N-30D 1 y48019n-30d.txt SEMI-ANNUAL REPORT 1 TIAA-CREF Institutional Mutual Funds [PHOTO] 2001 Semi-Annual Report -------------------------------------------------------------------------------- Financial statements (unaudited), including statements of investments - Institutional International Equity Fund March 31, 2001 - 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] 2 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 2001 SEMI-ANNUAL REPORT CONTENTS FUND PERFORMANCE Institutional International Equity Fund 3 Institutional Growth Equity Fund 4 Institutional Growth & Income Fund 5 Institutional Equity Index Fund 6 Institutional Social Choice Equity Fund 7 Institutional Bond Fund 8 Institutional Money Market Fund 9 STATEMENTS OF INVESTMENTS Institutional International Equity Fund 10 Institutional Growth Equity Fund 20 Institutional Growth & Income Fund 36 Institutional Equity Index Fund 42 Institutional Social Choice Equity Fund 67 Institutional Bond Fund 71 Institutional Money Market Fund 75 FINANCIAL STATEMENTS Statements of Assets and Liabilities 77 Statements of Operations 78 Statements of Cash Flows 79 Statements of Changes in Net Assets 80 Financial Highlights 82 Notes to Financial Statements 84 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, 2001. FROM THE VICE CHAIRMAN [PHOTO] This report contains the semi-annual performance and financial statements for the TIAA-CREF Institutional Mutual Funds for the six-month period ending March 31, 2001. Launched in July of 1999, these funds are available to clients of the TIAA-CREF Trust Company, FSB, and also serve as the funding vehicles for the state-sponsored college savings programs administered by TIAA-CREF Tuition Financing, Inc. The recent volatility in world financial markets continued during the last six months, producing sharply mixed returns across the asset classes. For example, the S&P 500 Index lost 18.75 percent, down a total of 23.20 percent from its all-time high in September 2000. Returns on fixed-income investments, on the other hand, have been above historical norms. For example, the broad Lehman Brothers Aggregate Bond Index posted a return of 7.37 percent for the last six months. Many categories of equities--small and large cap, growth and value, domestic and foreign--have lost ground, underscoring the importance of diversification across asset classes. It is also worth noting that the decline in stock prices follows a period of extraordinary gains. At the end of March 2001, the S&P 500 had produced a total return of 182 percent since the beginning of 1995, a fact that speaks well for the long-term benefits that stock ownership can provide. Past performance is, of course, no guarantee of future results. In these turbulent markets, six of the seven funds offered by TIAA-CREF Institutional Mutual Funds posted returns that exceeded or closely tracked their benchmarks, the exception being the Institutional International Equity Fund. Performance details for each of the funds can be found on the following pages. The Institutional International Equity Fund, Institutional Growth Equity Fund, and Institutional Growth & Income Fund employ our Dual Investment Management StrategySM, which combines active and quantitative investing techniques with the goal of outperforming the broad equity markets. We divide these funds into two subportfolios, one using individual stock selection and the other using our proprietary approach to enhanced indexing. This strategy allows us to seize appropriate opportunities as they present themselves, while staying fully invested in the market at all times. We continue our long-standing commitment to low expense charges for the TIAA-CREF Institutional Mutual Funds, as with all our funds and accounts. Low expenses remain the one predictable factor in investing, and investors will be pleased to note that we are waiving a portion of management fees for the funds and limiting certain other expenses until at least July 1, 2006. /s/ MARTIN L. LEIBOWITZ Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER 2 TIAA-CREF Institutional Mutual Funds 2001 SEMI-ANNUAL REPORT 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 StrategySM to achieve returns on international equities. - Indexed portion of the fund aims to slightly exceed the fund's benchmark index, Morgan Stanley Capital International EAFE(R) (Europe, Australasia, Far East). - Actively managed part (40% percent as of 3/31/01) comprises stocks of international companies we believe have strong management and excellent growth prospects. PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2001 During the six months ended March 31, 2001, the Institutional International Equity Fund returned -20.13 percent, trailing its benchmark, the Morgan Stanley Capital International EAFE Index, by 4.08 percentage points, and its competition, as measured by the Lipper International Fund Index, by 3.59 percentage points. The underperformance of the actively managed portion of the fund was primarily responsible for the shortfall versus the benchmark for the period. Negative factors were overweight holdings in technology versus the benchmark. These holdings included Marconi PLC, Flextronics International, and Spirent PLC. Holdings in consumer noncyclicals such as Dutch retailer Ahold NV, energy holdings such as IHC Caland NV, and a position in Fugro NV, a Dutch data analysis company, had positive effects on performance. These holdings were in sectors generally perceived as defensive in the current environment, because of their lower relative valuations, more stable growth rates, or both. $10,000 OVER LIFE OF FUND --------------------------------------------------------------------------------
INSTITUTIONAL LIPPER INTERNATIONAL INTERNATIONAL EQUITY FUND MSCI EAFF INDEX FUND INDEX --------------------------------------------------------------------------------- 7/1/99 $10,000 $10,000 $10,000 9/30/99 10,768 10,439 10,337 12/31/99 14,825 12,212 12,893 3/31/2000 15,782 12,199 12,973 6/30/2000 13,960 11,716 12,364 9/30/2000 12,768 10,771 11,456 12/31/2000 11,987 10,482 10,995 3/31/2001 10,198 9,042 9,560
TEN LARGEST HOLDINGS AS OF 3/31/2001 --------------------------------------------------------------------------------
SHARES MARKET VALUE PERCENT OF COMPANY COUNTRY (IN THOUSANDS) (IN MILLIONS) NET ASSETS ------------------------------------------------------------------------------------------------------------- Toyota Motor Corp Japan 46.6 $ 1.62 1.70 IHC Caland NV Netherlands 28.7 1.45 1.52 GlaxoSmithKline Plc United Kingdom 53.8 1.41 1.48 ASM Lithography Holding NV Netherlands 63.0 1.40 1.48 Elsevier NV Netherlands 107.3 1.39 1.46 Vodafone Group Plc United Kingdom 477.2 1.31 1.38 Royal Bank of Scotland Group Plc United Kingdom 56.1 1.28 1.34 Lloyds TSB Group Plc United Kingdom 124.1 1.22 1.28 Koninklijke Ahold NV Netherlands 37.9 1.18 1.24 Unilever NV Netherlands 22.2 1.18 1.24
PERFORMANCE AT A GLANCE AS OF 3/31/01 --------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) ------------------------------------------------------------------------------------------------------------------------------------ INSTITUTIONAL INTERNATIONAL EQUITY FUND(4) -35.38% 1.13%(5) -35.38% 1.98% 0.29%(5) $95.05 MSCI EAFE Index -25.88 -5.59 -25.88 -9.58 -- -- Lipper International Fund Index -26.30 -2.53 -26.30 -4.39 -- -- ------------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional International Equity Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Returns for the Institutional International Equity Fund reflect past performance. No assurance can be given that the fund will 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. (3) Inception date of the Institutional International Equity Fund was 7/1/99. (4) 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. (5) The annualized expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006, to waive a portion of the fund's management fee and limit the fund's other expenses. 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 3 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 slightly exceed the fund's benchmark, the Russell 3000(R) Growth Index, with low volatility. - Actively managed part of the fund (approximately 52 percent as of 3/31/01) is concentrated in stocks of rapidly growing companies dominant in products and/or services. - Actively selects international stocks outside of the benchmark as opportunities arise. PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2001 For the six months ended March 31, 2001, the Institutional Growth Equity Fund returned -39.05 percent, lagging its benchmark, the Russell 3000(R) Growth Index, by 1.64 percentage points, and its competition, as measured by the Lipper Growth Fund Index, by 12.48 percentage points. The fund trailed its benchmark primarily because its actively managed portion underperformed. Other negative factors included stock selections in the technology sector, where the fund's weighting was roughly equal to the benchmark's. Underweight positions versus the benchmark in IBM and Dell Computer also hurt performance, as both positions, though down for the period, outperformed the technology sector overall. Positive contributions came from the fund's holdings in healthcare companies, which included overweight positions in Cardinal Health, Tenet Healthcare, and Pfizer. Another positive factor was the fund's position in Tyco International, which performed well over the six-month period. $10,000 OVER LIFE OF FUND --------------------------------------------------------------------------------
INSTITUTIONAL RUSSELL 3000* LIPPER GROWTH GROWTH EQUITY FUND GROWTH INDEX FUND INDEX --------------------------------------------------------------------------------------------------- 7/1/99 $10,000 $10,000 $10,000 9/30/99 9,703 9,624 9,482 12/31/99 11,880 12,097 11,436 3/31/2000 13,021 12,980 12,269 6/30/2000 12,733 12,586 11,757 9/30/2000 12,033 11,921 11,600 12/31/2000 9,463 9,385 10,191 3/31/2001 7,334 7,461 8,516
TEN LARGEST HOLDINGS AS OF 3/31/2001 -------------------------------------------------------------------------------- [GRAPH]
SHARES MARKET VALUE PERCENT OF COMPANY (IN THOUSANDS) (IN MILLIONS) NET ASSETS ---------------------------------------------------------------------------------------------- General Electric Co 246.9 $ 10.34 7.84 Pfizer, Inc 204.5 8.37 6.35 Microsoft Corp 121.1 6.62 5.02 Intel Corp 204.4 5.38 4.08 AOL Time Warner, Inc 107.0 4.30 3.26 Wal-Mart Stores, Inc 69.8 3.52 2.67 Cisco Systems, Inc 217.8 3.44 2.61 Home Depot, Inc 65.1 2.81 2.13 Amgen, Inc 46.6 2.80 2.13 EMC Corp 92.2 2.71 2.06
PERFORMANCE AT A GLANCE AS OF 3/31/01 --------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) ---------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GROWTH EQUITY FUND -43.68% -16.23% -43.68% -26.66% 0.22%(4) $131.92 Russell 3000(R) Growth Index -42.52 -15.40 -42.52 -25.39 -- -- Lipper Growth Fund Index -30.57 -8.76 -30.57 -14.82 -- -- ----------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional Growth Equity Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Returns for the Institutional Growth Equity Fund reflect past performance. No assurance can be given that the fund will 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. (3) Inception date of the Institutional Growth Equity Fund was 7/1/99. (4) The annualized expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006, to waive a portion of the fund's management fee and limit the fund's other expenses. 4 TIAA-CREF Institutional Mutual Funds 2001 SEMI-ANNUAL REPORT 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 (approximately 44 percent as of 3/31/01) 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. PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2001 During the six months ended March 31, 2001, the Institutional Growth & Income Fund returned -19.64 percent, lagging its benchmark, the S&P 500, by 0.89 percentage points, and its competition, as measured by the Lipper Growth & Income Fund Index, by 10.28 percentage points. Underperformance of stocks held in the actively managed portion of the fund accounted for the fund's shortfall versus its benchmark. The main decline resulted from stock selection within the technology sector. An underweight position versus the benchmark in Microsoft and overweight positions versus the benchmark in PMC-Sierra and EMC Corp. detracted from performance. Stock selection within the utilities and telecommunications sectors, including an underweight position in Verizon Communications, also weakened performance. Positive factors included stock selection within the fund's healthcare holdings, including positions in Cardinal Health and Baxter International; each outperformed both the broader market and other healthcare stocks during the period. A position in Consolidated Energy Inc., which is not in the fund's benchmark, also helped performance. $10,000 OVER LIFE OF FUND --------------------------------------------------------------------------------
Institutional Lipper Growth Growth & Income S&P 500 & Income Fund Fund Index Index -------------------------------------------------------------------------------- 7/1/1999 $10,000 $10,000 $10,000 9/30/1999 9,337 9,376 9,200 12/31/1999 10,822 10,771 10,025 3/31/2000 11,187 11,018 10,194 6/30/2000 10,894 10,725 9,937 9/30/2000 10,841 10,621 10,229 12/31/2000 9,962 9,790 10,063 3/31/2001 8,711 8,629 9,272
TEN LARGEST HOLDINGS AS OF 3/31/2001 --------------------------------------------------------------------------------
SHARES MARKET VALUE PERCENT OF COMPANY (IN THOUSANDS) (IN MILLIONS) NET ASSETS --------------------------------------------------------------------------------------- General Electric Co 112.8 $4.72 4.07 Exxon Mobil Corp 43.4 3.51 3.03 Pfizer, Inc 75.8 3.10 2.67 Microsoft Corp 49.0 2.68 2.31 Citigroup, Inc 58.4 2.63 2.26 Wal-Mart Stores, Inc 50.7 2.56 2.21 AOL Time Warner, Inc 54.9 2.20 1.90 Intel Corp 83.5 2.20 1.89 Merck & Co, Inc 28.4 2.15 1.85 American International Group, Inc 25.2 2.03 1.75
PERFORMANCE AT A GLANCE AS OF 3/31/01 --------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) ----------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GROWTH & INCOME FUND -22.13% -7.58%(3) -22.13% -12.89% 0.22%(4) $116.12 S&P 500 Index -21.68 -8.08 -21.68 -13.71 -- -- Lipper Growth & Income Fund Index -9.03 -4.22 -9.03 -7.28 -- -- -----------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional Growth & Income Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Returns for the Institutional Growth & Income Fund reflect past performance. No assurance can be given that the fund will 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. (3) Inception date of the Institutional Growth & Income Fund was 7/1/99. (4) The annualized expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006, to waive a portion of the fund's management fee and limit the fund's other expenses. 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 5 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. - Can use a sampling approach to create a portfolio that closely matches the investment characteristics of the Russell 3000(R) Index without actually investing in all 3,000 stocks in the index. PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2001 For the six months ended March 31, 2001, the Institutional Equity Index Fund returned -20.26 percent, falling slightly short of its benchmark, the Russell 3000(R) Index, by 0.19 percentage points. The fund's return was comparable to its benchmark after factoring in the effect of expenses and of holding some cash for liquidity. The fund also had a risk profile similar to its benchmark's during the period. $10,000 OVER LIFE OF FUND --------------------------------------------------------------------------------
Institutional Equity Index Russell 3000(R) Fund Index -------------------------------------------------------------------------------- 7/1/1999 $10,000 $10,000 9/30/1999 9,340 9,342 12/31/1999 10,828 10,857 3/31/2000 11,253 11,352 6/30/2000 10,877 10,973 9/30/2000 10,960 11,041 12/31/2000 9,990 10,047 3/31/2001 8,750 8,826
TEN LARGEST HOLDINGS AS OF 3/31/2001 --------------------------------------------------------------------------------
SHARES MARKET VALUE PERCENT OF COMPANY (IN THOUSANDS) (IN MILLIONS) NET ASSETS ------------------------------------------------------------------------------------------------- General Electric Co 66.5 $2.79 3.68 Exxon Mobil Corp 23.3 1.89 2.49 Pfizer, Inc 42.3 1.73 2.29 Citigroup, Inc 33.7 1.52 2.00 Microsoft Corp 26.6 1.46 1.92 Intel Corp 45.2 1.19 1.57 Merck & Co, Inc 15.5 1.17 1.55 International Business Machines Corp 11.8 1.13 1.49 American International Group, Inc 13.5 1.09 1.44 AOL Time Warner, Inc 26.7 1.07 1.41
PERFORMANCE AT A GLANCE AS OF 3/31/01 --------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) ------------------------------------------------------------------------------------------------------------------------------------ INSTITUTIONAL EQUITY INDEX FUND -22.24% -7.35% -22.24% -12.50% 0.17%(4) $75.77 Russell 3000(R) Index -22.26 -6.89 -22.26 -11.74 -- -- ------------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional Equity Index Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Returns for the Institutional Equity Index Fund reflect past performance. No assurance can be given that the fund will 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. (3) Inception date of the Institutional Equity Index Fund was 7/1/99. (4) The annualized expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006, to waive a portion of the fund's management fee and limit the fund's other expenses. 6 TIAA-CREF Institutional Mutual Funds 2001 SEMI-ANNUAL REPORT 7 INSTITUTIONAL SOCIAL CHOICE EQUITY FUND INVESTMENT OBJECTIVE The TIAA-CREF 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 produce 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). PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2001 During the six months ended March 31, 2001, the Institutional Social Choice Equity Fund returned -18.06 percent, 0.69 percentage points higher than its benchmark, the S&P 500 Index, and 8.70 percentage points below its competition, as measured by the Lipper Growth & Income Index. The social screens aided performance relative to the fund's benchmark by eliminating a number of underperforming companies. These included JDS Uniphase, Motorola, and General Electric. Negative performance relative to the benchmark resulted from not owning stocks in the energy and consumer noncyclical sectors. These sectors benefited from the market's general abandonment of technology stocks for stocks with lower valuations, such as lower price-to-earnings ratios, and lower growth rates. These stocks included those of most of the major diversified oil companies, such as Exxon Mobil and Texaco, which fail the fund's environmental screens. The exclusion of Philip Morris, because of the fund's tobacco screen, also detracted from performance, since its stock outperformed those of other consumer noncyclicals. $10,000 OVER LIFE OF FUND --------------------------------------------------------------------------------
Institutional Lipper Growth & Social Choice S&P 500 Income Fund Equity Fund Index Index -------------------------------------------------------------------------------- 7/1/1999 $10,000 $10,000 $10,000 9/30/1999 9,364 9,376 9,200 12/31/1999 10,650 10,771 10,025 3/31/2000 11,013 11,018 10,194 6/30/2000 10,803 10,725 9,937 9/30/2000 10,660 10,621 10,229 12/31/2000 9,943 9,790 10,063 3/31/2001 8,734 8,629 9,272
TEN LARGEST HOLDINGS AS OF 3/31/2001 --------------------------------------------------------------------------------
SHARES MARKET VALUE PERCENT OF COMPANY (IN THOUSANDS) (IN THOUSANDS) NET ASSETS ---------------------------------------------------------------------------- Microsoft Corp 13.9 $760.2 2.87 Citigroup, Inc 15.0 673.8 2.55 American International Group, Inc 7.6 608.7 2.30 Wal-Mart Stores, Inc 11.9 601.0 2.27 Merck & Co, Inc 7.5 596.3 2.15 Intel Corp 18.4 484.2 1.83 International Business Machines Corp 5.0 480.9 1.82 Johnson & Johnson 5.3 463.6 1.75 AOL Time Warner, Inc 11.4 457.7 1.73 SBC Communications, Inc 9.7 431.8 1.63
PERFORMANCE AT A GLANCE AS OF 3/31/01 --------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) ------------------------------------------------------------------------------------------------------------------------------------ INSTITUTIONAL SOCIAL CHOICE EQUITY FUND -20.69% -7.44% -20.69% -12.66% 0.18%(4) $26.45 S&P 500 Index -21.68 -8.08 -21.68 -13.71 -- -- Lipper Growth & Income Fund Index -9.03 -4.22 -9.03 -7.28 -- -- ------------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional Social Choice Equity Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Returns for the Institutional Social Choice Equity Fund reflect past performance. No assurance can be given that the fund will 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. (3) Inception date of the Institutional Social Choice Equity Fund was 7/1/99. (4) The annualized expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006, to waive a portion of the fund's management fee and limit the fund's other expenses. 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 7 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. PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2001 For the six months ended March 31, 2001, the Institutional Bond Fund returned 7.12 percent. The fund lagged its benchmark, the Lehman Brothers Aggregate Bond Index, by 0.25 percentage points, and its competition, as measured by the Lipper Intermediate Investment Grade Debt Index, by 0.15 percentage points. The fund performed well in the fourth quarter of 2000 based on its more defensive, higher-quality posture in corporate securities. However, our conservative stance in both corporate and mortgage-backed securities caused some of the underperformance posted by the fund in the first quarter of 2001. In addition, we sold intermediate-maturity Treasuries and purchased Treasuries with longer maturities, which hurt our performance when the yield curve steepened at the end of the period. The fund's holdings of U.S. inflation-linked notes helped to offset some of these negative results, as these securities were the top-performing asset class in the fixed-income universe.
$10,000 OVER LIFE OF FUND -------------------------------------------------------------------------------- Institutional Lehman Brothers Lipper Intermediate Bond Fund Aggregate Bond Index Investment Grade Debt Index -------------------------------------------------------------------------------- 7/1/1999 $10,000 $10,000 $10,000 9/30/1999 10,087 10,068 10,064 12/31/1999 10,059 10,056 10,044 3/31/2000 10,278 10,278 10,242 6/30/2000 10,451 10,456 10,375 9/30/2000 10,779 10,772 10,679 12/31/2000 11,237 11,225 11,107 3/31/2001 11,546 11,565 11,455
TOP FIVE MARKET SECTORS AS OF 3/31/2001 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Mortgage-backed securities* 44.6% Corporate bonds 21.8 U.S. Treasury securities 17.9 U.S. agency securities 12.7 Money market instruments 3.0 --------------------------------------------------------------------------------
* Includes government-backed, private-label and asset-backed securities INSTITUTIONAL BOND FUND VS. BENCHMARK: RISK CHARACTERISTICS --------------------------------------------------------------------------------
AVERAGE LIFE OPTION ADJUSTED DURATION MEASURE* (in years) 3/31/2001 (in years) 3/31/2001 -------------------------------------------------------------------------------------- Institutional Bond Fund 8.0 4.60 Lehman Brothers Aggregate Bond Index 8.2 4.57 --------------------------------------------------------------------------------------
* As calculated using an analytical model developed by Capital Management Sciences, a widely recognized investment research firm. PERFORMANCE AT A GLANCE AS OF 3/31/01 --------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) ----------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL BOND FUND 12.34% 8.56% 12.34% 15.46% 0.19%(4) $227.23 Lehman Brothers Aggregate Bond Index 12.53 8.66 12.53 15.65 -- -- Lipper Intermediate Investment Grade Debt Index 11.85 8.08 11.85 14.56 -- -- -----------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional Bond Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) 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. (3) Inception date of the Institutional Bond Fund was 7/1/99. (4) The expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006, to waive a portion of the fund's management fee and limit the fund's other expenses. 8 TIAA-CREF Institutional Mutual Funds 2001 SEMI-ANNUAL REPORT 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. PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2001 For the six months ended March 31, 2001, the TIAA-CREF Money Market Fund returned 3.06 percent, beating its benchmark, the iMoneyNet Money Fund Report AverageTM--All Taxable, by 0.22 percentage points, and its competition, as measured by the Lipper Money Market Funds Average, by 0.32 percentage points. During the six-month period, two asset-allocation changes were made to the fund. Holdings in U.S. government agency securities were increased from 8 percent of the portfolio at the end of the third quarter in 2000 to 19 percent at the end of March 2001. In addition, holdings in commercial paper were decreased from 92 percent to 81 percent. These changes were made for several reasons. First, with the U.S. economy slowing, we believed it was prudent to further improve the credit quality of the fund. Second, we wanted to have U.S. government agency securities available for sale in case we had to meet additional redemptions. Third, we were concerned with the downgrade of corporate securities and how that might affect the fund. $10,000 OVER LIFE OF FUND --------------------------------------------------------------------------------
iMoneyNet Institutional Money Fund Lipper Money Market Report Average(TM) Money Market Fund --All Taxable Funds Average -------------------------------------------------------------------------------- 7/1/99 $10,000 $10,000 $10,000 9/30/99 10,128 10,115 10,110 12/31/99 10,270 10,241 10,234 3/31/2000 10,420 10,375 10,365 6/30/2000 10,581 10,521 10,506 9/30/2000 10,755 10,680 10,659 12/31/2000 10,932 10,843 10,816 3/31/2001 11,084 10,983 10,952
ASSET ALLOCATION AS OF 3/31/2001 -------------------------------------------------------------------------------- Commercial Paper 81% U.S. Government Agency Securities 19% PERFORMANCE AT A GLANCE AS OF 3/31/01 --------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) EXPENSE 1 YEAR SINCE INCEPTION(2) 1 YEAR SINCE INCEPTION(2) RATIO ------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND 6.38% 6.06% 6.38% 10.84% 0.16%(3) iMoneyNet Money Fund Report Average(TM)--All Taxable 5.88 5.50 5.88 9.85 0.47(4) Lipper Money Market Funds Average 5.68 5.34 5.68 9.54 -- -------------------------------------------------------------------------------------------------------------------
NET ANNUALIZED YIELD AVERAGE MATURITY NET ASSETS FOR THE 7 DAYS ENDED 3/27/01 (DAYS) AS OF 3/27/01 (IN MILLIONS) CURRENT EFFECTIVE ------------------------------------------------------------------------------------------------------------ INSTITUTIONAL MONEY MARKET FUND 53 $30.52 5.05% 5.18% iMoneyNet Money Fund Report Average(TM)--All Taxable 48 -- 4.69 4.80 Lipper Money Market Funds Average -- -- -- -- ------------------------------------------------------------------------------------------------------------
(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, 2006, to waive a portion of the fund's management fee and limit the fund's other expenses. (4) Figure is for the first quarter, 2001. 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. 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 9 10 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS (UNAUDITED) SUMMARY BY COUNTRY March 31, 2001
------------------------------------------------------------------ VALUE % ------------------------------------------------------------------ DOMESTIC UNITED STATES $ 766 0.00% ------------ ------- TOTAL DOMESTIC 766 0.00 ------------ ------- FOREIGN AUSTRALIA 2,560,924 2.74 AUSTRIA 88,813 0.10 BELGIUM 658,298 0.70 DENMARK 524,173 0.56 FINLAND 1,257,383 1.34 FRANCE 9,271,978 9.91 GERMANY 7,043,601 7.53 HONG KONG 1,797,068 1.92 IRELAND 1,023,183 1.09 ITALY 3,639,468 3.89 JAPAN 21,599,837 23.09 NETHERLANDS 12,712,951 13.59 NEW ZEALAND 47,960 0.05 NORWAY 400,055 0.43 PORTUGAL 478,635 0.51 SINGAPORE 947,317 1.01 SPAIN 2,135,870 2.28 SWEDEN 1,168,770 1.25 SWITZERLAND 5,075,004 5.42 UNITED KINGDOM 19,540,155 20.88 ------------ ------- TOTAL FOREIGN 91,971,443 98.29 SHORT TERM INVESTMENTS 1,599,772 1.71 ------------ ------- TOTAL PORTFOLIO $ 93,571,981 100.00% ============ =======
10 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 11 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2001
-------------------------------------------------------------------------------- PRINCIPAL/SHARES VALUE -------------------------------------------------------------------------------- BONDS -- 0.00% CORPORATE BONDS -- 0.00% AEROSPACE & DEFENSE -- 0.00% BAE SYSTEMS PLC $ 392 7.450%, 11/30/03 $ 445 ----------- TOTAL AEROSPACE & DEFENSE 445 ----------- TOTAL CORPORATE BONDS (Cost $476) 445 ----------- TOTAL BONDS (Cost $476) 445 ----------- PREFERRED STOCK -- 0.23% BASIC INDUSTRIES -- 0.13% 196 DYCKERHOFF ZEMENTWERKE AG. (VORZUG) 3,803 2,050 HENKEL KGAA 120,425 ----------- TOTAL BASIC INDUSTRIES 124,228 ----------- CONSUMER CYCLICAL -- 0.10% 31 HUGO BOSS AG. 9,509 10,450 NEWS CORP LTD (LTD-VOTE) 67,505 1,117 PROSIEBEN SAT.1 MEDIA AG. 19,749 ----------- TOTAL CONSUMER CYCLICAL 96,763 ----------- TOTAL PREFERRED STOCK (Cost $257,835) 220,991 ----------- COMMON STOCK -- 96.54% AEROSPACE & DEFENSE -- 0.20% 22,097 BAE SYSTEMS PLC 98,644 4,288 SMITHS GROUP PLC 47,063 901 THALES.EX THOMSON CFS 37,953 30 ZODIAC S.A. 6,524 ----------- TOTAL AEROSPACE & DEFENSE 190,184 ----------- BASIC INDUSTRIES -- 7.88% 271 ACERINOX S.A. 8,361 542 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. 14,853 2,389 AKZO NOBEL NV 99,177 2,724 AMCOR LTD 7,448 1,579 AMEC PLC 9,136 9,553 ASAHI GLASS CO LTD 67,084 12,000 ASAHI KASEI CORP 52,092 224 UPONOR OYJ SERIES A 3,069 663 ASSIDOMAN AB 13,428 286 ASTURIANA DE ZINC S.A. MINES 3,387 1,737 BARRATT DEVELOPMENTS PLC 8,062 4,722 BASF AG. 188,933 24,114 BAYER AG. 1,026,226 362 BERKELEY GROUP PLC 4,027 27,992 BHP LTD 267,886 4,856 BLUE CIRCLE INDUSTRIES PLC 33,207 3,612 BOC GROUP PLC 49,195 2,480 BORAL LTD 2,797 267 BUDERUS AG. 5,287
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 479 BUHRMANN NV $ 12,364 12,747 CARTER HOLT HARVEY LTD 8,765 1,678 CEMENTIR S.P.A. 2,566 1,001 CIMPOR CIMENTOS DE PORTUGAL 30,972 665 COMPAGNIE DE SAINT-GOBAIN S.A. 96,118 256,125 CORUS GROUP PLC 227,583 2,841 CRH PLC (IRELAND) 43,700 42,600 CRH PLC (UNITED KINGDOM) 656,786 710 * CRH PLC (NEW) (IRELAND) 10,921 5,292 CSR LTD 13,462 3,871 DAICEL CHEMICAL INDUSTRIES LTD 11,120 5,000 DAINIPPON INK & CHEMICALS, INC 13,126 1,200 DAITO TRUST CONSTRUCTION CO LTD 18,385 4,000 DAIWA HOUSE INDUSTRY CO LTD 25,886 2,110 DENKI KAGAKU KOGYO K K 6,448 1,644 DRAGADOS Y CONSTRUCCIONES S.A. 20,477 183 ELKEM AS 3,375 621 FOMENTO CONSTRUCCIONES Y CONTRATAS S.A. 12,626 29 FORBO HOLDINGS AG. (REGD) 13,139 29 GLAVERBEL S.A. 2,538 189 GRUPO EMPRESARIAL ENCE S.A. 3,091 5,824 HANSON PLC 33,678 487 HEIDELBERGER ZEMENT AG. (GERMANY) 26,692 28,600 HEIJMANS NV 584,044 304 HOCHTIEF AG. 7,215 68 HOLDERBANK FINANCIERE GLARUS AG. (BR) 68,947 668 ILUKA RESOURCES LTD 1,497 32 IMERYS S.A. 3,157 5,455 IMPERIAL CHEMICAL INDUSTRIES PLC 33,270 2,351 INAX CORP 11,594 3,000 * ISHIHARA SANGYO KAISHA LTD 6,200 995 ITALCEMENTI S.P.A. 8,154 1,166 JAMES HARDIE INDUSTRIES LTD 2,385 3,000 * JAPAN STEEL WORKS LTD 2,561 7,867 JEFFERSON SMURFIT GROUP PLC 13,144 30,000 JGC CORP 226,230 981 JOHNSON MATTHEY PLC 13,319 4,000 KAJIMA CORP 10,884 17,000 KANDENKO CO LTD 74,476 10,532 KANEKA CORP 83,456 17,000 KAWASAKI STEEL CORP 17,092 474 KEMIRA OYJ 2,660 2,567 KINDEN CORP 12,720 1,000 KUREHA CHEMICAL INDUSTRY CO LTD 2,234 9,605 LAFARGE S.A. (BR) 849,112 630 L'AIR LIQUIDE 88,776 953 LEIGHTON HOLDINGS LTD 3,271 639 LINDE AG. 26,550 34 LONZA AG. (REGD) 19,502 319 MAEDA ROAD CONSTRUCTION CO LTD 1,298 78 MAYR-MELNHOF KARTON AG. 3,502 64,345 MIM HOLDINGS LTD 36,130 16,737 MITSUBISHI CHEMICAL CORP 45,410 4,000 MITSUBISHI GAS CHEMICAL CO 10,565 9,000 MITSUBISHI MATERIALS CORP 20,396
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 11 12 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- BASIC INDUSTRIES -- (CONTINUED) 2,000 MITSUBISHI PAPER MILLS LTD $ 3,191 3,312 MITSUI MINING & SMELTING CO LTD 19,240 1,001 NEWCREST MINING LTD 1,739 5,000 * NIPPON LIGHT METAL CO LTD 3,511 1,842 NIPPON OIL & FATS CO LTD 3,821 3,000 NIPPON SHEET GLASS CO LTD 29,134 1,000 NIPPON SHOKUBAI CO LTD 3,590 51,000 NIPPON STEEL CORP 84,650 7 * NIPPON UNIPAC HOLDINGS 35,917 2,000 NISHIMATSU CONSTRUCTION CO LTD 7,086 1 NORD-EST S.A. 23 624 NORSKE SKOGINDUSTRIER ASA SERIES A 8,768 624 * NORKSE SKOGINDUSTRIER ASA SERIES A RTS 1,918 8,226 NORMANDY MINING LTD 3,534 2,494 NOVAR PLC 6,010 390 NOVOZYMES A/S (CLASS B) 7,985 6,000 OBAYASHI CORP 23,125 7,000 OJI PAPER CO LTD 29,884 2,000 OKUMURA CORP 7,341 2,740 ONESTEEL LTD 1,161 842 ORICA LTD 2,035 573 OUTOKUMPU OYJ SERIES A 4,300 1,287 PAPERLINX LTD 2,356 714 PECHINEY S.A. SERIES A 30,890 7,154 PILKINGTON PLC 10,781 159 PORTLAND VALDERRIVAS S.A. 3,268 1,720 PORTUCEL EMPRESA PRODUTORE 1,870 542 RAUTARUUKKI OYJ SERIES K 1,844 2,700 REXAM PLC 9,865 125 RHI AG. 2,418 2,094 RIO TINTO LTD 33,178 8,041 RIO TINTO PLC (REGD) 140,040 1,171 RMC GROUP PLC 10,904 1,000 SANWA SHUTTER CORP 1,947 126 SAPA AB 1,709 1,553 SCA AB SERIES B 31,905 5,250 SEKISUI CHEMICAL CO LTD 14,914 4,365 SEKISUI HOUSE LTD 35,145 5,000 SHIMIZU CORP 16,757 6,403 SHIN-ETSU CHEMICAL CO LTD 219,709 500 SHO-BOND CORP 5,825 8,000 * SHOWA DENKO K.K. 16,342 745 SKANSKA AB SERIES B FREE 26,784 3,046 SNIA S.P.A. 6,327 607 SOLVAY S.A. 31,203 459 SONS OF GWALIA LTD 1,857 50,436 SUMITOMO CHEMICAL CO LTD 244,301 1,000 SUMITOMO FORESTRY CO LTD 5,641 34,000 * SUMITOMO METAL INDUSTRIES LTD 19,263 4,036 SUMITOMO METAL MINING CO LTD 15,427 2,000 SUMITOMO OSAKA CEMENT CO LTD 5,250 373 SVENSKT STAL AB (SAAB) SERIES A 3,036 686 * SYNGENTA AG. (REGD) 35,373 8,000 TAIHEIYO CEMENT CORP 15,768 7,000 TAISEI CORP 13,406
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 2,174 TAYLOR WOODROW PLC $ 6,135 3,421 THYSSENKRUPP AG. 49,870 2,000 TODA CORP 8,682 3,000 TOSOH CORP 7,301 2,000 TOSTEM CORP 23,205 2,000 TOTO LTD 12,943 1,815 TOYO SEIKAN KAISHA LTD 27,663 1,906 * TRANSURBAN GROUP 3,908 600 TRELLEBORG AB SERIES B FREE 4,011 4,286 UBE INDUSTRIES LTD 8,276 100 UNION MINIERE GROUP S.A. 3,862 1,759 UPM-KYMMENE OYJ 49,760 509 URALITA S.A. 3,014 1,054 USINOR S.A. 12,951 659 VINCI S.A. 40,780 320 WIENERBERGER BAUSTOFF AG. 6,478 29,014 WMC LTD 113,758 59,872 WOLSELEY PLC 353,248 ----------- TOTAL BASIC INDUSTRIES 7,486,335 ----------- CONSUMER CYCLICAL -- 13.72% 1,505 ACCOR S.A. 56,611 1,402 AIRTOURS PLC 5,541 877 AOYAMA TRADING CO LTD 7,964 1,551 ARISTOCRAT LEISURE LTD 5,149 500 ASATSU-DK, INC 11,092 100 AUTOBACS SEVEN CO LTD 2,242 1,880 AUTOGRILL S.P.A. 20,276 6,383 BASS PLC 62,615 2,495 BBA GROUP PLC 9,045 78 BEKAERT NV 2,933 13,606 BENETTON GROUP S.P.A. 21,229 6,000 BRIDGESTONE CORP 60,902 13,985 * BRITISH SKY BROADCASTING GROUP PLC 165,024 2,181 BULGARI S.P.A. 23,426 711 CANAL PLUS S.A. 2,426 1,000 CAPCOM CO LTD 28,727 3,376 CARLTON COMMUNICATIONS PLC 18,814 1,000 CASIO COMPUTER CO LTD 6,455 33 CLUB MEDITERRANEE S.A. 2,123 8,203 COLES MYER LTD 25,313 161,251 * COMPASS GROUP PLC 1,150,838 705 CONTINENTAL AG. 10,582 191 CORTEFIEL S.A. 2,701 1,000 CYCLE & CARRIAGE LTD 1,739 3,000 * DAIEI, INC 4,380 1,000 DAIMARU, INC 3,263 3,929 DAIMLERCHRYSLER (U.S.A.) 175,154 3,521 DAIMLERCHRYSLER AG. (REGD) 157,657 1,568 DAVID JONES LTD 850 7,000 DENSO CORP 134,062 24 D'IETEREN S.A. 4,497 13,772 DIXONS GROUP PLC (NEW) 54,480 136 DOUGLAS HOLDINGS AG. 4,664 107,284 ELSEVIER NV 1,390,391 608 * EM.TV & MERCHANDISING AG. 2,902
12 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 13 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 5,833 EMI GROUP PLC $ 37,690 40,000 ESPRIT HOLDINGS LTD 44,621 3,546 FIAT S.P.A. 75,391 2,000 FIRST CAPITAL CORP LTD (SINGAPORE) 1,013 3,632 FUJI PHOTO FILM CO LTD 134,481 3 FUJI TELEVISION NETWORK, INC 20,995 136,000 GIORDANO INTERNATIONAL LTD 66,701 5,014 GKN PLC 51,502 19,881 GRANADA PLC 48,968 7,549 GREAT UNIVERSAL STORES PLC 53,125 1,741 GRUPPO EDITORALE L'ESPRESSO S.P.A. 9,696 2,000 GUNZE LTD 6,878 1,000 HANKYU DEPARTMENT STORES, INC 4,269 6,010 HENNES & MAURITZ AB SERIES B 85,032 11,549 HILTON GROUP PLC 33,495 12,281 HONDA MOTOR CO LTD 501,765 8,100 HONG KONG & SHANGHAI HOTELS LTD 4,362 2,429 INDEPENDENT NEWS & MEDIA PLC 5,475 1,000 ISETAN CO LTD 11,155 6,452 ITO-YOKADO CO LTD 313,036 5 JELMOLI HOLDINGS AG. (BR) 6,807 2,225 JUSCO CO LTD 45,808 100 KADOKAWA SHOTEN PUBLISHING CO LTD 2,473 2,000 * KANEBO LTD 5,170 632 KARSTADTQUELLE AG. 18,968 930 KESCO OYJ SERIES B 9,438 10,230 KINGFISHER PLC 66,175 2,100 KONAMI CO LTD 99,038 9 KUONI REISEN HOLDING (REGD) (CLASS B) 3,910 2,000 KURARAY CO LTD 12,783 935 LAGARDERE SCA 47,403 3,614 LVMH MOET HENNESSY LOUIS VUITTON S.A. 182,108 970 MAN AG. 23,452 19,532 MARKS & SPENCER PLC 73,864 2,354 MARUI CO LTD 32,497 23,931 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD 432,540 8,741 MEDIASET S.P.A. 80,905 1,129 MICHELIN S.A. (CLASS B) 36,818 3,000 MITSUBISHI RAYON CO LTD 8,163 3,000 MITSUKOSHI LTD 11,347 366 * MODERN TIMES GROUP (CLASS B) 8,867 1,936 MONDADORI (ARNOLDO) EDITORE S.P.A. 17,525 2,000 * MYCAL CORP 2,489 200 * NAMCO LTD 3,319 42,330 NEWS CORP LTD 320,982 3,000 NGK INSULATORS LTD 33,515 3,040 NINTENDO CO LTD 497,549 72,688 NISSAN MOTOR CO LTD 458,233 2,000 NISSHINBO INDUSTRIES, INC 8,682 561 NITTO BOSEKI CO LTD 707 1,000 ONWARD KASHIYMA CO LTD 7,971 672 ORIENTAL LAND CO LTD 42,095
