<PAGE> 1
TIAA-CREF
INSTITUTIONAL MUTUAL FUNDS
2000
SEMIANNUAL REPORT 2000
Financial statements (unaudited)
including statements of investments
March 31, 2000
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 2000 SEMIANNUAL REPORT
FUND PERFORMANCE
3 Institutional International Equity Fund
4 Institutional Growth Equity Fund
5 Institutional Growth & Income Fund
6 Institutional Equity Index Fund
7 Institutional Social Choice Equity Fund
8 Institutional Bond Fund
9 Institutional Money Market Fund
STATEMENTS OF INVESTMENTS
10 Institutional International Equity Fund
21 Institutional Growth Equity Fund
33 Institutional Growth & Income Fund
41 Institutional Equity Index Fund
66 Institutional Social Choice Equity Fund
71 Institutional Bond Fund
75 Institutional Money Market Fund
FINANCIAL STATEMENTS
76 Statements of Assets and Liabilities
77 Statements of Operations
78 Statements of Changes in Net Assets
80 Financial Highlights
82 Notes to Financial Statements
As with all mutual funds, investments in the TIAA-CREF Institutional Mutual
Funds are not deposits of any bank and are neither insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other U.S. government agency.
As of the current time, due to market volatility, the performance of the
Institutional Funds may differ significantly from the Institutional Funds'
six-month performance ended March 31, 2000.
[PHOTO]
A MESSAGE FROM THE CHIEF INVESTMENT OFFICER
The TIAA-CREF Institutional Mutual Funds continue the company's tradition of
solid investment performance that has distinguished our highly regarded
financial products. Our institutional mutual funds are available to all clients
of the TIAA-CREF Trust Company, FSB, and are also used to fund the
state-sponsored college savings programs that we currently administer. The
TIAA-CREF Institutional Mutual Funds draw on our traditional principles of
flexible and consistent investment strategies, and of investing 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, their
future performance could differ significantly from their performance to date.
Several of TIAA-CREF's institutional equity mutual funds employ our Dual
Investment Management Strategy.(SM) In this strategy, each equity fund consists
of two subportfolios: an actively managed Stock Selection subportfolio, and 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 uses the quantitative strategy
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 six months ended March 31, 2000, the TIAA-CREF Institutional Mutual Funds
generally surpassed their respective benchmarks, as well as their peer
competition. The equity-based funds' positive returns were due to the
performance of selected technology, telecommunications, and media companies.
With Y2K anxiety now receding, the outlook for corporate profits remains
positive in the new economy.
We believe that our innovative and traditional investment strategies, combined
with our commitment to low expenses, allow 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 at least July 1, 2003.
/s/ MARTIN L. LEIBOWITZ
MARTIN L. LEIBOWITZ
Vice Chairman and
Chief Investment Officer
2 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 2000 SEMIANNUAL REPORT
<PAGE> 3
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 (56 percent as of 3/31/00) part comprises international
stocks of companies we believe have strong management and excellent growth
prospects.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
Institutional Morgan Stanley Lipper International
International Equity Fund EAFE Index Fund Index
<S> <C> <C> <C>
July 1, 1999 10,000 10,000 10,000
September 30, 1999 10,768 10,439 10,337
December 31, 1999 14,825 12,212 12,893
March 31, 2000 15,782 12,199 12,973
</TABLE>
PERFORMANCE AT A GLANCE AS OF 3/31/00
Total Return(1) Expense Net Assets
INSTITUTIONAL since inception(2) Ratio in millions
INTERNATIONAL EQUITY FUND(3) 57.82% 0.29%(4) $56.55
--------------------------------------------------------------------------------
Morgan Stanley EAFE Index 21.99 -- --
--------------------------------------------------------------------------------
Lipper International Fund Index 29.73 -- --
--------------------------------------------------------------------------------
PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2000
During the six months ended March 31, 2000, the Institutional International
Equity Fund returned 46.57 percent, outpacing its benchmark, the Morgan Stanley
EAFE Index, by 29.71 percentage points, and its competition, as measured by the
Lipper International Fund Index, by 21.07 percentage points.
The fund benefited from focusing on the telecommunications sector. Companies in
the wireless segment of the telecommunications market remain strong as wireless
internet will soon emerge as a mainstream technology. Cellular phone penetration
continues, and this segment of the market continues to post strong results. As
data move to a wireless environment, service providers are forced to upgrade
their network infrastructure to handle the increased traffic.
Holdings that contributed to the fund's strong returns include Tiscali, an
Italian telecommunications company; Logica, a British-based wireless-network
specialist; Epcos, based in Germany, a leading supplier of cell-phone
components; the wireless-service provider China Telecom, with its dominant
market share in mainland China; and the Swedish company Ericsson, which leads
the wireless-equipment market.
The software and semiconductor industries are gaining prominence in the fund.
The German software company SAP contributed positive returns as Y2K concerns
subsided, and Oracle Japan performed strongly as Oracle's applications continue
to gain market share.
The semiconductor content in many consumer devices has grown significantly. The
French company ST Microelectronics, a supplier of semiconductors used in mobile
phones and other consumer electronics devices, contributed strong returns, as
did Singapore-based Chartered Semiconductor, which is benefiting from the
industry trend towards outsourcing semiconductor production.
TEN LARGEST HOLDINGS AS OF 3/31/00
% of Fund's
Company Country Net Assets Market Value
--------------------------------------------------------------------------------
Vodafone Airtouch Plc United Kingdom 4.16% $2,349,941
--------------------------------------------------------------------------------
Nokia Oyj Finland 2.60 1,470,133
--------------------------------------------------------------------------------
Biodata Information Technology Ag. Germany 2.24 1,266,183
--------------------------------------------------------------------------------
Ericsson Telefon (LM) AB Series B Sweden 2.12 1,196,566
--------------------------------------------------------------------------------
Murata Manufacturing Co Ltd Japan 1.88 1,063,532
--------------------------------------------------------------------------------
SAP Ag. Germany 1.68 950,440
--------------------------------------------------------------------------------
Reuters Group Plc United Kingdom 1.56 884,761
--------------------------------------------------------------------------------
Tiscali S.P.A Italy 1.47 832,374
--------------------------------------------------------------------------------
Arm Holdings Plc United Kingdom 1.40 793,743
--------------------------------------------------------------------------------
ST Microelectronics NV Netherlands 1.39 787,055
--------------------------------------------------------------------------------
(1) Returns for the Institutional International Equity Fund reflect past
performance and were achieved during favorable market conditions. No
assurance can be given that the fund will be able to achieve similar
performance returns in the future. 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) There are special risks associated with investing in funds that invest
primarily in foreign securities, such as the Institutional International
Equity Fund. These special risks include erratic market conditions, economic
and political instability, and fluctuations in currency exchange rates.
(4) The annualized expense ratio and performance return of the fund reflect
contractual agreements in place through July 1, 2003, to waive a portion of
the fund's management fee and limit the fund's other expenses.
2000 SEMIANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 3
<PAGE> 4
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 (65 percent as of 3/31/00) 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 Russell 3000(R) Lipper Growth
Growth Equity Fund Growth Index Fund Index
<S> <C> <C> <C>
July 1, 1999 10,000 10,000 10,000
September 30, 1999 9,703 9,624 9,482
December 31, 1999 11,880 12,097 11,436
March 31, 2000 13,021 12,980 12,269
</TABLE>
PERFORMANCE AT A GLANCE AS OF 3/31/00
Total Return(1) Expense Net Assets
INSTITUTIONAL since inception(2) Ratio in millions
GROWTH EQUITY FUND 30.21% 0.22%(3) $84.67
--------------------------------------------------------------------------------
Russell 3000(R) Growth Index 29.80 -- --
--------------------------------------------------------------------------------
Lipper Growth Fund Index 22.69 -- --
--------------------------------------------------------------------------------
PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2000
For the six months ended March 31, 2000, the Institutional Growth Equity Fund
returned 34.19 percent. The fund fell short of its benchmark, the Russell
3000(R) Growth Index, by 0.68 percentage points, but led its competition, as
measured by the Lipper Growth Fund Index, by 4.80 percentage points.
The performance of the market, as measured by various indexes, diverged widely
during this period. For example, the S&P 500 was up 17.5 percent, the Dow Jones
Industrial Average up only 6.4 percent. The more growth-oriented Nasdaq
Composite Index was up 66.5 percent, while the Nasdaq 100 was up 82.5 percent.
Meanwhile, the Russell 3000(R) Value Index was up a mere 5.9 percent. The
performance differential was due to a narrow group of technology,
telecommunications equipment, and media companies that were responsible for most
of the market's returns.
The Institutional Growth Equity Fund was well positioned, with large positions
in the technology, telecommunications equipment, and media sectors. Examples are
a major holding in technology with Oracle Corp., and investments in LSI Logic
and Analog Devices. In telecommunications, the fund focused on such wireless
infrastructure companies as Ericsson LM and Nokia OYJ, and companies
participating in the build-out of improved broadband optical communication
networks, such as Ciena Corp. and Applied Micro Circuits. In media, the fund
concentrated on content providers and advertising agencies: both benefited by
the need of new Internet companies to build brand awareness and of traditional
brick-and-mortar companies to defend their franchises.
The fund's performance was also helped by low exposure in a number of
weak-performing sectors. Health care and pharmaceutical stocks were weak
throughout the period. The fund also stayed away from traditional
consumer-oriented growth stocks such as Coca-Cola and Procter & Gamble due to
their slowing sales growth rates.
TEN LARGEST HOLDINGS AS OF 3/31/00
Company % of Fund's Net Assets Market Value
--------------------------------------------------------------------------------
Cisco Systems, Inc 6.48% $5,486,404
--------------------------------------------------------------------------------
Intel Corp 5.57 4,714,258
--------------------------------------------------------------------------------
Microsoft Corp 5.11 4,325,756
--------------------------------------------------------------------------------
General Electric Co 4.70 3,979,317
--------------------------------------------------------------------------------
Oracle Corp 3.86 3,266,759
--------------------------------------------------------------------------------
Tyco International Ltd 2.65 2,242,080
--------------------------------------------------------------------------------
Emc Corp 2.62 2,215,000
--------------------------------------------------------------------------------
Lucent Technologies, Inc 2.31 1,953,598
--------------------------------------------------------------------------------
International Business Machines Corp 1.99 1,687,400
--------------------------------------------------------------------------------
Texas Instruments, Inc 1.92 1,627,360
--------------------------------------------------------------------------------
(1) Returns for the Institutional Growth Equity Fund reflect past performance
and were achieved during favorable market conditions. No assurance can be
given that the fund will be able to achieve similar performance returns in
the future. 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, 2003, to waive a portion of
the fund's management fee and limit the fund's other expenses.
4 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 2000 SEMIANNUAL REPORT
<PAGE> 5
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 (43 percent as of 3/31/00) 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 Lipper Growth &
Growth & Equity Fund S&P 500 Index Income Fund Index
<S> <C> <C> <C>
June 30, 1999 10,000 10,000 10,000
September 30, 1999 9,337 9,376 9,200
December 31, 1999 10,822 10,771 10,025
March 31, 2000 11,187 11,018 10,194
</TABLE>
PERFORMANCE AT A GLANCE AS OF 3/31/00
Total Return(1) Expense Net Assets
INSTITUTIONAL since inception(2) Ratio in millions
GROWTH & INCOME FUND 11.87% 0.22%(3) $33.53
--------------------------------------------------------------------------------
S&P 500 Index 10.18 -- --
--------------------------------------------------------------------------------
Lipper Growth & Income Fund Index 1.93 -- --
--------------------------------------------------------------------------------
PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2000
During the six months ended March 31, 2000, the Institutional Growth & Income
Fund returned 19.89 percent, surpassing its benchmark, the S&P 500 Index, by
2.38 percentage points. The fund's performance was 9.10 percentage points better
than its competition as measured by the Lipper Growth & Income Fund Index.
The fund's strong returns were due to stock selections in technology and
telecommunications (holdings were 31.79 percent in technology and 10.31 percent
in utilities, which includes telecoms) in the actively managed portion of the
portfolio. As technology stocks continued to soar, our semiconductor and
telecommunications holdings contributed substantially to performance. Stocks
such as Oracle, Nokia, Cisco, and Ciena were among our notable heavy holdings in
technology. We also received strong performance from our investments in
telecommunications providers such as PSInet, Cable & Wireless, Omnipoint, and
Viatel.
The fund's underweight positions in traditional consumer-oriented growth stocks,
such as Johnson & Johnson, Philip Morris, and Coca-Cola, also contributed to the
portfolio's strong performance.
TEN LARGEST HOLDINGS AS OF 3/31/00
Company % of Fund's Net Assets Market Value
--------------------------------------------------------------------------------
Cisco Systems, Inc 4.35% $1,457,031
--------------------------------------------------------------------------------
Microsoft Corp 4.06 1,361,487
--------------------------------------------------------------------------------
General Electric Co 4.03 1,351,372
--------------------------------------------------------------------------------
Intel Corp 3.52 1,179,521
--------------------------------------------------------------------------------
Exxon Mobil Corp 2.44 817,731
--------------------------------------------------------------------------------
Wal-Mart Stores, Inc 2.04 684,814
--------------------------------------------------------------------------------
Oracle Corp 1.97 659,628
--------------------------------------------------------------------------------
AT & T Corp 1.70 568,575
--------------------------------------------------------------------------------
Tyco International Ltd 1.65 551,767
--------------------------------------------------------------------------------
International Business Machines Corp 1.51 506,220
--------------------------------------------------------------------------------
(1) Returns for the Institutional Growth & Income Fund reflect past performance
and were achieved during favorable market conditions. No assurance can be
given that the fund will be able to achieve similar performance returns in
the future. 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, 2003, to waive a portion of
the fund's management fee and limit the fund's other expenses.
2000 SEMIANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 5
<PAGE> 6
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 Fund Russell 3000(R) Index
<S> <C> <C>
July 1, 1999 10,000 10,000
September 30, 1999 9,340 9,342
December 31, 1999 10,828 10,857
March 31, 2000 11,253 11,352
</TABLE>
PERFORMANCE AT A GLANCE AS OF 3/31/00
Total Return(1) Expense Net Assets
since inception(2) Ratio in millions
INSTITUTIONAL
EQUITY INDEX FUND 12.53% 0.17%(3) $50.79
--------------------------------------------------------------------------------
Russell 3000(R) Index 13.52 -- --
--------------------------------------------------------------------------------
PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2000
For the last six months, the Institutional Equity Index Fund returned 20.48
percent, falling slightly short of its benchmark, the Russell 3000(R) Index, by
1.05 percentage points.
In the U.S. equity markets, market volatility, which leads to wider variations
of returns, affected the Institutional Equity Index Fund's performance.
The Institutional Equity Index Fund is a relatively small fund. With smaller
amounts of money, it becomes more costly to exactly replicate the Russell
3000(R) Index by making trades in every stock in the index. (The Russell 3000(R)
Index has a small-capitalization component that amounts to about 10 percent of
the index.) To minimize trading charges, the fund was more heavily invested in
stocks with large capitalization. This tendency for the fund to hold stocks with
larger capitalizations reduced the fund's performance relative to its benchmark,
particularly in the past six months, since small-capitalization stocks
outperformed larger capitalization stocks during the period.
TEN LARGEST HOLDINGS AS OF 3/31/00
Company % of Fund's Net Assets Market Value
--------------------------------------------------------------------------------
Cisco Systems, Inc 3.76% $1,911,319
--------------------------------------------------------------------------------
General Electric Co 3.62 1,838,816
--------------------------------------------------------------------------------
Intel Corp 3.16 1,606,471
--------------------------------------------------------------------------------
Microsoft Corp 2.90 1,471,243
--------------------------------------------------------------------------------
Exxon Mobil Corp 1.93 980,904
--------------------------------------------------------------------------------
International Business Machines Corp 1.52 774,316
--------------------------------------------------------------------------------
Citigroup, Inc 1.44 729,721
--------------------------------------------------------------------------------
Lucent Technologies, Inc 1.39 706,097
--------------------------------------------------------------------------------
AT & T Corp 1.29 655,368
--------------------------------------------------------------------------------
Oracle Corp 1.22 617,942
--------------------------------------------------------------------------------
(1) Returns for the Institutional Equity Index Fund reflect past performance and
were achieved during favorable market conditions. No assurance can be given
that the fund will be able to achieve similar performance returns in the
future. 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, 2003, to waive a portion of
the fund's management fee and limit the fund's other expenses.
6 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 2000 SEMIANNUAL REPORT
<PAGE> 7
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 exclude investing in companies that do damage to the
natural environment, have significant business in weapons production or gaming
or gambling operations, 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 Lipper Growth &
Social Choice Equity Fund S&P 500 Index Income Fund Index
<S> <C> <C> <C>
July 1, 1999 10,000 10,000 10,000
September 30, 1999 9,364 9,376 9,200
December 31, 1999 10,650 10,771 10,025
March 31, 2000 11,013 11,018 10,194
</TABLE>
PERFORMANCE AT A GLANCE AS OF 3/31/00
Total Return(1) Expense Net Assets
INSTITUTIONAL since inception(2) Ratio in millions
SOCIAL CHOICE EQUITY FUND 10.13% 0.18%(3) $29.14
S&P 500 Index 10.18 -- --
--------------------------------------------------------------------------------
Lipper Growth & Income Fund Index 1.93 -- --
--------------------------------------------------------------------------------
PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2000
In a climate of continued volatility, the Institutional Social Choice Equity
Fund showed a six-month return of 17.61 percent, 0.10 percentage points higher
than its benchmark, the S&P 500 Index, and 6.82 percentage points above its
competition, as measured by the Lipper Growth & Income Index.
A number of stocks in the S&P 500 cannot be held by the fund because they do not
pass certain social screens. The fund attempts to match the benchmark by owning
S&P 500 and non-S&P 500 stocks.
The fund's strong showing during the six-month period was driven by the high
performance in the fund's energy holdings relative to the benchmark.
The fund also benefited by not owning aerospace or defense stocks, as this
sector had a return of -24 percent. The portfolio's strong energy-sector
performance more than offset the relative weakness, versus the benchmark, of the
durable-goods and interest-rate-sensitive sectors.
On a stock-specific basis, Enron Corp, a significant overweight in the fund due
to its passing the relevant social screens, was up 82 percent in the period.
Because the screens preclude the fund from investing in integrated oil companies
(those that engage in the exploration, production, refinement, and distribution
of oil products), the fund benefited from not owning Exxon and Royal Dutch. The
positive effect of owning Enron and not owning integrated oils more than offset
the effect of not owning General Electric. General Electric, the third largest
stock in the S&P 500 on March 31, had a return of 31.62 percent.
TEN LARGEST HOLDINGS AS OF 3/31/00
Company % of Fund's Net Assets Market Value
--------------------------------------------------------------------------------
Microsoft Corp 4.56% $1,328,125
--------------------------------------------------------------------------------
Cisco Systems, Inc 4.40 1,283,387
--------------------------------------------------------------------------------
Intel Corp 3.80 1,108,275
--------------------------------------------------------------------------------
Wal-Mart Stores, Inc 2.13 621,600
--------------------------------------------------------------------------------
International Business Machines Corp 1.94 566,400
--------------------------------------------------------------------------------
Citigroup, Inc 1.91 557,537
--------------------------------------------------------------------------------
Oracle Corp 1.88 546,437
--------------------------------------------------------------------------------
American International Group, Inc 1.79 522,862
--------------------------------------------------------------------------------
Lucent Technologies, Inc 1.71 498,150
--------------------------------------------------------------------------------
AT & T Corp 1.70 495,000
--------------------------------------------------------------------------------
(1) Returns for the Institutional Social Choice Equity Fund reflect past
performance and were achieved during favorable market conditions. No
assurance can be given that the fund will be able to achieve similar
performance returns in the future. 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, 2003, to waive a portion of
the fund's management fee and limit the fund's other expenses.
2000 SEMIANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 7
<PAGE> 8
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 Index
<S> <C> <C> <C>
July 1, 1999 10,000 10,000 10,000
September 30, 1999 10,067 10,068 10,064
December 31, 1999 10,059 10,056 10,044
March 31, 2000 10,278 10,278 10,242
</TABLE>
PERFORMANCE AT A GLANCE AS OF 3/31/00
Total Return(1) Expense Net Assets
INSTITUTIONAL since inception(2) Ratio in millions
BOND FUND 2.78% 0.19%(3) $109.07
--------------------------------------------------------------------------------
Lehman Brothers
Aggregate Bond Index 2.78 -- --
--------------------------------------------------------------------------------
Lipper Intermediate
Investment Grade Debt Index 2.42 -- --
--------------------------------------------------------------------------------
PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2000
For the six months ended March 31, 2000, the Institutional Bond Fund returned
2.10 percent. The fund beat its benchmark, the Lehman Brothers Aggregate Bond
Index, by 0.02 percentage points, and its competition, as measured by the Lipper
Intermediate Investment Grade Debt Index, by 0.33 percentage points.
Two factors led to this performance. The first was a modest overweight position
in mortgage-backed, corporate, U.S. agency, and asset-backed securities during
the fourth quarter of 1999, and the second was reducing the overweights to a
neutral position with regard to these sectors in the first quarter of 2000.
The difference between bond yields and that of a Treasury security of similar
duration (the spread) tightened in all sectors during the fourth quarter as the
issuance of new bonds slowed and fears surrounding Y2K subsided. Spreads
reversed course and widened in the first quarter as investors rushed to buy U.S.
Treasury securities when the Treasury Department released details of its buyback
program, in which the Treasury is using the budget surplus to pay down
government debt, thus reducing the supply of Treasury securities.
INSTITUTIONAL BOND FUND VS. BENCHMARK:
RISK CHARACTERISTICS
Measure* Average Life Option-Adjusted Duration
(in years) 3/31/00 (in years) 3/31/00
Institutional Bond Fund 8.6 4.93
--------------------------------------------------------------------------------
Lehman Brothers
Aggregate Bond Index 8.8 4.95
--------------------------------------------------------------------------------
* As calculated using an analytical model developed by Capital Management
Sciences, a widely recognized investment research firm.
TOP FIVE MARKET SECTORS 3/31/00
Mortgage-backed securities* 37%
--------------------------------------------------------------------------------
U.S. government securities 37
--------------------------------------------------------------------------------
Corporate bonds 20
--------------------------------------------------------------------------------
Money market instruments 3
--------------------------------------------------------------------------------
Yankees** 3
--------------------------------------------------------------------------------
* Includes government-backed and private-label securities and asset-backed
securities
** Foreign government and corporate bonds denominated in U.S. dollars
(1) 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, 2003, to waive a portion of
the fund's management fee and limit the fund's other expenses.
8 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 2000 SEMIANNUAL REPORT
<PAGE> 9
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 IBC Money Market Fund Report Lipper Money Market
Money Market Fund Average(TM)--All Taxable Funds Average
<S> <C> <C> <C>
July 1, 1999 10,000 10,000 10,000
September 30, 1999 10,128 10,115 10,110
December 31, 1999 10,270 10,241 10,234
March 31, 2000 10,420 10,375 10,365
</TABLE>
PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2000
For the six months ended March 31, 2000, the Institutional Money Market Fund
returned 2.87 percent, beating its benchmark, the IBC Money Market Report
Average-All Taxable, by 0.30 percentage points, and its competition, as measured
by the Lipper Money Market Funds Average, by 0.37 percentage points.
For the period, the average weighted maturity of the Institutional Money Market
Fund varied from a low of 19 days to a high of 58 days, compared with a 45- to
57-day range for the benchmark.
The fund increased its holdings in the U.S. Government agency sector to 5
percent during the fourth quarter of 1999 on concerns about the effects of Y2K
on liquidity in the marketplace. During the first quarter of 2000, the fund let
holdings in this sector mature, reinvesting the proceeds into commercial paper.
During the first quarter of 2000, commercial paper provided the best relative
value among the different money market asset classes. As of March 31, 2000, the
Institutional Money Market Fund has 97 percent of its assets in commercial paper
and 3 percent in U.S. government agency securities.
ASSET ALLOCATION AS OF 3/31/00
[PIE CHART]
Commercial Paper 97%
U.S. Government agency securities 3%
PERFORMANCE AT A GLANCE AS OF 3/31/00
<TABLE>
<CAPTION>
Net Annualized Yield
Total Return(1) Expense Average Maturity Net Assets for the 7 days ended 3/28/00
since inception(2) Ratio (days) as of 3/28/00 in millions CURRENT EFFECTIVE
<S> <C> <C> <C> <C> <C> <C>
INSTITUTIONAL
MONEY MARKET FUND 4.2% 0.16%(3) 30 $25.07 5.86% 6.03%
------------------------------------------------------------------------------------------------------------------------------------
IBC's Money Fund Report
Average(TM)--All Taxable 3.75 .49 48 -- 5.38 5.53
------------------------------------------------------------------------------------------------------------------------------------
Lipper Money Market Funds Average 3.64 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
</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. 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
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, 2003, to waive a portion of
the fund's management fee and limit the fund's other expenses.
LIKE THE OTHER INSTITUTIONAL FUNDS, 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.
2000 SEMIANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 9
<PAGE> 10
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (UNAUDITED) SUMMARY BY INDUSTRY
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
BOND
CORPORATE BOND
TRANSPORTATION EQUIPMENT $ 622 0.00%
----------- ------
TOTAL CORPORATE BOND
(Cost $476) 622 0.00
----------- ------
TOTAL BOND
(Cost $476) 622 0.00
----------- ------
PREFERRED STOCK
APPAREL AND OTHER TEXTILE PRODUCTS 4,300 0.01
BUSINESS SERVICES 789,512 1.40
MOTION PICTURES 303,017 0.53
STONE, CLAY, AND GLASS PRODUCTS 3,781 0.01
----------- ------
TOTAL PREFERRED STOCK
(Cost $876,611) 1,100,610 1.95
----------- ------
COMMON STOCK
AMUSEMENT AND RECREATION SERVICES 106,436 0.19
APPAREL AND ACCESSORY STORES 64,565 0.11
APPAREL AND OTHER TEXTILE PRODUCTS 35,874 0.06
BUILDING MATERIALS AND GARDEN
SUPPLIES 26,568 0.05
BUSINESS SERVICES 11,394,730 20.15
CHEMICALS AND ALLIED PRODUCTS 2,482,394 4.39
COMMUNICATIONS 11,947,198 21.13
DEPOSITORY INSTITUTIONS 4,062,369 7.18
EATING AND DRINKING PLACES 193,661 0.34
EDUCATIONAL SERVICES 20,688 0.04
ELECTRIC, GAS, AND SANITARY SERVICES 1,052,515 1.86
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 7,596,695 13.43
ENGINEERING AND MANAGEMENT SERVICES 17,526 0.03
FABRICATED METAL PRODUCTS 79,823 0.14
FOOD AND KINDRED PRODUCTS 809,295 1.43
FOOD STORES 306,560 0.54
GENERAL BUILDING CONTRACTORS 54,585 0.10
GENERAL MERCHANDISE STORES 226,816 0.40
HEAVY CONSTRUCTION, EXCEPT BUILDING 87,887 0.16
HOLDING AND OTHER INVESTMENT OFFICES 527,686 0.93
HOTELS AND OTHER LODGING PLACES 40,153 0.07
INDUSTRIAL MACHINERY AND EQUIPMENT 727,610 1.29
INSTRUMENTS AND RELATED PRODUCTS 1,098,766 1.94
INSURANCE AGENTS, BROKERS AND SERVICE 57,237 0.10
INSURANCE CARRIERS 1,119,027 1.98
LOCAL AND INTERURBAN PASSENGER
TRANSIT 74,417 0.13
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
LUMBER AND WOOD PRODUCTS $ 23,726 0.04%
METAL MINING 93,229 0.16
MISCELLANEOUS MANUFACTURING
INDUSTRIES 328,503 0.58
MISCELLANEOUS RETAIL 83,384 0.15
MOTION PICTURES 292,247 0.52
NONDEPOSITORY INSTITUTIONS 569,718 1.01
OIL AND GAS EXTRACTION 571,096 1.01
PAPER AND ALLIED PRODUCTS 128,518 0.23
PETROLEUM AND COAL PRODUCTS 1,041,620 1.84
PRIMARY METAL INDUSTRIES 131,187 0.23
PRINTING AND PUBLISHING 1,136,096 2.01
RAILROAD TRANSPORTATION 73,017 0.13
REAL ESTATE 292,430 0.52
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 338,065 0.60
SECURITY AND COMMODITY BROKERS 384,750 0.68
SPECIAL TRADE CONTRACTORS 11,565 0.02
STONE, CLAY, AND GLASS PRODUCTS 436,756 0.77
TEXTILE MILL PRODUCTS 11,786 0.02
TOBACCO PRODUCTS 44,499 0.08
TRANSPORTATION BY AIR 124,371 0.22
TRANSPORTATION EQUIPMENT 1,272,081 2.25
TRANSPORTATION SERVICES 136,527 0.24
TRUCKING AND WAREHOUSING 71,535 0.13
WATER TRANSPORTATION 28,357 0.05
WHOLESALE TRADE-DURABLE GOODS 793,743 1.40
----------- ------
TOTAL COMMON STOCK
(Cost $44,543,920) 52,629,887 93.06
----------- ------
SHORT TERM INVESTMENT
U.S. GOVERNMENT AGENCY 3,033,006 5.36
----------- ------
TOTAL SHORT TERM INVESTMENT
(Cost $3,033,006) 3,033,006 5.36
----------- ------
TOTAL PORTFOLIO
(Cost $48,454,013) 56,764,125 100.37
OTHER ASSETS & LIABILITIES, NET (211,489) (0.37)
----------- ------
NET ASSETS $56,552,636 100.00%
=========== ======
</TABLE>
10 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 11
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (UNAUDITED) SUMMARY BY COUNTRY
March 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------
VALUE %
-------------------------------------------------------------
<S> <C> <C>
DOMESTIC
UNITED STATES $ 1,034,600 1.82%
----------- ------
TOTAL DOMESTIC 1,034,600 1.82
----------- ------
FOREIGN
AUSTRALIA 950,310 1.67
AUSTRIA 20,824 0.04
BELGIUM 179,702 0.32
CHINA 349,863 0.62
DENMARK 194,586 0.34
FINLAND 2,370,783 4.18
FRANCE 2,826,056 4.98
GERMANY 7,044,505 12.41
HONG KONG 2,048,475 3.61
INDIA 620,274 1.09
IRELAND 382,193 0.67
ITALY 2,532,073 4.46
JAPAN 12,784,435 22.52
NETHERLANDS 2,801,125 4.93
NEW ZEALAND 20,127 0.04
NORWAY 85,594 0.15
PORTUGAL 241,667 0.43
SINGAPORE 745,958 1.31
SPAIN 1,022,200 1.80
SWEDEN 2,083,604 3.67
SWITZERLAND 1,962,211 3.46
UNITED KINGDOM 11,429,954 20.14
----------- ------
TOTAL FOREIGN 52,696,519 92.84
TOTAL SHORT TERM 3,033,006 5.34
----------- ------
TOTAL PORTFOLIO $56,764,125 100.00%
=========== ======
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 11
<PAGE> 12
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (UNAUDITED)
March 31 , 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL/SHARES VALUE
<S> <C>
BOND
CORPORATE BOND -- 0.00%
TRANSPORTATION EQUIPMENT -- 0.00%
$ 392(1) BRITISH AEROSPACE PLC
7.450%, 11/30/03 $ 622
-----------
TOTAL CORPORATE BOND
(Cost $476) 622
-----------
TOTAL BOND
(Cost $476) 622
-----------
</TABLE>
---------------
(1) Denonimated in British Pounds.
<TABLE>
<S> <C>
PREFERRED STOCK -- 1.95%
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.01%
42 ESCADA AG. 4,300
-----------
BUSINESS SERVICES -- 1.40%
1,109 SAP AG. 789,512
-----------
MOTION PICTURES -- 0.53%
2,650 * PROSIEBEN MEDIA AG. 303,017
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 0.01%
152 DYCKERHOFF ZEMENTWERKE AG. 3,781
-----------
TOTAL PREFERRED STOCK
(Cost $876,611) 1,100,610
-----------
COMMON STOCK -- 93.06%
AMUSEMENT AND RECREATION SERVICES -- 0.19%
1,900 EMI GROUP PLC 21,096
5,335 GRANADA GROUP LTD (CLASS A) 57,236
200 ORIENTAL LAND CO LTD 21,878
1,109 TABCORP HOLDINGS LTD 6,226
-----------
106,436
-----------
APPAREL AND ACCESSORY STORES -- 0.11%
136 * DOUGLAS HOLDINGS AG. 4,255
2,010 HENNES & MAURITZ AB SERIES B 55,833
41 * SHIMAMAURA CO LTD 4,477
-----------
64,565
-----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.06%
177 * AOYAMA TRADING CO LTD 2,735
4,451 BENETTON GROUP S.P.A. 9,156
2,000 * GUNZE LTD 5,186
1,000 KURARAY CO LTD 9,145
1,000 TOKYO STYLE CO LTD 9,652
-----------
35,874
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES -- 0.05%
900 CRH PLC 16,147
486 MEYER INTERNATIONAL PLC 3,965
1,180 WOLSELEY PLC 6,456
-----------
26,568
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C>
BUSINESS SERVICES -- 20.15%
39 ADECCO S.A. (REGD) $ 26,974
3,500 * AETHER SYSTEMS, INC 635,250
32,300 * ANITE GROUP PLC 107,436
117 * ASIAINFO HOLDINGS, INC 7,078
3,350 * BIODATA INFORMATION TECHNOLOGY AG. 1,266,183
88,365 * BMCMEDIA.COM 279,234
2,600 * BUSINESS OBJECTS S.A. (SPONS ADR) 258,700
165 CAP GEMINI S.A. 44,681
530 CAPITA GROUP PLC 13,553
1,639 * CHINA.COM CORP (CLASS A) 132,759
1,200 * COMPTEL OYJ 132,737
82 CSK CORP 3,837
214 DASSAULT SYSTEMS S.A. 20,190
309,000 * E-KONG GROUP LTD 77,780
22,900 * FANTASTIC CORP 678,627
21,600 * FRAMTIDSFABRIKEN AB 527,499
1,800 * FUJITSU SUPPORT & SERVICE, INC 303,787
273 * GETRONICS NV 20,872
250 * GIGAMEDIA LTD 13,562
6,001 HAYS PLC 39,274
1,240 * INTERSHOP COMMUNICATIONS AG. 625,297
264 * ISS INTERNATIONAL SERVICE SYSTEM
AS SERIES B 17,304
100 KONAMI CO LTD 6,824
100 * KONAMI CO LTD (NEW) 6,824
303 * LAGARDERE S.C.A. 24,600
15,429 LOGICA PLC 517,137
1,000 MEITEC CORP 35,099
622 MISYS PLC 8,692
177 * NAVISION SOFTWARE AS 15,924
500 * ORACLE CORP (JAPAN) 419,245
3,600 * PIXELPARK AG. 465,040
2,600 * POET HOLDINGS, INC 293,568
144 * PSION PLC 9,561
5,000 RENTOKIL INITIAL PLC 13,041
43,601 REUTERS GROUP PLC 884,761
3,159 * SAGE GROUP PLC 35,453
287 SAP AG. 160,928
304 * SATAMA INTERACTIVE 6,981
253 SECOM CO LTD 21,707
9,270 SECURICOR PLC 18,781
865 * SECURITAS AB SERIES B FREE 20,924
997 * SEMA GROUP PLC 19,913
17,400 * SILVERLINE INDUSTRIES LTD 321,024
3,650 * SINNERSCHRADER AG. 244,481
2,845,500 * SINO-I.COM LTD 274,080
214 * SOFTBANK CORP 190,912
23,000 * STONESOFT OYJ 541,399
21 * SUNEVISION HOLDINGS 35
11 * SURVEILLANCE S.A. SOCIETE DE 3,969
4,900 * TIBCO SOFTWARE, INC 399,350
186 TIETOENATOR CORP 11,159
1,190 * TISCALI S.P.A. 832,374
3,000 TOKYU CORP 13,279
1,000 TRANS COSMOS 282,747
4,000 WHARF HOLDINGS LTD 7,654
</TABLE>
12 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 13
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
BUSINESS SERVICES -- (CONTINUED)
177 * WM-DATA AB SERIES B $ 9,628
2,561 WPP GROUP PLC 45,022
-----------
11,394,730
-----------
CHEMICALS AND ALLIED PRODUCTS -- 4.39%
695 AKZO NOBEL NV 29,660
3,000 ASAHI CHEMICAL INDUSTRY CO LTD 19,158
4,179 ASTRAZENECA PLC (UNITED KINGDOM) 169,269
1,747 AVENTIS S.A. 95,618
1,480 BASF AG. 70,171
1,630 BAYER AG. 72,962
180 BEIERSDORF AG. 13,090
1,110 BOC GROUP PLC 21,727
711 * CELLTECH CHIROSCIENCE PLC 12,885
1,316 CHUGAI PHARMACEUTICAL CO LTD 24,673
871 DAICEL CHEMICAL INDUSTRIES LTD 2,972
485 DAIICHI PHARMACEUTICAL CO LTD 7,518
1,000 DAINIPPON INK & CHEMICAL, INC 4,046
2,110 DENKI KAGKU KOGYO 8,043
356 EISAI CO LTD 9,388
390 * FANCL CORP 63,805
317 GEHE AG. 10,613
8,819 GLAXO WELLCOME PLC 252,537
2,816 IMPERIAL CHEMICAL INDUSTRY PLC 23,551
532 KANEKA CORP 6,649
1,613 KAO CORP 49,381
1,000 KUREHA CHEMICAL INDUSTRY CO LTD 2,778
1,000 KYOWA HAKKO KOGYO 11,368
168 L'AIR LIQUIDE (REGD) 23,325
10 * LONZA AG. (REGD) 5,424
152 LOREAL S.A. 98,175
549 MERCK & CO KGAA 17,545
4,737 MITSUBISHI CHEMICAL CORP 18,889
3,000 MITSUBISHI GAS CHEMICAL CO, INC 7,224
3,139 * MONTEDISON S.P.A. 5,481
171 NOVARTIS AG. (REGD) 233,869
187 NOVO NORDISK AS (CLASS B) 25,236
916 * NYCOMED AMERSHAM PLC 7,481
20 ROCHE HOLDINGS AG. (GENUSSCHEINE) 217,237
1,514 SANKYO CO LTD 38,158
1,597 * SANOFI-SYNTHELABO S.A. 60,895
138 SCHERING AG. 18,222
2,250 SEKISUI CHEMICAL CO LTD 7,436
1,403 SHIN-ETSU CHEMICAL CO LTD 85,220
1,461 SHIONOGI & CO LTD 25,953
1,367 SHISEIDO & CO LTD 18,592
2,000 * SHOWA DENKO K.K. 2,671
13 * SIKA FINANZ AG. (BR) 4,237
12,968 SMITHKLINE BEECHAM/BECKMAN LTD 171,295
195 SOLVAY ET CIE S.A. 13,994
4,000 SUMITOMO CHEMICAL CO LTD 21,878
1,377 TAISHO PHARMACEUTICAL CO LTD 47,526
3,081 TAKEDA CHEMICAL INDUSTRIES LTD 219,287
2,000 TEIJIN LTD 8,482
3,000 TORAY INDUSTRIES, INC 11,582
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
2,000 TOSOH CORP $ 9,769
1,286 UBE INDUSTRIES LTD 2,908
337 UCB S.A. 12,253
776 WESFARMERS LTD 5,494
1,000 YAMANOUCHI PHARMACEUTICAL CO LTD 54,794
-----------
2,482,394
-----------
COMMUNICATIONS -- 21.13%
467 ALCATEL 102,465
4,089 BRITISH SKY BROADCASTING GROUP PLC 108,284
14,705 BRITISH TELECOMMUNICATIONS PLC 275,642
27,397 CABLE & WIRELESS HKT LTD 71,777
34,493 CABLE & WIRELESS PLC 648,214
278 CANAL PLUS S.A. 61,182
1,241 CARLTON COMMUNICATIONS PLC 15,056
3,488 * CHINA TELECOM LTD (HONG KONG)
(SPONS ADR) 618,248
10,668 * COLT TELECOM GROUP PLC 508,007
174 * CRAYFISH CO LTD (SPONS ADR) 6,612
6,850 DEUTSCHE TELEKOM AG. 550,585
7,434 EIRCOM PLC 33,006
13,621 ERICSSON TELEFON (LM) AB SERIES B 1,196,566
2,266 FRANCE TELECOM S.A. 390,289
5 FUJI TELEVISION NETWORK, INC 86,774
1,000 FUJIKURA LTD 4,962
1,101 KONINKLIJKE KPN NV 126,053
6,199 MARCONI PLC 74,070
31,966 MEDIASET S.P.A. 634,994
252 NETCOM AB SERIES B 21,729
35 NIPPON TELEGRAPH & TELEPHONE CORP 556,231
12 NTT MOBILE COMMUNICATIONS 492,564
11,888 * OLIVETTI GROUP S.P.A. 42,657
2,925 PORTUGAL TELECOM S.A. 37,504
29 * PUBLICIS S.A. 15,539
1,500 * SERVICOS TELECOMUNICACOE
MULTIMEDIA S.A. 133,483
18,000 * SINGAPORE TELECOMMUNICATIONS LTD 25,676
300 * SOCIETE TELEVISION FRANCAISE 221,037
1,756 SONERA GROUP OYJ 119,803
174 SWISSCOM AG. (REGD) 66,766
700 TELE DANMARK AS 62,977
4,000 TELECOM CORP OF NEW ZEALAND 18,099
9,711 TELECOM ITALIA 144,958
17,297 TELECOM ITALIA MOBILE S.P.A. 212,184
12,623 * TELEFONICA DE ESPANA S.A. 318,875
1,000 TELEVISION BROADCASTS LTD 8,893
18,759 TELSTRA CORP 86,538
1,500 * TERRA NETWORKS S.A. 120,781
252 TOKYO BROADCASTING SYSTEMS, INC 9,950
11,700 * UNITED PAN-EUROPE COMMUNICATIONS
NV 546,672
422,680 VODAFONE AIRTOUCH PLC 2,349,941
7,539 VODAFONE AIRTOUCH PLC ADR 418,885
11,800 YOKOWO CO LTD 402,670
-----------
11,947,198
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 13
<PAGE> 14
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
DEPOSITORY INSTITUTIONS -- 7.18%
3,688 ABBEY NATIONAL PLC $ 48,538
3,574 ABN-AMRO HOLDINGS NV 79,648
2,020 ALLIED IRISH BANK PLC 19,618
800 ARGENTARIA, CAJA POSTAL Y BCO
HIPOTECA 11,742
33,000 ASAHI BANK LTD 185,004
625 BANCA COMMERCIALE ITALIANA S.P.A. 2,852
13,134 * BANCA DI ROMA 14,490
10,238 BANCA INTESA S.P.A. 35,365
625 * BANCA INTESA S.P.A. PUT WTS
11/15/02 1,399
662 BANCA POPOLARE DI MILANO 4,586
2,000 BANCO COMERCIAL PORTUGUES S.A.
