INDEX FUND -6.60% 0.17%(3) $25.1
- -----------------------------------------------------------------------------
Russell 3000(R) Index -6.58 -- --
- -----------------------------------------------------------------------------
</TABLE>
PERFORMANCE IN 1999
While equity markets lost ground during the third quarter of 1999,
the Institutional Equity Index Fund returned -6.60 percent, underperforming its
unmanaged benchmark, the Russell 3000(R) Index, with a return of -6.58 percent,
by 2 basis points (0.02 percent). The negative returns of the Institutional
Equity Index Fund and the Russell 3000(R) Index were attributed to weakness in
interest-rate-sensitive stocks during the third quarter, after the Federal
Reserve Board moved to raise rates. Positive performance factors included
strength in the software and communications sector.
TEN LARGEST HOLDINGS AS OF 9/30/99
<TABLE>
<CAPTION>
Company Shares Market Value (000)
<S> <C> <C>
General Electric Co 7,100 $842
Microsoft Corp 8,100 734
Intel Corp 7,386 549
IBM Corp 4,000 486
Cisco Systems, Inc 7,000 480
Lucent Technologies, Inc 6,625 430
Exxon Corp 5,300 402
Merck & Co, Inc 5,200 337
Citigroup, Inc 7,400 326
MCI Worldcom, Inc 4,200 302
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Institutional 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 Institutional Equity Index Fund was 7/1/99.
(3) The annualized expense ratio (and performance return) of the fund reflect
contractual agreements in place through July 1, 2002 to waive a portion of
the fund's management fee and limit the fund's other expenses.
8 TIAA-CREF Institutional Mutual Funds 1999 ANNUAL REPORT
<PAGE> 9
Institutional
SOCIAL CHOICE EQUITY FUND
INVESTMENT OBJECTIVE
The Institutional 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
- - Attempts to track the return of the S&P 500 Index by investing in companies
that meet the fund's social criteria.
- - Current social criteria excludes investing in companies that do damage to
the natural environment, have significant business in weapons production,
produce or market alcohol or tobacco products, or nuclear energy.
- - Does not invest in stocks of U.S. firms with operations in Northern Ireland
that have not adopted the MacBride Principles or the Fair Employment Act of
1989 (Northern Ireland).
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
INSTITUTIONAL
SOCIAL CHOICE S&P 500 LIPPER GROWTH &
EQUITY FUND INDEX INCOME FUND INDEX
<S> <C> <C> <C>
July 1, 1999 10000 10000 10000
July 31, 1999 9725 9688 9713
August 31, 1999 9677 9640 9498
September 30, 1999 9364 9376 9200
</TABLE>
PERFORMANCE AT A GLANCE AS OF 9/30/99
<TABLE>
<CAPTION>
Total Return(1) Expense Net Assets
since inception(2) Ratio in millions
<S> <C> <C> <C>
INSTITUTIONAL
SOCIAL CHOICE EQUITY FUND -6.36% 0.18%(3) $24.7
- ------------------------------------------------------------------------------------
S&P 500 Index -6.24 -- --
- ------------------------------------------------------------------------------------
Lipper Growth & Income Fund Index -8.00 -- --
- ------------------------------------------------------------------------------------
</TABLE>
PERFORMANCE IN 1999
While equity markets lost ground during the third quarter of 1999, the
Institutional Social Choice Equity Fund showed a return of -6.36 percent. The
fund marginally underperformed its benchmark S&P 500 Index return of -6.24
percent by 12 basis points (0.12 percent). The fund surpassed the Lipper Growth
& Income Fund Index return of -8 percent by 1.64 percent.
The Institutional Social Choice Account attempts to match the performance of the
S&P 500 Index. But a number of stocks in this benchmark cannot be held in the
account because they do not pass the social screens.
Our overexposure to the technology sector clearly helped the fund's performance
against the S&P 500, since technology stocks were up by over 5 percent during
the quarter. The fund also benefited from not holding any aerospace or defense
stocks, as defense stocks fell by 10 percent. However, a more than 15 percent
decline in the financial services sector, in which we were overweight,
negatively affected the fund's overall performance.
As for individual stocks, we increased our holdings in Procter & Gamble, which
was up 5 percent for the quarter. The positive effect of this overweight
position partially offset the negative effect of being seriously underweight in
(i.e., not owning) General Electric (GE), which was also up by over 5 percent
during the quarter, and is the second largest stock in the S&P 500.
All factors seemed to even out at the quarter's end. The fund nearly matched the
S&P 500, coming in just 0.12 percentage points short of the benchmark, with 0.04
percentage points of that margin due to the expense charge.
TEN LARGEST HOLDINGS AS OF 9/30/99
<TABLE>
<CAPTION>
Company Shares Market Value (000)
<S> <C> <C>
Microsoft Corp 13,500 $1,223
Intel Corp 9,200 684
IBM Corp 5,400 655
Wal-Mart Stores, Inc 12,900 614
Cisco Systems, Inc 8,800 603
Lucent Technologies, Inc 7,600 493
Merck & Co, Inc 7,500 486
Procter & Gamble Co 5,000 469
Bristol-Myers Squibb Co 6,500 439
Johnson & Johnson Co 4,700 432
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Institutional 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 Institutional Social Choice Equity Fund was 7/1/99.
(3) The annualized expense ratio (and performance return) of the fund reflect
contractual agreements in place through July 1, 2002 to waive a portion of
the fund's management fee and limit the fund's other expenses.
1999 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 9
<PAGE> 10
Institutional
BOND FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Institutional Bond Fund seeks a favorable long-term rate of
return, primarily through high current income consistent with preserving
capital.
PORTFOLIO PROFILE
- - Aims to match the risk characteristics of the benchmark, so returns should
be similar to those of the benchmark index.
- - Overweights investments in undervalued securities as compared with the
benchmark, and underweights investments in overvalued securities as
compared with the benchmark.
- - Utilizes sector allocation strategies to maintain optimum portfolio
structure.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
INSTITUTIONAL LEHMAN BROTHERS LIPPER INTERMEDIATE
BOND FUND AGGREGATE BOND INDEX INVESTMENT GRADE DEBT INDEX
<S> <C> <C> <C>
July 1, 1999 10000 10000 10000
July 31, 1999 9949 9957 9965
August 31, 1999 9958 9952 9954
September 30, 1999 10067 10068 10064
</TABLE>
PERFORMANCE AT A GLANCE AS OF 9/30/99
<TABLE>
<CAPTION>
Total Return(1) Expense Net Assets
since inception(2) Ratio in millions
<S> <C> <C> <C>
INSTITUTIONAL
BOND FUND 0.67% 0.19%(3) $30.4
- --------------------------------------------------------------------------------
Lehman Brothers
Aggregate Bond Index 0.68 -- --
- --------------------------------------------------------------------------------
Lipper Intermediate
Investment Grade Debt Index 0.64 -- --
- --------------------------------------------------------------------------------
</TABLE>
PERFORMANCE IN 1999
During the third quarter of 1999, the Institutional Bond Fund had a return of
0.67 percent, in line with its benchmark, the Lehman Brothers Aggregate Bond
Index, which posted a return of 0.68 percent. As of 9/30/99, the fund held a
3-basis point (0.03 percent) advantage over its competition, as measured by the
Lipper Intermediate Investment Grade Debt Index.
The performance of the fund in the third quarter reflects the fact that the fund
was closely aligned to its benchmark in terms of overall risk characteristics.
In the first few months of the fund's existence, we purchased securities in the
major asset classes found in the benchmark index. These securities were U.S.
Treasury and Agency securities, mortgage- and asset-backed securities and
corporate securities.
INSTITUTIONAL BOND FUND VS. BENCHMARK:
RISK CHARACTERISTICS
<TABLE>
<CAPTION>
Measure* Average Life Option-Adjusted Duration
(in years) 9/30/99 (in years) 9/30/99
<S> <C> <C>
Institutional Bond Fund 8.58 4.82
- ---------------------------------------------------------------------------
Lehman Brothers
Aggregate Bond Index 8.53 4.87
- ---------------------------------------------------------------------------
</TABLE>
* As calculated using an analytical model developed by BARRA, a widely
recognized investment research firm that created the first multiple-factor
bond risk model.
<TABLE>
<CAPTION>
TOP FIVE MARKET SECTORS 9/30/99
<S> <C>
Mortgage-backed securities* 43%
- ---------------------------------------------------------------------
U.S. government securities 29
- ---------------------------------------------------------------------
Corporate bonds 21
- ---------------------------------------------------------------------
Money market instruments 4
- ---------------------------------------------------------------------
Yankees** 3
- ---------------------------------------------------------------------
</TABLE>
* Includes government-backed and private-label securities and asset-backed
securities
** Foreign government and corporate bonds denominated in U.S. dollars
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Institutional 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 Institutional Bond Fund was 7/1/99.
(3) The annualized expense ratio (and performance return) of the fund reflect
contractual agreements in place through July 1, 2002 to waive a portion of
the fund's management fee and limit the fund's other expenses.
10 TIAA-CREF Institutional Mutual Funds 1999 ANNUAL REPORT
<PAGE> 11
Institutional
MONEY MARKET FUND
INVESTMENT OBJECTIVE
The TIAA-CREF Institutional Money Market Fund seeks high current income, to the
extent consistent with maintaining liquidity and preserving capital.
PORTFOLIO PROFILE
- - Invests in money market securities classified as "first-tier securities,"
which are ranked in the highest category by nationally recognized statistical
rating organizations.
- - Average weighted maturity of 90 days or less.
- - Longest maturity will be 397 days.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
INSTITUTIONAL
MONEY IBC'S MONEY FUND REPORT LIPPER MONEY
MARKET FUND AVERAGE(TM)--ALL TAXABLE MARKET FUNDS AVERAGE
<S> <C> <C> <C>
July 1, 1999 10000 10000 10000
July 31, 1999 10043 10038 10036
August 31, 1999 10086 10077 10073
September 30, 1999 10128 10116 10110
</TABLE>
PERFORMANCE IN 1999
Since its inception on July 1, 1999, the TIAA-CREF Institutional Money Market
Fund showed a return of 1.28 percent. The fund significantly exceeded the 1.15
percent return of its benchmark, the IBC Money Fund Report Average(TM)--All
Taxable, by a wide margin of 13 basis points.
Since the Institutional Money Market Fund began on July 1, it was successful in
taking advantage of the most recent move by the Federal Reserve Board to raise
short-term interest rates. The 25-basis point increase on June 30th allowed the
fund to invest its assets at higher interest rates than some of our competitors
with established portfolios.
As a result, the weighted average maturity of the Institutional Money Market
Fund varied from a low of 36 days to a high of 60 days, as compared with a range
of 56 days to 59 days for the IBC Money Fund Report Average(TM)--All Taxable. At
the end of the quarter, the weighted average maturity for the fund was 48 days
versus 57 days for the benchmark. Our goal during the fourth quarter is to have
a similar weighted average maturity as the benchmark.
As of 9/30/99, 66 percent of the Institutional Money Market Fund's assets were
invested in commercial paper, while the fund's other assets were invested in
U.S. government agency securities.
ASSET ALLOCATION AS OF 9/30/99
Commercial paper 66%
U.S. government
agency securities 34%
PERFORMANCE AT A GLANCE AS OF 9/30/99
<TABLE>
<CAPTION>
Total Return(1) Expense Average Maturity Net Assets
since inception(2) Ratio (days) as of 9/28/99 in millions
<S> <C> <C> <C> <C>
INSTITUTIONAL
MONEY MARKET FUND 1.28% 0.16%(3) 48 $25.4
- ------------------------------------------------------------------------------------------------------------------------
IBC's Money Fund Report
Average(TM)--All Taxable 1.15 0.49 57 --
- ------------------------------------------------------------------------------------------------------------------------
Lipper Money Market Funds Average 1.10 -- -- --
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Net Annualized Yield
for the 7 days ending 9/28/99
CURRENT EFFECTIVE
<S> <C> <C>
INSTITUTIONAL
MONEY MARKET FUND 5.19% 5.32%
- ----------------------------------------------------------------------
IBC's Money Fund Report
Average(TM)--All Taxable 4.71 4.82
- ----------------------------------------------------------------------
Lipper Money Market Funds Average -- --
- ----------------------------------------------------------------------
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Institutional Money Market Fund. Future returns will
fluctuate, as will the value of investment principal. The shares you own
may be worth more or less than their original value upon redemption. We
will attempt to maintain a stable net asset value of $1.00 per share for
this fund, but it is possible to lose money by investing in the fund. The
current yield more closely reflects the Institutional Money Market Mutual
Fund's current earnings than does the total return.
(2) Inception date of the Institutional Money Market Fund was 7/1/99.
(3) The annualized expense ratio (and performance return) of the fund reflect
contractual agreements in place through July 1, 2002 to waive a portion of
the fund's management fee and limit the fund's other expenses.
THE TIAA-CREF INSTITUTIONAL MONEY MARKET FUND IS NOT A DEPOSIT OF ANY BANK AND
IS NEITHER INSURED NOR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
OR ANY OTHER U.S. GOVERNMENT AGENCY.
1999 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 11
<PAGE> 12
[TIAA CREF Logo]
- --------------------------------------------------------------------------------
REPORT OF MANAGEMENT RESPONSIBILITY
To the Shareholders of
TIAA-CREF Institutional Mutual Funds:
The accompanying financial statements of the Institutional International Equity,
Institutional Growth Equity, Institutional Growth & Income, Institutional Equity
Index, Institutional Social Choice Equity, Institutional Bond, and Institutional
Money Market Funds of TIAA-CREF Institutional Mutual Funds ("the Funds") are the
responsibility of management. They have been prepared in accordance with
generally accepted accounting principles and have been presented fairly and
objectively in accordance with such principles.
The Funds have established and maintain a strong system of internal controls
designed to provide reasonable assurance that assets are properly safeguarded
and transactions are properly executed in accordance with management's
authorization, and to carry out the ongoing responsibilities of management for
reliable financial statements. In addition, the Funds' internal audit personnel
provide a continuing review of the internal controls and operations of the
Funds, and the internal auditor regularly reports to the Audit Committee of the
Funds' Board of Trustees.
The accompanying financial statements have been audited by the independent
auditing firm of Ernst & Young LLP. The independent auditor's report, which
appears on the following page, expresses an independent opinion on the fairness
of presentation of these financial statements.
The Audit Committee of the Funds' Board of Trustees, consisting of trustees who
are not officers of TIAA-CREF Institutional Mutual Funds, meets regularly with
management, representatives of Ernst & Young LLP and internal audit personnel to
review matters relating to financial reporting, internal controls and auditing.
In addition to the annual audit of the financial statements of the Funds by the
independent auditing firm, the Securities and Exchange Commission will perform
periodic examinations of the Funds' operations.
[SIG]
--------------------------------
President
[SIG]
--------------------------------
Executive Vice President and
Principal Accounting Officer
12 1999 ANNUAL REPORT
<PAGE> 13
[ERNST & YOUNG LLP LETTERHEAD]
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees of
TIAA-CREF Institutional Mutual Funds:
We have audited the accompanying statements of assets and liabilities, including
the statements of investments, of TIAA-CREF Institutional Mutual Funds
(comprising, respectively, the Institutional International Equity Fund, the
Institutional Growth Equity Fund, the Institutional Growth & Income Fund, the
Institutional Equity Index Fund, the Institutional Social Choice Equity Fund,
the Institutional Bond Fund and the Institutional Money Market Fund) as of
September 30, 1999, and the related statements of operations and changes in net
assets and financial highlights for the period from June 14, 1999 (commencement
of operations) to September 30, 1999. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation of securities owned
as of September 30, 1999 by correspondence with the custodian and brokers. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective Funds constituting TIAA-CREF Institutional Mutual Funds as of
September 30, 1999, and the results of their operations, the changes in their
net assets and the financial highlights for the period from June 14, 1999 to
September 30, 1999, in conformity with generally accepted accounting principles.
/S/ ERNST & YOUNG LLP
November 5, 1999
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
1999 ANNUAL REPORT 13
<PAGE> 14
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
September 30, 1999
<TABLE>
<CAPTION>
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE BOND
EQUITY FUND FUND INCOME FUND FUND EQUITY FUND FUND
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Portfolio investments,
at cost $25,678,816 $30,080,664 $26,398,167 $25,653,494 $25,411,809 $35,485,265
Net unrealized
appreciation
(depreciation) of
portfolio investments 1,495,011 958,967 (616,992) (766,375) (443,676) (60,307)
- ------------------------------------------------------------------------------------------------------------------------
Portfolio investments,
at value 27,173,827 31,039,631 25,781,175 24,887,119 24,968,133 35,424,958
Cash 276,145 4,384 6,529 173,686 1,405 7,074
Dividends and interest
receivable 58,352 20,183 26,486 28,842 23,565 320,262
Receivable from
securities
transactions 577,969 113,188 137,868 1,800 -- 5,971,432
Receivable for Fund
shares sold 180,000 -- -- 125,000 -- 75,000
- ------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 28,266,293 31,177,386 25,952,058 25,216,447 24,993,103 41,798,726
- ------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued expenses 46,219 46,799 46,137 46,146 46,153 46,419
Payable for securities
transactions 674,470 76,396 704,184 98,728 208,116 10,856,026
Payable for Fund shares
redeemed 60,000 510,000 -- -- -- 500,000
Income distribution
payable -- -- 18,561 -- -- 33,769
Due to investment
advisor 13,441 9,520 8,929 7,891 8,087 8,652
- ------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 794,130 642,715 777,811 152,765 262,356 11,444,866
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS $27,472,163 $30,534,671 $25,174,247 $25,063,682 $24,730,747 $30,353,860
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $25,801,641 $30,045,963 $25,804,223 $25,675,150 $25,085,650 $30,419,874
Accumulated
undistributed net
investment income 93,742 55,696 2,396 98,672 94,101 403
Accumulated
undistributed net
realized gain (loss)
on total investments 81,935 (525,955) (15,032) 56,235 (5,328) (6,110)
Accumulated net
unrealized
appreciation
(depreciation) on
total investments 1,494,845 958,967 (617,340) (766,375) (443,676) (60,307)
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS $27,472,163 $30,534,671 $25,174,247 $25,063,682 $24,730,747 $30,353,860
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Outstanding shares of
beneficial interest,
unlimited number of
shares authorized
($.0001 par value) 2,576,163 3,010,648 2,580,060 2,567,842 2,508,015 3,043,968
NET ASSET VALUE, PER
SHARE $10.66 $10.14 $9.76 $9.76 $9.86 $9.97
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
INSTITUTIONAL
MONEY MARKET
FUND
- ------------------------- -------------
<S> <C>
ASSETS
Portfolio investments,
at cost $25,426,861
Net unrealized
appreciation
(depreciation) of
portfolio investments --
- ------------------------------------------------------
Portfolio investments,
at value 25,426,861
Cash 4,975
Dividends and interest
receivable --
Receivable from
securities
transactions --
Receivable for Fund
shares sold --
- --------------------------------------------------------------------
TOTAL ASSETS 25,431,836
- ----------------------------------------------------------------------------------
LIABILITIES
Accrued expenses 45,978
Payable for securities
transactions --
Payable for Fund shares
redeemed --
Income distribution
payable --
Due to investment
advisor 7,693
- ------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 53,671
- --------------------------------------------------------------------------------------------------------------
NET ASSETS $25,378,165
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $25,378,165
Accumulated
undistributed net
investment income --
Accumulated
undistributed net
realized gain (loss)
on total investments --
Accumulated net
unrealized
appreciation
(depreciation) on
total investments --
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS $25,378,165
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Outstanding shares of
beneficial interest,
unlimited number of
shares authorized
($.0001 par value) 25,378,165
NET ASSET VALUE, PER
SHARE $1.00
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
14 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 15
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
For the Period June 14, 1999 (commencement of operations) to September 30, 1999
<TABLE>
<CAPTION>
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE BOND
EQUITY FUND FUND INCOME FUND FUND EQUITY FUND FUND
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 33,757 $ 28,172 $ 22,811 $ 16,925 $ 16,469 $486,594
Dividends 116,054 46,202 86,986 94,842 91,519 --
Foreign taxes withheld (12,145) -- (1,027) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total income 137,666 74,374 108,770 111,767 107,988 486,594
- -----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment management fees 21,048 19,527 17,716 13,865 14,659 14,462
Custody and administration 42,000 42,000 42,000 42,000 42,000 42,000
Audit and legal 25,424 25,424 25,424 25,424 25,424 25,424
Shareholder servicing 5,250 5,250 5,250 5,250 5,250 5,250
Printing 2,837 3,092 2,803 2,803 2,808 2,925
Registration 1,241 1,353 1,226 1,226 1,228 1,280
Trustee fees and expenses 1,055 1,149 1,042 1,042 1,044 1,087
Other 1,325 1,445 1,310 1,310 1,312 1,366
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses before fee waiver
and expense reimbursement 100,180 99,240 96,771 92,920 93,725 93,794
Less investment management fees
waived by the investment
advisor (see Note 3) 7,016 5,943 5,392 5,392 5,401 4,017
Less expenses reimbursed
by the investment advisor (see
Note 3) 70,557 74,619 74,433 74,433 74,437 74,512
- -----------------------------------------------------------------------------------------------------------------------------------
Net expenses 22,607 18,678 16,946 13,095 13,887 15,265
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income 115,059 55,696 91,824 98,672 94,101 471,329
- -----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments 81,935 (525,955) (15,032) 56,235 (5,328) (6,110)
Foreign currency transactions (21,317) -- 128 -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on total
investments 60,618 (525,955) (14,904) 56,235 (5,328) (6,110)
- -----------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) on:
Portfolio investments 1,495,011 958,967 (616,992) (766,375) (443,676) (60,307)
Translations of assets (other
than portfolio investments)
and liabilities denominated in
foreign currencies (166) -- (348) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized
appreciation (depreciation) on
total investments 1,494,845 958,967 (617,340) (766,375) (443,676) (60,307)
- -----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) on total investments 1,555,463 433,012 (632,244) (710,140) (449,004) (66,417)
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS $1,670,522 $488,708 $(540,420) $(611,468) $(354,903) $404,912
===================================================================================================================================
<CAPTION>
INSTITUTIONAL
MONEY MARKET
FUND
- -----------------------------------------------------
<S> <C>
INVESTMENT INCOME
Interest $390,078
Dividends --
Foreign taxes withheld --
- -----------------------------------------------------
Total income 390,078
- -----------------------------------------------------
EXPENSES
Investment management fees 11,262
Custody and administration 42,000
Audit and legal 25,424
Shareholder servicing 5,250
Printing 2,731
Registration 1,195
Trustee fees and expenses 1,015
Other 1,277
- -----------------------------------------------------
Total expenses before fee waiver
and expense reimbursement 90,154
Less investment management fees
waived by the investment
advisor (see Note 3) 3,754
Less expenses reimbursed
by the investment advisor (see
Note 3) 74,387
- -----------------------------------------------------
Net expenses 12,013
- -----------------------------------------------------
Net investment income 378,065
- -----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments --
Foreign currency transactions --
- -----------------------------------------------------
Net realized gain (loss) on total
investments --
- -----------------------------------------------------
Change in unrealized appreciation
(depreciation) on:
Portfolio investments --
Translations of assets (other
than portfolio investments)
and liabilities denominated in
foreign currencies --
- -----------------------------------------------------
Net change in unrealized
appreciation (depreciation) on
total investments --
- -----------------------------------------------------
Net realized and unrealized gain
(loss)
on total investments --
- -----------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS $378,065
=====================================================
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 15
<PAGE> 16
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Period June 14, 1999 (commencement of operations) to September 30, 1999
<TABLE>
<CAPTION>
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE
EQUITY FUND FUND INCOME FUND FUND EQUITY FUND
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 115,059 $ 55,696 $ 91,824 $ 98,672 $ 94,101
Net realized gain (loss) on total
investments 60,618 (525,955) (14,904) 56,235 (5,328)
Net change in unrealized appreciation
(depreciation) on total investments 1,494,845 958,967 (617,340) (766,375) (443,676)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
operations 1,670,522 488,708 (540,420) (611,468) (354,903)
- ------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income -- -- (89,556) -- --
- ------------------------------------------------------------------------------------------------------------------------
Total distributions -- -- (89,556) -- --
- ------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Seed money subscriptions 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000
Seed money redemptions (705,000) (3,866,000) (5,960,000) (295,000) (722,000)
Subscriptions 1,506,641 8,911,963 6,693,228 970,150 807,650
Reinvestment of distributions -- -- 70,995 -- --
Exchanges among the Funds, net -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Net increase from share transactions 25,801,641 30,045,963 25,804,223 25,675,150 25,085,650
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS
End of period $27,472,163 $30,534,671 $25,174,247 $25,063,682 $24,730,747
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
CHANGE IN FUND SHARES:
Seed shares sold 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000
Seed shares redeemed (68,391) (376,791) (586,384) (28,967) (70,218)
Shares sold 144,554 887,439 659,292 96,809 78,233
Shares issued in reinvestment of
distributions -- -- 7,152 -- --
Shares exchanged among the Funds, net -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 2,576,163 3,010,648 2,580,060 2,567,842 2,508,015
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
INSTITUTIONAL INSTITUTIONAL
BOND MONEY MARKET
FUND FUND
- ----------------------------------------- -----------------------------
<S> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 471,329 $ 378,065
Net realized gain (loss) on total
investments (6,110) --
Net change in unrealized appreciation
(depreciation) on total investments (60,307) --
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
operations 404,912 378,065
- ------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (470,926) (378,065)
- ------------------------------------------------------------------------------------------------------------------------
Total distributions (470,926) (378,065)
- ------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Seed money subscriptions 25,000,000 25,000,000
Seed money redemptions (1,944,000) --
Subscriptions 6,596,006 350,575
Reinvestment of distributions 417,443 378,015
Exchanges among the Funds, net 350,425 (350,425)
- ------------------------------------------------------------------------------------------------------------------------
Net increase from share transactions 30,419,874 25,378,165
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS
End of period $30,353,860 $25,378,165
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
CHANGE IN FUND SHARES:
Seed shares sold 2,500,000 25,000,000
Seed shares redeemed (194,145) --
Shares sold 661,187 350,575
Shares issued in reinvestment of
distributions 41,918 378,015
Shares exchanged among the Funds, net 35,008 (350,425)
- ------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 3,043,968 25,378,165
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
16 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 17
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
For the Period June 14, 1999 (commencement of operations) to September 30, 1999
<TABLE>
<CAPTION>
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE BOND
EQUITY FUND FUND INCOME FUND FUND EQUITY FUND FUND
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of
period $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
- ---------------------------------------------------------------------------------------------------------------------------------
Gain (loss) from operations:
Net investment income 0.04 0.02 0.04 0.04 0.04 0.17
Net realized and unrealized
gain (loss)
on investments 0.62 0.12 (0.25) (0.28) (0.18) (0.03)
- ---------------------------------------------------------------------------------------------------------------------------------
Total gain (loss) from
operations 0.66 0.14 (0.21) (0.24) (0.14) 0.14
- ---------------------------------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income -- -- (0.03) -- -- (0.17)
- ---------------------------------------------------------------------------------------------------------------------------------
Total distributions -- -- (0.03) -- -- (0.17)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.66 $10.14 $9.76 $9.76 $9.86 $9.97
=================================================================================================================================
TOTAL RETURN 6.60% 1.40% (2.05)% (2.40)% (1.40)% 1.42%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in
thousands) $27,472 $30,535 $25,174 $25,064 $24,731 $30,354
Ratio of expenses to average net
assets before fee waiver and
expense reimbursement 0.39% 0.35% 0.38% 0.36% 0.37% 0.35%
Ratio of expenses to average net
assets after fee waiver and
expense reimbursement 0.09% 0.07% 0.07% 0.05% 0.05% 0.06%
Ratio of net investment income
to average net assets 0.45% 0.20% 0.36% 0.39% 0.37% 1.77%
Portfolio turnover rate 21.35% 21.08% 10.95% 9.51% 0.06% 173.31%
The percentages shown above are not annualized.
=================================================================================================================================
<CAPTION>
INSTITUTIONAL
MONEY MARKET
FUND
- ---------------------------------------------------
<S> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of
period $1.00
- ---------------------------------------------------
Gain (loss) from operations:
Net investment income 0.02
Net realized and unrealized
gain (loss)
on investments --
- ---------------------------------------------------
Total gain (loss) from
operations 0.02
- ---------------------------------------------------
Less distributions from:
Net investment income (0.02)
- ---------------------------------------------------
Total distributions (0.02)
- ---------------------------------------------------
Net asset value, end of period $1.00
===================================================
TOTAL RETURN 1.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in
thousands) $25,378
Ratio of expenses to average net
assets before fee waiver and
expense reimbursement 0.36%
Ratio of expenses to average net
assets after fee waiver and expense
reimbursement 0.05%
Ratio of net investment income
to average net assets 1.52%
Portfolio turnover rate n/a
The percentages shown above are not annualized.
===================================================
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 17
<PAGE> 18
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
- --------------------------------------------------------------------------------
Notes to Financial Statements
September 30, 1999
NOTE 1. ORGANIZATION
TIAA-CREF Institutional Mutual Funds ("the Funds") is a Delaware business trust
that was organized on April 15, 1999 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 currently consist of seven
series (each referred to as a "Fund"): the Institutional International Equity
Fund which invests primarily in a broadly diversified portfolio of foreign
equity investments; the Institutional Growth Equity Fund which invests primarily
in a diversified portfolio of common stocks that present the opportunity for
exceptional growth; the Institutional Growth & Income Fund which invests
primarily in a broadly diversified portfolio of common stocks selected for their
investment potential; the Institutional Equity Index Fund which invests
primarily in a diversified portfolio selected to track the overall market for
common stocks publicly traded in the U.S., as represented by a broad stock
market index; the Institutional Social Choice Equity Fund which invests
primarily in a diversified set of common stocks, while investing only in
companies whose activities are consistent with the Fund's social criteria; the
Institutional Bond Fund which invests primarily in a broad range of debt
securities and the Institutional Money Market Fund which invests primarily in
high quality short-term money market instruments.
The Funds commenced operations on June 14, 1999 with an investment by Teachers
Insurance and Annuity Association of America ("TIAA") of $25,000,000 in each
Fund. On July 1, 1999 the Funds began to offer their shares, without a sales
load, through their principal underwriter, Teachers Personal Investors Services,
Inc. ("TPIS"), which is a wholly-owned, indirect subsidiary of TIAA, to certain
intermediaries affiliated with TIAA or other persons, such as state-sponsored
tuition savings plans, who have entered into a contract with an intermediary of
TIAA. TPIS is registered with the Commission as a broker-dealer and is a member
of the National Association of Securities Dealers, Inc.
During the period ended September 30, 1999, TIAA redeemed 68,391 shares from the
Institutional International Equity Fund totaling $705,000; 376,791 shares from
Institutional Growth Equity Fund totaling $3,866,000; 586,384 shares from
Institutional Growth & Income Fund totaling $5,960,000; 28,967 shares from
Institutional Equity Index Fund totaling $295,000; 70,218 shares from
Institutional Social Choice Equity Fund totaling $722,000 and 194,145 shares
from Institutional Bond Fund totaling $1,944,000.
At September 30, 1999, TIAA owned 2,431,609 shares in the Institutional
International Equity Fund with a value of $25,920,953; 2,123,209 shares in the
Institutional Growth Equity Fund with a value of $21,529,335; 1,920,768 shares
in the Institutional Growth & Income Fund with a value of $18,746,695; 2,471,033
shares in the Institutional Equity Index Fund with a value of $24,117,278;
2,429,782 shares in the Institutional Social Choice Equity Fund with a value of
$23,957,655; 2,336,036 shares in the Institutional Bond Fund with a value of
$23,290,275 and 25,378,014 shares in the Institutional Money Market Fund with a
value of $25,378,014.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements may require management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, income,
expenses and related disclosures. Actual results may differ from those
estimates. The following is a summary of the significant accounting policies
followed by the Funds, which are in conformity with generally accepted
accounting principles.
18 1999 ANNUAL REPORT
<PAGE> 19
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
- --------------------------------------------------------------------------------
Notes to Financial Statements -- (Continued)
September 30, 1999
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES -- (CONTINUED)
VALUATION OF INVESTMENTS: Securities listed or traded on any United States
national securities exchange are valued at the last sales price as of the close
of the principal securities exchange on which such securities are traded or, if
there is no sale, at the mean of the last bid and asked prices on such exchange.
Securities traded only in the over-the-counter market and quoted in the NASDAQ
National Market System are valued at the last sales price, or at the mean of the
last bid and asked prices if no sale is reported. Short-term money market
instruments maturing within 60 days are valued by each Fund, except the
Institutional Money Market Fund, at amortized cost which approximates fair
value. The Institutional Money Market Fund values all of its securities using
the amortized cost method. The amortized cost method initially values securities
at original cost and assumes a constant amortization to maturity of any discount
or premium. Portfolio securities for which market quotations are not readily
available are valued at fair value as determined in good faith under the
direction of the Board of Trustees.
ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the
date the securities are purchased or sold (trade date). Realized gains and
losses are based on the specific identification method for both financial
statement and federal income tax purposes. Interest income is recorded as earned
and, for short-term money market instruments, includes accrual of discount and
amortization of premium. Dividend income is recorded on the ex-dividend date.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: Foreign investments, bank
deposits and forward foreign currency contracts are valued in U.S. dollars,
based on the exchange rate each business day. Investments traded in foreign
currencies are translated at exchange rates prevailing on the respective dates
traded. Income is translated at approximate rates prevailing when earned. Asset
and liability accounts that are denominated in a foreign currency are adjusted
to reflect the exchange rate each business day. The cumulative impact of changes
in foreign exchange rates on portfolio investments sold during the period is
reflected in the net realized gain (loss) on portfolio investments. The
cumulative impact of changes in foreign exchange rates on portfolio investments
held at the end of each business day is reflected in the net change in
unrealized appreciation (depreciation) on portfolio investments. Currency gains
and losses arising from the settlement of forward foreign currency contracts,
changes in exchange rates between the trade and settlement dates of portfolio
investment transactions, and changes in exchange rates between the accrual and
receipt dates for dividend and interest income are recorded as net realized
gains (losses) on foreign currency transactions. For assets (other than
portfolio investments) and liabilities, changes in foreign exchange rates are
reflected in the net change in unrealized appreciation (depreciation) on
translation of assets (other than portfolio investments) and liabilities
denominated in foreign currencies.
FORWARD FOREIGN CURRENCY CONTRACTS: The Funds may enter into forward foreign
currency contracts to purchase or sell foreign currency to accommodate foreign
investment transactions. Forward foreign currency contracts are "marked-to-
market" at the end of each day's trading. Daily changes in the value of such
contracts are reflected in the net change in unrealized appreciation
(depreciation) on translation of assets and liabilities denominated in foreign
currencies. When the contract is closed, payment is received or made and a
realized gain or loss on foreign currency transactions is recognized, equal to
the difference between the cost of the closing transaction and the basis in the
contract. A Fund may also enter into a forward foreign currency contract to
offset an existing contract. Forward foreign currency contracts are entered into
directly with a counterparty and a Fund is exposed to the risk of default of
such counterparty. The maximum potential loss from such risk is the aggregate
face value in U.S. dollars at the time the contract is opened. There is no daily
margin requirement for such contracts.
SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Funds may
purchase securities on a when-issued or delayed delivery basis. In addition to
the normal market risks, this exposes the Funds to the risk that the transaction
may not be consummated. The price and interest rate of such securities are fixed
at trade date. For when-issued purchases, a Fund does not earn interest on such
security until settlement date.
1999 ANNUAL REPORT 19
<PAGE> 20
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
- --------------------------------------------------------------------------------
Notes to Financial Statements -- (Continued)
September 30, 1999
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED)
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
Institutional International Equity, Institutional Growth Equity, Institutional
Equity Index and Institutional Social Choice Equity Funds are declared and paid
annually; for the Institutional Growth & Income Fund are declared and paid
quarterly; for the Institutional Bond Fund are declared and paid monthly; and
for the Institutional Money Market Fund are declared daily and paid monthly.
Distributions from realized gains, if any, are declared and paid annually for
each of the Funds. Undistributed net investment income and accumulated
undistributed net realized gain (loss) on total investments may include
temporary book and tax differences which will reverse in a subsequent period.
Any permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid-in capital.
INCOME TAXES: The Funds intend to qualify as regulated investment companies
under Subchapter M of the Internal Revenue Code ("Code"), and accordingly will
not be subject to income taxes to the extent that they distribute substantially
all taxable income each year. At September 30, 1999, the Institutional Growth
Equity and the Institutional Social Choice Equity Funds had net capital loss
carryforwards of $375,159 and $5,328, respectively. These carryforward losses
are available to reduce future net capital gains to the extent provided in the
Code, and will expire, if not used, on September 30, 2007.