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 22,000 ORIENTAL PRESS GROUP $ 2,990 1,000 OVERSEAS UNION ENTERPRISES LTD 3,821 3,241 P & O PRINCESS CRUISES PLC 12,671 5,961 PEARSON PLC 104,239 352 PEUGEOT CITROEN S.A. 89,308 902 PINAULT-PRINTEMPS-REDOUTE S.A. 155,492 936 PIONEER CORP 23,453 200,899 PIRELLI S.P.A. 664,228 784 PUBLICIS GROUPE S.A. 23,911 9 PUBLIGROUPE S.A. (REGD) 3,436 5,003 RANK GROUP PLC 13,034 8,784 REED INTERNATIONAL PLC 81,548 10,579 REUTERS GROUP PLC 128,593 300 SANRIO CO LTD 3,835 14,770 SANYO ELECTRIC CO LTD 90,047 320 SCHIBSTED ASA 3,583 1,100 * SEGA CORP 19,838 1,000 * SEIYU LTD 2,553 14,000 SHANGRI-LA ASIA LTD 14,271 8,317 SHARP CORP 105,924 300 SHIMACHU CO LTD 4,237 241 SHIMAMAURA CO LTD 15,289 700 SHIMANO, INC 10,730 2,000 SINGAPORE PRESS HOLDINGS LTD 21,933 130 SKYLARK CO LTD 3,942 908 SODEXHO ALLIANCE S.A. 44,911 946 SOL MELIA S.A. 9,031 12,431 SONY CORP 882,863 10,000 SOUTH CHINA MORNING POST LTD 7,180 164 STOCKMANN AB SERIES B 1,594 2,206 TABCORP HOLDINGS LTD 9,978 3,000 TAKASHIMAYA CO LTD 21,976 7,000 TEIJIN LTD 30,499 734 * TELEPIZZA S.A. 1,719 2,000 TELEVISION BROADCASTS LTD 10,924 1,100 THE WAREHOUSE GROUP LTD 2,580 1,000 TOEI CO LTD 3,223 100 TOHO CO LTD 10,932 2,578 TOKYO BROADCASTING SYSTEMS, INC 61,510 1,000 TOKYO STYLE CO LTD 9,456 11,000 TORAY INDUSTRIES, INC 44,328 5,000 TOYOBO CO LTD 9,775 46,577 TOYOTA MOTOR CORP 1,616,797 1,741 UNY CO LTD 16,393 628 VALEO S.A. 28,480 39 VALORA HOLDINGS AG. (REGD) 7,004 215 VENDEX KBB NV 3,326 7,852 VIVENDI UNIVERSAL 477,916 2,742 VOLKSWAGEN AG. 125,879 3,159 VOLVO AB SERIES B FREE 49,440 1,000 WACOAL CORP 8,059 2,613 WOLTERS KLUWER NV 65,811 7,565 WOOLWORTHS LTD 30,658 300 WORLD CO LTD 8,259 8,235 WPP GROUP PLC 87,456 ----------- TOTAL CONSUMER CYCLICAL 13,038,181 -----------
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 13 14 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER NON-CYCLICAL -- 9.47% 255 ADIDAS SALOMON AG. $ 13,415 837 AGFA GEVAERT NV 15,168 17,175 AJINOMOTO CO LTD 179,130 2,046 ALTADIS S.A. 25,322 16,585 ASAHI BREWERIES LTD 158,154 139 AUSTRIA TABAKWERKE AG. 8,391 307 EBRO PULEVA S.A. 3,387 585 BEIERSDORF AG. 62,059 6,389 BOOTS CO LTD 56,951 970 BRITISH AMERICAN TOBACCO AUSTRALIA LTD 8,284 16,014 BRITISH AMERICAN TOBACCO PLC 118,161 3,829 BUNZL PLC 23,026 13,751 CADBURY SCHWEPPES PLC 87,974 404 CARLSBERG BREWERIES AS (CLASS A) 17,213 5,320 CARREFOUR SUPERMARCHE S.A. 290,648 777 CASINO GUICHARD-PERRACHON S.A. 67,899 39 * CASINO GUICHARD-PERRACHON S.A. A WTS 12/15/03 191 39 * CASINO GUICHARD-PERRACHON S.A. B WTS 12/15/05 213 1 CHARGEURS S.A. 73 5,962 COCA COLA AMATIL LTD 13,682 283 COLRUYT NV 11,283 339 DANISCO AS 10,030 308 DELHAIZE FRERES NV 16,227 107,664 DIAGEO PLC 1,082,176 2,474 ELECTROLUX AB SERIES B 32,845 217 ERIDANIA BEGHIN-SAY S.A. 18,972 66 ESSILOR INTERNATIONAL S.A. 18,962 45,310 FOSTER'S BREWING GROUP LTD 113,936 11,000 FRASER & NEAVE LTD (ORD) 41,734 41 GIVAUDAN AG. (REGD) 10,404 6,107 GOODMAN FIELDER LTD 3,965 773 GREENCORE GROUP PLC 1,790 1,099 GROUPE DANONE 139,709 2,599 HEINEKEN NV 136,247 187 HOUSE FOODS CORP 2,047 6,109 INTERBREW S.A. 156,561 2,200 ITO EN LTD 143,079 13,690 J SAINSBURY PLC 74,932 15 JAPAN TOBACCO, INC 99,110 315 JERONIMO MARTINS SGPS S.A. 2,255 823 KAMPS AG. 10,185 15,273 KAO CORP 385,131 12,700 KATOKICHI CO LTD 284,778 948 KERRY GROUP PLC (CLASS A) 10,391 1,000 KIKKOMAN CORP 6,511 7,374 KIRIN BREWERY CO LTD 67,140 37,873 KONINKLIJKE AHOLD NV 1,177,859 49,000 LI & FUNG LTD 76,336 4,845 L'OREAL S.A. 329,373 1,000 MEIJI MILK PRODUCTS CO LTD 4,037 2,000 MEIJI SEIKA KAISHA LTD 9,927 8,249 METRO AG. 352,367 285 NESTLE S.A. (REGD) 597,258
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 2,000 NICHIREI CORP $ 7,900 1,000 NIPPON MEAT PACKERS, INC 11,020 4,000 NIPPON SUISAN KAISHA LTD 6,352 1,663 NISSHIN FLOUR MILLING CO LTD 12,487 1,000 NISSIN FOOD PRODUCTS CO LTD 22,503 1,565 ORKLA ASA 27,575 359 HARTWALL OYJ ABP 5,236 8,120 PARMALAT FINANZIARIA S.P.A. 11,485 8,204 PERNOD-RICARD S.A. 550,109 1,820 RINASCENTE S.P.A. 8,334 1,000 SAPPORO BREWERIES LTD 2,769 62 SEB S.A. 3,442 3,367 SHISEIDO CO LTD 33,343 2,000 * SNOW BRAND MILK PRODUCTS CO 6,240 243 SOCIETE BIC S.A. 9,421 7,080 SONAE SGPS S.A. 7,010 7,850 * SONAE SGPS S.A. (BABY SHS) 7,564 4,947 SWEDISH MATCH AB 21,333 1,235 TAKARA SHUZO CO LTD 17,295 2,703 TATE & LYLE PLC 8,790 50,584 TESCO PLC 180,507 172 THE SWATCH GROUP AG. (REGD) 37,470 400 UNI-CHARM CORP 17,236 21,529 UNILEVER PLC 155,334 22,164 UNILEVER NV CERTIFICATE 1,177,580 2,939 WATERFORD WEDGWOOD PLC (UNITS) 2,909 6,000 YAKULT HONSHA CO LTD 66,552 1,000 YAMAZAKI BAKING CO LTD 6,735 ----------- TOTAL CONSUMER NON-CYCLICAL 9,001,429 ----------- ENERGY -- 6.45% 27,795 BG GROUP PLC 108,669 114,699 BP AMOCO PLC 949,053 15,005 BP AMOCO PLC (SPONS ADR) 744,548 27 * CAPSTONE TURBINE CORP 766 29,528 CENTRICA PLC 99,492 55,500 * CNOOC LTD 49,102 68 COFLEXIP S.A. 9,185 6,000 COSMO OIL CO LTD 10,677 59,247 ENTE NAZIONALE IDROCARBURI S.P.A. 387,584 782 FORTUM OYJ 3,110 2,713 GAS NATURAL SDG S.A. 43,170 36,413 HONG KONG & CHINA GAS CO LTD 49,490 28,736 IHC CALAND NV 1,448,002 2,569 ITALGAS S.P.A. 22,415 7,000 JAPAN ENERGY CORP 12,624 314 KONINKLIJKE VOPAK NV 7,022 20,757 LATTICE GROUP PLC 40,355 12,000 NIPPON MITSUBISHI OIL CORP 59,849 1,931 NORSK HYDRO AS 79,285 144 OMV AG. 11,329 15,000 OSAKA GAS CO LTD 39,021 468 * PETROLEUM GEO-SERVICES ASA 4,033 8,778 REPSOL YPF S.A. 155,743 16,172 ROYAL DUTCH PETROLEUM CO 900,540 1,900 * RUBICON LTD 345 18,396 SANTOS LTD 60,360
14 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 15 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ENERGY -- (CONTINUED) 2,000 SHOWA SHELL SEKIYU K.K. $ 9,416 398 SMEDVIG AS SERIES A 4,019 58 TECHNIP S.A. 8,142 1,000 TEIKOKU OIL CO LTD 5,027 22,000 TOKYO GAS CO LTD 60,040 5,516 TOTAL FINA ELF S.A. 748,515 2,226 * TULLOW OIL PLC 2,911 ----------- TOTAL ENERGY 6,133,839 ----------- FINANCIAL SERVICES -- 21.32% 4,151 3I GROUP PLC 66,214 10,105 ABBEY NATIONAL PLC 161,477 10,857 ABN-AMRO HOLDINGS NV 198,965 1,061 ACOM CO LTD 85,767 9,782 AEGON NV 288,483 1,827 ALLIANZ AG. (REGD) 528,146 6,037 ALLIED IRISH BANK PLC 61,267 1,414 AMP DIVERSIFIED PROPERTY TRUST 1,623 7,788 AMP LTD 76,319 5,538 AMVESCAP PLC 80,702 21,000 * ASAHI BANK LTD 53,122 3,000 * ASHIKAGA BANK LTD 5,027 9,269 ASSICURAZIONI GENERALI S.P.A. 293,348 3,164 AXA 352,151 624 BANCA COMMERCIALE ITALIANA S.P.A. 3,425 40,540 BANCA DI ROMA 42,970 5,803 BANCA INTESA RISP S.P.A. 14,492 89,041 BANCA INTESA S.P.A. 341,623 624 * BANCA INTESA S.P.A. PUT WTS 11/15/02 932 1,615 BANCA POPOLARE DI MILANO 7,623 51,567 BANCO COMERCIAL PORTUGUES S.A. (REGD) 235,228 1,447 BANCO ESPIRITO SANTO S.A. (REGD) 21,490 32,592 BANCO SANTANDER CENTRAL HISPANO S.A. 298,207 9,962 BANK OF EAST ASIA LTD 22,417 4,000 BANK OF FUKUOKA LTD 17,396 54,000 BANK OF TOKYO MITSUBISHI LTD 483,486 10,000 BANK OF YOKOHAMA LTD 38,702 12,150 BARCLAYS PLC 379,156 3,669 BAYERISCHE HYPO-UND VEREINSBANK AG. 198,502 23,223 BANCO BILBAO VIZCAYA ARGENTARIA S.A. 317,186 13,708 BIPOP-CARIRE S.P.A. 64,711 3,290 BNP PARIBAS GROUP 277,176 3,838 BPI-SGPS S.A. (REGD) 11,230 3,845 BRITISH LAND CO PLC 27,277 479 * BTG PLC 6,690 5,250 * CANARY WHARF GROUP PLC 38,215 38,589 CAPITALAND LTD 43,816 16,365 CGNU PLC 225,565 5,000 CHUO MITSUI TRUST & BANKING CO LTD 9,815 5,000 CITY DEVELOPMENTS LTD 16,339
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 9,308 COMMONWEALTH BANK OF AUSTRALIA $ 129,982 945 CORPORACION MAPFRE S.A. 19,465 19,257 CREDIT LYONNAIS S.A. 712,956 1,200 CREDIT SAISON CO LTD 25,376 2,190 CREDIT SUISSE GROUP (REGD) 387,635 19,150 * DAIWA BANK LTD 24,908 11,000 * DAIWA SECURITIES GROUP, INC 104,193 23,518 DBS GROUP HOLDINGS LTD 212,326 5,499 DEN DANSKE BANK AF 1871 87,211 4,613 DEUTSCHE BANK AG. (REGD) 352,342 40,637 DNB HOLDING ASA 184,697 8,570 DRESDNER BANK AG. (REGD) 389,338 393 DROTT AB SERIES B 4,303 184 ERSTE BANK DER OESTER SPARK AG. 9,483 310 EURAFRANCE S.A. 18,443 5,345 FORTIS B 140,573 4,734 GANDEL RETAIL TRUST 2,586 46 GECINA S.A. 4,184 12,700 GENERAL PROPERTY TRUST 16,246 36 GENERALI HOLDING VIENNA AG. 6,365 660 GREAT PORTLAND ESTATES PLC 2,585 3,000 GUNMA BANK LTD 12,927 16,375 HALIFAX GROUP PLC 167,152 723 HAMMERSON PLC 5,134 10,000 HANG LUNG DEVELOPMENT CO LTD 8,719 14,700 HANG SENG BANK LTD 170,580 17,249 HENDERSON LAND DEVELOPMENT CO LTD 87,804 6,000 * HOKURIKU BANK LTD 11,347 9,000 HOPEWELL HOLDINGS LTD 4,240 88,857 HSBC HOLDINGS PLC (UNITED KINGDOM) 1,066,208 7,000 HYSAN DEVELOPMENT CO LTD 10,636 7,362 ING GROEP NV 481,609 570 INMOBILIARIA URBIS S.A. 2,267 1,967 IRISH LIFE AND PERMANENT PLC 21,562 7,000 JOYO BANK LTD 23,963 2,162 KBC BANCASSURANCE HOLDINGS NV 84,612 3,523 LAND SECURITIES PLC 44,076 34,959 LEGAL & GENERAL GROUP PLC 80,515 15,528 LEND LEASE CORP LTD 95,152 124,140 LLOYDS TSB GROUP PLC 1,220,428 4,495 MEDIOBANCA S.P.A. 41,366 404 METROVACESA S.A. 6,803 3,028 MIRVAC GROUP 5,219 302 * MIRVAC GROUP OPTS 1 24,000 MITSUBISHI ESTATE CO LTD 222,160 16,328 MITSUBISHI TRUST & BANKING CORP 97,591 5,096 MITSUI FUDOSAN CO LTD 49,083 15,500 MITSUI MARINE & FIRE INSURANCE CO LTD 84,231 122 MIZUHO HOLDINGS, INC 686,351 1,270 MUENCHENER RUECKVER AG. (REGD) 376,448 20,327 NATIONAL AUSTRALIA BANK LTD 283,857 13,639 NEW WORLD DEVELOPMENT CO LTD 17,488 800 NICHIEI CO LTD (KYOTO) 6,447 3,000 * NIPPON SHINPAN CO LTD 5,482
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 15 16 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- FINANCIAL SERVICES -- (CONTINUED) 22,800 * NOMURA SECURITIES CO LTD $ 409,368 20,389 NORDEA AB 124,478 1,270 NORDEA AB ADR 7,740 1,000 * ORIENT CORP 1,803 600 ORIX CORP 50,369 22,739 OVERSEAS CHINESE BANKING CORP LTD 147,357 2,000 PARKWAY HOLDINGS LTD 1,002 213 POHJOLA GROUP INSURANCE CO LTD SERIES B 8,094 900 PROMISE CO LTD 67,509 2,016 PROVIDENT FINANCIAL PLC 22,929 15,193 PRUDENTIAL PLC 162,539 2,961 QBE INSURANCE GROUP LTD 15,744 5,342 RAS S.P.A. 65,642 98,425 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 669,569 56,142 ROYAL BANK OF SCOTLAND GROUP PLC 1,276,276 246 SAI S.P.A. 3,662 58,641 SAKURA BANK LTD 314,461 465 * SAMPO-LEONIA INSURANCE 22,198 10,194 SAN PAOLO-IMI S.P.A. 137,790 4,000 SANKEI BUILDING CO LTD (THE) 12,544 2,025 SCHRODERS PLC (NEW) 30,372 2,000 SEVENTY-SEVEN (77) BANK LTD 10,693 5,000 SHIZUOKA BANK LTD 38,981 49 SIMCO S.A. (REGD) 3,233 21,968 SINO LAND CO LTD 9,788 7,424 SKANDIA FORSAKRINGS AB 66,548 4,806 SKANDINAVISKA ENSKILDA BANKEN SERIES A 42,847 2,200 SLOUGH ESTATES PLC 11,885 3,130 SOCIETE GENERALE S.A. SERIES A 193,691 2,198 STOCKLAND TRUST GROUP (UNITS) 4,321 1,280 UNI-STOREBRAND AS SERIES A 7,588 35,661 SUMITOMO MITSUI BANKING CORP 318,719 4,000 SUMITOMO MARINE & FIRE INSURANCE CO 24,163 27,283 SUN HUNG KAI PROPERTIES LTD 260,621 18,203 SUNCORP-METWAY LTD 99,367 5,144 SVENSKA HANDELSBANKEN SERIES A 74,026 108 SWISS REINSURANCE CO (REGD) 218,382 1,100 TAKEFUJI CORP 83,565 18,000 * TOKAI BANK LTD 61,620 24,747 TOKIO MARINE & FIRE INSURANCE CO LTD 247,440 304 * TOPDANMARK AS 7,555 3,585 UBS AG. (REGD) 518,237 63 UNIBAIL S.A. 9,974 36,368 UNICREDITO ITALIANO S.P.A. 157,537 8,056 UNITED OVERSEAS BANK LTD 56,668 3,000 UNITED OVERSEAS LAND LTD 2,708 1,349 VALLEHERMOSO S.A. 9,886 1,585 WCM BETEILIGUNGS & GRUNDBESITZ AG. 29,410 12,099 WESTFIELD TRUST (UNITS) 18,425 435 * WESTFIELD TRUST (UNITS) (NEW) 638
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 12,958 WESTPAC BANKING CORP $ 80,036 17,000 WHARF HOLDINGS LTD 44,576 2,000 WING TAI HOLDINGS LTD 963 16,000 YASUDA FIRE & MARINE INSURANCE CO 85,033 600 ZURICH FINANCIAL SERVICES AG. 198,150 ----------- TOTAL FINANCIAL SERVICES 20,261,655 ----------- HEALTH CARE -- 7.45% 13,011 ASTRAZENECA PLC (UNITED KINGDOM) 621,524 5,815 AVENTIS S.A. 451,862 1,892 * CELLTECH GROUP PLC 32,547 1,316 CHUGAI PHARMACEUTICAL CO LTD 19,973 1,444 COCHLEAR LTD 24,974 5,918 CSL LTD 103,447 1,485 DAIICHI PHARMACEUTICAL CO LTD 34,246 1,356 EISAI CO LTD 33,760 2,395 * ELAN CORP PLC 129,152 1,384 F.H. FAULDING & CO LTD 6,791 722 FRESENIUS MEDICAL CARE AG. 48,566 6,000 FUJISAWA PHARMACEUTICAL CO LTD 127,359 1,164 GAMBRO AB (CLASS A) 7,388 339 GAMBRO AB (CLASS B) 2,151 513 GEHE AG. 18,412 53,756 * GLAXOSMITHKLINE PLC 1,406,983 65 INSTRUMENTARIUM OYJ SERIES B FREE 1,724 3,669 KYOWA HAKKO KOGYO CO LTD 23,481 1,164 MERCK & CO KGAA 44,762 530 NOVARTIS AG. (REGD) 831,866 544 NOVO NORDISK AS (CLASS B) 110,742 5,140 NYCOMED AMERSHAM PLC 35,880 281 ORION-YHTYMA OYJ (CLASS B) 5,589 665 * QIAGEN NV 14,403 67 ROCHE HOLDINGS AG. (GENUSSCHEINE) 485,236 11,514 SANKYO CO LTD 225,566 5,225 SANOFI-SYNTHELABO S.A. 291,924 1,573 SCHERING AG. 76,551 1,040 SERONO S.A. (CLASS B) 843,587 6,461 SHIONOGI & CO LTD 99,507 6,560 SMITH & NEPHEW PLC 28,631 1,072 SSL INTERNATIONAL PLC 7,315 2,377 TAISHO PHARMACEUTICAL CO LTD 50,739 14,081 TAKEDA CHEMICAL INDUSTRIES LTD 679,808 1,400 TERUMO CORP 22,343 1,056 UCB S.A. 34,298 510 WILLIAM DEMANT HOLDING AS 16,750 2,000 YAMANOUCHI PHARMACEUTICAL CO LTD 68,946 1,255 ZELTIA S.A. 13,313 ----------- TOTAL HEALTH CARE 7,082,096 ----------- OTHER -- 4.92% 857 ADECCO S.A. (REGD) 450,853 64 AMER GROUP LTD PLC SERIES A 1,425 2,272 ASSA ABLOY AB SERIES B 30,824 1,600 AUCKLAND INTERNATIONAL AIRPORT LTD 2,297 7,022 BAA PLC 62,145
16 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 17 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- OTHER -- (CONTINUED) 700 BENESSE CORP $ 25,415 5,900 * BRIERLEY INVESTMENTS LTD 1,622 3,780 CAPITA GROUP PLC 25,687 2,781 CHUBB PLC 5,634 581 CORPORACION FINANCIERE ALBA S.A. 12,275 1,000 DAIWA KOSHO LEASE CO LTD 2,649 375 DCC PLC 3,497 3,179 ELECTROCOMPONENTS PLC 24,767 100 FLUGHAFEN WIEN AG. 3,350 13,600 FUGRO NV 847,609 200 FUJI SOFT ABC, INC 10,549 147 * GROUP 4 FALCK A/S 15,484 165 GROUPE BRUXELLES LAMBERT S.A. 44,474 529 HAGEMEYER NV 11,209 1,000 HAW PAR CORP LTD 2,027 11,943 HAYS PLC 48,094 40,533 HUTCHINSON WHAMPOA LTD 423,573 264 * ISS - INTERNATIONAL SERVICE SYSTEM A/S 14,372 12,946 ITOCHU CORP 45,971 6,000 KEPPEL CORP LTD 10,302 2,781 KIDDE PLC 2,540 12,000 * MARUBENI CORP 21,449 300 MEITEC CORP 10,653 176,000 * MICHAEL PAGE INTERNATIONAL 445,390 10,682 MITSUBISHI CORP 71,006 10,368 MITSUI & CO LTD 55,267 523 OCE NV 6,842 458 OM GRUPPEN AB 8,210 200 OYO CORP 1,994 3,580 PACIFIC DUNLOP LTD 2,202 1,411 PREUSSAG AG. 45,666 182 PROSEGUR COMPANIA DE SEGURIDAD S.A. (REGD) 2,011 13,575 RENTOKIL INITIAL PLC 36,283 1,318 SECOM CO LTD 74,674 2,575 SECURITAS AB SERIES B FREE 43,169 2,614 SOFTBANK CORP 98,039 23,662 SOUTHCORP LTD 74,173 9,000 SUMITOMO CORP 56,808 36 SURVEILLANCE S.A. SOCIETE DE 9,782 11,300 SWIRE PACIFIC LTD (CLASS A) 69,982 131 TIS, INC 4,495 21,906 TNT POST GROUP NV 458,964 1,000 * TOKYO DOME CORP 3,128 100 TRANS COSMOS, INC 4,660 5,000 UNITED INDUSTRIAL CORP 2,021 79,507 VEDIOR NV 920,755 2,147 WESFARMERS LTD 20,913 ----------- TOTAL OTHER 4,677,180 ----------- PRODUCER DURABLES -- 5.27% 159 ABB LTD 11,540 2,074 ABB LTD (SWITZERLAND) 151,407 713 ADVANTEST CORP 70,893 2,331 AMADA CO LTD 12,834
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 1,000 AMANO CORP $ 7,501 1,542 ATLAS COPCO AB SERIES B FREE 24,955 68 BARCO (NEW) NV 3,847 136 * BARCONET NV 655 78 BEWCKISER WASSER TECHNIK AG. 2,896 7,721 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD (SINGAPORE) 18,645 1,000 DAIFUKU CO LTD 5,306 2,000 DAIKIN INDUSTRIES LTD 32,079 2,000 EBARA CORP 17,364 162 FAG KUGELFISCHER (GEORG) SCHAEFER AG. 1,074 1,906 FANUC LTD 107,532 33 FISCHER (GEORG) LTD (REGD) 8,240 3,594 FKI PLC 9,772 390 FLS INDUSTRIES AS (CLASS B) 4,661 300 FUJI MACHINE MANUFACTURING CO LTD 7,612 15,106 FUJITSU LTD 201,309 49,967 HITACHI LTD 427,839 3,000 * HITACHI ZOSEN CORP 2,178 2,113 IMI PLC 7,810 23,845 INVENSYS PLC 45,426 8,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO LTD 16,789 12,000 * KAWASAKI HEAVY INDUSTRIES LTD 15,417 6,404 KOMATSU LTD 29,435 92 KOMORI CORP 1,361 92 KONE OYJ SERIES B 5,815 27,223 KONINKLIJKE PHILIPS ELECTRONICS NV 748,452 1,000 KOYO SEIKO CO LTD 4,803 9,000 KUBOTA CORP 28,943 18 * KUDELSKI S.A. (BR) 13,547 1,000 KURITA WATER INDUSTRIES LTD 11,834 591 * KVAERNER INDUSTRIER AS SERIES A 4,152 15 * LOGITECH INTERNATIONAL (REGD) 3,458 304 MAKINO MILLING MACHINE CO LTD 1,571 204 MAKITA CORP 1,255 750 METSO OYJ 6,696 16,789 MITSUBISHI ELECTRIC CORP 95,121 67,000 * MITSUBISHI HEAVY INDUSTRIES LTD 246,475 8,000 * MITSUI ENGINEERING & SHIPBUILDING CO LTD 7,341 1,000 MORI SEIKI CO LTD 10,054 16,733 NEC CORP 266,788 44 NKT HOLDINGS AS 6,639 4,592 NSK LTD 20,740 2,704 NTN CORP 7,163 1,030 PACE MICRO TECHNOLOGY PLC 5,857 1,664 SANDVIK AB 30,476 8 SCHINDLER HOLDINGS AG. (REGD) 11,981 15,503 SCHNEIDER ELECTRIC S.A. 904,539 9,000 SEMBCORP INDUSTRIES LTD 8,125 44 * SGL CARBON AG. 1,408 70 SIDEL S.A. 2,551 4,362 SIEMENS AG. (REGD) 445,770 89,127 SINGAPORE TECHNOLOGIES ENGINEERING LTD 130,325
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 17 18 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- PRODUCER DURABLES -- (CONTINUED) 1,800 SMC CORP $ 211,148 1,262 SMITH (HOWARD) LTD 5,151 17 SULZER WINTERTHUR AG. (REGD) 11,001 2,820 * SUMITOMO HEAVY INDUSTRIES LTD 3,735 627 SVENSKA KULLAGERFABRIKEN AB SERIES B 8,810 2,001 TOKYO ELECTRON CO LTD 132,213 1,267 TOMRA SYSTEMS AS 19,751 25,488 TOSHIBA CORP 148,882 1,000 TSUBAKIMOTO CHAIN CO 2,433 96 VA TECHNOLOGIE AG. (BR) 3,602 720 VESTAS WIND SYSTEMS A/S 30,677 248 WARTSILA OYJ SERIES B 4,731 16,000 YOKOGAWA ELECTRIC CORP 140,446 459 ZARDOYA OTIS S.A. 4,313 ----------- TOTAL PRODUCER DURABLES 5,005,149 ----------- TECHNOLOGY -- 8.44% 19,849 ALCATEL SERIES A 600,989 556 ALPS ELECTRIC CO LTD 5,448 85,101 * ARM HOLDINGS PLC 398,050 81 ASCOM HOLDING AG. 5,080 63,041 * ASM LITHOGRAPHY HOLDING NV 1,404,402 2,000 ASM PACIFIC TECHNOLOGY LTD 3,359 11,922 CANON, INC 432,870 901 CAP GEMINI S.A. 103,546 2,241 CITIZEN WATCH CO LTD 16,488 4,194 * CMG PLC 35,745 3,253 COMPUTERSHARE LTD 11,070 350 CREATIVE TECHNOLOGY LTD 3,373 4,282 CSK CORP 99,776 5,321 DAI NIPPON PRINTING CO LTD 63,691 1,000 DAINIPPON SCREEN MANUFACTURING CO LTD 4,245 885 DASSAULT SYSTEMES S.A. 38,336 441 EPCOS AG. 25,438 2,964 ERG LTD 1,982 57,273 ERICSSON (LM) TELEFON AB SERIES B 313,585 1,237 * FLEXTRONICS INTERNATIONAL LTD 18,555 8,000 FUJIKURA LTD 52,348 12,000 FURUKAWA ELECTRIC CO LTD 124,486 1,516 FUTURIS CORP LTD 1,524 1,841 GETRONICS NV 7,860 300 HIROSE ELECTRIC CO LTD 27,530 872 HOYA CORP 56,781 19,200 INFINEON TECHNOLOGIES AG. 721,369 130 * IONA TECHNOLOGIES PLC 4,884 110,381 JOHNSON ELECTRIC HOLDINGS LTD 175,500 1,000 KOKUYO CO LTD 11,969 1,000 KONICA CORP 6,144 1,470 KYOCERA CORP 133,609 3,173 LOGICA PLC 44,659 371 LONDON BRIDGE SOFTWARE HOLDINGS PLC 1,160 20,239 MARCONI PLC 97,830 740 * MERKANTILDATA ASA 2,071
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 2,000 MINEBEA CO LTD $ 14,220 4,327 MISYS PLC 31,004 2,000 MORITEX CORP 61,126 3,298 MURATA MANUFACTURING CO LTD 273,967 177 * NAVISIONDAMGAARD A/S 4,126 711 NERA ASA 2,497 1,000 NGK SPARK PLUG CO LTD 11,929 326 NIDEC CORP 14,307 2,470 NIKON CORP 28,008 1,000 NIPPON COMSYS CORP 15,121 1,100 NITTO DENKO CORP 28,089 43,974 NOKIA OYJ 1,057,772 2,000 OLYMPUS OPTICAL CO LTD 28,743 1,000 OMNI INDUSTRIES LTD 1,456 1,000 OMRON CORP 16,877 73 * OPTICOM ASA 5,185 2,172 PSION PLC 3,350 1,000 * QPL INTERNATIONAL HOLDINGS LTD 407 200 * QPL INTERNATIONAL HOLDINGS LTD WTS 01/28/04 17 4,000 RICOH CO LTD 72,457 1,536 ROHM CO LTD 257,399 9,390 SAGE GROUP PLC 32,973 274 SAGEM S.A. (NEW) 21,315 2,530 SAP AG. 289,639 4,172 SEMA PLC 32,978 52,540 SPIRENT PLC 265,171 6,580 STMICROELECTRONICS NV 229,768 220 * STONESOFT OYJ 894 5,778 SUMITOMO ELECTRIC INDUSTRIES CO 66,625 166 TAIYO YUDEN CO LTD 4,172 598 TIETOENATOR OYJ 14,537 5,000 TOPPAN PRINTING CO LTD 37,585 49 * UNAXIS HOLDING AG. 7,949 2,000 VARITRONIX INTERNATIONAL LTD 1,448 1,801 VENTURE MANUFACTURING LTD (SINGAPORE) 12,668 1,764 WM-DATA AB SERIES B 6,324 1,542 YAMAHA CORP 16,218 ----------- TOTAL TECHNOLOGY 8,024,073 ----------- TRANSPORTATION -- 1.47% 8,379 * ALITALIA S.P.A. 11,925 370 BERGESEN D.Y. AS (CLASS B) 5,808 1,664 BRAMBLES INDUSTRIES LTD 35,635 6,179 BRITISH AIRWAYS PLC 27,671 25,000 CATHAY PACIFIC AIRWAYS LTD 36,382 17 CENTRAL JAPAN RAILWAY CO 104,728 78 CMB CIE MARITIME BELGE S.A. 5,275 8 DAMPSKIBSSELSKABET AF 1912 (CLASS B) 67,698 6 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) 68,172 2,796 DEUTSCHE LUFTHANSA AG. (REGD) 51,906 31 EAST JAPAN RAILWAY CO 166,484 2,321 EXEL PLC 27,718 474 * FRONTLINE LTD 8,299
18 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 19 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TRANSPORTATION -- (CONTINUED) 14,000 JAPAN AIRLINES CO LTD $ 52,954 2,000 KAMIGUMI CO LTD 7,580 2,000 KAWASAKI KISEN KAISHA LTD 2,952 4,000 KEIHIN ELECTRIC EXPRESS RAILWAY CO LTD 16,055 11,614 KINKI NIPPON RAILWAY CO LTD 42,724 312 * KLM (ROYAL DUTCH AIRLINES) NV 5,792 1,151 MAYNE NICKLESS LTD 3,613 4,000 * NEPTUNE ORIENT LINES LTD 2,858 7,179 NIPPON EXPRESS CO LTD 30,305 10,000 NIPPON YUSEN KABUSHIKI KAISHA 39,101 6,197 PENINSULAR & ORIENTAL STEAM NAVIGATION CO 23,259 4,110 RAILTRACK GROUP PLC 40,142 2,517 * RYANAIR HOLDINGS PLC 22,785 45 SAIRGROUP (REGD) 4,627 253 SAS NORGE ASA SERIES B 2,444 1,000 SEINO TRANSPORTATION CO LTD 3,774 7,000 * SINGAPORE AIRLINES LTD 52,341 11,255 SINGAPORE AIRLINES LTD (LR) 84,781 6,271 STAGECOACH HOLDINGS PLC 5,081 5,000 TOBU RAILWAY CO LTD 14,922 57,000 TOKYU CORP 248,350 3,405 YAMATO TRANSPORT CO LTD 68,472 ----------- TOTAL TRANSPORTATION 1,392,613 ----------- UTILITIES -- 9.95% 1,039 AGUAS DE BARCELONA S.A. 14,466 10 * AGUAS DE BARCELONA S.A. (NEW) 132 8,726 AUSTRALIA GAS LIGHT CO 45,333 1,075 AUTOPISTAS CONCESIONARIA ESPANOLA S.A. 10,643 8,738 AUTOSTRADE S.P.A. 53,763 1,795 AWG PLC 14,737 793,390 * AWG PLC (REDMBLE SHS) 1,003 2,449 BOUYGUES S.A. 82,269 2,521 BRISA-AUTO ESTRADAS DE PORTUGAL S.A. 23,556 49,366 BRITISH TELECOMMUNICATIONS PLC 357,936 15,300 CLP HOLDINGS LTD 81,022 3,500 CONTACT ENERGY LTD 4,091 22,742 DEUTSCHE TELEKOM AG. (REGD) 537,799 5,376 E.ON AG. 255,449 15,083 EIRCOM PLC 32,001 394 ELECTRABEL S.A. 85,335 22,888 ELECTRICIDADE DE PORTUGAL S.A. 60,701 7,407 ENDESA S.A. 122,579 52,563 ENEL S.P.A. 171,929 8,399 FRANCE TELECOM S.A. 492,647 1,990 HAFSLUND AS SERIES A 10,268 6,640 IBERDROLA S.A. 94,389 10,094 * INTERNATIONAL POWER PLC 38,029 7,200 KANSAI ELECTRIC POWER CO 104,913
-------------------------------------------------------------------------------- SHARES/PRINCIPAL VALUE -------------------------------------------------------------------------------- 10,214 KPN NV $ 99,866 9,989 NATIONAL GRID GROUP PLC 77,255 977 * TELE2 AB SERIES B 30,297 159 NIPPON TELEGRAPH & TELEPHONE CORP 1,013,357 4 NTT DOCOMO, INC 69,584 228 OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG. 25,073 107,839 * PACIFIC CENTURY CYBERWORKS LTD 42,519 8,951 PORTUGAL TELECOM SGPS S.A. (REGD) 76,755 4,159 RHEIN-WESTFALEN ELECTRIC AG. (STAMM) 149,641 12,485 SCOTTISH POWER PLC 83,069 46,000 SINGAPORE TELECOMMUNICATIONS LTD 48,409 5,400 SONERA GROUP OYJ 39,144 100 * SUEZ LYONNAISE (STRIP VVPR) 100 SUEZ LYONNAISE DES EAUX 14,948 1,365 LYONNAISE DES EAUX S.A. 201,519 490 SWISSCOM AG. (REGD) 110,720 63,414 TELECOM ITALIA MOBILE S.P.A. 428,298 1,563 TELE DANMARK AS 54,849 12,106 TELECOM CORP OF NEW ZEALAND LTD 28,255 42,356 TELECOM ITALIA S.P.A. 426,862 1,025 * TELEFONICA DE ESPANA S.A. (NEW) 16,491 52,039 * TELEFONICA DE ESPANA S.A. 837,275 1,141 * TELEKOM AUSTRIA AG. 5,920 3,607 TELENOR A.S. 14,730 10,846 TELIA AB 60,435 75,129 TELSTRA CORP LTD 235,507 886 * TISCALI S.P.A. 12,015 3,961 TOHOKU ELECTRIC POWER CO 51,742 10,854 TOKYO ELECTRIC POWER CO 241,652 2,400 UNION ELECTRICA FENOSA S.A. 44,003 4,174 UNITED UTILITIES PLC 36,317 477,190 VODAFONE GROUP PLC 1,309,353 32,309 VODAFONE GROUP PLC (SPON ADR) 877,189 ----------- TOTAL UTILITIES 9,458,039 ----------- TOTAL COMMON STOCK (Cost $106,662,938) 91,750,773 ----------- SHORT TERM INVESTMENT -- 1.68% U.S. GOVERNMENT AND AGENCY -- 1.68% FEDERAL HOME LOAN BANK (FHLB) $ 1,600,000 5.130%, 04/02/01 1,599,772 ----------- TOTAL SHORT TERM INVESTMENT (Cost $1,599,772) 1,599,772 ----------- TOTAL PORTFOLIO -- 98.45% (Cost $108,521,021) 93,571,981 OTHER ASSETS & LIABILITIES -- 1.55% 1,474,840 ----------- NET ASSETS -- 100.00% $95,046,821 ===========
--------------- * Non-income producing See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 19 20 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2001
-------------------------------------------------------------------------------- PRINCIPAL/SHARES VALUE -------------------------------------------------------------------------------- BONDS -- 0.06% CORPORATE BONDS -- 0.06% TECHNOLOGY -- 0.06% MAYAN NETWORKS $ 80,000 5.250%, 11/01/05 $ 80,000 ------------ TOTAL TECHNOLOGY 80,000 ------------ TOTAL CORPORATE BONDS (Cost $80,000) 80,000 ------------ TOTAL BONDS (Cost $80,000) 80,000 ------------ COMMON STOCK -- 98.25% AEROSPACE & DEFENSE -- 0.71% 100 * ALLIANT TECHSYSTEMS, INC 8,855 100 * ARMOR HOLDINGS, INC 1,760 600 BOEING CO 33,426 1,300 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) 35,993 42,265 * GENERAL MOTORS CORP (CLASS H) 824,167 1,700 * MOTIENT CORP 2,231 300 * ORBITAL SCIENCES CORP 1,800 200 * PANAMSAT CORP 7,837 200 * PEGASUS COMMUNICATIONS CORP 4,600 400 * REMEC, INC 4,000 400 * TELEDYNE TECHNOLOGIES, INC 5,600 ------------ TOTAL AEROSPACE & DEFENSE 930,269 ------------ BASIC INDUSTRIES -- 0.23% 200 AMCOL INTERNATIONAL CORP 800 100 APTARGROUP, INC 3,047 100 * BUCKEYE TECHNOLOGIES, INC 1,150 100 * CABOT MICROELECTRONICS CORP 4,425 200 CAMBREX CORP 8,310 200 * COLLINS & AIKMAN CORP 876 300 CONSOL ENERGY, INC 10,350 900 CROMPTON CORP 10,080 700 * DAL-TILE INTERNATIONAL, INC 10,535 300 * DIONEX CORP 9,431 300 * EARTHSHELL CORP 750 200 ECOLAB, INC 8,484 200 ELCOR CORP 2,796 200 * ENCOMPASS SERVICES CORP 980 200 * ENERGY CONVERSION DEVICES, INC 4,900 100 FERRO CORP 2,033 1,700 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) 22,185 900 * GAYLORD CONTAINER CORP (CLASS A) 1,044 100 GENTEK, INC 1,300 300 GEORGIA GULF CORP 5,223 400 GEORGIA-PACIFIC CORP (THE TIMBER CO) 11,480 700 * GRACE W.R. & CO 1,610 400 HOMESTAKE MINING CO 2,104 200 * INSITUFORM TECHNOLOGIES, INC (CLASS A) 6,525 100 * INTEGRATED ELECTRICAL SERVICES, INC 570 200 * IVEX PACKAGING CORP 2,750
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 300 * LONE STAR TECHNOLOGIES, INC $ 12,825 200 MACDERMID, INC 3,616 200 * MATTSON TECHNOLOGY, INC 3,025 100 METALS U.S.A., INC 270 700 METRIS COS, INC 14,546 100 * MOBILE MINI, INC 2,756 536 NEWMONT MINING CORP 8,640 100 * NVR, INC 16,300 300 * OAKLEY, INC 5,331 300 * PACKAGING CORP OF AMERICA 3,960 100 PENN VIRGINIA CORP 3,729 400 * SCICLONE PHARMACEUTICALS, INC 1,675 1,100 * SEALED AIR CORP 36,663 400 * SHAW GROUP, INC 18,684 100 * SIMPSON MANUFACTURING CO, INC 4,930 1,000 SOLUTIA, INC 12,200 100 SPARTECH CORP 1,615 200 * STEEL DYNAMICS, INC 2,225 500 * STILLWATER MINING CO 13,525 100 TREDEGAR CORP 1,760 100 * TREX CO, INC 3,101 100 WATSCO, INC 1,158 100 WD-40 CO 2,000 ------------ TOTAL BASIC INDUSTRIES 308,272 ------------ CONSUMER CYCLICAL -- 11.64% 300 * 99 CENTS ONLY STORES 6,933 1,200 * ABERCROMBIE & FITCH CO (CLASS A) 39,240 100 * ACKERLEY GROUP, INC 1,205 400 * ACTV, INC 1,637 100 ADVANCED MARKETING SERVICES, INC 2,340 100 * ALEXANDER'S, INC 6,105 100 * AMERICAN CLASSIC VOYAGES CO 1,250 1,050 * AMERICAN EAGLE OUTFITTERS, INC 30,187 1,000 * AMERICREDIT CORP 32,430 100 * ANNTAYLOR STORES CORP 2,655 107,000 * AOL TIME WARNER, INC 4,296,050 2,150 * APOLLO GROUP, INC (CLASS A) 70,546 200 APPLEBEE'S INTERNATIONAL, INC 7,137 200 * ARGOSY GAMING CO 5,220 175 ARVINMERITOR, INC 2,402 31,220 * A T & T CORP - LIBERTY MEDIA GROUP (CLASS A) 437,080 200 * AZTAR CORP 2,122 300 * BALLY TOTAL FITNESS HOLDINGS CORP 8,835 300 * BE FREE, INC 487 100 * BEASLEY BROADCAST GROUP, INC (CLASS A) 1,500 3,100 * BED BATH & BEYOND, INC 76,143 200 BLOCKBUSTER, INC (CLASS A) 2,998 900 * BOYDS COLLECTION LTD 8,550 100 * BUCA, INC 1,862 600 * CABLEVISION SYSTEMS CORP (CLASS A) 42,216 300 * CABLEVISION SYSTEMS CORP - RAINBOW MEDIA GROUP 7,245 800 CALLAWAY GOLF CO 17,768 600 * CATALINA MARKETING CORP 19,542 750 * CEC ENTERTAINMENT, INC 33,262
20 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 21 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 100 * CHAMPIONSHIP AUTO RACING TEAMS, INC $ 1,620 200 * CHICO'S FAS, INC 6,562 200 * CHILDREN'S PLACE RETAIL STORES, INC 4,800 700 * CHOICE HOTELS INTERNATIONAL, INC 9,590 400 * CITADEL COMMUNICATIONS CORP 9,950 300 CLAIRE'S STORES, INC 5,310 16,868 * CLEAR CHANNEL COMMUNICATIONS, INC 918,462 100 * COLUMBIA SPORTSWEAR CO 4,548 700 * CONSOLIDATED STORES CORP 7,035 400 * COPART, INC 8,196 946 * COX COMMUNICATIONS, INC (CLASS A) 42,087 300 * COX RADIO, INC (CLASS A) 6,303 100 CPI CORP 1,975 100 DANAHER CORP 5,456 200 * DIGITAL IMPACT, INC 268 775 * DIRECT FOCUS, INC 19,375 4,599 DISNEY (WALT) CO 131,531 2,275 DOLLAR GENERAL CORP 46,501 1,400 * DOLLAR TREE STORES, INC 26,971 200 DONALDSON CO, INC 5,338 100 DOVER DOWNS ENTERTAINMENT, INC 1,250 200 DOW JONES & CO, INC 10,470 100 * EMMIS COMMUNICATIONS CORP (CLASS A) 2,531 200 EXIDE CORP 1,640 300 * EXTENDED STAY AMERICA, INC 4,500 200 FACTSET RESEARCH SYSTEMS, INC 6,040 200 * FAIRFIELD COMMUNITIES, INC 3,194 1,400 FAMILY DOLLAR STORES, INC 35,980 100 FOREST CITY ENTERPRISES, INC (CLASS A) 4,535 100 * FOSSIL, INC 1,737 500 * FOX ENTERTAINMENT GROUP, INC (CLASS A) 9,800 7,400 GAP, INC 175,528 5,900 * GEMSTAR-TV GUIDE INTERNATIONAL, INC 169,625 300 * GENESCO, INC 8,220 900 * GENTEX CORP 20,812 400 GRACO, INC 11,200 100 * GROUP 1 AUTOMOTIVE, INC 1,255 100 * GUESS?, INC 619 300 * GUITAR CENTER, INC 5,287 2,200 * HANOVER DIRECT, INC 726 100 HARMAN INTERNATIONAL INDUSTRIES, INC 2,559 100 * HAYES LEMMERZ INTERNATIONAL, INC 558 100 * HEARST-ARGYLE TELEVISION, INC 2,060 1,000 * HISPANIC BROADCASTING CORP 19,100 500 * HOLLYWOOD ENTERTAINMENT CORP 1,093 100 * HOLLYWOOD MEDIA CORP 444 200 * HOT TOPIC, INC 5,600 200 HOUGHTON MIFFLIN CO 9,202 100 * INFORMATION HOLDINGS, INC 2,140 300 * INSIGHT COMMUNICATIONS CO, INC 7,950 900 * INTERNATIONAL GAME TECHNOLOGY CO 45,315
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 100 INTERNATIONAL SPEEDWAY CORP (CLASS A) $ 3,706 16,777 INTERPUBLIC GROUP OF COS, INC 576,289 300 * INTERTAN, INC 3,795 1,000 INTIMATE BRANDS, INC 14,700 200 * INTRANET SOLUTIONS, INC 4,787 300 * ISLE OF CAPRI CASINOS, INC 3,168 400 * JACK IN THE BOX, INC 11,980 100 * JAKKS PACIFIC, INC 1,062 300 * JONES APPAREL GROUP, INC 11,340 100 * KENNETH COLE PRODUCTIONS, INC (CLASS A) 2,495 100 * KEY3MEDIA GROUP, INC 1,190 100 * KIRBY CORP 2,000 4,000 * KOHL'S CORP 246,760 300 * LAMAR ADVERTISING CO (CLASS A) 11,025 100 * LANDS' END, INC 2,745 400 LEE ENTERPRISES, INC 12,180 100 LIBBEY, INC 2,986 200 * LIBERTY DIGITAL, INC (CLASS A) 1,250 100 * LIFEMINDERS, INC 87 700 LIMITED, INC 11,004 500 * LINENS 'N THINGS, INC 13,750 100 * LODGENET ENTERTAINMENT CORP 1,462 100 * MADDEN (STEVEN) LTD 1,468 100 * MARKETWATCH.COM, INC 312 100 MARRIOTT INTERNATIONAL, INC (CLASS A) 4,118 100 * MARTHA STEWART LIVING OMNIMEDIA, INC (CLASS A) 1,800 100 * MEDIACOM COMMUNICATIONS CORP 1,956 200 * MEN'S WEARHOUSE, INC 4,316 200 MEREDITH CORP 6,982 100 * MGM MIRAGE 2,510 300 * MICHAELS STORES, INC 8,981 200 * MICROS SYSTEMS, INC 4,050 200 MIDAS, INC 2,620 100 * MIDWAY GAMES, INC 730 200 * MSC INDUSTRIAL DIRECT CO (CLASS A) 3,202 300 * MYPOINTS.COM, INC 187 300 * NETCENTIVES, INC 300 11,122 NIKE, INC (CLASS B) 450,997 13,523 OMNICOM GROUP, INC 1,120,786 100 * ON COMMAND CORP 625 1,000 * ON2.COM, INC 610 200 * O'REILLY AUTOMOTIVE, INC 3,987 100 OSHKOSH B'GOSH, INC (CLASS A) 2,550 100 OSHKOSH TRUCK CORP 3,550 100 * OUTBACK STEAKHOUSE, INC 2,546 100 * P.F. CHANG'S CHINA BISTRO, INC 3,500 400 * PACIFIC SUNWEAR CALIFORNIA, INC 11,000 200 * PAPA JOHN'S INTERNATIONAL, INC 4,762 100 * PARKERVISION, INC 2,700 100 * PENN NATIONAL GAMING, INC 1,250 200 PENTON MEDIA, INC 2,910 100 * PERFORMANCE FOOD GROUP CO 5,250 200 PIER 1 IMPORTS, INC 2,600
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 21 22 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 100 * PINNACLE ENTERTAINMENT, INC $ 1,050 600 * PINNACLE SYSTEMS, INC 5,062 200 * PIXAR, INC 6,150 300 POLARIS INDUSTRIES, INC 13,560 300 * PRESSTEK, INC 3,262 1,668 * PRIMEDIA, INC 10,508 100 * PRIVATE MEDIA GROUP, INC 715 100 * QUIKSILVER, INC 2,655 1,200 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) 32,976 100 * REGENT COMMUNICATIONS, INC 696 100 REGIS CORP 1,462 200 * RENT-A-CENTER, INC 9,187 600 RUBY TUESDAY, INC 11,766 100 * SAGA COMMUNICATIONS, INC (CLASS A) 1,650 300 * SALTON, INC 4,560 200 * SCHOLASTIC CORP 7,212 200 * SCOTTS CO (CLASS A) 7,610 200 * SCP POOL CORP 6,500 100 * SINCLAIR BROADCAST GROUP, INC (CLASS A) 725 400 * SIRIUS SATELLITE RADIO, INC 4,975 200 * SONIC AUTOMOTIVE, INC 1,560 300 * SONIC CORP 7,518 300 * SOTHEBY'S HOLDINGS, INC (CLASS A) 5,511 500 * SPANISH BROADCASTING SYSTEM, INC (CLASS A) 3,250 100 * SPEEDWAY MOTORSPORTS, INC 2,600 100 * SPORTSLINE.COM, INC 368 2,300 * STARBUCKS CORP 97,606 400 * STATION CASINOS, INC 5,524 100 * STEIN MART, INC 1,093 200 STRIDE RITE CORP 1,500 400 * SUNGLASS HUT INTERNATIONAL, INC 4,575 4,700 SYSCO CORP 124,597 100 TALBOTS, INC 4,248 2,000 TARGET CORP 72,160 1,000 * TERAFORCE TECHNOLOGY CORP 531 1,250 * THE CHEESECAKE FACTORY, INC 46,015 650 * THQ, INC 24,700 1,200 TIFFANY & CO 32,700 200 * TIMBERLAND CO (CLASS A) 10,160 1,800 TJX COS, INC 57,600 400 * TOO, INC 7,496 500 * TOPPS CO, INC 5,062 600 * TRICON GLOBAL RESTAURANTS, INC 22,914 100 TRUE NORTH COMMUNICATIONS, INC 3,775 100 * U.S.A. NETWORKS, INC 2,393 100 * UNITED TELEVISION, INC 11,375 200 * UNIVERSAL ELECTRONICS, INC 3,300 2,100 * UNIVISION COMMUNICATIONS, INC (CLASS A) 80,136 700 * VALASSIS COMMUNICATIONS, INC 20,300 100 * VANS, INC 2,256 31,555 * VIACOM, INC (CLASS B) 1,387,473 69,800 WAL-MART STORES, INC 3,524,900
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 400 WESTPOINT STEVENS, INC $ 3,600 500 WILEY (JOHN) & SONS, INC (CLASS A) 9,450 500 * WILLIAMS-SONOMA, INC 13,125 400 * WINK COMMUNICATIONS, INC 2,000 100 * WMS INDUSTRIES, INC 1,800 100 * WORLD WRESTLING FEDERATION ENTERTAINMENT, INC 1,336 100 * WORLDGATE COMMUNICATIONS, INC 431 100 * XM SATELLITE RADIO HOLDINGS, INC (CLASS A) 693 100 * YOUNG BROADCASTING, INC (CLASS A) 3,137 200 * ZALE CORP 5,800 300 * ZOMAX, INC 1,537 ------------ TOTAL CONSUMER CYCLICAL 15,351,097 ------------ CONSUMER NON-CYCLICAL -- 6.65% 100 * 1-800-FLOWERS.COM, INC 800 140 * 7-ELEVEN, INC 1,386 2,600 * AMAZON.COM, INC 26,598 100 * AMERICAN ITALIAN PASTA CO (CLASS A) 3,200 1,300 ANHEUSER-BUSCH COS, INC 59,709 13,500 AVON PRODUCTS, INC 539,865 200 * BARNES & NOBLE, INC 4,780 200 * BARNESANDNOBLE.COM, INC 243 2,300 * BEST BUY CO, INC 82,708 100 * BJ'S WHOLESALE CLUB, INC 4,785 400 BLYTH, INC 9,220 100 * BORDERS GROUP, INC 1,683 500 * BUY.COM, INC 125 400 * CADIZ, INC 3,975 1,000 CAMPBELL SOUP CO 29,870 200 CASEY'S GENERAL STORES, INC 2,387 600 * CDW COMPUTER CENTERS, INC 18,600 100 * CHEAP TICKETS, INC 1,025 500 CHURCH & DWIGHT CO, INC 10,865 2,000 CIRCUIT CITY STORES (CIRCUIT CITY GROUP) 21,200 24,268 COCA COLA CO 1,095,942 1,300 COCA COLA ENTERPRISES, INC 23,114 5,000 COLGATE PALMOLIVE CO 276,300 100 * CONSTELLATION BRANDS, INC (CLASS A) 7,175 200 * COST PLUS, INC 4,612 800 * COSTCO WHOLESALE CORP 31,400 1,700 CVS CORP 99,433 300 * DEL MONTE FOODS CO 2,442 400 DELTA & PINE LAND CO 9,640 400 DIAL CORP 5,000 200 DREYER'S GRAND ICE CREAM, INC 5,187 200 * DUANE READE, INC 6,940 200 ETHAN ALLEN INTERIORS, INC 6,756 1,100 b* ETOYS, INC 21 100 * EXPEDIA, INC (CLASS A) 1,306 200 * FACTORY 2-U STORES, INC 5,462 400 FASTENAL CO 21,800 200 * FURNITURE BRANDS INTERNATIONAL, INC 4,740 1,900 GENERAL MILLS, INC 81,719 22,300 GILLETTE CO 695,091 400 * HAIN CELESTIAL GROUP, INC 11,600
22 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 23 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER NON-CYCLICAL -- (CONTINUED) 65,100 HOME DEPOT, INC $ 2,805,810 400 * INSIGHT ENTERPRISES, INC 8,450 1,000 KELLOGG CO 27,030 5,100 * KROGER CO 131,529 1,100 LAUDER (ESTEE) COS (CLASS A) 40,062 2,500 LOWE'S COS, INC 146,125 100 * MEADE INSTRUMENTS CORP 412 900 MILLER (HERMAN), INC 20,812 700 * NBTY, INC 5,950 1,000 * NETWORK COMMERCE, INC 125 400 * OFFICE DEPOT, INC 3,500 100 ONEIDA LTD 1,595 200 * ONVIA.COM, INC 146 500 PEPSI BOTTLING GROUP, INC 19,005 2,100 PEPSICO, INC 92,295 600 * PETSMART, INC 2,400 200 * PLAYTEX PRODUCTS, INC 1,838 800 * PRICELINE.COM, INC 2,025 800 QUAKER OATS CO 78,400 11,685 RADIOSHACK CORP 428,722 200 * REVLON, INC (CLASS A) 922 17,655 * SAFEWAY, INC 973,673 4,000 SARA LEE CORP 86,320 200 * SCIQUEST.COM, INC 175 300 * SKECHERS USA, INC (CLASS A) 7,200 100 SLI, INC 835 4,100 * STAPLES, INC 60,987 100 * TICKETMASTER (CLASS B) 906 100 * TRANS WORLD ENTERTAINMENT CORP 881 100 * TRIARC COS, INC 2,460 200 * TUESDAY MORNING CORP 1,950 400 TUPPERWARE CORP 9,544 200 * TWEETER HOME ENTERTAINMENT GROUP, INC 3,887 100 * UNITED NATURAL FOODS, INC 1,406 2,550 UST, INC 76,627 300 b* VALUE AMERICA, INC 4 400 * VALUEVISION INTERNATIONAL, INC (CLASS A) 5,575 11,900 WALGREEN CO 485,520 100 * WHITEHALL JEWELLERS, INC 779 300 * WHOLE FOODS MARKET, INC 12,637 750 * WILD OATS MARKETS, INC 6,773 200 * YANKEE CANDLE CO, INC 2,634 ------------ TOTAL CONSUMER NON-CYCLICAL 8,776,630 ------------ ENERGY -- 1.38% 800 ANADARKO PETROLEUM CORP 50,224 800 APACHE CORP 46,088 100 * ATWOOD OCEANICS, INC 4,092 9,300 BAKER HUGHES, INC 337,683 300 * BARRETT RESOURCES CORP 18,015 100 * BELCO OIL & GAS CORP 880 200 BERRY PETROLEUM CO (CLASS A) 2,600 900 * BJ SERVICES CO 64,080 100 CABOT OIL & GAS CORP (CLASS A) 2,700 300 * CAL DIVE INTERNATIONAL, INC 7,612