(REGD) 10,774
159 BANCO ESPIRITO SANTO S.A. 3,803
9,725 BANCO SANTANDER CENTRAL HISPANO
S.A. 104,501
151 BANK AUSTRIA AG. 7,354
6,000 BANK OF EAST ASIA LTD 13,330
3,000 BANK OF FUKUOKA LTD 20,591
30,000 BANK OF TOKYO MITSUBISHI LTD 429,093
2,000 BANK OF YOKOHAMA LTD 8,111
1,015 BANQUE NATIONALE DE PARIS 80,126
3,837 BARCLAYS PLC 101,733
1,067 BAYERISCHE HYPO-UND VEREINSBANK
AG. 66,108
7,038 BANCO BILBAO VIZCAYA ARGENTARIA 103,441
718 BPI-SGPS S.A. (REGD) 2,548
1,000 CHRISTIANIA BANK OG KREDITKASSE 5,190
1,600 * CHUO TRUST & BANKING CO LTD 9,219
634 CREDIT SUISSE GROUP (REGD) 126,213
4,000 DAIWA BANK LTD 11,855
3,518 * DBS GROUP HOLDINGS LTD 46,480
173 DEN DANSKE BANK AF 1871 18,121
1,398 * DEUTSCHE BANK AG. (REGD) 92,569
2,732 * DNB HOLDING ASA 10,488
1,339 * DRESDNER BANK AG. (REGD) 55,081
1,274 FORENINGSSPARBANKEN AB 17,325
7,815 FUJI BANK LTD 73,528
1,000 GUNMA BANK LTD 5,479
4,000 HANG SENG BANK LTD 34,932
3,000 HOKURIKU BANK LTD 7,604
18,892 HSBC HOLDINGS PLC (UNITED KINGDOM) 223,325
7,000 INDUSTRIAL BANK OF JAPAN LTD 64,017
2,000 JOYO BANK 8,092
687 KBC BANCASSURANCE HOLDINGS NV 24,651
11,743 LLOYDS TSB GROUP PLC 124,016
3,328 MITSUBISHI TRUST & BANKING CORP 30,890
3,769 NATIONAL AUSTRALIA BANK LTD 48,454
3,100 * OVERSEAS CHINESE BANKING CORP LTD 19,210
6,119 ROYAL BANK OF SCOTLAND PLC 90,099
47,641 SAKURA BANK LTD 362,770
13,311 SAN PAOLO-IMI S.P.A. 182,265
20,000 SANWA BANK LTD 208,257
1,000 SEVENTY-SEVEN (77) BANK LTD 7,146
2,000 SHIZUOKA BANK LTD 16,964
1,713 SKANDINAVISKA ENSKILDA BANKEN
SERIES A 18,438
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
273 SOCIETE GENERALE S.A. $ 54,439
21,661 SUMITOMO BANK LTD 323,124
1,718 SVENSKA HANDELSBANKEN SERIES A 21,176
7,000 TOKAI BANK LTD 42,314
709 UBS AG. (REGD) 186,343
100 UNI BANKDANMARK AS (CLASS A) 6,413
12,323 UNICREDITO ITALIANO S.P.A. 49,052
8,952 * UNITED OVERSEAS BANK LTD 54,951
4,333 WESTPAC BANKING CORP 27,124
-----------
4,062,369
-----------
EATING AND DRINKING PLACES -- 0.34%
369 * AUTOGRILL S.P.A. 3,424
13,388 COMPASS GROUP PLC 174,707
130 SKYLARK CO LTD 3,536
43 SODEXHO ALLIANCE S.A. 6,690
18 VALORA HOLDINGS AG. (REGD) 5,304
-----------
193,661
-----------
EDUCATIONAL SERVICES -- 0.04%
100 BENESSE CORP 10,432
100 * BENESSE CORP (NEW) 10,256
-----------
20,688
-----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 1.86%
223 AGUAS DE BARCELONA S.A. 3,510
2 * AGUAS DE BARCELONA S.A. (NEW) 29
683 ANGLIAN WATER PLC 5,646
896 AUSTRALIA GAS LIGHT CO 4,323
7,924 * BG GROUP PLC 44,654
9,598 CENTRICA PLC 36,671
5,000 CLP HOLDINGS LTD 22,410
126 ELECTRABEL NV 33,336
1,400 ELECTRICIDADE DE PORTUGAL S.A. 26,189
2,546 ENDESA S.A. 58,395
17,880 * ENEL S.P.A. 80,069
1,175 GAS NATURAL SDG S.A. 22,925
56 GROUPE BRUXELLES LAMBERT S.A. 11,922
14,012 HONG KONG & CHINA GAS CO LTD 17,545
2,195 IBERDROLA S.A. 28,627
1,200 ITALGAS S.P.A. 5,500
3,000 KANSAI ELECTRIC POWER CO, INC 44,869
3,398 NATIONAL GRID GROUP PLC 31,061
2,218 NATIONAL POWER PLC 11,119
2,000 OSAKA GAS CO LTD 4,835
100 * OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG. 10,716
1,249 RHEIN-WESTFALEN ELECTRIC AG. 44,578
4,280 SCOTTISH POWER PLC 34,668
100 SUEZ LYONNAISE (STRIP VVPR) 0
100 SUEZ LYONNAISE DES EAUX 17,175
399 SUEZ LYONNAISE DES EAUX S.A. 68,569
1,150 THAMES WATER PLC 13,016
1,761 TOHOKU ELECTRIC POWER CO, INC 22,577
3,554 TOKYO ELECTRIC POWER CO, INC 77,965
2,000 TOKYO GAS CO LTD 4,309
688 UNION ELECTRICA FENOSA S.A. 14,127
</TABLE>
14 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 15
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
ELECTRIC, GAS, AND SANITARY SERVICES -- (CONTINUED)
18 UNITED UTILITIES PLC $ 188
1,301 VEBA AG. 66,290
1,384 VIAG AG. 27,890
1,360 VIVENDI S.A. 156,812
-----------
1,052,515
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 13.43%
159 * ABB LTD 18,734
599 * ABB LTD (SWITZERLAND) 68,809
113 ADVANTEST CORP 24,006
202 ALPS ELECTRIC CO LTD 2,761
338 * ASM LITHOGRAPHY HOLDINGS NV 37,743
17 BARCO NV 2,179
10,100 * BOWTHORPE HOLDINGS PLC 186,744
2,000 BROTHERS INDUSTRIES LTD 5,225
1,946 * CHARTERED SEMICONDUCTOR
MANUFACTURING 183,410
1,039 ELECTROCOMPONENTS PLC 10,533
883 ELECTROLUX AB SERIES B 16,709
3,903 * EPCOS AG. 513,518
23,100 ERG LTD 159,144
13,106 FUJITSU LTD 402,513
2,000 FURUKAWA ELECTRIC CO LTD 33,637
62 * GROUPE SEB S.A. 3,589
100 HIROSE ELECTRIC CO LTD 14,127
7,967 HITACHI LTD 94,688
840 * INFINEON TECHNOLOGIES AG. 45,855
23,705 JOHNSON ELECTRIC HOLDINGS LTD 162,112
784 KONINKLIJKE PHILIPS ELECTRONICS NV 131,733
227 KYOCERA CORP 37,978
5,294 MATSUSHITA ELECTRIC INDUSTRIAL CO
LTD 158,461
6,000 MITSUBISHI ELECTRIC CORP 56,627
4,372 MURATA MANUFACTURING CO LTD 1,063,532
1,000 NGK SPARK PLUG CO LTD 11,407
3,808 NIPPON ELECTRIC CORP 112,496
6,952 NOKIA OYJ 1,470,133
1,000 PIONEER CORP 28,372
2,236 ROHM CO 778,287
5,108 SANYO ELECTRIC CO LTD 30,479
462 SCHNEIDER ELECTRIC S.A. 29,486
3,317 SHARP CORP 70,987
631 SONY CORP 89,206
1,631 * SONY CORP (NEW) 232,170
4,284 ST MICROELECTRONICS NV 787,055
1,778 SUMITOMO ELECTRIC INDUSTRIES CO 25,084
5,900 * TAIWAN SEMICONDUCTOR MANUFACTURING
CO LTD ADR 336,300
166 TAIYO YUDEN CO LTD 10,730
247 TOKYO ELECTRON CO LTD 37,327
8,488 TOSHIBA CORP 86,563
1,000 VENTURE MANUFACTURING (SINGAPORE)
LTD 13,738
1,542 YAMAHA CORP 12,508
-----------
7,596,695
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
ENGINEERING AND MANAGEMENT SERVICES -- 0.03%
2,000 SEMBCORP INDUSTRIES LTD $ 2,034
12,927 SINGAPORE TECHNOLOGIES ENGINEERING
LTD 15,492
-----------
17,526
-----------
FABRICATED METAL PRODUCTS -- 0.14%
52 CARADON PLC 115
1,706 GKN PLC 21,269
100 SMC CORP 20,962
1,000 * TAKARA STANDARD CO 4,192
1,000 TOSTEM CORP 16,184
1,000 TOYO SEIKAN KAISHA LTD 17,101
-----------
79,823
-----------
FOOD AND KINDRED PRODUCTS -- 1.43%
1,744 AJINOMOTO CO LTD 21,254
1,000 ASAHI BREWERIES LTD 10,042
2,003 BASS PLC 25,211
131 * BRAU UND BRUNNEN AG. 4,637
4,133 CADBURY SCHWEPPES LTD 27,774
100 CARLSBERG BREWERIES AS (CLASS A) 2,891
1,030 COCA COLA AMATIL LTD 2,563
100 DANISCO AS 3,200
204 DANONE GROUP 45,091
8,571 DIAGEO PLC (CLASS A) 64,401
1 ERIDANIA BEGHIN-SAY S.A. 83
4,713 FOSTERS BREWING GROUP LTD 11,700
763 HEINEKEN NV 40,775
187 HOUSE FOODS CORP 2,771
232 KERRY GROUP (CLASS A) 3,019
1,000 KIKKOMAN CORP 7,517
2,374 KIRIN BREWERY CO LTD 29,071
234 LVMH MOET HENNESSY LOUIS VUITTON 97,892
1,000 MEIJI MILK PRODUCTS CO LTD 6,113
1,000 MEIJI SEIKA KAISHA LTD 6,980
98 NESTLE S.A. (REGD) 175,642
2,000 NICHIREI CORP 5,557
1,000 NIPPON MEAT PACKERS, INC 11,504
842 NIPPON OIL & FATS CO LTD 2,159
2,000 NIPPON SUISAN KAISHA LTD 3,490
1,000 NISSIN FOOD PRODUCTS CO LTD 22,571
775 ORKLA ASA 11,846
3,740 PARMALAT FINANZIARIA S.P.A. 4,162
239 PERNOD-RICARD S.A. 11,491
1,000 SOUTHCORP LTD 2,892
235 TAKARA SHUZO CO LTD 5,269
300 UNIGATE PLC 1,533
7,071 UNILEVER LTD 45,318
1,391 UNILEVER NV CERTIFICATE 68,613
1,388 UNITED BISCUITS HOLDINGS PLC 5,818
1,000 YAKULT HONSHA CO LTD 8,891
1,000 YAMAZAKI BAKING CO LTD 9,554
-----------
809,295
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 15
<PAGE> 16
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
FOOD STORES -- 0.54%
837 CARREFOUR SUPERMARCHE S.A. $ 107,240
276 CASINO GUICHARD-PERRACHON S.A. 24,957
100 DELHAIZE FRERES NV 5,396
452 ITO-YOKADO CO LTD 32,347
127 JERONIMO MARTINS SGPS S.A. 2,302
1,573 KONINKLIJKE AHOLD NV 40,925
3,075 SAINSBURY (J) PLC 13,882
18,241 TESCO PLC 60,746
1,000 UNY CO LTD 8,765
3,224 WOOLWORTHS LTD 10,000
-----------
306,560
-----------
GENERAL BUILDING CONTRACTORS -- 0.10%
1,579 AMEC PLC 4,786
300 BARRATT DEVELOPMENTS PLC 1,136
1,000 * BORAL LTD 1,371
2,000 DAIWA HOUSE INDUSTRY CO LTD 13,708
5,000 * FUJITA CORP 2,729
2,000 OBAYASHI CORP 7,312
1,000 SHIMIZU CORP 2,798
274 SKANSKA AB SERIES B FREE 9,291
4,000 TAISEI CORP 6,356
2,174 TAYLOR WOODROW PLC 5,098
-----------
54,585
-----------
GENERAL MERCHANDISE STORES -- 0.40%
2,033 COLES MYER LTD 8,021
1,000 DAIMARU, INC 3,383
200 * HAGEMEYER NV 4,252
225 JUSCO CO LTD 3,369
430 KARSTADT QUELLE AG. 13,170
3,016 KINGFISHER PLC 24,778
4,647 MARKS & SPENCER PLC 18,570
1,354 MARUI CO LTD 24,514
788 METRO AG. 31,216
1,000 * MITSUKOSHI LTD 4,328
2,000 MYCAL CORP 7,312
308 PINAULT-PRINTEMPS-REDOUTE S.A. 57,057
375 SONAE SGPS S.A. 18,676
1,000 TAKASHIMAYA CO LTD 8,170
-----------
226,816
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.16%
301 AUTOPISTAS CONCESIONARIA ESPANOLA
S.A. 2,834
64 BOUYGUES S.A. 50,706
31 * BOUYGUES S.A. RTS 148
500 BRISA-AUTO ESTRADAS DE PORTUGAL
S.A. 3,679
289 DRAGADOS Y CONSTRUCCIONES S.A. 2,488
200 FOMENTO CONSTRUCCIONES Y CONTRATAS
S.A 4,267
104 GROUPE GTM 7,702
202 HOCHTIEF AG. 5,702
1,000 * JGC CONSTRUCTION CORP 2,788
1,000 KAJIMA CORP 2,768
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
319 MAEDA ROAD CONSTRUCTION CO LTD $ 1,461
1,000 OKUMURA CORP 3,344
-----------
87,887
-----------
HOLDING AND OTHER INVESTMENT OFFICES -- 0.93%
3,818 ALLIED ZURICH PLC 41,935
962 * CANARY WHARF FINANCE PLC 5,432
154 DROTT AB SERIES B 1,568
21,360 HUTCHINSON WHAMPOA LTD 385,420
1,234 LAND SECURITIES PLC 14,744
1,164 LEND LEASE CORP LTD 15,042
300 PROMISE CO LTD 23,136
3,000 SUMITOMO CORP 36,386
2,069 WESTFIELD TRUST (UNITS) 3,880
79 * WESTFIELD TRUST (NEW UNITS) 143
-----------
527,686
-----------
HOTELS AND OTHER LODGING PLACES -- 0.07%
578 ACCOR S.A. 22,675
1,824 HILTON GROUP PLC 8,489
8,000 SHANGRI-LA ASIA LTD 8,989
-----------
40,153
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 1.29%
333 AGIV AG. 6,117
1,588 AMADA CO LTD 12,850
509 ATLAS COPCO AB SERIES B FREE 11,841
267 BUDERUS AG. 4,470
1,000 DAI NIPPON SCREEN MANUFACTURING CO
LTD 6,932
1,000 DAIKIN INDUSTRIES LTD 18,524
3,886 * DIXONS GROUP PLC (NEW) 17,993
1,000 EBARA CORP 13,064
648 * FAG KUGELFISCHER (GEORG) SCHAEFER
AG. 5,704
306 FANUC LTD 32,102
1,276 * FKI PLC 4,692
3,000 ISHIKAWAJIMA-HARIMA HEAVY
INDUSTRIES CO LTD 3,509
6,460 * JOT AUTOMATION GROUP OYJ 58,105
1,000 KEPPEL CORP LTD 2,350
2,404 KOMATSU LTD 11,438
92 KOMORI CORP 1,412
5,000 KUBOTA CORP 17,208
145 LINDE AG. 6,271
204 MAKITA CORP 1,807
320 METSO OYJ 4,317
1,000 MINEBEA CO LTD 13,308
10,000 MITSUBISHI HEAVY INDUSTRIES LTD 31,492
26 NIDEC CORP 2,357
26 * NIDEC CORP (NEW) 2,357
2,592 NSK LTD 19,408
1,704 NTN TOYO BEARING CO LTD 5,150
1,000 OMRON CORP 28,469
455 SANDVIK AB SERIES A 11,690
163 SANDVIK AB SERIES B FREE 4,225
25 SIDEL S.A. 1,626
260 SVENKA KULLAGERFABRIKEN AB SERIES B 5,777
</TABLE>
16 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 17
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
INDUSTRIAL MACHINERY AND EQUIPMENT -- (CONTINUED)
3,600 * THK CO LTD $ 165,670
382 TOMRA SYSTEMS AS 7,649
4,142 * TRINTECH GROUP PLC ADR 161,538
72 * VESTAS WIND SYSTEMS A/S 26,188
-----------
727,610
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 1.94%
1,922 CANON, INC 83,389
1,000 CASIO COMPUTER CO LTD 10,617
1,241 CITIZEN WATCH CO LTD 10,466
135 * FRESENIUS MEDICAL CARE AG. 10,062
1,632 FUJI PHOTO FILM CO LTD 71,921
589 * GAMBRO AB (CLASS A) 3,851
3,859 IMI PLC 13,974
45,735 INVENSYS PLC 203,196
660 KEYENCE CORP 263,832
1,470 NIKON CORP 56,469
1,000 OLYMPUS OPTICAL CO LTD 15,502
9,000 RICOH CO LTD 193,048
28 * SAGEM S.A. (NEW) 36,705
4,938 * SMITH & NEPHEW PLC 14,238
1,380 * ST ASSEMBLY TEST SERVICES LTD ADR 66,930
68 SWATCH GROUP AG. (REGD) 16,052
102 * WILLIAM DEMANT AS 16,255
584 WILLIAMS PLC 2,958
1,000 YOKOGAWA ELECTRIC CORP 9,301
-----------
1,098,766
-----------
INSURANCE AGENTS, BROKERS AND SERVICE -- 0.10%
2,232 FORTIS B 57,237
-----------
INSURANCE CARRIERS -- 1.98%
1,545 AEGON NV 123,443
546 ALLIANZ AG. (REGD) 223,348
2,797 AMP LTD 26,417
2,980 ASSICURAZIONI GENERALI S.P.A. 82,636
869 AXA 123,148
3,298 CGU PLC 46,036
2,031 COLONIAL LTD 9,333
12,161 LEGAL & GENERAL GROUP PLC 31,574
1,000 MITSUI TAISHO MARINE & FIRE CO LTD 4,504
406 MUENCHENER RUECKVER AG. (REGD) 126,259
101 POHJOLA INSURANCE CO LTD SERIES B 7,489
3,963 PRUDENTIAL PLC 59,839
1,233 QBE INSURANCE GROUP LTD 5,238
1,491 RAS S.P.A. 13,810
144 SAMPO INSURANCE CO SERIES A 5,511
1,243 SKANDIA FORSAKRINGS AB 58,841
1,280 UNI-STOREBRAND AS SERIES A 7,811
1,000 SUMITOMO MARINE & FIRE INSURANCE
CO 5,069
33 SWISS REINSURANCE 57,179
3,747 TOKIO MARINE & FIRE INSURANCE CO
LTD 38,542
125 ZURICH ALLIED AG. 63,000
-----------
1,119,027
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
LOCAL AND INTERURBAN PASSENGER TRANSIT -- 0.13%
6 CENTRAL JAPAN RAILWAY CO $ 36,328
5 EAST JAPAN RAILWAY CO 25,934
6,271 STAGECOACH HOLDINGS PLC 12,155
-----------
74,417
-----------
LUMBER AND WOOD PRODUCTS -- 0.04%
2,347 CARTER HOLT HARVEY LTD 2,028
2,365 SEKISUI HOUSE LTD 21,698
-----------
23,726
-----------
METAL MINING -- 0.16%
10 ALUSUISSE LONZA HOLDINGS AG.
(REGD) 6,315
5,888 MIM HOLDINGS LTD 3,752
2,000 * MITSUBISHI MATERIALS CORP 6,824
1,312 MITSUI MINING & SMELTING CO LTD 8,007
2,000 NIPPON LIGHT METAL CO LTD 1,793
1,000 NORTH LTD 1,742
634 RIO TINTO LTD 9,010
2,474 RIO TINTO LTD PLC (REGD) 41,539
168 SMITH (HOWARD) LTD 843
35 UNION MINIERE GROUP S.A. 1,212
3,118 WMC LTD 12,192
-----------
93,229
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 0.58%
424 BULGARI S.P.A. 4,690
1,840 NINTENDO CO LTD 323,813
-----------
328,503
-----------
MISCELLANEOUS RETAIL -- 0.15%
2,639 BOOTS CO LTD 22,618
2,412 GREAT UNIVERSAL STORES PLC 14,669
2,800 * QXL.COM PLC LTD 46,097
-----------
83,384
-----------
MOTION PICTURES -- 0.52%
3,414 EM.TV & MERCHANDISING AG. 280,288
1,490 * RANK GROUP PLC 3,565
1,000 TOEI CO LTD 8,394
-----------
292,247
-----------
NONDEPOSITORY INSTITUTIONS -- 1.01%
161 ACOM CO LTD 17,439
191 CORPORACION FINANCIERE ALBA S.A. 5,729
4,904 HALIFAX PLC 52,299
13,300 * ICICI LTD (SPONS ADR) 299,250
2,234 ING GROEP NV 120,991
378 IRISH LIFE AND PERMANENT PLC 3,436
1,463 MEDIOBANCA S.P.A. 11,871
120 ORIX CORP 17,374
379 SCHROEDERS LTD 7,993
8 SHOHKOH FUND & CO 1,162
300 TAKEFUJI CORP 32,174
-----------
569,718
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 17
<PAGE> 18
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
OIL AND GAS EXTRACTION -- 1.01%
6,775 IHC CALAND NV $ 289,782
1,142 LONDON & SCOTTISH MARINE OIL PLC 2,199
36 OMV AKTIENGESELLS AG. 2,753
468 * PETROLEUM GEO-SERVICES AS 8,207
81 TECHNIP S.A. 9,835
1,725 TOTAL FINA S.A. SERIES B 258,320
-----------
571,096
-----------
PAPER AND ALLIED PRODUCTS -- 0.23%
1,000 AMCOR LTD 3,464
2,488 ARJO WIGGINS APPLETON PLC 6,499
278 * ASSIDOMAN AB 4,601
229 BUHRMANN NV 5,806
2,417 BUNZL PLC 11,490
1,464 JEFFERSON SMURFIT GROUP PLC 3,432
2,000 MITSUBISHI PAPER MILLS LTD 3,061
2,198 NIPPON PAPER INDUSTRIES CO 15,794
93 * NORD-EST S.A. 2,420
3,000 OJI PAPER CO LTD 21,089
1,886 REXAM PLC 6,438
553 SCA AB SERIES B 13,056
200 UNI CHARM CORP 13,162
645 UPM-KYMMENE OY 18,206
-----------
128,518
-----------
PETROLEUM AND COAL PRODUCTS -- 1.84%
48,552 BP AMOCO PLC 444,204
867 BP AMOCO PLC (SPONS ADR) 46,005
4,174 BROKEN HILL PROPRIETARY CO LTD 45,204
338 * BURMAH CASTROL PLC 8,328
2,000 COSMO OIL CO LTD 2,690
19,032 ENTE NAZIONALE IDROCARBURI S.P.A. 95,244
3,000 NIPPON MITSUBISHI OIL CO 10,968
734 NORSK HYDRO AS 27,788
2,998 REPSOL S.A. 65,722
4,954 ROYAL DUTCH PETROLEUM CO 289,208
1,000 SANTOS LTD 2,340
1,000 SHOWA SHELL SEKIYU K.K. 3,919
-----------
1,041,620
-----------
PRIMARY METAL INDUSTRIES -- 0.23%
111 ACERINOX S.A. 4,386
3,000 * JAPAN STEEL WORKS LTD 3,363
4,000 * KAWASAKI STEEL CORP 6,707
15,000 NIPPON STEEL CORP 35,830
287 PECHINEY S.A. 14,074
292 PREUSSAG AKTIEGESELLSCHAFT AG. 13,408
820 * SUMITOMO HEAVY INDUSTRIES LTD 1,982
15,000 * SUMITOMO METAL INDUSTRIES LTD 11,699
1,032 * THYSSEN KRUPP AG. 25,427
901 USINOR 14,311
-----------
131,187
-----------
PRINTING AND PUBLISHING -- 2.01%
2,000 DAI NIPPON PRINTING CO LTD 32,486
1,615 ELSEVIER UTIGEVERSMIJ NV 16,380
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
870 INDEPENDENT NEWS & MEDIA PLC $ 8,532
318 MONDADORI (ARNOLDO) EDITORE S.P.A. 8,109
9,365 NEWS CORP LTD 130,857
21,113 PEARSON PLC 734,595
1,442 REED INTERNATIONAL PLC 10,530
320 SCHIBSTED ASA 7,924
2,100 * SHOBUNSHA PUBLICATIONS, INC 123,258
1,000 SINGAPORE PRESS HOLDINGS LTD 15,960
10,000 SOUTH CHINA MORNING POST 9,632
2,000 TOPPAN PRINTING CO LTD 22,424
671 WOLTERS KLUWER NV 15,409
-----------
1,136,096
-----------
RAILROAD TRANSPORTATION -- 0.13%
595 BRAMBLES INDUSTRIES LTD 15,132
1,000 KEIHIN ELECTRIC EXPRESS RAILWAY 3,646
2,000 KINKI NIPPON RAILWAY CO LTD 8,170
3,179 NIPPON EXPRESS CO LTD 23,649
1,672 RAILTRACK GROUP PLC 19,564
1,000 TOBU RAILWAY CO LTD 2,856
-----------
73,017
-----------
REAL ESTATE -- 0.52%
1,997 BRITISH LAND PLC 12,775
5,000 CHEUNG KONG HOLDINGS LTD 74,808
4,000 CITY DEVELOPMENT LTD 18,123
1,000 DAIWA KOSHO LEASE CO LTD 2,924
1,589 DBS LAND LTD 2,071
3,120 GENERAL PROPERTY TRUST 4,829
2,000 HANG LUNG DEVELOPMENT CO LTD 1,643
680 MEPC PLC 4,537
3,000 MITSUBISHI ESTATE CO LTD 32,554
2,304 MITSUI FUDOSAN CO LTD 22,014
2,639 NEW WORLD DEVELOPMENT CO LTD 3,677
5,791 SINO LAND CO LTD 2,417
2,200 SLOUGH ESTATES PLC 12,213
8,628 SUN HUNG KAI PROPERTIES LTD 74,794
2,000 TOKYO TATEMONO CO LTD 3,763
8 UNIBAIL S.A. 1,048
518 * WCM BETEILIGUNGS & GRUNDBESITZ AG. 18,240
-----------
292,430
-----------
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS -- 0.60%
36 ADIDAS SALOMON AG. 1,997
2,000 BRIDGESTONE CORP 44,167
568 CONTINENTAL AG. 10,326
474 MICHELIN S.A. (CLASS B) 15,212
108,000 * OMNI INDUSTRIES LTD 253,816
4,830 PIRELLI S.P.A. 12,547
-----------
338,065
-----------
SECURITY AND COMMODITY BROKERS -- 0.68%
1,448 3I GROUP PLC 30,446
2,453 * AMVESCAP PLC 33,360
3,000 DAIWA SECURITIES GROUP, INC 56,451
3,946 * ITOCHU CORP 21,044
</TABLE>
18 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 19
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
SECURITY AND COMMODITY BROKERS -- (CONTINUED)
2,000 MARUBENI CORP $ 7,546
3,682 MITSUBISHI CORP 33,422
3,000 MITSUI & CO LTD 24,277
5,208 NOMURA SECURITIES CO LTD 170,104
135 OM GRUPPEN AB 5,625
196 * SELF TRADE 2,475
-----------
384,750
-----------
SPECIAL TRADE CONTRACTORS -- 0.02%
1,567 KINDEN CORP 11,565
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 0.77%
2,553 ASAHI GLASS CO LTD 21,804
739 BLUE CIRCLE INDUSTRIES PLC 4,933
182 CIMENTOS DE PORTUGAL 2,702
6,812 CRH PLC 123,849
2,000 CSR LTD 4,200
18,882 HANSON PLC 134,798
228 HEIDELBERGER ZEMENT AG. (GERMANY) 12,847
17 HOLDERBANK FINANCIERE GLARUS AG.
(BR) 20,244
172 HOYA CORP 16,266
1,351 INAX CORP 7,020
300 ITALCEMENTI S.P.A. 2,643
312 LAFARGE S.A. (BR) 26,600
1,000 NIPPON SHEET GLASS CO LTD 10,139
1,000 ORIGIN ENERGY LTD 868
7,039 PILKINGTON PLC 8,197
1,000 PIONEER INTERNATIONAL LTD 2,725
167 ST. GOBAIN S.A. 21,333
1,000 SUMITOMO OSAKA CEMENT CO LTD 3,695
4,000 TAIHEIYO CEMENT CORP 6,746
1,000 TOTO LTD 5,147
-----------
436,756
-----------
TEXTILE MILL PRODUCTS -- 0.02%
105 * CHARGEURS S.A. 6,128
1,000 NISSHINBO INDUSTRY, INC 4,904
561 * NITTO BOSEKI CO LTD 754
-----------
11,786
-----------
TOBACCO PRODUCTS -- 0.08%
968 ALTADIS S.A. 12,967
5,725 BRITISH AMERICAN TOBACCO PLC 31,532
-----------
44,499
-----------
TRANSPORTATION BY AIR -- 0.22%
2,600 ALITALIA S.P.A. 5,672
1,901 BRITISH AIRPORT AUTHORITIES PLC 11,546
1,788 BRITISH AIRWAYS PLC 9,398
12,000 CATHAY PACIFIC AIRWAYS LTD 17,800
694 DEUTSCHE LUFTHANSA AG. (REGD) 15,937
3,000 JAPAN AIRLINES CO LTD 8,043
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
1,104 * RYANAIR HOLDINGS PLC $ 9,613
1,000 SINGAPORE AIRLINES LTD 9,295
1,755 SINGAPORE AIRLINES LTD (LR) 16,416
4,000 SWIRE PACIFIC LTD (CLASS A) 20,651
-----------
124,371
-----------
TRANSPORTATION EQUIPMENT -- 2.25%
5,006 BRITISH AEROSPACE PLC 28,270
2,301 DAIMLERCHRYSLER AG. 149,764
2,000 DENSO CORP 47,677
1,133 FIAT S.P.A. 29,868
3,000 HONDA MOTOR CO LTD 124,018
392 MAN AG. 13,886
2,000 MITSUI ENGINEERING & SHIP BUILDING
CO LTD 1,462
9,410 * NISSAN MOTOR CO LTD 38,533
1,000 ORIENT CORP 4,436
131 PEUGEOT S.A. 28,329
44 ROLLS ROYCE LTD 142
1,319 * SIEMENS AG. (REGD) 189,304
1,144 SMITHS INDUSTRIES PLC 13,952
445 THOMSON-CSF 18,096
1,714 TI GROUP PLC 8,449
9,333 TOYOTA MOTOR CORP 508,573
91 VALEO S.A. 4,480
779 VOLKSWAGEN AG. 34,176
1,063 VOLVO AB SERIES B FREE 28,666
-----------
1,272,081
-----------
TRANSPORTATION SERVICES -- 0.24%
1,402 AIRTOURS PLC 7,531
11,050 * AMADEUS GLOBAL TRAVEL DISTRIBUTION
S.A. 128,996
-----------
136,527
-----------
TRUCKING AND WAREHOUSING -- 0.13%
1,000 SEINO TRANSPORTATION CO LTD 5,167
1,162 TNT POST GROUP NV 26,095
1,405 YAMATO TRANSPORT CO LTD 40,273
-----------
71,535
-----------
WATER TRANSPORTATION -- 0.05%
4,000 NIPPON YUSEN KABUSHIKI KAISHA 16,925
1,100 PENINSULAR & ORIENTAL STEAM
NAVIGATION CO 11,432
-----------
28,357
-----------
WHOLESALE TRADE-DURABLE GOODS -- 1.40%
13,128 * ARM HOLDINGS PLC 793,743
-----------
TOTAL COMMON STOCK
(Cost $44,543,920) 52,629,887
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 19
<PAGE> 20
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
--------- -----
<C> <S> <C> <C>
SHORT TERM INVESTMENT -- 5.36%
U.S. GOVERNMENT AGENCY -- 5.36%
$3,034,000 FEDERAL HOME LOAN BANK (FHLB)
5.900%, 04/03/00 $ 3,033,006
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $3,033,006) 3,033,006
-----------
TOTAL PORTFOLIO
(Cost $48,454,013) $56,764,125
===========
</TABLE>
---------------
* Non-income producing
20 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 21
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (UNAUDITED) SUMMARY BY INDUSTRY
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS $ 1,975 0.00%
AGRICULTURAL SERVICES 850 0.00
AMUSEMENT AND RECREATION SERVICES 1,033,431 1.22
APPAREL AND ACCESSORY STORES 170,659 0.20
APPAREL AND OTHER TEXTILE PRODUCTS 11,318 0.01
AUTO REPAIR, SERVICES AND PARKING 2,400 0.00
AUTOMOTIVE DEALERS AND SERVICE
STATIONS 12,098 0.01
BUILDING MATERIALS AND GARDEN
SUPPLIES 577,937 0.68
BUSINESS SERVICES 15,695,918 18.54
CHEMICALS AND ALLIED PRODUCTS 7,939,680 9.38
COMMUNICATIONS 10,204,411 12.05
DEPOSITORY INSTITUTIONS 503,909 0.60
EATING AND DRINKING PLACES 136,639 0.16
EDUCATIONAL SERVICES 14,773 0.02
ELECTRIC, GAS, AND SANITARY SERVICES 131,605 0.16
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 19,320,810 22.83
ENGINEERING AND MANAGEMENT SERVICES 73,282 0.09
FABRICATED METAL PRODUCTS 143,212 0.17
FOOD AND KINDRED PRODUCTS 835,123 0.99
FOOD STORES 728,280 0.86
FURNITURE AND FIXTURES 499,106 0.59
FURNITURE AND HOMEFURNISHINGS STORES 712,330 0.84
GENERAL BUILDING CONTRACTORS 3,668 0.00
GENERAL MERCHANDISE STORES 1,193,692 1.41
HEALTH SERVICES 216,124 0.26
HEAVY CONSTRUCTION, EXCEPT BUILDING 19,274 0.02
HOLDING AND OTHER INVESTMENT OFFICES 21,966 0.03
HOTELS AND OTHER LODGING PLACES 10,337 0.01
INDUSTRIAL MACHINERY AND EQUIPMENT 15,488,732 18.29
INSTRUMENTS AND RELATED PRODUCTS 1,266,409 1.50
INSURANCE AGENTS, BROKERS AND SERVICE 7,699 0.01
INSURANCE CARRIERS 412,537 0.49
LEATHER AND LEATHER PRODUCTS 806 0.00
LEGAL SERVICES 2,968 0.00
LUMBER AND WOOD PRODUCTS 2,112 0.00
METAL MINING 9,600 0.01
MISCELLANEOUS MANUFACTURING
INDUSTRIES 15,710 0.02
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
MISCELLANEOUS REPAIR SERVICES $ 575 0.00%
MISCELLANEOUS RETAIL 263,706 0.31
MOTION PICTURES 1,347,673 1.59
NONDEPOSITORY INSTITUTIONS 317,495 0.37
OIL AND GAS EXTRACTION 114,456 0.14
PAPER AND ALLIED PRODUCTS 84,880 0.10
PERSONAL SERVICES 20,926 0.02
PETROLEUM AND COAL PRODUCTS 6,056 0.01
PRIMARY METAL INDUSTRIES 2,331 0.00
PRINTING AND PUBLISHING 50,096 0.06
RAILROAD TRANSPORTATION 34,375 0.04
REAL ESTATE 6,717 0.01
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 197,476 0.23
SECURITY AND COMMODITY BROKERS 211,406 0.25
SOCIAL SERVICES 2,262 0.00
SPECIAL TRADE CONTRACTORS 6,705 0.01
STONE, CLAY, AND GLASS PRODUCTS 488,593 0.58
TEXTILE MILL PRODUCTS 1,900 0.00
TOBACCO PRODUCTS 89,325 0.11
TRANSPORTATION BY AIR 6,688 0.01
TRANSPORTATION EQUIPMENT 2,390,049 2.82
TRANSPORTATION SERVICES 17,671 0.02
TRUCKING AND WAREHOUSING 8,956 0.01
WATER TRANSPORTATION 375,651 0.44
WHOLESALE TRADE-DURABLE GOODS 20,085 0.02
WHOLESALE TRADE-NONDURABLE GOODS 871,141 1.03
----------- ------
TOTAL COMMON STOCK
(Cost $68,678,540) 84,358,574 99.63
----------- ------
SHORT TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES 2,658,993 3.14
----------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $2,658,993) 2,658,993 3.14
----------- ------
TOTAL PORTFOLIO
(Cost $71,337,533) 87,017,567 102.77
OTHER ASSETS & LIABILITIES, NET (2,342,957) (2.77)
----------- ------
NET ASSETS $84,674,610 100.00%
=========== ======
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 21
<PAGE> 22
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (UNAUDITED)
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMMON STOCK -- 99.63%
AGRICULTURAL PRODUCTION-CROPS -- 0.00%
100 DELTA & PINE LAND CO $ 1,975
-----------
AGRICULTURAL SERVICES -- 0.00%
100 * CADIZ, INC 850
-----------
AMUSEMENT AND RECREATION SERVICES -- 1.22%
100 * ARGOSY GAMING CORP 1,425
100 * BALLY TOTAL FITNESS HOLDINGS CORP 2,450
100 INTERNATIONAL SPEEDWAY CORP (CLASS
A) 4,493
20,988 * PREMIER PARKS, INC 440,748
14,086 * SFX ENTERTAINMENT, INC (CLASS A) 574,884
100 * STATION CASINOS, INC 2,181
200 * WESTWOOD ONE, INC 7,250
-----------
1,033,431
-----------
APPAREL AND ACCESSORY STORES -- 0.20%
300 * ABERCROMBIE & FITCH CO (CLASS A) 4,800
100 * AMERICAN EAGLE OUTFITTERS, INC 3,793
100 * ANN TAYLOR STORES CORP 2,300
100 CATO CORP (CLASS A) 1,175
100 * CHILDRENS PLACE RETAIL STORES 1,425
100 CLAIRES STORES, INC 2,006
2,300 GAP, INC 114,568
100 * GENESCO, INC 1,312
100 INTIMATE BRANDS, INC (CLASS A) 4,100
100 * MEN'S WEARHOUSE, INC 2,962
100 NORDSTROM, INC 2,950
100 * PACIFIC SUNWEAR CALIFORNIA, INC 3,850
100 ROSS STORES, INC 2,406
100 * STEIN MART, INC 825
1,000 TJX COS, INC 22,187
-----------
170,659
-----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.01%
300 * JONES APPAREL GROUP, INC 9,562
100 * QUIKSILVER, INC 1,756
-----------
11,318
-----------
AUTO REPAIR, SERVICES AND PARKING -- 0.00%
100 MIDAS, INC 2,400
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS -- 0.01%
600 * AUTONATION, INC 4,762
100 * AUTOZONE, INC 2,775
100 * COPART, INC 1,750
100 * CSK AUTO CORP 1,393
100 * OREILLY AUTOMOTIVE, INC 1,418
-----------
12,098
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES -- 0.68%
100 FASTENAL CO 4,787
7,800 HOME DEPOT, INC 503,100
1,200 LOWE'S COS, INC 70,050
-----------
577,937
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BUSINESS SERVICES -- 18.54%
100 * ACCLAIM ENTERTAINMENT, INC $ 331
100 * ACNEILSEN CORP 2,250
100 * ACTIVISION, INC 1,206
100 * ACTUATE CORP 5,381
200 * ACXIOM CORP 6,650
400 ADOBE SYSTEMS, INC 44,525
100 * ADVENT SOFTWARE, INC 4,587
100 * ADVO, INC 2,500
100 * AFFILIATED COMPUTER SERVICES, INC
(CLASS A) 3,800
74 * AMDOCS LTD 5,452
7,900 * AMERICA ONLINE, INC 531,275
100 * AMERICAN MANAGEMENT SYSTEMS, INC 4,381
100 ANALYSTS INTERNATIONAL CORP 987
100 * ANSWERTHINK CONSULTING GROUP 2,443
200 * ASPECT DEVELOPMENT, INC 12,875
100 * ASPEN TECHNOLOGY, INC 4,037
100 * AUTODESK, INC 4,550
2,200 AUTOMATIC DATA PROCESSING, INC 106,150
100 * AVANT CORP 1,250
100 * AVT CORP 1,181
100 * AWARE, INC 4,012
100 * AXENT TECHNOLOGIES, INC 1,881
100 * BANYAN SYSTEMS, INC 1,756
600 * BEA SYSTEMS, INC 44,025
100 * BEYOND.COM CORP 428
100 * BILLING CONCEPTS CORP 703
100 * BINDVIEW DEVELOPMENT CORP 3,106
100 * BISYS GROUP, INC 6,650
14,403 * BMC SOFTWARE, INC 711,148
100 * BRIO TECHNOLOGY, INC 3,775
600 * BROADVISION, INC 26,925
400 * CADENCE DESIGN SYSTEMS, INC 8,300
200 * CAMBRIDGE TECHNOLOGY PARTNERS, INC 2,712
100 * CCC INFORMATION SERVICES GROUP,
INC 2,150
1,200 * CENDANT CORP 22,200
200 * CENTURY BUSINESS SERVICES, INC 581
10,640 * CERIDIAN CORP 204,155
100 * CERNER CORP 2,700
100 * CHECKFREE HOLDINGS CORP 7,050
100 * CHOICEPOINT, INC 3,737
100 * CIBER, INC 2,050
600 * CITRIX SYSTEMS, INC 39,750
700 * CMGI, INC 79,318
200 * CNET NETWORKS, INC 10,137
100 * COMPLETE BUSINESS SOLUTIONS, INC 2,237
1,500 COMPUTER ASSOCIATES INTERNATIONAL,
INC 88,781
100 * COMPUTER HORIZONS CORP 1,712
100 * COMPUTER NETWORK TECHNOLOGY CORP 1,750
500 * COMPUTER SCIENCES CORP 39,562
100 COMPUTER TASK GROUP, INC 1,100
1,000 * COMPUWARE CORP 21,062
100 * CRITICAL PATH, INC 8,500
200 * CSG SYSTEMS INTERNATIONAL, INC 9,762
100 * CYBERCASH, INC 1,350
</TABLE>
22 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 23
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BUSINESS SERVICES -- (CONTINUED)
100 * DATA BROADCASTING CORP $ 762
100 * DENDRITE INTERNATIONAL, INC 2,093
100 * DIGITAL RIVER, INC 2,150
300 * DOUBLECLICK, INC 28,087
100 * DSP GROUP, INC 6,600
161 * EARTHLINK, INC 3,129
100 * EBAY, INC 17,600
100 * ECHELON CORP 6,550
100 * ECLIPSYS CORP 1,937
200 * ELECTRONIC ARTS, INC 14,237
13,509 ELECTRONIC DATA SYSTEMS CORP 867,108
200 * ELECTRONICS FOR IMAGING, INC 12,000
100 * ELOYALTY CORP 2,387
100 * ENTRUST TECHNOLOGIES, INC 8,507
100 * EPICOR SOFTWARE CORP 850
400 EQUIFAX, INC 10,100
100 * EXCHANGE APPLICATIONS, INC 5,292
400 * EXCITE AT HOME 13,175
100 FACTSET RESEARCH SYSTEMS, INC 2,706
100 * FILENET CORP 2,975
300 FIRST DATA CORP 13,275
400 * FISERV, INC 14,875
39 * GARTNER GROUP, INC (CLASS B) 519
100 * GETTY IMAGES, INC 3,593
115 * GO.COM 2,400
100 * GO2NET, INC 8,056
100 * GT INTERACTIVE SOFTWARE CORP 312
100 * GTECH HOLDINGS CORP 1,856
100 * HARBINGER CORP 2,912
100 * HEALTHEON/WEBMD CORP 2,300
100 * HNC SOFTWARE 7,206
100 * HYPERION SOLUTIONS CORP 3,250
200 * I2 TECHNOLOGIES, INC 24,425
100 * IGATE CAPITAL CORP 4,512
100 * IMRGLOBAL CORP 1,437
1,000 IMS HEALTH, INC 16,937
100 * INFOCURE CORP 1,737
100 * INFORMATICA CORP 7,681
900 * INFORMIX CORP 15,243
200 * INFOSPACE.COM, INC 29,087
100 * INFOUSA, INC 912
300 * INKTOMI CORP 58,500
100 * INTERIM SERVICES, INC 1,856
10,500 INTERPUBLIC GROUP OF COS, INC 496,125
500 * INTUIT, INC 27,187
100 * ISS GROUP, INC 11,650
100 * IVILLAGE, INC 1,567
100 * J.D. EDWARDS & CO 3,256
100 * JACK HENRY & ASSOCIATES, INC 3,687
200 * KEANE, INC 5,050
100 * KORN FERRY INTERNATIONAL 2,975
100 * LABOR READY, INC 987
200 * LAMAR ADVERTISING CO (CLASS A) 9,100
100 * LEARN2.COM, INC 412
200 * LEGATO SYSTEMS, INC 8,925
100 * LHS GROUP, INC 4,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
300 * LYCOS, INC $ 21,075
100 * MACROMEDIA, INC 9,031
100 * MACROVISION CORP 8,612
100 * MAPICS, INC 1,593
100 * MEDQUIST, INC 2,718
100 * MENTOR GRAPHICS CORP 1,512
300 * MERCURY INTERACTIVE CORP 23,775
100 * MESSAGEMEDIA, INC 1,268
100 * METAMOR WORLDWIDE, INC 2,831
100 * MICROMUSE, INC 13,881
40,713 * MICROSOFT CORP 4,325,756
300 * MICROSTRATEGY, INC 26,118
100 * MIDWAY GAMES, INC 1,325
100 * MODIS PROFESSIONAL SERVICES, INC 1,237
100 NATIONAL COMPUTER SYSTEMS, INC 5,075
100 NATIONAL DATA CORP 2,600
100 * NATIONAL EQUIPMENT SERVICES, INC 625
900 * NETWORK APPLIANCE, INC 74,475
100 * NETWORK SOLUTIONS, INC 15,370
300 * NETWORKS ASSOCIATES, INC 9,675
100 * NEW ERA OF NETWORKS, INC 3,925
100 * NOVA CORP (GEORGIA) 2,912
1,100 * NOVELL, INC 31,487
100 * OMEGA RESEARCH, INC 462
5,471 OMNICOM GROUP, INC 511,196
100 * ONEMAIN.COM, INC 1,131
100 * OPEN MARKET, INC 2,575
41,848 * ORACLE CORP 3,266,759
900 * PARAMETRIC TECHNOLOGY CORP 18,956
700 PAYCHEX, INC 36,662
100 * PEGASUS SYSTEMS, INC 1,581
600 * PEOPLESOFT, INC 12,000
33 * PER SE TECHNOLOGIES, INC 193
200 * PEREGRINE SYSTEMS, INC 13,412
200 * PEROT SYSTEMS CORP (CLASS A) 4,025
100 * POLICY MANAGEMENT SYSTEMS CORP 1,200
100 * PRICELINE.COM, INC 8,000
100 * PROGRESS SOFTWARE CORP 2,343
100 * PROTECTION ONE, INC 206
100 * PROXICOM, INC 4,431
100 * PROXYMED, INC 850
3,200 * PSINET, INC 108,849
100 * QUADRAMED CORP 575
100 * RARE MEDIUM GROUP, INC 4,412
300 * RATIONAL SOFTWARE CORP 22,950
200 * REALNETWORKS, INC 11,387
100 * REMEDY CORP 4,212
100 * RENT WAY, INC 1,950
200 * RENT-A-CENTER, INC 3,000
300 * ROBERT HALF INTERNATIONAL, INC 14,231
100 ROLLINS, INC 1,487
100 * ROMAC INTERNATIONAL, INC 906
100 * RSA SECURITY, INC 5,181
300 * SABRE HOLDINGS CORP 11,081
100 * SAGA SYSTEMS, INC 3,575
100 * SANTA CRUZ OPERATION, INC 937
100 * SAPIENT CORP 8,387
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 23
<PAGE> 24
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BUSINESS SERVICES -- (CONTINUED)
100 SHARED MEDICAL SYSTEMS CORP $ 5,187
3,300 * SIEBEL SYSTEMS, INC 394,143
100 * SITEL CORP 687
100 * SNYDER COMMUNICATIONS, INC 2,250
100 * SOFTNET SYSTEMS, INC 2,925
100 SOTHEBY'S HOLDINGS, INC (CLASS A) 1,843
100 * SPORTSLINE.COM 2,943
100 * SPYGLASS, INC 7,754
100 * STRUCTURAL DYNAMICS RESEARCH CORP 1,350
15,020 * SUN MICROSYSTEMS, INC 1,407,420
400 * SUNGARD DATA SYSTEMS, INC 15,100
100 * SVI HOLDINGS, INC 987
100 * SYKES ENTERPRISES, INC 1,906
100 * SYMANTEC CORP 7,512
200 * SYNOPSYS, INC 9,750
100 * SYSTEMS & COMPUTER TECHNOLOGY CORP 2,337
100 * TECHNOLOGY SOLUTIONS CO 912
100 * TELETECH HOLDINGS, INC 3,450
50 * THQ, INC 893
200 * TMP WORLDWIDE, INC 15,550
100 TOTAL SYSTEM SERVICES, INC 1,593
100 * TRANSACTION SYSTEM ARCHITECTURE,