NOTE 3. MANAGEMENT AGREEMENT
Under the terms of an Investment Management Agreement, each Fund pays Teachers
Advisors, Inc. ("Advisors"), a wholly-owned, indirect subsidiary of TIAA, a
monthly fee for the management of the Fund's net assets, based on the average
daily net assets of each Fund. Advisors is registered as an investment adviser
with the Commission under the Investment Advisers Act of 1940. Advisors has
currently waived its right to receive a portion of its fee from each Fund until
July 1, 2002. As a result, during such waiver period, Advisors will receive the
following annual percentages of each Fund's average daily net assets:
<TABLE>
<CAPTION>
INVESTMENT INVESTMENT
MANAGEMENT FEE MANAGEMENT FEE
BEFORE WAIVER WAIVER AFTER WAIVER
-------------- ------ --------------
<S> <C> <C> <C>
Institutional International Equity Fund 0.27% 0.09% 0.18%
Institutional Growth Equity Fund 0.23% 0.07% 0.16%
Institutional Growth & Income Fund 0.23% 0.07% 0.16%
Institutional Equity Index Fund 0.18% 0.07% 0.11%
Institutional Social Choice Equity Fund 0.19% 0.07% 0.12%
Institutional Bond Fund 0.18% 0.05% 0.13%
Institutional Money Market Fund 0.15% 0.05% 0.10%
</TABLE>
Advisors has also entered into a reimbursement agreement with the Funds, which
will remain in effect until July 1, 2002. Under the terms of the agreement,
Advisors has agreed to reimburse the Funds so that the non-investment management
fee expenses of the Funds do not exceed, on an annual basis, 0.06% of the
average daily net assets of each of the Funds, with the exception of the
Institutional International Equity Fund, where Advisors has agreed to reimburse
the Fund so that its non-investment management fee expenses do not exceed, on an
annual basis, 0.11% of the Fund's average daily net assets.
20 1999 ANNUAL REPORT
<PAGE> 21
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
- --------------------------------------------------------------------------------
Notes to Financial Statements -- (Concluded)
September 30, 1999
NOTE 4. INVESTMENTS
At September 30, 1999, net unrealized appreciation (depreciation) of portfolio
investments, consisting of gross unrealized appreciation and gross unrealized
depreciation, was as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
GROSS UNREALIZED GROSS UNREALIZED APPRECIATION
APPRECIATION DEPRECIATION (DEPRECIATION)
---------------- ---------------- --------------
<S> <C> <C> <C>
Institutional International Equity Fund $2,373,513 $ 878,502 $1,495,011
Institutional Growth Equity Fund 2,530,462 1,571,495 958,967
Institutional Growth & Income Fund 1,284,786 1,901,778 (616,992)
Institutional Equity Index Fund 1,422,284 2,188,659 (766,375)
Institutional Social Choice Equity Fund 1,422,552 1,866,228 (443,676)
Institutional Bond Fund 28,773 89,080 (60,307)
</TABLE>
The above amounts are not materially different from such amounts on a federal
income tax basis.
Purchases and sales of securities, other than short-term money market
instruments, for the Funds, other than the Institutional Money Market Fund, for
the period June 14, 1999 (commencement of operations) to September 30, 1999,
were as follows:
<TABLE>
<CAPTION>
NON- NON-
GOVERNMENT GOVERNMENT GOVERNMENT GOVERNMENT
PURCHASES PURCHASES SALES SALES
----------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Institutional International Equity
Fund $31,776,951 $ -- $6,180,001 $ --
Institutional Growth Equity Fund 35,770,796 148,450 5,861,522 76,104
Institutional Growth & Income Fund 28,281,334 233,715 2,916,519 85,331
Institutional Equity Index Fund 27,961,308 265,174 2,589,780 37,543
Institutional Social Choice Equity
Fund 24,684,067 462,312 14,241 --
Institutional Bond Fund 9,419,814 56,822,453 -- 36,745,693
</TABLE>
NOTE 5. LINE OF CREDIT
The Institutional International Equity, Institutional Growth Equity,
Institutional Growth & Income, Institutional Equity Index, and Institutional
Social Choice Equity 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 ("CREF")
and TIAA-CREF Mutual Funds, both of which are managed by Advisors, or an
affiliate of Advisors, also participate in this credit facility. An annual
commitment fee for the credit is borne by the participants. 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 period ended September 30, 1999, there were no borrowings
under the credit facility.
1999 ANNUAL REPORT 21
<PAGE> 22
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
PREFERRED STOCK
BUSINESS SERVICES $ 336,270 1.22%
----------- ------
TOTAL PREFERRED STOCK
(Cost $340,605) 336,270 1.22
----------- ------
COMMON STOCK
AMUSEMENT AND RECREATION SERVICES 27,404 0.10
APPAREL AND ACCESSORY STORES 49,120 0.18
APPAREL AND OTHER TEXTILE PRODUCTS 8,491 0.03
BUILDING MATERIALS AND GARDEN
SUPPLIES 29,728 0.11
BUSINESS SERVICES 1,380,635 5.03
CHEMICALS AND ALLIED PRODUCTS 1,552,018 5.65
COMMUNICATIONS 3,739,591 13.61
DEPOSITORY INSTITUTIONS 3,634,594 13.23
EATING AND DRINKING PLACES 287,285 1.05
ELECTRIC, GAS, AND SANITARY SERVICES 577,470 2.10
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 2,720,817 9.90
ENGINEERING AND MANAGEMENT SERVICES 7,316 0.03
FABRICATED METAL PRODUCTS 11,176 0.04
FOOD AND KINDRED PRODUCTS 471,557 1.72
FOOD STORES 607,645 2.21
FURNITURE AND FIXTURES 15,527 0.06
GENERAL BUILDING CONTRACTORS 29,527 0.11
GENERAL MERCHANDISE STORES 520,877 1.90
HEAVY CONSTRUCTION, EXCEPT BUILDING 381,862 1.39
HOLDING AND OTHER INVESTMENT OFFICES 112,262 0.41
HOTELS AND OTHER LODGING PLACES 32,694 0.12
INDUSTRIAL MACHINERY AND EQUIPMENT 446,981 1.63
INSTRUMENTS AND RELATED PRODUCTS 1,234,493 4.49
INSURANCE AGENTS, BROKERS AND SERVICE 32,588 0.12
INSURANCE CARRIERS 829,950 3.02
LOCAL AND INTERURBAN PASSENGER
TRANSIT 403,426 1.47
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
LUMBER AND WOOD PRODUCTS $ 25,403 0.09%
METAL MINING 72,796 0.26
MISCELLANEOUS RETAIL 33,699 0.12
NONDEPOSITORY INSTITUTIONS 534,002 1.94
OIL AND GAS EXTRACTION 587,949 2.14
PAPER AND ALLIED PRODUCTS 53,671 0.20
PETROLEUM AND COAL PRODUCTS 812,398 2.96
PRIMARY METAL INDUSTRIES 1,231,779 4.48
PRINTING AND PUBLISHING 709,789 2.58
RAILROAD TRANSPORTATION 88,485 0.32
REAL ESTATE 158,752 0.58
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 227,307 0.83
SECURITY AND COMMODITY BROKERS 169,401 0.62
SPECIAL TRADE CONTRACTORS 26,635 0.10
STONE, CLAY, AND GLASS PRODUCTS 900,271 3.28
TEXTILE MILL PRODUCTS 6,132 0.02
TOBACCO PRODUCTS 39,143 0.14
TRANSPORTATION BY AIR 94,608 0.34
TRANSPORTATION EQUIPMENT 1,435,118 5.22
TRANSPORTATION SERVICES 361,377 1.31
TRUCKING AND WAREHOUSING 26,996 0.10
WATER TRANSPORTATION 31,349 0.11
WHOLESALE TRADE-NONDURABLE GOODS 65,463 0.24
----------- ------
TOTAL COMMON STOCK
(Cost $25,338,211) 26,837,557 97.69
----------- ------
TOTAL PORTFOLIO
(Cost $25,678,816) 27,173,827 98.91
OTHER ASSETS & LIABILITIES, NET 298,336 1.09
----------- ------
NET ASSETS $27,472,163 100.00%
=========== ======
</TABLE>
22 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 23
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS SUMMARY BY COUNTRY
September 30, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------
VALUE %
- -------------------------------------------------------------
<S> <C> <C>
FOREIGN
AUSTRALIA $ 502,684 1.85%
AUSTRIA 25,609 0.09
BELGIUM 137,179 0.50
DENMARK 86,655 0.32
FINLAND 251,891 0.93
FRANCE 2,026,892 7.46
GERMANY 2,409,551 8.87
HONG KONG 502,074 1.85
INDIA 159,600 0.59
IRELAND 727,794 2.68
ITALY 499,870 1.84
JAPAN 8,022,233 29.52
NETHERLANDS 2,134,036 7.85
NEW ZEALAND 18,585 0.07
NORWAY 255,125 0.94
PORTUGAL 68,021 0.25
SINGAPORE 363,897 1.34
SPAIN 320,298 1.18
SWEDEN 450,348 1.66
SWITZERLAND 1,090,857 4.01
THAILAND 65,463 0.24
UNITED KINGDOM 7,055,165 25.96
----------- ------
TOTAL FOREIGN 27,173,827 100.00
----------- ------
TOTAL PORTFOLIO $27,173,827 100.00%
=========== ======
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 23
<PAGE> 24
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
PREFERRED STOCK -- 1.22%
BUSINESS SERVICES -- 1.22%
750 - SAP AG. $ 336,270
-----------
TOTAL PREFERRED STOCK
(Cost $340,605) 336,270
-----------
COMMON STOCK -- 97.69%
AMUSEMENT AND RECREATION SERVICES -- 0.10%
3,200 GRANADA GROUP LTD (CLASS A) 27,404
-----------
APPAREL AND ACCESSORY STORES -- 0.18%
1,950 HENNES & MAURITZ AB SERIES B 49,120
-----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.03%
177 - AOYAMA TRADING CO LTD 5,984
1,000 GUNZE LTD 2,507
-----------
8,491
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES -- 0.11%
900 CRH PLC 17,233
1,800 WOLSELEY PLC 12,495
-----------
29,728
-----------
BUSINESS SERVICES -- 5.03%
23 - ADECCO S.A. (REGD) 12,859
100 - CAP GEMINI S.A. 15,761
82 CSK CORP 2,849
49,500 - FREESERVE PLC 119,225
200 GETRONICS NV 10,788
42,500 HAYS PLC 459,855
23,900 LOGICA PLC 316,068
1,100 MEITEC CORP 41,224
5,000 RENTOKIL INITIAL PLC 17,704
1,500 REUTERS GROUP PLC 16,934
200 SAP AG. 77,105
100 - SOFTBANK CORP 38,040
65,000 - SOLUTION 6 HOLDINGS LTD 232,210
3,000 TOKYU CORP 8,453
4,000 WHARF HOLDINGS LTD 11,560
-----------
1,380,635
-----------
CHEMICALS AND ALLIED PRODUCTS -- 5.65%
500 AKZO NOBEL NV 21,193
3,000 ASAHI CHEMICAL INDUSTRY CO LTD 16,709
2,500 - ASTRAZENECA PLC 104,866
891 BASF AG. 37,956
1,000 BAYER AG. 39,883
81 BEIERSDORF AG. 5,650
1,000 BOC GROUP PLC 20,849
316 CHUGAI PHARMACEUTICAL CO LTD 3,813
871 DAICEL CHEMICAL INDUSTRIES LTD 3,190
248 EISAI CO LTD 6,289
3,400 ELAN CORP PLC ADR 114,112
4,200 GLAXO WELLCOME PLC 109,565
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
1,400 IMPERIAL CHEMICAL INDUSTRY PLC $ 15,528
1,000 KANEKA CORP 12,867
1,000 KANSAI PAINT CO LTD 2,817
4,000 KAO CORP 113,086
1,000 KUREHA CHEMICAL INDUSTRY CO LTD 3,118
1,000 - KYOWA HAKKO KOGYO 7,626
100 LAIR LIQUIDE 15,868
100 LOREAL S.A. 63,846
144 MERCK & CO KGAA 5,214
2,000 MITSUBISHI CHEMICAL CORP 7,645
90 NOVARTIS AG. (REGD) 133,508
187 NOVO NORDISK AS (CLASS B) 22,236
500 RHONE-POULENC S.A. (CLASS A) 25,826
27 ROCHE HOLDINGS AG. (GENUSSCHEINE) 312,449
514 SANKYO CO LTD 15,448
900 - SANOFI-SYNTHELABO S.A. 38,339
100 SCHERING AG. 10,916
1,250 SEKISUI CHEMICAL CO LTD 7,056
2,000 SHOWA DENKO K.K. 3,155
7,000 SMITHKLINE BEECHAM/BECKMAN LTD 80,525
100 SOLVAY ET CIE S.A. 7,124
5,000 SUMITOMO CHEMICAL CO LTD 25,453
377 TAISHO PHARMACEUTICAL CO LTD 15,863
1,000 TAKEDA CHEMICAL INDUSTRIES LTD 54,007
2,000 TORAY INDUSTRIES, INC 10,331
1,286 UBE INDUSTRIES LTD 3,140
200 UCB S.A. 8,083
1,000 YAMANOUCHI PHARMACEUTICAL CO LTD 46,869
-----------
1,552,018
-----------
COMMUNICATIONS -- 13.61%
300 ALCATEL 41,342
2,400 BRITISH SKY BROADCASTING GROUP PLC 23,221
8,578 BRITISH TELECOMMUNICATIONS PLC 129,898
22,000 - CABLE & WIRELESS HKT LTD 48,290
21,500 CABLE & WIRELESS PLC 234,049
135 CANAL PLUS S.A. 8,065
19,050 - COLT TELECOM GROUP PLC 453,032
4,037 DEUTSCHE TELEKOM AG. 165,525
67,100 - EIRCOM PLC 292,989
9,449 ERICSSON TELEFON (LM) AB SERIES B 292,768
1,300 FRANCE TELECOM S.A. 114,081
800 KONINKLIJKE KPN NV 35,187
2,000 MEDIASET S.P.A. 20,426
19 NIPPON TELEGRAPH & TELEPHONE CORP 233,781
19 - NTT MOBILE COMMUNICATIONS 374,764
400 PORTUGAL TELECOM S.A. 16,647
12,000 - SINGAPORE TELECOMMUNICATIONS LTD 21,876
586 SONERA GROUP OYJ 16,975
100 SWISSCOM AG. (REGD) 31,188
10,420 TELECOM ITALIA MOBILE S.P.A. 64,807
700 TELE DANMARK AS 41,719
4,000 TELECOM CORP OF NEW ZEALAND 15,760
5,800 TELECOM ITALIA 50,403
4,400 - TELEFONICA DE ESPANA S.A. 70,429
</TABLE>
24 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 25
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
COMMUNICATIONS -- (CONTINUED)
9,000 TELSTRA CORP $ 46,648
252 - TOKYO BROADCASTING SYSTEMS, INC 5,077
35,600 VODAFONE AIRTOUCH PLC 843,094
200 - VODAFONE AIRTOUCH PLC ADR 47,550
-----------
3,739,591
-----------
DEPOSITORY INSTITUTIONS -- 13.23%
2,000 ABBEY NATIONAL PLC 35,507
2,029 ABN-AMRO HOLDINGS NV 45,594
2,000 ALLIED IRISH BANK PLC 24,005
800 ARGENTARIA, CAJA POSTAL Y BANCO
HIPOTECA 17,602
36,000 ASAHI BANK LTD 258,672
3,000 BANCA COMMERCIALE ITALIANA S.P.A. 20,703
4,100 BANCA INTESA S.P.A. 17,160
3,400 BANCO BILBAO VIZCAYA S.A. (REGD) 44,827
400 BANCO COMERCIAL PORTUGUES S.A.
(REGD) 10,777
159 BANCO ESPIRITO SANTO E COMERCIAL 3,991
6,600 BANCO SANTANDER CENTRAL HISPANO
S.A. 68,250
151 BANK AUSTRIA AG. 7,518
2,000 BANK OF EAST ASIA LTD 4,338
1,000 BANK OF FUKUOKA LTD 6,264
21,000 BANK OF TOKYO MITSUBISHI LTD 322,494
3,000 BANK OF YOKOHAMA LTD 10,510
300 BANQUE NATIONALE DE PARIS 23,946
7,393 BARCLAYS PLC 217,089
500 BAYERISCHE HYPO-UND
VEREINSBANK AG. 29,180
200 BPI-SGPS S.A. (REGD) 4,085
1,000 CHRISTIANIA BANK OG KREDITKASSE 5,366
400 CREDIT SUISSE GROUP (REGD) 73,305
2,000 DAIWA BANK LTD 6,668
1,163 - DBS GROUP HOLDINGS LTD 12,994
71 - DEN DANSKE BANK AF 1871 8,086
866 DEN NORSKE BANK ASA 3,418
844 DEUTSCHE BANK AG. (REGD) 56,492
800 DRESDNER BANK AG. 37,658
1,000 FORENINGSSPARBANKEN AB 16,223
8,158 FUJI BANK LTD 99,152
2,000 HANG SENG BANK LTD 21,177
1,000 HIGO FAMILY BANK LTD 4,179
2,000 HOKURIKU BANK LTD 4,564
9,700 HSBC HOLDINGS PLC (U.K.) 111,185
7,000 INDUSTRIAL BANK OF JAPAN LTD 86,064
1,000 JOYO BANK 4,226
500 KBC BANCASSURANCE HOLDINGS NV 25,426
6,900 LLOYDS TSB GROUP PLC 85,795
1,125 MERITA LTD 6,326
3,000 MITSUBISHI TRUST & BANKING CORP 36,631
2,000 MITSUI TRUST & BANKING CO LTD 4,095
2,000 NATIONAL AUSTRALIA BANK LTD 29,278
2,000 OVERSEAS-CHINESE BANKING CORP LTD
(FR) 15,525
300 PARIBAS S.A. 33,355
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
1,400 ROYAL BANK OF SCOTLAND PLC $ 30,042
56,000 SAKURA BANK LTD 420,788
2,300 SAN PAOLO-IMI S.P.A. 29,883
22,000 SANWA BANK LTD 294,458
1,000 SHIZUOKA BANK LTD 12,013
1,000 SKANDINAVISKA ENSKILDA BANKEN
SERIES A 10,185
200 SOCIETE GENERALE S.A. 41,215
20,661 SUMITOMO BANK LTD 310,496
1,000 SVENSKA HANDELSBANKEN SERIES A 13,967
5,000 TOKAI BANK LTD 36,114
1,000 UBS AG. (REGD) 281,891
8,100 UNCREDITO ITALIANO S.P.A. 39,595
100 UNI BANKDANMARK AS (CLASS A) 6,776
17,000 UNITED OVERSEAS BANK LTD (FR) 128,964
3,000 WESTPAC BANKING CORP 18,507
-----------
3,634,594
-----------
EATING AND DRINKING PLACES -- 1.05%
24,500 COMPASS GROUP PLC 240,278
4,600 - DIAGEO PLC (CLASS A) 47,007
-----------
287,285
-----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 2.10%
223 AGUAS DE BARCELONA S.A. 3,735
4,000 CLP HOLDINGS LTD 18,796
1,100 EDISON S.P.A. 9,676
100 ELECTRABEL NV 34,654
1,400 ELECTRICIDADE DE PORTUGAL S.A. 22,096
1,600 ENDESA S.A. 30,399
600 GAS NATURAL SDG S.A. 12,831
6,012 HONG KONG & CHINA GAS CO LTD 8,088
1,500 IBERDROLA S.A. 22,236
1,200 ITALGAS S.P.A. 5,188
2,000 KANSAI ELECTRIC POWER CO, INC 38,697
3,900 NATIONAL GRID GROUP PLC 26,992
175 NATIONAL POWER PLC 1,364
5,000 OSAKA GAS CO LTD 16,671
100 - OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG. 14,754
700 - RHEIN-WESTFALEN ELECTRIC AG.
(STAMM) 29,036
1,944 SCOTTISH & SOUTHERN ENERGY PLC 18,136
1,400 SCOTTISH POWER PLC 12,865
200 - SUEZ LYONNAISE DES EAUX S.A. 32,375
1,000 TOHOKU ELECTRIC POWER CO, INC 15,591
2,172 TOKYO ELECTRIC POWER CO, INC 50,185
1,000 TOKYO GAS CO LTD 2,395
100 - TRACTEBEL NV 17,721
454 UNION ELECTRICA FENOSA S.A. 6,812
1,369 UNITED UTILITIES PLC 14,981
700 VEBA AG. 38,355
1,023 VIAG AG. 19,392
761 VIVENDI S.A. 53,449
-----------
577,470
-----------
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 25
<PAGE> 26
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT -- 9.90%
159 - ABB LTD $ 16,312
225 - ABB LTD (SWITZERLAND) 23,241
113 ADVANTEST CORP 16,345
5,081 ALPS ELECTRIC CO LTD 106,185
17 BARCO INDUSTRIES NV 2,145
1,000 BROTHERS INDUSTRIES LTD 3,071
489 ELECTROLUX AB SERIES B 9,126
13,000 FUJITSU LTD 405,384
1,000 FURUKAWA ELECTRIC CO LTD 5,964
4,100 GENERAL ELECTRIC CO
(UNITED KINGDOM) 39,365
4,461 HITACHI LTD 49,442
46,000 - JOHNSON ELECTRIC HOLDINGS LTD 223,261
500 KONINKLIJKE PHILIPS ELECTRONICS NV 50,320
5,000 MATSUSHITA ELECTRIC INDUSTRIAL CO
LTD 106,371
3,000 MITSUBISHI ELECTRIC CORP 17,132
5,372 MURATA MANUFACTURING CO LTD 539,890
3,000 NIPPON ELECTRIC CORP 60,441
2,400 - NOKIA OYJ 214,957
4,000 SANYO ELECTRIC CO LTD 19,348
3,000 SHARP CORP 48,071
520 SONY CORP 77,706
6,000 ST MICROELECTRONICS NV 467,744
1,000 SUMITOMO ELECTRIC INDUSTRIES CO 13,713
247 TOKYO ELECTRON CO LTD 21,459
24,000 TOSHIBA CORP 178,759
542 YAMAHA CORP 5,065
-----------
2,720,817
-----------
ENGINEERING AND MANAGEMENT SERVICES -- 0.03%
2,000 SEMBCORP INDUSTRIES LTD 2,305
3,927 SINGAPORE TECHNOLOGIES ENGINEERING
LTD 5,011
-----------
7,316
-----------
FABRICATED METAL PRODUCTS -- 0.04%
700 GKN PLC 11,176
-----------
FOOD AND KINDRED PRODUCTS -- 1.72%
2,000 AJINOMOTO CO LTD 23,387
1,000 ASAHI BREWERIES LTD 15,300
2,300 BASS PLC 27,746
8 BONGRAIN S.A. 3,068
4,000 CADBURY SCHWEPPES LTD 27,783
100 - CARLSBERG BREWERIES AS (CLASS A) 3,653
1,011 COCA COLA AMATIL LTD 3,549
100 DANISCO AS 4,183
100 DANONE GROUP 24,335
18 - ERIDANIA BEGHIN-SAY S.A. 2,181
3,000 FOSTERS BREWING GROUP LTD 8,458
500 HEINEKEN NV 24,867
187 HOUSE FOODS CORP 2,731
232 KERRY GROUP (CLASS A) 2,940
2,000 KIRIN BREWERY CO LTD 23,951
137 LVMH MOET HENNESSY LOUIS VUITTON 41,071
1,000 MEIJI SEIKA KAISHA LTD 7,645
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
56 NESTLE S.A. (REGD) $ 105,239
211 ORKLA AS SERIES A 3,198
63 PERNOD-RICARD S.A. 4,233
1,000 SOUTHCORP LTD 3,648
235 - TAKARA SHUZO CO LTD 3,498
1,600 UNIGATE PLC 8,168
3,800 UNILEVER LTD 35,765
900 UNILEVER NV CERT 60,960
-----------
471,557
-----------
FOOD STORES -- 2.21%
400 CARREFOUR SUPERMARCHE S.A. 64,027
100 CASINO GUICHARD-PERRACHON S.A. 11,501
100 DELHAIZE FRERES NV 7,987
540 ITO-YOKADO CO LTD 44,633
127 JERONIMO MARTINS SGPS S.A. 3,597
11,049 KONINKLIJKE AHOLD NV 363,602
23 PROMODES S.A. 20,342
3,700 SAFEWAY PLC 13,481
1,700 SAINSBURY (J) PLC 10,610
20,600 TESCO PLC 64,374
1,000 WOOLWORTHS LTD 3,491
-----------
607,645
-----------
FURNITURE AND FIXTURES -- 0.06%
7,200 - OLIVETTI GROUP S.P.A. 15,527
-----------
GENERAL BUILDING CONTRACTORS -- 0.11%
300 BARRATT DEVELOPMENTS LTD 1,294
1,000 DAIWA HOUSE INDUSTRY CO LTD 9,890
1,000 OBAYASHI CORP 6,039
1,000 - SHIMIZU CORP 4,423
152 SKANSKA AB SERIES B FREE 5,655
1,000 TAISEI CORP 2,226
-----------
29,527
-----------
GENERAL MERCHANDISE STORES -- 1.90%
2,000 COLES MYER LTD 10,452
200 HAGEMEYER NV 4,803
225 JUSCO CO LTD 4,237
2,500 KINGFISHER PLC 26,803
3,200 MARKS & SPENCER PLC 16,627
354 MARUI CO LTD 6,610
336 - METRO AG. 17,498
1,000 - MITSUKOSHI LTD 6,001
1,000 MYCAL CORP 6,246
200 PINAULT-PRINTEMPS-REDOUTE S.A. 37,913
1,900 RYOHIN KEIKAKU CO LTD 383,687
-----------
520,877
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING -- 1.39%
301 AUTOPISTAS CONCESIONARIA ESPANOLA
S.A. 3,321
100 BRISA-AUTO ESTRADAS DE
PORTUGAL S.A. 3,820
289 DRAGADOS Y CONSTRUCCIONES S.A. 3,324
1,100 GROUPE GTM 121,600
</TABLE>
26 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 27
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
HEAVY CONSTRUCTION, EXCEPT BUILDING -- (CONTINUED)