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 100 CARBO CERAMICS, INC $ 3,375 1,600 * CHESAPEAKE ENERGY CORP 14,160 200 * CLAYTON WILLIAMS ENERGY, INC 3,700 500 * COOPER CAMERON CORP 27,000 1,250 CROSS TIMBERS OIL CO 30,937 100 * DENBURY RESOURCES, INC 810 288 DEVON ENERGY CORP (NEW) 16,761 3,200 DIAMOND OFFSHORE DRILLING, INC 125,920 100 * DRIL-QUIP, INC 2,400 100 * EEX CORP 369 500 ENSCO INTERNATIONAL, INC 17,500 700 EOG RESOURCES, INC 28,861 100 * EVERGREEN RESOURCES, INC 3,781 100 * FOREST OIL CORP 2,990 300 * FRONTIER OIL CORP 2,310 200 * GLOBAL INDUSTRIES LTD 2,912 1,000 * GLOBAL MARINE, INC 25,600 100 * GRANT PRIDECO, INC 1,720 2,300 * GREY WOLF, INC 14,950 200 * GULF ISLAND FABRICATION, INC 3,800 3,100 HALLIBURTON CO 113,925 700 * HANOVER COMPRESSOR CO 22,190 3,700 HELMERICH & PAYNE, INC 171,310 100 * HORIZON OFFSHORE, INC 2,475 100 * HOUSTON EXPLORATION CO 3,000 200 * HS RESOURCES, INC 9,000 1,800 * KEY ENERGY SERVICES, INC 19,260 300 * LOUIS DREYFUS NATURAL GAS CORP 11,100 400 * MARINE DRILLING COS, INC 10,660 500 * MAVERICK TUBE CORP 10,300 100 * MERIDIAN RESOURCE CORP 713 300 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) 15,750 300 MURPHY OIL CORP 19,974 1,300 * NABORS INDUSTRIES, INC 67,392 400 * NEWFIELD EXPLORATION CO 13,960 1,200 * NOBLE DRILLING CORP 55,392 500 * PATTERSON ENERGY, INC 15,812 200 * PLAINS RESOURCES, INC 4,200 500 POGO PRODUCING CO 14,755 100 * PRIDE INTERNATIONAL, INC 2,376 950 * PRIMA ENERGY CORP 28,796 400 * PURE RESOURCES, INC 7,720 600 * ROWAN COS, INC 16,500 500 * SMITH INTERNATIONAL, INC 35,100 200 * SPINNAKER EXPLORATION CO 8,740 300 ST. MARY LAND & EXPLORATION CO 6,975 239 * STONE ENERGY CORP 11,775 2,459 * SUPERIOR ENERGY SERVICES, INC 26,741 300 * SWIFT ENERGY CO 9,612 300 TIDEWATER, INC 13,560 200 * UNIT CORP 3,310 400 * UTI ENERGY CORP 12,100 7,700 * VARCO INTERNATIONAL, INC (NEW) 159,005 300 * VERITAS DGC, INC 9,585 400 VINTAGE PETROLEUM, INC 8,140
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 23 24 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ENERGY -- (CONTINUED) 300 * WEATHERFORD INTERNATIONAL, INC $ 14,805 ------------ TOTAL ENERGY 1,819,838 ------------ FINANCIAL SERVICES -- 2.85% 200 * AFFILIATED MANAGERS GROUP, INC 9,400 400 AFLAC, INC 11,016 1,700 AMERICAN EXPRESS CO 70,210 900 * AMERITRADE HOLDINGS CORP (CLASS A) 4,753 100 * AMPAL-AMERICAN ISRAEL CORP (CLASS A) 512 100 * ANC RENTAL CORP 300 1,300 * AUTONATION, INC 11,700 100 BANK OF GRANITE CORP 2,118 200 * BLACKROCK, INC 7,200 300 BROWN & BROWN, INC 10,215 2,300 CAPITAL ONE FINANCIAL CORP 127,650 700 * CATELLUS DEVELOPMENT CORP 11,025 300 * CCC INFORMATION SERVICES GROUP, INC 2,596 5 * CENTENNIAL BANCORP 40 200 CHARLES E. SMITH RESIDENTIAL REALTY, INC 9,098 100 CHATEAU COMMUNITIES, INC 3,025 100 CHITTENDEN CORP 3,120 600 * CHOICEPOINT, INC 20,280 19,202 CITIGROUP, INC 863,705 100 COMDISCO, INC 800 46 COMERICA, INC 2,829 200 COMMERCE BANCORP, INC 12,000 200 * COMPUCREDIT CORP 1,506 300 COUSINS PROPERTIES, INC 7,503 200 CRAWFORD & CO (CLASS B) 2,690 500 * CSFBDIRECT 2,275 500 * CSK AUTO CORP 3,450 100 CULLEN FROST BANKERS, INC 3,425 110 CVB FINANCIAL CORP 1,756 2,205 * E*TRADE GROUP, INC 15,390 800 EATON VANCE CORP 24,840 100 FEDERAL REALTY INVESTMENT TRUST 1,956 1,650 FEDERATED INVESTORS, INC (CLASS B) 46,777 1,750 FIFTH THIRD BANCORP 93,515 100 FIRST BANCORP (PUERTO RICO) 2,590 100 FIRST COMMONWEALTH FINANCIAL CORP 1,145 210 FIRST FINANCIAL BANCORP 3,150 5 1ST SOURCE CORP 93 2,400 FANNIE MAE 191,040 100 FRONTIER FINANCIAL CORP 2,393 300 * FRONTLINE CAPITAL GROUP, INC 3,056 300 FULTON FINANCIAL CORP 6,093 500 GALLAGHER (ARTHUR J.) & CO 13,850 900 * GARTNER, INC (CLASS A) 6,066 39 * GARTNER, INC (CLASS B) 245 500 GREATER BAY BANCORP 12,593 100 HEALTH CARE PROPERTY INVESTORS, INC 3,392 100 HILB, ROGAL & HAMILTON CO 3,500 800 HOOPER HOLMES, INC 6,872 300 * INVESTMENT TECHNOLOGY GROUP, INC 15,360 400 INVESTORS FINANCIAL SERVICES CORP 23,450
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 200 * ITT EDUCATIONAL SERVICES, INC $ 5,420 100 JOHN NUVEEN CO (CLASS A) 5,400 100 * JONES LANG LASALLE, INC 1,285 14,700 JP MORGAN CHASE & CO 660,030 1,100 * KNIGHT TRADING GROUP, INC 16,087 200 * LABRANCHE & CO, INC 6,432 1,685 LANDAMERICA FINANCIAL GROUP, INC 59,952 100 MANUFACTURED HOME COMMUNITIES, INC 2,700 6,500 MBNA CORP 215,150 100 MEDALLION FINANCIAL CORP 1,012 8,108 METLIFE, INC 243,645 200 MILLS CORP 4,178 105 NATIONAL PENN BANCSHARES, INC 2,526 100 * NETBANK, INC 875 300 * NEXTCARD, INC 3,093 150 NEW YORK COMMUNITY BANCORP, INC 4,350 100 ORIENTAL FINANCIAL GROUP, INC 1,335 200 PACIFIC CAPITAL BANCORP 5,737 100 PARK NATIONAL CORP 8,675 3,700 PROVIDIAN FINANCIAL CORP 181,485 100 S & T BANCORP, INC 2,314 100 SAUL CENTERS, INC 1,830 14,514 SCHWAB (CHARLES) CORP 223,805 1,000 SEI INVESTMENTS CO 31,187 100 SENIOR HOUSING PROPERTIES TRUST 1,127 400 * SILICON VALLEY BANCSHARES 9,400 100 * SOUTHWEST BANCORP OF TEXAS, INC 3,137 100 STATE STREET CORP 9,340 100 STERLING BANCSHARES, INC 1,750 1,600 STILWELL FINANCIAL, INC 42,912 400 SYNOVUS FINANCIAL CORP 10,800 400 * SYNTROLEUM CORP 5,775 400 T ROWE PRICE GROUP, INC 12,525 200 * TD WATERHOUSE GROUP 2,160 4,900 TORCHMARK CORP 190,267 200 TOWN & COUNTRY TRUST 3,810 660 TRUSTCO BANK CORP (NEW YORK) 8,497 200 UNITED BANKSHARES, INC 4,425 6 UNITED NATIONAL BANCORP 120 200 * UNITED RENTALS, INC 3,266 500 * UNITEDGLOBALCOM, INC (CLASS A) 6,562 400 USA EDUCATION, INC 29,060 200 VALHI, INC 2,030 176 VALLEY NATIONAL BANCORP 4,767 1,000 WADDELL & REED FINANCIAL, INC (CLASS A) 28,350 100 WASHINGTON REAL ESTATE INVESTMENT TRUST 2,334 27 WELLS FARGO & CO 1,335 100 WESTAMERICA BANCORP 3,775 1,200 * WIT SOUNDVIEW GROUP, INC 3,600 ------------ TOTAL FINANCIAL SERVICES 3,763,190 ------------ HEALTH CARE -- 22.81% 11,700 ABBOTT LABORATORIES CO 552,123 800 * ABGENIX, INC 18,950 200 * ABIOMED, INC 3,150
24 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 25 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 850 * ACCREDO HEALTH, INC $ 27,784 100 * ACLARA BIOSCIENCES, INC 550 400 * ADVANCEPCS 21,706 800 * ADVANCED TISSUE SCIENCES, INC 3,150 800 * AETNA, INC (NEW) 28,736 500 * AFFYMETRIX, INC 13,906 200 * ALBANY MOLECULAR RESEARCH, INC 7,000 200 * ALEXION PHARMACEUTICALS, INC 4,562 700 * ALKERMES, INC 15,356 1,700 ALLERGAN, INC 126,055 700 * ALLIANCE PHARMACEUTICAL CORP 2,275 200 * ALLSCRIPTS HEALTHCARE SOLUTIONS, INC 1,006 400 ALPHARMA, INC (CLASS A) 13,096 2,300 * ALZA CORP 93,150 16,541 AMERICAN HOME PRODUCTS CORP 971,783 700 * AMERISOURCE HEALTH CORP (CLASS A) 34,335 46,600 * AMGEN, INC 2,804,738 600 * AMYLIN PHARMACEUTICALS, INC 5,962 500 * ANDRX GROUP 24,500 100 * APHTON CORP 2,050 900 * APOGENT TECHNOLOGIES, INC 18,216 2,800 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) 77,700 600 * APPLERA CORP (CELERA GENOMICS GROUP) 18,510 400 * APRIA HEALTHCARE GROUP, INC 9,672 200 * ARADIGM CORP 1,150 300 * ARIAD PHARMACEUTICALS, INC 1,650 200 * ARTHROCARE CORP 2,800 100 * ASPECT MEDICAL SYSTEMS, INC 1,162 200 * ATS MEDICAL, INC 1,925 300 * AURORA BIOSCIENCES CORP 5,362 600 * AVANT IMMUNOTHERAPEUTICS, INC 2,587 200 * AVIGEN, INC 2,437 300 * AVIRON, INC 12,468 850 * BARR LABORATORIES, INC 48,594 100 BAUSCH & LOMB, INC 4,566 100 * BIOCRYST PHARMACEUTICALS, INC 618 2,100 * BIOGEN, INC 132,956 200 * BIOMARIN PHARMACEUTICAL, INC 1,487 1,150 BIOMET, INC 45,299 200 * BIOPURE CORP 2,662 200 * BIOSITE DIAGNOSTICS, INC 7,500 700 * BIO-TECHNOLOGY GENERAL CORP 4,368 100 * BONE CARE INTERNATIONAL, INC 1,637 2,900 * BOSTON SCIENTIFIC CORP 58,522 20,198 BRISTOL MYERS SQUIBB CO 1,199,761 200 * CALIPER TECHNOLOGIES CORP 3,225 18,348 CARDINAL HEALTH, INC 1,775,169 300 * CARDIODYNAMICS INTERNATIONAL CORP 1,087 3,200 * CAREMARK RX, INC 41,728 800 * CELGENE CORP 20,000 200 * CELL PATHWAYS, INC 818 400 * CELL THERAPEUTICS, INC 7,175 600 * CELSION CORP 768 400 * CEPHALON, INC 19,225
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 200 * CERNER CORP $ 6,850 100 * CERUS CORP 4,412 1,000 * CHIRON CORP 43,875 200 * CHROMAVISION MEDICAL SYSTEMS, INC 937 100 * CLOSURE MEDICAL CORP 1,700 400 * COHERENT, INC 14,200 100 * COLLATERAL THERAPEUTICS, INC 959 200 * COLUMBIA LABORATORIES, INC 1,204 100 * CONMED CORP 1,918 300 * CONNETICS CORP 1,518 200 COOPER COS, INC 9,470 600 * COR THERAPEUTICS, INC 13,500 500 * CORIXA CORP 4,000 100 * CORVEL CORP 3,537 100 * COVANCE, INC 1,285 550 * CRYOLIFE, INC 14,261 400 * CUBIST PHARMACEUTICALS, INC 9,800 400 * CURAGEN CORP 9,375 200 * CV THERAPEUTICS, INC 6,600 600 * CYBER-CARE, INC 1,762 200 * CYBERONICS, INC 3,237 200 * CYGNUS, INC 1,494 1,000 * CYTOGEN CORP 3,250 1,500 * CYTYC CORP 24,750 100 DATASCOPE CORP 3,618 100 * DAVITA, INC 1,698 400 * DENDRITE INTERNATIONAL, INC 5,600 200 * DIAMETRICS MEDICAL, INC 825 100 * DIGENE CORP 1,525 700 * DIVERSA CORP 10,587 100 * DUSA PHARMACEUTICALS, INC 1,331 300 * EBENX, INC 1,387 400 * ECLIPSYS CORP 7,800 140 * EDWARDS LIFESCIENCES CORP 2,744 200 * ELAN CORP CONTINGENT VALUE RIGHT 287 200 * EMISPHERE TECHNOLOGIES, INC 2,862 100 * ENDO PHARMACEUTICALS, INC WTS 12/31/02 37 100 * ENDOCARE, INC 728 200 * ENTREMED, INC 3,325 315 * ENZO BIOCHEM, INC 5,288 500 * ENZON, INC 23,750 100 * EXELIXIS, INC 868 200 * EXPRESS SCRIPTS, INC (CLASS A) 17,336 600 * FIRST HEALTH GROUP CORP 26,325 300 * FISHER SCIENTIFIC INTERNATIONAL, INC 10,632 2,300 * FOREST LABORATORIES, INC 136,252 300 * GENE LOGIC, INC 5,025 5,500 * GENENTECH, INC 277,750 300 * GENOME THERAPEUTICS CORP 1,800 200 * GENTA, INC 1,192 80 * GENZYME CORP (BIOSURGERY DIVISION) 440 576 * GENZYME CORP (GENERAL DIVISION) 52,030 300 * GERON CORP 3,131 200 * GILEAD SCIENCES, INC 6,500 16,400 GLAXOSMITHKLINE PLC ADR 857,720 100 * GLIATECH, INC 212
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 25 26 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 7,971 * GUIDANT CORP $ 358,615 9,795 * GUILFORD PHARMACEUTICALS, INC 181,207 200 * HAEMONETICS CORP 6,620 13,900 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) 216,145 1,700 * HUMAN GENOME SCIENCES, INC 78,200 100 * HYSEQ, INC 937 600 * ICOS CORP 28,500 1,300 * IDEC PHARMACEUTICALS CORP 52,000 400 * IDEXX LABORATORIES, INC 8,775 100 * IDX SYSTEMS CORP 1,806 100 * IGEN INTERNATIONAL, INC 1,893 300 * ILEX ONCOLOGY, INC 4,575 900 * IMATRON, INC 1,687 800 * IMCLONE SYSTEMS, INC 26,550 300 * IMMUNE RESPONSE CORP 759 3,100 * IMMUNEX CORP 44,368 500 * IMMUNOGEN, INC 6,687 400 * IMMUNOMEDICS, INC 3,850 200 * IMPATH, INC 9,275 3,800 IMS HEALTH, INC 94,620 100 * INAMED CORP 2,375 800 * INCYTE GENOMICS, INC 12,280 500 * INHALE THERAPEUTIC SYSTEMS, INC 10,687 300 * INTEGRATED SILICON SOLUTION, INC 3,900 100 * INTERMUNE PHARMACEUTICALS, INC 2,100 200 * INVITROGEN CORP 10,970 400 * ISIS PHARMACEUTICALS, INC 3,700 200 * I-STAT CORP 3,975 1,800 * IVAX CORP 56,700 1,027 JOHNSON & JOHNSON 89,831 1,981 * KING PHARMACEUTICALS, INC 80,725 100 * KOS PHARMACEUTICALS, INC 1,756 950 * KV PHARMACEUTICAL CO (CLASS B) 18,838 200 * LABORATORY CORP OF AMERICA HOLDINGS 24,050 100 * LEXICON GENETICS, INC 656 400 * LIFEPOINT HOSPITALS, INC 14,300 600 * LIGAND PHARMACEUTICALS CO (CLASS B) 5,868 22,176 LILLY (ELI) & CO 1,700,012 500 * LINCARE HOLDINGS, INC 26,468 100 * LYNX THERAPEUTICS, INC 842 300 * MATRIX PHARMACEUTICAL, INC 2,700 300 * MAXIM PHARMACEUTICALS, INC 2,016 100 * MAXIMUS, INC 2,961 400 * MAXYGEN, INC 4,843 400 MCKESSON HBOC, INC 10,700 900 * MEDAREX, INC 15,018 400 * MEDICIS PHARMACEUTICAL CORP (CLASS A) 17,928 2,800 * MEDIMMUNE, INC 100,450 171 * MEDQUIST, INC 3,708 38,464 MEDTRONIC, INC 1,759,343 300 MENTOR CORP 6,750 30,405 MERCK & CO, INC 2,307,739
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 200 * MGI PHARMA, INC $ 2,187 300 * MID ATLANTIC MEDICAL SERVICES, INC 6,090 2,500 * MILLENNIUM PHARMACEUTICALS, INC 76,150 600 MILLIPORE CORP 27,756 500 * MINIMED, INC 14,531 200 * MIRAVANT MEDICAL TECHNOLOGIES 1,600 200 * MOLECULAR DEVICES CORP 9,100 100 MORRISON MANAGEMENT SPECIALISTS, INC 3,989 200 MYLAN LABORATORIES, INC 5,170 300 * MYRIAD GENETICS, INC 12,168 400 * NABI, INC 2,475 100 * NANOGEN, INC 668 800 * NEOFORMA.COM, INC 950 300 * NEORX CORP 1,256 100 * NEOSE TECHNOLOGIES, INC 2,450 300 * NEUROCRINE BIOSCIENCES, INC 6,187 200 * NEUROGEN CORP 4,725 200 * NOVEN PHARMACEUTICALS, INC 5,662 200 * NOVOSTE CORP 3,512 300 * NPS PHARMACEUTICALS, INC 6,300 100 * OCULAR SCIENCES, INC 1,781 300 OMNICARE, INC 6,435 300 * ON ASSIGNMENT, INC 6,262 100 * ORATEC INTERVENTIONS, INC 806 100 * ORCHID BIOSCIENCES, INC 475 400 * ORGANOGENESIS, INC 3,260 500 * ORTHODONTIC CENTERS OF AMERICA, INC 10,250 400 * OSI PHARMACEUTICALS, INC 15,850 1,300 * OXFORD HEALTH PLANS, INC 34,775 200 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) 4,975 100 * PACKARD BIOSCIENCE CO 742 100 * PAREXEL INTERNATIONAL CORP 1,243 500 * PATTERSON DENTAL CO 15,375 433 * PER-SE TECHNOLOGIES, INC 2,557 900 * PEREGRINE PHARMACEUTICALS, INC 1,321 204,507 PFIZER, INC 8,374,562 200 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC 8,425 29,524 PHARMACIA CORP 1,487,123 300 * PHARMACOPEIA, INC 5,362 200 * PHARMACYCLICS, INC 4,500 100 * POLYMEDICA CORP 2,275 300 * PRIORITY HEALTHCARE CORP (CLASS B) 11,325 100 * PROFESSIONAL DETAILING, INC 6,173 600 * PROTEIN DESIGN LABS, INC 26,700 950 * PROVINCE HEALTHCARE CO 28,915 200 * QUEST DIAGNOSTICS, INC 17,774 600 * QUINTILES TRANSNATIONAL CORP 11,325 200 * REGENERON PHARMACEUTICALS, INC 4,437 200 * REHABCARE GROUP, INC 8,240 600 * RENAL CARE GROUP, INC 16,092 100 * RES-CARE, INC 500 400 * RESMED, INC 16,160 200 * RESPIRONICS, INC 6,100
26 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 27 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 100 * RIBOZYME PHARMACEUTICALS, INC $ 619 200 * SANGSTAT MEDICAL CORP 1,775 33,485 SCHERING-PLOUGH CORP 1,223,207 100 * SCOTT TECHNOLOGIES, INC 2,212 800 * SEPRACOR, INC 25,600 200 * SEQUENOM, INC 1,700 600 * SICOR, INC 8,362 100 * SONOSITE, INC 1,131 100 * ST. JUDE MEDICAL, INC 5,385 100 * STAAR SURGICAL CO 428 400 * STAR SCIENTIFIC, INC 575 100 * STERICYCLE, INC 4,462 1,900 STRYKER CORP 99,275 100 * SUNRISE ASSISTED LIVING, INC 1,968 600 * SUNRISE TECHNOLOGIES INTERNATIONAL, INC 1,125 300 * SUPERGEN, INC 3,093 100 * SURMODICS, INC 3,600 266 * SYBRON DENTAL SPECIALTIES, INC 5,586 300 * SYNCOR INTERNATIONAL CORP 9,675 100 * TANOX, INC 1,943 300 * TARGETED GENETICS CORP 1,275 500 * TECHNE CORP 13,062 15,000 * TENET HEALTHCARE CORP 660,000 500 * TEXAS BIOTECHNOLOGY CORP 2,525 200 * THERAGENICS CORP 1,278 267 * THORATEC CORP 2,269 300 * TITAN PHARMACEUTICALS, INC 6,660 200 * TRANSKARYOTIC THERAPIES, INC 3,512 200 * TRIAD HOSPITALS, INC 5,650 200 * TRIANGLE PHARMACEUTICALS, INC 1,150 200 * TRIMERIS, INC 6,000 200 * TULARIK, INC 3,800 200 * UNITED THERAPEUTICS CORP 3,487 400 UNITEDHEALTH GROUP, INC 23,704 100 * UNIVERSAL HEALTH SERVICES, INC (CLASS B) 8,830 300 * VALENTIS, INC 1,518 400 * VARIAN MEDICAL SYSTEMS, INC 24,320 400 * VARIAN, INC 10,225 600 * VASOMEDICAL, INC 2,287 100 * VENTANA MEDICAL SYSTEMS, INC 2,325 700 VENTAS, INC 5,950 133 * VENTIV HEALTH, INC 2,044 800 * VERTEX PHARMACEUTICALS, INC 29,300 300 * VICAL, INC 2,868 600 * VISX, INC 10,302 400 * VIVUS, INC 1,780 1,700 * WATERS CORP 78,965 600 * WATSON PHARMACEUTICALS, INC 31,560 1,930 * WEBMD CORP 10,735 200 X-RITE, INC 1,962 100 * ZOLL MEDICAL CORP 3,487 ------------ TOTAL HEALTH CARE 30,094,056 ------------
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- OTHER -- 2.46% 100 * 4KIDS ENTERTAINMENT, INC $ 1,127 200 * ACACIA RESEARCH CORP 1,312 200 * ADMINISTAFF, INC 3,630 100 * ADVO, INC 3,690 200 * BELL & HOWELL CO 4,510 100 BLOCK (H&R), INC 5,006 200 BRADY CORP (CLASS A) 6,740 100 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC 2,370 200 * CAREER EDUCATION CORP 10,050 2,400 * CENDANT CORP 35,016 100 CENTRAL PARKING CORP 1,820 700 * CENTURY BUSINESS SERVICES, INC 1,750 1,500 CINTAS CORP 59,130 200 * CORINTHIAN COLLEGES, INC 8,050 300 * CORPORATE EXECUTIVE BOARD CO 9,056 700 * DEVRY, INC 21,035 600 * DUN & BRADSTREET CORP (NEW) 14,136 200 * EDUCATION MANAGEMENT CORP 6,525 600 * E-LOAN, INC 1,125 100 * FIRST CONSULTING GROUP, INC 981 200 * FORRESTER RESEARCH, INC 4,762 100 * FRITZ COS, INC 1,093 100 * GENTIVA HEALTH SERVICES, INC 1,906 200 * GETTY IMAGES, INC 3,225 300 * GTECH HOLDINGS CORP 8,175 100 * HALL KINION & ASSOCIATES, INC 578 200 * HA-LO INDUSTRIES, INC 198 100 HARLAND (JOHN H.) CO 1,870 200 * HEIDRICK & STRUGGLES INTERNATIONAL, INC 5,787 15,581 HONEYWELL INTERNATIONAL, INC 635,704 100 * HOTEL RESERVATIONS NETWORK, INC (CLASS A) 2,575 200 * HOTJOBS.COM LTD 1,012 100 * INFOUSA, INC 434 400 * KORN FERRY INTERNATIONAL 6,708 400 * LABOR READY, INC 1,260 100 * MANAGEMENT NETWORK GROUP, INC 506 100 MATTHEWS INTERNATIONAL CORP (CLASS A) 3,271 100 * MEMBERWORKS, INC 2,350 200 * METROMEDIA INTERNATIONAL GROUP, INC 626 300 * MODIS PROFESSIONAL SERVICES, INC 1,380 200 * NAVIGANT CONSULTING CO 1,332 200 * NCO GROUP, INC 5,112 200 * PREPAID LEGAL SERVICES, INC 2,072 200 * PROSOFTTRAINING.COM 1,575 300 * R.H. DONNELLEY CORP 8,700 300 * RENT-WAY, INC 1,551 2,300 * ROBERT HALF INTERNATIONAL, INC 51,405 200 ROLLINS, INC 3,860 100 * SCHOOL SPECIALTY, INC 2,156 200 * SPHERION CORP 1,388 100 * STARTEK, INC 1,416
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 27 28 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- OTHER -- (CONTINUED) 100 STRAYER EDUCATION, INC $ 3,500 200 * SYMYX TECHNOLOGIES, INC 2,525 25 * CIRCLE.COM 21 100 * TEJON RANCH CO 2,470 300 * TELETECH HOLDINGS, INC 2,362 1,500 * TERREMARK WORLDWIDE, INC 3,750 800 * TMP WORLDWIDE, INC 30,050 100 * TRAVELOCITY.COM, INC 1,481 41,593 TYCO INTERNATIONAL LTD 1,798,065 200 * U.S. LEC CORP (CLASS A) 1,412 200 * UNIROYAL TECHNOLOGY CORP 1,496 200 * UNITED STATIONERS, INC 4,850 5,729 UNITED TECHNOLOGIES CORP 419,935 300 VALSPAR CORP 8,607 200 * VENTRO CORP 150 200 VIAD CORP 4,766 100 * WACKENHUT CORP (CLASS A) 1,432 1,700 * WORLD ACCESS, INC 425 980 * WORLDWIDE XCEED GROUP, INC 398 ------------ TOTAL OTHER 3,248,741 ------------ PRODUCER DURABLES -- 8.65% 40 ACTUANT CORP (CLASS A) 650 100 * ADVANCED LIGHTING TECHNOLOGIES, INC 531 400 AMETEK, INC 11,040 100 * ASTEC INDUSTRIES, INC 1,306 1,200 * AXCELIS TECHNOLOGIES, INC 13,875 100 BELDEN, INC 2,005 500 * BLOUNT INTERNATIONAL, INC 2,200 100 BRIGGS & STRATTON CORP 3,837 200 * BROOKS AUTOMATION, INC 7,950 100 * CASELLA WASTE SYSTEMS, INC (CLASS A) 893 49 * CATAYTICA ENERGY SYSTEMS 1,025 500 * COGNEX CORP 12,375 300 * COINSTAR, INC 5,025 200 * COORSTEK, INC 5,512 100 * CUNO, INC 2,900 100 * CYBEROPTICS CORP 1,050 1,150 * DYCOM INDUSTRIES, INC 14,835 100 FRANKLIN ELECTRIC CO, INC 7,162 100 * FUELCELL ENERGY, INC 5,050 246,926 GENERAL ELECTRIC CO 10,336,322 20,180 HARLEY-DAVIDSON, INC 765,831 100 * IBIS TECHNOLOGY CORP 2,750 100 IDEX CORP 2,898 100 LINDSAY MANUFACTURING CO 1,850 200 * LITTELFUSE, INC 5,025 200 MANITOWOC CO, INC 4,960 200 * MECHANICAL TECHNOLOGY, INC 875 300 * NATIONAL INSTRUMENTS CORP 9,787 800 * NEWPARK RESOURCES, INC 7,192 200 NEWPORT NEWS SHIPBUILDING, INC 9,780 100 NORDSON CORP 2,600 200 * PHOTON DYNAMICS, INC 4,225 100 * PLUG POWER, INC 1,431 6,300 * POWER-ONE, INC 91,287
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 850 * QUANTA SERVICES, INC $ 18,972 400 * RAYOVAC CORP 6,980 200 * REPUBLIC SERVICES, INC 3,750 400 ROPER INDUSTRIES, INC 14,320 200 * SUPERCONDUCTOR TECHNOLOGIES, INC 1,025 100 TELEFLEX, INC 4,095 400 * TETRA TECH, INC 8,100 100 * THERMO FIBERTEK, INC 414 400 * VALENCE TECHNOLOGY, INC 1,825 100 VALMONT INDUSTRIES, INC 1,693 266 WABTEC CORP 3,378 100 * WASTE CONNECTIONS, INC 2,881 ------------ TOTAL PRODUCER DURABLES 11,413,467 ------------ TECHNOLOGY -- 37.38% 100 * 24/7 MEDIA, INC 34 2,600 * 3COM CORP 14,868 300 * 3DO CO 600 300 * ACCRUE SOFTWARE, INC 56 200 * ACT MANUFACTURING, INC 2,187 300 * ACTEL CORP 6,131 700 * ACTUATE CORP 6,693 800 * ACXIOM CORP 16,700 300 * ADAPTEC, INC 2,601 700 * ADAPTIVE BROADBAND CORP 831 10,344 * ADC TELECOMMUNICATIONS, INC 87,924 100 * ADEPT TECHNOLOGY, INC 1,400 3,200 ADOBE SYSTEMS, INC 111,904 200 * ADTRAN, INC 4,912 600 * ADVANCED DIGITAL INFORMATION CORP 10,387 200 * ADVANCED ENERGY INDUSTRIES, INC 5,162 900 * ADVANCED FIBRE COMMUNICATIONS, INC 12,881 2,400 * ADVANCED MICRO DEVICES, INC 63,696 100 * ADVANTAGE LEARNING SYSTEMS, INC 2,887 300 * ADVENT SOFTWARE, INC 13,293 1,650 * AEROFLEX, INC 17,015 300 * AETHER SYSTEMS, INC 3,900 100 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) 6,490 100 * AGENCY.COM LTD 137 300 * AGILE SOFTWARE CORP 3,304 6,497 * AGILENT TECHNOLOGIES, INC 199,652 100 * AIRNET COMMUNICATIONS CORP 300 700 * AKAMAI TECHNOLOGIES, INC 5,993 400 * ALLIANCE SEMICONDUCTOR CORP 4,650 500 * ALPHA INDUSTRIES, INC 7,875 5,400 * ALTERA CORP 115,762 3,600 * AMDOCS LTD 172,440 400 * AMERICAN MANAGEMENT SYSTEMS, INC 7,325 2,100 * AMERICAN POWER CONVERSION CORP 27,070 200 * AMERICAN SUPERCONDUCTOR CORP 3,212 1,400 * AMKOR TECHNOLOGY, INC 22,837 500 * AMPHENOL CORP (CLASS A) 15,750 1,150 * ANADIGICS, INC 15,237 18,918 * ANALOG DEVICES, INC 685,588 100 ANALYSTS INTERNATIONAL CORP 518
28 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 29 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 300 * ANAREN MICROWAVE, INC $ 3,768 700 * ANDREW CORP 10,062 500 * ANSWERTHINK, INC 2,437 300 * ANTEC CORP 2,184 300 * APAC CUSTOMER SERVICES, INC 1,575 133 * APERIAN, INC 166 100 * APPIANT TECHNOLOGIES, INC 312 1,200 * APPLE COMPUTER, INC 26,484 28,529 * APPLIED MATERIALS, INC 1,241,011 15,770 * APPLIED MICRO CIRCUITS CORP 260,205 100 * APPLIEDTHEORY CORP 113 400 * AREMISSOFT CORP 5,200 2,100 * ARIBA, INC 16,603 700 * ART TECHNOLOGY GROUP, INC 8,400 400 * ARTESYN TECHNOLOGIES, INC 4,325 100 * ASIAINFO HOLDINGS, INC 1,212 300 * ASK JEEVES, INC 328 700 * ASPECT COMMUNICATIONS CORP 3,095 400 * ASPEN TECHNOLOGY, INC 9,550 400 * ASYST TECHNOLOGIES, INC 5,200 5,300 * ATMEL CORP 52,006 300 * ATMI, INC 5,550 600 * ATSI COMMUNICATIONS, INC 270 200 AUTODESK, INC 6,112 6,000 AUTOMATIC DATA PROCESSING, INC 326,280 200 * AVANEX CORP 2,114 500 * AVANT CORP 8,625 3,224 * AVAYA, INC 41,912 100 AVERY DENNISON CORP 5,202 509 * AVOCENT CORP 11,102 200 * AVT CORP 562 300 AVX CORP 5,178 200 * AWARE, INC 1,925 300 * AXT, INC 4,500 1,250 * BARRA, INC 67,500 20,400 * BEA SYSTEMS, INC 599,250 200 * BENCHMARK ELECTRONICS, INC 3,900 400 * BINDVIEW DEVELOPMENT CORP 1,237 600 * BISYS GROUP, INC 32,062 200 * BLACK BOX CORP 8,912 3,300 * BMC SOFTWARE, INC 70,950 100 * BORLAND SOFTWARE CORP 696 100 * BOTTOMLINE TECHNOLOGIES, INC 728 100 * BRAUN CONSULTING, INC 406 400 * BREAKAWAY SOLUTIONS, INC 137 600 * BRIGHTPOINT, INC 1,443 100 * BRIO TECHNOLOGY, INC 606 700 * BROADBASE SOFTWARE, INC 1,421 2,000 * BROADCOM CORP (CLASS A) 57,800 2,400 * BROADVISION, INC 12,825 14,125 * BROCADE COMMUNICATIONS SYSTEMS, INC 295,071 100 * BROOKTROUT, INC 618 200 * BSQUARE CORP 2,212 400 C&D TECHNOLOGIES, INC 11,040 100 * CABLE DESIGN TECHNOLOGIES CORP 1,340
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 900 * CABLETRON SYSTEMS, INC $ 11,610 200 * CACHEFLOW, INC 887 800 * CADENCE DESIGN SYSTEMS, INC 14,792 500 * CALICO COMMERCE, INC 187 100 * CALIFORNIA AMPLIFIER, INC 503 400 * CAMBRIDGE TECHNOLOGY PARTNERS, INC 1,500 100 * CAMINUS CORP 2,043 100 * CARREKER CORP 1,900 100 * CARRIER ACCESS CORP 525 100 * C-BRIDGE INTERNET SOLUTIONS, INC 187 300 * C-COR.NET CORP 2,006 100 * CELERITEK, INC 1,275 400 * CERIDIAN CORP 7,400 800 * CHECKFREE CORP 23,550 100 * CHORDIANT SOFTWARE, INC 400 500 * CIBER, INC 2,440 20,400 * CIENA CORP 851,700 900 * CIRRUS LOGIC, INC 13,443 217,820 * CISCO SYSTEMS, INC 3,444,279 2,400 * CITRIX SYSTEMS, INC 50,700 300 * CLARENT CORP 3,600 200 * CLARUS CORP 1,275 100 * CLICK2LEARN.COM, INC 131 2,700 * CMGI, INC 6,858 600 * CNET NETWORKS, INC 6,712 100 * COGNIZANT TECHNOLOGY SOLUTIONS CORP 3,006 300 COHU, INC 4,668 300 * COM21, INC 600 2,440 * COMMERCE ONE, INC 22,765 500 * COMMSCOPE, INC 8,340 4,100 COMPAQ COMPUTER CORP 74,620 300 * COMPLETE BUSINESS SOLUTIONS, INC 2,781 6,100 COMPUTER ASSOCIATES INTERNATIONAL, INC 165,920 200 * COMPUTER HORIZONS CORP 700 400 * COMPUTER NETWORK TECHNOLOGY CORP 4,450 1,400 * COMPUTER SCIENCES CORP 45,290 2,500 * COMPUWARE CORP 24,375 100 COMPX INTERNATIONAL, INC 1,165 6,600 * COMVERSE TECHNOLOGY, INC 388,674 300 * CONCORD CAMERA CORP 2,118 200 * CONCORD COMMUNICATIONS, INC 1,637 4,050 * CONCORD EFS, INC 163,771 600 * CONCURRENT COMPUTER CORP 3,750 3,100 * CONEXANT SYSTEMS, INC 27,706 100 * CONVERA CORP 862 100 * CONVERGENT COMMUNICATIONS, INC 9 100 * CONVERGYS CORP 3,607 1,000 * COPPER MOUNTAIN NETWORKS, INC 3,390 23,924 CORNING, INC 494,987 700 * CREDENCE SYSTEMS CORP 14,350 800 * CREE, INC 11,976 300 * CRITICAL PATH, INC 609
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 29 30 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 200 * CROSSROADS SYSTEMS, INC $ 1,125 700 * CSG SYSTEMS INTERNATIONAL, INC 28,831 200 * CTC COMMUNICATIONS GROUP, INC 1,262 300 CTS CORP 6,225 300 * CYBERSOURCE CORP 525 300 * CYLINK CORP 600 300 * CYMER, INC 6,489 200 * CYPRESS COMMUNICATIONS, INC 93 1,400 * CYPRESS SEMICONDUCTOR CORP 24,822 300 * CYSIVE, INC 1,200 200 * DALEEN TECHNOLOGIES, INC 218 500 DALLAS SEMICONDUCTOR CORP 13,005 100 * DATA RETURN CORP 300 200 * DATASTREAM SYSTEMS, INC 1,900 100 * DAVOX CORP 1,137 100 * DDI CORP 1,687 40,369 * DELL COMPUTER CORP 1,036,978 100 * DELTATHREE, INC 125 300 * DIAMONDCLUSTER INTERNATIONAL, INC (CLASS A) 2,606 300 * DIGEX, INC 4,181 300 * DIGIMARC CORP 4,500 300 * DIGITAL INSIGHT CO 3,450 1,000 * DIGITAL ISLAND, INC 1,812 300 * DIGITAL RIVER, INC 1,443 100 * DIGITAS, INC 468 900 * DMC STRATEX NETWORKS, INC 7,470 200 * DOBSON COMMUNICATIONS CORP (CLASS A) 3,312 400 * DOCUMENTUM, INC 4,400 1,400 * DOUBLECLICK, INC 16,187 100 * DSET CORP 128 300 * DSP GROUP, INC 4,650 300 * DST SYSTEMS, INC 14,457 100 * DUPONT PHOTOMASKS, INC 4,387 1,350 * E.PIPHANY, INC 15,778 1,600 * EBAY, INC 57,900 300 * ECHELON CORP 4,443 400 * EFUNDS CORP 7,700 300 * EGAIN COMMUNICATIONS CORP 721 300 * ELANTEC SEMICONDUCTOR, INC 7,968 300 * ELECTRO SCIENTIFIC INDUSTRIES, INC 8,418 200 * ELECTROGLAS, INC 3,300 1,500 * ELECTRONIC ARTS, INC 81,375 2,900 ELECTRONIC DATA SYSTEMS CORP 161,994 400 * ELECTRONICS FOR IMAGING, INC 9,850 700 * ELOYALTY CORP 1,706 200 * EMAGIN CORP 500 92,240 * EMC CORP 2,711,856 300 * EMCORE CORP 7,518 300 * E-MEDSOFT.COM 201 200 * EMERGE INTERACTIVE, INC (CLASS A) 737 1,000 * EMULEX CORP 18,812 400 * ENGAGE, INC 287 500 * ENTRUST TECHNOLOGIES, INC 4,156 1,800 EQUIFAX, INC 56,250
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 8,343 ERICSSON (LM) TELEFON SERIES B ADR $ 46,668 100 * ESPEED, INC (CLASS A) 2,043 400 * ESS TECHNOLOGY, INC 2,300 500 * EXAR CORP 9,812 100 * EXCEL TECHNOLOGY, INC 1,762 300 * EXCELON CORP 630 300 * EXCHANGE APPLICATIONS, INC 450 1,300 * AT HOME CORP SERIES A 5,824 13,800 * EXODUS COMMUNICATIONS, INC 148,350 100 * EXTENDED SYSTEMS, INC 1,087 100 * EXTENSITY, INC 593 600 * EXTREME NETWORKS, INC 9,126 100 * F.Y.I., INC 3,343 200 * F5 NETWORKS, INC 1,068 100 FAIR ISSAC & CO, INC 5,851 900 * FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC (CLASS A) 11,988 200 * FEI CO 4,412 400 * FILENET CORP 6,275 1,300 * FINISAR CORP 12,471 100 * FIREPOND, INC 250 1,100 * FISERV, INC 49,207 200 * FOCAL COMMUNICATIONS CORP 1,881 8,600 * FOUNDRY NETWORKS, INC 64,500 100 * FREEMARKETS, INC 953 200 * FSI INTERNATIONAL, INC 1,650 400 * FUTURELINK CORP 112 500 * GADZOOX NETWORKS, INC 937 2,500 * GATEWAY, INC 42,025 400 * GENERAL SEMICONDUCTOR, INC 3,788 200 * GENZYME TRANSGENICS CORP 1,312 200 * GEOWORKS CORP 250 180 * GLOBAL PAYMENTS, INC 3,330 400 * GLOBESPAN, INC 8,750 400 * GLOBIX CORP 1,212 100 * GOAMERICA, INC 203 100 * GOLDEN TELECOM, INC 987 400 * GOTO.COM, INC 3,137 200 * GREAT PLAINS SOFTWARE, INC 12,262 100 * GRIC COMMUNICATIONS, INC 115 708 * HARMONIC, INC 3,982 100 HARRIS CORP 2,475 300 HELIX TECHNOLOGY CORP 7,045 8,848 HEWLETT-PACKARD CO 276,676 100 * HI/FN, INC 1,672 400 * HNC SOFTWARE, INC 7,025 600 * HOMESTORE.COM, INC 14,250 300 HON INDUSTRIES, INC 6,891 100 * HUTCHINSON TECHNOLOGY, INC 1,493 400 * HYPERION SOLUTIONS CORP 6,450 2,620 * I2 TECHNOLOGIES, INC 37,990 100 * IBASIS, INC 306 200 * IBEAM BROADCASTING CORP 193 300 * IDENTIX, INC 2,544 400 * IGATE CAPITAL CORP 750 100 * II-VI, INC 1,262 200 * ILLUMINET HOLDINGS, INC 4,112
30 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 31 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 200 * IMMERSION CORP $ 1,137 200 * IMRGLOBAL CORP 1,125 100 * INET TECHNOLOGIES, INC 587 500 * INFOCUS CORP 8,187 700 * INFONET SERVICES CORP (CLASS B) 4,655 700 * INFORMATICA CORP 9,318 200 * INFORMATION ARCHITECTS CORP 337 2,646 * INFOSPACE, INC 5,870 100 * INGRAM MICRO, INC (CLASS A) 1,350 1,100 * INKTOMI CORP 7,315 100 * INTEGRATED CIRCUIT SYSTEMS, INC 1,600 1,400 * INTEGRATED DEVICE TECHNOLOGY, INC 41,454 204,362 INTEL CORP 5,377,275 500 * INTELIDATA TECHNOLOGIES CORP 2,062 100 * INTERACT COMMERCE CORP 1,175 100 * INTERACTIVE INTELLIGENCE, INC 1,437 100 * INTERCEPT GROUP, INC 2,562 700 * INTERDIGITAL COMMUNICATIONS CORP 5,228 600 * INTERLIANT, INC 787 100 * INTERLINK ELECTRONICS, INC 368 900 * INTERNAP NETWORK SERVICES CORP 1,743 19,300 INTERNATIONAL BUSINESS MACHINES CORP 1,856,274 300 * INTERNATIONAL FIBERCOM, INC 1,162 600 * INTERNATIONAL RECTIFIER CORP 24,300 700 * INTERNET PICTURES CORP 109 300 * INTERNET SECURITY SYSTEMS, INC 8,207 200 * INTERNET.COM CORP 725 300 * INTERSIL HOLDING CORP 5,531 800 * INTERTRUST TECHNOLOGIES CORP 3,600 500 * INTERVOICE-BRITE, INC 4,062 300 * INTERWORLD CORP 84 1,000 * INTERWOVEN, INC 10,062 200 * INTRAWARE, INC 237 200 * INTRUSION.COM, INC 800 1,600 * INTUIT, INC 44,400 2,700 * IOMEGA CORP 9,936 200 * IRON MOUNTAIN, INC 7,664 100 * ITXC CORP 571 600 * IXL ENTERPRISES, INC 1,425 100 * IXYS CORP 1,575 600 * J.D. EDWARDS & CO 5,850 1,500 * JABIL CIRCUIT, INC 32,430 800 JACK HENRY & ASSOCIATES, INC 18,950 29,723 * JDS UNIPHASE CORP 548,017 100 * JNI CORP 750 8,300 * JUNIPER NETWORKS, INC 315,068 200 * JUNO ONLINE SERVICES, INC 225 300 * JUPITER MEDIA METRIX, INC 975 900 * KANA COMMUNICATIONS, INC 1,743 400 * KEANE, INC 5,200 100 KEITHLEY INSTRUMENTS, INC 1,620 1,000 * KEMET CORP 16,940 300 * KENT ELECTRONICS CORP 5,400 200 * KEYNOTE SYSTEMS, INC 2,237
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 71 * KFORCE.COM, INC $ 377 9,000 * KLA-TENCOR CORP 354,375 800 * KOPIN CORP 4,600 200 * KRONOS, INC 6,287 600 * KULICKE & SOFFA INDUSTRIES, INC 8,137 1,600 * LAM RESEARCH CORP 38,000 300 * LANTE CORP 450 1,100 * LATTICE SEMICONDUCTOR CORP 20,006 100 * LCC INTERNATIONAL, INC (CLASS A) 500 200 * LEARNING TREE INTERNATIONAL, INC 4,143 1,200 * LEGATO SYSTEMS, INC 14,475 100 * LEVEL 8 SYSTEMS, INC 325 1,800 * LEXMARK INTERNATIONAL, INC 81,936 600 * LIBERATE TECHNOLOGIES 4,987 319 * LIGHTBRIDGE, INC 3,648 300 * LIGHTPATH TECHNOLOGIES, INC (CLASS A) 3,862 4,300 LINEAR TECHNOLOGY CORP 176,568 700 * LOOKSMART LTD 940 23,112 * LSI LOGIC CORP 363,551 600 * LTX CORP 11,212 98,558 LUCENT TECHNOLOGIES, INC 982,623 760 * MACROMEDIA, INC 12,207 500 * MACROVISION CORP 21,781 300 * MAIL.COM, INC 206 200 * MAIL-WELL, INC 974 100 * MANHATTAN ASSOCIATES, INC 1,556 700 * MANUGISTICS GROUP, INC 12,818 850 * MAPINFO CORP 15,087 859 * MARCHFIRST, INC 134 200 * MARIMBA, INC 675 550 * MASTEC, INC 7,430 100 * MATRIXONE, INC 1,706 3,900 * MAXIM INTEGRATED PRODUCTS, INC 162,201 800 * MAXTOR CORP 5,600 100 * MCAFEE.COM CORP 595 1,154 * MCDATA CORP (CLASS A) 21,781 100 * MCK COMMUNICATIONS, INC 215 100 * MCSI, INC 1,481 300 * MEDIA 100, INC 562 200 * MEDIAPLEX, INC 118 300 * MEMC ELECTRONIC MATERIALS, INC 2,085 800 * MENTOR GRAPHICS CORP 16,500 300 * MERCATOR SOFTWARE, INC 1,096 300 * MERCURY COMPUTER SYSTEMS, INC 11,512 1,100 * MERCURY INTERACTIVE CORP 46,062 100 * META GROUP, INC 137 100 * METASOLV, INC 1,412 100 * METAWAVE COMMUNICATIONS CORP 618 400 METHODE ELECTRONICS, INC (CLASS A) 7,175 200 * METRICOM, INC 412 600 * METROCALL, INC 150 500 * METTLER-TOLEDO INTERNATIONAL, INC 20,580 800 * MICREL, INC 22,350 1,731 * MICROCHIP TECHNOLOGY, INC 43,815 900 * MICROMUSE, INC 34,011 200 * MICRON ELECTRONICS, INC 336
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 31 32 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 18,700 * MICRON TECHNOLOGY, INC $ 776,611 100 * MICROSEMI CORP 2,800 121,113 * MICROSOFT CORP 6,623,367 300 * MICROSTRATEGY, INC 862 100 * MICROVISION, INC 1,518 500 * MIPS TECHNOLOGIES, INC (CLASS A) 12,437 576 * MKS INSTRUMENTS, INC 10,776 1,425 MOLEX, INC 50,275 13,616 MOTOROLA, INC 194,164 600 * MPOWER COMMUNICATIONS CORP 1,518 200 * MRO SOFTWARE, INC 1,612 800 * MRV COMMUNICATIONS, INC 5,575 300 * MTI TECHNOLOGY CORP 693 200 * MULTEX.COM, INC 3,100 100 * NANOMETRICS, INC 1,575 100 NATIONAL DATA CORP 2,335 300 * NATIONAL INFORMATION CONSORTIUM, INC 1,040 2,500 * NATIONAL SEMICONDUCTOR CORP 66,875 400 * NATURAL MICROSYSTEMS CORP 3,550 200 * NAVISITE, INC 300 200 * NCR CORP 7,806 100 * NEON SYSTEMS, INC 465 100 * NET PERCEPTIONS, INC 87 100 * NET2PHONE, INC 962 1,050 * NETEGRITY, INC 25,856 300 * NETIQ CORP 5,662 600 * NETMANAGE, INC 581 100 * NETOBJECTS, INC 50 200 * NETOPIA, INC 575 400 * NETRO CORP 2,000 100 * NETSCOUT SYSTEMS, INC 512 100 * NETSOLVE, INC 700 200 * NETWORK ACCESS SOLUTIONS CORP 128 8,800 * NETWORK APPLIANCE, INC 147,950 1,400 * NETWORK ASSOCIATES, INC 11,550 200 * NETWORK PERIPHERALS, INC 1,268 700 * NETZERO, INC 459 200 * NEW CENTURY EQUITY HOLDINGS 225 300 * NEW ERA OF NETWORKS, INC 1,781 100 * NEW FOCUS, INC 1,251 400 NEWPORT CORP 11,704 200 * NEXT LEVEL COMMUNICATIONS, INC 1,050 100 * NIKU CORP 268 9,752 NOKIA CORP (SPON ADR) 234,048 49 NORTEL NETWORKS CORP (U.S.) 688 100 NORTH PITTSBURGH SYSTEMS, INC 1,143 500 * NOVA CORP (GEORGIA) 9,220 100 * NOVADIGM, INC 428 1,600 * NOVELL, INC 8,000 25,652 * NOVELLUS SYSTEMS, INC 1,040,509 100 * NUANCE COMMUNICATIONS, INC 1,004 100 * NUMERICAL TECHNOLOGIES, INC 987 600 * NVIDIA CORP 38,953 500 * NX NETWORKS, INC 406
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 300 * NYFIX, INC $ 6,881 700 * OAK TECHNOLOGY, INC 4,134 8,230 * ON SEMICONDUCTOR CORP 43,979 300 * ONYX SOFTWARE CORP 2,409 600 * OPEN MARKET, INC 787 1,022 * OPENWAVE SYSTEMS, INC 20,276 171,896 * ORACLE CORP 2,575,002 100 * OTG SOFTWARE, INC 632 200 * PACKETEER, INC 606 200 * PAC-WEST TELECOMM, INC 700 7,769 * PALM, INC 65,308 600 * PARADYNE NETWORKS, INC 993 2,500 * PARAMETRIC TECHNOLOGY CORP 22,656 400 * PAXSON COMMUNICATIONS CORP 3,900 5,450 PAYCHEX, INC 201,990 900 * P-COM, INC 1,153 200 * PC-TEL, INC 1,500 2,000 * PEOPLESOFT, INC 46,875 2,650 * PEREGRINE SYSTEMS, INC 51,675 400 * PERICOM SEMICONDUCTOR CORP 5,150 800 * PEROT SYSTEMS CORP (CLASS A) 8,760 100 * PERSISTENCE SOFTWARE, INC 100 300 * PHOENIX TECHNOLOGIES LTD 4,162 300 * PHOTRONICS, INC 7,406 100 * PIXELWORKS, INC 1,000 600 * PLANTRONICS, INC 10,662 500 * PLEXUS CORP 12,812 200 * PLX TECHNOLOGY, INC 881 5,900 * PMC-SIERRA, INC 149,860 700 * POLYCOM, INC 8,662 1,200 * PORTAL SOFTWARE, INC 10,125 300 * POWER INTEGRATIONS, INC 5,175 402 * POWERTEL, INC 22,110 600 * POWERWAVE TECHNOLOGIES, INC 8,175 300 * PREDICTIVE SYSTEMS, INC 609 100 * PREVIEW SYSTEMS, INC 271 300 * PRI AUTOMATION, INC 5,137 100 * PRIMUS KNOWLEDGE SOLUTIONS, INC 375 200 * PROBUSINESS SERVICES, INC 4,387 100 * PROCOM TECHNOLOGY, INC 862 400 * PRODIGY COMMUNICATIONS CORP (CLASS A) 1,300 1,650 * PROFIT RECOVERY GROUP INTERNATIONAL, INC 10,312 400 * PROGRESS SOFTWARE CORP 5,800 400 * PROXICOM, INC 1,175 300 * PROXIM, INC 3,018 500 * PUMATECH, INC 1,875 300 * PURCHASEPRO.COM, INC 2,175 1,205 * QLOGIC CORP 27,112 100 * QRS CORP 850 25,100 * QUALCOMM, INC 1,421,287 2,050 * QUANTUM CORP - HARD DISK DRIVE GROUP 21,648 200 * QUEST SOFTWARE, INC 3,550 200 * QUICKLOGIC CORP 1,112 100 b* QUINTUS CORP 7
32 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 33 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 2,100 * QUOKKA SPORTS, INC $ 131 200 * RADIANT SYSTEMS, INC 2,762 200 * RADISYS CORP 3,400 200 * RAINBOW TECHNOLOGIES, INC 1,000 1,000 * RAMBUS, INC 20,600 500 * RARE MEDIUM GROUP, INC 3,175 2,700 * RATIONAL SOFTWARE CORP 47,925 200 * RAZORFISH, INC (CLASS A) 87 800 * REALNETWORKS, INC 5,650 1,000 * RED HAT, INC 6,090 2,600 * REDBACK NETWORKS, INC 34,008 300 * REMEDY CORP 5,775 100 * RESEARCH FRONTIERS, INC 1,825 648 * RETEK, INC 12,190 1,500 * RF MICRO DEVICES, INC 17,531 577 * RIVERSTONE NETWORKS, INC 5,373 400 * ROBOTIC VISION SYSTEMS, INC 975 200 * ROGERS CORP 7,102 550 * RSA SECURITY, INC 13,578 100 * RUDOLPH TECHNOLOGIES, INC 3,468 200 * RURAL CELLULAR CORP (CLASS A) 5,387 400 * S1 CORP 2,900 100 * SAFEGUARD SCIENTIFICS, INC 559 100 * SAGENT TECHNOLOGY, INC 175 100 * SANCHEZ COMPUTER ASSOCIATES, INC 737 600 * SANDISK CORP 12,225 25,752 * SANMINA CORP 503,773 1,000 * SAPIENT CORP 7,187 100 * SATCON TECHNOLOGY CORP 1,012 600 * SAVVIS COMMUNICATIONS CORP 262 300 * SAWTEK, INC 5,343 100 * SBS TECHNOLOGIES, INC 1,487 1,500 * SCI SYSTEMS, INC 27,300 400 * SCIENT CORP 787 2,100 SCIENTIFIC-ATLANTA, INC 87,339 100 * SCM MICROSYSTEMS, INC 1,543 200 * SEACHANGE INTERNATIONAL, INC 2,687 300 * SECURE COMPUTING CORP 2,887 200 * SEMITOOL, INC 1,800 800 * SEMTECH CORP 23,550 300 * SENSORMATIC ELECTRONICS CORP 5,700 300 * SERENA SOFTWARE, INC 2,737 17,900 * SIEBEL SYSTEMS, INC 486,880 400 * SILICON IMAGE, INC 1,475 900 * SILICON STORAGE TECHNOLOGY, INC 7,812 100 * SILICON VALLEY GROUP, INC 2,750 100 * SILICONIX, INC 3,025 100 * SILVERSTREAM SOFTWARE, INC 946 300 * SIPEX CORP 2,803 400 * SITEL CORP 1,120 200 * SMARTDISK CORP 564 36,382 * SOLECTRON CORP 691,621 400 * SOMERA COMMUNICATIONS, INC 1,800 100 * SONIC FOUNDRY, INC 150 1,200 * SONICBLUE, INC 5,700 300 * SONICWALL, INC 3,656