INC 2,887
100 TRUE NORTH COMMUNICATIONS, INC 3,931
100 * TSI INTERNATIONAL SOFTWARE LTD 8,306
100 * TYLER TECHNOLOGIES, INC 593
100 * UNITED RENTALS, INC 1,725
200 * VALASSIS COMMUNICATIONS, INC 6,662
200 * VERIO, INC 9,012
300 * VERISIGN, INC 44,850
5,425 * VERITAS SOFTWARE CORP 710,675
100 * VERITY, INC 4,075
100 * VERTICALNET, INC 13,600
100 * VIGNETTE CORP 16,025
100 * WAVE SYSTEMS CORP (CLASS A) 3,993
200 * WIND RIVER SYSTEMS, INC 7,250
1,354 * YAHOO, INC 232,041
3,200 YOUNG & RUBICAM, INC 150,400
-----------
15,695,918
-----------
CHEMICALS AND ALLIED PRODUCTS -- 9.38%
4,926 ABBOTT LABORATORIES CO 173,333
100 * ALKERMES, INC 9,250
500 ALLERGAN, INC 25,000
100 ALPHARMA, INC (CLASS A) 3,675
300 * ALZA CORP 11,268
15,241 AMERICAN HOME PRODUCTS CORP 817,298
7,400 * AMGEN, INC 454,175
100 * ANDRX CORP 11,550
900 AVON PRODUCTS, INC 26,156
200 * BIO-TECHNOLOGY GENERAL CORP 3,100
500 * BIOGEN, INC 34,937
12,498 BRISTOL MYERS SQUIBB CO 721,759
600 * CAREMARK RX, INC 2,512
100 * CELL PATHWAYS, INC 3,437
100 * CEPHALON, INC 3,750
200 * CHIRON CORP 9,975
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 CHURCH & DWIGHT CO, INC $ 1,718
100 CK WITCO CORP 1,018
700 CLOROX CO 22,750
2,100 COLGATE PALMOLIVE CO 118,387
100 * COLUMBIA LABORATORIES, INC 1,175
100 * COR THERAPEUTICS, INC 6,592
100 * COULTER PHARMACEUTICALS, INC 3,050
100 * CYGNUS, INC 1,450
300 DIAL CORP 4,125
400 DU PONT (E.I.) DE NEMOURS & CO 21,150
100 * DURA PHARMACEUTICALS, INC 1,231
100 * DURAMED PHARMACEUTICALS, INC 668
400 ECOLAB, INC 14,675
11,208 * ELAN CORP PLC ADR 532,380
100 * ENZON, INC 3,768
100 FERRO CORP 1,781
300 * FOREST LABORATORIES, INC 25,350
100 * GENZYME CORP (GENERAL DIVISION) 5,012
17 * GENZYME SURGICAL PRODUCTS 199
100 GEORGIA GULF CORP 2,600
100 * GILEAD SCIENCES, INC 6,337
100 * GRACE W.R. & CO 1,268
4,595 * GUILFORD PHARMACEUTICALS, INC 106,833
100 * HEMISPHERX BIOPHARMA, INC 1,081
200 * HUMAN GENOME SCIENCES, INC 16,612
200 ICN PHARMACEUTICALS, INC 5,450
100 * ICOS CORP 3,612
100 * IDEC PHARMACEUTICALS CORP 9,825
100 * IDEXX LABORATORIES, INC 2,331
100 * IMCLONE SYSTEMS, INC 7,687
800 * IMMUNEX CORP 50,750
100 * ISIS PHARMACEUTICALS, INC 1,406
300 * IVAX CORP 8,175
5,419 JOHNSON & JOHNSON CO 379,668
150 JONES PHARMACEUTICAL, INC 4,556
150 * KING PHARMACEUTICALS, INC 4,725
300 LAUDER (ESTEE) CO (CLASS A) 15,018
200 * LIGAND PHARMACEUTICALS CO (CLASS
A) 3,550
7,976 LILLY (ELI) & CO 502,488
100 * LIPOSOME CO, INC 1,746
100 * MACROCHEM CORP (DELAWARE) 700
100 * MEDICIS PHARMACEUTICAL CORP (CLASS
A) 4,000
200 * MEDIMMUNE, INC 34,825
20,505 MERCK & CO, INC 1,273,873
100 * MILLENNIUM PHARMACEUTICALS, INC 12,987
2,200 MONSANTO CO 113,300
300 MYLAN LABORATORIES, INC 8,250
100 * ORGANOGENESIS, INC 1,206
16,068 PFIZER, INC 587,486
5,671 PROCTER & GAMBLE CO 318,993
100 * REVLON, INC (CLASS A) 881
100 * REXALL SUNDOWN, INC 1,412
100 * SAFESCIENCE, INC 1,293
20,497 SCHERING-PLOUGH CORP 753,264
200 * SEPRACOR, INC 14,562
100 * SICOR, INC 1,037
</TABLE>
24 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 25
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
CHEMICALS AND ALLIED PRODUCTS -- (CONTINUED)
100 * SUPERGEN, INC $ 4,800
100 * TECHNE CORP 6,900
100 * THERAGENICS CORP 1,337
100 * TRANSKARYOTIC THERAPIES, INC 5,562
100 * TRIANGLE PHARMACEUTICALS, INC 1,575
33 * VENTIV HEALTH, INC 332
100 * VICAL, INC 3,350
5,769 WARNER-LAMBERT CO 562,477
300 * WATSON PHARMACEUTICALS, INC 11,906
-----------
7,939,680
-----------
COMMUNICATIONS -- 12.05%
100 * ADELPHIA COMMUNICATIONS CORP
(CLASS A) 4,900
100 * ADVANCED RADIO TELECOM CORP 3,312
100 * AERIAL COMMUNICATIONS, INC 5,681
300 * ALLEGIANCE TELECOM, INC 24,187
400 ALLTEL CORP 25,225
100 * AMERICAN MOBILE SATELLITE CORP 2,400
13,845 * AMFM, INC 860,120
11,088 AT & T CORP 623,700
22,760 * AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 1,348,530
3,909 BROADWING, INC 145,365
300 * CABLEVISION SYSTEMS CORP (CLASS A) 18,225
100 * CAPROCK COMMUNICATIONS CORP 4,900
21,282 * CBS CORP 1,205,093
100 * CITADEL COMMUNICATIONS CORP 4,218
1,814 * CLEAR CHANNEL COMMUNICATIONS, INC 125,279
100 * COM21, INC 4,700
2,740 * COMCAST CORP (CLASS A) SPECIAL 118,847
100 * CONCENTRIC NETWORK CORP 5,500
300 * COVAD COMMUNICATIONS GROUP 21,750
146 * COX COMMUNICATIONS, INC (CLASS A) 7,081
100 * CUMULUS MEDIA, INC 1,437
200 * E.SPIRE COMMUNICATIONS, INC 1,406
200 * EMMIS COMMUNICATIONS (CLASS A) 9,300
100 * ENTERCOM COMMUNICATIONS CORP 5,100
10,810 ERICSSON TELEFON (LM) SERIES B ADR 1,014,113
600 * EXODUS COMMUNICATIONS, INC 84,300
500 * FOX ENTERTAINMENT GROUP, INC 14,968
20 * GLOBAL CROSSING LTD 818
600 * GLOBAL TELESYSTEMS GROUP, INC 12,300
100 * HISPANIC BROADCASTING CORP 11,325
200 * ICG COMMUNICATIONS, INC 7,225
100 * IDT CORP 4,150
6,275 * INFINITY BROADCASTING CORP (CLASS
A) 203,153
200 * INTERMEDIA COMMUNICATIONS, INC 9,662
100 * INTERNATIONAL FIBERCOM, INC 2,375
200 * ITC DELTACOM, INC 7,125
100 * LEAP WIRELESS INTERNATIONAL, INC 9,868
900 * LEVEL 3 COMMUNICATIONS, INC 95,175
100 * LIBERTY DIGITAL, INC (CLASS A) 3,850
32,158 LUCENT TECHNOLOGIES, INC 1,953,598
14,755 * MCI WORLDCOM, INC 668,585
400 * MCLEODUSA, INC (CLASS A) 33,925
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
400 * MEDIA ONE GROUP, INC $ 32,400
317 * METROMEDIA FIBER NETWORK (CLASS A) 30,669
100 * MGC COMMUNICATIONS, INC 7,150
2,300 * NEXTEL COMMUNICATIONS, INC (CLASS
A) 340,975
300 * NEXTLINK COMMUNICATIONS, INC 37,106
312 * NTL, INC 28,957
300 * PAGING NETWORK, INC 778
100 * PANAMSAT CORP 4,906
100 * PAXSON COMMUNICATIONS CORP 775
100 * POWERTEL, INC 6,918
100 * PRICE COMMUNICATIONS CORP 2,300
100 * PRIMUS TELECOMMUNICATIONS GROUP,
INC 5,168
100 * PTEK HOLDINGS, INC 662
400 * QWEST COMMUNICATIONS
INTERNATIONAL, INC 19,400
1,700 * RCN CORP 91,587
200 * RHYTHMS NETCONNECTIONS, INC 7,362
9,143 SBC COMMUNICATIONS, INC 384,006
100 * SIRIUS SATELLITE RADIO, INC 5,700
100 * SPRINT CORP (PCS GROUP) 6,531
100 * STAR TELECOMMUNICATIONS, INC 600
100 * TALK.COM, INC 1,600
100 * TELIGENT, INC 6,681
100 * TV GUIDE, INC 4,806
800 U.S. WEST, INC 58,100
200 * UNITEDGLOBALCOM, INC (CLASS A) 15,012
300 * UNIVISION COMMUNICATIONS, INC 33,900
900 * VIACOM, INC (CLASS B) 47,475
5,100 * VIATEL, INC 255,956
276 * VOICESTREAM WIRELESS CORP 35,552
100 * WAVO CORP 446
200 * WESTERN WIRELESS CORP (CLASS A) 9,162
150 * WINSTAR COMMUNICATIONS, INC 9,000
-----------
10,204,411
-----------
DEPOSITORY INSTITUTIONS -- 0.60%
45 CENTURA BANKS, INC 2,061
100 CHITTENDEN CORP 2,968
100 COMMUNITY FIRST BANKSHARES, INC 1,600
650 * CONCORD EFS, INC 14,909
600 FIFTH THIRD BANCORP 37,800
100 FIRST BANCORP (PUERTO RICO) 1,762
10,200 FIRSTAR CORP 233,962
100 * HAMILTON BANCORP, INC 1,562
109 HUDSON UNITED BANCORP 2,363
100 * IMPERIAL BANCORP 3,100
2,400 MBNA CORP 61,200
300 NATIONAL COMMERCE BANCORP 5,550
100 * NETBANK, INC 1,300
200 NORTHERN TRUST CORP 13,512
100 PACIFIC CAPITAL BANCORP 2,425
500 PROVIDIAN FINANCIAL CORP 43,312
100 S & T BANCORP, INC 1,712
100 * S1 CORP 8,568
220 SKY FINANCIAL GROUP, INC 3,575
100 * SOUTHWEST BANCORP OF TEXAS, INC 1,943
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 25
<PAGE> 26
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
DEPOSITORY INSTITUTIONS -- (CONTINUED)
200 STATE STREET CORP $ 19,375
100 * STERLING BANCSHARES, INC 956
400 SYNOVUS FINANCIAL CORP 7,550
200 TRUSTCO BANK CORP (NEW YORK) 2,338
100 U.S. TRUST CORP 18,900
100 UNITED BANKSHARES, INC 2,200
106 UNITED NATIONAL BANCORP 2,285
100 W HOLDING CO, INC 959
100 ZIONS BANCORP 4,162
-----------
503,909
-----------
EATING AND DRINKING PLACES -- 0.16%
100 APPLEBEES INTERNATIONAL, INC 2,812
150 * CEC ENTERTAINMENT, INC 4,068
100 * CKE RESTAURANTS, INC 637
100 * CONSOLIDATED PRODUCTS, INC 943
100 * IHOP CORP (NEW) 1,400
100 * JACK IN THE BOX, INC 2,131
300 MARRIOTT INTERNATIONAL (CLASS A) 9,450
2,100 MCDONALD'S CORP 78,881
200 * OUTBACK STEAKHOUSE, INC 6,412
100 * PAPA JOHNS INTERNATIONAL, INC 3,300
100 RUBY TUESDAY, INC 1,750
100 SODEXHO MARRIOTT SERVICES, INC 1,500
100 * SONIC CORP 2,725
100 * THE CHEESECAKE FACTORY CO 4,162
300 * TRICON GLOBAL RESTAURANTS, INC 9,318
100 * U.S. FOODSERVICE, INC 2,575
200 VIAD CORP 4,575
-----------
136,639
-----------
EDUCATIONAL SERVICES -- 0.02%
200 * APOLLO GROUP, INC (CLASS A) 5,637
200 * DEVRY, INC 6,100
100 * EDUCATION MANAGEMENT CORP 1,443
100 * SYLVAN LEARNING SYSTEMS, INC 1,593
-----------
14,773
-----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 0.16%
500 * AES CORP 39,375
400 * ALLIED WASTE INDUSTRIES, INC 2,625
100 * CALPINE CORP 9,400
200 * NEWPARK RESOURCES, INC 1,600
100 * REPUBLIC SERVICES, INC (CLASS A) 1,093
100 * SOUTHERN UNION CO 1,806
2,000 WASTE MANAGEMENT, INC 27,375
1,100 WILLIAMS COS, INC 48,331
-----------
131,605
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 22.83%
100 * ACTV, INC 3,506
1,000 * ADC TELECOMMUNICATIONS, INC 53,875
100 * ADTRAN, INC 5,943
200 * ADVANCED FIBRE COMMUNICATIONS, INC 12,537
100 * AEROFLEX, INC 4,950
100 * ALPHA INDUSTRIES, INC 9,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
600 * ALTERA CORP $ 53,550
200 * AMERICAN POWER CONVERSION CORP 8,575
200 * AMERICAN TOWER SYSTEMS (CLASS A) 9,875
100 * AMERICAN XTAL TECHNOLOGY, INC 3,237
100 AMETEK, INC 1,925
300 * AMKOR TECHNOLOGY, INC 15,918
100 * AMPEX CORP (CLASS A) 312
100 * AMPHENOL CORP (CLASS A) 10,225
150 * ANADIGICS, INC 9,900
16,218 * ANALOG DEVICES, INC 1,306,562
100 * ANCOR COMMUNICATIONS, INC 4,112
100 * ANDREW CORP 2,287
100 * ANTEC CORP 4,481
3,850 * APPLIED MICRO CIRCUITS CORP 577,740
100 * ARTESYN TECHNOLOGIES, INC 1,893
100 * ASPECT COMMUNICATIONS CORP 3,706
800 * ATMEL CORP 41,300
100 * BENCHMARK ELECTRONICS, INC 3,700
400 * BROADCOM CORP (CLASS A) 97,150
150 * BURR BROWN CORP 8,156
100 * C-COR.NET CORP 4,900
100 x* CELLNET DATA SYSTEMS, INC 28
8,050 * CIENA CORP 1,015,306
100 * COMMSCOPE, INC 4,562
200 * COMVERSE TECHNOLOGY, INC 37,800
600 * CONEXANT SYSTEMS, INC 42,600
100 * CREE, INC 11,287
100 CTS CORP 5,700
200 * CYPRESS SEMICONDUCTOR CORP 9,862
200 DALLAS SEMICONDUCTOR CORP 7,025
200 * DIGITAL MICROWAVE CORP 6,775
100 * DII GROUP, INC 11,306
100 * E-TEK DYNAMICS, INC 23,525
300 * ECHOSTAR COMMUNICATIONS CORP
(CLASS A) 23,700
100 * ELECTRO SCIENTIFIC INDUSTRIES, INC 5,800
200 * ELOT, INC 1,175
25,642 GENERAL ELECTRIC CO 3,979,317
100 * GENERAL SEMICONDUCTOR, INC 1,725
100 * GLOBIX CORP 3,812
100 * HARMONIC LIGHTWAVES, INC 8,325
100 HELIX TECHNOLOGY CORP 6,006
100 * HUTCHINSON TECHNOLOGY, INC 1,762
1,002 * INFINEON TECHNOLOGIES AG. ADR 57,552
35,731 INTEL CORP 4,714,258
100 INTER-TEL, INC 2,737
200 * INTERDIGITAL COMMUNICATIONS CORP 5,050
100 * INTERNATIONAL RECTIFIER CORP 3,812
100 * INTERVOICE-BRITE, INC 2,887
400 * JABIL CIRCUIT, INC 17,300
6,400 * JDS UNIPHASE CORP 771,600
100 * KOPIN CORP 6,875
100 * L-3 COMMUNICATIONS HOLDINGS, INC 5,200
100 * LASERSIGHT, INC 656
200 * LATTICE SEMICONDUCTOR CORP 13,537
1,100 LINEAR TECHNOLOGY CO 60,500
9,512 * LSI LOGIC CORP 690,809
</TABLE>
26 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 27
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT -- (CONTINUED)
900 * MAXIM INTEGRATED PRODUCTS $ 63,956
200 MAYTAG CO 6,625
100 METHODE ELECTRONICS, INC (CLASS A) 5,050
100 * MICREL, INC 9,600
250 * MICROCHIP TECHNOLOGY, INC 16,437
100 * MICRON TECHNOLOGY, INC 12,600
100 * MMC NETWORKS, INC 3,300
125 MOLEX, INC 7,343
872 MOTOROLA, INC 124,151
1,000 MURATA MANUFACTURING CO LTD 243,260
100 * NEOMAGIC CORP 496
2,488 * NOKIA OYJ ADR 540,518
30 NORTEL NETWORKS CORP (U.S.) 3,780
100 * NVIDIA CORP 8,448
100 * P-COM, INC 1,850
200 * PAIRGAIN TECHNOLOGIES, INC 3,737
100 * PHOTRONICS, INC 3,531
100 * PLANTRONICS, INC 9,318
100 * PLEXUS CORP 6,662
1,400 * PMC-SIERRA, INC 285,162
100 * POLYCOM, INC 7,918
100 * POWER INTEGRATIONS, INC 2,500
300 * QLOGIC CORP 40,650
3,700 * QUALCOMM, INC 552,456
100 * RAMBUS, INC 29,450
100 * RAYOVAC CORP 2,325
200 * RF MICRO DEVICES, INC 26,875
3,576 * SANMINA CORP 241,603
100 * SAWTEK, INC 5,256
300 * SCI SYSTEMS, INC 16,143
500 SCIENTIFIC-ATLANTA, INC 31,718
200 * SDL, INC 42,575
100 * SEMTECH CORP 6,406
100 * SIPEX CORP 3,531
100 SLI, INC 1,700
10,502 * SOLECTRON CORP 420,736
100 * SYCAMORE NETWORKS, INC 12,900
100 * TEKELEC 3,712
7,100 * TELLABS, INC 447,189
100 * TERAYON COMMUNICATION SYSTEMS, INC 20,500
10,171 TEXAS INSTRUMENTS, INC 1,627,360
200 * TITAN CORP 10,200
150 * TRANSWITCH CORP 14,418
100 * TRIQUINT SEMICONDUCTOR, INC 7,350
100 * VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES, INC 6,362
100 * VICOR CORP 1,800
500 * VITESSE SEMICONDUCTOR CORP 48,125
100 * WEBLINK WIRELESS, INC 1,337
100 * WESTELL TECHNOLOGIES, INC (CLASS
A) 3,187
100 * WORLD ACCESS, INC 1,912
6,032 * XILINX, INC 499,525
100 * ZIXIT CORP 7,281
-----------
19,320,810
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ENGINEERING AND MANAGEMENT SERVICES -- 0.09%
200 * CATALYTICA, INC $ 2,912
100 * CELGENE CORP 9,956
25 * CIRCLE.COM 206
200 * COVANCE, INC 2,150
100 * FIRST CONSULTING GROUP, INC 1,625
200 GARTNER GROUP, INC (CLASS A) 3,150
100 * INCYTE PHARMACEUTICALS, INC 8,743
100 * LASON, INC 659
359 * MARCHFIRST, INC 12,812
100 * MARKETING SERVICES GROUP 1,775
100 * NAVIGANT CONSULTING CO 1,100
100 * PAREXEL INTERNATIONAL CORP 943
100 * PHARMACEUTICAL PRODUCT DEVELOPMENT 1,693
150 * PROFIT RECOVERY GROUP
INTERNATIONAL, INC 2,775
400 * QUINTILES TRANSNATIONAL CORP 6,825
100 * RENAISSANCE WORLDWIDE, INC 521
900 SERVICEMASTER CO 10,125
100 * STAFF LEASING, INC 581
100 * TETRA TECH, INC 2,375
100 * VALENCE TECHNOLOGY, INC 2,356
-----------
73,282
-----------
FABRICATED METAL PRODUCTS -- 0.17%
3,800 GILLETTE CO 143,212
-----------
FOOD AND KINDRED PRODUCTS -- 0.99%
100 * AMERICAN ITALIAN PASTA CO (CLASS
A) 2,462
500 ANHEUSER-BUSCH COS, INC 31,125
100 * BERINGER WINE ESTATES HOLDINGS,
INC (CLASS B) 3,587
500 BESTFOODS, INC 23,406
600 CAMPBELL SOUP CO 18,450
9,168 COCA COLA CO 430,323
800 COCA COLA ENTERPRISES, INC 17,250
100 * DEL MONTE FOODS CO 1,068
500 GENERAL MILLS, INC 18,093
100 * HAIN FOOD GROUP, INC 2,831
300 HEINZ (H.J.) CO 10,462
100 * INTERNATIONAL HOME FOODS, INC 1,600
100 KEEBLER FOODS CO 2,868
300 KELLOGG CO 7,687
300 PEPSI BOTTLING GROUP, INC 6,000
4,900 PEPSICO, INC 169,356
200 QUAKER OATS CO 12,125
200 RALSTON PURINA CO 5,475
2,900 SARA LEE CORP 52,200
100 * SMITHFIELD FOODS, INC 2,000
100 WHITMAN CORP 1,393
200 WRIGLEY (WM) JR CO 15,362
-----------
835,123
-----------
FOOD STORES -- 0.86%
200 * 7-ELEVEN, INC 750
300 ALBERTSONS, INC 9,300
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 27
<PAGE> 28
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
FOOD STORES -- (CONTINUED)
2,600 * KROGER CO $ 45,662
14,155 * SAFEWAY, INC 640,513
600 * STARBUCKS CORP 26,887
100 * WHOLE FOODS MARKET, INC 4,143
50 * WILD OATS MARKETS, INC 1,025
-----------
728,280
-----------
FURNITURE AND FIXTURES -- 0.59%
100 ETHAN ALLEN INTERIORS, INC 2,500
100 * FURNITURE BRANDS INTERNATIONAL,
INC 1,881
300 MILLER (HERMAN), INC 8,400
19,600 NEWELL RUBBERMAID, INC 486,325
-----------
499,106
-----------
FURNITURE AND HOMEFURNISHINGS STORES -- 0.84%
400 * BED BATH & BEYOND, INC 15,750
600 * BEST BUY, INC 51,600
500 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 30,437
100 * GUITAR CENTER, INC 1,143
100 * LINENS'N THINGS, INC 3,425
100 * MUSICLAND STORES CORP 637
300 PIER 1 IMPORTS, INC 3,075
11,885 TANDY CORP 603,163
100 * WILLIAMS-SONOMA, INC 3,100
-----------
712,330
-----------
GENERAL BUILDING CONTRACTORS -- 0.00%
100 * BLOUNT INTERNATIONAL, INC 1,287
100 CENTEX CORP 2,381
-----------
3,668
-----------
GENERAL MERCHANDISE STORES -- 1.41%
100 * AMES DEPARTMENT STORES, INC 2,456
100 CASEYS GENERAL STORES, INC 1,087
200 * CONSOLIDATED STORES CORP 2,275
100 * COST PLUS, INC 3,381
1,300 * COSTCO WHOLESALE CORP 68,331
400 DOLLAR GENERAL CORP 10,750
200 * DOLLAR TREE STORES, INC 10,425
500 FAMILY DOLLAR STORES, INC 10,406
500 * KOHLS CORP 51,250
100 * NEIMAN MARCUS GROUP, INC (CLASS A) 2,781
200 * SAKS, INC 2,900
1,200 TARGET CORP 89,700
16,900 WAL-MART STORES, INC 937,950
-----------
1,193,692
-----------
HEALTH SERVICES -- 0.26%
100 * ADVANCE PARADIGM, INC 1,187
100 * CAREMATRIX CORP 131
100 * ENZO BIOCHEMICAL, INC 7,050
100 * EXPRESS SCRIPTS, INC 4,200
700 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) 9,975
100 * HEALTHSOUTH CORP 556
100 HOOPER HOLMES, INC 3,431
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * LASER VISION CENTERS, INC $ 693
100 * LCA-VISION, INC 509
100 * LIFEPOINT HOSPITALS, INC 1,662
100 * LINCARE HOLDINGS, INC 2,837
100 * ORTHODONTIC CENTERS OF AMERICA,
INC 1,875
100 * RENAL CARE GROUP, INC 2,168
7,700 * TENET HEALTHCARE CORP 177,100
200 * TOTAL RENAL CARE HOLDINGS, INC 625
100 * TRIAD HOSPITALS, INC 1,675
100 * US ONCOLOGY, INC 450
-----------
216,124
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.02%
150 * DYCOM INDUSTRIES, INC 7,312
100 * INSITUFORM TECHNOLOGIES, INC
(CLASS A) 3,062
100 * MASTEC, INC 8,900
-----------
19,274
-----------
HOLDING AND OTHER INVESTMENT OFFICES -- 0.03%
200 BOSTON PROPERTIES, INC 6,362
100 CHARLES E. SMITH RESIDENTIAL
REALTY, INC 3,613
100 COUSINS PROPERTIES, INC 3,681
100 * HEALTH CARE PROPERTY INVESTORS,
INC 2,543
400 * MEDITRUST CORP PAIRED 725
201 * STARWOOD FINANCIAL TRUST 3,542
100 WASHINGTON REAL ESTATE INVESTMENT
TRUST 1,500
-----------
21,966
-----------
HOTELS AND OTHER LODGING PLACES -- 0.01%
200 * CHOICE HOTELS INTERNATIONAL, INC 2,887
100 * EXTENDED STAY AMERICA, INC 750
500 HILTON HOTELS CORP 3,875
100 STARWOOD HOTELS & RESORTS
WORLDWIDE, INC 2,625
100 * SUNTERRA CORP 200
-----------
10,337
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 18.29%
800 * 3COM CORP 44,500
100 * 3DFX INTERACTIVE, INC 1,193
300 * ADAPTEC, INC 11,587
100 * ADVANCED DIGITAL INFORMATION CORP 3,425
100 * APEX, INC 3,712
2,729 * APPLIED MATERIALS, INC 257,208
100 APPLIED POWER, INC (CLASS A) 2,850
98 * ARROWPOINT COMMUNICATIONS, INC 11,611
100 * ASYST TECHNOLOGIES, INC 5,850
100 * ATMI, INC 4,775
100 * AUSPEX SYSTEMS, INC 1,100
100 BAKER HUGHES, INC 3,025
300 BLACK & DECKER CORP 11,268
100 * BLACK BOX CORP 6,923
100 * C-CUBE MICROSYSTEMS, INC 7,281
100 * CABLETRON SYSTEMS, INC 2,931
70,964 * CISCO SYSTEMS, INC 5,486,404
</TABLE>
28 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 29
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
INDUSTRIAL MACHINERY AND EQUIPMENT -- (CONTINUED)
100 CMI CORP $ 456
16,800 COMPAQ COMPUTER CORP 447,300
200 * CONCURRENT COMPUTER CORP 2,537
25,916 * DELL COMPUTER CORP 1,397,844
100 DONALDSON CO, INC 2,256
17,720 * EMC CORP 2,215,000
100 * EMULEX CORP 10,912
100 * EXTREME NETWORKS, INC 7,900
100 * FOUNDRY NETWORKS, INC 14,375
500 * GATEWAY, INC 26,500
100 * GLOBAL IMAGING SYSTEMS, INC 775
3,910 HEWLETT-PACKARD CO 518,319
14,300 INTERNATIONAL BUSINESS MACHINES
CORP 1,687,400
900 * IOMEGA CORP 3,431
100 JLG INDUSTRIES, INC 912
300 * LAM RESEARCH CORP 13,518
500 * LEXMARK INTERNATIONAL GROUP (CLASS
A) 52,875
100 MANITOWOC, INC 2,706
200 * MAXTOR CORP 2,587
100 * MERCURY COMPUTER SYSTEMS, INC 4,887
100 * MICRON ELECTRONICS, INC 1,400
100 * MICROS SYSTEMS, INC 6,293
100 * MTI TECHNOLOGY CORP 2,637
100 * NATIONAL INSTRUMENTS CORP 4,693
14,000 * NOVELLUS SYSTEMS, INC 785,750
900 PITNEY BOWES, INC 40,218
100 * PRESSTEK, INC 2,375
100 * PRI AUTOMATION, INC 6,112
100 * PUBLICARD, INC 975
150 * QUANTUM CORP-HARD DISK DRIVE GROUP 1,687
100 * QUANTUM CORP-DLT & STORAGE SYSTEMS
GROUP 1,194
100 ROPER INDUSTRIES, INC 3,393
200 * SANDISK CORP 24,500
200 * SEAGATE TECHNOLOGY, INC 12,050
100 * SMITH INTERNATIONAL, INC 7,750
300 SYMBOL TECHNOLOGIES, INC 24,693
100 * TEREX CORP 1,437
44,954 TYCO INTERNATIONAL LTD 2,242,080
1,000 * UNISYS CORP 25,500
100 * VISUAL NETWORKS, INC 5,675
200 * WESTERN DIGITAL CORP 1,487
100 * XIRCOM, INC 3,700
100 * ZEBRA TECHNOLOGY CORP 5,000
-----------
15,488,732
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 1.50%
100 * AFFYMETRIX, INC 14,843
100 BAUSCH & LOMB, INC 5,218
200 BAXTER INTERNATIONAL, INC 12,537
100 BECKMAN COULTER, INC 6,418
500 BECTON DICKINSON & CO 13,156
300 BIOMET, INC 10,912
900 * BOSTON SCIENTIFIC CORP 19,181
100 * COGNEX CORP 5,768
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * CREDENCE SYSTEMS CORP $ 12,512
100 * CYBERONICS, INC 1,868
100 * CYMER, INC 5,000
100 * CYTYC CORP 4,825
100 * DIONEX CORP 3,293
100 * ECLIPSE SURGICAL TECHNOLOGY, INC 743
100 * GENRAD, INC 1,237
2,071 * GUIDANT CORP 121,800
100 * HAEMONETICS CORP 2,250
400 * KLA-TENCOR CORP 33,700
100 * LTX CORP 4,518
100 * MEDICAL MANAGER CORP 3,506
12,264 MEDTRONIC, INC 630,829
100 MENTOR CORP 2,700
100 * METTLER-TOLEDO INTERNATIONAL, INC 4,093
200 MILLIPORE CORP 11,287
100 * MINIMED, INC 12,950
100 * OAKLEY, INC 1,062
700 PE CORP-PE BIOSYSTEMS GROUP 67,550
100 PERKINELMER, INC 6,650
200 * PINNACLE SYSTEMS, INC 6,650
100 * RESPIRONICS, INC 1,437
200 x* SABRATEK CORP 32
100 * ST. JUDE MEDICAL, INC 2,581
200 * STERIS CORP 2,050
200 STRYKER CORP 13,950
100 * SUMMIT TECHNOLOGY, INC 912
100 * SUNRISE TECHNOLOGY INTERNATIONAL,
INC 704
300 * SYBRON INTERNATIONAL CORP 8,700
500 * TERADYNE, INC 41,125
100 * THERMO ELECTRON CORP 2,037
100 * TRIMBLE NAVIGATION LTD 2,575
100 * VARIAN, INC 3,837
200 * VISX, INC 3,650
200 * WATERS CORP 19,050
100 * WESLEY JESSEN VISIONCARE, INC 3,593
5,120 XEROX CORP 133,120
-----------
1,266,409
-----------
INSURANCE AGENTS, BROKERS AND SERVICE -- 0.01%
100 CRAWFORD & CO (CLASS B) 1,287
100 * FIRST HEALTH GROUP CORP 3,162
100 GALLAGHER (ARTHUR J.) & CO 3,250
-----------
7,699
-----------
INSURANCE CARRIERS -- 0.49%
200 AFLAC, INC 9,112
550 AMERICAN INTERNATIONAL GROUP, INC 60,225
5,527 CITIGROUP, INC 327,820
100 HSB GROUP, INC 2,893
100 * MID ATLANTIC MEDICAL SERVICES, INC 925
300 * OXFORD HEALTH PLANS, INC 4,575
100 * WELLPOINT HEALTH NETWORKS, INC 6,987
-----------
412,537
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 29
<PAGE> 30
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
LEATHER AND LEATHER PRODUCTS -- 0.00%
100 STRIDE RITE CORP $ 806
-----------
LEGAL SERVICES -- 0.00%
100 * PREPAID LEGAL SERVICES, INC 2,968
-----------
LUMBER AND WOOD PRODUCTS -- 0.00%
100 * CHAMPION ENTERPRISES, INC 575
100 * PALM HARBOR HOMES, INC 1,537
-----------
2,112
-----------
METAL MINING -- 0.01%
400 * BATTLE MOUNTAIN GOLD CO 775
400 * FREEPORT-MCMORAN COPPER & GOLD,
INC (CLASS B) 4,825
100 * STILLWATER MINING CO 4,000
-----------
9,600
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 0.02%
100 * BLYTH INDUSTRIES, INC 2,731
100 CALLAWAY GOLF CO 1,550
100 * IDENTIX, INC 2,787
100 JOSTENS, INC 2,437
500 MATTEL, INC 5,218
100 * WMS INDUSTRIES, INC 987
-----------
15,710
-----------
MISCELLANEOUS REPAIR SERVICES -- 0.00%
100 * ENCOMPASS SERVICES CORP 575
-----------
MISCELLANEOUS RETAIL -- 0.31%
600 * AMAZON.COM, INC 40,200
100 * BARNES & NOBLE, INC 2,300
100 * BARNESANDNOBLE.COM, INC 943
100 * BORDERS GROUP, INC 1,718
100 * CDW COMPUTER CENTERS, INC 8,443
1,200 CVS CORP 45,075
100 * DUANE READE, INC 2,325
100 * E4L, INC 212
56 * EGGHEAD.COM, INC 393
200 * HANOVER DIRECT, INC 475
100 * INSIGHT ENTERPRISES, INC 3,643
800 * OFFICE DEPOT, INC 9,250
100 * OFFICEMAX, INC 650
100 OMNICARE, INC 1,206
400 * PETSMART, INC 1,200
100 * SCHEIN (HENRY), INC 1,618
100 * SHOP AT HOME, INC 862
1,700 * STAPLES, INC 34,000
100 * SUNGLASS HUT INTERNATIONAL, INC 781
200 TIFFANY & CO 16,725
100 * VALUEVISION INTERNATIONAL, INC 4,137
3,400 WALGREEN CO 87,550
-----------
263,706
-----------
MOTION PICTURES -- 1.59%
100 * AMC ENTERTAINMENT, INC 506
7,900 DISNEY (WALT) CO 326,862
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * HOLLYWOOD ENTERTAINMENT CORP $ 806
8,600 TIME WARNER, INC 860,000
19,000 TOEI CO LTD 159,499
-----------
1,347,673
-----------
NONDEPOSITORY INSTITUTIONS -- 0.37%
100 * ALLIED CAPITAL CORP 1,743
900 AMERICAN EXPRESS CO 134,043
200 * AMERICREDIT CORP 3,262
700 ASSOCIATES FIRST CAPITAL CORP 15,006
700 CAPITAL ONE FINANCIAL CORP 33,556
100 DORAL FINANCIAL CORP 1,131
500 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 28,218
200 * FINET.COM, INC 256
1,600 FREDDIE MAC 70,700
200 HOUSEHOLD INTERNATIONAL, INC 7,462
100 METRIS COS, INC 3,887
100 * SIERRACITIES.COM, INC 1,338
500 SLM HOLDINGS CORP 16,656
100 * UNICAPITAL CORP 237
-----------
317,495
-----------
OIL AND GAS EXTRACTION -- 0.14%
100 ANADARKO PETROLEUM CORP 3,868
100 APACHE CORP 4,975
100 BERRY PETROLEUM CO (CLASS A) 1,718
100 CHESAPEAKE ENERGY CORP 325
100 CROSS TIMBERS OIL CO 1,306
100 DEVON ENERGY CORP (NEW) 4,856
100 DIAMOND OFFSHORE DRILLING, INC 3,993
100 ENSCO INTERNATIONAL, INC 3,612
100 * FOREST OIL CORP 1,062
57 * FRIEDE GOLDMAN HALTER, INC 391
100 * GLOBAL INDUSTRIES LTD 1,462
100 * GLOBAL MARINE, INC 2,537
100 * GREY WOLF, INC 393
800 HALLIBURTON CO 32,800
100 * HANOVER COMPRESSOR CO 5,687
100 * MERIDIAN RESOURCE CORP 387
100 * NABORS INDUSTRIES, INC 3,881
100 * NEWFIELD EXPLORATION CO 3,525
200 * NOBLE DRILLING CORP 8,287
100 POGO PRODUCING CO 2,856
200 * R & B FALCON CORP 3,937
100 * STONE ENERGY CORP 4,925
100 * SYNTROLEUM CORP 2,337
100 VASTAR RESOURCES, INC 7,431
100 VINTAGE PETROLEUM, INC 2,012
100 * WEATHERFORD INTERNATIONAL, INC 5,893
-----------
114,456
-----------
PAPER AND ALLIED PRODUCTS -- 0.10%
300 AVERY DENNISON CORP 18,318
500 FORT JAMES CORP 11,000
100 * GAYLORD CONTAINER CO 637
919 KIMBERLY-CLARK CORP 51,464
</TABLE>
30 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 31
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
PAPER AND ALLIED PRODUCTS -- (CONTINUED)
100 * MAIL-WELL, INC $ 868
100 * PLAYTEX PRODUCTS, INC 1,300
100 WAUSAU-MOSINEE PAPER CORP 1,293
-----------
84,880
-----------
PERSONAL SERVICES -- 0.02%
100 BLOCK (H&R), INC 4,475
300 CINTAS CORP 11,756
100 * COINSTAR, INC 1,260
100 G & K SERVICES, INC (CLASS A) 1,954
100 REGIS CORP 1,481
-----------
20,926
-----------
PETROLEUM AND COAL PRODUCTS -- 0.01%
100 ELCOR CORP 3,450
100 USX-MARATHON GROUP, INC 2,606
-----------
6,056
-----------
PRIMARY METAL INDUSTRIES -- 0.00%
38 AK STEEL HOLDINGS CORP 394
100 GENERAL CABLE CORP 781
100 * STEEL DYNAMICS, INC 1,156
-----------
2,331
-----------
PRINTING AND PUBLISHING -- 0.06%
100 CENTRAL NEWSPAPERS, INC (CLASS A) 3,362
100 DOW JONES & CO, INC 7,181
100 * JOURNAL REGISTER CO 1,475
100 LEE ENTERPRISES, INC 2,612
100 MCGRAW HILL COS, INC 4,550
100 MEREDITH CORP 2,768
100 PENTON MEDIA, INC 2,600
100 * PLAYBOY ENTERPRISES, INC (CLASS B) 1,987
200 * PRIMEDIA, INC 6,400
100 * R.H. DONNELLEY CORP 1,700
100 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) 3,537
100 TIMES MIRROR CO SERIES A 9,293
100 * TOPPS, INC 831
100 WILEY (JOHN) & SONS, INC (CLASS A) 1,800
-----------
50,096
-----------
RAILROAD TRANSPORTATION -- 0.04%
400 KANSAS CITY SOUTHERN INDUSTRIES,
INC 34,375
-----------
REAL ESTATE -- 0.01%
200 * CATELLUS DEVELOPMENT CORP 2,775
100 * FAIRFIELD COMMUNITIES, INC 793
100 * JONES LANG LA SALLE 1,550
100 * STEWART ENTERPRISES, INC (CLASS A) 493
100 * TRAMMELL CROW CO 1,106
-----------
6,717
-----------
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS -- 0.23%
500 ILLINOIS TOOL WORKS, INC 27,625
3,722 NIKE, INC (CLASS B) 147,484
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * PACTIV CORP $ 875
300 * SEALED AIR CORP 16,293
100 TREDEGAR CORP 2,693
100 TUPPERWARE CORP 1,581
100 * U.S. PLASTIC LUMBER CORP 925
-----------
197,476
-----------
SECURITY AND COMMODITY BROKERS -- 0.25%
100 * AFFILIATED MANAGERS GROUP, INC 4,750
200 * AMERITRADE HOLDINGS CORP (CLASS A) 4,178
605 * E TRADE GROUP, INC 18,225
100 EATON VANCE CORP 4,293
200 FEDERATED INVESTORS, INC 5,462
300 FRANKLIN RESOURCES, INC 10,031
100 * FRIEDMAN, BILLINGS, RAMSEY GROUP,
INC 1,087
200 * KNIGHT/TRIMARK GROUP, INC 10,200
100 MORGAN KEEGAN, INC 1,750
100 * PIONEER GROUP, INC 2,325
300 PRICE (T. ROWE) ASSOCIATES, INC 11,850
100 RAYMOND JAMES FINANCIAL CORP 2,075
2,200 SCHWAB (CHARLES) CORP 124,987
100 UNITED ASSET MANAGEMENT CORP 1,731
200 WADDELL & REED FINANCIAL, INC
(CLASS A) 8,462
-----------
211,406
-----------
SOCIAL SERVICES -- 0.00%
100 * RES-CARE, INC 937
100 * SUNRISE ASSISTED LIVING, INC 1,325
-----------
2,262
-----------
SPECIAL TRADE CONTRACTORS -- 0.01%
100 * COMFORT SYSTEMS U.S.A., INC 637
100 * QUANTA SERVICES, INC 6,068
-----------
6,705
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 0.58%
2,500 CORNING, INC 485,000
100 * DAL-TILE INTERNATIONAL, INC 793
100 FLORIDA ROCK INDUSTRIES, INC 2,800
-----------
488,593
-----------
TEXTILE MILL PRODUCTS -- 0.00%
100 WESTPOINT STEVENS, INC 1,900
-----------
TOBACCO PRODUCTS -- 0.11%
4,000 PHILIP MORRIS COS, INC 84,500
100 RJR REYNOLDS TOBACCO HOLDINGS, INC 1,700
200 UST, INC 3,125
-----------
89,325
-----------
TRANSPORTATION BY AIR -- 0.01%
100 * AIRTRAN HOLDINGS, INC 440
100 * MESABA HOLDINGS, INC 1,143
100 OGDEN CORP 1,193
100 SKYWEST, INC 3,912
-----------
6,688
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 31
<PAGE> 32
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
TRANSPORTATION EQUIPMENT -- 2.82%
100 * BE AEROSPACE, INC $ 587
400 BOEING CO 15,175
300 DANAHER CORP 15,300
100 * DELCO REMY INTERNATIONAL, INC
(CLASS A) 743
100 FEDERAL SIGNAL CORP 1,806
200 GENERAL DYNAMICS CORP 9,950
5,655 * GENERAL MOTORS CORP (CLASS H) 704,047
200 * GENTEX CORP 7,412
7,190 HARLEY DAVIDSON, INC 570,706
100 * HAYES LEMMERZ INTERNATIONAL, INC 1,912
7,481 HONEYWELL INTERNATIONAL, INC 394,155
100 * MILLER INDUSTRIES, INC 381
100 * MONACO COACH CORP 1,900
100 NEWPORT NEWS SHIPBUILDING, INC 3,025
100 * ORBITAL SCIENCES CORP 1,500
100 POLARIS INDUSTRIES, INC 3,012
100 * SPX CORP 11,393
10,229 UNITED TECHNOLOGIES CORP 646,344
66 WESTINGHOUSE AIR BRAKE CO 701
-----------
2,390,049
-----------
TRANSPORTATION SERVICES -- 0.02%
100 C.H. ROBINSON WORLDWIDE, INC 3,725
200 EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC 7,950
50 * FORWARD AIR CORP 1,184
200 GALILEO INTERNATIONAL, INC 4,812
-----------
17,671
-----------
TRUCKING AND WAREHOUSING -- 0.01%
100 * IRON MOUNTAIN, INC 3,406
200 * KNIGHT TRANSPORTATION, INC 3,500
100 * SWIFT TRANSPORTATION CO, INC 2,050
-----------
8,956
-----------
WATER TRANSPORTATION -- 0.44%
15,060 CARNIVAL CORP (CLASS A) 373,676
100 * KIRBY CORP 1,975
-----------
375,651
-----------
WHOLESALE TRADE-DURABLE GOODS -- 0.02%
100 * BOYDS COLLECTION LTD 606
100 * BRIGHTPOINT, INC 1,225
</TABLE>
<TABLE>
<CAPTION>
SHARES/PRINCIPAL VALUE
<C> <C> <S> <C>
100 * CELLSTAR CORP $ 800
100 * FISHER SCIENTIFIC INTERNATIONAL,
INC 4,450
100 * HA-LO INDUSTRIES, INC 787
100 * INGRAM MICRO, INC (CLASS A) 1,537
200 * LANIER WORLDWIDE, INC 412
100 * MSC INDUSTRIAL DIRECT CO (CLASS A) 1,800
100 * PATTERSON DENTAL CO 3,825
200 * PSS WORLD MEDICAL, INC 1,356
100 * TECH DATA CORP 3,287
-----------
20,085
-----------
WHOLESALE TRADE-NONDURABLE GOODS -- 1.03%
200 * AMERISOURCE HEALTH CORP (CLASS A) 3,000
100 * BARNETT RESOURCES CORP 2,981
300 BERGEN BRUNSWIG CORP (CLASS A) 2,025
17,706 CARDINAL HEALTH, INC 804,805
200 ENRON CORP 14,975
400 MCKESSON HBOC, INC 8,400
200 * NU SKIN ENTERPRISES, INC (CLASS A) 1,587
100 * PLAINS RESOURCES, INC 1,250
900 SYSCO CORP 32,118
-----------
871,141
-----------
TOTAL COMMON STOCK
(Cost $68,678,540) 84,358,574
-----------
SHORT TERM INVESTMENTS -- 3.14%
U.S. GOVERNMENT AND AGENCIES -- 3.14%
FEDERAL HOME LOAN BANK (FHLB)
$2,610,000 5.900%, 04/03/00 2,609,312
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
50,000 5.740%, 04/20/00 49,681
-----------
2,658,993
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $2,658,993) 2,658,993
-----------
TOTAL PORTFOLIO
(Cost $71,337,533) $87,017,567
===========
</TABLE>
---------------
* Non-income producing
x In bankruptcy
32 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 33
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS (UNAUDITED) SUMMARY BY INDUSTRY
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
BOND
CORPORATE BOND
SECURITY AND COMMODITY BROKERS $ 68,187 0.20%
----------- ------
TOTAL CORPORATE BOND
(Cost $50,000) 68,187 0.20
----------- ------
TOTAL BOND
(Cost $50,000) 68,187 0.20
----------- ------
COMMON STOCK
AMUSEMENT AND RECREATION SERVICES 47,812 0.14
APPAREL AND ACCESSORY STORES 93,158 0.28
APPAREL AND OTHER TEXTILE PRODUCTS 92,913 0.28
AUTO REPAIR, SERVICES AND PARKING 4,537 0.01
AUTOMOTIVE DEALERS AND SERVICE
STATIONS 6,143 0.02
BUILDING MATERIALS AND GARDEN
SUPPLIES 523,765 1.56
BUSINESS SERVICES 3,491,671 10.41
CHEMICALS AND ALLIED PRODUCTS 3,243,238 9.67
COMMUNICATIONS 3,482,641 10.39
DEPOSITORY INSTITUTIONS 1,620,512 4.83
EATING AND DRINKING PLACES 101,536 0.30
ELECTRIC, GAS, AND SANITARY SERVICES 683,454 2.04
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 5,194,174 15.49
ENGINEERING AND MANAGEMENT SERVICES 9,623 0.03
FABRICATED METAL PRODUCTS 264,679 0.79
FOOD AND KINDRED PRODUCTS 795,766 2.37
FOOD STORES 80,026 0.24
FURNITURE AND FIXTURES 65,586 0.20
FURNITURE AND HOMEFURNISHINGS STORES 63,224 0.19
GENERAL BUILDING CONTRACTORS 6,611 0.02