2,000 KAJIMA CORP $ 8,002
4,800 SOCIETE GENERALE D'ENTREPRISES
S.A. 241,795
-----------
381,862
-----------
HOLDING AND OTHER INVESTMENT OFFICES -- 0.41%
2,400 ALLIED ZURICH PLC 28,181
154 DROTT AB SERIES B 1,427
5,119 HUTCHINSON WHAMPOA LTD 47,614
900 LAND SECURITIES PLC 12,124
100 PROMISE CO LTD 8,049
1,000 SUMITOMO CORP 7,354
6,278 UNIONE IMMOBILIARE S.P.A. 3,336
2,069 WESTFIELD TRUST (UNITS) 4,177
-----------
112,262
-----------
HOTELS AND OTHER LODGING PLACES -- 0.12%
100 ACCOR S.A. 23,312
2,700 HILTON GROUP PLC 9,382
-----------
32,694
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 1.63%
588 AMADA CO LTD 4,103
1,000 KEPPEL CORP 2,916
13,000 KOMATSU LTD 86,205
2,000 KUBOTA CORP 7,063
204 MAKITA CORP 2,299
53,000 MITSUBISHI HEAVY INDUSTRIES LTD 204,101
26 NIDEC CORP 4,920
829 NSK LTD 6,011
25 SIDEL S.A. 2,545
4,300 THK CO LTD 126,818
-----------
446,981
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 4.49%
1,000 CANON, INC 29,117
1,000 FUJI PHOTO FILM CO LTD 34,282
156,700 INVENSYS PLC 763,885
800 KEYENCE CORP 214,151
470 NIKON CORP 9,049
10,000 RICOH CO LTD 173,763
584 WILLIAMS PLC 3,108
1,000 YOKOGAWA ELECTRIC CORP 7,138
-----------
1,234,493
-----------
INSURANCE AGENTS, BROKERS AND SERVICE -- 0.12%
1,000 FORTIS B 32,588
-----------
INSURANCE CARRIERS -- 3.02%
3,318 AEGON NV 285,517
334 - ALLIANZ AG. (REGD) 96,254
2,000 AMP LTD 18,628
2,000 ASSICURAZIONI GENERALI S.P.A. 66,455
500 AXA 63,260
1,500 CGU PLC 23,159
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
2,031 COLONIAL LTD $ 7,369
6,600 INSTITUTO NAZIONALE DELLE
ASSICURAZION 21,508
1,000 MITSUI TAISHO MARINE & FIRE CO LTD 5,306
226 - MUENCHENER RUECKVER A.G. (REGD) 45,658
1,000 NICHIDO FIRE & MARINE INSURANCE CO
LTD 4,931
1,000 NIPPON FIRE & MARINE INSURANCE CO
LTD 3,324
2,300 PRUDENTIAL CORP PLC 35,340
1,000 RAS S.P.A. 9,989
1,500 ROYAL & SUN ALLIANCE INSURANCE
GROUP PLC 11,832
1,000 SKANDIA FORSAKRINGS AB 20,859
20 - SWISS REINSURANCE 39,917
3,000 TOKIO MARINE & FIRE INSURANCE CO
LTD 35,504
63 ZURICH ALLIED AG. 35,140
-----------
829,950
-----------
LOCAL AND INTERURBAN PASSENGER
TRANSIT -- 1.47%
29 EAST JAPAN RAILWAY CO 184,677
70,000 STAGECOACH HOLDINGS PLC 218,749
-----------
403,426
-----------
LUMBER AND WOOD PRODUCTS -- 0.09%
2,347 CARTER HOLT HARVEY LTD 2,824
2,000 SEKISUI HOUSE LTD 22,579
-----------
25,403
-----------
METAL MINING -- 0.26%
10 ALUSUISSE LONZA HOLDINGS AG.
(REGD) 11,515
3,000 MITSUBISHI MATERIALS CORP 8,876
1,000 MITSUI MINING & SMELTING CO LTD 5,353
2,000 NIPPON LIGHT METAL CO LTD 2,498
1,000 NORTH LTD 2,121
248 RIO TINTO LTD 4,205
1,534 RIO TINTO PLC (REGD) 26,602
35 UNION MINIERE GROUP S.A. 1,446
2,000 WMC LTD 10,180
-----------
72,796
-----------
MISCELLANEOUS RETAIL -- 0.12%
1,400 BOOTS CO LTD 15,597
2,400 GREAT UNIVERSAL STORES PLC 18,102
-----------
33,699
-----------
NONDEPOSITORY INSTITUTIONS -- 1.94%
3,900 HALIFAX PLC 49,038
13,300 - ICICI LTD SPONS ADR 159,600
1,318 ING GROEP NV 71,586
378 IRISH LIFE AND PERMANENT PLC 4,247
1,000 MEDIOBANCA S.P.A. 11,065
600 SCHROEDERS LTD 12,509
258 SHOHKOH FUND & CO 192,651
200 TAKEFUJI CORP 33,306
-----------
534,002
-----------
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 27
<PAGE> 28
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
OIL AND GAS EXTRACTION -- 2.14%
6,200 IHC CALAND NV $ 307,036
1,142 LONDON & SCOTTISH MARINE OIL PLC 2,656
36 OMV AKTIENGESELLS AG. 3,337
11,300 - PETROLEUM GEO-SERVICES AS 212,086
500 - TOTAL FINA S.A. 62,834
-----------
587,949
-----------
PAPER AND ALLIED PRODUCTS -- 0.20%
1,000 AMCOR LTD 4,796
573 ARJO WIGGINS APPLETON PLC 1,866
1,464 JEFFERSON SMURFIT GROUP PLC 4,334
2,000 MITSUBISHI PAPER MILLS LTD 3,926
1,198 NIPPON PAPER INDUSTRIES CO 8,461
93 NORD-EST SA 2,623
1,000 OJI PAPER CO LTD 7,025
263 SCA AB SERIES B 7,009
400 UPM-KYMMENE OY 13,631
-----------
53,671
-----------
PETROLEUM AND COAL PRODUCTS -- 2.96%
5,600 BG PLC 32,187
19,600 BP AMOCO PLC 357,977
3,000 BROKEN HILL PROPRIETARY CO LTD 34,556
2,000 COSMO OIL CO LTD 3,174
400 ELF AQUITANE S.A. 69,863
11,000 ENTE NAZIONALE IDROCARBURI S.P.A. 69,000
3,000 NIPPON MITSUBISHI OIL CO 12,313
734 NORSK HYDRO AS 31,055
1,575 REPSOL S.A. 30,846
2,900 ROYAL DUTCH PETROLEUM CO 168,630
1,000 SANTOS LTD 2,797
-----------
812,398
-----------
PRIMARY METAL INDUSTRIES -- 4.48%
1,000 DAIDO STEEL CO LTD 1,793
4,000 KAWASAKI STEEL CORP 9,279
5,050 MANNESMANN AG. (REGD) 806,729
17,000 NIPPON STEEL CORP 46,145
9,000 - NKK CORP 8,368
6,605 - PREUSSAG AKTIEGESELLSCHAFT AG. 332,720
820 SUMITOMO HEAVY INDUSTRIES LTD 2,264
7,000 - SUMITOMO METAL INDUSTRIES LTD 7,889
700 - THYSSEN KRUPP AG. 14,052
180 USINOR 2,540
-----------
1,231,779
-----------
PRINTING AND PUBLISHING -- 2.58%
2,000 DAI NIPPON PRINTING CO LTD 37,175
17,400 ELSEVIER UTIGEVERSMIJ NV 178,822
6,000 NEWS CORP LTD 42,102
18,600 PEARSON PLC 399,139
1,700 REED INTERNATIONAL PLC 10,233
2,000 TOPPAN PRINTING CO LTD 25,172
500 WOLTERS KLUWER NV 17,146
-----------
709,789
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
RAILROAD TRANSPORTATION -- 0.32%
1,000 KEIHIN ELECTRIC EXPRESS RAILWAY $ 3,785
2,000 KINKI NIPPON RAILWAY CO LTD 10,669
1,000 NANKAI ELECTRIC RAILWAY CO 3,944
1,179 NIPPON EXPRESS CO LTD 7,906
1,000 ODAKYU ELECTRIC RAILWAY CO LTD 3,249
2,800 RAILTRACK GROUP PLC 58,932
-----------
88,485
-----------
REAL ESTATE -- 0.58%
4,000 CHEUNG KONG HOLDINGS LTD 33,343
1,000 CITY DEVELOPMENT LTD 5,086
1,589 DBS LAND LTD 2,952
3,000 GENERAL PROPERTY TRUST 5,070
2,000 HANG LUNG DEVELOPMENT CO LTD 2,265
3,000 MITSUBISHI ESTATE CO LTD 30,460
2,061 MITSUI FUDOSAN CO LTD 16,531
2,639 NEW WORLD DEVELOPMENT CO LTD 5,792
5,721 SINO LAND CO 2,798
7,139 SUN HUNG KAI PROPERTIES LTD 54,455
-----------
158,752
-----------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS -- 0.83%
36 ADIDAS SALOMON AG. 3,061
2,000 BRIDGESTONE CORP 55,979
300 MICHELIN S.A. (CLASS B) 14,160
138,000 OMNI INDUSTRIES LTD 146,077
3,300 PIRELLI S.P.A. 8,030
-----------
227,307
-----------
SECURITY AND COMMODITY BROKERS -- 0.62%
4,000 DAIWA SECURITIES GROUP, INC 36,443
1,946 ITOCHU CORP 6,415
4,000 MARUBENI CORP 10,369
4,000 MITSUBISHI CORP 33,061
2,000 MITSUI & CO LTD 15,140
4,386 NOMURA SECURITIES CO LTD 67,973
-----------
169,401
-----------
SPECIAL TRADE CONTRACTORS -- 0.10%
567 KINDEN CORP 4,686
300 SCHNEIDER ELECTRIC S.A. 21,949
-----------
26,635
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 3.28%
2,000 ASAHI GLASS CO LTD 13,844
2,000 BORAL LTD 3,062
182 CIMENTOS DE PORTUGAL 3,004
14,000 CRH PLC 267,932
2,000 CSR LTD 5,052
34,500 HANSON PLC 265,908
11 HOLDERBANK FINANCIERE GLARUS AG.
(BR) 14,287
172 HOYA CORP 10,404
1,000 INAX CORP 7,326
300 ITALCEMENTI S.P.A. 4,105
200 LAFARGE S.A. (BR) 22,109
</TABLE>
28 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 29
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
STONE, CLAY, AND GLASS
PRODUCTS -- (CONTINUED)
1,000 PIONEER INTERNATIONAL LTD $ 2,472
4,400 RMC GROUP PLC 67,970
1,132 ST. GOBAIN S.A. 210,974
1,000 SUMITOMO OSAKA CEMENT CO LTD 1,822
-----------
900,271
-----------
TEXTILE MILL PRODUCTS -- 0.02%
1,000 NISSHINBO INDUSTRY, INC 4,931
561 NITTO BOSEKI CO LTD 1,201
-----------
6,132
-----------
TOBACCO PRODUCTS -- 0.14%
3,900 BRITISH AMERICAN TOBACCO PLC 33,463
300 TABACALERA S.A. SERIES A (REGD) 5,680
-----------
39,143
-----------
TRANSPORTATION BY AIR -- 0.34%
2,600 ALITALIA S.P.A. 7,337
2,100 BRITISH AIRPORT AUTHORITIES PLC 21,269
6,000 CATHAY PACIFIC AIRWAYS LTD 10,814
800 DEUTSCHE LUFTHANSA AG. (REGD) 14,637
3,000 JAPAN AIRLINES CO LTD 11,552
2,000 - SINGAPORE INTERNATONAL AIRLINES
LTD (LR) 19,524
2,000 SWIRE PACIFIC LTD (CLASS A) 9,475
-----------
94,608
-----------
TRANSPORTATION EQUIPMENT -- 5.22%
2,100 BRITISH AEROSPACE PLC 13,842
1,200 DAIMLERCHRYSLER AG. 82,685
2,000 DENSO CORP 42,360
770 FIAT S.P.A. 25,667
2,000 HONDA MOTOR CO LTD 83,781
2,000 - MITSUI ENGINEERING & SHIP BUILDING
CO LTD 2,010
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
68,000 NISSAN MOTOR CO LTD $ 411,959
1,000 ORIENT CORP 3,569
100 PEUGEOT S.A. 20,043
7,800 - RENAULT S.A. 431,129
3,200 ROLLS ROYCE LTD 11,106
830 SIEMENS AG. (REGD) 68,549
1,548 TI GROUP PLC 11,319
5,000 TOYOTA MOTOR CORP 164,033
700 VOLKSWAGEN AG. 39,063
850 VOLVO AB SERIES B FREE 24,003
-----------
1,435,118
-----------
TRANSPORTATION SERVICES -- 1.31%
56,700 AIRTOURS PLC 361,377
-----------
TRUCKING AND WAREHOUSING -- 0.10%
1,000 SEINO TRANSPORTATION CO LTD 6,762
800 TNT POST GROUP NV 20,234
-----------
26,996
-----------
WATER TRANSPORTATION -- 0.11%
2,000 MITSUI OSK LINES LTD 3,738
3,000 NIPPON YUSEN KABUSHIKI KAISHA 11,017
1,100 PENINSULAR & ORIENTAL STEAM
NAVIGATION CO 16,594
-----------
31,349
-----------
WHOLESALE TRADE-NONDURABLE GOODS -- 0.24%
19,000 - THAI UNION FROZEN PRODUCTS (FR) 65,463
-----------
TOTAL COMMON STOCK
(Cost $25,338,211) 26,837,557
-----------
TOTAL PORTFOLIO
(Cost $25,678,816) $27,173,827
===========
</TABLE>
- ---------------
- - Non-income producing
See notes to financial statements 1999 ANNUAL REPORT 29
<PAGE> 30
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS $ 2,587 0.01%
AGRICULTURAL SERVICES 956 0.00
AMUSEMENT AND RECREATION SERVICES 503,037 1.65
APPAREL AND ACCESSORY STORES 113,250 0.37
APPAREL AND OTHER TEXTILE PRODUCTS 12,062 0.04
AUTOMOTIVE DEALERS AND SERVICE
STATIONS 16,255 0.05
BUILDING MATERIALS AND GARDEN
SUPPLIES 292,912 0.96
BUSINESS SERVICES 5,016,403 16.43
CHEMICALS AND ALLIED PRODUCTS 4,566,740 14.96
COMMUNICATIONS 4,105,597 13.45
DEPOSITORY INSTITUTIONS 226,903 0.74
EATING AND DRINKING PLACES 105,961 0.35
EDUCATIONAL SERVICES 9,349 0.03
ELECTRIC, GAS, AND SANITARY SERVICES 82,782 0.27
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 4,511,421 14.77
ENGINEERING AND MANAGEMENT SERVICES 34,849 0.11
FABRICATED METAL PRODUCTS 120,481 0.39
FOOD AND KINDRED PRODUCTS 621,731 2.04
FOOD STORES 297,888 0.98
FURNITURE AND FIXTURES 10,623 0.03
FURNITURE AND HOMEFURNISHINGS STORES 237,430 0.78
GENERAL BUILDING CONTRACTORS 11,962 0.04
GENERAL MERCHANDISE STORES 473,812 1.55
HEALTH SERVICES 35,781 0.12
HEAVY CONSTRUCTION, EXCEPT BUILDING 6,718 0.02
HOLDING AND OTHER INVESTMENT OFFICES 15,891 0.05
HOTELS AND OTHER LODGING PLACES 9,892 0.03
INDUSTRIAL MACHINERY AND EQUIPMENT 5,123,688 16.78
INSTRUMENTS AND RELATED PRODUCTS 603,452 1.98
INSURANCE AGENTS, BROKERS AND SERVICE 3,674 0.01
INSURANCE CARRIERS 235,619 0.77
LEATHER AND LEATHER PRODUCTS 700 0.00
LEGAL SERVICES 3,937 0.01
LUMBER AND WOOD PRODUCTS 6,981 0.02
METAL MINING 9,337 0.03
MISCELLANEOUS MANUFACTURING
INDUSTRIES 18,398 0.06
MISCELLANEOUS RETAIL 197,359 0.65
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
MOTION PICTURES $ 199,768 0.65%
NONDEPOSITORY INSTITUTIONS 341,144 1.12
NONMETALLIC MINERALS, EXCEPT FUELS 5,900 0.02
OIL AND GAS EXTRACTION 70,314 0.23
PAPER AND ALLIED PRODUCTS 64,310 0.21
PERSONAL SERVICES 18,735 0.06
PETROLEUM AND COAL PRODUCTS 8,446 0.03
PRIMARY METAL INDUSTRIES 11,667 0.04
PRINTING AND PUBLISHING 38,335 0.13
RAILROAD TRANSPORTATION 9,287 0.03
REAL ESTATE 5,205 0.02
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 213,918 0.70
SECURITY AND COMMODITY BROKERS 110,172 0.36
SPECIAL TRADE CONTRACTORS 2,931 0.01
STONE, CLAY, AND GLASS PRODUCTS 47,805 0.16
TEXTILE MILL PRODUCTS 2,362 0.01
TOBACCO PRODUCTS 163,164 0.53
TRANSPORTATION BY AIR 6,965 0.02
TRANSPORTATION EQUIPMENT 753,835 2.47
TRANSPORTATION SERVICES 13,621 0.04
TRUCKING AND WAREHOUSING 4,868 0.02
WATER TRANSPORTATION 231,103 0.76
WHOLESALE TRADE-DURABLE GOODS 18,421 0.06
WHOLESALE TRADE-NONDURABLE GOODS 425,937 1.39
----------- ------
TOTAL COMMON STOCK
(Cost $29,455,664) 30,414,631 99.60
----------- ------
SHORT TERM INVESTMENT
U.S. GOVERNMENT AGENCY 625,000 2.05
----------- ------
TOTAL SHORT TERM INVESTMENT
(Cost $625,000) 625,000 2.05
----------- ------
TOTAL PORTFOLIO
(Cost $30,080,664) 31,039,631 101.65
OTHER ASSETS & LIABILITIES, NET (504,960) (1.65)
----------- ------
NET ASSETS $30,534,671 100.00%
=========== ======
</TABLE>
30 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 31
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
COMMON STOCK -- 99.60%
AGRICULTURAL PRODUCTION-CROPS -- 0.01%
100 DELTA & PINE LAND CO $ 2,587
-----------
AGRICULTURAL SERVICES -- 0.00%
100 CADIZ, INC 956
-----------
AMUSEMENT AND RECREATION SERVICES -- 1.65%
100 - ANCHOR GAMING CO 5,950
100 - ARGOSY GAMING CORP 1,325
8,488 - PREMIER PARKS, INC 246,152
8,036 - SFX ENTERTAINMENT, INC (CLASS A) 245,098
100 - WESTWOOD ONE, INC 4,512
-----------
503,037
-----------
APPAREL AND ACCESSORY STORES -- 0.37%
200 - ABERCROMBIE & FITCH CO (CLASS A) 6,812
100 - AMERICAN EAGLE OUTFITTERS, INC 4,843
100 BURLINGTON COAT FACTORY WAREHOUSE
CORP 1,975
100 CLAIRES STORES, INC 1,656
1,700 GAP, INC 54,400
100 - GENESCO, INC 1,250
100 INTIMATE BRANDS, INC (CLASS A) 3,893
100 - MENS WAREHOUSE, INC 2,150
100 - PACIFIC SUNWEAR CALIFORNIA, INC 2,803
200 ROSS STORES, INC 4,025
100 - SHOE CARNIVAL, INC 1,106
200 - STEIN MART, INC 1,425
900 TJX COS, INC 25,256
100 - WET SEAL, INC (CLASS A) 1,656
-----------
113,250
-----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.04%
300 - JONES APPAREL GROUP, INC 8,625
100 - NAUTICA ENTERPRISES, INC 1,612
100 WARNACO GROUP, INC (CLASS A) 1,825
-----------
12,062
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS -- 0.05%
500 - AUTONATION, INC 6,281
200 - AUTOZONE, INC 5,612
200 - CSK AUTO CORP 4,362
-----------
16,255
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES -- 0.96%
3,700 HOME DEPOT, INC 253,912
800 LOWES COS, INC 39,000
-----------
292,912
-----------
BUSINESS SERVICES -- 16.43%
100 AARON RENTS, INC 1,725
100 - ACCLAIM ENTERTAINMENT, INC 759
200 - ACNEILSEN CORP 4,537
200 - ACXIOM CORP 3,931
200 ADOBE SYSTEMS, INC 22,700
100 - ADVO, INC 1,993
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 - AFFILIATED COMPUTER SERVICES, INC
(CLASS A) $ 4,062
3,572 AMERICA ONLINE, INC 371,488
200 - AMERICAN MANAGEMENT SYSTEMS, INC 5,131
100 ANALYSTS INTERNATIONAL CORP 1,037
200 - ANSWERTHINK CONSULTING GROUP 1,925
100 - ARDENT SOFTWARE, INC 2,693
100 - ASPECT DEVELOPMENT, INC 2,531
200 - ASPEN TECHNOLOGY, INC 1,950
100 - AUTOBYTEL.COM, INC 1,175
1,400 AUTOMATIC DATA PROCESSING, INC 62,475
100 - AXENT TECHNOLOGIES, INC 1,293
100 - BARRA, INC 2,100
200 - BEA SYSTEMS, INC 7,062
100 - BEST SOFTWARE, INC 1,975
100 - BEYOND.COM CORP 1,225
100 - BILLING CONCEPTS CORP 500
100 - BINDVIEW DEVELOPMENT CORP 1,968
100 - BISYS GROUP, INC 4,690
5,903 - BMC SOFTWARE, INC 422,433
100 - CACI INTERNATIONAL, INC (CLASS A) 2,131
400 - CADENCE DESIGN SYSTEMS, INC 5,300
100 - CAMBRIDGE TECHNOLOGY PARTNERS, INC 1,450
200 - CATAPULT COMMUNICATIONS CORP 3,100
100 - CCC INFORMATION SERVICES GROUP, INC 1,318
100 - CDI CORP 2,731
1,000 - CENDANT CORP 17,750
200 - CENTURY BUSINESS SERVICES, INC 2,325
3,940 - CERIDIAN CORP 98,007
100 - CERNER CORP 1,525
100 - CHECKFREE HOLDINGS CORP 4,112
100 - CIBER, INC 1,531
200 - CITRIX SYSTEMS, INC 12,387
200 - CMGI, INC 20,500
100 - CNET, INC 5,600
100 - COMPLETE BUSINESS SOLUTIONS, INC 1,368
1,100 COMPUTER ASSOCIATES INTERNATIONAL,
INC 67,375
100 - COMPUTER HORIZONS CORP 1,162
100 - COMPUTER NETWORK TECHNOLOGY CORP 931
300 - COMPUTER SCIENCES CORP 21,093
5,207 - COMPUWARE CORP 135,707
100 - CONCORD COMMUNICATIONS, INC 3,975
200 - CONVERGYS CORP 3,962
200 - CSG SYSTEMS INTERNATIONAL, INC 5,481
100 - DATA BROADCASTING CORP 756
200 - DATASTREAM SYSTEMS, INC 2,625
100 - DOUBLECLICK, INC 11,912
100 - EARTHLINK NETWORK, INC 4,293
100 - EBAY, INC 14,106
200 - ECHELON CORP 1,525
100 - ECLIPSYS CORP 1,437
200 - ELECTRONIC ARTS, INC 14,475
2,509 ELECTRONIC DATA SYSTEMS CORP 132,820
100 - ELECTRONICS FOR IMAGING, INC 5,140
100 - ENGINEERING ANIMATION, INC 1,581
100 - EPICOR SOFTWARE CORP 575
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 31
<PAGE> 32
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
BUSINESS SERVICES -- (CONTINUED)
400 EQUIFAX, INC $ 11,250
100 - EXCHANGE APPLICATIONS 2,906
300 - EXCITE AT HOME 12,431
100 - FILENET CORP 1,068
300 FIRST DATA CORP 13,162
300 - FISERV, INC 9,750
39 - GARTNER GROUP, INC (CLASS B) 650
100 - GO2NET, INC 6,475
100 - GT INTERACTIVE SOFTWARE CORP 290
100 - GTECH HOLDINGS CORP 2,143
200 - HARBINGER CORP 3,375
100 - HNC SOFTWARE 3,968
100 - HYPERION SOLUTIONS CORP 2,200
100 - I2 TECHNOLOGIES, INC 3,881
900 IMS HEALTH, INC 20,531
100 - INFOCURE CORP 1,887
500 - INFORMIX CORP 3,968
100 - INFOSEEK CORP 3,087
100 - INFOSPACE COM, INC 4,112
100 - INFOUSA, INC (CLASS B) 687
100 - INKTOMI CORP 12,003
100 - INTERIM SERVICES, INC 1,637
100 - INTERNATIONAL NETWORK SERVICES 5,437
200 - INTERNATIONAL TELECOMMUNICATIONS 1,687
600 INTERPUBLIC GROUP OF COS, INC 24,675
100 - INTUIT, INC 8,765
100 - J.D. EDWARDS & CO 2,071
100 - KEANE, INC 2,281
100 - LABOR READY, INC 1,006
100 - LAMAR ADVERTISING CO (CLASS A) 4,950
200 - LEARN2.COM, INC 581
200 - LEGATO SYSTEMS, INC 8,718
100 - LHS GROUP, INC 2,943
200 - LYCOS, INC 10,025
100 - MACROMEDIA, INC 4,087
100 - MAPICS, INC 868
100 - MASTECH CORP 1,350
100 - MEDQUIST, INC 3,343
100 - MERCURY INTERACTIVE CORP 6,456
500 - MESSAGEMEDIA, INC 5,375
19,568 - MICROSOFT CORP 1,772,127
100 - MICROSTRATEGY, INC 5,606
100 - MIDWAY GAMES, INC 1,575
100 - MINDSPRING ENTERPRISES, INC 2,768
200 - MODIS PROFESSIONAL SERVICES 2,650
100 NATIONAL COMPUTER SYSTEMS, INC 3,834
100 NATIONAL DATA CORP 2,600
100 - NCO GROUP, INC 4,700
100 - NEON SYSTEMS, INC 2,693
100 - NET PERCEPTIONS, INC 1,712
100 - NETOBJECTS, INC 562
200 - NETWORK APPLIANCE, INC 14,325
100 - NETWORK PERIPHERALS, INC 1,825
200 - NETWORKS ASSOCIATES, INC 3,825
100 - NEW ERA OF NETWORKS, INC 2,162
100 - NIELSEN MEDIA RESEARCH 3,718
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
200 - NOVA CORP (GEORGIA) $ 5,000
800 - NOVELL, INC 16,550
300 - OMEGA RESEARCH, INC 1,162
2,671 OMNICOM GROUP, INC 211,509
100 - ONEMAIN.COM, INC 1,643
100 - OPEN MARKET, INC 1,312
14,724 - ORACLE CORP 669,942
300 - OUTDOOR SYSTEMS, INC 10,725
700 - PARAMETRIC TECHNOLOGY CORP 9,450
600 PAYCHEX, INC 20,475
400 - PEOPLESOFT, INC 6,775
200 - PER SE TECHNOLOGIES, INC 687
100 - PEREGRINE SYSTEMS, INC 4,075
200 - PEROT SYSTEMS CORP (CLASS A) 3,737
100 - POLICY MANAGEMENT SYSTEMS CORP 3,162
100 - PRICELINE.COM, INC 6,450
100 - PRIVATE BUSINESS, INC 475
100 - PRODIGY COMMUNICATIONS CORP 1,775
100 - PROGRESS SOFTWARE CORP 3,137
100 - PSINET, INC 3,596
100 - RARE MEDIUM GROUP, INC 1,056
200 - RATIONAL SOFTWARE CORP 5,856
100 - REALNETWORKS, INC 10,456
100 - REMEDY CORP 2,837
200 - RENT WAY, INC 3,800
200 - RENT-A-CENTER, INC 3,725
200 - ROBERT HALF INTERNATIONAL, INC 4,800
100 ROLLINS, INC 1,543
100 - RSA SECURITY, INC 2,656
100 - SABRE HOLDINGS CORP 4,300
100 - SAGA SYSTEMS, INC 1,443
100 - SAGENT TECHNOLOGY, INC 943
100 - SALESLOGIX CORP 2,000
500 - SANTA CRUZ OPERATION, INC 5,968
100 - SECURITY FIRST TECHNOLOGIES CORP 3,887
100 SEI INVESTMENT CO 8,928
100 SHARED MEDICAL SYSTEMS CORP 4,675
200 - SIEBEL SYSTEMS, INC 13,325
200 - SITEL CORP 850
100 - SNYDER COMMUNICATIONS, INC 1,518
100 SOTHEBYS HOLDINGS, INC (CLASS A) 2,581
100 - SPSS, INC 1,943
200 - STERLING COMMERCE, INC 3,712
100 - STERLING SOFTWARE, INC 2,000
100 - STRUCTURAL DYNAMICS RESEARCH CORP 1,503
1,900 - SUN MICROSYSTEMS, INC 176,700
300 - SUNGARD DATA SYSTEMS, INC 7,893
100 - SYBASE, INC 1,181
100 - SYMANTEC CORP 3,596
100 - SYNOPSYS, INC 5,615
100 - SYSTEMS & COMPUTER TECHNOLOGY CORP 1,256
100 - THQ, INC 4,312
100 - TMP WORLDWIDE, INC 6,087
100 TOTAL SYSTEM SERVICES, INC 1,600
100 - TRANSACTION SYSTEM ARCHITECTURE 2,693
100 TRUE NORTH COMMUNICATIONS, INC 3,637
100 - TSI INTERNATIONAL SOFTWARE LTD 2,713
</TABLE>
32 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 33
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
BUSINESS SERVICES -- (CONTINUED)
100 - TYLER TECHNOLOGIES, INC $ 443
100 - UNITED RENTALS, INC 2,175
200 - USWEB CORP 6,862
100 - VALASSIS COMMUNICATIONS, INC 4,393
200 - VANTIVE CORP 1,737
200 - VERIO, INC 6,200
100 - VERISIGN, INC 10,650
400 - VERITAS SOFTWARE CORP 30,375
100 - VERTICALNET, INC 3,700
100 - VISIO CORP 3,925
100 - WAVE SYSTEMS CORP (CLASS A) 1,075
100 - WEST TELESERVICES CORP 1,037
100 - WIND RIVER SYSTEMS, INC 1,900
277 - YAHOO, INC 49,721
200 - YOUNG & RUBICAM, INC 8,800
-----------
5,016,403
-----------
CHEMICALS AND ALLIED PRODUCTS -- 14.96%
3,426 ABBOTT LABORATORIES CO 125,905
100 - ALKERMES, INC 2,881
200 ALLERGAN, INC 22,000
100 ALPHARMA, INC (CLASS A) 3,531
200 - ALZA CORP 8,562
6,641 AMERICAN HOME PRODUCTS CORP 275,601
1,300 - AMGEN, INC 105,950
100 - ANDRX CORP 5,853
700 AVON PRODUCTS, INC 17,368
100 - BIO-TECHNOLOGY GENERAL CORP 959
400 - BIOGEN, INC 31,525
7,298 BRISTOL-MYERS SQUIBB CO 492,615
100 CABOT CORP 2,375
400 - CAREMARK RX, INC 2,250
100 - CELL PATHWAYS, INC 962
200 - CENTOCOR, INC 11,712
100 - CEPHALON, INC 1,796
100 - CHIREX, INC 2,581
100 - CHIRON CORP 2,768
100 CHURCH & DWIGHT CO, INC 2,500
100 CK WITCO CORP 1,456
600 CLOROX CO 22,950
1,500 COLGATE PALMOLIVE CO 68,625
100 - CYGNUS, INC 1,121
100 DIAGNOSTIC PRODUCTS CORP 2,681
200 DIAL CORP 5,100
200 ECOLAB, INC 6,825
10,008 - ELAN CORP PLC ADR 335,893
100 - ENZON, INC 3,050
100 FERRO CORP 2,131
200 - FOREST LABORATORIES, INC 8,425
100 - GENZYME CORP (GENERAL DIVISION) 4,506
17 - GENZYME SURGICAL PRODUCTS 95
100 - GILEAD SCIENCES, INC 6,418
300 - GRACE W.R. & CO 4,818
3,595 - GUILFORD PHARMACEUTICALS, INC 54,823
100 ICN PHARMACEUTICALS, INC 1,718
100 - ICOS CORP 2,950
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 - IDEC PHARMACEUTICALS CORP $ 9,403
100 - IMCLONE SYSTEMS, INC 3,325
200 - IMMUNEX CORP 8,675
100 - IVAX CORP 1,650
3,692 JOHNSON & JOHNSON CO 339,202
100 JONES PHARMACEUTICAL, INC 3,296
100 - KING PHARMACEUTICALS, INC 3,500
200 LAUDER (ESTEE) CO (CLASS A) 7,812
100 - LIGAND PHARMACEUTICALS CO (CLASS A) 762
4,476 LILLY (ELI) & CO 286,464
100 - LIPOSOME CO, INC 760
100 - MEDCO RESEARCH, INC 2,493
100 - MEDICIS PHARMACEUTICAL CORP (CLASS
A) 2,850
100 - MEDIMMUNE, INC 9,965
10,405 MERCK & CO, INC 674,374
100 - MILLENNIUM PHARMACEUTICALS, INC 6,500
1,600 MONSANTO CO 57,100
200 MYLAN LABORATORIES, INC 3,675
100 - ORGANOGENESIS, INC 743
11,468 PFIZER, INC 412,131
4,071 PROCTER & GAMBLE CO 381,656
100 - REXALL SUNDOWN, INC 1,231
100 - SAFESCIENCE, INC 1,587
200 - SCHEIN PHARMACEUTICAL, INC 1,875
9,597 SCHERING-PLOUGH CORP 418,669
100 - SCOTTS CO (CLASS A) 3,462
100 - SEPRACOR, INC 7,550
100 - TECHNE CORP 3,137
100 - THERAGENICS CORP 1,275
100 - TRANSKARYOTIC THERAPIES, INC 5,137
100 - TRIANGLE PHARMACEUTICALS, INC 1,925
100 - TWINLAB CORP 887
100 VALSPAR CORP 3,268
33 - VENTIV HEALTH, INC 325
3,569 WARNER-LAMBERT CO 236,892
200 - WATSON PHARMACEUTICALS, INC 6,112
100 WEST PHARMACEUTICAL SERVICES 3,793
-----------
4,566,740
-----------
COMMUNICATIONS -- 13.45%
224 - ACME COMMUNICATIONS, INC 6,944
100 - ADELPHIA COMMUNICATIONS CORP
(CLASS A) 5,881
100 - ADVANCED RADIO TELECOM CORP 1,262
100 ALLEGIANCE TELECOM, INC 5,262
300 ALLTEL CORP 21,112
5,845 - AMFM, INC 355,814
4,288 AT & T CORP 186,528
6,300 - AT & T CORP-LIBERTY MEDIA GROUP
(CLASS A) 233,887
200 - CABLEVISION SYSTEMS CORP (CLASS A) 14,550
100 - CAPROCK COMMUNICATIONS CORP 2,325
9,482 - CBS CORP 438,542
300 CINCINNATI BELL, INC 5,831
5,914 - CLEAR CHANNEL COMMUNICATIONS, INC 472,380
1,900 COMCAST CORP (CLASS A) SPECIAL 75,762
100 - CONCENTRIC NETWORK CORP 2,031
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 33
<PAGE> 34
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
COMMUNICATIONS -- (CONTINUED)
100 - COVAD COMMUNICATIONS GROUP $ 4,359
46 - COX COMMUNICATIONS, INC (CLASS A) 1,920
100 - CUMULUS MEDIA, INC 3,268
100 - E.SPIRE COMMUNICATIONS, INC 725
4,210 ERICSSON TELEFON (LM) SERIES B ADR 131,562
200 - EXODUS COMMUNICATIONS, INC 14,412
300 - FOX ENTERTAINMENT GROUP, INC 6,337
820 - GLOBAL CROSSING LTD 21,730
400 - GLOBAL TELESYSTEMS GROUP, INC 7,887
100 - HEARST-ARGYLE TELEVISION, INC 2,150
100 - HISPANIC BROADCASTING CORP 7,612
100 - ICG COMMUNICATIONS, INC 1,556
500 - INFINITY BROADCASTING CORP
(CLASS A) 14,656
100 - INTERMEDIA COMMUNICATIONS, INC 2,175
100 - INTERNATIONAL FIBERCOM, INC 525
100 - ITC DELTACOM, INC 2,750
100 - IXC COMMUNICATIONS, INC 3,943
100 - LATITUDE COMMUNICATIONS, INC 2,918
700 - LEVEL 3 COMMUNICATIONS, INC 36,553
11,874 LUCENT TECHNOLOGIES, INC 770,325
8,719 - MCI WORLDCOM, INC 626,678
200 - MCLEODUSA, INC (CLASS A) 8,512
200 - MEDIA ONE GROUP, INC 13,662
217 - METROMEDIA FIBER NETWORK (CLASS A) 5,316
100 - NETWORK EVENT THEATER, INC 2,237
400 - NEXTEL COMMUNICATIONS, INC
(CLASS A) 27,125
200 - NEXTLINK COMMUNICATIONS, INC 10,368
100 NORTH PITTSBURGH SYSTEMS, INC 1,825
200 - NTL, INC 19,218
1,782 - OMNIPOINT CORP 99,569
100 - PAGEMART WIRELESS, INC (CLASS A) 600
500 - PAGING NETWORK, INC 515
100 - POWERTEL, INC 5,506
100 - PREMIERE TECHNOLOGIES, INC 593
100 - PRICE COMMUNICATIONS CORP 2,506
100 - PRIMUS TELECOMMUNICATIONS GROUP,
INC 2,100
300 - QWEST COMMUNICATIONS
INTERNATIONAL, INC 8,868
100 - RCN CORP 4,100
200 - RHYTHMS NETCONNECTIONS, INC 6,900
100 - SAGA COMMUNICATIONS, INC (CLASS A) 2,300
4,343 SBC COMMUNICATIONS, INC 221,764
200 - SKYTEL COMMUNICATIONS, INC 3,662
100 - SPRINT CORP (PCS GROUP) 7,456
100 - STAR TELECOMMUNICATIONS, INC 540
100 - TALK.COM, INC 1,290
100 - TELIGENT, INC 4,968
210 - TIVO, INC 6,286
100 - TV GUIDE, INC 3,912
700 - U.S. WEST, INC 39,943
100 - UNITEDGLOBALCOM, INC (CLASS A) 7,162
200 - UNIVISION COMMUNICATIONS, INC 16,275
700 - VIACOM, INC (CLASS B) 29,575
1,200 - VIATEL, INC 35,475
100 - WAVO CORP 443
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
200 - WESTERN WIRELESS CORP (CLASS A) $ 8,968
100 - WINSTAR COMMUNICATIONS, INC 3,906
-----------
4,105,597
-----------
DEPOSITORY INSTITUTIONS -- 0.74%
400 CAPITOL FEDERAL FINANCIAL 3,987
200 CHITTENDEN CORP 5,700
100 COMMUNITY FIRST BANKSHARES, INC 1,687
450 - CONCORD EFS, INC 9,281
500 FIFTH THIRD BANCORP 30,421
1,600 FIRSTAR CORP 41,000
400 HUDSON UNITED BANCORP 12,325
100 INDEPENDENCE COMMUNITY BANK CORP 1,193
2,000 MBNA CORP 45,625
100 - NETBANK, INC 2,212
400 PROVIDIAN FINANCIAL CORP 31,675
100 SHORELINE FINANCIAL CORP 2,068
200 SKY FINANCIAL GROUP, INC 4,700
100 STATE STREET CORP 6,462
100 SYNOVUS FINANCIAL CORP 1,868
100 - TELEBANC FINANCIAL CORP 2,300
100 TEXAS REGIONAL BANCSHARES, INC
(CLASS A) 2,475
100 U.S. TRUST CORP 8,037
100 UNITED NATIONAL BANCORP 2,325
200 WESTAMERICA BANCORP 6,050
100 ZIONS BANCORP 5,512
-----------
226,903
-----------
EATING AND DRINKING PLACES -- 0.35%