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 200 * SONUS NETWORKS, INC $ 3,990 100 * SORRENTO NETWORKS CORP 618 100 * SPECTRALINK CORP 968 200 * SPEEDFAM-IPEC, INC 1,293 100 * SPSS, INC 1,693 600 * STARBASE CORP 1,331 500 * STARMEDIA NETWORK, INC 1,500 96,967 * SUN MICROSYSTEMS, INC 1,490,382 500 * SUNGARD DATA SYSTEMS, INC 24,615 100 * SUPERTEX, INC 1,262 300 * SVI SOLUTIONS, INC 309 1,500 * SYCAMORE NETWORKS, INC 15,000 200 * SYKES ENTERPRISES, INC 1,093 900 * SYMANTEC CORP 37,631 1,900 SYMBOL TECHNOLOGIES, INC 66,310 450 * SYMMETRICOM, INC 5,456 400 * SYNOPSYS, INC 18,775 400 * SYSTEMS & COMPUTER TECHNOLOGY CORP 3,675 100 * TAKE-TWO INTERACTIVE SOFTWARE, INC 1,426 200 * TANNING TECHNOLOGY CORP 725 200 * TECH DATA CORP 5,900 300 TECHNITROL, INC 7,467 300 * TECHNOLOGY SOLUTIONS CO 665 600 * TEKELEC 10,800 700 * TELAXIS COMMUNICATIONS CORP 1,028 300 * TELECORP PCS, INC (CLASS A) 4,518 16,300 * TELLABS, INC 663,206 200 * TELOCITY, INC 425 400 * TENFOLD CORP 125 2,400 * TERADYNE, INC 79,200 500 * TERAYON COMMUNICATION SYSTEMS, INC 2,281 50,657 TEXAS INSTRUMENTS, INC 1,569,353 200 * THERMA-WAVE, INC 2,525 300 * THREE-FIVE SYSTEMS, INC 3,660 1,700 * TIBCO SOFTWARE, INC 14,450 700 * TITAN CORP 12,579 300 * TIVO, INC 1,556 100 * TOLLGRADE COMMUNICATIONS, INC 2,575 500 TOTAL SYSTEM SERVICES, INC 12,300 300 * TRANSACTION SYSTEMS ARCHITECTS, INC (CLASS A) 2,146 1,100 * TRANSWITCH CORP 14,437 200 * TRICORD SYSTEMS, INC 1,100 300 * TRIMBLE NAVIGATION LTD 5,681 800 * TRIQUINT SEMICONDUCTOR, INC 11,850 300 * TRIZETTO GROUP, INC 4,181 100 * TUMBLEWEED COMMUNICATIONS CORP 193 200 * TURNSTONE SYSTEMS, INC 1,506 200 * TUT SYSTEMS, INC 621 100 * ULTIMATE ELECTRONICS, INC 2,500 200 * ULTRATECH STEPPER, INC 4,925 2,850 * UNISYS CORP 39,900 100 * UNIVERSAL ACCESS, INC 570 100 * UNIVERSAL DISPLAY CORP 1,031 3,100 b* US INTERACTIVE, INC 193
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 33 34 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 100 * US WIRELESS CORP $ 293 500 * USINTERNETWORKING, INC 578 400 * VA LINUX SYSTEMS, INC 1,200 400 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC 12,775 100 * VASCO DATA SECURITY INTERNATIONAL, INC 543 300 * VEECO INSTRUMENTS, INC 12,468 100 * VERADO HOLDINGS, INC (CLASS B) 65 6,507 * VERISIGN, INC 230,591 19,126 * VERITAS SOFTWARE CORP 884,386 400 * VERITY, INC 9,075 300 * VERTEL CORP 399 200 * VERTEX INTERACTIVE, INC 375 1,100 * VERTICALNET, INC 2,233 200 * VIADOR, INC 87 200 * VIALINK CO 587 500 * VIANT CORP 1,250 600 * VIASYSTEMS GROUP, INC 1,800 100 * VICINITY CORP 178 200 * VICOR CORP 4,100 200 * VIEWPOINT CORP 893 2,600 * VIGNETTE CORP 16,737 200 * VISHAY INTERTECHNOLOGY, INC 3,980 400 * VISUAL NETWORKS, INC 1,425 2,500 * VITESSE SEMICONDUCTOR CORP 59,531 800 * VITRIA TECHNOLOGY, INC 3,050 100 * VYYO, INC 203 200 * WATCHGUARD TECHNOLOGIES, INC 1,650 600 * WAVE SYSTEMS CORP (CLASS A) 2,737 452 * WEBMETHODS, INC 9,435 100 * WEBTRENDS CORP 900 7,300 * WEBVAN GROUP, INC 1,140 200 * WESCO INTERNATIONAL, INC 1,850 300 * WESTELL TECHNOLOGIES, INC (CLASS A) 1,012 600 * WESTERN DIGITAL CORP 2,856 100 * WHITE ELECTRONIC DESIGNS CORP 525 800 * WIND RIVER SYSTEMS, INC 18,600 200 * WIRELESS FACILITIES, INC 825 14,532 * XILINX, INC 510,436 300 * XYBERNAUT CORP 597 3,754 * YAHOO!, INC 59,125 300 * ZEBRA TECHNOLOGIES CORP (CLASS A) 11,437 200 * ZIXIT CORP 1,406 200 * ZORAN CORP 3,062 200 * Z-TEL TECHNOLOGIES, INC 725 200 * ZYGO CORP 3,787 ------------ TOTAL TECHNOLOGY 49,308,854 ------------ TRANSPORTATION -- 0.13% 400 * AIRTRAN HOLDINGS, INC 3,136 500 * ATLANTIC COAST AIRLINES HOLDINGS, INC 10,500 200 * ATLAS AIR WORLDWIDE HOLDINGS, INC 5,630 800 C.H. ROBINSON WORLDWIDE, INC 21,900
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 100 * EGL, INC $ 2,437 500 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC 25,218 1,050 * FORWARD AIR CORP 34,321 950 * FRONTIER AIRLINES, INC 11,578 500 * KANSAS CITY SOUTHERN INDUSTRIES, INC 7,100 100 * KNIGHT TRANSPORTATION, INC 2,437 100 * LANDSTAR SYSTEM, INC 6,775 200 * MESA AIR GROUP, INC 1,675 100 * MESABA HOLDINGS, INC 1,112 300 * NORTHWEST AIRLINES CORP (CLASS A) 6,787 100 * SABRE HOLDINGS CORP 4,617 500 SKYWEST, INC 11,625 200 * SWIFT TRANSPORTATION CO, INC 3,700 300 * U.S. AIRWAYS GROUP, INC 10,635 100 UNITED PARCEL SERVICE, INC (CLASS B) 5,690 ------------ TOTAL TRANSPORTATION 176,873 ------------ UTILITIES -- 3.36% 400 * ADELPHIA BUSINESS SOLUTIONS, INC 1,900 1,000 * ADVANCED RADIO TELECOM CORP 281 4,400 * AES CORP 219,824 100 * AIRGATE PCS, INC 3,762 200 * ALAMOSA HOLDINGS, INC 2,112 1,400 * ALLEGIANCE TELECOM, INC 20,650 400 ALLTEL CORP 20,984 13,900 * AMERICAN TOWER CORP (CLASS A) 257,150 3,223 * ARCH WIRELESS, INC 2,014 100 * ARGUSS COMMUNICATIONS, INC 590 2,200 * A T & T WIRELESS GROUP 42,196 100 BLACK HILLS CORP 4,571 12,000 * CALPINE CORP 660,840 100 * CHOICE ONE COMMUNICATIONS, INC 618 100 * COMMONWEALTH TELEPHONE ENTERPRISES, INC 3,450 100 CT COMMUNICATIONS, INC 1,275 100 * DIGITAL LIGHTWAVE, INC 1,787 300 * DITECH COMMUNICATIONS CORP 3,393 400 * DSL.NET, INC 387 2,500 DYNEGY, INC (CLASS A) 127,525 500 b* E.SPIRE COMMUNICATIONS, INC 171 532 * EARTHLINK, INC 6,450 100 * ELECTRIC LIGHTWAVE, INC (CLASS A) 209 9,600 ENRON CORP 550,985 100 * FIBERNET TELECOM GROUP, INC 268 200 * GLENAYRE TECHNOLOGIES, INC 431 4,500 * GLOBAL TELESYSTEMS, INC 3,420 1,200 b* ICG COMMUNICATIONS, INC 102 300 * IDT CORP 6,075 100 * IMPSAT FIBER NETWORKS, INC 425 600 * INTERMEDIA COMMUNICATIONS, INC 10,425 200 INTER-TEL, INC 2,037 600 * ITC DELTACOM, INC 3,525 100 * L-3 COMMUNICATIONS HOLDINGS, INC 7,895 200 * LATITUDE COMMUNICATIONS, INC 796 300 * LEAP WIRELESS INTERNATIONAL, INC 8,418
34 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 35 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- UTILITIES -- (CONTINUED) 21,900 * LEVEL 3 COMMUNICATIONS, INC $ 380,512 5,316 * MCLEODUSA, INC (CLASS A) 46,016 4,034 * METROMEDIA FIBER NETWORK, INC (CLASS A) 22,106 100 * NEON COMMUNICATIONS, INC 500 100 * NET2000 COMMUNICATIONS, INC 306 100 * NETWORK PLUS CORP 390 17,000 * NEXTEL COMMUNICATIONS, INC (CLASS A) 244,375 700 b* NORTHPOINT COMMUNICATIONS GROUP, INC 12 100 * NRG ENERGY, INC 3,640 100 * NTELOS, INC 1,925 700 * PRICE COMMUNICATIONS CORP 12,047 300 * PRIMUS TELECOMMUNICATIONS GROUP, INC 993 1,780 * PSINET, INC 389 6,475 * QWEST COMMUNICATIONS INTERNATIONAL, INC 226,948 1,100 * RHYTHMS NETCONNECTIONS, INC 481 300 * SBA COMMUNICATIONS CORP 4,743 26,000 * SPRINT CORP (PCS GROUP) 494,000 800 * TALK.COM, INC 1,800 2,100 * TELIGENT, INC (CLASS A) 1,246 800 * TIME WARNER TELECOM, INC (CLASS A) 29,100 500 * TRITON PCS HOLDINGS, INC (CLASS A) 16,656 1,542 * TYCOM LTD 20,277 100 * U.S. CELLULAR CORP 6,350 6 * VAST SOLUTIONS, INC (CLASS B1) 0 6 * VAST SOLUTIONS, INC (CLASS B2) 0 6 * VAST SOLUTIONS, INC (CLASS B3) 0
-------------------------------------------------------------------------------- SHARES/PRINCIPAL VALUE -------------------------------------------------------------------------------- 300 * VIA NET.WORKS, INC $ 787 200 * VIASAT, INC 3,025 400 * VIRATA CORP 5,225 3,445 * VOICESTREAM WIRELESS CORP 318,231 5,700 * WEBLINK WIRELESS, INC 712 100 * WEST CORP 2,237 800 * WESTERN WIRELESS CORP (CLASS A) 32,500 500 * WILLIAMS COMMUNICATIONS GROUP, INC 4,500 1,650 * WINSTAR COMMUNICATIONS, INC 3,557 29,055 * WORLDCOM, INC 542,965 2,986 * XO COMMUNICATIONS, INC (CLASS A) 20,902 ------------ TOTAL UTILITIES 4,426,394 ------------ TOTAL COMMON STOCK (Cost $187,965,460) 129,617,681 ------------
SHORT TERM INVESTMENT -- 1.87% U.S. GOVERNMENT AND AGENCY -- 1.87% FEDERAL HOME LOAN BANK (FHLB) $2,465,000 5.130%, 04/02/01 2,464,649 ------------ TOTAL SHORT TERM INVESTMENT (Cost $2,464,649) 2,464,649 ------------ TOTAL PORTFOLIO -- 100.18% (Cost $190,510,109) 132,162,330 OTHER ASSETS & LIABILITIES, NET -- (0.18)% (238,260) ------------ NET ASSETS -- 100.00% $131,924,070 ============
--------------- * Non-income producing b In bankruptcy See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 35 36 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2001
-------------------------------------------------------------------------------- PRINCIPAL/SHARES VALUE -------------------------------------------------------------------------------- BONDS -- 0.04% CORPORATE BONDS -- 0.04% TECHNOLOGY -- 0.04% MAYAN NETWORKS $ 50,000 5.250%, 11/01/05 $ 50,000 ------------ TOTAL TECHNOLOGY 50,000 ------------ TOTAL CORPORATE BONDS (Cost $50,000) 50,000 ------------ TOTAL BONDS (Cost $50,000) 50,000 ------------ COMMON STOCK -- 98.56% AEROSPACE & DEFENSE -- 0.80% 5,900 BOEING CO 328,689 3,712 GENERAL DYNAMICS CORP 232,890 7,552 * GENERAL MOTORS CORP (CLASS H) 147,264 2,900 LOCKHEED MARTIN CORP 103,385 400 NORTHROP GRUMMAN CORP 34,800 300 PERKINELMER, INC 15,735 2,200 RAYTHEON CO (CLASS B) 64,636 ------------ TOTAL AEROSPACE & DEFENSE 927,399 ------------ BASIC INDUSTRIES -- 4.54% 1,300 AIR PRODUCTS & CHEMICALS, INC 49,920 1,100 ALCAN, INC 39,600 14,144 ALCOA, INC 508,476 400 ALLEGHENY TECHNOLOGIES, INC 6,964 4,388 ARCH COAL, INC 131,552 100 BALL CORP 4,587 2,400 * BARRICK GOLD CORP (U.S.) 34,296 500 BEMIS CO 16,545 200 * BETHLEHEM STEEL CORP 484 400 BLACK & DECKER CORP 14,700 200 BOISE CASCADE CORP 6,280 400 CENTEX CORP 16,660 19,718 CONSOL ENERGY, INC 680,271 300 CROWN CORK & SEAL CO, INC 1,215 14,239 DOW CHEMICAL CO 449,525 16,285 DU PONT (E.I.) DE NEMOURS & CO 662,799 600 EASTMAN CHEMICAL CO 29,532 700 ECOLAB, INC 29,694 600 ENGELHARD CORP 15,516 600 FLUOR CORP (NEW) 26,700 100 * FMC CORP 7,364 1,100 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) 14,355 1,405 GEORGIA-PACIFIC GROUP 41,307 600 GOODRICH (B.F.) CO 23,022 100 * GRACE W.R. & CO 230 300 GREAT LAKES CHEMICAL CORP 9,222 500 HERCULES, INC 6,495 2,200 HOMESTAKE MINING CO 11,572 60,696 * INCO LTD 900,121 3,141 INTERNATIONAL PAPER CO 113,327 200 KB HOME 6,528 3,600 KIMBERLY-CLARK CORP 244,188
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 900 LOUISIANA PACIFIC CORP $ 8,649 2,700 MASCO CORP 65,178 4,932 MASSEY ENERGY CO 117,973 500 MEAD CORP 12,545 800 NEWMONT MINING CORP 12,896 400 NUCOR CORP 16,028 300 * OWENS-ILLINOIS, INC 2,550 700 * PACTIV CORP 8,477 436 PHELPS DODGE CORP 17,518 2,200 PLACER DOME, INC (U.S.) 19,030 200 POTLATCH CORP 6,390 1,100 PPG INDUSTRIES, INC 50,699 1,000 PRAXAIR, INC 44,650 200 PULTE CORP 8,082 1,400 ROHM & HAAS CO 43,134 400 * SEALED AIR CORP 13,332 900 SHERWIN-WILLIAMS CO 22,932 600 SIGMA ALDRICH CORP 28,725 18,939 * SMURFIT-STONE CONTAINER CORP 252,078 600 STANLEY WORKS CO 19,770 200 TEMPLE-INLAND, INC 8,850 300 USX-US STEEL GROUP, INC 4,407 600 VULCAN MATERIALS CO 28,098 600 WESTVACO CORP 14,538 5,988 WEYERHAEUSER CO 304,130 500 WILLAMETTE INDUSTRIES, INC 23,000 1,700 WORTHINGTON INDUSTRIES, INC 15,810 ------------ TOTAL BASIC INDUSTRIES 5,272,516 ------------ CONSUMER CYCLICAL -- 9.69% 300 AMERICAN GREETINGS CORP (CLASS A) 3,180 54,905 * AOL TIME WARNER, INC 2,204,436 8,360 AUTOLIV, INC 130,750 1,700 * BED BATH & BEYOND, INC 41,756 600 BRUNSWICK CORP 11,778 3,900 CARNIVAL CORP 107,913 9,239 * CLEAR CHANNEL COMMUNICATIONS, INC 503,063 6,240 * COMCAST CORP (CLASS A) (SPECIAL) 261,690 600 * CONSOLIDATED STORES CORP 6,030 300 COOPER TIRE & RUBBER CO 3,405 800 DANA CORP 13,744 900 DANAHER CORP 49,104 800 DARDEN RESTAURANTS, INC 19,000 3,400 DELPHI AUTOMOTIVE SYSTEMS CORP 48,178 500 DILLARDS, INC (CLASS A) 10,970 22,015 DISNEY (WALT) CO 629,629 1,925 DOLLAR GENERAL CORP 39,347 600 DONNELLEY (R.R.) & SONS CO 15,732 500 DOW JONES & CO, INC 26,175 2,100 EASTMAN KODAK CO 83,769 1,300 * FEDERATED DEPARTMENT STORES, INC 54,015 12,497 FORD MOTOR CO (NEW) 351,415 1,800 GANNETT CO, INC 107,496 5,750 GAP, INC 136,390 3,603 GENERAL MOTORS CORP 186,815 1,600 GENUINE PARTS CO 41,456
36 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 37 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 1,400 GOODYEAR TIRE & RUBBER CO $ 33,390 45,513 * GYMBOREE CORP 455,130 200 HARCOURT GENERAL, INC 11,134 600 * HARRAH'S ENTERTAINMENT, INC 17,658 2,100 HILTON HOTELS CORP 21,945 1,900 INTERPUBLIC GROUP OF COS, INC 65,265 500 JOHNSON CONTROLS, INC 31,230 2,600 * KMART CORP 24,440 400 KNIGHT-RIDDER, INC 21,484 2,200 * KOHL'S CORP 135,718 1,100 LEGGETT & PLATT, INC 21,153 2,500 LIMITED, INC 39,300 300 LIZ CLAIBORNE, INC 14,115 1,600 MARRIOTT INTERNATIONAL, INC (CLASS A) 65,888 1,900 MAY DEPARTMENT STORES CO 67,412 400 MAYTAG CORP 12,900 8,785 MCDONALD'S CORP 233,241 1,200 MCGRAW-HILL COS, INC 71,580 200 MEREDITH CORP 6,982 60 * NEIMAN MARCUS GROUP, INC (CLASS B) 1,812 1,000 NEW YORK TIMES CO (CLASS A) 40,970 1,800 NIKE, INC (CLASS B) 72,990 700 NORDSTROM, INC 11,396 1,200 OMNICOM GROUP, INC 99,456 1,400 PENNEY (J.C.) CO, INC 22,386 100 POLAROID CORP 426 300 * REEBOK INTERNATIONAL LTD 7,458 100 RUSSELL CORP 1,870 2,300 SEARS ROEBUCK & CO 81,121 8,785 * SIX FLAGS, INC 169,989 500 SNAP-ON, INC 14,560 1,100 * STARBUCKS CORP 46,681 4,200 SYSCO CORP 111,342 11,070 TARGET CORP 399,405 800 TIFFANY & CO 21,800 1,700 TJX COS, INC 54,400 1,840 TRIBUNE CO 74,961 900 * TRICON GLOBAL RESTAURANTS, INC 34,371 600 TRW, INC 20,400 1,200 * UNIVISION COMMUNICATIONS, INC (CLASS A) 45,792 600 V.F. CORP 21,000 19,581 * VIACOM, INC (CLASS B) 860,976 614 VISTEON CORP 9,234 50,708 WAL-MART STORES, INC 2,560,754 600 WENDY'S INTERNATIONAL, INC 13,392 400 WHIRLPOOL CORP 19,996 ------------ TOTAL CONSUMER CYCLICAL 11,256,139 ------------ CONSUMER NON-CYCLICAL -- 8.71% 300 ALBERTO CULVER CO (CLASS B) 11,898 2,741 ALBERTSON'S, INC 87,218 16,065 ANHEUSER-BUSCH COS, INC 737,865 4,265 ARCHER DANIELS MIDLAND CO 56,084
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 700 * AUTOZONE, INC $ 19,614 1,723 AVON PRODUCTS, INC 68,902 1,200 * BEST BUY CO, INC 43,152 400 BROWN FORMAN, INC (CLASS B) 24,780 1,700 CAMPBELL SOUP CO 50,779 1,100 CIRCUIT CITY STORES (CIRCUIT CITY GROUP) 11,660 10,366 CLOROX CO 326,010 16,700 COCA COLA CO 754,172 2,500 COCA COLA ENTERPRISES, INC 44,450 12,284 COLGATE PALMOLIVE CO 678,813 3,100 CONAGRA FOODS, INC 56,544 4,060 COORS (ADOLPH) CO (CLASS B) 265,686 2,900 * COSTCO WHOLESALE CORP 113,825 4,909 CVS CORP 287,127 1,900 GENERAL MILLS, INC 81,719 11,071 GILLETTE CO 345,083 700 HASBRO, INC 9,030 2,100 HEINZ (H.J.) CO 84,420 900 HERSHEY FOODS CORP 62,388 33,766 HOME DEPOT, INC 1,455,314 900 INTERNATIONAL FLAVORS & FRAGRANCES, INC 19,854 2,600 KELLOGG CO 70,278 5,500 * KROGER CO 141,845 200 LONGS DRUG STORES CORP 5,912 3,997 LOWE'S COS, INC 233,624 2,600 MATTEL, INC 46,124 1,600 NEWELL RUBBERMAID, INC 42,400 1,600 * OFFICE DEPOT, INC 14,000 17,022 PEPSICO, INC 748,116 14,900 PHILIP MORRIS COS, INC 707,005 9,832 PROCTER & GAMBLE CO 615,483 800 QUAKER OATS CO 78,400 1,100 RADIOSHACK CORP 40,359 1,400 RALSTON PURINA CO 43,610 3,300 * SAFEWAY, INC 181,995 5,500 SARA LEE CORP 118,690 2,700 * STAPLES, INC 40,162 1,200 SUPERVALU, INC 15,996 137 THE SWATCH GROUP AG. (BR) 143,273 1,300 * TOYS 'R' US, INC 32,630 300 TUPPERWARE CORP 7,158 12,703 UNILEVER NV (NEW YORK SHS) 668,685 900 UST, INC 27,045 6,800 WALGREEN CO 277,440 1,400 WINN-DIXIE STORES, INC 39,718 1,500 WRIGLEY (WM) JR CO 72,375 ------------ TOTAL CONSUMER NON-CYCLICAL 10,108,710 ------------ ENERGY -- 7.02% 500 AMERADA HESS CORP 39,060 1,627 ANADARKO PETROLEUM CORP 102,143 800 APACHE CORP 46,088 1,100 ASHLAND, INC 42,240 14,506 BAKER HUGHES, INC 526,712 9,816 BURLINGTON RESOURCES, INC 439,266
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 37 38 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ENERGY -- (CONTINUED) 4,300 CHEVRON CORP $ 377,540 12,277 CONOCO, INC (CLASS B) 346,825 800 DEVON ENERGY CORP (NEW) 46,560 5,430 DIAMOND OFFSHORE DRILLING, INC 213,670 700 EOG RESOURCES, INC 28,861 43,391 EXXON MOBIL CORP 3,514,671 2,900 HALLIBURTON CO 106,575 600 KERR-MCGEE CORP 38,940 300 MCDERMOTT INTERNATIONAL, INC 3,795 900 * NABORS INDUSTRIES, INC 46,656 800 * NOBLE DRILLING CORP 36,928 2,200 OCCIDENTAL PETROLEUM CORP 54,450 1,700 PHILLIPS PETROLEUM CO 93,585 500 * ROWAN COS, INC 13,750 23,710 ROYAL DUTCH PETROLEUM CO (NEW YORK SHS) 1,314,482 3,900 SCHLUMBERGER LTD 224,679 700 SUNOCO, INC 22,701 3,500 TEXACO, INC 232,400 900 TOSCO CORP 38,484 2,116 TRANSOCEAN SEDCO FOREX, INC 91,728 1,700 UNOCAL CORP 58,769 2,000 USX-MARATHON GROUP, INC 53,900 ------------ TOTAL ENERGY 8,155,458 ------------ FINANCIAL SERVICES -- 17.68% 11,530 ACE LTD 423,842 3,500 AFLAC, INC 96,390 6,827 ALLSTATE CORP 286,324 600 AMBAC FINANCIAL GROUP, INC 38,058 8,900 AMERICAN EXPRESS CO 367,570 3,300 AMERICAN GENERAL CORP 126,225 25,167 AMERICAN INTERNATIONAL GROUP, INC 2,025,944 2,200 AMSOUTH BANCORPORATION 36,982 1,600 AON CORP 56,800 23,297 BANK OF AMERICA CORP 1,275,510 5,000 BANK OF NEW YORK CO, INC 246,200 7,700 BANK ONE CORP 278,586 2,600 BB&T CORP 91,442 700 BEAR STEARNS COS, INC 32,018 1,200 CAPITAL ONE FINANCIAL CORP 66,600 1,310 CHARTER ONE FINANCIAL, INC 37,073 1,100 CHUBB CORP 79,684 900 CINCINNATI FINANCIAL CORP 34,143 1,600 CIT GROUP, INC (CLASS A) 46,208 58,435 CITIGROUP, INC 2,628,406 1,200 COMERICA, INC 73,800 1,800 CONSECO, INC 28,980 700 COUNTRYWIDE CREDIT INDUSTRIES, INC 34,545 4,700 FREDDIE MAC 304,701 3,100 FIFTH THIRD BANCORP 165,656 6,500 FIRST UNION CORP 214,500 22,035 FLEETBOSTON FINANCIAL CORP 831,821 13,971 FANNIE MAE 1,112,091 1,500 FRANKLIN RESOURCES, INC 58,665 1,000 GOLDEN WEST FINANCIAL CORP 64,900
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 1,500 HARTFORD FINANCIAL SERVICES GROUP, INC $ 88,500 3,100 HOUSEHOLD INTERNATIONAL, INC 183,644 1,217 HUNTINGTON BANCSHARES, INC 17,342 600 JEFFERSON-PILOT CORP 40,734 8,346 JOHN HANCOCK FINANCIAL SERVICES, INC 320,903 23,412 JP MORGAN CHASE & CO 1,051,198 2,800 KEYCORP 72,240 4,328 LEHMAN BROTHERS HOLDINGS, INC 271,365 1,200 LINCOLN NATIONAL CORP 50,964 21,689 MANULIFE FINANCIAL CORP 572,323 1,800 MARSH & MCLENNAN COS, INC 171,054 600 MBIA, INC 48,408 5,700 MBNA CORP 188,670 10,053 MELLON FINANCIAL CORP 407,347 7,953 MERRILL LYNCH & CO, INC 440,596 19,097 METLIFE, INC 573,864 700 MGIC INVESTMENT CORP 47,894 13,577 MORGAN STANLEY DEAN WITTER & CO 726,369 4,000 NATIONAL CITY CORP 107,000 5,589 NORTHERN TRUST CORP 349,312 810 OLD KENT FINANCIAL CORP 30,780 58,300 OLD MUTUAL PLC 122,670 7,799 PNC FINANCIAL SERVICES GROUP, INC 528,382 500 PROGRESSIVE CORP 48,525 1,900 PROVIDIAN FINANCIAL CORP 93,195 1,400 REGIONS FINANCIAL CORP 39,812 700 SAFECO CORP 19,731 9,200 SCHWAB (CHARLES) CORP 141,864 1,000 SOUTHTRUST CORP 45,750 1,400 ST. PAUL COS, INC 61,670 1,200 STARWOOD HOTELS & RESORTS WORLDWIDE, INC 40,812 1,100 STATE STREET CORP 102,740 1,300 STILWELL FINANCIAL, INC 34,866 1,900 SUNTRUST BANKS, INC 123,120 1,800 SYNOVUS FINANCIAL CORP 48,600 700 T ROWE PRICE GROUP, INC 21,918 800 TORCHMARK CORP 31,064 900 UNION PLANTERS CORP 34,641 1,392 UNUMPROVIDENT CORP 40,674 25,109 US BANCORP (NEW) 582,528 1,000 USA EDUCATION, INC 72,650 1,400 WACHOVIA CORP 84,350 3,900 WASHINGTON MUTUAL, INC 213,525 11,500 WELLS FARGO & CO 568,905 6,680 XL CAPITAL LTD (CLASS A) 508,147 ------------ TOTAL FINANCIAL SERVICES 20,534,310 ------------ HEALTH CARE -- 14.84% 24,887 ABBOTT LABORATORIES CO 1,174,417 900 * AETNA, INC (NEW) 32,328 900 ALLERGAN, INC 66,735 1,500 * ALZA CORP 60,750 14,900 AMERICAN HOME PRODUCTS CORP 875,375 15,806 * AMGEN, INC 951,323
38 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 39 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 1,300 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) $ 36,075 200 BARD (C.R.), INC 9,080 300 BAUSCH & LOMB, INC 13,698 8,103 BAXTER INTERNATIONAL, INC 762,816 1,500 BECTON DICKINSON & CO 52,980 900 * BIOGEN, INC 56,981 1,100 BIOMET, INC 43,329 2,400 * BOSTON SCIENTIFIC CORP 48,432 24,800 BRISTOL MYERS SQUIBB CO 1,473,120 6,941 CARDINAL HEALTH, INC 671,541 1,200 * CHIRON CORP 52,650 1,000 CIGNA CORP 107,360 459 * DURECT CORP 3,471 1,200 * FOREST LABORATORIES, INC 71,088 2,000 * GUIDANT CORP 89,980 3,700 HCA-THE HEALTHCARE CO 148,999 14,724 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) 228,958 2,200 * HEALTHSOUTH CORP 28,358 900 * HUMANA, INC 9,432 1,800 IMS HEALTH, INC 44,820 15,800 JOHNSON & JOHNSON 1,382,026 1,000 * KING PHARMACEUTICALS, INC 40,750 11,048 LILLY (ELI) & CO 846,939 500 * MANOR CARE, INC 10,200 1,700 MCKESSON HBOC, INC 45,475 1,400 * MEDIMMUNE, INC 50,225 8,100 MEDTRONIC, INC 370,494 28,379 MERCK & CO, INC 2,153,966 200 MILLIPORE CORP 9,252 600 PALL CORP 13,152 75,760 PFIZER, INC 3,102,372 15,005 PHARMACIA CORP 755,801 2,770 * PRAECIS PHARMACEUTICALS, INC 55,226 500 * QUINTILES TRANSNATIONAL CORP 9,437 16,437 SCHERING-PLOUGH CORP 600,443 500 * ST. JUDE MEDICAL, INC 26,925 1,200 STRYKER CORP 62,700 8,565 * TENET HEALTHCARE CORP 376,860 2,200 UNITEDHEALTH GROUP, INC 130,372 600 * WATSON PHARMACEUTICALS, INC 31,560 400 * WELLPOINT HEALTH NETWORKS, INC 38,124 ------------ TOTAL HEALTH CARE 17,226,395 ------------ OTHER -- 2.84% 500 BLOCK (H&R), INC 25,030 4,600 * CENDANT CORP 67,114 900 CINTAS CORP 35,478 300 CRANE CO 7,815 1,300 DOVER CORP 46,592 1,000 FORTUNE BRANDS, INC 34,400 12,088 HONEYWELL INTERNATIONAL, INC 493,190 500 ITT INDUSTRIES, INC 19,375 1,200 LOEWS CORP 71,292 900 MOODY'S CORP 24,804
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 200 NATIONAL SERVICE INDUSTRIES, INC $ 4,690 1,000 * ROBERT HALF INTERNATIONAL, INC 22,350 900 TEXTRON, INC 51,156 39,270 TYCO INTERNATIONAL LTD 1,697,642 9,499 UNITED TECHNOLOGIES CORP 696,276 ------------ TOTAL OTHER 3,297,204 ------------ PRODUCER DURABLES -- 5.15% 1,000 * ALLIED WASTE INDUSTRIES, INC 15,680 153 * AXCELIS TECHNOLOGIES, INC 1,769 100 BRIGGS & STRATTON CORP 3,837 2,300 CATERPILLAR, INC 102,074 500 COOPER INDUSTRIES, INC 16,725 200 CUMMINS ENGINE CO, INC 7,508 1,700 DEERE & CO 61,778 400 EATON CORP 27,400 2,900 EMERSON ELECTRIC CO 179,800 112,823 GENERAL ELECTRIC CO 4,722,771 500 GRAINGER (W.W.), INC 16,925 2,000 HARLEY-DAVIDSON, INC 75,900 2,000 ILLINOIS TOOL WORKS, INC 113,680 1,000 INGERSOLL-RAND CO 39,710 2,700 MINNESOTA MINING & MANUFACTURING CO 280,530 300 * NAVISTAR INTERNATIONAL CORP 6,840 400 PACCAR, INC 17,925 700 PARKER HANNIFIN CORP 27,804 1,600 PITNEY BOWES, INC 55,600 400 * POWER-ONE, INC 5,796 1,200 ROCKWELL INTERNATIONAL CORP 43,620 1,000 * THERMO ELECTRON CORP 22,480 300 THOMAS & BETTS CORP 5,208 300 TIMKEN CO 4,695 4,200 WASTE MANAGEMENT, INC 103,740 3,800 XEROX CORP 22,762 ------------ TOTAL PRODUCER DURABLES 5,982,557 ------------ TECHNOLOGY -- 16.92% 400 * ADAPTEC, INC 3,468 4,700 * ADC TELECOMMUNICATIONS, INC 39,950 1,600 ADOBE SYSTEMS, INC 55,952 1,900 * ADVANCED MICRO DEVICES, INC 50,426 2,862 * AGILENT TECHNOLOGIES, INC 87,949 2,400 * ALTERA CORP 51,450 1,100 * AMERICAN POWER CONVERSION CORP 14,179 2,300 * ANALOG DEVICES, INC 83,352 400 * ANDREW CORP 5,750 2,100 * APPLE COMPUTER, INC 46,347 9,416 * APPLIED MATERIALS, INC 409,596 1,700 * APPLIED MICRO CIRCUITS CORP 28,050 300 AUTODESK, INC 9,168 4,200 AUTOMATIC DATA PROCESSING, INC 228,396 1,894 * AVAYA, INC 24,622 700 AVERY DENNISON CORP 36,414 5,435 * BEA SYSTEMS, INC 159,653 1,400 * BMC SOFTWARE, INC 30,100 1,500 * BROADCOM CORP (CLASS A) 43,350
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 39 40 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 1,400 * BROADVISION, INC $ 7,481 800 * CABLETRON SYSTEMS, INC 10,320 800 * CERIDIAN CORP 14,800 75,327 * CISCO SYSTEMS, INC 1,191,108 1,000 * CITRIX SYSTEMS, INC 21,125 34,958 COMPAQ COMPUTER CORP 636,235 3,900 COMPUTER ASSOCIATES INTERNATIONAL, INC 106,080 1,000 * COMPUTER SCIENCES CORP 32,350 2,100 * COMPUWARE CORP 20,475 1,000 * COMVERSE TECHNOLOGY, INC 58,890 1,400 * CONEXANT SYSTEMS, INC 12,512 1,000 * CONVERGYS CORP 36,070 10,239 CORNING, INC 211,844 187 * CORVIS CORP 1,314 27,001 * DELL COMPUTER CORP 693,588 400 DELUXE CORP 9,468 110 * EFUNDS CORP 2,117 3,100 ELECTRONIC DATA SYSTEMS CORP 173,166 29,303 * EMC CORP 861,508 800 EQUIFAX, INC 25,000 6,313 * EXODUS COMMUNICATIONS, INC 67,864 2,700 FIRST DATA CORP 161,217 1,900 * GATEWAY, INC 31,939 2,394 * GLOBESPAN, INC 52,368 13,100 HEWLETT-PACKARD CO 409,637 83,538 INTEL CORP 2,198,094 16,748 INTERNATIONAL BUSINESS MACHINES CORP 1,610,822 1,200 * INTUIT, INC 33,300 1,100 * JABIL CIRCUIT, INC 23,782 20,998 * JDS UNIPHASE CORP 387,150 1,100 * KLA-TENCOR CORP 43,312 800 * LEXMARK INTERNATIONAL, INC 36,416 4,492 LINEAR TECHNOLOGY CORP 184,452 1,800 * LSI LOGIC CORP 28,314 51,072 LUCENT TECHNOLOGIES, INC 509,187 1,800 * MAXIM INTEGRATED PRODUCTS, INC 74,862 801 * MCDATA CORP (CLASS A) 15,118 500 * MERCURY INTERACTIVE CORP 20,937 6,480 * MICRON TECHNOLOGY, INC 269,114 49,021 * MICROSOFT CORP 2,680,836 41 * MIPS TECHNOLOGIES, INC (CLASS B) 943 1,150 MOLEX, INC 40,573 13,745 MOTOROLA, INC 196,003 500 MURATA MANUFACTURING CO LTD 41,535 1,000 * NATIONAL SEMICONDUCTOR CORP 26,750 500 * NCR CORP 19,515 1,900 * NETWORK APPLIANCE, INC 31,943 19,116 NOKIA CORP (SPON ADR) 458,784 34,750 NORTEL NETWORKS CORP (U.S.) 488,237 1,400 * NOVELL, INC 7,000 800 * NOVELLUS SYSTEMS, INC 32,450 8,834 * ON SEMICONDUCTOR CORP 47,206 68,144 * ORACLE CORP 1,020,797 3,386 * PALM, INC 28,463
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 1,300 * PARAMETRIC TECHNOLOGY CORP $ 11,781 2,350 PAYCHEX, INC 87,096 1,700 * PEOPLESOFT, INC 39,843 3,466 PERLOS OYJ 34,164 1,844 * PMC-SIERRA, INC 46,837 500 * QLOGIC CORP 11,250 7,718 * QUALCOMM, INC 437,031 7,579 * SANMINA CORP 148,264 500 * SAPIENT CORP 3,593 1,000 SCIENTIFIC-ATLANTA, INC 41,590 2,700 * SIEBEL SYSTEMS, INC 73,440 11,212 * SOLECTRON CORP 213,140 38,949 * SUN MICROSYSTEMS, INC 598,646 900 SYMBOL TECHNOLOGIES, INC 31,410 500 * TEKTRONIX, INC 13,645 2,700 * TELLABS, INC 109,856 1,000 * TERADYNE, INC 33,000 11,700 TEXAS INSTRUMENTS, INC 362,466 131 * TRANSMETA CORP 2,521 1,700 * UNISYS CORP 23,800 7,134 * VERITAS SOFTWARE CORP 329,876 1,100 * VITESSE SEMICONDUCTOR CORP 26,193 2,200 * XILINX, INC 77,275 4,962 * YAHOO!, INC 78,151 ------------ TOTAL TECHNOLOGY 19,647,411 ------------ TRANSPORTATION -- 0.85% 900 * AMR CORP 31,608 2,600 BURLINGTON NORTHERN SANTA FE CORP 78,988 3,105 * CONTINENTAL AIRLINES, INC (CLASS B) 128,547 1,400 CSX CORP 47,180 800 DELTA AIR LINES, INC 31,600 1,900 * FEDEX CORP 79,192 2,600 NORFOLK SOUTHERN CORP 43,524 500 RYDER SYSTEM, INC 8,995 5,511 * SABRE HOLDINGS CORP 254,442 10,080 SOUTHWEST AIRLINES CO 178,920 300 * U.S. AIRWAYS GROUP, INC 10,635 1,600 UNION PACIFIC CORP 90,000 ------------ TOTAL TRANSPORTATION 983,631 ------------ UTILITIES -- 9.52% 3,000 * AES CORP 149,880 800 ALLEGHENY ENERGY, INC 37,008 2,861 ALLIANT ENERGY CORP 91,037 2,100 ALLTEL CORP 110,166 900 AMEREN CORP 36,855 12,851 AMERICAN ELECTRIC POWER CO, INC 603,997 3,509 * AMERICAN TOWER CORP (CLASS A) 64,916 42,309 A T & T CORP 901,181 5,329 * A T & T WIRELESS GROUP 102,210 12,600 BELLSOUTH CORP 515,592 6,480 * BROADWING, INC 124,092 1,800 * CALPINE CORP 99,126 800 CENTURYTEL, INC 23,000
40 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 41 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- UTILITIES -- (CONTINUED) 1,100 CINERGY CORP $ 36,905 1,300 * CITIZENS COMMUNICATIONS CO 16,445 700 CMS ENERGY CORP 20,713 1,400 CONSOLIDATED EDISON, INC 51,940 900 CONSTELLATION ENERGY GROUP, INC 39,690 1,500 DOMINION RESOURCES, INC 96,705 16,111 DTE ENERGY CO 641,217 5,000 DUKE ENERGY CORP 213,700 2,200 DYNEGY, INC (CLASS A) 112,222 2,400 EDISON INTERNATIONAL CO 30,336 5,539 EL PASO CORP 361,696 10,383 ENRON CORP 603,252 1,400 ENTERGY CORP 53,200 2,137 EXELON CORP 140,187 8,367 FIRSTENERGY CORP 233,606 1,100 FPL GROUP, INC 67,430 5,515 * GLOBAL CROSSING LTD 74,397 600 GPU, INC 19,494 900 KEYSPAN CORP 34,317 700 KINDER MORGAN, INC 37,240 11,370 * LEVEL 3 COMMUNICATIONS, INC 197,553 4,585 * NEWPOWER HOLDINGS, INC 29,802 5,000 * NEXTEL COMMUNICATIONS, INC (CLASS A) 71,875 900 * NIAGARA MOHAWK HOLDINGS, INC 15,210 200 NICOR, INC 7,454 1,237 NISOURCE, INC 38,495 122 * NISOURCE, INC (SAILS) 336 200 ONEOK, INC 8,178 100 PEOPLES ENERGY CORP 3,887 6,623 PG&E CORP 82,456 400 PINNACLE WEST CAPITAL CORP 18,348 900 PPL CORP 39,564 12,165 * PRICE COMMUNICATIONS CORP 209,359 1,300 PROGRESS ENERGY, INC 55,991 200 * PROGRESS ENERGY, INC- CVO 90 5,768 * PSINET, INC 1,261
-------------------------------------------------------------------------------- SHARES/PRINCIPAL VALUE -------------------------------------------------------------------------------- 1,500 PUBLIC SERVICE ENTERPRISE GROUP, INC $ 64,740 10,629 * QWEST COMMUNICATIONS INTERNATIONAL, INC 372,546 4,468 * RCN CORP 26,947 2,100 RELIANT ENERGY, INC 95,025 34,182 SBC COMMUNICATIONS, INC 1,525,542 1,500 SEMPRA ENERGY 34,920 4,200 SOUTHERN CO 147,378 5,900 SPRINT CORP (FON GROUP) 129,741 6,200 * SPRINT CORP (PCS GROUP) 117,800 4,776 TXU CORP 197,344 885 * TYCOM LTD 11,637 18,096 VERIZON COMMUNICATIONS, INC 892,211 17,298 * VIATEL, INC 9,730 5,464 * WESTERN WIRELESS CORP (CLASS A) 221,975 3,200 WILLIAMS COS, INC 137,120 25,759 * WORLDCOM, INC 481,371 2,265 XCEL ENERGY, INC 68,199 ------------ TOTAL UTILITIES 11,057,837 ------------ TOTAL COMMON STOCK (Cost $132,569,174) 114,449,567 ------------ SHORT TERM INVESTMENT -- 3.45% U.S. GOVERNMENT AND AGENCY -- 3.45% FEDERAL HOME LOAN BANK (FHLB) $4,005,000 5.130%, 04/02/01 4,004,429 ------------ TOTAL SHORT TERM INVESTMENT (Cost $4,004,429) 4,004,429 ------------ TOTAL PORTFOLIO -- 102.05% (Cost $136,623,603) 118,503,996 OTHER ASSETS AND LIABILITIES, NET -- (2.05%) (2,385,519) ------------ NET ASSETS -- 100.00% $116,118,477 ============
--------------- * Non-income producing See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 41 42 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2001
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- PREFERRED STOCK -- 0.00% FINANCIAL SERVICES -- 0.00% 25 * CORRECTIONS CORP OF AMERICA (CLASS B) $ 233 ----------- TOTAL FINANCIAL SERVICES 233 ----------- TOTAL PREFERRED STOCK (Cost $1,955) 233 ----------- COMMON STOCK -- 99.31% AEROSPACE & DEFENSE -- 1.04% 200 AAR CORP 2,552 100 * ALLIANT TECHSYSTEMS, INC 8,855 100 * ARMOR HOLDINGS, INC 1,760 65 * AVIALL, INC 432 6,049 BOEING CO 336,989 676 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) 18,716 1,091 GENERAL DYNAMICS CORP 68,449 4,567 * GENERAL MOTORS CORP (CLASS H) 89,056 100 HEICO CORP 1,535 80 KAMAN CORP (CLASS A) 1,310 2,506 LOCKHEED MARTIN CORP 89,338 166 * MOTIENT CORP 217 549 NORTHROP GRUMMAN CORP 47,763 200 * ORBITAL SCIENCES CORP 1,200 200 * PANAMSAT CORP 7,837 200 * PEGASUS COMMUNICATIONS CORP 4,600 365 PERKINELMER, INC 19,144 300 PRECISION CASTPARTS CORP 9,915 2,313 RAYTHEON CO (CLASS B) 67,955 200 * REMEC, INC 2,000 242 * TELEDYNE TECHNOLOGIES, INC 3,388 142 * TRIUMPH GROUP, INC 5,396 ----------- TOTAL AEROSPACE & DEFENSE 788,407 ----------- BASIC INDUSTRIES -- 3.35% 1,659 AIR PRODUCTS & CHEMICALS, INC 63,705 323 * AIRGAS, INC 2,545 476 AK STEEL HOLDINGS CORP 4,783 67 * ALBANY INTERNATIONAL CORP (CLASS A) 1,232 87 ALBEMARLE CORP 1,953 5,772 ALCOA, INC 207,503 508 ALLEGHENY TECHNOLOGIES, INC 8,844 100 AMCOL INTERNATIONAL CORP 400 353 * AMERICAN STANDARD COS, INC 20,851 200 APTARGROUP, INC 6,094 77 ARCH CHEMICALS, INC 1,640 263 ARCH COAL, INC 7,884 429 ARMSTRONG HOLDINGS, INC 1,737 200 BALL CORP 9,174 272 BEMIS CO 9,000 770 * BETHLEHEM STEEL CORP 1,863 511 BLACK & DECKER CORP 18,779 288 BOISE CASCADE CORP 9,043 385 BOWATER, INC 18,249 58 BRUSH ENGINEERED MATERIALS, INC 1,081 200 * BUCKEYE TECHNOLOGIES, INC 2,300
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 634 CABOT CORP $ 19,971 193 * CABOT MICROELECTRONICS CORP 8,540 122 CALGON CARBON CORP 912 100 CAMBREX CORP 4,155 191 CARAUSTAR INDUSTRIES, INC 1,533 200 CARLISLE COS, INC 6,524 66 CARPENTER TECHNOLOGY CORP 1,851 412 CENTEX CORP 17,159 100 CENTURY ALUMINUM CO 1,600 300 * CHAMPION ENTERPRISES, INC 1,545 100 CHEMED CORP 3,475 265 CHEMFIRST, INC 7,062 76 CHESAPEAKE CORP 1,759 100 CLARCOR, INC 2,310 583 CLAYTON HOMES, INC 7,025 140 CLEVELAND CLIFFS, INC 2,520 200 * COLLINS & AIKMAN CORP 876 100 * COMFORT SYSTEMS U.S.A., INC 244 100 COMMERCIAL METALS CO 2,510 181 CONSOL ENERGY, INC 6,244 714 CROMPTON CORP 7,996 764 CROWN CORK & SEAL CO, INC 3,094 453 * CYTEC INDUSTRIES, INC 14,505 300 * DAL-TILE INTERNATIONAL, INC 4,515 100 * DEL WEBB CORP 3,090 144 DELTIC TIMBER CORP 2,916 100 * DIONEX CORP 3,143 6,027 DOW CHEMICAL CO 190,272 6,515 DU PONT (E.I.) DE NEMOURS & CO 265,160 480 EASTMAN CHEMICAL CO 23,625 704 ECOLAB, INC 29,863 70 ELCOR CORP 978 100 * EMCOR GROUP, INC 3,063 416 * ENCOMPASS SERVICES CORP 2,038 100 * ENERGY CONVERSION DEVICES, INC 2,450 808 ENGELHARD CORP 20,894 222 ETHYL CORP 333 200 FERRO CORP 4,066 219 FLEETWOOD ENTERPRISES, INC 1,981 67 FLORIDA ROCK INDUSTRIES, INC 2,643 472 FLUOR CORP (NEW) 21,004 100 * FMC CORP 7,364 200 FOSTER WHEELER CORP 3,592 800 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) 10,440 148 FULLER (H.B.) CO 6,234 191 * GAYLORD CONTAINER CORP (CLASS A) 221 300 * GENERAL CHEMICAL GROUP, INC 240 54 GENTEK, INC 702 200 GEORGIA GULF CORP 3,482 1,491 GEORGIA-PACIFIC CORP (GEORGIA-PACIFIC GROUP) 43,835 509 GEORGIA-PACIFIC CORP (TIMBER GROUP) 14,608 191 GLATFELTER (P.H.) CO 2,433 572 GOODRICH (B.F.) CO 21,947 200 * GRACE W.R. & CO 460 67 GRANITE CONSTRUCTION, INC 2,276
42 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 43 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- BASIC INDUSTRIES -- (CONTINUED) 283 GREAT LAKES CHEMICAL CORP $ 8,699 148 GREIF BROTHERS CORP (CLASS A) 4,162 681 HERCULES, INC 8,846 1,635 HOMESTAKE MINING CO 8,600 328 HORTON (D.R.), INC 6,937 558 IMC GLOBAL, INC 6,863 100 IMCO RECYCLING, INC 451 71 * INSITUFORM TECHNOLOGIES, INC (CLASS A) 2,316 200 * INTEGRATED ELECTRICAL SERVICES, INC 1,140 3,227 INTERNATIONAL PAPER CO 116,430 100 * INTERNATIONAL SPECIALTY PRODUCTS, INC 820 100 INTERPOOL, INC 1,455 100 * IVEX PACKAGING CORP 1,375 100 * JACOBS ENGINEERING GROUP, INC 5,800 104 * KAISER ALUMINUM CORP 397 371 KB HOME 12,109 3,589 KIMBERLY-CLARK CORP 243,441 200 LAFARGE CORP 6,068 335 LENNAR CORP 13,353 167 LENNOX INTERNATIONAL, INC 1,720 100 * LONE STAR TECHNOLOGIES, INC 4,275 285 LONGVIEW FIBRE CO 3,705 681 LOUISIANA PACIFIC CORP 6,544 358 b LTV CORP 56 300 LUBRIZOL CORP 9,090 491 LYONDELL CHEMICAL CO 7,055 355 MACDERMID, INC 6,418 267 MARTIN MARIETTA MATERIALS, INC 11,400 2,989 MASCO CORP 72,154 472 MASSEY ENERGY CO 11,290 100 * MATTSON TECHNOLOGY, INC 1,512 110 MDC HOLDINGS, INC 4,328 568 MEAD CORP 14,251 108 METALS U.S.A., INC 291 400 METRIS COS, INC 8,312 445 MILLENNIUM CHEMICALS, INC 7,284 67 MINERALS TECHNOLOGIES, INC 2,341 100 MISSISSIPPI CHEMICAL CORP 336 100 * MOBILE MINI, INC 2,756 200 * MUELLER INDUSTRIES, INC 6,008 72 NATIONAL STEEL CORP (CLASS B) 166 100 * NCI BUILDING SYSTEMS, INC 1,690 1,264 NEWMONT MINING CORP 20,375 77 NL INDUSTRIES, INC 1,293 100 * NORTEK, INC 2,735 100 * NS GROUP, INC 1,115 513 NUCOR CORP 20,555 100 * NVR, INC 16,300 103 * OAKLEY, INC 1,830 100 OAKWOOD HOMES CORP 106 100 * OCTEL CORP 1,160 244 OLIN CORP 4,975 100 OM GROUP, INC 5,325 117 OMNOVA SOLUTIONS, INC 776 180 b OWENS CORNING CO 576
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 938 * OWENS-ILLINOIS, INC $ 7,973 200 * PACKAGING CORP OF AMERICA 2,640 903 * PACTIV CORP 10,935 100 * PALM HARBOR HOMES, INC 1,518 553 PENTAIR, INC 14,090 468 PHELPS DODGE CORP 18,804 300 PLUM CREEK TIMBER CO, INC 7,260 575 POLYONE CORP 5,232 100 POPE & TALBOT, INC 1,240 300 POTLATCH CORP 9,585 1,123 PPG INDUSTRIES, INC 51,759 970 PRAXAIR, INC 43,310 200 PULTE CORP 8,082 100 QUANEX CORP 1,795 99 RAYONIER, INC 4,088 68 RELIANCE STEEL & ALUMINUM CO 1,594 100 ROCK-TENN CO (CLASS A) 800 744 ROHM & HAAS CO 22,922 687 RPM, INC 7,007 100 * RTI INTERNATIONAL METALS, INC 1,345 248 RYERSON TULL, INC 2,492 251 RYLAND GROUP, INC 10,416 210 SCHULMAN (A.), INC 2,506 100 * SCICLONE PHARMACEUTICALS, INC 418 499 * SEALED AIR CORP 16,631 200 * SHAW GROUP, INC 9,342 906 SHERWIN-WILLIAMS CO 23,084 661 SIGMA ALDRICH CORP 31,645 817 * SMURFIT-STONE CONTAINER CORP 10,874 595 SOLUTIA, INC 7,259 865 SONOCO PRODUCTS CO 18,597 200 SOUTHERN PERU COPPER CORP 2,760 154 SPARTECH CORP 2,487 200 ST. JOE CO 4,562 200 STANDARD-PACIFIC CORP 4,220 547 STANLEY WORKS CO 18,023 252 * STEEL DYNAMICS, INC 2,803 200 * STILLWATER MINING CO 5,410 40 STORA ENSO OYJ (SPONS ADR) 370 272 TEMPLE-INLAND, INC 12,036 100 * TERRA INDUSTRIES, INC 475 100 TEXAS INDUSTRIES, INC 2,903 100 * TOLL BROTHERS, INC 3,850 172 TREDEGAR CORP 3,027 52 UNIVERSAL FOREST PRODUCTS, INC 786 145 * URS CORP 2,755 500 USEC, INC 4,300 277 USG CORP 4,232 517 USX-US STEEL GROUP, INC 7,594 31 * VELOCITYHSI, INC 2 624 VULCAN MATERIALS CO 29,221 200 * WASHINGTON GROUP INTERNATIONAL, INC 312 15 * WATER PIK TECHNOLOGIES, INC 106 61 WATSCO, INC 706 284 WAUSAU-MOSINEE PAPER CORP 3,692 100 WD-40 CO 2,000 200 WELLMAN, INC 3,850