GENERAL MERCHANDISE STORES 995,039 2.97
HEALTH SERVICES 234,561 0.70
HEAVY CONSTRUCTION, EXCEPT BUILDING 8,037 0.02
HOTELS AND OTHER LODGING PLACES 8,525 0.03
INDUSTRIAL MACHINERY AND EQUIPMENT 4,020,438 11.99
INSTRUMENTS AND RELATED PRODUCTS 655,673 1.96
INSURANCE AGENTS, BROKERS AND SERVICE 235,561 0.70
INSURANCE CARRIERS 1,468,210 4.38
LOCAL AND INTERURBAN PASSENGER
TRANSIT 287 0.00
LUMBER AND WOOD PRODUCTS 97,368 0.29
METAL MINING 32,127 0.10
MISCELLANEOUS MANUFACTURING
INDUSTRIES 62,262 0.19
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
MISCELLANEOUS RETAIL $ 251,292 0.75%
MOTION PICTURES 527,587 1.57
NONDEPOSITORY INSTITUTIONS 342,450 1.02
NONMETALLIC MINERALS, EXCEPT FUELS 4,581 0.01
OIL AND GAS EXTRACTION 439,854 1.31
PAPER AND ALLIED PRODUCTS 276,271 0.82
PERSONAL SERVICES 9,250 0.03
PETROLEUM AND COAL PRODUCTS 1,492,165 4.45
PRIMARY METAL INDUSTRIES 215,066 0.64
PRINTING AND PUBLISHING 187,452 0.56
RAILROAD TRANSPORTATION 53,549 0.16
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 58,006 0.17
SECURITY AND COMMODITY BROKERS 458,120 1.37
STONE, CLAY, AND GLASS PRODUCTS 86,537 0.26
TOBACCO PRODUCTS 82,300 0.25
TRANSPORTATION BY AIR 150,131 0.45
TRANSPORTATION EQUIPMENT 829,284 2.47
WATER TRANSPORTATION 24,812 0.07
WHOLESALE TRADE-DURABLE GOODS 10,398 0.03
WHOLESALE TRADE-NONDURABLE GOODS 347,395 1.04
----------- ------
TOTAL COMMON STOCK
(Cost $29,072,038) 33,535,657 100.02
----------- ------
SHORT TERM INVESTMENT
U.S. GOVERNMENT AGENCY 1,193,609 3.56
----------- ------
TOTAL SHORT TERM INVESTMENT
(Cost $1,193,609) 1,193,609 3.56
----------- ------
TOTAL PORTFOLIO
(Cost $30,315,647) 34,797,453 103.78
OTHER ASSETS & LIABILITIES, NET (1,267,435) (3.78)
----------- ------
NET ASSETS $33,530,018 100.00%
=========== ======
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 33
<PAGE> 34
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS (UNAUDITED)
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL/SHARES VALUE
<C> <C> <S> <C>
BOND -- 0.20%
CORPORATE BOND -- 0.20%
SECURITY AND COMMODITY BROKERS -- 0.20%
E TRADE GROUP, INC
$50,000 6.000%, 02/01/07 $ 68,187
-----------
TOTAL CORPORATE BOND
(Cost $50,000) 68,187
-----------
TOTAL BOND
(Cost $50,000) 68,187
-----------
COMMON STOCK -- 100.02%
AMUSEMENT AND RECREATION SERVICES -- 0.14%
200 * HARRAH'S ENTERTAINMENT, INC 3,712
2,100 * PREMIER PARKS, INC 44,100
-----------
47,812
-----------
APPAREL AND ACCESSORY STORES -- 0.28%
1,250 GAP, INC 62,265
400 LIMITED, INC 16,850
100 NORDSTROM, INC 2,950
500 TJX COS, INC 11,093
-----------
93,158
-----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.28%
100 x* FRUIT OF THE LOOM LTD (CLASS A) 119
2,692 * JONES APPAREL GROUP, INC 85,807
100 LIZ CLAIBORNE, INC 4,581
100 VF CORP 2,406
-----------
92,913
-----------
AUTO REPAIR, SERVICES AND PARKING -- 0.01%
200 RYDER SYSTEM, INC 4,537
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS -- 0.02%
200 * AUTOZONE, INC 5,550
100 PEP BOYS MANNY, MOE, & JACK CO 593
-----------
6,143
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES -- 1.56%
5,875 HOME DEPOT, INC 378,937
2,481 LOWE'S COS, INC 144,828
-----------
523,765
-----------
BUSINESS SERVICES -- 10.41%
200 ADOBE SYSTEMS, INC 22,262
4,850 * AMERICA ONLINE, INC 326,162
100 AUTODESK, INC 4,550
1,000 AUTOMATIC DATA PROCESSING, INC 48,250
300 * BMC SOFTWARE, INC 14,812
1,100 * CENDANT CORP 20,350
3,000 * CERIDIAN CORP 57,562
300 * CITRIX SYSTEMS, INC 19,875
800 COMPUTER ASSOCIATES INTERNATIONAL,
INC 47,350
200 * COMPUTER SCIENCES CORP 15,825
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
500 * COMPUWARE CORP $ 10,531
700 ELECTRONIC DATA SYSTEMS CORP 44,931
200 EQUIFAX, INC 5,050
600 FIRST DATA CORP 26,550
400 IMS HEALTH, INC 6,775
400 INTERPUBLIC GROUP OF COS, INC 18,900
12,814 * MICROSOFT CORP 1,361,487
100 * NCR CORP 4,012
400 * NETWORK APPLIANCE, INC 33,100
500 * NOVELL, INC 14,312
300 OMNICOM GROUP, INC 28,031
8,450 * ORACLE CORP 659,628
400 * PARAMETRIC TECHNOLOGY CORP 8,425
400 PAYCHEX, INC 20,950
400 * PEOPLESOFT, INC 8,000
2,254 * PSINET, INC 76,671
476 * SABRE HOLDINGS CORP 17,582
4,000 * SUN MICROSYSTEMS, INC 374,812
1,110 * YAHOO, INC 190,226
100 YOUNG & RUBICAM, INC 4,700
-----------
3,491,671
-----------
CHEMICALS AND ALLIED PRODUCTS -- 9.67%
2,400 ABBOTT LABORATORIES CO 84,450
300 AIR PRODUCTS & CHEMICALS, INC 8,531
200 ALLERGAN, INC 10,000
100 * ALZA CORP 3,756
5,469 AMERICAN HOME PRODUCTS CORP 293,275
3,850 * AMGEN, INC 236,293
400 AVON PRODUCTS, INC 11,625
200 * BIOGEN, INC 13,975
4,384 BRISTOL MYERS SQUIBB CO 253,176
300 CLOROX CO 9,750
2,934 COLGATE PALMOLIVE CO 165,404
1,042 DOW CHEMICAL CO 118,788
4,262 DU PONT (E.I.) DE NEMOURS & CO 225,353
100 EASTMAN CHEMICAL CO 4,550
300 ECOLAB, INC 11,006
100 * FMC CORP 5,650
100 GREAT LAKES CHEMICAL CORP 3,400
100 INTERNATIONAL FLAVORS &
FRAGRANCES, INC 3,506
2,100 JOHNSON & JOHNSON CO 147,131
2,520 LILLY (ELI) & CO 158,760
6,420 LYONDELL CHEMICAL CO 94,695
100 MALLINCKRODT, INC 2,875
5,863 MERCK & CO, INC 364,238
1,000 MONSANTO CO 51,500
9,230 PFIZER, INC 337,471
800 PHARMACIA & UPJOHN, INC 47,400
200 PPG INDUSTRIES, INC 10,462
200 PRAXAIR, INC 8,325
2,463 PROCTER & GAMBLE CO 138,543
300 ROHM & HAAS CO 13,387
5,048 SCHERING-PLOUGH CORP 185,514
400 SHERWIN-WILLIAMS CO 8,775
200 UNION CARBIDE CORP 11,662
</TABLE>
34 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 35
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
CHEMICALS AND ALLIED PRODUCTS -- (CONTINUED)
1,970 WARNER-LAMBERT CO $ 192,075
200 * WATSON PHARMACEUTICALS, INC 7,937
-----------
3,243,238
-----------
COMMUNICATIONS -- 10.39%
400 ALLTEL CORP 25,225
10,108 AT & T CORP 568,575
2,300 BELL ATLANTIC CORP 140,587
2,800 BELLSOUTH CORP 131,600
3,100 BROADWING, INC 115,281
12,200 CABLE & WIRELESS PLC 229,270
2,323 * CBS CORP 131,539
200 CENTURYTEL, INC 7,425
1,867 * CLEAR CHANNEL COMMUNICATIONS, INC 128,939
1,300 COMCAST CORP (CLASS A) SPECIAL 56,387
1,115 * GLOBAL CROSSING LTD 45,645
1,500 GTE CORP 106,500
7,298 LUCENT TECHNOLOGIES, INC 443,353
7,038 * MCI WORLDCOM, INC 318,909
900 * MEDIA ONE GROUP, INC 72,900
210 * NETWORK PLUS CORP 8,505
600 * NEXTEL COMMUNICATIONS, INC (CLASS
A) 88,950
1,278 * RCN CORP 68,852
9,763 SBC COMMUNICATIONS, INC 410,046
1,300 SPRINT CORP (FON GROUP) 81,900
1,300 * SPRINT CORP (PCS GROUP) 84,906
800 U.S. WEST, INC 58,100
1,000 * VIACOM, INC (CLASS B) 52,750
2,122 * VIATEL, INC 106,497
-----------
3,482,641
-----------
DEPOSITORY INSTITUTIONS -- 4.83%
500 AMSOUTH BANCORP 7,468
5,775 BANK OF AMERICA CORP 302,826
1,100 BANK OF NEW YORK CO, INC 45,718
1,700 BANK ONE CORP 58,437
500 BB&T CORP 14,031
3,096 CHASE MANHATTAN CORP 269,932
200 COMERICA, INC 8,375
400 FIFTH THIRD BANCORP 25,200
1,200 FIRST UNION CORP 44,700
7,761 FIRSTAR CORP 178,017
3,542 FLEETBOSTON FINANCIAL CORP 129,283
200 GOLDEN WEST FINANCIAL CORP 6,237
470 HUNTINGTON BANCSHARES, INC 10,516
200 KEYCORP 3,800
1,300 MBNA CORP 33,150
2,504 MELLON FINANCIAL CORP 73,868
300 MORGAN (J.P.) & CO, INC 39,525
1,200 NATIONAL CITY CORP 24,750
400 NORTHERN TRUST CORP 27,025
100 OLD KENT FINANCIAL CORP 3,231
500 PNC FINANCIAL SERVICES GROUP 22,531
300 PROVIDIAN FINANCIAL CORP 25,987
400 SOUTHTRUST CORP 10,175
200 STATE STREET CORP 19,375
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
300 SUMMIT BANCORP $ 7,875
500 SUNTRUST BANKS, INC 28,875
600 SYNOVUS FINANCIAL CORP 11,325
1,200 U.S. BANCORP 26,250
200 UNION PLANTERS CORP 6,162
400 WACHOVIA CORP 27,025
1,000 WASHINGTON MUTUAL, INC 26,500
2,500 WELLS FARGO CO 102,343
-----------
1,620,512
-----------
EATING AND DRINKING PLACES -- 0.30%
200 DARDEN RESTAURANTS, INC 3,562
400 MARRIOTT INTERNATIONAL (CLASS A) 12,600
2,000 MCDONALD'S CORP 75,125
200 * TRICON GLOBAL RESTAURANTS, INC 6,212
200 WENDY'S INTERNATIONAL, INC 4,037
-----------
101,536
-----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 2.04%
300 * AES CORP 23,625
500 * ALLIED WASTE INDUSTRIES, INC 3,281
1,050 AMERICAN ELECTRIC POWER CO, INC 31,303
100 CMS ENERGY CORP 1,812
100 COASTAL CORP 4,600
200 COLUMBIA ENERGY GROUP 11,850
500 CONSOLIDATED EDISON CO OF NEW
YORK, INC 14,500
2,200 DOMINION RESOURCES, INC 84,562
500 DUKE ENERGY CORP 26,250
300 EL PASO ENERGY CORP 12,112
800 ENTERGY CORP 16,150
700 FIRSTENERGY CORP 14,437
1,915 FPL GROUP, INC 88,209
100 GPU, INC 2,737
1,525 NEW CENTURY ENERGIES, INC 45,845
100 * NIAGARA MOHAWK HOLDINGS, INC 1,350
100 NICOR, INC 3,293
5,454 NORTHERN STATES POWER CO 108,398
300 ONEOK, INC 7,500
300 PECO ENERGY CO 11,062
1,000 PG&E CORP 21,000
300 PINNACLE WEST CAPITAL CORP 8,456
300 PPL CORP 6,281
400 PUBLIC SERVICE ENTERPRISE GROUP,
INC 11,850
900 RELIANT ENERGY, INC 21,093
500 SEMPRA ENERGY 8,375
1,000 SOUTHERN CO 21,750
500 TEXAS UTILITIES CO 14,843
500 UNICOM CORP 18,250
900 WASTE MANAGEMENT, INC 12,318
600 WILLIAMS COS, INC 26,362
-----------
683,454
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 15.49%
400 * ADC TELECOMMUNICATIONS, INC 21,550
200 * ADVANCED MICRO DEVICES, INC 11,412
600 * ANALOG DEVICES, INC 48,337
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 35
<PAGE> 36
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
-- (CONTINUED)
100 * ANDREW CORP $ 2,287
650 * APPLIED MICRO CIRCUITS CORP 97,540
811 * CIENA CORP 102,287
100 * COMVERSE TECHNOLOGY, INC 18,900
300 * CONEXANT SYSTEMS, INC 21,300
300 COOPER INDUSTRIES, INC 10,500
700 EMERSON ELECTRIC CO 37,012
8,708 GENERAL ELECTRIC CO 1,351,372
8,940 INTEL CORP 1,179,521
3,400 * LSI LOGIC CORP 246,925
1,000 MATSUSHITA COMMUNICATION
INDUSTRIAL CO LTD 184,273
100 MAYTAG CO 3,312
400 * MICRON TECHNOLOGY, INC 50,400
250 MOLEX, INC 14,687
1,815 MOTOROLA, INC 258,410
300 * NATIONAL SEMICONDUCTOR CORP 18,187
1,093 NOKIA OYJ ADR 237,454
3,300 NORTEL NETWORKS CORP (U.S.) 415,800
400 * PMC-SIERRA, INC 81,475
1,655 * QUALCOMM, INC 247,112
600 * SAMSUNG ELECTRONICS CORP 107,070
200 SCIENTIFIC-ATLANTA, INC 12,687
800 * SOLECTRON CORP 32,050
2,270 * TELLABS, INC 142,974
1,200 TEXAS INSTRUMENTS, INC 192,000
10 * WATER PIK TECHNOLOGIES, INC 72
100 WHIRLPOOL CORP 5,862
500 * XILINX, INC 41,406
-----------
5,194,174
-----------
ENGINEERING AND MANAGEMENT SERVICES -- 0.03%
200 DUN & BRADSTREET CORP 5,725
200 * QUINTILES TRANSNATIONAL CORP 3,412
28 * TELEDYNE TECHNOLOGIES, INC 486
-----------
9,623
-----------
FABRICATED METAL PRODUCTS -- 0.79%
6,000 AMERICAN NATIONAL CAN GROUP, INC 78,750
3,900 GILLETTE CO 146,981
500 MASCO CORP 10,250
200 PARKER-HANNIFIN CORP 8,262
300 ROCKWELL INTERNATIONAL CORP 12,543
100 SNAP-ON, INC 2,618
200 STANLEY WORKS CO 5,275
-----------
264,679
-----------
FOOD AND KINDRED PRODUCTS -- 2.37%
1,951 ANHEUSER-BUSCH COS, INC 121,449
1,400 ARCHER DANIELS MIDLAND CO 14,525
400 BESTFOODS, INC 18,725
900 CAMPBELL SOUP CO 27,675
3,700 COCA COLA CO 173,668
600 COCA COLA ENTERPRISES, INC 12,937
1,000 CONAGRA, INC 18,125
200 COORS (ADOLPH) CO (CLASS B) 9,562
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
500 FORTUNE BRANDS, INC $ 12,500
300 GENERAL MILLS, INC 10,856
600 HEINZ (H.J.) CO 20,925
100 HERSHEY FOODS CORP 4,875
600 KELLOGG CO 15,375
500 NABISCO GROUP HOLDINGS 6,000
5,308 PEPSICO, INC 183,457
200 QUAKER OATS CO 12,125
600 RALSTON PURINA CO 16,425
1,500 SARA LEE CORP 27,000
600 SEAGRAMS CO LTD (U.S.) 35,700
800 UNILEVER NV (NEW YORK SHS) 38,500
200 WRIGLEY (WM) JR CO 15,362
-----------
795,766
-----------
FOOD STORES -- 0.24%
641 ALBERTSONS, INC 19,871
100 GREAT ATLANTIC & PACIFIC TEA CO,
INC 1,950
1,400 * KROGER CO 24,587
700 * SAFEWAY, INC 31,675
100 WINN DIXIE STORES, INC 1,943
-----------
80,026
-----------
FURNITURE AND FIXTURES -- 0.20%
200 LEGGETT & PLATT, INC 4,300
2,470 NEWELL RUBBERMAID, INC 61,286
-----------
65,586
-----------
FURNITURE AND HOMEFURNISHINGS STORES -- 0.19%
100 * BED BATH & BEYOND, INC 3,937
300 * BEST BUY, INC 25,800
300 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 18,262
300 TANDY CORP 15,225
-----------
63,224
-----------
GENERAL BUILDING CONTRACTORS -- 0.02%
100 CENTEX CORP 2,381
100 KAUFMAN & BROAD HOME CORP 2,143
100 PULTE CORP 2,087
-----------
6,611
-----------
GENERAL MERCHANDISE STORES -- 2.97%
300 * CONSOLIDATED STORES CORP 3,412
700 * COSTCO WHOLESALE CORP 36,793
300 DILLARDS, INC (CLASS A) 4,931
500 DOLLAR GENERAL CORP 13,437
400 * FEDERATED DEPARTMENT STORES, INC 16,700
100 HARCOURT GENERAL, INC 3,725
500 * K MART CORP 4,843
200 * KOHLS CORP 20,500
400 MAY DEPARTMENT STORES CO 11,400
60 * NEIMAN MARCUS GROUP, INC (CLASS B) 1,650
100 PENNEY, (J.C.) CO, INC 1,487
600 SEARS ROEBUCK & CO 18,525
2,312 TARGET CORP 172,822
12,339 WAL-MART STORES, INC 684,814
-----------
995,039
-----------
</TABLE>
36 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 37
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
HEALTH SERVICES -- 0.70%
700 COLUMBIA/HCA HEALTHCARE CORP $ 17,718
5,561 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) 79,244
800 * HEALTHSOUTH CORP 4,450
300 * MANOR CARE, INC 4,050
5,613 * TENET HEALTHCARE CORP 129,099
-----------
234,561
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.02%
200 FLUOR CORP 6,200
200 MCDERMOTT INTERNATIONAL, INC 1,837
-----------
8,037
-----------
HOTELS AND OTHER LODGING PLACES -- 0.03%
100 HILTON HOTELS CORP 775
400 * MIRAGE RESORTS, INC 7,750
-----------
8,525
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 11.99%
500 * 3COM CORP 27,813
100 * ADAPTEC, INC 3,862
200 * APPLE COMPUTER, INC 27,162
1,200 * APPLIED MATERIALS, INC 113,100
3,600 BAKER HUGHES, INC 108,900
200 BLACK & DECKER CORP 7,512
100 BRUNSWICK CORP 1,893
300 * CABLETRON SYSTEMS, INC 8,793
400 CATERPILLAR, INC 15,775
18,846 * CISCO SYSTEMS, INC 1,457,031
8,700 COMPAQ COMPUTER CORP 231,637
500 DEERE & CO 19,000
7,699 * DELL COMPUTER CORP 415,264
300 DOVER CORP 14,362
1,500 * EMC CORP 187,500
500 * GATEWAY, INC 26,500
1,500 HEWLETT-PACKARD CO 198,843
300 INGERSOLL-RAND CO 13,275
4,290 INTERNATIONAL BUSINESS MACHINES
CORP 506,220
200 * LEXMARK INTERNATIONAL GROUP (CLASS
A) 21,150
100 MILACRON, INC 1,443
400 PALL CORP 8,975
400 PITNEY BOWES, INC 17,875
300 * SEAGATE TECHNOLOGY, INC 18,075
300 * SILICON GRAPHICS, INC 3,168
100 TENNECO AUTOMOTIVE, INC 793
11,063 TYCO INTERNATIONAL LTD 551,767
500 * UNISYS CORP 12,750
-----------
4,020,438
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 1.96%
100 BARD (C.R.), INC 3,868
100 BAUSCH & LOMB, INC 5,218
2,278 BAXTER INTERNATIONAL, INC 142,802
400 BECTON DICKINSON & CO 10,525
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 BIOMET, INC $ 3,637
600 * BOSTON SCIENTIFIC CORP 12,787
500 EASTMAN KODAK CO 27,156
500 * GUIDANT CORP 29,406
100 JOHNSON CONTROLS, INC 5,406
300 * KLA-TENCOR CORP 25,275
1,800 MEDTRONIC, INC 92,587
100 MILLIPORE CORP 5,643
300 PE CORP-PE BIOSYSTEMS GROUP 28,950
100 PERKINELMER, INC 6,650
100 POLAROID CORP 2,375
400 RAYTHEON CO (CLASS B) 7,100
100 * ST. JUDE MEDICAL, INC 2,581
100 TEKTRONIX, INC 5,600
300 * TERADYNE, INC 24,675
155 THE SWATCH GROUP AG. (BR) 180,757
200 * THERMO ELECTRON CORP 4,075
1,100 XEROX CORP 28,600
-----------
655,673
-----------
INSURANCE AGENTS, BROKERS AND SERVICE -- 0.70%
400 MARSH & MCLENNAN COS, INC 44,125
80,000 * OLD MUTUAL PLC 191,436
-----------
235,561
-----------
INSURANCE CARRIERS -- 4.38%
3,032 ACE LTD 69,357
200 AETNA, INC 11,137
400 AFLAC, INC 18,225
1,774 ALLSTATE CORP 42,243
400 AMERICAN GENERAL CORP 22,450
4,085 AMERICAN INTERNATIONAL GROUP, INC 447,307
200 AON CORP 6,450
200 CHUBB CORP 13,512
400 CIGNA CORP 30,300
300 CINCINNATI FINANCIAL CORP 11,287
7,606 CITIGROUP, INC 451,130
400 CONSECO, INC 4,575
400 HARTFORD FINANCIAL SERVICES GROUP,
INC 21,100
500 * HUMANA, INC 3,656
200 JEFFERSON-PILOT CORP 13,312
4,496 * JOHN HANCOCK FINANCIAL SERVICES,
INC 81,209
300 LINCOLN NATIONAL CORP 10,050
100 LOEWS CORP 5,000
7,000 MANULIFE FINANCIAL CORP 102,698
200 MBIA, INC 10,412
200 MGIC INVESTMENT CORP 8,725
100 PROGRESSIVE CORP 7,606
200 ST. PAUL COS, INC 6,825
200 TORCHMARK CORP 4,625
200 UNITED HEALTHCARE CORP 11,925
292 UNUMPROVIDENT CORP 4,964
100 * WELLPOINT HEALTH NETWORKS, INC 6,987
743 XL CAPITAL LTD 41,143
-----------
1,468,210
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 37
<PAGE> 38
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
LOCAL AND INTERURBAN PASSENGER
TRANSIT -- 0.00%
200 LAIDLAW, INC (U.S.) $ 287
-----------
LUMBER AND WOOD PRODUCTS -- 0.29%
300 GEORGIA-PACIFIC CORP
(PACKING GROUP) 11,868
1,500 WEYERHAEUSER CO 85,500
-----------
97,368
-----------
METAL MINING -- 0.10%
300 BARRICK GOLD CORP (U.S.) 4,706
300 * FREEPORT-MCMORAN COPPER & GOLD,
INC (CLASS B) 3,618
1,000 HOMESTAKE MINING CO 6,000
300 * INCO LTD CO (U.S.) 5,493
400 NEWMONT MINING CORP 8,975
36 PHELPS DODGE CORP 1,710
200 PLACER DOME, INC (U.S.) 1,625
-----------
32,127
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 0.19%
300 HASBRO, INC 4,950
400 MATTEL, INC 4,175
600 MINNESOTA MINING & MANUFACTURING
CO 53,137
-----------
62,262
-----------
MISCELLANEOUS RETAIL -- 0.75%
4,987 CVS CORP 187,324
100 LONGS DRUG STORES CORP 2,275
400 * OFFICE DEPOT, INC 4,625
700 * STAPLES, INC 14,000
300 * TOYS R US, INC 4,443
1,500 WALGREEN CO 38,625
-----------
251,292
-----------
MOTION PICTURES -- 1.57%
5,300 DISNEY (WALT) CO 219,287
3,083 TIME WARNER, INC 308,300
-----------
527,587
-----------
NONDEPOSITORY INSTITUTIONS -- 1.02%
700 AMERICAN EXPRESS CO 104,256
2,901 ASSOCIATES FIRST CAPITAL CORP 62,190
300 CAPITAL ONE FINANCIAL CORP 14,381
1,500 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 84,656
1,000 FREDDIE MAC 44,187
700 HOUSEHOLD INTERNATIONAL, INC 26,118
200 SLM HOLDINGS CORP 6,662
-----------
342,450
-----------
NONMETALLIC MINERALS, EXCEPT FUELS -- 0.01%
100 * VULCAN MATERIALS CO 4,581
-----------
OIL AND GAS EXTRACTION -- 1.31%
100 ANADARKO PETROLEUM CORP 3,868
1,834 APACHE CORP 91,241
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
2,350 BURLINGTON RESOURCES, INC $ 86,950
700 HALLIBURTON CO 28,700
100 KERR-MCGEE CORP 5,775
500 OCCIDENTAL PETROLEUM CORP 10,375
200 * ROWAN COS, INC 5,887
800 SCHLUMBERGER LTD 61,200
900 TOTAL FINA S.A. SERIES B 134,775
216 TRANSOCEAN SEDCO FOREX, INC 11,083
-----------
439,854
-----------
PAPER AND ALLIED PRODUCTS -- 0.82%
100 AVERY DENNISON CORP 6,106
200 CHAMPION INTERNATIONAL CORP 10,650
3,537 FORT JAMES CORP 77,814
700 INTERNATIONAL PAPER CO 29,925
700 KIMBERLY-CLARK CORP 39,200
200 MEAD CORP 6,987
5,309 * SMURFIT-STONE CONTAINER CORP 89,921
100 TEMPLE-INLAND, INC 4,981
200 WESTVACO CORP 6,675
100 WILLAMETTE INDUSTRIES, INC 4,012
-----------
276,271
-----------
PERSONAL SERVICES -- 0.03%
200 BLOCK (H&R), INC 8,950
100 * SERVICE CORP INTERNATIONAL 300
-----------
9,250
-----------
PETROLEUM AND COAL PRODUCTS -- 4.45%
200 AMERADA HESS CORP 12,925
500 ATLANTIC RICHFIELD CO 42,500
1,100 CHEVRON CORP 101,681
3,298 CONOCO, INC (CLASS B) 84,511
10,509 EXXON MOBIL CORP 817,731
500 PHILLIPS PETROLEUM CO 23,125
5,600 ROYAL DUTCH PETROLEUM CO
(NY REGD) ADR 322,350
300 SUNOCO, INC 8,212
800 TEXACO, INC 42,900
200 TOSCO CORP 6,087
400 UNOCAL CORP 11,900
700 USX-MARATHON GROUP, INC 18,243
-----------
1,492,165
-----------
PRIMARY METAL INDUSTRIES -- 0.64%
400 ALCAN ALUMINIUM CO LTD (U.S.) 13,550
2,595 ALCOA, INC 182,298
100 ALLEGHENY TECHNOLOGIES, INC 2,006
200 ENGELHARD CORP 3,025
100 REYNOLDS METALS CO 6,687
300 USX-US STEEL GROUP, INC 7,500
-----------
215,066
-----------
PRINTING AND PUBLISHING -- 0.56%
300 DONNELLEY (R.R.) & SONS CO 6,281
100 DOW JONES & CO, INC 7,181
400 GANNETT CO, INC 28,150
100 KNIGHT-RIDDER, INC 5,093
</TABLE>
38 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 39
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
PRINTING AND PUBLISHING -- (CONTINUED)
300 MCGRAW HILL COS, INC $ 13,650
100 MEREDITH CORP 2,768
300 NEW YORK TIMES CO (CLASS A) 12,881
100 TIMES MIRROR CO SERIES A 9,293
2,794 TRIBUNE CO 102,155
-----------
187,452
-----------
RAILROAD TRANSPORTATION -- 0.16%
700 BURLINGTON NORTHERN SANTA FE CORP 15,487
100 CSX CORP 2,350
200 KANSAS CITY SOUTHERN INDUSTRIES,
INC 17,187
200 NORFOLK SOUTHERN CORP 2,875
400 UNION PACIFIC CORP 15,650
-----------
53,549
-----------
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS -- 0.17%
400 GOODYEAR TIRE & RUBBER CO 9,325
400 ILLINOIS TOOL WORKS, INC 22,100
400 NIKE, INC (CLASS B) 15,850
500 * PACTIV CORP 4,375
100 * REEBOK INTERNATIONAL LTD 925
100 * SEALED AIR CORP 5,431
-----------
58,006
-----------
SECURITY AND COMMODITY BROKERS -- 1.37%
100 BEAR STEARNS COS, INC 4,562
400 FRANKLIN RESOURCES, INC 13,375
200 LEHMAN BROTHERS HOLDINGS, INC 19,400
600 MERRILL LYNCH & CO, INC 63,000
3,346 MORGAN STANLEY DEAN WITTER & CO 272,908
200 PAINE WEBBER GROUP, INC 8,800
200 PRICE (T. ROWE) ASSOCIATES, INC 7,900
1,200 SCHWAB (CHARLES) CORP 68,175
-----------
458,120
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 0.26%
400 CORNING, INC 77,600
200 OWENS CORNING CO 3,875
300 * OWENS ILLINOIS, INC 5,062
-----------
86,537
-----------
TOBACCO PRODUCTS -- 0.25%
3,600 PHILIP MORRIS COS, INC 76,050
400 UST, INC 6,250
-----------
82,300
-----------
TRANSPORTATION BY AIR -- 0.45%
660 * AMR CORP 21,037
819 * CONTINENTAL AIRLINES, INC (CLASS
B) 33,476
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
200 DELTA AIRLINES, INC $ 10,650
400 * FEDEX CORP 15,600
3,333 SOUTHWEST AIRLINES CO 69,368
-----------
150,131
-----------
TRANSPORTATION EQUIPMENT -- 2.47%
1,400 BOEING CO 53,112
1,005 DAIMLERCHRYSLER (U.S.A.) 65,764
300 DANA CORP 8,456
200 DANAHER CORP 10,200
900 DELPHI AUTOMOTIVE SYSTEMS CORP 14,400
100 EATON CORP 7,800
1,800 FORD MOTOR CO 82,687
300 GENERAL DYNAMICS CORP 14,925
1,000 GENERAL MOTORS CORP 82,812
306 * GENERAL MOTORS CORP (CLASS H) 38,097
200 GOODRICH (B.F.) CO 5,737
1,100 HARLEY DAVIDSON, INC 87,312
3,100 HONEYWELL INTERNATIONAL, INC 163,331
200 ITT INDUSTRIES, INC 6,212
500 LOCKHEED MARTIN CORP 10,218
100 * NAVISTAR INTERNATIONAL CORP 4,012
100 NORTHROP GRUMMAN CORP 5,293
200 TEXTRON, INC 12,175
100 TRW, INC 5,850
2,388 UNITED TECHNOLOGIES CORP 150,891
-----------
829,284
-----------
WATER TRANSPORTATION -- 0.07%
1,000 CARNIVAL CORP (CLASS A) 24,812
-----------
WHOLESALE TRADE-DURABLE GOODS -- 0.03%
200 GENUINE PARTS CO 4,775
100 GRAINGER (W.W.), INC 5,425
44 * HUTTIG BUILDING PRODUCTS, INC 198
-----------
10,398
-----------
WHOLESALE TRADE-NONDURABLE GOODS -- 1.04%
2,929 CARDINAL HEALTH, INC 134,367
2,400 ENRON CORP 179,004
500 MCKESSON HBOC, INC 10,500
300 SUPERVALU, INC 5,681
500 SYSCO CORP 17,843
-----------
347,395
-----------
TOTAL COMMON STOCK
(Cost $29,072,038) 33,535,657
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 39
<PAGE> 40
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
--------- -----
<C> <C> <S> <C>
SHORT TERM INVESTMENT -- 3.56%
U.S. GOVERNMENT AGENCY -- 3.56%
FEDERAL HOME LOAN BANK (FHLB)
$1,194,000 5.900%, 04/03/00 $ 1,193,609
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $1,193,609) 1,193,609
-----------
TOTAL PORTFOLIO
(Cost $30,315,647) $34,797,453
===========
</TABLE>
---------------
* Non-income producing
x In bankruptcy
40 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 41
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (UNAUDITED) SUMMARY BY INDUSTRY
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS $ 3,950 0.01%
AGRICULTURAL SERVICES 2,857 0.01
AMUSEMENT AND RECREATION SERVICES 48,207 0.09
APPAREL AND ACCESSORY STORES 235,624 0.46
APPAREL AND OTHER TEXTILE PRODUCTS 43,884 0.09
AUTO REPAIR, SERVICES AND PARKING 15,095 0.03
AUTOMOTIVE DEALERS AND SERVICE
STATIONS 33,170 0.07
BUILDING MATERIALS AND GARDEN
SUPPLIES 621,444 1.22
BUSINESS SERVICES 5,934,913 11.69
CHEMICALS AND ALLIED PRODUCTS 5,008,352 9.86
COAL MINING 441 0.00
COMMUNICATIONS 5,756,328 11.34
DEPOSITORY INSTITUTIONS 2,871,204 5.65
EATING AND DRINKING PLACES 310,668 0.61
EDUCATIONAL SERVICES 22,189 0.04
ELECTRIC, GAS, AND SANITARY SERVICES 1,282,304 2.53
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 7,216,990 14.21
ENGINEERING AND MANAGEMENT SERVICES 105,665 0.21
FABRICATED METAL PRODUCTS 269,088 0.53
FOOD AND KINDRED PRODUCTS 1,241,312 2.44
FOOD STORES 240,871 0.47
FORESTRY 12,744 0.03
FURNITURE AND FIXTURES 77,109 0.15
FURNITURE AND HOMEFURNISHINGS STORES 167,519 0.33
GENERAL BUILDING CONTRACTORS 33,957 0.07
GENERAL MERCHANDISE STORES 1,031,943 2.03
HEALTH SERVICES 156,989 0.31
HEAVY CONSTRUCTION, EXCEPT BUILDING 27,636 0.05
HOLDING AND OTHER INVESTMENT OFFICES 378,271 0.74
HOTELS AND OTHER LODGING PLACES 68,731 0.14
INDUSTRIAL MACHINERY AND EQUIPMENT 5,382,828 10.59
INSTRUMENTS AND RELATED PRODUCTS 1,038,355 2.04
INSURANCE AGENTS, BROKERS AND SERVICE 119,210 0.23
INSURANCE CARRIERS 2,098,079 4.13
LEATHER AND LEATHER PRODUCTS 4,247 0.01
LEGAL SERVICES 2,048 0.00
LOCAL AND INTERURBAN PASSENGER
TRANSIT 1,700 0.00
LUMBER AND WOOD PRODUCTS 85,757 0.17
METAL MINING 44,669 0.09
MISCELLANEOUS MANUFACTURING
INDUSTRIES 178,721 0.35
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
MISCELLANEOUS REPAIR SERVICES $ 1,242 0.00%
MISCELLANEOUS RETAIL 331,971 0.65
MOTION PICTURES 755,567 1.49
NONDEPOSITORY INSTITUTIONS 804,024 1.58
NONMETALLIC MINERALS, EXCEPT FUELS 25,489 0.05
OIL AND GAS EXTRACTION 455,695 0.90
PAPER AND ALLIED PRODUCTS 349,498 0.69
PERSONAL SERVICES 39,868 0.08
PETROLEUM AND COAL PRODUCTS 1,632,847 3.22
PRIMARY METAL INDUSTRIES 186,343 0.37
PRINTING AND PUBLISHING 323,423 0.64
RAILROAD TRANSPORTATION 150,159 0.30
REAL ESTATE 29,777 0.06
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 127,269 0.25
SECURITY AND COMMODITY BROKERS 860,023 1.69
SOCIAL SERVICES 3,583 0.01
SPECIAL TRADE CONTRACTORS 7,626 0.02
STONE, CLAY, AND GLASS PRODUCTS 218,155 0.43
TEXTILE MILL PRODUCTS 20,014 0.04
TOBACCO PRODUCTS 199,607 0.39
TRANSPORTATION BY AIR 166,242 0.33
TRANSPORTATION EQUIPMENT 1,221,681 2.41
TRANSPORTATION SERVICES 26,847 0.05
TRUCKING AND WAREHOUSING 23,997 0.05
WATER TRANSPORTATION 16,881 0.03
WHOLESALE TRADE-DURABLE GOODS 145,163 0.29
WHOLESALE TRADE-NONDURABLE GOODS 339,997 0.67
----------- ------
TOTAL COMMON STOCK
(Cost $45,198,695) 50,638,057 99.71
----------- ------
SHORT TERM INVESTMENT
U.S. GOVERNMENT AGENCY 144,952 0.28
----------- ------
TOTAL SHORT TERM INVESTMENT
(Cost $144,952) 144,952 0.28
----------- ------
TOTAL PORTFOLIO
(Cost $45,343,647) 50,783,009 99.99
OTHER ASSETS & LIABILITIES, NET 3,326 0.01
----------- ------
NET ASSETS $50,786,335 100.00%
=========== ======
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 41
<PAGE> 42
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
STATEMENT OF INVESTMENTS
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMMON STOCK -- 99.71%
AGRICULTURAL PRODUCTION-CROPS -- 0.01%
200 DELTA & PINE LAND CO $ 3,950
-----------
AGRICULTURAL SERVICES -- 0.01%
200 x* AGRIBIOTECH, INC 23
100 * CADIZ, INC 850
78 * HINES HORTICULTURE, INC 609
100 * VETERINARY CENTERS OF AMERICA, INC 1,375
-----------
2,857
-----------
AMUSEMENT AND RECREATION SERVICES -- 0.09%
299 * AMF BOWLING, INC 635
100 * ARGOSY GAMING CORP 1,425
100 * BALLY TOTAL FITNESS HOLDINGS CORP 2,450
100 * BOCA RESORTS, INC (CLASS A) 856
200 * BOYD GAMING CORP 987
48 DOVER DOWNS ENTERTAINMENT, INC 612
64 GAYLORD ENTERTAINMENT CO 1,736
461 * HARRAH'S ENTERTAINMENT, INC 8,557
100 INTERNATIONAL SPEEDWAY CORP (CLASS
A) 4,493
100 * PINNACLE ENTERTAINMENT, INC 2,031
280 * PREMIER PARKS, INC 5,880
202 * SFX ENTERTAINMENT, INC (CLASS A) 8,244
48 * SPEEDWAY MOTORSPORTS, INC 1,197
85 * STATION CASINOS, INC 1,854
200 * WESTWOOD ONE, INC 7,250
-----------
48,207
-----------
APPAREL AND ACCESSORY STORES -- 0.46%
347 * ABERCROMBIE & FITCH CO (CLASS A) 5,552
100 * AMERICAN EAGLE OUTFITTERS, INC 3,793
100 * ANN TAYLOR STORES CORP 2,300
65 BURLINGTON COAT FACTORY WAREHOUSE
CORP 1,117
100 CATO CORP (CLASS A) 1,175
353 * CHARMING SHOPPES, INC 2,007
47 * CHICO'S FAS, INC 796
61 * CHILDRENS PLACE RETAIL STORES 869
148 CLAIRE'S STORES, INC 2,969
56 * DRESS BARN, INC 1,078
100 * FINISH LINE, INC (CLASS A) 975
100 * FOOTSTAR, INC 2,825
2,336 GAP, INC 116,362
100 * GENESCO, INC 1,312
151 INTIMATE BRANDS, INC (CLASS A) 6,191
200 x* JUST FOR FEET, INC 0
579 LIMITED, INC 24,390
100 * MEN'S WEARHOUSE, INC 2,962
384 NORDSTROM, INC 11,328
100 * PACIFIC SUNWEAR CALIFORNIA, INC 3,850
100 * PAYLESS SHOESOURCE, INC 5,193
317 ROSS STORES, INC 7,627
100 * STEIN MART, INC 825
41 * TALBOTS, INC 2,413
1,111 TJX COS, INC 24,650
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
83 * TOO, INC $ 2,619
47 * UNITED RETAIL GROUP, INC 446
-----------
235,624
-----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.09%
374 * JONES APPAREL GROUP, INC 11,921
100 KELLWOOD CO 1,756
212 LIZ CLAIBORNE, INC 9,712
100 * NAUTICA ENTERPRISES, INC 1,175
100 OXFORD INDUSTRIES, INC 1,812
80 PHILLIPS VAN HEUSEN CORP 615
200 * POLO RALPH LAUREN CORP 3,737
77 * QUIKSILVER, INC 1,352
100 * TROPICAL SPORTSWEAR INTERNATIONAL
CORP 1,225
342 VF CORP 8,229
199 WARNACO GROUP, INC (CLASS A) 2,350
-----------
43,884
-----------
AUTO REPAIR, SERVICES AND PARKING -- 0.03%
100 * AVIS RENT A CAR, INC 1,762
44 * CENTRAL PARKING CORP 880
100 * DOLLAR THRIFTY AUTOMOTIVE GROUP,
INC 1,718
100 HERTZ CORP (CLASS A) 3,406
58 MIDAS, INC 1,392
166 ROLLINS TRUCK LEASING CORP 1,400
200 RYDER SYSTEM, INC 4,537
-----------
15,095
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS -- 0.07%
1,328 * AUTONATION, INC 10,541
533 * AUTOZONE, INC 14,790
131 * COPART, INC 2,292
100 * CSK AUTO CORP 1,393
100 * GROUP 1 AUTOMOTIVE, INC 1,162
122 * OREILLY AUTOMOTIVE, INC 1,730
100 PEP BOYS MANNY, MOE, & JACK CO 593
76 * UNITED AUTO GROUP, INC 669
-----------
33,170
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES -- 1.22%
100 FASTENAL CO 4,787
8,451 HOME DEPOT, INC 545,089
1,226 LOWE'S COS, INC 71,568
-----------
621,444
-----------
BUSINESS SERVICES -- 11.69%
53 * 24/7 MEDIA, INC 2,093
100 AARON RENTS, INC 1,506
58 ABM INDUSTRIES, INC 1,363
100 * ACCLAIM ENTERTAINMENT, INC 331
42 ACKERLEY GROUP, INC 635
193 * ACNEILSEN CORP 4,342
91 * ACTIVISION, INC 1,097
100 * ACTUATE CORP 5,381
210 * ACXIOM CORP 6,982
14 ADECCO S.A. ADR 1,237
</TABLE>
42 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 43
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BUSINESS SERVICES -- (CONTINUED)
443 ADOBE SYSTEMS, INC $ 49,311
88 * ADVENT SOFTWARE, INC 4,037
65 * ADVO, INC 1,625
100 * AFFILIATED COMPUTER SERVICES, INC
(CLASS A) 3,800
100 * ALLAIRE CORP 7,562
37 * AMDOCS LTD 2,726
8,212 * AMERICA ONLINE, INC 552,257
151 * AMERICAN MANAGEMENT SYSTEMS, INC 6,615
100 ANALYSTS INTERNATIONAL CORP 987
100 * ANSWERTHINK CONSULTING GROUP 2,443
89 * ASHTON TECHNOLOGY GROUP, INC 750
200 * ASPECT DEVELOPMENT, INC 12,875
100 * ASPEN TECHNOLOGY, INC 4,037
197 AUTODESK, INC 8,963
2,240 AUTOMATIC DATA PROCESSING, INC 108,080
100 * AVANT CORP 1,250
88 * AVT CORP 1,039
58 * AWARE, INC 2,327
100 * AXENT TECHNOLOGIES, INC 1,881
100 * BANYAN SYSTEMS, INC 1,756
40 * BARRA, INC 1,355
568 * BEA SYSTEMS, INC 41,677
86 * BEYOND.COM CORP 368
100 * BILLING CONCEPTS CORP 703
100 * BINDVIEW DEVELOPMENT CORP 3,106
100 * BISYS GROUP, INC 6,650
875 * BMC SOFTWARE, INC 43,203
65 * BRIO TECHNOLOGY, INC 2,453
597 * BROADVISION, INC 26,790
40 * BROCADE COMMUNICATIONS SYSTEMS, INC 7,172
873 * CADENCE DESIGN SYSTEMS, INC 18,114
183 * CAMBRIDGE TECHNOLOGY PARTNERS, INC 2,481
56 * CATALINA MARKETING CORP 5,670
78 * CCC INFORMATION SERVICES GROUP, INC 1,677
2,548 * CENDANT CORP 47,138
254 * CENTURY BUSINESS SERVICES, INC 738
455 * CERIDIAN CORP 8,730
94 * CERNER CORP 2,538
100 * CHECKFREE HOLDINGS CORP 7,050
100 * CHOICEPOINT, INC 3,737
162 * CIBER, INC 3,321
605 * CITRIX SYSTEMS, INC 40,081
690 * CMGI, INC 78,185
156 * CNET NETWORKS, INC 7,907
413 COMDISCO, INC 18,223
100 * COMPLETE BUSINESS SOLUTIONS, INC 2,237
1,493 COMPUTER ASSOCIATES INTERNATIONAL,
INC 88,366
100 * COMPUTER HORIZONS CORP 1,712
84 * COMPUTER NETWORK TECHNOLOGY CORP 1,470
542 * COMPUTER SCIENCES CORP 42,885
58 COMPUTER TASK GROUP, INC 638
1,113 * COMPUWARE CORP 23,442
51 * CONCORD COMMUNICATIONS, INC 1,813
49 * CONCUR TECHNOLOGIES, INC 738
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
48 * CONVERGYS CORP $ 1,854
70 * CRITICAL PATH, INC 5,950
172 * CSG SYSTEMS INTERNATIONAL, INC 8,395
100 * CTC COMMUNICATIONS GROUP, INC 4,262
63 * CYBERCASH, INC 850
100 * DATA BROADCASTING CORP 762
57 * DATASTREAM SYSTEMS, INC 1,653
100 * DENDRITE INTERNATIONAL, INC 2,093
57 * DIGITAL RIVER, INC 1,225
53 * DOCUMENTUM, INC 4,134
311 * DOUBLECLICK, INC 29,117
91 * DSP GROUP, INC 6,006
100 * DST SYSTEMS, INC 6,493
261 * EARTHLINK, INC 5,073
100 * EBAY, INC 17,600
67 * ECHELON CORP 4,388
100 * ECLIPSYS CORP 1,937
51 * ELECTRO RENT CORP 592
227 * ELECTRONIC ARTS, INC 16,159
1,250 ELECTRONIC DATA SYSTEMS CORP 80,234
176 * ELECTRONICS FOR IMAGING, INC 10,560
154 * ELOYALTY CORP 3,676
10 * EMERGE INTERACTIVE, INC 301
43 * ENGINEERING ANIMATION, INC 567
57 * ENTRUST TECHNOLOGIES, INC 4,849
100 * EPICOR SOFTWARE CORP 850
507 EQUIFAX, INC 12,801
41 * EXCALIBUR TECHNOLOGIES CORP 1,624