100 - APPLEBEES INTERNATIONAL, INC 3,368
150 - CEC ENTERTAINMENT, INC 5,381
100 - FOODMAKER, INC 2,493
100 MARRIOTT INTERNATIONAL (CLASS A) 3,268
1,600 MCDONALD'S CORP 68,800
100 - OUTBACK STEAKHOUSE, INC 2,546
100 - PAPA JOHNS INTERNATIONAL, INC 4,125
100 - SONIC CORP 3,043
200 - TRICON GLOBAL RESTAURANTS, INC 8,187
100 - U.S. FOODSERVICE, INC 1,800
100 VIAD CORP 2,950
-----------
105,961
-----------
EDUCATIONAL SERVICES -- 0.03%
100 - APOLLO GROUP, INC (CLASS A) 2,112
300 - DEVRY, INC 6,000
100 - EDUCATION MANAGEMENT CORP 1,237
-----------
9,349
-----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 0.27%
300 - AES CORP 17,700
400 - ALLIED WASTE INDUSTRIES, INC 4,675
100 BLACK HILLS CORP 2,331
100 - CASELLA WASTE SYSTEMS, INC
(CLASS A) 1,668
100 - NEWPARK RESOURCES, INC 775
71 - REPUBLIC SERVICES, INC (CLASS A) 772
100 SEMCO ENERGY, INC 1,393
</TABLE>
34 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 35
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
ELECTRIC, GAS, AND SANITARY SERVICES -- (CONTINUED)
200 - STERICYCLE, INC $ 2,937
100 - WASTE INDUSTRIES, INC 1,331
1,000 - WASTE MANAGEMENT, INC 19,250
800 WILLIAMS COS, INC 29,950
-----------
82,782
-----------
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT -- 14.77%
100 - ACTEL CORP 1,900
100 - ACTV, INC 1,393
400 - ADC TELECOMMUNICATIONS, INC 16,775
200 - ADVANCED FIBRE COMMUNICATIONS 4,450
100 - AEROFLEX, INC 1,218
400 - ALTERA CORP 17,350
200 - AMERICAN POWER CONVERSION CORP 3,800
200 - AMERICAN SUPERCONDUCTOR CORP 3,075
100 - AMERICAN TOWER SYSTEMS (CLASS A) 1,956
200 AMETEK, INC 3,962
300 - AMKOR TECHNOLOGY, INC 4,837
100 - AMPHENOL CORP (CLASS A) 4,956
100 - ANADIGICS, INC 2,812
3,759 - ANALOG DEVICES, INC 192,648
100 - ANCOR COMMUNICATIONS, INC 2,425
200 - ANDREW CORP 3,475
100 - APPLIED MICRO CIRCUITS CORP 5,700
100 - ARTESYN TECHNOLOGIES, INC 1,896
100 - ASPECT TELECOMMUNICATIONS CORP 1,696
100 - ATMEL CORP 3,381
200 BMC INDUSTRIES, INC 2,462
100 - BROADCOM CORP (CLASS A) 10,900
100 - BURR BROWN CORP 3,950
100 - C-COR.NET CORP 3,037
100 - CELLNET DATA SYSTEMS, INC 393
300 - CIENA CORP 10,950
100 - COMMSCOPE, INC 3,250
200 - COMVERSE TECHNOLOGY, INC 18,862
200 - CONEXANT SYSTEMS, INC 14,531
100 - CREE RESEARCH, INC 3,393
100 CTS CORP 5,750
100 - CYPRESS SEMICONDUCTOR CORP 2,150
100 DALLAS SEMICONDUCTOR CORP 5,343
100 - DIGITAL MICROWAVE CORP 1,568
100 - DII GROUP, INC 3,518
100 - DSP COMMUNICATIONS, INC 1,900
100 - E-TEK DYNAMICS, INC 5,425
100 - ECHOSTAR COMMUNICATIONS CORP
(CLASS A) 9,081
100 - EMCORE CORP 1,387
100 - EXECUTONE INFORMATION SYSTEMS, INC 300
13,342 GENERAL ELECTRIC CO 1,581,860
300 - GENERAL INSTRUMENT CORP 14,437
100 HELIX TECHNOLOGY CORP 3,325
18,731 INTEL CORP 1,391,947
100 INTER-TEL, INC 1,775
200 - INTERDIGITAL COMMUNICATIONS CORP 1,100
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 - INTERNATIONAL RECTIFIER CORP $ 1,525
100 - INTERVOICE-BRITE, INC 1,106
100 - JABIL CIRCUIT, INC 4,950
200 - JDS UNIPHASE CORP 22,762
100 - KOMAG, INC 300
100 - KOPIN CORP 2,775
100 - L-3 COMMUNICATIONS HOLDINGS, INC 3,775
200 - LATTICE SEMICONDUCTOR CORP 5,937
590 LINEAR TECHNOLOGY CO 34,680
100 - LITTLEFUSE, INC 2,225
100 LSI INDUSTRIES, INC 2,287
856 - LSI LOGIC CORP 44,084
300 - MAXIM INTEGRATED PRODUCTS 18,928
100 - MAXWELL TECHNOLOGIES, INC 1,313
300 MAYTAG CO 9,993
100 METHODE ELECTRONICS, INC (CLASS A) 1,887
100 - MICREL, INC 4,337
100 - MICROCHIP TECHNOLOGY, INC 5,137
100 - MICRON TECHNOLOGY, INC 6,656
100 - MMC NETWORKS, INC 3,118
500 MOTOROLA, INC 44,000
100 - NEOMAGIC CORP 775
1,188 - NOKIA OYJ ADR 106,697
100 - NVIDIA CORP 1,925
100 - PAIRGAIN TECHNOLOGIES, INC 1,275
100 - PARKERVISION, INC 2,412
100 PITTWAY CORP (CLASS A) 3,150
100 - PLANTRONICS, INC 4,975
200 - PMC-SIERRA, INC 18,500
100 - QLOGIC CORP 6,987
400 - QUALCOMM, INC 75,675
100 - RAYOVAC CORP 2,162
100 - READ RITE CORP 440
100 - RF MICRO DEVICES, INC 4,575
100 - S3, INC 1,043
100 - SANMINA CORP 7,737
100 - SAWTEK, INC 3,500
100 - SCI SYSTEMS, INC 4,443
200 SCIENTIFIC-ATLANTA, INC 9,912
100 - SEMTECH CORP 3,662
100 - SIPEX CORP 1,431
100 - SMART MODULAR TECHNOLOGIES, INC 3,406
500 - SOLECTRON CORP 35,906
100 TECHNITROL, INC 3,525
100 - TEKELEC 1,381
800 - TELLABS, INC 45,550
5,071 TEXAS INSTRUMENTS, INC 417,089
100 - TITAN CORP 1,437
100 - TRANSWITCH CORP 5,700
100 - TRIQUINT SEMICONDUCTOR, INC 5,718
100 - VICOR CORP 2,268
200 - VITESSE SEMICONDUCTOR CORP 17,075
100 - WORLD ACCESS, INC 1,118
1,616 - XILINX, INC 105,898
-----------
4,511,421
-----------
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 35
<PAGE> 36
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
ENGINEERING AND MANAGEMENT SERVICES -- 0.11%
100 - CATALYTICA, INC $ 1,500
100 - COVANCE, INC 968
100 - GARTNER GROUP, INC (CLASS A) 1,593
100 - NAVIGANT CONSULTING CO 4,637
150 - PROFIT RECOVERY GROUP
INTERNATIONAL, INC 6,694
200 - QUINTILES TRANSNATIONAL CORP 3,806
600 SERVICEMASTER CO 9,637
100 - TETRA TECH, INC 1,668
100 - VALENCE TECHNOLOGY, INC 468
100 - WHITTMAN HART, INC 3,878
-----------
34,849
-----------
FABRICATED METAL PRODUCTS -- 0.39%
100 CHART INDUSTRIES, INC 493
3,417 GILLETTE CO 115,964
100 - TOWER AUTOMOTIVE, INC 1,981
100 - U.S. CAN CORP 2,043
-----------
120,481
-----------
FOOD AND KINDRED PRODUCTS -- 2.04%
300 ANHEUSER BUSCH COS, INC 21,018
300 BESTFOODS, INC 14,550
300 CAMPBELL SOUP CO 11,737
6,568 COCA COLA CO 315,674
600 COCA COLA ENTERPRISES, INC 13,537
100 - DEL MONTE FOODS CO 1,412
100 EARTHGRAINS CO 2,212
100 FLOWERS INDUSTRIES, INC 1,356
200 GENERAL MILLS, INC 16,225
200 HEINZ (H.J.) CO 8,600
300 - INTERNATIONAL HOME FOODS, INC 5,250
200 - KEEBLER FOODS CO 5,975
200 KELLOGG CO 7,487
100 LANCE, INC 1,306
400 PEPSI BOTTLING GROUP, INC 6,825
3,800 PEPSICO, INC 114,950
200 QUAKER OATS CO 12,375
2,200 SARA LEE CORP 51,562
100 - SMITHFIELD FOODS, INC 2,675
100 TOOTSIE ROLL INDUSTRIES, INC 3,287
100 - UNIVERSAL FOODS CORP 2,293
100 WHITMAN CORP 1,425
-----------
621,731
-----------
FOOD STORES -- 0.98%
100 ALBERTSONS, INC 3,956
2,100 - KROGER CO 46,331
6,055 - SAFEWAY, INC 230,468
400 - STARBUCKS CORP 9,912
100 - WHOLE FOODS MARKET, INC 3,271
100 - WILD OATS MARKETS, INC 3,950
-----------
297,888
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
FURNITURE AND FIXTURES -- 0.03%
100 ETHAN ALLEN INTERIORS, INC $ 3,181
100 - FURNITURE BRANDS INTERNATIONAL, INC 1,968
200 MILLER (HERMAN), INC 4,781
100 - SELECT COMFORT CORP 693
-----------
10,623
-----------
FURNITURE AND HOMEFURNISHINGS STORES -- 0.78%
300 - BED BATH & BEYOND, INC 10,481
400 - BEST BUY, INC 24,825
100 - CDNOW, INC 1,243
400 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 16,875
100 - COMPUSA, INC 612
100 - EGGHEAD.COM, INC 700
100 - LINENS N THINGS, INC 3,375
100 - MUSICLAND STORES CORP 875
200 PIER 1 IMPORTS, INC 1,350
3,260 TANDY CORP 168,501
100 - TWEETER HOME ENTERTAINMENT GROUP,
INC 3,737
100 - WILLIAMS-SONOMA, INC 4,856
-----------
237,430
-----------
GENERAL BUILDING CONTRACTORS -- 0.04%
100 CENTEX CORP 2,956
100 - NVR, INC 5,050
200 STANDARD-PACIFIC CORP 2,050
100 - TOLL BROTHERS, INC 1,906
-----------
11,962
-----------
GENERAL MERCHANDISE STORES -- 1.55%
100 - AMES DEPARTMENT STORES, INC 3,187
100 CASEYS GENERAL STORES, INC 1,340
100 - CONSOLIDATED STORES CORP 2,206
400 - COSTCO WHOLESALE CORP 28,800
900 DAYTON HUDSON CORP 54,056
300 DOLLAR GENERAL CORP 9,262
200 - DOLLAR TREE STORES, INC 7,987
100 - FACTORY 2-U STORES, INC 2,988
300 FAMILY DOLLAR STORES, INC 6,337
400 - KOHLS CORP 26,450
100 - SAKS, INC 1,518
100 - VALUE CITY DEPARTMENT STORES, INC 1,500
6,900 WAL-MART STORES, INC 328,181
-----------
473,812
-----------
HEALTH SERVICES -- 0.12%
200 - CAREMATRIX CORP 1,037
100 - EXPRESS SCRIPTS, INC 7,825
775 - HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) NEW 5,715
600 - HEALTHSOUTH CORP 3,637
100 HOOPER HOLMES, INC 2,562
100 - LASER VISION CENTERS, INC 1,403
100 - LCA-VISION, INC 531
100 - LIFEPOINT HOSPITALS, INC 868
100 - LINCARE HOLDINGS, INC 2,665
</TABLE>
36 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 37
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
HEALTH SERVICES -- (CONTINUED)
100 - ORTHODONTIC CENTERS OF AMERICA, INC $ 1,750
200 - PHYCOR, INC 875
100 - RENAL CARE GROUP, INC 2,190
200 - TOTAL RENAL CARE HOLDINGS, INC 1,487
100 - UNILAB CORP 568
100 - UNITED PAYORS & UNITED PROVIDERS,
INC 1,762
100 - US ONCOLOGY, INC 906
-----------
35,781
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.02%
100 - DYCOM INDUSTRIES, INC 4,218
100 - INSITUFORM TECHNOLOGIES, INC
(CLASS A) 2,500
-----------
6,718
-----------
HOLDING AND OTHER INVESTMENT OFFICES -- 0.05%
100 BOSTON PROPERTIES, INC 3,068
100 COUSINS PROPERTIES, INC 3,393
100 GETTY REALTY HOLDINGS CORP 1,350
400 MEDITRUST CORP PAIRED 3,400
100 PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST 1,887
100 STARWOOD FINANCIAL TRUST 2,793
-----------
15,891
-----------
HOTELS AND OTHER LODGING PLACES -- 0.03%
100 - CHOICE HOTELS INTERNATIONAL, INC 1,712
200 - EXTENDED STAY AMERICA, INC 1,800
300 HILTON HOTELS CORP 2,962
100 STARWOOD HOTELS & RESORTS WORLDWIDE 2,231
100 - SUNTERRA CORP 1,187
-----------
9,892
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 16.78%
600 - 3COM CORP 17,250
200 - 3DFX INTERACTIVE, INC 1,650
200 - A S V, INC 2,925
200 - ADAPTEC, INC 7,937
1,000 - APPLIED MATERIALS, INC 77,875
100 APPLIED POWER, INC (CLASS A) 3,037
100 - ATMI, INC 3,731
200 BLACK & DECKER CORP 9,137
100 - C-CUBE MICROSYSTEMS, INC 4,350
16,032 - CISCO SYSTEMS, INC 1,099,194
6,846 COMPAQ COMPUTER CORP 157,030
100 - CONCURRENT COMPUTER CORP 681
100 - CYBEX COMPUTER PRODUCTS CORP 3,337
11,316 - DELL COMPUTER CORP 473,150
100 - DRIL-QUIP, INC 2,556
100 - ELECTRO SCIENTIFIC INDUSTRIES, INC 5,328
100 - ELECTROGLAS, INC 2,337
8,420 - EMC CORP 601,503
100 - ETEC SYSTEMS, INC 3,762
100 - EXTREME NETWORKS, INC 6,331
100 - FSI INTERNATIONAL, INC 825
400 - GATEWAY, INC 17,775
100 - GLOBAL IMAGING SYSTEMS, INC 1,488
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 GRACO, INC $ 3,281
2,710 HEWLETT-PACKARD CO 249,320
3,700 INTERNATIONAL BUSINESS MACHINES
CORP 449,087
600 - IOMEGA CORP 2,025
100 - KRONOS, INC 3,668
100 - LAM RESEARCH CORP 6,100
300 - LEXMARK INTERNATIONAL GROUP
(CLASS A) 24,150
200 - MAXTOR CORP 1,318
100 - MICROS SYSTEMS, INC 4,050
100 - MTI TECHNOLOGY CORP 2,306
100 - NATIONAL INSTRUMENTS CORP 3,534
2,000 - NOVELLUS SYSTEMS, INC 134,875
600 PITNEY BOWES, INC 36,562
50 - QUANTUM CORP -HARD DISK DRIVE 371
100 ROPER INDUSTRIES, INC 3,825
100 - SANDISK CORP 6,518
100 - SEAGATE TECHNOLOGY, INC 3,081
200 - SILICON VALLEY GROUP, INC 2,362
100 - SMITH INTERNATIONAL, INC 4,050
100 - SPECIALTY EQUIPMENT COS, INC 2,525
200 SYMBOL TECHNOLOGIES, INC 6,725
100 - TEREX CORP 3,150
14,377 TYCO INTERNATIONAL LTD 1,484,425
3,856 - UNISYS CORP 174,002
100 - WESTERN DIGITAL CORP 375
100 - XIRCOM, INC 4,268
100 - ZEBRA TECHNOLOGY CORP 4,546
-----------
5,123,688
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 1.98%
200 BAXTER INTERNATIONAL, INC 12,050
100 BECKMAN COULTER, INC 4,512
400 BECTON DICKINSON & CO 11,225
300 - BIOMET, INC 7,893
700 - BOSTON SCIENTIFIC CORP 17,281
300 - BRITESMILE, INC 2,906
100 - COGNEX CORP 3,018
100 COOPER COS, INC 3,087
100 - CREDENCE SYSTEMS CORP 4,487
100 - CYMER, INC 3,468
100 DENTSPLY INTERNATIONAL, INC 2,275
100 - FOSSIL, INC 2,706
100 - GENRAD, INC 1,912
1,571 - GUIDANT CORP 84,244
100 - KLA-TENCOR CORP 6,500
100 - LTX CORP 1,368
100 - MECHANICAL TECHNOLOGY, INC 3,556
6,064 MEDTRONIC, INC 215,272
100 MENTOR CORP 2,850
100 - METTLER-TOLEDO INTERNATIONAL, INC 2,962
100 MILLIPORE CORP 3,756
100 - MOLECULAR DEVICES CORP 2,750
100 - NOVOSTE CORP 1,784
200 PE CORP-PE BIOSYSTEMS GROUP 14,450
200 - SABRATEK CORP 562
100 - SCOTT TECHNOLOGIES, INC 1,975
100 - ST. JUDE MEDICAL, INC 3,150
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 37
<PAGE> 38
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
INSTRUMENTS AND RELATED
PRODUCTS -- (CONTINUED)
100 - STERIS CORP $ 1,375
100 - STRYKER CORP 5,112
100 - SUMMIT TECHNOLOGY, INC 1,831
100 - SUNRISE TECHNOLOGY INTERNATIONAL
INC 471
200 - SYBRON INTERNATIONAL CORP 5,375
400 - TERADYNE, INC 14,100
100 - TRIMBLE NAVIGATION LTD 1,068
100 - VISX, INC 7,909
100 - WATERS CORP 6,056
100 - WESLEY JESSEN VISIONCARE, INC 3,118
3,220 XEROX CORP 135,038
-----------
603,452
-----------
INSURANCE AGENTS, BROKERS AND SERVICE -- 0.01%
100 - CRAWFORD & CO (CLASS B) 1,431
100 - FIRST HEALTH GROUP CORP 2,243
-----------
3,674
-----------
INSURANCE CARRIERS -- 0.77%
100 AFLAC, INC 4,187
450 AMERICAN INTERNATIONAL GROUP, INC 39,121
3,927 CITIGROUP, INC 172,788
100 HARTFORD LIFE, INC (CLASS A) 4,925
300 - OXFORD HEALTH PLANS, INC 3,750
100 RADIAN GROUP, INC 4,293
100 - TRIAD GUARANTY, INC 1,687
100 UNITED HEALTHCARE CORP 4,868
-----------
235,619
-----------
LEATHER AND LEATHER PRODUCTS -- 0.00%
100 STRIDE RITE CORP 700
-----------
LEGAL SERVICES -- 0.01%
100 - PREPAID LEGAL SERVICES, INC 3,937
-----------
LUMBER AND WOOD PRODUCTS -- 0.02%
100 - CHAMPION ENTERPRISES, INC 900
700 CLAYTON HOMES, INC 6,081
-----------
6,981
-----------
METAL MINING -- 0.03%
600 - FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS B) 9,337
-----------
MISCELLANEOUS MANUFACTURING
INDUSTRIES -- 0.06%
100 - BLYTH INDUSTRIES, INC 2,806
100 CALLAWAY GOLF CO 1,218
100 INTERNATIONAL GAME TECHNOLOGY CO 1,800
100 JOSTENS, INC 1,912
500 MATTEL, INC 9,500
100 - WMS INDUSTRIES, INC 1,162
-----------
18,398
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
MISCELLANEOUS RETAIL -- 0.65%
400 - AMAZON.COM, INC $ 31,900
100 - BARNES & NOBLE, INC 2,600
100 - BORDERS GROUP, INC 1,468
100 - CDW COMPUTER CENTERS, INC 4,887
1,000 CVS CORP 40,812
100 - FATBRAIN.COM, INC 1,493
200 - HANOVER DIRECT, INC 512
100 - INSIGHT ENTERPRISES, INC 3,250
100 - MICHAELS STORES, INC 2,950
700 - OFFICE DEPOT, INC 7,131
100 - OFFICEMAX, INC 581
100 OMNICARE, INC 962
100 - PETSMART, INC 371
100 - SCHEIN (HENRY), INC 1,425
1,100 - STAPLES, INC 23,993
100 - SUNGLASS HUT INTERNATIONAL, INC 1,056
100 TIFFANY & CO 5,993
2,600 WALGREEN CO 65,975
-----------
197,359
-----------
MOTION PICTURES -- 0.65%
100 - AMC ENTERTAINMENT, INC 1,393
800 - DISNEY (WALT) CO 20,700
100 - HOLLYWOOD ENTERTAINMENT CORP 1,500
2,900 TIME WARNER, INC 176,175
-----------
199,768
-----------
NONDEPOSITORY INSTITUTIONS -- 1.12%
600 AMERICAN EXPRESS CO 80,775
200 - AMERICREDIT CORP 2,987
3,975 ASSOCIATES FIRST CAPITAL CORP 143,100
500 CAPITAL ONE FINANCIAL CORP 19,500
100 DORAL FINANCIAL CORP 1,337
200 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 12,537
300 - FINET.COM, INC 909
1,100 FREDDIE MAC 57,200
100 HOUSEHOLD INTERNATIONAL, INC 4,012
200 METRIS COS, INC 5,887
300 SLM HOLDINGS CORP 12,900
-----------
341,144
-----------
NONMETALLIC MINERALS, EXCEPT FUELS -- 0.02%
400 AMCOL INTERNATIONAL CORP 5,900
-----------
OIL AND GAS EXTRACTION -- 0.23%
100 ANADARKO PETROLEUM CORP 3,056
100 APACHE CORP 4,318
100 BERRY PETROLEUM CO (CLASS A) 1,356
100 - BROWN (TOM), INC 1,475
400 CHESAPEAKE ENERGY CORP 1,550
200 CROSS TIMBERS OIL CO 2,700
100 - DEVON ENERGY CORP (NEW) 4,143
100 DIAMOND OFFSHORE DRILLING, INC 3,337
100 ENSCO INTERNATIONAL, INC 1,806
200 - EVERGREEN RESOURCES, INC 4,813
100 - FOREST OIL CORP 1,706
</TABLE>
38 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 39
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
OIL AND GAS EXTRACTION -- (CONTINUED)
100 - GLOBAL INDUSTRIES LTD $ 812
200 - GLOBAL MARINE, INC 3,287
200 - GREY WOLF, INC 600
500 HALLIBURTON CO 20,500
100 - MERIDIAN RESOURCE CORP 475
200 - NOBLE DRILLING CORP 4,375
100 POGO PRODUCING CO 2,075
100 - R & B FALCON CORP 1,312
100 - SYNTROLEUM CORP 706
100 - TRANSMONTAIGNE, INC 1,500
100 TRANSOCEAN OFFSHORE, INC 3,062
100 - VINTAGE PETROLEUM, INC 1,350
-----------
70,314
-----------
PAPER AND ALLIED PRODUCTS -- 0.21%
200 AVERY DENNISON CORP 10,550
100 - BUCKEYE TECHNOLOGIES, INC 1,568
500 FORT JAMES CORP 13,343
100 - GAYLORD CONTAINER CO 712
700 KIMBERLY-CLARK CORP 36,750
100 - MAIL-WELL, INC 1,387
-----------
64,310
-----------
PERSONAL SERVICES -- 0.06%
100 BLOCK (H&R), INC 4,343
100 - CARRIAGE SERVICES, INC (CLASS A) 843
200 CINTAS CORP 11,562
200 - COINSTAR, INC 1,987
-----------
18,735
-----------
PETROLEUM AND COAL PRODUCTS -- 0.03%
100 ELCOR CORP 2,500
100 - FRONTIER OIL CORP 681
100 USX-MARATHON GROUP, INC 2,925
100 WD-40 CO 2,340
-----------
8,446
-----------
PRIMARY METAL INDUSTRIES -- 0.04%
200 - ALPINE GROUP, INC 2,587
100 - ARMCO, INC 700
100 BELDEN, INC 2,050
200 - OPTICAL CABLE CORP 2,200
100 - QUANEX CORP 2,562
100 - STEEL DYNAMICS, INC 1,568
-----------
11,667
-----------
PRINTING AND PUBLISHING -- 0.13%
100 CENTRAL NEWSPAPERS, INC (CLASS A) 4,450
100 DOW JONES & CO, INC 5,337
100 HARLAND (JOHN H.) CO 1,943
100 - JOURNAL REGISTER CO 1,375
200 LEE ENTERPRISES, INC 5,475
100 MEREDITH CORP 3,631
100 NEW ENGLAND BUSINESS SERVICES, INC 2,856
200 - PRIMEDIA, INC 2,800
100 TIMES MIRROR CO SERIES A 6,581
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 - TOPPS, INC $ 750
200 WILEY (JOHN) & SONS, INC (CLASS A) 3,137
-----------
38,335
-----------
RAILROAD TRANSPORTATION -- 0.03%
200 KANSAS CITY SOUTHERN INDUSTRIES,
INC 9,287
-----------
REAL ESTATE -- 0.02%
100 - CATELLUS DEVELOPMENT CORP 1,175
100 - FAIRFIELD COMMUNITIES, INC 1,093
100 - JONES LANG LA SALLE 1,612
100 - TRAMMELL CROW CO 1,325
-----------
5,205
-----------
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS -- 0.70%
100 FURON CO 2,493
400 ILLINOIS TOOL WORKS, INC 29,825
2,422 NIKE, INC (CLASS B) 137,751
100 - SAFESKIN CORP 821
200 - SEALED AIR CORP 10,262
1,557 TUPPERWARE CORP 31,529
100 - US PLASTIC LUMBER CORP 1,237
-----------
213,918
-----------
SECURITY AND COMMODITY BROKERS -- 0.36%
100 - AFFILIATED MANAGERS GROUP, INC 2,725
100 - AMERITRADE HOLDINGS CORP (CLASS A) 1,837
400 - E TRADE GROUP, INC 9,400
200 FEDERATED INVESTMENTS, INC 3,450
400 FRANKLIN RESOURCES, INC 12,300
200 - FRIEDMAN, BILLINGS, RAMSEY GROUP,
INC 1,387
100 INVESTMENT TECHNOLOGY GROUP, INC 2,300
200 - KNIGHT/TRIMARK GROUP, INC 5,925
200 PRICE (T. ROWE) ASSOCIATES, INC 5,487
100 RAYMOND JAMES FINANCIAL CORP 1,993
1,700 SCHWAB (CHARLES) CORP 57,268
100 THE GOLDMAN SACHS GROUP, INC 6,100
-----------
110,172
-----------
SPECIAL TRADE CONTRACTORS -- 0.01%
100 - QUANTA SERVICES, INC 2,931
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 0.16%
100 CENTEX CONSTRUCTION PRODUCTS, INC 3,712
600 CORNING, INC 41,137
100 LIBBEY, INC 2,956
-----------
47,805
-----------
TEXTILE MILL PRODUCTS -- 0.01%
100 WESTPOINT STEVENS, INC 2,362
-----------
TOBACCO PRODUCTS -- 0.53%
105 BROOKE GROUP LTD 1,745
4,545 PHILIP MORRIS COS, INC 155,382
200 UST, INC 6,037
-----------
163,164
-----------
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 39
<PAGE> 40
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
TRANSPORTATION BY AIR -- 0.02%
100 - AIRTRAN HOLDINGS, INC $ 503
200 COMAIR HOLDINGS, INC 3,337
100 - FRONTIER AIRLINES, INC 950
100 - MESABA HOLDINGS, INC 1,175
100 - OGDEN CORP 1,000
-----------
6,965
-----------
TRANSPORTATION EQUIPMENT -- 2.47%
3,481 ALLIED SIGNAL, INC 208,642
100 - BE AEROSPACE, INC 1,193
400 BOEING CO 17,050
100 CORDANT TECHNOLOGIES, INC 3,043
200 DANAHER CORP 10,537
100 - DELCO REMY INTERNATIONAL, INC
(CLASS A) 900
100 GENERAL DYNAMICS CORP 6,243
3,255 - GENERAL MOTORS CORP (CLASS H) 186,348
100 - GENTEX CORP 2,065
100 - HALTER MARINE GROUP, INC 543
1,500 HARLEY DAVIDSON, INC 75,093
100 - HAYES LEMMERZ INTERNATIONAL, INC 2,325
100 - KELLSTROM INDUSTRIES, INC 978
100 MERITOR AUTOMOTIVE, INC 2,087
100 - MOTIVEPOWER INDUSTRIES, INC 1,100
100 - NATIONAL R.V. HOLDINGS, INC 1,975
100 POLARIS INDUSTRIES, INC 3,462
100 - SPX CORP 9,075
3,729 UNITED TECHNOLOGIES CORP 221,176
-----------
753,835
-----------
TRANSPORTATION SERVICES -- 0.04%
100 EXPEDITORS INTERNATIONAL OF
WASHINGTON 3,209
100 - FORWARD AIR CORP 2,362
200 GALILEO INTERNATIONAL, INC 8,050
-----------
13,621
-----------
TRUCKING AND WAREHOUSING -- 0.02%
200 - KNIGHT TRANSPORTATION, INC 2,900
100 - SWIFT TRANSPORTATION CO, INC 1,968
-----------
4,868
-----------
WATER TRANSPORTATION -- 0.76%
100 AMERICAN CLASSIC VOYAGES CO 2,293
5,260 CARNIVAL CORP (CLASS A) 228,810
-----------
231,103
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES/PRINCIPAL VALUE
<C> <S> <C> <C>
WHOLESALE TRADE-DURABLE GOODS -- 0.06%
100 - ANICOM, INC $ 531
200 - BRIGHTPOINT, INC 1,456
100 - CELLSTAR CORP 750
100 IKON OFFICE SOLUTIONS, INC 1,068
100 - INGRAM MICRO, INC (CLASS A) 1,287
400 - JLK DIRECT DISTRIBUTION, INC (CLASS
A) 2,800
100 - MSC INDUSTRIAL DIRECT CO (CLASS A) 918
100 - PATTERSON DENTAL CO 4,956
100 - PSS WORLD MEDICAL, INC 893
100 - SCP POOL CORP 2,350
100 - WESCO INTERNATIONAL, INC 1,412
-----------
18,421
-----------
WHOLESALE TRADE-NONDURABLE GOODS -- 1.39%
100 - AIRGAS, INC 1,162
100 - AMERISOURCE HEALTH CORP (CLASS A) 2,368
100 - BARNETT RESOURCES CORP 3,693
200 BERGEN BRUNSWIG CORP (CLASS A) 2,075
7,006 CARDINAL HEALTH, INC 380,359
300 MCKESSON HBOC, INC 8,700
100 - NU SKIN ENTERPRISES, INC (CLASS A) 1,350
100 - SCHOOL SPECIALTY, INC 1,687
700 SYSCO CORP 24,543
-----------
425,937
-----------
TOTAL COMMON STOCK
(Cost $29,455,664) 30,414,631
-----------
SHORT TERM INVESTMENT -- 2.05%
U.S. GOVERNMENT AGENCY -- 2.05%
FEDERAL NATIONAL MORTGAGE ASSOCIATION
$625,000 5.180%, 10/01/99 625,000
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $625,000) 625,000
-----------
TOTAL PORTFOLIO
(Cost $30,080,664) $31,039,631
===========
</TABLE>
- ---------------
- - Non-income producing
40 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 41
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND
STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
COMMON STOCK
AMUSEMENT AND RECREATION SERVICES $ 19,537 0.08%
APPAREL AND ACCESSORY STORES 57,068 0.23
APPAREL AND OTHER TEXTILE PRODUCTS 83,926 0.33
AUTO REPAIR, SERVICES AND PARKING 4,075 0.02
AUTOMOTIVE DEALERS AND SERVICE
STATIONS 12,712 0.05
BUILDING MATERIALS AND GARDEN
SUPPLIES 363,573 1.44
BUSINESS SERVICES 2,211,079 8.78
CHEMICALS AND ALLIED PRODUCTS 2,997,548 11.91
COMMUNICATIONS 3,096,298 12.30
DEPOSITORY INSTITUTIONS 1,515,127 6.02
EATING AND DRINKING PLACES 115,293 0.46
ELECTRIC, GAS, AND SANITARY SERVICES 413,041 1.64
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 2,135,597 8.48
ENGINEERING AND MANAGEMENT SERVICES 3,981 0.01
FABRICATED METAL PRODUCTS 233,304 0.93
FOOD AND KINDRED PRODUCTS 739,455 2.94
FOOD STORES 159,651 0.63
FURNITURE AND FIXTURES 11,425 0.04
FURNITURE AND HOMEFURNISHINGS STORES 28,249 0.11
GENERAL BUILDING CONTRACTORS 12,212 0.05
GENERAL MERCHANDISE STORES 852,602 3.39
HEALTH SERVICES 176,908 0.70
HEAVY CONSTRUCTION, EXCEPT BUILDING 12,100 0.05
HOTELS AND OTHER LODGING PLACES 987 0.00
INDUSTRIAL MACHINERY AND EQUIPMENT 2,459,148 9.77
INSTRUMENTS AND RELATED PRODUCTS 611,181 2.43
INSURANCE AGENTS, BROKERS AND SERVICE 198,018 0.79
INSURANCE CARRIERS 1,148,858 4.56
LOCAL AND INTERURBAN PASSENGER
TRANSIT 1,350 0.01
LUMBER AND WOOD PRODUCTS 138,520 0.55
METAL MINING 42,393 0.17
MISCELLANEOUS MANUFACTURING
INDUSTRIES 73,430 0.29
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
MISCELLANEOUS RETAIL $ 251,518 1.00%
MOTION PICTURES 267,767 1.06
NONDEPOSITORY INSTITUTIONS 381,010 1.51
OIL AND GAS EXTRACTION 646,218 2.57
PAPER AND ALLIED PRODUCTS 166,305 0.66
PERSONAL SERVICES 14,087 0.06
PETROLEUM AND COAL PRODUCTS 1,123,180 4.46
PRIMARY METAL INDUSTRIES 185,039 0.73
PRINTING AND PUBLISHING 223,675 0.89
RAILROAD TRANSPORTATION 68,080 0.27
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 69,592 0.28
SECURITY AND COMMODITY BROKERS 250,584 1.00
STONE, CLAY, AND GLASS PRODUCTS 41,668 0.16
TOBACCO PRODUCTS 130,930 0.52
TRANSPORTATION BY AIR 118,604 0.47
TRANSPORTATION EQUIPMENT 679,690 2.70
WATER TRANSPORTATION 43,500 0.17
WHOLESALE TRADE-DURABLE GOODS 14,418 0.06
WHOLESALE TRADE-NONDURABLE GOODS 276,664 1.10
----------- ------
TOTAL COMMON STOCK
(Cost $25,498,167) 24,881,175 98.83
----------- ------
SHORT TERM INVESTMENT
U.S. GOVERNMENT AGENCY 900,000 3.58
----------- ------
TOTAL SHORT TERM INVESTMENT
(Cost $900,000) 900,000 3.58
----------- ------
TOTAL PORTFOLIO
(Cost $26,398,167) 25,781,175 102.41
OTHER ASSETS & LIABILITIES, NET (606,928) (2.41)
----------- ------
NET ASSETS $25,174,247 100.00%
=========== ======
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 41
<PAGE> 42
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND
STATEMENT OF INVESTMENTS
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
COMMON STOCK -- 98.83%
AMUSEMENT AND RECREATION SERVICES -- 0.08%
400 - HARRAH'S ENTERTAINMENT, INC $ 11,100
600 - MIRAGE RESORTS, INC 8,437
-----------
19,537
-----------
APPAREL AND ACCESSORY STORES -- 0.23%
1,050 GAP, INC 33,600
100 LIMITED, INC 3,825
700 TJX COS, INC 19,643
-----------
57,068
-----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.33%
100 - FRUIT OF THE LOOM LTD (CLASS A) 331
2,692 - JONES APPAREL GROUP, INC 77,395
200 LIZ CLAIBORNE, INC 6,200
-----------
83,926
-----------
AUTO REPAIR, SERVICES AND PARKING -- 0.02%
200 RYDER SYSTEM, INC 4,075
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS -- 0.05%
400 - AUTOZONE, INC 11,225
100 PEP BOYS MANNY, MOE, & JACK CO 1,487
-----------
12,712
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES -- 1.44%
2,200 HOME DEPOT, INC 150,975
4,361 LOWES COS, INC 212,598
-----------
363,573
-----------
BUSINESS SERVICES -- 8.78%
2,575 AMERICA ONLINE, INC 267,800
1,000 AUTOMATIC DATA PROCESSING, INC 44,625
1,536 - BMC SOFTWARE, INC 109,920
500 - CENDANT CORP 8,875
100 - CERIDIAN CORP 2,487
800 COMPUTER ASSOCIATES INTERNATIONAL,
INC 49,000
300 - COMPUTER SCIENCES CORP 21,093
400 - COMPUWARE CORP 10,425
700 ELECTRONIC DATA SYSTEMS CORP 37,056
700 FIRST DATA CORP 30,712
200 IMS HEALTH, INC 4,562
400 INTERPUBLIC GROUP OF COS, INC 16,450
12,434 - MICROSOFT CORP 1,126,054
400 - NOVELL, INC 8,275
300 OMNICOM GROUP, INC 23,756
5,575 - ORACLE CORP 253,662
500 PAYCHEX, INC 17,062
300 - PEOPLESOFT, INC 5,081
1,610 - PSINET, INC 57,909
100 SHARED MEDICAL SYSTEMS CORP 4,675
1,200 - SUN MICROSYSTEMS, INC 111,600
-----------
2,211,079
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
CHEMICALS AND ALLIED PRODUCTS -- 11.91%
2,500 ABBOTT LABORATORIES CO $ 91,875
400 AIR PRODUCTS & CHEMICALS, INC 11,625
200 ALLERGAN, INC 22,000
200 - ALZA CORP 8,562
5,169 AMERICAN HOME PRODUCTS CORP 214,513
600 - AMGEN, INC 48,900
400 AVON PRODUCTS, INC 9,925