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 43 44 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- BASIC INDUSTRIES -- (CONTINUED) 145 WEST PHARMACEUTICAL SERVICES, INC $ 3,385 612 WESTVACO CORP 14,828 1,445 WEYERHAEUSER CO 73,391 566 WILLAMETTE INDUSTRIES, INC 26,036 45 * WOLVERINE TUBE, INC 569 466 WORTHINGTON INDUSTRIES, INC 4,333 200 YORK INTERNATIONAL CORP 5,536 ----------- TOTAL BASIC INDUSTRIES 2,537,106 ----------- CONSUMER CYCLICAL -- 10.42% 214 * 99 CENTS ONLY STORES 4,945 100 AARON RENTS, INC 1,610 647 * ABERCROMBIE & FITCH CO (CLASS A) 21,156 100 * ACCLAIM ENTERTAINMENT, INC 150 142 * ACKERLEY GROUP, INC 1,711 100 * ACME COMMUNICATIONS, INC 1,056 100 * ACTION PERFORMANCE COS, INC 1,125 100 * ACTV, INC 409 494 * ADELPHIA COMMUNICATIONS CORP (CLASS A) 20,007 73 * AFTERMARKET TECHNOLOGY CORP 351 100 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC 925 100 * AMERICAN CLASSIC VOYAGES CO 1,250 350 * AMERICAN EAGLE OUTFITTERS, INC 10,062 414 AMERICAN GREETINGS CORP (CLASS A) 4,388 468 * AMERICREDIT CORP 15,177 300 * AMES DEPARTMENT STORES, INC 628 299 * AMF BOWLING, INC 38 200 * ANNTAYLOR STORES CORP 5,310 26,665 * AOL TIME WARNER, INC 1,070,600 962 * APOLLO GROUP, INC (CLASS A) 31,565 100 APPLEBEE'S INTERNATIONAL, INC 3,568 64 ARCTIC CAT, INC 876 100 * ARGOSY GAMING CO 2,610 385 ARVINMERITOR, INC 5,286 17,334 * A T & T CORP - LIBERTY MEDIA GROUP (CLASS A) 242,676 665 AUTOLIV, INC 10,400 200 * AZTAR CORP 2,122 100 * BALLY TOTAL FITNESS HOLDINGS CORP 2,945 100 BANDAG, INC 2,678 61 BARNES GROUP, INC 1,159 43 BASSETT FURNITURE INDUSTRIES, INC 548 1,528 * BED BATH & BEYOND, INC 37,531 624 BELO (A.H.) CORP SERIES A 10,277 200 BLOCKBUSTER, INC (CLASS A) 2,998 200 BOB EVANS FARMS, INC 3,550 200 * BOCA RESORTS, INC (CLASS A) 2,320 100 BORGWARNER, INC 4,007 200 BOWNE & CO, INC 2,210 200 * BOYD GAMING CORP 674 292 * BOYDS COLLECTION LTD 2,774 601 * BRINKER INTERNATIONAL, INC 16,773
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 65 BROWN SHOE CO, INC $ 1,225 529 BRUNSWICK CORP 10,384 165 BURLINGTON COAT FACTORY WAREHOUSE CORP 3,250 200 * BURLINGTON INDUSTRIES, INC 530 100 BUSH INDUSTRIES, INC (CLASS A) 1,440 643 * CABLEVISION SYSTEMS CORP (CLASS A) 45,241 321 * CABLEVISION SYSTEMS CORP - RAINBOW MEDIA GROUP 7,752 473 CALLAWAY GOLF CO 10,505 268 * CATALINA MARKETING CORP 8,728 100 CATO CORP (CLASS A) 1,506 410 CBRL GROUP, INC 7,456 200 * CEC ENTERTAINMENT, INC 8,870 72 * CENTRAL GARDEN & PET CO 612 100 * CHAMPIONSHIP AUTO RACING TEAMS, INC 1,620 453 * CHARMING SHOPPES, INC 2,349 600 * CHARTER COMMUNICATIONS (CLASS A) 13,575 147 * CHICO'S FAS, INC 4,823 361 * CHILDREN'S PLACE RETAIL STORES, INC 8,664 296 * CHOICE HOTELS INTERNATIONAL, INC 4,055 159 * CHRIS CRAFT INDUSTRIES, INC 10,056 100 CHURCHILL DOWNS, INC 3,055 200 * CITADEL COMMUNICATIONS CORP 4,975 185 CKE RESTAURANTS, INC 432 200 CLAIRE'S STORES, INC 3,540 3,185 * CLEAR CHANNEL COMMUNICATIONS, INC 173,423 59 COACHMEN INDUSTRIES, INC 528 6,145 * COMCAST CORP (CLASS A)(SPECIAL) 257,705 595 * CONSOLIDATED STORES CORP 5,979 441 COOPER TIRE & RUBBER CO 5,005 231 * COPART, INC 4,733 926 * COX COMMUNICATIONS, INC (CLASS A) 41,197 200 * COX RADIO, INC (CLASS A) 4,202 100 * CROWN MEDIA HOLDINGS, INC (CLASS A) 1,900 164 * CUMULUS MEDIA, INC (CLASS A) 948 989 DANA CORP 16,991 640 DANAHER CORP 34,918 671 DARDEN RESTAURANTS, INC 15,936 300 DATA BROADCASTING CORP 2,278 3,710 DELPHI AUTOMOTIVE SYSTEMS CORP 52,570 60 * DEPARTMENT 56, INC 534 470 DILLARDS, INC (CLASS A) 10,311 350 * DIRECT FOCUS, INC 8,750 13,987 DISNEY (WALT) CO 400,028 1,223 DOLLAR GENERAL CORP 24,998 100 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC 2,060 733 * DOLLAR TREE STORES, INC 14,121 245 DONALDSON CO, INC 6,539 537 DONNELLEY (R.R.) & SONS CO 14,080 48 DOVER DOWNS ENTERTAINMENT, INC 600 267 DOW JONES & CO, INC 13,977 356 * DRESS BARN, INC 8,343 55 * DURA AUTOMOTIVE SYSTEMS, INC 464 2,031 EASTMAN KODAK CO 81,016
44 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 45 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 200 * EMMIS COMMUNICATIONS CORP (CLASS A) $ 5,062 185 * ENTERCOM COMMUNICATIONS CORP 7,270 200 EQUITY INNS, INC 1,566 100 EXIDE CORP 820 400 * EXTENDED STAY AMERICA, INC 6,000 69 FACTSET RESEARCH SYSTEMS, INC 2,083 100 * FAIRFIELD COMMUNITIES, INC 1,597 922 FAMILY DOLLAR STORES, INC 23,695 100 FEDDERS CORP 560 264 FEDERAL-MOGUL CORP 773 1,452 * FEDERATED DEPARTMENT STORES, INC 60,330 306 FELCOR LODGING TRUST, INC 7,022 100 * FINISH LINE, INC (CLASS A) 650 23 FLORIDA EAST COAST INDUSTRIES, INC (CLASS B) 704 100 * FOOTSTAR, INC 4,015 12,445 FORD MOTOR CO (NEW) 349,953 100 FOREST CITY ENTERPRISES, INC (CLASS A) 4,535 351 * FOSSIL, INC 6,098 783 * FOX ENTERTAINMENT GROUP, INC (CLASS A) 15,346 68 G & K SERVICES, INC (CLASS A) 1,355 1,799 GANNETT CO, INC 107,436 3,736 GAP, INC 88,617 264 * GAYLORD ENTERTAINMENT CO 7,022 65 * GEMSTAR-TV GUIDE INTERNATIONAL, INC 1,868 119 GENCORP, INC 1,263 3,825 GENERAL MOTORS CORP 198,326 100 * GENESCO, INC 2,740 663 * GENTEX CORP 15,331 1,137 GENUINE PARTS CO 29,459 1,260 GOODYEAR TIRE & RUBBER CO 30,051 228 GRACO, INC 6,384 45 GRAY COMMUNICATIONS SYSTEMS, INC 800 100 * GROUP 1 AUTOMOTIVE, INC 1,255 100 * GUITAR CENTER, INC 1,762 100 * HANDLEMAN CO 997 300 * HANOVER DIRECT, INC 99 185 HARCOURT GENERAL, INC 10,298 216 HARMAN INTERNATIONAL INDUSTRIES, INC 5,527 961 * HARRAH'S ENTERTAINMENT, INC 28,282 460 HARTE-HANKS, INC 10,405 100 HAVERTY FURNITURE COS, INC 1,370 64 * HAYES LEMMERZ INTERNATIONAL, INC 357 200 * HEARST-ARGYLE TELEVISION, INC 4,120 2,087 HILTON HOTELS CORP 21,809 500 * HISPANIC BROADCASTING CORP 9,550 200 HOLLINGER INTERNATIONAL, INC 2,862 100 * HOLLYWOOD ENTERTAINMENT CORP 218 100 * HOLLYWOOD MEDIA CORP 444 100 * HOT TOPIC, INC 2,800 100 HOUGHTON MIFFLIN CO 4,601 100 * IHOP CORP (NEW) 2,000 100 * INFORMATION HOLDINGS, INC 2,140 200 * INSIGHT COMMUNICATIONS CO, INC 5,300
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 81 INTERMET CORP $ 222 483 * INTERNATIONAL GAME TECHNOLOGY CO 24,319 200 INTERNATIONAL SPEEDWAY CORP (CLASS A) 7,412 2,161 INTERPUBLIC GROUP OF COS, INC 74,230 201 * INTERTAN, INC 2,542 502 INTIMATE BRANDS, INC 7,379 100 * INTRANET SOLUTIONS, INC 2,393 100 * ISLE OF CAPRI CASINOS, INC 1,056 200 * JACK IN THE BOX, INC 5,990 54 * JAKKS PACIFIC, INC 573 100 * JO-ANN STORES, INC (CLASS A) 440 506 JOHNSON CONTROLS, INC 31,604 574 * JONES APPAREL GROUP, INC 21,697 266 * JOURNAL REGISTER CO 4,365 200 b* JUST FOR FEET, INC 1 3,074 * KMART CORP 28,895 100 KELLWOOD CO 2,075 148 * KEY3MEDIA GROUP, INC 1,761 200 KIMBALL INTERNATIONAL, INC (CLASS B) 2,687 87 * KIRBY CORP 1,740 401 KNIGHT-RIDDER, INC 21,537 1,956 * KOHL'S CORP 120,665 41 * KROLL-O'GARA CO 220 290 * LAMAR ADVERTISING CO (CLASS A) 10,657 100 LANDRY'S SEAFOOD RESTAURANTS, INC 1,135 148 * LANDS' END, INC 4,062 386 LA-Z-BOY, INC 6,870 400 * LEAR CORP 11,720 458 LEE ENTERPRISES, INC 13,946 1,303 LEGGETT & PLATT, INC 25,056 257 LIBBEY, INC 7,674 164 * LIBERTY DIGITAL, INC (CLASS A) 1,025 224 * LIBERTY SATELLITE & TECHNOLOGY, INC (CLASS A) 378 100 * LIFEMINDERS, INC 87 2,058 LIMITED, INC 32,351 241 * LINENS 'N THINGS, INC 6,627 312 LIZ CLAIBORNE, INC 14,679 100 * LODGENET ENTERTAINMENT CORP 1,462 200 LONE STAR STEAKHOUSE & SALOON, INC 1,856 79 LUBY'S, INC 600 654 * MANDALAY RESORT GROUP 13,060 100 MARCUS CORP 1,380 60 * MARINE PRODUCTS CORP 159 1,294 MARRIOTT INTERNATIONAL, INC (CLASS A) 53,286 100 * MARTHA STEWART LIVING OMNIMEDIA, INC (CLASS A) 1,800 1,889 MAY DEPARTMENT STORES CO 67,021 502 MAYTAG CORP 16,189 100 MCCLATCHY CO (CLASS A) 4,040 8,953 MCDONALD'S CORP 237,702 1,303 MCGRAW-HILL COS, INC 77,723 100 MEDIA GENERAL, INC (CLASS A) 4,610 100 * MEDIACOM COMMUNICATIONS CORP 1,956 200 * MEN'S WEARHOUSE, INC 4,316 200 MEREDITH CORP 6,982
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 45 46 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 254 * METRO-GOLDWYN-MAYER, INC $ 4,353 381 * MGM MIRAGE 9,563 200 * MICHAELS STORES, INC 5,987 159 * MICROS SYSTEMS, INC 3,219 58 MIDAS, INC 759 200 * MIDWAY GAMES, INC 1,460 100 MODINE MANUFACTURING CO 2,575 459 * MOHAWK INDUSTRIES, INC 12,888 62 * MONACO COACH CORP 1,113 197 * MSC INDUSTRIAL DIRECT CO (CLASS A) 3,153 59 MYERS INDUSTRIES, INC 796 100 * MYPOINTS.COM, INC 62 144 NATIONAL GOLF PROPERTIES, INC 3,565 200 * NAUTICA ENTERPRISES, INC 3,587 242 * NBC INTERNET, INC (CLASS A) 347 428 * NEIMAN MARCUS GROUP, INC (CLASS A) 13,952 30 * NEIMAN MARCUS GROUP, INC (CLASS B) 906 100 * NETCENTIVES, INC 100 1,011 NEW YORK TIMES CO (CLASS A) 41,420 506 NIKE, INC (CLASS B) 20,518 584 NORDSTROM, INC 9,507 100 * NPC INTERNATIONAL, INC 1,037 1,772 * NTL, INC 44,565 100 * O'CHARLEY'S, INC 2,093 1,236 OMNICOM GROUP, INC 102,439 222 * O'REILLY AUTOMOTIVE, INC 4,426 100 OSHKOSH B'GOSH, INC (CLASS A) 2,550 251 OSHKOSH TRUCK CORP 8,910 444 * OUTBACK STEAKHOUSE, INC 11,304 200 * PACIFIC SUNWEAR CALIFORNIA, INC 5,500 100 * PAPA JOHN'S INTERNATIONAL, INC 2,381 1,540 * PARK PLACE ENTERTAINMENT CORP 15,785 100 * PAYLESS SHOESOURCE, INC 6,225 1,730 PENNEY (J.C.) CO, INC 27,662 76 PENTON MEDIA, INC 1,105 144 * PERFORMANCE FOOD GROUP CO 7,560 80 PHILLIPS-VAN HEUSEN CORP 1,206 546 PIER 1 IMPORTS, INC 7,098 100 * PINNACLE ENTERTAINMENT, INC 1,050 340 * PINNACLE SYSTEMS, INC 2,868 143 * PIXAR, INC 4,397 71 * PLAYBOY ENTERPRISES, INC (CLASS B) 756 100 POLARIS INDUSTRIES, INC 4,520 260 POLAROID CORP 1,107 300 * POLO RALPH LAUREN CORP 8,250 100 POLYMER GROUP, INC 179 198 * PRESSTEK, INC 2,153 300 * PRIME HOSPITALITY CORP 3,240 1,354 * PRIMEDIA, INC 8,530 100 * PRIVATE MEDIA GROUP, INC 715 100 PULITZER, INC 5,540 77 * QUIKSILVER, INC 2,044 400 * RADIO ONE, INC (CLASS A) 7,025 727 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) 19,977 465 * REEBOK INTERNATIONAL LTD 11,559
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 100 * REGENT COMMUNICATIONS, INC $ 696 200 REGIS CORP 2,925 100 * RENT-A-CENTER, INC 4,593 517 ROSS STORES, INC 9,693 300 RUBY TUESDAY, INC 5,883 200 RUSSELL CORP 3,740 200 * RYAN'S FAMILY STEAK HOUSES, INC 2,125 919 * SAKS, INC 11,947 100 * SALEM COMMUNICATIONS CORP (CLASS A) 1,625 100 * SALTON, INC 1,520 200 * SCHOLASTIC CORP 7,212 100 * SCOTTS CO (CLASS A) 3,805 100 * SCP POOL CORP 3,250 100 SCRIPPS (E.W.) CO (CLASS A) 5,797 2,023 SEARS ROEBUCK & CO 71,351 100 * SELECT COMFORT CORP 159 200 * SHOPKO STORES, INC 1,600 190 * SINCLAIR BROADCAST GROUP, INC (CLASS A) 1,377 258 * SIRIUS SATELLITE RADIO, INC 3,208 300 * SIX FLAGS, INC 5,805 100 SMITH (A.O.) CORP 1,953 300 SNAP-ON, INC 8,736 213 * SODEXHO MARRIOTT SERVICES, INC 6,187 100 * SONIC AUTOMOTIVE, INC 780 97 * SONIC CORP 2,431 200 * SOTHEBY'S HOLDINGS, INC (CLASS A) 3,674 100 * SPANISH BROADCASTING SYSTEM, INC (CLASS A) 650 148 * SPEEDWAY MOTORSPORTS, INC 3,848 100 SPIEGEL, INC (CLASS A) 700 58 * SPORTSLINE.COM, INC 213 100 SPRING INDUSTRIES, INC (CLASS A) 4,280 200 * SPX CORP 18,152 1,455 * STARBUCKS CORP 61,746 227 * STATION CASINOS, INC 3,134 500 STEELCASE, INC (CLASS A) 6,050 100 * STEIN MART, INC 1,093 100 * STONERIDGE, INC 735 200 STRIDE RITE CORP 1,500 100 STURM, RUGER & CO, INC 982 330 b* SUNBEAM CORP 28 200 * SUNGLASS HUT INTERNATIONAL, INC 2,287 100 SUPERIOR INDUSTRIES INTERNATIONAL, INC 3,457 200 * SYLVAN LEARNING SYSTEMS, INC 4,125 4,660 SYSCO CORP 123,536 100 * SYSTEMAX, INC 165 82 TALBOTS, INC 3,483 6,158 TARGET CORP 222,180 80 TENNECO AUTOMOTIVE, INC 224 193 * THE CHEESECAKE FACTORY, INC 7,104 85 * THE STEAK N SHAKE CO 731 264 * THQ, INC 10,032 926 TIFFANY & CO 25,233 100 * TIMBERLAND CO (CLASS A) 5,080
46 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 47 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 1,811 TJX COS, INC $ 57,952 183 * TOO, INC 3,429 200 * TOPPS CO, INC 2,025 244 * TOWER AUTOMOTIVE, INC 2,618 1,306 TRIBUNE CO 53,206 1,153 * TRICON GLOBAL RESTAURANTS, INC 44,033 455 TRUE NORTH COMMUNICATIONS, INC 17,176 861 TRW, INC 29,274 153 * TYLER TECHNOLOGIES, INC 290 688 * U.S.A. NETWORKS, INC 16,469 312 * UNIFI, INC 2,212 47 * UNITED RETAIL GROUP, INC 393 100 * UNIVERSAL ELECTRONICS, INC 1,650 1,066 * UNIVISION COMMUNICATIONS, INC (CLASS A) 40,678 642 V.F. CORP 22,470 80 * VAIL RESORTS, INC 1,600 402 * VALASSIS COMMUNICATIONS, INC 11,658 100 * VALUE CITY DEPARTMENT STORES, INC 830 100 * VANS, INC 2,256 892 * VENATOR GROUP, INC 12,309 8,420 * VIACOM, INC (CLASS B) 370,227 846 VISTEON CORP 12,723 76 WABASH NATIONAL CORP 779 18,252 WAL-MART STORES, INC 921,726 199 WARNACO GROUP, INC (CLASS A) 274 575 WENDY'S INTERNATIONAL, INC 12,834 200 WESTPOINT STEVENS, INC 1,800 400 * WESTWOOD ONE, INC 9,208 366 WHIRLPOOL CORP 18,296 267 WILEY (JOHN) & SONS, INC (CLASS A) 5,046 456 * WILLIAMS-SONOMA, INC 11,970 100 * WILSONS THE LEATHER EXPERTS, INC 1,906 100 * WINK COMMUNICATIONS, INC 500 351 WINNEBAGO INDUSTRIES, INC 6,212 100 * WMS INDUSTRIES, INC 1,800 247 WOLVERINE WORLD WIDE, INC 3,601 100 WOODWARD GOVERNOR CO 5,137 100 * WORLD WRESTLING FEDERATION ENTERTAINMENT, INC 1,336 100 * WORLDGATE COMMUNICATIONS, INC 431 100 * XM SATELLITE RADIO HOLDINGS, INC (CLASS A) 693 100 * YOUNG BROADCASTING, INC (CLASS A) 3,137 46 * YOUTHSTREAM MEDIA NETWORKS, INC 40 200 * ZALE CORP 5,800 100 * ZOMAX, INC 512 ----------- TOTAL CONSUMER CYCLICAL 7,895,283 ----------- CONSUMER NON-CYCLICAL -- 8.77% 202 * 7-ELEVEN, INC 1,999 200 ALBERTO CULVER CO (CLASS B) 7,932 1,818 ALBERTSON'S, INC 57,848 1,134 * AMAZON.COM, INC 11,600 265 * AMERICAN ITALIAN PASTA CO (CLASS A) 8,480 6,136 ANHEUSER-BUSCH COS, INC 281,826
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 80 * APPLICA, INC $ 496 4,189 ARCHER DANIELS MIDLAND CO 55,085 733 * AUTOZONE, INC 20,538 1,568 AVON PRODUCTS, INC 62,704 293 * BARNES & NOBLE, INC 7,002 105 * BARNESANDNOBLE.COM, INC 127 1,099 * BEST BUY CO, INC 39,520 86 * BEYOND.COM CORP 24 549 * BJ'S WHOLESALE CLUB, INC 26,269 200 BLYTH, INC 4,610 100 * BOMBAY CO, INC 239 480 * BORDERS GROUP, INC 8,078 279 BROWN FORMAN, INC (CLASS B) 17,284 200 * CADIZ, INC 1,987 1,784 CAMPBELL SOUP CO 53,288 100 CARTER WALLACE, INC 2,491 288 CASEY'S GENERAL STORES, INC 3,438 300 * CDW COMPUTER CENTERS, INC 9,300 100 * CHEAP TICKETS, INC 1,025 149 * CHIQUITA BRANDS INTERNATIONAL, INC 193 200 CHURCH & DWIGHT CO, INC 4,346 1,327 CIRCUIT CITY STORES (CIRCUIT CITY GROUP) 14,066 1,640 CLOROX CO 51,578 13,377 COCA COLA CO 604,105 1,957 COCA COLA ENTERPRISES, INC 34,795 3,789 COLGATE PALMOLIVE CO 209,380 3,608 CONAGRA FOODS, INC 65,809 58 * CONSTELLATION BRANDS, INC (CLASS A) 4,161 200 COORS (ADOLPH) CO (CLASS B) 13,088 200 CORN PRODUCTS INTERNATIONAL, INC 5,132 73 * COST PLUS, INC 1,683 2,974 * COSTCO WHOLESALE CORP 116,729 2,604 CVS CORP 152,307 52 * CYBERIAN OUTPOST, INC 32 240 DEAN FOODS CO 8,126 300 * DEL MONTE FOODS CO 2,442 34 DELHAIZE AMERICA, INC (CLASS A) 695 831 DELHAIZE AMERICA, INC (CLASS B) 16,777 200 DELTA & PINE LAND CO 4,820 540 DIAL CORP 6,750 267 DOLE FOOD CO 4,293 149 DREYER'S GRAND ICE CREAM, INC 3,864 261 * DUANE READE, INC 9,056 552 EARTHGRAINS CO 11,730 79 * EGGHEAD.COM, INC 59 586 * ENERGIZER HOLDINGS, INC 14,650 200 ETHAN ALLEN INTERIORS, INC 6,756 200 b* ETOYS, INC 3 144 * FACTORY 2-U STORES, INC 3,933 200 FASTENAL CO 10,900 200 FLEMING COS, INC 5,090 111 * FLOWERS FOODS, INC W/I 2,231 267 * FURNITURE BRANDS INTERNATIONAL, INC 6,327 1,893 GENERAL MILLS, INC 81,417 7,244 GILLETTE CO 225,795 100 b* GRAND UNION CO 0
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 47 48 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER NON-CYCLICAL -- (CONTINUED) 100 GREAT ATLANTIC & PACIFIC TEA CO, INC $ 915 365 * HAIN CELESTIAL GROUP, INC 10,585 1,094 HASBRO, INC 14,112 217 b* HEILIG MEYERS CO 13 2,283 HEINZ (H.J.) CO 91,776 51 HERBALIFE INTERNATIONAL, INC (CLASS B) 354 643 HERSHEY FOODS CORP 44,572 78 * HINES HORTICULTURE, INC 209 15,651 HOME DEPOT, INC 674,558 388 HORMEL FOODS CORP 7,558 100 HUGHES SUPPLY, INC 1,462 262 IBP, INC 4,296 200 b* IMPERIAL SUGAR CO 14 100 INGLES MARKETS, INC (CLASS A) 1,187 209 * INSIGHT ENTERPRISES, INC 4,415 346 INTERFACE, INC (CLASS A) 2,378 100 INTERNATIONAL MULTIFOODS CORP 1,925 245 INTERSTATE BAKERIES CORP 3,743 577 INTERNATIONAL FLAVORS & FRAGRANCES, INC 12,728 1,386 KELLOGG CO 37,463 5,373 * KROGER CO 138,569 200 LANCASTER COLONY CORP 5,812 100 LANCE, INC 1,125 613 LAUDER (ESTEE) COS (CLASS A) 22,325 211 LONGS DRUG STORES CORP 6,237 2,326 LOWE'S COS, INC 135,954 100 * MARVEL ENTERPRISES, INC 190 2,806 MATTEL, INC 49,778 448 MCCORMICK & CO, INC (NON-VOTE) 18,811 51 MICHAEL FOODS, INC 1,523 482 MILLER (HERMAN), INC 11,146 297 * NBTY, INC 2,524 1,811 NEWELL RUBBERMAID, INC 47,991 264 NU SKIN ENTERPRISES, INC (CLASS A) 2,244 1,880 * OFFICE DEPOT, INC 16,450 606 * OFFICEMAX, INC 2,272 149 ONEIDA LTD 2,376 300 PEP BOYS MANNY, MOE, & JACK, INC 1,827 758 PEPSI BOTTLING GROUP, INC 28,811 1,006 PEPSIAMERICAS, INC 15,693 9,717 PEPSICO, INC 427,062 320 * PERRIGO CO 3,160 500 * PETSMART, INC 2,000 14,880 PHILIP MORRIS COS, INC 706,056 100 PILGRIM'S PRIDE CORP (CLASS B) 985 203 * PLAYTEX PRODUCTS, INC 1,865 200 * PRICELINE.COM, INC 506 8,710 PROCTER & GAMBLE CO 545,246 828 QUAKER OATS CO 81,144 1,193 RADIOSHACK CORP 43,771 202 * RALCORP HOLDINGS, INC 3,615 1,759 RALSTON PURINA CO 54,792 72 * REVLON, INC (CLASS A) 331 2,128 * RITE AID CORP 14,236 692 RJR REYNOLDS TOBACCO HOLDINGS, INC 38,821
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 100 * ROBERT MONDAVI CORP (CLASS A) $ 4,481 208 RUDDICK CORP 2,849 100 RUSS BERRIE & CO, INC 2,522 3,112 * SAFEWAY, INC 171,626 5,765 SARA LEE CORP 124,408 152 SCHWEITZER-MAUDUIT INTERNATIONAL, INC 2,682 100 * SCIQUEST.COM, INC 87 268 SENSIENT TECHNOLOGIES CORP 6,105 94 * SHOP AT HOME, INC 139 100 * SKECHERS USA, INC (CLASS A) 2,400 66 SLI, INC 551 100 * SMART & FINAL, INC 1,005 562 * SMITHFIELD FOODS, INC 18,265 92 SMUCKER (J.M.) CO 2,410 200 * STAMPS.COM, INC 600 2,984 * STAPLES, INC 44,387 200 * SUIZA FOODS CORP 9,618 829 SUPERVALU, INC 11,050 256 THOMAS INDUSTRIES, INC 5,299 100 * TICKETMASTER (CLASS B) 906 209 TOOTSIE ROLL INDUSTRIES, INC 9,645 1,560 * TOYS 'R' US, INC 39,156 200 * TRANS WORLD ENTERTAINMENT CORP 1,762 148 * TRIARC COS, INC 3,640 400 TUPPERWARE CORP 9,544 100 * TWEETER HOME ENTERTAINMENT GROUP, INC 1,943 949 TYSON FOODS, INC (CLASS A) 12,783 76 * UNITED AUTO GROUP, INC 741 200 UNIVERSAL CORP 7,886 1,013 UST, INC 30,440 200 * VALUEVISION INTERNATIONAL, INC (CLASS A) 2,787 100 VECTOR GROUP LTD 2,100 6,796 WALGREEN CO 277,276 256 WEIS MARKETS, INC 8,947 57 * WHITEHALL JEWELLERS, INC 444 200 * WHOLE FOODS MARKET, INC 8,425 59 * WILD OATS MARKETS, INC 532 521 WINN-DIXIE STORES, INC 14,780 1,256 WRIGLEY (WM) JR CO 60,602 100 * YANKEE CANDLE CO, INC 1,317 ----------- TOTAL CONSUMER NON-CYCLICAL 6,641,959 ----------- ENERGY -- 5.61% 583 AMERADA HESS CORP 45,543 1,697 ANADARKO PETROLEUM CORP 106,537 765 APACHE CORP 44,071 659 ASHLAND, INC 25,305 100 * ATWOOD OCEANICS, INC 4,092 2,157 BAKER HUGHES, INC 78,320 200 * BARRETT RESOURCES CORP 12,010 100 * BELCO OIL & GAS CORP 880 64 BERRY PETROLEUM CO (CLASS A) 832 500 * BJ SERVICES CO 35,600 200 * BROWN (TOM), INC 6,600 1,379 BURLINGTON RESOURCES, INC 61,710
48 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 49 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ENERGY -- (CONTINUED) 200 CABOT OIL & GAS CORP (CLASS A) $ 5,400 100 * CAL DIVE INTERNATIONAL, INC 2,537 700 * CHESAPEAKE ENERGY CORP 6,195 4,251 CHEVRON CORP 373,237 100 * COMSTOCK RESOURCES, INC 1,125 4,347 CONOCO, INC (CLASS B) 122,802 292 * COOPER CAMERON CORP 15,768 761 CROSS TIMBERS OIL CO 18,834 100 * DENBURY RESOURCES, INC 810 602 DEVON ENERGY CORP (NEW) 35,036 436 DIAMOND OFFSHORE DRILLING, INC 17,156 100 * DRIL-QUIP, INC 2,400 100 * EEX CORP 369 892 ENSCO INTERNATIONAL, INC 31,220 696 EOG RESOURCES, INC 28,696 100 * EVERGREEN RESOURCES, INC 3,781 23,306 EXXON MOBIL CORP 1,887,786 350 * FOREST OIL CORP 10,465 157 * FRIEDE GOLDMAN HALTER, INC 384 300 * FRONTIER OIL CORP 2,310 400 * GLOBAL INDUSTRIES LTD 5,825 1,073 * GLOBAL MARINE, INC 27,468 687 * GRANT PRIDECO, INC 11,816 991 * GREY WOLF, INC 6,441 100 * GULF ISLAND FABRICATION, INC 1,900 2,983 HALLIBURTON CO 109,625 400 * HANOVER COMPRESSOR CO 12,680 47 * HARKEN ENERGY CORP 187 277 HELMERICH & PAYNE, INC 12,825 100 * HORIZON OFFSHORE, INC 2,475 100 * HOUSTON EXPLORATION CO 3,000 100 * HS RESOURCES, INC 4,500 200 * INPUT/OUTPUT, INC 1,870 610 KERR-MCGEE CORP 39,589 596 * KEY ENERGY SERVICES, INC 6,377 100 * KEY PRODUCTION CO, INC 2,075 100 * LOUIS DREYFUS NATURAL GAS CORP 3,700 405 * MARINE DRILLING COS, INC 10,793 364 * MAVERICK TUBE CORP 7,498 100 * MCMORAN EXPLORATION CO 1,405 100 * MERIDIAN RESOURCE CORP 713 100 MIDCOAST ENERGY RESOURCES, INC 2,650 100 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) 5,250 261 MURPHY OIL CORP 17,377 897 * NABORS INDUSTRIES, INC 46,500 275 * NATIONAL-OILWELL, INC 9,523 232 * NEWFIELD EXPLORATION CO 8,096 304 NOBLE AFFILIATES, INC 12,685 871 * NOBLE DRILLING CORP 40,205 100 * NUEVO ENERGY CO 1,772 2,517 OCCIDENTAL PETROLEUM CORP 62,295 1,098 OCEAN ENERGY, INC (NEW) 18,171 100 * OCEANEERING INTERNATIONAL, INC 2,150 400 * PARKER DRILLING CO 2,560 100 PATINA OIL & GAS CORP 2,670
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 200 * PATTERSON ENERGY, INC $ 6,325 479 PENNZOIL-QUAKER STATE CO 6,706 1,559 PHILLIPS PETROLEUM CO 85,822 759 * PIONEER NATURAL RESOURCES CO 11,916 357 * PLAINS RESOURCES, INC 7,497 344 POGO PRODUCING CO 10,151 416 * PRIDE INTERNATIONAL, INC 9,884 300 * PURE RESOURCES, INC 5,790 760 * ROWAN COS, INC 20,900 100 RPC, INC 1,228 260 * SEACOR SMIT, INC 11,752 86 * SEITEL, INC 1,599 375 * SMITH INTERNATIONAL, INC 26,325 100 * SPINNAKER EXPLORATION CO 4,370 200 ST. MARY LAND & EXPLORATION CO 4,650 79 * STONE ENERGY CORP 3,892 523 SUNOCO, INC 16,960 300 * SUPERIOR ENERGY SERVICES, INC 3,262 100 * SWIFT ENERGY CO 3,204 200 * TESORO PETROLEUM CORP 2,490 3,682 TEXACO, INC 244,484 399 TIDEWATER, INC 18,034 916 TOSCO CORP 39,168 100 * TRANSMONTAIGNE, INC 355 100 * TRICO MARINE SERVICES, INC 1,500 510 ULTRAMAR DIAMOND SHAMROCK CORP 18,451 200 * UNIT CORP 3,310 1,569 UNOCAL CORP 54,240 2,106 USX-MARATHON GROUP, INC 56,756 200 * UTI ENERGY CORP 6,050 277 VALERO ENERGY CORP 9,833 442 * VARCO INTERNATIONAL, INC (NEW) 9,127 192 * VERITAS DGC, INC 6,134 559 VINTAGE PETROLEUM, INC 11,375 687 * WEATHERFORD INTERNATIONAL, INC 33,903 ----------- TOTAL ENERGY 4,249,920 ----------- FINANCIAL SERVICES -- 18.96% 211 21ST CENTURY INSURANCE GROUP 3,251 100 * ACCEPTANCE INSURANCE COS, INC 408 71 ADVANTA CORP (CLASS A) 1,122 100 * AFFILIATED MANAGERS GROUP, INC 4,700 3,506 AFLAC, INC 96,555 100 ALEXANDRIA REAL ESTATE EQUITIES, INC 3,775 241 ALFA CORP 4,563 524 ALLIED CAPITAL CORP 10,545 300 ALLMERICA FINANCIAL CORP 15,567 4,886 ALLSTATE CORP 204,918 664 AMB PROPERTY CORP 16,334 625 AMBAC FINANCIAL GROUP, INC 39,643 200 AMCORE FINANCIAL, INC 4,037 100 AMERICAN CAPITAL STRATEGIES LTD 2,543 8,912 AMERICAN EXPRESS CO 368,065 200 AMERICAN FINANCIAL GROUP, INC 4,820 200 AMERICAN FINANCIAL HOLDINGS, INC 4,275 3,286 AMERICAN GENERAL CORP 125,689 100 AMERICAN INDUSTRIAL PROPERTIES REIT 1,267
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 49 50 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- FINANCIAL SERVICES -- (CONTINUED) 13,534 AMERICAN INTERNATIONAL GROUP, INC $ 1,089,487 100 AMERICAN NATIONAL INSURANCE CO 6,881 430 * AMERITRADE HOLDINGS CORP (CLASS A) 2,270 100 AMLI RESIDENTIAL PROPERTIES TRUST 2,230 100 * AMPAL-AMERICAN ISRAEL CORP (CLASS A) 512 20 * AMRESCO, INC 27 2,502 AMSOUTH BANCORPORATION 42,058 166 * ANC RENTAL CORP 498 190 ANCHOR BANCORP WISCONSIN, INC 2,636 1,508 AON CORP 53,534 400 APARTMENT INVESTMENT & MANAGEMENT CO (CLASS A) 17,780 504 ARCHSTONE COMMUNITIES TRUST 12,398 397 ARDEN REALTY, INC 9,369 64 AREA BANCSHARES CORP 1,020 58 ARGONAUT GROUP, INC 920 100 b* ARM FINANCIAL GROUP, INC (CLASS A) 0 651 ASSOCIATED BANC-CORP 21,645 100 * ASSOCIATES FIRST CAPITAL RESIDUAL VALUE 2 295 ASTORIA FINANCIAL CORP 15,764 2,028 * AUTONATION, INC 18,252 435 AVALONBAY COMMUNITIES, INC 19,927 146 BALDWIN & LYONS, INC (CLASS B) 3,148 505 BANCORPSOUTH, INC 7,448 600 BANCWEST CORP 14,400 10,991 BANK OF AMERICA CORP 601,757 141 BANK OF GRANITE CORP 2,987 5,039 BANK OF NEW YORK CO, INC 248,120 7,814 BANK ONE CORP 282,710 200 * BANK UNITED CORP CONTINGENT PAYMT RTS 50 100 BANKATLANTIC BANCORP, INC (CLASS A) 640 931 BANKNORTH GROUP, INC 18,503 44 BANNER CORP 704 189 BAY VIEW CAPITAL CORP 895 2,724 BB&T CORP 95,803 706 BEAR STEARNS COS, INC 32,292 100 BEDFORD PROPERTY INVESTORS, INC 1,876 260 BERKLEY (W.R.) CORP 11,716 100 * BLACKROCK, INC 3,600 147 BLANCH (E.W.) HOLDINGS, INC 1,168 43 * BOK FINANCIAL CORP 1,056 386 BOSTON PROPERTIES, INC 14,841 59 BOYKIN LODGING CO 654 200 BRANDYWINE REALTY TRUST 3,980 459 BRE PROPERTIES, INC (CLASS A) 13,306 100 BROOKLINE BANCORP, INC 1,325 100 BROWN & BROWN, INC 3,405 100 BSB BANCORP, INC 1,881 100 BURNHAM PACIFIC PROPERTIES, INC 479 243 CAMDEN PROPERTY TRUST 8,079 100 CAPITAL AUTOMOTIVE REIT 1,600 1,307 CAPITAL ONE FINANCIAL CORP 72,538 228 CAPITOL FEDERAL FINANCIAL 3,633 100 CAPSTEAD MORTGAGE CORP 1,338
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 438 CARRAMERICA REALTY CORP $ 12,496 91 CASH AMERICA INTERNATIONAL, INC 555 684 * CATELLUS DEVELOPMENT CORP 10,773 100 CATHAY BANCORP, INC 4,862 100 * CB RICHARD ELLIS SERVICES GROUP, INC 1,502 200 CBL & ASSOCIATES PROPERTIES, INC 5,320 78 * CCC INFORMATION SERVICES GROUP, INC 675 80 * CENTENNIAL BANCORP 640 84 CENTER TRUST, INC 329 100 CENTERPOINT PROPERTIES CORP 4,665 245 CENTURA BANKS, INC 12,115 100 CENTURY SOUTH BANKS, INC 3,231 68 CFS BANCORP, INC 752 70 CHARLES E. SMITH RESIDENTIAL REALTY, INC 3,184 72 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO 1,096 1,558 CHARTER ONE FINANCIAL, INC 44,091 75 CHATEAU COMMUNITIES, INC 2,268 256 CHELSEA PROPERTY GROUP, INC 10,803 350 CHEMICAL FINANCIAL CORP 7,875 100 CHITTENDEN CORP 3,120 300 * CHOICEPOINT, INC 10,140 1,231 CHUBB CORP 89,173 1,150 CINCINNATI FINANCIAL CORP 43,628 1,294 CIT GROUP, INC (CLASS A) 37,370 33,691 CITIGROUP, INC 1,515,421 345 CITIZENS BANKING CORP (MICHIGAN) 9,207 60 CITY HOLDING CO 536 200 CITY NATIONAL CORP 7,682 100 * CNA FINANCIAL CORP 3,501 58 CNA SURETY CORP 770 548 COLONIAL BANCGROUP, INC 7,124 92 COLONIAL PROPERTIES TRUST 2,470 713 COMDISCO, INC 5,704 1,155 COMERICA, INC 71,032 200 COMMERCE BANCORP, INC 12,000 436 COMMERCE BANCSHARES, INC 16,241 100 COMMERCE GROUP, INC 3,200 300 COMMERCIAL FEDERAL CORP 6,690 206 COMMERCIAL NET LEASE REALTY, INC 2,430 42 COMMONWEALTH BANCORP, INC 693 168 COMMUNITY FIRST BANKSHARES, INC 3,391 10 COMMUNITY TRUST BANCORP, INC 158 807 COMPASS BANCSHARES, INC 17,249 100 * COMPUCREDIT CORP 753 2,172 CONSECO, INC 34,969 200 CORNERSTONE REALTY INCOME TRUST, INC 2,116 424 * CORRECTIONS CORP OF AMERICA 339 100 CORUS BANKSHARES, INC 5,100 805 COUNTRYWIDE CREDIT INDUSTRIES, INC 39,726 450 COUSINS PROPERTIES, INC 11,254 230 CRAWFORD & CO (CLASS B) 3,093 583 CRESCENT REAL ESTATE EQUITIES CO 13,234 100 * CRESTLINE CAPITAL CORP 2,715 57 * CSFBDIRECT 259
50 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 51 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- FINANCIAL SERVICES -- (CONTINUED) 100 * CSK AUTO CORP $ 690 300 CULLEN FROST BANKERS, INC 10,275 56 CVB FINANCIAL CORP 894 254 DELPHI FINANCIAL GROUP, INC (CLASS A) 7,518 412 DEVELOPERS DIVERSIFIED REALTY CORP 6,056 397 * DIME BANCORP LITIGATION TRACKING WTS 93 797 DIME BANCORP, INC 26,101 145 DIME COMMUNITY BANCSHARES 3,951 200 DORAL FINANCIAL CORP 6,000 100 DOWNEY FINANCIAL CORP 4,530 847 DUKE-WEEKS REALTY CORP 19,608 1,451 * E*TRADE GROUP, INC 10,127 179 EAST WEST BANCORP, INC 3,445 100 EASTGROUP PROPERTIES, INC 2,355 300 EATON VANCE CORP 9,315 530 EDWARDS (A.G.), INC 19,610 151 * ELECTRO RENT CORP 2,095 52 ENTERTAINMENT PROPERTIES TRUST 740 2,029 EQUITY OFFICE PROPERTIES TRUST 56,812 852 EQUITY RESIDENTIAL PROPERTIES TRUST CO 44,329 434 ERIE INDEMNITY CO (CLASS A) 12,421 264 ESSEX PROPERTY TRUST, INC 12,685 100 F & M BANCORP, INC (MARYLAND) 2,687 100 F & M NATIONAL CORP 3,810 75 F.N.B. CORP 1,800 79 FBL FINANCIAL GROUP, INC (CLASS A) 1,232 300 FEDERAL REALTY INVESTMENT TRUST 5,868 504 FEDERATED INVESTORS, INC (CLASS B) 14,288 4,686 FREDDIE MAC 303,793 434 FIDELITY NATIONAL FINANCIAL, INC 11,618 2,614 FIFTH THIRD BANCORP 139,685 100 * FINANCIAL FEDERAL CORP 2,450 8 * FINET.COM, INC 7 200 FINOVA GROUP, INC 360 299 FIRST AMERICAN CORP 7,774 83 FIRST BANCORP (PUERTO RICO) 2,149 156 FIRST CHARTER CORP 2,427 408 FIRST COMMONWEALTH FINANCIAL CORP 4,671 100 FIRST FEDERAL CAPITAL CORP 1,400 238 FIRST FINANCIAL BANCORP 3,570 100 FIRST FINANCIAL BANKSHARES, INC 3,325 147 FIRST FINANCIAL HOLDINGS, INC 2,940 100 FIRST INDIANA CORP 2,625 100 FIRST MERCHANTS CORP 2,306 200 FIRST MIDWEST BANCORP, INC 5,630 100 FIRST NIAGARA FINANCIAL GROUP, INC 1,118 142 FIRST SENTINEL BANCORP, INC 1,579 100 1ST SOURCE CORP 1,868 1,065 FIRST TENNESSEE NATIONAL CORP 32,908 6,640 FIRST UNION CORP 219,120 278 FIRST VIRGINIA BANKS, INC 12,056 100 * FIRSTFED FINANCIAL CORP 2,800 490 FIRSTMERIT CORP 12,740 7,324 FLEETBOSTON FINANCIAL CORP 276,481
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 6,946 FANNIE MAE $ 552,901 399 FRANCHISE FINANCE CORP OF AMERICA 9,943 1,095 FRANKLIN RESOURCES, INC 42,825 208 FREMONT GENERAL CORP 807 83 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC (CLASS A) 454 252 FRONTIER FINANCIAL CORP 6,032 100 * FRONTIER INSURANCE GROUP, INC 4 100 * FRONTLINE CAPITAL GROUP, INC 1,018 758 FULTON FINANCIAL CORP 15,396 100 GABLES RESIDENTIAL TRUST 2,901 764 GALLAGHER (ARTHUR J.) & CO 21,162 412 * GARTNER, INC (CLASS A) 2,776 104 * GARTNER, INC (CLASS B) 655 100 GBC BANCORP 2,850 484 GENERAL GROWTH PROPERTIES, INC 16,915 209 GLENBOROUGH REALTY TRUST, INC 3,636 83 GLIMCHER REALTY TRUST 1,254 200 GOLD BANC CORP, INC 1,406 442 GOLDEN STATE BANCORP, INC 12,322 796 GOLDEN WEST FINANCIAL CORP 51,660 200 GREAT AMERICAN FINANCIAL RESOURCES, INC 3,600 100 GREAT LAKES REIT, INC 1,693 396 GREATER BAY BANCORP 9,974 513 GREENPOINT FINANCIAL CORP 16,723 100 HARBOR FLORIDA BANCSHARES, INC 1,600 20 * HARBOR GLOBAL CO LTD 133 100 HARLEYSVILLE GROUP, INC 2,218 1,494 HARTFORD FINANCIAL SERVICES GROUP, INC 88,146 300 HCC INSURANCE HOLDINGS, INC 7,935 300 HEALTH CARE PROPERTY INVESTORS, INC 10,176 201 HEALTH CARE REIT, INC 4,180 300 HEALTHCARE REALTY TRUST, INC 7,230 450 HELLER FINANCIAL, INC (CLASS A) 15,817 875 HIBERNIA CORP (CLASS A) 12,223 421 HIGHWOODS PROPERTIES, INC 10,377 147 HILB, ROGAL & HAMILTON CO 5,145 100 HOME PROPERTIES OF NEW YORK, INC 2,850 400 HOOPER HOLMES, INC 3,436 246 HORACE MANN EDUCATORS CORP 4,354 300 HOSPITALITY PROPERTIES TRUST 7,920 1,213 HOST MARRIOTT CORP (NEW) 14,167 3,085 HOUSEHOLD INTERNATIONAL, INC 182,755 868 HRPT PROPERTIES TRUST 7,187 300 HUDSON CITY BANCORP, INC 5,943 57 HUDSON RIVER BANCORP, INC 794 326 HUDSON UNITED BANCORP 7,400 1,703 HUNTINGTON BANCSHARES, INC 24,267 339 INDEPENDENCE COMMUNITY BANK CORP 5,911 100 INDEPENDENT BANK CORP 1,500 656 * INDYMAC BANCORP, INC 18,853 200 INNKEEPERS U.S.A. TRUST 2,240 64 * INSIGNIA FINANCIAL GROUP, INC 755 100 * INSURANCE AUTO AUCTIONS, INC 1,225 163 INTEGRA BANK CORP 3,402
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 51 52 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- FINANCIAL SERVICES -- (CONTINUED) 255 INTERNATIONAL BANCSHARES CORP $ 9,753 243 * INVESTMENT TECHNOLOGY GROUP, INC 12,441 204 INVESTORS FINANCIAL SERVICES CORP 11,959 116 IRT PROPERTY CO 1,067 100 IRWIN FINANCIAL CORP 2,112 608 ISTAR FINANCIAL, INC 14,026 252 * ITT EDUCATIONAL SERVICES, INC 6,829 200 JDN REALTY CORP 2,262 76 JEFFERIES GROUP, INC (NEW) 2,192 675 JEFFERSON-PILOT CORP 45,825 600 JOHN HANCOCK FINANCIAL SERVICES, INC 23,070 200 * JONES LANG LASALLE, INC 2,570 12,801 JP MORGAN CHASE & CO 574,764 100 JP REALTY, INC 1,943 2,903 KEYCORP 74,897 100 KILROY REALTY CORP 2,681 269 KIMCO REALTY CORP 11,567 850 * KNIGHT TRADING GROUP, INC 12,431 200 KOGER EQUITY, INC 2,800 109 KONOVER PROPERTY TRUST, INC 457 200 * LABRANCHE & CO, INC 6,432 100 LANDAMERICA FINANCIAL GROUP, INC 3,558 405 LEGG MASON, INC 17,050 1,660 LEHMAN BROTHERS HOLDINGS, INC 104,082 200 LEUCADIA NATIONAL CORP 6,434 100 LEXINGTON CORPORATE PROPERTIES TRUST 1,290 257 LIBERTY CORP 8,735 147 LIBERTY FINANCIAL COS, INC 6,115 1,301 LINCOLN NATIONAL CORP 55,253 89 LNR PROPERTY CORP 2,523 97 LTC PROPERTIES, INC 387 565 M & T BANK CORP 39,493 200 MACERICH CO 4,390 308 MACK-CALI REALTY CORP 8,316 86 MAF BANCORP, INC 2,354 100 MANUFACTURED HOME COMMUNITIES, INC 2,700 1,756 MARSH & MCLENNAN COS, INC 166,872 740 MARSHALL & ILSLEY CORP 39,079 657 MBIA, INC 53,006 5,000 MBNA CORP 165,500 140 MEDALLION FINANCIAL CORP 1,417 105 * MEDICAL ASSURANCE, INC 1,291 845 * MEDITRUST CORP PAIRED STOCK 3,447 3,223 MELLON FINANCIAL CORP 130,595 447 MERCANTILE BANKSHARES CORP 16,539 100 MERCURY GENERAL CORP 3,250 200 MERISTAR HOSPITALITY CORP 4,000 5,420 MERRILL LYNCH & CO, INC 300,268 1,900 METLIFE, INC 57,095 678 MGIC INVESTMENT CORP 46,388 100 MID-AMERICA APARTMENT COMMUNITIES, INC 2,248 100 MID-AMERICA BANCORP 2,300 100 MIDLAND CO 3,175 280 MID-STATE BANCSHARES 4,270
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 353 MILLS CORP $ 7,374 269 MONY GROUP, INC 8,930 102 MORGAN KEEGAN, INC 2,759 7,492 MORGAN STANLEY DEAN WITTER & CO 400,822 4,110 NATIONAL CITY CORP 109,942 1,559 NATIONAL COMMERCE BANCORP 38,682 84 * NATIONAL EQUIPMENT SERVICES, INC 236 186 NATIONAL HEALTH INVESTORS, INC 2,163 67 NATIONAL PENN BANCSHARES, INC 1,612 100 * NATIONSRENT, INC 100 100 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A) 3,798 264 NATIONWIDE HEALTH PROPERTIES, INC 4,406 64 NBT BANCORP, INC 1,068 85 * NETBANK, INC 743 200 NEUBERGER BERMAN, INC 12,442 516 NEW PLAN EXCEL REALTY TRUST 8,256 200 * NEXTCARD, INC 2,062 1,024 NORTH FORK BANCORP, INC 26,572 1,445 NORTHERN TRUST CORP 90,312 100 NORTHWEST BANCORP, INC 987 390 NEW YORK COMMUNITY BANCORP, INC 11,310 146 OCEANFIRST FINANCIAL CORP 3,394 200 * OCWEN FINANCIAL CORP 1,698 413 OHIO CASUALTY CORP 3,884 935 OLD KENT FINANCIAL CORP 35,530 381 OLD NATIONAL BANCORP 8,001 950 OLD REPUBLIC INTERNATIONAL CORP 26,980 100 OMEGA FINANCIAL CORP 2,725 140 ORIENTAL FINANCIAL GROUP, INC 1,869 87 PACIFIC CAPITAL BANCORP 2,495 487 PACIFIC CENTURY FINANCIAL CORP 9,253 100 PACIFIC GULF PROPERTIES, INC 565 256 PACIFIC NORTHWEST BANCORP 4,960 136 PAN PACIFIC RETAIL PROPERTIES, INC 3,012 100 PARK NATIONAL CORP 8,675 100 PARKWAY PROPERTIES, INC 2,870 100 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 2,100 200 PEOPLE'S BANK 5,150 147 PFF BANCORP, INC 3,371 100 * PICO HOLDINGS, INC 1,400 100 PMA CAPITAL CORP (CLASS A) 1,737 200 PMI GROUP, INC 12,996 1,855 PNC FINANCIAL SERVICES GROUP, INC 125,676 887 POPULAR, INC 26,124 200 POST PROPERTIES, INC 7,000 200 PRENTISS PROPERTIES TRUST 4,930 82 PRESIDENTIAL LIFE CORP 1,353 100 PRIME GROUP REALTY TRUST 1,396 200 * PRIME RETAIL, INC 78 10 * PROFESSIONALS GROUP, INC 240 390 PROGRESSIVE CORP 37,849 622 PROLOGIS TRUST 12,489 100 PROMISTAR FINANCIAL CORP 1,912 285 PROTECTIVE LIFE CORP 8,740 95 PROVIDENT BANKSHARES CORP 2,125
52 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 53 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- FINANCIAL SERVICES -- (CONTINUED) 100 PROVIDENT FINANCIAL GROUP, INC $ 2,812 1,918 PROVIDIAN FINANCIAL CORP 94,077 100 PS BUSINESS PARKS, INC 2,715 506 PUBLIC STORAGE, INC 13,282 100 R&G FINANCIAL CORP (CLASS B) 1,650 243 RADIAN GROUP, INC 16,463 244 RAYMOND JAMES FINANCIAL, INC 6,783 195 REALTY INCOME CORP 5,167 343 RECKSON ASSOCIATES REALTY CORP 7,648 200 REGENCY CENTERS CORP 5,000 1,484 REGIONS FINANCIAL CORP 42,201 68 REINSURANCE GROUP OF AMERICA, INC 2,620 200 * RELIANCE GROUP HOLDINGS, INC 4 331 REPUBLIC BANCORP, INC 4,075 100 RESOURCE BANCSHARES MORTGAGE GROUP, INC 750 200 RFS HOTEL INVESTORS, INC 2,896 110 RICHMOND COUNTY FINANCIAL CORP 3,231 68 RIGGS NATIONAL CORP 1,079 664 ROSLYN BANCORP, INC 14,940 656 ROUSE CO 16,964 100 S & T BANCORP, INC 2,314 1,065 SAFECO CORP 30,019 100 SANDY SPRING BANCORP, INC 3,056 200 SANTANDER BANCORP 3,800 100 SAUL CENTERS, INC 1,830 7,543 SCHWAB (CHARLES) CORP 116,313 143 SCPIE HOLDINGS, INC 2,902 100 SEACOAST FINANCIAL SERVICES CORP 1,393 200 * SECURITY CAPITAL GROUP, INC (CLASS B) 4,150 500 SEI INVESTMENTS CO 15,593 100 SELECTIVE INSURANCE GROUP, INC 2,323 92 SENIOR HOUSING PROPERTIES TRUST 1,036 59 * SIERRACITIES.COM, INC 335 200 * SILICON VALLEY BANCSHARES 4,700 853 SIMON PROPERTY GROUP, INC 21,836 508 SKY FINANCIAL GROUP, INC 8,667 100 SL GREEN REALTY CORP 2,745 292 SOUTH FINANCIAL GROUP, INC 4,161 1,101 SOUTHTRUST CORP 50,370 200 * SOUTHWEST BANCORP OF TEXAS, INC 6,275 146 SOUTHWEST SECURITIES GROUP, INC 2,727 1,549 SOVEREIGN BANCORP, INC 13,118 100 SOVRAN SELF STORAGE, INC 2,450 319 SPIEKER PROPERTIES, INC 17,497 1,408 ST. PAUL COS, INC 62,022 351 STANCORP FINANCIAL GROUP, INC 14,777 1,278 STARWOOD HOTELS & RESORTS WORLDWIDE, INC 43,464 100 STATE AUTO FINANCIAL CORP 1,518 1,073 STATE STREET CORP 100,218 241 STATEN ISLAND BANCORP, INC 6,000 92 STERLING BANCSHARES, INC 1,610 100 * STEWART INFORMATION SERVICES CORP 1,680 1,492 STILWELL FINANCIAL, INC 40,015 200 STORAGE U.S.A., INC 6,516