84 * EXCHANGE APPLICATIONS, INC 4,445
495 * EXCITE AT HOME 16,304
69 FACTSET RESEARCH SYSTEMS, INC 1,867
50 * FIDELITY HOLDINGS, INC 1,062
100 * FILENET CORP 2,975
1,538 FIRST DATA CORP 68,056
439 * FISERV, INC 16,325
104 * GARTNER GROUP, INC (CLASS B) 1,384
70 GERBER SCIENTIFIC, INC 1,351
100 * GETTY IMAGES, INC 3,593
199 * GO.COM 4,154
100 * GO2NET, INC 8,056
200 * GT INTERACTIVE SOFTWARE CORP 625
100 * GTECH HOLDINGS CORP 1,856
200 * HARBINGER CORP 5,825
100 * HEALTHEON/WEBMD CORP 2,300
40 * HEARME.COM 1,010
52 * HEIDRICK & STRUGGLES INTERNATIONAL,
INC 2,086
100 * HNC SOFTWARE 7,206
100 * HYPERION SOLUTIONS CORP 3,250
240 * I2 TECHNOLOGIES, INC 29,310
50 * IDX SYSTEMS CORP 1,368
100 * IGATE CAPITAL CORP 4,512
100 * IMATION CORP 2,668
71 * IMRGLOBAL CORP 1,020
1,104 IMS HEALTH, INC 18,699
100 * INACOM CORP 275
100 * INFOCURE CORP 1,737
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 43
<PAGE> 44
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BUSINESS SERVICES -- (CONTINUED)
61 * INFORMATICA CORP $ 4,685
100 * INFORMATION RESOURCES, INC 800
965 * INFORMIX CORP 16,344
170 * INFOSPACE.COM, INC 24,724
181 * INFOUSA, INC 1,651
255 * INKTOMI CORP 49,725
100 * INTERGRAPH CORP 887
196 * INTERIM SERVICES, INC 3,638
20 * INTERNET CAPITAL GROUP, INC 1,806
100 INTERPOOL, INC 656
1,006 INTERPUBLIC GROUP OF COS, INC 47,533
100 * INTERVU, INC 9,000
511 * INTUIT, INC 27,785
100 * ISS GROUP, INC 11,650
59 * IVILLAGE, INC 924
155 * J.D. EDWARDS & CO 5,047
98 JACK HENRY & ASSOCIATES, INC 3,613
100 * JDA SOFTWARE GROUP, INC 1,462
202 * KEANE, INC 5,100
63 KELLY SERVICES, INC (CLASS A) 1,508
100 * KORN FERRY INTERNATIONAL 2,975
150 * LABOR READY, INC 1,481
190 * LAMAR ADVERTISING CO (CLASS A) 8,645
160 * LEARN2.COM, INC 660
270 * LEGATO SYSTEMS, INC 12,048
100 * LHS GROUP, INC 4,500
283 * LYCOS, INC 19,880
153 * MACROMEDIA, INC 13,817
96 * MACROVISION CORP 8,268
272 MANPOWER, INC 9,656
73 * MANUGISTICS GROUP, INC 3,723
63 * MAPICS, INC 1,004
49 * MARIMBA, INC 2,162
100 MCGRATH RENTCORP 1,587
100 * MEDQUIST, INC 2,718
44 * MEMBERWORKS, INC 1,765
230 * MENTOR GRAPHICS CORP 3,478
275 * MERCURY INTERACTIVE CORP 21,793
104 * MESSAGEMEDIA, INC 1,319
100 * METAMOR WORLDWIDE, INC 2,831
75 * MICROMUSE, INC 10,410
13,847 * MICROSOFT CORP 1,471,243
276 * MICROSTRATEGY, INC 24,029
100 * MIDWAY GAMES, INC 1,325
324 * MODIS PROFESSIONAL SERVICES, INC 4,009
48 * MULTEX.COM, INC 1,782
100 NATIONAL COMPUTER SYSTEMS, INC 5,075
100 NATIONAL DATA CORP 2,600
84 * NATIONAL EQUIPMENT SERVICES, INC 525
100 * NATIONSRENT, INC 525
42 * NBC INTERNET, INC 1,808
43 * NCO GROUP, INC 1,373
942 * NETWORK APPLIANCE, INC 77,950
45 * NETWORK PERIPHERALS, INC 1,597
94 * NETWORK SOLUTIONS, INC 14,448
499 * NETWORKS ASSOCIATES, INC 16,092
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * NEW ERA OF NETWORKS, INC $ 3,925
200 * NOVA CORP (GEORGIA) 5,825
1,194 * NOVELL, INC 34,178
636 OMNICOM GROUP, INC 59,426
68 * ONEMAIN.COM, INC 769
48 * ONYX SOFTWARE CORP 1,530
100 * OPEN MARKET, INC 2,575
7,916 * ORACLE CORP 617,942
983 * PARAMETRIC TECHNOLOGY CORP 20,704
785 PAYCHEX, INC 41,114
67 * PEGASUS SYSTEMS, INC 1,059
103 * PEGASYSTEMS, INC 1,236
676 * PEOPLESOFT, INC 13,520
66 * PER SE TECHNOLOGIES, INC 387
185 * PEREGRINE SYSTEMS, INC 12,406
184 * PEROT SYSTEMS CORP (CLASS A) 3,703
92 * PERSONNEL GROUP OF AMERICA, INC 563
56 * PERVASIVE SOFTWARE, INC 721
100 * PHOENIX TECHNOLOGIES LTD 2,112
171 PITTSTON BRINKS GROUP CO 2,907
100 * POLICY MANAGEMENT SYSTEMS CORP 1,200
54 * PORTAL SOFTWARE, INC 3,074
100 * PRICELINE.COM, INC 8,000
41 * PRODIGY COMMUNICATIONS CORP 617
111 * PROGRESS SOFTWARE CORP 2,601
47 * PROJECT SOFTWARE & DEVELOPMENT, INC 2,655
200 * PROTECTION ONE, INC 412
74 * PROXICOM, INC 3,279
100 * PROXYMED, INC 850
326 * PSINET, INC 11,089
100 * QRS CORP 7,525
90 * QUADRAMED CORP 517
142 * RARE MEDIUM GROUP, INC 6,265
318 * RATIONAL SOFTWARE CORP 24,327
50 * RAZORFISH, INC 1,375
231 * REALNETWORKS, INC 13,152
20 * REDBACK NETWORKS, INC 5,998
100 * REMEDY CORP 4,212
100 * RENT WAY, INC 1,950
100 * RENT-A-CENTER, INC 1,500
321 * ROBERT HALF INTERNATIONAL, INC 15,227
100 ROLLINS, INC 1,487
146 * ROMAC INTERNATIONAL, INC 1,323
100 * RSA SECURITY, INC 5,181
483 * SABRE HOLDINGS CORP 17,840
100 * SAFETY-KLEEN CORP 131
100 * SAGA SYSTEMS, INC 3,575
47 * SAGENT TECHNOLOGY, INC 1,354
45 * SANCHEZ COMPUTER ASSOCIATES, INC 1,580
65 * SANTA CRUZ OPERATION, INC 609
100 * SAPIENT CORP 8,387
45 SEI INVESTMENT CO 5,104
100 SHARED MEDICAL SYSTEMS CORP 5,187
490 * SIEBEL SYSTEMS, INC 58,524
20 * SILKNET SOFTWARE, INC 2,080
100 * SITEL CORP 687
185 * SNYDER COMMUNICATIONS, INC 4,162
</TABLE>
44 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 45
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BUSINESS SERVICES -- (CONTINUED)
67 * SOFTNET SYSTEMS, INC $ 1,959
148 SOTHEBY'S HOLDINGS, INC (CLASS A) 2,728
49 * SOURCE MEDIA, INC 673
58 * SPORTSLINE.COM 1,707
61 * SPYGLASS, INC 4,730
100 * SS&C TECHNOLOGIES, INC 581
100 * STAFFMARK, INC 793
247 * STERLING SOFTWARE, INC 7,533
100 * STRUCTURAL DYNAMICS RESEARCH CORP 1,350
5,698 * SUN MICROSYSTEMS, INC 533,920
427 * SUNGARD DATA SYSTEMS, INC 16,119
100 * SVI HOLDINGS, INC 987
292 * SYBASE, INC 5,931
100 * SYKES ENTERPRISES, INC 1,906
186 * SYMANTEC CORP 13,973
200 * SYNOPSYS, INC 9,750
100 * SYSTEMS & COMPUTER TECHNOLOGY CORP 2,337
200 * TECHNOLOGY SOLUTIONS CO 1,825
100 * TELETECH HOLDINGS, INC 3,450
64 * THQ, INC 1,144
100 * TICKETMASTER ONLINE-CITYSEARCH, INC 2,506
194 * TMP WORLDWIDE, INC 15,083
135 TOTAL SYSTEM SERVICES, INC 2,151
100 * TRANSACTION SYSTEM ARCHITECTURE,
INC 2,888
45 * TRAVELOCITY.COM, INC 1,321
155 TRUE NORTH COMMUNICATIONS, INC 6,093
55 * TSI INTERNATIONAL SOFTWARE LTD 4,568
153 * TYLER TECHNOLOGIES, INC 908
100 * UNITED RENTALS, INC 1,725
5 * US INTERACTIVE, INC 178
78 * USINTERNETWORKING, INC 3,022
202 * VALASSIS COMMUNICATIONS, INC 6,729
243 * VERIO, INC 10,950
275 * VERISIGN, INC 41,112
1,384 * VERITAS SOFTWARE CORP 181,304
100 * VERITY, INC 4,075
130 * VERTICALNET, INC 17,680
100 * VIGNETTE CORP 16,025
100 WACKENHUT CORP SERIES A 1,393
144 * WAVE SYSTEMS CORP (CLASS A) 5,751
47 * WEBTRENDS CORP 3,384
192 * WIND RIVER SYSTEMS, INC 6,960
47 * XTRA CORP 1,786
883 * YAHOO, INC 151,324
100 YOUNG & RUBICAM, INC 4,700
46 * YOUTHSTREAM MEDIA NETWORKS, INC 603
49 * ZIFF-DAVIS, INC -ZDNET 1,041
-----------
5,934,913
-----------
CHEMICALS AND ALLIED PRODUCTS -- 9.86%
5,555 ABBOTT LABORATORIES CO 195,466
30 * ABGENIX, INC 4,143
759 AIR PRODUCTS & CHEMICALS, INC 21,584
87 ALBEMARLE CORP 1,805
100 ALBERTO CULVER CO (CLASS B) 2,381
43 * ALGOS PHARMACEUTICAL CORP 618
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * ALKERMES, INC $ 9,250
486 ALLERGAN, INC 24,300
100 ALPHARMA, INC (CLASS A) 3,675
313 * ALZA CORP 11,757
4,779 AMERICAN HOME PRODUCTS CORP 256,273
3,761 * AMGEN, INC 230,831
62 * ANDRX CORP 7,161
43 * ANESTA CORP 569
77 ARCH CHEMICALS, INC 1,540
48 * AVIRON, INC 1,335
868 AVON PRODUCTS, INC 25,226
47 * BARR LABORATORIES, INC 1,974
190 * BIO-TECHNOLOGY GENERAL CORP 2,945
538 * BIOGEN, INC 37,592
52 * BIOMATRIX, INC 1,326
53 BLOCK DRUG, INC (CLASS A) 1,460
7,209 BRISTOL MYERS SQUIBB CO 416,319
334 CABOT CORP 10,187
122 CALGON CARBON CORP 800
100 CAMBREX CORP 4,350
715 * CAREMARK RX, INC 2,994
100 CARTER WALLACE, INC 1,875
72 * CELL PATHWAYS, INC 2,475
100 * CEPHALON, INC 3,750
65 CHEMFIRST, INC 1,263
49 * CHIREX, INC 943
368 * CHIRON CORP 18,354
200 CHURCH & DWIGHT CO, INC 3,437
414 CK WITCO CORP 4,217
840 CLOROX CO 27,300
2,089 COLGATE PALMOLIVE CO 117,767
82 * COLUMBIA LABORATORIES, INC 963
100 * COR THERAPEUTICS, INC 6,592
53 * CORIXA CORP 2,186
60 * COULTER PHARMACEUTICALS, INC 1,830
79 * CYGNUS, INC 1,145
153 * CYTEC INDUSTRIES, INC 4,685
82 DEXTER CORP 4,346
100 DIAGNOSTIC PRODUCTS CORP 2,443
340 DIAL CORP 4,675
786 DOW CHEMICAL CO 89,604
3,615 DU PONT (E.I.) DE NEMOURS & CO 191,143
158 * DURA PHARMACEUTICALS, INC 1,945
78 * DURAMED PHARMACEUTICALS, INC 521
280 EASTMAN CHEMICAL CO 12,740
404 ECOLAB, INC 14,821
100 * ENZON, INC 3,768
222 ETHYL CORP 679
100 FERRO CORP 1,781
100 * FMC CORP 5,650
299 * FOREST LABORATORIES, INC 25,265
48 FULLER (H.B.) CO 1,917
48 * GELTEX PHARMACEUTICALS, INC 804
300 * GENERAL CHEMICAL GROUP, INC 637
302 * GENZYME CORP (GENERAL DIVISION) 15,137
35 * GENZYME SURGICAL PRODUCTS 411
100 GEON CO 2,150
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 45
<PAGE> 46
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
CHEMICALS AND ALLIED PRODUCTS -- (CONTINUED)
100 GEORGIA GULF CORP $ 2,600
157 * GILEAD SCIENCES, INC 9,949
200 * GRACE W.R. & CO 2,537
183 GREAT LAKES CHEMICAL CORP 6,222
83 * GUILFORD PHARMACEUTICALS, INC 1,929
175 HANNA (M.A.) CO 1,979
87 * HEMISPHERX BIOPHARMA, INC 940
381 HERCULES, INC 6,143
166 * HUMAN GENOME SCIENCES, INC 13,788
281 ICN PHARMACEUTICALS, INC 7,657
100 * ICOS CORP 3,612
152 * IDEC PHARMACEUTICALS CORP 14,934
100 * IDEXX LABORATORIES, INC 2,331
358 IMC GLOBAL, INC 5,258
100 * IMCLONE SYSTEMS, INC 7,687
810 * IMMUNEX CORP 51,384
49 * INHALE THERAPEUTIC SYSTEMS 3,650
377 INTERNATIONAL FLAVORS & FRAGRANCES,
INC 13,218
110 * ISIS PHARMACEUTICALS, INC 1,546
499 * IVAX CORP 13,597
5,087 JOHNSON & JOHNSON CO 356,407
196 JONES PHARMACEUTICAL, INC 5,953
67 * KING PHARMACEUTICALS, INC 2,110
42 * KV PHARMACEUTICAL CO (CLASS B) 1,233
313 LAUDER (ESTEE) CO (CLASS A) 15,669
161 * LIGAND PHARMACEUTICALS CO (CLASS A) 2,857
3,379 LILLY (ELI) & CO 212,877
81 LILLY INDUSTRIES, INC (CLASS A) 1,002
140 * LIPOSOME CO, INC 2,445
200 LUBRIZOL CORP 5,762
391 LYONDELL CHEMICAL CO 5,767
55 MACDERMID, INC 1,457
75 * MACROCHEM CORP (DELAWARE) 525
249 MALLINCKRODT, INC 7,158
100 * MEDICIS PHARMACEUTICAL CORP (CLASS
A) 4,000
200 * MEDIMMUNE, INC 34,825
8,577 MERCK & CO, INC 532,846
245 MILLENNIUM CHEMICAL, INC 4,900
130 * MILLENNIUM PHARMACEUTICALS, INC 16,883
67 MINERALS TECHNOLOGIES, INC 2,985
100 MISSISSIPPI CHEMICAL CORP 681
2,274 MONSANTO CO 117,111
463 MYLAN LABORATORIES, INC 12,732
197 * NBTY, INC 2,696
42 * NEUROGEN CORP 1,296
77 NL INDUSTRIES, INC 1,001
100 * OCTEL CORP 975
144 OLIN CORP 2,556
100 OM GROUP, INC 4,550
117 OMNOVA SOLUTIONS, INC 658
100 * ORGANOGENESIS, INC 1,206
59 * PATHOGENESIS CORP 1,342
220 * PERRIGO CO 1,670
14,174 PFIZER, INC 518,236
1,858 PHARMACIA & UPJOHN, INC 110,086
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
54 * PHARMACYCLICS, INC $ 3,007
623 PPG INDUSTRIES, INC 32,590
570 PRAXAIR, INC 23,726
4,810 PROCTER & GAMBLE CO 270,562
67 * PROTEIN DESIGN LABORATORIES, INC 5,326
58 * REGENERON PHARMACEUTICALS, INC 1,714
72 * REVLON, INC (CLASS A) 634
100 * REXALL SUNDOWN, INC 1,412
344 ROHM & HAAS CO 15,351
387 RPM, INC 4,257
55 * SANGSTAT MEDICAL CORP 1,522
5,365 SCHERING-PLOUGH CORP 197,163
110 SCHULMAN (A.), INC 1,457
100 * SCOTTS CO (CLASS A) 4,200
242 * SEPRACOR, INC 17,620
69 * SEROLOGICALS CORP 375
506 SHERWIN-WILLIAMS CO 11,100
4 * SHIRE PHARMACEUTICALS GROUP PLC ADR 205
317 * SICOR, INC 3,288
361 SIGMA ALDRICH CORP 9,701
68 * SUPERGEN, INC 3,264
100 * TECHNE CORP 6,900
100 * THERAGENICS CORP 1,337
71 * TRANSKARYOTIC THERAPIES, INC 3,949
100 * TRIANGLE PHARMACEUTICALS, INC 1,575
81 * TWINLAB CORP 577
426 UNION CARBIDE CORP 24,841
200 USEC, INC 925
100 VALSPAR CORP 3,831
33 * VENTIV HEALTH, INC 332
100 * VERTEX PHARMACEUTICALS, INC 4,681
58 * VICAL, INC 1,943
3,177 WARNER-LAMBERT CO 309,757
343 * WATSON PHARMACEUTICALS, INC 13,612
100 WELLMAN, INC 1,981
45 WEST PHARMACEUTICAL SERVICES, INC 1,139
-----------
5,008,352
-----------
COAL MINING -- 0.00%
63 ARCH COAL, INC 441
-----------
COMMUNICATIONS -- 11.34%
54 * ADELPHIA BUSINESS SOLUTIONS, INC 3,327
194 * ADELPHIA COMMUNICATIONS CORP (CLASS
A) 9,506
86 * ADVANCED RADIO TELECOM CORP 2,848
58 * AERIAL COMMUNICATIONS, INC 3,295
349 * ALLEGIANCE TELECOM, INC 28,138
1,078 ALLTEL CORP 67,981
66 * AMERICAN MOBILE SATELLITE CORP 1,584
550 * AMFM, INC 34,168
11,651 AT & T CORP 655,368
4,717 * AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 279,482
5,665 BELL ATLANTIC CORP 346,273
6,846 BELLSOUTH CORP 321,762
494 BROADWING, INC 18,370
</TABLE>
46 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 47
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMMUNICATIONS -- (CONTINUED)
443 * CABLEVISION SYSTEMS CORP (CLASS A) $ 26,912
100 * CAPROCK COMMUNICATIONS CORP 4,900
2,732 * CBS CORP 154,699
500 CENTURYTEL, INC 18,562
47 CFW COMMUNICATIONS CO 1,850
59 * CHRIS CRAFT INDUSTRIES, INC 3,757
100 * CITADEL COMMUNICATIONS CORP 4,218
958 * CLEAR CHANNEL COMMUNICATIONS, INC 66,161
61 * COM21, INC 2,867
2,845 COMCAST CORP (CLASS A) SPECIAL 123,401
80 COMSAT CORP 1,650
151 * CONCENTRIC NETWORK CORP 8,305
325 * COVAD COMMUNICATIONS GROUP 23,562
526 * COX COMMUNICATIONS, INC (CLASS A) 25,511
302 * CROWN CASTLE INTERNATIONAL CORP 11,438
64 * CUMULUS MEDIA, INC 920
183 * E.SPIRE COMMUNICATIONS, INC 1,286
164 * EMMIS COMMUNICATIONS (CLASS A) 7,626
85 * ENTERCOM COMMUNICATIONS CORP 4,335
593 * EXODUS COMMUNICATIONS, INC 83,316
483 * FOX ENTERTAINMENT GROUP, INC 14,459
100 * GENERAL COMMUNICATION (CLASS A) 537
20 * GLOBAL CROSSING LTD 818
645 * GLOBAL TELESYSTEMS GROUP, INC 13,222
45 GRAY COMMUNICATIONS SYSTEMS, INC 534
3,583 GTE CORP 254,393
100 * HEARST-ARGYLE TELEVISION, INC 2,337
150 * HISPANIC BROADCASTING CORP 16,987
170 * ICG COMMUNICATIONS, INC 6,141
72 * IDT CORP 2,988
1,042 * INFINITY BROADCASTING CORP (CLASS
A) 33,734
173 * INTERMEDIA COMMUNICATIONS, INC 8,358
84 * INTERNATIONAL FIBERCOM, INC 1,995
51 * INTRAWARE, INC 2,106
174 * ITC DELTACOM, INC 6,198
73 * LEAP WIRELESS INTERNATIONAL, INC 7,204
960 * LEVEL 3 COMMUNICATIONS, INC 101,520
164 * LIBERTY DIGITAL, INC (CLASS A) 6,314
11,623 LUCENT TECHNOLOGIES, INC 706,097
10,372 * MCI WORLDCOM, INC 469,981
391 * MCLEODUSA, INC (CLASS A) 33,161
2,193 * MEDIA ONE GROUP, INC 177,633
386 * METROMEDIA FIBER NETWORK (CLASS A) 37,345
61 * MGC COMMUNICATIONS, INC 4,361
578 * NEXTEL COMMUNICATIONS, INC (CLASS
A) 85,688
477 * NEXTLINK COMMUNICATIONS, INC 58,998
100 NORTH PITTSBURGH SYSTEMS, INC 1,312
55 * NORTHPOINT COMMUNICATIONS GROUP,
INC 1,268
472 * NTL, INC 43,807
10 * PAC-WEST TELECOMM, INC 312
51 * PACIFIC GATEWAY EXCHANGE, INC 749
336 * PAGING NETWORK, INC 871
152 * PANAMSAT CORP 7,457
100 * PAXSON COMMUNICATIONS CORP 775
100 * PEGASUS COMMUNICATIONS CORP 14,075
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * POWERTEL, INC $ 6,918
155 * PRICE COMMUNICATIONS CORP 3,565
100 * PRIMUS TELECOMMUNICATIONS GROUP,
INC 5,168
168 * PTEK HOLDINGS, INC 1,113
437 * QWEST COMMUNICATIONS INTERNATIONAL,
INC 21,194
148 * RCN CORP 7,973
227 * RHYTHMS NETCONNECTIONS, INC 8,356
12,426 SBC COMMUNICATIONS, INC 521,892
90 * SINCLAIR BROADCASTING GROUP, INC
(CLASS A ) 804
58 * SIRIUS SATELLITE RADIO, INC 3,306
2,458 SPRINT CORP (FON GROUP) 154,854
1,597 * SPRINT CORP (PCS GROUP) 104,304
100 * STAR TELECOMMUNICATIONS, INC 600
145 * TALK.COM, INC 2,320
224 * TCI SATELLITE ENTERTAINMENT (CLASS
A) 4,284
195 TELEPHONE & DATA SYSTEMS, INC 21,645
100 * TELIGENT, INC 6,681
68 * TIME WARNER TELECOM, INC 5,406
100 * TV GUIDE, INC 4,806
59 * U.S. CELLULAR CORP 4,189
1,811 U.S. WEST, INC 131,523
388 * U.S.A. NETWORKS, INC 8,754
297 * UNITEDGLOBALCOM, INC (CLASS A) 22,293
283 * UNIVISION COMMUNICATIONS, INC 31,979
1,808 * VIACOM, INC (CLASS B) 95,372
51 * VIATEL, INC 2,559
581 * VOICESTREAM WIRELESS CORP 74,840
77 * WAVO CORP 344
163 * WESTERN WIRELESS CORP (CLASS A) 7,467
295 * WINSTAR COMMUNICATIONS, INC 17,700
100 * WORLDGATE COMMUNICATIONS, INC 3,006
-----------
5,756,328
-----------
DEPOSITORY INSTITUTIONS -- 5.65%
100 AMCORE FINANCIAL, INC 1,787
1,402 AMSOUTH BANCORP 20,942
90 * ANCHOR BANCORP WISCONSIN, INC 1,428
43 AREA BANCSHARES CORP 854
229 ASSOCIATED BANC-CORP 6,841
195 ASTORIA FINANCIAL CORP 5,533
204 BANCORPSOUTH, INC 3,340
200 BANCWEST CORP 3,950
6,291 BANK OF AMERICA CORP 329,884
41 BANK OF GRANITE CORP 817
2,739 BANK OF NEW YORK CO, INC 113,839
4,214 BANK ONE CORP 144,856
100 BANK UNITED CORP (CLASS A) 3,156
100 BANKATLANTIC BANCORP, INC (CLASS B) 593
200 BANKNORTH GROUP, INC 5,362
89 BAY VIEW CAPITAL CORP 667
1,196 BB&T CORP 33,562
43 * BOK FINANCIAL CORP 795
59 BT FINANCIAL CORP 921
328 CAPITOL FEDERAL FINANCIAL 3,095
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 47
<PAGE> 48
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
DEPOSITORY INSTITUTIONS -- (CONTINUED)
92 CAROLINA FIRST CORP $ 1,207
144 CCB FINANCIAL CORP 6,372
70 * CENTENNIAL BANCORP 673
145 CENTURA BANKS, INC 6,642
68 CFS BANCORP, INC 612
622 CHARTER ONE FINANCIAL, INC 13,062
2,983 CHASE MANHATTAN CORP 260,080
50 CHEMICAL FINANCIAL CORP 1,106
100 CHITTENDEN CORP 2,968
145 CITIZENS BANKING CORP (MICHIGAN) 2,827
60 CITY HOLDINGS CO 720
200 CITY NATIONAL CORP 6,737
348 COLONIAL BANCGROUP, INC 3,741
560 COMERICA, INC 23,450
100 COMMERCE BANCORP, INC 3,700
225 COMMERCE BANCSHARES, INC 7,017
200 COMMERCIAL FEDERAL CORP 3,325
42 COMMONWEALTH BANCORP, INC 532
168 COMMUNITY FIRST BANKSHARES, INC 2,688
110 COMMUNITY TRUST BANCORP, INC 1,980
407 COMPASS BANCSHARES, INC 8,114
733 * CONCORD EFS, INC 16,813
200 CULLEN FROST BANKERS, INC 5,287
51 CVB FINANCIAL CORP 720
397 DIME BANCORP, INC 7,344
45 DIME COMMUNITY BANCORP, INC 711
100 DOWNEY FINANCIAL CORP 2,125
100 F & M NATIONAL CORP 2,200
72 F.N.B. CORP 1,323
876 FIFTH THIRD BANCORP 55,188
83 FIRST BANCORP (PUERTO RICO) 1,462
56 FIRST CHARTER CORP 728
208 FIRST COMMONWEALTH FINANCIAL CORP 1,794
100 FIRST FEDERAL CAPITAL CORP 1,168
127 FIRST FINANCIAL BANCORP 2,286
47 FIRST FINANCIAL HOLDINGS, INC 663
200 FIRST MIDWEST BANCORP, INC 4,850
702 FIRST SECURITY CORP 8,424
142 FIRST SENTINEL BANCORP, INC 1,091
465 FIRST TENNESSEE NATIONAL CORP 9,445
3,640 FIRST UNION CORP 135,590
90 FIRST UNITED BANCSHARES, INC 922
178 FIRST VIRGINIA BANKS, INC 6,686
40 FIRST WASHINGTON BANCORP, INC 730
3,613 FIRSTAR CORP 82,873
100 FIRSTFED FINANCIAL CORP 1,325
290 FIRSTMERIT CORP 5,346
100 FLAGSTAR BANCORP, INC 1,300
3,381 FLEETBOSTON FINANCIAL CORP 123,406
52 FRONTIER FINANCIAL CORP 962
246 FULTON FINANCIAL CORP 5,181
242 * GOLDEN STATE BANCORP, INC 3,614
496 GOLDEN WEST FINANCIAL CORP 15,469
54 GRAND PREMIER FINANCIAL, INC 742
48 GREATER BAY BANCORP 1,932
313 GREENPOINT FINANCIAL CORP 6,142
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
575 HIBERNIA CORP (CLASS A) $ 6,037
57 HUDSON RIVER BANCORP, INC 570
206 HUDSON UNITED BANCORP 4,467
730 HUNTINGTON BANCSHARES, INC 16,333
108 * IMPERIAL BANCORP 3,348
239 INDEPENDENCE COMMUNITY BANK CORP 2,658
44 INTERNATIONAL BANCSHARES CORP 1,782
56 INTERWEST BANCORP, INC 770
1,603 KEYCORP 30,457
175 KEYSTONE FINANCIAL, INC 3,215
100 * LOCAL FINANCIAL CORP 856
30 M & T BANK CORP 13,395
86 MAF BANCORP, INC 1,392
340 MARSHALL & ILSLEY CORP 19,635
2,500 MBNA CORP 63,750
1,823 MELLON FINANCIAL CORP 53,778
247 MERCANTILE BANKSHARES CORP 7,548
68 MERCHANTS NEW YORK BANCORP, INC 1,117
40 MID-STATE BANCSHARES 1,000
629 MORGAN (J.P.) & CO, INC 82,870
53 NATIONAL BANCORP OF ALASKA, INC 2,001
63 NATIONAL CITY BANCSHARES, INC 1,197
2,210 NATIONAL CITY CORP 45,581
307 NATIONAL COMMERCE BANCORP 5,679
64 NATIONAL PENN BANCSHARES, INC 1,296
64 * NBT BANCORP, INC 928
85 * NETBANK, INC 1,105
524 NORTH FORK BANCORP, INC 9,366
745 NORTHERN TRUST CORP 50,334
46 OCEANFIRST FINANCIAL CORP 721
142 * OCWEN FINANCIAL CORP 1,100
393 OLD KENT FINANCIAL CORP 12,698
173 OLD NATIONAL BANCORP 5,719
100 ONE VALLEY BANCORP, INC 3,462
40 ORIENTAL FINANCIAL GROUP 760
87 PACIFIC CAPITAL BANCORP 2,109
287 PACIFIC CENTURY FINANCIAL CORP 5,829
100 PEOPLES BANK OF BRIDGEPORT CO 2,093
366 PEOPLES HERITAGE FINANCIAL GROUP,
INC 5,490
47 PFF BANCORP, INC 728
1,055 PNC FINANCIAL SERVICES GROUP 47,540
487 POPULAR, INC 10,805
60 PREMIER NATIONAL BANCORP 907
91 PROVIDENT BANKSHARES CORP 1,433
100 PROVIDENT FINANCIAL GROUP 3,406
509 PROVIDIAN FINANCIAL CORP 44,092
60 QUEENS COUNTY BANCORP, INC 1,083
784 REGIONS FINANCIAL CORP 17,885
110 REPUBLIC BANCORP, INC 1,027
200 REPUBLIC SECURITY FINANCIAL CORP 1,312
110 RICHMOND COUNTY FINANCIAL CORP 1,773
68 RIGGS NATIONAL CORP 828
264 ROSLYN BANCORP, INC 4,702
100 S & T BANCORP, INC 1,712
100 * S1 CORP 8,568
100 SEACOAST FINANCIAL SERVICES CORP 987
100 * SILICON VALLEY BANCSHARES 7,187
</TABLE>
48 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 49
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
DEPOSITORY INSTITUTIONS -- (CONTINUED)
280 SKY FINANCIAL GROUP, INC $ 4,550
601 SOUTHTRUST CORP 15,287
100 * SOUTHWEST BANCORP OF TEXAS, INC 1,943
649 SOVEREIGN BANCORP, INC 4,908
573 STATE STREET CORP 55,509
141 STATEN ISLAND BANCORP, INC 2,414
92 * STERLING BANCSHARES, INC 879
623 SUMMIT BANCORP 16,353
1,147 SUNTRUST BANKS, INC 66,239
132 SUSQUEHANNA BANCSHARES, INC 1,823
861 SYNOVUS FINANCIAL CORP 16,251
297 TCF FINANCIAL CORP 7,072
51 TEXAS REGIONAL BANCSHARES, INC
(CLASS A) 1,297
58 TRUST CO OF NEW JERSEY 1,123
191 TRUSTCO BANK CORP (NEW YORK) 2,232
228 TRUSTMARK CORP 4,602
2,608 U.S. BANCORP 57,050
67 U.S. TRUST CORP 12,663
61 UMB FINANCIAL CORP 2,241
505 UNION PLANTERS CORP 15,560
100 UNIONBANCAL CORP 2,756
153 UNITED BANKSHARES, INC 3,366
126 UNITED COMMUNITY FINANCIAL CORP
(OHIO) 878
57 UNITED NATIONAL BANCORP 1,229
216 VALLEY NATIONAL BANCORP 5,805
100 W HOLDING CO, INC 959
727 WACHOVIA CORP 49,117
196 WASHINGTON FEDERAL, INC 3,736
2,069 WASHINGTON MUTUAL, INC 54,828
100 WEBSTER FINANCIAL CORP 2,300
6,006 WELLS FARGO CO 245,870
71 WESBANCO, INC 1,371
55 WEST COAST BANCORP (OREGON) 539
100 WESTAMERICA BANCORP 2,775
100 WESTCORP 1,400
81 WHITNEY HOLDINGS CORP 2,642
100 WILMINGTON TRUST CORP 4,862
306 ZIONS BANCORP 12,737
-----------
2,871,204
-----------
EATING AND DRINKING PLACES -- 0.61%
100 APPLEBEES INTERNATIONAL, INC 2,812
100 BOB EVANS FARMS, INC 1,250
234 * BRINKER INTERNATIONAL, INC 6,946
150 * BUFFETS, INC 1,354
210 CBRL GROUP, INC 2,100
100 * CEC ENTERTAINMENT, INC 2,712
185 CKE RESTAURANTS, INC 1,179
85 * CONSOLIDATED PRODUCTS, INC 802
471 DARDEN RESTAURANTS, INC 8,389
713 HOST MARRIOTT CORP (NEW) 6,327
100 * IHOP CORP (NEW) 1,400
147 * JACK IN THE BOX, INC 3,132
100 * LANDRYS SEAFOOD RESTAURANTS, INC 637
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * LONE STAR STEAKHOUSE & SALOON, INC $ 1,018
79 LUBYS, INC 745
694 MARRIOTT INTERNATIONAL (CLASS A) 21,861
4,953 MCDONALD'S CORP 186,047
43 MORRISON MANAGEMENT SPECIALISTS,
INC 1,193
100 * NPC INTERNATIONAL, INC 762
100 * O'CHARLEY'S, INC 1,300
244 * OUTBACK STEAKHOUSE, INC 7,823
100 * PAPA JOHNS INTERNATIONAL, INC 3,300
100 RUBY TUESDAY, INC 1,750
100 * RYANS FAMILY STEAK HOUSES, INC 956
113 SODEXHO MARRIOTT SERVICES, INC 1,695
65 * SONIC CORP 1,771
62 * THE CHEESECAKE FACTORY CO 2,580
553 * TRICON GLOBAL RESTAURANTS, INC 17,177
267 * U.S. FOODSERVICE, INC 6,875
315 VIAD CORP 7,205
375 WENDY'S INTERNATIONAL, INC 7,570
-----------
310,668
-----------
EDUCATIONAL SERVICES -- 0.04%
275 * APOLLO GROUP, INC (CLASS A) 7,751
215 * DEVRY, INC 6,557
68 * EDUCATION MANAGEMENT CORP 981
52 * ITT EDUCATIONAL SERVICES, INC 832
100 * LEARNING TREE INTERNATIONAL, INC 3,550
158 * SYLVAN LEARNING SYSTEMS, INC 2,518
-----------
22,189
-----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 2.53%
517 * AES CORP 40,713
200 AGL RESOURCES, INC 3,675
412 ALLEGHENY ENERGY, INC 11,355
281 ALLIANT ENERGY CORP 8,552
677 * ALLIED WASTE INDUSTRIES, INC 4,442
492 AMEREN CORP 15,221
696 AMERICAN ELECTRIC POWER CO, INC 20,749
347 AMERICAN WATER WORKS CO, INC 8,241
111 ATMOS ENERGY CORP 1,817
100 AVISTA CORP 4,075
76 BLACK HILLS CORP 1,676
42 CALIFORNIA WATER SERVICE GROUP 958
225 * CALPINE CORP 21,150
572 CAROLINA POWER & LIGHT CO 18,554
100 CASCADE NATURAL GAS CORP 1,612
762 CENTRAL & SOUTH WEST CORP 13,001
60 * CH ENERGY GROUP, INC 1,822
536 CINERGY CORP 11,524
934 * CITIZENS UTILITIES CO (CLASS B) 15,294
100 CLECO CORP 3,325
116 * CMP GROUP, INC 3,378
371 CMS ENERGY CORP 6,724
641 COASTAL CORP 29,486
294 COLUMBIA ENERGY GROUP 17,419
294 CONECTIV, INC 5,145
792 CONSOLIDATED EDISON CO OF NEW YORK,
INC 22,968
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 49
<PAGE> 50
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ELECTRIC, GAS, AND SANITARY SERVICES -- (CONTINUED)
536 CONSTELLATION ENERGY GROUP $ 17,085
767 DOMINION RESOURCES, INC 29,481
568 DPL, INC 12,602
265 DQE, INC 12,057
520 DTE ENERGY CO 15,080
1,311 DUKE ENERGY CORP 68,827
452 DYNEGY, INC 28,363
100 EASTERN ENTERPRISES CO 5,987
73 EASTERN UTILITIES ASSOCIATION CO 2,290
1,244 EDISON INTERNATIONAL CO 20,603
212 * EL PASO ELECTRIC CO 2,199
707 EL PASO ENERGY CORP 28,545
61 EMPIRE DISTRICT ELECTRIC CO 1,197
100 ENERGEN CORP 1,593
470 ENERGY EAST CORP 9,311
865 ENTERGY CORP 17,462
100 EQUITABLE RESOURCES, INC 4,481
835 FIRSTENERGY CORP 17,221
328 FLORIDA PROGRESS CORP 15,047
642 FPL GROUP, INC 29,572
442 GPU, INC 12,099
100 HAWAIIAN ELECTRIC INDUSTRIES, INC 3,181
100 IDACORP, INC 3,475
100 INDIANA ENERGY, INC 1,950
276 IPALCO ENTERPRISES, INC 5,382
222 KANSAS CITY POWER & LIGHT CO 6,438
480 KEYSPAN CORP 13,260
366 KINDER MORGAN, INC 12,627
67 LACLEDE GAS CO 1,340
465 LOUISVILLE GAS & ELECTRIC ENERGY
CORP 10,636
56 MADISON GAS & ELECTRIC CO 1,001
307 MCN ENERGY GROUP, INC 7,675
200 MDU RESOURCES GROUP, INC 4,150
262 MINNESOTA POWER, INC 4,355
395 MONTANA POWER CO 25,280
100 NATIONAL FUEL GAS CO 4,456
414 NEW CENTURY ENERGIES, INC 12,445
63 NEW JERSEY RESOURCES CORP 2,693
247 * NEWPARK RESOURCES, INC 1,976
671 * NIAGARA MOHAWK HOLDINGS, INC 9,058
168 NICOR, INC 5,533
448 NISOURCE, INC 7,560
471 NORTHEAST UTILITIES CO 10,126
555 NORTHERN STATES POWER CO 11,030
100 NORTHWEST NATURAL GAS CO 1,950
100 NORTHWESTERN CORP 2,062
244 NSTAR 10,248
45 NUI CORP 1,164
278 OGE ENERGY CORP 5,334
113 ONEOK, INC 2,825
84 OTTER TAIL POWER CO 1,674
666 PECO ENERGY CO 24,558
100 PEOPLES ENERGY CORP 2,743
1,376 PG&E CORP 28,896
127 PHILADELPHIA SUBURBAN CORP 2,301
100 PIEDMONT NATURAL GAS CO, INC 2,606
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
304 PINNACLE WEST CAPITAL CORP $ 8,569
425 POTOMAC ELECTRIC POWER CO 9,615
515 PPL CORP 10,782
128 PUBLIC SERVICE CO OF NEW MEXICO 2,016
783 PUBLIC SERVICE ENTERPRISE GROUP,
INC 23,196
303 PUGET SOUND ENERGY, INC 6,722
295 QUESTAR CORP 5,475
875 RELIANT ENERGY, INC 20,507
227 * REPUBLIC SERVICES, INC (CLASS A) 2,482
100 RGS ENERGY GROUP, INC 2,125
363 SCANA CORP 8,916
63 SEMCO ENERGY, INC 748
732 SEMPRA ENERGY 12,261
280 SIERRA PACIFIC RESOURCES (NEW) 3,500
100 SIG CORP, INC 2,500
2,412 SOUTHERN CO 52,461
129 * SOUTHERN UNION CO 2,330
110 SOUTHWEST GAS CORP 2,096
100 SOUTHWESTERN ENERGY CO 662
48 * STERICYCLE, INC 1,200
464 TECO ENERGY, INC 9,019
991 TEXAS UTILITIES CO 29,420
44 TNP ENTERPRISES, INC 1,927
100 * U.S. LIQUIDS, INC 650
100 UGI CORP 2,162
780 UNICOM CORP 28,470
115 * UNISOURCE ENERGY CORP HOLDINGS CO 1,689
51 UNITED ILLUMINATING CO 2,001
99 UNITED WATER RESOURCES, INC 3,440
333 UTILICORP UNITED, INC 6,014
166 WASHINGTON GAS LIGHT CO 4,513
100 * WASTE CONNECTIONS, INC 1,212
2,221 WASTE MANAGEMENT, INC 30,399
54 WESTERN GAS RESOURCES, INC 857
243 WESTERN RESOURCES, INC 3,842
100 WICOR, INC 3,100
1,558 WILLIAMS COS, INC 68,454
422 WISCONSIN ENERGY CORP 8,413
100 WPS RESOURCES CORP 2,593
-----------
1,282,304
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 14.21%
100 * ACTEL CORP 3,568
100 * ACTV, INC 3,506
116 * ADAPTIVE BROADBAND CORP 6,206
1,076 * ADC TELECOMMUNICATIONS, INC 57,969
71 * ADTRAN, INC 4,220
259 * ADVANCED FIBRE COMMUNICATIONS, INC 16,236
530 * ADVANCED MICRO DEVICES, INC 30,243
66 * AEROFLEX, INC 3,267
100 * ALLEN TELECOM, INC 1,593
100 * ALLIANCE SEMICONDUCTOR CORP 2,143
60 * ALPHA INDUSTRIES, INC 5,700
638 * ALTERA CORP 56,941
581 * AMERICAN POWER CONVERSION CORP 24,910
55 * AMERICAN SUPERCONDUCTOR CORP 2,447
410 * AMERICAN TOWER SYSTEMS (CLASS A) 20,243
</TABLE>
50 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 51
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT -- (CONTINUED)
59 * AMERICAN XTAL TECHNOLOGY, INC $ 1,910
100 AMETEK, INC 1,925
325 * AMKOR TECHNOLOGY, INC 17,245
100 * AMPEX CORP (CLASS A) 312
58 * AMPHENOL CORP (CLASS A) 5,930
96 * ANADIGICS, INC 6,336
1,250 * ANALOG DEVICES, INC 100,703
100 * ANCOR COMMUNICATIONS, INC 4,112
294 * ANDREW CORP 6,725
100 * ANTEC CORP 4,481
364 * APPLIED MICRO CIRCUITS CORP 54,622
100 * ARTESYN TECHNOLOGIES, INC 1,893
170 * ASPECT TELECOMMUNICATIONS CORP 6,300
718 * ATMEL CORP 37,066
100 AVX CORP 7,581
100 BALDOR ELECTRIC CO 1,806
58 * BENCHMARK ELECTRONICS, INC 2,146
100 BMC INDUSTRIES, INC 568
384 * BROADCOM CORP (CLASS A) 93,264
150 * BURR BROWN CORP 8,156
46 C&D TECHNOLOGIES, INC 2,714
89 * C-COR.NET CORP 4,361
100 x* CELLNET DATA SYSTEMS, INC 28
100 * CHECKPOINT SYSTEMS, INC 837
492 * CIENA CORP 62,053
173 * COMMSCOPE, INC 7,893
250 * COMVERSE TECHNOLOGY, INC 47,250
588 * CONEXANT SYSTEMS, INC 41,748
295 COOPER INDUSTRIES, INC 10,325
100 * CREE, INC 11,287
100 CTS CORP 5,700
376 * CYPRESS SEMICONDUCTOR CORP 18,541
200 DALLAS SEMICONDUCTOR CORP 7,025
244 * DIGITAL MICROWAVE CORP 8,265
100 * DII GROUP, INC 11,306
130 * E-TEK DYNAMICS, INC 30,582
576 * ECHOSTAR COMMUNICATIONS CORP
(CLASS A) 45,504
94 * ELECTRO SCIENTIFIC INDUSTRIES, INC 5,452
226 * ELOT, INC 1,327
100 * EMCORE CORP 11,506
1,557 EMERSON ELECTRIC CO 82,326
100 * ESS TECHNOLOGY, INC 1,750
63 * EXAR CORP 4,508
100 EXIDE CORP 1,181
11,849 GENERAL ELECTRIC CO 1,838,816
108 * GENERAL SEMICONDUCTOR, INC 1,863
43 * GENLYTE GROUP, INC 838
200 * GLENAYRE TECHNOLOGIES, INC 3,512
59 * GLOBIX CORP 2,249
49 * HADCO CORP 3,166
58 HARMAN INTERNATIONAL INDUSTRIES,
INC 3,480
100 * HARMONIC LIGHTWAVES, INC 8,325
283 HARRIS CORP 9,781
100 HELIX TECHNOLOGY CORP 6,006
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
183 HUBBELL, INC (CLASS B) $ 5,009
89 * HUTCHINSON TECHNOLOGY, INC 1,568
100 INNOVEX, INC 978
304 * INTEGRATED DEVICE TECHNOLOGY, INC 12,046
12,176 INTEL CORP 1,606,471
74 INTER-TEL, INC 2,025
174 * INTERDIGITAL COMMUNICATIONS CORP 4,393
179 * INTERNATIONAL RECTIFIER CORP 6,824
100 * INTERVOICE-BRITE, INC 2,887
30 * IPC COMMUNICATIONS, INC 6,180
358 * JABIL CIRCUIT, INC 15,483
1,810 * JDS UNIPHASE CORP 218,218
100 * KEMET CORP 6,325
200 * KOMAG, INC 759
100 * KOPIN CORP 6,875
100 * L-3 COMMUNICATIONS HOLDINGS, INC 5,200
64 * LASERSIGHT, INC 420
163 * LATTICE SEMICONDUCTOR CORP 11,033
1,096 LINEAR TECHNOLOGY CO 60,280
70 * LITTLEFUSE, INC 2,568
100 LSI INDUSTRIES, INC 1,943
1,066 * LSI LOGIC CORP 77,418
86 * MAGNETEK, INC 784
980 * MAXIM INTEGRATED PRODUCTS 69,641
302 MAYTAG CO 10,003
100 * MEMC ELECTRONIC MATERIALS, INC 2,012
100 METHODE ELECTRONICS, INC (CLASS A) 5,050
54 * METRICOM, INC 2,504
100 * MICREL, INC 9,600
274 * MICROCHIP TECHNOLOGY, INC 18,015
769 * MICRON TECHNOLOGY, INC 96,894
100 * MMC NETWORKS, INC 3,300
365 MOLEX, INC 21,443
2,541 MOTOROLA, INC 361,774
100 * MRV COMMUNICATIONS, INC 9,162
615 * NATIONAL SEMICONDUCTOR CORP 37,284
145 NATIONAL SERVICE INDUSTRIES, INC 3,054
98 NORTEL NETWORKS CORP (U.S.) 12,348
61 * NVIDIA CORP 5,153
231 * P-COM, INC 4,273
242 * PAIRGAIN TECHNOLOGIES, INC 4,522
100 * PHOTRONICS, INC 3,531
145 * PICTURETEL CORP 1,268
59 * PLANTRONICS, INC 5,498
63 * PLEXUS CORP 4,197
46 * PLX TECHNOLOGY, INC 1,712
488 * PMC-SIERRA, INC 99,399
77 * POLYCOM, INC 6,097
100 * POWER INTEGRATIONS, INC 2,500
53 * POWER-ONE, INC 3,199
51 * POWERWAVE TECHNOLOGIES, INC 6,375
262 * QLOGIC CORP 35,501
2,267 * QUALCOMM, INC 338,491
66 * RAMBUS, INC 19,437
100 * RAYOVAC CORP 2,325
100 * READ RITE CORP 468
100 * REMEC, INC 5,050
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 51
<PAGE> 52
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT -- (CONTINUED)
185 * RF MICRO DEVICES, INC $ 24,859
273 * S3, INC 5,733
456 * SANMINA CORP 30,808
100 * SAWTEK, INC 5,256
519 * SCI SYSTEMS, INC 27,928
564 SCIENTIFIC-ATLANTA, INC 35,778
45 * SCM MICROSYSTEMS, INC 4,365
220 * SDL, INC 46,832
100 * SEMTECH CORP 6,406
252 * SENSORMATIC ELECTRONICS CORP 5,654
65 * SIPEX CORP 2,295
66 * SLI, INC 1,122
1,651 * SOLECTRON CORP 66,143
100 STEWART & STEVENSON SERVICES, INC 1,125
330 * SUNBEAM CORP 1,381
42 TECHNITROL, INC 2,446
100 * TEKELEC 3,712
1,207 * TELLABS, INC 76,022
55 * TERAYON COMMUNICATION SYSTEMS, INC 11,275
2,840 TEXAS INSTRUMENTS, INC 454,400
207 THOMAS & BETTS CORP 5,847
56 THOMAS INDUSTRIES, INC 1,050
180 * TITAN CORP 9,180
200 * TRANSWITCH CORP 19,225
100 * TRIQUINT SEMICONDUCTOR, INC 7,350
42 * TUT SYSTEMS, INC 2,501
162 * UCAR INTERNATIONAL, INC 2,136
100 * VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES, INC 6,362
66 * VICOR CORP 1,188
261 * VISHAY INTERTECHNOLOGY, INC 14,518
564 * VITESSE SEMICONDUCTOR CORP 54,285
15 * WATER PIK TECHNOLOGIES, INC 108
132 * WEBLINK WIRELESS, INC 1,765
61 * WESTELL TECHNOLOGIES, INC (CLASS A) 1,944
266 WHIRLPOOL CORP 15,594
80 * WINDMERE-DURABLE HOLDINGS, INC 1,180
162 * WORLD ACCESS, INC 3,098
985 * XILINX, INC 81,570
55 * ZIXIT CORP 4,004
-----------
7,216,990
-----------
ENGINEERING AND MANAGEMENT SERVICES -- 0.21%