4,984 BRISTOL-MYERS SQUIBB CO 336,420
400 CLOROX CO 15,300
3,134 COLGATE PALMOLIVE CO 143,380
1,584 DOW CHEMICAL CO 179,982
2,462 DU PONT (E.I.) DE NEMOURS & CO 149,874
200 EASTMAN CHEMICAL CO 8,000
100 - FMC CORP 4,825
200 GREAT LAKES CHEMICAL CORP 7,612
500 HERCULES, INC 14,312
2,000 JOHNSON & JOHNSON CO 183,750
1,600 LILLY (ELI) & CO 102,400
500 MALLINCKRODT, INC 15,093
5,563 MERCK & CO, INC 360,551
1,000 MONSANTO CO 35,687
200 NALCO CHEMICAL CORP 10,100
9,130 PFIZER, INC 328,109
800 PHARMACIA & UPJOHN, INC 39,700
300 PPG INDUSTRIES, INC 18,000
200 PRAXAIR, INC 9,200
3,123 PROCTER & GAMBLE CO 292,781
300 ROHM & HAAS CO 10,837
4,505 SCHERING-PLOUGH CORP 196,530
300 SIGMA ALDRICH CORP 9,525
400 UNION CARBIDE CORP 22,725
1,300 WARNER-LAMBERT CO 86,287
300 - WATSON PHARMACEUTICALS, INC 9,168
-----------
2,997,548
-----------
COMMUNICATIONS -- 12.30%
200 ALLTEL CORP 14,075
1,700 AMERITECH CORP 114,218
10,020 AT & T CORP 435,870
2,500 BELL ATLANTIC CORP 168,281
2,800 BELLSOUTH CORP 126,000
12,200 CABLE & WIRELESS PLC 132,809
1,000 - CBS CORP 46,250
1,967 - CLEAR CHANNEL COMMUNICATIONS, INC 157,114
1,200 COMCAST CORP (CLASS A) SPECIAL 47,850
615 - GLOBAL CROSSING LTD 16,297
1,500 GTE CORP 115,312
8,418 LUCENT TECHNOLOGIES, INC 546,117
4,259 - MCI WORLDCOM, INC 306,115
210 - NETWORK PLUS CORP 2,900
500 - NEXTEL COMMUNICATIONS, INC
(CLASS A) 33,906
1,226 - OMNIPOINT CORP 68,502
1,278 - RCN CORP 52,398
7,336 SBC COMMUNICATIONS, INC 374,594
1,400 SPRINT CORP (FON GROUP) 75,950
700 - SPRINT CORP (PCS GROUP) 52,193
</TABLE>
42 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 43
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
COMMUNICATIONS -- (CONTINUED)
900 U.S. WEST, INC $ 51,356
1,100 - VIACOM, INC (CLASS B) 46,475
3,779 - VIATEL, INC 111,716
-----------
3,096,298
-----------
DEPOSITORY INSTITUTIONS -- 6.02%
600 AMSOUTH BANCORP 14,062
5,875 BANK OF AMERICA CORP 327,164
1,100 BANK OF NEW YORK CO, INC 36,781
1,700 BANK ONE CORP 59,181
2,231 BANKBOSTON CORP 96,769
500 BB&T CORP 16,187
2,896 CHASE MANHATTAN CORP 218,286
200 COMERICA, INC 10,125
100 FIFTH THIRD BANCORP 6,084
1,600 FIRST UNION CORP 56,900
2,145 FIRSTAR CORP 54,965
600 FLEET FINANCIAL GROUP, INC 21,975
3,012 - GOLDEN STATE BANCORP, INC 54,027
770 HUNTINGTON BANCSHARES, INC 20,453
600 KEYCORP 15,487
1,300 MBNA CORP 29,656
2,704 MELLON BANK CORP 91,260
100 MORGAN (J.P.) & CO, INC 11,425
1,200 NATIONAL CITY CORP 32,025
200 NORTHERN TRUST CORP 16,700
400 PNC BANK CORP 21,075
200 PROVIDIAN FINANCIAL CORP 15,837
300 REPUBLIC NEW YORK CORP 18,431
500 SOUTHTRUST CORP 17,937
200 STATE STREET CORP 12,925
500 SUMMIT BANCORP 16,218
500 SUNTRUST BANKS, INC 32,875
800 SYNOVUS FINANCIAL CORP 14,950
500 U.S. BANCORP 15,093
400 UNION PLANTERS CORP 16,300
300 WACHOVIA CORP 23,587
1,000 WASHINGTON MUTUAL, INC 29,250
2,300 WELLS FARGO CO 91,137
-----------
1,515,127
-----------
EATING AND DRINKING PLACES -- 0.46%
400 DARDEN RESTAURANTS, INC 7,825
400 MARRIOTT INTERNATIONAL (CLASS A) 13,075
2,100 MCDONALD'S CORP 90,300
100 - TRICON GLOBAL RESTAURANTS, INC 4,093
-----------
115,293
-----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 1.64%
300 - AES CORP 17,700
500 - ALLIED WASTE INDUSTRIES, INC 5,843
700 CENTRAL & SOUTH WEST CORP 14,787
500 CINERGY CORP 14,156
200 COLUMBIA ENERGY GROUP 11,075
300 CONSOLIDATED EDISON CO OF N.Y.,
INC 12,450
500 CONSTELLATION ENERGY GROUP 14,062
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
500 DOMINION RESOURCES, INC $ 22,562
700 DUKE ENERGY CORP 38,587
400 ENTERGY CORP 11,575
700 FIRSTENERGY CORP 17,850
300 FPL GROUP, INC 15,112
400 GPU, INC 13,050
100 NEW CENTURY ENERGIES, INC 3,343
600 - NIAGARA MOHAWK HOLDINGS, INC 9,262
100 NICOR, INC 3,718
500 NORTHERN STATES POWER CO 10,781
100 PEOPLES ENERGY CORP 3,518
500 PP&L RESOURCES, INC 13,531
300 PUBLIC SERVICE ENTERPRISE GROUP,
INC 11,587
500 RELIANT ENERGY, INC 13,531
800 SEMPRA ENERGY 16,650
300 SONAT, INC 11,906
1,000 SOUTHERN CO 25,750
500 TEXAS UTILITIES CO 18,656
500 UNICOM CORP 18,468
900 WASTE MANAGEMENT, INC 17,325
700 WILLIAMS COS, INC 26,206
-----------
413,041
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 8.48%
500 - ADVANCED MICRO DEVICES, INC 8,593
200 ALLEGHENY TELEDYNE, INC 3,375
300 COOPER INDUSTRIES, INC 14,025
800 EMERSON ELECTRIC CO 50,550
7,698 GENERAL ELECTRIC CO 912,694
100 - GENERAL INSTRUMENT CORP 4,812
7,240 INTEL CORP 538,022
400 - LSI LOGIC CORP 20,600
200 MAYTAG CO 6,662
400 - MICRON TECHNOLOGY, INC 26,625
900 MOTOROLA, INC 79,200
500 - NATIONAL SEMICONDUCTOR CORP 15,250
3,160 - NEWBRIDGE NETWORKS CORP 82,357
1,093 - NOKIA OYJ ADR 98,165
2,100 NORTEL NETWORKS CORP (U.S.) 107,100
200 - QUALCOMM, INC 37,837
300 - SOLECTRON CORP 21,543
600 - TELLABS, INC 34,162
900 TEXAS INSTRUMENTS, INC 74,025
-----------
2,135,597
-----------
ENGINEERING AND MANAGEMENT SERVICES -- 0.01%
100 EG & G, INC 3,981
-----------
FABRICATED METAL PRODUCTS -- 0.93%
6,000 AMERICAN NATIONAL CAN GROUP, INC 94,875
100 BALL CORP 4,406
200 CRANE CO 4,487
400 CROWN CORK & SEAL CO, INC 9,700
1,800 GILLETTE CO 61,087
500 MASCO CORP 15,500
300 PARKER-HANNIFIN CORP 13,443
300 ROCKWELL INTERNATIONAL CORP 15,750
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 43
<PAGE> 44
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
FABRICATED METAL PRODUCTS -- (CONTINUED)
200 SNAP-ON, INC $ 6,500
300 STANLEY WORKS CO 7,556
-----------
233,304
-----------
FOOD AND KINDRED PRODUCTS -- 2.94%
2,151 ANHEUSER BUSCH COS, INC 150,704
400 ARCHER DANIELS MIDLAND CO 4,875
100 BESTFOODS, INC 4,850
200 CAMPBELL SOUP CO 7,825
3,800 COCA COLA CO 182,637
600 COCA COLA ENTERPRISES, INC 13,537
1,000 CONAGRA, INC 22,562
200 GENERAL MILLS, INC 16,225
600 HEINZ (H.J.) CO 25,800
600 KELLOGG CO 22,462
500 NABISCO GROUP HOLDINGS 7,500
4,308 PEPSICO, INC 130,317
200 QUAKER OATS CO 12,375
500 RALSTON PURINA CO 13,906
1,500 SARA LEE CORP 35,156
300 SEAGRAMS CO LTD (U.S.) 13,650
900 UNILEVER NV (N.Y.) SHS 61,312
200 WRIGLEY (WM) JR CO 13,762
-----------
739,455
-----------
FOOD STORES -- 0.63%
441 ALBERTSONS, INC 17,447
100 GREAT ATLANTIC & PACIFIC TEA CO,
INC 3,031
1,400 - KROGER CO 30,887
2,767 - SAFEWAY, INC 105,318
100 WINN DIXIE STORES, INC 2,968
-----------
159,651
-----------
FURNITURE AND FIXTURES -- 0.04%
400 NEWELL RUBBERMAID, INC 11,425
-----------
FURNITURE AND HOMEFURNISHINGS STORES -- 0.11%
100 - BEST BUY, INC 6,206
400 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 16,875
100 TANDY CORP 5,168
-----------
28,249
-----------
GENERAL BUILDING CONTRACTORS -- 0.05%
200 CENTEX CORP 5,912
200 KAUFMAN & BROAD HOME CORP 4,125
100 PULTE CORP 2,175
-----------
12,212
-----------
GENERAL MERCHANDISE STORES -- 3.39%
300 - CONSOLIDATED STORES CORP 6,618
400 - COSTCO WHOLESALE CORP 28,800
2,112 DAYTON HUDSON CORP 126,852
300 DILLARDS, INC (CLASS A) 6,093
500 DOLLAR GENERAL CORP 15,437
400 - FEDERATED DEPARTMENT STORES, INC 17,475
200 HARCOURT GENERAL, INC 8,325
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
500 - K MART CORP $ 5,843
300 - KOHLS CORP 19,837
200 MAY DEPARTMENT STORES CO 7,287
400 PENNEY, (J.C.) CO, INC 13,750
300 SEARS ROEBUCK & CO 9,412
12,339 WAL-MART STORES, INC 586,873
-----------
852,602
-----------
HEALTH SERVICES -- 0.70%
400 COLUMBIA/HCA HEALTHCARE CORP 8,475
5,561 - HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) NEW 41,012
1,300 - HEALTHSOUTH CORP 7,881
300 - MANOR CARE, INC 5,156
6,513 - TENET HEALTHCARE CORP 114,384
-----------
176,908
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.05%
200 FLUOR CORP 8,050
200 MCDERMOTT INTERNATIONAL, INC 4,050
-----------
12,100
-----------
HOTELS AND OTHER LODGING PLACES -- 0.00%
100 HILTON HOTELS CORP 987
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 9.77%
296 - 3COM CORP 8,510
200 - APPLE COMPUTER, INC 12,662
600 - APPLIED MATERIALS, INC 46,725
700 BAKER HUGHES, INC 20,300
200 BLACK & DECKER CORP 9,137
300 BRUNSWICK CORP 7,462
200 CASE CORP 9,962
400 CATERPILLAR, INC 21,925
7,746 - CISCO SYSTEMS, INC 531,085
6,850 COMPAQ COMPUTER CORP 157,121
400 DEERE & CO 15,475
6,199 - DELL COMPUTER CORP 259,195
100 DOVER CORP 4,087
1,500 - EMC CORP 107,156
300 - GATEWAY, INC 13,331
1,600 HEWLETT-PACKARD CO 147,200
300 INGERSOLL-RAND CO 16,481
4,510 INTERNATIONAL BUSINESS MACHINES
CORP 547,401
100 - LEXMARK INTERNATIONAL GROUP
(CLASS A)
8,050
100 MILACRON, INC 1,775
400 PALL CORP 9,275
400 PITNEY BOWES, INC 24,375
200 - SEAGATE TECHNOLOGY, INC 6,162
500 TENNECO, INC 8,500
200 TIMKEN CO 3,225
4,349 TYCO INTERNATIONAL LTD 449,034
300 - UNISYS CORP 13,537
-----------
2,459,148
-----------
</TABLE>
44 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 45
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
INSTRUMENTS AND RELATED PRODUCTS -- 2.43%
100 BARD (C.R.), INC $ 4,706
2,665 BAXTER INTERNATIONAL, INC 160,566
700 - BOSTON SCIENTIFIC CORP 17,281
600 EASTMAN KODAK CO 45,262
500 - GUIDANT CORP 26,812
200 HONEYWELL, INC 22,262
200 - KLA-TENCOR CORP 13,000
1,800 MEDTRONIC, INC 63,900
100 PE CORP-PE BIOSYSTEMS GROUP 7,225
100 POLAROID CORP 2,600
400 RAYTHEON CO (CLASS B) 19,850
100 - ST. JUDE MEDICAL, INC 3,150
155 THE SWATCH GROUP AG. (BR) 120,646
2,478 XEROX CORP 103,921
-----------
611,181
-----------
INSURANCE AGENTS, BROKERS AND SERVICE -- 0.79%
400 MARSH & MCLENNAN COS, INC 27,400
80,000 - OLD MUTUAL PLC 170,618
-----------
198,018
-----------
INSURANCE CARRIERS -- 4.56%
200 AETNA, INC 9,850
400 AFLAC, INC 16,750
1,874 ALLSTATE CORP 46,732
400 AMERICAN GENERAL CORP 25,275
2,400 AMERICAN INTERNATIONAL GROUP, INC 208,650
400 AON CORP 11,825
9,330 CAPITAL RE CORP 93,300
100 CHUBB CORP 4,981
300 CIGNA CORP 23,325
9,906 CITIGROUP, INC 435,864
800 CONSECO, INC 15,450
100 HARTFORD FINANCIAL SERVICES GROUP,
INC 4,087
500 - HUMANA, INC 3,437
200 LINCOLN NATIONAL CORP 7,512
400 LOEWS CORP 28,075
7,000 - MANULIFE FINANCIAL CORP 83,124
200 MBIA, INC 9,325
300 MGIC INVESTMENT CORP 14,325
200 ST. PAUL COS, INC 5,500
300 UNITED HEALTHCARE CORP 14,606
292 UNUMPROVIDENT CORP 8,595
200 - WELLPOINT HEALTH NETWORKS, INC 11,400
1,486 XL CAPITAL LTD 66,870
-----------
1,148,858
-----------
LOCAL AND INTERURBAN PASSENGER
TRANSIT -- 0.01%
200 LAIDLAW, INC 1,350
-----------
LUMBER AND WOOD PRODUCTS -- 0.55%
300 GEORGIA-PACIFIC CORP
(PACKING GROUP) 12,150
300 LOUISIANA PACIFIC CORP 4,687
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
6,670 MACMILLAN BLOEDEL LTD $ 104,396
300 WEYERHAEUSER CO 17,287
-----------
138,520
-----------
METAL MINING -- 0.17%
500 BARRICK GOLD CORP 10,875
300 CYPRUS AMAX MINERALS CO 5,887
500 - FREEPORT-MCMORAN COPPER & GOLD,
INC (CLASS B) 7,781
1,200 PLACER DOME, INC 17,850
-----------
42,393
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 0.29%
200 HASBRO, INC 4,287
100 MATTEL, INC 1,900
700 MINNESOTA MINING & MANUFACTURING
CO 67,243
-----------
73,430
-----------
MISCELLANEOUS RETAIL -- 1.00%
4,587 CVS CORP 187,206
100 LONGS DRUG STORES CORP 2,987
400 - STAPLES, INC 8,725
800 - TOYS R US, INC 12,000
1,600 WALGREEN CO 40,600
-----------
251,518
-----------
MOTION PICTURES -- 1.06%
3,200 - DISNEY (WALT) CO 82,800
100 - KING WORLD PRODUCTIONS, INC 3,750
2,983 TIME WARNER, INC 181,217
-----------
267,767
-----------
NONDEPOSITORY INSTITUTIONS -- 1.51%
700 AMERICAN EXPRESS CO 94,237
2,301 ASSOCIATES FIRST CAPITAL CORP 82,836
400 CAPITAL ONE FINANCIAL CORP 15,600
400 COUNTRYWIDE CREDIT INDUSTRIES, INC 12,900
1,600 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 100,300
800 FREDDIE MAC 41,600
300 HOUSEHOLD INTERNATIONAL, INC 12,037
500 SLM HOLDINGS CORP 21,500
-----------
381,010
-----------
OIL AND GAS EXTRACTION -- 2.57%
3,041 APACHE CORP 131,333
55,000 - BRITISH-BORNEO OIL & GAS PLC 153,985
3,498 CONOCO, INC (CLASS B) 95,757
700 HALLIBURTON CO 28,700
100 KERR-MCGEE CORP 5,506
300 - ROWAN COS, INC 4,875
3,300 ROYAL DUTCH PETROLEUM CO (NY REGD)
ADR 194,906
500 SCHLUMBERGER LTD 31,156
-----------
646,218
-----------
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 45
<PAGE> 46
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
PAPER AND ALLIED PRODUCTS -- 0.66%
200 CHAMPION INTERNATIONAL CORP $ 10,275
2,800 FORT JAMES CORP 74,725
700 INTERNATIONAL PAPER CO 33,643
400 KIMBERLY-CLARK CORP 21,000
200 MEAD CORP 6,875
200 TEMPLE-INLAND, INC 12,100
300 WESTVACO CORP 7,687
-----------
166,305
-----------
PERSONAL SERVICES -- 0.06%
300 BLOCK (H&R), INC 13,031
100 SERVICE CORP INTERNATIONAL 1,056
-----------
14,087
-----------
PETROLEUM AND COAL PRODUCTS -- 4.46%
100 AMERADA HESS CORP 6,125
200 ASHLAND, INC 6,725
300 - ATLANTIC RICHFIELD CO 26,587
775 BP AMOCO PLC (SPONS ADR) 85,879
1,000 CHEVRON CORP 88,750
6,929 EXXON CORP 526,170
1,818 MOBIL CORP 183,163
400 PHILLIPS PETROLEUM CO 19,500
300 SUNOCO, INC 8,212
2,491 TEXACO, INC 157,244
400 UNOCAL CORP 14,825
-----------
1,123,180
-----------
PRIMARY METAL INDUSTRIES -- 0.73%
2,595 ALCOA, INC 161,052
400 - BETHLEHEM STEEL CORP 2,950
400 ENGELHARD CORP 7,275
100 REYNOLDS METALS CO 6,037
300 USX-US STEEL GROUP, INC 7,725
-----------
185,039
-----------
PRINTING AND PUBLISHING -- 0.89%
200 DELUXE CORP 6,800
400 DONNELLEY (R.R.) & SONS CO 11,550
400 GANNETT CO, INC 27,675
200 KNIGHT-RIDDER, INC 10,975
300 MCGRAW HILL COS, INC 14,512
200 TIMES MIRROR CO SERIES A 13,162
2,794 TRIBUNE CO 139,001
-----------
223,675
-----------
RAILROAD TRANSPORTATION -- 0.27%
700 BURLINGTON NORTHERN SANTA FE CORP 19,250
300 CSX CORP 12,712
100 KANSAS CITY SOUTHERN INDUSTRIES,
INC 4,643
500 NORFOLK SOUTHERN CORP 12,250
400 UNION PACIFIC CORP 19,225
-----------
68,080
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS -- 0.28%
400 ILLINOIS TOOL WORKS, INC $ 29,825
500 NIKE, INC (CLASS B) 28,437
100 - REEBOK INTERNATIONAL LTD 1,068
200 - SEALED AIR CORP 10,262
-----------
69,592
-----------
SECURITY AND COMMODITY BROKERS -- 1.00%
700 FRANKLIN RESOURCES, INC 21,525
100 LEHMAN BROTHERS HOLDINGS, INC 5,831
500 MERRILL LYNCH & CO, INC 33,593
1,673 MORGAN STANLEY, DEAN WITTER, & CO 149,210
1,200 SCHWAB (CHARLES) CORP 40,425
-----------
250,584
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 0.16%
400 CORNING, INC 27,425
200 OWENS CORNING CO 4,337
500 - OWENS ILLINOIS, INC 9,906
-----------
41,668
-----------
TOBACCO PRODUCTS -- 0.52%
3,300 PHILIP MORRIS COS, INC 112,818
600 UST, INC 18,112
-----------
130,930
-----------
TRANSPORTATION BY AIR -- 0.47%
300 - AMR CORP 16,350
819 - CONTINENTAL AIRLINES, INC
(CLASS B) 26,822
300 DELTA AIRLINES, INC 14,550
500 - FDX CORP 19,375
2,733 SOUTHWEST AIRLINES CO 41,507
-----------
118,604
-----------
TRANSPORTATION EQUIPMENT -- 2.70%
2,725 ALLIED SIGNAL, INC 163,329
1,300 BOEING CO 55,412
1,005 DAIMLERCHRYSLER (U.S.A.) 69,784
200 DANAHER CORP 10,537
900 DELPHI AUTOMOTIVE SYSTEMS CORP 14,456
100 EATON CORP 8,631
1,900 FORD MOTOR CO 95,356
400 GENERAL DYNAMICS CORP 24,975
1,000 GENERAL MOTORS CORP 62,937
1,206 - GENERAL MOTORS CORP (CLASS H) 69,043
400 GOODRICH (B.F.) CO 11,600
200 ITT INDUSTRIES, INC 6,362
200 - NAVISTAR INTERNATIONAL CORP 9,300
200 PACCAR, INC 10,175
300 TEXTRON, INC 23,212
300 TRW, INC 14,925
500 UNITED TECHNOLOGIES CORP 29,656
-----------
679,690
-----------
WATER TRANSPORTATION -- 0.17%
1,000 CARNIVAL CORP (CLASS A) 43,500
-----------
</TABLE>
46 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 47
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
WHOLESALE TRADE-DURABLE GOODS -- 0.06%
300 GRAINGER (W.W.), INC $ 14,418
-----------
WHOLESALE TRADE-NONDURABLE GOODS -- 1.10%
3,249 CARDINAL HEALTH, INC 177,683
1,200 ENRON CORP 49,500
500 MCKESSON HBOC, INC 14,500
800 SUPERVALU, INC 17,450
500 SYSCO CORP 17,531
-----------
276,664
-----------
TOTAL COMMON STOCK
(Cost $25,498,167) 24,881,175
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
- --------- -----
<C> <S> <C> <C>
SHORT TERM INVESTMENT -- 3.58%
U.S. GOVERNMENT AGENCY -- 3.58%
$ 900,000 FEDERAL NATIONAL MORTGAGE
ASSOCIATION
5.180% 10/01/99 $ 900,000
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $900,000) 900,000
-----------
TOTAL PORTFOLIO
(Cost $26,398,167) $25,781,175
===========
</TABLE>
- ---------------
- - Non-income producing
See notes to financial statements 1999 ANNUAL REPORT 47
<PAGE> 48
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS $ 2,587 0.01%
AGRICULTURAL SERVICES 3,243 0.01
AMUSEMENT AND RECREATION SERVICES 19,062 0.08
APPAREL AND ACCESSORY STORES 122,651 0.49
APPAREL AND OTHER TEXTILE PRODUCTS 26,848 0.11
AUTO REPAIR, SERVICES AND PARKING 8,567 0.03
AUTOMOTIVE DEALERS AND SERVICE
STATIONS 27,760 0.11
BUILDING MATERIALS AND GARDEN
SUPPLIES 263,312 1.05
BUSINESS SERVICES 2,293,115 9.15
CHEMICALS AND ALLIED PRODUCTS 2,949,866 11.77
COMMUNICATIONS 3,019,704 12.05
DEPOSITORY INSTITUTIONS 1,772,448 7.07
EATING AND DRINKING PLACES 207,301 0.83
EDUCATIONAL SERVICES 12,492 0.05
ELECTRIC, GAS, AND SANITARY SERVICES 828,480 3.31
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 2,417,756 9.65
ENGINEERING AND MANAGEMENT SERVICES 55,348 0.22
FABRICATED METAL PRODUCTS 175,696 0.70
FOOD AND KINDRED PRODUCTS 780,010 3.11
FOOD STORES 153,785 0.61
FORESTRY 4,575 0.02
FURNITURE AND FIXTURES 54,421 0.22
FURNITURE AND HOMEFURNISHINGS STORES 79,003 0.32
GENERAL BUILDING CONTRACTORS 18,640 0.07
GENERAL MERCHANDISE STORES 550,701 2.20
HEALTH SERVICES 84,723 0.34
HEAVY CONSTRUCTION, EXCEPT BUILDING 14,505 0.06
HOLDING AND OTHER INVESTMENT OFFICES 223,986 0.89
HOTELS AND OTHER LODGING PLACES 39,242 0.16
INDUSTRIAL MACHINERY AND EQUIPMENT 2,112,711 8.43
INSTRUMENTS AND RELATED PRODUCTS 549,060 2.19
INSURANCE AGENTS, BROKERS AND SERVICE 43,343 0.17
INSURANCE CARRIERS 1,071,452 4.27
LEATHER AND LEATHER PRODUCTS 1,837 0.01
LOCAL AND INTERURBAN PASSENGER
TRANSIT 2,500 0.01
LUMBER AND WOOD PRODUCTS 54,161 0.22
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
METAL MINING $ 29,048 0.12%
MISCELLANEOUS MANUFACTURING
INDUSTRIES 124,947 0.50
MISCELLANEOUS RETAIL 207,895 0.83
MOTION PICTURES 282,637 1.13
NONDEPOSITORY INSTITUTIONS 504,664 2.01
NONMETALLIC MINERALS, EXCEPT FUELS 12,793 0.05
OIL AND GAS EXTRACTION 257,239 1.03
PAPER AND ALLIED PRODUCTS 206,430 0.82
PERSONAL SERVICES 30,729 0.12
PETROLEUM AND COAL PRODUCTS 954,312 3.81
PRIMARY METAL INDUSTRIES 100,439 0.40
PRINTING AND PUBLISHING 205,780 0.82
RAILROAD TRANSPORTATION 100,823 0.40
REAL ESTATE 20,816 0.08
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 109,049 0.44
SECURITY AND COMMODITY BROKERS 311,263 1.24
SOCIAL SERVICES 4,143 0.02
SPECIAL TRADE CONTRACTORS 8,677 0.03
STONE, CLAY, AND GLASS PRODUCTS 58,966 0.24
TEXTILE MILL PRODUCTS 16,097 0.06
TOBACCO PRODUCTS 201,720 0.80
TRANSPORTATION BY AIR 98,319 0.39
TRANSPORTATION EQUIPMENT 717,568 2.86
TRANSPORTATION SERVICES 18,175 0.07
TRUCKING AND WAREHOUSING 17,597 0.07
WATER TRANSPORTATION 4,093 0.02
WHOLESALE TRADE-DURABLE GOODS 68,361 0.27
WHOLESALE TRADE-NONDURABLE GOODS 169,648 0.68
----------- ------
TOTAL COMMON STOCK
(Cost $25,653,494) 24,887,119 99.30
----------- ------
TOTAL PORTFOLIO
(Cost $25,653,494) 24,887,119 99.30
OTHER ASSETS & LIABILITIES, NET 176,563 0.70
----------- ------
NET ASSETS $25,063,682 100.00%
=========== ======
</TABLE>
48 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 49
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
STATEMENT OF INVESTMENTS
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
COMMON STOCK -- 99.30%
AGRICULTURAL PRODUCTION-CROPS -- 0.01%
100 DELTA & PINE LAND CO $ 2,587
-----------
AGRICULTURAL SERVICES -- 0.01%
100 CADIZ, INC 956
200 - VETERINARY CENTERS OF AMERICA, INC 2,287
-----------
3,243
-----------
AMUSEMENT AND RECREATION SERVICES -- 0.08%
100 - ARGOSY GAMING CORP 1,325
100 - BOCA RESORTS, INC (CLASS A) 1,050
200 - BOYD GAMING CORP 1,200
300 - HARRAH'S ENTERTAINMENT, INC 8,325
100 - HOLLYWOOD PARK, INC 1,537
400 - MIRAGE RESORT, INC 5,625
-----------
19,062
-----------
APPAREL AND ACCESSORY STORES -- 0.49%
200 - ABERCROMBIE & FITCH CO (CLASS A) 6,812
100 - AMERICAN EAGLE OUTFITTERS, INC 4,843
100 CATO CORP (CLASS A) 1,409
200 - CHARMING SHOPPES, INC 1,025
100 CLAIRES STORES, INC 1,656
100 - FINISH LINE, INC (CLASS A) 875
100 - FOOTSTAR, INC 3,525
1,400 GAP, INC 44,800
100 - GENESCO, INC 1,250
105 INTIMATE BRANDS, INC (CLASS A) 4,088
200 - JUST FOR FEET, INC 412
300 LIMITED, INC 11,475
200 NORDSTROM, INC 5,400
100 - PACIFIC SUNWEAR CALIFORNIA, INC 2,803
100 - PAYLESS SHOESOURCE, INC 5,050
200 ROSS STORES, INC 4,025
800 TJX COS, INC 22,450
42 - TOO, INC 753
-----------
122,651
-----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.11%
100 AUTHENTIC FITNESS CORP 1,756
200 - JONES APPAREL GROUP, INC 5,750
100 KELLWOOD CO 2,200
100 LIZ CLAIBORNE, INC 3,100
100 - NAUTICA ENTERPRISES, INC 1,612
100 PILLOWTEX CORP 750
100 - POLO RALPH LAUREN CORP 1,793
100 - TROPICAL SPORTSWEAR INTERNATIONAL
CORP 1,862
200 VF CORP 6,200
100 WARNACO GROUP, INC (CLASS A) 1,825
-----------
26,848
-----------
AUTO REPAIR, SERVICES AND PARKING -- 0.03%
200 - BUDGET GROUP, INC 1,412
100 - DOLLAR THRIFTY AUTOMOTIVE GROUP, INC 2,068
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 ROLLINS TRUCK LEASING CORP $ 1,012
200 RYDER SYSTEM, INC 4,075
-----------
8,567
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS -- 0.11%
900 - AUTONATION, INC 11,306
300 - AUTOZONE, INC 8,418
100 - CSK AUTO CORP 2,181
100 - GROUP 1 AUTOMOTIVE, INC 1,831
100 PEP BOYS MANNY, MOE, & JACK CO 1,487
200 - UNITED AUTO GROUP, INC 2,537
-----------
27,760
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES -- 1.05%
100 FASTENAL CO 4,712
3,200 HOME DEPOT, INC 219,600
800 LOWES COS, INC 39,000
-----------
263,312
-----------
BUSINESS SERVICES -- 9.15%
100 AARON RENTS, INC 1,725
100 - ACCLAIM ENTERTAINMENT, INC 759
100 - ACNEILSEN CORP 2,268
100 - ACXIOM CORP 1,965
100 ADOBE SYSTEMS, INC 11,350
100 - AFFILIATED COMPUTER SERVICES, INC
(CLASS A) 4,062
2,400 - AMERICA ONLINE, INC 249,600
100 - AMERICAN MANAGEMENT SYSTEMS, INC 2,565
100 ANALYSTS INTERNATIONAL CORP 1,037
100 - ANSWERTHINK CONSULTING GROUP 962
100 - ASPECT DEVELOPMENT, INC 2,531
100 - ASPEN TECHNOLOGY, INC 975
100 AUTODESK, INC 2,187
1,300 AUTOMATIC DATA PROCESSING, INC 58,012
100 - AVANT CORP 1,784
200 - BEA SYSTEMS, INC 7,062
100 - BILLING CONCEPTS CORP 500
500 - BMC SOFTWARE, INC 35,781
100 - BRIO TECHNOLOGY, INC 2,225
200 - BUILDING ONE SERVICES CORP 2,437
500 - CADENCE DESIGN SYSTEMS, INC 6,625
100 - CAMBRIDGE TECHNOLOGY PARTNERS, INC 1,450
1,700 - CENDANT CORP 30,175
100 - CENTURY BUSINESS SERVICES, INC 1,162
300 - CERIDIAN CORP 7,462
100 - CHECKFREE HOLDINGS CORP 4,112
100 - CIBER, INC 1,531
200 - CITRIX SYSTEMS, INC 12,387
200 - CMGI, INC 20,500
100 - CNET, INC 5,600
200 COMDISCO, INC 3,862
100 - COMPLETE BUSINESS SOLUTIONS, INC 1,368
900 COMPUTER ASSOCIATES INTERNATIONAL,
INC 55,125
100 - COMPUTER HORIZONS CORP 1,162
300 - COMPUTER SCIENCES CORP 21,093
800 - COMPUWARE CORP 20,850
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 49
<PAGE> 50
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
BUSINESS SERVICES -- (CONTINUED)
300 - CONVERGYS CORP $ 5,943
200 - COTELLIGENT, INC 712
100 - CSG SYSTEMS INTERNATIONAL, INC 2,740
100 - DATA BROADCASTING CORP 756
100 - DATASTREAM SYSTEMS, INC 1,312
100 - DOUBLECLICK, INC 11,912
100 - DST SYSTEMS, INC 5,687
100 - EBAY, INC 14,106
100 - ECLIPSYS CORP 1,437
100 - ELECTRONIC ARTS, INC 7,237
800 ELECTRONIC DATA SYSTEMS CORP 42,350
100 - ELECTRONICS FOR IMAGING, INC 5,140
100 - EPICOR SOFTWARE CORP 575
300 EQUIFAX, INC 8,437
100 - EXCALIBUR TECHNOLOGIES CORP 825
200 - EXCITE AT HOME 8,287
100 - FILENET CORP 1,068
1,000 FIRST DATA CORP 43,875
300 - FISERV, INC 9,750
104 - GARTNER GROUP, INC (CLASS B) 1,735
100 - GETTY IMAGES, INC 2,412
700 - GT INTERACTIVE SOFTWARE CORP 2,034
100 - GTECH HOLDINGS CORP 2,143
100 - HARBINGER CORP 1,687
100 - HYPERION SOLUTIONS CORP 2,200
100 - I2 TECHNOLOGIES, INC 3,881
100 - IMATION CORP 3,100
800 IMS HEALTH, INC 18,250
100 - INACOM CORP 918
100 - INFOCURE CORP 1,887
400 - INFORMIX CORP 3,175
100 - INFOSEEK CORP 3,087
100 - INKTOMI CORP 12,003
100 - INTEGRATED SYSTEMS, INC 1,018
100 - INTERIM SERVICES, INC 1,637
100 - INTERNATIONAL NETWORK SERVICES 5,437
100 - INTERNATIONAL TELECOMMUNICATIONS 843
10 - INTERNET CAPITAL GROUP, INC 878
100 INTERPOOL, INC 762
600 INTERPUBLIC GROUP OF COS, INC 24,675
100 - INTUIT, INC 8,765
100 - J.D. EDWARDS & CO 2,071
100 - JDA SOFTWARE GROUP, INC 1,168
100 - KEANE, INC 2,281
100 - KORN FERRY INTERNATIONAL 2,306
150 - LABOR READY, INC 1,509
100 - LAMAR ADVERTISING CO (CLASS A) 4,950
200 - LEGATO SYSTEMS, INC 8,718
200 - LYCOS, INC 10,025
100 - MACROMEDIA, INC 4,087
100 - MANHATTAN ASSOCIATES, INC 550
200 MANPOWER, INC 5,825
100 - MASTECH CORP 1,350
100 MCGRATH RENTCORP 1,800
100 - MEDQUIST, INC 3,343
100 - MENTOR GRAPHICS CORP 856
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 - MERCURY INTERACTIVE CORP $ 6,456
100 - METAMOR WORLDWIDE, INC 1,775
8,100 - MICROSOFT CORP 733,556
100 - MICROSTRATEGY, INC 5,606
100 - MIDWAY GAMES, INC 1,575
100 - MINDSPRING ENTERPRISES, INC 2,768
200 - MODIS PROFESSIONAL SERVICES 2,650
100 NATIONAL COMPUTER SYSTEMS, INC 3,834
100 NATIONAL DATA CORP 2,600
200 - NATIONAL EQUIPMENT SERVICES, INC 2,037
400 - NATIONSRENT, INC 3,100
100 - NETWORK APPLIANCE, INC 7,162
300 - NETWORKS ASSOCIATES, INC 5,737
100 - NIELSEN MEDIA RESEARCH 3,718
200 - NOVA CORP (GEORGIA) 5,000
700 - NOVELL, INC 14,481
200 OLSTEN CORP 2,087
400 OMNICOM GROUP, INC 31,675
100 - OPEN MARKET, INC 1,312
2,400 - ORACLE CORP 109,200
200 - OUTDOOR SYSTEMS, INC 7,150
600 - PARAMETRIC TECHNOLOGY CORP 8,100
500 PAYCHEX, INC 17,062
400 - PEOPLESOFT, INC 6,775
200 - PER SE TECHNOLOGIES, INC 687
100 - PEROT SYSTEMS CORP (CLASS A) 1,868
200 - PERSONNEL GROUP OF AMERICA, INC 1,250
100 - PERVASIVE SOFTWARE, INC 3,450
100 - PHOENIX TECHNOLOGIES LTD 1,118
100 PITTSTON BRINKS GROUP CO 2,318
100 - POLICY MANAGEMENT SYSTEMS CORP 3,162
100 - PRICELINE.COM, INC 6,450
200 - PROTECTION ONE, INC 800
100 - PROXYMED, INC 1,256
100 - PSINET, INC 3,596
100 - RADIANT SYSTEMS, INC 1,618
100 - RARE MEDIUM GROUP, INC 1,056
200 - RATIONAL SOFTWARE CORP 5,856
100 - REALNETWORKS, INC 10,456
100 - RENT WAY, INC 1,900
100 - RENT-A-CENTER, INC 1,862
200 - ROBERT HALF INTERNATIONAL, INC 4,800
100 ROLLINS, INC 1,543
200 - ROMAC INTERNATIONAL, INC 1,656
100 - RSA SECURITY, INC 2,656
100 - RWD TECHNOLOGIES, INC 787
100 - SABRE HOLDINGS CORP 4,300
100 - SAFETY-KLEEN CORP 1,206
100 - SAGA SYSTEMS, INC 1,443
200 - SANTA CRUZ OPERATION, INC 2,387
100 - SERENA SOFTWARE, INC 1,712
100 SHARED MEDICAL SYSTEMS CORP 4,675