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 80 SUMMIT PROPERTIES, INC $ 1,960 162 SUN COMMUNITIES, INC 5,346 100 b* SUNTERRA CORP 17 1,747 SUNTRUST BANKS, INC 113,205 100 b* SUPERIOR NATIONAL INSURANCE GROUP, INC 13 232 SUSQUEHANNA BANCSHARES, INC 4,176 1,861 SYNOVUS FINANCIAL CORP 50,247 196 * SYNTROLEUM CORP 2,829 668 T ROWE PRICE GROUP, INC 20,916 200 TAUBMAN CENTERS, INC 2,410 497 TCF FINANCIAL CORP 18,781 300 * TD WATERHOUSE GROUP 3,240 256 TEXAS REGIONAL BANCSHARES, INC (CLASS A) 8,864 1,200 THE GOLDMAN SACHS GROUP, INC 102,120 75 THORNBURG MORTGAGE, INC 915 771 TORCHMARK CORP 29,937 355 TOWN & COUNTRY TRUST 6,762 200 * TRAMMELL CROW CO 2,380 163 TRANSATLANTIC HOLDINGS, INC 16,709 100 * TRIAD GUARANTY, INC 3,318 58 TRUST CO OF NEW JERSEY 971 419 TRUSTCO BANK CORP (NEW YORK) 5,394 328 TRUSTMARK CORP 6,806 355 TUCKER ANTHONY SUTRO CORP 6,727 54 U.S. RESTAURANT PROPERTIES, INC 594 100 U.S.B. HOLDINGS CO, INC 1,315 100 UCBH HOLDINGS, INC 4,868 200 * UICI 1,756 261 UMB FINANCIAL CORP 9,918 200 b* UNICAPITAL CORP 0 905 UNION PLANTERS CORP 34,833 400 UNIONBANCAL CORP 11,620 453 UNITED BANKSHARES, INC 10,022 126 UNITED COMMUNITY FINANCIAL CORP 834 666 UNITED DOMINION REALTY TRUST, INC 8,458 257 UNITED NATIONAL BANCORP 5,140 300 * UNITED RENTALS, INC 4,899 497 * UNITEDGLOBALCOM, INC (CLASS A) 6,523 274 UNITRIN, INC 9,966 1,549 UNUMPROVIDENT CORP 45,261 12,789 US BANCORP (NEW) 296,704 1,070 USA EDUCATION, INC 77,735 477 VALLEY NATIONAL BANCORP 12,921 407 VORNADO REALTY TRUST 14,582 200 W HOLDING CO, INC 2,362 1,364 WACHOVIA CORP 82,181 510 WADDELL & REED FINANCIAL, INC (CLASS A) 14,458 325 WASHINGTON FEDERAL, INC 7,982 3,929 WASHINGTON MUTUAL, INC 215,112 200 WASHINGTON REAL ESTATE INVESTMENT TRUST 4,668 300 WEBSTER FINANCIAL CORP 8,793 100 WEINGARTEN REALTY INVESTORS 4,230 11,502 WELLS FARGO & CO 569,003
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 53 54 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- FINANCIAL SERVICES -- (CONTINUED) 50 * WELLSFORD REAL PROPERTIES, INC $ 817 71 WESBANCO, INC 1,295 60 WEST COAST BANCORP (OREGON) 600 200 WESTAMERICA BANCORP 7,550 100 WESTCORP 1,740 202 WESTFIELD AMERICA, INC 3,278 81 WHITNEY HOLDING CORP 3,204 200 WILMINGTON TRUST CORP 11,816 600 * WIT SOUNDVIEW GROUP, INC 1,800 800 * WYNDHAM INTERNATIONAL, INC (CLASS A) 1,704 100 ZENITH NATIONAL INSURANCE CORP 2,360 606 ZIONS BANCORP 31,566 ----------- TOTAL FINANCIAL SERVICES 14,363,669 ----------- HEALTH CARE -- 14.48% 10,455 ABBOTT LABORATORIES CO 493,371 420 * ABGENIX, INC 9,948 100 * ABIOMED, INC 1,575 350 * ACCREDO HEALTH, INC 11,440 100 * ACLARA BIOSCIENCES, INC 550 167 * ADVANCEPCS 9,062 400 * ADVANCED TISSUE SCIENCES, INC 1,575 936 * AETNA, INC (NEW) 33,621 224 * AFFYMETRIX, INC 6,230 100 * ALBANY MOLECULAR RESEARCH, INC 3,500 100 * ALEXION PHARMACEUTICALS, INC 2,281 300 * ALKERMES, INC 6,581 886 ALLERGAN, INC 65,696 200 * ALLIANCE PHARMACEUTICAL CORP 650 100 * ALLSCRIPTS HEALTHCARE SOLUTIONS, INC 503 200 ALPHARMA, INC (CLASS A) 6,548 1,226 * ALZA CORP 49,653 8,779 AMERICAN HOME PRODUCTS CORP 515,766 77 * AMERIPATH, INC 1,583 274 * AMERISOURCE HEALTH CORP (CLASS A) 13,439 6,861 * AMGEN, INC 412,946 300 * AMYLIN PHARMACEUTICALS, INC 2,981 200 * ANDRX GROUP 9,800 100 * ANTIGENICS, INC 1,500 100 * APHTON CORP 2,050 673 * APOGENT TECHNOLOGIES, INC 13,621 1,443 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) 40,043 387 * APPLERA CORP (CELERA GENOMICS GROUP) 11,938 186 * APRIA HEALTHCARE GROUP, INC 4,497 100 * ARADIGM CORP 575 100 * ARIAD PHARMACEUTICALS, INC 550 141 ARROW INTERNATIONAL, INC 5,322 100 * ARTHROCARE CORP 1,400 100 * ATS MEDICAL, INC 962 100 * AURORA BIOSCIENCES CORP 1,787 300 * AVANT IMMUNOTHERAPEUTICS, INC 1,293 100 * AVIGEN, INC 1,218 248 * AVIRON, INC 10,307
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 283 BARD (C.R.), INC $ 12,848 70 * BARR LABORATORIES, INC 4,001 395 BAUSCH & LOMB, INC 18,035 2,043 BAXTER INTERNATIONAL, INC 192,328 300 BECKMAN COULTER, INC 11,727 1,697 BECTON DICKINSON & CO 59,938 881 BERGEN BRUNSWIG CORP (CLASS A) 14,624 537 * BEVERLY ENTERPRISES, INC 4,296 100 * BIOCRYST PHARMACEUTICALS, INC 618 1,038 * BIOGEN, INC 65,718 100 * BIOMARIN PHARMACEUTICAL, INC 743 990 BIOMET, INC 38,996 100 * BIOPURE CORP 1,331 100 * BIO-RAD LABORATORIES, INC (CLASS A) 3,600 100 * BIOSITE DIAGNOSTICS, INC 3,750 290 * BIO-TECHNOLOGY GENERAL CORP 1,809 100 * BONE CARE INTERNATIONAL, INC 1,637 1,876 * BOSTON SCIENTIFIC CORP 37,857 13,109 BRISTOL MYERS SQUIBB CO 778,674 100 * CAPITAL SENIOR LIVING CORP 208 2,046 CARDINAL HEALTH, INC 197,950 500 * CARDIODYNAMICS INTERNATIONAL CORP 1,812 1,515 * CAREMARK RX, INC 19,755 5 * CAREMATRIX CORP 1 100 * CARRIAGE SERVICES, INC (CLASS A) 300 486 * CELGENE CORP 12,150 200 * CELL GENESYS, INC 2,850 72 * CELL PATHWAYS, INC 294 200 * CELL THERAPEUTICS, INC 3,587 320 * CEPHALON, INC 15,380 94 * CERNER CORP 3,219 100 * CERUS CORP 4,412 668 * CHIRON CORP 29,308 100 * CHROMAVISION MEDICAL SYSTEMS, INC 468 966 CIGNA CORP 103,709 200 * COHERENT, INC 7,100 82 * COLUMBIA LABORATORIES, INC 493 255 * CONMED CORP 4,892 100 * CONNETICS CORP 506 250 COOPER COS, INC 11,837 300 * COR THERAPEUTICS, INC 6,750 213 * CORIXA CORP 1,704 411 * COVANCE, INC 5,281 412 * COVENTRY HEALTH CARE, INC 6,823 100 * CRYOLIFE, INC 2,593 200 * CUBIST PHARMACEUTICALS, INC 4,900 200 * CURAGEN CORP 4,687 30 * CURIS, INC 111 100 * CV THERAPEUTICS, INC 3,300 14 * CYBEAR GROUP, INC 5 500 * CYBER-CARE, INC 1,468 164 * CYBERONICS, INC 2,654 179 * CYGNUS, INC 1,337 300 * CYTOGEN CORP 975 700 * CYTYC CORP 11,550 143 DATASCOPE CORP 5,174 369 * DAVITA, INC 6,265
54 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 55 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 200 * DENDRITE INTERNATIONAL, INC $ 2,800 461 DENTSPLY INTERNATIONAL, INC 16,826 100 DIAGNOSTIC PRODUCTS CORP 5,215 100 * DIGENE CORP 1,525 100 * DIVERSA CORP 1,512 78 * DURAMED PHARMACEUTICALS, INC 450 100 * DUSA PHARMACEUTICALS, INC 1,331 100 * DVI, INC 1,542 68 * ECLIPSE SURGICAL TECHNOLOGY, INC 74 200 * ECLIPSYS CORP 3,900 308 * EDWARDS LIFESCIENCES CORP 6,036 140 * ELAN CORP CONTINGENT VALUE RIGHT 201 100 * EMISPHERE TECHNOLOGIES, INC 1,431 43 * ENDO PHARMACEUTICALS HOLDINGS, INC 301 43 * ENDO PHARMACEUTICALS, INC WTS 12/31/02 16 100 * ENDOCARE, INC 728 149 * ENTREMED, INC 2,477 105 * ENZO BIOCHEM, INC 1,762 300 * ENZON, INC 14,250 100 * EXELIXIS, INC 868 100 * EXPRESS SCRIPTS, INC (CLASS A) 8,668 276 * FIRST HEALTH GROUP CORP 12,109 243 * FISHER SCIENTIFIC INTERNATIONAL, INC 8,611 1,098 * FOREST LABORATORIES, INC 65,045 200 * GENE LOGIC, INC 3,350 1,400 * GENENTECH, INC 70,700 100 * GENOME THERAPEUTICS CORP 600 100 * GENTA, INC 596 57 * GENZYME CORP (BIOSURGERY DIVISION) 313 620 * GENZYME CORP (GENERAL DIVISION) 56,004 100 * GERON CORP 1,043 614 * GILEAD SCIENCES, INC 19,955 1,983 * GUIDANT CORP 89,215 83 * GUILFORD PHARMACEUTICALS, INC 1,535 100 * HAEMONETICS CORP 3,310 100 * HANGER ORTHOPEDIC GROUP, INC 149 3,747 HCA-THE HEALTHCARE CO 150,891 1,508 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) 23,449 955 * HEALTH NET, INC 19,682 2,484 * HEALTHSOUTH CORP 32,018 87 * HEMISPHERX BIOPHARMA, INC 435 272 HILLENBRAND INDUSTRIES, INC 13,134 832 * HUMAN GENOME SCIENCES, INC 38,272 967 * HUMANA, INC 10,134 100 * HYSEQ, INC 937 481 ICN PHARMACEUTICALS, INC 12,231 300 * ICOS CORP 14,250 756 * IDEC PHARMACEUTICALS CORP 30,240 200 * IDEXX LABORATORIES, INC 4,387 350 * IDX SYSTEMS CORP 6,321 100 * IGEN INTERNATIONAL, INC 1,893 100 * ILEX ONCOLOGY, INC 1,525 400 * IMATRON, INC 750 400 * IMCLONE SYSTEMS, INC 13,275
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 100 * IMMUNE RESPONSE CORP $ 253 1,510 * IMMUNEX CORP 21,611 200 * IMMUNOGEN, INC 2,675 200 * IMMUNOMEDICS, INC 1,925 100 * IMPATH, INC 4,637 1,904 IMS HEALTH, INC 47,409 100 * INAMED CORP 2,375 400 * INCYTE GENOMICS, INC 6,140 100 * INFOCURE CORP 200 198 * INHALE THERAPEUTIC SYSTEMS, INC 4,232 200 b* INTEGRATED HEALTH SERVICES, INC 17 200 * INTEGRATED SILICON SOLUTION, INC 2,600 85 INVACARE CORP 3,359 285 * INVITROGEN CORP 15,632 210 * ISIS PHARMACEUTICALS, INC 1,942 100 * I-STAT CORP 1,987 899 * IVAX CORP 28,318 9,287 JOHNSON & JOHNSON 812,333 870 * KING PHARMACEUTICALS, INC 35,452 100 * KOS PHARMACEUTICALS, INC 1,756 263 * KV PHARMACEUTICAL CO (CLASS B) 5,215 123 * LABORATORY CORP OF AMERICA HOLDINGS 14,790 100 * LASER VISION CENTERS, INC 446 64 * LASERSIGHT, INC 116 100 * LCA-VISION, INC 231 100 * LEXICON GENETICS, INC 656 200 * LIFEPOINT HOSPITALS, INC 7,150 261 * LIGAND PHARMACEUTICALS CO (CLASS B) 2,552 6,379 LILLY (ELI) & CO 489,014 200 * LINCARE HOLDINGS, INC 10,587 100 * LYNX THERAPEUTICS, INC 842 75 * MACROCHEM CORP (DELAWARE) 294 758 * MANOR CARE, INC 15,463 25 * MATRIA HEALTHCARE, INC 334 200 * MATRIX PHARMACEUTICAL, INC 1,800 100 * MAXIM PHARMACEUTICALS, INC 672 140 * MAXIMUS, INC 4,145 100 * MAXYGEN, INC 1,210 1,910 MCKESSON HBOC, INC 51,092 500 * MEDAREX, INC 8,343 200 * MEDICIS PHARMACEUTICAL CORP (CLASS A) 8,964 1,400 * MEDIMMUNE, INC 50,225 135 * MEDQUIST, INC 2,927 8,106 MEDTRONIC, INC 370,768 174 MENTOR CORP 3,915 15,477 MERCK & CO, INC 1,174,704 100 * MGI PHARMA, INC 1,093 563 * MID ATLANTIC MEDICAL SERVICES, INC 11,428 1,220 * MILLENNIUM PHARMACEUTICALS, INC 37,161 462 MILLIPORE CORP 21,372 348 * MINIMED, INC 10,113 100 * MIRAVANT MEDICAL TECHNOLOGIES 800 100 * MOLECULAR DEVICES CORP 4,550 147 MORRISON MANAGEMENT SPECIALISTS, INC 5,863
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 55 56 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 1,063 MYLAN LABORATORIES, INC $ 27,478 100 * MYRIAD GENETICS, INC 4,056 100 * NABI, INC 618 100 * NANOGEN, INC 668 100 * NCS HEALTHCARE, INC (CLASS A) 35 100 * NEORX CORP 418 100 * NEOSE TECHNOLOGIES, INC 2,450 100 * NEUROCRINE BIOSCIENCES, INC 2,062 142 * NEUROGEN CORP 3,354 100 * NOVEN PHARMACEUTICALS, INC 2,831 351 * NOVOSTE CORP 6,164 100 * NPS PHARMACEUTICALS, INC 2,100 256 * OCULAR SCIENCES, INC 4,560 100 OMEGA HEALTHCARE INVESTORS, INC 215 627 OMNICARE, INC 13,449 100 * ON ASSIGNMENT, INC 2,087 200 * ORGANOGENESIS, INC 1,630 245 * ORTHODONTIC CENTERS OF AMERICA, INC 5,022 200 * OSI PHARMACEUTICALS, INC 7,925 51 * OSTEOTECH, INC 274 200 OWENS & MINOR, INC 3,306 592 * OXFORD HEALTH PLANS, INC 15,836 200 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) 4,975 100 * PACKARD BIOSCIENCE CO 742 845 PALL CORP 18,522 100 * PAREXEL INTERNATIONAL CORP 1,243 274 * PATTERSON DENTAL CO 8,425 166 * PER-SE TECHNOLOGIES, INC 980 300 * PEREGRINE PHARMACEUTICALS, INC 440 42,310 PFIZER, INC 1,732,595 166 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC 6,992 8,585 PHARMACIA CORP 432,426 100 * PHARMACOPEIA, INC 1,787 354 * PHARMACYCLICS, INC 7,965 200 * PHYCOR, INC 8 100 * POLYMEDICA CORP 2,275 25 * PRACTICEWORKS, INC 161 100 * PRIORITY HEALTHCARE CORP (CLASS B) 3,775 334 * PROTEIN DESIGN LABS, INC 14,863 214 * PROVINCE HEALTHCARE CO 6,513 100 * PROXYMED, INC 112 354 * PSS WORLD MEDICAL, INC 1,581 90 * QUADRAMED CORP 202 245 * QUEST DIAGNOSTICS, INC 21,773 712 * QUINTILES TRANSNATIONAL CORP 13,439 353 * QUORUM HEALTH GROUP, INC 5,361 358 * REGENERON PHARMACEUTICALS, INC 7,943 100 * REHABCARE GROUP, INC 4,120 460 * RENAL CARE GROUP, INC 12,337 69 * RES-CARE, INC 345 206 * RESMED, INC 8,322 200 * RESPIRONICS, INC 6,100 55 * SANGSTAT MEDICAL CORP 488 86 * SCHEIN (HENRY), INC 3,160
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 9,965 SCHERING-PLOUGH CORP $ 364,021 100 * SCOTT TECHNOLOGIES, INC 2,212 442 * SEPRACOR, INC 14,144 69 * SEROLOGICALS CORP 931 1,775 * SERVICE CORP INTERNATIONAL 8,431 4 * SHIRE PHARMACEUTICALS GROUP PLC ADR 175 317 * SICOR, INC 4,418 100 * SIERRA HEALTH SERVICES, INC 456 89 * SOLA INTERNATIONAL, INC 801 502 * ST. JUDE MEDICAL, INC 27,032 100 * STAAR SURGICAL CO 428 148 * STERICYCLE, INC 6,604 442 * STERIS CORP 6,232 500 STEWART ENTERPRISES, INC (CLASS A) 2,484 912 STRYKER CORP 47,652 66 * SUNRISE ASSISTED LIVING, INC 1,299 200 * SUNRISE TECHNOLOGIES INTERNATIONAL, INC 375 168 * SUPERGEN, INC 1,732 100 * SURMODICS, INC 3,600 224 * SYBRON DENTAL SPECIALTIES, INC 4,704 55 * SYNAVANT, INC 247 100 * SYNCOR INTERNATIONAL CORP 3,225 100 * TARGETED GENETICS CORP 425 300 * TECHNE CORP 7,837 2,116 * TENET HEALTHCARE CORP 93,104 200 * TEXAS BIOTECHNOLOGY CORP 1,010 100 * THERAGENICS CORP 639 146 * THORATEC CORP 1,241 100 * TITAN PHARMACEUTICALS, INC 2,220 71 * TRANSKARYOTIC THERAPIES, INC 1,246 200 * TRIAD HOSPITALS, INC 5,650 200 * TRIANGLE PHARMACEUTICALS, INC 1,150 200 * TRIGON HEALTHCARE, INC 10,300 100 * TRIMERIS, INC 3,000 100 * TULARIK, INC 1,900 81 * TWINLAB CORP 106 100 * UNITED THERAPEUTICS CORP 1,743 2,184 UNITEDHEALTH GROUP, INC 129,423 100 * UNIVERSAL HEALTH SERVICES, INC (CLASS B) 8,830 400 * US ONCOLOGY, INC 3,250 100 * VALENTIS, INC 506 200 * VARIAN MEDICAL SYSTEMS, INC 12,160 212 * VARIAN, INC 5,419 200 * VASOMEDICAL, INC 762 100 * VAXGEN, INC 2,025 149 * VENTANA MEDICAL SYSTEMS, INC 3,464 300 VENTAS, INC 2,550 133 * VENTIV HEALTH, INC 2,044 400 * VERTEX PHARMACEUTICALS, INC 14,650 58 * VICAL, INC 554 303 * VISX, INC 5,202 200 * VIVUS, INC 890 846 * WATERS CORP 39,296 643 * WATSON PHARMACEUTICALS, INC 33,821
56 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 57 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 1,750 * WEBMD CORP $ 9,734 428 * WELLPOINT HEALTH NETWORKS, INC 40,792 100 X-RITE, INC 981 ----------- TOTAL HEALTH CARE 10,972,295 ----------- OTHER -- 1.55% 258 ABM INDUSTRIES, INC 8,062 100 * ACACIA RESEARCH CORP 656 14 ADECCO S.A. ADR 903 100 * ADMINISTAFF, INC 1,815 265 * ADVO, INC 9,778 200 ALEXANDER & BALDWIN, INC 4,275 100 BANTA CORP 2,425 353 * BELL & HOWELL CO 7,960 751 BLOCK (H&R), INC 37,595 75 BRADY CORP (CLASS A) 2,527 144 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC 3,412 100 * CAREER EDUCATION CORP 5,025 100 * CDI CORP 1,300 5,048 * CENDANT CORP 73,650 144 CENTRAL PARKING CORP 2,620 254 * CENTURY BUSINESS SERVICES, INC 635 808 CINTAS CORP 31,851 49 * CONCUR TECHNOLOGIES, INC 15 100 * CORPORATE EXECUTIVE BOARD CO 3,018 100 * COSTAR GROUP, INC 1,912 315 CRANE CO 8,205 62 * DAISYTEK INTERNATIONAL CORP 484 315 * DEVRY, INC 9,465 1,330 DOVER CORP 47,667 488 * DUN & BRADSTREET CORP (NEW) 11,497 33 * EDGEWATER TECHNOLOGY, INC 135 100 * EDISON SCHOOLS, INC 2,025 68 * EDUCATION MANAGEMENT CORP 2,218 100 * ESCO TECHNOLOGIES, INC 2,496 100 * FAIRCHILD CORP (CLASS A) 492 100 * FIRST CONSULTING GROUP, INC 981 200 FIRST INDUSTRIAL REALTY TRUST, INC 6,328 100 * FORRESTER RESEARCH, INC 2,381 988 FORTUNE BRANDS, INC 33,987 72 * FRANKLIN COVEY CO 582 100 * FRITZ COS, INC 1,093 362 * GENTIVA HEALTH SERVICES, INC 6,900 200 * GETTY IMAGES, INC 3,225 4 * GLOBAL SOURCES LTD 32 200 * GTECH HOLDINGS CORP 5,450 100 * HALL KINION & ASSOCIATES, INC 578 148 * HA-LO INDUSTRIES, INC 146 200 HARLAND (JOHN H.) CO 3,740 53 * HAVAS ADVERTISING S.A. ADR W/I 616 352 * HEIDRICK & STRUGGLES INTERNATIONAL, INC 10,186 5,428 HONEYWELL INTERNATIONAL, INC 221,462 100 * HOTJOBS.COM LTD 506 22 * HUTTIG BUILDING PRODUCTS, INC 91 181 * INFOUSA, INC 786
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 515 ITT INDUSTRIES, INC $ 19,956 363 KELLY SERVICES, INC (CLASS A) 8,559 200 * KORN FERRY INTERNATIONAL 3,354 150 * LABOR READY, INC 472 68 * LASON, INC 25 439 LIBERTY PROPERTY TRUST CO 12,397 200 * LITTON INDUSTRIES, INC 16,066 924 LOEWS CORP 54,894 472 MANPOWER, INC 13,593 252 MATTHEWS INTERNATIONAL CORP (CLASS A) 8,245 100 MCGRATH RENTCORP 2,187 144 * MEMBERWORKS, INC 3,384 385 * METROMEDIA INTERNATIONAL GROUP, INC 1,205 524 * MODIS PROFESSIONAL SERVICES, INC 2,410 977 MOODY'S CORP 26,926 345 NATIONAL SERVICE INDUSTRIES, INC 8,090 100 * NAVIGANT CONSULTING CO 666 143 * NCO GROUP, INC 3,655 144 NEW ENGLAND BUSINESS SERVICES, INC 2,664 100 * OFFSHORE LOGISTICS, INC 2,481 50 * PFSWEB, INC 48 271 PITTSTON CO 5,880 69 * PREPAID LEGAL SERVICES, INC 714 200 * PROSOFTTRAINING.COM 1,575 200 * PROTECTION ONE, INC 248 100 * PROVANT, INC 606 200 * R.H. DONNELLEY CORP 5,800 100 * RENT-WAY, INC 517 1,142 * ROBERT HALF INTERNATIONAL, INC 25,523 100 ROLLINS, INC 1,930 362 * SCHOOL SPECIALTY, INC 7,805 1,913 SERVICEMASTER CO 21,482 296 * SPHERION CORP 2,054 144 STANDARD REGISTER CO 2,347 141 STANDEX INTERNATIONAL CORP 3,235 100 * SYMYX TECHNOLOGIES, INC 1,262 25 * CIRCLE.COM 21 100 * TELETECH HOLDINGS, INC 787 400 * TERREMARK WORLDWIDE, INC 1,000 949 TEXTRON, INC 53,941 394 * TMP WORLDWIDE, INC 14,799 145 * TRAVELOCITY.COM, INC 2,147 421 U.S. INDUSTRIES, INC 2,458 100 * UNIROYAL TECHNOLOGY CORP 748 200 * UNITED STATIONERS, INC 4,850 2,935 UNITED TECHNOLOGIES CORP 215,135 200 VALSPAR CORP 5,738 100 * VENTRO CORP 75 515 VIAD CORP 12,272 100 * WACKENHUT CORP (CLASS A) 1,432 200 WALTER INDUSTRIES, INC 1,720 362 * WORLD ACCESS, INC 90 5 * WORLDWIDE XCEED GROUP, INC 2 ----------- TOTAL OTHER 1,172,658 -----------
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 57 58 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- PRODUCER DURABLES -- 5.82% 20 ACTUANT CORP (CLASS A) $ 325 100 * ADVANCED LIGHTING TECHNOLOGIES, INC 531 413 AGCO CORP 3,964 1,277 * ALLIED WASTE INDUSTRIES, INC 20,023 100 AMERICAN STATES WATER CO 3,311 647 AMERICAN WATER WORKS, INC 20,865 200 AMETEK, INC 5,520 100 APPLIED INDUSTRIAL TECHNOLOGIES, INC 1,640 52 * ASTEC INDUSTRIES, INC 679 611 * AXCELIS TECHNOLOGIES, INC 7,064 100 BALDOR ELECTRIC CO 2,105 100 BELDEN, INC 2,005 100 * BLOUNT INTERNATIONAL, INC 440 100 BMC INDUSTRIES, INC 558 100 BRIGGS & STRATTON CORP 3,837 140 * BROOKS AUTOMATION, INC 5,565 142 CALIFORNIA WATER SERVICE GROUP 4,061 100 * CASELLA WASTE SYSTEMS, INC (CLASS A) 893 16 * CATAYTICA ENERGY SYSTEMS 335 2,271 CATERPILLAR, INC 100,786 100 * CMI CORP (CLASS A) 152 200 * COGNEX CORP 4,950 72 * COINSTAR, INC 1,206 45 COLUMBUS MCKINNON CORP 351 45 * CONSOLIDATED GRAPHICS, INC 562 495 COOPER INDUSTRIES, INC 16,557 277 * COVANTA ENERGY CORP 4,653 450 CUMMINS ENGINE CO, INC 16,893 258 * CUNO, INC 7,482 1,537 DEERE & CO 55,854 450 * DYCOM INDUSTRIES, INC 5,805 464 EATON CORP 31,784 2,857 EMERSON ELECTRIC CO 177,134 300 FEDERAL SIGNAL CORP 5,859 200 * FLOWSERVE CORP 4,488 100 * FUELCELL ENERGY, INC 5,050 100 * GARDNER DENVER, INC 1,960 276 GATX CORP 11,718 200 GENERAL CABLE CORP 2,170 66,547 GENERAL ELECTRIC CO 2,785,657 143 * GENLYTE GROUP, INC 3,941 466 GRAINGER (W.W.), INC 15,774 1,984 HARLEY-DAVIDSON, INC 75,292 344 HARSCO CORP 8,431 283 HUBBELL, INC (CLASS B) 6,593 200 IDEX CORP 5,796 1,607 ILLINOIS TOOL WORKS, INC 91,341 986 INGERSOLL-RAND CO 39,154 258 * IONICS, INC 6,708 100 * IT GROUP, INC 450 200 JLG INDUSTRIES, INC 2,600 200 KAYDON CORP 5,396 200 KENNAMETAL, INC 5,500 200 LINCOLN ELECTRIC HOLDINGS CO 4,300 144 LINDSAY MANUFACTURING CO 2,664 170 * LITTELFUSE, INC 4,271
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 86 * MAGNETEK, INC $ 810 93 MANITOWOC CO, INC 2,306 100 * MECHANICAL TECHNOLOGY, INC 437 200 MILACRON, INC 3,622 100 * MILLER INDUSTRIES, INC 92 2,745 MINNESOTA MINING & MANUFACTURING CO 285,205 186 * NATIONAL INSTRUMENTS CORP 6,068 434 * NAVISTAR INTERNATIONAL CORP 9,895 447 * NEWPARK RESOURCES, INC 4,018 200 NEWPORT NEWS SHIPBUILDING, INC 9,780 200 NORDSON CORP 5,200 557 PACCAR, INC 24,960 707 PARKER HANNIFIN CORP 28,082 558 PHILADELPHIA SUBURBAN CORP 13,146 100 * PHOTON DYNAMICS, INC 2,112 1,851 PITNEY BOWES, INC 64,322 558 * POWER-ONE, INC 8,085 450 * QUANTA SERVICES, INC 10,044 200 * RAYOVAC CORP 3,490 100 REGAL-BELOIT CORP 1,665 1,127 * REPUBLIC SERVICES, INC 21,131 1,152 ROCKWELL INTERNATIONAL CORP 41,875 200 ROPER INDUSTRIES, INC 7,160 100 b* SAFETY-KLEEN CORP 42 100 SAUER-DANFOSS, INC 891 145 * SPS TECHNOLOGIES, INC 6,533 200 STEWART & STEVENSON SERVICES, INC 4,350 100 * SUPERCONDUCTOR TECHNOLOGIES, INC 512 264 TECUMSEH PRODUCTS CO (CLASS A) 12,771 200 TELEFLEX, INC 8,190 100 TENNANT CO 4,225 100 * TEREX CORP 1,735 200 * TETRA TECH, INC 4,050 2,354 * THERMO ELECTRON CORP 52,917 307 THOMAS & BETTS CORP 5,329 281 TIMKEN CO 4,397 100 TITAN INTERNATIONAL, INC 355 141 TORO CO 6,486 241 TRINITY INDUSTRIES, INC 4,699 100 * U.S. LIQUIDS, INC 306 113 * U.S. PLASTIC LUMBER CORP 91 252 * UNOVA, INC 753 200 * VALENCE TECHNOLOGY, INC 912 62 VALMONT INDUSTRIES, INC 1,050 166 WABTEC CORP 2,108 100 * WASTE CONNECTIONS, INC 2,881 4,221 WASTE MANAGEMENT, INC 104,258 60 WATTS INDUSTRIES, INC (CLASS A) 1,002 4,381 XEROX CORP 26,242 ----------- TOTAL PRODUCER DURABLES 4,413,593 ----------- TECHNOLOGY -- 18.03% 153 * 24/7 MEDIA, INC 52 2,137 * 3COM CORP 12,220 100 * 3DFX INTERACTIVE, INC 31 100 * ACCRUE SOFTWARE, INC 18
58 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 59 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 100 * ACT MANUFACTURING, INC $ 1,093 100 * ACTEL CORP 2,043 91 * ACTIVISION, INC 2,212 300 * ACTUATE CORP 2,868 410 * ACXIOM CORP 8,558 566 * ADAPTEC, INC 4,908 116 * ADAPTIVE BROADBAND CORP 137 5,060 * ADC TELECOMMUNICATIONS, INC 43,010 100 * ADE CORP 1,412 1,586 ADOBE SYSTEMS, INC 55,462 71 * ADTRAN, INC 1,743 344 * ADVANCED DIGITAL INFORMATION CORP 5,955 100 * ADVANCED ENERGY INDUSTRIES, INC 2,581 559 * ADVANCED FIBRE COMMUNICATIONS, INC 8,000 2,260 * ADVANCED MICRO DEVICES, INC 59,980 100 * ADVANTAGE LEARNING SYSTEMS, INC 2,887 188 * ADVENT SOFTWARE, INC 8,330 364 * AEROFLEX, INC 3,753 100 * AETHER SYSTEMS, INC 1,300 200 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) 12,980 100 * AGENCY.COM LTD 137 200 * AGILE SOFTWARE CORP 2,203 2,992 * AGILENT TECHNOLOGIES, INC 91,944 259 * AKAMAI TECHNOLOGIES, INC 2,217 200 * ALLEN TELECOM, INC 2,580 200 * ALLIANCE SEMICONDUCTOR CORP 2,325 200 * ALLIED RISER COMMUNICATIONS CORP 318 200 * ALPHA INDUSTRIES, INC 3,150 100 * ALPINE GROUP, INC 175 2,576 * ALTERA CORP 55,223 37 * AMDOCS LTD 1,772 551 * AMERICAN MANAGEMENT SYSTEMS, INC 10,090 1,081 * AMERICAN POWER CONVERSION CORP 13,934 55 * AMERICAN SUPERCONDUCTOR CORP 883 725 * AMKOR TECHNOLOGY, INC 11,826 100 * AMPEX CORP (CLASS A) 31 216 * AMPHENOL CORP (CLASS A) 6,804 40 * ANACOMP, INC 2 196 * ANADIGICS, INC 2,597 2,550 * ANALOG DEVICES, INC 92,412 100 ANALYSTS INTERNATIONAL CORP 518 100 * ANAREN MICROWAVE, INC 1,256 494 * ANDREW CORP 7,101 90 b* ANICOM, INC 0 100 * ANIXTER INTERNATIONAL, INC 2,410 200 * ANSWERTHINK, INC 975 100 * ANTEC CORP 728 100 * APAC CUSTOMER SERVICES, INC 525 2,554 * APPLE COMPUTER, INC 56,366 40 * APPLIED GRAPHICS TECHNOLOGIES, INC 121 5,411 * APPLIED MATERIALS, INC 235,378 1,950 * APPLIED MICRO CIRCUITS CORP 32,175 100 * AREMISSOFT CORP 1,300 1,100 * ARIBA, INC 8,696 644 * ARROW ELECTRONICS, INC 14,554
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 300 * ART TECHNOLOGY GROUP, INC $ 3,600 200 * ARTESYN TECHNOLOGIES, INC 2,162 89 * ASHTON TECHNOLOGY GROUP, INC 127 100 * ASK JEEVES, INC 109 270 * ASPECT COMMUNICATIONS CORP 1,193 200 * ASPEN TECHNOLOGY, INC 4,775 200 * ASYST TECHNOLOGIES, INC 2,600 2,636 * ATMEL CORP 25,865 73 * ATMI, INC 1,350 200 * ATSI COMMUNICATIONS, INC 90 100 * AUSPEX SYSTEMS, INC 412 397 AUTODESK, INC 12,133 4,240 AUTOMATIC DATA PROCESSING, INC 230,571 200 * AVANT CORP 3,450 1,826 * AVAYA, INC 23,738 647 AVERY DENNISON CORP 33,656 100 * AVID TECHNOLOGY, INC 1,337 600 AVNET, INC 12,300 327 * AVOCENT CORP 7,132 88 * AVT CORP 247 200 AVX CORP 3,452 58 * AWARE, INC 558 259 * AXT, INC 3,885 260 * BARRA, INC 14,040 2,536 * BEA SYSTEMS, INC 74,495 358 * BENCHMARK ELECTRONICS, INC 6,981 200 * BINDVIEW DEVELOPMENT CORP 618 400 * BISYS GROUP, INC 21,375 168 * BLACK BOX CORP 7,486 1,575 * BMC SOFTWARE, INC 33,862 300 * BORLAND SOFTWARE CORP 2,090 191 * BRIGHTPOINT, INC 459 65 * BRIO TECHNOLOGY, INC 394 300 * BROADBASE SOFTWARE, INC 609 984 * BROADCOM CORP (CLASS A) 28,437 1,297 * BROADVISION, INC 6,930 1,480 * BROCADE COMMUNICATIONS SYSTEMS, INC 30,917 100 * BROOKTROUT, INC 618 100 * BSQUARE CORP 1,106 192 C&D TECHNOLOGIES, INC 5,299 550 * CABLE DESIGN TECHNOLOGIES CORP 7,370 1,071 * CABLETRON SYSTEMS, INC 13,815 100 * CACHEFLOW, INC 443 100 * CACI INTERNATIONAL, INC (CLASS A) 2,700 1,573 * CADENCE DESIGN SYSTEMS, INC 29,084 100 * CALIFORNIA AMPLIFIER, INC 503 183 * CAMBRIDGE TECHNOLOGY PARTNERS, INC 686 100 * CARREKER CORP 1,900 100 * CARRIER ACCESS CORP 525 189 * C-COR.NET CORP 1,263 245 * C-CUBE MICROSYSTEMS, INC (NEW) 3,016 100 * CELERITEK, INC 1,275 100 * CELLSTAR CORP 146 1,055 * CERIDIAN CORP 19,517 400 * CHECKFREE CORP 11,775 100 * CHECKPOINT SYSTEMS, INC 945
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 59 60 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 400 b* CHS ELECTRONICS, INC $ 1 262 * CIBER, INC 1,278 1,984 * CIENA CORP 82,832 435 * CIRRUS LOGIC, INC 6,497 48,322 * CISCO SYSTEMS, INC 764,091 1,105 * CITRIX SYSTEMS, INC 23,343 100 * CLARENT CORP 1,200 100 * CLARUS CORP 637 1,190 * CMGI, INC 3,022 517 * CNET NETWORKS, INC 5,783 71 COHU, INC 1,104 61 * COM21, INC 122 1,260 * COMMERCE ONE, INC 11,755 273 * COMMSCOPE, INC 4,553 11,392 COMPAQ COMPUTER CORP 207,334 100 * COMPLETE BUSINESS SOLUTIONS, INC 927 200 * COMPUCOM SYSTEMS, INC 462 3,032 COMPUTER ASSOCIATES INTERNATIONAL, INC 82,470 100 * COMPUTER HORIZONS CORP 350 184 * COMPUTER NETWORK TECHNOLOGY CORP 2,047 1,042 * COMPUTER SCIENCES CORP 33,708 58 COMPUTER TASK GROUP, INC 269 2,113 * COMPUWARE CORP 20,601 1,100 * COMVERSE TECHNOLOGY, INC 64,779 100 * CONCORD CAMERA CORP 706 151 * CONCORD COMMUNICATIONS, INC 1,236 1,433 * CONCORD EFS, INC 57,946 286 * CONCURRENT COMPUTER CORP 1,787 1,588 * CONEXANT SYSTEMS, INC 14,192 141 * CONVERA CORP 1,216 148 * CONVERGYS CORP 5,338 200 * COPPER MOUNTAIN NETWORKS, INC 678 5,893 CORNING, INC 121,926 887 * COVAD COMMUNICATIONS GROUP, INC 1,191 554 * CREDENCE SYSTEMS CORP 11,357 400 * CREE, INC 5,988 170 * CRITICAL PATH, INC 345 272 * CSG SYSTEMS INTERNATIONAL, INC 11,203 100 * CTC COMMUNICATIONS GROUP, INC 631 200 CTS CORP 4,150 63 b* CYBERCASH, INC 2 100 * CYBERSOURCE CORP 175 100 * CYLINK CORP 200 200 * CYMER, INC 4,326 876 * CYPRESS SEMICONDUCTOR CORP 15,531 100 * DALEEN TECHNOLOGIES, INC 109 400 DALLAS SEMICONDUCTOR CORP 10,404 57 * DATASTREAM SYSTEMS, INC 541 100 * DAVOX CORP 1,137 100 * DDI CORP 1,687 14,657 * DELL COMPUTER CORP 376,501 663 DELUXE CORP 15,693 145 * DIAMONDCLUSTER INTERNATIONAL, INC (CLASS A) 1,259 654 DIEBOLD, INC 17,958
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 100 * DIGEX, INC $ 1,393 100 * DIGIMARC CORP 1,500 100 * DIGITAL INSIGHT CO 1,150 500 * DIGITAL ISLAND, INC 906 57 * DIGITAL RIVER, INC 274 100 * DIGITAS, INC 468 444 * DMC STRATEX NETWORKS, INC 3,685 100 * DOBSON COMMUNICATIONS CORP (CLASS A) 1,656 206 * DOCUMENTUM, INC 2,266 711 * DOUBLECLICK, INC 8,220 191 * DSP GROUP, INC 2,960 500 * DST SYSTEMS, INC 24,095 450 * E.PIPHANY, INC 5,259 800 * EBAY, INC 28,950 67 * ECHELON CORP 992 345 * EFUNDS CORP 6,641 100 * EGAIN COMMUNICATIONS CORP 240 100 * ELANTEC SEMICONDUCTOR, INC 2,656 194 * ELECTRO SCIENTIFIC INDUSTRIES, INC 5,444 71 * ELECTROGLAS, INC 1,171 954 * ELECTRONIC ARTS, INC 51,754 2,850 ELECTRONIC DATA SYSTEMS CORP 159,201 376 * ELECTRONICS FOR IMAGING, INC 9,259 254 * ELOYALTY CORP 619 100 * EMAGIN CORP 250 15,794 * EMC CORP 464,343 200 * EMCORE CORP 5,012 10 * EMERGE INTERACTIVE, INC (CLASS A) 36 500 * EMULEX CORP 9,406 100 * ENGAGE, INC 71 257 * ENTRUST TECHNOLOGIES, INC 2,136 100 * EPICOR SOFTWARE CORP 121 100 * EPRESENCE, INC 456 907 EQUIFAX, INC 28,343 100 * ESPEED, INC (CLASS A) 2,043 200 * ESS TECHNOLOGY, INC 1,150 261 * ESTERLINE TECHNOLOGIES CORP 5,676 226 * EXAR CORP 4,435 200 * EXCELON CORP 420 84 * EXCHANGE APPLICATIONS, INC 126 1,395 * AT HOME CORP SERIES A 6,249 2,886 * EXODUS COMMUNICATIONS, INC 31,024 300 * EXTREME NETWORKS, INC 4,563 142 * F.Y.I., INC 4,748 100 * F5 NETWORKS, INC 534 100 FAIR ISSAC & CO, INC 5,851 400 * FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC (CLASS A) 5,328 100 * FEI CO 2,206 50 * FIDELITY HOLDINGS, INC 21 200 * FILENET CORP 3,137 700 * FINISAR CORP 6,715 2,638 FIRST DATA CORP 157,514 839 * FISERV, INC 37,532 100 * FOCAL COMMUNICATIONS CORP 940 400 * FOUNDRY NETWORKS, INC 3,000
60 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 61 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 89 * FSI INTERNATIONAL, INC $ 734 288 GALILEO INTERNATIONAL, INC 6,307 1,239 * GATEWAY, INC 20,827 208 * GENERAL SEMICONDUCTOR, INC 1,969 200 * GENRAD, INC 1,600 100 * GENZYME TRANSGENICS CORP 656 70 GERBER SCIENTIFIC, INC 466 260 * GLOBAL PAYMENTS, INC 4,810 100 * GLOBALNET FINANCIAL.COM, INC 71 200 * GLOBESPAN, INC 4,375 59 * GLOBIX CORP 178 100 * GOTO.COM, INC 784 100 * GREAT PLAINS SOFTWARE, INC 6,131 108 * GRIFFON CORP 853 278 * HARMONIC, INC 1,563 383 HARRIS CORP 9,479 40 * HEARME 20 100 HELIX TECHNOLOGY CORP 2,348 11,100 HEWLETT-PACKARD CO 347,097 100 HICKORY TECH CORP 1,487 200 * HNC SOFTWARE, INC 3,512 300 * HOMESTORE.COM, INC 7,125 315 HON INDUSTRIES, INC 7,235 89 * HUTCHINSON TECHNOLOGY, INC 1,329 43 * HYPERCOM CORP 144 200 * HYPERION SOLUTIONS CORP 3,225 1,300 * I2 TECHNOLOGIES, INC 18,850 100 * IBASIS, INC 306 100 * IDENTIX, INC 848 100 * IGATE CAPITAL CORP 187 834 IKON OFFICE SOLUTIONS, INC 4,753 100 * ILLUMINET HOLDINGS, INC 2,056 200 * IMATION CORP 4,486 100 * IMMERSION CORP 568 71 * IMRGLOBAL CORP 399 100 b* INACOM CORP 0 200 * INFOCUS CORP 3,275 40 * INFOGRAMES, INC 220 300 * INFONET SERVICES CORP (CLASS B) 1,995 322 * INFORMATICA CORP 4,286 100 * INFORMATION RESOURCES, INC 650 1,665 * INFORMIX CORP 8,741 1,122 * INFOSPACE, INC 2,489 418 * INGRAM MICRO, INC (CLASS A) 5,643 555 * INKTOMI CORP 3,690 100 * INTEGRATED CIRCUIT SYSTEMS, INC 1,600 704 * INTEGRATED DEVICE TECHNOLOGY, INC 20,845 45,152 INTEL CORP 1,188,062 200 * INTELIDATA TECHNOLOGIES CORP 825 100 * INTERACT COMMERCE CORP 1,175 100 * INTERCEPT GROUP, INC 2,562 274 * INTERDIGITAL COMMUNICATIONS CORP 2,046 200 * INTERGRAPH CORP 1,937 200 * INTERLIANT, INC 262 100 * INTERLOGIX, INC 2,600 400 * INTERNAP NETWORK SERVICES CORP 775
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 11,762 INTERNATIONAL BUSINESS MACHINES CORP $ 1,131,269 184 * INTERNATIONAL FIBERCOM, INC 713 379 * INTERNATIONAL RECTIFIER CORP 15,349 1,020 * INTERNET CAPITAL GROUP, INC 2,231 200 * INTERNET PICTURES CORP 31 200 * INTERNET SECURITY SYSTEMS, INC 5,471 100 * INTERNET.COM CORP 362 100 * INTERSIL HOLDING CORP 1,843 400 * INTERTRUST TECHNOLOGIES CORP 1,800 200 * INTERVOICE-BRITE, INC 1,625 100 * INTERWORLD CORP 28 500 * INTERWOVEN, INC 5,031 51 * INTRAWARE, INC 60 1,111 * INTUIT, INC 30,830 1,467 * IOMEGA CORP 5,398 200 * IRON MOUNTAIN, INC 7,664 59 * IVILLAGE, INC 29 100 * IXL ENTERPRISES, INC 237 255 * J.D. EDWARDS & CO 2,486 958 * JABIL CIRCUIT, INC 20,711 396 JACK HENRY & ASSOCIATES, INC 9,380 100 * JDA SOFTWARE GROUP, INC 1,143 7,292 * JDS UNIPHASE CORP 134,446 1,400 * JUNIPER NETWORKS, INC 53,144 100 * JUNO ONLINE SERVICES, INC 112 100 * JUPITER MEDIA METRIX, INC 325 333 * KANA COMMUNICATIONS, INC 645 302 * KEANE, INC 3,926 100 KEITHLEY INSTRUMENTS, INC 1,620 600 * KEMET CORP 10,164 200 * KENT ELECTRONICS CORP 3,600 100 * KEYNOTE SYSTEMS, INC 1,118 35 * KFORCE.COM, INC 185 1,245 * KLA-TENCOR CORP 49,021 200 * KOMAG, INC 200 400 * KOPIN CORP 2,300 142 * KRONOS, INC 4,464 300 * KULICKE & SOFFA INDUSTRIES, INC 4,068 823 * LAM RESEARCH CORP 19,546 100 * LANTE CORP 150 626 * LATTICE SEMICONDUCTOR CORP 11,385 160 * LEARN2.COM, INC 35 100 * LEARNING TREE INTERNATIONAL, INC 2,071 470 * LEGATO SYSTEMS, INC 5,669 958 * LEXMARK INTERNATIONAL, INC 43,608 300 * LIBERATE TECHNOLOGIES 2,493 159 * LIGHTBRIDGE, INC 1,818 100 * LIGHTPATH TECHNOLOGIES, INC (CLASS A) 1,287 2,096 LINEAR TECHNOLOGY CORP 86,067 100 * LOOKSMART LTD 134 2,066 * LSI LOGIC CORP 32,498 553 * LTX CORP 10,334 22,723 LUCENT TECHNOLOGIES, INC 226,548 573 * MACROMEDIA, INC 9,203 296 * MACROVISION CORP 12,894 300 * MAIL-WELL, INC 1,461
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 61 62 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 346 * MANUGISTICS GROUP, INC $ 6,336 63 * MAPICS, INC 275 100 * MAPINFO CORP 1,775 897 * MARCHFIRST, INC 140 49 * MARIMBA, INC 165 65 * MARKETING SERVICES GROUP, INC 109 100 * MASTEC, INC 1,351 1,880 * MAXIM INTEGRATED PRODUCTS, INC 78,189 445 * MAXTOR CORP 3,115 752 * MCDATA CORP (CLASS A) 14,194 100 * MCSI, INC 1,481 200 * MEMC ELECTRONIC MATERIALS, INC 1,390 430 * MENTOR GRAPHICS CORP 8,868 55 * MERCATOR SOFTWARE, INC 201 73 * MERCURY COMPUTER SYSTEMS, INC 2,801 575 * MERCURY INTERACTIVE CORP 24,078 30 * MERISEL, INC 35 104 * MESSAGEMEDIA, INC 52 100 * METASOLV, INC 1,412 200 METHODE ELECTRONICS, INC (CLASS A) 3,587 54 * METRICOM, INC 111 300 * METROCALL, INC 75 200 * METTLER-TOLEDO INTERNATIONAL, INC 8,232 400 * MICREL, INC 11,175 1,064 * MICROCHIP TECHNOLOGY, INC 26,932 650 * MICROMUSE, INC 24,563 100 * MICRON ELECTRONICS, INC 168 3,438 * MICRON TECHNOLOGY, INC 142,780 100 * MICROSEMI CORP 2,800 26,647 * MICROSOFT CORP 1,457,258 100 * MICROSTRATEGY, INC 287 100 * MICROVISION, INC 1,518 142 * MIPS TECHNOLOGIES, INC (CLASS A) 3,532 91 * MIPS TECHNOLOGIES, INC (CLASS B) 2,093 76 * MKS INSTRUMENTS, INC 1,421 1,065 MOLEX, INC 37,574 14,623 MOTOROLA, INC 208,523 100 * MP3.COM, INC 218 291 * MPOWER COMMUNICATIONS CORP 736 147 * MRO SOFTWARE, INC 1,185 400 * MRV COMMUNICATIONS, INC 2,787 100 * MTI TECHNOLOGY CORP 231 148 * MULTEX.COM, INC 2,294 200 NATIONAL DATA CORP 4,670 100 * NATIONAL INFORMATION CONSORTIUM, INC 346 1,115 * NATIONAL SEMICONDUCTOR CORP 29,826 200 * NATURAL MICROSYSTEMS CORP 1,775 600 * NCR CORP 23,418 100 * NET2PHONE, INC 962 350 * NETEGRITY, INC 8,618 200 * NETIQ CORP 3,775 600 * NETMANAGE, INC 581 100 * NETOPIA, INC 287 200 * NETRO CORP 1,000 100 * NETSCOUT SYSTEMS, INC 512
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 100 * NETWORK ACCESS SOLUTIONS CORP $ 64 2,142 * NETWORK APPLIANCE, INC 36,012 799 * NETWORK ASSOCIATES, INC 6,591 76 * NETWORK EQUIPMENT TECHNOLOGIES, INC 323 45 * NETWORK PERIPHERALS, INC 285 100 * NEW CENTURY EQUITY HOLDINGS 112 100 * NEW ERA OF NETWORKS, INC 593 200 NEWPORT CORP 5,852 100 * NEXT LEVEL COMMUNICATIONS, INC 525 200 * NEXTEL PARTNERS, INC (CLASS A) 2,746 100 * NIKU CORP 268 100 NORTH PITTSBURGH SYSTEMS, INC 1,143 300 * NOVA CORP (GEORGIA) 5,532 2,094 * NOVELL, INC 10,470 871 * NOVELLUS SYSTEMS, INC 35,329 322 * NVIDIA CORP 20,904 100 * NYFIX, INC 2,293 200 * OAK TECHNOLOGY, INC 1,181 100 * ON SEMICONDUCTOR CORP 534 148 * ONYX SOFTWARE CORP 1,188 100 * OPEN MARKET, INC 131 44 * OPENTV CORP 418 761 * OPENWAVE SYSTEMS, INC 15,098 5 * OPUS360 CORP 0 28,532 * ORACLE CORP 427,409 100 * PACKETEER, INC 303 110 * PAC-WEST TELECOMM, INC 385 3,734 * PALM, INC 31,388 100 * PARADYNE NETWORKS, INC 165 1,483 * PARAMETRIC TECHNOLOGY CORP 13,439 100 PARK ELECTROCHEMICAL CORP 2,260 149 * PAXAR CORP 1,862 200 * PAXSON COMMUNICATIONS CORP 1,950 2,177 PAYCHEX, INC 80,685 431 * P-COM, INC 552 100 * PC-TEL, INC 750 67 * PEGASUS SOLUTIONS, INC 596 103 * PEGASYSTEMS, INC 334 1,376 * PEOPLESOFT, INC 32,250 1,035 * PEREGRINE SYSTEMS, INC 20,182 100 * PERICOM SEMICONDUCTOR CORP 1,287 284 * PEROT SYSTEMS CORP (CLASS A) 3,109 92 * PERSONNEL GROUP OF AMERICA, INC 110 56 * PERVASIVE SOFTWARE, INC 66 100 * PHOENIX TECHNOLOGIES LTD 1,387 200 * PHOTRONICS, INC 4,937 145 * PICTURETEL CORP 398 200 PIONEER-STANDARD ELECTRONICS, INC 2,450 100 * PIXELWORKS, INC 1,000 277 * PLANTRONICS, INC 4,922 326 * PLEXUS CORP 8,353 246 * PLX TECHNOLOGY, INC 1,083 1,088 * PMC-SIERRA, INC 27,635 654 * POLYCOM, INC 8,093 554 * PORTAL SOFTWARE, INC 4,674 200 * POWER INTEGRATIONS, INC 3,450
62 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 63 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 201 * POWERTEL, INC $ 11,055 453 * POWERWAVE TECHNOLOGIES, INC 6,172 100 * PREVIEW SYSTEMS, INC 271 71 * PRI AUTOMATION, INC 1,215 100 * PRIMUS KNOWLEDGE SOLUTIONS, INC 375 352 * PROBUSINESS SERVICES, INC 7,722 41 * PRODIGY COMMUNICATIONS CORP (CLASS A) 133 200 * PROFIT RECOVERY GROUP INTERNATIONAL, INC 1,250 211 * PROGRESS SOFTWARE CORP 3,059 174 * PROXICOM, INC 511 186 * PROXIM, INC 1,871 168 * PTEK HOLDINGS, INC 441 78 * PUBLICARD, INC 117 200 * PUMATECH, INC 750 100 * PURCHASEPRO.COM, INC 725 614 * QLOGIC CORP 13,815 100 * QRS CORP 850 4,467 * QUALCOMM, INC 252,943 890 * QUANTUM CORP - DLT & STORAGE SYSTEMS GROUP 10,324 499 * QUANTUM CORP - HARD DISK DRIVE GROUP 5,269 100 * QUEST SOFTWARE, INC 1,775 100 * QUICKLOGIC CORP 556 100 b* QUINTUS CORP 7 100 * RADIANT SYSTEMS, INC 1,381 100 * RADISYS CORP 1,700 100 * RAINBOW TECHNOLOGIES, INC 500 764 * RAMBUS, INC 15,738 242 * RARE MEDIUM GROUP, INC 2,731 1,336 * RATIONAL SOFTWARE CORP 23,714 50 * RAZORFISH, INC (CLASS A) 21 100 * READ-RITE CORP 829 431 * REALNETWORKS, INC 3,043 500 * RED HAT, INC 3,045 740 * REDBACK NETWORKS, INC 9,679 200 * REMEDY CORP 3,850 131 * RENAISSANCE WORLDWIDE, INC 106 100 * RESEARCH FRONTIERS, INC 1,825 324 * RETEK, INC 6,095 662 REYNOLDS & REYNOLDS CO (CLASS A) 12,743 670 * RF MICRO DEVICES, INC 7,830 100 * ROBOTIC VISION SYSTEMS, INC 243 100 * ROGERS CORP 3,551 300 * RSA SECURITY, INC 7,406 100 * RUDOLPH TECHNOLOGIES, INC 3,468 100 * RURAL CELLULAR CORP (CLASS A) 2,693 300 * S1 CORP 2,175 690 * SAFEGUARD SCIENTIFICS, INC 3,857 347 * SAGENT TECHNOLOGY, INC 607 145 * SANCHEZ COMPUTER ASSOCIATES, INC 1,069 275 * SANDISK CORP 5,603 2,248 * SANMINA CORP 43,976 65 * SANTA CRUZ OPERATION, INC 103
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 400 * SAPIENT CORP $ 2,875 200 * SAWTEK, INC 3,562 100 * SBS TECHNOLOGIES, INC 1,487 919 * SCI SYSTEMS, INC 16,725 100 * SCIENT CORP 196 1,264 SCIENTIFIC-ATLANTA, INC 52,569 145 * SCM MICROSYSTEMS, INC 2,238 100 * SEACHANGE INTERNATIONAL, INC 1,343 100 * SECURE COMPUTING CORP 962 30 SEMA PLC ADR 472 100 * SEMITOOL, INC 900 400 * SEMTECH CORP 11,775 752 * SENSORMATIC ELECTRONICS CORP 14,288 100 * SERENA SOFTWARE, INC 912 2,280 * SIEBEL SYSTEMS, INC 62,016 1,059 * SILICON GRAPHICS, INC 4,172 200 * SILICON IMAGE, INC 737 500 * SILICON STORAGE TECHNOLOGY, INC 4,340 200 * SILICON VALLEY GROUP, INC 5,500 100 * SILVERSTREAM SOFTWARE, INC 946 65 * SIPEX CORP 607 100 * SITEL CORP 280 67 * SOFTNET SYSTEMS, INC 100 4,051 * SOLECTRON CORP 77,009 200 * SOMERA COMMUNICATIONS, INC 900 100 * SONIC FOUNDRY, INC 150 573 * SONICBLUE, INC 2,721 100 * SONICWALL, INC 1,218 100 * SONUS NETWORKS, INC 1,995 100 * SORRENTO NETWORKS CORP 618 49 * SOURCE MEDIA, INC 13 100 * SPECTRALINK CORP 968 100 * SPEEDFAM-IPEC, INC 646 100 * SPSS, INC 1,693 100 * SS&C TECHNOLOGIES, INC 503 100 * STANDARD MICROSYSTEMS CORP 1,506 200 * STARBASE CORP 443 100 * STARMEDIA NETWORK, INC 300 534 * STORAGE TECHNOLOGY CORP 5,815 200 * STRUCTURAL DYNAMICS RESEARCH CORP 2,840 21,896 * SUN MICROSYSTEMS, INC 336,541 927 * SUNGARD DATA SYSTEMS, INC 45,636 100 * SVI SOLUTIONS, INC 103 592 * SYBASE, INC 9,176 600 * SYCAMORE NETWORKS, INC 6,000 100 * SYKES ENTERPRISES, INC 546 536 * SYMANTEC CORP 22,411 925 SYMBOL TECHNOLOGIES, INC 32,282 450 * SYMMETRICOM, INC 5,456 300 * SYNOPSYS, INC 14,081 200 * SYSTEMS & COMPUTER TECHNOLOGY CORP 1,837 200 * TAKE-TWO INTERACTIVE SOFTWARE, INC 2,853 287 * TECH DATA CORP 8,466 84 TECHNITROL, INC 2,090 200 * TECHNOLOGY SOLUTIONS CO 443 300 * TEKELEC 5,400