200 * CATALYTICA, INC 2,912
62 * CELGENE CORP 6,172
25 * CIRCLE.COM 206
211 * COVANCE, INC 2,268
45 * DIAMOND TECHNOLOGY PARTNERS, INC
(CLASS A) 2,958
577 DUN & BRADSTREET CORP 16,516
49 * ENTREMED, INC 2,903
42 * F.Y.I., INC 1,139
100 * FIRST CONSULTING GROUP, INC 1,625
212 GARTNER GROUP, INC (CLASS A) 3,339
100 * INCYTE PHARMACEUTICALS, INC 8,743
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * IT GROUP, INC $ 756
100 * JACOBS ENGINEERING GROUP, INC 3,225
68 * LASON, INC 448
397 * MARCHFIRST, INC 14,167
65 * MARKETING SERVICES GROUP 1,153
40 * MAXIMUS, INC 1,220
100 * NAVIGANT CONSULTING CO 1,100
100 * NFO WORLDWIDE, INC 2,200
100 * PAREXEL INTERNATIONAL CORP 943
66 * PHARMACEUTICAL PRODUCT DEVELOPMENT 1,117
52 * PROBUSINESS SERVICES, INC 1,342
100 * PROFIT RECOVERY GROUP
INTERNATIONAL, INC 1,850
412 * QUINTILES TRANSNATIONAL CORP 7,029
131 * RENAISSANCE WORLDWIDE, INC 683
1,113 SERVICEMASTER CO 12,521
42 * TELEDYNE TECHNOLOGIES, INC 729
100 * TETRA TECH, INC 2,375
45 * URS CORP 590
100 * VALENCE TECHNOLOGY, INC 2,356
45 * XCEED, INC 1,080
-----------
105,665
-----------
FABRICATED METAL PRODUCTS -- 0.53%
100 BALL CORP 3,456
61 BARNES GROUP, INC 884
215 CRANE CO 5,065
464 CROWN CORK & SEAL CO, INC 7,424
3,944 GILLETTE CO 148,639
108 * GRIFFON CORP 843
144 HARSCO CORP 4,167
167 MARK IV INDUSTRIES, INC 3,684
1,589 MASCO CORP 32,574
108 METALS U.S.A., INC 715
100 * NCI BUILDING SYSTEMS, INC 1,881
401 PARKER-HANNIFIN CORP 16,566
552 ROCKWELL INTERNATIONAL CORP 23,080
200 SNAP-ON, INC 5,237
45 * SPS TECHNOLOGIES, INC 1,372
247 STANLEY WORKS CO 6,514
100 STRUM, RUGER & CO, INC 875
144 * TOWER AUTOMOTIVE, INC 2,358
100 * U.S. CAN CORP 1,943
62 VALMONT INDUSTRIES 1,069
60 WATTS INDUSTRIES, INC (CLASS A) 742
-----------
269,088
-----------
FOOD AND KINDRED PRODUCTS -- 2.44%
65 * AMERICAN ITALIAN PASTA CO (CLASS A) 1,600
1,668 ANHEUSER-BUSCH COS, INC 103,833
2,180 ARCHER DANIELS MIDLAND CO 22,617
65 * BERINGER WINE ESTATES HOLDINGS, INC
(CLASS B) 2,331
1,000 BESTFOODS, INC 46,812
179 BROWN FORMAN, INC (CLASS B) 9,744
1,184 CAMPBELL SOUP CO 36,408
58 * CANANDAIGUA BRANDS, INC (CLASS A) 2,958
</TABLE>
52 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 53
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
FOOD AND KINDRED PRODUCTS -- (CONTINUED)
149 CHIQUITA BRANDS INTERNATIONAL, INC $ 707
8,377 COCA COLA CO 393,195
857 COCA COLA ENTERPRISES, INC 18,479
1,754 CONAGRA, INC 31,791
100 COORS (ADOLPH) CO (CLASS B) 4,781
100 CORN PRODUCTS INTERNATIONAL, INC 2,406
140 DEAN FOODS CO 3,745
200 * DEL MONTE FOODS CO 2,137
167 DOLE FOOD, INC 3,246
49 DREYERS GRAND ICE CREAM, INC 1,261
152 EARTHGRAINS CO 2,261
359 FLOWERS INDUSTRIES, INC 5,452
588 FORTUNE BRANDS, INC 14,700
1,093 GENERAL MILLS, INC 39,552
65 * HAIN FOOD GROUP, INC 1,840
1,283 HEINZ (H.J.) CO 44,744
343 HERSHEY FOODS CORP 16,721
288 HORMEL FOODS CORP 4,734
262 IBP, INC 4,126
200 IMPERIAL SUGAR CO 350
100 * INTERNATIONAL HOME FOODS, INC 1,600
145 INTERSTATE BAKERIES CORP 2,066
100 KEEBLER FOODS CO 2,868
786 KELLOGG CO 20,141
100 LANCASTER COLONY CORP 3,056
100 LANCE, INC 1,062
248 MCCORMICK & CO, INC (NON-VOTE) 7,998
51 MICHAEL FOODS, INC 1,071
1,169 NABISCO GROUP HOLDINGS 14,028
183 NABISCO HOLDINGS CORP (CLASS A) 5,890
358 PEPSI BOTTLING GROUP, INC 7,160
5,317 PEPSICO, INC 183,768
428 QUAKER OATS CO 25,947
102 * RALCORP HOLDINGS, INC 1,479
1,159 RALSTON PURINA CO 31,727
3,265 SARA LEE CORP 58,770
162 * SMITHFIELD FOODS, INC 3,240
92 SMUCKER, (J.M.) CO (CLASS A) 1,690
100 * SUIZA FOODS CORP 4,025
103 TOOTSIE ROLL INDUSTRIES, INC 3,244
48 * TRIARC COS, INC 960
449 TYSON FOODS, INC 4,995
168 UNIVERSAL FOODS CORP 3,591
506 WHITMAN CORP 7,052
278 WRIGLEY (WM) JR CO 21,353
-----------
1,241,312
-----------
FOOD STORES -- 0.47%
512 * 7-ELEVEN, INC 1,920
1,518 ALBERTSONS, INC 47,058
431 DELHAIZE AMERICA, INC (CLASS B) 8,566
100 * GRAND UNION CO 293
100 GREAT ATLANTIC & PACIFIC TEA CO,
INC 1,950
100 HANNAFORD BROTHERS, INC 7,375
2,973 * KROGER CO 52,213
108 RUDDICK CORP 1,181
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
1,712 * SAFEWAY, INC $ 77,468
655 * STARBUCKS CORP 29,352
56 WEIS MARKETS, INC 1,904
100 * WHOLE FOODS MARKET, INC 4,143
59 * WILD OATS MARKETS, INC 1,209
321 WINN DIXIE STORES, INC 6,239
-----------
240,871
-----------
FORESTRY -- 0.03%
309 GEORGIA-PACIFIC CORP (TIMBER GROUP) 7,918
99 RAYONIER, INC 4,826
-----------
12,744
-----------
FURNITURE AND FIXTURES -- 0.15%
43 BASSETT FURNITURE INDUSTRIES, INC 602
146 ETHAN ALLEN INTERIORS, INC 3,650
167 * FURNITURE BRANDS INTERNATIONAL, INC 3,141
215 HON INDUSTRIES, INC 5,536
100 KIMBALL INTERNATIONAL, INC
(CLASS B) 1,100
186 LA-Z-BOY, INC 2,859
200 * LEAR CORP 5,625
703 LEGGETT & PLATT, INC 15,114
282 MILLER (HERMAN), INC 7,896
1,011 NEWELL RUBBERMAID, INC 25,085
100 * SELECT COMFORT CORP 550
200 STEELCASE, INC 2,400
321 U.S. INDUSTRIES, INC 3,551
-----------
77,109
-----------
FURNITURE AND HOMEFURNISHINGS STORES -- 0.33%
414 * BED BATH & BEYOND, INC 16,301
599 * BEST BUY, INC 51,514
100 * BOMBAY, INC 331
56 * CDNOW, INC 211
727 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 44,256
52 * CYBERIAN OUTPOST, INC 442
100 * GUITAR CENTER, INC 1,143
100 HAVERTY FURNITURE COS, INC 1,062
217 HEILIG MEYERS CO 854
101 * INTERTAN, INC 1,388
141 * LINENS'N THINGS, INC 4,829
100 * MUSICLAND STORES CORP 637
346 PIER 1 IMPORTS, INC 3,546
693 TANDY CORP 35,169
100 * TRANS WORLD ENTERTAINMENT CORP 1,000
156 * WILLIAMS-SONOMA, INC 4,836
-----------
167,519
-----------
GENERAL BUILDING CONTRACTORS -- 0.07%
100 * BLOUNT INTERNATIONAL, INC 1,287
212 CENTEX CORP 5,048
172 HILLENBRAND INDUSTRIES, INC 5,848
180 HORTON (D.R.), INC 2,351
171 KAUFMAN & BROAD HOME CORP 3,665
168 LENNAR CORP 3,643
100 MDC HOLDINGS, INC 1,793
115 PULTE CORP 2,400
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 53
<PAGE> 54
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
GENERAL BUILDING CONTRACTORS -- (CONTINUED)
51 RYLAND GROUP, INC $ 956
100 STANDARD-PACIFIC CORP 1,000
100 * TOLL BROTHERS, INC 2,000
45 * U.S. HOME CORP 1,710
100 WALTER INDUSTRIES, INC 775
100 * WEBB (DEL) CORP 1,481
-----------
33,957
-----------
GENERAL MERCHANDISE STORES -- 2.03%
43 * 99 CENTS ONLY STORES 1,687
100 * AMES DEPARTMENT STORES, INC 2,456
249 * BJ'S WHOLESALE CLUB, INC 9,617
188 CASEYS GENERAL STORES, INC 2,044
395 * CONSOLIDATED STORES CORP 4,493
73 * COST PLUS, INC 2,468
1,574 * COSTCO WHOLESALE CORP 82,733
370 DILLARDS, INC (CLASS A) 6,081
499 DOLLAR GENERAL CORP 13,410
222 * DOLLAR TREE STORES, INC 11,571
44 * FACTORY 2-U STORES, INC 1,100
522 FAMILY DOLLAR STORES, INC 10,864
752 * FEDERATED DEPARTMENT STORES, INC 31,396
185 HARCOURT GENERAL, INC 6,891
1,774 * K MART CORP 17,185
528 * KOHLS CORP 54,120
1,189 MAY DEPARTMENT STORES CO 33,886
128 * NEIMAN MARCUS GROUP, INC (CLASS A) 3,560
30 * NEIMAN MARCUS GROUP, INC (CLASS B) 825
830 PENNEY, (J.C.) CO, INC 12,346
519 * SAKS, INC 7,525
1,223 SEARS ROEBUCK & CO 37,760
100 * SHOPKO STORES, INC 1,775
1,579 TARGET CORP 118,030
100 * VALUE CITY DEPARTMENT STORES, INC 1,387
492 * VENATOR GROUP, INC 4,397
9,952 WAL-MART STORES, INC 552,336
-----------
1,031,943
-----------
HEALTH SERVICES -- 0.31%
67 * ADVANCE PARADIGM, INC 795
77 * AMERIPATH, INC 625
100 * APPLIED ANALYTICAL INDUSTRIES, INC 1,043
186 * APRIA HEALTHCARE GROUP, INC 2,685
337 * BEVERLY ENTERPRISES, INC 1,242
100 * CAREMATRIX CORP 131
1,947 COLUMBIA/HCA HEALTHCARE CORP 49,283
212 * COVENTRY HEALTH CARE, INC 1,802
100 * ENZO BIOCHEMICAL, INC 7,050
100 * EXPRESS SCRIPTS, INC 4,200
62 * GENTIVA HEALTH SERVICES, INC 443
908 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) 12,939
1,384 * HEALTHSOUTH CORP 7,698
100 HOOPER HOLMES, INC 3,431
200 x* INTEGRATED HEALTH SERVICES, INC 52
233 * LABORATORY CORP OF AMERICA HOLDINGS 1,004
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * LASER VISION CENTERS, INC $ 693
100 * LCA-VISION, INC 509
100 * LIFEPOINT HOSPITALS, INC 1,662
200 * LINCARE HOLDINGS, INC 5,675
114 * MAGELLAN HEALTH SERVICES, INC 548
258 * MANOR CARE, INC 3,483
100 * MATRIA HEALTHCARE, INC 531
145 * ORTHODONTIC CENTERS OF AMERICA, INC 2,718
200 * PHYCOR, INC 206
43 * PROVINCE HEALTHCARE CO 1,230
145 * QUEST DIAGNOSTICS, INC 5,763
253 * QUORUM HEALTH GROUP, INC 2,545
160 * RENAL CARE GROUP, INC 3,470
1,116 * TENET HEALTHCARE CORP 25,668
269 * TOTAL RENAL CARE HOLDINGS, INC 840
100 * TRIAD HOSPITALS, INC 1,675
100 * UNIVERSAL HEALTH SERVICES, INC 4,900
100 * US ONCOLOGY, INC 450
-----------
156,989
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.05%
150 * DYCOM INDUSTRIES, INC 7,312
272 FLUOR CORP 8,432
100 FOSTER WHEELER CORP 675
67 GRANITE CONSTRUCTION, INC 1,809
71 * INSITUFORM TECHNOLOGIES, INC
(CLASS A) 2,174
73 * MASTEC, INC 6,497
100 * MORRISON KNUDSEN CORP 737
-----------
27,636
-----------
HOLDING AND OTHER INVESTMENT OFFICES -- 0.74%
100 ALEXANDRIA REAL ESTATE EQUITIES,
INC 3,000
264 AMB PROPERTY CORP 5,676
100 * AMERCO 1,837
100 AMERICAN INDUSTRIAL PROPERTIES REIT 1,181
100 AMLI RESIDENTIAL PROPERTIES TRUST 2,050
200 APARTMENT INVESTMENT & MANAGEMENT
CO 7,637
304 ARCHSTONE COMMUNITIES TRUST 6,061
100 ASSOCIATED ESTATES REALTY CORP 806
235 AVALONBAY COMMUNITIES, INC 8,606
100 BEDFORD PROPERTY INVESTORS, INC 1,606
186 BOSTON PROPERTIES, INC 5,917
59 BOYKIN LODGING CO 693
100 BRADLEY REAL ESTATE, INC 1,706
100 * BRANDYWINE REALTY TRUST 1,712
159 BRE PROPERTIES, INC (CLASS A) 4,104
100 BURNHAM PACIFIC PROPERTIES, INC 706
143 CAMDEN PROPERTY TRUST 3,869
100 CAPITAL AUTOMOTIVE REIT 1,200
29 CAPSTEAD MORTGAGE CORP 112
238 CARRAMERICA REALTY CORP 5,027
100 CBL & ASSOCIATES PROPERTIES, INC 2,043
84 CENTER TRUST, INC 535
100 CENTERPOINT PROPERTIES CORP 3,643
70 CHARLES E. SMITH RESIDENTIAL
REALTY, INC 2,528
</TABLE>
54 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 55
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
HOLDING AND OTHER INVESTMENT
OFFICES -- (CONTINUED)
75 CHATEAU PROPERTIES, INC $ 1,912
56 CHELSEA GCA REALTY, INC 1,624
92 COLONIAL PROPERTIES TRUST 2,185
106 COMMERCIAL NET LEASE REALTY, INC 1,106
298 CORNERSTONE PROPERTIES, INC 5,196
200 CORNERSTONE REALTY INCOME TRUST,
INC 2,162
100 COUSINS PROPERTIES, INC 3,681
383 CRESCENT REAL ESTATE EQUITIES CO 6,702
212 DEVELOPERS DIVERSIFIED REALTY CORP 2,941
447 DUKE-WEEKS REALTY CORP 8,548
79 EAST WEST BANCORP, INC 873
100 EASTGROUP PROPERTIES, INC 2,150
52 ENTERTAINMENT PROPERTIES TRUST 685
100 EQUITY INNS, INC 681
903 EQUITY OFFICE PROPERTIES TRUST 22,687
452 EQUITY RESIDENTIAL PROPERTIES TRUST
CO 18,164
64 ESSEX PROPERTY TRUST, INC 2,304
200 FEDERAL REALTY INVESTMENT TRUST 3,862
206 FELCOR LODGING TRUST, INC 3,643
200 FIRST INDUSTRIAL REALTY TRUST, INC 5,450
100 FIRST WASHINGTON REALTY TRUST, INC 1,856
199 FRANCHISE FINANCE CORP OF AMERICA 4,626
100 GABLES RESIDENTIAL TRUST 2,250
184 GENERAL GROWTH PROPERTIES, INC 5,600
109 GLENBOROUGH REALTY TRUST, INC 1,580
83 GLIMCHER REALTY TRUST 1,120
100 GREAT LAKES REIT, INC 1,512
200 HEALTH CARE PROPERTY INVESTORS, INC 5,087
101 HEALTH CARE REIT, INC 1,414
142 HEALTHCARE REALTY TRUST, INC 2,378
221 HIGHWOODS PROPERTIES, INC 4,696
100 HOME PROPERTIES OF NEW YORK, INC 2,675
200 HOSPITALITY PROPERTIES TRUST 4,050
468 HRPT PROPERTIES TRUST 4,065
256 INDYMAC MORTGAGE HOLDINGS, INC 3,824
200 INNKEEPERS U.S.A. TRUST 1,625
116 IRT PROPERTY CO 928
100 JDN REALTY CORP 1,037
100 JP REALTY, INC 1,781
100 KILROY REALTY CORP 2,106
169 KIMCO REALTY CORP 6,337
100 KOGER EQUITY, INC 1,725
109 KONOVER PROPERTY TRUST, INC 606
100 LASALLE HOTEL PROPERTIES 1,250
100 LEXINGTON CORPORATE PROPERTIES
TRUST 1,031
239 LIBERTY PROPERTY TRUST CO 5,721
97 LTC PROPERTIES, INC 521
100 MACERICH CO 2,063
208 MACK-CALI REALTY CORP 5,304
100 MANUFACTURED HOME COMMUNITIES, INC 2,312
445 MEDITRUST CORP PAIRED 806
170 MERISTAR HOSPITALITY CORP 2,964
100 MID-AMERICA APARTMENT COMMUNITIES,
INC 2,250
53 MILLS CORP 954
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
44 NATIONAL GOLF PROPERTIES, INC $ 926
86 NATIONAL HEALTH INVESTORS, INC 1,026
164 NATIONWIDE HEALTH PROPERTIES, INC 1,711
316 NEW PLAN EXCEL REALTY TRUST 4,345
100 OMEGA HEALTHCARE INVESTORS, INC 631
100 PACIFIC GULF PROPERTIES, INC 1,962
100 PAN PACIFIC RETAIL PROPERTIES, INC 1,843
100 PARKWAY PROPERTIES, INC 2,943
100 PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST 1,625
100 POST PROPERTIES, INC 4,031
100 PRENTISS PROPERTIES TRUST 2,231
100 PRIME GROUP REALTY TRUST 1,431
200 PRIME RETAIL, INC 437
424 PRISON REALTY TRUST, INC 1,219
322 PROLOGIS TRUST 6,198
100 PS BUSINESS PARKS, INC 2,037
306 PUBLIC STORAGE, INC 6,426
95 REALTY INCOME CORP 1,828
143 RECKSON ASSOCIATES REALTY CORP 2,681
100 REGENCY REALTY CORP 1,975
100 RFS HOTEL INVESTORS, INC 1,075
256 ROUSE CO 5,408
92 SENIOR HOUSING PROPERTIES TRUST 943
100 SHURGARD STORAGE CENTERS, INC 2,612
453 SIMON PROPERTY GROUP, INC 10,872
100 SL GREEN REALTY CORP 2,375
100 SOVRAN SELF STORAGE, INC 2,025
219 SPIEKER PROPERTIES, INC 9,745
308 STARWOOD FINANCIAL TRUST 5,428
100 STORAGE U.S.A., INC 3,062
80 SUMMIT PROPERTIES, INC 1,530
62 SUN COMMUNITIES, INC 1,790
100 TAUBMAN CENTERS, INC 1,112
46 * TELESCAN, INC 1,086
75 THORNBURG MORTGAGE ASSET CORP 553
55 TOWN & COUNTRY TRUST 921
54 U.S. RESTAURANT PROPERTIES, INC 705
366 UNITED DOMINION REALTY TRUST, INC 3,682
200 VENTAS, INC 662
307 VORNADO REALTY TRUST 10,284
100 WASHINGTON REAL ESTATE INVESTMENT
TRUST 1,500
100 WEINGARTEN REALTY INVESTORS, INC 3,675
100 * WELLSFORD REAL PROPERTIES, INC 868
59 WESTERN PROPERTIES TRUST 604
102 WESTFIELD AMERICA, INC 1,383
-----------
378,271
-----------
HOTELS AND OTHER LODGING PLACES -- 0.14%
100 * AZTAR CORP 950
196 * CHOICE HOTELS INTERNATIONAL, INC 2,829
100 * CRESTLINE CAPITAL CORP 1,743
200 * EXTENDED STAY AMERICA, INC 1,500
1,087 HILTON HOTELS CORP 8,424
254 * MANDALAY RESORT GROUP 4,286
100 MARCUS CORP 1,293
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 55
<PAGE> 56
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
HOTELS AND OTHER LODGING PLACES -- (CONTINUED)
81 * MGM GRAND, INC $ 1,944
692 * MIRAGE RESORTS, INC 13,407
940 * PARK PLACE ENTERTAINMENT CORP 10,868
200 * PRIME HOSPITALITY CORP 1,450
678 STARWOOD HOTELS & RESORTS
WORLDWIDE, INC 17,797
100 * SUNTERRA CORP 200
80 * VAIL RESORTS, INC 1,290
400 * WYNDHAM INTERNATIONAL, INC 750
-----------
68,731
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 10.59%
1,237 * 3COM CORP 68,808
100 * 3DFX INTERACTIVE, INC 1,193
100 * A.S.V., INC 1,500
366 * ADAPTEC, INC 14,136
144 * ADVANCED DIGITAL INFORMATION CORP 4,932
213 AGCO CORP 2,422
253 * AMERICAN STANDARD COS, INC 9,361
66 * APEX, INC 2,450
577 * APPLE COMPUTER, INC 78,363
2,911 * APPLIED MATERIALS, INC 274,361
100 APPLIED POWER, INC (CLASS A) 2,850
52 * ASTEC INDUSTRIES, INC 1,381
100 * ASYST TECHNOLOGIES, INC 5,850
73 * ATMI, INC 3,485
100 * AUSPEX SYSTEMS, INC 1,100
1,057 BAKER HUGHES, INC 31,974
53 * BELL & HOWELL CO 1,656
311 BLACK & DECKER CORP 11,681
68 * BLACK BOX CORP 4,707
40 * BROOKS AUTOMATION, INC 2,500
329 BRUNSWICK CORP 6,230
145 * C-CUBE MICROSYSTEMS, INC 10,557
571 * CABLETRON SYSTEMS, INC 16,737
1,271 CATERPILLAR, INC 50,125
235 * CIRRUS LOGIC, INC 4,288
24,722 * CISCO SYSTEMS, INC 1,911,319
100 CMI CORP 456
45 COLUMBUS MCKINNON CORP 590
6,192 COMPAQ COMPUTER CORP 164,862
186 * CONCURRENT COMPUTER CORP 2,359
192 * COOPER CAMERON CORP 12,840
150 CUMMINS ENGINE CO, INC 5,634
58 * CUNO, INC 1,573
56 * CYBEX COMPUTER PRODUCTS CORP 2,107
837 DEERE & CO 31,806
7,657 * DELL COMPUTER CORP 412,999
254 DIEBOLD, INC 6,985
145 DONALDSON CO, INC 3,271
730 DOVER CORP 34,948
71 * ELECTROGLAS, INC 2,431
3,747 * EMC CORP 468,375
100 * EMULEX CORP 10,912
61 * ESTERLINE CORP 793
100 * EXTREME NETWORKS, INC 7,900
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 FEDDERS CORP $ 556
100 FLOWSERVE CORP 1,287
89 * FSI INTERNATIONAL, INC 1,824
100 * GARDNER DENVER, INC 1,881
539 * GATEWAY, INC 28,567
52 GRACO, INC 1,508
3,226 HEWLETT-PACKARD CO 427,646
182 HUSSMANN INTERNATIONAL, INC 2,309
43 * HYPERCOM CORP 736
100 IDEX CORP 2,725
100 * IN FOCUS SYSTEMS, INC 3,581
586 INGERSOLL-RAND CO 25,930
6,562 INTERNATIONAL BUSINESS MACHINES
CORP 774,316
967 * IOMEGA CORP 3,686
58 * IONICS, INC 1,482
100 JLG INDUSTRIES, INC 912
100 KAYDON CORP 2,731
100 KENNAMETAL, INC 3,006
42 * KRONOS, INC 1,244
100 * KULICHE & SOFFA INDUSTRIES, INC 6,406
423 * LAM RESEARCH CORP 19,061
67 LENNOX INTERNATIONAL, INC 586
458 * LEXMARK INTERNATIONAL GROUP
(CLASS A) 48,433
100 LINCOLN ELECTRIC HOLDINGS CO 2,418
44 LINDSAY MANUFACTURING CO 753
93 MANITOWOC, INC 2,516
245 * MAXTOR CORP 3,169
73 * MERCURY COMPUTER SYSTEMS, INC 3,567
100 * MICRON ELECTRONICS, INC 1,400
59 * MICROS SYSTEMS, INC 3,713
100 MILACRON, INC 1,443
42 * MIPS TECHNOLOGIES, INC 2,336
100 * MTI TECHNOLOGY CORP 2,637
86 * NATIONAL INSTRUMENTS CORP 4,036
76 * NETWORK EQUIPMENT TECHNOLOGIES, INC 760
50 NORDSON CORP 2,303
419 * NOVELLUS SYSTEMS, INC 23,516
445 PALL CORP 9,984
153 PENTAIR, INC 5,670
951 PITNEY BOWES, INC 42,497
98 * PRESSTEK, INC 2,327
71 * PRI AUTOMATION, INC 4,339
43 * PROXIM, INC 5,146
78 * PUBLICARD, INC 760
299 * QUANTUM CORP-HARD DISK DRIVE GROUP 3,363
590 * QUANTUM CORP-DLT & STORAGE SYSTEMS
GROUP 7,043
100 ROPER INDUSTRIES, INC 3,393
175 * SANDISK CORP 21,437
747 * SEAGATE TECHNOLOGY, INC 45,006
659 * SILICON GRAPHICS, INC 6,960
100 * SILICON VALLEY GROUP, INC 2,750
175 * SMITH INTERNATIONAL, INC 13,562
44 * SPECIALTY EQUIPMENT COS, INC 913
100 * SPEEDFAM-IPEC, INC 1,987
41 STANDEX INTERNATIONAL CORP 635
</TABLE>
56 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 57
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
INDUSTRIAL MACHINERY AND EQUIPMENT -- (CONTINUED)
334 * STORAGE TECHNOLOGY CORP $ 5,323
317 SYMBOL TECHNOLOGIES, INC 26,093
64 TECUMSEH PRODUCTS CO (CLASS A) 2,816
80 TENNECO AUTOMOTIVE, INC 635
100 * TEREX CORP 1,437
181 TIMKEN CO 2,941
41 TORO CO 1,227
100 * ULTRATECH STEPPER, INC 1,425
1,111 * UNISYS CORP 28,330
152 * UNOVA, INC 2,052
200 * VARCO INTERNATIONAL, INC 2,525
89 * VISUAL NETWORKS, INC 5,050
463 * WESTERN DIGITAL CORP 3,443
100 * XIRCOM, INC 3,700
140 YORK INTERNATIONAL CORP 3,272
100 * ZEBRA TECHNOLOGY CORP 5,000
-----------
5,382,828
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 2.04%
73 * ACUSON CORP 1,081
62 * AFFYMETRIX, INC 9,203
40 * ANACOMP, INC 622
41 ARROW INTERNATIONAL, INC 1,286
100 * AVID TECHNOLOGIES, INC 1,787
183 BARD (C.R.), INC 7,079
195 BAUSCH & LOMB, INC 10,176
1,043 * BAXTER INTERNATIONAL, INC 65,383
100 BECKMAN COULTER, INC 6,418
897 BECTON DICKINSON & CO 23,602
360 BIOMET, INC 13,095
976 * BOSTON SCIENTIFIC CORP 20,801
100 * COGNEX CORP 5,768
100 * COHERENT, INC 5,200
71 COHU, INC 2,959
55 * CONMED CORP 1,378
50 COOPER COS, INC 1,609
77 * CREDENCE SYSTEMS CORP 9,634
64 * CYBERONICS, INC 1,196
100 * CYMER, INC 5,000
100 * CYTYC CORP 4,825
43 DATASCOPE CORP 1,365
161 DENTSPLY INTERNATIONAL, INC 4,568
100 * DIONEX CORP 3,293
1,131 EASTMAN KODAK CO 61,427
68 * ECLIPSE SURGICAL TECHNOLOGY, INC 505
51 * FOSSIL, INC 1,195
100 * GENRAD, INC 1,237
1,083 * GUIDANT CORP 63,693
100 * HAEMONETICS CORP 2,250
100 * HANGER ORTHOPEDIC GROUP, INC 531
100 * INPUT/OUTPUT, INC 612
85 INVACARE CORP 2,332
306 JOHNSON CONTROLS, INC 16,543
645 * KLA-TENCOR CORP 54,341
100 * LITTON INDUSTRIES, INC 4,418
153 * LTX CORP 6,913
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * MEDICAL MANAGER CORP $ 3,506
4,306 MEDTRONIC, INC 221,489
74 MENTOR CORP 1,998
100 * METTLER-TOLEDO INTERNATIONAL, INC 4,093
162 MILLIPORE CORP 9,142
74 * MINIMED, INC 9,583
100 MTS SYSTEMS CORP 762
51 * NOVOSTE CORP 2,040
103 * OAKLEY, INC 1,094
56 * OCULAR SCIENCES, INC 881
51 * OSTEOTECH, INC 682
187 * PE CORP-CELERA GENOMICS GROUP 17,122
743 PE CORP-PE BIOSYSTEMS GROUP 71,699
165 PERKINELMER, INC 10,972
140 * PINNACLE SYSTEMS, INC 4,655
160 POLAROID CORP 3,800
1,213 RAYTHEON CO (CLASS B) 21,530
53 * RESMED, INC 3,782
100 * RESPIRONICS, INC 1,437
100 * SCOTT TECHNOLOGIES, INC 1,887
89 * SOLA INTERNATIONAL, INC 545
302 * ST. JUDE MEDICAL, INC 7,795
242 * STERIS CORP 2,480
256 STRYKER CORP 17,856
168 * SUMMIT TECHNOLOGY, INC 1,533
100 * SUNRISE MEDICAL, INC 625
200 * SUNRISE TECHNOLOGY INTERNATIONAL,
INC 1,409
373 * SYBRON INTERNATIONAL CORP 10,817
158 TEKTRONIX, INC 8,848
100 TELEFLEX, INC 3,550
613 * TERADYNE, INC 50,419
64 * THERMEDICS, INC 524
56 * THERMO CARDIOSYSTEMS, INC 784
567 * THERMO ELECTRON CORP 11,552
70 * THERMO INSTRUMENT SYSTEMS, INC 1,474
100 * TRIMBLE NAVIGATION LTD 2,575
100 * VARIAN MEDICAL SYSTEMS, INC 4,562
112 * VARIAN, INC 4,298
49 * VENTANA MEDICAL SYSTEMS, INC 2,116
203 * VISX, INC 3,704
223 * WATERS CORP 21,240
63 * WESLEY JESSEN VISIONCARE, INC 2,264
2,381 XEROX CORP 61,906
-----------
1,038,355
-----------
INSURANCE AGENTS, BROKERS AND SERVICE -- 0.23%
47 BLANCH (E.W.) HOLDINGS, INC 940
130 CRAWFORD & CO (CLASS B) 1,673
176 * FIRST HEALTH GROUP CORP 5,566
132 GALLAGHER (ARTHUR J.) & CO 4,290
47 HILB, ROGAL & HAMILTON CO 1,283
956 MARSH & MCLENNAN COS, INC 105,458
-----------
119,210
-----------
INSURANCE CARRIERS -- 4.13%
311 21ST CENTURY INSURANCE GROUP 6,687
100 * ACCEPTANCE INSURANCE COS, INC 543
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 57
<PAGE> 58
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
INSURANCE CARRIERS -- (CONTINUED)
536 AETNA, INC $ 29,848
953 AFLAC, INC 43,421
141 ALFA CORP 2,502
200 ALLMERICA FINANCIAL CORP 10,200
2,986 ALLSTATE CORP 71,104
250 AMBAC FINANCIAL GROUP, INC 12,593
100 AMERICAN FINANCIAL GROUP, INC 2,862
893 AMERICAN GENERAL CORP 50,119
4,750 AMERICAN INTERNATIONAL GROUP, INC 520,125
100 AMERUS LIFE HOLDINGS, INC (CLASS A) 1,812
808 AON CORP 26,058
58 ARGONAUT GROUP, INC 1,163
100 x* ARM FINANCIAL GROUP, INC (CLASS A) 4
666 AXA FINANCIAL, INC 23,892
46 * BALDWIN & LYONS, INC (CLASS B) 891
60 BERKLEY (W.R.) CORP 1,383
631 CHUBB CORP 42,631
666 CIGNA CORP 50,449
550 CINCINNATI FINANCIAL CORP 20,693
12,303 CITIGROUP, INC 729,721
100 * CNA FINANCIAL CORP 3,231
58 CNA SURETY CORP 808
100 COMMERCE GROUP, INC 2,950
1,172 CONSECO, INC 13,404
54 * DELPHI FINANCIAL GROUP, INC 1,640
96 ENHANCE FINANCIAL SERVICES GROUP,
INC 1,356
234 ERIE INDEMNITY CO (CLASS A) 7,590
100 FBL FINANCIAL GROUP, INC (CLASS A) 1,500
235 FIDELITY NATIONAL FINANCIAL, INC 3,245
100 FINANCIAL SECURITY ASSURANCE
HOLDINGS LTD 7,343
199 FIRST AMERICAN FINANCIAL CORP 2,823
355 * FOUNDATION HEALTH SYSTEMS (CLASS A) 2,840
208 FREMONT GENERAL CORP 1,235
100 FRONTIER INSURANCE GROUP, INC 100
100 HARLEYSVILLE GROUP, INC 1,450
794 HARTFORD FINANCIAL SERVICES GROUP,
INC 41,883
100 HARTFORD LIFE, INC (CLASS A) 4,687
143 HCC INSURANCE HOLDINGS, INC 1,894
146 HORACE MANN EDUCATORS CORP 2,691
100 HSB GROUP, INC 2,893
567 * HUMANA, INC 4,146
375 JEFFERSON-PILOT CORP 24,960
100 LANDAMERICA FINANCIAL GROUP, INC 1,937
57 LIBERTY CORP 2,137
47 LIBERTY FINANCIAL COS, INC 931
701 LINCOLN NATIONAL CORP 23,483
262 LOEWS CORP 13,100
357 MBIA, INC 18,586
105 * MEDICAL ASSURANCE, INC 2,001
100 MERCURY GENERAL CORP 2,950
378 MGIC INVESTMENT CORP 16,490
163 * MID ATLANTIC MEDICAL SERVICES, INC 1,507
100 MIDLAND CO 2,350
100 MMI COS, INC 987
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
169 MONY GROUP, INC $ 5,460
100 NATIONWIDE FINANCIAL SERVICES, INC
(CLASS A) 2,925
213 OHIO CASUALTY CORP 3,807
450 OLD REPUBLIC INTERNATIONAL CORP 6,187
292 * OXFORD HEALTH PLANS, INC 4,453
100 * PACIFICARE HEALTH SYSTEMS, INC
(CLASS A) 4,987
100 * PHILADELPHIA CONSOLIDATED HOLDINGS
CORP 1,475
100 PMA CAPITAL CORP (CLASS A) 1,750
100 PMI GROUP, INC 4,743
82 PRESIDENTIAL LIFE CORP 1,127
110 * PROFESSIONALS GROUP, INC 2,124
190 PROGRESSIVE CORP 14,451
185 PROTECTIVE LIFE CORP 5,873
100 RADIAN GROUP, INC 4,762
68 REINSURANCE GROUP OF AMERICA, INC 1,619
200 RELIANCE GROUP HOLDINGS, INC 700
301 RELIASTAR FINANCIAL CORP 10,196
100 * RISK CAPITAL HOLDINGS, INC 1,637
465 SAFECO CORP 12,351
43 SCPIE HOLDINGS, INC 1,316
100 SELECTIVE INSURANCE GROUP, INC 1,706
100 * SIERRA HEALTH SERVICES, INC 493
808 ST. PAUL COS, INC 27,573
51 STANCORP FINANCIAL GROUP, INC 1,396
100 STATE AUTO FINANCIAL CORP 800
100 STEWART INFORMATION SERVICES CORP 1,581
100 * SUPERIOR NATIONAL INSURANCE GROUP,
INC 159
471 TORCHMARK CORP 10,891
63 TRANSATLANTIC HOLDINGS, INC 5,386
225 TRAVELERS PROPERTY CASUALTY CORP 9,281
100 TRENWICK GROUP, INC 1,412
100 * TRIAD GUARANTY, INC 2,031
141 * TRIGON HEALTHCARE, INC 5,040
100 * UICI 662
542 UNITED HEALTHCARE CORP 32,316
174 UNITRIN, INC 6,916
749 UNUMPROVIDENT CORP 12,733
228 * WELLPOINT HEALTH NETWORKS, INC 15,931
-----------
2,098,079
-----------
LEATHER AND LEATHER PRODUCTS -- 0.01%
65 * BROWN SHOE CO, INC 780
58 JUSTIN INDUSTRIES, INC 1,044
100 STRIDE RITE CORP 806
147 WOLVERINE WORLD WIDE, INC 1,617
-----------
4,247
-----------
LEGAL SERVICES -- 0.00%
69 * PREPAID LEGAL SERVICES, INC 2,048
-----------
LOCAL AND INTERURBAN PASSENGER TRANSIT -- 0.00%
100 * CAREY INTERNATIONAL, INC 1,700
-----------
</TABLE>
58 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 59
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
LUMBER AND WOOD PRODUCTS -- 0.17%
100 * CHAMPION ENTERPRISES, INC $ 575
383 CLAYTON HOMES, INC 3,877
44 DELTIC TIMBER CORP 1,042
613 GEORGIA-PACIFIC CORP (PACKING
GROUP) 24,251
381 LOUISIANA PACIFIC CORP 5,286
100 OAKWOOD HOMES CORP 381
100 * PALM HARBOR HOMES, INC 1,537
52 UNIVERSAL FOREST PRODUCTS, INC 643
845 WEYERHAEUSER CO 48,165
-----------
85,757
-----------
METAL MINING -- 0.09%
600 * BATTLE MOUNTAIN GOLD CO 1,162
40 CLEVELAND CLIFFS, INC 952
500 * FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS B) 6,031
835 HOMESTAKE MINING CO 5,010
601 NEWMONT MINING CORP 13,484
268 PHELPS DODGE CORP 12,730
100 SOUTHERN PERU COPPER CORP 1,300
100 * STILLWATER MINING CO 4,000
-----------
44,669
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 0.35%
100 * BLYTH INDUSTRIES, INC 2,731
75 BRADY CORP (CLASS A) 2,339
273 CALLAWAY GOLF CO 4,231
594 HASBRO, INC 9,801
100 * IDENTIX, INC 2,787
283 INTERNATIONAL GAME TECHNOLOGY CO 6,137
54 * JAKKS PACIFIC, INC 1,164
100 JOSTENS, INC 2,437
100 * LYDALL, INC 875
100 * MARVEL ENTERPRISES 593
1,506 MATTEL, INC 15,718
1,445 MINNESOTA MINING & MANUFACTURING CO 127,972
49 ONEIDA LTD 949
100 * WMS INDUSTRIES, INC 987
-----------
178,721
-----------
MISCELLANEOUS REPAIR SERVICES -- 0.00%
216 * ENCOMPASS SERVICES CORP 1,242
-----------
MISCELLANEOUS RETAIL -- 0.65%
634 * AMAZON.COM, INC 42,478
193 * BARNES & NOBLE, INC 4,439
105 * BARNESANDNOBLE.COM, INC 990
280 * BORDERS GROUP, INC 4,812
91 CASH AMERICA INTERNATIONAL, INC 1,131
100 * CDW COMPUTER CENTERS, INC 8,443
1,404 CVS CORP 52,737
61 * DUANE READE, INC 1,418
79 * EGGHEAD.COM, INC 555
300 * HANOVER DIRECT, INC 712
73 * INSIGHT ENTERPRISES, INC 2,659
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * JO-ANN STORES, INC (CLASS A) $ 837
48 * LANDS END, INC 2,952
111 LONGS DRUG STORES CORP 2,525
100 * MICHAELS STORES, INC 4,075
1,180 * OFFICE DEPOT, INC 13,643
406 * OFFICEMAX, INC 2,639
327 OMNICARE, INC 3,944
100 * PETCO ANIMAL SUPPLIES, INC 1,187
400 * PETSMART, INC 1,200
928 RITE AID CORP 5,104
86 * SCHEIN (HENRY), INC 1,392
94 * SHOP AT HOME, INC 810
1,684 * STAPLES, INC 33,680
100 * SUNGLASS HUT INTERNATIONAL, INC 781
100 * SYSTEMAX, INC 912
213 TIFFANY & CO 17,812
860 * TOYS R US, INC 12,738
100 * VALUEVISION INTERNATIONAL, INC 4,137
3,696 WALGREEN CO 95,172
57 * WHITEHALL JEWELLERS, INC 1,339
100 * ZALE CORP 4,718
-----------
331,971
-----------
MOTION PICTURES -- 1.49%
7,749 DISNEY (WALT) CO 320,614
100 * HOLLYWOOD ENTERTAINMENT CORP 806
54 * METRO-GOLDWYN-MAYER, INC 1,373
185 * METROMEDIA INTERNATIONAL GROUP, INC 1,040
43 * PIXAR, INC 1,534
4,302 TIME WARNER, INC 430,200
-----------
755,567
-----------
NONDEPOSITORY INSTITUTIONS -- 1.58%
71 ADVANTA CORP (CLASS A) 1,442
224 ALLIED CAPITAL CORP 3,906
1,604 AMERICAN EXPRESS CO 238,895
268 * AMERICREDIT CORP 4,371
100 * AMRESCO, INC 134
100 * ARCADIA FINANCIAL LTD 500
2,610 ASSOCIATES FIRST CAPITAL CORP 55,951
707 CAPITAL ONE FINANCIAL CORP 33,891
72 CHARTER MUNICIPAL MORTGAGE
ACCEPTANCE 873
194 CIT GROUP, INC (CLASS A) 3,783
405 COUNTRYWIDE CREDIT INDUSTRIES, INC 11,036
100 DORAL FINANCIAL CORP 1,131
4,146 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 233,989
100 * FINET.COM, INC 128
200 FINOVA GROUP, INC 3,362
2,486 FREDDIE MAC 109,850
150 HELLER FINANCIAL, INC 3,468
1,685 HOUSEHOLD INTERNATIONAL, INC 62,871
200 LEUCADIA NATIONAL CORP 4,750
40 MEDALLION FINANCIAL CORP 672
200 METRIS COS, INC 7,775
83 RESOURCE AMERICA, INC (CLASS A) 601
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 59
<PAGE> 60
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
NONDEPOSITORY INSTITUTIONS -- (CONTINUED)
100 RESOURCE BANCSHARES MORTGAGE GROUP,
INC $ 393
59 * SIERRACITIES.COM, INC 789
570 SLM HOLDINGS CORP 18,988
200 * UNICAPITAL CORP 475
-----------
804,024
-----------
NONMETALLIC MINERALS, EXCEPT FUELS -- 0.05%
100 AMCOL INTERNATIONAL CORP 1,537
107 JOHNS MANVILLE CORP 1,177
167 MARTIN MARIETTA MATERIALS, INC 7,932
324 VULCAN MATERIALS CO 14,843
-----------
25,489
-----------
OIL AND GAS EXTRACTION -- 0.90%
387 ANADARKO PETROLEUM CORP 14,972
365 APACHE CORP 18,158
51 * BASIN EXPLORATION, INC 761
64 BERRY PETROLEUM CO (CLASS A) 1,100
200 * BJ SERVICES CO 14,775
100 * BROWN (TOM), INC 1,837
779 BURLINGTON RESOURCES, INC 28,823
100 CABOT OIL & GAS CORP (CLASS A) 1,806
200 * CHESAPEAKE ENERGY CORP 650
81 CONSOL ENERGY, INC 855
174 CROSS TIMBERS OIL CO 2,272
157 DEVON ENERGY CORP (NEW) 7,624
236 DIAMOND OFFSHORE DRILLING, INC 9,425
100 * EEX CORP 337
492 ENSCO INTERNATIONAL, INC 17,773
196 EOG RESOURCES, INC 4,152
100 * EVERGREEN RESOURCES, INC 2,418
100 * FOREST OIL CORP 1,062
57 * FRIEDE GOLDMAN HALTER, INC 391
200 * GLOBAL INDUSTRIES LTD 2,925
573 * GLOBAL MARINE, INC 14,539
591 * GREY WOLF, INC 2,327
1,583 HALLIBURTON CO 64,903
100 * HANOVER COMPRESSOR CO 5,687
479 * HARKEN ENERGY CORP 479
177 HELMERICH & PAYNE, INC 5,487
100 * HOUSTON EXPLORATION CO 1,800
100 * HS RESOURCES, INC 2,112
310 KERR-MCGEE CORP 17,902
296 * KEY ENERGY SERVICES, INC 3,441
100 * LOUIS DREYFUS NATURAL GAS CORP 3,400
205 * MARINE DRILLING CO, INC 5,624
100 * MCMORAN EXPLORATION CO 1,893
100 * MERIDIAN RESOURCE CORP 387
100 MITCHELL ENERGY & DEVELOPMENT CORP
(CLASS A) 2,187
397 * NABORS INDUSTRIES, INC 15,408
132 * NEWFIELD EXPLORATION CO 4,653
204 NOBLE AFFILIATES, INC 6,693
471 * NOBLE DRILLING CORP 19,517
100 * NUEVO ENERGY CO 2,150
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
1,317 OCCIDENTAL PETROLEUM CORP $ 27,327
598 * OCEAN ENERGY, INC (NEW) 8,596
100 * OCEANEERING INTERNATIONAL, INC 1,875
200 * PARKER DRILLING CO 1,000
100 * PATTERSON ENERGY, INC 3,175
359 * PIONEER NATURAL RESOURCES CO 3,814
144 POGO PRODUCING CO 4,113
216 * PRIDE INTERNATIONAL, INC 4,927
612 * R & B FALCON CORP 12,048
260 * ROWAN COS, INC 7,653
100 RPC, INC 943
660 * SANTA FE SNYDER CORP 6,352
86 * SEITEL, INC 682
100 ST. MARY LAND & EXPLORATION CO 2,987
59 * STONE ENERGY CORP 2,905
100 * SWIFT ENERGY CO 1,787
96 * SYNTROLEUM CORP 2,244
100 * TRANSMONTAIGNE, INC 681
100 * TUBOSCOPE, INC 1,700
903 UNION PACIFIC RESOURCES GROUP, INC 13,093
50 * UTI ENERGY CORP 1,887
62 VASTAR RESOURCES, INC 4,607
92 * VERITAS DGC, INC 2,587
159 VINTAGE PETROLEUM, INC 3,199
387 * WEATHERFORD INTERNATIONAL, INC 22,808
-----------
455,695
-----------
PAPER AND ALLIED PRODUCTS -- 0.69%
347 AVERY DENNISON CORP 21,188
172 BEMIS, INC 6,342
188 BOISE CASCADE CORP 6,533
185 BOWATER, INC 9,874
100 * BUCKEYE TECHNOLOGIES, INC 1,762
91 CARAUSTAR INDUSTRIES, INC 1,285
344 CHAMPION INTERNATIONAL CORP 18,318
76 CHESAPEAKE CORP 2,246
203 CONSOLIDATED PAPERS, INC 7,802
775 FORT JAMES CORP 17,050
191 * GAYLORD CONTAINER CO 1,217
91 GLATFELTER (P.H.) CO 966
48 GREIF BROTHERS CORP (CLASS A) 1,530
1,484 INTERNATIONAL PAPER CO 63,441
100 * IVEX PACKAGING CORP 756
1,989 KIMBERLY-CLARK CORP 111,384
185 LONGVIEW FIBRE CO 2,728
100 * MAIL-WELL, INC 868
368 MEAD CORP 12,857
103 * PLAYTEX PRODUCTS, INC 1,339
100 POTLATCH CORP 4,300
52 SCHWEITZER-MAUDUIT INTERNATIONAL,
INC 672
417 * SMURFIT-STONE CONTAINER CORP 7,062
365 SONOCO PRODUCTS CO 8,577
116 ST. JOE CO 3,356
172 TEMPLE-INLAND, INC 8,567
184 WAUSAU-MOSINEE PAPER CORP 2,380
</TABLE>
60 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 61
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
PAPER AND ALLIED PRODUCTS -- (CONTINUED)
312 WESTVACO CORP $ 10,413
366 WILLAMETTE INDUSTRIES, INC 14,685
-----------
349,498
-----------
PERSONAL SERVICES -- 0.08%
351 BLOCK (H&R), INC 15,707
100 * CARRIAGE SERVICES, INC (CLASS A) 406
408 CINTAS CORP 15,988
72 * COINSTAR, INC 907
68 G & K SERVICES, INC (CLASS A) 1,329
100 REGIS CORP 1,481
975 SERVICE CORP INTERNATIONAL 2,925
100 UNIFIRST CORP 1,125
-----------
39,868
-----------
PETROLEUM AND COAL PRODUCTS -- 3.22%
283 AMERADA HESS CORP 18,288
259 ASHLAND, INC 8,660
1,157 ATLANTIC RICHFIELD CO 98,345
2,351 CHEVRON CORP 217,320