100 - SIEBEL SYSTEMS, INC 6,662
400 - SITEL CORP 1,700
100 - SNYDER COMMUNICATIONS, INC 1,518
100 SOTHEBYS HOLDINGS, INC (CLASS A) 2,581
200 - SS&C TECHNOLOGIES, INC 1,100
</TABLE>
50 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 51
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
BUSINESS SERVICES -- (CONTINUED)
100 - STAFFMARK, INC $ 793
200 - STERLING COMMERCE, INC 3,712
100 - STERLING SOFTWARE, INC 2,000
100 - STRUCTURAL DYNAMICS RESEARCH CORP 1,503
1,700 - SUN MICROSYSTEMS, INC 158,100
200 - SUNGARD DATA SYSTEMS, INC 5,262
100 - SVI HOLDINGS, INC 893
200 - SYBASE, INC 2,362
100 - SYMANTEC CORP 3,596
100 - SYNOPSYS, INC 5,615
100 - SYSTEMS & COMPUTER TECHNOLOGY CORP 1,256
100 - TECHNOLOGY SOLUTIONS CO 1,412
100 - TELETECH HOLDINGS, INC 1,425
100 - TRANSACTION SYSTEM ARCHITECTURE 2,693
100 TRUE NORTH COMMUNICATIONS, INC 3,637
100 - UNIGRAPHICS SOLUTIONS, INC 2,712
5 - US INTERACTIVE, INC 110
200 - USWEB CORP 6,862
100 - VALASSIS COMMUNICATIONS, INC 4,393
200 - VANTIVE CORP 1,737
200 - VERIO, INC 6,200
100 - VERISIGN, INC 10,650
300 - VERITAS SOFTWARE CORP 22,781
100 WACKENHUT CORP SERIES A 1,975
100 - WAVE SYSTEMS CORP (CLASS A) 1,075
100 - WIND RIVER SYSTEMS, INC 1,900
300 - YAHOO, INC 53,850
-----------
2,293,115
-----------
CHEMICALS AND ALLIED PRODUCTS -- 11.77%
3,300 ABBOTT LABORATORIES CO 121,275
500 AIR PRODUCTS & CHEMICALS, INC 14,531
100 ALBERTO CULVER CO (CLASS B) 2,312
200 ALLERGAN, INC 22,000
100 ALPHARMA, INC (CLASS A) 3,531
200 - ALZA CORP 8,562
2,800 AMERICAN HOME PRODUCTS CORP 116,200
1,100 - AMGEN, INC 89,650
500 AVON PRODUCTS, INC 12,406
100 - BIO-TECHNOLOGY GENERAL CORP 959
300 - BIOGEN, INC 23,643
4,400 BRISTOL-MYERS SQUIBB CO 297,000
200 CABOT CORP 4,750
400 - CAREMARK RX, INC 2,250
100 CARTER WALLACE, INC 1,787
100 - CENTOCOR, INC 5,856
200 - CHIRON CORP 5,537
100 CHURCH & DWIGHT CO, INC 2,500
192 CK WITCO CORP 2,796
400 CLOROX CO 15,300
1,300 - COLGATE PALMOLIVE CO 59,475
100 - CYTEC INDUSTRIES, INC 2,400
100 - DIAGNOSTIC PRODUCTS CORP 2,681
200 DIAL CORP 5,100
500 DOW CHEMICAL CO 56,812
1,942 DU PONT (E.I.) DE NEMOURS & CO 118,219
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 - DURA PHARMACEUTICALS, INC $ 1,393
200 EASTMAN CHEMICAL CO 8,000
200 ECOLAB, INC 6,825
100 - ENZON, INC 3,050
100 FERRO CORP 2,131
100 - FMC CORP 4,825
200 - FOREST LABORATORIES, INC 8,425
300 GENERAL CHEMICAL GROUP, INC 1,031
200 - GENZYME CORP (GENERAL DIVISION) 9,012
35 - GENZYME SURGICAL PRODUCTS 197
100 - GILEAD SCIENCES, INC 6,418
200 - GRACE W.R. & CO 3,212
100 GREAT LAKES CHEMICAL CORP 3,806
100 HANNA (M.A.) CO 1,137
300 HERCULES, INC 8,587
200 ICN PHARMACEUTICALS, INC 3,437
100 - ICOS CORP 2,950
100 - IDEXX LABORATORIES, INC 1,721
200 - IMC GLOBAL, INC 2,912
200 - IMMUNEX CORP 8,675
200 INTERNATIONAL FLAVORS & FRAGRANCES,
INC 6,900
200 - IVAX CORP 3,300
2,900 JOHNSON & JOHNSON CO 266,437
100 JONES PHARMACEUTICAL, INC 3,296
200 LAUDER (ESTEE) CO (CLASS A) 7,812
100 - LIGAND PHARMACEUTICALS CO (CLASS A) 762
2,000 LILLY (ELI) & CO 128,000
100 - LIPOSOME CO, INC 760
200 LUBRIZOL CORP 5,137
100 LYONDELL CHEMICAL CO 1,337
200 MALLINCKRODT, INC 6,037
100 - MEDCO RESEARCH, INC 2,493
100 - MEDICIS PHARMACEUTICAL CORP
(CLASS A) 2,850
100 - MEDIMMUNE, INC 9,965
5,200 MERCK & CO, INC 337,025
200 MILLENNIUM CHEMICAL, INC 4,087
100 - MILLENNIUM PHARMACEUTICALS, INC 6,500
100 MISSISSIPPI CHEMICAL CORP 700
1,400 MONSANTO CO 49,962
300 MYLAN LABORATORIES, INC 5,512
100 NALCO CHEMICAL CORP 5,050
100 - NBTY, INC 762
200 NL INDUSTRIES, INC 2,525
100 - OCTEL CORP 1,125
100 - ORGANOGENESIS, INC 743
100 - PERRIGO CO 787
8,400 PFIZER, INC 301,875
1,100 PHARMACIA & UPJOHN, INC 54,587
400 - PPG INDUSTRIES, INC 24,000
400 PRAXAIR, INC 18,400
2,900 PROCTER & GAMBLE CO 271,875
100 - REXALL SUNDOWN, INC 1,231
100 - ROBERTS PHARMACEUTICAL CORP 3,025
200 - ROHM & HAAS CO 7,225
200 RPM, INC 2,437
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 51
<PAGE> 52
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
CHEMICALS AND ALLIED PRODUCTS -- (CONTINUED)
3,200 SCHERING-PLOUGH CORP $ 139,600
100 - SCOTTS CO (CLASS A) 3,462
100 - SEPRACOR, INC 7,550
300 SHERWIN-WILLIAMS CO 6,281
200 - SICOR, INC 793
200 - SIGMA ALDRICH CORP 6,350
100 - TECHNE CORP 3,137
100 - THERAGENICS CORP 1,275
100 - TRIANGLE PHARMACEUTICALS, INC 1,925
200 USEC, INC 2,050
100 - U.S. BIOSCIENCE, INC 1,425
300 UNION CARBIDE CORP 17,043
100 VALSPAR CORP 3,268
33 - VENTIV HEALTH, INC 325
1,800 WARNER-LAMBERT CO 119,475
200 - WATSON PHARMACEUTICALS, INC 6,112
-----------
2,949,866
-----------
COMMUNICATIONS -- 12.05%
100 - ADELPHIA COMMUNICATIONS CORP
(CLASS A) 5,881
100 - ALLEGIANCE TELECOM, INC 5,262
667 ALLTEL CORP 46,940
2,400 AMERITECH CORP 161,250
300 - AMFM, INC 18,262
100 - ASCENT ENTERTAINMENT GROUP, INC 1,375
100 - ASSOCIATED GROUP, INC (CLASS A) 6,050
6,900 AT & T CORP 300,150
2,500 - AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 92,812
3,400 BELL ATLANTIC CORP 228,862
4,200 BELLSOUTH CORP 189,000
300 - CABLEVISION SYSTEMS CORP (CLASS A) 21,825
1,500 - CBS CORP 69,375
300 CENTURYTEL, INC 12,187
300 CINCINNATI BELL, INC 5,831
600 - CLEAR CHANNEL COMMUNICATIONS, INC 47,925
1,600 COMCAST CORP (CLASS A) SPECIAL 63,800
100 - CONCENTRIC NETWORK CORP 2,031
100 - COVAD COMMUNICATIONS GROUP 4,359
346 - COX COMMUNICATIONS, INC (CLASS A) 14,445
100 - CROWN CASTLE INTERNATIONAL CORP 1,871
100 - E.SPIRE COMMUNICATIONS, INC 725
200 - EXODUS COMMUNICATIONS, INC 14,412
300 - FOX ENTERTAINMENT GROUP, INC 6,337
100 - GENERAL COMMUNICATION (CLASS A) 521
820 - GLOBAL CROSSING LTD 21,730
400 - GLOBAL TELESYSTEMS GROUP, INC 7,887
2,100 GTE CORP 161,437
100 - HISPANIC BROADCASTING CORP 7,612
100 - ICG COMMUNICATIONS, INC 1,556
400 - INFINITY BROADCASTING CORP (CLASS A) 11,725
100 - INTERMEDIA COMMUNICATIONS, INC 2,175
200 - INTERNATIONAL FIBERCOM, INC 1,050
100 - ITC DELTACOM, INC 2,750
100 - IXC COMMUNICATIONS, INC 3,943
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
600 - LEVEL 3 COMMUNICATIONS, INC $ 31,331
6,625 LUCENT TECHNOLOGIES, INC 429,796
4,200 - MCI WORLDCOM, INC 301,875
200 - MCLEODUSA, INC (CLASS A) 8,512
1,300 - MEDIA ONE GROUP, INC 88,806
200 - METROMEDIA FIBER NETWORK (CLASS A) 4,900
300 - NEXTEL COMMUNICATIONS, INC (CLASS A) 20,343
300 - NEXTLINK COMMUNICATIONS, INC 15,553
100 NORTH PITTSBURGH SYSTEMS, INC 1,825
200 - NTL, INC 19,218
200 - PAGING NETWORK, INC 206
100 - PANAMSAT CORP 3,612
100 - PAXSON COMMUNICATIONS CORP 1,225
100 - PREMIERE TECHNOLOGIES, INC 593
100 - PRICE COMMUNICATIONS CORP 2,506
100 - PRIMUS TELECOMMUNICATIONS GROUP, INC 2,100
200 - QWEST COMMUNICATIONS INTERNATIONAL ,
INC 5,912
100 - RCN CORP 4,100
100 - RHYTHMS NETCONNECTIONS, INC 3,450
4,400 SBC COMMUNICATIONS, INC 224,675
100 - SKYTEL COMMUNICATIONS, INC 1,831
1,500 SPRINT CORP (FON GROUP) 81,375
500 - SPRINT CORP (PCS GROUP) 37,281
100 - STAR TELECOMMUNICATIONS, INC 540
100 - TALK.COM, INC 1,290
100 TELEPHONE & DATA SYSTEMS, INC 8,881
100 - TV GUIDE, INC 3,912
1,100 U.S. WEST, INC 62,768
200 - U.S.A. NETWORKS, INC 7,750
100 - UNITEDGLOBALCOM, INC (CLASS A) 7,162
100 - UNIVISION COMMUNICATIONS, INC 8,137
1,200 - VIACOM, INC (CLASS B) 50,700
200 - VOICESTREAM WIRELESS CORP 12,343
400 - WESTERN WIRELESS CORP (CLASS A) 17,937
100 - WINSTAR COMMUNICATIONS, INC 3,906
-----------
3,019,704
-----------
DEPOSITORY INSTITUTIONS -- 7.07%
400 AMSOUTH BANCORP 9,375
100 ASSOCIATED BANC-CORP 3,618
100 ASTORIA FINANCIAL CORP 3,075
3,800 BANK OF AMERICA CORP 211,612
1,600 BANK OF NEW YORK CO, INC 53,500
2,600 BANK ONE CORP 90,512
100 BANK UNITED CORP (CLASS A) 3,237
100 BANKATLANTIC BANCORP, INC (CLASS B) 634
700 BANKBOSTON CORP 30,362
700 BB&T CORP 22,662
100 CAPITOL FEDERAL FINANCIAL 996
100 CCB FINANCIAL CORP 4,162
100 CENTURA BANKS, INC 4,137
420 CHARTER ONE FINANCIAL, INC 9,712
1,900 CHASE MANHATTAN CORP 143,212
100 CHITTENDEN CORP 2,850
100 CITY NATIONAL CORP 3,356
100 CNB BANCSHARES, INC 5,300
</TABLE>
52 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 53
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
DEPOSITORY INSTITUTIONS -- (CONTINUED)
200 - COLONIAL BANCGROUP, INC $ 2,237
300 COMERICA, INC 15,187
100 COMMERCE BANCSHARES, INC 3,537
200 COMMERCIAL FEDERAL CORP 3,925
100 COMMUNITY FIRST BANKSHARES, INC 1,687
100 COMMUNITY TRUST BANCORP, INC 2,168
200 COMPASS BANCSHARES, INC 5,000
450 - CONCORD EFS, INC 9,281
200 CULLEN FROST BANKERS, INC 5,000
200 DIME BANCORP, INC 3,500
100 DOWNEY FINANCIAL CORP 2,012
500 FIFTH THIRD BANCORP 30,421
200 FIRST AMERICAN CORP 8,575
100 FIRST FEDERAL CAPITAL CORP 1,550
400 FIRST SECURITY CORP 9,512
300 FIRST TENNESSEE NATIONAL CORP 8,437
2,200 FIRST UNION CORP 78,237
100 FIRST VIRGINIA BANKS, INC 4,356
2,127 FIRSTAR CORP 54,504
100 - FIRSTFED FINANCIAL CORP 1,737
200 FIRSTMERIT CORP 5,075
100 FLAGSTAR BANCORP, INC 1,537
1,400 FLEET FINANCIAL GROUP, INC 51,275
100 FULTON FINANCIAL CORP 1,875
300 - GOLDEN STATE BANCORP, INC 5,381
100 GOLDEN WEST FINANCIAL CORP 9,825
200 GREENPOINT FINANCIAL CORP 5,312
300 HIBERNIA CORP (CLASS A) 3,487
200 HUDSON UNITED BANCORP 6,162
550 HUNTINGTON BANCSHARES, INC 14,609
100 INDEPENDENCE COMMUNITY BANK CORP 1,193
1,100 KEYCORP 28,393
100 KEYSTONE FINANCIAL, INC 2,375
200 - LOCAL FINANCIAL CORP 1,850
300 MARSHALL & ILSLEY CORP 17,118
1,500 MBNA CORP 34,218
1,200 MELLON BANK CORP 40,500
100 MERCANTILE BANKSHARES CORP 3,093
400 MORGAN (J.P.) & CO, INC 45,700
1,600 NATIONAL CITY CORP 42,700
200 NATIONAL COMMERCE BANCORP 4,393
400 NORTH FORK BANCORP, INC 7,800
200 NORTHERN TRUST CORP 16,700
200 - OCWEN FINANCIAL CORP 1,337
210 OLD KENT FINANCIAL CORP 7,796
100 OLD NATIONAL BANCORP 2,887
100 ONE VALLEY BANCORP, INC 3,450
200 PACIFIC CENTURY FINANCIAL CORP 4,087
100 PEOPLES BANK OF BRIDGEPORT CO 2,362
200 PEOPLES HERITAGE FINANCIAL GROUP,
INC 3,325
700 PNC BANK CORP 36,881
300 POPULAR, INC 8,325
100 PROVIDENT FINANCIAL GROUP 3,656
300 PROVIDIAN FINANCIAL CORP 23,756
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
500 REGIONS FINANCIAL CORP $ 15,000
100 REPUBLIC BANCORP, INC 1,156
300 REPUBLIC NEW YORK CORP 18,431
200 REPUBLIC SECURITY FINANCIAL CORP 1,737
100 ROSLYN BANCORP, INC 1,787
100 SEACOAST FINANCIAL SERVICES CORP 1,000
100 - SILICON VALLEY BANCSHARES 2,412
100 SKY FINANCIAL GROUP, INC 2,350
400 SOUTHTRUST CORP 14,350
300 SOVEREIGN BANCORP, INC 2,728
300 STATE STREET CORP 19,387
100 STATEN ISLAND BANCORP, INC 1,881
400 SUMMIT BANCORP 12,975
700 SUNTRUST BANKS, INC 46,025
500 SYNOVUS FINANCIAL CORP 9,343
200 TCF FINANCIAL CORP 5,712
100 - TELEBANC FINANCIAL CORP 2,300
100 TRIANGLE BANCORP, INC 1,850
100 TRUSTMARK CORP 2,250
1,600 U.S. BANCORP 48,300
300 UNION PLANTERS CORP 12,225
100 UNIONBANCAL CORP 3,625
100 VALLEY NATIONAL BANCORP 2,487
400 WACHOVIA CORP 31,450
100 WASHINGTON FEDERAL, INC 2,318
1,400 WASHINGTON MUTUAL, INC 40,950
100 WEBSTER FINANCIAL CORP 2,550
3,600 WELLS FARGO CO 142,650
100 WESTAMERICA BANCORP 3,025
100 WESTCORP 1,493
100 WESTERNBANK PUERTO RICO 1,212
100 WILMINGTON TRUST CORP 4,856
200 ZIONS BANCORP 11,025
-----------
1,772,448
-----------
EATING AND DRINKING PLACES -- 0.83%
100 - APPLEBEES INTERNATIONAL, INC 3,368
100 BOB EVANS FARMS, INC 2,037
100 - BRINKER INTERNATIONAL, INC 2,712
100 CBRL GROUP, INC 1,550
100 - CEC ENTERTAINMENT, INC 3,587
100 CKE RESTAURANTS, INC 725
300 DARDEN RESTAURANTS, INC 5,868
100 - FOODMAKER, INC 2,493
200 HOST MARRIOTT CORP (NEW) 1,900
100 - IHOP CORP (NEW) 2,025
100 - LANDRYS SEAFOOD RESTAURANTS, INC 800
100 - LONE STAR STEAKHOUSE & SALOON, INC 768
400 MARRIOTT INTERNATIONAL (CLASS A) 13,075
2,900 MCDONALD'S CORP 124,700
100 - NPC INTERNATIONAL, INC 1,125
100 - O CHARLEYS, INC 1,475
200 - OUTBACK STEAKHOUSE, INC 5,093
100 RUBY TUESDAY, INC 1,950
100 - RYANS FAMILY STEAK HOUSES, INC 900
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 53
<PAGE> 54
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
EATING AND DRINKING PLACES -- (CONTINUED)
400 - TRICON GLOBAL RESTAURANTS, INC $ 16,375
200 - U.S. FOODSERVICE, INC 3,600
200 VIAD CORP 5,900
200 WENDYS INTERNATIONAL, INC 5,275
-----------
207,301
-----------
EDUCATIONAL SERVICES -- 0.05%
100 - APOLLO GROUP, INC (CLASS A) 2,112
100 - CAREER EDUCATION CORP 2,900
100 - CORINTHIAN COLLEGES INC 1,887
100 - DEVRY, INC 2,000
100 - LEARNING TREE INTERNATIONAL, INC 1,656
100 - SYLVAN LEARNING SYSTEMS, INC 1,937
-----------
12,492
-----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 3.31%
300 - AES CORP 17,700
200 AGL RESOURCES, INC 3,250
300 ALLEGHENY ENERGY, INC 9,543
200 ALLIANT ENERGY CORP 5,537
300 - ALLIED WASTE INDUSTRIES, INC 3,506
300 AMEREN CORP 11,343
300 AMERICAN ELECTRIC POWER CO, INC 10,237
100 AMERICAN WATER WORKS CO, INC 2,893
100 AVISTA CORP 1,756
100 - CALPINE CORP 8,506
300 CAROLINA POWER & LIGHT CO 10,612
100 CASCADE NATURAL GAS CORP 1,787
500 CENTRAL & SOUTH WEST CORP 10,562
300 CINERGY CORP 8,493
100 - CITIZENS UTILITIES CO (CLASS B) 1,131
200 CMS ENERGY CORP 6,787
400 COASTAL CORP 16,375
200 COLUMBIA ENERGY GROUP 11,075
200 CONECTIV, INC 3,925
600 CONSOLIDATED EDISON CO OF N.Y., INC 24,900
200 CONSOLIDATED NATURAL GAS CO 12,475
300 CONSTELLATION ENERGY GROUP 8,437
500 DOMINION RESOURCES, INC 22,562
300 DPL, INC 5,287
200 DQE, INC 7,825
400 DTE ENERGY CO 14,450
800 DUKE ENERGY CORP 44,100
800 EDISON INTERNATIONAL CO 19,450
200 EL PASO ENERGY CORP 7,962
200 ENERGEN CORP 4,050
400 ENERGY EAST CORP 9,500
500 ENTERGY CORP 14,468
100 EQUITABLE RESOURCES, INC 3,781
500 FIRSTENERGY CORP 12,750
200 FLORIDA PROGRESS CORP 9,250
400 FPL GROUP, INC 20,150
300 GPU, INC 9,787
100 HAWAIIAN ELECTRIC INDUSTRIES, INC 3,518
100 ILLINOVA CORP 2,806
100 INDIANA ENERGY, INC 2,006
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 IPALCO ENTERPRISES, INC $ 1,943
100 KANSAS CITY POWER & LIGHT CO 2,418
300 KEYSPAN CORP 8,587
100 KN ENERGY, INC 2,243
300 LOUISVILLE GAS & ELECTRIC ENERGY
CORP 6,375
200 MCN ENERGY GROUP, INC 3,437
200 MINNESOTA POWER, INC 3,512
200 MONTANA POWER CO 6,087
100 NATIONAL FUEL GAS CO 4,718
200 NEW CENTURY ENERGIES, INC 6,687
100 NEW ENGLAND ELECTRIC SYSTEMS CO 5,187
100 - NEWPARK RESOURCES, INC 775
400 - NIAGARA MOHAWK HOLDINGS, INC 6,175
100 NICOR, INC 3,718
300 NISOURCE, INC 6,637
300 - NORTHEAST UTILITIES CO 5,512
300 NORTHERN STATES POWER CO 6,468
100 NORTHWEST NATURAL GAS CO 2,581
200 OGE ENERGY CORP 4,450
600 PACIFICORP 12,075
500 PECO ENERGY CO 18,750
100 PEOPLES ENERGY CORP 3,518
800 PG&E CORP 20,700
100 PIEDMONT NATURAL GAS CO, INC 3,031
200 PINNACLE WEST CAPITAL CORP 7,275
300 POTOMAC ELECTRIC POWER CO 7,631
300 PP&L RESOURCES, INC 8,118
500 PUBLIC SERVICE ENTERPRISE GROUP, INC 19,312
200 PUGET SOUND ENERGY, INC 4,487
400 QUESTAR CORP 7,250
600 RELIANT ENERGY, INC 16,237
100 - REPUBLIC SERVICES, INC (CLASS A) 1,087
200 RGS ENERGY GROUP, INC 4,900
200 SCANA CORP 4,837
700 SEMPRA ENERGY 14,568
100 SIERRA PACIFIC RESOURCES (NEW) 2,225
100 SIG CORP, INC 2,550
200 SONAT, INC 7,937
1,500 SOUTHERN CO 38,625
100 SOUTHWESTERN ENERGY CO 906
100 - STERICYCLE, INC 1,468
300 TECO ENERGY, INC 6,337
700 TEXAS UTILITIES CO 26,118
100 - U.S. LIQUIDS, INC 700
500 UNICOM CORP 18,468
200 UTILICORP UNITED, INC 4,212
100 WASHINGTON GAS LIGHT CO 2,712
100 - WASTE CONNECTIONS, INC 2,056
1,300 - WASTE MANAGEMENT, INC 25,025
100 WESTERN RESOURCES, INC 2,137
900 WILLIAMS COS, INC 33,693
200 WISCONSIN ENERGY CORP 4,687
100 WPS RESOURCES CORP 2,806
-----------
828,480
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 9.65%
300 - ADC TELECOMMUNICATIONS, INC 12,581
</TABLE>
54 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 55
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT -- (CONTINUED)
200 - ADVANCED FIBRE COMMUNICATIONS $ 4,450
300 - ADVANCED MICRO DEVICES, INC 5,156
100 - AEROFLEX, INC 1,218
300 ALLEGHENY TELEDYNE, INC 5,062
100 - ALLEN TELECOM, INC 975
100 - ALLIANCE SEMICONDUCTOR CORP 1,062
400 - ALTERA CORP 17,350
300 - AMERICAN POWER CONVERSION CORP 5,700
300 - AMERICAN TOWER SYSTEMS (CLASS A) 5,868
100 AMETEK, INC 1,981
200 - AMKOR TECHNOLOGY, INC 3,225
100 - AMPEX CORP (CLASS A) 293
400 - ANALOG DEVICES, INC 20,500
100 - ANCOR COMMUNICATIONS, INC 2,425
200 - ANDREW CORP 3,475
200 - APPLIED MICRO CIRUCUITS CORP 11,400
100 - ARTESYN TECHNOLOGIES, INC 1,896
100 - ASPECT TELECOMMUNICATIONS CORP 1,696
200 - ATMEL CORP 6,762
100 BALDOR ELECTRIC CO 1,893
100 BMC INDUSTRIES, INC 1,231
100 - BROADCOM CORP (CLASS A) 10,900
100 - CELLNET DATA SYSTEMS, INC 393
200 - CHECKPOINT SYSTEMS, INC 1,862
300 - CIENA CORP 10,950
100 - COMMSCOPE, INC 3,250
100 - COMVERSE TECHNOLOGY, INC 9,431
200 - CONEXANT SYSTEMS, INC 14,531
200 COOPER INDUSTRIES, INC 9,350
200 CTS CORP 11,500
200 - CYPRESS SEMICONDUCTOR CORP 4,300
100 DALLAS SEMICONDUCTOR CORP 5,343
200 - DIGITAL MICROWAVE CORP 3,137
100 - DII GROUP, INC 3,518
100 - DSP COMMUNICATIONS, INC 1,900
100 - E-TEK DYNAMICS, INC 5,425
100 - ECHOSTAR COMMUNICATIONS CORP
(CLASS A) 9,081
900 EMERSON ELECTRIC CO 56,868
100 - ESS TECHNOLOGY 1,325
100 - EXECUTONE INFORMATION SYSTEMS, INC 300
100 EXIDE CORP 956
7,100 GENERAL ELECTRIC CO 841,793
300 - GENERAL INSTRUMENT CORP 14,437
500 - GLENAYRE TECHNOLOGIES, INC 1,500
200 HARRIS CORP 5,525
100 HUBBELL, INC (CLASS B) 3,187
100 INNOVEX, INC 900
200 - INTEGRATED DEVICE TECHNOLOGY, INC 3,700
7,386 INTEL CORP 548,872
300 - INTERDIGITAL COMMUNICATIONS CORP 1,650
100 - INTERNATIONAL RECTIFIER CORP 1,525
100 - INTERVOICE-BRITE, INC 1,106
100 - JABIL CIRCUIT, INC 4,950
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
200 - JDS UNIPHASE CORP $ 22,762
100 - KEMET CORP 3,196
300 - KOMAG, INC 900
200 - LATTICE SEMICONDUCTOR CORP 5,937
400 LINEAR TECHNOLOGY CO 23,512
100 - LSI INDUSTRIES, INC 2,287
300 - LSI LOGIC CORP 15,450
200 - MAGNETEK, INC 1,787
300 - MAXIM INTEGRATED PRODUCTS 18,928
100 MAXWELL TECHNOLOGIES, INC 1,313
200 MAYTAG CO 6,662
100 - MELITA INTERNATIONAL CORP 781
100 - MEMC ELECTRONIC MATERIALS, INC 1,375
100 METHODE ELECTRONICS, INC (CLASS A) 1,887
200 - MICREL, INC 8,675
100 - MICROCHIP TECHNOLOGY, INC 5,137
500 - MICRON TECHNOLOGY, INC 33,281
100 - MMC NETWORKS, INC 3,118
200 MOLEX, INC 7,275
1,300 MOTOROLA, INC 114,400
100 - MRV COMMUNICATIONS, INC 2,368
300 - NATIONAL SEMICONDUCTOR CORP 9,150
100 NATIONAL SERVICE INDUSTRIES, INC 3,150
100 - P-COM, INC 700
100 - PAIRGAIN TECHNOLOGIES, INC 1,275
100 - PICTURETEL CORP 425
100 PITTWAY CORP (CLASS A) 3,150
100 - PLANTRONICS, INC 4,975
100 - PMC-SIERRA, INC 9,250
100 - QLOGIC CORP 6,987
300 - QUALCOMM, INC 56,756
100 - RAYOVAC CORP 2,162
100 - READ RITE CORP 440
100 - REMEC, INC 1,375
100 - RF MICRO DEVICES, INC 4,575
100 - S3, INC 1,043
100 - SANMINA CORP 7,737
200 - SCI SYSTEMS, INC 8,887
200 SCIENTIFIC-ATLANTA, INC 9,912
100 - SDL, INC 7,631
100 - SENSORMATIC ELECTRONICS CORP 1,268
500 - SOLECTRON CORP 35,906
100 - TEKELEC 1,381
700 - TELLABS, INC 39,856
1,700 TEXAS INSTRUMENTS, INC 139,825
100 THOMAS & BETTS CORP 5,100
200 - TITAN CORP 2,875
100 - TRANSWITCH CORP 5,700
100 - UCAR INTERNATIONAL, INC 2,281
100 - VISHAY INTERTECHNOLOGY, INC 2,375
200 - VITESSE SEMICONDUCTOR CORP 17,075
200 WHIRLPOOL CORP 13,062
100 - WORLD ACCESS, INC 1,118
300 - XILINX, INC 19,659
-----------
2,417,756
-----------
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 55
<PAGE> 56
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
ENGINEERING AND MANAGEMENT SERVICES -- 0.22%
200 - CATALYTICA, INC $ 3,000
200 - CORNELL CORRECTIONS, INC 3,275
100 - COVANCE, INC 968
300 - DUN & BRADSTREET CORP 8,962
100 EG & G, INC 3,981
100 - FIRST CONSULTING GROUP, INC 1,000
100 - GARTNER GROUP, INC (CLASS A) 1,593
100 - IT GROUP, INC 956
100 - NAVIGANT CONSULTING CO 4,637
100 - NFO WORLDWIDE, INC 1,275
100 - PAREXEL INTERNATIONAL CORP 912
100 - PROFIT RECOVERY GROUP
INTERNATIONAL, INC 4,463
200 - QUINTILES TRANSNATIONAL CORP 3,806
600 SERVICEMASTER CO 9,637
100 - TETRA TECH, INC 1,668
100 - WACKENHUT CORRECTIONS CORP 1,337
100 - WHITTMAN HART, INC 3,878
-----------
55,348
-----------
FABRICATED METAL PRODUCTS -- 0.70%
100 BALL CORP 4,406
100 CRANE CO 2,243
200 CROWN CORK & SEAL CO, INC 4,850
400 FORTUNE BRANDS, INC 12,900
2,400 GILLETTE CO 81,450
100 HARSCO CORP 2,762
100 MARK IV INDUSTRIES, INC 1,975
800 MASCO CORP 24,800
100 - NCI BUILDING SYSTEMS, INC 1,656
200 PARKER-HANNIFIN CORP 8,962
300 ROCKWELL INTERNATIONAL CORP 15,750
200 SNAP-ON, INC 6,500
100 STANLEY WORKS CO 2,518
100 STRUM, RUGER & CO, INC 900
100 - TOWER AUTOMOTIVE, INC 1,981
100 - U.S. CAN CORP 2,043
-----------
175,696
-----------
FOOD AND KINDRED PRODUCTS -- 3.11%
200 - AGRIBIOTECH, INC 812
1,100 ANHEUSER BUSCH COS, INC 77,068
1,365 ARCHER DANIELS MIDLAND CO 16,635
600 BESTFOODS, INC 29,100
100 BROWN FORMAN, INC (CLASS B) 6,237
700 CAMPBELL SOUP CO 27,387
4,800 COCA COLA CO 230,700
500 COCA COLA ENTERPRISES, INC 11,281
1,200 CONAGRA, INC 27,075
100 CORN PRODUCTS INTERNATIONAL, INC 3,043
100 DEAN FOODS CO 4,356
200 - DEL MONTE FOODS CO 2,825
100 DOLE FOOD, INC 1,900
100 EARTHGRAINS CO 2,212
200 FLOWERS INDUSTRIES, INC 2,712
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
400 GENERAL MILLS, INC $ 32,450
700 HEINZ (H.J.) CO 30,100
200 HERSHEY FOODS CORP 9,737
200 IBP, INC 4,937
200 IMPERIAL SUGAR CO 1,225
100 - INTERNATIONAL HOME FOODS, INC 1,750
100 - KEEBLER FOODS CO 2,987
500 KELLOGG CO 18,718
100 LANCASTER COLONY CORP 3,200
100 LANCE, INC 1,306
100 MCCORMICK & CO, INC (NON-VOTE) 3,306
700 NABISCO GROUP HOLDINGS 10,500
100 NABISCO HOLDINGS CORP (CLASS A) 3,456
200 PEPSI BOTTLING GROUP, INC 3,412
3,100 PEPSICO, INC 93,775
300 QUAKER OATS CO 18,562
200 - RALCORP HOLDINGS, INC 3,537
700 RALSTON PURINA CO 19,468
2,100 SARA LEE CORP 49,218
100 - SMITHFIELD FOODS, INC 2,675
100 - SUIZA FOODS CORP 3,750
100 TOOTSIE ROLL INDUSTRIES, INC 3,287
200 TYSON FOODS, INC 3,287
100 - UNIVERSAL FOODS CORP 2,293
200 WHITMAN CORP 2,850
100 - WRIGLEY (WM) JR CO 6,881
-----------
780,010
-----------
FOOD STORES -- 0.61%
941 ALBERTSONS, INC 37,228
266 DELHAIZE AMERICA, INC (CLASS B) 6,018
100 - GRAND UNION CO 1,365
100 GREAT ATLANTIC & PACIFIC TEA CO, INC 3,031
100 HANNAFORD BROTHERS, INC 7,043
1,900 - KROGER CO 41,918
1,000 - SAFEWAY, INC 38,062
400 - STARBUCKS CORP 9,912
100 - WHOLE FOODS MARKET, INC 3,271
200 WINN DIXIE STORES, INC 5,937
-----------
153,785
-----------
FORESTRY -- 0.02%
200 GEORGIA-PACIFIC CORP (TIMBER GROUP) 4,575
-----------
FURNITURE AND FIXTURES -- 0.22%
100 BUSH INDUSTRIES, INC (CLASS A) 1,306
100 ETHAN ALLEN INTERIORS, INC 3,181
100 - FURNITURE BRANDS INTERNATIONAL, INC 1,968
100 HON INDUSTRIES, INC 1,925
100 KIMBALL INTERNATIONAL, INC (CLASS B) 1,925
100 LA-Z-BOY, INC 1,906
100 - LEAR CORP 3,518
400 LEGGETT & PLATT, INC 7,875
200 MILLER (HERMAN), INC 4,781
600 NEWELL RUBBERMAID, INC 17,137
</TABLE>
56 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 57
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
FURNITURE AND FIXTURES -- (CONTINUED)
200 - SELECT COMFORT CORP $ 1,387
200 STEELCASE, INC 2,787
300 U.S. INDUSTRIES, INC 4,725
-----------
54,421
-----------
FURNITURE AND HOMEFURNISHINGS STORES -- 0.32%
200 - BED BATH & BEYOND, INC 6,987
300 - BEST BUY, INC 18,618
100 - BOMBAY, INC 506
400 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 16,875
200 - COMPUSA, INC 1,225
100 - GUITAR CENTER, INC 943
100 HAVERTY FURNITURE COS, INC 1,450
100 - LINENS N THINGS, INC 3,375
100 - MUSICLAND STORES CORP 875
200 PIER 1 IMPORTS, INC 1,350
400 TANDY CORP 20,675
100 - TRANS WORLD ENTERTAINMENT CORP 1,268
100 - WILLIAMS-SONOMA, INC 4,856
-----------
79,003
-----------
GENERAL BUILDING CONTRACTORS -- 0.07%
100 CENTEX CORP 2,956
100 HILLENBRAND INDUSTRIES, INC 2,637
100 HORTON (D.R.), INC 1,293
100 KAUFMAN & BROAD HOME CORP 2,062
100 LENNAR CORP 1,593
100 MDC HOLDINGS, INC 1,618
100 STANDARD-PACIFIC CORP 1,025
100 - TOLL BROTHERS, INC 1,906
100 - WALTER INDUSTRIES, INC 1,350
100 - WEBB (DEL) CORP 2,200
-----------
18,640
-----------
GENERAL MERCHANDISE STORES -- 2.20%
100 - BJS WHOLESALE CLUB, INC 2,956
100 CASEYS GENERAL STORES, INC 1,340
200 - CONSOLIDATED STORES CORP 4,412
500 - COSTCO WHOLESALE CORP 36,000
1,000 DAYTON HUDSON CORP 60,062
200 DILLARDS, INC (CLASS A) 4,062
300 DOLLAR GENERAL CORP 9,262
100 - DOLLAR TREE STORES, INC 3,993
300 FAMILY DOLLAR STORES, INC 6,337
500 - FEDERATED DEPARTMENT STORES, INC 21,843
100 HARCOURT GENERAL, INC 4,162
1,100 - K MART CORP 12,856
300 - KOHLS CORP 19,837
800 MAY DEPARTMENT STORES CO 29,150
500 PENNEY, (J.C.) CO, INC 17,187
300 - SAKS, INC 4,556
800 SEARS ROEBUCK & CO 25,100
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 - SHOPKO STORES, INC $ 2,900
100 - VALUE CITY DEPARTMENT STORES, INC 1,500
300 - VENATOR GROUP, INC 2,568
5,900 WAL-MART STORES, INC 280,618
-----------
550,701
-----------
HEALTH SERVICES -- 0.34%
100 - ADVANCE PARADIGM, INC 5,475
100 - APPLIED ANALYTICAL INDUSTRIES, INC 1,125
100 - APRIA HEALTHCARE GROUP, INC 1,675
100 - BEVERLY ENTERPRISES, INC 425
100 - CAREMATRIX CORP 518
1,200 COLUMBIA/HCA HEALTHCARE CORP 25,425
100 - ENZO BIOCHEMICAL, INC 2,837
100 - EXPRESS SCRIPTS, INC 7,825
500 - HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) NEW 3,687
900 - HEALTHSOUTH CORP 5,456
200 - INTEGRATED HEALTH SERVICES, INC 312
100 - LASER VISION CENTERS, INC 1,403
100 - LCA-VISION, INC 531
100 - LIFEPOINT HOSPITALS, INC 868
100 - LINCARE HOLDINGS, INC 2,665
200 - MANOR CARE, INC 3,437
100 - MATRIA HEALTHCARE, INC 587
100 - ORTHODONTIC CENTERS OF AMERICA, INC 1,750
200 - PHYCOR, INC 875
100 - QUORUM HEALTH GROUP, INC 703
100 - RENAL CARE GROUP, INC 2,190
700 - TENET HEALTHCARE CORP 12,293
100 - TOTAL RENAL CARE HOLDINGS, INC 743
100 - TRIAD HOSPITALS, INC 1,012
100 - U.S. ONCOLOGY, INC 906
-----------
84,723
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.06%
100 - DYCOM INDUSTRIES, INC 4,218
200 FLUOR CORP 8,050
100 FOSTER WHEELER CORP 1,206
100 - MORRSION KNUDSEN CORP 1,031
-----------
14,505
-----------
HOLDING AND OTHER INVESTMENT OFFICES -- 0.89%
100 ALEXANDRIA REAL ESTATE EQUITIES, INC 2,943
100 AMB PROPERTY CORP 2,118
100 - AMERCO 2,856
100 AMERICAN INDUSTRIAL PROPERTIES REIT 1,331
100 AMLI RESIDENTIAL PROPERTIES TRUST 2,100
100 APARTMENT INVESTMENT &
MANAGEMENT CO 3,825
200 ARCHSTONE COMMUNITIES TRUST 3,862
100 ASSOCIATED ESTATES REALTY CORP 918
100 AVALONBAY COMMUNITIES, INC 3,387
100 BEDFORD PROPERTY INVESTORS, INC 1,687
100 BOSTON PROPERTIES, INC 3,068
100 BRADLEY REAL ESTATE, INC 1,837
100 BRANDYWINE REALTY TRUST 1,625
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 57
<PAGE> 58
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