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 63 64 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 516 * TEKTRONIX, INC $ 14,081 100 * TELAXIS COMMUNICATIONS CORP 146 200 * TELECORP PCS, INC (CLASS A) 3,012 46 * TELESCAN, INC 37 2,307 * TELLABS, INC 93,866 1,113 * TERADYNE, INC 36,729 210 * TERAYON COMMUNICATION SYSTEMS, INC 958 11,605 TEXAS INSTRUMENTS, INC 359,522 100 * THERMA-WAVE, INC 1,262 100 * THREE-FIVE SYSTEMS, INC 1,220 800 * TIBCO SOFTWARE, INC 6,800 280 * TITAN CORP 5,031 100 * TIVO, INC 518 100 * TOLLGRADE COMMUNICATIONS, INC 2,575 235 TOTAL SYSTEM SERVICES, INC 5,781 200 * TRANSACTION SYSTEMS ARCHITECTS, INC (CLASS A) 1,431 500 * TRANSWITCH CORP 6,562 100 * TRICORD SYSTEMS, INC 550 100 * TRIMBLE NAVIGATION LTD 1,893 400 * TRIQUINT SEMICONDUCTOR, INC 5,925 100 * TRIZETTO GROUP, INC 1,393 42 * TUT SYSTEMS, INC 130 262 * UCAR INTERNATIONAL, INC 3,039 100 * ULTRATECH STEPPER, INC 2,462 2,111 * UNISYS CORP 29,554 100 * UNIVERSAL ACCESS, INC 570 100 * UNIVERSAL DISPLAY CORP 1,031 105 b* US INTERACTIVE, INC 6 78 * USINTERNETWORKING, INC 90 100 * UTSTARCOM, INC 1,662 200 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC 6,387 200 * VEECO INSTRUMENTS, INC 8,312 1,276 * VERISIGN, INC 45,218 2,706 * VERITAS SOFTWARE CORP 125,125 200 * VERITY, INC 4,537 100 * VERTEL CORP 133 460 * VERTICALNET, INC 933 100 * VIANT CORP 250 200 * VIASYSTEMS GROUP, INC 600 66 * VICOR CORP 1,353 100 * VIEWPOINT CORP 446 1,200 * VIGNETTE CORP 7,725 291 * VISHAY INTERTECHNOLOGY, INC 5,790 89 * VISUAL NETWORKS, INC 317 1,464 * VITESSE SEMICONDUCTOR CORP 34,861 400 * VITRIA TECHNOLOGY, INC 1,525 200 WALLACE COMPUTER SERVICES, INC 3,250 100 * WATCHGUARD TECHNOLOGIES, INC 825 344 * WAVE SYSTEMS CORP (CLASS A) 1,569 77 * WAVO CORP 2 252 * WEBMETHODS, INC 5,260 147 * WEBTRENDS CORP 1,323 600 * WEBVAN GROUP, INC 93 100 * WESCO INTERNATIONAL, INC 925
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 61 * WESTELL TECHNOLOGIES, INC (CLASS A) $ 205 963 * WESTERN DIGITAL CORP 4,583 100 * WHITE ELECTRONIC DESIGNS CORP 525 392 * WIND RIVER SYSTEMS, INC 9,114 100 * WIRELESS FACILITIES, INC 412 1,885 * XILINX, INC 66,210 100 * XYBERNAUT CORP 199 1,683 * YAHOO!, INC 26,507 100 * ZEBRA TECHNOLOGIES CORP (CLASS A) 3,812 55 * ZIXIT CORP 386 100 * ZORAN CORP 1,531 100 * ZYGO CORP 1,893 ----------- TOTAL TECHNOLOGY 13,658,382 ----------- TRANSPORTATION -- 1.03% 68 * ABC-NACO, INC 204 274 AIRBORNE, INC 2,786 301 * AIRTRAN HOLDINGS, INC 2,359 100 * ALASKA AIR GROUP, INC 2,570 200 * AMERICA WEST HOLDINGS CORP (CLASS B) 1,920 1,031 * AMR CORP 36,208 100 * ARKANSAS BEST CORP 1,575 67 ARNOLD INDUSTRIES, INC 1,277 282 * ATLANTIC COAST AIRLINES HOLDINGS, INC 5,922 250 * ATLAS AIR WORLDWIDE HOLDINGS, INC 7,037 83 * BE AEROSPACE, INC 1,525 2,638 BURLINGTON NORTHERN SANTA FE CORP 80,142 494 C.H. ROBINSON WORLDWIDE, INC 13,523 463 CNF, INC 13,376 100 * CONSOLIDATED FREIGHTWAYS CORP 675 200 * CONTINENTAL AIRLINES, INC (CLASS B) 8,280 1,380 CSX CORP 46,506 776 DELTA AIR LINES, INC 30,652 199 * EGL, INC 4,850 271 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC 13,668 1,907 * FEDEX CORP 79,483 200 FLORIDA EAST COAST INDUSTRIES, INC (CLASS A) 6,720 251 * FORWARD AIR CORP 8,204 94 * FRONTIER AIRLINES, INC 1,145 261 * HEARTLAND EXPRESS, INC 6,590 100 * HUNT (J.B.) TRANSPORT SERVICES, INC 1,562 298 * KANSAS CITY SOUTHERN INDUSTRIES, INC 4,231 208 * MESA AIR GROUP, INC 1,742 350 * MIDWEST EXPRESS HOLDINGS, INC 5,533 2,564 NORFOLK SOUTHERN CORP 42,921 200 * NORTHWEST AIRLINES CORP (CLASS A) 4,525 100 OVERSEAS SHIPHOLDING GROUP, INC 2,749 145 ROADWAY EXPRESS, INC 3,190 400 RYDER SYSTEM, INC 7,196 883 * SABRE HOLDINGS CORP 40,768 200 SHURGARD STORAGE CENTERS, INC (CLASS A) 5,280 300 SKYWEST, INC 6,975 5,012 SOUTHWEST AIRLINES CO 88,963
64 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 65 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TRANSPORTATION -- (CONTINUED) 332 * SWIFT TRANSPORTATION CO, INC $ 6,142 210 b* TRANS WORLD AIRLINES, INC 21 443 * U.S. AIRWAYS GROUP, INC 15,704 300 UAL CORP 9,915 1,691 UNION PACIFIC CORP 95,118 700 UNITED PARCEL SERVICE, INC (CLASS B) 39,830 200 USFREIGHTWAYS CORP 6,300 200 WERNER ENTERPRISES, INC 3,425 283 * WISCONSIN CENTRAL TRANSIT CORP 4,510 147 * XTRA CORP 7,011 100 * YELLOW CORP 1,712 ----------- TOTAL TRANSPORTATION 782,520 ----------- UTILITIES -- 10.25% 354 * ADELPHIA BUSINESS SOLUTIONS, INC 1,681 186 * ADVANCED RADIO TELECOM CORP 52 2,608 * AES CORP 130,295 300 AGL RESOURCES, INC 6,573 100 * AIRGATE PCS, INC 3,762 100 * ALAMOSA HOLDINGS, INC 1,056 712 ALLEGHENY ENERGY, INC 32,937 949 * ALLEGIANCE TELECOM, INC 13,997 662 ALLETE 17,092 481 ALLIANT ENERGY CORP 15,305 2,078 ALLTEL CORP 109,011 892 AMEREN CORP 36,527 2,253 AMERICAN ELECTRIC POWER CO, INC 105,891 1,010 * AMERICAN TOWER CORP (CLASS A) 18,685 216 * ARCH WIRELESS, INC 135 100 * ARGUSS COMMUNICATIONS, INC 590 25,204 A T & T CORP 536,845 100 * A T & T LATIN AMERICA CORP (CLASS A) 253 2,400 * A T & T WIRELESS GROUP 46,032 211 ATMOS ENERGY CORP 5,021 100 * AUDIOVOX CORP (CLASS A) 765 300 AVISTA CORP 5,286 12,646 BELLSOUTH CORP 517,474 76 BLACK HILLS CORP 3,473 1,394 * BROADWING, INC 26,695 1,900 * CALPINE CORP 104,633 100 CASCADE NATURAL GAS CORP 2,035 900 CENTURYTEL, INC 25,875 260 CH ENERGY GROUP, INC 11,505 100 * CHOICE ONE COMMUNICATIONS, INC 618 1,036 CINERGY CORP 34,757 1,734 * CITIZENS COMMUNICATIONS CO 21,935 100 CLECO CORP 4,545 771 CMS ENERGY CORP 22,813 100 * COMMONWEALTH TELEPHONE ENTERPRISES, INC 3,450 494 CONECTIV, INC 10,793 1,392 CONSOLIDATED EDISON, INC 51,643 1,036 CONSTELLATION ENERGY GROUP, INC 45,687 602 * CROWN CASTLE INTERNATIONAL CORP 8,917 100 CT COMMUNICATIONS, INC 1,275 100 * DIGITAL LIGHTWAVE, INC 1,787
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 200 * DITECH COMMUNICATIONS CORP $ 2,262 1,567 DOMINION RESOURCES, INC 101,024 768 DPL, INC 21,580 565 DQE, INC 16,469 920 DTE ENERGY CO 36,616 4,922 DUKE ENERGY CORP 210,366 1,504 DYNEGY, INC (CLASS A) 76,719 183 b* E.SPIRE COMMUNICATIONS, INC 62 485 * EARTHLINK, INC 5,880 2,244 EDISON INTERNATIONAL CO 28,364 3,210 EL PASO CORP 209,613 312 * EL PASO ELECTRIC CO 4,555 226 * ELOT, INC 28 61 EMPIRE DISTRICT ELECTRIC CO 1,140 200 ENERGEN CORP 7,060 670 ENERGY EAST CORP 11,624 4,965 ENRON CORP 288,466 1,565 ENTERGY CORP 59,470 200 EQUITABLE RESOURCES, INC 13,800 2,073 EXELON CORP 135,988 100 * FIBERNET TELECOM GROUP, INC 268 1,535 FIRSTENERGY CORP 42,857 1,242 FPL GROUP, INC 76,134 200 * GENERAL COMMUNICATION, INC (CLASS A) 1,800 400 * GLENAYRE TECHNOLOGIES, INC 862 82 * GLOBAL CROSSING LTD 1,106 1,245 * GLOBAL TELESYSTEMS, INC 946 842 GPU, INC 27,356 200 HAWAIIAN ELECTRIC INDUSTRIES, INC 7,390 170 b* ICG COMMUNICATIONS, INC 14 200 IDACORP, INC 7,642 72 * IDT CORP 1,458 100 * IMPSAT FIBER NETWORKS, INC 425 273 * INTERMEDIA COMMUNICATIONS, INC 4,743 74 INTER-TEL, INC 753 274 * ITC DELTACOM, INC 1,609 422 KANSAS CITY POWER & LIGHT CO 10,381 880 KEYSPAN CORP 33,554 666 KINDER MORGAN, INC 35,431 200 * L-3 COMMUNICATIONS HOLDINGS, INC 15,790 67 LACLEDE GAS CO 1,561 173 * LEAP WIRELESS INTERNATIONAL, INC 4,854 2,060 * LEVEL 3 COMMUNICATIONS, INC 35,792 356 MADISON GAS & ELECTRIC CO 8,321 2,750 * MCLEODUSA, INC (CLASS A) 23,804 607 MCN ENERGY GROUP, INC 15,660 400 MDU RESOURCES GROUP, INC 14,288 2,272 * METROMEDIA FIBER NETWORK, INC (CLASS A) 12,450 695 MONTANA POWER CO 9,799 200 NATIONAL FUEL GAS CO 10,716 100 * NETWORK PLUS CORP 390 263 NEW JERSEY RESOURCES CORP 10,822 3,256 * NEXTEL COMMUNICATIONS, INC (CLASS A) 46,805 971 * NIAGARA MOHAWK HOLDINGS, INC 16,409 268 NICOR, INC 9,988
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 65 66 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- UTILITIES -- (CONTINUED) 1,195 NISOURCE, INC $ 37,188 180 * NISOURCE, INC (SAILS) 496 871 NORTHEAST UTILITIES CO 15,137 255 b* NORTHPOINT COMMUNICATIONS GROUP, INC 4 100 NORTHWEST NATURAL GAS CO 2,400 100 NORTHWESTERN CORP 2,450 200 * NRG ENERGY, INC 7,280 444 NSTAR 17,005 147 * NTELOS, INC 2,829 145 NUI CORP 3,915 378 OGE ENERGY CORP 8,690 213 ONEOK, INC 8,709 84 OTTER TAIL POWER CO 2,394 51 b* PACIFIC GATEWAY EXCHANGE, INC 200 PEOPLES ENERGY CORP 7,774 2,576 PG&E CORP 32,071 200 PIEDMONT NATURAL GAS CO, INC 7,100 200 * PINNACLE HOLDINGS, INC 1,768 504 PINNACLE WEST CAPITAL CORP 23,118 725 POTOMAC ELECTRIC POWER CO 16,950 915 PPL CORP 40,223 555 * PRICE COMMUNICATIONS CORP 9,551 100 * PRIMUS TELECOMMUNICATIONS GROUP, INC 331 1,372 PROGRESS ENERGY, INC 59,092 328 * PROGRESS ENERGY, INC- CVO 147 816 * PSINET, INC 178 228 PUBLIC SERVICE CO OF NEW MEXICO 6,614 1,383 PUBLIC SERVICE ENTERPRISE GROUP, INC 59,690 603 PUGET ENERGY, INC 13,796 495 QUESTAR CORP 13,563 6,841 * QWEST COMMUNICATIONS INTERNATIONAL, INC 239,777 348 * RCN CORP 2,098 1,575 RELIANT ENERGY, INC 71,268 200 RGS ENERGY GROUP, INC 7,400 227 * RHYTHMS NETCONNECTIONS, INC 99 100 * SBA COMMUNICATIONS CORP 1,581 22,726 SBC COMMUNICATIONS, INC 1,014,261 863 SCANA CORP 23,430 63 SEMCO ENERGY, INC 894 1,332 SEMPRA ENERGY 31,008 480 SIERRA PACIFIC RESOURCES (NEW) 7,104 100 SOUTH JERSEY INDUSTRIES, INC 2,950 4,312 SOUTHERN CO 151,308 235 * SOUTHERN UNION CO 4,935 210 SOUTHWEST GAS CORP 4,378 100 SOUTHWESTERN ENERGY CO 990 300 * SPECTRASITE HOLDINGS, INC 1,293 4,958 SPRINT CORP (FON GROUP) 109,026 3,497 * SPRINT CORP (PCS GROUP) 66,443 100 b* STAR TELECOMMUNICATIONS, INC 12 145 * TALK.COM, INC 326
-------------------------------------------------------------------------------- SHARES/PRINCIPAL VALUE -------------------------------------------------------------------------------- 1,064 TECO ENERGY, INC $ 31,877 295 TELEPHONE & DATA SYSTEMS, INC 27,582 100 * TELIGENT, INC (CLASS A) 59 368 * TIME WARNER TELECOM, INC (CLASS A) 13,386 200 * TRITON PCS HOLDINGS, INC (CLASS A) 6,662 1,691 TXU CORP 69,872 59 * U.S. CELLULAR CORP 3,746 100 UGI CORP 2,449 251 UIL HOLDINGS CORP 11,922 215 UNISOURCE ENERGY CORP HOLDING CO 4,515 633 UTILICORP UNITED, INC 20,483 4 VAST SOLUTIONS, INC (CLASS B1) 0 4 VAST SOLUTIONS, INC (CLASS B2) 0 4 VAST SOLUTIONS, INC (CLASS B3) 0 433 VECTREN CORP 9,266 18,236 VERIZON COMMUNICATIONS, INC 889,133 100 * VIA NET.WORKS, INC 262 100 * VIASAT, INC 1,512 51 * VIATEL, INC 28 200 * VIRATA CORP 2,612 1,719 * VOICESTREAM WIRELESS CORP 158,792 132 * WEBLINK WIRELESS, INC 16 354 WESTERN GAS RESOURCES, INC 11,416 443 WESTERN RESOURCES, INC 10,565 563 * WESTERN WIRELESS CORP (CLASS A) 22,871 266 WGL HOLDINGS, INC 7,354 200 * WILLIAMS COMMUNICATIONS GROUP, INC 1,800 3,358 WILLIAMS COS, INC 143,890 495 * WINSTAR COMMUNICATIONS, INC 1,067 822 WISCONSIN ENERGY CORP 17,738 19,272 * WORLDCOM, INC 360,145 200 * WORLDPAGES.COM, INC 370 100 WPS RESOURCES CORP 3,413 2,196 XCEL ENERGY, INC 66,121 2,448 * XO COMMUNICATIONS, INC (CLASS A) 17,136 ----------- TOTAL UTILITIES 7,770,069 ----------- TOTAL COMMON STOCK (Cost $85,955,460) 75,245,861 -----------
SHORT TERM INVESTMENT -- 1.76% U.S. GOVERNMENT AND AGENCY -- 1.76% FEDERAL HOME LOAN BANK (FHLB) $1,335,000 5.130%, 04/02/01 1,334,810 ----------- TOTAL SHORT TERM INVESTMENT (Cost $1,334,810) 1,334,810 ----------- TOTAL PORTFOLIO -- 101.07% (Cost $87,292,225) 76,580,904 OTHER ASSETS & LIABILITIES, NET -- (1.07%) (809,912) ----------- NET ASSETS -- 100.00% $75,770,992 ===========
--------------- * Non-income producing b In bankruptcy 66 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 67 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2001
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCK -- 99.47% BASIC INDUSTRIES -- 2.32% 2,000 AIR PRODUCTS & CHEMICALS, INC $ 76,800 1,500 * BIRMINGHAM STEEL CORP 1,425 700 CABOT CORP 22,050 68 * CABOT MICROELECTRONICS CORP 3,009 3,700 CROWN CORK & SEAL CO, INC 14,985 1,200 ECOLAB, INC 50,904 300 FLEETWOOD ENTERPRISES, INC 2,715 200 FULLER (H.B.) CO 8,425 2,600 MASCO CORP 62,764 200 NCH CORP 9,524 1,000 NUCOR CORP 40,070 1,200 POLYONE CORP 10,920 2,200 PPG INDUSTRIES, INC 101,398 100 PULTE CORP 4,041 900 SCHULMAN (A.), INC 10,743 900 SIGMA ALDRICH CORP 43,087 1,800 SONOCO PRODUCTS CO 38,700 3,147 STORA ENSO OYJ (SPONS ADR) 29,109 900 VULCAN MATERIALS CO 42,147 4,400 WORTHINGTON INDUSTRIES, INC 40,920 ----------- TOTAL BASIC INDUSTRIES 613,736 ----------- CONSUMER CYCLICAL -- 11.04% 11,400 * AOL TIME WARNER, INC 457,710 1,400 * A T & T CORP - LIBERTY MEDIA GROUP (CLASS A) 19,600 100 BANDAG, INC 2,678 1,700 * CLEAR CHANNEL COMMUNICATIONS, INC 92,565 2,800 * COMCAST CORP (CLASS A) (SPECIAL) 117,425 600 * COX COMMUNICATIONS, INC (CLASS A) 26,694 600 DARDEN RESTAURANTS, INC 14,250 4,300 DELPHI AUTOMOTIVE SYSTEMS CORP 60,931 7,300 DISNEY (WALT) CO 208,780 500 DOW JONES & CO, INC 26,175 600 FEDERAL-MOGUL CORP 1,758 100 * FEDERATED DEPARTMENT STORES, INC 4,155 1,500 GANNETT CO, INC 89,580 2,050 GAP, INC 48,626 2,200 GENUINE PARTS CO 57,002 600 GRACO, INC 16,800 1,300 INTERPUBLIC GROUP OF COS, INC 44,655 400 JOHNSON CONTROLS, INC 24,984 800 * KMART CORP 7,520 300 KNIGHT-RIDDER, INC 16,113 400 * KOHL'S CORP 24,676 500 LIMITED, INC 7,860 100 LIZ CLAIBORNE, INC 4,705 500 MARRIOTT INTERNATIONAL, INC (CLASS A) 20,590 400 MAY DEPARTMENT STORES CO 14,192 6,400 MCDONALD'S CORP 169,920 1,300 MCGRAW-HILL COS, INC 77,545 500 MODINE MANUFACTURING CO 12,875 600 NEW YORK TIMES CO (CLASS A) 24,582 1,000 NIKE, INC (CLASS B) 40,550
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 800 OMNICOM GROUP, INC $ 66,304 600 PENNEY (J.C.) CO, INC 9,594 1,000 SEARS ROEBUCK & CO 35,270 600 * STARBUCKS CORP 25,462 2,600 SYSCO CORP 68,926 2,000 TARGET CORP 72,160 660 TRIBUNE CO 26,888 500 V.F. CORP 17,500 5,053 * VIACOM, INC (CLASS B) 222,180 1,200 VISTEON CORP 18,048 11,900 WAL-MART STORES, INC 600,950 400 WHIRLPOOL CORP 19,996 ----------- TOTAL CONSUMER CYCLICAL 2,918,774 ----------- CONSUMER NON-CYCLICAL -- 10.29% 1,467 ALBERTSON'S, INC 46,679 900 AVON PRODUCTS, INC 35,991 500 * BEST BUY CO, INC 17,980 1,600 CAMPBELL SOUP CO 47,792 1,100 CLOROX CO 34,595 8,300 COCA COLA CO 374,828 1,300 COCA COLA ENTERPRISES, INC 23,114 2,300 COLGATE PALMOLIVE CO 127,098 800 * COSTCO WHOLESALE CORP 31,400 1,100 CVS CORP 64,339 1,400 GENERAL MILLS, INC 60,214 3,900 GILLETTE CO 121,563 900 HASBRO, INC 11,610 1,700 HEINZ (H.J.) CO 68,340 600 HERSHEY FOODS CORP 41,592 6,850 HOME DEPOT, INC 295,235 500 INTERNATIONAL FLAVORS & FRAGRANCES, INC 11,030 1,600 KELLOGG CO 43,248 2,400 * KROGER CO 61,896 1,000 LOWE'S COS, INC 58,450 2,200 MATTEL, INC 39,028 1,500 NEWELL RUBBERMAID, INC 39,750 4,900 PEPSICO, INC 215,355 5,200 PROCTER & GAMBLE CO 325,520 600 QUAKER OATS CO 58,800 500 RADIOSHACK CORP 18,345 700 RALSTON PURINA CO 21,805 1,500 * SAFEWAY, INC 82,725 400 * TOYS 'R' US, INC 10,040 3,100 UNILEVER NV (NEW YORK SHS) 163,184 3,000 WALGREEN CO 122,400 1,000 WRIGLEY (WM) JR CO 48,250 ----------- TOTAL CONSUMER NON-CYCLICAL 2,722,196 ----------- ENERGY -- 3.74% 1,973 ANADARKO PETROLEUM CORP 123,864 1,200 APACHE CORP 69,132 2,400 BAKER HUGHES, INC 87,144 200 * BJ SERVICES CO 14,240 2,200 BURLINGTON RESOURCES, INC 98,450 1,036 DEVON ENERGY CORP (NEW) 60,295
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 67 68 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ENERGY -- (CONTINUED) 600 EOG RESOURCES, INC $ 24,738 1,200 * GRANT PRIDECO, INC 20,640 2,700 HALLIBURTON CO 99,225 900 HELMERICH & PAYNE, INC 41,670 900 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) 47,250 1,500 MURPHY OIL CORP 99,870 800 * NABORS INDUSTRIES, INC 41,472 900 NOBLE AFFILIATES, INC 37,557 500 * NOBLE DRILLING CORP 23,080 600 * ROWAN COS, INC 16,500 200 * SMITH INTERNATIONAL, INC 14,040 1,400 TRANSOCEAN SEDCO FOREX, INC 60,690 200 * WEATHERFORD INTERNATIONAL, INC 9,870 ----------- TOTAL ENERGY 989,727 ----------- FINANCIAL SERVICES -- 21.93% 1,300 AEGON NV ARS 38,012 1,600 AFLAC, INC 44,064 2,500 ALLSTATE CORP 104,850 5,200 AMERICAN EXPRESS CO 214,760 3,100 AMERICAN GENERAL CORP 118,575 7,562 AMERICAN INTERNATIONAL GROUP, INC 608,741 5,900 BANK OF AMERICA CORP 323,025 2,500 BANK OF NEW YORK CO, INC 123,100 4,100 BANK ONE CORP 148,338 900 BB&T CORP 31,653 100 BEAR STEARNS COS, INC 4,574 600 CAPITAL ONE FINANCIAL CORP 33,300 200 CARRAMERICA REALTY CORP 5,706 600 CHUBB CORP 43,464 600 CIT GROUP, INC (CLASS A) 17,328 14,980 CITIGROUP, INC 673,800 600 CONSECO, INC 9,660 500 CRESCENT REAL ESTATE EQUITIES CO 11,350 500 DUKE-WEEKS REALTY CORP 11,575 1,400 EQUITY OFFICE PROPERTIES TRUST 39,200 2,700 FREDDIE MAC 175,041 1,650 FIFTH THIRD BANCORP 88,171 100 FINOVA GROUP, INC 180 3,900 FIRST UNION CORP 128,700 3,800 FLEETBOSTON FINANCIAL CORP 143,450 3,800 FANNIE MAE 302,480 130 * GARTNER, INC (CLASS B) 819 500 HARTFORD FINANCIAL SERVICES GROUP, INC 29,500 200 HIGHWOODS PROPERTIES, INC 4,930 2,300 HOUSEHOLD INTERNATIONAL, INC 136,252 200 JEFFERSON-PILOT CORP 13,578 200 JOHN HANCOCK FINANCIAL SERVICES, INC 7,690 6,790 JP MORGAN CHASE & CO 304,871 900 KEYCORP 23,220 300 LEHMAN BROTHERS HOLDINGS, INC 18,810 1,400 MARSH & MCLENNAN COS, INC 133,042 3,100 MBNA CORP 102,610 1,500 MELLON FINANCIAL CORP 60,780
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 2,500 MERRILL LYNCH & CO, INC $ 138,500 2,800 METLIFE, INC 84,140 3,400 MORGAN STANLEY DEAN WITTER & CO 181,900 2,000 NATIONAL CITY CORP 53,500 500 NORTHERN TRUST CORP 31,250 1,200 PNC FINANCIAL SERVICES GROUP, INC 81,300 1,000 PROVIDIAN FINANCIAL CORP 49,050 200 ROUSE CO 5,172 200 SAFECO CORP 5,637 4,150 SCHWAB (CHARLES) CORP 63,993 1,100 SIMON PROPERTY GROUP, INC 28,160 200 SPIEKER PROPERTIES, INC 10,970 400 ST. PAUL COS, INC 17,620 400 STATE STREET CORP 37,360 1,200 SUNTRUST BANKS, INC 77,760 200 THE GOLDMAN SACHS GROUP, INC 17,020 5,609 US BANCORP (NEW) 130,128 800 USA EDUCATION, INC 58,120 800 WACHOVIA CORP 48,200 1,700 WASHINGTON MUTUAL, INC 93,075 400 WEINGARTEN REALTY INVESTORS 16,920 5,900 WELLS FARGO & CO 291,873 ----------- TOTAL FINANCIAL SERVICES 5,800,847 ----------- HEALTH CARE -- 14.35% 300 * AETNA, INC (NEW) 10,776 600 ALLERGAN, INC 44,490 900 * ALZA CORP 36,450 3,200 * AMGEN, INC 192,600 600 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) 16,650 300 BAUSCH & LOMB, INC 13,698 1,700 BAXTER INTERNATIONAL, INC 160,038 1,300 BECTON DICKINSON & CO 45,916 200 BERGEN BRUNSWIG CORP (CLASS A) 3,320 1,050 BIOMET, INC 41,360 1,300 * BOSTON SCIENTIFIC CORP 26,234 6,900 BRISTOL MYERS SQUIBB CO 409,860 1,000 CARDINAL HEALTH, INC 96,750 600 CIGNA CORP 64,416 600 * FOREST LABORATORIES, INC 35,544 100 * GENZYME CORP (GENERAL DIVISION) 9,033 1,100 * GUIDANT CORP 49,489 2,800 HCA-THE HEALTHCARE CO 112,756 400 HILLENBRAND INDUSTRIES, INC 19,316 500 * HUMANA, INC 5,240 1,300 IMS HEALTH, INC 32,370 100 * IVAX CORP 3,150 5,300 JOHNSON & JOHNSON 463,591 4,000 LILLY (ELI) & CO 306,640 800 MCKESSON HBOC, INC 21,400 4,300 MEDTRONIC, INC 196,682 7,500 MERCK & CO, INC 569,250 200 MYLAN LABORATORIES, INC 5,170 9,900 PFIZER, INC 405,405 1,666 PHARMACIA CORP 83,916 5,200 SCHERING-PLOUGH CORP 189,956
68 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 69 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 200 * ST. JUDE MEDICAL, INC $ 10,770 65 * SYNAVANT, INC 292 1,500 * TENET HEALTHCARE CORP 66,000 800 UNITEDHEALTH GROUP, INC 47,408 ----------- TOTAL HEALTH CARE 3,795,936 ----------- OTHER -- 0.16% 200 * DUN & BRADSTREET CORP (NEW) 4,712 100 FIRST INDUSTRIAL REALTY TRUST, INC 3,164 200 LIBERTY PROPERTY TRUST CO 5,648 1,000 MOODY'S CORP 27,560 100 * ROBERT HALF INTERNATIONAL, INC 2,235 ----------- TOTAL OTHER 43,319 ----------- PRODUCER DURABLES -- 3.43% 500 BALDOR ELECTRIC CO 10,525 1,500 COOPER INDUSTRIES, INC 50,175 400 CUMMINS ENGINE CO, INC 15,016 1,400 DEERE & CO 50,876 2,700 EMERSON ELECTRIC CO 167,400 400 GRAINGER (W.W.), INC 13,540 1,400 HARLEY-DAVIDSON, INC 53,130 2,000 ILLINOIS TOOL WORKS, INC 113,680 1,100 INGERSOLL-RAND CO 43,681 2,800 MINNESOTA MINING & MANUFACTURING CO 290,920 600 NORDSON CORP 15,600 1,500 PITNEY BOWES, INC 52,125 700 THOMAS & BETTS CORP 12,152 3,100 XEROX CORP 18,569 ----------- TOTAL PRODUCER DURABLES 907,389 ----------- TECHNOLOGY -- 19.11% 500 * 3COM CORP 2,859 2,100 * ADC TELECOMMUNICATIONS, INC 17,850 300 ADOBE SYSTEMS, INC 10,491 1,000 * ADVANCED MICRO DEVICES, INC 26,540 1,129 * AGILENT TECHNOLOGIES, INC 34,694 1,500 * ALTERA CORP 32,156 800 * AMERICAN POWER CONVERSION CORP 10,312 1,200 * ANALOG DEVICES, INC 43,488 1,200 * APPLE COMPUTER, INC 26,484 2,500 * APPLIED MATERIALS, INC 108,750 3,100 AUTOMATIC DATA PROCESSING, INC 168,578 733 * AVAYA, INC 9,529 1,200 AVERY DENNISON CORP 62,424 400 AVNET, INC 8,200 700 * BROADCOM CORP (CLASS A) 20,230 19,300 * CISCO SYSTEMS, INC 305,181 5,000 COMPAQ COMPUTER CORP 91,000 1,400 COMPUTER ASSOCIATES INTERNATIONAL, INC 38,080 200 * COMVERSE TECHNOLOGY, INC 11,778 2,600 CORNING, INC 53,794 7,100 * DELL COMPUTER CORP 182,381 300 DELUXE CORP 7,101
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 100 DIEBOLD, INC $ 2,746 165 * EFUNDS CORP 3,176 1,800 ELECTRONIC DATA SYSTEMS CORP 100,548 5,900 * EMC CORP 173,460 1,400 FIRST DATA CORP 83,594 900 * GATEWAY, INC 15,129 5,900 HEWLETT-PACKARD CO 184,493 400 IKON OFFICE SOLUTIONS, INC 2,280 18,400 INTEL CORP 484,150 5,000 INTERNATIONAL BUSINESS MACHINES CORP 480,900 3,300 * JDS UNIPHASE CORP 60,843 900 LINEAR TECHNOLOGY CORP 36,956 1,200 * LSI LOGIC CORP 18,876 10,000 LUCENT TECHNOLOGIES, INC 99,700 800 * MAXIM INTEGRATED PRODUCTS, INC 33,272 913 * MCDATA CORP (CLASS A) 17,232 200 * MERCURY INTERACTIVE CORP 8,375 1,800 * MICRON TECHNOLOGY, INC 74,754 13,900 * MICROSOFT CORP 760,156 1,125 MOLEX, INC 39,691 900 * NATIONAL SEMICONDUCTOR CORP 24,075 800 * NETWORK APPLIANCE, INC 13,450 8,800 NORTEL NETWORKS CORP (U.S.) 123,640 800 * NOVELL, INC 4,000 14,400 * ORACLE CORP 215,712 1,634 * PALM, INC 13,736 1,400 PAYCHEX, INC 51,887 2,000 * QUALCOMM, INC 113,250 600 * SANMINA CORP 11,737 300 * SENSORMATIC ELECTRONICS CORP 5,700 1,000 * SIEBEL SYSTEMS, INC 27,200 2,000 * SOLECTRON CORP 38,020 8,700 * SUN MICROSYSTEMS, INC 133,719 1,300 * TELLABS, INC 52,893 5,100 TEXAS INSTRUMENTS, INC 157,998 1,000 * VERITAS SOFTWARE CORP 46,240 375 * VISHAY INTERTECHNOLOGY, INC 7,462 1,100 * XILINX, INC 38,637 1,500 * YAHOO!, INC 23,625 ----------- TOTAL TECHNOLOGY 5,055,212 ----------- TRANSPORTATION -- 0.83% 700 * AMR CORP 24,584 400 DELTA AIR LINES, INC 15,800 1,100 * FEDEX CORP 45,848 3,300 NORFOLK SOUTHERN CORP 55,242 100 RYDER SYSTEM, INC 1,799 505 * SABRE HOLDINGS CORP 23,315 2,825 SOUTHWEST AIRLINES CO 50,143 100 * U.S. AIRWAYS GROUP, INC 3,545 ----------- TOTAL TRANSPORTATION 220,276 ----------- UTILITIES -- 12.27% 1,600 AGL RESOURCES, INC 35,056 900 ALLTEL CORP 47,214 10,890 A T & T CORP 231,957 5,900 BELLSOUTH CORP 241,428
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 69 70 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
-------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- UTILITIES -- (CONTINUED) 900 * CALPINE CORP $ 49,563 2,400 EL PASO CORP 156,720 3,800 ENRON CORP 220,780 800 EQUITABLE RESOURCES, INC 55,200 200 * GLENAYRE TECHNOLOGIES, INC 431 1,900 * GLOBAL CROSSING LTD 25,631 2,100 IDACORP, INC 80,241 2,100 KEYSPAN CORP 80,073 1,000 MCN ENERGY GROUP, INC 25,800 1,200 MDU RESOURCES GROUP, INC 42,864 1,100 NATIONAL FUEL GAS CO 58,938 1,600 * NEXTEL COMMUNICATIONS, INC (CLASS A) 23,000 1,600 NICOR, INC 59,632 3,478 NISOURCE, INC 108,235 916 * NISOURCE, INC (SAILS) 2,528 4,200 OGE ENERGY CORP 96,558 1,200 PEOPLES ENERGY CORP 46,644 5,300 PUGET ENERGY, INC 121,264 4,385 * QWEST COMMUNICATIONS INTERNATIONAL, INC 153,694 9,674 SBC COMMUNICATIONS, INC 431,751 2,452 SCOTTISH POWER PLC ADR 64,291 100 * SOUTHERN UNION CO 2,100 2,300 SPRINT CORP (FON GROUP) 50,577
SHARES VALUE 2,000 * SPRINT CORP (PCS GROUP) $ 38,000 8,100 VERIZON COMMUNICATIONS, INC 399,349 3,500 WILLIAMS COS, INC 149,975 7,750 * WORLDCOM, INC 144,828 ----------- TOTAL UTILITIES 3,244,322 ----------- TOTAL COMMON STOCK (Cost $29,870,043) $26,311,734 -----------
-------------------------------------------------------------------------------- PRINCIPAL VALUE -------------------------------------------------------------------------------- SHORT TERM INVESTMENT -- 1.19% U.S. GOVERNMENT AND AGENCY -- 1.19% FEDERAL HOME LOAN BANK (FHLB) $315,000 5.130%, 04/02/01 $ 314,955 ----------- TOTAL SHORT TERM INVESTMENT (Cost $314,955) 314,955 ----------- TOTAL PORTFOLIO -- 100.66% (Cost $30,184,998) 26,626,689 OTHER ASSETS AND LIABILITIES, NET -- (0.66%) (175,155) ----------- NET ASSETS -- 100.00% $26,451,534 ===========
--------------- * Non-income producing 70 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 71 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2001
-------------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE -------------------------------------------------------------------------------- BONDS -- 95.67% CORPORATE BONDS -- 28.78% AEROSPACE & DEFENSE -- 2.30% BOEING CO DEB $ 1,000,000 6.350%, 11/15/07 A2 $ 1,029,280 LOCKHEED MARTIN CORP DEB 1,000,000 8.500%, 12/01/29 BAA3 1,130,460 LOCKHEED MARTIN CORP NOTE 1,000,000 8.200%, 12/01/09 BAA3 1,103,300 RAYTHEON CO NOTE 1,000,000 6.150%, 11/01/08 BAA2 943,790 UNITED TECHNOLOGIES CORP NOTE 1,000,000 6.350%, 03/01/11 A2 1,014,840 ------------ TOTAL AEROSPACE & DEFENSE 5,221,670 ------------ ASSET BACKED -- 5.85% CAPITAL ONE MASTER TRUST SERIES 2000-2 (CLASS A) 1,000,000 7.200%, 08/15/08 AAA 1,065,440 CIT EQUIPMENT COLLATERAL SERIES 2000-2 (CLASS A3) 1,000,000 6.840%, 06/20/04 AAA 1,027,490 CONSECO FINANCE SECURITIZATIONS CORP SERIES 2000-1 (CLASS A2) 1,000,000 7.190%, 05/01/31 AAA 1,017,483 COUNTRYWIDE ASSET- BACKED CERTIFICATES SERIES 2001-BC1 (CLASS A3) 500,000 6.237%, 12/25/26 AAA 506,475 GE CAPITAL MORTGAGE SERVICES, INC SERIES 1999-HE1 (CLASS A3) 1,000,000 6.035%, 06/25/20 AAA 1,010,515 HOUSEHOLD AUTOMOTIVE TRUST SERIES 2000-2 (CLASS A3) 1,500,000 7.340%, 11/17/04 AAA 1,557,012 PSE&G TRANSITION FUNDING LLC SERIES 2001-1 (CLASS A3) 1,750,000 5.980%, 06/15/08 AAA 1,777,632
------------- + As provided by Moody's Investors Service (Unaudited)
-------------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE -------------------------------------------------------------------------------- RESIDENTIAL ASSET SECURITIES CORP SERIES 2001-KS1 (CLASS AI3) $ 2,500,000 5.854%, 02/25/26 AAA $ 2,502,350 RESIDENTIAL ASSET SECURITIES CORP SERIES 1999-KS2 (CLASS AI9) 1,750,000 7.150%, 07/25/30 AAA 1,796,453 RESIDENTIAL ASSET SECURITIES CORP SERIES 1999-KS3 (CLASS AI3) 500,000 7.180%, 01/25/25 AAA 514,309 VANDERBILT MORTGAGE FINANCE SERIES 1999-D (CLASS IA2) 500,000 6.815%, 08/07/12 AAA 514,110 ------------ TOTAL ASSET BACKED 13,289,269 ------------ BASIC INDUSTRIES -- 0.94% KIMBERLY-CLARK CORP NOTE 1,000,000 7.100%, 08/01/07 AA2 1,073,040 ROHM & HAAS CO DEB 1,000,000 g 7.850%, 07/15/29 A3 1,055,060 ------------ TOTAL BASIC INDUSTRIES 2,128,100 ------------ CONSUMER CYCLICAL -- 2.92% CLEAR CHANNEL COMMUNICATIONS, INC (SR NOTE) 1,000,000 7.250%, 09/15/03 BAA3 1,034,140 DISNEY (WALT) CO (SR NOTE) 1,050,000 5.125%, 12/15/03 A2 1,049,202 FORD MOTOR CO NOTE 1,000,000 7.450%, 07/16/31 A1 978,450 FORD MOTOR CREDIT CO NOTE 1,000,000 7.500%, 03/15/05 A2 1,044,140 NEWS AMERICA HOLDINGS DEB 1,000,000 7.700%, 10/30/25 BAA3 942,360 TIME WARNER, INC NOTE 500,000 7.750%, 06/15/05 BAA1 533,760 UNILEVER CAPITAL CORP (GUARANTEE NOTE) 1,000,000 7.125%, 11/01/10 A1 1,061,300 ------------ TOTAL CONSUMER CYCLICAL 6,643,352 ------------
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 71 72 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
-------------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE -------------------------------------------------------------------------------- CONSUMER NON-CYCLICAL -- 0.69% DIAGEO CAPITAL PLC (GUARANTEE NOTE) $ 1,000,000 7.250%, 11/01/09 A1 $ 1,066,700 TRW, INC (SR NOTES) 500,000 6.500%, 06/01/02 BAA2 499,960 ------------ TOTAL CONSUMER NON-CYCLICAL 1,566,660 ------------ ENERGY -- 1.18% CHEVRON CORP NOTE 1,000,000 6.625%, 10/01/04 AA2 1,046,750 WILLIAMS COS, INC NOTE 640,000 6.200%, 08/01/02 BAA2 645,229 WILLIAMS COS, INC DEB 1,000,000 g 7.500%, 01/15/31 BAA2 992,550 ------------ TOTAL ENERGY 2,684,529 ------------ FINANCIAL SERVICES -- 7.48% ASSOCIATION CORP NA DEB 500,000 6.950%, 11/01/18 AA3 498,355 BANK OF AMERICA CORP NOTE 1,000,000 6.625%, 06/15/04 AA2 1,030,400 BANK OF AMERICA CORP (SR NOTE) 1,000,000 7.400%, 01/15/11 AA3 1,052,230 CHASE MANHATTAN CORP (SUB NOTE) 1,000,000 7.000%, 11/15/09 A1 1,036,960 CITIGROUP,INC NOTE 1,000,000 6.500%, 01/18/11 AA2 1,008,290 FLEET NATIONAL BANK (SUB NOTE) 1,000,000 5.750%, 01/15/09 A2 958,590 GE GLOBAL INSURANCE NOTE 1,000,000 7.500%, 06/15/10 AA1 1,091,200 GENERAL ELECTRIC CAPITAL CORP NOTE 1,000,000 7.250%, 05/03/04 AAA 1,053,240 GENERAL MOTORS ACCEPTANCE CORP NOTE 1,000,000 6.850%, 06/17/04 A2 1,029,410 HOUSEHOLD FINANCE CORP 1,500,000 6.500%, 01/24/04 A2 1,529,235 INTERAMERICAN DEVELOPMENT BANK NOTE 1,000,000 7.375%, 01/15/10 AAA 1,112,430
------------- + As provided by Moody's Investors Service (Unaudited)
-------------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE -------------------------------------------------------------------------------- INTERNATIONAL BANK RECONCILIATION & DEVELOPMENT NOTE $ 1,000,000 5.000%, 03/28/06 AAA $ 991,510 JP MORGAN CHASE & CO (SUB NOTE) 1,000,000 6.750%, 02/01/11 A1 1,020,510 KEY BANK NA (SUB NOTE) 1,000,000 7.000%, 02/01/11 A1 1,015,250 PNC FUNDING CORP (GUARANTEE NOTE) 500,000 6.950%, 09/01/02 A2 512,140 ROYAL BANK OF SCOTLAND GROUP PLC (SUB NOTE) 1,000,000 6.400%, 04/01/09 A1 1,000,771 WELLS FARGO FINANCIAL (SR NOTE) 1,000,000 7.000%, 11/01/05 AA2 1,052,880 ------------ TOTAL FINANCIAL SERVICES 16,993,401 ------------ HEALTH CARE -- 0.92% ELI LILLY & CO NOTE 1,000,000 7.125%, 06/01/25 AA3 1,044,380 JOHNSON & JOHNSON DEB 1,000,000 6.950%, 09/01/29 AAA 1,052,270 ------------ TOTAL HEALTH CARE 2,096,650 ------------ OTHER -- 0.47% UNITED TECHNOLOGIES CORP DEB 1,000,000 7.500%, 09/15/29 A2 1,070,120 ------------ TOTAL OTHER 1,070,120 ------------ OTHER MORTGAGE BACKED SECURITIES -- 2.67% BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES 1999-WF2 (CLASS A2) 250,000 7.080%, 06/15/09 AAA 262,760 FIRST UNION COMMERCIAL MORTGAGE TRUST SERIES 1999-C1 (CLASS A2) 1,500,000 6.070%, 10/15/08 AAA 1,494,029 JP MORGAN COMMERCIAL MORTGAGE FINANCE CORP SERIES 1997-C5 (CLASS A2) 3,400,000 7.069%, 09/15/29 AAA 3,543,174
72 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 73 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
-------------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE -------------------------------------------------------------------------------- OTHER MORTGAGE BACKED SECURITIES -- (CONTINUED) SALOMON BROTHERS MORTGAGE SECURITIES VII SERIES 2000-C3 (CLASS A2) $ 750,000 6.592%, 10/18/10 AAA $ 762,227 ------------ TOTAL OTHER MORTGAGE BACKED SECURITIES 6,062,190 ------------ PRODUCER DURABLES -- 0.92% EMERSON ELECTRIC NOTE 1,000,000 7.875%, 06/01/05 AA3 1,090,200 INGERSOLL-RAND NOTE 1,000,000 5.750%, 02/14/03 A3 1,006,670 ------------ TOTAL PRODUCER DURABLES 2,096,870 ------------ TECHNOLOGY -- 0.23% ELECTRONIC DATA SYSTEMS NOTE 500,000 7.450%, 10/15/29 A1 526,840 ------------ TOTAL TECHNOLOGY 526,840 ------------ UTILITIES -- 2.21% AT & T CORP NOTE 500,000 6.500%, 03/15/29 A2 422,410 AT & T WIRELESS GROUP (SR NOTE) 1,000,000 g,h 8.750%, 03/01/31 BAA2 1,011,580 BELLSOUTH CAPITAL FUNDING DEB 500,000 7.875%, 02/15/30 AA3 537,565 CENTRAL POWER & LIGHT CO (FIRST MORTGAGE) 500,000 6.625%, 07/01/05 A3 510,350 ILLINOIS POWER CO (FIRST MORTGAGE) 500,000 7.500%, 06/15/09 BAA1 515,850 SBC COMMUNICATIONS, INC NOTE 1,000,000 6.250%, 03/15/11 AA3 992,460 SPRINT CAPITAL CORP (GUARANTEE NOTE) 1,000,000 7.625%, 06/10/02 BAA1 1,017,060 ------------ TOTAL UTILITIES 5,007,275 ------------ TOTAL CORPORATE BONDS (Cost $65,299,880) 65,386,926 ------------ GOVERNMENT BONDS -- 66.89% AGENCY SECURITIES -- 12.04% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 7,500,000 5.000%, 01/15/04 AAA 7,533,975 4,600,000 5.250%, 02/15/04 AAA 4,650,324
------------- + As provided by Moody's Investors Service (Unaudited)
-------------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE -------------------------------------------------------------------------------- $ 6,000,000 6.875%, 01/15/05 AAA $ 6,370,320 6,600,000 5.750%, 04/15/08 AAA 6,685,602 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 2,000,000 6.625%, 10/15/07 AAA 2,127,820 ------------ 27,368,041 ------------ FOREIGN GOVERNMENT BONDS -- 1.19% CANADA GOVERNMENT 500,000 6.750%, 08/28/06 AA1 533,480 UNITED MEXICAN STATES NOTE 500,000 9.875%, 01/15/07 BAA3 537,250 QUEBEC PROVINCE CANADA 1,500,000 7.500%, 09/15/29 A2 1,643,025 ------------ 2,713,755 ------------ OTHER GOVERNMENT BOND -- 0.51% TENN VALLEY AUTHORITY 1,050,000 7.125%, 05/01/30 AAA 1,160,250 ------------ 1,160,250 ------------ MORTGAGE BACKED SECURITIES -- 35.52% FEDERAL HOME LOAN MORTGAGE CORP (FGLMC) 2,000,000 h 7.000%, 04/25/16 2,045,000 2,368,271 7.000%, 10/01/20 2,411,184 446,086 6.500%, 10/01/28 445,684 1,842,893 6.500%, 07/01/29 1,840,073 2,832,378 6.500%, 06/01/29 2,826,175 524,292 8.000%, 01/01/31 541,593 12,000,000 h 6.500%, 05/25/31 11,958,842 7,000,000 h 7.000%, 05/25/31 7,091,910 8,000,000 h 7.500%, 05/25/31 8,182,480 8,000,000 h 8.000%, 05/25/31 8,257,520 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 2,924,993 6.000%, 03/01/13 2,924,057 1,301,775 6.000%, 09/01/13 1,299,731 291,102 6.500%, 12/01/13 294,778 448,301 6.000%, 06/01/14 447,866 454,509 6.500%, 07/01/14 460,249 419,268 7.000%, 07/01/14 428,760 1,000,000 h 6.500%, 04/25/16 1,011,880 3,000,000 h 7.000%, 04/25/16 3,066,570 3,423,904 6.000%, 01/01/19 3,377,304 429,319 6.500%, 04/01/29 428,348 437,101 6.500%, 07/01/29 436,113 694,022 7.500%, 07/01/29 709,429 3,000,000 h 7.000%, 04/25/31 3,036,570
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 73 74 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
-------------------------------------------------------------------------------- PRINCIPAL VALUE -------------------------------------------------------------------------------- MORTGAGE BACKED SECURITIES -- (CONTINUED) GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) $ 1,310,608 6.500%, 05/15/28 $ 1,311,014 1,382,011 6.500%, 12/15/28 1,382,439 470,433 7.000%, 07/15/29 478,124 331,395 7.500%, 07/15/29 339,858 6,271,623 8.500%, 10/20/30 6,483,290 1,000,000 h 7.000%, 04/20/31 1,015,630 3,000,000 h 7.500%, 04/20/31 3,075,000 3,000,000 h 8.500%, 04/15/31 3,110,640 ------------ 80,718,111 ------------ U.S. TREASURY SECURITIES -- 17.63% U.S. TREASURY BOND 1,000,000 10.000%, 05/15/10 1,192,340 7,860,000 7.250%, 05/15/16 9,264,975 2,380,000 7.125%, 02/15/23 2,825,869 1,815,000 h 6.250%, 05/15/30 1,993,940 U.S. TREASURY INFLATION INDEXED 3,735,375 k 3.875%, 01/15/09 3,883,632 U.S. TREASURY NOTE 2,250,000 5.875%, 11/15/04 2,351,250 1,460,000 5.750%, 11/15/05 1,531,846 6,274,866 3.375%, 01/15/07 6,341,505 4,160,440 4.250%, 01/15/10 4,456,871 U.S. TREASURY STRIP 20,520,000 0.000%, 11/15/21 6,205,863 ------------ 40,048,091 ------------ TOTAL GOVERNMENT BONDS (Cost $147,137,188) 152,008,248 ------------ TOTAL BONDS (Cost $212,437,068) 217,395,174 ------------ SHORT TERM INVESTMENTS -- 25.55% COMMERCIAL PAPER -- 17.28% ALUMINUM CO OF AMERICA 4,065,000 5.550%, 04/02/01 4,064,373 ASSET SECURITIZATION COOPERATIVE CORP 4,000,000 c,d 4.950%, 04/19/01 3,990,100 CVS CORP 1,235,000 c,d 4.950%, 04/16/01 1,232,453 DELAWARE FUNDING CORP 1,195,000 c,d 4.940%, 04/17/01 1,192,376 EQUILON ENTERPRISES LLC 1,390,000 d 4.680%, 06/25/01 1,374,752 HARLEY-DAVIDSON FUNDING CORP 1,810,000 c,d 4.970%, 04/26/01 1,803,753
-------------------------------------------------------------------------------- PRINCIPAL VALUE -------------------------------------------------------------------------------- MINNESOTA MINING & MANUFACTURING CO $ 5,000,000 d 4.800%, 04/18/01 $ 4,988,556 MOTIVA ENTERPRISES LLC 3,000,000 d 4.940%, 04/09/01 2,996,707 NATIONAL RURAL UTILITIES COOP FINANCE 5,000,000 d 5.070%, 04/10/01 4,993,663 PARK AVENUE RECEIVABLES CORP 4,975,000 c,d 5.040%, 04/12/01 4,967,338 PARKER HANNIFIN CORP 4,100,000 c,d 5.170%, 04/05/01 4,097,645 RECEIVABLES CAPITAL CORP 3,584,000 c,d 4.970%, 05/02/01 3,568,661 ------------ 39,270,377 ------------ U.S. GOVERNMENT AND AGENCY -- 8.27% FEDERAL HOME LOAN BANK (FHLB) 18,825,000 d 5.270%, 04/16/01 18,783,663 ------------ TOTAL SHORT TERM INVESTMENT (Cost $58,054,040) 58,054,040 ------------ TOTAL PORTFOLIO -- 121.22% (Cost $270,491,108) 275,449,214 OTHER ASSETS & LIABILITIES, NET -- (21.22%) (48,216,376) ------------ NET ASSETS -- 100.00% $227,232,838 ============
--------------- c Commercial paper issued under the private placement exemption under Section 4(2) of the Securities Act of 1933. d All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis. g Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2001, the value of these securities amounted to $3,059,190 or 1.35% of net assets. h These securities were purchased on a delayed delivery basis. k Principal amount for interest accrual purposes is periodically adjusted based on changes in the consumer price index.