2,247 CONOCO, INC (CLASS B) 57,579
70 ELCOR CORP 2,415
12,606 EXXON MOBIL CORP 980,904
161 MURPHY OIL CORP 9,277
279 PENNZOIL-QUAKER STATE CO 2,912
759 PHILLIPS PETROLEUM CO 35,103
323 SUNOCO, INC 8,842
100 * TESORO PETROLEUM CORP 1,150
1,982 TEXACO, INC 106,284
516 TOSCO CORP 15,705
310 ULTRAMAR DIAMOND SHAMROCK CORP 7,866
869 UNOCAL CORP 25,852
1,106 USX-MARATHON GROUP, INC 28,825
177 VALERO ENERGY CORP 5,420
100 WD-40 CO 2,100
-----------
1,632,847
-----------
PRIMARY METAL INDUSTRIES -- 0.37%
176 AK STEEL HOLDINGS CORP 1,826
1,313 ALCOA, INC 92,238
308 ALLEGHENY TECHNOLOGIES, INC 6,179
100 * ALPINE GROUP, INC 900
100 BELDEN, INC 2,750
470 * BETHLEHEM STEEL CORP 2,820
58 BRUSH WELLMAN, INC 1,022
100 * CABLE DESIGN TECHNOLOGIES CO 3,393
66 CARPENTER TECHNOLOGY CORP 1,373
308 ENGELHARD CORP 4,658
100 GENERAL CABLE CORP 781
100 IMCO RECYCLING, INC 1,106
81 INTERMET CORP 739
104 * KAISER ALUMINUM CORP 468
100 * LONE STAR TECHNOLOGIES, INC 4,662
358 LTV CORP 1,275
52 MATTHEWS INTERNATIONAL CORP
(CLASS A) 1,176
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
64 * MAVERICK TUBE CORP $ 2,076
100 * MUELLER INDUSTRIES, INC 3,037
72 NATIONAL STEEL CORP (CLASS B) 531
313 NUCOR CORP 15,650
100 PRECISION CAST PARTS CORP 3,650
100 QUANEX CORP 1,800
211 REYNOLDS METALS CO 14,110
48 RYERSON TULL, INC 744
152 * STEEL DYNAMICS, INC 1,757
100 TEXAS INDUSTRIES, INC 3,112
100 TITAN INTERNATIONAL, INC 718
317 USX-US STEEL GROUP, INC 7,925
45 * WOLVERINE TUBE, INC 576
266 WORTHINGTON INDUSTRIES, INC 3,291
-----------
186,343
-----------
PRINTING AND PUBLISHING -- 0.64%
214 AMERICAN GREETINGS CORP (CLASS A) 3,905
100 * APPLIED GRAPHICS TECHNOLOGIES, INC 600
100 BANTA CORP 1,837
324 BELO (A.H.) CORP SERIES A 5,791
100 BOWNE & CO, INC 1,287
100 CENTRAL NEWSPAPERS, INC (CLASS A) 3,362
45 * CONSOLIDATED GRAPHICS, INC 576
263 DELUXE CORP 6,969
337 DONNELLEY (R.R.) & SONS CO 7,055
167 DOW JONES & CO, INC 11,992
72 * FRANKLIN COVEY CO 522
999 GANNETT CO, INC 70,304
100 HARLAND (JOHN H.) CO 1,350
160 HARTE-HANKS, INC 3,630
100 HOUGHTON MIFFLIN CO 4,243
166 * JOURNAL REGISTER CO 2,448
301 KNIGHT-RIDDER, INC 15,332
158 LEE ENTERPRISES, INC 4,127
100 MCCLATCHY CO (CLASS A) 3,275
703 MCGRAW HILL COS, INC 31,986
100 MEDIA GENERAL, INC (CLASS A) 5,237
100 MEREDITH CORP 2,768
44 NEW ENGLAND BUSINESS SERVICES, INC 759
611 NEW YORK TIMES CO (CLASS A) 26,234
149 * PAXAR CORP 1,434
76 PENTON MEDIA, INC 1,976
71 * PLAYBOY ENTERPRISES, INC (CLASS B) 1,411
520 * PRIMEDIA, INC 16,640
119 * R.H. DONNELLEY CORP 2,023
327 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) 11,567
262 REYNOLDS & REYNOLDS CO (CLASS A) 7,074
50 * SCHOLASTIC CORP 2,696
100 SCRIPPS (E.W.) CO (CLASS A) 4,850
44 STANDARD REGISTER, INC 566
170 TIMES MIRROR CO SERIES A 15,799
100 * TOPPS, INC 831
669 TRIBUNE CO 24,460
100 WALLACE COMPUTER SERVICES, INC 1,181
20 * WASHINGTON POST CO (CLASS B) 10,820
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 61
<PAGE> 62
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
PRINTING AND PUBLISHING -- (CONTINUED)
167 WILEY (JOHN) & SONS, INC (CLASS A) $ 3,006
96 * ZIFF-DAVIS, INC 1,500
-----------
323,423
-----------
RAILROAD TRANSPORTATION -- 0.30%
1,638 BURLINGTON NORTHERN SANTA FE CORP 36,240
780 CSX CORP 18,330
100 FLORIDA EAST COAST INDUSTRIES, INC 4,850
396 KANSAS CITY SOUTHERN INDUSTRIES,
INC 34,031
1,364 NORFOLK SOUTHERN CORP 19,607
891 UNION PACIFIC CORP 34,860
183 * WISCONSIN CENTRAL TRANSIT CORP 2,241
-----------
150,159
-----------
REAL ESTATE -- 0.06%
197 ARDEN REALTY GROUP, INC 4,112
100 * CASTLE & COOKE, INC 1,681
384 * CATELLUS DEVELOPMENT CORP 5,328
100 * CB RICHARD ELLIS SERVICES GROUP,
INC 1,087
100 * FAIRFIELD COMMUNITIES, INC 793
100 FOREST CITY ENTERPRISES, INC (CLASS
A) 2,937
64 * INSIGNIA FINANCIAL GROUP, INC 896
100 * JONES LANG LA SALLE 1,550
89 LNR PROPERTY CORP 1,696
100 * PINNACLE HOLDINGS, INC 5,525
144 * SECURITY CAPITAL GROUP, INC (CLASS
B) 2,079
200 STEWART ENTERPRISES, INC (CLASS A) 987
100 * TRAMMELL CROW CO 1,106
-----------
29,777
-----------
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS -- 0.25%
100 APTARGROUP, INC 2,668
129 ARMSTRONG WORLD INDUSTRIES, INC 2,305
100 BANDAG, INC 2,300
100 CARLISLE COS, INC 4,000
241 COOPER TIRE & RUBBER CO 3,027
560 GOODYEAR TIRE & RUBBER CO 13,055
907 ILLINOIS TOOL WORKS, INC 50,111
54 MYERS INDUSTRIES, INC 648
306 NIKE, INC (CLASS B) 12,125
603 * PACTIV CORP 5,276
165 * REEBOK INTERNATIONAL LTD 1,526
299 * SEALED AIR CORP 16,239
395 SOLUTIA, INC 5,283
54 SPARTECH CORP 1,856
72 TREDEGAR CORP 1,939
200 TUPPERWARE CORP 3,162
113 * U.S. PLASTIC LUMBER CORP 1,045
51 WYNNS INTERNATIONAL, INC 704
-----------
127,269
-----------
SECURITY AND COMMODITY BROKERS -- 1.69%
100 * AFFILIATED MANAGERS GROUP, INC 4,750
230 * AMERITRADE HOLDINGS CORP (CLASS A) 4,804
406 BEAR STEARNS COS, INC 18,523
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
48 CONNING CORP $ 597
45 DAIN RAUSCHER CORP 2,967
57 * DLJ DIRECT 758
100 DONALDSON, LUFKIN & JENRETTE, INC 5,175
751 * E TRADE GROUP, INC 22,623
100 EATON VANCE CORP 4,293
330 EDWARDS (A.G.), INC 13,200
203 FEDERATED INVESTORS, INC 5,544
595 FRANKLIN RESOURCES, INC 19,895
55 FREEDOM SECURITIES CORP 859
83 * FRIEDMAN, BILLINGS, RAMSEY GROUP,
INC 902
43 INVESTMENT TECHNOLOGY GROUP, INC 1,515
52 INVESTORS FINANCIAL SERVICES CORP 3,061
76 JEFFERIES GROUP, INC (NEW) 1,738
250 * KNIGHT/TRIMARK GROUP, INC 12,750
205 LEGG MASON, INC 8,866
430 LEHMAN BROTHERS HOLDINGS, INC 41,710
1,310 MERRILL LYNCH & CO, INC 137,550
102 MORGAN KEEGAN, INC 1,785
4,092 MORGAN STANLEY DEAN WITTER & CO 333,753
511 PAINE WEBBER GROUP, INC 22,484
100 PHOENIX INVESTMENT PARTNERS LTD 775
100 * PIONEER GROUP, INC 2,325
368 PRICE (T. ROWE) ASSOCIATES, INC 14,536
144 RAYMOND JAMES FINANCIAL CORP 2,988
2,366 SCHWAB (CHARLES) CORP 134,418
42 SOUTHWEST SECURITIES GROUP, INC 1,824
200 THE GOLDMAN SACHS GROUP, INC 21,025
189 UNITED ASSET MANAGEMENT CORP 3,272
207 WADDELL & REED FINANCIAL,INC
(CLASS A) 8,758
-----------
860,023
-----------
SOCIAL SERVICES -- 0.01%
44 * BRIGHT HORIZONS FAMILY SOLUTIONS,
INC 951
100 * CAPITAL SENIOR LIVING CORP 312
100 * PROVANT, INC 800
69 * RES-CARE, INC 646
66 * SUNRISE ASSISTED LIVING, INC 874
-----------
3,583
-----------
SPECIAL TRADE CONTRACTORS -- 0.02%
100 APOGEE ENTERPRISES, INC 396
100 * COMFORT SYSTEMS U.S.A., INC 637
100 * INTEGRATED ELECTRICAL SERVICES, INC 525
100 * QUANTA SERVICES, INC 6,068
-----------
7,626
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 0.43%
100 CENTEX CONSTRUCTION PRODUCTS, INC 2,625
931 CORNING, INC 180,614
200 * DAL-TILE INTERNATIONAL, INC 1,587
60 * DEPARTMENT 56, INC 888
67 FLORIDA ROCK INDUSTRIES, INC 1,876
100 LAFARGE CORP 2,375
57 LIBBEY, INC 1,560
100 MIKASA, INC 743
180 OWENS CORNING CO 3,487
</TABLE>
62 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 63
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
STONE, CLAY, AND GLASS PRODUCTS -- (CONTINUED)
538 * OWENS ILLINOIS, INC $ 9,078
100 SOUTHDOWN, INC 5,900
177 USG CORP 7,422
-----------
218,155
-----------
TEXTILE MILL PRODUCTS -- 0.04%
67 * ALBANY INTERNATIONAL CORP (CLASS A)
(NEW) 992
200 * BURLINGTON INDUSTRIES, INC 875
200 COLLINS & AIKMAN CORP 1,137
146 INTERFACE, INC (CLASS A) 620
159 * MOHAWK INDUSTRIES, INC 3,557
100 POLYMER GROUP, INC 1,275
100 RUSSELL CORP 1,431
417 SHAW INDUSTRIES, INC 6,333
212 * UNIFI, INC 1,894
100 WESTPOINT STEVENS, INC 1,900
-----------
20,014
-----------
TOBACCO PRODUCTS -- 0.39%
8,680 PHILIP MORRIS COS, INC 183,365
392 RJR REYNOLDS TOBACCO HOLDINGS, INC 6,664
613 UST, INC 9,578
-----------
199,607
-----------
TRANSPORTATION BY AIR -- 0.33%
174 AIRBORNE FREIGHT CORP 4,176
201 * AIRTRAN HOLDINGS, INC 885
100 * ALASKA AIR GROUP, INC 3,006
100 * AMERICA WEST HOLDINGS CORP
(CLASS B) 1,550
531 * AMR CORP 16,925
41 * ATLANTIC COAST AIRLINES HOLDINGS 1,060
50 * ATLAS AIR, INC 1,368
65 * AVIALL, INC 548
155 * CONTINENTAL AIRLINES, INC (CLASS B) 6,335
476 DELTA AIRLINES, INC 25,347
55 * EGL, INC 1,285
1,039 * FEDEX CORP 40,521
63 * FRONTIER AIRLINES, INC 748
108 * MESA AIR GROUP, INC 675
50 * MIDWEST EXPRESS HOLDINGS, INC 1,281
100 * NORTHWEST AIRLINES CORP (CLASS A) 2,262
100 * OFFSHORE LOGISTICS, INC 1,387
177 OGDEN CORP 2,112
100 SKYWEST, INC 3,912
1,808 SOUTHWEST AIRLINES CO 37,629
210 * TRANS WORLD AIRLINES, INC 485
243 * U.S. AIRWAYS GROUP, INC 6,758
100 * UAL CORP 5,987
-----------
166,242
-----------
TRANSPORTATION EQUIPMENT -- 2.41%
68 * ABC RAIL PRODUCTS CORP 595
73 * AFTERMARKET TECHNOLOGY CORP 912
64 * ARCTIC CAT, INC 656
100 ARVIN INDUSTRIES, INC 2,262
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
365 AUTOLIV, INC $ 10,950
83 * BE AEROSPACE, INC 487
3,449 BOEING CO 130,846
100 BORG-WARNER AUTOMOTIVE, INC 3,937
100 CLARCOR, INC 1,775
59 COACHMEN INDUSTRIES, INC 814
47 COMMERCIAL INTERTECH CORP 925
100 CORDANT TECHNOLOGIES, INC 5,656
589 DANA CORP 16,602
340 DANAHER CORP 17,340
100 * DELCO REMY INTERNATIONAL, INC
(CLASS A) 744
2,010 DELPHI AUTOMOTIVE SYSTEMS CORP 32,160
264 EATON CORP 20,592
200 FEDERAL SIGNAL CORP 3,612
264 FEDERAL-MOGUL CORP 4,405
119 FLEETWOOD ENTERPRISES, INC 1,755
4,175 FORD MOTOR CO 191,789
119 GENCORP, INC 922
591 GENERAL DYNAMICS CORP 29,402
2,294 GENERAL MOTORS CORP 189,971
484 * GENERAL MOTORS CORP (CLASS H) 60,258
54 GENTEK, INC 756
263 * GENTEX CORP 9,747
372 GOODRICH (B.F.) CO 10,671
542 HARLEY DAVIDSON, INC 43,021
64 * HAYES LEMMERZ INTERNATIONAL, INC 1,224
2,928 HONEYWELL INTERNATIONAL, INC 154,269
136 * HOWMET INTERNATIONAL, INC 2,745
315 ITT INDUSTRIES, INC 9,784
80 KAMAN CORP (CLASS A) 780
41 * KROLL-O'GARA CO 448
1,226 LOCKHEED MARTIN CORP 25,056
131 MASCOTECH, INC 1,539
247 MERITOR AUTOMOTIVE, INC 3,905
100 * MILLER INDUSTRIES, INC 381
100 MODINE MANUFACTURING CO 2,512
62 * MONACO COACH CORP 1,178
234 * NAVISTAR INTERNATIONAL CORP 9,389
100 NEWPORT NEWS SHIPBUILDING, INC 3,025
249 NORTHROP GRUMMAN CORP 13,181
100 * OEA, INC 962
100 * ORBITAL SCIENCES CORP 1,500
51 OSHKOSH TRUCK CORP 1,584
257 PACCAR, INC 12,850
100 POLARIS INDUSTRIES, INC 3,012
100 REGAL-BELOIT CORP 1,750
63 SIMPSON INDUSTRIES, INC 618
100 SMITH (A.O.) CORP 1,800
100 * SPX CORP 11,393
100 SUPERIOR INDUSTRIES INTERNATIONAL,
INC 3,168
449 TEXTRON, INC 27,332
141 TRINITY INDUSTRIES, INC 3,339
42 * TRIUMPH GROUP, INC 1,223
361 TRW, INC 21,118
1,635 UNITED TECHNOLOGIES CORP 103,311
76 WABASH NATIONAL CORP 1,059
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 63
<PAGE> 64
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
TRANSPORTATION EQUIPMENT -- (CONTINUED)
166 WESTINGHOUSE AIR BRAKE CO $ 1,763
51 WINNEBAGO INDUSTRIES, INC 921
-----------
1,221,681
-----------
TRANSPORTATION SERVICES -- 0.05%
147 C.H. ROBINSON WORLDWIDE, INC 5,475
44 CIRCLE INTERNATIONAL GROUP, INC 1,144
171 EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC 6,797
51 * FORWARD AIR CORP 1,208
100 * FRITZ COS, INC 1,012
188 GALILEO INTERNATIONAL, INC 4,523
176 GATX CORP 6,688
-----------
26,847
-----------
TRUCKING AND WAREHOUSING -- 0.05%
100 * AMERICAN FREIGHTWAYS CORP 1,493
67 ARNOLD INDUSTRIES, INC 858
163 CNF TRANSPORTATION, INC 4,523
100 * CONSOLIDATED FREIGHTWAYS CORP 590
61 * HEARTLAND EXPRESS, INC 856
100 HUNT (J.B.) TRANSPORT SERVICES, INC 1,368
100 * IRON MOUNTAIN, INC 3,406
45 * ROADWAY EXPRESS, INC 911
132 * SWIFT TRANSPORTATION CO, INC 2,706
100 USFREIGHTWAYS CORP 3,743
100 WERNER ENTERPRISES, INC 1,700
100 * YELLOW CORP 1,843
-----------
23,997
-----------
WATER TRANSPORTATION -- 0.03%
200 ALEXANDER & BALDWIN, INC 4,125
87 * KIRBY CORP 1,718
100 OVERSEAS SHIPHOLDING GROUP, INC 2,293
40 * SEACOR SMIT, INC 2,415
199 TIDEWATER, INC 6,330
-----------
16,881
-----------
WHOLESALE TRADE-DURABLE GOODS -- 0.29%
100 AAR CORP 1,668
100 * ACTION PERFORMANCE COS, INC 1,331
90 * ANICOM, INC 545
100 * ANIXTER INTERNATIONAL, INC 2,787
100 APPLIED INDUSTRIAL TECHNOLOGIES,
INC 1,600
344 * ARROW ELECTRONICS, INC 12,126
150 AVNET, INC 9,450
192 * BOYDS COLLECTION LTD 1,164
100 BRIGGS & STRATTON CORP 4,112
191 * BRIGHTPOINT, INC 2,339
100 * CELLSTAR CORP 800
400 * CHS ELECTRONICS, INC 275
100 COMMERCIAL METALS CO 2,762
200 * COMPUCOM SYSTEMS, INC 1,050
55 * DURA AUTOMOTIVE SYSTEMS, INC 945
100 * FAIRCHILD CORP (CLASS A) 681
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
143 * FISHER SCIENTIFIC INTERNATIONAL,
INC $ 6,363
637 GENUINE PARTS CO 15,208
266 GRAINGER (W.W.), INC 14,430
148 * HA-LO INDUSTRIES, INC 1,165
100 * HANDLEMAN CO 887
100 HUGHES SUPPLY, INC 1,550
22 * HUTTIG BUILDING PRODUCTS, INC 99
534 IKON OFFICE SOLUTIONS, INC 3,304
218 * INGRAM MICRO, INC (CLASS A) 3,351
100 * KENT ELECTRONICS CORP 2,918
200 * LANIER WORLDWIDE, INC 412
300 * MERISEL, INC 506
97 * MSC INDUSTRIAL DIRECT CO (CLASS A) 1,746
175 * NATIONAL-OILWELL, INC 5,403
100 OWENS & MINOR, INC 1,062
87 * PATTERSON DENTAL CO 3,327
100 PIONEER-STANDARD ELECTRONICS, INC 1,575
254 * PSS WORLD MEDICAL, INC 1,722
68 RELIANCE STEEL & ALUMINUM CO 1,521
390 * SAFEGUARD SCIENTIFICS, INC 27,421
187 * TECH DATA CORP 6,147
61 WATSCO, INC 636
100 * WESCO INTERNATIONAL, INC 775
-----------
145,163
-----------
WHOLESALE TRADE-NONDURABLE GOODS -- 0.67%
223 * AIRGAS, INC 1,853
174 * AMERISOURCE HEALTH CORP (CLASS A) 2,610
100 * BARNETT RESOURCES CORP 2,981
481 BERGEN BRUNSWIG CORP (CLASS A) 3,246
100 BINDLEY WESTERN INDUSTRIES, INC 1,356
45 * BOISE CASCADE OFFICE PRODUCTS CORP 736
1,004 CARDINAL HEALTH, INC 46,058
72 * CENTRAL GARDEN & PET CO 711
62 * DAISYTEK INTERNATIONAL CORP 980
200 DIMON, INC 475
2,565 ENRON CORP 195,743
51 HERBALIFE INTERNATIONAL, INC
(CLASS B) 672
100 INTERNATIONAL MULTIFOODS CORP 1,337
1,010 MCKESSON HBOC, INC 21,210
100 * NCS HEALTHCARE, INC (CLASS A) 181
164 * NU SKIN ENTERPRISES, INC (CLASS A) 1,301
44 * PERFORMANCE FOOD GROUP CO 962
57 * PLAINS RESOURCES, INC 712
62 * SCHOOL SPECIALTY, INC 1,333
429 SUPERVALU, INC 8,124
1,180 SYSCO CORP 42,111
100 TERRA INDUSTRIES, INC 231
100 * UNITED STATIONERS, INC 3,568
100 UNIVERSAL CORP 1,506
-----------
339,997
-----------
TOTAL COMMON STOCK
(Cost $45,198,695) 50,638,057
-----------
</TABLE>
64 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 65
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <C> <S> <C>
SHORT TERM INVESTMENT -- 0.28%
U.S. GOVERNMENT AGENCY -- 0.28%
FEDERAL HOME LOAN BANK (FHLB)
$145,000 5.900%, 04/03/00 $ 144,952
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $144,952) 144,952
-----------
TOTAL PORTFOLIO
(Cost $45,343,647) $50,783,009
===========
</TABLE>
---------------
* Non-income producing
x In bankruptcy
See notes to financial statements 2000 SEMI-ANNUAL REPORT 65
<PAGE> 66
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (UNAUDITED) SUMMARY BY INDUSTRY
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
COMMON STOCK
APPAREL AND ACCESSORY STORES $ 112,078 0.38%
APPAREL AND OTHER TEXTILE PRODUCTS 23,599 0.08
AUTO REPAIR, SERVICES AND PARKING 2,268 0.01
BUILDING MATERIALS AND GARDEN
SUPPLIES 460,887 1.58
BUSINESS SERVICES 3,319,511 11.39
CHEMICALS AND ALLIED PRODUCTS 2,864,733 9.83
COMMUNICATIONS 3,546,459 12.17
DEPOSITORY INSTITUTIONS 1,924,452 6.61
EATING AND DRINKING PLACES 200,668 0.69
ELECTRIC, GAS, AND SANITARY SERVICES 885,738 3.04
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 2,757,856 9.47
FABRICATED METAL PRODUCTS 139,800 0.48
FOOD AND KINDRED PRODUCTS 920,078 3.16
FOOD STORES 154,489 0.53
FURNITURE AND FIXTURES 29,775 0.10
FURNITURE AND HOMEFURNISHINGS STORES 30,450 0.11
GENERAL BUILDING CONTRACTORS 15,687 0.05
GENERAL MERCHANDISE STORES 854,568 2.93
HEALTH SERVICES 89,956 0.31
HOLDING AND OTHER INVESTMENT OFFICES 47,175 0.16
INDUSTRIAL MACHINERY AND EQUIPMENT 3,643,654 12.51
INSTRUMENTS AND RELATED PRODUCTS 469,004 1.61
INSURANCE AGENTS, BROKERS AND SERVICE 143,406 0.49
INSURANCE CARRIERS 1,398,746 4.80
MISCELLANEOUS MANUFACTURING
INDUSTRIES 269,018 0.92
MISCELLANEOUS RETAIL 132,693 0.46
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
MOTION PICTURES $ 653,075 2.24%
NONDEPOSITORY INSTITUTIONS 830,697 2.85
OIL AND GAS EXTRACTION 804,741 2.76
PAPER AND ALLIED PRODUCTS 147,949 0.51
PETROLEUM AND COAL PRODUCTS 86,437 0.30
PRIMARY METAL INDUSTRIES 123,099 0.42
PRINTING AND PUBLISHING 351,053 1.21
RAILROAD TRANSPORTATION 64,687 0.22
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 146,075 0.50
SECURITY AND COMMODITY BROKERS 555,975 1.91
STONE, CLAY, AND GLASS PRODUCTS 155,200 0.53
TRANSPORTATION BY AIR 137,983 0.47
TRANSPORTATION EQUIPMENT 25,524 0.09
WHOLESALE TRADE-DURABLE GOODS 92,325 0.32
WHOLESALE TRADE-NONDURABLE GOODS 361,912 1.24
----------- ------
TOTAL COMMON STOCK
(Cost $25,590,232) 28,973,480 99.44
----------- ------
SHORT TERM INVESTMENT
U.S. GOVERNMENT AGENCY 342,888 1.18
----------- ------
TOTAL SHORT TERM INVESTMENT
(Cost $342,888) 342,888 1.18
----------- ------
TOTAL PORTFOLIO
(Cost $25,933,120) 29,316,368 100.62
OTHER ASSETS & LIABILITIES, NET (179,305) (0.62)
----------- ------
NET ASSETS $29,137,063 100.00%
=========== ======
</TABLE>
66 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 67
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (UNAUDITED)
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
COMMON STOCK -- 99.44%
APPAREL AND ACCESSORY STORES -- 0.38%
2,250 GAP, INC $ 112,078
-----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.08%
200 LIZ CLAIBORNE, INC 9,162
600 VF CORP 14,437
-----------
23,599
-----------
AUTO REPAIR, SERVICES AND PARKING -- 0.01%
100 RYDER SYSTEM, INC 2,268
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES -- 1.58%
6,150 HOME DEPOT, INC 396,675
1,100 LOWE'S COS, INC 64,212
-----------
460,887
-----------
BUSINESS SERVICES -- 11.39%
5,700 * AMERICA ONLINE, INC 383,325
2,900 AUTOMATIC DATA PROCESSING, INC 139,925
1,400 COMPUTER ASSOCIATES INTERNATIONAL,
INC 82,862
1,500 ELECTRONIC DATA SYSTEMS CORP 96,281
1,100 FIRST DATA CORP 48,675
130 * GARTNER GROUP, INC (CLASS B) 1,730
1,000 IMS HEALTH, INC 16,937
12,500 * MICROSOFT CORP 1,328,125
700 * NOVELL, INC 20,037
600 OMNICOM GROUP, INC 56,062
7,000 * ORACLE CORP 546,437
505 * SABRE HOLDINGS CORP 18,653
4,000 * SUN MICROSYSTEMS, INC 374,812
1,200 * YAHOO, INC 205,650
-----------
3,319,511
-----------
CHEMICALS AND ALLIED PRODUCTS -- 9.83%
1,800 AIR PRODUCTS & CHEMICALS, INC 51,187
200 ALLERGAN, INC 10,000
100 * ALZA CORP 3,756
3,000 * AMGEN, INC 184,125
1,000 AVON PRODUCTS, INC 29,062
5,700 BRISTOL MYERS SQUIBB CO 329,175
1,000 CABOT CORP 30,500
1,000 CLOROX CO 32,500
2,600 COLGATE PALMOLIVE CO 146,575
700 ECOLAB, INC 25,681
1,200 HANNA (M.A.) CO 13,575
500 INTERNATIONAL FLAVORS & FRAGRANCES,
INC 17,531
4,700 JOHNSON & JOHNSON CO 329,293
3,000 LILLY (ELI) & CO 189,000
300 MALLINCKRODT, INC 8,625
6,500 MERCK & CO, INC 403,812
9,900 PFIZER, INC 361,968
1,400 PHARMACIA & UPJOHN, INC 82,950
2,100 PPG INDUSTRIES, INC 109,856
1,200 PRAXAIR, INC 49,950
4,900 PROCTER & GAMBLE CO 275,625
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
4,500 SCHERING-PLOUGH CORP $ 165,375
900 SCHULMAN (A.), INC 11,925
100 SIGMA ALDRICH CORP 2,687
-----------
2,864,733
-----------
COMMUNICATIONS -- 12.17%
800 ALLTEL CORP 50,450
8,800 AT & T CORP 495,000
600 * AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 35,550
4,600 BELL ATLANTIC CORP 281,175
6,000 BELLSOUTH CORP 282,000
1,800 * CBS CORP 101,925
800 * CLEAR CHANNEL COMMUNICATIONS, INC 55,250
2,400 * COMCAST CORP (CLASS A) SPECIAL 104,100
500 * COX COMMUNICATIONS, INC (CLASS A) 24,250
1,700 * GLOBAL CROSSING LTD 69,593
8,200 LUCENT TECHNOLOGIES, INC 498,150
6,650 * MCI WORLDCOM, INC 301,328
2,000 * MEDIA ONE GROUP, INC 162,000
800 * NEXTEL COMMUNICATIONS, INC (CLASS A) 118,600
10,074 SBC COMMUNICATIONS, INC 423,108
2,800 SPRINT CORP (FON GROUP) 176,400
1,900 * SPRINT CORP (PCS GROUP) 124,093
1,900 U.S. WEST, INC 137,987
2,000 * VIACOM, INC (CLASS B) 105,500
-----------
3,546,459
-----------
DEPOSITORY INSTITUTIONS -- 6.61%
5,500 BANK OF AMERICA CORP 288,406
2,700 BANK OF NEW YORK CO, INC 112,218
4,100 BANK ONE CORP 140,937
2,800 CHASE MANHATTAN CORP 244,125
700 FIFTH THIRD BANCORP 44,100
3,800 FIRST UNION CORP 141,550
1,700 FIRSTAR CORP 38,993
2,300 FLEETBOSTON FINANCIAL CORP 83,950
1,700 KEYCORP 32,300
3,400 MBNA CORP 86,700
1,500 MELLON FINANCIAL CORP 44,250
700 MORGAN (J.P.) & CO, INC 92,225
2,400 NATIONAL CITY CORP 49,500
1,100 PNC FINANCIAL SERVICES GROUP 49,568
400 PROVIDIAN FINANCIAL CORP 34,650
1,200 SUNTRUST BANKS, INC 69,300
2,300 U.S. BANCORP 50,312
800 WACHOVIA CORP 54,050
1,900 WASHINGTON MUTUAL, INC 50,350
5,300 WELLS FARGO CO 216,968
-----------
1,924,452
-----------
EATING AND DRINKING PLACES -- 0.69%
300 DARDEN RESTAURANTS, INC 5,343
5,200 MCDONALD'S CORP 195,325
-----------
200,668
-----------
</TABLE>
See notes to financial statements 2000 SEMI-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 -- 3.04%
1,200 COLUMBIA ENERGY GROUP $ 71,100
2,200 EL PASO ENERGY CORP 88,825
1,300 EQUITABLE RESOURCES, INC 58,256
1,100 IDACORP, INC 38,225
2,300 KEYSPAN CORP 63,537
2,200 LOUISVILLE GAS & ELECTRIC ENERGY
CORP 50,325
2,200 MCN ENERGY GROUP, INC 55,000
1,000 NICOR, INC 32,937
1,000 NISOURCE, INC 16,875
1,900 OGE ENERGY CORP 36,456
1,000 PEOPLES ENERGY CORP 27,437
2,400 POTOMAC ELECTRIC POWER CO 54,300
2,000 PUGET SOUND ENERGY, INC 44,375
2,552 SCOTTISH POWER PLC ADR 80,866
2,500 TECO ENERGY, INC 48,593
2,700 WILLIAMS COS, INC 118,631
-----------
885,738
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 9.47%
500 * ADVANCED MICRO DEVICES, INC 28,531
500 * ANALOG DEVICES, INC 40,281
300 BALDOR ELECTRIC CO 5,418
2,800 EMERSON ELECTRIC CO 148,050
800 * GLENAYRE TECHNOLOGIES, INC 14,050
8,400 INTEL CORP 1,108,275
700 * MICRON TECHNOLOGY, INC 88,200
625 MOLEX, INC 36,718
600 * NATIONAL SEMICONDUCTOR CORP 36,375
3,500 NORTEL NETWORKS CORP (U.S.) 441,000
1,500 * QUALCOMM, INC 223,968
200 * SENSORMATIC ELECTRONICS CORP 4,487
1,200 * SOLECTRON CORP 48,075
1,300 * TELLABS, INC 81,879
2,200 TEXAS INSTRUMENTS, INC 352,000
600 THOMAS & BETTS CORP 16,950
250 * VISHAY INTERTECHNOLOGY, INC 13,906
200 WHIRLPOOL CORP 11,725
700 * XILINX, INC 57,968
-----------
2,757,856
-----------
FABRICATED METAL PRODUCTS -- 0.48%
1,200 CROWN CORK & SEAL CO, INC 19,200
3,200 GILLETTE CO 120,600
-----------
139,800
-----------
FOOD AND KINDRED PRODUCTS -- 3.16%
1,400 BESTFOODS, INC 65,537
200 CAMPBELL SOUP CO 6,150
7,000 COCA COLA CO 328,562
1,300 COCA COLA ENTERPRISES, INC 28,031
1,200 GENERAL MILLS, INC 43,425
1,500 HEINZ (H.J.) CO 52,312
400 HERSHEY FOODS CORP 19,500
1,700 KELLOGG CO 43,562
4,800 PEPSICO, INC 165,900
900 QUAKER OATS CO 54,562
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
1,700 UNILEVER NV (NEW YORK SHS) $ 81,812
400 WRIGLEY (WM) JR CO 30,725
-----------
920,078
-----------
FOOD STORES -- 0.53%
1,467 ALBERTSONS, INC 45,477
2,600 * KROGER CO 45,662
1,400 * SAFEWAY, INC 63,350
-----------
154,489
-----------
FURNITURE AND FIXTURES -- 0.10%
1,200 NEWELL RUBBERMAID, INC 29,775
-----------
FURNITURE AND HOMEFURNISHINGS STORES -- 0.11%
600 TANDY CORP 30,450
-----------
GENERAL BUILDING CONTRACTORS -- 0.05%
400 HILLENBRAND INDUSTRIES, INC 13,600
100 PULTE CORP 2,087
-----------
15,687
-----------
GENERAL MERCHANDISE STORES -- 2.93%
900 * COSTCO WHOLESALE CORP 47,306
400 * FEDERATED DEPARTMENT STORES, INC 16,700
800 * K MART CORP 7,750
900 MAY DEPARTMENT STORES CO 25,650
800 PENNEY, (J.C.) CO, INC 11,900
1,100 SEARS ROEBUCK & CO 33,962
1,200 TARGET CORP 89,700
11,200 WAL-MART STORES, INC 621,600
-----------
854,568
-----------
HEALTH SERVICES -- 0.31%
2,100 COLUMBIA/HCA HEALTHCARE CORP 53,156
1,600 * TENET HEALTHCARE CORP 36,800
-----------
89,956
-----------
HOLDING AND OTHER INVESTMENT OFFICES -- 0.16%
500 CRESCENT REAL ESTATE EQUITIES CO 8,750
400 DUKE-WEEKS REALTY CORP 7,650
100 FIRST INDUSTRIAL REALTY TRUST, INC 2,725
300 SPIEKER PROPERTIES, INC 13,350
400 WEINGARTEN REALTY INVESTORS, INC 14,700
-----------
47,175
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT -- 12.51%
400 * 3COM CORP 22,250
500 * APPLE COMPUTER, INC 67,906
2,200 * APPLIED MATERIALS, INC 207,350
1,100 BAKER HUGHES, INC 33,275
16,600 * CISCO SYSTEMS, INC 1,283,387
5,000 COMPAQ COMPUTER CORP 133,125
400 CUMMINS ENGINE CO, INC 15,025
1,500 DEERE & CO 57,000
6,400 * DELL COMPUTER CORP 345,200
2,800 * EMC CORP 350,000
600 * GATEWAY, INC 31,800
200 GRACO, INC 5,800
</TABLE>
68 2000 SEMI-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>
INDUSTRIAL MACHINERY AND EQUIPMENT -- (CONTINUED)
2,700 HEWLETT-PACKARD CO $ 357,918
800 INGERSOLL-RAND CO 35,400
4,800 INTERNATIONAL BUSINESS MACHINES CORP 566,400
300 NORDSON CORP 13,818
1,200 PITNEY BOWES, INC 53,625
600 * SMITH INTERNATIONAL, INC 46,500
1,100 TIMKEN CO 17,875
-----------
3,643,654
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 1.61%
300 BAUSCH & LOMB, INC 15,656
800 BAXTER INTERNATIONAL, INC 50,150
1,300 BECTON DICKINSON & CO 34,206
400 BIOMET, INC 14,550
1,100 * BOSTON SCIENTIFIC CORP 23,443
1,200 * GUIDANT CORP 70,575
3,800 MEDTRONIC, INC 195,462
200 * ST. JUDE MEDICAL, INC 5,162
2,300 XEROX CORP 59,800
-----------
469,004
-----------
INSURANCE AGENTS, BROKERS AND SERVICE -- 0.49%
1,300 MARSH & MCLENNAN COS, INC 143,406
-----------
INSURANCE CARRIERS -- 4.80%
200 AEGON NV ARS 16,112
2,700 ALLSTATE CORP 64,293
1,600 AMERICAN GENERAL CORP 89,800
4,775 AMERICAN INTERNATIONAL GROUP, INC 522,862
500 CHUBB CORP 33,781
800 CIGNA CORP 60,600
9,400 CITIGROUP, INC 557,537
700 CONSECO, INC 8,006
300 JEFFERSON-PILOT CORP 19,968
200 SAFECO CORP 5,312
600 ST. PAUL COS, INC 20,475
-----------
1,398,746
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 0.92%
800 HASBRO, INC 13,200
1,600 MATTEL, INC 16,700
2,700 MINNESOTA MINING & MANUFACTURING CO 239,118
-----------
269,018
-----------
MISCELLANEOUS RETAIL -- 0.46%
1,200 CVS CORP 45,075
700 * TOYS R US, INC 10,368
3,000 WALGREEN CO 77,250
-----------
132,693
-----------
MOTION PICTURES -- 2.24%
6,600 DISNEY (WALT) CO 273,075
3,800 TIME WARNER, INC 380,000
-----------
653,075
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
NONDEPOSITORY INSTITUTIONS -- 2.85%
2,000 AMERICAN EXPRESS CO $ 297,875
3,300 ASSOCIATES FIRST CAPITAL CORP 70,743
4,100 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 231,393
2,600 FREDDIE MAC 114,887
2,300 HOUSEHOLD INTERNATIONAL, INC 85,818
900 SLM HOLDINGS CORP 29,981
-----------
830,697
-----------
OIL AND GAS EXTRACTION -- 2.76%
2,200 ANADARKO PETROLEUM CORP 85,112
1,900 APACHE CORP 94,525
400 * BJ SERVICES CO 29,550
2,800 BURLINGTON RESOURCES, INC 103,600
1,300 HALLIBURTON CO 53,300
1,300 HELMERICH & PAYNE, INC 40,300
800 MITCHELL ENERGY & DEVELOPMENT CORP
(CLASS A) 17,500
1,300 * NABORS INDUSTRIES, INC 50,456
1,400 NOBLE AFFILIATES, INC 45,937
800 * NOBLE DRILLING CORP 33,150
1,000 * ROWAN COS, INC 29,437
4,800 * SANTA FE SNYDER CORP 46,200
700 TRANSOCEAN SEDCO FOREX, INC 35,918
3,400 UNION PACIFIC RESOURCES GROUP, INC 49,300
900 VASTAR RESOURCES, INC 66,881
400 * WEATHERFORD INTERNATIONAL, INC 23,575
-----------
804,741
-----------
PAPER AND ALLIED PRODUCTS -- 0.51%
1,300 AVERY DENNISON CORP 79,381
500 CONSOLIDATED PAPERS, INC 19,218
2,100 SONOCO PRODUCTS CO 49,350
-----------
147,949
-----------
PETROLEUM AND COAL PRODUCTS -- 0.30%
1,500 MURPHY OIL CORP 86,437
-----------
PRIMARY METAL INDUSTRIES -- 0.42%
1,900 BIRMINGHAM STEEL CORP 9,737
1,500 NUCOR CORP 75,000
3,100 WORTHINGTON INDUSTRIES, INC 38,362
-----------
123,099
-----------
PRINTING AND PUBLISHING -- 1.21%
800 DELUXE CORP 21,200
700 DOW JONES & CO, INC 50,268
1,500 GANNETT CO, INC 105,562
500 KNIGHT-RIDDER, INC 25,468
1,300 MCGRAW HILL COS, INC 59,150
1,000 NEW YORK TIMES CO (CLASS A) 42,937
500 TIMES MIRROR CO SERIES A 46,468
-----------
351,053
-----------
RAILROAD TRANSPORTATION -- 0.22%
4,500 NORFOLK SOUTHERN CORP 64,687
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 69
<PAGE> 70
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C> <C>
RUBBER AND MISCELLANEOUS
PLASTIC PRODUCTS -- 0.50%
200 BANDAG, INC $ 4,600
1,700 ILLINOIS TOOL WORKS, INC 93,925
1,200 NIKE, INC (CLASS B) 47,550
-----------
146,075
-----------
SECURITY AND COMMODITY BROKERS -- 1.91%
1,200 MERRILL LYNCH & CO, INC 126,000
3,600 MORGAN STANLEY DEAN WITTER & CO 293,625
2,400 SCHWAB (CHARLES) CORP 136,350
-----------
555,975
-----------
STONE, CLAY, AND GLASS PRODUCTS -- 0.53%
800 CORNING, INC 155,200
-----------
TRANSPORTATION BY AIR -- 0.47%
700 * AMR CORP 22,312
500 DELTA AIRLINES, INC 26,625
1,100 * FEDEX CORP 42,900
1,950 SOUTHWEST AIRLINES CO 40,584
200 * U.S. AIRWAYS GROUP, INC 5,562
-----------
137,983
-----------
TRANSPORTATION EQUIPMENT -- 0.09%
600 FEDERAL-MOGUL CORP 10,012
200 FLEETWOOD ENTERPRISES, INC 2,950
500 MODINE MANUFACTURING CO 12,562
-----------
25,524
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES/PRINCIPAL VALUE
<C> <S> <C> <C>
WHOLESALE TRADE-DURABLE GOODS -- 0.32%
2,400 GENUINE PARTS CO $ 57,300
600 GRAINGER (W.W.), INC 32,550
400 IKON OFFICE SOLUTIONS, INC 2,475
-----------
92,325
-----------
WHOLESALE TRADE-NONDURABLE GOODS -- 1.24%
800 CARDINAL HEALTH, INC 36,700
3,600 ENRON CORP 271,256
700 MCKESSON HBOC, INC 14,700
1,100 SYSCO CORP 39,256
-----------
361,912
-----------
TOTAL COMMON STOCK
(Cost $25,590,232) 28,973,480
-----------
SHORT TERM INVESTMENT -- 1.18%
U.S. GOVERNMENT AGENCY -- 1.18%
FEDERAL HOME LOAN BANK (FHLB)
$343,000 5.900%, 04/03/00 342,888
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $342,888) 342,888
-----------
TOTAL PORTFOLIO
(Cost $25,933,120) $29,316,368
===========
</TABLE>
---------------
* Non-income producing
70 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 71
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
STATEMENT OF INVESTMENTS (UNAUDITED) SUMMARY BY INDUSTRY
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
BONDS
CORPORATE BONDS
ASSET BACKED $ 2,973,765 2.73%
BUSINESS SERVICES 979,300 0.90
COMMUNICATIONS 3,330,285 3.05
DEPOSITORY INSTITUTIONS 1,888,205 1.73
ELECTRIC, GAS, AND SANITARY SERVICES 2,562,340 2.35
FOOD AND KINDRED PRODUCTS 997,810 0.91
FOOD STORES 496,930 0.46
GENERAL MERCHANDISE STORES 972,880 0.89
INSTRUMENTS AND RELATED PRODUCTS 692,874 0.64
MOTION PICTURES 1,004,895 0.92
NONDEPOSITORY INSTITUTIONS 3,913,200 3.59
OTHER MORTGAGE BACKED SECURITIES 436,729 0.40
PETROLEUM AND COAL PRODUCTS 1,443,695 1.32
PRINTING AND PUBLISHING 496,010 0.45
RAILROAD TRANSPORTATION 402,716 0.37
SECURITY AND COMMODITY BROKERS 993,430 0.91
TRANSPORTATION EQUIPMENT 2,952,240 2.71
------------ ------
TOTAL CORPORATE BONDS
(Cost $26,149,333) 26,537,304 24.33
</TABLE>
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
------------ ------
GOVERNMENT BONDS
AGENCY SECURITIES $ 11,538,900 10.58%
FOREIGN GOVERNMENT BONDS 1,693,110 1.55
MORTGAGE BACKED SECURITIES 36,061,048 33.06
U.S. TREASURY SECURITIES 28,708,950 26.33
------------ ------
TOTAL GOVERNMENT BONDS
(Cost $77,999,687) 78,002,008 71.52
------------ ------
TOTAL BONDS
(Cost $104,149,020) 104,539,312 95.85
------------ ------
SHORT TERM INVESTMENTS
COMMERCIAL PAPER 2,486,200 2.28
U.S. GOVERNMENT AND AGENCIES 26,451,170 24.25
------------ ------
TOTAL SHORT TERM INVESTMENTS
(Cost $28,937,370) 28,937,370 26.53
------------ ------
TOTAL PORTFOLIO
(Cost $133,086,390) 133,476,682 122.38
OTHER ASSETS & LIABILITIES, NET (24,408,136) (22.38)
------------ ------
NET ASSETS $109,068,546 100.00%
============ ======
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 71
<PAGE> 72
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
STATEMENT OF INVESTMENTS (UNAUDITED)
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL RATINGS+ VALUE
<C> <S> <C> <C> <C>
BONDS -- 95.85%
CORPORATE BONDS -- 24.33%
ASSET BACKED -- 2.73%
CONSECO FINANCE SERIES 2000-1 (CLASS A2)
$1,000,000 7.190%, 05/01/31 AAA $ 997,180
MBNA MASTER CREDIT CARD TRUST SERIES 1999-1
(CLASS A)
500,000 6.400%, 01/18/05 AAA 492,030
NAVISTAR FINANCIAL CORP SERIES 2000-A
(CLASS A4)
500,000 7.340%, 01/15/07 AAA 502,345
RESIDENTIAL ASSET SECURITIES CORP SERIES
1999-KS3
(CLASS AI3)
500,000 7.180%, 01/25/25 AAA 490,880
VANDERBILT MORTGAGE FINANCE SERIES 1999-D
(CLASS 1A2)
500,000 6.815%, 08/07/12 AAA 491,330
------------
2,973,765
------------
BUSINESS SERVICES -- 0.90%
ELECTRONIC DATA SYSTEMS NOTE
500,000 7.125%, 10/15/09 A1 489,765
500,000 7.450%, 10/15/29 A1 489,535
------------
979,300
------------
COMMUNICATIONS -- 3.05%
AT&T CORP NOTE
500,000 6.500%, 03/15/29 A1 433,415
LUCENT TECHNOLOGIES, INC DEB
500,000 6.450%, 03/15/29 A2 439,390
QWEST COMMUNICATIONS INTERNATIONAL (SR NOTE)
500,000 7.250%, 11/01/08 BA1 490,225
U.S. WEST CAPITAL FUNDING, INC (GUARANTEE
NOTE)
500,000 6.875%, 08/15/01 BAA1 497,055
VODAFONE AIRTOUCH PLC NOTE
1,000,000 + 7.625%, 02/15/05 A2 1,012,130
WORLDCOM, INC (SR NOTE)
500,000 6.950%, 08/15/28 BAA2 458,070
------------
3,330,285
------------
DEPOSITORY INSTITUTIONS -- 1.73%
BANK OF AMERICA CORP (SR NOTE)
500,000 6.125%, 07/15/04 AA2 478,510
+ As provided by Moody's Investors
Services.