HOLDING AND OTHER INVESTMENT
OFFICES -- (CONTINUED)
100 BRE PROPERTIES, INC (CLASS A) $ 2,393
100 BURNHAM PACIFIC PROPERTIES, INC 1,056
100 CAPITAL AUTOMOTIVE REIT 1,237
100 CAPSTEAD MORTGAGE CORP 400
100 CARRAMERICA REALTY CORP 2,193
200 CENTER TRUST, INC 2,225
100 CENTERPOINT PROPERTIES CORP 3,306
200 COMMERCIAL NET LEASE REALTY, INC 2,125
200 CORNERSTONE PROPERTIES, INC 3,050
200 CORNERSTONE REALTY INCOME TRUST, INC 1,800
100 COUSINS PROPERTIES, INC 3,393
200 CRESCENT REAL ESTATE EQUITIES CO 3,600
200 DUKE-WEEKS REALTY CORP 3,900
100 EASTGROUP PROPERTIES, INC 1,812
100 EQUITY INNS, INC 850
600 EQUITY OFFICE PROPERTIES TRUST 13,950
300 EQUITY RESIDENTIAL PROPERTIES TRUST
CO 12,712
100 FELCOR LODGING TRUST, INC 1,750
100 FRANCHISE FINANCE CORP OF AMERICA 2,337
100 GABLES RESIDENTIAL TRUST 2,400
100 GENERAL GROWTH PROPERTIES, INC 3,150
200 GLENBOROUGH REALTY TRUST, INC 3,300
100 GREAT LAKES REIT, INC 1,506
100 HEALTHCARE REALTY TRUST, INC 1,868
100 HIGHWOODS PROPERTIES, INC 2,587
100 HOME PROPERTIES OF NEW YORK, INC 2,668
300 HRPT PROPERTIES TRUST 3,487
200 INDYMAC MORTGAGE HOLDINGS, INC 3,000
300 INNKEEPERS U.S.A. TRUST 2,493
100 JDN REALTY CORP 2,050
100 JP REALTY, INC 1,712
100 KILROY REALTY CORP 2,112
100 KIMCO REALTY CORP 3,575
100 KOGER EQUITY, INC 1,600
100 LASALLE HOTEL PROPERTIES 1,293
100 LEXINGTON CORPORATE PROPERTIES TRUST 1,118
100 LIBERTY PROPERTY TRUST CO 2,268
100 MACERICH CO (THE) 2,312
100 MACK-CALI REALTY CORP 2,681
100 MANUFACTURED HOME COMMUNITIES, INC 2,337
100 MERISTAR HOSPITALITY CORP 1,525
100 MGI PROPERTIES, INC 900
100 MID-AMERICA APARTMENT
COMMUNITIES, INC 2,150
100 NATIONWIDE HEALTH PROPERTIES, INC 1,662
200 NEW PLAN EXCEL REALTY TRUST 3,562
100 OMEGA HEALTHCARE INVESTORS, INC 2,100
100 PACIFIC GULF PROPERTIES, INC 1,993
100 PAN PACIFIC RETAIL PROPERTIES, INC 1,706
100 PARKWAY PROPERTIES, INC 3,225
100 PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST 1,887
100 POST PROPERTIES, INC 3,931
100 PRENTISS PROPERTIES TRUST 2,218
100 PRIME GROUP REALTY TRUST 1,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
300 PRIME RETAIL, INC $ 2,212
200 PRISON REALTY TRUST, INC 2,150
100 PROLOGIS TRUST 1,887
200 PUBLIC STORAGE, INC 5,037
100 RECKSON ASSOCIATES REALTY CORP 2,081
100 RFS HOTEL INVESTORS, INC 1,150
200 SIMON PROPERTY GROUP, INC 4,487
100 SL GREEN REALTY CORP 1,987
100 SOVRAN SELF STORAGE, INC 2,275
100 SPIEKER PROPERTIES, INC 3,468
200 STARWOOD FINANCIAL TRUST 5,587
100 STORAGE U.S.A., INC 2,750
100 SUN COMMUNITIES, INC 3,306
100 TAUBMAN CENTERS, INC 1,150
300 VENTAS, INC 1,425
100 VORNADO REALTY TRUST 3,250
100 WASHINGTON REAL ESTATE INVESTMENT
TRUST 1,575
100 WEINGARTEN REALTY INVESTORS, INC 3,737
100 - WELLSFORD REAL PROPERTIES, INC 950
-----------
223,986
-----------
HOTELS AND OTHER LODGING PLACES -- 0.16%
100 - AZTAR CORP 1,025
100 - CHOICE HOTELS INTERNATIONAL, INC 1,712
100 - CRESTLINE CAPITAL CORP 2,056
200 - EXTENDED STAY AMERICA, INC 1,800
400 HILTON HOTELS CORP 3,950
200 - LODGIAN, INC 750
200 - MANDALAY RESORT GROUP 3,950
100 MARCUS CORP 1,206
500 - PARK PLACE ENTERTAINMENT 6,250
200 - PRIME HOSPITALITY CORP 1,600
100 - PROMUS HOTEL CORP 3,256
400 STARWOOD HOTELS & RESORTS WORLDWIDE 8,925
100 - SUNTERRA CORP 1,187
600 - WYNDHAM INTERNATIONAL, INC 1,575
-----------
39,242
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 8.43%
800 - 3COM CORP 23,000
100 - 3DFX INTERACTIVE, INC 825
100 - A S V, INC 1,462
200 - ADAPTEC, INC 7,937
100 AGCO CORP 1,300
200 - AMERICAN STANDARD COS, INC 7,675
300 - APPLE COMPUTER, INC 18,993
800 - APPLIED MATERIALS, INC 62,300
100 APPLIED POWER, INC (CLASS A) 3,037
100 - AUSPEX SYSTEMS, INC 887
700 BAKER HUGHES, INC 20,300
200 BLACK & DECKER CORP 9,137
200 BRUNSWICK CORP 4,975
100 - C-CUBE MICROSYSTEMS, INC 4,350
300 - CABLETRON SYSTEMS, INC 4,706
200 CASE CORP 9,962
800 CATERPILLAR, INC 43,850
</TABLE>
58 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 59
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
INDUSTRIAL MACHINERY AND
EQUIPMENT -- (CONTINUED)
100 - CIRRUS LOGIC, INC $ 1,100
7,000 - CISCO SYSTEMS, INC 479,937
100 CMI CORP 700
3,800 COMPAQ COMPUTER CORP 87,162
100 - COOPER CAMERON CORP 3,775
100 CUMMINS ENGINE CO, INC 4,981
100 - DATA GENERAL CORP 2,106
500 DEERE & CO 19,343
4,500 - DELL COMPUTER CORP 188,156
100 DIEBOLD, INC 2,312
100 DONALDSON CO, INC 2,318
500 DOVER CORP 20,437
100 - EFAX.COM INC 768
2,200 - EMC CORP 157,162
100 - EXTREME NETWORKS, INC 6,331
400 FEDDERS CORP 2,400
100 FLOWSERVE CORP 1,662
100 - GARDNER DENVER, INC 1,512
400 - GATEWAY, INC 17,775
1,900 HEWLETT-PACKARD CO 174,800
100 HUSSMANN INTERNATIONAL, INC 1,700
100 IDEX CORP 2,831
100 - IN FOCUS SYSTEMS, INC 1,675
400 INGERSOLL-RAND CO 21,975
4,000 INTERNATIONAL BUSINESS MACHINES CORP 485,500
500 - IOMEGA CORP 1,687
100 JLG INDUSTRIES, INC 1,518
100 KAYDON CORP 2,487
100 - KRONOS, INC 3,668
100 - LAM RESEARCH CORP 6,100
300 - LEXMARK INTERNATIONAL GROUP (CLASS A) 24,150
100 - MAXTOR CORP 659
100 - MICRON ELECTRONICS, INC 1,050
100 MILACRON, INC 1,775
100 - MTI TECHNOLOGY CORP 2,306
100 - NOVELLUS SYSTEMS, INC 6,743
300 PALL CORP 6,956
100 PENTAIR, INC 4,012
600 PITNEY BOWES, INC 36,562
400 - QUANTUM CORP-DLT & STORAGE 5,625
200 - QUANTUM CORP-HARD DISK DRIVE 1,487
100 ROPER INDUSTRIES, INC 3,825
500 - SEAGATE TECHNOLOGY, INC 15,406
400 - SILICON GRAPHICS, INC 4,375
100 - SILICON VALLEY GROUP, INC 1,181
100 - SMITH INTERNATIONAL, INC 4,050
100 - SPEEDFAM-IPEC, INC 1,200
200 - STORAGE TECHNOLOGY CORP 3,850
200 SYMBOL TECHNOLOGIES, INC 6,725
400 TENNECO, INC 6,800
100 - TEREX CORP 3,150
100 TIMKEN CO 1,612
100 - ULTRATECH STEPPER, INC 1,275
600 - UNISYS CORP 27,075
100 - UNOVA, INC 1,337
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
200 - VARCO INTERNATIONAL, INC $ 2,437
100 - WESTERN DIGITAL CORP 375
100 YORK INTERNATIONAL CORP 3,593
100 - ZEBRA TECHNOLOGY CORP 4,546
-----------
2,112,711
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 2.19%
100 - AVID TECHNOLOGIES, INC 1,312
100 BARD (C.R.), INC 4,706
100 BAUSCH & LOMB, INC 6,593
700 BAXTER INTERNATIONAL, INC 42,175
100 BECKMAN COULTER, INC 4,512
600 BECTON DICKINSON & CO 16,837
200 - BIOMET, INC 5,262
600 - BOSTON SCIENTIFIC CORP 14,812
100 - COGNEX CORP 3,018
100 - CYMER, INC 3,468
100 - CYTYC CORP 3,868
100 DENTSPLY INTERNATIONAL, INC 2,275
700 EASTMAN KODAK CO 52,806
100 - GENRAD, INC 1,912
700 - GUIDANT CORP 37,537
100 - HANGER ORTHOPEDIC GROUP, INC 1,450
300 HONEYWELL, INC 33,393
100 - INPUT/OUTPUT, INC 662
200 JOHNSON CONTROLS, INC 13,262
200 - KLA-TENCOR CORP 13,000
100 - LITTON INDUSTRIES, INC 5,475
100 - LTX CORP 1,368
2,400 MEDTRONIC, INC 85,200
100 - METTLER-TOLEDO INTERNATIONAL, INC 2,962
100 MILLIPORE CORP 3,756
100 MTS SYSTEMS CORP 1,037
100 - PE CORP-CELERA GENOMICS GROUP 4,025
200 PE CORP-PE BIOSYSTEMS GROUP 14,450
100 POLAROID CORP 2,600
700 RAYTHEON CO (CLASS B) 34,737
100 - RESPIRONICS, INC 825
100 - SCOTT TECHNOLOGIES, INC 1,975
200 - ST. JUDE MEDICAL, INC 6,300
100 - STERIS CORP 1,375
200 - STRYKER CORP 10,225
100 - SUMMIT TECHNOLOGY, INC 1,831
200 - SUNRISE MEDICAL, INC 1,200
100 - SUNRISE TECHNOLOGY INTERNATIONAL INC 471
200 - SYBRON INTERNATIONAL CORP 5,375
100 TEKTRONIX, INC 3,350
100 TELEFLEX, INC 3,950
400 - TERADYNE, INC 14,100
100 - THERMO BIOANALYSIS CORP 1,837
300 - THERMO ELECTRON CORP 4,031
100 - TRIMBLE NAVIGATION LTD 1,068
100 - VISX, INC 7,909
100 - WATERS CORP 6,056
1,400 XEROX CORP 58,712
-----------
549,060
-----------
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 59
<PAGE> 60
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
INSURANCE AGENTS, BROKERS AND SERVICE -- 0.17%
100 - FIRST HEALTH GROUP CORP $ 2,243
600 MARSH & MCLENNAN COS, INC 41,100
-----------
43,343
-----------
INSURANCE CARRIERS -- 4.27%
200 20TH CENTURY INDUSTRIES 3,875
100 - ACCEPTANCE INSURANCE COS, INC 1,275
300 AETNA, INC 14,775
600 AFLAC, INC 25,125
100 ALFA CORP 1,625
100 - ALLMERICA FINANCIAL CORP 4,762
1,700 ALLSTATE CORP 42,393
100 AMBAC FINANCIAL GROUP, INC 4,737
100 AMERICAN FINANCIAL GROUP, INC 2,806
500 AMERICAN GENERAL CORP 31,593
2,750 AMERICAN INTERNATIONAL GROUP, INC 239,078
100 AMERUS LIFE HOLDINGS, INC (CLASS A) 2,118
500 AON CORP 14,781
100 ARM FINANCIAL GROUP, INC (CLASS A) 9
200 AXA FINANCIAL, INC 11,162
300 CHUBB CORP 14,943
400 CIGNA CORP 31,100
300 CINCINNATI FINANCIAL CORP 11,259
7,400 CITIGROUP, INC 325,600
800 CONSECO, INC 15,450
100 ERIE INDEMNITY CO (CLASS A) 3,293
100 FBL FINANCIAL GROUP, INC (CLASS A) 2,062
100 FIDELITY NATIONAL FINANCIAL, INC 1,518
100 FINANCIAL SECURITY ASSURANCE
HOLDINGS LTD 5,168
100 FIRST AMERICAN FINANCIAL CORP 1,337
100 FOREMOST CORP OF AMERICA 2,400
200 - FOUNDATION HEALTH SYSTEMS (CLASS A) 1,887
100 - FPIC INSURANCE GROUP, INC 1,506
100 FREMONT GENERAL CORP 950
100 FRONTIER INSURANCE GROUP, INC 875
100 GUARANTEE LIFE COS, INC 3,056
100 HARLEYSVILLE GROUP, INC 1,406
500 HARTFORD FINANCIAL SERVICES GROUP,
INC 20,437
100 HARTFORD LIFE, INC (CLASS A) 4,925
100 HCC INSURANCE HOLDINGS, INC 1,681
100 HORACE MANN EDUCATORS CORP 2,581
100 HSB GROUP, INC 3,518
300 - HUMANA, INC 2,062
300 JEFFERSON-PILOT CORP 18,956
100 LANDAMERICA FINANCIAL GROUP, INC 1,975
400 LINCOLN NATIONAL CORP 15,025
100 LOEWS CORP 7,018
200 MBIA, INC 9,325
100 - MEDICAL ASSURANCE, INC 2,506
100 MERCURY GENERAL CORP 2,756
300 MGIC INVESTMENT CORP 14,325
100 - MID ATLANTIC MEDICAL SERVICES, INC 893
100 MIDLAND CO 2,100
100 MMI COS, INC 1,093
100 MONY GROUP, INC 2,887
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 NATIONWIDE FINANCIAL SERVICES, INC
(CLASS A) $ 3,537
300 OLD REPUBLIC INTERNATIONAL CORP 4,331
200 - OXFORD HEALTH PLANS, INC 2,500
100 - PACIFICARE HEALTH SYSTEMS, INC
(CLASS A) 4,325
100 - PHILADELPHIA CONSOLIDATED HOLDINGS
CORP 1,350
100 PMA CAPITAL CORP (CLASS A) 2,000
100 PMI GROUP, INC 4,087
100 - PROFESSIONALS GROUP, INC 2,500
100 PROGRESSIVE CORP 8,168
100 PROTECTIVE LIFE CORP 2,900
100 PXRE CORP 1,456
100 RADIAN GROUP, INC 4,293
200 RELIANCE GROUP HOLDINGS, INC 887
200 RELIASTAR FINANCIAL CORP 6,650
100 - RISK CAPITAL HOLDINGS, INC 1,562
200 SAFECO CORP 5,600
100 SELECTIVE INSURANCE GROUP, INC 1,887
100 - SIERRA HEALTH SERVICES, INC 1,012
500 ST. PAUL COS, INC 13,750
100 STATE AUTO FINANCIAL CORP 1,025
100 STEWART INFORMATION SERVICES CORP 1,831
100 - SUPERIOR NATIONAL INSURANCE GROUP,
INC 1,406
300 TORCHMARK CORP 7,762
100 TRAVELERS PROPERTY CASUALTY CORP 2,950
100 TRENWICK GROUP, INC 1,656
100 - TRIAD GUARANTY, INC 1,687
100 - TRIGON HEALTHCARE, INC 2,887
100 - UICI 2,556
300 UNITED HEALTHCARE CORP 14,606
100 UNITRIN, INC 3,475
446 UNUMPROVIDENT CORP 13,129
100 - WELLPOINT HEALTH NETWORKS, INC 5,700
-----------
1,071,452
-----------
LEATHER AND LEATHER PRODUCTS -- 0.01%
100 STRIDE RITE CORP 700
100 WOLVERINE WORLD WIDE, INC 1,137
-----------
1,837
-----------
LOCAL AND INTERURBAN PASSENGER
TRANSIT -- 0.01%
100 - CAREY INTERNATIONAL, INC 2,500
-----------
LUMBER AND WOOD PRODUCTS -- 0.22%
100 - CHAMPION ENTERPRISES, INC 900
200 CLAYTON HOMES, INC 1,737
400 GEORGIA-PACIFIC CORP (PACKING GROUP) 16,200
300 LOUISIANA PACIFIC CORP 4,687
100 OAKWOOD HOMES CORP 450
100 - PALM HARBOR HOMES, INC 1,375
500 WEYERHAEUSER CO 28,812
-----------
54,161
-----------
</TABLE>
60 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 61
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
METAL MINING -- 0.12%
600 - BATTLE MOUNTAIN GOLD CO $ 1,950
200 CYPRUS AMAX MINERALS CO 3,925
500 - FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS B) 7,781
600 HOMESTAKE MINING CO 5,512
100 PHELPS DODGE CORP 5,506
100 SOUTHERN PERU COPPER CORP 1,687
100 - STILLWATER MINING CO 2,687
-----------
29,048
-----------
MISCELLANEOUS MANUFACTURING
INDUSTRIES -- 0.50%
100 - BLYTH INDUSTRIES, INC 2,806
100 CALLAWAY GOLF CO 1,218
400 HASBRO, INC 8,575
200 INTERNATIONAL GAME TECHNOLOGY CO 3,600
100 JOSTENS, INC 1,912
100 - LYDALL, INC 1,031
200 - MARVEL ENTERPRISES 1,087
900 MATTEL, INC 17,100
900 MINNESOTA MINING & MANUFACTURING CO 86,456
100 - WMS INDUSTRIES, INC 1,162
-----------
124,947
-----------
MISCELLANEOUS RETAIL -- 0.83%
400 - AMAZON.COM, INC 31,900
100 - BARNES & NOBLE, INC 2,600
200 - BORDERS GROUP, INC 2,937
300 - CORPORATE EXPRESS, INC 2,821
900 CVS CORP 36,731
300 - HANOVER DIRECT, INC 768
100 - JO-ANN STORES, INC (CLASS A) 1,243
100 - MICHAELS STORES, INC 2,950
100 - MICRO WAREHOUSE, INC 1,206
900 - OFFICE DEPOT, INC 9,168
100 - OFFICEMAX, INC 581
200 OMNICARE, INC 1,925
100 - PETCO ANIMAL SUPPLIES, INC 1,187
200 - PETSMART, INC 743
600 RITE AID CORP 8,287
1,000 - STAPLES, INC 21,812
100 - SUNGLASS HUT INTERNATIONAL, INC 1,056
100 - SYSTEMAX, INC 837
200 TIFFANY & CO 11,987
500 - TOYS R US, INC 7,500
2,200 WALGREEN CO 55,825
100 - ZALE CORP 3,831
-----------
207,895
-----------
MOTION PICTURES -- 1.13%
4,600 - DISNEY (WALT) CO 119,025
100 - HOLLYWOOD ENTERTAINMENT CORP 1,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 - KING WORLD PRODUCTIONS, INC $ 3,750
100 - METROMEDIA INTERNATIONAL GROUP, INC 412
2,600 TIME WARNER, INC 157,950
-----------
282,637
-----------
NONDEPOSITORY INSTITUTIONS -- 2.01%
1,000 AMERICAN EXPRESS CO 134,625
100 - AMERICREDIT CORP 1,493
100 - AMRESCO, INC 300
100 - ARCADIA FINANCIAL LTD 431
1,700 ASSOCIATES FIRST CAPITAL CORP 61,200
400 CAPITAL ONE FINANCIAL CORP 15,600
200 COUNTRYWIDE CREDIT INDUSTRIES, INC 6,450
100 DORAL FINANCIAL CORP 1,337
2,200 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 137,912
100 - FINET.COM, INC 303
100 FINOVA GROUP, INC 3,650
1,500 FREDDIE MAC 78,000
100 HELLER FINANCIAL, INC 2,250
1,100 HOUSEHOLD INTERNATIONAL, INC 44,137
100 METRIS COS, INC 2,943
100 RESOURCE BANCSHARES MORTGAGE
GROUP, INC 496
300 SLM HOLDINGS CORP 12,900
200 - UNICAPITAL CORP 637
-----------
504,664
-----------
NONMETALLIC MINERALS, EXCEPT FUELS -- 0.05%
100 AMCOL INTERNATIONAL CORP 1,475
100 MARTIN MARIETTA MATERIALS, INC 3,993
200 VULCAN MATERIALS CO 7,325
-----------
12,793
-----------
OIL AND GAS EXTRACTION -- 1.03%
200 ANADARKO PETROLEUM CORP 6,112
200 APACHE CORP 8,637
200 BERRY PETROLEUM CO (CLASS A) 2,712
200 - BJ SERVICES CO 6,362
100 - BROWN (TOM), INC 1,475
400 BURLINGTON RESOURCES, INC 14,700
100 CABOT OIL & GAS CORP (CLASS A) 1,725
100 - CHESAPEAKE ENERGY CORP 387
1,226 CONOCO, INC (CLASS B) 33,561
100 CROSS TIMBERS OIL CO 1,350
144 DEVON ENERGY CORP (NEW) 5,967
100 DIAMOND OFFSHORE DRILLING, INC 3,337
100 - EEX CORP 293
300 ENSCO INTERNATIONAL, INC 5,418
100 EOG RESOURCES, INC 2,125
100 - FOREST OIL CORP 1,706
200 - GLOBAL INDUSTRIES LTD 1,625
300 - GLOBAL MARINE, INC 4,931
300 - GREY WOLF, INC 900
1,000 HALLIBURTON CO 41,000
100 - HANOVER COMPRESSOR CO 3,181
100 HELMERICH & PAYNE, INC 2,531
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 61
<PAGE> 62
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
OIL AND GAS EXTRACTION -- (CONTINUED)
100 - HS RESOURCES, INC $ 1,637
200 KERR-MCGEE CORP 11,012
300 - KEY ENERGY SERVICES, INC 1,481
100 - LOUIS DREYFUS NATURAL GAS CORP 2,143
100 - MARINE DRILLING CO, INC 1,581
100 - MCMORAN EXPLORATION CO 2,150
100 - MERIDIAN RESOURCE CORP 475
100 MITCHELL ENERGY & DEVELOPMENT CORP
(CLASS A) 2,443
200 - NABORS INDUSTRIES, INC 5,000
100 NOBLE AFFILIATES, INC 2,900
300 - NOBLE DRILLING CORP 6,562
800 OCCIDENTAL PETROLEUM CORP 18,500
400 - OCEAN ENERGY, INC (NEW) 4,075
100 - OCEANEERING INTERNATIONAL, INC 1,681
600 - PARKER DRILLING CO 2,662
100 - PATTERSON ENERGY, INC 1,518
200 - PIONEER NATURAL RESOURCES CO 2,125
100 POGO PRODUCING CO 2,075
100 - PRIDE INTERNATIONAL, INC 1,418
300 - R & B FALCON CORP 3,937
100 - ROWAN COS, INC 1,625
100 RPC, INC 693
400 - SANTA FE SNYDER CORP 3,600
100 - SWIFT ENERGY CO 1,262
100 - TRANSMONTAIGNE, INC 1,500
200 TRANSOCEAN OFFSHORE, INC 6,125
100 - TUBOSCOPE, INC 1,243
500 UNION PACIFIC RESOURCES GROUP, INC 8,031
100 - VINTAGE PETROLEUM, INC 1,350
200 - WEATHERFORD INTERNATIONAL 6,400
-----------
257,239
-----------
PAPER AND ALLIED PRODUCTS -- 0.82%
200 AVERY DENNISON CORP 10,550
100 BEMIS, INC 3,387
100 BOISE CASCADE CORP 3,643
100 BOWATER, INC 5,250
100 - BUCKEYE TECHNOLOGIES, INC 1,568
200 CHAMPION INTERNATIONAL CORP 10,275
100 CONSOLIDATED PAPERS, INC 2,687
500 FORT JAMES CORP 13,343
100 - GAYLORD CONTAINER CO 712
200 GLATFELTER (P.H.) CO 3,287
900 INTERNATIONAL PAPER CO 43,256
100 - IVEX PACKAGING CORP 1,000
1,200 KIMBERLY-CLARK CORP 63,000
100 LONGVIEW FIBRE CO 1,243
100 - MAIL-WELL, INC 1,387
200 MEAD CORP 6,875
100 POTLATCH CORP 4,118
300 - SMURFIT-STONE CONTAINER CORP 6,487
200 SONOCO PRODUCTS CO 4,562
100 TEMPLE-INLAND, INC 6,050
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
200 WESTVACO CORP $ 5,125
200 WILLAMETTE INDUSTRIES, INC 8,625
-----------
206,430
-----------
PERSONAL SERVICES -- 0.12%
200 BLOCK (H&R), INC 8,687
100 - CARRIAGE SERVICES, INC (CLASS A) 843
200 CINTAS CORP 11,562
100 REGIS CORP 1,925
600 SERVICE CORP INTERNATIONAL 6,337
100 UNIFIRST CORP 1,375
-----------
30,729
-----------
PETROLEUM AND COAL PRODUCTS -- 3.81%
200 AMERADA HESS CORP 12,250
100 ASHLAND, INC 3,362
700 - ATLANTIC RICHFIELD CO 62,037
1,400 CHEVRON CORP 124,250
5,300 EXXON CORP 402,468
1,700 MOBIL CORP 171,275
100 MURPHY OIL CORP 5,406
100 PENNZOIL-QUAKER STATE CO 1,262
500 PHILLIPS PETROLEUM CO 24,375
200 SUNOCO, INC 5,475
100 - TESORO PETROLEUM CORP 1,650
1,200 TEXACO, INC 75,750
300 TOSCO CORP 7,575
400 ULTRAMAR DIAMOND SHAMROCK CORP 10,200
600 UNOCAL CORP 22,237
700 USX-MARATHON GROUP, INC 20,475
100 VALERO ENERGY CORP 1,925
100 WD-40 CO 2,340
-----------
954,312
-----------
PRIMARY METAL INDUSTRIES -- 0.40%
100 AK STEEL HOLDINGS CORP 1,825
800 ALCOA, INC 49,650
100 - ALPINE GROUP, INC 1,293
200 - ARMCO, INC 1,400
100 BELDEN, INC 2,050
200 - BETHLEHEM STEEL CORP 1,475
100 - CABLE DESIGN TECHNOLOGIES CO 2,281
200 ENGELHARD CORP 3,637
100 GENERAL CABLE CORP 1,200
100 IMCO RECYCLING, INC 1,500
100 LTV CORP 543
100 - MUELLER INDUSTRIES, INC 2,968
200 NUCOR CORP 9,525
100 PRECISION CAST PARTS CORP 3,050
100 QUANEX CORP 2,562
100 REYNOLDS METALS CO 6,037
100 - STEEL DYNAMICS, INC 1,568
100 TITAN INTERNATIONAL, INC 1,025
200 USX-US STEEL GROUP, INC 5,150
100 WORTHINGTON INDUSTRIES, INC 1,700
-----------
100,439
-----------
</TABLE>
62 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 63
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
PRINTING AND PUBLISHING -- 0.82%
100 AMERICAN GREETINGS CORP (CLASS A) $ 2,575
100 - APPLIED GRAPHICS TECHNOLOGIES, INC 862
100 BANTA CORP 2,231
200 BELO (A.H.) CORP SERIES A 3,825
100 BOWNE & CO, INC 1,206
100 CENTRAL NEWSPAPERS, INC (CLASS A) 4,450
200 DELUXE CORP 6,800
300 DONNELLEY (R.R.) & SONS CO 8,662
100 DOW JONES & CO, INC 5,337
200 - FRANKLIN COVEY CO 1,537
700 GANNETT CO, INC 48,431
100 HARLAND (JOHN H.) CO 1,943
100 HARTE-HANKS, INC 2,518
100 HOUGHTON MIFFLIN CO 4,062
100 - JOURNAL REGISTER CO 1,375
200 KNIGHT-RIDDER, INC 10,975
100 LEE ENTERPRISES, INC 2,737
100 MCCLATCHY CO (CLASS A) 3,575
500 MCGRAW HILL COS, INC 24,187
100 MEREDITH CORP 3,631
400 NEW YORK TIMES CO (CLASS A) 15,000
300 - PRIMEDIA, INC 4,200
200 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) 5,850
200 REYNOLDS & REYNOLDS CO (CLASS A) 4,075
100 SCRIPPS (E.W.) CO (CLASS A) 4,912
100 TIMES MIRROR CO SERIES A 6,581
100 - TOPPS, INC 750
400 TRIBUNE CO 19,900
100 WALLACE COMPUTER SERVICES, INC 2,025
100 WILEY (JOHN) & SONS, INC (CLASS A) 1,568
-----------
205,780
-----------
RAILROAD TRANSPORTATION -- 0.40%
1,100 BURLINGTON NORTHERN SANTA FE CORP 30,250
500 CSX CORP 21,187
200 KANSAS CITY SOUTHERN INDUSTRIES, INC 9,287
600 NORFOLK SOUTHERN CORP 14,700
500 UNION PACIFIC CORP 24,031
100 - WISCONSIN CENTRAL TRANSIT CORP 1,368
-----------
100,823
-----------
REAL ESTATE -- 0.08%
100 ARDEN REALTY GROUP, INC 2,175
100 - CASTLE & COOKE, INC 1,537
200 - CATELLUS DEVELOPMENT CORP 2,350
100 - CB RICHARD ELLIS SERVICES GROUP, INC 1,512
100 - FAIRFIELD COMMUNITIES, INC 1,093
100 FOREST CITY ENTERPRISES, INC
(CLASS A) 2,231
100 - JONES LANG LA SALLE 1,612
200 LNR PROPERTY CORP 4,075
100 ROUSE CO 2,300
100 STEWART ENTERPRISES, INC (CLASS A) 606
100 - TRAMMELL CROW CO 1,325
-----------
20,816
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS -- 0.44%
100 APTARGROUP, INC $ 2,675
100 ARMSTRONG WORLD INDUSTRIES, INC 4,493
100 BANDAG, INC 3,200
100 CARLISLE COS, INC 3,950
100 COOPER TIRE & RUBBER CO 1,762
300 GOODYEAR TIRE & RUBBER CO 14,437
500 ILLINOIS TOOL WORKS, INC 37,281
200 NIKE, INC (CLASS B) 11,375
200 PREMARK INTERNATIONAL, INC 10,100
100 - REEBOK INTERNATIONAL LTD 1,068
100 - SAFESKIN CORP 821
200 - SEALED AIR CORP 10,262
200 SOLUTIA, INC 3,575
200 TUPPERWARE CORP 4,050
-----------
109,049
-----------
SECURITY AND COMMODITY BROKERS -- 1.24%
100 - AFFILIATED MANAGERS GROUP, INC 2,725
100 - AMERITRADE HOLDINGS CORP (CLASS A) 1,837
200 BEAR STEARNS COS, INC 7,687
100 DONALDSON, LUFKIN & JENRETTE, INC 3,956
400 - E TRADE GROUP, INC 9,400
100 EATON VANCE CORP 3,200
200 EDWARDS (A.G.), INC 5,275
100 FEDERATED INVESTMENTS, INC 1,725
400 FRANKLIN RESOURCES, INC 12,300
100 - KNIGHT/TRIMARK GROUP, INC 2,962
100 LEGG MASON, INC 3,831
300 LEHMAN BROTHERS HOLDINGS, INC 17,493
800 MERRILL LYNCH & CO, INC 53,750
1,200 MORGAN STANLEY, DEAN WITTER, & CO 107,025
300 PAINE WEBBER GROUP, INC 10,875
100 PHOENIX INVESTMENT PARTNERS LTD 837
100 - PIONEER GROUP, INC 1,500
200 PRICE (T. ROWE) ASSOCIATES, INC 5,487
100 RAYMOND JAMES FINANCIAL CORP 1,993
1,400 SCHWAB (CHARLES) CORP 47,162
100 THE GOLDMAN SACHS GROUP, INC 6,100
100 UNITED ASSET MANAGEMENT CORP 1,925
100 WADDELL & REED FINANCIAL INC
(CLASS A) 2,218
-----------
311,263
-----------
SOCIAL SERVICES -- 0.02%
200 - ALTERRA HEALTHCARE CORP 1,775
100 - CAPITAL SENIOR LIVING CORP 756
100 - PROVANT, INC 1,612
-----------
4,143
-----------
SPECIAL TRADE CONTRACTORS -- 0.03%
100 APOGEE ENTERPRISES, INC 703
100 - COMFORT SYSTEMS U.S.A., INC 1,175
100 - GROUP MAINTENANCE AMERICA CORP 1,250
100 - INTEGRATED ELECTRICAL SERVICES, INC 1,581
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 63
<PAGE> 64
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
SPECIAL TRADE CONTRACTORS -- (CONTINUED)
100 - QUANTA SERVICES, INC $ 2,931
100 - SERVICE EXPERTS, INC 1,037
-----------
8,677
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 0.24%
100 CENTEX CONSTRUCTION PRODUCTS, INC 3,712
500 CORNING, INC 34,281
200 - DAL-TILE INTERNATIONAL, INC 1,587
100 MIKASA, INC 1,175
100 OWENS CORNING CO 2,168
300 - OWENS ILLINOIS, INC 5,943
100 SOUTHDOWN, INC 5,350
100 USG CORP 4,750
-----------
58,966
-----------
TEXTILE MILL PRODUCTS -- 0.06%
200 - BURLINGTON INDUSTRIES, INC 887
300 COLLINS & AIKMAN CORP 2,100
100 - MOHAWK INDUSTRIES, INC 1,993
100 - POLYMER GROUP, INC 1,475
100 RUSSELL CORP 1,418
300 - SHAW INDUSTRIES, INC 4,762
100 - UNIFI, INC 1,100
100 WESTPOINT STEVENS, INC 2,362
-----------
16,097
-----------
TOBACCO PRODUCTS -- 0.80%
105 BROOKE GROUP LTD 1,745
300 - GENERAL CIGAR HOLDINGS, INC
(CLASS A) 2,025
5,200 PHILIP MORRIS COS, INC 177,775
300 - RJR REYNOLDS TOBACCO HOLDINGS, INC 8,100
400 UST, INC 12,075
-----------
201,720
-----------
TRANSPORTATION BY AIR -- 0.39%
100 AIRBORNE FREIGHT CORP 2,106
100 - ALASKA AIR GROUP, INC 4,068
100 - AMERICA WEST HOLDINGS CORP (CLASS B) 1,731
300 - AMR CORP 16,350
200 COMAIR HOLDINGS, INC 3,337
100 - CONTINENTAL AIRLINES, INC (CLASS B) 3,275
300 DELTA AIRLINES, INC 14,550
700 - FDX CORP 27,125
100 - NORTHWEST AIRLINES CORP (CLASS A) 2,550
100 - OFFSHORE LOGISTICS, INC 1,031
100 OGDEN CORP 1,000
1,050 SOUTHWEST AIRLINES CO 15,946
200 - U.S. AIRWAYS GROUP, INC 5,250
-----------
98,319
-----------
TRANSPORTATION EQUIPMENT -- 2.86%
1,100 ALLIED SIGNAL, INC 65,931
100 ARVIN INDUSTRIES, INC 3,093
200 AUTOLIV, INC 7,525
2,100 BOEING CO 89,512
100 BORG-WARNER AUTOMOTIVE, INC 4,300
100 CLARCOR, INC 1,681
100 CORDANT TECHNOLOGIES, INC 3,043
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
400 DANA CORP $ 14,850
200 DANAHER CORP 10,537
100 - DELCO REMY INTERNATIONAL , INC
(CLASS A) 900
1,400 DELPHI AUTOMOTIVE SYSTEMS CORP 22,487
200 EATON CORP 17,262
200 FEDERAL SIGNAL CORP 3,975
200 FEDERAL-MOGUL CORP 5,512
2,500 FORD MOTOR CO 125,468
400 GENERAL DYNAMICS CORP 24,975
1,400 GENERAL MOTORS CORP 88,112
200 - GENERAL MOTORS CORP (CLASS H) 11,450
200 - GENTEX CORP 4,131
300 GOODRICH (B.F.) CO 8,700
100 - HALTER MARINE GROUP, INC 543
300 HARLEY DAVIDSON, INC 15,018
200 ITT INDUSTRIES, INC 6,362
800 LOCKHEED MARTIN CORP 26,150
200 MASCOTECH, INC 3,237
100 MERITOR AUTOMOTIVE, INC 2,087
300 - MILLER INDUSTRIES, INC 843
100 - MOTIVEPOWER INDUSTRIES, INC 1,100
100 - NAVISTAR INTERNATIONAL CORP 4,650
100 NORTHROP GRUMMAN CORP 6,356
100 - ORBITAL SCIENCES CORP 1,750
200 PACCAR, INC 10,175
100 POLARIS INDUSTRIES, INC 3,462
100 REGAL-BELOIT CORP 2,075
100 - SEQUA CORP (CLASS A) 6,300
100 SMITH (A.O.) CORP 3,025
100 - SPX CORP 9,075
100 - STONERIDGE, INC 1,737
100 SUPERIOR INDUSTRIES INTERNATIONAL,
INC 2,800
300 TEXTRON, INC 23,212
100 TRINITY INDUSTRIES, INC 3,087
200 TRW, INC 9,950
1,000 UNITED TECHNOLOGIES CORP 59,312
100 WESTINGHOUSE AIR BRAKE CO 1,818
-----------
717,568
-----------
TRANSPORTATION SERVICES -- 0.07%
100 AIR EXPRESS INTERNATIONAL CORP 2,268
100 C.H. ROBINSON WORLDWIDE, INC 3,368
100 EXPEDITORS INTERNATIONAL OF
WASHINGTON 3,209
100 - FRITZ COS, INC 1,037
100 GALILEO INTERNATIONAL, INC 4,025
100 GATX CORP 3,106
200 - U.S. EXPRESS ENTERPRISES, INC
(CLASS A) 1,162
-----------
18,175
-----------
TRUCKING AND WAREHOUSING -- 0.07%
100 - AMERICAN FREIGHTWAYS CORP 1,818
100 CNF TRANSPORTATION, INC 3,725
100 - CONSOLIDATED FREIGHTWAYS CORP 987
100 - COVENANT TRANSPORT, INC (CLASS A) 1,525
</TABLE>
64 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 65
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
TRUCKING AND WAREHOUSING -- (CONTINUED)
100 HUNT (J.B.) TRANSPORT SERVICES, INC $ 1,387
100 USFREIGHTWAYS CORP 4,737
100 WERNER ENTERPRISES, INC 1,762
100 - YELLOW CORP 1,656
-----------
17,597
-----------
WATER TRANSPORTATION -- 0.02%
100 OVERSEAS SHIPHOLDING GROUP, INC 1,543
100 TIDEWATER, INC 2,550
-----------
4,093
-----------
WHOLESALE TRADE-DURABLE GOODS -- 0.27%
200 - ANICOM, INC 1,062
100 - ANIXTER INTERNATIONAL, INC 2,325
100 APPLIED INDUSTRIAL TECHNOLOGIES, INC 1,800
200 - ARROW ELECTRONICS, INC 3,525
100 AVNET, INC 4,200
100 - BOYDS COLLECTION LTD 1,225
200 - BRIGHTPOINT, INC 1,456
100 - CELLSTAR CORP 750
400 - CHS ELECTRONICS, INC 575
100 COMMERCIAL METALS CO 2,875
300 - COMPUCOM SYSTEMS, INC 1,120
100 - FAIRCHILD CORP (CLASS A) 1,025
100 - FISHER SCIENTIFIC INTERNATIONAL, INC 2,150