--------------- OTHER INFORMATION (Unaudited) The composition of long-term debt holdings as a percentage of total value of investment in debt securities, is as follows: MOODY'S RATINGS AAA, AA, A 39.43% BAA 5.02%
U.S. Government obligations represent 55.55% of the long-term debt portfolio value and are not reflected in the above ratings. 74 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 75 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL MONEY MARKET FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2001
-------------------------------------------------------------------------------- PRINCIPAL VALUE -------------------------------------------------------------------------------- SHORT TERM INVESTMENTS -- 100.17% COMMERCIAL PAPER -- 80.99% ABBEY NATIONAL NORTH AMERICA CORP $1,000,000 4.820%, 09/05/01 $ 978,979 ANHEUSER-BUSCH COS, INC 1,000,000 4.700%, 06/21/01 989,425 BETA FINANCE, INC 965,000 c 4.720%, 06/20/01 954,878 CANADIAN WHEAT BOARD (THE) 605,000 5.200%, 06/13/01 598,621 CARGILL, INC 680,000 c 5.070%, 06/22/01 672,147 CATERPILLAR FINANCIAL SERVICES CORP 1,000,000 4.910%, 05/21/01 993,181 CC (USA), INC 750,000 c 5.050%, 05/10/01 745,897 COCA COLA CO 995,000 5.200%, 04/27/01 991,263 COCA-COLA ENTERPRISES, INC 925,000 c 5.000%, 05/15/01 919,347 DELAWARE FUNDING CORP 1,000,000 c 4.930%, 06/08/01 990,688 DISNEY (WALT) CO 250,000 5.000%, 07/16/01 246,319 DUPONT (E.I.) DE NEMOURS & CO 960,000 5.260%, 04/03/01 959,719 EASTMAN KODAK CO 1,000,000 5.250%, 05/18/01 993,146 EDISON ASSET SECURITIZATION LLC 1,000,000 c 4.930%, 04/19/01 997,535 ENTERPRISE FUNDING CORP 640,000 c 5.040%, 05/04/01 637,043 EQUILON ENTERPRISES LLC 1,000,000 4.680%, 06/25/01 988,950 GANNETT, INC 480,000 c 5.020%, 04/12/01 479,264 GILLETTE CO 1,000,000 c 5.420%, 04/09/01 998,796 GOVCO, INC 985,000 c 5.050%, 05/08/01 979,888 HARLEY-DAVIDSON FUNDING CORP 945,000 c 4.980%, 05/14/01 939,379 HEWLETT PACKARD CO 500,000 c 4.750%, 06/27/01 494,260 HONEYWELL INTERNATIONAL, INC 1,000,000 5.000%, 04/27/01 996,389 MCGRAW-HILL, INC 935,000 4.800%, 07/11/01 922,409
-------------------------------------------------------------------------------- PRINCIPAL VALUE -------------------------------------------------------------------------------- MERCK, INC $ 595,000 4.940%, 05/07/01 $ 592,061 MOTIVA ENTERPRISES LLC 460,000 4.940%, 04/06/01 459,684 PACCAR FINANCIAL CORP 1,000,000 5.470%, 04/18/01 997,417 PARK AVENUE RECEIVABLES CORP 250,000 c 5.250%, 04/02/01 249,964 PFIZER, INC 345,000 c 5.040%, 04/20/01 344,082 RECEIVABLES CAPITAL CORP 498,000 c 5.050%, 04/16/01 496,952 SBC COMMUNICATIONS, INC 840,000 c 5.080%, 04/25/01 837,155 SHERWIN-WILLIAMS CO 290,000 c 5.100%, 04/09/01 289,671 SIGMA FINANCE, INC 1,000,000 c 5.250%, 07/12/01 985,125 ----------- 24,719,634 ----------- U.S. GOVERNMENT AND AGENCIES -- 19.18% FEDERAL FARM CREDIT BANK (FFCB) 235,000 5.500%, 04/04/01 234,892 FEDERAL HOME LOAN BANK (FHLB) 140,000 5.300%, 04/04/01 139,938 890,000 4.780%, 06/01/01 882,792 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 295,000 4.760%, 04/17/01 294,376 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 550,000 6.315%, 04/05/01 549,614 1,078,000 5.285%, 04/16/01 1,075,626 2,135,000 4.870%, 06/07/01 2,115,649 70,000 5.000%, 06/21/01 69,213 500,000 4.720%, 08/02/01 491,937 ----------- 5,854,037 ----------- TOTAL SHORT TERM INVESTMENTS (Cost $30,573,671) 30,573,671 ----------- TOTAL PORTFOLIO -- 100.17% (Cost $30,573,671) 30,573,671 OTHER ASSETS & LIABILITIES, NET -- (0.17%) (51,979) ----------- NET ASSETS -- 100.00% $30,521,692 ===========
--------------- c Commercial paper issued under the private placement exemption under Section 4(2) of the Securities Act of 1933. See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 75 76 76 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 77 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES -------------------------------------------------------------------------------- March 31, 2001 (Unaudited)
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE BOND EQUITY FUND FUND INCOME FUND FUND EQUITY FUND FUND ------------------------------------------------------------------------------------------------------------------------- ASSETS Portfolio investments, at cost $108,521,021 $190,510,109 $136,623,603 $87,292,225 $30,184,998 $270,491,108 Net unrealized appreciation (depreciation) of portfolio investments (14,949,040) (58,347,779) (18,119,607) (10,711,321) (3,558,309) 4,958,106 ------------------------------------------------------------------------------------------------------------------------- Portfolio investments, at value 93,571,981 132,162,330 118,503,996 76,580,904 26,626,689 275,449,214 Cash 1,783,471 9,624 1,003 6,367 4,138 3,313 Receivable from securities transactions 944,896 629,640 2,878,493 16,879 -- 38,802,720 Receivable for Fund shares sold 61,129 422,075 1,069,958 329,263 67,893 492,813 Dividends and interest receivable 328,671 86,335 98,077 80,612 21,210 2,170,215 Due from investment advisor 2,814 16,630 165 -- -- 35,787 ------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS 96,692,962 133,326,634 122,551,692 77,014,025 26,719,930 316,954,062 ------------------------------------------------------------------------------------------------------------------------- LIABILITIES Accrued expenses 32,525 71,119 74,206 83,052 90,906 84,690 Payable for securities transactions 1,608,616 1,331,445 6,268,315 1,159,981 177,490 89,225,752 Payable for Fund shares redeemed 5,000 -- -- -- -- 55,154 Income distribution payable -- -- 90,694 -- -- 355,628 ------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 1,646,141 1,402,564 6,433,215 1,243,033 268,396 89,721,224 ------------------------------------------------------------------------------------------------------------------------- NET ASSETS $95,046,821 $131,924,070 $116,118,477 $75,770,992 $26,451,534 $227,232,838 ========================================================================================================================= NET ASSETS CONSIST OF: Paid in capital $118,218,937 $195,225,377 $136,697,509 $86,327,260 $29,965,897 $220,331,532 Accumulated undistributed net investment income 431,602 152,259 26,883 207,769 71,148 95,465 Accumulated undistributed net realized gain (loss) on total investments (8,646,599) (5,083,440) (2,485,033) (52,716) (27,202) 1,847,735 Accumulated net unrealized appreciation (depreciation) on total investments (14,957,119) (58,370,126) (18,120,882) (10,711,321) (3,558,309) 4,958,106 ------------------------------------------------------------------------------------------------------------------------- NET ASSETS $95,046,821 $131,924,070 $116,118,477 $75,770,992 $26,451,534 $227,232,838 ========================================================================================================================= Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 9,917,939 17,737,721 13,155,259 8,522,431 2,976,373 22,057,549 NET ASSET VALUE PER SHARE $9.58 $7.44 $8.83 $8.89 $8.89 $10.30 =========================================================================================================================
INSTITUTIONAL MONEY MARKET FUND -------------------------- ------------- ASSETS Portfolio investments, at cost $30,573,671 Net unrealized appreciation (depreciation) of portfolio investments -- ----------------------------------------- Portfolio investments, at value 30,573,671 Cash 4,962 Receivable from securities transactions -- Receivable for Fund shares sold 99,255 Dividends and interest receivable -- Due from investment advisor -- ----------------------------------------- TOTAL ASSETS 30,677,888 ----------------------------------------- LIABILITIES Accrued expenses 83,839 Payable for securities transactions -- Payable for Fund shares redeemed 55,000 Income distribution payable 17,357 ----------------------------------------- TOTAL LIABILITIES 156,196 ----------------------------------------- NET ASSETS $30,521,692 ========================================= NET ASSETS CONSIST OF: Paid in capital $30,521,556 Accumulated undistributed net investment income -- Accumulated undistributed net realized gain (loss) on total investments 136 Accumulated net unrealized appreciation (depreciation) on total investments -- ----------------------------------------- NET ASSETS $30,521,692 ========================================= Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 30,521,556 NET ASSET VALUE PER SHARE $1.00 =========================================
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 77 78 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF OPERATIONS -------------------------------------------------------------------------------- For the Six Months Ended March 31, 2001 (Unaudited)
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE BOND EQUITY FUND FUND INCOME FUND FUND EQUITY FUND FUND --------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Interest $ 80,107 $ 91,730 $ 93,107 $ 34,948 $ 9,443 $ 6,102,367 Dividends 558,426 287,846 497,470 361,358 169,380 12,544 Foreign taxes withheld (65,474) (1,511) (770) (45) (529) -- --------------------------------------------------------------------------------------------------------------------------- Total income 573,059 378,065 589,807 396,261 178,294 6,114,911 --------------------------------------------------------------------------------------------------------------------------- EXPENSES Investment management fees 123,697 155,052 104,463 53,461 26,872 166,631 Custody and administration 71,606 71,606 71,606 71,606 71,606 71,606 Audit and legal 23,219 34,158 23,017 15,053 7,168 46,915 Shareholder servicing 8,951 8,951 8,951 8,951 8,951 8,951 Printing 4,422 6,505 4,383 2,867 1,365 8,934 Registration 3,584 5,273 3,553 2,324 1,106 7,242 Trustee fees and expenses 1,608 2,368 1,595 1,044 497 3,250 Other 2,057 3,027 2,039 1,334 635 4,157 --------------------------------------------------------------------------------------------------------------------------- Total expenses before fee waiver and expense reimbursement 239,144 286,940 219,607 156,640 118,200 317,686 Less investment management fees waived by the investment advisor (see Note 3) 41,232 47,190 31,793 20,791 9,900 46,286 Less expenses reimbursed by the investment advisor (see Note 3) 65,052 91,440 87,892 85,358 82,842 95,511 --------------------------------------------------------------------------------------------------------------------------- Net expenses 132,860 148,310 99,922 50,491 25,458 175,889 --------------------------------------------------------------------------------------------------------------------------- Net investment income 440,199 229,755 489,885 345,770 152,836 5,939,022 --------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS Realized gain (loss) on: Portfolio investments (7,873,072) (3,537,157) (1,909,190) 145,737 (5,291) 3,461,817 Foreign currency transactions (61,692) (9,468) 328 -- -- -- --------------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) on total investments (7,934,764) (3,546,625) (1,908,862) 145,737 (5,291) 3,461,817 --------------------------------------------------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) on: Portfolio investments (13,641,490) (63,005,026) (20,110,873) (14,404,576) (5,727,377) 3,181,549 Translations of assets (other than portfolio investments) and liabilities denominated in foreign currencies (194) (22,347) (1,425) -- -- -- --------------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on total investments (13,641,684) (63,027,373) (20,112,298) (14,404,576) (5,727,377) 3,181,549 --------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on total investments (21,576,448) (66,573,998) (22,021,160) (14,258,839) (5,732,668) 6,643,366 --------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(21,136,249) $(66,344,243) $(21,531,275) $(13,913,069) $(5,579,832) $12,582,388 =========================================================================================================================== INSTITUTIONAL MONEY MARKET FUND ---------------------------- ------------- INVESTMENT INCOME Interest $863,948 Dividends -- Foreign taxes withheld -- ------------------------------------------- Total income 863,948 ------------------------------------------- EXPENSES Investment management fees 20,999 Custody and administration 71,606 Audit and legal 7,095 Shareholder servicing 8,951 Printing 1,351 Registration 1,095 Trustee fees and expenses 492 Other 629 ------------------------------------------- Total expenses before fee waiver and expense reimbursement 112,218 Less investment management fees waived by the investment advisor (see Note 3) 6,999 Less expenses reimbursed by the investment advisor (see Note 3) 82,819 ------------------------------------------- Net expenses 22,400 ------------------------------------------- Net investment income 841,548 ------------------------------------------- NET REALIZED AND UNREALIZED TOTAL INVESTMENTS Realized gain (loss) on: Portfolio investments 115 Foreign currency transactions -- ------------------------------------------- Net realized gain (loss) on total investments 115 ------------------------------------------- Change in unrealized appreciation (depreciation) on: Portfolio investments -- Translations of assets (other than portfolio investments) and liabilities denominated in foreign currencies -- ------------------------------------------- Net change in unrealized appreciation (depreciation) on total investments -- ------------------------------------------- Net realized and unrealized gain (loss) on total investments 115 ------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $841,663 ===========================================
78 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 79 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF CASH FLOWS -------------------------------------------------------------------------------- For the Six Months Ended March 31, 2001 (Unaudited)
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE EQUITY FUND FUND INCOME FUND FUND EQUITY FUND ------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net increase (decrease) in net assets resulting from operations $(21,136,249) $(66,344,243) $(21,531,275) $(13,913,069) $(5,579,832) Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: Purchases of long-term securities (77,384,470) (85,301,537) (81,096,363) (40,208,552) (4,617,852) Proceeds from sales of long-term securities 44,074,421 18,685,778 11,693,617 3,178,121 1,749,316 Purchases of short-term investments-net 990,392 (1,440,910) (2,674,755) (924,680) (194,976) Increase in receivables (189,687) (26,681) (45,430) (38,272) (526) Decrease in payables (62,198) (69,112) (35,570) (28,039) (24,461) Net realized (gain) loss on total investments 7,934,764 3,546,625 1,908,862 (145,737) 5,291 Unrealized (appreciation) depreciation on total investments 13,641,684 63,027,373 20,112,298 14,404,576 5,727,377 ------------------------------------------------------------------------------------------------------------------------- Net cash used in operating activities (32,131,343) (67,922,707) (71,668,616) (37,675,652) (2,935,663) ------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Fund shares sold 37,243,924 68,596,437 75,831,201 57,105,677 6,321,434 Payments for Fund shares redeemed (3,280,388) (4,716,391) (4,255,590) (19,821,480) (3,494,745) Cash distributions paid (2,324,426) (1,081,281) (890,701) (247,797) (125,525) Exchanges among the Funds-net 1,168,251 4,630,750 730,451 645,000 -- Proceeds from the financing of dollar roll transactions-net -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------- Net cash provided by financing activities 32,807,361 67,429,515 71,415,361 37,681,400 2,701,164 ------------------------------------------------------------------------------------------------------------------------- Increase (decrease) in cash 676,018 (493,192) (253,255) 5,748 (234,499) CASH Beginning of period 1,107,453 502,816 254,258 619 238,637 ------------------------------------------------------------------------------------------------------------------------- End of period $ 1,783,471 $ 9,624 $ 1,003 $ 6,367 $ 4,138 ========================================================================================================================= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Non-cash financing activities not included above: Reinvestment of distributions $ 1,611,568 $ 2,502,728 $ 1,101,872 $ 732,422 $ 674,014 ============ ============ ============ ============ =========== INSTITUTIONAL INSTITUTIONAL BOND MONEY MARKET FUND FUND ------------------------------------------ ----------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net increase (decrease) in net assets resulting from operations $ 12,582,388 $ 841,663 Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: Purchases of long-term securities (515,340,560) -- Proceeds from sales of long-term securities 446,725,177 -- Purchases of short-term investments-net (8,389,921) (5,160,314) Increase in receivables (680,099) -- Decrease in payables (74,792) (26,381) Net realized (gain) loss on total investments (3,461,817) (115) Unrealized (appreciation) depreciation on total investments (3,181,549) -- ------------------------------------------------------------------------- Net cash used in operating activities (71,821,173) (4,345,147) ------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Fund shares sold 84,423,889 15,081,177 Payments for Fund shares redeemed (12,499,057) (10,085,051) Cash distributions paid (2,181,781) (198,537) Exchanges among the Funds-net (6,725,900) (448,552) Proceeds from the financing of dollar roll transactions-net 8,802,538 -- ------------------------------------------------------------------------- Net cash provided by financing activities 71,819,689 4,349,037 ------------------------------------------------------------------------- Increase (decrease) in cash (1,484) 3,890 CASH Beginning of period 4,797 1,072 ------------------------------------------------------------------------- End of period $ 3,313 $ 4,962 ========================================================================= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Non-cash financing activities not included above: Reinvestment of distributions $ 5,732,574 $ 661,267 ============= ============
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 79 80 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS --------------------------------------------------------------------------------
INSTITUTIONAL INTERNATIONAL EQUITY FUND INSTITUTIONAL GROWTH EQUITY FUND ---------------------------------------- -------------------------------- FOR THE SIX FOR THE FOR THE SIX FOR THE MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, 2001 2000 2001 2000 ------------------------------------------------------------------------------------------------------------------ (UNAUDITED) (UNAUDITED) CHANGE IN NET ASSETS OPERATIONS: Net investment income $ 440,199 $ 501,056 $ 229,755 $ 239,849 Net realized gain (loss) on total investments (7,934,764) 2,850,571 (3,546,625) 2,283,089 Net change in unrealized appreciation (depreciation) on total investments (13,641,684) (2,810,280) (63,027,373) 3,698,280 ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from operations (21,136,249) 541,347 (66,344,243) 6,221,218 ------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS: From net investment income (277,626) (126,361) (229,755) (82,981) In excess of net investment income -- -- (59,313) -- From net realized gain on total investments (3,658,368) (185,381) (3,294,941) -- ------------------------------------------------------------------------------------------------------------------ Total distributions (3,935,994) (311,742) (3,584,009) (82,981) ------------------------------------------------------------------------------------------------------------------ SHAREHOLDER TRANSACTIONS: Seed money redemptions by TIAA -- (34,570,860) -- (23,534,531) Subscriptions 36,784,036 91,670,791 68,903,755 122,326,892 Reinvestment of distributions 1,611,568 221,913 2,502,728 30,391 Exchanges among the Funds, net 1,168,251 (6,500) 4,630,750 (719,755) Redemptions (3,285,388) (1,176,515) (4,714,132) (4,246,684) ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from shareholder transactions 36,278,467 56,138,829 71,323,101 93,856,313 ------------------------------------------------------------------------------------------------------------------ Total increase (decrease) in net assets 11,206,224 56,368,434 1,394,849 99,994,550 NET ASSETS Beginning of period 83,840,597 27,472,163 130,529,221 30,534,671 ------------------------------------------------------------------------------------------------------------------ End of period $ 95,046,821 $ 83,840,597 $131,924,070 $130,529,221 ================================================================================================================== CHANGE IN FUND SHARES: Shares outstanding, beginning of period 6,682,802 2,576,163 10,403,989 3,010,648 ------------------------------------------------------------------------------------------------------------------ Seed money shares redeemed by TIAA -- (2,447,303) -- (2,124,149) Shares sold 3,276,133 6,617,983 7,102,020 9,906,656 Shares issued in reinvestment of distributions 144,535 15,694 256,427 2,487 Shares exchanged among the Funds, net 107,819 (464) 448,747 (55,833) Shares redeemed (293,350) (79,271) (473,462) (335,820) ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in shares outstanding 3,235,137 4,106,639 7,333,732 7,393,341 ------------------------------------------------------------------------------------------------------------------ Shares outstanding, end of period 9,917,939 6,682,802 17,737,721 10,403,989 ================================================================================================================== INSTITUTIONAL GROWTH & INCOME FUND ---------------------------------- FOR THE SIX FOR THE MONTHS ENDED YEAR ENDED MARCH 31, SEPTEMBER 30, 2001 2000 ------------------------------------- ---------------------------------- (UNAUDITED) CHANGE IN NET ASSETS OPERATIONS: Net investment income $ 489,885 $ 390,026 Net realized gain (loss) on total investments (1,908,862) 972,533 Net change in unrealized appreciation (depreciation) on total investments (20,112,298) 2,608,756 ------------------------------------------------------------------------- Net increase (decrease) from operations (21,531,275) 3,971,315 ------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS: From net investment income (474,257) (371,402) In excess of net investment income........................... -- -- From net realized gain on total investments (1,530,774) (12,663) ------------------------------------------------------------------------- Total distributions (2,005,031) (384,065) ------------------------------------------------------------------------- SHAREHOLDER TRANSACTIONS: Seed money redemptions by TIAA -- (21,520,715) Subscriptions 76,744,496 59,395,493 Reinvestment of distributions 1,101,872 165,835 Exchanges among the Funds, net 730,451 -- Redemptions (4,255,590) (1,468,556) ------------------------------------------------------------------------- Net increase (decrease) from shareholder transactions 74,321,229 36,572,057 ------------------------------------------------------------------------- Total increase (decrease) in net assets 50,784,923 40,159,307 NET ASSETS Beginning of period 65,333,554 25,174,247 ------------------------------------------------------------------------- End of period $116,118,477 $ 65,333,554 ========================================================================= CHANGE IN FUND SHARES: Shares outstanding, beginning of period 5,812,170 2,580,060 ------------------------------------------------------------------------- Seed money shares redeemed by TIAA -- (1,926,290) Shares sold 7,572,860 5,274,124 Shares issued in reinvestment of distributions 110,506 14,720 Shares exchanged among the Funds, net 74,886 -- Shares redeemed (415,163) (130,444) ------------------------------------------------------------------------- Net increase (decrease) in shares outstanding 7,343,089 3,232,110 ------------------------------------------------------------------------- Shares outstanding, end of period 13,155,259 5,812,170 =========================================================================
80 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 81 STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------
INSTITUTIONAL EQUITY INDEX FUND INSTITUTIONAL SOCIAL CHOICE EQUITY FUND INSTITUTIONAL BOND FUND -------------------------------- ---------------------------------------- ----------------------------- FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, 2001 2000 2001 2000 2001 2000 --------------------------------------------------------------------------------------------------------------- (UNAUDITED) (UNAUDITED) (UNAUDITED) $ 345,770 $ 419,792 $ 152,836 $ 278,462 $ 5,939,022 $ 6,240,784 145,737 316,102 (5,291) 489,846 3,461,817 609,917 (14,404,576) 4,459,630 (5,727,377) 2,612,744 3,181,549 1,836,864 --------------------------------------------------------------------------------------------------------------- (13,913,069) 5,195,524 (5,579,832) 3,381,052 12,582,388 8,687,565 --------------------------------------------------------------------------------------------------------------- (345,770) (175,687) (152,836) (161,141) (5,850,207) (6,234,537) (134,480) -- (140,274) -- -- -- (499,969) (71,349) (506,429) -- (2,214,391) (3,498) --------------------------------------------------------------------------------------------------------------- (980,219) (247,036) (799,539) (161,141) (8,064,598) (6,238,035) --------------------------------------------------------------------------------------------------------------- (18,000,833) (9,483,000) (928,000) (3,563,000) (6,640,212) (18,182,000) 57,434,940 31,530,370 3,844,228 4,880,222 84,564,916 135,365,023 732,422 232,334 674,014 155,937 5,732,574 4,731,169 645,000 -- -- -- (6,725,900) 102,855 (1,816,702) (622,421) (66,745) (116,409) (5,913,607) (3,123,160) --------------------------------------------------------------------------------------------------------------- 38,994,827 21,657,283 3,523,497 1,356,750 71,017,771 118,893,887 --------------------------------------------------------------------------------------------------------------- 24,101,539 26,605,771 (2,855,874) 4,576,661 75,535,561 121,343,417 51,669,453 25,063,682 29,307,408 24,730,747 151,697,277 30,353,860 --------------------------------------------------------------------------------------------------------------- $ 75,770,992 $51,669,453 $26,451,534 $29,307,408 $227,232,838 $151,697,277 =============================================================================================================== 4,544,880 2,567,842 2,627,223 2,508,015 15,112,620 3,043,968 --------------------------------------------------------------------------------------------------------------- (1,651,331) (840,632) (89,976) (319,617) (661,706) (1,811,796) 5,661,846 2,851,685 379,251 435,297 8,284,209 13,707,223 71,806 20,931 66,340 14,074 561,975 477,968 72,916 -- -- -- (660,041) 10,338 (177,686) (54,946) (6,465) (10,546) (579,508) (315,081) --------------------------------------------------------------------------------------------------------------- 3,977,551 1,977,038 349,150 119,208 6,944,929 12,068,652 --------------------------------------------------------------------------------------------------------------- 8,522,431 4,544,880 2,976,373 2,627,223 22,057,549 15,112,620 =============================================================================================================== INSTITUTIONAL MONEY MARKET FUND -------------------------------- FOR THE SIX FOR THE MONTHS ENDED YEAR ENDED MARCH 31, SEPTEMBER 30, 2001 2000 ------------------------------------- (UNAUDITED) $ 841,548 $ 1,528,544 115 21 -- -- ------------------------------------- 841,663 1,528,565 ------------------------------------- (841,548) (1,528,544) -- -- -- -- ------------------------------------- (841,548) (1,528,544) ------------------------------------- (4,768,635) (21,361,000) 15,155,959 27,392,621 661,267 1,218,438 (448,552) 623,400 (5,370,974) (7,959,133) ------------------------------------- 5,229,065 (85,674) ------------------------------------- 5,229,180 (85,653) 25,292,512 25,378,165 ------------------------------------- $30,521,692 $ 25,292,512 ===================================== 25,292,491 25,378,165 ------------------------------------- (4,768,635) (21,361,000) 15,155,959 27,392,621 661,267 1,218,438 (448,552) 623,400 (5,370,974) (7,959,133) ------------------------------------- 5,229,065 (85,674) ------------------------------------- 30,521,556 25,292,491 =====================================
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 81 82 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS --------------------------------------------------------------------------------
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 FOR THE YEAR (COMMENCEMENT OF MONTHS FOR THE YEAR (COMMENCEMENT OF ENDED ENDED OPERATIONS) TO ENDED ENDED OPERATIONS) TO MARCH 31, SEPTEMBER 30, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, SEPTEMBER 30, ------------------------------------------------------------------------------------------------------------------------------------ 2001(a) 2000 1999(a) 2001(a) 2000 1999(a) ------------------------------------------------------------------------------------------------------------------------------------ (UNAUDITED) (UNAUDITED) SELECTED PER SHARE DATA Net asset value, beginning of period $12.55 $10.66 $10.00 $12.55 $10.14 $10.00 ---------------------------------------------------------------------------------------------------------------------------------- Gain (loss) from investment operations: Net investment income 0.05 0.07 0.04 0.01 0.03 0.02 Net realized and unrealized gain (loss) on total investments (2.51) 1.94 0.62 (4.85) 2.40 0.12 ---------------------------------------------------------------------------------------------------------------------------------- Total gain (loss) from investment operations (2.46) 2.01 0.66 (4.84) 2.43 0.14 ---------------------------------------------------------------------------------------------------------------------------------- Less distributions from: Net investment income (0.04) (0.05) -- (0.02) (0.02) -- Net realized gains (0.47) (0.07) -- (0.25) -- -- ---------------------------------------------------------------------------------------------------------------------------------- Total distributions (0.51) (0.12) -- (0.27) (0.02) -- ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $9.58 $12.55 $10.66 $7.44 $12.55 $10.14 ================================================================================================================================== TOTAL RETURN (20.13)% 18.58% 6.60% (39.05)% 24.01% 1.40% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $95,047 $83,841 $27,472 $131,924 $130,529 $30,535 Ratio of expenses to average net assets before expense waiver and reimbursement 0.26% 0.70% 0.39% 0.21% 0.56% 0.35% Ratio of expenses to average net assets after expense waiver and reimbursement 0.14% 0.29% 0.09% 0.11% 0.22% 0.07% Ratio of net investment income to average net assets 0.48% 0.94% 0.45% 0.17% 0.30% 0.20% Portfolio turnover rate 44.00% 105.37% 21.35% 11.10% 56.67% 21.08% ================================================================================================================================== (a) The percentages shown for this period are not annualized. INSTITUTIONAL GROWTH & INCOME FUND ---------------------------------------------- FOR THE PERIOD FOR THE SIX JUNE 14, 1999 MONTHS FOR THE YEAR (COMMENCEMENT OF ENDED ENDED OPERATIONS) TO MARCH 31, SEPTEMBER 30, SEPTEMBER 30, 2001(a) 2000 1999(a) --------------------------------------------------------------------------------- (UNAUDITED) SELECTED PER SHARE DATA Net asset value, beginning of period $11.24 $9.76 $10.00 --------------------------------------------------------------------------------- Gain (loss) from investment operations: Net investment income 0.05 0.10 0.04 Net realized and unrealized gain (loss) on total investments (2.23) 1.49 (0.25) --------------------------------------------------------------------------------- Total gain (loss) from investment operations (2.18) 1.59 (0.21) --------------------------------------------------------------------------------- Less distributions from: Net investment income (0.05) (0.10) (0.03) Net realized gains (0.18) (0.01) -- --------------------------------------------------------------------------------- Total distributions (0.23) (0.11) (0.03) --------------------------------------------------------------------------------- Net asset value, end of period $8.83 $11.24 $9.76 ================================================================================= TOTAL RETURN (19.64)% 16.18% (2.05)% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $116,118 $65,334 $25,174 Ratio of expenses to average net assets before expense waiver and reimbursement 0.24% 0.78% 0.38% Ratio of expenses to average net assets after expense waiver and reimbursement 0.11% 0.22% 0.07% Ratio of net investment income to average net assets 0.54% 1.02% 0.36% Portfolio turnover rate 13.37% 37.95% 10.95% ================================================================================= (a) The percentages shown for this period are not annualized
82 2001 SEMI-ANNUAL REPORT TIAA-CREF See notes to financial statements Institutional Mutual Funds 83 FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
INSTITUTIONAL EQUITY INDEX FUND INSTITUTIONAL SOCIAL CHOICE EQUITY FUND ----------------------------------------------- ----------------------------------------------- FOR THE PERIOD FOR THE PERIOD FOR THE SIX JUNE 14, 1999 FOR THE SIX JUNE 14, 1999 MONTHS FOR THE YEAR (COMMENCEMENT MONTHS FOR THE YEAR (COMMENCEMENT ENDED ENDED OF OPERATIONS) TO ENDED ENDED OF OPERATIONS) TO MARCH 31, SEPTEMBER 30, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, SEPTEMBER 30, 2001(a) 2000 1999(a) 2001(a) 2000 1999(a) ----------------------------------------------------------------------------------------------------- (UNAUDITED) (UNAUDITED) $11.37 $9.76 $10.00 $11.16 $9.86 $10.00 ----------------------------------------------------------------------------------------------------- 0.08 0.10 0.04 0.05 0.11 0.04 (2.36) 1.61 (0.28) (2.03) 1.25 (0.18) ----------------------------------------------------------------------------------------------------- (2.28) 1.71 (0.24) (1.98) 1.36 (0.14) ----------------------------------------------------------------------------------------------------- (0.10) (0.07) -- (0.11) (0.06) -- (0.10) (0.03) -- (0.18) -- -- ----------------------------------------------------------------------------------------------------- (0.20) (0.10) -- (0.29) (0.06) -- ----------------------------------------------------------------------------------------------------- $8.89 $11.37 $9.76 $8.89 $11.16 $9.86 ----------------------------------------------------------------------------------------------------- (20.26)% 17.49% (2.40)% (18.06)% 13.84% (1.40)% $75,771 $51,669 $25,064 $26,452 $29,307 $24,731 0.26% 0.71% 0.36% 0.42% 0.90% 0.37% 0.09% 0.17% 0.05% 0.09% 0.18% 0.05% 0.58% 1.04% 0.39% 0.54% 1.00% 0.37% 2.21% 11.58% 9.51% 2.98% 16.22% 0.06% ----------------------------------------------------------------------------------------------------- INSTITUTIONAL BOND FUND INSTITUTIONAL MONEY MARKET FUND ----------------------------------------------- ----------------------------------------------- FOR THE PERIOD FOR THE PERIOD FOR THE SIX JUNE 14, 1999 FOR THE SIX JUNE 14, 1999 MONTHS FOR THE YEAR (COMMENCEMENT MONTHS FOR THE YEAR (COMMENCEMENT ENDED ENDED OF OPERATIONS) TO ENDED ENDED OF OPERATIONS) TO MARCH 31, SEPTEMBER 30, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, SEPTEMBER 30, 2001(a) 2000 1999(a) 2001(a) 2000 1999(a) --- ------------------------------------------------------------------------------------------------- (UNAUDITED) (UNAUDITED) $10.04 $9.97 $10.00 $1.00 $1.00 $1.00 ----------------------------------------------------------------------------------------------------- 0.32 0.61 0.17 0.03 0.06 0.02 0.39 0.07 (0.03) -- -- -- ----------------------------------------------------------------------------------------------------- 0.71 0.68 0.14 0.03 0.06 0.02 ----------------------------------------------------------------------------------------------------- (0.32) (0.61) (0.17) (0.03) (0.06) (0.02) (0.13) -- -- -- -- -- ----------------------------------------------------------------------------------------------------- (0.45) (0.61) (0.17) (0.03) (0.06) (0.02) ----------------------------------------------------------------------------------------------------- $10.30 $10.04 $9.97 $1.00 $1.00 $1.00 ----------------------------------------------------------------------------------------------------- 7.12% 7.07% 1.42% 3.06% 6.19% 1.51% $227,233 $151,697 $30,354 $30,522 $25,293 $25,378 0.17% 0.48% 0.35% 0.40% 0.91% 0.36% 0.10% 0.19% 0.06% 0.08% 0.16% 0.05% 3.20% 6.59% 1.77% 3.00% 6.00% 1.52% 144.04% 301.93% 173.31% n/a n/a n/a -----------------------------------------------------------------------------------------------------
See notes to financial statements 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 83 84 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- Notes to Financial Statements (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 Funds commenced operations on June 14, 1999 with a seed money investment by Teachers Insurance and Annuity Association of America ("TIAA") of $25,000,000 in each Fund. During 1999, TIAA began to withdraw its seed money from the Funds. The following table summarizes the activity in the Fund shares owned by TIAA during the six months ended March 31, 2001:
VALUE OF SHARES SHARES VALUE OF SHARES SHARES HELD AT HELD AT WITHDRAWN WITHDRAWN MARCH 31, 2001 MARCH 31, 2001 --------- --------------- -------------- --------------- Institutional Equity Index Fund 1,651,331 $18,000,833 -- $ -- Institutional Social Choice Equity Fund 89,976 928,000 2,094,467 18,619,812 Institutional Bond Fund 661,706 6,640,212 -- -- Institutional Money Market Fund 4,768,635 4,768,635 -- --
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. The Funds are offered to certain intermediaries affiliated with TIAA, such as TIAA-CREF Trust Company, FSB, or other persons, such as state-sponsored tuition savings plans, who have entered into a contract with an affiliate of TIAA. TPIS is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc. Teachers Advisors, Inc. ("Advisors"), a wholly-owned, indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements may require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds, which are in conformity with accounting principles generally accepted in the United States. VALUATION OF INVESTMENTS: Securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported, except for bonds which are valued at the most recent bid price or the equivalent quoted yield of such bonds. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For Funds other than the 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 rate of amortization to maturity of any discount or premium. Portfolio securities for which market quotations are not readily available (including restricted securities) are valued at fair value, as determined in good faith under the direction of the Board of Trustees. ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the date the securities are purchased or sold (trade date). Realized gains and losses on securities transactions are based on the specific identification method for both financial statement and federal income tax purposes. Interest income is recognized on the accrual basis, and discounts and premiums on short-term money market instruments are amortized using the effective yield method. Dividend income is recorded on the ex-dividend date, except for certain foreign dividends, which are recorded as the Funds are informed of the ex-dividend date. 84 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 85 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- Notes to Financial Statements (Unaudited) -- (Continued) NOTE 2. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED) DOLLAR ROLL TRANSACTIONS: The Funds may enter into dollar rolls in which the Fund sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period a Fund forgoes principal and interest paid on the securities. The Funds record dollar rolls as financing transactions. Dollar rolls can enhance a Fund's return by earning a spread between the yield on the underlying securities and short-term interest rates. The use of dollar roll transactions by the Institutional Bond Fund results in borrowing by this Fund requiring the presentation of a statement of cash flows. Although not required under accounting principles generally accepted in the United States, a statement of cash flows for the other six Funds is also presented. 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 securities until settlement date. RESTRICTED SECURITIES: Restricted securities held by the Funds, which are identified in the accompanying statements of investments, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. DIVIDENDS TO SHAREHOLDERS: Dividends from net investment income, if any, for the Institutional International Equity, Institutional Growth Equity, Institutional Equity Index and 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: The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code ("Code") and will not be subject to income taxes to the extent that they distribute substantially all taxable income each year. 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 85 86 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- Notes to Financial Statements (Unaudited) -- (Continued) NOTE 3. MANAGEMENT AGREEMENT Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management of the Fund's net assets, based on the average daily net assets of each Fund. Advisors has currently waived its right to receive a portion of its fee from each Fund at least until July 1, 2006. As a result, during such waiver period, Advisors will receive the following annual percentages of each Fund's average daily net assets:
INVESTMENT INVESTMENT MANAGEMENT FEE MANAGEMENT FEE BEFORE WAIVER WAIVER AFTER WAIVER -------------- ------ -------------- 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%
Advisors has also entered into a reimbursement agreement with the Funds, which will remain in effect at least until July 1, 2006. 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. NOTE 4. INVESTMENTS At March 31, 2001, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
NET UNREALIZED GROSS UNREALIZED GROSS UNREALIZED APPRECIATION APPRECIATION DEPRECIATION (DEPRECIATION) ---------------- ---------------- -------------- Institutional International Equity Fund $1,873,284 $16,822,324 $(14,949,040) Institutional Growth Equity Fund 2,673,926 61,021,705 (58,347,779) Institutional Growth & Income Fund 3,491,486 21,611,093 (18,119,607) Institutional Equity Index Fund 4,041,497 14,752,818 (10,711,321) Institutional Social Choice Equity Fund 2,250,388 5,808,697 (3,558,309) Institutional Bond Fund 5,159,782 201,676 4,958,106
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, 2001, were as follows:
NON- NON- GOVERNMENT GOVERNMENT GOVERNMENT GOVERNMENT PURCHASES PURCHASES SALES SALES ----------- ------------ ----------- ------------ Institutional International Equity Fund $74,914,037 $ -- $43,664,642 $ -- Institutional Growth Equity Fund 85,432,778 186,401 19,177,465 -- Institutional Growth & Income Fund 85,012,777 -- 14,548,694 -- Institutional Equity Index Fund 40,709,011 405,082 3,179,684 15,316 Institutional Social Choice Equity Fund 4,795,342 -- 1,749,316 -- Institutional Bond Fund 43,765,818 465,380,937 27,025,220 418,120,752
86 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 87 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- Notes to Financial Statements (Unaudited) -- (Concluded) 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. Certain accounts/funds of College Retirement Equities Fund, TIAA-CREF Mutual Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1, each 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 accounts and funds. Interest associated with any borrowing under the facility will be charged to the borrowing accounts or 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, 2001, there were no borrowings under this credit facility by the Funds. 2001 SEMI-ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 87 88 [TIAA CREF LOGO] 730 Third Avenue New York, NY 10017-3206 TCIMFSAR-5/2001 Printed on recycled paper