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL RATINGS+ VALUE
<C> <S> <C> <C> <C>
CHASE MANHATTAN CORP (SUB NOTE)
$1,000,000 7.000%, 11/15/09 A1 $ 967,590
FLEET NATIONAL BANK (SUB NOTE)
500,000 5.750%, 01/15/09 A2 442,105
------------
1,888,205
------------
ELECTRIC, GAS, AND SANITARY SERVICES -- 2.35%
CENTRAL POWER & LIGHT CO (FIRST MORTGAGE)
500,000 6.625%, 07/01/05 A3 458,445
DUKE CAPITAL CORP (SR NOTE)
500,000 7.250%, 10/01/04 A3 498,390
ILLINOIS POWER (FIRST MORTGAGE)
500,000 7.500%, 06/15/09 BAA1 489,305
PENN POWER & LIGHT (SR NOTE)
500,000 7.750%, 04/15/05 BAA2 494,940
WILLIAMS COS NOTE
640,000 6.200%, 08/01/02 BAA2 621,260
------------
2,562,340
------------
FOOD AND KINDRED PRODUCTS -- 0.91%
DIAGEO CAPITAL PLC (GUARANTEE NOTE)
1,000,000 7.250%, 11/01/09 A1 997,810
------------
FOOD STORES -- 0.46%
SAFEWAY, INC NOTE
500,000 7.250%, 09/15/04 BAA2 496,930
------------
GENERAL MERCHANDISE STORES -- 0.89%
WAL-MART STORES, INC (SR NOTE)
1,000,000 6.875%, 08/10/09 AA2 972,880
------------
INSTRUMENTS AND RELATED PRODUCTS -- 0.64%
EASTMAN KODAK CO (MEDIUM TERM NOTE)
700,000 6.500%, 08/15/01 A2 692,874
------------
MOTION PICTURES -- 0.92%
DISNEY (WALT) CO NOTE
500,000 7.300%, 02/01/05 A2 501,460
TIME WARNER, INC NOTE
500,000 7.750%, 06/15/05 BAA3 503,435
------------
1,004,895
------------
NONDEPOSITORY INSTITUTIONS -- 3.59%
ASSOCIATES CORP NA DEB
500,000 6.950%, 11/01/18 AA3 453,940
FORD MOTOR CREDIT CO NOTE
1,000,000 7.500%, 03/15/05 A1 1,000,610
</TABLE>
72 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 73
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL RATINGS+ VALUE
<C> <S> <C> <C> <C>
NONDEPOSITORY INSTITUTIONS -- (CONTINUED)
GENERAL ELECTRIC CAPITAL CORP NOTE
$1,000,000 7.000%, 03/01/02 AAA $ 997,490
GENERAL MOTORS ACCEPTANCE CORP NOTE
1,000,000 6.850%, 06/17/04 A2 976,660
NEWCOURT CREDIT GROUP NOTE
500,000 + 6.875%, 02/16/05 A1 484,500
------------
3,913,200
------------
OTHER MORTGAGE BACKED SECURITIES -- 0.40%
BEAR STERNS COMMERCIAL MORTGAGE SECURITIES
SERIES 1999-WF2 (CLASS A2)
250,000 7.080%, 06/15/09 AAA 248,877
COMMERCIAL MORTGAGE ASSET TRUST SERIES 1999-C1
(CLASS A3)
200,000 6.640%, 09/17/10 AAA 187,852
------------
436,729
------------
PETROLEUM AND COAL PRODUCTS -- 1.32%
CHEVRON CORP NOTE
1,000,000 6.625%, 10/01/04 AA2 977,780
CONOCO, INC (SR NOTE)
500,000 6.350%, 04/15/09 A3 465,915
------------
1,443,695
------------
PRINTING AND PUBLISHING -- 0.45%
TIMES MIRROR NOTE
500,000 6.650%, 10/15/01 A2 496,010
------------
RAILROAD TRANSPORTATION -- 0.37%
NORFOLK SOUTHERN CORP (SR NOTE)
445,000 6.200%, 04/15/09 BAA1 402,716
------------
SECURITY AND COMMODITY BROKERS -- 0.91%
MORGAN STANLEY DEAN
WITTER
1,000,000 7.125%, 01/15/03 AA3 993,430
------------
TRANSPORTATION EQUIPMENT -- 2.71%
BOMBADIER CAPITAL, INC NOTE
500,000 + 7.300%, 12/15/02 A3 492,050
DAIMLERCHRYSLER NA HOLDINGS (GUARANTEE NOTE)
500,000 6.460%, 12/07/01 A1 494,365
FORD MOTOR CO NOTE
500,000 7.450%, 07/16/31 A1 483,550
LOCKHEED MARTIN CORP
500,000 8.200%, 12/01/09 BAA3 500,590
TRW, INC (SR NOTE)
500,000 + 6.500%, 06/01/02 BAA1 489,240
+ As provided by Moody's Investors
Services.
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL RATINGS+ VALUE
<C> <S> <C> <C> <C>
UNITED TECHNOLOGY CORP DEB
$ 500,000 7.500%, 09/15/29 A2 $ 492,445
------------
2,952,240
------------
TOTAL CORPORATE BONDS
(Cost $26,149,333) 26,537,304
------------
GOVERNMENT BONDS -- 71.52%
AGENCY SECURITIES -- 10.58%
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
5,000,000 5.500%, 05/15/02 AAA 4,857,800
2,500,000 5.000%, 01/15/04 AAA 2,330,475
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
3,500,000 5.250%, 01/15/03 AAA 3,338,125
1,000,000 7.125%, 01/15/30 AAA 1,012,500
------------
11,538,900
------------
FOREIGN GOVERNMENT BONDS -- 1.55%
CANADA GOVERNMENT
500,000 6.750%, 08/28/06 AA2 492,865
UNITED MEXICAN STATES
200,000 9.875%, 02/01/10 BAA3 210,500
QUEBEC PROVINCE CANADA
500,000 7.000%, 01/30/07 A2 487,350
500,000 7.500%, 09/15/29 A2 502,395
------------
1,693,110
------------
MORTGAGE BACKED SECURITIES -- 33.06%
FEDERAL HOME LOAN MORTGAGE CORP GOLD (FGLMC)
350,000 -- 7.000%, 04/25/15 343,546
491,190 6.500%, 10/01/28 461,444
746,850 6.500%, 02/01/29 701,621
1,985,688 6.500%, 07/01/29 1,864,184
491,284 6.500%, 09/01/29 461,532
3,600,000 -- 7.000%, 04/25/30 3,463,308
2,650,000 -- 7.500%, 04/25/30 2,606,514
4,200,000 -- 8.000%, 04/25/30 4,216,422
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
1,479,969 6.000%, 09/01/13 1,398,719
336,296 6.500%, 12/01/13 324,146
480,151 6.000%, 06/01/14 452,230
482,679 6.500%, 07/01/14 464,936
474,182 7.000%, 07/01/14 466,012
1,000,000 -- 6.500%, 04/25/15 962,180
2,500,000 -- 7.000%, 04/25/15 2,455,850
487,554 6.000%, 01/01/29 444,069
305,123 6.000%, 02/01/29 277,909
479,978 6.500%, 04/01/29 450,416
741,073 6.000%, 07/01/29 674,740
442,440 6.500%, 07/01/29 414,911
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 73
<PAGE> 74
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <S> <C> <C> <C>
MORTGAGE BACKED SECURITIES -- (CONTINUED)
$ 745,143 7.500%, 07/01/29 $ 733,146
4,200,000 -- 7.000%, 04/25/30 4,037,922
2,750,000 -- 7.500%, 04/25/30 2,703,168
2,000,000 -- 8.500%, 04/25/30 2,040,000
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA)
1,455,976 6.500%, 05/15/28 1,374,077
1,526,720 6.500%, 12/15/28 1,440,842
496,928 7.000%, 07/15/29 481,737
347,934 7.500%, 07/15/29 345,467
------------
36,061,048
------------
U.S. TREASURY SECURITIES -- 26.33%
U.S. TREASURY BONDS
500,000 7.500%, 11/15/01 507,345
1,150,000 12.000%, 08/15/13 1,552,857
1,500,000 8.875%, 08/15/17 1,919,055
11,280,000 8.875%, 02/15/19 14,593,500
U.S. TREASURY NOTES
5,000,000 5.875%, 11/30/01 4,949,200
3,250,000 6.250%, 01/31/02 3,234,758
U.S. TREASURY STRIPS
2,500,000 0.000%, 11/15/09 1,352,775
1,500,000 0.000%, 02/15/15 599,460
------------
28,708,950
------------
TOTAL GOVERNMENT BONDS
(Cost $77,999,687) 78,002,008
------------
TOTAL BONDS
(Cost $104,149,020) 104,539,312
------------
SHORT TERM INVESTMENTS -- 26.53%
COMMERCIAL PAPER -- 2.28%
EMERSON ELECTRIC CO
1,000,000 * 5.870%, 05/02/00 994,945
HONEYWELL, INC
1,000,000 * 5.900%, 05/08/00 993,936
MOTOROLA CREDIT CORP
500,000 * 5.850%, 05/04/00 497,319
------------
2,486,200
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <S> <C> <C> <C>
U.S. GOVERNMENT AND AGENCIES -- 24.25%
FEDERAL HOME LOAN BANKS (FHLB)
$ 410,000 5.900%, 04/03/00 $ 409,866
3,353,000 * 5.740%, 04/19/00 3,343,377
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
1,370,000 5.720%, 04/04/00 1,369,347
14,599,000 * 5.940%, 04/18/00 14,558,050
2,690,000 * 5.810%, 05/25/00 2,666,556
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
2,738,000 * 5.820%, 05/11/00 2,720,294
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
1,385,000 5.720%, 04/07/00 1,383,680
------------
26,451,170
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $28,937,370) 28,937,370
------------
TOTAL PORTFOLIO
(Cost $133,086,390) $133,476,682
============
</TABLE>
---------------
<TABLE>
<S> <C>
+ Security is exempt from registration under Rule 144(A) of
the Securities Act of 1933 and may be resold in
transactions exempt from registration to qualified
institutional buyers. At March 31, 2000, the value of
these securities amounted to $2,477,920 or 2.27% of net
assets.
* All or 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
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 32.63%
BAA 4.94%
BA 0.47%
</TABLE>
U.S. Government obligations represent 61.96% of the long-term debt portfolio
value and are not reflected in the above ratings.
74 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 75
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (UNAUDITED) SUMMARY BY INDUSTRY
March 31, 2000
------------------------------------------------------------
------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE %
<S> <C> <C>
SHORT TERM INVESTMENTS
COMMERCIAL PAPER $24,487,457 97.69%
U.S. GOVERNMENT & AGENCIES 633,752 2.53
----------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $25,121,209) 25,121,209 100.22
----------- ------
TOTAL PORTFOLIO
(Cost $25,121,209) 25,121,209 100.22
OTHER ASSETS & LIABILITIES, NET (55,489) (0.22)
----------- ------
NET ASSETS $25,065,720 100.00%
=========== ======
</TABLE>
STATEMENT OF INVESTMENTS (UNAUDITED)
March 31, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <S> <C>
SHORT TERM INVESTMENTS -- 100.22%
COMMERCIAL PAPER -- 97.69%
ABBOT LABORATORIES CO
$ 700,000 5.950%, 4/13/00 $ 698,612
ASSET SECURITIZATION COOP CORP
1,000,000 - 6.060%, 5/19/00 991,920
ASSOCIATES CORP OF NORTH AMERICA
1,000,000 5.880%, 5/19/00 992,160
BELLSOUTH TELECOMMUNICATIONS, INC
1,000,000 5.770%, 4/3/00 999,679
CAMPBELL SOUP CO
1,000,000 5.800%, 4/20/00 996,939
CATERPILLAR FINANCIAL SERVICES CORP
1,000,000 - 5.970%, 7/18/00 982,090
COCA COLA CO
240,000 5.850%, 5/1/00 238,830
CORPORATE ASSET FUNDING CORP, INC
1,000,000 - 5.890%, 5/8/00 993,946
DELAWARE FUNDING CORP
1,000,000 - 5.870%, 4/26/00 995,924
DUPONT (E.I.) DE NEMOURS & CO
1,150,000 5.770%, 4/14/00 1,147,604
EASTMAN KODAK CO
340,000 5.850%, 5/8/00 337,956
ENTERPRISE FUNDING CORP
843,000 - 5.880%, 4/28/00 839,282
FORD MOTOR CREDIT CO
1,000,000 5.920%, 6/6/00 989,146
FORTUNE BRANDS, INC
1,000,000 6.350%, 4/3/00 999,647
GENERAL ELECTRIC CAPITAL CORP
192,000 6.000%, 4/3/00 191,936
GOLDMAN SACHS GROUP LP
995,000 5.900%, 5/8/00 988,966
GTE FUNDING, INC
800,000 6.030%, 4/14/00 798,258
HEINZ (H.J.) CO
1,000,000 5.960%, 4/27/00 995,696
HONEYWELL, INC
145,000 5.850%, 4/12/00 144,741
200,000 5.900%, 5/8/00 198,787
MERCK & CO, INC
1,000,000 6.020%, 4/20/00 996,823
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <S> <C>
MOTIVA ENTERPRISES LLC
$ 995,000 5.770%, 4/3/00 $ 994,681
NATIONAL RURAL UTILITIES COOP FINANCE
241,000 6.110%, 7/18/00 236,582
500,000 - 6.120%, 7/19/00 490,735
PARK AVENUE RECEIVABLES CORP
1,000,000 - 6.060%, 4/20/00 996,802
SAINT PAUL CO
264,000 6.000%, 4/26/00 262,900
SARA LEE CORP
1,000,000 6.200%, 4/3/00 999,656
SBC COMMUNICATIONS, INC
1,000,000 - 5.830%, 4/13/00 998,057
SHERWIN-WILLIAMS CO
1,000,000 6.050%, 5/10/00 993,446
STANLEY WORKS
1,000,000 5.830%, 4/3/00 999,676
WAL-MART STORES, INC
1,000,000 6.030%, 4/25/00 995,980
-----------
24,487,457
-----------
U.S. GOVERNMENT & AGENCIES -- 2.53%
FEDERAL HOME LOAN BANK (FHLB)
169,000 5.770%, 4/20/00 168,485
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
95,000 5.550%, 4/4/00 94,956
269,000 6.000%, 6/8/00 265,951
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA)
105,000 5.780%, 5/9/00 104,360
-----------
633,752
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $25,121,209) 25,121,209
-----------
TOTAL PORTFOLIO
(Cost $25,121,209) $25,121,209
===========
</TABLE>
---------------
- Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
See notes to financial statements 2000 SEMI-ANNUAL REPORT 75
<PAGE> 76
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
March 31, 2000 (Unaudited)
<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 $48,454,013 $71,337,533 $30,315,647 $45,343,647 $25,933,120 $133,086,390
Net unrealized
appreciation of
portfolio
investments 8,310,112 15,680,034 4,481,806 5,439,362 3,383,248 390,292
-----------------------------------------------------------------------------------------------------------------------
Portfolio investments,
at value 56,764,125 87,017,567 34,797,453 50,783,009 29,316,368 133,476,682
Cash 279,725 2,715 2,466 2,145 874 494
Dividends and interest
receivable 68,970 32,888 24,671 35,689 20,573 1,082,109
Receivable from
securities
transactions 1,382,495 114,488 326,225 17,142 -- 1,685,031
Receivable for Fund
shares sold 72,514 249,273 40,000 22,940 -- 62,239
Due from investment
advisor 3,680 -- 13,141 10,020 15,176 --
-----------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 58,571,509 87,416,931 35,203,956 50,870,945 29,352,991 136,306,555
-----------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued expenses 63,556 56,908 72,376 72,129 75,928 51,696
Payable for securities
transactions 1,011,317 2,683,064 931,518 12,481 -- 27,042,274
Payable for Fund
shares redeemed 944,000 -- 619,000 -- 140,000 1,019
Income distribution
payable -- -- 51,044 -- -- 134,580
Due to investment
advisor -- 2,349 -- -- -- 8,440
-----------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 2,018,873 2,742,321 1,673,938 84,610 215,928 27,238,009
-----------------------------------------------------------------------------------------------------------------------
NET ASSETS $56,552,636 $84,674,610 $33,530,018 $50,786,335 $29,137,063 $109,068,546
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $41,944,726 $69,832,210 $28,863,162 $45,215,626 $25,289,590 $109,006,904
Accumulated
undistributed
(overdistributed)
net investment
income 42,458 60,574 8,425 91,288 68,143 (531)
Accumulated
undistributed net
realized gain (loss)
on investments 6,254,336 (898,225) 176,631 40,059 396,082 (328,119)
Accumulated net
unrealized
appreciation on
investments 8,311,116 15,680,051 4,481,800 5,439,362 3,383,248 390,292
-----------------------------------------------------------------------------------------------------------------------
NET ASSETS $56,552,636 $84,674,610 $33,530,018 $50,786,335 $29,137,063 $109,068,546
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Outstanding shares of
beneficial interest,
unlimited number of
shares authorized
($.0001 par value) 3,649,502 6,236,039 2,878,403 4,354,142 2,526,550 11,033,426
NET ASSET VALUE, PER
SHARE $15.50 $13.58 $11.65 $11.66 $11.53 $9.89
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
<CAPTION>
INSTITUTIONAL
MONEY MARKET
FUND
------------------------ -------------
<S> <C>
ASSETS
Portfolio investments,
at cost $25,121,209
Net unrealized
appreciation of
portfolio
investments --
-----------------------------------------------------
Portfolio investments,
at value 25,121,209
Cash 27,730
Dividends and interest
receivable --
Receivable from
securities
transactions --
Receivable for Fund
shares sold 7,112
Due from investment
advisor 15,368
-------------------------------------------------------------------
TOTAL ASSETS 25,171,419
---------------------------------------------------------------------------------
LIABILITIES
Accrued expenses 75,852
Payable for securities
transactions --
Payable for Fund
shares redeemed 10,000
Income distribution
payable 19,847
Due to investment
advisor --
-----------------------------------------------------------------------------------------------
TOTAL LIABILITIES 105,699
-------------------------------------------------------------------------------------------------------------
NET ASSETS $25,065,720
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $25,065,726
Accumulated
undistributed
(overdistributed)
net investment
income --
Accumulated
undistributed net
realized gain (loss)
on investments (6)
Accumulated net
unrealized
appreciation on
investments --
-----------------------------------------------------------------------------------------------------------------------
NET ASSETS $25,065,720
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Outstanding shares of
beneficial interest,
unlimited number of
shares authorized
($.0001 par value) 25,065,726
NET ASSET VALUE, PER
SHARE $1.00
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
76 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 77
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
For the Six Months Ended March 31, 2000 (Unaudited)
<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 $ 16,610 $ 32,498 $ 18,621 $ 11,387 $ 2,603 $1,816,848
Dividends 130,995 110,113 148,043 182,561 157,058 --
Foreign taxes withheld (14,265) (390) (242) (25) (201) --
------------------------------------------------------------------------------------------------------------------------------
Total income 133,340 142,221 166,422 193,923 159,460 1,816,848
------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment management fees 54,245 56,833 34,017 27,127 25,626 49,875
Custody and administration 72,000 72,000 72,000 72,000 72,000 72,000
Audit and legal 16,800 19,950 11,550 12,600 10,500 23,100
Shareholder servicing 9,000 9,000 9,000 9,000 9,000 9,000
Printing 4,798 5,698 3,299 3,598 2,999 6,597
Registration 5,618 6,671 3,862 4,213 3,511 7,725
Trustee fees and expenses 454 502 421 416 410 514
Other 2,043 2,426 1,404 1,532 1,277 2,809
------------------------------------------------------------------------------------------------------------------------------
Total expenses before fee
waiver and expense
reimbursement 164,958 173,080 135,553 130,486 125,323 171,620
Less investment management
fees waived by the
investment advisor (see
Note 3) 18,082 17,297 10,353 10,549 9,441 13,854
Less expenses reimbursed by
the investment advisor
(see Note 3) 88,613 101,421 92,662 94,317 91,605 105,120
------------------------------------------------------------------------------------------------------------------------------
Net expenses 58,263 54,362 32,538 25,620 24,277 52,646
------------------------------------------------------------------------------------------------------------------------------
Net investment income 75,077 87,859 133,884 168,303 135,183 1,764,202
------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON TOTAL
INVESTMENTS
Realized gain (loss) on:
Portfolio investments 6,396,972 (371,237) 203,417 55,173 401,410 (318,511)
Foreign currency
transactions (39,190) (1,033) 909 -- -- --
------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on
total investments 6,357,782 (372,270) 204,326 55,173 401,410 (318,511)
------------------------------------------------------------------------------------------------------------------------------
Change in unrealized
appreciation on:
Portfolio investments 6,815,101 14,721,067 5,098,798 6,205,737 3,826,924 450,599
Translations of assets
(other than portfolio
investments) and
liabilities denominated
in foreign currencies 1,170 17 342 -- -- --
------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized
appreciation on total
investments 6,816,271 14,721,084 5,099,140 6,205,737 3,826,924 450,599
------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) on total
investments 13,174,053 14,348,814 5,303,466 6,260,910 4,228,334 132,088
------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $13,249,130 $14,436,673 $5,437,350 $6,429,213 $4,363,517 $1,896,290
==============================================================================================================================
<CAPTION>
INSTITUTIONAL
MONEY MARKET
FUND
------------------------------- -------------
<S> <C>
INVESTMENT INCOME
Interest $752,920
Dividends --
Foreign taxes withheld --
--------------------------------------------
Total income 752,920
--------------------------------------------
EXPENSES
Investment management fees 19,398
Custody and administration 72,000
Audit and legal 10,500
Shareholder servicing 9,000
Printing 2,999
Registration 3,511
Trustee fees and expenses 400
Other 1,277
--------------------------------------------
Total expenses before fee
waiver and expense
reimbursement 119,085
Less investment management
fees waived by the
investment advisor (see
Note 3) 6,466
Less expenses reimbursed by
the investment advisor
(see Note 3) 91,928
--------------------------------------------
Net expenses 20,691
--------------------------------------------
Net investment income 732,229
--------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON TOTAL
INVESTMENTS
Realized gain (loss) on:
Portfolio investments (6)
Foreign currency
transactions --
--------------------------------------------
Net realized gain (loss) on
total investments (6)
--------------------------------------------
Change in unrealized
appreciation on:
Portfolio investments --
Translations of assets
(other than portfolio
investments) and
liabilities denominated
in foreign currencies --
--------------------------------------------
Net change in unrealized
appreciation on total
investments --
--------------------------------------------
Net realized and unrealized
gain (loss) on total
investments (6)
--------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $732,223
============================================
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 77
<PAGE> 78
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INSTITUTIONAL INTERNATIONAL EQUITY FUND INSTITUTIONAL GROWTH EQUITY FUND
--------------------------------------- ---------------------------------
FOR THE PERIOD FOR THE PERIOD
JUNE 14, 1999 JUNE 14, 1999
FOR THE SIX (COMMENCEMENT OF FOR THE SIX (COMMENCEMENT OF
MONTHS ENDED OPERATIONS) TO MONTHS ENDED OPERATIONS) TO
MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30,
2000 1999 2000 1999
------------------------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
CHANGE IN NET ASSETS
OPERATIONS:
Net investment income $ 75,077 $ 115,059 $ 87,859 $ 55,696
Net realized gain (loss) on total
investments 6,357,782 60,618 (372,270) (525,955)
Net change in unrealized
appreciation (depreciation) on
total investments 6,816,271 1,494,845 14,721,084 958,967
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
operations 13,249,130 1,670,522 14,436,673 488,708
------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (126,361) -- (82,981) --
From realized gains (185,381) -- -- --
------------------------------------------------------------------------------------------------------------------
Total distributions (311,742) -- (82,981) --
------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Seed money subscriptions -- 25,000,000 -- 25,000,000
Seed money redemptions (23,042,000) (705,000) (23,534,531) (3,866,000)
Subscriptions 39,713,415 1,506,641 66,184,417 8,911,963
Reinvestment of distributions 221,913 -- 30,391 --
Exchanges among the Funds, net (6,500) -- (719,755) --
Redemptions (743,743) -- (2,174,275) --
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
share transactions 16,143,085 25,801,641 39,786,247 30,045,963
------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net
assets 29,080,473 27,472,163 54,139,939 30,534,671
NET ASSETS
Beginning of period 27,472,163 -- 30,534,671 --
------------------------------------------------------------------------------------------------------------------
End of period $ 56,552,636 $27,472,163 $ 84,674,610 $30,534,671
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
CHANGE IN FUND SHARES:
Shares outstanding, beginning of
period 2,576,163 -- 3,010,648 --
------------------------------------------------------------------------------------------------------------------
Seed shares sold -- 2,500,000 -- 2,500,000
Seed shares redeemed (1,639,508) (68,391) (2,124,149) (376,791)
Shares sold 2,745,747 144,554 5,581,948 887,439
Shares issued in reinvestment of
distributions 15,694 -- 2,487 --
Shares exchanged among the Funds,
net (464) -- (55,833) --
Shares redeemed (48,130) -- (179,062) --
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in shares
outstanding 1,073,339 2,576,163 3,225,391 3,010,648
------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 3,649,502 2,576,163 6,236,039 3,010,648
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
<CAPTION>
INSTITUTIONAL GROWTH & INCOME FUND
-----------------------------------
FOR THE PERIOD
JUNE 14, 1999
FOR THE SIX (COMMENCEMENT OF
MONTHS ENDED OPERATIONS) TO
MARCH 31, SEPTEMBER 30,
2000 1999
------------------------------------- -----------------------------------
(UNAUDITED)
<S> <C> <C>
CHANGE IN NET ASSETS
OPERATIONS:
Net investment income $ 133,884 $ 91,824
Net realized gain (loss) on total
investments 204,326 (14,904)
Net change in unrealized
appreciation (depreciation) on
total investments 5,099,140 (617,340)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
operations 5,437,350 (540,420)
------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (127,855) (89,556)
From realized gains (12,663) --
------------------------------------------------------------------------------------------------------------------
Total distributions (140,518) (89,556)
------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Seed money subscriptions -- 25,000,000
Seed money redemptions (16,277,000) (5,960,000)
Subscriptions 20,036,024 6,693,228
Reinvestment of distributions 62,168 70,995
Exchanges among the Funds, net -- --
Redemptions (762,253) --
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
share transactions 3,058,939 25,804,223
------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net
assets 8,355,771 25,174,247
NET ASSETS
Beginning of period 25,174,247 --
------------------------------------------------------------------------------------------------------------------
End of period $ 33,530,018 $25,174,247
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
CHANGE IN FUND SHARES:
Shares outstanding, beginning of
period 2,580,060 --
------------------------------------------------------------------------------------------------------------------
Seed shares sold -- 2,500,000
Seed shares redeemed (1,470,658) (586,384)
Shares sold 1,832,493 659,292
Shares issued in reinvestment of
distributions 5,522 7,152
Shares exchanged among the Funds,
net -- --
Shares redeemed (69,014) --
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in shares
outstanding 298,343 2,580,060
------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 2,878,403 2,580,060
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
</TABLE>
78 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 79
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INSTITUTIONAL EQUITY INDEX FUND INSTITUTIONAL SOCIAL CHOICE EQUITY FUND INSTITUTIONAL BOND FUND
------------------------------- --------------------------------------- -------------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JUNE 14, 1999 JUNE 14, 1999 JUNE 14, 1999
FOR THE SIX (COMMENCEMENT OF FOR THE SIX (COMMENCEMENT OF FOR THE SIX (COMMENCEMENT OF
MONTHS ENDED OPERATIONS) TO MONTHS ENDED OPERATIONS) TO MONTHS ENDED OPERATIONS) TO
MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30,
2000 1999 2000 1999 2000 1999
---------------------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
$ 168,303 $ 98,672 $ 135,183 $ 94,101 $ 1,764,202 $ 471,329
55,173 56,235 401,410 (5,328) (318,511) (6,110)
6,205,737 (766,375) 3,826,924 (443,676) 450,599 (60,307)
---------------------------------------------------------------------------------------------------------------
6,429,213 (611,468) 4,363,517 (354,903) 1,896,290 404,912
---------------------------------------------------------------------------------------------------------------
(175,687) -- (161,141) -- (1,765,136) (470,926)
(71,349) -- -- -- (3,498) --
---------------------------------------------------------------------------------------------------------------
(247,036) -- (161,141) -- (1,768,634) (470,926)
---------------------------------------------------------------------------------------------------------------
-- 25,000,000 -- 25,000,000 -- 25,000,000
(2,289,000) (295,000) (267,000) (722,000) (1,335,000) (1,944,000)
21,759,669 970,150 370,923 807,650 79,849,750 6,596,006
232,334 -- 155,937 -- 1,301,633 417,443
-- -- -- -- 102,855 350,425
(162,527) -- (55,920) -- (1,332,208) --
---------------------------------------------------------------------------------------------------------------
19,540,476 25,675,150 203,940 25,085,650 78,587,030 30,419,874
---------------------------------------------------------------------------------------------------------------
25,722,653 25,063,682 4,406,316 24,730,747 78,714,686 30,353,860
25,063,682 -- 24,730,747 -- 30,353,860 --
---------------------------------------------------------------------------------------------------------------
$50,786,335 $25,063,682 $29,137,063 $24,730,747 $109,068,546 $30,353,860
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
2,567,842 -- 2,508,015 -- 3,043,968 --
---------------------------------------------------------------------------------------------------------------
-- 2,500,000 -- 2,500,000 -- 2,500,000
(208,459) (28,967) (24,449) (70,218) (133,206) (194,145)
1,988,241 96,809 34,190 78,233 8,115,811 661,187
20,931 -- 14,074 -- 132,261 41,918
-- -- -- -- 10,338 35,008
(14,413) -- (5,280) -- (135,746) --
---------------------------------------------------------------------------------------------------------------
1,786,300 2,567,842 18,535 2,508,015 7,989,458 3,043,968
---------------------------------------------------------------------------------------------------------------
4,354,142 2,567,842 2,526,550 2,508,015 11,033,426 3,043,968
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
<CAPTION>
INSTITUTIONAL MONEY MARKET FUND
-------------------------------
FOR THE PERIOD
JUNE 14, 1999
FOR THE SIX (COMMENCEMENT OF
MONTHS ENDED OPERATIONS) TO
MARCH 31, SEPTEMBER 30,
2000 1999
--- -------------------------------
(UNAUDITED)
<S> <C> <C>
$ 732,229 $ 378,065
(6) --
-- --
---------------------------------------------------------------------------------------------------------------
732,223 378,065
---------------------------------------------------------------------------------------------------------------
(732,229) (378,065)
-- --
---------------------------------------------------------------------------------------------------------------
(732,229) (378,065)
---------------------------------------------------------------------------------------------------------------
-- 25,000,000
(16,825,000) --
18,462,708 350,575
648,029 378,015
623,400 (350,425)
(3,221,576) --
---------------------------------------------------------------------------------------------------------------
(312,439) 25,378,165
---------------------------------------------------------------------------------------------------------------
(312,445) 25,378,165
25,378,165 --
---------------------------------------------------------------------------------------------------------------
$25,065,720 $25,378,165
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
25,378,165 --
---------------------------------------------------------------------------------------------------------------
-- 25,000,000
(16,825,000) --
18,462,708 350,575
648,029 378,015
623,400 (350,425)
(3,221,576) --
---------------------------------------------------------------------------------------------------------------
(312,439) 25,378,165
---------------------------------------------------------------------------------------------------------------
25,065,726 25,378,165
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 79
<PAGE> 80
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INSTITUTIONAL INTERNATIONAL EQUITY FUND INSTITUTIONAL GROWTH EQUITY FUND
---------------------------------------- ---------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE SIX JUNE 14, 1999 FOR THE SIX JUNE 14, 1999
MONTHS ENDED (COMMENCEMENT OF MONTHS ENDED (COMMENCEMENT OF
MARCH 31, OPERATIONS) TO MARCH 31, OPERATIONS) TO
2000 SEPTEMBER 30, 1999 2000 SEPTEMBER 30, 1999
---------------------------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $10.66 $10.00 $10.14 $10.00
---------------------------------------------------------------------------------------------------------------------
Gain (loss) from
investment operations:
Net investment income 0.02 0.04 0.02 0.02
Net realized and unrealized gain
(loss) on investments 4.94 0.62 3.44 0.12
---------------------------------------------------------------------------------------------------------------------
Total gain (loss) from investment
operations 4.96 0.66 3.46 0.14
---------------------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income (0.05) -- (0.02) --
Net realized gains (0.07) -- -- --
---------------------------------------------------------------------------------------------------------------------
Total distributions (0.12) -- (0.02) --
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $15.50 $10.66 $13.58 $10.14
=====================================================================================================================
TOTAL RETURN 46.57% 6.60% 34.19% 1.40%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in
thousands) $56,553 $27,472 $84,675 $30,535
Ratio of expenses to average net
assets before expense waiver and
reimbursement 0.42% 0.39% 0.35% 0.35%
Ratio of expenses to average net
assets after expense waiver and
reimbursement 0.15% 0.09% 0.11% 0.07%
Ratio of net investment income to
average net assets 0.19% 0.45% 0.18% 0.20%
Portfolio turnover rate 79.21% 21.35% 16.86% 21.08%
=====================================================================================================================
<CAPTION>
INSTITUTIONAL GROWTH & INCOME FUND
----------------------------------
FOR THE PERIOD
FOR THE SIX JUNE 14, 1999
MONTHS ENDED (COMMENCEMENT OF
MARCH 31, OPERATIONS) TO
2000 SEPTEMBER 30, 1999
--------------------------------------- ----------------------------------
(UNAUDITED)
<S> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $9.76 $10.00
--------------------------------------- ----------------------------------
Gain (loss) from
investment operations:
Net investment income 0.05 0.04
Net realized and unrealized gain
(loss) on investments 1.89 (0.25)
--------------------------------------- ----------------------------------
Total gain (loss) from investment
operations 1.94 (0.21)
--------------------------------------- ----------------------------------
Less distributions from:
Net investment income (0.05) (0.03)
Net realized gains -- --
--------------------------------------- ----------------------------------
Total distributions (0.05) (0.03)
--------------------------------------- ----------------------------------
Net asset value, end of period $11.65 $9.76
======================================= ==================================
TOTAL RETURN 19.89% (2.05)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in
thousands) $33,530 $25,174
Ratio of expenses to average net
assets before expense waiver and
reimbursement 0.50% 0.38%
Ratio of expenses to average net
assets after expense waiver and
reimbursement 0.11% 0.07%
Ratio of net investment income to
average net assets 0.45% 0.36%
Portfolio turnover rate 17.75% 10.95%
======================================= ================================
</TABLE>
The percentages shown above are not annualized.
80 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 81
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INSTITUTIONAL EQUITY INDEX FUND INSTITUTIONAL SOCIAL CHOICE EQUITY FUND INSTITUTIONAL BOND FUND
--------------------------------- ---------------------------------------- ---------------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
FOR THE SIX JUNE 14, 1999 FOR THE SIX JUNE 14, 1999 FOR THE SIX JUNE 14, 1999
MONTHS ENDED (COMMENCEMENT OF MONTHS ENDED (COMMENCEMENT OF MONTHS ENDED (COMMENCEMENT OF
MARCH 31, OPERATIONS) TO MARCH 31, OPERATIONS) TO MARCH 31, OPERATIONS) TO
2000 SEPTEMBER 30, 1999 2000 SEPTEMBER 30, 1999 2000 SEPTEMBER 30, 1999
--------------------------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
$ 9.76 $ 10.00 $ 9.86 $ 10.00 $ 9.97 $ 10.00
--------------------------------------------------------------------------------------------------------------------
0.05 0.04 0.05 0.04 0.28 0.17
1.95 (0.28) 1.68 (0.18) (0.08) (0.03)
--------------------------------------------------------------------------------------------------------------------
2.00 (0.24) 1.73 (0.14) 0.20 0.14
--------------------------------------------------------------------------------------------------------------------
(0.07) -- (0.06) -- (0.28) (0.17)
(0.03) -- -- -- -- --
--------------------------------------------------------------------------------------------------------------------
(0.10) -- (0.06) -- (0.28) (0.17)
--------------------------------------------------------------------------------------------------------------------
$11.66 $9.76 $11.53 $9.86 $9.89 $9.97
====================================================================================================================
20.48% (2.40)% 17.61% (1.40)% 2.10% 1.42%
$50,786 $25,064 $29,137 $24,731 $109,069 $30,354
0.47% 0.36% 0.52% 0.37% 0.30% 0.35%
0.09% 0.05% 0.09% 0.05% 0.10% 0.06%
0.56% 0.39% 0.50% 0.37% 3.18% 1.77%
5.57% 9.51% 8.15% 0.06% 151.71% 177.31%
====================================================================================================================
<CAPTION>
INSTITUTIONAL MONEY MARKET FUND
---------------------------------
FOR THE PERIOD
FOR THE SIX JUNE 14, 1999
MONTHS ENDED (COMMENCEMENT OF
MARCH 31, OPERATIONS) TO
2000 SEPTEMBER 30, 1999
--------------------------------------
(UNAUDITED)
<S> <C> <C>
$ 1.00 $ 1.00
--------------------------------------
0.03 0.02
-- --
--------------------------------------
0.03 0.02
--------------------------------------
(0.03) (0.02)
-- --
--------------------------------------
(0.03) (0.02)
--------------------------------------
$1.00 $1.00
======================================
2.87% 1.51%
$25,066 $25,378
0.52% 0.36%
0.08% 0.05%
2.83% 1.52%
n/a n/a
===
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 81
<PAGE> 82
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
--------------------------------------------------------------------------------
Notes to Financial Statements
March 31, 2000 (Unaudited)
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 in a broadly diversified portfolio of primarily 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 in a
broadly diversified portfolio of common stocks selected for their investment
potential; the Institutional Equity Index Fund which invests 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.
In July, 1999, TIAA began to withdraw its seed money shares from the Funds. The
following table summarizes the activity in the Fund shares owned by TIAA during
the six months ended March 31, 2000.
<TABLE>
<CAPTION>
VALUE OF SHARES
SHARES VALUE OF SHARES SHARES HELD AT HELD AT
WITHDRAWN WITHDRAWN MARCH 31, 2000 MARCH 31, 2000
--------- --------------- -------------- ---------------
<S> <C> <C> <C> <C>
Institutional International
Equity Fund 1,639,508 $23,042,000 807,795 $12,520,826
Institutional Growth Equity Fund 2,124,149 23,534,531 -- --
Institutional Growth & Income
Fund 1,470,658 16,277,000 455,632 5,308,113
Institutional Equity Index Fund 208,459 2,289,000 2,283,505 26,625,666
Institutional Social Choice
Equity Fund 24,449 267,000 2,419,408 27,895,770
Institutional Bond Fund 133,206 1,335,000 2,279,897 22,548,178
Institutional Money Market Fund 16,825,000 16,825,000 9,064,306 9,064,306
</TABLE>
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements may require management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, income,
expenses and related disclosures. Actual results may differ from those
estimates. The following is a summary of the significant accounting policies
consistently followed by the Funds, which are in conformity with accounting
principles generally accepted in the United States.
82 2000 SEMI-ANNUAL REPORT
<PAGE> 83
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
--------------------------------------------------------------------------------
Notes to Financial Statements -- (Continued)
March 31, 2000 (Unaudited)
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES -- (CONTINUED)
VALUATION OF INVESTMENTS: Securities listed or traded on a national market or
exchange are valued based on their sale price on such market or exchange at the
close of business on the date of valuation, or at the mean of the closing bid
and asked prices if no sale is reported, except for bonds which are valued at
the most recent bid price or the equivalent quoted yield of such bonds. Foreign
investments are valued at the closing values of such securities as of the date
of valuation under the generally accepted valuation method in the country where
traded, converted to U.S. dollars at the prevailing rates of exchange on the
date of valuation. For Funds other than the Institutional Money Market Fund,
money market instruments are valued at fair market value, except for such
instruments within 60 days to maturity, which are valued at amortized cost,
which approximates market value. For the Institutional Money Market Fund,
securities are valued using the amortized cost method, which approximates market
value. The amortized cost method initially values securities at original cost
and assumes a constant amortization to maturity of any discount or premium.
Portfolio securities for which market quotations are not readily available
(including restricted securities) are valued at fair value, as determined in
good faith under the direction of the Board of Trustees.
ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the
date the securities are purchased or sold (trade date). Realized gains and
losses 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: The records of the Funds are
maintained in U.S. dollars. Portfolio investments and other assets and
liabilities denominated in foreign currencies are translated into U.S. dollars
at the exchange rates prevailing at the end of the period. Purchases and sales
of securities, income receipts and expense payments made in foreign currencies
are translated into U.S. dollars at the exchange rates prevailing on the
respective dates of the transactions. The effects of changes in foreign currency
exchange rates on portfolio investments are included in the net realized and
unrealized gains and losses on investments. Net realized gains and losses on
foreign currency transactions include maturities of forward foreign currency
contracts, disposition of foreign currencies, and currency gains and losses
between the accrual and receipt dates of portfolio investment income and between
the trade and settlement dates of portfolio investment transactions.
FORWARD FOREIGN CURRENCY CONTRACTS: The Funds may use forward foreign currency
contracts to facilitate transactions in securities denominated in foreign
currencies. Such contracts are entered into directly with a counterparty and are
"marked-to-market" at the end of each day's trading. Daily changes in the value
of such contracts are reflected in net unrealized gains and losses. Gains or
losses are realized upon maturity or if the counterparties do not perform in
accordance with contractual provisions.
SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Funds may
purchase securities on a when-issued or delayed delivery basis. In addition to
the normal market risks, this exposes the Funds to the risk that the transaction
may not be consummated. The price and interest rate of such securities are fixed
at trade date. For when-issued purchases, a Fund does not earn interest on such
security until settlement date.
RESTRICTED SECURITIES: Restricted securities held by the Funds, if any, may not
be sold except in exempt transactions or in a public offering registered under
the Securities Act of 1933. The risk of investing in such securities is
generally greater than the risk of investing in securities which are widely held
and publicly traded.
2000 SEMI-ANNUAL REPORT 83
<PAGE> 84
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
--------------------------------------------------------------------------------
Notes to Financial Statements -- (Continued)
March 31, 2000 (Unaudited)
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED)
DIVIDENDS TO SHAREHOLDERS: Dividends from net investment income, if any, for the
Institutional International Equity, Institutional Growth Equity, Institutional
Equity Index and the 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 among the respective components
of net assets.
INCOME TAXES: As qualified regulated investment companies under Subchapter M of
the Internal Revenue Code, the Funds will not be subject to income taxes to the
extent that they distribute substantially all taxable income each year.
NOTE 3. MANAGEMENT AGREEMENT
Under the terms of an Investment Management Agreement, each Fund pays 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. Advisers 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 at
least until July 1, 2003. As a result, during such waiver period, Advisors will
receive the following annual percentages of each Fund's average daily net
assets:
<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 at least until July 1, 2003. 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.
84 2000 SEMI-ANNUAL REPORT
<PAGE> 85
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
--------------------------------------------------------------------------------
Notes to Financial Statements -- (Concluded)
March 31, 2000 (Unaudited)
NOTE 4. INVESTMENTS
At March 31, 2000, net unrealized appreciation of portfolio investments,
consisting of gross unrealized appreciation and gross unrealized depreciation,
was as follows:
<TABLE>
<CAPTION>
GROSS UNREALIZED GROSS UNREALIZED NET UNREALIZED
APPRECIATION DEPRECIATION APPRECIATION
---------------- ---------------- --------------
<S> <C> <C> <C>
Institutional International Equity Fund $11,195,604 $2,885,492 $ 8,310,112
Institutional Growth Equity Fund 18,270,681 2,590,647 15,680,034
Institutional Growth & Income Fund 6,530,560 2,048,754 4,481,806
Institutional Equity Index Fund 8,148,186 2,708,824 5,439,362
Institutional Social Choice Equity Fund 5,905,835 2,522,587 3,383,248
Institutional Bond Fund 854,113 463,821 390,292
</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 six months ended March 31, 2000, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ -----------
<S> <C> <C>
Institutional International Equity Fund $ 46,687,184 $33,329,808
Institutional Growth Equity Fund 48,080,628 8,486,965
Institutional Growth & Income Fund 8,860,989 5,880,822
Institutional Equity Index Fund 21,524,407 2,034,159
Institutional Social Choice Equity Fund 2,337,336 2,278,323
Institutional Bond Fund 161,606,790 86,346,748
</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 facility. An annual commitment
fee for the credit facility is borne by the participating Funds. Interest
associated with any borrowing under the facility will be charged to the
borrowing Funds at rates which are based on the Federal Funds Rate in effect
during the time of the borrowing. For the six months ended March 31, 2000, there
were no borrowings under this credit facility.
2000 SEMI-ANNUAL REPORT 85
<PAGE> 86
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