400 GENUINE PARTS CO 10,625
200 GRAINGER (W.W.), INC 9,612
100 HUGHES SUPPLY, INC 2,175
300 IKON OFFICE SOLUTIONS, INC 3,206
100 - INGRAM MICRO, INC (CLASS A) 1,287
500 - MERISEL, INC 812
200 - METALS U.S.A., INC 2,037
100 - NATIONAL-OILWELL, INC 1,643
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
100 PIONEER-STANDARD ELECTRONICS, INC $ 1,443
100 - PSS WORLD MEDICAL, INC 893
100 - SAFEGUARD SCIENTIFICS, INC 6,800
100 - TECH DATA CORP 2,328
100 - WESCO INTERNATIONAL, INC 1,412
-----------
68,361
-----------
WHOLESALE TRADE-NONDURABLE GOODS -- 0.68%
100 - AIRGAS, INC 1,162
100 - AMERISOURCE HEALTH CORP (CLASS A) 2,368
300 BERGEN BRUNSWIG CORP (CLASS A) 3,112
100 BINDLEY WESTERN INDUSTRIES, INC 1,431
600 CARDINAL HEALTH, INC 32,700
300 DIMON, INC 1,162
1,500 ENRON CORP 62,400
100 INTERNATIONAL MULTIFOODS CORP 2,300
600 MCKESSON HBOC, INC 17,400
200 - NCS HEALTHCARE, INC (CLASS A) 525
100 - NU SKIN ENTERPRISES, INC (CLASS A) 1,350
382 SUPERVALU, INC 8,332
800 SYSCO CORP 28,050
100 - UNITED STATIONERS, INC 2,131
200 - UNIVERSAL CORP 5,225
-----------
169,648
-----------
TOTAL COMMON STOCK
(Cost $25,653,494) 24,887,119
-----------
TOTAL PORTFOLIO
(Cost $25,653,494) $24,887,119
===========
</TABLE>
- ---------------
- - Non-income producing
See notes to financial statements 1999 ANNUAL REPORT 65
<PAGE> 66
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
COMMON STOCK
APPAREL AND ACCESSORY STORES $ 72,000 0.29%
APPAREL AND OTHER TEXTILE PRODUCTS 24,800 0.10
AUTO REPAIR, SERVICES AND PARKING 2,037 0.01
BUILDING MATERIALS AND GARDEN
SUPPLIES 348,712 1.41
BUSINESS SERVICES 2,251,435 9.10
CHEMICALS AND ALLIED PRODUCTS 3,443,964 13.93
COMMUNICATIONS 2,948,529 11.92
DEPOSITORY INSTITUTIONS 1,892,884 7.65
EATING AND DRINKING PLACES 229,468 0.93
ELECTRIC, GAS, AND SANITARY SERVICES 970,377 3.92
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 1,320,997 5.34
FABRICATED METAL PRODUCTS 139,143 0.56
FOOD AND KINDRED PRODUCTS 984,216 3.98
FOOD STORES 168,687 0.68
FURNITURE AND FIXTURES 34,275 0.14
FURNITURE AND HOMEFURNISHINGS STORES 31,012 0.13
GENERAL BUILDING CONTRACTORS 12,725 0.05
GENERAL MERCHANDISE STORES 807,261 3.26
HEALTH SERVICES 72,593 0.29
HOLDING AND OTHER INVESTMENT OFFICES 44,631 0.18
INDUSTRIAL MACHINERY AND EQUIPMENT 2,499,861 10.11
INSTRUMENTS AND RELATED PRODUCTS 507,624 2.05
INSURANCE AGENTS, BROKERS AND SERVICE 102,750 0.42
INSURANCE CARRIERS 1,181,893 4.78
MISCELLANEOUS MANUFACTURING
INDUSTRIES 309,061 1.25
MISCELLANEOUS RETAIL 135,600 0.55
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
MOTION PICTURES $ 425,925 1.72%
NONDEPOSITORY INSTITUTIONS 957,130 3.87
OIL AND GAS EXTRACTION 703,842 2.85
PAPER AND ALLIED PRODUCTS 127,231 0.52
PETROLEUM AND COAL PRODUCTS 151,375 0.61
PRIMARY METAL INDUSTRIES 155,624 0.63
PRINTING AND PUBLISHING 329,073 1.33
RAILROAD TRANSPORTATION 110,250 0.45
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 201,406 0.81
SECURITY AND COMMODITY BROKERS 322,012 1.30
STONE, CLAY, AND GLASS PRODUCTS 82,275 0.33
TRANSPORTATION BY AIR 139,890 0.57
TRANSPORTATION EQUIPMENT 23,961 0.10
WHOLESALE TRADE-DURABLE GOODS 116,087 0.47
WHOLESALE TRADE-NONDURABLE GOODS 300,517 1.22
----------- ------
TOTAL COMMON STOCK
(Cost $25,126,809) 24,683,133 99.81
----------- ------
SHORT TERM INVESTMENT
U.S. GOVERNMENT AGENCY 285,000 1.15
----------- ------
TOTAL SHORT TERM INVESTMENT
(Cost $285,000) 285,000 1.15
----------- ------
TOTAL PORTFOLIO
(Cost $25,411,809) 24,968,133 100.96
OTHER ASSETS & LIABILITIES, NET (237,386) (0.96)
----------- ------
NET ASSETS $24,730,747 100.00%
=========== ======
</TABLE>
66 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 67
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
COMMON STOCK -- 99.81%
APPAREL AND ACCESSORY STORES -- 0.29%
2,250 GAP, INC $ 72,000
-----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.10%
200 LIZ CLAIBORNE, INC 6,200
600 VF CORP 18,600
-----------
24,800
-----------
AUTO REPAIR, SERVICES AND PARKING -- 0.01%
100 RYDER SYSTEM, INC 2,037
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES -- 1.41%
4,300 HOME DEPOT, INC 295,087
1,100 LOWES COS, INC 53,625
-----------
348,712
-----------
BUSINESS SERVICES -- 9.10%
2,700 - AMERICA ONLINE, INC 280,800
2,900 AUTOMATIC DATA PROCESSING, INC 129,412
1,400 COMPUTER ASSOCIATES INTERNATIONAL,
INC 85,750
2,100 ELECTRONIC DATA SYSTEMS CORP 111,168
130 - GARTNER GROUP, INC (CLASS B) 2,169
1,000 IMS HEALTH, INC 22,812
13,500 - MICROSOFT CORP 1,222,593
700 - NOVELL, INC 14,481
3,700 - ORACLE CORP 168,350
2,300 - SUN MICROSYSTEMS, INC 213,900
-----------
2,251,435
-----------
CHEMICALS AND ALLIED PRODUCTS -- 13.93%
1,800 AIR PRODUCTS & CHEMICALS, INC 52,312
100 ALLERGAN, INC 11,000
100 - ALZA CORP 4,281
1,500 - AMGEN, INC 122,250
1,000 AVON PRODUCTS, INC 24,812
6,500 BRISTOL-MYERS SQUIBB CO 438,750
1,000 CABOT CORP 23,750
1,000 CLOROX CO 38,250
2,600 - COLGATE PALMOLIVE CO 118,950
1,200 HANNA (M.A.) CO 13,650
500 INTERNATIONAL FLAVORS &
FRAGRANCES, INC 17,250
4,700 JOHNSON & JOHNSON CO 431,812
3,300 LILLY (ELI) & CO 211,200
300 MALLINCKRODT, INC 9,056
7,500 MERCK & CO, INC 486,093
1,400 NALCO CHEMICAL CORP 70,700
11,700 PFIZER, INC 420,468
1,700 PHARMACIA & UPJOHN, INC 84,362
2,100 - PPG INDUSTRIES, INC 126,000
1,200 PRAXAIR, INC 55,200
5,000 PROCTER & GAMBLE CO 468,750
4,500 SCHERING-PLOUGH CORP 196,312
900 SCHULMAN (A.), INC 15,581
100 - SIGMA ALDRICH CORP 3,175
-----------
3,443,964
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
COMMUNICATIONS -- 11.92%
800 ALLTEL CORP $ 56,300
3,400 AMERITECH CORP 228,437
8,800 AT & T CORP 382,800
1,000 - AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 37,125
4,600 BELL ATLANTIC CORP 309,637
6,000 BELLSOUTH CORP 270,000
2,400 COMCAST CORP (CLASS A) SPECIAL 95,700
500 - COX COMMUNICATIONS, INC (CLASS A) 20,875
7,600 LUCENT TECHNOLOGIES, INC 493,050
4,700 - MCI WORLDCOM, INC 337,812
5,600 SBC COMMUNICATIONS, INC 285,950
2,800 SPRINT CORP (FON GROUP) 151,900
1,100 - SPRINT CORP (PCS GROUP) 82,018
1,600 U.S. WEST, INC 91,300
2,500 - VIACOM, INC (CLASS B) 105,625
-----------
2,948,529
-----------
DEPOSITORY INSTITUTIONS -- 7.65%
5,500 BANK OF AMERICA CORP 306,281
2,700 BANK OF NEW YORK CO, INC 90,281
4,100 BANK ONE CORP 142,731
2,800 CHASE MANHATTAN CORP 211,050
800 FIFTH THIRD BANCORP 48,675
3,800 FIRST UNION CORP 135,137
2,300 FLEET FINANCIAL GROUP, INC 84,237
1,700 KEYCORP 43,881
3,400 MBNA CORP 77,562
2,200 MELLON BANK CORP 74,250
700 MORGAN (J.P.) & CO, INC 79,975
2,400 NATIONAL CITY CORP 64,050
1,100 PNC BANK CORP 57,956
1,200 SUNTRUST BANKS, INC 78,900
2,300 U.S. BANCORP 69,431
800 WACHOVIA CORP 62,900
1,900 WASHINGTON MUTUAL, INC 55,575
5,300 WELLS FARGO CO 210,012
-----------
1,892,884
-----------
EATING AND DRINKING PLACES -- 0.93%
300 DARDEN RESTAURANTS, INC 5,868
5,200 MCDONALD'S CORP 223,600
-----------
229,468
-----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 3.92%
1,200 COLUMBIA ENERGY GROUP 66,450
1,900 CONSOLIDATED NATURAL GAS CO 118,512
900 EL PASO ENERGY CORP 35,831
1,300 EQUITABLE RESOURCES, INC 49,156
1,100 IDACORP, INC 33,137
2,300 KEYSPAN CORP 65,837
2,200 LOUISVILLE GAS & ELECTRIC ENERGY
CORP 46,750
2,200 MCN ENERGY GROUP, INC 37,812
1,000 NICOR, INC 37,187
1,000 NISOURCE, INC 22,125
1,900 OGE ENERGY CORP 42,275
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 67
<PAGE> 68
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
ELECTRIC, GAS, AND SANITARY SERVICES -- (CONTINUED)
4,400 PACIFICORP $ 88,550
1,000 PEOPLES ENERGY CORP 35,187
2,400 POTOMAC ELECTRIC POWER CO 61,050
2,000 PUGET SOUND ENERGY, INC 44,875
800 SONAT, INC 31,750
2,500 TECO ENERGY, INC 52,812
2,700 WILLIAMS COS, INC 101,081
-----------
970,377
-----------
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT -- 5.34%
500 - ADVANCED MICRO DEVICES, INC 8,594
300 BALDOR ELECTRIC CO 5,681
3,200 EMERSON ELECTRIC CO 202,200
100 - GLENAYRE TECHNOLOGIES, INC 300
9,200 INTEL CORP 683,675
700 - MICRON TECHNOLOGY, INC 46,593
500 MOLEX, INC 18,187
600 - NATIONAL SEMICONDUCTOR CORP 18,300
1,300 - TELLABS, INC 74,018
2,600 TEXAS INSTRUMENTS, INC 213,850
600 THOMAS & BETTS CORP 30,600
250 - VISHAY INTERTECHNOLOGY, INC 5,937
200 WHIRLPOOL CORP 13,062
-----------
1,320,997
-----------
FABRICATED METAL PRODUCTS -- 0.56%
4,100 GILLETTE CO 139,143
-----------
FOOD AND KINDRED PRODUCTS -- 3.98%
1,000 BESTFOODS, INC 48,500
7,900 COCA COLA CO 379,693
1,300 COCA COLA ENTERPRISES, INC 29,331
600 GENERAL MILLS, INC 48,675
1,500 HEINZ (H.J.) CO 64,500
400 HERSHEY FOODS CORP 19,475
900 KELLOGG CO 33,693
4,800 PEPSICO, INC 145,200
500 QUAKER OATS CO 30,937
2,300 - UNILEVER NV (N.Y.) SHS 156,687
400 - WRIGLEY (WM) JR CO 27,525
-----------
984,216
-----------
FOOD STORES -- 0.68%
1,467 ALBERTSONS, INC 58,038
2,600 - KROGER CO 57,362
1,400 - SAFEWAY, INC 53,287
-----------
168,687
-----------
FURNITURE AND FIXTURES -- 0.14%
1,200 NEWELL RUBBERMAID, INC 34,275
-----------
FURNITURE AND HOMEFURNISHINGS STORES -- 0.13%
600 TANDY CORP 31,012
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
GENERAL BUILDING CONTRACTORS -- 0.05%
400 HILLENBRAND INDUSTRIES, INC $ 10,550
100 PULTE CORP 2,175
-----------
12,725
-----------
GENERAL MERCHANDISE STORES -- 3.26%
1,200 DAYTON HUDSON CORP 72,075
400 - FEDERATED DEPARTMENT STORES, INC 17,475
800 - K MART CORP 9,350
900 MAY DEPARTMENT STORES CO 32,793
800 PENNEY, (J.C.) CO, INC 27,500
1,100 SEARS ROEBUCK & CO 34,512
12,900 WAL-MART STORES, INC 613,556
-----------
807,261
-----------
HEALTH SERVICES -- 0.29%
2,100 COLUMBIA/HCA HEALTHCARE CORP 44,493
1,600 - TENET HEALTHCARE CORP 28,100
-----------
72,593
-----------
HOLDING AND OTHER INVESTMENT OFFICES -- 0.18%
500 CRESCENT REAL ESTATE EQUITIES CO 9,000
400 DUKE-WEEKS REALTY CORP 7,800
100 FIRST INDUSTRIAL REALTY TRUST, INC 2,475
300 SPIEKER PROPERTIES, INC 10,406
400 WEINGARTEN REALTY INVESTORS, INC 14,950
-----------
44,631
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 10.11%
500 - APPLE COMPUTER, INC 31,656
1,100 - APPLIED MATERIALS, INC 85,662
8,800 - CISCO SYSTEMS, INC 603,350
5,000 COMPAQ COMPUTER CORP 114,687
400 CUMMINS ENGINE CO, INC 19,925
1,500 DEERE & CO 58,031
6,700 - DELL COMPUTER CORP 280,143
2,800 - EMC CORP 200,025
200 GRACO, INC 6,562
3,200 HEWLETT-PACKARD CO 294,400
5,400 INTERNATIONAL BUSINESS MACHINES CORP 655,425
300 NORDSON CORP 14,700
1,200 PITNEY BOWES, INC 73,125
600 - SMITH INTERNATIONAL, INC 24,300
1,100 TIMKEN CO 17,737
195 TYCO INTERNATIONAL LTD 20,133
-----------
2,499,861
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 2.05%
300 BAUSCH & LOMB, INC 19,781
1,500 BAXTER INTERNATIONAL, INC 90,375
1,300 BECTON DICKINSON & CO 36,481
400 - BIOMET, INC 10,525
1,100 - BOSTON SCIENTIFIC CORP 27,156
1,200 GUIDANT CORP 64,350
4,400 MEDTRONIC, INC 156,200
</TABLE>
68 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 69
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
INSTRUMENTS AND RELATED PRODUCTS -- (CONTINUED)
200 - ST. JUDE MEDICAL, INC $ 6,300
2,300 XEROX CORP 96,456
-----------
507,624
-----------
INSURANCE AGENTS, BROKERS AND SERVICE -- 0.42%
1,500 MARSH & MCLENNAN COS, INC 102,750
-----------
INSURANCE CARRIERS -- 4.78%
600 AETNA, INC 29,550
2,700 ALLSTATE CORP 67,331
1,600 AMERICAN GENERAL CORP 101,100
4,875 AMERICAN INTERNATIONAL GROUP, INC 423,820
500 CHUBB CORP 24,906
800 CIGNA CORP 62,200
9,400 CITIGROUP, INC 413,600
700 CONSECO, INC 13,518
700 - HUMANA, INC 4,812
300 JEFFERSON-PILOT CORP 18,956
200 SAFECO CORP 5,600
600 ST. PAUL COS, INC 16,500
-----------
1,181,893
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 1.25%
900 HASBRO, INC 19,293
1,600 MATTEL, INC 30,400
2,700 MINNESOTA MINING & MANUFACTURING CO 259,368
-----------
309,061
-----------
MISCELLANEOUS RETAIL -- 0.55%
1,200 CVS CORP 48,975
700 - TOYS R US, INC 10,500
3,000 WALGREEN CO 76,125
-----------
135,600
-----------
MOTION PICTURES -- 1.72%
6,600 DISNEY (WALT) CO 170,775
4,200 TIME WARNER, INC 255,150
-----------
425,925
-----------
NONDEPOSITORY INSTITUTIONS -- 3.87%
2,000 AMERICAN EXPRESS CO 269,250
3,300 ASSOCIATES FIRST CAPITAL CORP 118,800
4,500 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 282,093
3,000 FREDDIE MAC 156,000
2,300 HOUSEHOLD INTERNATIONAL, INC 92,287
900 SLM HOLDINGS CORP 38,700
-----------
957,130
-----------
OIL AND GAS EXTRACTION -- 2.85%
2,200 ANADARKO PETROLEUM CORP 67,237
1,900 APACHE CORP 82,056
800 - BJ SERVICES CO 25,450
2,800 BURLINGTON RESOURCES, INC 102,900
2,000 HELMERICH & PAYNE, INC 50,625
1,500 - NABORS INDUSTRIES, INC 37,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
1,400 NOBLE AFFILIATES, INC $ 40,600
1,400 - NOBLE DRILLING CORP 30,625
1,700 - ROWAN COS, INC 27,625
4,800 - SANTA FE SNYDER CORP 43,200
3,400 UNION PACIFIC RESOURCES GROUP, INC 54,612
1,800 VASTAR RESOURCES, INC 112,612
900 - WEATHERFORD INTERNATIONAL 28,800
-----------
703,842
-----------
PAPER AND ALLIED PRODUCTS -- 0.52%
1,300 AVERY DENNISON CORP 68,575
400 CONSOLIDATED PAPERS, INC 10,750
2,100 SONOCO PRODUCTS CO 47,906
-----------
127,231
-----------
PETROLEUM AND COAL PRODUCTS -- 0.61%
2,800 MURPHY OIL CORP 151,375
-----------
PRIMARY METAL INDUSTRIES -- 0.63%
1,900 BIRMINGHAM STEEL CORP 14,487
1,500 NUCOR CORP 71,437
4,100 WORTHINGTON INDUSTRIES, INC 69,700
-----------
155,624
-----------
PRINTING AND PUBLISHING -- 1.33%
800 DELUXE CORP 27,200
700 DOW JONES & CO, INC 37,362
1,500 GANNETT CO, INC 103,781
500 KNIGHT-RIDDER, INC 27,437
1,300 MCGRAW HILL COS, INC 62,887
1,000 NEW YORK TIMES CO (CLASS A) 37,500
500 TIMES MIRROR CO SERIES A 32,906
-----------
329,073
-----------
RAILROAD TRANSPORTATION -- 0.45%
4,500 NORFOLK SOUTHERN CORP 110,250
-----------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS -- 0.81%
200 BANDAG, INC 6,400
1,700 ILLINOIS TOOL WORKS, INC 126,756
1,200 NIKE, INC (CLASS B) 68,250
-----------
201,406
-----------
SECURITY AND COMMODITY BROKERS -- 1.30%
1,200 MERRILL LYNCH & CO, INC 80,625
1,800 MORGAN STANLEY, DEAN WITTER, & CO 160,537
2,400 SCHWAB (CHARLES) CORP 80,850
-----------
322,012
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 0.33%
1,200 CORNING, INC 82,275
-----------
TRANSPORTATION BY AIR -- 0.57%
700 - AMR CORP 38,150
500 DELTA AIRLINES, INC 24,250
1,100 - FDX CORP 42,625
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 69
<PAGE> 70
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
TRANSPORTATION BY AIR -- (CONTINUED)
1,950 SOUTHWEST AIRLINES CO $ 29,615
200 - U.S. AIRWAYS GROUP, INC 5,250
-----------
139,890
-----------
TRANSPORTATION EQUIPMENT -- 0.10%
300 FEDERAL-MOGUL CORP 8,268
200 FLEETWOOD ENTERPRISES, INC 4,037
500 MODINE MANUFACTURING CO 11,656
-----------
23,961
-----------
WHOLESALE TRADE-DURABLE GOODS -- 0.47%
2,400 GENUINE PARTS CO 63,750
1,000 GRAINGER (W.W.), INC 48,062
400 IKON OFFICE SOLUTIONS, INC 4,275
-----------
116,087
-----------
WHOLESALE TRADE-NONDURABLE GOODS -- 1.22%
800 CARDINAL HEALTH, INC 43,600
4,800 ENRON CORP 198,049
700 MCKESSON HBOC, INC 20,300
1,100 SYSCO CORP 38,568
-----------
300,517
-----------
TOTAL COMMON STOCK
(Cost $25,126,809) $24,683,133
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <S> <C> <C>
SHORT TERM INVESTMENT -- 1.15%
U.S. GOVERNMENT AGENCY -- 1.15%
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
$285,000 5.180%, 10/01/99 $285,000
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $285,000) 285,000
-----------
TOTAL PORTFOLIO
(Cost $25,411,809) $24,968,133
===========
</TABLE>
- ---------------
- - Non-income producing
70 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 71
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
BONDS
CORPORATE BONDS
ASSET BACKED $ 1,481,242 4.88%
COMMUNICATIONS 940,465 3.10
DEPOSITORY INSTITUTIONS 445,530 1.47
ELECTRIC, GAS, AND SANITARY SERVICES 494,955 1.63
FOOD AND KINDRED PRODUCTS 498,095 1.64
GENERAL MERCHANDISE STORES 300,555 0.99
INDUSTRIAL MACHINERY AND EQUIPMENT 499,634 1.65
INSTRUMENTS AND RELATED PRODUCTS 698,598 2.30
NONDEPOSITORY INSTITUTIONS 967,350 3.19
OTHER MORTGAGE BACKED SECURITIES 604,703 1.99
PETROLEUM AND COAL PRODUCTS 475,290 1.56
TRANSPORTATION EQUIPMENT 1,490,222 4.91
----------- ------
TOTAL CORPORATE BONDS
(Cost $8,920,534) 8,896,639 29.31
----------- ------
GOVERNMENT BONDS
AGENCY SECURITIES 3,045,178 10.03
FOREIGN GOVERNMENT BONDS 501,025 1.65
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
MORTGAGE BACKED SECURITIES $11,069,411 36.47%
U.S. TREASURY SECURITIES 5,872,804 19.35
----------- ------
TOTAL GOVERNMENT BONDS
(Cost $20,524,830) 20,488,418 67.50
----------- ------
TOTAL BONDS
(Cost $29,445,364) 29,385,057 96.81
----------- ------
SHORT TERM INVESTMENTS
COMMERCIAL PAPER 3,717,629 12.25
U.S. GOVERNMENT & AGENCIES 2,322,272 7.65
----------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $6,039,901) 6,039,901 19.90
----------- ------
TOTAL PORTFOLIO
(Cost $35,485,265) 35,424,958 116.71
OTHER ASSETS & LIABILITIES, NET (5,071,098) (16.71)
----------- ------
NET ASSETS $30,353,860 100.00%
=========== ======
</TABLE>
See notes to financial statements 1999 ANNUAL REPORT 71
<PAGE> 72
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
STATEMENT OF INVESTMENTS
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL RATING+ VALUE
<C> <S> <C> <C> <C>
BONDS -- 96.81%
CORPORATE BONDS -- 29.31%
ASSET BACKED -- 4.88%
AMERICAN EXPRESS CREDIT ACCOUNT
MASTER TRUST SERIES 1999-1
(CLASS A)
$ 500,000 5.600%, 11/15/06 AAA $ 480,310
MBNA MASTER CREDIT CARD TRUST
SERIES 1999-1 (CLASS A)
500,000 6.400%, 01/18/05 AAA 499,840
RESIDENTIAL ASSET SECURITIES CORP
SERIES 1999-KS3
(CLASS A13)
500,000 7.180%, 01/25/25 AAA 501,092
-----------
1,481,242
-----------
COMMUNICATIONS -- 3.10%
AT&T CORP NOTE
500,000 6.500%, 3/15/29 A1 441,150
US WEST CAPITAL FUNDING, INC
(GUARANTEE NOTE)
500,000 6.875%, 8/15/01 BAA1 499,315
-----------
940,465
-----------
DEPOSITORY INSTITUTIONS -- 1.47%
FLEET NATIONAL BANK
(SUB NOTE)
500,000 5.750%, 01/15/09 A2 445,530
-----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 1.63%
ILLINOIS POWER
(FIRST MORTGAGE)
500,000 7.500%, 06/15/09 BAA1 494,955
-----------
FOOD AND KINDRED PRODUCTS -- 1.64%
DIAGEO CAPITAL PLC NOTE
500,000 6.625%, 06/24/04 A1 498,095
-----------
GENERAL MERCHANDISE STORES -- 0.99%
WAL-MART STORES (SR NOTE)
300,000 6.875%, 08/10/09 AA2 300,555
-----------
INDUSTRIAL MACHINERY AND
EQUIPMENT -- 1.65%
TYCO INTERNATIONAL GROUP
S.A. NOTE
500,000 ++ 6.875%, 09/05/02 BAA1 499,634
-----------
INSTRUMENTS AND RELATED
PRODUCTS -- 2.30%
EASTMAN KODAK CO
(MEDIUM TERM NOTE)
700,000 6.500%, 08/15/01 A2 698,598
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL RATING+ VALUE
<C> <S> <C> <C> <C>
NONDEPOSITORY INSTITUTIONS -- 3.19%
ASSOCIATES CORP NA DEB
$ 500,000 6.950%, 11/01/18 AA3 $ 467,700
GENERAL MOTORS ACCEPTANCE
CORP (MEDIUM TERM NOTE)
500,000 6.850%, 06/17/04 A2 499,650
-----------
967,350
-----------
OTHER MORTGAGE BACKED SECURITIES -- 1.99%
FIRST UNION COMMERCIAL
MORTGAGE TRUST SERIES
1999-C1 (CLASS A2)
650,000 6.070%, 10/15/08 AAA 604,703
-----------
PETROLEUM AND COAL PRODUCTS -- 1.56%
CONOCO, INC (SR NOTE)
500,000 6.350%, 04/15/09 A3 475,290
-----------
TRANSPORTATION EQUIPMENT -- 4.91%
FORD MOTOR CO NOTE
500,000 7.450%, 07/16/31 A1 492,980
TRW, INC (SR NOTE)
500,000 ++ 6.500%, 06/01/02 BAA1 494,332
UNITED TECHNOLOGY CORP DEB
500,000 7.500%, 09/15/29 A2 502,910
-----------
1,490,222
-----------
TOTAL CORPORATE BONDS
(Cost $8,920,534) 8,896,639
-----------
GOVERNMENT BONDS -- 67.50%
AGENCY SECURITIES -- 10.03%
FEDERAL HOME LOAN MORTGAGE CORP
1,500,000 (FHLMC) 5.000%, 01/15/04 1,422,060
1,000,000 5.750%, 04/15/08 941,870
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
500,000 5.250%, 01/15/03 485,310
200,000 6.375%, 06/15/09 195,938
-----------
3,045,178
-----------
FOREIGN GOVERNMENT BONDS -- 1.65%
QUEBEC PROVINCE CANADA
500,000 7.000%, 01/30/07 A2 501,025
-----------
MORTGAGE BACKED SECURITIES -- 36.47%
FEDERAL HOME LOAN MORTGAGE
CORP GOLD (FGLMC)
1,996,757 6.500%, 07/01/29 1,916,407
2,100,000 -- 7.000%, 10/25/29 2,064,552
300,000 -- 7.500%, 12/25/29 299,818
250,000 -- 8.000%, 12/25/29 254,336
</TABLE>
- ---------------
+ As provided by Moody's Investors Services (unaudited).
72 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 73
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <S> <C> <C> <C>
MORTGAGE BACKED SECURITIES -- (CONTINUED)
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
$ 495,444 6.000%, 06/01/14 $ 476,775
495,446 6.500%, 07/01/14 486,453
494,097 7.000%, 07/01/14 494,003
493,779 6.500%, 04/01/29 473,598
748,146 6.000%, 07/01/29 697,863
499,177 6.500%, 07/01/29 478,775
748,712 7.500%, 07/01/29 751,250
500,000 -- 6.500%, 10/25/29 479,375
500,000 -- 7.000%, 10/25/29 491,250
150,000 -- 7.500%, 10/25/29 150,421
700,000 -- 8.000%, 11/25/29 714,217
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION (GNMA)
499,246 7.000%, 07/15/29 489,725
349,503 7.500%, 07/15/29 350,593
-----------
11,069,411
-----------
U.S. TREASURY SECURITIES -- 19.35%
U.S. TREASURY BOND
1,250,000 8.875%, 08/15/17 1,565,825
500,000 8.875%, 02/15/19 631,640
U.S. TREASURY NOTE
2,500,000 7.500%, 11/15/01 2,589,450
200,000 7.250%, 08/15/04 211,218
700,000 11.750%, 02/15/10 874,671
-----------
5,872,804
-----------
TOTAL GOVERNMENT BONDS
(Cost $20,524,830) 20,488,418
-----------
TOTAL BONDS
(Cost $29,445,364) 29,385,057
-----------
SHORT TERM INVESTMENTS -- 19.90%
COMMERCIAL PAPER -- 12.25%
COX COMMUNICATIONS, INC
1,000,000 *- 5.500%, 10/14/99 998,014
NATIONAL FUEL GAS CO
1,000,000 * 5.420%, 10/14/99 998,042
PENNEY (J.C.) FUNDING CORP
725,000 * 5.550%, 10/14/99 723,546
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <S> <C> <C> <C>
RAYTHEON CO
$1,000,000 *- 5.470%, 10/14/99 $ 998,027
-----------
3,717,629
-----------
U.S. GOVERNMENT & AGENCIES -- 7.65%
FEDERAL HOME LOAN MORTGAGE CORP
165,000 * 5.250%, 10/14/99 164,687
370,000 * 5.220%, 11/15/99 367,585
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
1,790,000 * 5.180%, 10/01/99 1,790,000
-----------
2,322,272
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $6,039,901) 6,039,901
-----------
TOTAL PORTFOLIO
(Cost $35,485,265) $35,424,958
===========
</TABLE>
- ---------------
<TABLE>
<S> <C>
- - Commercial Paper issued under the Private Placement
exemption under Section 4(2) of the Securities Act of
1933, as amended.
++ Securities are exempt from registration under Rule 144A
of the Securities Act of 1933, as amended and may be
resold in transactions exempt from registration normally
to qualified institutional buyers. At September 30,
1999, the value of these securities amounted to $993,966
or 3.27% of net assets.
* All or a portion of these securities have been
segregated by the Custodian to cover securities
purchased on a delayed delivery basis.
- -- These securities were purchased on a delayed delivery
basis.
</TABLE>
- ---------------
OTHER INFORMATION (unaudited)
The composition of long-term debt holdings as a percentage of total value of
investment in debt securities, is as follows:
<TABLE>
<S> <C>
MOODY'S RATINGS
AAA, AA, A 25.21%
BAA 6.77%
</TABLE>
U.S. Government obligations represent 68.02% of the long-term debt portfolio
value and are not reflected in the above ratings.
See notes to financial statements 1999 ANNUAL REPORT 73
<PAGE> 74
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY
September 30, 1999
------------------------------------------------------------
------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
SHORT TERM INVESTMENTS
COMMERCIAL PAPER $16,759,125 66.04%
U.S. GOVERNMENT & AGENCIES 8,667,736 34.15
----------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $25,426,861) 25,426,861 100.19
----------- ------
TOTAL PORTFOLIO
(Cost $25,426,861) 25,426,861 100.19
OTHER ASSETS & LIABILITIES, NET (48,696) (0.19)
----------- ------
NET ASSETS $25,378,165 100.00%
=========== ======
</TABLE>
STATEMENT OF INVESTMENTS
September 30, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <S> <C>
SHORT TERM INVESTMENTS -- 100.19%
COMMERCIAL PAPER -- 66.04%
CAMPBELL SOUP CO
$1,000,000 5.270%, 11/04/99 $ 995,023
CANADIAN WHEAT BOARD (THE)
1,050,000 5.130%, 11/23/99 1,042,069
CIT GROUP HOLDINGS, INC
1,000,000 5.140%, 10/14/99 998,143
CORPORATE ASSET FUNDING CORP, INC
1,000,000 - 5.820%, 01/18/00 982,378
DUPONT (E.I.) DE NEMOURS & CO
1,000,000 5.110%, 11/02/99 995,457
EASTMAN KODAK CO
1,000,000 5.050%, 10/19/99 997,496
EQUILON ENTERPRISES LLC
1,000,000 5.750%, 02/10/00 978,916
GENERAL ELECTRIC CAPITAL CORP
1,000,000 5.290%, 10/25/99 996,473
GOLDMAN SACHS GROUP, LP
1,000,000 5.300%, 11/24/99 992,049
HEWLETT PACKARD CO
650,000 5.300%, 11/24/99 644,832
JOHNSON & JOHNSON CO
1,075,000 - 5.100%, 11/01/99 1,070,279
LUCENT TECHNOLOGIES, INC
1,000,000 5.290%, 11/29/99 991,330
MCCORMICK & CO, INC
100,000 5.280%, 11/02/99 99,530
MCGRAW-HILL, INC
1,000,000 5.290%, 11/18/99 992,946
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <S> <C>
PROCTOR & GAMBLE CO
$1,000,000 5.310%, 12/03/99 $ 990,707
SBC COMMUNICATIONS, INC
1,000,000 - 5.100%, 10/13/99 998,300
THE STANLEY WORKS
1,000,000 - 5.320%, 11/12/99 993,793
WAL-MART STORES, INC
1,000,000 - 5.280%, 10/05/99 999,404
-----------
16,759,125
-----------
U.S. GOVERNMENT & AGENCIES -- 34.15%
FEDERAL HOME LOAN MORTGAGE CORP
2,125,000 5.050%, 10/06/99 2,123,509
1,000,000 5.140%, 01/27/00 983,151
FEDERAL NATIONAL MORTGAGE ASSOCIATION
1,050,000 5.060%, 10/04/99 1,049,557
2,090,000 5.260%, 12/02/99 2,071,066
365,000 5.250%, 12/03/99 361,646
1,050,000 5.260%, 12/08/99 1,039,567
1,050,000 5.270%, 12/10/99 1,039,240
-----------
8,667,736
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $25,426,861) 25,426,861
-----------
TOTAL PORTFOLIO
(Cost $25,426,861) $25,426,861
===========
</TABLE>
- ---------------
- - Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
IMPORTANT TAX INFORMATION (UNAUDITED)
THE INSTITUTIONAL GROWTH & INCOME FUND PAID DISTRIBUTIONS DURING 1999 FROM
ORDINARY INCOME OF WHICH 73.48% QUALIFIES FOR THE CORPORATE DIVIDENDS RECEIVED
DEDUCTION.
THE INSTITUTIONAL INTERNATIONAL EQUITY FUND RECEIVED INCOME FROM FOREIGN SOURCES
DURING 1999 OF $116,152 AND PAID TAXES TO FOREIGN COUNTRIES DURING 1999 OF
$12,145.
BY EARLY 2000, SHAREHOLDERS SHOULD RECEIVE THEIR FORM 1099-DIV AND TAX
INFORMATION LETTER FROM THE FUNDS. FOR YOUR SPECIFIC SITUATION, WE RECOMMEND
THAT YOU CONSULT A PROFESSIONAL TAX ADVISOR.
74 1999 ANNUAL REPORT See notes to financial statements
<PAGE> 75
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